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Common Stock
3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
Common Stock
Note 9 — Common Stock
As of March 31, 2016 and December 31, 2015, the Company had 165.0 million and 162.5 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock ("restricted shares"), but not including OP units or Long-term Incentive Plan units ("LTIP units") which may in the future be converted into shares of common stock. On February 1, 2016, the Company issued 2,515,406 shares of its common stock upon redemption of 2,515,406 OP units held by certain individuals who are members of the Advisor and Sponsor. See Note 15 — Non-Controlling Interests.
Since April 2014, the Company's board of directors has authorized, and the Company has declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured.