Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events

Subsequent Events

Note 14 – Subsequent Events

Declaration of Dividends

	Payable to stockholders
Declaration Date	of record as of	Amount		Paid / Payable Date
Series B Preferred Stock
April 12, 2021	April 23, 2021	$	5.00	May 5, 2021
April 12, 2021	May 25, 2021	$	5.00	June 4, 2021
April 12, 2021	June 25, 2021	$	5.00	July 2, 2021
Series T Preferred Stock (1)
April 12, 2021	April 23, 2021	$	0.128125	May 5, 2021
April 12, 2021	May 25, 2021	$	0.128125	June 4, 2021
April 12, 2021	June 25, 2021	$	0.128125	July 2, 2021

(1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding.

Distributions Paid

The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP Units and LTIP Units, subsequent to March 31, 2021 (amounts in thousands):

				Distributions		Total
Shares	Declaration Date	Record Date	Date Paid	per Share		Distribution
Class A Common Stock	March 12, 2021	March 25, 2021	April 5, 2021	$	0.1625000	$	3,943
Class C Common Stock	March 12, 2021	March 25, 2021	April 5, 2021		0.1625000		12
Series B Preferred Stock	January 13, 2021	March 25, 2021	April 5, 2021		5.0000000		2,257
Series C Preferred Stock	March 12, 2021	March 25, 2021	April 5, 2021		0.4765625		1,094
Series D Preferred Stock	March 12, 2021	March 25, 2021	April 5, 2021		0.4453125		1,235
Series T Preferred Stock	January 13, 2021	March 25, 2021	April 5, 2021		0.1281250		1,676
OP Units	March 12, 2021	March 25, 2021	April 5, 2021		0.1625000		1,027
LTIP Units	March 12, 2021	March 25, 2021	April 5, 2021		0.1625000		616
Series B Preferred Stock	April 12, 2021	April 23, 2021	May 5, 2021		5.0000000		2,062
Series T Preferred Stock	April 12, 2021	April 23, 2021	May 5, 2021		0.1281250		1,861
Total						$	15,783

Peak Housing Interests

On April 12, 2021, the Company made a $10.7 million preferred equity investment in the operating partnership of Peak Housing, a private REIT. Peak Housing's portfolio consists of 474 single-family homes located throughout Texas.The Company will earn a 7.0% current return and a 3.0% accrued return for a total preferred return of 10.0%.

Acquisition of Yauger Park

On April 14, 2021, the Company acquired a 95% interest in an 80-unit apartment community located in Olympia, Washington known as Yauger Park for $24.5 million. The purchase price of $24.5 million was funded, in part, with the assumption of a $10.5 million senior loan and the assumption of a $4.6 million supplemental loan, both secured by the Yauger Park property.

Sale of Plantation Park

On April 26, 2021, the Company closed on the sale of Plantation Park located in Lake Jackson, Texas. The property was sold for $32.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the transfer of existing mortgage indebtedness encumbering the property in the amount of $26.6 million and payment of closing costs and fees of $0.4 million, an immaterial loss on the sale was incurred. The sale of the property generated net proceeds of approximately $4.9 million, of which the Company’s pro rata share of the proceeds was approximately $2.7 million.