We offer a Distribution Reinvestment and Stock Purchase Plan (DRIP) that provides a convenient and simple method for our existing shareholders to increase their holdings of our common stock and for new investors to make an initial investment in our common stock.
The DRIP allows existing shareholders to purchase shares of common stock by reinvesting all or a portion of the cash distributions from their shares of our common stock. In addition, existing stockholders and interested new investors may purchase shares of our common stock under the DRIP by making optional cash payments. Reinvested distributions are subject to a maximum investment of $50,000 for each quarter, and optional cash purchases are subject to a minimum investment of $250 and a maximum investment of $10,000 in any calendar month. We may, in our discretion, waive the maximum amounts for distribution reinvestments and optional cash purchases, subject to certain conditions.
NOTE: Effective July 3, 2014, we suspended reinvestment of cash dividends and optional cash investments under the DRIP. During the suspension period, existing shareholders will not be permitted to have cash distributions automatically reinvested in additional shares of our common stock, nor will existing shareholders or new investors be permitted to purchase shares of our common stock through optional cash investments under the DRIP. We will provide notice to plan participants of a reinstatement of the DRIP. Upon reinstatement, the DRIP is expected to function and be administered in substantially the same manner as prior to the suspension.
To participate in the DRIP or for more information, please call the administrator of the DRIP, Wells Fargo Shareowner Services, at 1-800-468-9716. You should read the DRIP prospectus before enrolling in the DRIP.
We currently offer DRIP participants a 1% discount from the market price on newly issued shares of our common stock purchased through the reinvestment of their cash distributions or through optional cash payments. The availability of a discount is at our sole discretion, as we may determine from time to time, and we may change or eliminate the discount at any time.
At this time, we are not considering requests for waivers of the $50,000 maximum limit for distribution reinvestments or the $10,000 maximum limit on optional cash payments under the DRIP.
See 2014 DRIP Schedule for the expected dates relating to distribution reinvestments and optional cash payments under the DRIP, as such dates are described in the prospectus.
Newly issued shares of our common stock purchased directly from us under the DRIP will not be subject to any brokerage commission or service charge. Brokerage fees or commissions will be applied only to shares of our common stock purchased on the open market. See Schedule of Fees for the amounts charged by Wells Fargo Shareowner Services for certain transactions related to shares of our common stock held in your DRIP account. We pay all other administration costs of the DRIP.
We reserve the right to change the terms of our Distribution Reinvestment and Stock Purchase Plan at any time. All matters regarding the DRIP are subject to terms of the DRIP.