Dividend Reinvestment and Stock Purchase Plan

3 Months Ended

Mar. 31, 2013

Dividend Reinvestment and Stock Purchase Plan

Dividend Reinvestment and Stock Purchase Plan

20.   Dividend Reinvestment and Stock Purchase Plan

In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DSPP authorizes up to 6,000,000 common shares to be issued.  During the first three months of 2013, we issued 18,237 shares and raised approximately $811,000 under the DSPP.  During the first three months of 2012, we issued 21,012 shares and raised approximately $774,000 under the DSPP.  From the inception of the DSPP through March 31, 2013, we have issued 133,440 shares and raised approximately $5.0 million.

In March, we updated our DSPP so that we are now paying for a majority of the plan-related fees, which were previously paid by our stockholders.