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Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Total Stockholders’ equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Operating Partnership Unitholders’ Non-controlling Interests
Beginning balance at Dec. 31, 2022 $ 283,711 $ 229,231 $ 195 $ 254,107 $ 7,486 $ (32,557) $ 54,480
Beginning balance (in shares) at Dec. 31, 2022     19,555,272        
Net proceeds from sale of common stock (in shares)     55,082        
Net proceeds from sale of common stock 710 710 $ 1 709      
Shares issued upon redemption of OP units (in shares)     22,798        
Shares issued upon redemption of operating partnership units 0 409   409     (409)
Issuance and amortization of equity-based compensation (in shares)     146,627        
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 1,945 1,377 $ 1 1,376     568
Issuance and amortization under ESPP (in shares)     6,446        
APIC, Share-Based Payment Arrangement, ESPP, Increase for Cost Recognition 94 94   94      
Restricted stock withholdings (in shares)     (21,310)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation 327 327   327      
Dividends and distributions (5,963) (4,787)       (4,787) (1,176)
Unrealized loss on derivative instruments (2,837) (2,279)     (2,279)   (558)
Net income 433 348       348 85
Reallocation of non-controlling interest 0 (2,338)   (2,338)     2,338
Ending balance (in shares) at Mar. 31, 2023     19,764,915        
Ending balance at Mar. 31, 2023 277,766 222,438 $ 197 254,030 5,207 (36,996) 55,328
Beginning balance at Dec. 31, 2022 283,711 229,231 $ 195 254,107 7,486 (32,557) 54,480
Beginning balance (in shares) at Dec. 31, 2022     19,555,272        
Net income 1,694            
Ending balance (in shares) at Jun. 30, 2023     20,029,975        
Ending balance at Jun. 30, 2023 281,570 225,711 $ 200 258,331 7,934 (40,754) 55,859
Beginning balance at Mar. 31, 2023 277,766 222,438 $ 197 254,030 5,207 (36,996) 55,328
Beginning balance (in shares) at Mar. 31, 2023     19,764,915        
Net proceeds from sale of common stock (in shares)     265,225        
Net proceeds from sale of common stock 3,843 3,843 $ 3 3,840      
Issuance of operating partnership units in connection with acquisition transactions 548           548
Cash redemption from non-controlling interests (558)           558
Issuance and amortization of equity-based compensation (in shares)     (165)        
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 1,242 684 $ 0 684     558
APIC, Share-Based Payment Arrangement, ESPP, Increase for Cost Recognition 6 6   6      
Dividends and distributions (5,937) (4,770)       (4,770) (1,167)
Unrealized loss on derivative instruments 3,399 2,727     2,727   672
Net income 1,261 1,012       1,012 249
Reallocation of non-controlling interest 0 (229)   (229)     229
Ending balance (in shares) at Jun. 30, 2023     20,029,975        
Ending balance at Jun. 30, 2023 281,570 225,711 $ 200 258,331 7,934 (40,754) 55,859
Beginning balance at Dec. 31, 2023 301,625 243,562 $ 219 287,268 4,621 (48,546) 58,063
Beginning balance (in shares) at Dec. 31, 2023     21,960,211        
Net proceeds from sale of common stock (in shares)     576,087        
Net proceeds from sale of common stock 7,867 7,867 $ 6 7,861      
Issuance of operating partnership units in connection with acquisition transactions 5,788           5,788
Issuance and amortization of equity-based compensation (in shares)     120,941        
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 2,113 1,148 $ 1 1,147     965
Issuance and amortization under ESPP (in shares)     5,137        
APIC, Share-Based Payment Arrangement, ESPP, Increase for Cost Recognition 77 77   77      
Restricted stock withholdings (in shares)     (27,919)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation 396 396   396      
Dividends and distributions (6,859) (5,520)       (5,520) (1,339)
Unrealized loss on derivative instruments 2,819 2,267     2,267   552
Net income 256 206       206 50
Reallocation of non-controlling interest 0 (1,079)   (1,079)     1,079
Ending balance (in shares) at Mar. 31, 2024     22,634,457        
Ending balance at Mar. 31, 2024 313,290 248,132 $ 226 294,878 6,888 (53,860) 65,158
Beginning balance at Dec. 31, 2023 301,625 243,562 $ 219 287,268 4,621 (48,546) 58,063
Beginning balance (in shares) at Dec. 31, 2023     21,960,211        
Net income 1,288            
Ending balance (in shares) at Jun. 30, 2024     22,744,912        
Ending balance at Jun. 30, 2024 309,532 245,480 $ 228 296,886 6,899 (58,533) 64,052
Beginning balance at Mar. 31, 2024 313,290 248,132 $ 226 294,878 6,888 (53,860) 65,158
Beginning balance (in shares) at Mar. 31, 2024     22,634,457        
Net proceeds from sale of common stock (in shares)     57,993        
Net proceeds from sale of common stock 685 685 $ 1 684      
Shares issued upon redemption of OP units (in shares)     52,778        
Shares issued upon redemption of operating partnership units 0 862   861     (862)
Issuance and amortization of equity-based compensation (in shares)     (316)        
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 1,433 722 $ 0 722     711
Issuance and amortization under ESPP (in shares)     0        
APIC, Share-Based Payment Arrangement, ESPP, Increase for Cost Recognition 6 6   6      
Dividends and distributions (6,928) (5,490)       (5,490) (1,438)
Unrealized loss on derivative instruments 14 11     11   3
Net income 1,032 817       817 215
Reallocation of non-controlling interest 0 (265)   (265)     265
Ending balance (in shares) at Jun. 30, 2024     22,744,912        
Ending balance at Jun. 30, 2024 $ 309,532 $ 245,480 $ 228 $ 296,886 $ 6,899 $ (58,533) $ 64,052