exercise of the underwriters' option to purchase additional shares, (ii) 3,485,510 shares of our common stock that may be issued upon redemption of Common Units, some of which were issued in connection with the Internalization, and all of which may. subject to certain limitations. and as set forth in the am

ll internalize the management functions historically provided by AFA. As consideration in the Internalization. our operating partnership will issue Common Units with an aggregate value of $12 million to AFTRS and each of the holders of equity ownership interests in AFA. On December 15. 2014, we received the

er share, and an immediate dilution of $0.94 per share to new investors. The following table summarizes, as of June 30, 2015: • the total number of Common Units issuable in connection with the Internalization and the number of shares of our common stock purchased from us by new investors purchasing shares in

scribed in "Our Operating Partnership and the Amended Partnership Agreement," we expect, but are not obligated, to issue common stock to holders of Common Units upon some or all of their exercises of their redemption rights. Our Board of Directors has the authority, without further stockholder approval, to

Based on an aggregate of 10,890,847 shares of common stint and an aggregate of 2,508,585 Common Units (other than Common Units to be held by us) outstanding as of June 30, 2015 and 22,890,846 shares of common stock and an aggregate of 3,685.510 Comm

with respect to the registration of shares of our common stock for which Common Units held by such Contributors may be redeemed. Sec "Shares Eligible for Future Sale—Registration Rights." Additionally, we will enter into a Second Ame

r exchange offer shall have been made to and accepted by the holders of more than 50% of the outstanding shares of our common stock, each holder of Common Units (other than those held by our company or its subsidiaries) shall be given the option to exchange its Common Units for the greatest amount of cash,

ing partnership may issue preferred partnership interests, in connection with acquisitions of property or otherwise, which could have priority over Common Units with respect to distributions from our operating partnership, including the Common Units we own. Redemption Rights Any future limited partners, ot

ies). Given our status as a REIT and our need to distribute income currently, we generally expect our operating partnership to make distributions on Common Units sufficient to cover a non-U.S. limited partner's withholding obligations. It is also possible that we might be obligated to withhold with respect t

for certain safe harbors, one of which applies to certain partnerships with fewer than 100 partners. There is a risk that the right of a holder of Common Units to redeem the units for cash (or common stock at our option) could cause Common Units to be considered readily tradable on the substantial equivale

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