Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.23.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2022 and 2023:

Announced Date Record Date Pay Date Amount per
share
2/17/2022 4/4/2022 4/11/2022 $ 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
(1)
 01/6/2023 $ 0.375 
2/16/2023 04/3/2023 04/10/2023 $ 0.395 
5/4/2023 7/5/2023 7/12/2023 $ 0.395 
8/3/2023 10/4/2023 10/11/2023 $ 0.395 
(1) This dividend was treated as a distribution in 2023 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 2023 and 2022:
Date/Period Common Stock Offerings
Shares Issued (2)
Price Per Share
Net Proceeds (1)
  (amounts in millions, except per share amounts)
Q1 2022 ATM 1.050  $ 48.14 
(3)
 $ 50 
Q2 2022 ATM 0.731  38.91 
(3)
 28 
Q3 2022 ATM 1.346  36.85 
(3)
 49 
Q4 2022 ATM 1.996  31.41 
(3)
 62 
Q1 2023 ATM 0.763  31.31 
(3)
 24 
5/30/2023 Public Offering 15.000  22.23 
(4)
 333 
Q2 2023 ATM 0.053 26.07 
(3)
 1 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts and commissions.
(2)Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
(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 offering 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, 2021 193,548  $ 38.66  $ 7.5 
Granted 71,911  37.32  2.7 
Vested (93,646) 46.46  (4.3)
Forfeited (3,361) 46.83  (0.2)
Ending Balance — December 31, 2022 168,452  $ 33.59  $ 5.7 
Granted 66,678  31.19  2.1 
Vested (92,465) 28.53  (2.7)
Forfeited (541) 36.58  — 
Ending Balance — June 30, 2023 142,124  $ 35.74  $ 5.1 
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, 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 (5,022) 49.00  (0.2)
Ending Balance — December 31, 2022 58,404  $ 51.03  $ 3.0 
Granted 62,310  39.29  2.4 
Incremental performance shares granted 7,305  34.63  0.3 
Vested (17,449) 34.63  (0.6)
Forfeited (10,686) 21.03  (0.2)
Ending Balance — June 30, 2023 99,884  $ 48.59  $ 4.9 

(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 awards at the achieved performance 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, 2021 384,046  $ 43.15  $ 16.6 
Granted 174,340  44.08  7.7 
Vested (279,123) 44.64  (12.5)
Forfeited (2,497) 46.08  (0.1)
Ending Balance — December 31, 2022 276,766  $ 42.21  $ 11.7 
Granted 342,349  30.08  10.3 
Vested (130,819) 39.97  (5.2)
Forfeited —  —  — 
Ending Balance — June 30, 2023 488,296  $ 34.30  $ 16.8 

(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, 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 — December 31, 2022 324,028  $ 42.84  $ 13.9 
Granted 282,034  39.29  11.1 
Incremental performance shares granted 40,394  19.94  0.8 
Vested (96,496) 19.94  (1.9)
Forfeited (56,102) 4.56  (0.3)
Ending Balance — June 30, 2023 493,858  $ 47.76  $ 23.6 

(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 awards at the achieved performance level.