Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.22.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Sale of Stock by Subsidiary
The following table provides information on sales of the Series C Preferred Stock that occurred during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands, except per-share amounts):
Years Ended December 31,
2022 2021 2020
Number of shares sold(1)
6,701,987  2,407,027  1,088,315 
Weighted-average offering price per share $ 24.76  $ 24.81  $ 24.80 
Gross proceeds $ 165,941  $ 59,720  $ 26,987 
Net proceeds(2)
$ 152,470  $ 54,760  $ 24,759 
(1)Excludes shares issued pursuant to the DRIP. During the years ended December 31, 2022, 2021, and 2020, we issued approximately 34,628 shares, 7,791 shares, and 258 shares, respectively, of the Series C Preferred Stock pursuant to the DRIP.
(2)Net of Series C Selling Commissions, Series C Dealer-Manager Fees, and underwriting discounts.
The following table provides information on shares of common stock sold by the Sales Agents under the ATM Programs during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands, except per-share amounts):
Years Ended December 31,
2022 2021 2020
Number of shares sold 840,384  7,990,994  3,096,558 
Weighted-average offering price per share $ 26.47  $ 21.70  $ 14.82 
Gross proceeds $ 22,242  $ 173,428  $ 45,883 
Net proceeds(1)
$ 21,993  $ 171,693  $ 45,424 
(1)Net of underwriting commissions.
Monthly Distributions Declared and Paid by Company's Board of Directors
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the years ended December 31, 2022, 2021, and 2020 are reflected in the table below.
For the Years Ended December 31,
Issuance 2022 2021 2020
Series A Term Preferred Stock(1)(2)
$ —  $ 0.181510  $ 1.593750 
Series B Preferred Stock 1.500000  1.500000  1.500000 
Series C Preferred Stock 1.500000  1.500000  1.125000 
Series D Term Preferred Stock(1)(3)
1.250004  1.184031  — 
Common Stock(4)
0.546300  0.540750  0.537150 
(1)Dividends are treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income.
(2)The Series A Term Preferred Stock was redeemed in full on February 12, 2021.
(3)The Series D Term Preferred Stock was issued on January 19, 2021.
(4)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.
Schedule of Distributions on Common Stock The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2022, 2021, and 2020 is reflected in the following table:
Ordinary
Income		 Return of
Capital		 Long-term
Capital Gain
For the Year Ended December 31, 2022
Series B Preferred Stock 34.205000  % 65.795000  % —  %
Series C Preferred Stock 34.205000  % 65.795000  % —  %
Series D Term Preferred Stock 34.205000  % 65.795000  % —  %
Common Stock —  % 100.000000  % —  %
For the Year Ended December 31, 2021:
Series A Term Preferred Stock 54.534493  % 45.465507  % —  %
Series B Preferred Stock 54.534493  % 45.465507  % —  %
Series C Preferred Stock 54.534493  % 45.465507  % —  %
Series D Term Preferred Stock 54.534493  % 45.465507  % —  %
Common Stock —  % 100.000000  % —  %
For the Year Ended December 31, 2020:
Series A Term Preferred Stock 70.743160  % 29.256840  % —  %
Series B Preferred Stock 70.743160  % 29.256840  % —  %
Series C Preferred Stock 70.743160  % 29.256840  % —  %
Common Stock —  % 100.000000  % —  %