| Summary of Changes in Stockholders' Equity |
The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 2017 (dollars in thousands):
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Shares Issued and Retired |
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Series A and B Preferred Stock |
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Common Stock |
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Senior Common Stock |
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Series A and B Preferred Stock |
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Senior Common Stock |
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Common Stock |
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Additional Paid in Capital |
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Accumulated Other Comprehensive Income (1) |
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Distributions in Excess of Accumulated Earnings |
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Total Stockholders' Equity |
Balance at December 31, 2016 |
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2,264,000 |
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24,882,758 |
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959,552 |
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$ |
2 |
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$ |
1 |
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$ |
25 |
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$ |
463,436 |
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$ |
— |
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$ |
(223,587 |
) |
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$ |
239,877 |
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Issuance of Series A and B preferred stock and common stock, net |
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— |
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2,785,303 |
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— |
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— |
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— |
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3 |
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56,731 |
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— |
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— |
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56,734 |
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Conversion of senior common stock to common stock |
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— |
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26,563 |
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(29,762 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Retirement of senior common stock, net |
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— |
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— |
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(1,598 |
) |
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— |
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— |
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— |
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(24 |
) |
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— |
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— |
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(24 |
) |
Distributions declared to common, senior common and preferred stockholders |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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(37,130 |
) |
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(37,130 |
) |
Comprehensive income |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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172 |
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— |
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172 |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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7,403 |
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7,403 |
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Balance at September 30, 2017 |
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2,264,000 |
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27,694,624 |
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928,192 |
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$ |
2 |
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$ |
1 |
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$ |
28 |
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$ |
520,143 |
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$ |
172 |
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$ |
(253,314 |
) |
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$ |
267,032 |
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(1) |
The only element of comprehensive income recorded in the nine months ended September 30, 2017 relates to the fair value adjustment of $0.17 million related to our assumed interest rate swap described in Footnote 7 "Mortgage Notes Payable and Credit Facility," to these condensed consolidated financial statements.
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