Schedule of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
2023 |
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2024 |
2023 |
Senior Common Stock |
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Balance, beginning of period |
$ |
1 |
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$ |
1 |
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$ |
1 |
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$ |
1 |
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Issuance of senior common stock, net |
— |
|
— |
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|
— |
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— |
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Balance, end of period |
$ |
1 |
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$ |
1 |
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$ |
1 |
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$ |
1 |
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Common Stock |
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|
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Balance, beginning of period |
$ |
41 |
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$ |
39 |
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$ |
40 |
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$ |
39 |
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Issuance of common stock, net |
2 |
|
— |
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|
3 |
|
1 |
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Repurchase of common stock, net |
— |
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— |
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— |
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(1) |
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Balance, end of period |
$ |
43 |
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$ |
39 |
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$ |
43 |
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$ |
39 |
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Series F Preferred Stock |
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Balance, beginning of period |
$ |
1 |
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$ |
1 |
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$ |
1 |
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$ |
1 |
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Issuance of Series F preferred stock, net |
— |
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— |
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— |
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— |
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Redemption of Series F preferred stock, net |
— |
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— |
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— |
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— |
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Balance, end of period |
$ |
1 |
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$ |
1 |
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$ |
1 |
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$ |
1 |
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Additional Paid in Capital |
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Balance, beginning of period |
$ |
742,114 |
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$ |
728,580 |
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$ |
730,256 |
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$ |
721,327 |
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Issuance of common stock and Series F preferred stock, net |
37,066 |
|
690 |
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|
47,911 |
|
6,725 |
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Repurchase of common stock, net |
— |
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— |
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— |
|
998 |
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Redemption of OP Units |
— |
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— |
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3,865 |
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— |
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Redemption of Series F preferred stock, net |
1,008 |
|
183 |
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1,318 |
|
401 |
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Retirement of senior common stock, net |
— |
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— |
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— |
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52 |
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Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
17 |
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(53) |
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(3,145) |
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(103) |
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Balance, end of period |
$ |
780,205 |
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$ |
729,400 |
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$ |
780,205 |
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$ |
729,400 |
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Accumulated Other Comprehensive Income |
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Balance, beginning of period |
$ |
13,759 |
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$ |
14,297 |
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$ |
7,758 |
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$ |
11,640 |
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Comprehensive income |
(10,456) |
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5,089 |
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(4,568) |
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7,218 |
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Reclassification into interest expense |
62 |
|
409 |
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175 |
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937 |
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Balance, end of period |
$ |
3,365 |
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$ |
19,795 |
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$ |
3,365 |
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$ |
19,795 |
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Distributions in Excess of Accumulated Earnings |
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Balance, beginning of period |
$ |
(610,209) |
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$ |
(560,719) |
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$ |
(584,776) |
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$ |
(529,104) |
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Distributions declared to common, senior common, and preferred stockholders |
(16,168) |
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(15,182) |
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(46,726) |
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(45,445) |
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Redemption of Series F preferred stock, net |
2 |
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(1) |
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(4) |
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(12) |
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Net income available to the Company |
11,677 |
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1,789 |
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16,808 |
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448 |
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Balance, end of period |
$ |
(614,698) |
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$ |
(574,113) |
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$ |
(614,698) |
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$ |
(574,113) |
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Total Stockholders' Equity |
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Balance, beginning of period |
$ |
145,707 |
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$ |
182,199 |
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$ |
153,280 |
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$ |
203,904 |
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Issuance of common stock and Series F preferred stock, net |
37,068 |
|
690 |
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47,914 |
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6,726 |
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Repurchase of common stock, net |
— |
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— |
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— |
|
997 |
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Redemption of OP Units |
— |
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— |
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3,865 |
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— |
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Redemption of Series F preferred stock, net |
1,010 |
|
182 |
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1,314 |
|
389 |
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Retirement of senior common stock, net |
— |
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— |
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— |
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52 |
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Distributions declared to common, senior common, and preferred stockholders |
(16,168) |
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(15,182) |
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(46,726) |
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(45,445) |
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Comprehensive income |
(10,456) |
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5,089 |
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(4,568) |
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7,218 |
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Reclassification into interest expense |
62 |
|
409 |
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|
175 |
|
937 |
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Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
17 |
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(53) |
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(3,145) |
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(103) |
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Net income available to the Company |
11,677 |
|
1,789 |
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|
16,808 |
|
448 |
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Balance, end of period |
$ |
168,917 |
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$ |
175,123 |
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$ |
168,917 |
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$ |
175,123 |
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Non-Controlling Interest |
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Balance, beginning of period |
$ |
114 |
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$ |
1,524 |
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$ |
986 |
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$ |
1,790 |
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Distributions declared to Non-controlling OP Unit holders |
(12) |
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(117) |
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(172) |
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(352) |
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Redemptions of OP Units |
— |
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— |
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(3,865) |
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— |
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Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(17) |
|
53 |
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3,145 |
|
103 |
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Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders |
44 |
|
3 |
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|
35 |
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(78) |
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Balance, end of period |
$ |
129 |
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$ |
1,463 |
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$ |
129 |
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$ |
1,463 |
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Total Equity |
$ |
169,046 |
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$ |
176,586 |
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$ |
169,046 |
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$ |
176,586 |
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