Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.2.2
Stockholders' Equity
9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Preferred Stock
On April 6, 2021, the Company redeemed the 125 shares of Series A Preferred Stock outstanding. The shares were redeemed at a redemption price of $1,000 per share, plus accrued and unpaid dividends and an early redemption fee for a total payment of $137,416, in cash. As of September 30, 2022 there were no shares of Series A preferred stock outstanding.
On September 15, 2022, the Board of Directors approved all 125 authorized but unissued shares of the Company's 12.5% Series A Redeemable Cumulative Preferred Stock to be reclassified into shares of preferred stock of the Company, $0.01 par value per share without designation as to class or series.
Common Stock
As of September 30, 2022, the Company had 21,403,817 shares of common stock outstanding.
Activity for the three and nine months ended September 30, 2022:
During the three and nine months ended September 30, 2022, 0 and 79,721 OP Units were converted into shares of our common stock, respectively. Additionally, during the three and nine months ended September 30, 2022, 85,180 and 88,182 RSUs were converted into shares of our common stock, respectively.
Activity for the three and nine months ended September 30, 2021:
During January and February 2021, the Company issued 1,871,932 shares of common stock for $21.15 per share, resulting in net proceeds of approximately $39.6 million, after deducting offering expenses.
During March 2021, in connection with the Merger, the Company issued 7,699,887 shares of common stock and warrants to purchase up to 602,392 shares of the Company’s common stock.
On August 13, 2021, the Company closed on its initial public offering ("IPO") of 3,905,950 shares of common stock at a public offering price of $26.00 per share, resulting in net proceeds of approximately $93.5 million, after deducting offering expenses.
Dividends
The following tables present the cash dividends, dividend equivalents on vested RSUs and, in our capacity as general partner of the Operating Partnership, authorized distributions on our OP Units declared by the Company during the nine months ended September 30, 2022 and 2021:
Declaration Date Share/Unit Period Covered Distributions Paid Date Amount
March 15, 2022 $ 0.33  January 1, 2022 to March 31, 2022 April 14, 2022 $ 7,200,400 
June 15, 2022 0.35  April 1, 2022 to June 30, 2022 July 15, 2022 7,640,568 
September 15, 2022 0.37  July 1, 2022 to September 30, 2022 October 14, 2022 8,064,495 
Total $ 1.05  $ 22,905,463 
Dividends (continued)
Declaration Date Share/Unit Period Covered Distributions Paid Date Amount
February 27, 2021 $ 0.15  January 1, 2021 to March 16, 2021 March 22, 2021 $ 1,518,070 
March 15, 2021 0.08  January 1, 2021 to March 16, 2021 March 29, 2021 809,665 
June 16, 2021 0.24  March 17, 2021 to June 30, 2021 July 15, 2021 4,276,968 
August 11, 2021 0.12  July 1, 2021 to August 12, 2021 August 12, 2021 2,149,253 
September 15, 2021 0.12  August 13, 2021 to September 30, 2021 October 15, 2021 2,617,967 
Total $ 0.71  $ 11,371,923 
The Company had accrued unearned dividend equivalents on unvested RSUs and unvested PSUs of $35,850 and $90,904 as of September 30, 2022. There were no accrued unearned dividend equivalents on unvested RSUs or unvested PSUs as of September 30, 2021.