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Distributions | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Distributions | DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $2.32 per share in 2022, $2.16 per share in 2021, and $2.12 per share in 2020, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2022, 2021, and 2020, and Series E preferred stock dividends of $1.50, $1.50, and $1.50, respectively, per depositary share in 2022, 2021, and 2020. Of the common stock dividends paid, $1.32 per share, $1.49 per share, and $1.43 per share, represented ordinary dividend income in 2022, 2021, and 2020, respectively, and $1.00 per share, $0.67 per share, and $0.69 per share represented return of capital to the shareholders in 2022, 2021, and 2020, respectively. All of the preferred dividends paid represented ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2022, 2021, and 2020, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions:
| Total Distributions to |  | Dividend Reinvestments
(Dollars in thousands, except per share amounts) | Preferred Stockholders |  | Common Stockholders |  | Limited Partnership Unitholders |  | Common Stock Shares Issued |  | Discounted Share Price |  | Limited Partnership Units Issued |  | Average Unit Price
Distributions during 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
4th Quarter | $ | 2,798 |  |  | $ | 14,159 |  |  | $ | 5,486 |  |  | 13,698 |  |  | $ | 39.70 |  |  | — |  |  | $ | — |
3rd Quarter | 2,799 |  |  | 14,156 |  |  | 5,486 |  |  | 10,577 |  |  | 50.80 |  |  | — |  |  | — |
2nd Quarter | 2,798 |  |  | 13,625 |  |  | 5,292 |  |  | 57,819 |  |  | 51.61 |  |  | 12,955 |  |  | 51.55 |
1st Quarter | 2,799 |  |  | 13,583 |  |  | 5,284 |  |  | 61,863 |  |  | 47.66 |  |  | 13,704 |  |  | 48.16 |
Total 2022 | $ | 11,194 |  |  | $ | 55,523 |  |  | $ | 21,548 |  |  | 143,957 |  |  |  |  | 26,659 |  |  |
Distributions during 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
4th Quarter | $ | 2,798 |  |  | $ | 13,037 |  |  | $ | 4,702 |  |  | 63,970 |  |  | $ | 45.46 |  |  | 13,697 |  |  | $ | 45.95 |
3rd Quarter | 2,799 |  |  | 12,999 |  |  | 4,694 |  |  | 65,171 |  |  | 44.44 |  |  | 13,841 |  |  | 44.92 |
2nd Quarter | 2,798 |  |  | 12,488 |  |  | 4,218 |  |  | 68,206 |  |  | 41.87 |  |  | 13,978 |  |  | 42.33 |
1st Quarter | 2,799 |  |  | 12,439 |  |  | 4,207 |  |  | 96,268 |  |  | 29.50 |  |  | 19,493 |  |  | 29.83 |
Total 2021 | $ | 11,194 |  |  | $ | 50,963 |  |  | $ | 17,821 |  |  | 293,615 |  |  |  |  | 61,009 |  |  |
Distributions during 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
4th Quarter | $ | 2,798 |  |  | $ | 12,371 |  |  | $ | 4,195 |  |  | 117,368 |  |  | $ | 24.08 |  |  | 23,370 |  |  | $ | 24.35 |
3rd Quarter | 2,799 |  |  | 12,373 |  |  | 4,188 |  |  | 14,525 |  |  | 28.98 |  |  | 13,108 |  |  | 29.47 |
2nd Quarter | 2,798 |  |  | 12,364 |  |  | 4,188 |  |  | 12,627 |  |  | 32.22 |  |  | — |  |  | — |
1st Quarter | 2,799 |  |  | 12,275 |  |  | 4,180 |  |  | 83,978 |  |  | 48.59 |  |  | 15,101 |  |  | 49.40 |
Total 2020 | $ | 11,194 |  |  | $ | 49,383 |  |  | $ | 16,751 |  |  | 228,498 |  |  |  |  | 51,579 |  |  |
In December 2022, the Board of Directors of the Company authorized a distribution of $0.59 per common share payable in January 2023 to holders of record on January 17, 2023. As a result, $13.6 million was paid to common shareholders on January 31, 2023. Also, $5.5 million was paid to limited partnership unitholders on January 31, 2023 ($0.59 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 3, 2023. As a result, $2.8 million was paid to preferred shareholders on January 17, 2023. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.

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