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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events 
Subsequent Events

Note 6. Subsequent Events

 

In determining subsequent events, management reviewed all activity from October 1, 2011 through the date of filing this Quarterly Report on Form 10-Q.

 

On October 27, 2011, the Company's Board of Directors declared a dividend of $0.09 per share with respect to its common stock as well as an equal distribution per unit on its outstanding OP Units. At the same time, the Board declared a dividend of $0.5546875 per share with respect to the Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock. The distributions are payable on November 21, 2011 to shareholders of record on November 11, 2011. The Company presently anticipates that the quarterly dividend rate for 2012 may be reduced to $0.05 per share, although each dividend payment must be approved by the Company's Board of Directors.