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Redeemable Preferred Stock (Tables) | 12 Months Ended
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Dec. 31, 2024
Temporary Equity Disclosure [Abstract] |
Summary of the Activity of Temporary Equity | A summary of the activity of the units in our operating partnership is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Units outstanding at beginning of year | 7,224 |  |  | 8,283 |  |  | 7,158 |
LTIP units issued | 151 |  |  | 44 |  |  | 44 |
Performance LTIP units issued | — |  |  | 353 |  |  | 1,194 |
Units redeemed for shares of common stock | — |  |  | (1,456) |  |  | — |
Performance LTIP units cancelled | (155) |  |  | — |  |  | (113) |
Units outstanding at end of year | 7,220 |  |  | 7,224 |  |  | 8,283 |
Units convertible/redeemable at end of year | 6,244 |  |  | 4,292 |  |  | 5,841 |
The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2024 |  | 2023 |  | 2022 |
Series B Convertible Preferred Stock |  |  |  |  | $ | 4,233 |  |  | $ | 4,233 |  |  | $ | 4,233 |  |
The issuance activity of the Series E Preferred Stock is summarized below (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Series E Preferred Stock shares issued (1) |  |  |  |  | — |  |  | 3,798 |  |  | 10,914 |
Net proceeds (1) |  |  |  |  | $ | — |  |  | $ | 85,444 |  |  | $ | 245,575 |
__________________ (1)Exclusive of shares issued under the DRIP. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):
| December 31, 2024 |  | December 31, 2023
Series E Preferred Stock | $ | 352,502 |  |  | $ | 377,035 |
Cumulative adjustments to Series E Preferred Stock (1) | $ | 22,098 |  |  | $ | 13,337 |
________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2024 |  | 2023 |  | 2022 |
Series E Preferred Stock |  |  |  |  | $ | 29,328 |  |  | $ | 30,883 |  |  | $ | 12,694 |  |
The issuance activity of Series M Preferred Stock is summarized below (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Series M Preferred Stock shares issued (1) |  |  |  |  | — |  |  | 531 |  |  | 1,402 |
Net proceeds (1) |  |  |  |  | $ | — |  |  | $ | 12,869 |  |  | $ | 34,009 |
__________________ (1)Exclusive of shares issued under the DRIP. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):
| December 31, 2024 |  | December 31, 2023
Series M Preferred Stock | $ | 36,916 |  |  | $ | 45,623 |
Cumulative adjustments to Series M Preferred Stock (1) | $ | 1,794 |  |  | $ | 1,597 |
__________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2024 |  | 2023 |  | 2022 |
Series M Preferred Stock |  |  |  |  | $ | 3,434 |  |  | $ | 3,888 |  |  | $ | 1,276 |  |
Preferred Stock Redemption Activities | The redemption activities of Series E Preferred Stock is summarized below (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Series E Preferred Stock shares redeemed |  |  |  |  | 1,535 |  |  | 272 |  |  | 14 |
Redemption amount, net of redemption fees |  |  |  |  | $ | 36,554 |  |  | $ | 6,423 |  |  | $ | 365 |
The redemption activities of Series M Preferred Stock is summarized below (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Series M Preferred Stock shares redeemed |  |  |  |  | 362 |  |  | 137 |  |  | 5 |
Redemption amount, net of redemption fees |  |  |  |  | $ | 9,047 |  |  | $ | 3,395 |  |  | $ | 134 |

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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 + Details
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