Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.19.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Summary of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2018 and 2019:
 
Announced Date
 
Record Date
 
Pay Date
 
Amount per
share
2/21/2018
 
4/4/2018
 
 
4/12/2018
 
$
0.330

5/31/2018
 
7/5/2018
 
 
7/12/2018
 
0.330

9/12/2018
 
10/3/2018
 
 
10/11/2018
 
0.330

12/12/2018
 
12/26/2018
(1) 
 
1/10/2019
 
0.330

2/21/2019
 
4/3/2019
 
 
4/11/2019
 
0.335

6/6/2019
 
7/5/2019
 
 
7/12/2019
 
0.335

9/12/2019
 
10/3/2019
 
 
10/10/2019
 
0.335

(1)
 This dividend was treated as a distribution in 2019 for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock in 2018 and 2019:
Closing Date
 
Common Stock Offerings
 
Shares Issued (1)
 
Price Per Share
 
Net Proceeds (2)
 
 
 
 
(amounts in millions, except per share amounts)
5/18/18 to 6/25/18
 
ATM
 
0.834

 
$
18.76

 
(3) 
 
$
15

11/15/18 to 12/11/18
 
ATM
 
2.777

 
23.37

 
(3) 
 
64

12/17/2018 and 1/3/2019
 
Public Offering
 
5.465

 
21.60

 
(4) 
 
117

1/23/19 to 3/21/19
 
ATM
 
1.603

 
23.39

 
(3) 
 
37

5/7/2019 to 6/7/2019
 
ATM
 
1.926

 
26.33

 
(3) 
 
50

(1)
Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
(2)
Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
(3)
Represents the average price per share at which investors in our ATM offerings purchased our shares.
(4)
Represents the price per share at which the underwriters in our public offerings purchased our shares.

Summary of Unvested Shares A summary of the unvested shares of restricted common stock that have been issued is as follows:
 
Restricted Shares of Common Stock
 
Weighted Average Grant Date Fair Value
 
Value
 
 
 
(per share)
 
(in millions)
Ending Balance — December 31, 2017
1,399,593

 
$
18.73

 
$
26.2

Granted
454,106

 
19.72

 
9.0

Vested
(370,072
)
 
18.88

 
(7.0
)
Forfeited
(96,871
)
 
18.92

 
(1.8
)
Ending Balance — December 31, 2018
1,386,756

 
$
19.00

 
$
26.4

Granted
150,493

 
23.99

 
3.6

Vested
(767,885
)
 
18.90

 
(14.5
)
Forfeited
(5,789
)
 
20.62

 
(0.1
)
Ending Balance — September 30, 2019
763,575

 
$
20.07

 
$
15.4

A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows:
 
Restricted Stock Units (1)
 
Weighted Average Grant Date Fair Value
 
Value
 
 
 
(per share)
 
(in millions)
Ending Balance — December 31, 2017
255,706

 
$
18.99

 
$
4.9

Granted
176,128

 
20.24

 
3.5

Vested
(20,368
)
 
18.99

 
(0.4
)
Forfeited
(18,318
)
 
19.05

 
(0.3
)
Ending Balance — December 31, 2018
393,148

 
$
19.55

 
$
7.7

Granted
46,586

 
25.10

 
1.2

Vested
(1,380
)
 
21.68

 
—

Forfeited
(2,776
)
 
22.23

 
(0.1
)
Ending Balance — September 30, 2019
435,578

 
$
20.12

 
$
8.8


(1)
As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company's common stock as well as relative performance compared to a group of peers.
A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows:
 
LTIP Units (1)
 
Weighted Average Grant Date Fair Value
 
Value
 
 
 
(per share)
 
(in millions)
Ending Balance — December 31, 2018
—

 
$
—

 
$
—

Granted
209,330

 
25.84

 
5.4

Vested
(8,020
)
 
25.82

 
(0.2
)
Forfeited
—

 
—

 
—

Ending Balance — September 30, 2019
201,310

 
$
25.84

 
$
5.2

(1)
See Note 4 for information on the vesting of LTIP Units.
A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows:
 
LTIP Units (1)
 
Weighted Average Grant Date Fair Value
 
Value
 
 
 
(per share)
 
(in millions)
Ending Balance — December 31, 2018
—

 
$
—

 
$
—

Granted
180,500

 
26.70

 
4.8

Vested
—

 
—

 
—

Forfeited
—

 
—

 
—

Ending Balance — September 30, 2019
180,500

 
$
26.70

 
$
4.8

(1)
See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company's common stock as well as relative performance compared to a group of peers.