| Schedule of Common Stock Public Offerings and ATM |
We completed the following public offerings (including ATM issuances) of our common stock between January 1, 2019 and March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date |
|
Common Stock Offerings |
|
Shares Issued |
|
Price Per Share |
|
Net Proceeds (2)
|
|
|
|
|
(amounts in millions, except per share amounts) |
1/3/2019 |
(1) |
Public Offering |
|
0.465 |
|
|
21.60 |
|
|
(3) |
|
9 |
|
1/23/2019 to 3/21/2019 |
|
ATM |
|
1.603 |
|
|
23.39 |
|
|
(4) |
|
37 |
|
5/7/2019 to 6/7/2019 |
|
ATM |
|
1.926 |
|
|
26.33 |
|
|
(4) |
|
50 |
|
12/12/2019 |
|
ATM |
|
1.405 |
|
|
30.00 |
|
|
(4) |
|
42 |
|
2/27/2020 to 3/27/2020 |
|
ATM |
|
4.500 |
|
|
25.84 |
|
|
(4) |
|
115 |
|
|
|
(1) |
These are 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 price per share at which the underwriters in our public offerings purchased our shares. |
(4)
Represents the average price per share at which investors in our ATM 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, 2018 |
1,386,756 |
|
|
$ |
19.00 |
|
|
$ |
26.4 |
|
Granted |
150,493 |
|
|
23.99 |
|
|
3.6 |
|
Vested |
(781,218 |
) |
|
18.91 |
|
|
(14.8 |
) |
Forfeited |
(5,789 |
) |
|
20.62 |
|
|
(0.1 |
) |
Ending Balance — December 31, 2019 |
750,242 |
|
|
$ |
20.08 |
|
|
$ |
15.1 |
|
Granted |
189,541 |
|
|
33.01 |
|
|
6.2 |
|
Vested |
(480,213 |
) |
|
18.57 |
|
|
(8.9 |
) |
Forfeited |
— |
|
|
— |
|
|
— |
|
Ending Balance — March 31, 2020 |
459,570 |
|
|
$ |
27.00 |
|
|
$ |
12.4 |
|
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, 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 — December 31, 2019 |
435,578 |
|
|
$ |
20.12 |
|
|
$ |
8.8 |
|
Granted |
23,342 |
|
|
27.18 |
|
|
0.6 |
|
Incremental performance shares granted |
216,932 |
|
|
18.99 |
|
|
4.1 |
|
Vested |
(433,864 |
) |
|
18.99 |
|
|
(8.2 |
) |
Forfeited |
— |
|
|
— |
|
|
— |
|
Ending Balance — March 31, 2020 |
241,988 |
|
|
$ |
21.81 |
|
|
$ |
5.3 |
|
|
|
(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. The incremental performance shares granted relate to the vesting of an award at the 200% level.
|
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 — December 31, 2019 |
201,310 |
|
|
$ |
25.84 |
|
|
$ |
5.2 |
|
Granted |
— |
|
|
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
|
— |
|
Forfeited |
— |
|
|
— |
|
|
— |
|
Ending Balance — March 31, 2020 |
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 — December 31, 2019 |
180,500 |
|
|
$ |
26.70 |
|
|
$ |
4.8 |
|
Granted |
— |
|
|
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
|
— |
|
Forfeited |
— |
|
|
— |
|
|
— |
|
Ending Balance — March 31, 2020 |
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.
|