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Condensed Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Additional paid-in capital
Distributions in excess of earnings
Accumulated other comprehensive income
Total stockholders' equity
Noncontrolling interests in investment entities
Noncontrolling interests in Operating Partnership
Beginning balance at Dec. 31, 2023 $ 805,178 $ 171,085 $ 668 $ 580,687 $ (184,724) $ 4,906 $ 572,622 $ 9,986 $ 222,570
Net income 17,725       14,073   14,073 34 3,618
Unrealized cash flow hedge (losses) gains 3,554         2,664 2,664 29 861
Realized cash flow hedge gains (losses) reclassified to net loss (3,642)         (2,700) (2,700) (68) (874)
Net costs from issuance of common stock (10)     (10)     (10)    
Restricted stock awards, net 1,396   2 1,394     1,396    
Redemption of operating partnership units (118)     (22)     (22)   (96)
Distributions to noncontrolling interests (336)             (336)  
Dividends declared on preferred stock (2,887)       (2,887)   (2,887)    
Dividends, Common Stock (18,183)       (13,733)   (13,733)   (4,450)
Ending balance at Mar. 31, 2024 802,677 171,085 670 582,049 (187,271) 4,870 571,403 9,645 221,629
Beginning balance at Dec. 31, 2023 805,178 171,085 668 580,687 (184,724) 4,906 572,622 9,986 222,570
Net income 21,004                
Unrealized cash flow hedge (losses) gains 4,538                
Realized cash flow hedge gains (losses) reclassified to net loss (5,040)                
Ending balance at Jun. 30, 2024 789,406 171,085 674 587,117 (200,699) 4,557 562,734 9,511 217,161
Beginning balance at Mar. 31, 2024 802,677 171,085 670 582,049 (187,271) 4,870 571,403 9,645 221,629
Net income 3,279       3,172   3,172 17 90
Unrealized cash flow hedge (losses) gains 984         743 743   241
Realized cash flow hedge gains (losses) reclassified to net loss (1,398)         (1,056) (1,056)   (342)
Net costs from issuance of common stock 4,263   4 4,259     4,263    
Restricted stock awards, net 809     809     809    
Distributions to noncontrolling interests (151)             (151)  
Dividends declared on preferred stock (2,887)       (2,887)   (2,887)    
Dividends, Common Stock (18,170)       (13,713)   (13,713)   (4,457)
Ending balance at Jun. 30, 2024 789,406 171,085 674 587,117 (200,699) 4,557 562,734 9,511 217,161
Beginning balance at Dec. 31, 2024 889,669 171,085 797 714,640 (218,623) 2,737 670,636 9,180 209,853
Net income (4,343)       (2,805)   (2,805) (3) (1,535)
Unrealized cash flow hedge (losses) gains (1,050)         (827) (827)   (223)
Realized cash flow hedge gains (losses) reclassified to net loss (313)         (279) (279) 41 (75)
Net costs from issuance of common stock (14)     (14)     (14)    
Restricted stock awards, net 2,259   5 2,254     2,259    
Redemption of operating partnership units (4)   3 2,525     2,528   (2,532)
Distributions to noncontrolling interests (301)             (301)  
Dividends declared on preferred stock (2,887)       (2,887)   (2,887)    
Dividends, Common Stock (14,264)       (11,220)   (11,220)   (3,044)
Ending balance at Mar. 31, 2025 868,752 171,085 805 719,405 (235,535) 1,631 657,391 8,917 202,444
Beginning balance at Dec. 31, 2024 889,669 171,085 797 714,640 (218,623) 2,737 670,636 9,180 209,853
Net income 2,374                
Unrealized cash flow hedge (losses) gains (1,416)                
Realized cash flow hedge gains (losses) reclassified to net loss (624)                
Ending balance at Jun. 30, 2025 860,791 171,085 804 722,732 (243,695) 1,079 652,005 8,735 200,051
Beginning balance at Mar. 31, 2025 868,752 171,085 805 719,405 (235,535) 1,631 657,391 8,917 202,444
Net income 6,717       5,949   5,949 (77) 845
Unrealized cash flow hedge (losses) gains (366)         (287) (287)   (79)
Realized cash flow hedge gains (losses) reclassified to net loss (311)         (265) (265) 30 (76)
Net costs from issuance of common stock (52)     (52)     (52)    
Restricted stock awards, net 1,364   (1) 1,365     1,364    
Non-controlling interest recognized upon consolidation 36,323             36,323  
Acquisition of noncontrolling interest in real estate entity 34,309     (2,014)     (2,014) (36,323)  
Distributions to noncontrolling interests (135)             (135)  
Dividends declared on preferred stock (2,887)       (2,887)   (2,887)    
Dividends, Common Stock (14,305)       (11,222)   (11,222)   (3,083)
Ending balance at Jun. 30, 2025 $ 860,791 $ 171,085 $ 804 $ 722,732 $ (243,695) $ 1,079 $ 652,005 $ 8,735 $ 200,051