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Preferred Stock and Units | 9 Months Ended
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Sep. 30, 2019
Preferred Stock And Units [Abstract] |
Preferred Stock and Units | 7. Preferred Stock and Units Preferred Stock - The Company is authorized to issue up to 11,000,000 shares of preferred stock. The following table sets forth our Cumulative Redeemable Perpetual Preferred Stock by series:
|  | Per |  |  |  |  | Number of Shares |  |  | Quarterly |  |
|  | Annum |  |  | Liquidation |  | Issued and Outstanding as of |  |  | Distributions |  |
Preferred Stock - Series |  | Rate |  |  | Preference |  | September 30, 2019 |  |  | December 31, 2018 |  |  | Per Share |  |
Series B Preferred Stock |  |  | 8.000 | % |  | $25.00 |  |  | 1,610,000 |  |  |  | 1,610,000 |  |  | $ | 0.500000 |  |
Series C Preferred Stock |  |  | 7.875 | % |  | $25.00 |  |  | 1,554,610 |  |  |  | 1,352,141 |  |  | $ | 0.492188 |  |
Series D Preferred Stock |  |  | 8.250 | % |  | $25.00 |  |  | 1,200,000 |  |  |  | - |  |  | $ | 0.515625 |  | (1)
(1) | The initial quarterly distribution for the Series D Preferred Stock paid on July 15, 2019 was pro-rated per the terms of the security in the amount of $0.41823 per share.
The Company pays cumulative cash distributions on the preferred stock at rates in the above table per annum of the $25.00 liquidation preference per share. Holders of the Company’s preferred stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The preferred stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. On August 31, 2018, we entered into a Sales Agency Agreement, with Sandler O’Neill, under which the Company may sell from time to time through Sandler O’Neill, as sales agent, up to 400,000 shares of the Company’s 7.875% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share. Through the period ended December 31, 2018, the Company sold 52,141 shares of Series C Preferred Stock, for net proceeds of approximately $1.0 million. For the three and nine months ended September 30, 2019, the Company issued and sold 202,469 shares of Series C Preferred Stock, for net proceeds after all estimated expenses of approximately $4.9 million, pursuant to the Sales Agency Agreement. The Company contributed the net proceeds from the offering to its Operating Partnership for an equivalent number of Series C Preferred Units. In April and May 2019, the Company issued 1,200,000 shares of Series D Preferred Stock, for net proceeds after all estimated expenses of approximately $28.4 million. The Company contributed the net proceeds from the offering to its Operating Partnership for an equivalent number of Series D Preferred Units. Preferred Units - The Company is the holder of the Operating Partnership’s preferred partnership units and is entitled to receive distributions when authorized by the general partner of the Operating Partnership out of assets legally available for the payment of distributions. The following table sets forth our Cumulative Redeemable Perpetual Preferred Units by series:
|  | Per |  |  |  |  | Number of Units |  |  | Quarterly |  |
|  | Annum |  |  | Liquidation |  | Issued and Outstanding as of |  |  | Distributions |  |
Preferred Units - Series |  | Rate |  |  | Preference |  | September 30, 2019 |  |  | December 31, 2018 |  |  | Per Unit |  |
Series B Preferred Units |  |  | 8.000 | % |  | $25.00 |  |  | 1,610,000 |  |  |  | 1,610,000 |  |  | $ | 0.500000 |  |
Series C Preferred Units |  |  | 7.875 | % |  | $25.00 |  |  | 1,554,610 |  |  |  | 1,352,141 |  |  | $ | 0.492188 |  |
Series D Preferred Units |  |  | 8.250 | % |  | $25.00 |  |  | 1,200,000 |  |  |  | - |  |  | $ | 0.515625 |  | (1)
(1) | The initial quarterly distribution for the Series D Preferred Units paid on July 15, 2019 was pro-rated per the terms of the security in the amount of $0.41823 per unit.
The Company pays cumulative cash distributions on the preferred units at rates in the above table per annum of the $25.00 liquidation preference per unit. Holders of the Operating Partnership’s preferred units are entitled to receive distributions when authorized by the Operating Partnership’s general partner out of assets legally available for the payment of distributions. The preferred units are not redeemable by the holders, has no maturity date and is not convertible into any other security of the Operating Partnership or its affiliates. Through the period ended December 2018, the Operating Partnership issued a total of 52,141 units of 7.875% Series C Preferred Units, for net proceeds after all estimated expenses of approximately $1.0 million. The Operating Partnership used the net proceeds for working capital. In April and May 2019, the Operating Partnership issued 1,200,000 units of 8.25% Series D Preferred Units, for net proceeds after all estimated expenses of approximately $28.4 million. The Operating Partnership used the net proceeds to redeem in full the Operating Partnership’s 7.25% Senior Unsecured Notes due 2021 and for working capital. For the three and nine months ending September 2019, the Operating Partnership issued 202,469 units of 7.875% Series C Preferred Units, for net proceeds after all estimated expenses of approximately $4.9 million. The Operating Partnership used the net proceeds to acquire a commercial condominium unit of the Hyde Beach House condominium hotel and for working capital.

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