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Equity and Capital | 12 Months Ended
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Dec. 31, 2023
Equity And Capital [Abstract] |
Equity and Capital | 12. Equity and Capital UBP Acquisition See Note 1 — Acquisition of Urstadt Biddle Properties Inc, for discussion regarding UBP acquisition. Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows:
| Preferred Stock Outstanding as of December 31, 2023
| Date of Issuance |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Distribution Rate |  | Callable By Company
Series A | 8/18/2023 |  |  | 4,600,000 |  |  | $ | 115,000,000 |  |  | 6.250% |  | On demand
Series B | 8/18/2023 |  |  | 4,400,000 |  |  |  | 110,000,000 |  |  | 5.875% |  | On or after 10/1/2024
|  |  |  | 9,000,000 |  |  | $ | 225,000,000 |  |  |  |  |
Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option, except that the Parent Company Series B preferred stock is not redeemable until on or after October 1, 2024. The holders of the Preferred Stock have general preference rights over common stock holders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock. Dividends Declared On February 7, 2024, the Board: • Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30, 2024. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on April 15, 2024; and • Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2024 The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15, 2024. Common Stock of the Parent Company Dividends Declared On February 7, 2024, the Board declared a common stock dividend of $0.67 per share, payable on April 3, 2024, to shareholders of record as of March 13, 2024. At the Market ("ATM") Program Under the Parent Company's ATM program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors. No sales occurred under the ATM program during 2023. As of December 31, 2023, $500 million of common stock remained available for issuance under this ATM equity program. Stock Repurchase Program The Board has authorized a two-year common stock repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of its outstanding common stock through open market purchases, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any will be dependent upon market conditions and other factors. The stock repurchased, if not retired, would be treated as treasury stock. The Board's authorization for this Repurchase Program will expire on February 7, 2025, unless modified, extended or earlier terminated by the Board. During the year ended December 31, 2023, the Company executed multiple trades to repurchase 349,519 common shares under the Repurchase Program for a total of $20.0 million at a weighted average price of $57.22 per share. All repurchased shares were retired on the respective settlement dates. At December 31, 2023, $230.0 million remained available under this Repurchase Program. Preferred Units of the Operating Partnership The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by RCLP is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Company. Common Units of the Operating Partnership Common Units are issued, or redeemed and retired, for each share of Parent Company stock issued or redeemed, or retired, as described above. During the year ended December 31, 2023, the Operating Partnership issued 520,589 exchangeable operating partnership units, valued at $31.3 million, as partial purchase price consideration for the acquisition of two properties. In addition, 3,340 Partnership Units were converted to Parent Company common stock, and 151,228 Partnership Units were converted to $9.2 million in cash at the Parent Company's election. General Partners The Parent Company, as general partner, owned the following Partnership Units outstanding:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Partnership units owned by the general partner |  |  | 184,581 |  |  |  | 171,125 |
Partnership units owned by the limited partners |  |  | 1,108 |  |  |  | 741 |
Total partnership units outstanding |  |  | 185,689 |  |  |  | 171,866 |
Percentage of partnership units owned by the general partner |  |  | 99.4 | % |  |  | 99.6 | %

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