Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 28, 2022, the Company closed on a privately negotiated repurchase and retirement of 413,549 shares of the Company’s 8.125% Series A Cumulative Redeemable Preferred Stock for a total cost of $7.5 million, 756,846 shares of the Company’s 7.625% Series B Cumulative Redeemable Preferred Stock for a total cost of $13.2 million and 1,712,555 shares of the Company’s 7.25% Series C Cumulative Redeemable Preferred Stock for a total cost of $29.3 million. The Company will record a gain on the repurchase and retirement of these shares during the three months ended December 31, 2022. As of November 9, 2022, there remained available for repurchase 2,117,050 shares of the Company’s preferred stock, which includes its 8.125% Series A Cumulative Redeemable Preferred Stock, 7.625% Series B Cumulative Redeemable Preferred Stock and 7.25% Series C Cumulative Redeemable Preferred Stock, under the Company’s preferred share repurchase program.
On November 1, 2022 at 5:01 p.m. Eastern Time, a one-for-four reverse stock split of the Company’s outstanding shares of common stock was effected. At the effective time, every four issued and outstanding shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split; instead, each stockholder holding fractional shares was entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the volume weighted average price of the Company’s common stock on the NYSE on November 1, 2022. In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-four basis, from 700,000,000 to 175,000,000. The par value of each share of common stock remained unchanged.
Events subsequent to September 30, 2022 were evaluated through the date these condensed consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated financial statements.