Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

Equity

Stockholders’ Equity

On March 10, 2020, the Company commenced an at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser. During the six months ended June 30, 2021, the Company issued and sold 1,786,524 shares of common stock at a weighted average price of $13.19 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $23.1 million. During the six months ended June 30, 2021, the Company did not issue any shares of Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $241.4 million remained unsold under the ATM Program as of August 3, 2021.

Noncontrolling Interests

As of June 30, 2021 and December 31, 2020, the Company held a 74.5% and 73.9% common interest in the Operating Partnership, respectively. As of June 30, 2021, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 74.5% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2021, there were 20,853,485 Class A units of limited partnership interest in the Operating Partnership ("Class A Units") not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership.

Additionally, the Operating Partnership owns a majority interest in certain non-wholly-owned operating and development properties. The noncontrolling interest for investment entities of $0.6 million relates to the minority partners' interest in certain joint venture entities as of June 30, 2021. The noncontrolling interest for consolidated real estate entities was $0.5 million as of December 31, 2020.

On January 4, 2021, a holder of Class A Units tendered 12,000 Class A Units for redemption by the Operating Partnership, which the Company elected to satisfy by issuing an equal number of shares of common stock.

Dividends and Distributions

During the six months ended June 30, 2021, the following dividends/distributions were declared or paid:

Equity type	Declaration Date	Record Date	Payment Date	Dividends per Share/Unit		Aggregate Dividends/Distributions on Stock and Units (in thousands)
Common Stock/Class A Units	11/10/2020	12/30/2020	01/07/2021	$	0.11	$	8,793
Common Stock/Class A Units	02/09/2021	03/31/2021	04/08/2021	0.15		12,112
Common Stock/Class A Units	05/03/2021	06/30/2021	07/08/2021	0.16		13,095
Series A Preferred Stock	11/10/2020	01/04/2021	01/15/2021	0.421875		2,887
Series A Preferred Stock	02/09/2021	04/01/2021	04/15/2021	0.421875		2,887
Series A Preferred Stock	05/03/2021	07/01/2021	07/15/2021	0.421875		2,887