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EQUITY (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2024 and 2023 (dollars in thousands, except per-share amounts):
20242023
Number of shares sold16,595 237,441 
Weighted-average offering price per share$24.98 $24.96 
Gross proceeds$414 $5,925 
Net proceeds(1)
$373 $5,342 
(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 years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except per-share amounts):
Years Ended December 31,
202420232022
Number of shares sold346,216 788,045 840,384 
Weighted-average offering price per share$13.52 $19.34 $26.47 
Gross proceeds$4,680 $15,240 $22,242 
Net proceeds(1)
$4,633 $15,087 $21,993 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):
For the year ended December 31, 2024
Series B Preferred Stock:
Number of shares repurchased115,176 
Gross repurchase price(1)
$2,429 
Weighted-average repurchase price per share$21.09 
Gain on repurchase(2)
$133 
Series C Preferred Stock:
Number of shares repurchased201,646 
Gross repurchase price(1)
$4,201 
Weighted-average repurchase price per share$20.83 
Gain on repurchase(2)
$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 Consolidated Statements of Operations and Comprehensive Income.
Schedule of Dividends Declared
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the years ended December 31, 2024, 2023, and 2022 are reflected in the table below.
For the Years Ended December 31,
Issuance202420232022
Series B Preferred Stock1.500000 1.500000 1.500000 
Series C Preferred Stock1.500000 1.500000 1.500000 
Series D Term Preferred Stock(1)
1.250004 1.250004 1.250004 
Series E Preferred Stock1.250004 1.250004 — 
Common Stock(2)
0.559500 0.553500 0.546300 
(1)Dividends are treated similar to interest expense on the accompanying 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 January 14, 2025, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:January 24, 2025January 31, 2025$0.125 
February 19, 2025February 28, 20250.125 
March 19, 2025March 31, 20250.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:January 24, 2025January 31, 2025$0.125 
February 19, 2025February 28, 20250.125 
March 19, 2025March 31, 20250.125 
Total Series C Preferred Stock Distributions:$0.375 
Series D Term Preferred Stock:January 24, 2025January 31, 2025$0.104167 
February 19, 2025February 28, 20250.104167 
March 19, 2025March 31, 20250.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Series E Preferred Stock:January 27, 2025February 5, 2025$0.104167 
February 25, 2025March 5, 20250.104167 
March 26, 2025April 4, 20250.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Common Stock(1):
January 24, 2025January 31, 2025$0.0467 
February 19, 2025February 28, 20250.0467 
March 19, 2025March 31, 20250.0467 
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, if any, as of the above record dates.
Schedule of Distributions on Common Stock The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2024, 2023, and 2022 is reflected in the following table:
Ordinary
Income		Long-term
Capital Gain		Return of
Capital
For the Year Ended December 31, 2024
Series B Preferred Stock47.178987 %23.885993 %28.935020 %
Series C Preferred Stock47.178987 %23.885993 %28.935020 %
Series D Term Preferred Stock47.178987 %23.885993 %28.935020 %
Series E Preferred Stock47.178987 %23.885993 %28.935020 %
Common Stock— %— %100.000000 %
For the Year Ended December 31, 2023
Series B Preferred Stock30.782342 %22.611772 %46.605886 %
Series C Preferred Stock30.782342 %22.611772 %46.605886 %
Series D Term Preferred Stock30.782342 %22.611772 %46.605886 %
Series E Preferred Stock30.782342 %22.611772 %46.605886 %
Common Stock— %— %100.000000 %
For the Year Ended December 31, 2022
Series B Preferred Stock34.205000 %— %65.795000 %
Series C Preferred Stock34.205000 %— %65.795000 %
Series D Term Preferred Stock34.205000 %— %65.795000 %
Common Stock— %— %100.000000 %