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Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of cumulative redeemable preferred stock outstanding by series


							Cumulative Preferential Cash
							Dividends⁽¹⁾⁽²⁾
		Shares Issued
		and										Annual			Carrying
		Outstanding		Par			Liquidation			Rate per		Dividend			Value
Series		(in thousands)		Value			Preference⁽³⁾			Annum		per share			(in thousands)
D		4,000		$	0.001		$	25.00		8.00	%	$	2.00		$	89,041
G		3,200			0.001			25.00		7.65	%		1.91			72,664
I		5,000			0.001			25.00		7.50	%		1.88			120,785
Total		12,200													$	282,490

(1)

Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company’s Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company’s Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.

(2)

The Company declared and paid dividends of $2.0 million, $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the three months ended March 31, 2022 and 2021. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain.

(3)	The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity

“Accumulated other comprehensive income (loss)” reflected in the Company’s shareholders’ equity is comprised of the following ($ in thousands):


		As of
		March 31, 2022			December 31, 2021
Unrealized gains on available-for-sale securities		$	1,224		$	4,237
Unrealized losses on cash flow hedges			(22,448)			(25,824)
Accumulated other comprehensive loss		$	(21,224)		$	(21,587)

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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