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Subsequent Events
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2014
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| Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events |
NOTE 9. SUBSEQUENT EVENTS Investment Activity On October 22, 2014, we executed a lease amendment with the tenant on East Shelton to provide for additional annual rent in connection with the completion of the irrigation upgrades we performed on the property. This amendment will result in additional annualized, straight-line rents of $35,087 and will be effective as of the date we acquired the property, December 27, 2013. On October 24, 2014, the underwriters exercised their over-allotment option in connection with the Follow-on Offering, and, as a result, we issued an additional 73,453 shares. This transaction is expected to close on October 29, 2014, and will result in gross proceeds of approximately $902,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $857,000. We intend to utilize these proceeds towards future acquisitions, to repay indebtedness and for other general corporate purposes. Distributions On October 7, 2014, our Board of Directors declared the following monthly cash distributions to common stockholders:
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