Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.19.3.a.u2
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
%
 
%