Common Stock (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Schedule of Share Repurchases

The following table reflects the cumulative number of shares repurchased as of and during the year ended December 31, 2015.

	Number of Shares Repurchased	Weighted Average price per share
Cumulative repurchases as of December 31, 2014	—	—
Three months ended March 31, 2015	—	—
Three months ended June 30, 2015	9,402	$	24.67
Three months ended September 30, 2015	30,121	$	24.04
Three months ended December 31, 2015(1)	28,264	$	23.44
Cumulative repurchases as of December 31, 2015	67,787	$	23.87

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(1) As permitted under the SRP, the board of directors authorized, with respect to redemption requests received during the three months ended December 31, 2015, the repurchase of shares validly submitted for repurchase in an amount equal to 1.0% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2014, representing less than all the shares validly submitted for repurchase during the three months ended December 31, 2015. Accordingly, repurchases of 28,264 shares for $0.6 million at an average repurchase price per share of $23.44 (including all shares submitted for death or disability) were completed in January 2016, while repurchase requests for 64,454 shares for $1.5 million at an average price per share of $23.48 were not fulfilled. The accrual for repurchase requests that were approved but not completed during the three months ended December 31, 2015 is reflected in the accounts payable and accrued expenses line of the accompanying consolidated balance sheets. There were no other unfulfilled share repurchases for the period from July 25, 2013 (date of inception) to December 31, 2015.