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Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Equity | Equity Common Stock Issuances During 2023, we entered into separate equity distribution agreements in which the Company may offer and sell up to $300.0 million in aggregate gross sales price of shares of Common Stock. During 2024, the Company issued 1.6 million shares of Common Stock under its equity distribution agreements at an average gross sales price of $32.71 per share and received net proceeds, after sales commissions, of $51.3 million. There were no shares issued under these agreements in 2023. As of December 31, 2024, the Company had 92.4 million remaining shares of Common Stock authorized to be issued under its charter. Common Stock Dividends Dividends of the Company declared per share of Common Stock were $2.00 for each of the years ended December 31, 2024, 2023 and 2022. The following table sets forth the Company’s estimated taxability to the common stockholders of dividends per share for federal income tax purposes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Ordinary dividend | $ | 1.67 |  |  | $ | 1.58 |  |  | $ | 1.82 |
Capital gains | 0.18 |  |  | 0.42 |  |  | 0.18 |
Return of capital | 0.15 |  |  | — |  |  | — |
Total | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 2.00 |
The Company’s tax returns have not been examined by the Internal Revenue Service (“IRS”) and, therefore, the taxability of dividends is subject to change. Preferred Stock The following table sets forth the Company’s outstanding Preferred Stock as of both December 31, 2024 and 2023 :
|  | Issue Date |  | Number of Shares Outstanding |  | Carrying Value |  | Liquidation Preference Per Share |  | Optional Redemption Date |  | Annual Dividends Payable Per Share
|  |  |  | (in thousands) |  |  |  |  |  |  |  |
8.625% Series A Cumulative Redeemable |  | 2/12/1997 |  | 29 |  |  | $ | 28,811 |  |  | $ | 1,000 |  |  | 2/12/2027 |  | $ | 86.25 |
The following table sets forth the Company’s estimated taxability to the preferred stockholders of dividends per share for federal income tax purposes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
8.625% Series A Cumulative Redeemable: |  |  |  |  |
Ordinary dividend | $ | 77.94 |  |  | $ | 68.02 |  |  | $ | 78.48 |
Capital gains | 8.31 |  |  | 18.23 |  |  | 7.77 |
Total | $ | 86.25 |  |  | $ | 86.25 |  |  | $ | 86.25 |
The Company’s tax returns have not been examined by the IRS and, therefore, the taxability of dividends is subject to change. Warrants As of both December 31, 2024 and 2023, we had 15,000 warrants outstanding with an exercise price of $32.50 per share. Upon exercise of a warrant, the Company will contribute the exercise price to the Operating Partnership in exchange for Common Units. Therefore, the Operating Partnership accounts for such warrants as if issued by the Operating Partnership. These warrants have no expiration date. Common Unit Distributions Distributions of the Operating Partnership declared per Common Unit were $2.00 for each of the years ended December 31, 2024, 2023 and 2022. Redeemable Common Units Generally, the Operating Partnership is obligated to redeem each Redeemable Common Unit at the request of the holder thereof for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Redeemable Common Unit presented for redemption for cash or one share of Common Stock. When a holder redeems a Redeemable Common Unit for a share of Common Stock or cash, the Company’s share in the Operating Partnership will be increased. The Common Units owned by the Company are not redeemable. Preferred Units The following table sets forth the Operating Partnership’s outstanding Preferred Units as of both December 31, 2024 and 2023:
|  | Issue Date |  | Number of Units Outstanding |  | Carrying Value |  | Liquidation Preference Per Unit |  | Optional Redemption Date |  | Annual Distributions Payable Per Unit
|  |  |  | (in thousands) |  |  |  |  |  |  |  |
8.625% Series A Cumulative Redeemable |  | 2/12/1997 |  | 29 |  |  | $ | 28,811 |  |  | $ | 1,000 |  |  | 2/12/2027 |  | $ | 86.25 |

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