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Equity and Mezzanine Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Changes in Stockholders' Equity

The following table summarizes the changes in our equity for the three and nine months ended September 30, 2022 and 2021 (in thousands):

			Three Months Ended September 30,									Nine Months Ended September 30,
			2022			2021						2022			2021
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			$	39		$	36					$	37		$	35
Issuance of common stock, net			—			1						2			2
Balance, end of period			$	39		$	37					$	39		$	37
Series F Preferred Stock
Balance, beginning of period			$	1		$	—					$	—		$	—
Issuance of Series F preferred stock, net			—			—						1			—
Redemption of Series F preferred stock, net			—			—						—			—
Balance, end of period			$	1		$	—					$	1		$	—
Additional Paid in Capital
Balance, beginning of period			$	705,629		$	648,112					$	671,134		$	626,533
Issuance of common stock and Series F preferred stock, net			9,856			8,699						44,513			29,110
Redemption of OP Units			—			—						—			4,812
Redemption of Series F preferred stock, net			—			—						55			—
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership			1,613			(21)						1,396			(3,665)

Balance, end of period			$	717,098		$	656,790					$	717,098		$	656,790
Accumulated Other Comprehensive Income
Balance, beginning of period			$	5,524		$	(2,641)					$	(1,346)		$	(4,345)
Comprehensive income			6,790			421						13,660			2,125
Reclassification into interest expense			52			145						52			145
Balance, end of period			$	12,366		$	(2,075)					$	12,366		$	(2,075)
Distributions in Excess of Accumulated Earnings
Balance, beginning of period			$	(498,574)		$	(442,122)					$	(468,523)		$	(409,041)
Distributions declared to common, senior common, and preferred stockholders			(17,984)			(16,849)						(53,000)			(50,011)
Redemption of Series D preferred stock, net			—			—						—			(2,141)
Redemption of Series F preferred stock, net			—			—						(5)			—
Net income attributable to the Company			2,501			4,477						7,471			6,699
Balance, end of period			$	(514,057)		$	(454,494)					$	(514,057)		$	(454,494)
Total Stockholders' Equity
Balance, beginning of period			$	212,620		$	203,386					$	201,303		$	213,183
Issuance of common stock and Series F preferred stock, net			9,856			8,700						44,516			29,112
Redemption of OP Units			—			—						—			4,812
Redemption of Series D preferred stock, net			—			—						—			(2,141)
Redemption of Series F preferred stock, net			—			—						50			—
Distributions declared to common, senior common, and preferred stockholders			(17,984)			(16,849)						(53,000)			(50,011)
Comprehensive income			6,790			421						13,660			2,125
Reclassification into interest expense			52			145						52			145
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership			1,613			(21)						1,396			(3,665)
Net income attributable to the Company			2,501			4,477						7,471			6,699
Balance, end of period			$	215,448		$	200,259					$	215,448		$	200,259
Non-Controlling Interest
Balance, beginning of period			$	1,275		$	1,338					$	1,259		$	2,854
Distributions declared to Non-controlling OP Unit holders			(114)			(97)						(307)			(382)
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net			2,394			—						2,394			—
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			(1,613)			21						(1,396)			3,665
Net (loss) income (attributable) available to OP units held by Non-controlling OP Unitholders			(4)			21						(12)			(42)
Balance, end of period			$	1,938		$	1,283					$	1,938		$	1,283
Total Equity			$	217,386		$	201,542					$	217,386		$	201,542

Schedule of Dividends Paid

We paid the following distributions per share for the three and nine months ended September 30, 2022 and 2021:

						For the three months ended September 30,												For the nine months ended September 30,
						2022						2021						2022						2021
Common Stock and Non-controlling OP Units						$	0.37620					$	0.37545					$	1.12860					$	1.12635
Senior Common Stock						0.2625						0.2625						0.7875						0.7875
Series D Preferred Stock						—						—			(1)			—						0.8749998			(1)
Series E Preferred Stock						0.414063						0.414063						1.242189						1.242189
Series F Preferred Stock						0.375						0.375						1.125						1.125
Series G Preferred Stock						0.375						0.375			(2)			1.125						0.375			(2)

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

(2)Our shares of Series G Preferred Stock were issued on June 28, 2021.

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Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.

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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

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