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Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Class of Stock [Line Items] |
Schedule of Partners' Capital Units Issued | Information related to OP Units issued during the year December 31, 2019, is provided in the table below (dollars in thousands, except per-unit amounts):
Number of OP Units Issued |  | Weighted-average Issuance Price |  | Aggregate Value(1)
288,303 |  | $11.41 |  | $ | 3,290 |
(1)Based on the closing stock price of the Company’s common stock on the date of issuance.
Schedule of OP Units Tendered for Redemption | Information related to OP Units tendered for redemption during the years ended December 31, 2020 and 2019 is provided in the table below (dollars in thousands, except per-unit amounts):
Period |  | OP Units Tendered for Redemption |  | Shares of Common Stock Issued |  |  |  |  |
For the year ended December 31, 2020 |  | 288,303 |  | 288,303 |  |  |  |  |
For the year ended December 31, 2019 |  | 570,879 |  | 570,879 |  |  |  |  |
Monthly Distributions Declared and Paid by Company's Board of Directors | The per-share distributions to preferred and common stockholders declared by our Board of Directors and paid by us (except as noted) during the years ended December 31, 2020 and 2019 are reflected in the table below.
|  | For the Years Ended December 31,
Issuance |  | 2020 |  | 2019
Series A Term Preferred Stock(1) |  | $ | 1.59375 |  |  | $ | 1.59375 |
Series B Preferred Stock(2) |  | 1.500 |  |  | 1.500 |
Series C Preferred Stock(2) |  | 1.1250 |  |  | — |
Common Stock(3) |  | 0.53715 |  |  | 0.53430 |
(1)Treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income. (2)Of the aggregate dividends declared on the Series B Preferred Stock and Series C Preferred Stock by our Board of Directors on October 31, 2020, and October 8, 2019, approximately $881,000 and $594,000, respectively, was paid (as scheduled) by us on January 5, 2021, and January 3, 2020, respectively. (3)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.
Schedule of Distributions on Common Stock | The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2020 and 2019 is reflected in the following table:
| Ordinary Income |  | Return of Capital |  | Long-term Capital Gain
For the Year Ended December 31, 2020: |  |  |  |  |
Series A Term Preferred Stock | 70.743160 | % |  | 29.256840 | % |  | — | %
Series B Preferred Stock | 70.743160 | % |  | 29.256840 | % |  | — | %
Series C Preferred Stock | 70.743160 | % |  | 29.256840 | % |  | — | %
Common Stock | — | % |  | 100.000000 | % |  | — | %
For the Year Ended December 31, 2019: |  |  |  |  |
Series A Term Preferred Stock | 100.000000 | % |  | — | % |  | — | %
Series B Preferred Stock | 100.000000 | % |  | — | % |  | — | %
Common Stock | 2.668400 | % |  | 97.331600 | % |  | — | %
Series B Preferred Stock |
Class of Stock [Line Items] |
Schedule of Sale of Stock by Subsidiary | The following table provides information on sales of the Series B Preferred Stock that occurred during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Sold |  | Weighted-average Offering Price per Share |  | Gross Proceeds |  | Net Proceeds(1)
Year Ended December 31, 2020 |  | 1,229,531 |  | $ | 24.52 |  |  | $ | 30,148 |  |  | $ | 27,664 |
Year Ended December 31, 2019 |  | 3,626,076 |  | 24.61 |  |  | 89,232 |  |  | 81,587 |
(1)Net of Series B Selling Commissions and Series B Dealer-Manager Fees borne by us.
Schedule of Stock Redeemed | The following table provides information on redemptions of the Series B Preferred Stock that occurred during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Redeemed |  | Weighted-average Redemption Price per Share |  | Cash Redemption Paid
Year Ended December 31, 2020 |  | 29,335 |  | $ | 23.22 |  |  | $ | 681 |
Year Ended December 31, 2019 |  | 14,600 |  | 23.30 |  |  | 340 |
Series C Preferred Stock |
Class of Stock [Line Items] |
Schedule of Sale of Stock by Subsidiary | The following table provides information on sales of the Series C Preferred Stock that occurred during the year ended December 31, 2020 (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Sold(1) |  | Weighted Average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(2)
Year Ended December 31, 2020 |  | 1,088,315 |  | $ | 24.80 |  |  | $ | 26,987 |  |  | $ | 24,759 |
(1)Excludes shares issued pursuant to the DRIP. During the year ended December 31, 2020, we issued approximately 258 shares of the Series C Preferred Stock pursuant to the DRIP. (2)Net of Series C Selling Commissions and Series C Dealer-Manager Fees.
Schedule of Stock Redeemed | The following table provides information on redemptions of the Series C Preferred Stock that occurred during the year ended December 31, 2020 and (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Redeemed |  | Weighted-average Redemption Price per Share |  | Cash Redemption Paid
Year Ended December 31, 2020 |  | 138 |  | $ | 22.50 |  |  | $ | 3 |
Common Stock |
Class of Stock [Line Items] |
Schedule of Sale of Stock by Subsidiary | We completed an overnight public offering of our common stock during each of the years ended December 31, 2020 and 2019, which are summarized in the following table (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Sold(1) |  | Weighted-average Offering Price Per Share |  | Gross Proceeds(1) |  | Net Proceeds(1)(2)
Year Ended December 31, 2020 |  | 1,897,500 |  | $ | 14.40 |  |  | $ | 27,324 |  |  | $ | 26,094 |
Year Ended December 31, 2019 |  | 2,277,297 |  | 11.73 |  |  | 26,713 |  |  | 25,401 |
(1)Includes the underwriters’ exercise of the over-allotment option in connection with each offering. (2)Net of underwriting commissions and discounts. The following table provides information on shares of common stock sold by the Sales Agents under the ATM Programs during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period |  | Number of Shares Sold |  | Weighted-average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(1)
Year Ended December 31, 2020 |  | 3,096,558 |  | $ | 14.82 |  |  | $ | 45,883 |  |  | $ | 45,424 |
Year Ended December 31, 2019 |  | 197,142 |  | 12.24 |  |  | 2,413 |  |  | 2,377 |
(1)Net of underwriting commissions and discounts.

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