Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.2
Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Equity Activity
The following table provides information on equity sales that have occurred subsequent to June 30, 2021 (dollars in thousands, except per-share amounts):
Type of Issuance Number of
Shares Sold
Weighted Average Offering Price
Per Share
Gross Proceeds
Net Proceeds(1)
Series C Preferred Stock(2)
169,425 $ 24.89  $ 4,217  $ 3,854 
Common Stock – ATM Program 849,285 23.70  20,132  19,931 
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting commissions and discounts (in each case, as applicable).
(2)Excludes approximately 1405 shares issued pursuant to the DRIP.
Amended Advisory Agreement
On July 13, 2021, we amended the Advisory Agreement (the “Amended Advisory Agreement”), which was approved unanimously by our board of directors, including, specifically, our independent directors. The Amended Advisory Agreement revised the base management fee from an annual rate of 0.50% (0.125% per quarter) of the prior calendar quarter’s Gross Tangible Real Estate to 0.60% (0.15% per quarter). The revised base management fee is effective beginning with the fee calculations for the quarter ending September 30, 2021. All other terms of the Amended Advisory Agreement remained the same.
Distributions
On July 13, 2021, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance Record Date Payment Date Distribution per Share
Series B Preferred Stock: July 23, 2021 July 30, 2021 $ 0.125 
August 23, 2021 August 31, 2021 0.125 
September 22, 2021 September 30, 2021 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: July 28, 2021 August 6, 2021 $ 0.125 
August 25, 2021 September 3, 2021 0.125 
September 29, 2021 October 6, 2021 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series D Term Preferred Stock: July 23, 2021 July 30, 2021 $ 0.104167 
August 23, 2021 August 31, 2021 0.104167 
September 22, 2021 September 30, 2021 0.104167 
Total Series D Term Preferred Stock Distributions: $ 0.312501 
Common Stock(1):
July 23, 2021 July 30, 2021 $ 0.0451 
August 23, 2021 August 31, 2021 0.0451 
September 22, 2021 September 30, 2021 0.0451 
Total Common Stock Distributions: $ 0.1353 
(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.