Equity Transactions

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Equity Transactions

Equity Transactions

In September 2014, we closed an underwritten registered public offering of 6,900,000 shares of common stock at a price of $50.60 per share, which includes 900,000 shares sold to the underwriter pursuant to the full exercise of its option to purchase additional shares. Net proceeds from the offering were approximately $348.9 million after deducting expenses related to the offering. We intend to use the majority of the net proceeds of the offering to fund the cash portion of the purchase price for the previously-announced acquisition of MH communities from the Green Courte Entities (see Note 2) and use the remainder of the net proceeds from the offering to repay borrowings outstanding under the Facility. The consummation of the acquisition is subject to certain confirmatory diligence and customary closing conditions, including obtaining third party consents. If for any reason the acquisition is not consummated, we intend to use the net proceeds from the offering to repay borrowings outstanding under the Facility, fund possible future acquisitions of properties and for working capital and general corporate purposes.

In March 2014, we closed an underwritten registered public offering of 4,200,000 shares of common stock at a price of $44.45 per share, and in April 2014, the underwriters exercised their option to purchase an additional 630,000 shares of common stock at a price of $44.45 less the declared dividend of $0.65 per share. Net proceeds from the offering were $214.0 million after deducting underwriting discounts and the expenses related to the offering. We used the net proceeds of the offering to repay borrowings outstanding under the Facility, for acquisitions of properties and for working capital and general corporate purposes.

In November 2004, our Board of Directors authorized us to repurchase up to 1,000,000 shares of our common stock.  We have 400,000 common shares remaining in the repurchase program.  No common shares were repurchased during the nine months ended September 30, 2014 or 2013.  There is no expiration date specified for the buyback program.

Common OP unit holders can convert their common OP units into an equivalent number of shares of common stock at any time.  During the nine months ended September 30, 2014 and 2013, there were no common OP units converted to shares of common stock.

Subject to certain limitations, Series A-1 preferred OP unit holders may convert their Series A-1 preferred OP units to shares of our common stock at any time. During the nine months ended September 30, 2014, holders of Series A-1 preferred OP units converted 18,773 units to 45,785 shares of common stock. No such units were converted during the nine months ended September 30, 2013.

Cash distributions of $0.65 per share were declared for the quarter ended September 30, 2014. On October 17, 2014, cash payments of approximately $32.6 million for aggregate distributions were made to common stockholders, common OP unitholders and restricted stockholders of record as of September 30, 2014. In addition, cash distributions of $0.4453 per share were declared on the Company's Series A cumulative redeemable preferred stock. On October 15, 2014, cash payments of approximately $1.5 million for aggregate distributions were made to Series A cumulative redeemable preferred stockholders of record as of October 1, 2014.