Distributions

12 Months Ended

Dec. 31, 2024

In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company.

The Company paid common stock distributions of $2.36 per share in 2024, $2.36 per share in 2023, and $2.32 per share in 2022, Series D preferred stock dividends of $1.53, $1.53 and $1.53, respectively, per depositary share in 2024, 2023, and 2022, and Series E preferred stock dividends of $1.50, $1.50, and $1.50, respectively, per depositary share in 2024, 2023, and 2022. Of the common stock dividends paid, $1.69 per share, $1.75 per share, and $1.32 per share, represented ordinary dividend income in 2024, 2023, and 2022, respectively, and $0.67 per share, $0.61 per share, and $1.00 per share represented return of capital to the shareholders in 2024, 2023, and 2022, respectively. All of the preferred dividends paid represented ordinary dividend income.

The following summarizes distributions paid during the years ended December 31, 2024, 2023, and 2022, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions:


	Total Distributions to						Dividend Reinvestments
(Dollars in thousands, except per share amounts)	Preferred Stockholders		Common Stockholders		Limited Partnership Unitholders		Common Stock Shares Issued	Discounted Share Price		Limited Partnership Units Issued	Average Unit Price
Distributions during 2024
4th Quarter	$	2,798	$	14,252	$	6,160	16,143	$	38.39	41,248	$	38.90
3rd Quarter	2,799		14,215		6,136		15,992	38.96		40,039	39.49
2nd Quarter	2,798		14,221		6,110		17,086	35.11		43,696	35.59
1st Quarter	2,799		14,206		5,930		16,007	37.71		306,512	38.30
Total 2024	$	11,194	$	56,894	$	24,336	65,228			431,495
Distributions during 2023
4th Quarter	$	2,798	$	14,195	$	5,486	17,854	$	33.35	44,500	$	33.83
3rd Quarter	2,799		14,192		5,486		14,689	37.75		—	—
2nd Quarter	2,798		14,164		5,486		15,587	34.92		—	—
1st Quarter	2,799		14,171		5,486		13,229	41.06		—	—
Total 2023	$	11,194	$	56,722	$	21,944	61,359			44,500
Distributions during 2022
4th Quarter	$	2,798	$	14,159	$	5,486	13,698	$	39.70	—	$	—
3rd Quarter	2,799		14,156		5,486		10,577	50.80		—	—
2nd Quarter	2,798		13,625		5,292		57,819	51.61		12,955	51.55
1st Quarter	2,799		13,583		5,284		61,863	47.66		13,704	48.16
Total 2022	$	11,194	$	55,523	$	21,548	143,957			26,659

In December 2024, the Board of Directors of the Company authorized a distribution of $0.59 per common share payable in January 2025 to holders of record on January 15, 2025. As a result, $13.7 million was paid to common shareholders on January 31, 2025. Also, $6.2 million was paid to limited partnership unit holders on January 31, 2025 ($0.59 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 2, 2025. As a result, $2.8 million was paid to preferred shareholders on January 15, 2025. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.