Equity (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Summary of Dividends Declared by Board of Directors

Our board of directors declared the following dividends in 2019 and 2020:

Announced Date	Record Date		Pay Date	Amount per share
2/21/2019	4/3/2019		4/11/2019	$	0.335
6/6/2019	7/5/2019		7/12/2019	0.335
9/12/2019	10/3/2019		10/10/2019	0.335
12/13/2019	12/26/2019	(1)	1/10/2020	0.335
2/20/2020	4/2/2020		4/10/2020	0.340
6/5/2020	7/2/2020		7/9/2020	0.340

(1) This dividend was treated as a distribution in 2020 for tax purposes.

Schedule of Common Stock Public Offerings and ATM

We completed the following public offerings (including ATM issuances) of our common stock between January 1, 2019 and June 30, 2020:

Date		Common Stock Offerings	Shares Issued	Price Per Share			Net Proceeds (2)
			(amounts in millions, except per share amounts)
1/3/2019	(1)	Public Offering	0.465	$	21.60	(3)	$	9
1/23/2019 to 3/21/2019		ATM	1.603	23.39		(4)	37
5/7/2019 to 6/7/2019		ATM	1.926	26.33		(4)	50
12/12/2019		ATM	1.405	30.00		(4)	42
2/27/2020 to 3/27/2020		ATM	4.500	25.84		(4)	115
4/2/2020 to 6/10/2020		ATM	1.938	23.10		(4)	44

(1)These are shares issued in connection with the exercise of the underwriters' option to purchase additional shares.

(2)Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.

(3)Represents the price per share at which the underwriters in our public offerings purchased our shares.

(4)Represents the average price per share at which investors in our ATM offerings purchased our shares.

Summary of Unvested Shares

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, 2018	1,386,756	$	19.00	$	26.4
Granted	150,493	23.99		3.6
Vested	(781,218)	18.91		(14.8)
Forfeited	(5,789)	20.62		(0.1)
Ending Balance — December 31, 2019	750,242	$	20.08	$	15.1
Granted	194,077	32.93		6.4
Vested	(576,880)	19.50		(11.3)
Forfeited	(50)	31.00		—
Ending Balance — June 30, 2020	367,389	$	27.77	$	10.2

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, 2018	393,148	$	19.55	$	7.7
Granted	46,586	25.10		1.2
Vested	(1,380)	21.68		—
Forfeited	(2,776)	22.23		(0.1)
Ending Balance — December 31, 2019	435,578	$	20.12	$	8.8
Granted	23,342	27.18		0.6
Incremental performance shares granted	216,932	18.99		4.1
Vested	(439,986)	19.04		(8.4)
Forfeited	—	—		—
Ending Balance — June 30, 2020	235,866	$	21.78	$	5.1

(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 an award at the 200% 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, 2018	—	$	—	$	—
Granted	209,330	25.84		5.4
Vested	(8,020)	25.82		(0.2)
Forfeited	—	—		—
Ending Balance — December 31, 2019	201,310	$	25.84	$	5.2
Granted	165,346	18.56		3.1
Vested	(76,204)	25.82		(2.0)
Forfeited	—	—		—
Ending Balance — June 30, 2020	290,452	$	21.70	$	6.3

(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, 2018	—	$	—	$	—
Granted	180,500	26.70		4.8
Vested	—	—		—
Forfeited	—	—		—
Ending Balance — December 31, 2019	180,500	$	26.70	$	4.8
Granted	132,204	12.25		1.6
Vested	—	—		—
Forfeited	—	—		—
Ending Balance — June 30, 2020	312,704	$	20.59	$	6.4

(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.