| Schedule of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 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 |
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$ |
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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— |
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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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| Balance, beginning of period |
$ |
46 |
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$ |
41 |
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$ |
44 |
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$ |
40 |
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| Issuance of common stock, net |
2 |
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2 |
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|
4 |
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3 |
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| Balance, end of period |
$ |
48 |
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$ |
43 |
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$ |
48 |
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$ |
43 |
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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 |
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$ |
1 |
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$ |
1 |
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$ |
1 |
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| Additional Paid in Capital |
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| Balance, beginning of period |
$ |
820,634 |
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$ |
742,114 |
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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 |
19,677 |
|
37,066 |
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|
53,560 |
|
47,911 |
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| Redemption of OP Units |
— |
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— |
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— |
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3,865 |
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| Redemption of Series F preferred stock, net |
1,663 |
|
1,008 |
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|
4,045 |
|
1,318 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(14) |
|
17 |
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(34) |
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(3,145) |
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| Balance, end of period |
$ |
841,960 |
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$ |
780,205 |
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$ |
841,960 |
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$ |
780,205 |
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| Accumulated Other Comprehensive Income |
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| Balance, beginning of period |
$ |
4,303 |
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$ |
13,759 |
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$ |
10,648 |
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$ |
7,758 |
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| Comprehensive loss |
(604) |
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(10,456) |
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(6,964) |
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(4,568) |
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| Reclassification into interest expense |
— |
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62 |
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15 |
|
175 |
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| Balance, end of period |
$ |
3,699 |
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$ |
3,365 |
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$ |
3,699 |
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$ |
3,365 |
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| Distributions in Excess of Accumulated Earnings |
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| Balance, beginning of period |
$ |
(647,794) |
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$ |
(610,209) |
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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 |
(17,231) |
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(16,168) |
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(50,882) |
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(46,726) |
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| Redemption of Series F preferred stock, net |
6 |
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2 |
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7 |
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(4) |
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| Net income available to the Company |
4,136 |
|
11,677 |
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|
13,904 |
|
16,808 |
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| Balance, end of period |
$ |
(660,883) |
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$ |
(614,698) |
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$ |
(660,883) |
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$ |
(614,698) |
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| Total Stockholders' Equity |
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| Balance, beginning of period |
$ |
177,191 |
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$ |
145,707 |
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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 |
19,679 |
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37,068 |
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53,564 |
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47,914 |
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| Redemption of OP Units |
— |
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— |
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— |
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3,865 |
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| Redemption of Series F preferred stock, net |
1,669 |
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1,010 |
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4,052 |
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1,314 |
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| Distributions declared to common, senior common, and preferred stockholders |
(17,231) |
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(16,168) |
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(50,882) |
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(46,726) |
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| Comprehensive loss |
(604) |
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(10,456) |
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(6,964) |
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(4,568) |
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| Reclassification into interest expense |
— |
|
62 |
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|
15 |
|
175 |
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| Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(14) |
|
17 |
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(34) |
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(3,145) |
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| Net income available to the Company |
4,136 |
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11,677 |
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13,904 |
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16,808 |
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| Balance, end of period |
$ |
184,826 |
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$ |
168,917 |
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$ |
184,826 |
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$ |
168,917 |
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| Non-Controlling Interest |
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| Balance, beginning of period |
$ |
130 |
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$ |
114 |
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$ |
130 |
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$ |
986 |
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| Distributions declared to Non-controlling OP Unit holders |
(13) |
|
(12) |
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|
(36) |
|
(172) |
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| Redemptions of OP Units |
— |
|
— |
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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 |
14 |
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(17) |
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|
34 |
|
3,145 |
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| Net income available to OP Units held by Non-controlling OP Unitholders |
1 |
|
44 |
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|
4 |
|
35 |
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| Balance, end of period |
$ |
132 |
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$ |
129 |
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$ |
132 |
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$ |
129 |
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| Total Equity |
$ |
184,958 |
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$ |
169,046 |
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$ |
184,958 |
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$ |
169,046 |
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