| Schedule of Sale of Stock by Subsidiary |
The following table provides information on sales of our Series C Preferred Stock during the three and nine months ended September 30, 2022 (dollars in thousands, except per-share amounts):
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Three Months Ended September 30, 2022 |
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Nine Months Ended September 30, 2022 |
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Number of shares sold(1)
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2,470,908 |
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5,499,383 |
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| Weighted-average offering price per share |
$ |
24.79 |
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$ |
24.77 |
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| Gross proceeds |
$ |
61,259 |
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$ |
136,226 |
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Net proceeds(2)
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$ |
56,213 |
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$ |
125,111 |
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(1)Excludes shares issued pursuant to the DRIP. We issued approximately 0 and 14,067 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2023, respectively, and approximately 10,048 and 22,775 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2022, respectively.
(2)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.
The following table provides information on sales of our Series E Preferred Stock during the three and nine months ended September 30, 2023 (dollars in thousands, except per-share amounts):
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Three Months Ended September 30, 2023 |
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Nine Months Ended September 30, 2023 |
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| Number of shares sold |
87,672 |
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223,081 |
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| Weighted-average offering price per share |
$ |
24.96 |
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$ |
24.95 |
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| Gross proceeds |
$ |
2,188 |
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$ |
5,566 |
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Net proceeds(1)
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$ |
1,973 |
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$ |
5,019 |
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(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.
The following table provides information on shares of common stock sold by the Sales Agents under the ATM Program during the three and nine months ended September 30, 2023 and 2022 (dollars in thousands, except per-share amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Number of shares sold |
58,360 |
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183,937 |
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788,045 |
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493,992 |
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| Weighted-average offering price per share |
$ |
17.34 |
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$ |
25.21 |
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$ |
19.34 |
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$ |
30.50 |
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| Gross proceeds |
$ |
1,012 |
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$ |
4,637 |
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$ |
15,240 |
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$ |
15,068 |
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Net proceeds(1)
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$ |
1,002 |
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$ |
4,565 |
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$ |
15,087 |
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$ |
14,892 |
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(1)Net of underwriting commissions.
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| Dividends Declared |
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2023 and 2022 are reflected in the table below.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| Issuance |
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2023 |
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2022 |
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2023 |
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2022 |
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| Series B Preferred Stock |
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$ |
0.375 |
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$ |
0.375 |
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$ |
1.125 |
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$ |
1.125 |
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| Series C Preferred Stock |
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0.375 |
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0.375 |
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1.125 |
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1.125 |
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Series D Term Preferred Stock(1)
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|
0.312501 |
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0.312501 |
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0.937503 |
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0.937503 |
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| Series E Term Preferred Stock |
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0.312501 |
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— |
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0.937503 |
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— |
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Common Stock(2)
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0.1386 |
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0.1368 |
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0.4143 |
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0.4089 |
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(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(2)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.
On October 10, 2023, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
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| Issuance |
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Record Date |
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Payment Date |
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Distribution per Share |
| Series B Preferred Stock: |
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October 20, 2023 |
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October 31, 2023 |
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$ |
0.125 |
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November 20, 2023 |
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November 30, 2023 |
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0.125 |
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December 18, 2023 |
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December 29, 2023 |
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0.125 |
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| Total Series B Preferred Stock Distributions: |
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$ |
0.375
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| Series C Preferred Stock: |
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October 20, 2023 |
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October 31, 2023 |
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$ |
0.125 |
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November 20, 2023 |
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November 30, 2023 |
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0.125 |
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December 18, 2023 |
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December 29, 2023 |
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0.125 |
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| Total Series C Preferred Stock Distributions: |
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$ |
0.375
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| Series D Term Preferred Stock: |
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October 20, 2023 |
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October 31, 2023 |
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$ |
0.104167 |
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November 20, 2023 |
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November 30, 2023 |
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0.104167 |
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December 18, 2023 |
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December 29, 2023 |
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0.104167 |
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| Total Series D Term Preferred Stock Distributions: |
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$ |
0.312501
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| Series E Preferred Stock: |
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October 25, 2023 |
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November 3, 2023 |
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$ |
0.104167 |
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November 28, 2023 |
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December 5, 2023 |
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0.104167 |
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December 27, 2023 |
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January 5, 2024 |
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0.104167 |
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| Total Series E Preferred Stock Distributions: |
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$ |
0.312501
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Common Stock(1):
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October 20, 2023 |
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October 31, 2023 |
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$ |
0.0464 |
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November 20, 2023 |
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November 30, 2023 |
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0.0464 |
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December 18, 2023 |
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December 29, 2023 |
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0.0464 |
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| Total Common Stock Distributions |
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$ |
0.1392
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(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.
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