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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2022
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______
Commission File Number: 001-34789 (Hudson Pacific Properties, Inc.)
Commission File Number: 333-202799-01 (Hudson Pacific Properties, L.P.)
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Hudson Pacific Properties, Inc.
Hudson Pacific Properties, L.P.
(Exact name of registrant as specified in its charter)
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Hudson Pacific Properties, Inc.
| Maryland (State or other jurisdiction of incorporation or organization) | 27-1430478 (I.R.S. Employer Identification Number) |
Hudson Pacific Properties, L.P.
| Maryland (State or other jurisdiction of incorporation or organization) | 80-0579682 (I.R.S. Employer Identification Number) |
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11601 Wilshire Blvd., Ninth Floor Los Angeles, California 90025 |
(Address of principal executive offices) (Zip Code) |
(310) 445-5700
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
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Registrant | | Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Hudson Pacific Properties, Inc. | | Common Stock, $0.01 par value | | HPP | | New York Stock Exchange |
Hudson Pacific Properties, Inc. | | 4.750% Series C Cumulative Redeemable Preferred Stock | | HPP Pr C | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Hudson Pacific Properties, Inc. Yes x No o | Hudson Pacific Properties, L.P. Yes x No o |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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Hudson Pacific Properties, Inc. Yes x No o | Hudson Pacific Properties, L.P. Yes x No o |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Hudson Pacific Properties, Inc.
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Large accelerated filer x | | Accelerated filer o |
Non-accelerated filer o | | Smaller reporting company ☐ |
| | Emerging growth company ☐ |
Hudson Pacific Properties, L.P.
| | | | | | | | |
Large accelerated filer o | | Accelerated filer o |
Non-accelerated filer x | | Smaller reporting company ☐ |
| | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Hudson Pacific Properties, Inc. o | Hudson Pacific Properties, L.P. o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Hudson Pacific Properties, Inc. Yes ☐ No ☒ | Hudson Pacific Properties, L.P. Yes ☐ No ☒ |
The number of shares of common stock of Hudson Pacific Properties, Inc. outstanding at July 22, 2022 was 141,658,129.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2022 of Hudson Pacific Properties, Inc., a Maryland corporation, and Hudson Pacific Properties, L.P., a Maryland limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or “our Company” refer to Hudson Pacific Properties, Inc. together with its consolidated subsidiaries, including Hudson Pacific Properties, L.P. In statements regarding qualification as a REIT, such terms refer solely to Hudson Pacific Properties, Inc. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to Hudson Pacific Properties, L.P. together with its consolidated subsidiaries.
Hudson Pacific Properties, Inc. is a real estate investment trust, or REIT, and the sole general partner of our operating partnership. As of June 30, 2022, Hudson Pacific Properties, Inc. owned approximately 98.3% of the ownership interest in our operating partnership (including unvested restricted units). The remaining approximately 1.7% interest was owned by certain of our executive officers and directors, certain of their affiliates and other outside investors, including unvested operating partnership performance units. As the sole general partner of our operating partnership, Hudson Pacific Properties, Inc. has the full, exclusive and complete responsibility for our operating partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of Hudson Pacific Properties, Inc. and the operating partnership into this single report results in the following benefits:
•enhancing investors’ understanding of our Company and our operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminating duplicative disclosure and providing a more streamlined and readable presentation because a substantial portion of the disclosures apply to both our Company and our operating partnership; and
•creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are a few differences between our Company and our operating partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between our Company and our operating partnership in the context of how we operate as an interrelated, consolidated company. Hudson Pacific Properties, Inc. is a REIT, the only material assets of which are the units of partnership interest in our operating partnership. As a result, Hudson Pacific Properties, Inc. does not conduct business itself, other than acting as the sole general partner of our operating partnership, issuing equity from time to time and guaranteeing certain debt of our operating partnership. Hudson Pacific Properties, Inc. itself does not issue any indebtedness but guarantees some of the debt of our operating partnership. Our operating partnership, which is structured as a partnership with no publicly traded equity, holds substantially all of the assets of our Company and conducts substantially all of our business. Except for net proceeds from equity issuances by Hudson Pacific Properties, Inc., which are generally contributed to our operating partnership in exchange for units of partnership interest in our operating partnership, our operating partnership generates the capital required by our Company’s business through its operations, its incurrence of indebtedness or through the issuance of units of partnership interest in our operating partnership.
Non-controlling interest, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our operating partnership. The common units in our operating partnership are accounted for as partners’ capital in our operating partnership’s consolidated financial statements and, to the extent not held by our Company, as a non-controlling interest in our Company’s consolidated financial statements. The differences between stockholders’ equity, partners’ capital and non-controlling interest result from the differences in the equity issued by our Company and our operating partnership.
To help investors understand the significant differences between our Company and our operating partnership, this report presents the consolidated financial statements separately for our Company and our operating partnership. All other sections of this report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” are presented together for our Company and our operating partnership.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and our operating partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act and 18 U.S.C. §1350, this report also includes separate Part I, Item 4 “Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of Hudson Pacific Properties, Inc. and our operating partnership.
HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P.
TABLE OF CONTENTS
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ITEM 1. | Financial Statements of Hudson Pacific Properties, Inc. | |
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ITEM 1. | Financial Statements of Hudson Pacific Properties, L.P. | |
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ITEM 2. | | |
ITEM 3. | | |
ITEM 4. | | |
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ITEM 1. | | |
ITEM 1A. | | |
ITEM 2. | | |
ITEM 3. | | |
ITEM 4. | | |
ITEM 5. | | |
ITEM 6. | | |
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PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS OF HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| | | | | | | | | | | |
| June 30, 2022 (unaudited) | | December 31, 2021 |
ASSETS | | | |
Investment in real estate, at cost | $ | 8,562,340 | | | $ | 8,361,477 | |
Accumulated depreciation and amortization | (1,413,526) | | | (1,283,774) | |
Investment in real estate, net | 7,148,814 | | | 7,077,703 | |
Non-real estate property, plant and equipment, net | 60,222 | | | 58,469 | |
Cash and cash equivalents | 266,538 | | | 96,555 | |
Restricted cash | 49,025 | | | 100,321 | |
Accounts receivable, net | 15,602 | | | 25,339 | |
Straight-line rent receivables, net | 269,015 | | | 240,306 | |
Deferred leasing costs and intangible assets, net | 336,439 | | | 341,444 | |
U.S. Government securities | — | | | 129,321 | |
Operating lease right-of-use assets | 299,673 | | | 287,041 | |
Prepaid expenses and other assets, net | 99,151 | | | 119,000 | |
Investment in unconsolidated real estate entities | 161,845 | | | 154,731 | |
Goodwill | 109,473 | | | 109,439 | |
Assets associated with real estate held for sale | 234,841 | | | 250,520 | |
TOTAL ASSETS | $ | 9,050,638 | | | $ | 8,990,189 | |
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LIABILITIES AND EQUITY | | | |
Liabilities | | | |
Unsecured and secured debt, net | $ | 4,129,034 | | | $ | 3,733,903 | |
In-substance defeased debt | 126,397 | | | 128,212 | |
Joint venture partner debt | 66,136 | | | 66,136 | |
Accounts payable, accrued liabilities and other | 313,572 | | | 300,959 | |
Operating lease liabilities | 307,072 | | | 293,596 | |
Intangible liabilities, net | 37,485 | | | 42,290 | |
Security deposits and prepaid rent | 82,906 | | | 84,939 | |
Liabilities associated with real estate held for sale | 3,072 | | | 3,898 | |
Total liabilities | 5,065,674 | | | 4,653,933 | |
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Commitments and contingencies (note 22) | | | |
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Redeemable preferred units of the operating partnership | 9,815 | | | 9,815 | |
Redeemable non-controlling interest in consolidated real estate entities | 126,420 | | | 129,449 | |
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Equity | | | |
Hudson Pacific Properties, Inc. stockholders’ equity | | | |
Preferred stock, $0.01 par value, 18,400,000 authorized at June 30, 2022 and December 31, 2021, respectively; 4.750% Series C cumulative redeemable preferred stock, $25.00 per share liquidation preference, 17,000,000 outstanding at June 30, 2022 and December 31, 2021, respectively | 425,000 | | | 425,000 | |
Common stock, $0.01 par value, 481,600,000 authorized, 141,609,336 shares and 151,124,543 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 1,415 | | | 1,511 | |
Additional paid-in capital | 2,985,666 | | | 3,317,072 | |
Accumulated other comprehensive loss | (7,051) | | | (1,761) | |
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Total Hudson Pacific Properties, Inc. stockholders’ equity | 3,405,030 | | | 3,741,822 | |
Non-controlling interest—members in consolidated real estate entities | 384,707 | | | 402,971 | |
Non-controlling interest—units in the operating partnership | 58,992 | | | 52,199 | |
Total equity | 3,848,729 | | | 4,196,992 | |
TOTAL LIABILITIES AND EQUITY | $ | 9,050,638 | | | $ | 8,990,189 | |
The accompanying notes are an integral part of these consolidated financial statements.
HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share data)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
REVENUES | | | | | | | |
Office | | | | | | | |
Rental | $ | 211,836 | | | $ | 192,552 | | | $ | 418,028 | | | $ | 382,413 | |
Service and other revenues | 4,408 | | | 3,151 | | | 9,616 | | | 5,433 | |
Total office revenues | 216,244 | | | 195,703 | | | 427,644 | | | 387,846 | |
Studio | | | | | | | |
Rental | 13,438 | | | 11,551 | | | 26,832 | | | 23,704 | |
Service and other revenues | 21,748 | | | 8,348 | | | 41,467 | | | 17,171 | |
Total studio revenues | 35,186 | | | 19,899 | | | 68,299 | | | 40,875 | |
Total revenues | 251,430 | | | 215,602 | | | 495,943 | | | 428,721 | |
OPERATING EXPENSES | | | | | | | |
Office operating expenses | 78,558 | | | 69,111 | | | 152,189 | | | 135,673 | |
Studio operating expenses | 20,686 | | | 12,466 | | | 39,669 | | | 23,919 | |
General and administrative | 21,871 | | | 17,109 | | | 42,383 | | | 35,558 | |
Depreciation and amortization | 91,438 | | | 84,178 | | | 183,631 | | | 166,939 | |
Total operating expenses | 212,553 | | | 182,864 | | | 417,872 | | | 362,089 | |
OTHER INCOME (EXPENSE) | | | | | | | |
Income from unconsolidated real estate entities | 1,780 | | | 470 | | | 2,083 | | | 1,105 | |
Fee income | 1,140 | | | 797 | | | 2,211 | | | 1,645 | |
Interest expense | (33,719) | | | (30,689) | | | (64,555) | | | (60,975) | |
Interest income | 920 | | | 937 | | | 1,830 | | | 1,934 | |
Management services reimbursement income—unconsolidated real estate entities | 1,068 | | | 626 | | | 2,176 | | | 626 | |
Management services expense—unconsolidated real estate entities | (1,068) | | | (626) | | | (2,176) | | | (626) | |
Transaction-related expenses | (1,126) | | | (1,064) | | | (1,382) | | | (1,064) | |
Unrealized (loss) gain on non-real estate investments | (1,818) | | | 5,018 | | | (168) | | | 10,793 | |
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Impairment loss | (3,250) | | | — | | | (23,753) | | | — | |
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Other income (expense) | 742 | | | (1,177) | | | 1,594 | | | (1,629) | |
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Total other expenses | (35,331) | | | (25,708) | | | (82,140) | | | (48,191) | |
Net income (loss) | 3,546 | | | 7,030 | | | (4,069) | | | 18,441 | |
Net income attributable to Series A preferred units | (153) | | | (153) | | | (306) | | | (306) | |
Net income attributable to Series C preferred shares | (5,047) | | | — | | | (10,337) | | | — | |
Net income attributable to participating securities | (300) | | | (276) | | | (594) | | | (554) | |
Net income attributable to non-controlling interest in consolidated real estate entities | (7,081) | | | (5,549) | | | (15,642) | | | (12,179) | |
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities | 1,506 | | | 1,282 | | | 3,396 | | | 1,964 | |
Net loss (income) attributable to common units in the operating partnership | 93 | | | (19) | | | 323 | | | (69) | |
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (7,436) | | | $ | 2,315 | | | $ | (27,229) | | | $ | 7,297 | |
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BASIC AND DILUTED PER SHARE AMOUNTS | | | | | | | |
Net (loss) income attributable to common stockholders—basic | $ | (0.05) | | | $ | 0.02 | | | $ | (0.19) | | | $ | 0.05 | |
Net (loss) income attributable to common stockholders—diluted | $ | (0.05) | | | $ | 0.02 | | | $ | (0.19) | | | $ | 0.05 | |
Weighted average shares of common stock outstanding—basic | 143,816,698 | | | 151,169,612 | | | 146,487,388 | | | 150,997,564 | |
Weighted average shares of common stock outstanding—diluted | 143,816,698 | | | 152,683,463 | | | 146,487,388 | | | 151,302,845 | |
The accompanying notes are an integral part of these consolidated financial statements.
HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited, in thousands)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income (loss) | $ | 3,546 | | | $ | 7,030 | | | $ | (4,069) | | | $ | 18,441 | |
Currency translation adjustments | (7,088) | | | 914 | | | (8,449) | | | 1,923 | |
Net unrealized gains on derivative instruments: | | | | | | | |
Unrealized gains (losses) | 1,516 | | | (160) | | | 4,560 | | | (136) | |
Reclassification adjustment for realized (gains) losses | (916) | | | 1,872 | | | (1,495) | | | 3,683 | |
Total net unrealized gains on derivative instruments | 600 | | | 1,712 | | | 3,065 | | | 3,547 | |
Total other comprehensive (loss) income | (6,488) | | | 2,626 | | | (5,384) | | | 5,470 | |
Comprehensive (loss) income | (2,942) | | | 9,656 | | | (9,453) | | | 23,911 | |
Comprehensive income attributable to Series A preferred units | (153) | | | (153) | | | (306) | | | (306) | |
Comprehensive income attributable to Series C preferred units | (5,047) | | | — | | | (10,337) | | | — | |
Comprehensive income attributable to participating securities | (300) | | | (276) | | | (594) | | | (554) | |
Comprehensive income attributable to non-controlling interest in consolidated real estate entities | (7,081) | | | (5,549) | | | (15,642) | | | (12,179) | |
Comprehensive loss attributable to redeemable non-controlling interest in consolidated real estate entities | 1,506 | | | 1,282 | | | 3,396 | | | 1,964 | |
Comprehensive loss (income) attributable to non-controlling interest in the operating partnership | 206 | | | (54) | | | 417 | | | (142) | |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (13,811) | | | $ | 4,906 | | | $ | (32,519) | | | $ | 12,694 | |
The accompanying notes are an integral part of these consolidated financial statements.
HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and six months ended June 30, 2022
(unaudited, in thousands, except share data)
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| Hudson Pacific Properties, Inc. Stockholders’ Equity | | Non-controlling Interest | |
| Series C Cumulative Redeemable Preferred Stock | Shares of Common Stock | Stock Amount | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | | Units in the Operating Partnership | Members in Consolidated Real Estate Entities | Total Equity |
Balance, March 31, 2022 | $ | 425,000 | | 144,559,168 | | $ | 1,445 | | $ | 3,063,500 | | $ | — | | $ | (676) | | | $ | 55,254 | | $ | 398,941 | | $ | 3,943,464 | |
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Contributions | — | | — | | — | | — | | — | | — | | | — | | 12,833 | | 12,833 | |
Distributions | — | | — | | — | | — | | — | | — | | | — | | (34,148) | | (34,148) | |
Transaction costs | — | | — | | — | | (138) | | — | | — | | | — | | — | | (138) | |
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Issuance of unrestricted stock | — | | 24,564 | | — | | — | | — | | — | | | — | | — | | — | |
Shares repurchased | — | | (2,105,359) | | (21) | | (37,185) | | — | | — | | | — | | — | | (37,206) | |
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Accelerated share repurchase | — | | (869,037) | | (9) | | 9 | | — | | — | | | — | | — | | — | |
Declared dividend | (5,047) | | — | | — | | (42,863) | | 7,136 | | — | | | (679) | | — | | (41,453) | |
Amortization of stock-based compensation | — | | — | | — | | 2,343 | | — | | — | | | 4,623 | | — | | 6,966 | |
Net income (loss) | 5,047 | | — | | — | | — | | (7,136) | | — | | | (93) | | 7,081 | | 4,899 | |
Other comprehensive loss | — | | — | | — | | — | | — | | (6,375) | | | (113) | | — | | (6,488) | |
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Balance, June 30, 2022 | $ | 425,000 | | 141,609,336 | | $ | 1,415 | | $ | 2,985,666 | | $ | — | | $ | (7,051) | | | $ | 58,992 | | $ | 384,707 | | $ | 3,848,729 | |
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Balance, December 31, 2021 | $ | 425,000 | | 151,124,543 | | $ | 1,511 | | $ | 3,317,072 | | $ | — | | $ | (1,761) | | | $ | 52,199 | | $ | 402,971 | | $ | 4,196,992 | |
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Contributions | — | | — | | — | | — | | — | | — | | | — | | 15,457 | | 15,457 | |
Distributions | — | | — | | — | | — | | — | | — | | | — | | (49,363) | | (49,363) | |
Transaction costs | — | | — | | — | | (214) | | — | | — | | | — | | — | | (214) | |
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Issuance of unrestricted stock | — | | 32,861 | | — | | — | | — | | — | | | — | | — | | — | |
Shares repurchased | — | | (2,105,359) | | (21) | | (37,185) | | — | | — | | | — | | — | | (37,206) | |
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Accelerated share repurchase | — | | (7,442,709) | | (75) | | (199,925) | | — | | — | | | — | | — | | (200,000) | |
Declared dividend | (10,337) | | — | | — | | (98,625) | | 26,635 | | — | | | (1,358) | | — | | (83,685) | |
Amortization of stock-based compensation | — | | — | | — | | 4,543 | | — | | — | | | 8,568 | | — | | 13,111 | |
Net income (loss) | 10,337 | | — | | — | | — | | (26,635) | | — | | | (323) | | 15,642 | | (979) | |
Other comprehensive loss | — | | — | | — | | — | | — | | (5,290) | | | (94) | | — | | (5,384) | |
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Balance, June 30, 2022 | $ | 425,000 | | 141,609,336 | | $ | 1,415 | | $ | 2,985,666 | | $ | — | | $ | (7,051) | | | $ | 58,992 | | $ | 384,707 | | $ | 3,848,729 | |
The accompanying notes are an integral part of these consolidated financial statements.
HUDSON PACIFIC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the three and six months ended June 30, 2021
(unaudited, in thousands, except share data)
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| | Hudson Pacific Properties, Inc. Stockholders’ Equity | | Non-controlling Interest | |
| Series C Cumulative Redeemable Preferred Stock | Shares of Common Stock | Stock Amount | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | | Units in the Operating Partnership | Members in Consolidated Real Estate Entities | Total Equity |
Balance, March 31, 2021 | $ | — | | 150,760,631 | | $ | 1,508 | | $ | 3,423,699 | | $ | — | | $ | (5,327) | | | $ | 39,787 | | $ | 476,573 | | $ | 3,936,240 | |
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Distributions | — | | — | | — | | — | | — | | — | | | — | | (14,646) | | (14,646) | |
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Proceeds from sale of common stock, net of transaction costs | — | | 1,526,163 | | 15 | | 44,805 | | — | | — | | | — | | — | | 44,820 | |
Issuance of unrestricted stock | — | | 33,246 | | — | | — | | — | | — | | | — | | — | | — | |
Shares withheld to satisfy tax withholding obligations | — | | (956) | | — | | — | | — | | — | | | — | | — | | — | |
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Declared dividend | — | | — | | — | | (35,591) | | (2,591) | | — | | | (560) | | — | | (38,742) | |
Amortization of stock-based compensation | — | | — | | — | | 2,243 | | — | | — | | | 5,106 | | — | | 7,349 | |
Net income | — | | — | | — | | — | | 2,591 | | — | | | 19 | | 5,549 | | 8,159 | |
Other comprehensive income | — | | — | | — | | — | | — | | 2,591 | | | 35 | | — | | 2,626 | |
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Balance, June 30, 2021 | $ | — | | 152,319,084 | | $ | 1,523 | | $ | 3,435,156 | | $ | — | | $ | (2,736) | | | $ | 44,387 | | $ | 467,476 | | $ | 3,945,806 | |
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Balance, December 31, 2020 | $ | — | | 151,401,365 | | $ | 1,514 | | $ | 3,469,758 | | $ | — | | $ | (8,133) | | | $ | 37,832 | | $ | 467,009 | | $ | 3,967,980 | |
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Contributions | — | | — | | — | | — | | — | | — | | | — | | 15,016 | | 15,016 | |
Distributions | — | | — | | — | | — | | — | | — | | | — | | (26,728) | | (26,728) | |
| | | | | | | | | | |
Proceeds from sale of common stock, net of transaction costs | — | | 1,526,163 | | 15 | | 44,805 | | — | | — | | | — | | — | | 44,820 | |
Issuance of unrestricted stock | — | | 53,246 | | — | | — | | — | | — | | | — | | — | | — | |
Shares repurchased | — | | (632,109) | | (6) | | (14,750) | | — | | — | | | — | | — | | (14,756) | |
Shares withheld to satisfy tax withholding obligations | — | | (29,581) | | — | | (693) | | — | | — | | | — | | — | | (693) | |
Declared dividend | — | | — | | — | | (68,189) | | (7,851) | | — | | | (1,128) | | — | | (77,168) | |
Amortization of stock-based compensation | — | | — | | — | | 4,225 | | — | | — | | | 7,541 | | — | | 11,766 | |
Net income | — | | — | | — | | — | | 7,851 | | — | | | 69 | | 12,179 | | 20,099 | |
Other comprehensive income | — | | — | | — | | — | | — | | 5,397 | | | 73 | | — | | 5,470 | |
| | | | | | | | | | |
Balance, June 30, 2021 | $ | |