Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.20.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Class of Stock [Line Items]  
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, 2020 and 2019 is provided in the table below (dollars in thousands, except per-unit amounts):
Period OP Units Tendered
for Redemption		 Shares of Common
Stock Issued
For the year ended December 31, 2020 288,303 288,303
For the year ended December 31, 2019 570,879 570,879
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, 2020 and 2019 are reflected in the table below.
For the Years Ended December 31,
Issuance 2020 2019
Series A Term Preferred Stock(1)
$ 1.59375  $ 1.59375 
Series B Preferred Stock(2)
1.500  1.500 
Series C Preferred Stock(2)
1.1250  — 
Common Stock(3)
0.53715  0.53430 
(1)Treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income.
(2)Of the aggregate dividends declared on the Series B Preferred Stock and Series C Preferred Stock by our Board of Directors on October 31, 2020, and October 8, 2019, approximately $881,000 and $594,000, respectively, was paid (as scheduled) by us on January 5, 2021, and January 3, 2020, respectively.
(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, 2020 and 2019 is reflected in the following table:
Ordinary
Income		 Return of
Capital		 Long-term
Capital Gain
For the Year Ended December 31, 2020:
Series A Term Preferred Stock 70.743160  % 29.256840  % —  %
Series B Preferred Stock 70.743160  % 29.256840  % —  %
Series C Preferred Stock 70.743160  % 29.256840  % —  %
Common Stock —  % 100.000000  % —  %
For the Year Ended December 31, 2019:
Series A Term Preferred Stock 100.000000  % —  % —  %
Series B Preferred Stock 100.000000  % —  % —  %
Common Stock 2.668400  % 97.331600  % —  %
Series B Preferred Stock  
Class of Stock [Line Items]  
Schedule of Sale of Stock by Subsidiary
The following table provides information on sales of the Series B Preferred Stock that occurred during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period Number of
Shares Sold		 Weighted-average
Offering Price
per Share		 Gross Proceeds
Net Proceeds(1)
Year Ended December 31, 2020 1,229,531 $ 24.52  $ 30,148  $ 27,664 
Year Ended December 31, 2019 3,626,076 24.61  89,232  81,587 
(1)Net of Series B Selling Commissions and Series B Dealer-Manager Fees borne by us.
Schedule of Stock Redeemed
The following table provides information on redemptions of the Series B Preferred Stock that occurred during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period Number of
Shares Redeemed		 Weighted-average
Redemption Price
per Share		 Cash Redemption Paid
Year Ended December 31, 2020 29,335 $ 23.22  $ 681 
Year Ended December 31, 2019 14,600 23.30  340 
Series C Preferred Stock  
Class of Stock [Line Items]  
Schedule of Sale of Stock by Subsidiary
The following table provides information on sales of the Series C Preferred Stock that occurred during the year ended December 31, 2020 (dollars in thousands, except per-share amounts):
Period
Number of
Shares Sold(1)
Weighted Average
Offering Price
Per Share		 Gross Proceeds
Net Proceeds(2)
Year Ended December 31, 2020 1,088,315 $ 24.80  $ 26,987  $ 24,759 
(1)Excludes shares issued pursuant to the DRIP. During the year ended December 31, 2020, we issued approximately 258 shares of the Series C Preferred Stock pursuant to the DRIP.
(2)Net of Series C Selling Commissions and Series C Dealer-Manager Fees.
Schedule of Stock Redeemed
The following table provides information on redemptions of the Series C Preferred Stock that occurred during the year ended December 31, 2020 and (dollars in thousands, except per-share amounts):
Period Number of
Shares Redeemed		 Weighted-average
Redemption Price
per Share		 Cash Redemption Paid
Year Ended December 31, 2020 138 $ 22.50  $ 3 
Common Stock  
Class of Stock [Line Items]  
Schedule of Sale of Stock by Subsidiary
We completed an overnight public offering of our common stock during each of the years ended December 31, 2020 and 2019, 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)
Year Ended December 31, 2020 1,897,500 $ 14.40  $ 27,324  $ 26,094 
Year Ended December 31, 2019 2,277,297 11.73  26,713  25,401 
(1)Includes the underwriters’ exercise of the over-allotment option in connection with each offering.
(2)Net of underwriting commissions and discounts.
The following table provides information on shares of common stock sold by the Sales Agents under the ATM Programs during the years ended December 31, 2020 and 2019 (dollars in thousands, except per-share amounts):
Period Number of
Shares Sold		 Weighted-average
Offering Price
Per Share		 Gross Proceeds
Net Proceeds(1)
Year Ended December 31, 2020 3,096,558 $ 14.82  $ 45,883  $ 45,424 
Year Ended December 31, 2019 197,142 12.24  2,413  2,377 
(1)Net of underwriting commissions and discounts.