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Equity and Mezzanine Equity (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Schedule of Changes in Stockholders' Equity | The following table summarizes the changes in our equity for the three months ended March 31, 2024 and 2023 (dollars in thousands):
| Three Months Ended March 31, |
| 2024 | 2023 |  |  |
Senior Common Stock |  |  |  |  |
Balance, beginning of period | $ | 1 |  | $ | 1 |  |  |  |
Issuance of senior common stock, net | — |  | — |  |  |  |
Balance, end of period | $ | 1 |  | $ | 1 |  |  |  |
Common Stock |  |  |  |  |
Balance, beginning of period | $ | 40 |  | $ | 39 |  |  |  |
Issuance of common stock, net | — |  | 1 |  |  |  |
Balance, end of period | $ | 40 |  | $ | 40 |  |  |  |
Series F Preferred Stock |  |  |  |  |
Balance, beginning of period | $ | 1 |  | $ | 1 |  |  |  |
Issuance of Series F preferred stock, net | — |  | — |  |  |  |
Redemption of Series F preferred stock, net | — |  | — |  |  |  |
Balance, end of period | $ | 1 |  | $ | 1 |  |  |  |
Additional Paid in Capital |  |  |  |  |
Balance, beginning of period | $ | 730,256 |  | $ | 721,327 |  |  |  |
Issuance of common stock and Series F preferred stock, net | 197 |  | 4,385 |  |  |  |
Redemption of Series F preferred stock, net | 55 |  | 86 |  |  |  |
Retirement of senior common stock, net | — |  | 52 |  |  |  |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (43) |  | 24 |  |  |  |
Balance, end of period | $ | 730,465 |  | $ | 725,874 |  |  |  |
Accumulated Other Comprehensive Income |  |  |  |  |
Balance, beginning of period | $ | 7,758 |  | $ | 11,640 |  |  |  |
Comprehensive income (loss) | 5,417 |  | (5,895) |  |  |  |
Reclassification into interest expense | 106 |  | 263 |  |  |  |
Balance, end of period | $ | 13,281 |  | $ | 6,008 |  |  |  |
Distributions in Excess of Accumulated Earnings |  |  |  |  |
Balance, beginning of period | $ | (584,776) |  | $ | (529,104) |  |  |  |
Distributions declared to common, senior common, and preferred stockholders | (15,220) |  | (15,108) |  |  |  |
Redemption of Series F preferred stock, net | (3) |  | (5) |  |  |  |
Net income available to the Company | 3,524 |  | 3,174 |  |  |  |
Balance, end of period | $ | (596,475) |  | $ | (541,042) |  |  |  |
Total Stockholders' Equity |  |  |  |  |
Balance, beginning of period | $ | 153,280 |  | $ | 203,904 |  |  |  |
Issuance of common stock and Series F preferred stock, net | 197 |  | 4,386 |  |  |  |
Redemption of Series F preferred stock, net | 52 |  | 81 |  |  |  |
Retirement of senior common stock, net | — |  | 52 |  |  |  |
Distributions declared to common, senior common, and preferred stockholders | (15,220) |  | (15,108) |  |  |  |
Comprehensive income (loss) | 5,417 |  | (5,895) |  |  |  |
Reclassification into interest expense | 106 |  | 263 |  |  |  |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (43) |  | 24 |  |  |  |
Net income available to the Company | 3,524 |  | 3,174 |  |  |  |
Balance, end of period | $ | 147,313 |  | $ | 190,882 |  |  |  |
Non-Controlling Interest |  |  |  |  |
Balance, beginning of period | $ | 986 |  | $ | 1,790 |  |  |  |
Distributions declared to Non-controlling OP Unit holders | (93) |  | (118) |  |  |  |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 43 |  | (24) |  |  |  |
Net income (loss) available (attributable) to OP units held by Non-controlling OP Unitholders | 2 |  | (7) |  |  |  |
Balance, end of period | $ | 938 |  | $ | 1,641 |  |  |  |
Total Equity | $ | 148,251 |  | $ | 192,523 |  |  |  |
Schedule of Dividends Paid | We paid the following distributions per share for the three months ended March 31, 2024 and 2023:
|  | For the three months ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Common Stock and Non-controlling OP Units |  | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |
Senior Common Stock |  | 0.2625 |  |  | 0.2625 |  |  |  |  |
Series E Preferred Stock |  | 0.414063 |  |  | 0.414063 |  |  |  |  |
Series F Preferred Stock |  | 0.375 |  |  | 0.375 |  |  |  |  |
Series G Preferred Stock |  | 0.375 |  |  | 0.375 |  |  |  |  |

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