Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

Indebtedness

In July 2020, the Company borrowed $2.9 million on its construction loans to fund development activities.

In July 2020, the Company decreased its borrowings under the revolving credit facility by $32.0 million, bringing the outstanding balance down to $48.0 million.

Equity

On July 1, 2020, due to the holders of Class A Units tendering an aggregate of 756,697 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.

In connection with the ATM Program, on July 2, 2020, the Company filed, with the MSDAT, Articles Supplementary to the Articles of Amendment and Restatement of the Company, designating an additional 3,450,000 shares of the Company’s authorized preferred stock as shares of Series A Preferred Stock, resulting in a total of 6,380,000 shares classified as Series A Preferred Stock. The Articles Supplementary became effective on July 2, 2020.

On July 15, 2020, the Company paid cash dividends of $1.2 million to holders of shares of Series A Preferred Stock.

On July 30, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the third quarter of 2020. The dividend will be payable in cash on October 15, 2020 to stockholders of record on October 1, 2020.

On July 30, 2020, the Company announced that its Board of Directors declared a cash dividend of $0.11 per common share and Class A Unit for the third quarter of 2020. The dividend will be payable in cash on October 8, 2020 to stockholders and Class A unitholders of record on September 30, 2020.

In July 2020, the Company sold an aggregate of 166,630 shares of common stock at a weighted average price of $10.16 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $1.7 million.

In July 2020, the Company sold an aggregate of 709,588 shares of Series A Preferred Stock at a weighted average price of $22.87 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $16.0 million.