XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.24.3

Equity (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Equity [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 nine months ended September 30, 2024 and 2023 (dollars in thousands, except per-share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares sold | 3,595 |  |  | 87,672 |  |  | 15,735 |  |  | 223,081 |
Weighted-average offering price per share | $ | 24.89 |  |  | $ | 24.96 |  |  | $ | 24.98 |  |  | $ | 24.95 |
Gross proceeds | $ | 89 |  |  | $ | 2,188 |  |  | $ | 393 |  |  | $ | 5,566 |
Net proceeds(1) | $ | 81 |  |  | $ | 1,973 |  |  | $ | 354 |  |  | $ | 5,019 |
(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts. The following table provides information on shares of common stock sold under the ATM Program 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 |  |  | 58,360 |  |  |  |  | 788,045 |
Weighted-average offering price per share |  |  | $ | 17.34 |  |  |  |  | $ | 19.34 |
Gross proceeds |  |  | $ | 1,012 |  |  |  |  | $ | 15,240 |
Net proceeds(1) |  |  | $ | 1,002 |  |  |  |  | $ | 15,087 |
(1)Net of underwriting commissions The following table summarizes repurchase activity under the Repurchase Program during the three and nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):
| Three Months Ended September 30, 2024 |  |  |  | Nine months ended September 30, 2024 |  |
Series B Preferred Stock:
Number of shares repurchased | 60,441 |  |  |  |  | 115,176 |  |  |
Gross repurchase price(1) | $ | 1,296 |  |  |  |  | $ | 2,429 |  |  |
Weighted-average repurchase price per share | $ | 21.44 |  |  |  |  | $ | 21.09 |  |  |
Gain on repurchase(2) | $ | 49 |  |  |  |  | $ | 133 |  |  |
Series C Preferred Stock:
Number of shares repurchased | 115,604 |  |  |  |  | 201,646 |  |  |
Gross repurchase price(1) | $ | 2,440 |  |  |  |  | $ | 4,201 |  |  |
Weighted-average repurchase price per share | $ | 21.10 |  |  |  |  | $ | 20.83 |  |  |
Gain on repurchase(2) | $ | 182 |  |  |  |  | $ | 372 |  |  |
(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 September 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)
Common Stock – ATM Program |  | 346,216 |  | $ | 13.52 |  |  | $ | 4,680 |  |  | $ | 4,633 |
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).
Schedule of 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, 2024 and 2023 are reflected in the table below.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Issuance |  | 2024 |  | 2023 |  | 2024 |  | 2023
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 |  |  | 0.312501 |  |  | 0.937503 |  |  | 0.937503 |
Common Stock(2) |  | 0.1401 |  |  | 0.1386 |  |  | 0.4194 |  |  | 0.4143 |
(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 October 8, 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: |  | October 22, 2024 |  | October 31, 2024 |  | $ | 0.125 |
|  | November 20, 2024 |  | November 29, 2024 |  | 0.125 |
|  | December 20, 2024 |  | December 31, 2024 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | October 22, 2024 |  | October 31, 2024 |  | $ | 0.125 |
|  | November 20, 2024 |  | November 29, 2024 |  | 0.125 |
|  | December 20, 2024 |  | December 31, 2024 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | October 22, 2024 |  | October 31, 2024 |  | $ | 0.104167 |
|  | November 20, 2024 |  | November 29, 2024 |  | 0.104167 |
|  | December 20, 2024 |  | December 31, 2024 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | October 24, 2024 |  | November 4, 2024 |  | $ | 0.104167 |
|  | November 27, 2024 |  | December 4, 2024 |  | 0.104167 |
|  | December 23, 2024 |  | January 3, 2025 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock(1): |  | October 22, 2024 |  | October 31, 2024 |  | $ | 0.0467 |
|  | November 20, 2024 |  | November 29, 2024 |  | 0.0467 |
|  | December 20, 2024 |  | December 31, 2024 |  | 0.0467 |
Total Common Stock Distributions |  | $ | 0.1401 |
(1)The same amounts paid to common stockholders were or will be paid as distributions on each OP Unit held by non-controlling OP Unitholders, if any, as of the above record dates.

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