v3.25.4
Equity and Earnings per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Equity and Earnings per Common Share [Abstract]  
Equity Incentive Plan Information

The following table sets forth the number of shares of the Company’s common stock as well as LTIP-OP Units and the values thereof (based on the closing prices on the respective dates of grant) granted under the 2013 Plan and the 2023 Plan. As noted above, effective as of June 15, 2023, (the date of the Company’s 2023 annual meeting of stockholders) the 2023 Plan replaced the 2013 Plan. No further awards will be made by the Company under the 2013 Plan, and currently outstanding awards granted under the 2013 Plan will remain effective in accordance with their terms. Except as otherwise indicated, all shares shown in the table below are fully vested.

 

Equity Incentive Plan Information

 
    LTIP-OP Units
    Shares of Common Stock
     Restricted Stock Units
              
   
Issued
    
Forfeited/
Redeemed (A)
    
Converted
    
Issued
    
Forfeited (A)
     Withheld (B)
    Issued     Forfeited (A)
     Settled
    Withheld (B)
   
Number of
Securities
Remaining
Available For
Future Issuance
Under Equity
Compensation
Plans
   
Weighted
Average
Issuance
Price
  
December 31, 2022
    
(459,897
)
    
5,832
      
44,795
      
(178,421
)
    
3,155
       -       -       -       -       -      
915,464
        
Number of securities issued or to be issued upon exercise
    
(92,200
)
 (C)
  
-
      
-
      
(41,835
)
    
-
       -       -       -       -       -      
(134,035
)
  
$
5.74
  
Increase in the number of securities available for issuance
     -       -       -       -       -       -       -       -       -       -       2,006,736          
December 31, 2023
    
(552,097
)
    
5,832
      
44,795
      
(220,256
)
    
3,155
       -       -       -       -       -      
2,788,165
          
Number of securities issued or to be issued upon exercise
     (111,395 ) (D)
  -       -       (63,416 )     -       3,229       (181,942 ) (E)
  -       -       -       (356,753 )   $ 3.73  
Number of securities redeemed
     -       2,660       -       -       -       -       -       -       -       -       2,660          
December 31, 2024
     (663,492 )     8,492       44,795       (283,672 )     3,155       3,229       (181,942 )     -       -       -       2,434,072          
Number of securities issued or to be issued upon exercise
     -       -       20,242       (80,283 )     -       21,391       -       -       60,041       -       -    

 
Number of securities issued or to be issued upon exercise
     -       -       -       (146,520 ) (F)
  -       -       -       -       -       -       (146,520 )   $ 2.73  
Number of securities forfeited
     -       14,500       -       -       -       -       -       -       -       -       14,500          
Number of securities redeemed
     -       34,697       -       -       -       -       -       -       -       -       34,697     $ 2.95  
December 31, 2025     (663,492 )     57,689       65,037       (510,475 )     3,155       24,620       (181,942 )     -       60,041       -       2,336,749          


(A)
If any award or grant under the 2023 Plan (including LTIP-OP Units) expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of common stock, then any common stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP-OP Units will be available for the grant or settlement of other awards under the 2023 Plan.

(B)
Any shares of common stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any award reduces the number of shares of common stock available under the 2023 Plan and those shares will not be available for future grants or awards under the 2023 Plan.

(C)
Subject to forfeiture in certain circumstances prior to January 10, 2026.

(D)
Subject to forfeiture in certain circumstances prior to January 16, 2027.

(E)
Subject to forfeiture in certain circumstances prior to May 30, 2027.

(F)
Subject to forfeiture in certain circumstances prior to June 30, 2026.
Basic and Diluted Earnings per Share of Common Stock

The following table presents basic and diluted earnings per share of common stock for the periods indicated (dollars in thousands, except per share data):
Earnings per Common Share Information
 
  
Year Ended December 31,
  
 
  
2025
    
2024
     2023  
Numerator:
                  
Net income (loss)
  
$
6,942
    
$
12,210
     $ (35,455 )
Net (income) loss allocated to noncontrolling interests in Operating Partnership
    
(114
)
    
(240
)
     661  
Dividends on preferred stock
    
(9,829
)
    
(9,969
)
     (9,853 )
Gain on repurchase and retirement of preferred stock
     -       78       -  
Net income allocated to participating securities
     -       (25 )     -  
Numerator for basic EPS - net income (loss) applicable to common stockholders (A)
   $ (3,001 )   $ 2,054     $ (44,647 )
Effect of dilutive securities:
                        
Add back net income allocated to participating securities
     -       25       -  
Numerator for diluted EPS - net income (loss) applicable to common stockholders after assumed conversion (C)
   $ (3,001 )   $ 2,079     $ (44,647 )
Denominator:
                        
Denominator for basic EPS - weighted average common shares (B)
    
34,422,750
       30,438,081       26,262,407  
Effect of dilutive securities:
                        
Participating restricted common stock
     -       2,268       31,496  
Non-participating restricted stock units
     -       -       -  
Denominator for diluted EPS - adjusted weighted average common shares (D)
     34,422,750       30,440,349       26,293,903  
Basic and Diluted EPS:
                        
Basic (A/B)
  
$
(0.09
)
  
$
0.07
     $ (1.70 )
Diluted (C/D)
  
$
(0.09
)
  
$
0.07
     $ (1.70 )