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Equity and Mezzanine Equity (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Schedule of Changes in Stockholders' Equity | The following table summarizes the changes in our equity for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 | 2024 |  | 2025 | 2024
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 | $ | 45 |  | $ | 40 |  |  | $ | 44 |  | $ | 40 |
Issuance of common stock, net | 1 |  | 1 |  |  | 2 |  | 1 |
Balance, end of period | $ | 46 |  | $ | 41 |  |  | $ | 46 |  | $ | 41 |
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 | $ | 811,915 |  | $ | 730,465 |  |  | $ | 784,389 |  | $ | 730,256 |
Issuance of common stock and Series F preferred stock, net | 6,912 |  | 10,648 |  |  | 33,883 |  | 10,845 |
Redemption of OP Units | — |  | 3,865 |  |  | — |  | 3,865 |
Redemption of Series F preferred stock, net | 1,812 |  | 255 |  |  | 2,382 |  | 310 |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (5) |  | (3,119) |  |  | (20) |  | (3,162) |
Balance, end of period | $ | 820,634 |  | $ | 742,114 |  |  | $ | 820,634 |  | $ | 742,114 |
Accumulated Other Comprehensive Income |  |  |  |  |
Balance, beginning of period | $ | 6,647 |  | $ | 13,281 |  |  | $ | 10,648 |  | $ | 7,758 |
Comprehensive (loss) income | (2,344) |  | 470 |  |  | (6,360) |  | 5,888 |
Reclassification into interest expense | — |  | 8 |  |  | 15 |  | 113 |
Balance, end of period | $ | 4,303 |  | $ | 13,759 |  |  | $ | 4,303 |  | $ | 13,759 |
Distributions in Excess of Accumulated Earnings |  |  |  |  |
Balance, beginning of period | $ | (635,393) |  | $ | (596,475) |  |  | $ | (623,912) |  | $ | (584,776) |
Distributions declared to common, senior common, and preferred stockholders | (17,045) |  | (15,341) |  |  | (33,653) |  | (30,560) |
Redemption of Series F preferred stock, net | 11 |  | (4) |  |  | 1 |  | (7) |
Net income available to the Company | 4,633 |  | 1,611 |  |  | 9,770 |  | 5,134 |
Balance, end of period | $ | (647,794) |  | $ | (610,209) |  |  | $ | (647,794) |  | $ | (610,209) |
Total Stockholders' Equity |  |  |  |  |
Balance, beginning of period | $ | 183,216 |  | $ | 147,313 |  |  | $ | 171,171 |  | $ | 153,280 |
Issuance of common stock and Series F preferred stock, net | 6,913 |  | 10,649 |  |  | 33,885 |  | 10,846 |
Redemption of OP Units | — |  | 3,865 |  |  | — |  | 3,865 |
Redemption of Series F preferred stock, net | 1,823 |  | 251 |  |  | 2,383 |  | 303 |
Distributions declared to common, senior common, and preferred stockholders | (17,045) |  | (15,341) |  |  | (33,653) |  | (30,560) |
Comprehensive (loss) income | (2,344) |  | 470 |  |  | (6,360) |  | 5,888 |
Reclassification into interest expense | — |  | 8 |  |  | 15 |  | 113 |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (5) |  | (3,119) |  |  | (20) |  | (3,162) |
Net income available to the Company | 4,633 |  | 1,611 |  |  | 9,770 |  | 5,134 |
Balance, end of period | $ | 177,191 |  | $ | 145,707 |  |  | $ | 177,191 |  | $ | 145,707 |
Non-Controlling Interest |  |  |  |  |
Balance, beginning of period | $ | 136 |  | $ | 938 |  |  | $ | 130 |  | $ | 986 |
Distributions declared to Non-controlling OP Unit holders | (12) |  | (67) |  |  | (23) |  | (160) |
Redemptions of OP Units | — |  | (3,865) |  |  | — |  | (3,865) |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 5 |  | 3,119 |  |  | 20 |  | 3,162 |
Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders | 1 |  | (11) |  |  | 3 |  | (9) |
Balance, end of period | $ | 130 |  | $ | 114 |  |  | $ | 130 |  | $ | 114 |
Total Equity | $ | 177,321 |  | $ | 145,821 |  |  | $ | 177,321 |  | $ | 145,821 |
Schedule of Distributions Per Share | We paid the following distributions per share for the three and six months ended June 30, 2025 and 2024:
|  | For the three months ended June 30, |  | For the six months ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Common Stock and Non-controlling OP Units |  | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.60 |  |  | $ | 0.60 |
Senior Common Stock |  | 0.2625 |  |  | 0.2625 |  |  | 0.5250 |  |  | 0.5250 |
Series E Preferred Stock |  | 0.414063 |  |  | 0.414063 |  |  | 0.828126 |  |  | 0.828126 |
Series F Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 0.750 |  |  | 0.750 |
Series G Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 0.750 |  |  | 0.750 |

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