| Schedule of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three months ended March 31, 2025 and 2024 (dollars in thousands):
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Three Months Ended March 31, |
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2025 |
2024 |
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| Senior Common Stock |
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| Balance, beginning of period |
$ |
1 |
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$ |
1 |
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| Issuance of senior common stock, net |
— |
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— |
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| Balance, end of period |
$ |
1 |
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$ |
1 |
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| Common Stock |
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| Balance, beginning of period |
$ |
44 |
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$ |
40 |
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| Issuance of common stock, net |
1 |
|
— |
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| Balance, end of period |
$ |
45 |
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$ |
40 |
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| Series F Preferred Stock |
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| Balance, beginning of period |
$ |
1 |
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$ |
1 |
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| Issuance of Series F preferred stock, net |
— |
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— |
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| Redemption of Series F preferred stock, net |
— |
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— |
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| Balance, end of period |
$ |
1 |
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$ |
1 |
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| Additional Paid in Capital |
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| Balance, beginning of period |
$ |
784,389 |
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$ |
730,256 |
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| Issuance of common stock and Series F preferred stock, net |
26,971 |
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197 |
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| Redemption of Series F preferred stock, net |
571 |
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55 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(16) |
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(43) |
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| Balance, end of period |
$ |
811,915 |
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$ |
730,465 |
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| Accumulated Other Comprehensive Income |
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| Balance, beginning of period |
$ |
10,648 |
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$ |
7,758 |
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| Comprehensive income |
(4,016) |
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5,417 |
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| Reclassification into interest expense |
15 |
|
106 |
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| Balance, end of period |
$ |
6,647 |
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$ |
13,281 |
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| Distributions in Excess of Accumulated Earnings |
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| Balance, beginning of period |
$ |
(623,912) |
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$ |
(584,776) |
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| Distributions declared to common, senior common, and preferred stockholders |
(16,605) |
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(15,220) |
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| Redemption of Series F preferred stock, net |
(10) |
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(3) |
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| Net income available to the Company |
5,134 |
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3,524 |
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| Balance, end of period |
$ |
(635,393) |
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$ |
(596,475) |
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| Total Stockholders' Equity |
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| Balance, beginning of period |
$ |
171,171 |
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$ |
153,280 |
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| Issuance of common stock and Series F preferred stock, net |
26,972 |
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197 |
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| Redemption of Series F preferred stock, net |
561 |
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52 |
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| Distributions declared to common, senior common, and preferred stockholders |
(16,605) |
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(15,220) |
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| Comprehensive income |
(4,016) |
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5,417 |
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| Reclassification into interest expense |
15 |
|
106 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(16) |
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(43) |
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| Net income available to the Company |
5,134 |
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3,524 |
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| Balance, end of period |
$ |
183,216 |
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$ |
147,313 |
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| Non-Controlling Interest |
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| Balance, beginning of period |
$ |
130 |
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$ |
986 |
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| Distributions declared to Non-controlling OP Unit holders |
(12) |
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(93) |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
16 |
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43 |
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| Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders |
2 |
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2 |
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| Balance, end of period |
$ |
136 |
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$ |
938 |
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| Total Equity |
$ |
183,352 |
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$ |
148,251 |
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