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Stockholder’s Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholder's Equity Stockholder’s 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 December 31, 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
Activity for the year ended December 31, 2022:
During the year ended December 31, 2022, 79,721 OP Units and 92,559 RSUs were converted into shares of our common stock.
Activity for the year ended December 31, 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. See Note 3.
On August 13, 2021, the Company closed on its 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.
Stock Repurchase Program
On November 7, 2022, the board of directors of the Company authorized a stock repurchase program of its common stock up to $10.0 million through December 31, 2023. Purchases made pursuant to the stock repurchase program will be made in the open market, in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 of the Securities and Exchange Act of 1934, as amended. The authorization of the stock repurchase program does not obligate the Company to acquire any particular amount of common stock. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The stock repurchase program may be suspended or discontinued by us at any time and without prior notice. As of December 31, 2022, the Company has not repurchased any shares of common stock under the stock repurchase program.
Dividends
The following tables describe 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 years ended December 31, 2022 and 2021:
Declaration DateRecord DatePeriod CoveredDistributions Paid DateAmount per Share/Unit
March 15, 2022March 31, 2022January 1, 2022 to March 31, 2022April 14, 2022$0.33 
June 15, 2022June 30, 2022April 1, 2022 to June 30, 2022July 15, 20220.35 
September 15, 2022September 30, 2022July 1, 2022 to September 30, 2022October 14, 20220.37 
December 15, 2022December 30, 2022October 1, 2022 to December 30, 2022January 13, 20230.39 
Total$1.44 
Declaration DateRecord DatePeriod CoveredDistributions Paid DateAmount per Share/Unit
February 27, 2021 February 27, 2021 January 1, 2021 to March 16, 2021March 22, 2021$0.15 
March 15, 2021March 15, 2021January 1, 2021 to March 16, 2021March 29, 20210.08 
June 16, 2021June 30, 2021March 17, 2021 to June 30, 2021July 15, 20210.24 
August 11, 2021 August 11, 2021 July 1, 2021 to August 12, 2021August 12, 20210.12 
September 15, 2021 September 30, 2021 August 13, 2021 to September 30, 2021October 15, 20210.12 
December 15, 2021 December 31, 2021 October 1, 2021 to December 31, 2021January 15, 20220.31 
Total$1.02 
During the year ended December 31, 2021, the Company paid cash dividends on our Series A Preferred Stock totaling $4,167.
During the years ended December 31, 2022 and 2021, the Company paid $17,628 and $0, respectively, of dividend equivalents that became earned upon vesting of RSUs. The Company had accrued unearned dividend equivalents on unvested RSUs and unvested PSUs of $155,547 and $38,379 as of December 31, 2022 and 2021, respectively.