Equity (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Equity [Abstract] |
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| Schedule of Dividends Declared by Board of Directors |
Our board of directors declared the following dividends in 2022 and 2023:
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| Announced Date |
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Record Date |
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Pay Date |
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Amount per
share |
| 2/17/2022 |
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4/4/2022 |
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4/11/2022 |
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$ |
0.375 |
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| 5/3/2022 |
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7/5/2022 |
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7/12/2022 |
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$ |
0.375 |
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| 8/4/2022 |
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10/4/2022 |
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10/11/2022 |
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$ |
0.375 |
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| 11/3/2022 |
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12/28/2022 |
(1) |
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01/6/2023 |
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$ |
0.375 |
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| 2/16/2023 |
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04/3/2023 |
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04/10/2023 |
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$ |
0.395 |
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| 5/4/2023 |
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7/5/2023 |
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7/12/2023 |
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$ |
0.395 |
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| 8/3/2023 |
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10/4/2023 |
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10/11/2023 |
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$ |
0.395 |
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| 11/2/2023 |
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12/29/2023 |
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01/12/2024 |
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$ |
0.395 |
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(1) This dividend is treated as a distribution in the year following the record date for tax purposes.
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| 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:
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| Date/Period |
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Common Stock Offerings |
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Shares Issued (2)
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Price Per Share |
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Net Proceeds (1)
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(amounts in millions, except per share amounts) |
| Q1 2022 |
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ATM |
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1.050 |
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$ |
48.14 |
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(3) |
$ |
50 |
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| Q2 2022 |
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ATM |
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0.731 |
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38.91 |
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(3) |
28 |
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| Q3 2022 |
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ATM |
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1.346 |
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36.85 |
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(3) |
49 |
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| Q4 2022 |
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ATM |
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1.996 |
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31.41 |
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(3) |
62 |
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| Q1 2023 |
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ATM |
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0.763 |
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31.31 |
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(3) |
24 |
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| 5/30/2023 |
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Public Offering |
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15.000 |
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22.23 |
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(4) |
333 |
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| Q2 2023 |
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ATM |
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0.053 |
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26.07 |
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(3) |
1 |
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| Q3 2023 |
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ATM |
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4.394 |
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24.71 |
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(3) |
107 |
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(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.
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| 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:
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Restricted Shares of Common Stock |
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Weighted Average Grant Date Fair Value |
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Value |
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(per share) |
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(in millions) |
| Ending Balance — December 31, 2021 |
193,548 |
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$ |
38.66 |
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$ |
7.5 |
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| Granted |
71,911 |
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37.32 |
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2.7 |
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| Vested |
(93,646) |
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46.46 |
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(4.3) |
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| Forfeited |
(3,361) |
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46.83 |
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(0.2) |
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| Ending Balance — December 31, 2022 |
168,452 |
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$ |
33.59 |
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$ |
5.7 |
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| Granted |
67,810 |
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31.15 |
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2.1 |
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| Vested |
(96,117) |
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29.23 |
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(2.8) |
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| Forfeited |
(7,840) |
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48.57 |
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(0.4) |
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| Ending Balance — September 30, 2023 |
132,305 |
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$ |
34.61 |
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$ |
4.6 |
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A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows:
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Restricted Stock Units (1)
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Weighted Average Grant Date Fair Value |
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Value |
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(per share) |
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(in millions) |
| Ending Balance — December 31, 2021 |
78,366 |
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$ |
35.32 |
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$ |
2.8 |
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| Granted |
24,790 |
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58.77 |
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1.5 |
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| Incremental performance shares granted |
39,730 |
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25.12 |
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1.0 |
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| Vested |
(79,460) |
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25.12 |
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(2.1) |
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| Forfeited |
(5,022) |
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49.00 |
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(0.2) |
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| Ending Balance — December 31, 2022 |
58,404 |
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$ |
51.03 |
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$ |
3.0 |
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| Granted |
63,446 |
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39.29 |
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2.4 |
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| Incremental performance shares granted |
7,305 |
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34.63 |
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0.3 |
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| Vested |
(18,041) |
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35.17 |
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(0.6) |
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| Forfeited |
(13,224) |
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26.03 |
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(0.4) |
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| Ending Balance — September 30, 2023 |
97,890 |
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$ |
48.50 |
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$ |
4.7 |
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(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.
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| 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:
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LTIP Units (1)
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Weighted Average Grant Date Fair Value |
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Value |
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(per share) |
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(in millions) |
| Ending Balance — December 31, 2021 |
384,046 |
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$ |
43.15 |
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$ |
16.6 |
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| Granted |
174,340 |
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44.08 |
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7.7 |
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| Vested |
(279,123) |
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44.64 |
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(12.5) |
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| Forfeited |
(2,497) |
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46.08 |
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(0.1) |
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| Ending Balance — December 31, 2022 |
276,766 |
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$ |
42.21 |
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$ |
11.7 |
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| Granted |
342,349 |
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30.08 |
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10.3 |
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| Vested |
(138,048) |
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39.59 |
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(5.4) |
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| Forfeited |
— |
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— |
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— |
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| Ending Balance — September 30, 2023 |
481,067 |
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$ |
34.32 |
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$ |
16.6 |
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(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:
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LTIP Units (1)
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Weighted Average Grant Date Fair Value |
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Value |
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(per share) |
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(in millions) |
| Ending Balance — December 31, 2021 |
347,478 |
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$ |
31.61 |
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$ |
11.0 |
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| Granted |
125,550 |
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54.77 |
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6.9 |
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| Incremental performance shares granted |
149,000 |
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26.70 |
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4.0 |
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| Vested |
(298,000) |
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26.70 |
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(8.0) |
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| Forfeited |
— |
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— |
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— |
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| Ending Balance — December 31, 2022 |
324,028 |
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$ |
42.84 |
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$ |
13.9 |
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| Granted |
282,034 |
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39.29 |
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11.1 |
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| Incremental performance shares granted |
40,394 |
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19.94 |
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0.8 |
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| Vested |
(96,496) |
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19.94 |
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(1.9) |
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| Forfeited |
(56,102) |
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4.56 |
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(0.3) |
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| Ending Balance — September 30, 2023 |
493,858 |
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$ |
47.76 |
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$ |
23.6 |
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