| Summary of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three and nine months ended September 30, 2019 and 2018 (in thousands):
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Three Months Ended September 30, |
Nine Months Ended September 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 |
$ |
31 |
|
$ |
29 |
|
$ |
29 |
|
$ |
28 |
|
Issuance of common stock, net |
— |
|
— |
|
2 |
|
1 |
|
Balance, end of period |
$ |
31 |
|
$ |
29 |
|
$ |
31 |
|
$ |
29 |
|
Additional Paid in Capital |
|
|
|
|
Balance, beginning of period |
$ |
592,706 |
|
$ |
538,276 |
|
$ |
559,977 |
|
$ |
534,790 |
|
Issuance of Series A and B preferred stock and common stock, net |
7,362 |
|
6,619 |
|
40,608 |
|
10,139 |
|
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 |
(112 |
) |
— |
|
(629 |
) |
— |
|
Balance, end of period |
$ |
599,956 |
|
$ |
544,895 |
|
$ |
599,956 |
|
$ |
544,895 |
|
Accumulated Other Comprehensive Income |
|
|
|
|
Balance, beginning of period |
$ |
(1,859 |
) |
$ |
818 |
|
$ |
(148 |
) |
$ |
35 |
|
Comprehensive income |
(624 |
) |
245 |
|
(2,335 |
) |
1,028 |
|
Balance, end of period |
$ |
(2,483 |
) |
$ |
1,063 |
|
$ |
(2,483 |
) |
$ |
1,063 |
|
Distributions in Excess of Accumulated Earnings |
|
|
|
|
Balance, beginning of period |
$ |
(331,461 |
) |
$ |
(287,910 |
) |
$ |
(310,117 |
) |
$ |
(268,058 |
) |
Distributions declared to common, senior common, and preferred stockholders |
(14,482 |
) |
(13,633 |
) |
(42,674 |
) |
(40,615 |
) |
Net income |
2,207 |
|
2,677 |
|
9,055 |
|
9,807 |
|
Balance, end of period |
$ |
(343,736 |
) |
$ |
(298,866 |
) |
$ |
(343,736 |
) |
$ |
(298,866 |
) |
Total Stockholders' Equity |
|
|
|
|
Balance, beginning of period |
$ |
259,420 |
|
$ |
251,216 |
|
$ |
249,744 |
|
$ |
266,798 |
|
Issuance of Series A and B preferred stock and common stock, net |
7,362 |
|
6,619 |
|
40,610 |
|
10,140 |
|
Retirement of senior common stock, net |
— |
|
— |
|
— |
|
(34 |
) |
Distributions declared to common, senior common, and preferred stockholders |
(14,482 |
) |
(13,633 |
) |
(42,674 |
) |
(40,615 |
) |
Comprehensive income |
(624 |
) |
245 |
|
(2,335 |
) |
1,028 |
|
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
(112 |
) |
— |
|
(629 |
) |
— |
|
Net income |
2,207 |
|
2,677 |
|
9,055 |
|
9,807 |
|
Balance, end of period |
$ |
253,771 |
|
$ |
247,124 |
|
$ |
253,771 |
|
$ |
247,124 |
|
Non-Controlling Interest |
|
|
|
|
Balance, beginning of period |
$ |
4,665 |
|
$ |
— |
|
$ |
4,675 |
|
$ |
— |
|
Distributions declared to Non-controlling OP Unit holders |
(279 |
) |
— |
|
(835 |
) |
— |
|
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership |
112 |
|
— |
|
629 |
|
— |
|
Net income |
(16 |
) |
— |
|
13 |
|
— |
|
Balance, end of period |
$ |
4,482 |
|
$ |
— |
|
$ |
4,482 |
|
$ |
— |
|
Total Equity |
$ |
258,253 |
|
$ |
247,124 |
|
$ |
258,253 |
|
$ |
247,124 |
|
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