Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.21.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Class of Stock [Line Items]  
Schedule of Partners' Capital Units Issued
Information regarding OP Units issued to noncontrolling OP Unitholders during the three months ended March 31, 2021, is provided in the following table (dollars in thousands, except per-unit amounts):
Number of OP Units Issued Weighted Average
Issuance Price per OP Unit
Aggregate Value(1)
204,778 $19.42 $ 3,977 
(1)Based on the closing stock price of the Company’s common stock on the date of issuance.
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 three months ended March 31, 2021 and 2020 are reflected in the table below.
Three months ended March 31,
Issuance 2021 2020
Series A Term Preferred Stock(1)(2)
$ 0.1815104  $ 0.3984375 
Series B Preferred Stock(3)
0.375  0.375 
Series C Preferred Stock(3)
0.375  — 
Series D Term Preferred Stock(1)(3)(4)
0.246528  — 
Common Stock(5)
0.13485  0.13395 
(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(2)The Series A Term Preferred Stock was redeemed in full on February 12, 2021.
(3)Of the aggregate dividends declared on the Series B Preferred Stock, Series C Preferred Stock, and Series D Term Preferred Stock by our Board of Directors on January 12, 2021, approximately $1.2 million was paid (as scheduled) by us on April 5, 2021.
(4)The Series D Term Preferred Stock was issued on January 19, 2021.
(5)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.
Series C Preferred Stock  
Class of Stock [Line Items]  
Schedule of Sale of Stock by Subsidiary
The following table provides information on equity sales that have occurred during the three months ended March 31, 2021 (dollars in thousands, except per-share amounts):
Number of Shares Sold(1)
Weighted Average Offering Price Per Share Gross Proceeds
Net Proceeds(2)
534,971 $ 24.89  $ 13,315  $ 12,171 
(1)Excludes shares issued pursuant to the DRIP. During the three months ended March 31, 2021, we issued approximately 707 shares of the Series C Preferred Stock pursuant to the DRIP.
(2)Net of Series C Selling Commissions and Series C Dealer-Manager Fees.
Common Stock  
Class of Stock [Line Items]  
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 three months ended March 31, 2021 (dollars in thousands, except per-share amounts):
Number of Shares Sold Weighted-average Offering Price Per Share Gross Proceeds
Net Proceeds(1)
1,312,932 $ 17.17  $ 22,537  $ 22,312 
(1)Net of underwriting commissions and discounts.