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Equity
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Equity
Equity
 
Stockholders’ Equity
 
On May 4, 2016, the Company commenced a new at-the-market continuous equity offering program (the “New ATM 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 $75.0 million. Upon commencing the New ATM Program, the Company simultaneously terminated its prior $50.0 million at-the-market continuous equity offering program (the "Prior ATM Program"), which the Company entered into in May 2015. During the six months ended June 30, 2016, the Company issued and sold an aggregate of 1,512,919 shares of common stock at a weighted average price of $10.87 per share under the Prior ATM Program, receiving net proceeds after offering costs and commissions of $12.2 million. From the inception date through June 30, 2016, the Company issued and sold an aggregate of 1,497,067 shares of common stock at a weighted average of $12.45 per share under the New ATM Program, receiving net proceeds after offering costs and commissions of $18.2 million.
 
As of June 30, 2016 and December 31, 2015, the Company’s authorized capital was 500 million shares of common stock and 100 million shares of preferred stock. The Company had 32.8 million and 30.1 million shares of common stock issued and outstanding as of June 30, 2016 and December 31, 2015, respectively. No shares of preferred stock were issued and outstanding as of June 30, 2016 or December 31, 2015.
 
Noncontrolling Interests
 
As of June 30, 2016 and December 31, 2015, the Company held a 65.5% and 65.6% interest in the Operating Partnership, respectively. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 65.5% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Company represent units of limited partnership interest not held by the Company.
 
As of June 30, 2016, there were 16,322,171 Class A 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 each automatically will convert to Class A Units.
 
Common Stock Dividends and Class A Unit Distributions
 
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 April 7, 2016, the Company paid cash dividends of $5.6 million to common stockholders and the Operating Partnership paid cash distributions of $2.7 million to holders of Class A Units.

On May 2, 2016, the Board of Directors declared a cash dividend of $0.18 per share payable on July 7, 2016 to stockholders of record on June 29, 2016.

Subsequent to June 30, 2016
On July 7, 2016, the Company paid cash dividends of $5.9 million to common stockholders and the Operating Partnership paid cash distributions of $2.9 million to holders of Class A Units.

From July 1, 2016 to July 14, 2016, the Company issued and sold an aggregate of 676,903 shares of common stock under the New ATM Program at a weighted average price of $13.81 per share. Net proceeds to the Company after offering costs and commissions were $9.2 million.