CNSREIT-AR-2024 Final - Flipbook - Page 134
Note 10: Share Based Payments
The following table summarizes the grants, vesting and forfeitures of restricted common stock during the year ended
December 31, 2024 ($ in thousands):
Restricted Shares
Shares
Outstanding as of December 31, 2023
Granted
Vested
Forfeiture
Outstanding as of December 31, 2024
Grant Date Fair Value
20,310 $
18,132
(20,310)
4
18,132 $
203
187
(203)
4
187
Restricted Share Award Grants
On February 27, 2023, the Company granted 6,770 shares of restricted Class I shares to each of its three independent
directors in accordance with its independent director compensation policy. The shares vested and became non-forfeitable
on the one-year anniversary of the grant date. On June 3, 2024, the Company granted 6,044 shares of restricted Class I
shares to each of its three independent directors in accordance with its independent director compensation policy. The
shares, including any unvested shares granted under the distribution reinvestment plan, vest and become non-forfeitable on
the one-year anniversary of the grant date. Given the restriction, the unvested shares are not considered issued and
outstanding for the purposes of the Company9s financial statements as of December 31, 2024.
The Company recorded stock compensation expense of $142 thousand and $169 thousand during the years ended
December 31, 2024 and 2023, respectively, which reflected the amortization of the restricted share awards granted to the
independent directors and was included in general and administrative expense in the consolidated financial statements.
Note 11: Equity
Authorized Capital
As of December 31, 2024 and 2023, the Company was authorized to issue up to 2.9 billion shares, consisting of the
following:
December 31,
Classification
Preferred Stock, $0.01 par value per share
Class P Shares, $0.01 par value per share
Class T Shares, $0.01 par value per share
Class S Shares, $0.01 par value per share
Class D Shares, $0.01 par value per share
Class I Shares, $0.01 par value per share
Class F-T Shares, $0.01 par value per share
Class F-S Shares, $0.01 par value per share
Class F-D Shares, $0.01 par value per share
Class F-I Shares, $0.01 par value per share
Total
Shares
Authorized
100,000,000
800,000,000
80,000,000
800,000,000
160,000,000
600,000,000
20,000,000
200,000,000
40,000,000
100,000,000
2,900,000,000
2024
Shares Issued
and Outstanding
4
12,729,019
4
4
4
60,906
4
4
4
22,394
12,812,319
117
Shares
Authorized
100,000,000
800,000,000
80,000,000
800,000,000
160,000,000
600,000,000
20,000,000
200,000,000
40,000,000
100,000,000
2,900,000,000
2023
Shares Issued
and Outstanding
4
4
4
4
4
20,000
4
4
4
4
20,000
