Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):


As of June 30, 2024
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N (1)		1,849		1,849		92,427		7.250	%	$	3.62500	$	1.00	N/A
				21,216	$	576,606

(1)

In connection with the RPT Merger, the Company issued 1,849 shares of Class N Preferred Stock with a par value of $1.00 per share, represented by 1,848,539 depositary shares, which had a fair market value of $105.6 million. The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election. As of June 30, 2024, the Class N Preferred Stock was potentially convertible into 4.3 million shares of common stock.


As of December 31, 2023
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
				19,367	$	484,179

Summary of Dividends Declared Per Share

The following table provides a summary of the dividends declared per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Common Shares	$	0.24000	$	0.23000	$	0.48000	$	0.46000
Class L Depositary Shares	$	0.32031	$	0.32031	$	0.64062	$	0.64062
Class M Depositary Shares	$	0.32813	$	0.32813	$	0.65626	$	0.65626
Class N Depositary Shares	$	0.90625	$	-	$	1.81250	$	-