10.Equity

Stockholders’ Equity

As of December 31, 2015 and 2014, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 30.1 million and 25.0 million shares of common stock issued and outstanding as of December 31, 2015 and 2014, respectively. No shares of preferred stock were issued and outstanding as of December 31, 2015 or 2014.

On April 8, 2015, the Company issued 415,500 shares of common stock in a private placement as partial consideration for the acquisition of Perry Hall Marketplace.

On May 5, 2015, the Company commenced an at-the-market continuous equity program through which the Company may, from time to time, issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million. During the year ended December 31, 2015, the Company issued and sold an aggregate of 1,108,149 shares of common stock at a weighted average price of $10.26 per share. Net proceeds to the Company after offering costs and commissions were $10.9 million.

On December 9, 2015, the Company completed an underwritten public offering of 3,450,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $35.1 million.

On September 15, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock. The net proceeds to the Company after deducting the underwriting discount and related offering costs were $49.3 million.

Noncontrolling Interests

As of December 31, 2015 and 2014, the Company held a 65.6% and 62.9% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent OP Units not held by the Company.

As partial consideration for Columbus Village, the Operating Partnership issued 1,000,000 Class B Units on July 10, 2015 and agreed to issue 275,000 Class C Units on January 10, 2017. Subject to the occurrence of certain events, the Class B Units and Class C Units will not earn or accrue distributions until July 10, 2017 and January 10, 2018, respectively, at which time they automatically convert to Class A Units.

On January 17, 2014, the Operating Partnership issued 695,652 Class A Units as partial consideration for the acquisition of Liberty Apartments. On March 31, 2014, the Operating Partnership issued 30,000 Class A Units in exchange for all noncontrolling interests in Sandbridge Commons. The Company recognized the difference between the fair value of the Class A Units issued and the adjustment to the carrying amount of the noncontrolling interests in Sandbridge Commons directly in equity as additional paid-in capital. On August 15, 2014, the Operating Partnership issued 990,952 Class A Units as partial consideration for the acquisition of Dimmock Square.

Holders of OP Units may not transfer their units without the Company’s prior consent as general partner of the Operating Partnership. Subject to the satisfaction of certain conditions, holders of Class A Units may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of shares of the Company’s common stock at the time of redemption or, at the Company’s option and sole discretion, for unregistered or registered shares of common stock on a one-for-one basis. Accordingly, the Company presents OP Units of the Operating Partnership not held by the Company as noncontrolling interests within equity in the consolidated balance sheets.

Common Stock Dividends and Class A Unit Distributions

During the year ended December 31, 2015, the Company declared the following dividends per share and distributions per unit:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	Per Unit
January 28, 2015	April 1, 2015	April 9, 2015	$	0.17
May 8, 2015	July 1, 2015	July 9, 2015		0.17
August 6, 2015	October 1, 2015	October 8, 2015		0.17
November 6, 2015	December 31, 2015	January 7, 2016		0.17
		Total	$	0.68

During the year ended December 31, 2015, the Company paid cash dividends of $17.1 million to common stockholders and the Operating Partnership paid cash distributions of $9.9 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2015 was as follows (unaudited):


Capital gains	—	%
Ordinary income	64.21	%
Return of capital	35.79	%
Total	100.0	%

During the year ended December 31, 2014, the Company declared the following dividends per share and distributions per unit:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	Per Unit
February 18, 2014	April 1, 2014	April 10, 2014	$	0.16
May 9, 2014	July 1, 2014	July 10, 2014		0.16
August 4, 2014	October 1, 2014	October 9, 2014		0.16
November 10, 2014	December 30, 2014	January 8, 2015		0.16
		Total	$	0.64

During the year ended December 31, 2014, the Company paid cash dividends of $13.2 million to common stockholders and the Operating Partnership paid cash distributions of $8.9 million to holders of Class A Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2014 was as follows (unaudited):


Capital gains	5.3	%
Ordinary income	52.3	%
Return of capital	42.4	%
Total	100.0	%

During the year ended December 31, 2013, the Company declared the following dividends per share and distributions per unit:


			Dividend Per
			Share/Distribution
Declaration Date	Record Date	Paid Date	Per Unit
June 19, 2013	July 1, 2013	July 11, 2013	$	0.08
August 9, 2013	October 1, 2013	October 10, 2013		0.16
November 11, 2013	December 30, 2013	January 9, 2014		0.16
		Total	$	0.40

During the year ended December 31, 2013, the Company paid cash dividends of $4.6 million to common stockholders and the Operating Partnership paid cash distributions of $3.1 million to holders of OP Units.

The tax treatment of dividends paid to common stockholders during the year ended December 31, 2013 was as follows (unaudited):


Ordinary income	17.0	%
Return of capital	83.0	%
Total	100.0	%

Subsequent to December 31, 2015

On January 7, 2016, the Company paid cash dividends of $5.1 million to common stockholders and the Operating Partnership paid cash distributions of $2.5 million to holders of Class A Units.

On January 31, 2016, the Board of Directors declared a cash dividend of $0.18 per share to stockholders of record on March 30, 2016.