Quarterly report [Sections 13 or 15(d)]

Equity

v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Dividends and Distributions
Our board of directors declared the following dividends in 2024 and 2025:

Announced Date Record Date Pay Date Amount per
share
2/15/2024 4/5/2024 4/19/2024 $ 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
(1)
 01/10/2025 $ 0.415 
2/13/2025 4/4/2025 04/18/2025 $ 0.420 
5/7/2025 7/2/2025 7/11/2025 $ 0.420 
(1) This dividend is treated as a distribution in the year following the record date for tax purposes.
Equity Offerings
We have an effective universal shelf registration statement registering the potential offer and sale, from time to time and in one or more offerings, of any combination of our common stock, preferred stock, depositary shares, debt securities, warrants and rights (collectively referred to as the “securities”). We may offer the securities directly, through agents, or to or through underwriters by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices and may include “at the market” (“ATM”) offerings to or through a market maker or into an existing trading market on an exchange or otherwise. We have a dividend reinvestment and stock purchase plan, allowing stockholders and holders of OP Units (including LTIP Units) to purchase shares of our common stock by reinvesting cash dividends or distributions received. We completed the following public offerings (including ATM issuances) of our common stock during 2025 and 2024:
Date/Period Common Stock Offerings
Shares Issued
 Price Per Share
Net Proceeds (1)
  (amounts in millions, except per share amounts)
Q1 2024 ATM 1.193  $ 25.89 
(2)
 $ 31 
Q2 2024 ATM 1.662  31.42 
(2)
 52 
Q3 2024 ATM 3.040  32.55 
(2)
 98 
Q4 2024 ATM 0.753  32.01 
(2)
 24 
Q1 2025 ATM 1.629  29.07 
(2)
 47 
(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.
Equity-based Compensation Awards
We have issued equity awards that vest from 2025 to 2029 subject to service, performance and market conditions. During the three months ended March 31, 2025, our board of directors awarded employees and directors 787,843 shares of restricted stock, restricted stock units and LTIP Units that vest from 2026 to 2029. Refer to Note 4 to our financial statements in this Form 10-Q for background on the LTIP Units.
For the three months ended March 31, 2025 we recorded $10 million of stock based compensation compared to $7 million during the three months ended March 31, 2024. We have a retirement policy which provides for full vesting at retirement of any time-based awards that were granted prior to the date of retirement and permits the vesting of market-based or performance-based awards that were granted prior to the date of retirement according to the original vesting schedule of the award, subject to the achievement of the applicable market or performance measures. Employees are eligible for the retirement policy upon meeting age and years of service criteria. The total unrecognized compensation expense related to awards of shares of restricted stock and restricted stock units was approximately $35 million as of March 31, 2025. We expect to recognize compensation expense related to our equity awards over a weighted-average term of approximately 2 years. 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, 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 
Granted 238,774  28.74  6.9 
Vested (32,088) 33.63  (1.1)
Forfeited (4,610) 25.96  (0.1)
Ending Balance — March 31, 2025 521,456  $ 28.32  $ 14.8 
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, 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 
Granted —  —  — 
Incremental performance shares granted —  —  — 
Vested (988) 45.99  — 
Forfeited (20,308) 58.77  (1.2)
Ending Balance — March 31, 2025 57,446  $ 39.35  $ 2.3 

(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.
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, 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 
Granted 309,599  28.73  8.9 
Vested (137,892) 35.54  (4.9)
Forfeited —  —  — 
Ending Balance — March 31, 2025 732,678  $ 28.41  $ 20.9 

(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, 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 
Granted 119,735  45.66  5.5 
Incremental performance shares granted —  —  — 
Vested —  —  — 
Forfeited (125,550) 54.77  (6.9)
Ending Balance — March 31, 2025 529,793  $ 40.68  $ 21.6 

(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 — December 31, 2024 128,024  $ 25.96  $ 3.3 
Granted 119,735  28.73  3.5 
Incremental performance shares granted —  —  — 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance — March 31, 2025 247,759  $ 27.30  $ 6.8 
(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.