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Equity and Mezzanine Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Changes in Stockholders' Equity | The following table summarizes the changes in our equity for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 | 2023 |  | 2024 | 2023
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 | $ | 41 |  | $ | 39 |  |  | $ | 40 |  | $ | 39 |
Issuance of common stock, net | 2 |  | — |  |  | 3 |  | 1 |
Repurchase of common stock, net | — |  | — |  |  | — |  | (1) |
Balance, end of period | $ | 43 |  | $ | 39 |  |  | $ | 43 |  | $ | 39 |
Series F Preferred Stock |  |  |  |  |
Balance, beginning of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Issuance of Series F preferred stock, net | — |  | — |  |  | — |  | — |
Redemption of Series F preferred stock, net | — |  | — |  |  | — |  | — |
Balance, end of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Additional Paid in Capital |  |  |  |  |
Balance, beginning of period | $ | 742,114 |  | $ | 728,580 |  |  | $ | 730,256 |  | $ | 721,327 |
Issuance of common stock and Series F preferred stock, net | 37,066 |  | 690 |  |  | 47,911 |  | 6,725 |
Repurchase of common stock, net | — |  | — |  |  | — |  | 998 |
Redemption of OP Units | — |  | — |  |  | 3,865 |  | — |
Redemption of Series F preferred stock, net | 1,008 |  | 183 |  |  | 1,318 |  | 401 |
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 | 17 |  | (53) |  |  | (3,145) |  | (103) |
Balance, end of period | $ | 780,205 |  | $ | 729,400 |  |  | $ | 780,205 |  | $ | 729,400 |
Accumulated Other Comprehensive Income |  |  |  |  |
Balance, beginning of period | $ | 13,759 |  | $ | 14,297 |  |  | $ | 7,758 |  | $ | 11,640 |
Comprehensive income | (10,456) |  | 5,089 |  |  | (4,568) |  | 7,218 |
Reclassification into interest expense | 62 |  | 409 |  |  | 175 |  | 937 |
Balance, end of period | $ | 3,365 |  | $ | 19,795 |  |  | $ | 3,365 |  | $ | 19,795 |
Distributions in Excess of Accumulated Earnings |  |  |  |  |
Balance, beginning of period | $ | (610,209) |  | $ | (560,719) |  |  | $ | (584,776) |  | $ | (529,104) |
Distributions declared to common, senior common, and preferred stockholders | (16,168) |  | (15,182) |  |  | (46,726) |  | (45,445) |
Redemption of Series F preferred stock, net | 2 |  | (1) |  |  | (4) |  | (12) |
Net income available to the Company | 11,677 |  | 1,789 |  |  | 16,808 |  | 448 |
Balance, end of period | $ | (614,698) |  | $ | (574,113) |  |  | $ | (614,698) |  | $ | (574,113) |
Total Stockholders' Equity |  |  |  |  |
Balance, beginning of period | $ | 145,707 |  | $ | 182,199 |  |  | $ | 153,280 |  | $ | 203,904 |
Issuance of common stock and Series F preferred stock, net | 37,068 |  | 690 |  |  | 47,914 |  | 6,726 |
Repurchase of common stock, net | — |  | — |  |  | — |  | 997 |
Redemption of OP Units | — |  | — |  |  | 3,865 |  | — |
Redemption of Series F preferred stock, net | 1,010 |  | 182 |  |  | 1,314 |  | 389 |
Retirement of senior common stock, net | — |  | — |  |  | — |  | 52 |
Distributions declared to common, senior common, and preferred stockholders | (16,168) |  | (15,182) |  |  | (46,726) |  | (45,445) |
Comprehensive income | (10,456) |  | 5,089 |  |  | (4,568) |  | 7,218 |
Reclassification into interest expense | 62 |  | 409 |  |  | 175 |  | 937 |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 17 |  | (53) |  |  | (3,145) |  | (103) |
Net income available to the Company | 11,677 |  | 1,789 |  |  | 16,808 |  | 448 |
Balance, end of period | $ | 168,917 |  | $ | 175,123 |  |  | $ | 168,917 |  | $ | 175,123 |
Non-Controlling Interest |  |  |  |  |
Balance, beginning of period | $ | 114 |  | $ | 1,524 |  |  | $ | 986 |  | $ | 1,790 |
Distributions declared to Non-controlling OP Unit holders | (12) |  | (117) |  |  | (172) |  | (352) |
Redemptions of OP Units | — |  | — |  |  | (3,865) |  | — |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (17) |  | 53 |  |  | 3,145 |  | 103 |
Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders | 44 |  | 3 |  |  | 35 |  | (78) |
Balance, end of period | $ | 129 |  | $ | 1,463 |  |  | $ | 129 |  | $ | 1,463 |
Total Equity | $ | 169,046 |  | $ | 176,586 |  |  | $ | 169,046 |  | $ | 176,586 |
Schedule of Dividends Paid | We paid the following distributions per share for the three and nine months ended September 30, 2024 and 2023:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Common Stock and Non-controlling OP Units |  | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.90 |  |  | $ | 0.90 |
Senior Common Stock |  | 0.2625 |  |  | 0.2625 |  |  | 0.7875 |  |  | 0.7875 |
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 |  |  | 1.125 |  |  | 1.125 |

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