Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.22.2.2
Equity (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2021 and 2022:

Announced Date Record Date Pay Date Amount per
share
2/18/2021 4/5/2021 4/12/2021 $ 0.350 
5/4/2021 7/2/2021 7/9/2021 $ 0.350 
8/5/2021 10/1/2021 10/8/2021 $ 0.350 
11/4/2021 12/28/2021
(1)
 01/11/2022 $ 0.350 
2/17/2022 04/4/2022 04/11/2022 $ 0.375 
5/3/2022 7/5/2022 7/12/2022 $ 0.375 
8/4/2022 10/4/2022 10/11/2022 $ 0.375 
11/3/2022 12/28/2022 01/6/2023 $ 0.375 
(1) This dividend was treated as a distribution in 2022 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 2022 and 2021:
Date/Period Common Stock Offerings Shares Issued
Price Per Share (2)
Net Proceeds (1)
  (amounts in millions, except per share amounts)
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 
Q1 2022 ATM 1.050  48.14  50 
Q2 2022 ATM 0.731  38.91  28 
Q3 2022 ATM 1.346 36.85  49 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts and commissions.
(2)Represents the average price per share at which investors in our ATM offerings purchased our shares.
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, 2020 367,177  $ 27.77  $ 10.2 
Granted 80,887  59.41  4.8 
Vested (250,758) 29.22  (7.3)
Forfeited (3,757) 51.43  (0.2)
Ending Balance — December 31, 2021 193,549  $ 38.66  $ 7.5 
Granted 30,911  46.55  1.4 
Vested (93,646) 46.46  (4.3)
Forfeited (1,985) 46.24  (0.1)
Ending Balance — September 30, 2022 128,829  $ 34.76  $ 4.5 
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, 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 
Granted 24,790  58.77  1.5 
Incremental performance shares granted 39,730  25.12  1.0 
Vested (79,460) 25.12  (2.1)
Forfeited (3,024) 47.46  (0.1)
Ending Balance — September 30, 2022 60,402  $ 51.05  $ 3.1 

(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.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
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, 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 
Granted 161,347  45.49  7.3 
Vested (279,123) 44.64  (12.5)
Forfeited (2,497) 46.08  (0.1)
Ending Balance — September 30, 2022 263,773  $ 42.97  $ 11.3 

(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, 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 
Granted 125,550  54.77  6.9 
Incremental performance shares granted 149,000  26.70  4.0 
Vested (298,000) 26.70  (8.0)
Forfeited —  —  — 
Ending Balance — September 30, 2022 324,028  $ 42.84  $ 13.9 

(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. The incremental performance shares granted relate to the vesting of an award at the 200% level.