| | ||||||||||||||||||||||||||||
Title of Each Class of Securities Offered
|
| | |
Amount to
be Registered |
| | |
Proposed
Maximum Offering Price Per Unit |
| | |
Proposed
Maximum Aggregate Offering Price |
| | |
Amount Of
Registration Fee(1) |
| ||||||||||||
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
| | | | | 3,680,000 | | | | | | $ | 25.00 | | | | | | $ | 92,000,000 | | | | | | $ | 10,037.20 | | |
| | |
Per Share
|
| |
Total(2)
|
| ||||||
Public offering price(1)
|
| | | $ | 25.00 | | | | | $ | 80,000,000 | | |
Underwriting discount
|
| | | $ | 0.7875 | | | | | $ | 2,520,000 | | |
Proceeds, before expenses, to us
|
| | | $ | 24.2125 | | | | | $ | 77,480,000 | | |
| BMO Capital Markets | | |
B. Riley Securities
|
| |
Truist Securities
|
|
| D.A. Davidson & Co. | | |
Janney Montgomery Scott
|
| |
Ladenburg Thalmann
|
| |
William Blair
|
|
| Boenning & Scattergood | | |
National Securities
|
|
| | |
Page
|
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PROSPECTUS SUPPLEMENT
|
| | | | | | |
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-1 | | | |
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-10 | | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-29 | | | |
| | | | S-33 | | | |
| | | | S-37 | | | |
| | | | S-37 | | | |
| | | | S-38 | | | |
| | | | S-39 | | |
| | |
Page
|
| |||
BASIS OF PRESENTATION
|
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As of September 30, 2020
(unaudited) |
| |||||||||
| | |
Actual
|
| |
Pro Forma
As Adjusted |
| ||||||
| | |
($ in thousands, except per
share data) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 86,265 | | | | | $ | 163,230 | | |
Restricted cash
|
| | | | 13,306 | | | | | | 13,306 | | |
Debt: | | | | | | | | | | | | | |
Mortgage notes payable, net
|
| | | $ | 1,494,966 | | | | | $ | 1,494,966 | | |
Credit Facility
|
| | | | 305,857 | | | | | | 305,857 | | |
Total debt
|
| | | $ | 1,800,823 | | | | | $ | 1,800,823 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Series A Preferred Stock, $0.01 par value per share, liquidation preference $25.00 per share, 8,796,000 shares authorized, actual and pro forma as adjusted; 7,719,689 shares issued and outstanding, actual and pro forma as adjusted
|
| | | $ | 77 | | | | | $ | 77 | | |
Series B Preferred Stock, $0.01 par value per share, 120,000 shares authorized, actual and pro forma as adjusted; no shares issued and outstanding, actual and pro forma as adjusted
|
| | | | — | | | | | | — | | |
Series C Preferred Stock, $0.01 par value per share, liquidation preference
$25.00 per share, no shares authorized, issued and outstanding, actual; 3,680,000 shares authorized, and 3,200,000 shares issued and outstanding, pro forma as adjusted |
| | | | — | | | | | | 32 | | |
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 108,837,209 shares issued and outstanding, actual and pro forma as adjusted
|
| | | | 1,088 | | | | | | 1,088 | | |
Additional paid-in capital
|
| | | | 2,635,276 | | | | | | 2,712,209 | | |
Accumulated other comprehensive loss
|
| | | | (546) | | | | | | (546) | | |
Accumulated deficit
|
| | | | (1,047,227) | | | | | | (1,047,227) | | |
Total stockholders’ equity
|
| | | | 1,588,668 | | | | | | 1,665,633 | | |
Non-controlling interest
|
| | | | 27,568 | | | | | | 27,568 | | |
Total equity
|
| | | $ | 1,616,236 | | | | | $ | 1,693,201 | | |
Total capitalization
|
| | | $ | 3,417,059 | | | | | $ | 3,494,024 | | |
Underwriter
|
| |
Number of
Shares |
| |||
BMO Capital Markets Corp.
|
| | | | 608,000 | | |
B. Riley Securities, Inc.
|
| | | | 608,000 | | |
Truist Securities, Inc.
|
| | | | 608,000 | | |
D.A. Davidson & Co.
|
| | | | 384,000 | | |
Janney Montgomery Scott LLC
|
| | | | 288,000 | | |
Ladenburg Thalmann & Co., Inc.
|
| | | | 288,000 | | |
William Blair & Company, L.L.C.
|
| | | | 288,000 | | |
Boenning & Scattergood, Inc.
|
| | | | 64,000 | | |
National Securities Corporation
|
| | | | 64,000 | | |
Total
|
| | | | 3,200,000 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per share
|
| | | $ | 0.785 | | | | | $ | 0.785 | | |
Total
|
| | | $ | 2,520,000 | | | | | $ | 2,898,000 | | |
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Year Ended December 31,
|
| | | | | | | |||||||||||||||||||||
(Dollars in Thousands)
|
| |
January 1,
2018 to March 31, 2018 |
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
January 22,
2013 (date of inception) to December 31, 2013 |
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Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 15,431 | | | | | $ | (46,577) | | | | | $ | (54,255) | | | | | $ | (21,117) | | | | | $ | (1,997) | | | | | $ | (20,797) | | |
Add: Interest expense
|
| | | | 15,604 | | | | | | 57,839 | | | | | | 49,814 | | | | | | 43,000 | | | | | | 29,174 | | | | | | 194 | | |
Amortization of deferred costs
|
| | | | 1,362 | | | | | | 6,693 | | | | | | 8,650 | | | | | | 12,663 | | | | | | 4,588 | | | | | | 291 | | |
Amortization of mortgage premiums on borrowings
|
| | | | (835) | | | | | | (4,096) | | | | | | (4,211) | | | | | | (7,208) | | | | | | (6,097) | | | | | | — | | |
Earnings
|
| | | $ | 31,562 | | | | | $ | 13,859 | | | | | $ | (2) | | | | | $ | 27,338 | | | | | $ | 25,668 | | | | | $ | (20,312) | | |
Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | $ | 15,604 | | | | | $ | 57,839 | | | | | $ | 49,814 | | | | | $ | 43,000 | | | | | $ | 29,174 | | | | | $ | 194 | | |
Amortization of deferred costs
|
| | | | 1,362 | | | | | | 6,693 | | | | | | 8,650 | | | | | | 12,663 | | | | | | 4,588 | | | | | | 291 | | |
Amortization of mortgage premiums on borrowings
|
| | | | (835) | | | | | | (4,096) | | | | | | (4,211) | | | | | | (7,208) | | | | | | (6,097) | | | | | | — | | |
Fixed Charges
|
| | | $ | 16,131 | | | | | $ | 60,436 | | | | | $ | 54,253 | | | | | $ | 48,455 | | | | | $ | 27,665 | | | | | $ | 485 | | |
Preferred distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Combined fixed charges
|
| | | $ | 16,131 | | | | | $ | 60,436 | | | | | $ | 54,253 | | | | | $ | 48,455 | | | | | $ | 27,665 | | | | | $ | 485 | | |
Ratio of earnings to fixed charges
|
| | | | 1.96 | | | | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | * | | |
Ratio of earnings to combined fixed charges
|
| | | | 1.96 | | | | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | * | | |