Quarterly report pursuant to Section 13 or 15(d)

EQUITY (Tables)

v3.22.2.2
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
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 and 2021 (dollars in thousands, except per-share amounts):
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Number of shares sold(1)
2,470,908  578,426  5,499,383  1,517,446 
Weighted-average offering price per share $ 24.79  $ 24.85  $ 24.77  $ 24.84 
Gross proceeds $ 61,259  $ 14,372  $ 136,226  $ 37,687 
Net proceeds(2)
$ 56,213  $ 13,159  $ 125,111  $ 34,522 
(1)Excludes shares issued pursuant to the DRIP. We issued 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, and approximately 2,642 and 4,643 shares of the Series C Preferred Stock pursuant to the DRIP during the three and nine months ended September 30, 2021, respectively.
(2)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, 2022 and 2021 (dollars in thousands, except per-share amounts):
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Number of shares sold 183,937  1,565,925  493,992  5,824,970 
Weighted-average offering price per share $ 25.21  $ 23.66  $ 30.50  $ 21.19 
Gross proceeds $ 4,637  $ 37,053  $ 15,068  $ 123,458 
Net proceeds(1)
$ 4,565  $ 36,682  $ 14,892  $ 122,223 
(1)Net of underwriting commissions.
Schedule of 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 three and nine months ended September 30, 2022 and 2021 are reflected in the table below.
Three Months Ended September 30, Nine Months Ended September 30,
Issuance 2022 2021 2022 2021
Series A Term Preferred Stock(1)(2)
$ —  $ —  $ —  $ 0.1815104 
Series B Preferred Stock 0.375 0.375 1.125 1.125
Series C Preferred Stock 0.375 0.375 1.125 1.125
Series D Term Preferred Stock(1)(3)
0.312501 0.312501  0.937503 0.871530 
Common Stock(4)
0.13680 0.13530 0.40890 0.40515
(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)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.