Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.23.2
Equity and Mezzanine Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Summary of Changes in Stockholders' Equity
The following table summarizes the changes in our equity for the three and six months ended June 30, 2023 and 2022 (in thousands):
 
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
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 $ 40  $ 38  $ 39  $ 37 
Issuance of common stock, net —  1  1  2 
Repurchase of common stock, net (1) —  (1) — 
Balance, end of period $ 39  $ 39  $ 39  $ 39 
Series F Preferred Stock
Balance, beginning of period $ 1  $ —  $ 1  $ — 
Issuance of Series F preferred stock, net —  1  —  1 
Redemption of Series F preferred stock, net —  —  —  — 
Balance, end of period $ 1  $ 1  $ 1  $ 1 
Additional Paid in Capital
Balance, beginning of period $ 725,874  $ 692,795  $ 721,327  $ 671,134 
Issuance of common stock and Series F preferred stock, net 1,651  12,908  6,036  34,657 
Repurchase of common stock, net 998  —  998  — 
Redemption of Series F preferred stock, net 131  —  217  55 
Retirement of senior common stock, net —  —  52  — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217)
Balance, end of period $ 728,580  $ 705,629  $ 728,580  $ 705,629 
Accumulated Other Comprehensive Income
Balance, beginning of period $ 6,008  $ 2,921  $ 11,640  $ (1,346)
Comprehensive income 8,025  2,603  2,130  6,870 
Reclassification into interest expense 264  —  527  — 
Balance, end of period $ 14,297  $ 5,524  $ 14,297  $ 5,524 
Distributions in Excess of Accumulated Earnings
Balance, beginning of period $ (541,042) $ (482,827) $ (529,104) $ (468,908)
Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019)
Redemption of Series F preferred stock, net (6) —  (11) (5)
Net income attributable to the Company (4,515) 1,634  (1,339) 5,076 
Balance, end of period $ (560,719) $ (498,856) $ (560,719) $ (498,856)
Total Stockholders' Equity
Balance, beginning of period $ 190,882  $ 212,928  $ 203,904  $ 200,918 
Issuance of common stock and Series F preferred stock, net 1,651  12,910  6,037  34,660 
Repurchase of common stock, net 997  —  997  — 
Redemption of Series F preferred stock, net 125  —  206  50 
Retirement of senior common stock, net —  —  52  — 
Distributions declared to common, senior common, and preferred stockholders (15,156) (17,663) (30,265) (35,019)
Comprehensive income 8,025  2,603  2,130  6,870 
Reclassification into interest expense 264  —  527  — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (74) (74) (50) (217)
Net income attributable to the Company (4,515) 1,634  (1,339) 5,076 
Balance, end of period $ 182,199  $ 212,338  $ 182,199  $ 212,338 
Non-Controlling Interest
Balance, beginning of period $ 1,641  $ 1,308  $ 1,790  $ 1,259 
Distributions declared to Non-controlling OP Unit holders (118) (97) (235) (193)
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 74  74  50  217 
Net loss attributable to OP units held by Non-controlling OP Unitholders (73) (10) (81) (8)
Balance, end of period $ 1,524  $ 1,275  $ 1,524  $ 1,275 
Total Equity $ 183,723  $ 213,613  $ 183,723  $ 213,613 
Schedule of Dividends Paid
We paid the following distributions per share for the three and six months ended June 30, 2023 and 2022:

For the three months ended June 30, For the six months ended June 30,
2023 2022 2023 2022
Common Stock and Non-controlling OP Units $ 0.30000  $ 0.37620  $ 0.60000  $ 0.75240 
Senior Common Stock 0.2625  0.2625  0.5250  0.5250 
Series E Preferred Stock 0.414063  0.414063  0.828126  0.828126 
Series F Preferred Stock 0.375  0.375  0.750  0.750 
Series G Preferred Stock 0.375  0.375  0.750  0.750