| Schedule of Sale of Stock by Subsidiary |
The following table provides information on sales of our Series E Preferred Stock during the years ended December 31, 2024 and 2023 (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
| Number of shares sold |
|
|
16,595 |
|
|
237,441 |
|
|
|
| Weighted-average offering price per share |
|
|
$ |
24.98 |
|
|
$ |
24.96 |
|
|
|
| Gross proceeds |
|
|
$ |
414 |
|
|
$ |
5,925 |
|
|
|
Net proceeds(1)
|
|
|
$ |
373 |
|
|
$ |
5,342 |
|
|
|
(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.
The following table provides information on shares of common stock sold under the ATM Program during the years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2024 |
|
2023 |
|
2022 |
| Number of shares sold |
346,216 |
|
|
788,045 |
|
|
840,384 |
|
| Weighted-average offering price per share |
$ |
13.52 |
|
|
$ |
19.34 |
|
|
$ |
26.47 |
|
| Gross proceeds |
$ |
4,680 |
|
|
$ |
15,240 |
|
|
$ |
22,242 |
|
Net proceeds(1)
|
$ |
4,633 |
|
|
$ |
15,087 |
|
|
$ |
21,993 |
|
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2024 |
|
|
| Series B Preferred Stock: |
| Number of shares repurchased |
|
|
|
|
115,176 |
|
|
|
Gross repurchase price(1)
|
|
|
|
|
$ |
2,429 |
|
|
|
| Weighted-average repurchase price per share |
|
|
|
|
$ |
21.09 |
|
|
|
Gain on repurchase(2)
|
|
|
|
|
$ |
133 |
|
|
|
| Series C Preferred Stock: |
| Number of shares repurchased |
|
|
|
|
201,646 |
|
|
|
Gross repurchase price(1)
|
|
|
|
|
$ |
4,201 |
|
|
|
| Weighted-average repurchase price per share |
|
|
|
|
$ |
20.83 |
|
|
|
Gain on repurchase(2)
|
|
|
|
|
$ |
372 |
|
|
|
(1)Inclusive of broker commissions.
(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Consolidated Statements of Operations and Comprehensive Income.
|
| Schedule of Dividends Declared |
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the years ended December 31, 2024, 2023, and 2022 are reflected in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
| Issuance |
|
2024 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
| Series B Preferred Stock |
|
1.500000 |
|
|
1.500000 |
|
|
1.500000 |
|
| Series C Preferred Stock |
|
1.500000 |
|
|
1.500000 |
|
|
1.500000 |
|
Series D Term Preferred Stock(1)
|
|
1.250004 |
|
|
1.250004 |
|
|
1.250004 |
|
| Series E Preferred Stock |
|
1.250004 |
|
|
1.250004 |
|
|
— |
|
Common Stock(2)
|
|
0.559500 |
|
|
0.553500 |
|
|
0.546300 |
|
(1)Dividends are treated similar to interest expense on the accompanying 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 January 14, 2025, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance |
|
Record Date |
|
Payment Date |
|
Distribution per Share |
| Series B Preferred Stock: |
|
January 24, 2025 |
|
January 31, 2025 |
|
$ |
0.125 |
|
|
|
February 19, 2025 |
|
February 28, 2025 |
|
0.125 |
|
|
|
March 19, 2025 |
|
March 31, 2025 |
|
0.125 |
|
| Total Series B Preferred Stock Distributions: |
|
$ |
0.375
|
|
|
|
|
|
|
|
|
| Series C Preferred Stock: |
|
January 24, 2025 |
|
January 31, 2025 |
|
$ |
0.125 |
|
|
|
February 19, 2025 |
|
February 28, 2025 |
|
0.125 |
|
|
|
March 19, 2025 |
|
March 31, 2025 |
|
0.125 |
|
| Total Series C Preferred Stock Distributions: |
|
$ |
0.375
|
|
|
|
|
|
|
|
|
| Series D Term Preferred Stock: |
|
January 24, 2025 |
|
January 31, 2025 |
|
$ |
0.104167 |
|
|
|
February 19, 2025 |
|
February 28, 2025 |
|
0.104167 |
|
|
|
March 19, 2025 |
|
March 31, 2025 |
|
0.104167 |
|
| Total Series D Term Preferred Stock Distributions: |
|
$ |
0.312501
|
|
|
|
|
|
|
|
|
| Series E Preferred Stock: |
|
January 27, 2025 |
|
February 5, 2025 |
|
$ |
0.104167 |
|
|
|
February 25, 2025 |
|
March 5, 2025 |
|
0.104167 |
|
|
|
March 26, 2025 |
|
April 4, 2025 |
|
0.104167 |
|
| Total Series E Preferred Stock Distributions: |
|
$ |
0.312501
|
|
|
|
|
|
|
|
|
Common Stock(1):
|
|
January 24, 2025 |
|
January 31, 2025 |
|
$ |
0.0467 |
|
|
|
February 19, 2025 |
|
February 28, 2025 |
|
0.0467 |
|
|
|
March 19, 2025 |
|
March 31, 2025 |
|
0.0467 |
|
| Total Common Stock Distributions: |
|
$ |
0.1401
|
|
(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders, if any, as of the above record dates.
|
| Schedule of Distributions on Common Stock |
The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2024, 2023, and 2022 is reflected in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
Long-term
Capital Gain |
|
Return of
Capital |
| For the Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Series B Preferred Stock |
47.178987 |
% |
|
23.885993 |
% |
|
28.935020 |
% |
| Series C Preferred Stock |
47.178987 |
% |
|
23.885993 |
% |
|
28.935020 |
% |
| Series D Term Preferred Stock |
47.178987 |
% |
|
23.885993 |
% |
|
28.935020 |
% |
| Series E Preferred Stock |
47.178987 |
% |
|
23.885993 |
% |
|
28.935020 |
% |
| Common Stock |
— |
% |
|
— |
% |
|
100.000000 |
% |
| For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
| Series B Preferred Stock |
30.782342 |
% |
|
22.611772 |
% |
|
46.605886 |
% |
| Series C Preferred Stock |
30.782342 |
% |
|
22.611772 |
% |
|
46.605886 |
% |
| Series D Term Preferred Stock |
30.782342 |
% |
|
22.611772 |
% |
|
46.605886 |
% |
| Series E Preferred Stock |
30.782342 |
% |
|
22.611772 |
% |
|
46.605886 |
% |
| Common Stock |
— |
% |
|
— |
% |
|
100.000000 |
% |
| 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 |
% |
|