Equity

Preferred Stock

The table below sets forth the Company’s outstanding preferred stock issuances as of June 30, 2017.



Preferred Stock Issuances	Issuance Date	Number of Shares	Liquidation Value Per Share		Interest Rate
6.625% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock")	April 16, 2013	2,800,000	$	25.00	6.625	%
6.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock")	March 17, 2016	3,000,000	$	25.00	6.875	%

The tables below set forth the dividends attributable to the Company's outstanding preferred stock issuances during the six months ended June 30, 2017 and the year ended December 31, 2016.



Quarter Ended 2017	Declaration Date	Series B Preferred Stock Per Share		Series C Preferred Stock Per Share		Payment Date
June 30	May 1, 2017	$	0.4140625	$	0.4296875	June 30, 2017
March 31	February 15, 2017	0.4140625		0.4296875		March 31, 2017
Total		$	0.8281250	$	0.8593750



Quarter Ended 2016	Declaration Date		Series A Preferred Stock Per Share			Series B Preferred Stock Per Share		Series C Preferred Stock Per Share			Payment Date
December 31	November 2, 2016	(1)	$	0.19375	(1)	$	0.4140625	$	0.4296875		December 30, 2016
September 30	August 1, 2016		0.56250			0.4140625		0.4296875			September 30, 2016
June 30	May 2, 2016		0.56250			0.4140625		0.4965300		(2)	June 30, 2016
March 31	February 22, 2016		0.56250			0.4140625		—			March 31, 2016
Total			$	1.88125		$	1.6562500	$	1.3559050


(1)	On November 2, 2016, the Company redeemed all of the outstanding shares of the 9.0% Series A Cumulative Redeemable Preferred Stock, at a cash redemption price of $25.00 per share, plus accrued and unpaid dividends to but excluding the redemption date, without interest.


(2)	Dividends for the Series C Preferred Stock were accrued and cumulative from and including March 17, 2016 to the first payment date on June 30, 2016.

On July 31, 2017, the Company’s board of directors declared the Series B Preferred Stock and Series C Preferred Stock dividend for the quarter ending September 30, 2017 at a quarterly rate of $0.4140625 per share and $0.4296875 per share, respectively.

Common Stock

The following sets forth the Company’s at-the market ("ATM") common stock offering program as of June 30, 2017.



ATM Stock Offering Program	Date	Maximum Aggregate Offering Price (in thousands)		Aggregate Common Stock Available as of June 30, 2017 (in thousands)
2017 $300 million ATM	April 7, 2017	$	300,000	$	142,831

The tables below set forth the activity under the ATM common stock offering programs during the six months ended June 30, 2017 and the year ended December 31, 2016, respectively (in thousands, except share data).



	Six months ended June 30, 2017
ATM Stock Offering Program	Shares Sold	Weighted Average Price Per Share		Gross Proceeds		Sales Agents’ Fee		Net Proceeds
2017 $300 million ATM	5,956,759	$	26.38	$	157,169	$	1,851	$	155,318
2016 $228 million ATM⁽¹⁾	4,799,784	$	24.42	$	117,216	$	1,604	$	115,612
Total/weighted average	10,756,543	$	25.51	$	274,385	$	3,455	$	270,930


(1)	This program ended before June 30, 2017.



	Year ended December 31, 2016
ATM Stock Offering Program	Shares Sold	Weighted Average Price Per Share		Gross Proceeds		Sales Agents’ Fee		Net Proceeds
2016 $228 million ATM⁽¹⁾	4,763,838	$	23.28	$	110,887	$	1,550	$	109,337
2016 $200 million ATM⁽¹⁾	7,326,200	$	23.45	171,782		2,429		169,353
Total/weighted average	12,090,038	$	23.38	$	282,669	$	3,979	$	278,690


(1)	These programs ended before June 30, 2017.

Subsequent to June 30, 2017, the Company sold 783,718 shares under its ATM common stock offering programs for gross proceeds of approximately $21.3 million.

Dividends

The table below sets forth the dividends attributable to the common stock that were declared or paid during the six months ended June 30, 2017 and the year ended December 31, 2016.



Month Ended 2017	Declaration Date	Record Date	Per Share		Payment Date
September 30	May 1, 2017	September 29, 2017	$	0.117500	October 16, 2017
August 31	May 1, 2017	August 31, 2017	0.117500		September 15, 2017
July 31	May 1, 2017	July 31, 2017	0.117500		August 15, 2017
June 30	February 15, 2017	June 30, 2017	0.116667		July 17, 2017
May 31	February 15, 2017	May 31, 2017	0.116667		June 15, 2017
April 30	February 15, 2017	April 28, 2017	0.116667		May 15, 2017
March 31	November 2, 2016	March 31, 2017	0.116667		April 17, 2017
February 28	November 2, 2016	February 28, 2017	0.116667		March 15, 2017
January 31	November 2, 2016	January 31, 2017	0.116667		February 15, 2017
Total			$	1.052502



Month Ended 2016	Declaration Date	Record Date	Per Share		Payment Date
December 31	August 1, 2016	December 30, 2016	$	0.115833	January 17, 2017
November 30	August 1, 2016	November 30, 2016	0.115833		December 15, 2016
October 31	August 1, 2016	October 31, 2016	0.115833		November 15, 2016
September 30	May 2, 2016	September 30, 2016	0.115833		October 17, 2016
August 31	May 2, 2016	August 31, 2016	0.115833		September 15, 2016
July 31	May 2, 2016	July 29, 2016	0.115833		August 15, 2016
June 30	February 22, 2016	June 30, 2016	0.115833		July 15, 2016
May 31	February 22, 2016	May 31, 2016	0.115833		June 15, 2016
April 30	February 22, 2016	April 29, 2016	0.115833		May 16, 2016
March 31	October 22, 2015	March 31, 2016	0.115833		April 15, 2016
February 29	October 22, 2015	February 29, 2016	0.115833		March 15, 2016
January 31	October 22, 2015	January 29, 2016	0.115833		February 16, 2016
Total			$	1.389996

On July 31, 2017, the Company’s board of directors declared the common stock dividend for the months ending October 31, 2017, November 30, 2017 and December 31, 2017 at a monthly rate of $0.1175 per share of common stock.

Restricted Stock-Based Compensation

Restricted shares of common stock granted on January 6, 2017, subject to the recipient’s continued employment, will vest in four equal installments on January 1 of each year beginning in 2018. The following table summarizes activity related to the Company’s unvested restricted shares of common stock for the six months ended June 30, 2017 and the year ended December 31, 2016.



Unvested Restricted Shares of Common Stock	Shares
Balance at December 31, 2015	271,115
Granted	101,289		(1)
Vested	(98,746	)
Forfeited	(1,321	)
Balance at December 31, 2016	272,337
Granted	75,001		(2)
Vested	(109,209	)
Forfeited	(922	)
Balance at June 30, 2017	237,207


(1)	The grant date fair value per share was $17.98.


(2)	The grant date fair value per share was $24.41.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2017 was approximately $3.9 million and is expected to be recognized over a weighted average period of approximately 2.5 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016.



	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Vested restricted shares of common stock	—		14,410		109,209		98,746
Fair value of vested restricted shares of common stock (in thousands)	$	—	$	291	$	2,615	$	1,813