Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2023 and 2024:

Announced Date Record Date Pay Date Amount per
share
2/16/2023 4/3/2023 4/10/2023 $ 0.395 
5/4/2023 7/5/2023 7/12/2023 $ 0.395 
8/3/2023 10/4/2023 10/11/2023 $ 0.395 
11/2/2023 12/29/2023
(1)
 01/12/2024 $ 0.395 
2/15/2024 4/5/2024 04/19/2024 $ 0.415 
5/7/2024 7/3/2024 7/12/2024 $ 0.415 
8/1/2024 10/4/2024 10/18/2024 $ 0.415 
11/7/2024 12/30/2024 01/10/2025 $ 0.415 
(1) This dividend is treated as a distribution in the year following the record date 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 2024 and 2023:
Date/Period Common Stock Offerings
Shares Issued (2)
Price Per Share
Net Proceeds (1)
  (amounts in millions, except per share amounts)
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 
Q3 2023 ATM 4.394  24.71 
(3)
 107 
Q4 2023 ATM 1.006  28.81 
(3)
 29 
Q1 2024 ATM 1.193  25.89 
(3)
 31 
Q2 2024 ATM 1.662 31.42 
(3)
 52 
Q3 2024 ATM 3.040 32.55 
(3)
 98 
(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, 2022 168,452  $ 33.59  $ 5.7 
Granted 77,938  30.03  2.3 
Vested (98,367) 29.18  (2.9)
Forfeited (12,356) 42.74  (0.5)
Ending Balance — December 31, 2023 135,667  $ 33.90  $ 4.6 
Granted 222,049  26.94  6.0 
Vested (41,165) 38.16  (1.6)
Forfeited (3,399) 27.55  (0.1)
Ending Balance — September 30, 2024 313,152  $ 28.48  $ 8.9 
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, 2022 58,404  $ 51.03  $ 3.0 
Granted 63,446  39.29  2.4 
Incremental performance shares granted 7,305  34.63  0.3 
Vested (18,041) 35.17  (0.6)
Forfeited (16,460) 30.90  (0.5)
Ending Balance — December 31, 2023 94,654  $ 48.42  $ 4.6 
Granted —  —  — 
Incremental performance shares granted —  —  — 
Vested —  —  — 
Forfeited (15,480) 68.81  (1.1)
Ending Balance — September 30, 2024 79,174  $ 44.43  $ 3.5 

(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 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, 2022 276,766  $ 42.21  $ 11.7 
Granted 342,349  30.08  10.3 
Vested (142,041) 39.21  (5.5)
Forfeited —  —  — 
Ending Balance — December 31, 2023 477,074  $ 34.4  $ 16.5 
Granted 320,063  26.96  8.6 
Vested (236,166) 34.79  (8.2)
Forfeited —  —  — 
Ending Balance — September 30, 2024 560,971  $ 29.99  $ 16.9 

(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, 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 — December 31, 2023 493,858  $ 47.76  $ 23.6 
Granted 128,024  39.11  5.0 
Incremental performance shares granted —  —  — 
Vested —  —  — 
Forfeited (86,274) 65.28  (5.6)
Ending Balance — September 30, 2024 535,608  $ 42.87  $ 23.0 

(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 our 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.
A summary of the unvested LTIP Units that have performance-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, 2023 —  $ —  $ — 
Granted 128,024  25.96  3.3 
Incremental performance shares granted —  —  — 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance — September 30, 2024 128,024  $ 25.96  $ 3.3 
(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with performance-based vesting conditions can vest between 0% and 200% subject to the achievement of certain adjusted earnings per share. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.