Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our Board declared the following dividends in 2023, 2024, and 2025:
Announced Date Record Date   Pay Date Amount per share
2/16/2023 04/3/2023 04/10/2023 $ 0.395 
5/4/2023 07/5/2023 07/12/2023 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 
02/15/2024 04/5/2024 04/19/2024 0.415 
05/7/2024 07/3/2024 07/12/2024 0.415 
08/1/2024 10/4/2024 10/18/2024 0.415 
11/7/2024 12/30/2024
(1)
 01/10/2025 0.415 
02/13/2025 04/4/2025 04/18/2025 0.420 
(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 2023 and 2024:
Date/Period Common Stock
Offerings		 Shares
Issued
Price
Per Share (1)
Net
Proceeds (2)
    (amounts in millions, except per share amounts)
Q1 2023 ATM 0.763  $ 31.31  $ 24 
5/30/2023 Public Offering 15.000  22.23  333 
Q2 2023 ATM 0.053  26.07  1 
Q3 2023 ATM 4.394  24.71  107 
Q4 2023 ATM 1.006  28.81  29 
Q1 2024 ATM 1.193  25.89  31 
Q2 2024 ATM 1.662  31.42  52 
Q3 2024 ATM 3.040  32.55  98 
Q4 2024 ATM 0.753  32.01  24 
(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, 2024, 2023, and 2022 is shown below.
2024 2023 2022
  (in millions)
Equity-based compensation expense $ 23  $ 18  $ 20 
Fair value of awards vested on vesting date 8  11  34 
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  $ 34.40  $ 16.5 
Granted 320,063  26.96  8.6 
Vested (236,166) 34.79  (8.2)
Forfeited —  —  — 
Ending Balance—December 31, 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—December 31, 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 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.
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—December 31, 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.
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 232,837  26.96  6.3 
Vested (44,540) 36.98  (1.7)
Forfeited (4,584) 27.55  (0.1)
Ending Balance—December 31, 2024
 319,380  $ 28.50  $ 9.1 
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, 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 (15,912) 68.12  (1.1)
Ending Balance—December 31, 2024
 78,742  $ 44.44  $ 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.