Equity and Mezzanine Equity (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Changes in Stockholders' Equity

The following table summarizes the changes in our equity for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020




Senior Common Stock
Balance, beginning of period	$	1	$	1	$	1	$	1
Issuance of senior common stock, net	—		—		—		—
Balance, end of period	$	1	$	1	$	1	$	1
Common Stock
Balance, beginning of period	$	36	$	34	$	35	$	32
Issuance of common stock, net	1		—		2		2
Balance, end of period	$	37	$	34	$	37	$	34
Series F Preferred Stock (1)
Balance, beginning of period	$	—	$	—	$	—	$	—
Issuance of Series F preferred stock, net	—		—		—		—
Balance, end of period	$	—	$	—	$	—	$	—
Additional Paid in Capital
Balance, beginning of period	$	648,112	$	599,741	$	626,533	$	571,205
Issuance of common stock and Series F preferred stock, net (1)	8,699		5,027		29,110		33,465
Redemption of OP Units	—		—		4,812		—
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(21)		(61)		(3,665)		37
Balance, end of period	$	656,790	$	604,707	$	656,790	$	604,707
Accumulated Other Comprehensive Income
Balance, beginning of period	$	(2,641)	$	(5,135)	$	(4,345)	$	(2,126)
Comprehensive income	421		276		2,125		(2,733)
Reclassification into interest expense	145		—		145		—
Balance, end of period	$	(2,075)	$	(4,859)	$	(2,075)	$	(4,859)
Distributions in Excess of Accumulated Earnings
Balance, beginning of period	$	(442,122)	$	(388,900)	$	(409,041)	$	(360,978)
Distributions declared to common, senior common, and preferred stockholders	(16,849)		(15,780)		(50,011)		(46,965)
Redemption of Series D preferred stock, net	—		—		(2,141)		—
Net income attributable to the Company	4,477		2,846		6,699		6,109
Balance, end of period	$	(454,494)	$	(401,834)	$	(454,494)	$	(401,834)
Total Stockholders' Equity
Balance, beginning of period	$	203,386	$	205,741	$	213,183	$	208,134
Issuance of common stock and Series F preferred stock, net (1)	8,700		5,027		29,112		33,467
Redemption of OP Units	—		—		4,812		—
Redemption of Series D preferred stock, net	—		—		(2,141)		—
Distributions declared to common, senior common, and preferred stockholders	(16,849)		(15,780)		(50,011)		(46,965)
Comprehensive income	421		276		2,125		(2,733)
Reclassification into interest expense	145		—		145		—


Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(21)		(61)		(3,665)		37
Net income attributable to the Company	4,477		2,846		6,699		6,109
Balance, end of period	$	200,259	$	198,049	$	200,259	$	198,049
Non-Controlling Interest
Balance, beginning of period	$	1,338	$	2,892	$	2,854	$	2,903
Distributions declared to Non-controlling OP Unit holders	(97)		(189)		(382)		(567)
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net	—		—		—		502
Redemptions of OP Units	—		—		(4,812)		—
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	21		61		3,665		(37)
Net loss attributable to OP units held by Non-controlling OP Unitholders	21		(2)		(42)		(39)
Balance, end of period	$	1,283	$	2,762	$	1,283	$	2,762
Total Equity	$	201,542	$	200,811	$	201,542	$	200,811

(1)No shares of Series F Preferred Stock were outstanding prior to July 1, 2020.

Dividends Paid

We paid the following distributions per share for the three and nine months ended September 30, 2021 and 2020:


	For the three months ended September 30,					For the nine months ended September 30,
	2021			2020		2021			2020
Common Stock and Non-controlling OP Units	$	0.37545		$	0.37545	$	1.12635		$	1.12635
Senior Common Stock	0.2625			0.2625		0.7875			0.7875



Series D Preferred Stock	—		(1)	0.4374999		0.8749998		(1)	1.3124997
Series E Preferred Stock	0.414063			0.414063		1.242189			1.242189
Series F Preferred Stock	0.375			0.375		1.125			0.375		(2)
Series G Preferred Stock	0.375			—		0.375			—

(1)We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021.

(2)Prior to July 1, 2020, Series F Preferred Stock distributions were declared, but not paid, as there were no Series F Preferred Stock shares outstanding on the applicable dividend record dates.