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Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Summary of Changes In Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended June 30, 2023 and 2022 (amounts in thousands, except share amounts):

 

 

Shares

 

 

Common
Stock
Par
Value

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Cumulative
Dividends

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-
controlling
Interest in
Operating
Partnership

 

 

Total
Equity

 

Three months ended June 30, 2023

 

Balance at March 31, 2023

 

 

93,389,906

 

 

$

934

 

 

$

1,672,467

 

 

$

97,388

 

 

$

(500,051

)

 

$

1,773

 

 

$

167,528

 

 

$

1,440,039

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

148

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,151

 

 

 

1,299

 

Dividends and distributions paid
   ($0.265 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,755

)

 

 

—

 

 

 

(3,401

)

 

 

(28,156

)

Grant of unvested restricted stock

 

 

25,800

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unrealized gain on interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,745

 

 

 

362

 

 

 

3,107

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,103

 

 

 

—

 

 

 

—

 

 

 

675

 

 

 

5,778

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

784

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(784

)

 

 

—

 

Balance at June 30, 2023

 

 

93,415,706

 

 

$

934

 

 

$

1,673,399

 

 

$

102,491

 

 

$

(524,806

)

 

$

4,518

 

 

$

165,531

 

 

$

1,422,067

 

Three months ended June 30, 2022

 

Balance at March 31, 2022

 

 

90,779,897

 

 

$

908

 

 

$

1,614,798

 

 

$

69,364

 

 

$

(403,788

)

 

$

(172

)

 

$

158,235

 

 

$

1,439,345

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

169

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,468

 

 

 

1,637

 

Dividends and distributions paid
   ($0.265 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,063

)

 

 

—

 

 

 

(3,318

)

 

 

(27,381

)

Grant of unvested restricted stock

 

 

21,725

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemption of common units for
   shares of common stock

 

 

15,000

 

 

 

—

 

 

 

211

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(211

)

 

 

—

 

Contribution of property for
   common units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,361

 

 

 

17,361

 

Unrealized gain on interest rate
    swaps, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,565

 

 

 

338

 

 

 

2,903

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,197

 

 

 

—

 

 

 

—

 

 

 

933

 

 

 

8,130

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

6,110

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,110

)

 

 

—

 

Balance at June 30, 2022

 

 

90,816,622

 

 

$

908

 

 

$

1,621,288

 

 

$

76,561

 

 

$

(427,851

)

 

$

2,393

 

 

$

168,696

 

 

$

1,441,995

 

 

The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2023 and 2022 (amounts in thousands, except share amounts):

 

 

Shares

 

 

Common
Stock
Par
Value

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Cumulative
Dividends

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-
controlling
Interest in
Operating
Partnership

 

 

Total
Equity

 

Six months ended June 30, 2023

 

Balance at December 31, 2022

 

 

90,814,021

 

 

$

908

 

 

$

1,622,913

 

 

$

93,497

 

 

$

(475,983

)

 

$

3,546

 

 

$

166,101

 

 

$

1,410,982

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

293

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,674

 

 

 

2,967

 

Dividends and distributions paid
   ($0.530 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(48,823

)

 

 

—

 

 

 

(6,796

)

 

 

(55,619

)

Grant of unvested restricted stock

 

 

32,486

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemption of common units for
   shares of common stock

 

 

10,199

 

 

 

—

 

 

 

140

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(140

)

 

 

—

 

Issuance of common stock, net

 

 

2,559,000

 

 

 

26

 

 

 

52,206

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,232

 

Contribution of property for
   common units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

219

 

 

 

219

 

Unrealized gain on interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

972

 

 

 

122

 

 

 

1,094

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,994

 

 

 

—

 

 

 

—

 

 

 

1,198

 

 

 

10,192

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

(2,153

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,153

 

 

 

—

 

Balance at June 30, 2023

 

 

93,415,706

 

 

$

934

 

 

$

1,673,399

 

 

$

102,491

 

 

$

(524,806

)

 

$

4,518

 

 

$

165,531

 

 

$

1,422,067

 

Six months ended June 30, 2022

 

Balance at December 31, 2021

 

 

90,147,868

 

 

$

901

 

 

$

1,604,712

 

 

$

62,023

 

 

$

(379,895

)

 

$

(5,072

)

 

$

158,912

 

 

$

1,441,581

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

352

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,914

 

 

 

3,266

 

Dividends and distributions paid
   ($0.530 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(47,956

)

 

 

—

 

 

 

(6,459

)

 

 

(54,415

)

Grant of unvested restricted stock

 

 

29,078

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemption of common units for
   shares of common stock

 

 

204,751

 

 

 

2

 

 

 

2,909

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,911

)

 

 

—

 

Issuance of common stock, net

 

 

434,925

 

 

 

5

 

 

 

9,394

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,399

 

Contribution of property for
   common units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,361

 

 

 

17,361

 

Unrealized gain on interest rate
    swaps, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,465

 

 

 

945

 

 

 

8,410

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,538

 

 

 

—

 

 

 

—

 

 

 

1,855

 

 

 

16,393

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

3,921

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,921

)

 

 

—

 

Balance at June 30, 2022

 

 

90,816,622

 

 

$

908

 

 

$

1,621,288

 

 

$

76,561

 

 

$

(427,851

)

 

$

2,393

 

 

$

168,696

 

 

$

1,441,995

 
Summary of Dividends Declared

A summary of dividends declared by our board of directors per share of common stock and per common unit at the date of record is as follows:

Quarter

 

Declaration Date

 

Record Date

 

Payment Date

 

Dividend (1)

 

Q1 2023

 

April 26, 2023

 

May 11, 2023

 

May 23, 2023

 

$

0.265

 

Q2 2023

 

August 2, 2023

 

August 17, 2023

 

August 29, 2023

 

$

0.265

 
(1)
Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.
Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to issuances under the 2019 ATM Program during the six months ended June 30, 2023 (amounts in thousands except share amounts):

 

 

 

2019 ATM Program

 

For the three months ended

 

Number of Shares Issued(1)

 

 

Net Proceeds(1)

 

March 31, 2023

 

 

250,000

 

 

$

5,562

 

June 30, 2023

 

 

—

 

 

 

—

 

Total

 

 

250,000

 

 

$

5,562

 

 

(1)
Shares were all issued in settlement of forward sales transactions. Additionally, as of June 30, 2023, we had entered into forward sales transactions under the 2019 ATM Program for the sale of an additional 1,700,000 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sales transactions by the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from August 2023 to July 2024. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $21.61 per share, we expect to receive net proceeds of approximately $36.7 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. We accounted for the forward sale transactions as equity.