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Equity | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Equity | Equity Stockholders’ Equity On March 10, 2020, the Company commenced an at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. During the three months ended March 31, 2021, the Company issued and sold 717,388 shares of common stock at a weighted average price of $12.82 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $9.1 million. During the three months ended March 31, 2021, the Company did not issue any shares of Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $250.4 million remained unsold under the ATM Program as of May 4, 2021. Noncontrolling Interests As of March 31, 2021 and December 31, 2020, the Company held a 74.2% and 73.9% common interest in the Operating Partnership, respectively. As of March 31, 2021, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 74.2% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of March 31, 2021, there were 20,853,485 Class A units of limited partnership interest in the Operating Partnership ("Class A Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $0.5 million relates to the minority partners' interest in certain joint venture entities as of March 31, 2021 and December 31, 2020, including Hoffler Place and Summit Place. On January 4, 2021, a holder of Class A Units tendered 12,000 Class A Units for redemption by the Operating Partnership, which the Company elected to satisfy by issuing an equal numbers of shares of common stock. Dividends and Distributions During the three months ended March 31, 2021, the following dividends/distributions were declared or paid:
Equity type |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividends per Share/Unit |  | Aggregate Dividends/Distributions on Stock and Units (in thousands)
Common Stock/Class A Units |  | 11/10/2020 |  | 12/30/2020 |  | 01/07/2021 |  | $ | 0.11 |  |  | $ | 8,793 |
Common Stock/Class A Units |  | 02/09/2021 |  | 03/31/2021 |  | 04/08/2021 |  | 0.15 |  |  | 12,112 |
Series A Preferred Stock |  | 11/10/2020 |  | 01/04/2021 |  | 01/15/2021 |  | 0.421875 |  |  | 2,887 |
Series A Preferred Stock |  | 02/09/2021 |  | 04/01/2021 |  | 04/15/2021 |  | 0.421875 |  |  | 2,887 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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