15. Distributions Paid and Payable

A. Common Stock

We pay monthly dividends to our common stockholders. The following is a summary of the monthly dividends paid per common share for the first three months of 2013 and 2012:

Month	2013	2012
January	$ 0.1517500	$ 0.1455
February	0.1809167	0.1455
March	0.1809167	0.1455
Total	$ 0.5135834	$ 0.4365

At March 31, 2013, a distribution of $0.1812292 per common share was payable and was paid in April 2013.

B. Common Units

As part of our acquisition of ARCT, we issued 317,022 common partnership units of Tau Operating Partnership. These common units are entitled to monthly distributions equivalent to the per common share amounts paid to the common stockholders of Realty Income, as described above. For the first three months of 2013, we paid two monthly distributions to holders of these common units totaling $0.3618334 per unit, or $115,000, and at March 31, 2013, a monthly distribution of $0.1812292 per common unit was payable and was paid in April 2013.

C. Preferred Stock

In March 2012, we redeemed all of our 5.1 million shares of 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock, which were issued in 2004. During the first three months of 2012, we paid dividends to holders of our Class D preferred stock totaling $0.3841147 per share, or $2.0 million.

In 2006, we issued 8.8 million shares of our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock for $25.00 per share. As of December 7, 2011, the Class E preferred shares were redeemable, at our option, for $25.00 per share. During each of the first three months of 2013 and 2012, we paid three monthly dividends to holders of our Class E preferred stock totaling $0.421875 per share, or $3.7 million, and at March 31, 2013, a monthly dividend of $0.140625 per share was payable and was paid in April 2013.

In February 2012, we issued 14.95 million shares of 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock at a price of $25.00 per share. In April 2012, we issued an additional 1.4 million shares of our Class F preferred stock at a price of $25.2863 per share. Beginning February 15, 2017, shares of our Class F preferred shares are redeemable, at our option, for $25.00 per share, plus any accrued and unpaid dividends. The initial dividend for the Class F preferred stock of $0.1702257 per share, or $2.5 million, was paid on March 15, 2012 and covered 37 days. During the first three months of 2013, we paid three monthly dividends to holders of our Class F preferred stock totaling $0.414063 per share, or $6.8 million, and at March 31, 2013, a monthly dividend of $0.138021 per share was payable and was paid in April 2013.

We are current in our obligations to pay dividends on our Class E and Class F preferred stock.

D. Preferred Units

As part of our acquisition of ARCT, we issued 6,750 preferred partnership units of Tau Operating Partnership. The preferred units are entitled to monthly payments at a rate of 2% per annum. For the first three months of 2013, we made two monthly payments totaling $20,000, and at March 31, 2013, an amount of $11,000 was payable and was paid in April 2013.