Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.24.3
Equity and Mezzanine Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Stockholders' Equity
The following table summarizes the changes in our equity for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):
 
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
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 $ 41  $ 39  $ 40  $ 39 
Issuance of common stock, net 2  —  3  1 
Repurchase of common stock, net —  —  —  (1)
Balance, end of period $ 43  $ 39  $ 43  $ 39 
Series F Preferred Stock
Balance, beginning of period $ 1  $ 1  $ 1  $ 1 
Issuance of Series F preferred stock, net —  —  —  — 
Redemption of Series F preferred stock, net —  —  —  — 
Balance, end of period $ 1  $ 1  $ 1  $ 1 
Additional Paid in Capital
Balance, beginning of period $ 742,114  $ 728,580  $ 730,256  $ 721,327 
Issuance of common stock and Series F preferred stock, net 37,066  690  47,911  6,725 
Repurchase of common stock, net —  —  —  998 
Redemption of OP Units —  —  3,865  — 
Redemption of Series F preferred stock, net 1,008  183  1,318  401 
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 17  (53) (3,145) (103)
Balance, end of period $ 780,205  $ 729,400  $ 780,205  $ 729,400 
Accumulated Other Comprehensive Income
Balance, beginning of period $ 13,759  $ 14,297  $ 7,758  $ 11,640 
Comprehensive income (10,456) 5,089  (4,568) 7,218 
Reclassification into interest expense 62  409  175  937 
Balance, end of period $ 3,365  $ 19,795  $ 3,365  $ 19,795 
Distributions in Excess of Accumulated Earnings
Balance, beginning of period $ (610,209) $ (560,719) $ (584,776) $ (529,104)
Distributions declared to common, senior common, and preferred stockholders (16,168) (15,182) (46,726) (45,445)
Redemption of Series F preferred stock, net 2  (1) (4) (12)
Net income available to the Company 11,677  1,789  16,808  448 
Balance, end of period $ (614,698) $ (574,113) $ (614,698) $ (574,113)
Total Stockholders' Equity
Balance, beginning of period $ 145,707  $ 182,199  $ 153,280  $ 203,904 
Issuance of common stock and Series F preferred stock, net 37,068  690  47,914  6,726 
Repurchase of common stock, net —  —  —  997 
Redemption of OP Units —  —  3,865  — 
Redemption of Series F preferred stock, net 1,010  182  1,314  389 
Retirement of senior common stock, net —  —  —  52 
Distributions declared to common, senior common, and preferred stockholders (16,168) (15,182) (46,726) (45,445)
Comprehensive income (10,456) 5,089  (4,568) 7,218 
Reclassification into interest expense 62  409  175  937 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 17  (53) (3,145) (103)
Net income available to the Company 11,677  1,789  16,808  448 
Balance, end of period $ 168,917  $ 175,123  $ 168,917  $ 175,123 
Non-Controlling Interest
Balance, beginning of period $ 114  $ 1,524  $ 986  $ 1,790 
Distributions declared to Non-controlling OP Unit holders (12) (117) (172) (352)
Redemptions of OP Units —  —  (3,865) — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (17) 53  3,145  103 
Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders 44  3  35  (78)
Balance, end of period $ 129  $ 1,463  $ 129  $ 1,463 
Total Equity $ 169,046  $ 176,586  $ 169,046  $ 176,586 
Schedule of Dividends Paid
We paid the following distributions per share for the three and nine months ended September 30, 2024 and 2023:

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Common Stock and Non-controlling OP Units $ 0.30  $ 0.30  $ 0.90  $ 0.90 
Senior Common Stock 0.2625  0.2625  0.7875  0.7875 
Series E Preferred Stock 0.414063  0.414063  1.242189  1.242189 
Series F Preferred Stock 0.375  0.375  1.125  1.125 
Series G Preferred Stock 0.375  0.375  1.125  1.125