Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.24.2.u1
Equity and Mezzanine Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Changes in Stockholders' Equity
The following table summarizes the changes in our equity for the three and six months ended June 30, 2024 and 2023 (dollars in thousands):
 
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
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 $ 40  $ 40  $ 40  $ 39 
Issuance of common stock, net 1  —  1  1 
Repurchase of common stock, net —  (1) —  (1)
Balance, end of period $ 41  $ 39  $ 41  $ 39 
Series F Preferred Stock
Balance, beginning of period $ 1  $ 1  $ 1  $ 1 
Issuance of Series F preferred stock, net —  —  —  — 
Redemption of Series F preferred stock, net —  —  —  — 
Balance, end of period $ 1  $ 1  $ 1  $ 1 
Additional Paid in Capital
Balance, beginning of period $ 730,465  $ 725,874  $ 730,256  $ 721,327 
Issuance of common stock and Series F preferred stock, net 10,648  1,651  10,845  6,036 
Repurchase of common stock, net —  998  —  998 
Redemption of OP Units 3,865  —  3,865  — 
Redemption of Series F preferred stock, net 255  131  310  217 
Retirement of senior common stock, net —  —  —  52 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (3,119) (74) (3,162) (50)
Balance, end of period $ 742,114  $ 728,580  $ 742,114  $ 728,580 
Accumulated Other Comprehensive Income
Balance, beginning of period $ 13,281  $ 6,008  $ 7,758  $ 11,640 
Comprehensive income 470  8,025  5,888  2,130 
Reclassification into interest expense 8  264  113  527 
Balance, end of period $ 13,759  $ 14,297  $ 13,759  $ 14,297 
Distributions in Excess of Accumulated Earnings
Balance, beginning of period $ (596,475) $ (541,042) $ (584,776) $ (529,104)
Distributions declared to common, senior common, and preferred stockholders (15,341) (15,156) (30,560) (30,265)
Redemption of Series F preferred stock, net (4) (6) (7) (11)
Net income (loss) available (attributable) to the Company 1,611  (4,515) 5,134  (1,339)
Balance, end of period $ (610,209) $ (560,719) $ (610,209) $ (560,719)
Total Stockholders' Equity
Balance, beginning of period $ 147,313  $ 190,882  $ 153,280  $ 203,904 
Issuance of common stock and Series F preferred stock, net 10,649  1,651  10,846  6,037 
Repurchase of common stock, net —  997  —  997 
Redemption of OP Units 3,865  —  3,865  — 
Redemption of Series F preferred stock, net 251  125  303  206 
Retirement of senior common stock, net —  —  —  52 
Distributions declared to common, senior common, and preferred stockholders (15,341) (15,156) (30,560) (30,265)
Comprehensive income 470  8,025  5,888  2,130 
Reclassification into interest expense 8  264  113  527 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership (3,119) (74) (3,162) (50)
Net income (loss) available (attributable) to the Company 1,611  (4,515) 5,134  (1,339)
Balance, end of period $ 145,707  $ 182,199  $ 145,707  $ 182,199 
Non-Controlling Interest
Balance, beginning of period $ 938  $ 1,641  $ 986  $ 1,790 
Distributions declared to Non-controlling OP Unit holders (67) (118) (160) (235)
Redemptions of OP Units (3,865) —  (3,865) — 
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership 3,119  74  3,162  50 
Net loss attributable to OP Units held by Non-controlling OP Unitholders (11) (73) (9) (81)
Balance, end of period $ 114  $ 1,524  $ 114  $ 1,524 
Total Equity $ 145,821  $ 183,723  $ 145,821  $ 183,723 
Schedule of Dividends Paid
We paid the following distributions per share for the three and six months ended June 30, 2024 and 2023:

For the three months ended June 30, For the six months ended June 30,
2024 2023 2024 2023
Common Stock and Non-controlling OP Units $ 0.30  $ 0.30  $ 0.60  $ 0.60 
Senior Common Stock 0.2625  0.2625  0.5250  0.5250 
Series E Preferred Stock 0.414063  0.414063  0.828126  0.828126 
Series F Preferred Stock 0.375  0.375  0.750  0.750 
Series G Preferred Stock 0.375  0.375  0.750  0.750