Equity (Tables)

9 Months Ended

Sep. 30, 2023

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



	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Number of shares sold(1)	2,470,908		5,499,383
Weighted-average offering price per share	$	24.79	$	24.77
Gross proceeds	$	61,259	$	136,226
Net proceeds(2)	$	56,213	$	125,111

(1)Excludes shares issued pursuant to the DRIP. We issued approximately 0 and 14,067 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2023, respectively, and 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.

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

The following table provides information on sales of our Series E Preferred Stock during the three and nine months ended September 30, 2023 (dollars in thousands, except per-share amounts):


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Number of shares sold	87,672		223,081
Weighted-average offering price per share	$	24.96	$	24.95
Gross proceeds	$	2,188	$	5,566
Net proceeds(1)	$	1,973	$	5,019

(1)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, 2023 and 2022 (dollars in thousands, except per-share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Number of shares sold	58,360		183,937		788,045		493,992
Weighted-average offering price per share	$	17.34	$	25.21	$	19.34	$	30.50
Gross proceeds	$	1,012	$	4,637	$	15,240	$	15,068
Net proceeds(1)	$	1,002	$	4,565	$	15,087	$	14,892

(1)Net of underwriting commissions.

Dividends Declared

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2023 and 2022 are reflected in the table below.


	Three Months Ended September 30,				Nine Months Ended September 30,
Issuance	2023		2022		2023		2022

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)	0.312501		0.312501		0.937503		0.937503
Series E Term Preferred Stock	0.312501		—		0.937503		—
Common Stock(2)	0.1386		0.1368		0.4143		0.4089

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

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

On October 10, 2023, 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:	October 20, 2023	October 31, 2023	$	0.125
	November 20, 2023	November 30, 2023	0.125
	December 18, 2023	December 29, 2023	0.125
Total Series B Preferred Stock Distributions:			$	0.375

Series C Preferred Stock:	October 20, 2023	October 31, 2023	$	0.125
	November 20, 2023	November 30, 2023	0.125
	December 18, 2023	December 29, 2023	0.125
Total Series C Preferred Stock Distributions:			$	0.375

Series D Term Preferred Stock:	October 20, 2023	October 31, 2023	$	0.104167
	November 20, 2023	November 30, 2023	0.104167
	December 18, 2023	December 29, 2023	0.104167
Total Series D Term Preferred Stock Distributions:			$	0.312501

Series E Preferred Stock:	October 25, 2023	November 3, 2023	$	0.104167
	November 28, 2023	December 5, 2023	0.104167
	December 27, 2023	January 5, 2024	0.104167
Total Series E Preferred Stock Distributions:			$	0.312501

Common Stock(1):	October 20, 2023	October 31, 2023	$	0.0464
	November 20, 2023	November 30, 2023	0.0464
	December 18, 2023	December 29, 2023	0.0464
Total Common Stock Distributions			$	0.1392

(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.