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EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

The following table provides information on sales of our Series C Preferred Stock during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands, except per-share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Number of shares sold(1)	2,470,908		578,426		5,499,383		1,517,446
Weighted-average offering price per share	$	24.79	$	24.85	$	24.77	$	24.84
Gross proceeds	$	61,259	$	14,372	$	136,226	$	37,687
Net proceeds(2)	$	56,213	$	13,159	$	125,111	$	34,522

(1)Excludes shares issued pursuant to the DRIP. We issued approximately 10,048 and 22,775 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2022, respectively, and approximately 2,642 and 4,643 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2021, respectively.

(2)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.

The following table provides information on shares of common stock sold by the Sales Agents under the ATM Program during the three and nine months ended September 30, 2022 and 2021 (dollars in thousands, except per-share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Number of shares sold	183,937		1,565,925		493,992		5,824,970
Weighted-average offering price per share	$	25.21	$	23.66	$	30.50	$	21.19
Gross proceeds	$	4,637	$	37,053	$	15,068	$	123,458
Net proceeds(1)	$	4,565	$	36,682	$	14,892	$	122,223

(1)Net of underwriting commissions.

Schedule of 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 during the three and nine months ended September 30, 2022 and 2021 are reflected in the table below.


	Three Months Ended September 30,				Nine Months Ended September 30,
Issuance	2022		2021		2022		2021
Series A Term Preferred Stock(1)(2)	$	—	$	—	$	—	$	0.1815104
Series B Preferred Stock	0.375		0.375		1.125		1.125
Series C Preferred Stock	0.375		0.375		1.125		1.125
Series D Term Preferred Stock(1)(3)	0.312501		0.312501		0.937503		0.871530
Common Stock(4)	0.13680		0.13530		0.40890		0.40515

(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2)The Series A Term Preferred Stock was redeemed in full on February 12, 2021.

(3)The Series D Term Preferred Stock was issued on January 19, 2021.

(4)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.