Equity (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Equity [Abstract] |
|
| Schedule of Partners' Capital Units Issued |
Information related to OP Units issued during the year December 31, 2019, is provided in the table below (dollars in thousands, except per-unit amounts):
|
|
|
|
|
|
|
|
Number of OP Units Issued |
|
Weighted-average Issuance Price |
|
Aggregate Value(1)
|
288,303 |
|
$11.41 |
|
$ |
3,290 |
|
|
|
(1) |
Based on the closing stock price of the Company’s common stock on the date of issuance. |
|
| Schedule of OP Units Tendered for Redemption |
Information related to OP Units tendered for redemption during the years ended December 31, 2019 and 2018 is provided in the table below (dollars in thousands, except per-unit amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
OP Units Tendered
for Redemption
|
|
Shares of Common
Stock Issued
|
|
OP Units Redeemed
with Cash
|
|
Aggregate
Cash Payment
|
|
Aggregate Cash
Paid per OP Unit
|
Year Ended December 31, 2019 |
|
570,879 |
|
570,879 |
|
0 |
|
$ |
— |
|
|
$ |
— |
|
Year Ended December 31, 2018 |
|
437,226 |
|
397,811 |
|
39,415 |
|
521 |
|
|
$ |
13.21 |
|
|
| Schedule of Sale of Stock by Subsidiary |
The following table provides information on shares of common stock sold by the Sales Agents under the ATM Program during the years ended December 31, 2019 and 2018 (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Number of
Shares Sold
|
|
Weighted-average
Offering Price
Per Share
|
|
Gross Proceeds |
|
Net Proceeds(1)
|
For the year ended December 31, 2019 |
|
197,142 |
|
$ |
12.24 |
|
|
$ |
2,413 |
|
|
$ |
2,377 |
|
For the year ended December 31, 2018 |
|
986,955 |
|
12.95 |
|
|
12,779 |
|
|
12,587 |
|
|
|
(1) |
Net of underwriting commissions and discounts. |
The following table provides information on sales of the Series B Preferred Stock that occurred during the years ended December 31, 2019 and 2018 (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Number of
Shares Sold
|
|
Weighted-average
Offering Price
per Share
|
|
Gross Proceeds |
|
Net Proceeds(1)
|
For the year ended December 31, 2019 |
|
3,626,076 |
|
$ |
24.61 |
|
|
$ |
89,232 |
|
|
$ |
81,587 |
|
For the year ended December 31, 2018 |
|
1,144,393 |
|
24.53 |
|
|
28,072 |
|
|
25,749 |
|
|
|
(1) |
Net of selling commissions and dealer-manager fees borne by us. |
During the years ended December 31, 2019 and 2018, we completed one and two, respectively, overnight public offerings of our common stock, which are summarized in the following table (dollars in thousands, except per-share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Number of
Shares Sold(1)
|
|
Weighted-average
Offering Price
Per Share |
|
Gross Proceeds(1)
|
|
Net Proceeds(1)(2)
|
For the year ended December 31, 2019 |
|
2,277,297 |
|
$ |
11.73 |
|
|
$ |
26,713 |
|
|
$ |
25,401 |
|
For the year ended December 31, 2018 |
|
2,715,000 |
|
12.36 |
|
|
33,567 |
|
|
31,830 |
|
|
|
(1) |
Includes the underwriters’ exercise of the over-allotment option in connection with each offering. |
|
|
(2) |
Net of underwriting commissions and discounts. |
|
| 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 and paid by us (except as noted) during the years ended December 31, 2019 and 2018 are reflected in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
Issuance |
|
2019 |
|
2018 |
Series A Term Preferred Stock(1)
|
|
$ |
1.59375 |
|
|
$ |
1.59375 |
|
Series B Preferred Stock(2)
|
|
1.500 |
|
|
0.875 |
|
Common Stock(3)
|
|
0.5343 |
|
|
0.5319 |
|
|
|
(1) |
Treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income. |
|
|
(2) |
Of the dividends declared on the Series B Preferred Stock by our Board of Directors on October 8, 2019, approximately $594,000 was paid (as scheduled) by us on January 3, 2020. The resulting dividend payable is included within Accounts payable and accrued expenses on the accompanying Consolidated Balance Sheets as of December 31, 2019.
|
|
|
(3) |
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, 2019 and 2018 is reflected in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
Return of
Capital |
|
Long-term
Capital Gain |
For the Year Ended December 31, 2019: |
|
|
|
|
|
|
Series A Term Preferred Stock |
|
100.00000 |
% |
|
0.00000 |
% |
|
— |
% |
Series B Preferred Stock |
|
100.00000 |
% |
|
0.00000 |
% |
|
— |
% |
Common Stock |
|
2.66840 |
% |
|
97.33160 |
% |
|
— |
% |
For the Year Ended December 31, 2018: |
|
|
|
|
|
|
Series A Term Preferred Stock |
|
96.85143 |
% |
|
3.14857 |
% |
|
— |
% |
Series B Preferred Stock |
|
96.85143 |
% |
|
3.14857 |
% |
|
— |
% |
Common Stock |
|
— |
% |
|
100.00000 |
% |
|
— |
% |
|