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Preferred Stock, Common Stock and Convertible Unit Transactions (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Outstanding Preferred Stock | The Company’s outstanding Preferred Stock is detailed below (in thousands, except share, per share data and par values):
As of December 31, 2024
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,902 |  |  | $ | 222,543 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,465 |  |  |  | 261,636 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  |  | 12/20/2022
Class N (1) |  |  | 1,849 |  |  |  | 1,439 |  |  |  | 71,934 |  |  |  | 7.250 | % |  | $ | 3.62500 |  |  | $ | 1.00 |  |  | N/A
|  |  |  |  |  | 20,806 |  |  | $ | 556,113 |  |  |  |  |  |  |  |  |  |  |  |
(1) In connection with the RPT Merger, the Company issued 1,849 shares of Class N Preferred Stock with a par value of $1.00 per share, represented by 1,848,539 depositary shares, which had a fair market value of $105.6 million. The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election. As of December 31, 2024, the Class N Preferred Stock was potentially convertible into 3.3 million shares of common stock.
As of December 31, 2023
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference (in thousands) |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,902 |  |  | $ | 222,543 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,465 |  |  |  | 261,636 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  |  | 12/20/2022
|  |  |  |  |  | 19,367 |  |  | $ | 484,179 |  |  |  |  |  |  |  |  |  |  |  |
Summary of Repurchased Preferred Stock | During the year ended December 31, 2024, the Company repurchased the following preferred stock:
Class of Preferred Stock |  | Depositary Shares Repurchased |  |  | Purchase Price (in thousands) |
Class N |  |  | 80 |  |  | $ | 5 |
Summary of Dividends Declared Per Share | The following table provides a summary of the dividends declared per share:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Common Stock (1) |  | $ | 0.97000 |  |  | $ | 1.02000 |  |  | $ | 0.84000 |
Class L Depositary Shares |  | $ | 1.28125 |  |  | $ | 1.28125 |  |  | $ | 1.28125 |
Class M Depositary Shares |  | $ | 1.31250 |  |  | $ | 1.31250 |  |  | $ | 1.31250 |
Class N Depositary Shares |  | $ | 3.62500 |  |  | $ | - |  |  | $ | - |
(1) During 2023, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to maintain distribution requirements as a REIT.

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
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