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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Equity Activity The following table provides information on equity sales that have occurred subsequent to June 30, 2021 (dollars in thousands, except per-share amounts):
Type of Issuance |  | Number of Shares Sold |  | Weighted Average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(1)
Series C Preferred Stock(2) |  | 169,425 |  | $ | 24.89 |  |  | $ | 4,217 |  |  | $ | 3,854 |
Common Stock – ATM Program |  | 849,285 |  | 23.70 |  |  | 20,132 |  |  | 19,931 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable). (2)Excludes approximately 1405 shares issued pursuant to the DRIP. Amended Advisory Agreement On July 13, 2021, we amended the Advisory Agreement (the “Amended Advisory Agreement”), which was approved unanimously by our board of directors, including, specifically, our independent directors. The Amended Advisory Agreement revised the base management fee from an annual rate of 0.50% (0.125% per quarter) of the prior calendar quarter’s Gross Tangible Real Estate to 0.60% (0.15% per quarter). The revised base management fee is effective beginning with the fee calculations for the quarter ending September 30, 2021. All other terms of the Amended Advisory Agreement remained the same. Distributions On July 13, 2021, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance |  | Record Date |  | Payment Date |  | Distribution per Share
Series B Preferred Stock: |  | July 23, 2021 |  | July 30, 2021 |  | $ | 0.125 |
|  | August 23, 2021 |  | August 31, 2021 |  | 0.125 |
|  | September 22, 2021 |  | September 30, 2021 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 28, 2021 |  | August 6, 2021 |  | $ | 0.125 |
|  | August 25, 2021 |  | September 3, 2021 |  | 0.125 |
|  | September 29, 2021 |  | October 6, 2021 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | July 23, 2021 |  | July 30, 2021 |  | $ | 0.104167 |
|  | August 23, 2021 |  | August 31, 2021 |  | 0.104167 |
|  | September 22, 2021 |  | September 30, 2021 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | July 23, 2021 |  | July 30, 2021 |  | $ | 0.0451 |
|  | August 23, 2021 |  | August 31, 2021 |  | 0.0451 |
|  | September 22, 2021 |  | September 30, 2021 |  | 0.0451 |
Total Common Stock Distributions: |  | $ | 0.1353 |
(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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