| Schedule of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
2024 |
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2025 |
2024 |
| Senior Common Stock |
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| Balance, beginning of period |
$ |
1 |
|
$ |
1 |
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$ |
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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$ |
1 |
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$ |
1 |
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| Common Stock |
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|
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| Balance, beginning of period |
$ |
45 |
|
$ |
40 |
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|
$ |
44 |
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$ |
40 |
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| Issuance of common stock, net |
1 |
|
1 |
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|
2 |
|
1 |
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| Balance, end of period |
$ |
46 |
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$ |
41 |
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$ |
46 |
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$ |
41 |
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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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$ |
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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— |
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— |
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| Redemption of Series F preferred stock, net |
— |
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— |
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— |
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— |
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| Balance, end of period |
$ |
1 |
|
$ |
1 |
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|
$ |
1 |
|
$ |
1 |
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| Additional Paid in Capital |
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| Balance, beginning of period |
$ |
811,915 |
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$ |
730,465 |
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$ |
784,389 |
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$ |
730,256 |
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| Issuance of common stock and Series F preferred stock, net |
6,912 |
|
10,648 |
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|
33,883 |
|
10,845 |
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| Redemption of OP Units |
— |
|
3,865 |
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|
— |
|
3,865 |
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| Redemption of Series F preferred stock, net |
1,812 |
|
255 |
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|
2,382 |
|
310 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(5) |
|
(3,119) |
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|
(20) |
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(3,162) |
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| Balance, end of period |
$ |
820,634 |
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$ |
742,114 |
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$ |
820,634 |
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$ |
742,114 |
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| Accumulated Other Comprehensive Income |
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| Balance, beginning of period |
$ |
6,647 |
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$ |
13,281 |
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$ |
10,648 |
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$ |
7,758 |
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| Comprehensive (loss) income |
(2,344) |
|
470 |
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(6,360) |
|
5,888 |
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| Reclassification into interest expense |
— |
|
8 |
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|
15 |
|
113 |
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| Balance, end of period |
$ |
4,303 |
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$ |
13,759 |
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$ |
4,303 |
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$ |
13,759 |
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| Distributions in Excess of Accumulated Earnings |
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| Balance, beginning of period |
$ |
(635,393) |
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$ |
(596,475) |
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|
$ |
(623,912) |
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$ |
(584,776) |
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| Distributions declared to common, senior common, and preferred stockholders |
(17,045) |
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(15,341) |
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(33,653) |
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(30,560) |
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| Redemption of Series F preferred stock, net |
11 |
|
(4) |
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|
1 |
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(7) |
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| Net income available to the Company |
4,633 |
|
1,611 |
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|
9,770 |
|
5,134 |
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| Balance, end of period |
$ |
(647,794) |
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$ |
(610,209) |
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$ |
(647,794) |
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$ |
(610,209) |
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| Total Stockholders' Equity |
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| Balance, beginning of period |
$ |
183,216 |
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$ |
147,313 |
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$ |
171,171 |
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$ |
153,280 |
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| Issuance of common stock and Series F preferred stock, net |
6,913 |
|
10,649 |
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|
33,885 |
|
10,846 |
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| Redemption of OP Units |
— |
|
3,865 |
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— |
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3,865 |
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| Redemption of Series F preferred stock, net |
1,823 |
|
251 |
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|
2,383 |
|
303 |
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| Distributions declared to common, senior common, and preferred stockholders |
(17,045) |
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(15,341) |
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(33,653) |
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(30,560) |
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| Comprehensive (loss) income |
(2,344) |
|
470 |
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(6,360) |
|
5,888 |
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| Reclassification into interest expense |
— |
|
8 |
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|
15 |
|
113 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(5) |
|
(3,119) |
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|
(20) |
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(3,162) |
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| Net income available to the Company |
4,633 |
|
1,611 |
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|
9,770 |
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5,134 |
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| Balance, end of period |
$ |
177,191 |
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$ |
145,707 |
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$ |
177,191 |
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$ |
145,707 |
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| Non-Controlling Interest |
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| Balance, beginning of period |
$ |
136 |
|
$ |
938 |
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$ |
130 |
|
$ |
986 |
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| Distributions declared to Non-controlling OP Unit holders |
(12) |
|
(67) |
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|
(23) |
|
(160) |
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| Redemptions of OP Units |
— |
|
(3,865) |
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|
— |
|
(3,865) |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
5 |
|
3,119 |
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|
20 |
|
3,162 |
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| Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders |
1 |
|
(11) |
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|
3 |
|
(9) |
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| Balance, end of period |
$ |
130 |
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$ |
114 |
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$ |
130 |
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$ |
114 |
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| Total Equity |
$ |
177,321 |
|
$ |
145,821 |
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$ |
177,321 |
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$ |
145,821 |
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