Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.22.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule 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 04/2/2020 04/10/2020 $ 0.34 
6/5/2020 07/2/2020 07/9/2020 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 
02/18/2021 04/5/2021 04/12/2021 0.35 
05/4/2021 07/2/2021 07/9/2021 0.35 
08/5/2021 10/1/2021 10/8/2021 0.35 
11/4/2021 12/28/2021
(1)
 01/11/2022 0.35 
(1)These dividends are treated as distributions in the following year 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 2020 and 2021:
Date/Period Common Stock
Offerings		 Shares
Issued
Price
Per Share (1)
Net
Proceeds (2)
    (amounts in millions, except per share amounts)
Q1 2020 ATM 4.500  $ 25.84  $ 115 
Q2 2020 ATM 1.938  23.10  44 
Q3 2020 ATM 0.875  33.81  29 
Q4 2020 ATM 2.204  50.35  110 
Q1 2021 ATM 1.639  63.55  103 
Q2 2021 None —  —  — 
Q3 2021 ATM 0.857  57.56  49 
Q4 2021 ATM 0.830  59.82  49 
(1)Represents the average price per share at which investors in our ATM offerings purchased our shares.
(2)Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
A summary of equity-based compensation expense and the fair value of shares and LTIP Units vested on the vesting date for the years ended December 31, 2021, 2020, and 2019 is as follows:
2021 2020 2019
  (in millions)
Equity-based compensation expense $ 17  $ 17  $ 14 
Fair value of awards vested on vesting date 44  39  19 
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 249,573  54.73  13.7 
Vested (151,209) 21.58  (3.3)
Forfeited —  —  — 
Ending Balance—December 31, 2021 384,046  $ 43.15  $ 16.6 
(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, 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 86,274  65.28  5.6 
Incremental performance shares granted 51,500  21.09  1.1 
Vested (103,000) 21.09  (2.1)
Forfeited —  —  — 
Ending Balance—December 31, 2021 347,478  $ 31.61  $ 11.0 
(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. The incremental performance shares granted relate to the vesting of an award at the 200% level.
Schedule of Unvested Shares of Restricted Common Stock 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 80,886  59.41  4.8 
Vested (250,758) 29.22  (7.3)
Forfeited (3,757) 51.43  (0.2)
Ending Balance—December 31, 2021 193,548  $ 38.66  $ 7.5 
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 (3,480) 39.92  (0.1)
Ending Balance—December 31, 2021 78,366  $ 35.32  $ 2.8 
(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. The incremental performance shares granted relate to the vesting of an award at the 200% level.