Stockholders' Equity of the Company

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity of the Company

Stockholders’ Equity of the Company

Common Stock

At-The-Market Stock Offering Program

Under the at-the-market stock program, which commenced in June 2018 (the “2018 At-The-Market Program”) and ended during the year ended December 31, 2022, the Company was able to offer and sell shares of our common stock having an aggregate gross sales price of up to $500.0 million from time to time in “at-the-market” offerings. The Company did not complete any sales of common stock under the program during the years ended December 31, 2022, 2021 and 2020. Through the term of the 2018 At-The-Market Program, the Company completed the sale of 3,594,576 shares of common stock.

Common Stock Repurchases

As of December 31, 2022, 4,935,826 shares remained eligible for repurchase under a share repurchase program approved by the Company’s board of directors in 2016. The Company did not repurchase shares of common stock under this program during the three years ended December 31, 2022, 2021 and 2020.

Accrued Dividends and Distributions

The following tables summarize accrued dividends and distributions for the noted outstanding shares of common stock and noncontrolling units as of December 31, 2022 and 2021:

	December 31,
	2022		2021
	(in thousands)
Dividends and Distributions payable to:
Common stockholders	$	63,114	$	60,561
Noncontrolling common unitholders of the Operating Partnership	621		598
RSU holders (1)	550		691
Total accrued dividends and distribution to common stockholders and noncontrolling unitholders	$	64,285	$	61,850

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(1)The amount includes the value of the dividend equivalents that will be paid with additional RSUs (see Note 15 “Share-Based and Other Compensation” for additional information).

	December 31,
	2022	2021
Outstanding Shares and Units:
Common stock	116,878,031	116,464,169
Noncontrolling common units	1,150,574	1,150,574
RSUs (1)	984,006	1,292,802

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(1)The amount includes nonvested RSUs. Does not include 1,123,554 and 976,464 market measure-based RSUs because not all the necessary performance conditions have been met as of December 31, 2022 and 2021, respectively. Refer to Note 15 “Share-Based and Other Compensation” for additional information.