XML 45 R27.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
Schedule of Sale of Stock by Subsidiary | The following table provides information on sales of the Series C Preferred Stock that occurred during the years ended December 31, 2022, and 2021 (dollars in thousands, except per-share amounts):
|  |  | Years Ended December 31,
|  |  | 2022 |  | 2021
Number of shares sold(1) |  |  | 6,701,987 |  |  | 2,407,027 |
Weighted-average offering price per share |  |  | $ | 24.76 |  |  | $ | 24.81 |
Gross proceeds |  |  | $ | 165,941 |  |  | $ | 59,720 |
Net proceeds(2) |  |  | $ | 152,470 |  |  | $ | 54,760 |
(1)Excludes shares issued pursuant to the DRIP. During the years ended December 31, 2023, 2022, and 2021, we issued approximately 14,069 shares, 34,628 shares, and 7,791 shares, respectively, of the Series C Preferred Stock pursuant to the DRIP. (2)Net of Series C Selling Commissions, Series C Dealer-Manager Fees, and underwriting discounts. The following table provides information on sales of our Series E Preferred Stock during the year ended December 31, 2023 (dollars in thousands, except per-share amounts):
|  |  | Year Ended December 31, 2023 |  |  |  |
Number of shares sold |  |  | 237,441 |  |  |  |  |
Weighted-average offering price per share |  |  | $ | 24.96 |  |  |  |  |
Gross proceeds |  |  | $ | 5,925 |  |  |  |  |
Net proceeds(1) |  |  | $ | 5,342 |  |  |  |  |
(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 years ended December 31, 2023, 2022, and 2021 (dollars in thousands, except per-share amounts):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Number of shares sold | 788,045 |  |  | 840,384 |  |  | 7,990,994 |
Weighted-average offering price per share | $ | 19.34 |  |  | $ | 26.47 |  |  | $ | 21.70 |
Gross proceeds | $ | 15,240 |  |  | $ | 22,242 |  |  | $ | 173,428 |
Net proceeds(1) | $ | 15,087 |  |  | $ | 21,993 |  |  | $ | 171,693 |
(1)Net of underwriting commissions.
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 years ended December 31, 2023, 2022, and 2021 are reflected in the table below.
|  | For the Years Ended December 31,
Issuance |  | 2023 |  | 2022 |  | 2021
Series A Term Preferred Stock(1)(2) |  | $ | — |  |  | $ | — |  |  | $ | 0.181510 |
Series B Preferred Stock |  | 1.500000 |  |  | 1.500000 |  |  | 1.500000 |
Series C Preferred Stock |  | 1.500000 |  |  | 1.500000 |  |  | 1.500000 |
Series D Term Preferred Stock(1)(3) |  | 1.250004 |  |  | 1.250004 |  |  | 1.184031 |
Series E Preferred Stock |  | 1.250004 |  |  | — |  |  | — |
Common Stock(4) |  | 0.553500 |  |  | 0.546300 |  |  | 0.540750 |
(1)Dividends are treated similar to interest expense on the accompanying 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.
Schedule of Distributions on Common Stock | The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2023, 2022, and 2021 is reflected in the following table:
| Ordinary Income |  | Long-term Capital Gain |  | Return of Capital
For the Year Ended December 31, 2023 |  |  |  |  |
Series B Preferred Stock | 30.782342 | % |  | 22.611772 | % |  | 46.605886 | %
Series C Preferred Stock | 30.782342 | % |  | 22.611772 | % |  | 46.605886 | %
Series D Term Preferred Stock | 30.782342 | % |  | 22.611772 | % |  | 46.605886 | %
Series E Preferred Stock | 30.782342 | % |  | 22.611772 | % |  | 46.605886 | %
Common Stock | — | % |  | — | % |  | 100.000000 | %
For the Year Ended December 31, 2022 |  |  |  |  |
Series B Preferred Stock | 34.205000 | % |  | — | % |  | 65.795000 | %
Series C Preferred Stock | 34.205000 | % |  | — | % |  | 65.795000 | %
Series D Term Preferred Stock | 34.205000 | % |  | — | % |  | 65.795000 | %
Common Stock | — | % |  | — | % |  | 100.000000 | %
For the Year Ended December 31, 2021 |  |  |  |  |
Series A Term Preferred Stock | 54.534493 | % |  | — | % |  | 45.465507 | %
Series B Preferred Stock | 54.534493 | % |  | — | % |  | 45.465507 | %
Series C Preferred Stock | 54.534493 | % |  | — | % |  | 45.465507 | %
Series D Term Preferred Stock | 54.534493 | % |  | — | % |  | 45.465507 | %
Common Stock | — | % |  | — | % |  | 100.000000 | %

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of sales of stock or previously unissued stock made by subsidiary or equity method investee to investors outside the consolidated group. This includes stock issued in a business combination in exchange for shares of an acquired entity. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSaleOfStockBySubsidiaryOrEquityMethodInvesteeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration