XML 31 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program, or SRP, allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a "Qualifying Disability" (as defined in the Company's SRP) of a stockholder, be limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the Board, in its sole discretion, may reserve for this purpose.
Repurchases of shares of the Company’s common stock are at the sole discretion of the Board, provided, however, that the Company limits the number of shares repurchased during any calendar year to 5.0% of the total number of shares of common stock outstanding as of December 31st of the previous calendar year. The SRP is subject to terms and limitations, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below. In addition, the Board, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate.
The Company will currently only repurchase shares due to death and involuntary exigent circumstances in accordance with the SRP, subject in each case to the terms and limitations of the SRP. Under the SRP, the Company may waive certain of the terms and requirements of the SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the SRP. The Company may also waive certain of the terms and requirements of the SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP.
During the nine months ended September 30, 2022, the Company repurchased 786,861 Class A shares, Class I shares and Class T shares of common stock (690,494 Class A shares, 20,905 Class I shares and 75,462 Class T shares), for an aggregate purchase price of approximately $6,452,000 (an average of $8.20 per share). During the nine months ended September 30, 2021, the Company repurchased 772,581 Class A shares, Class I shares and Class T shares of common stock (715,406 Class A shares, 8,322 Class I shares and 48,853 Class T shares), for an aggregate purchase price of approximately $6,564,000 (an average of $8.50 per share).
Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Unrealized Income
on Derivative
Instruments
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification31,545 
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income2,912 
Other comprehensive income34,457 
Balance as of September 30, 2022$29,610 
Unrealized Income
 on Derivative
Instruments
Balance as of December 31, 2020$(20,444)
Other comprehensive income before reclassification2,518 
Amount of loss reclassified from accumulated other comprehensive loss to net income7,290 
Other comprehensive income9,808 
Balance as of September 30, 2021$(10,636)
The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income (Loss) Components		Loss Amounts Reclassified from
Accumulated Other Comprehensive Income (Loss) to Net Income		Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income
Nine Months Ended
September 30,
20222021
Interest rate swap contracts - continuing operations$2,912 $5,643 Interest and other expense, net
Interest rate swap contracts - discontinued operations— 1,647 Income from discontinued operations
Interest rate swap contracts$2,912 

$7,290