| Summary of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three and six months ended June 30, 2019 and 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
Series A and B Preferred Stock |
2019 |
2018 |
2019 |
2018 |
Balance, beginning of period |
$ |
2 |
|
$ |
2 |
|
$ |
2 |
|
$ |
2 |
|
Issuance of Series A and B preferred stock, net |
— |
|
— |
|
— |
|
— |
|
Balance, end of period |
$ |
2 |
|
$ |
2 |
|
$ |
2 |
|
$ |
2 |
|
Senior Common Stock |
|
|
|
|
Balance, beginning of period |
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
Issuance of senior common stock, net |
— |
|
— |
|
— |
|
— |
|
Balance, end of period |
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
$ |
1 |
|
Common Stock |
|
|
|
|
Balance, beginning of period |
$ |
30 |
|
$ |
28 |
|
$ |
29 |
|
$ |
28 |
|
Issuance of common stock, net |
1 |
|
1 |
|
2 |
|
1 |
|
Balance, end of period |
$ |
31 |
|
$ |
29 |
|
$ |
31 |
|
$ |
29 |
|
Additional Paid in Capital |
|
|
|
|
Balance, beginning of period |
$ |
573,868 |
|
$ |
535,399 |
|
$ |
559,977 |
|
$ |
534,790 |
|
Issuance of Series A and B preferred stock and common stock, net |
19,135 |
|
2,877 |
|
33,246 |
|
3,520 |
|
Retirement of senior common stock, net |
— |
|
— |
|
— |
|
(34 |
) |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(297 |
) |
— |
|
(517 |
) |
— |
|
Balance, end of period |
$ |
592,706 |
|
$ |
538,276 |
|
$ |
592,706 |
|
$ |
538,276 |
|
Accumulated Other Comprehensive Income |
|
|
|
|
Balance, beginning of period |
$ |
(870 |
) |
$ |
530 |
|
$ |
(148 |
) |
$ |
35 |
|
Comprehensive income |
(989 |
) |
288 |
|
(1,711 |
) |
783 |
|
Balance, end of period |
$ |
(1,859 |
) |
$ |
818 |
|
$ |
(1,859 |
) |
$ |
818 |
|
Distributions in Excess of Accumulated Earnings |
|
|
|
|
Balance, beginning of period |
$ |
(319,402 |
) |
$ |
(276,927 |
) |
$ |
(310,117 |
) |
$ |
(268,058 |
) |
Distributions declared to common, senior common, and preferred stockholders |
(14,280 |
) |
(13,508 |
) |
(28,193 |
) |
(26,982 |
) |
Net income |
2,221 |
|
2,525 |
|
6,849 |
|
7,130 |
|
Balance, end of period |
$ |
(331,461 |
) |
$ |
(287,910 |
) |
$ |
(331,461 |
) |
$ |
(287,910 |
) |
Total Stockholders' Equity |
|
|
|
|
Balance, beginning of period |
$ |
253,629 |
|
$ |
259,033 |
|
$ |
249,744 |
|
$ |
266,798 |
|
Issuance of Series A and B preferred stock and common stock, net |
19,136 |
|
2,878 |
|
33,248 |
|
3,521 |
|
Retirement of senior common stock, net |
— |
|
— |
|
— |
|
(34 |
) |
Distributions declared to common, senior common, and preferred stockholders |
(14,280 |
) |
(13,508 |
) |
(28,193 |
) |
(26,982 |
) |
Comprehensive income |
(989 |
) |
288 |
|
(1,711 |
) |
783 |
|
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(297 |
) |
— |
|
(517 |
) |
— |
|
Net income |
2,221 |
|
2,525 |
|
6,849 |
|
7,130 |
|
Balance, end of period |
$ |
259,420 |
|
$ |
251,216 |
|
$ |
259,420 |
|
$ |
251,216 |
|
Non-Controlling Interest |
|
|
|
|
Balance, beginning of period |
$ |
4,662 |
|
$ |
— |
|
$ |
4,675 |
|
$ |
— |
|
Distributions declared to Non-controlling OP Unit holders |
(278 |
) |
— |
|
(556 |
) |
— |
|
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
297 |
|
— |
|
517 |
|
— |
|
Net income |
(16 |
) |
— |
|
29 |
|
— |
|
Balance, end of period |
$ |
4,665 |
|
$ |
— |
|
$ |
4,665 |
|
$ |
— |
|
Total Equity |
$ |
264,085 |
|
$ |
251,216 |
|
$ |
264,085 |
|
$ |
251,216 |
|
|