Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.21.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Summary of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2020 and 2021:

Announced Date Record Date Pay Date Amount per
share
2/20/2020 4/2/2020 4/10/2020 $ 0.34 
6/5/2020 7/2/2020 7/9/2020 0.34 
8/6/2020 10/2/2020 10/9/2020 0.34 
11/5/2020 12/28/2020
(1)
 01/8/2021 0.34 
2/18/2021 04/5/2021 04/12/2021 0.35 
(1) This dividend was treated as a distribution in 2021 for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock during 2021 and 2020:
Date/Period Common Stock Offerings Shares Issued Price Per Share
Net Proceeds (1)
  (amounts in millions, except per share amounts)
Q1 2020 ATM 4.500  $ 25.84 
(2)
 $ 115 
Q2 2020 ATM 1.938  23.10 
(2)
 44 
Q3 2020 ATM 0.875  33.81 
(2)
 29 
Q4 2020 ATM 2.204 50.35 
(2)
 110 
Q1 2021 ATM 1.639 63.55 
(2)
 103 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
(2)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, 2019 750,242  $ 20.08  $ 15.1 
Granted 194,077  32.93  6.4 
Vested (576,880) 19.50  (11.3)
Forfeited (262) 28.59  — 
Ending Balance — December 31, 2020 367,177  $ 27.77  $ 10.2 
Granted 52,397  61.58  3.2 
Vested (75,876) 20.47  (1.5)
Forfeited —  —  — 
Ending Balance — March 31, 2021 343,698  $ 34.54  $ 11.9 
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, 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 (439,986) 19.04  (8.4)
Forfeited (266) 25.90  — 
Ending Balance — December 31, 2020 235,600  $ 21.78  $ 5.1 
Granted 17,426  71.23  1.2 
Incremental performance shares granted 171,180  20.24  3.5 
Vested (342,360) 20.24  (6.9)
Forfeited —  —  — 
Ending Balance — March 31, 2021 81,846  $ 35.52  $ 2.9 

(1)    As discussed in Note 2 to our financial statements in this Form 10-Q, 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, 2019 201,310  $ 25.84  $ 5.2 
Granted 165,346  18.56  3.1 
Vested (80,974) 25.87  (2.1)
Forfeited —  —  — 
Ending Balance — December 31, 2020 285,682  $ 21.62  $ 6.2 
Granted —  —  — 
Vested (60,167) 25.82  (1.6)
Forfeited —  —  — 
Ending Balance — March 31, 2021 225,515  $ 20.50  $ 4.6 

(1)    See Note 4 to our financial statements in this Form 10-Q 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, 2019 180,500  $ 26.70  $ 4.8 
Granted 132,204  12.25  1.6 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance — December 31, 2020 312,704  $ 20.59  $ 6.4 
Granted —  —  — 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance — March 31, 2021 312,704  $ 20.59  $ 6.4 
(1)    See Note 4 to our financial statements in this Form 10-Q 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.