Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

16. SUBSEQUENT EVENTS

On April 8, 2014, the Company entered into a $175 million term note maturing April 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The proceeds from this term note were used to repay the $115 million outstanding on the Company’s line of credit at April 8, 2014, with the excess proceeds to be used for future acquisitions.

On April 7, 2014, the Company declared a quarterly dividend of $0.68 per common share. The dividend was paid on April 28, 2014 to shareholders of record on April 17, 2014. The total dividend paid amounted to $22.3 million.