Quarterly report [Sections 13 or 15(d)]

Subsequent Events

v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions

On April 8, 2025, our Board of Directors declared the following monthly distributions for the months of April, May and June of 2025:

 
Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series E Preferred Distributions per Share Series G Preferred Distributions per Share
April 21, 2025 April 30, 2025 $ 0.10  $ 0.138021  $ 0.125 
May 21, 2025 May 30, 2025 0.10  0.138021  0.125 
June 20, 2025 June 30, 2025 0.10  0.138021  0.125 
$ 0.30  $ 0.414063  $ 0.375 

Senior Common Stock Distributions
Payable to the Holders of Record During the Month of: Payment Date Distribution per Share
April May 5, 2025 $ 0.0875 
May June 5, 2025 0.0875 
June July 3, 2025 0.0875 
$ 0.2625 

Series F Preferred Stock Distributions
Record Date Payment Date Distribution per Share
April 25, 2025 May 5, 2025 $ 0.125 
May 27, 2025 June 5, 2025 0.125 
June 25, 2025 July 3, 2025 0.125 
$ 0.375 

Equity Activity

Subsequent to March 31, 2025 and through May 7, 2025, we raised $7.2 million in net proceeds from the sale of 525,192 shares of common stock under our 2024 Common Stock Sales Agreement and we raised $0.1 million in net proceeds from the sale of 2,200 shares of Series F Preferred Stock.

Sale Activity

On April 1, 2025, we sold our 60,000 square foot property in Hickory, North Carolina for $5.1 million. We realized a $0.4 million gain on sale.

On April 30, 2025, we completed the transaction to sell our 676,031 square foot property in Tifton, Georgia for $18.5 million, incurring $0.4 million in closing costs. During the year ended December 31, 2024, we recorded a sales-type lease receivable related and derecognized the carry value of this property, recognizing a $3.9 million selling profit from sales-type lease, net, that was included in the gain on sale of real estate, net, in the consolidated statement of operations.

Financing Activity

On April 30, 2025, we fully repaid one mortgage with an outstanding balance of $7.2 million collateralized by one property. This mortgage had a variable interest rate of SOFR + 2.25%.