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EQUITY
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
COMMON STOCK
 
On January 13, 2014, the Company issued 8,050,000 shares of common stock in an underwritten public offering at a public offering price of $19.50 per share. Net proceeds of the public offering were approximately $150.7 million after deducting the underwriting discount of $6.3 million, but before deducting offering expenses.

Brookfield owned approximately 33.5% of the Company's common stock as of March 31, 2016.

Common Stock Dividends

As described in Note 16, the merger agreement with Brookfield prohibits the payment of any further dividends by the Company, other than as necessary to maintain the Company's REIT status and a closing dividend as part of the $18.25 per share consideration payable in the transaction.

Dividend Reinvestment and Stock Purchase Plan

On May 12, 2014, the Company established a Dividend Reinvestment and Stock Purchase Plan ("DRIP"). Under the DRIP, the Company's stockholders may purchase additional shares of common stock by automatically reinvesting all or a portion of the cash dividends paid on their shares of common stock or by making optional cash payments, or both, at fees described in the DRIP prospectus. The DRIP commenced with the dividend paid on July 31, 2014 to stockholders of record on July 15, 2014. To date, the Company has purchased the shares needed to satisfy the DRIP elections in the open market. No additional shares have been issued.

As of February 29, 2016, due to the proposed merger with Brookfield described in Note 16, the Company suspended the Dividend Reinvestment and Stock Purchase Plan.

Employee Stock Purchase Plan

On July 1, 2014, the Company commenced enrollment under its Employee Stock Purchase Plan (the "ESPP"). The ESPP was implemented to provide eligible employees of the Company and its participating subsidiaries with an opportunity to purchase common stock of the Company at a discount of 5%, through accumulated payroll deductions or other permitted contributions. The ESPP was adopted by the Company's Board of Directors on February 27, 2014 and approved by its stockholders on May 9, 2014. The maximum number of shares of common stock that may be issued under the ESPP is 500,000 subject to adjustments under certain circumstances. As of March 31, 2016, 7,382 shares have been issued under the ESPP since its commencement.

As of February 29, 2016, due to the proposed merger with Brookfield described in Note 16, employees of the Company will not be eligible to further enroll under the ESPP.

Stock Repurchase Program

On October 29, 2015, the Board of Directors authorized management to implement a stock repurchase program in the maximum amount of $50.0 million over a period of up to two years. Purchases made pursuant to the stock repurchase program may be made in the open market from time to time as permitted by federal securities laws and other legal requirements.  The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.  The stock repurchase program may be suspended or discontinued at any time.

During the three months ended March 31, 2016, the Company settled the repurchase of 105,000 shares of its outstanding stock for $1.6 million, at an average cost of $14.87. As of March 31, 2016, the Company repurchased a total of 343,055 shares of its outstanding common stock for approximately $5.1 million, at an average cost of $14.78 per share. As of March 31, 2016, the Company had $44.9 million of remaining capacity to repurchase common stock under the stock repurchase program.