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Subsequent Events (Tables) | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Schedule of Sale of Stock by Subsidiary | The following table provides information on sales of our Series E Preferred Stock during the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per-share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares sold | 800 |  |  | 75,209 |  |  | 12,140 |  |  | 135,409 |
Weighted-average offering price per share | $ | 25.00 |  |  | $ | 24.93 |  |  | $ | 25.00 |  |  | $ | 24.95 |
Gross proceeds | $ | 20 |  |  | $ | 1,875 |  |  | $ | 304 |  |  | $ | 3,378 |
Net proceeds(1) | $ | 18 |  |  | $ | 1,692 |  |  | $ | 273 |  |  | $ | 3,047 |
(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 six months ended June 30, 2024 and 2023 (dollars in thousands, except per-share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares sold | — |  |  | 66,100 |  |  | — |  |  | 729,685 |
Weighted-average offering price per share | $ | — |  |  | $ | 17.31 |  |  | $ | — |  |  | $ | 19.50 |
Gross proceeds | $ | — |  |  | $ | 1,144 |  |  | $ | — |  |  | $ | 14,228 |
Net proceeds(1) | $ | — |  |  | $ | 1,133 |  |  | $ | — |  |  | $ | 14,086 |
(1)Net of underwriting commissions. The following table summarizes repurchase activity under the Repurchase Program during the three and six months ended June 30, 2024 (dollars in thousands, except per-share amounts):
| Three and Six Months Ended June 30, 2024 |  |  |  |  |  |
Series B Preferred Stock:
Number of shares repurchased | 54,735 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,133 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 20.70 |  |  |  |  |  |  |
Gain on repurchase(2) | $ | 84 |  |  |  |  |  |  |
Series C Preferred Stock:
Number of shares repurchased | 86,042 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,762 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 20.47 |  |  |  |  |  |  |
Gain on repurchase(2) | $ | 190 |  |  |  |  |  |  |
(1)Inclusive of broker commissions. (2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. The following table provides information on equity sales that occurred subsequent to June 30, 2024 (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 E Preferred Stock(1) |  | 3,195 |  | $ | 24.88 |  |  | $ | 79 |  |  | $ | 72 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable). The following table summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2024, (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased | 42,196 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 902 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 21.37 |  |  |  |  |  |  |
Gain on repurchase | $ | 37 |  |  |  |  |  |  |
Series C Preferred Stock:
Number of shares repurchased | 60,920 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,285 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 21.09 |  |  |  |  |  |  |
Gain on repurchase | $ | 97 |  |  |  |  |  |  |
(1)Inclusive of broker commissions.
Schedule of Dividends Declared | The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and six months ended June 30, 2024 and 2023 are reflected in the table below.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Issuance |  | 2024 |  | 2023 |  | 2024 |  | 2023
Series B Preferred Stock |  | $ | 0.375 |  |  | $ | 0.375 |  |  | $ | 0.750 |  |  | $ | 0.750 |
Series C Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 0.750 |  |  | 0.750 |
Series D Term Preferred Stock(1) |  | 0.312501 |  |  | 0.312501 |  |  | 0.625002 |  |  | 0.625002 |
Series E Term Preferred Stock |  | 0.312501 |  |  | 0.312501 |  |  | 0.625002 |  |  | 0.625002 |
Common Stock(2) |  | 0.1398 |  |  | 0.1380 |  |  | 0.2793 |  |  | 0.2757 |
(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, if any, as of the applicable date of record. On July 9, 2024, our Board of Directors 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 22, 2024 |  | July 31, 2024 |  | $ | 0.125 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.125 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.125 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.125 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.104167 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.104167 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | July 25, 2024 |  | August 5, 2024 |  | $ | 0.104167 |
|  | August 26, 2024 |  | September 5, 2024 |  | 0.104167 |
|  | September 25, 2024 |  | October 4, 2024 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | July 22, 2024 |  | July 31, 2024 |  | $ | 0.0467 |
|  | August 21, 2024 |  | August 30, 2024 |  | 0.0467 |
|  | September 20, 2024 |  | September 30, 2024 |  | 0.0467 |
Total Common Stock Distributions |  | $ | 0.1401 |
(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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