Subsequent Events

12 Months Ended

Dec. 31, 2015

23.	Subsequent Events

On January 4, 2016, the Company issued an aggregate of 4,735 shares of common stock and 29,722 LTIP Units to seven members of the Company’s board of directors with a grant date fair value of $18.58 per common share or LTIP Unit and a fair value of $0.6 million. The 29,722 LTIP Units are scheduled to vest in January 2017, subject to continued service, and the 4,735 shares of common stock fully vested at issuance.

On January 14, 2016, the Company issued $100.0 million in 10 year senior secured notes, Series B due January 14, 2026. The proceeds from these notes were used to repay the outstanding balance on SDTS’s revolving credit facility and for general operating purposes.

In February 2016, the Conflicts Committee of the Company’s board of directors received an offer for the purchase of the Cross Valley Project. Currently, negotiations are in progress regarding such purchase.

On March 2, 2016, the Company’s board of directors declared a quarterly dividend of $0.25 per share of common stock, or $1.00 per share on an annualized basis, payable on April 21, 2016 to holders of record as of March 31, 2016. The Company’s board of directors also authorized the Operating Partnership to make a distribution of $0.25 per OP Unit to the partners in the Operating Partnership, which includes affiliates of Hunt.