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Preferred Stock and Units | 3 Months Ended
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Mar. 31, 2021
Preferred Stock And Units [Abstract] |
Preferred Stock and Units | 6. 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 |  |  | March 31, 2021 |  |  | December 31, 2020 |  |  | 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 |  |  |  | 1,554,610 |  |  | $ | 0.492188 |
Series D Preferred Stock |  |  | 8.250 | % |  | $ | 25.00 |  |  |  | 1,200,000 |  |  |  | 1,200,000 |  |  | $ | 0.515625 |
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. As previously announced, the record dates for the dividends on the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock that were to be paid April 15, 2020 to shareholders of record as of March 31, 2020 have each been declared and the record date and the payment of dividends on all classes of the Company’s preferred stock has been deferred. On March 17, 2020, the Company announced that it was deferring payment of Sotherly’s previously announced declared distributions for the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock for the period ending March 31, 2020. No distributions have been declared for the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock for the period ending March 31, 2021. The total declared and undeclared, but unpaid cash dividends due on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock through March 31, 2021 is $4,025,000, $3,825,802 and $3,093,750, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. As of March 31, 2021, the undeclared cumulative preferred dividends were approximately $8.8 million and the declared unpaid preferred dividends were approximately $2.2 million. 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 |  |  | March 31, 2021 |  |  | December 31, 2020 |  |  | 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 |  |  |  | 1,554,610 |  |  | $ | 0.492188 |
Series D Preferred Units |  |  | 8.250 | % |  | $ | 25.00 |  |  |  | 1,200,000 |  |  |  | 1,200,000 |  |  | $ | 0.515625 |
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. The Company, which is the holder of the Operating Partnership’s preferred units is 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 holder, have no maturity date and are not convertible into any other security of the Operating Partnership or its affiliates. As previously announced, the record dates for the dividends on the Operating Partnership’s Series B Preferred Units, Series C Preferred Units, and Series D Preferred Units that were to be paid April 15, 2020 to unitholders of record as of March 31, 2020 have each been declared and the record date and the payment of dividends on all classes of the Operating Partnership’s preferred units has been deferred. The total declared and undeclared, but unpaid cash dividends due on the Series B Preferred Units, Series C Preferred Units and Series D Preferred Units through March 31, 2021 is $4,025,000, $3,825,802 and $3,093,750, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. As of March 31, 2021, the undeclared cumulative preferred dividends were approximately $8.8 million and the declared unpaid preferred dividends were approximately $2.2 million.

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