Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.21.2
Equity and Mezzanine Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Summary of Changes in Stockholders' Equity
The following table summarizes the changes in our equity for the three and nine months ended September 30, 2021 and 2020 (in thousands):
 
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Senior Common Stock
Balance, beginning of period $ 1  $ 1  $ 1  $ 1 
Issuance of senior common stock, net —  —  —  — 
Balance, end of period $ 1  $ 1  $ 1  $ 1 
Common Stock
Balance, beginning of period $ 36  $ 34  $ 35  $ 32 
Issuance of common stock, net 1  —  2  2 
Balance, end of period $ 37  $ 34  $ 37  $ 34 
Series F Preferred Stock (1)
Balance, beginning of period $ —  $ —  $ —  $ — 
Issuance of Series F preferred stock, net —  —  —  — 
Balance, end of period $ —  $ —  $ —  $ — 
Additional Paid in Capital
Balance, beginning of period $ 648,112  $ 599,741  $ 626,533  $ 571,205 
Issuance of common stock and Series F preferred stock, net (1) 8,699  5,027  29,110  33,465 
Redemption of OP Units —  —  4,812  — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 
Balance, end of period $ 656,790  $ 604,707  $ 656,790  $ 604,707 
Accumulated Other Comprehensive Income
Balance, beginning of period $ (2,641) $ (5,135) $ (4,345) $ (2,126)
Comprehensive income 421  276  2,125  (2,733)
Reclassification into interest expense 145  —  145  — 
Balance, end of period $ (2,075) $ (4,859) $ (2,075) $ (4,859)
Distributions in Excess of Accumulated Earnings
Balance, beginning of period $ (442,122) $ (388,900) $ (409,041) $ (360,978)
Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965)
Redemption of Series D preferred stock, net —  —  (2,141) — 
Net income attributable to the Company 4,477  2,846  6,699  6,109 
Balance, end of period $ (454,494) $ (401,834) $ (454,494) $ (401,834)
Total Stockholders' Equity
Balance, beginning of period $ 203,386  $ 205,741  $ 213,183  $ 208,134 
Issuance of common stock and Series F preferred stock, net (1) 8,700  5,027  29,112  33,467 
Redemption of OP Units —  —  4,812  — 
Redemption of Series D preferred stock, net —  —  (2,141) — 
Distributions declared to common, senior common, and preferred stockholders (16,849) (15,780) (50,011) (46,965)
Comprehensive income 421  276  2,125  (2,733)
Reclassification into interest expense 145  —  145  — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (21) (61) (3,665) 37 
Net income attributable to the Company 4,477  2,846  6,699  6,109 
Balance, end of period $ 200,259  $ 198,049  $ 200,259  $ 198,049 
Non-Controlling Interest
Balance, beginning of period $ 1,338  $ 2,892  $ 2,854  $ 2,903 
Distributions declared to Non-controlling OP Unit holders (97) (189) (382) (567)
Issuance of Non-controlling OP Units as consideration in real estate acquisitions, net —  —  —  502 
Redemptions of OP Units —  —  (4,812) — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 21  61  3,665  (37)
Net loss attributable to OP units held by Non-controlling OP Unitholders 21  (2) (42) (39)
Balance, end of period $ 1,283  $ 2,762  $ 1,283  $ 2,762 
Total Equity $ 201,542  $ 200,811  $ 201,542  $ 200,811 
(1)No shares of Series F Preferred Stock were outstanding prior to July 1, 2020.
Dividends Paid
We paid the following distributions per share for the three and nine months ended September 30, 2021 and 2020:

For the three months ended September 30, For the nine months ended September 30,
2021 2020 2021 2020
Common Stock and Non-controlling OP Units $ 0.37545  $ 0.37545  $ 1.12635  $ 1.12635 
Senior Common Stock 0.2625  0.2625  0.7875  0.7875 
Series D Preferred Stock —  (1) 0.4374999  0.8749998  (1) 1.3124997 
Series E Preferred Stock 0.414063  0.414063  1.242189  1.242189 
Series F Preferred Stock 0.375  0.375  1.125  0.375  (2)
Series G Preferred Stock 0.375  —  0.375  — 
(1)We redeemed all outstanding shares of our Series D Preferred Stock on June 30, 2021.
(2)Prior to July 1, 2020, Series F Preferred Stock distributions were declared, but not paid, as there were no Series F Preferred Stock shares outstanding on the applicable dividend record dates.