Preferred Stock, Common Stock and Convertible Unit Transactions (Tables)

12 Months Ended

Dec. 31, 2024

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


As of December 31, 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		1,439		71,934		7.250	%	$	3.62500	$	1.00	N/A
				20,806	$	556,113

(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 December 31, 2024, the Class N Preferred Stock was potentially convertible into 3.3 million shares of common stock.


As of December 31, 2023
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		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 Repurchased Preferred Stock

During the year ended December 31, 2024, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)
Class N		80	$	5

Summary of Dividends Declared Per Share

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


	Year Ended December 31,
	2024		2023		2022
Common Stock (1)	$	0.97000	$	1.02000	$	0.84000
Class L Depositary Shares	$	1.28125	$	1.28125	$	1.28125
Class M Depositary Shares	$	1.31250	$	1.31250	$	1.31250
Class N Depositary Shares	$	3.62500	$	-	$	-

(1)

During 2023, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to maintain distribution requirements as a REIT.