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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Forward Contracts Indexed to Issuer's Equity
The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 2022 and 2021:
(In thousands, except share and per share data)
Effective Date (1)
Total Shares Sold (2)
Public Offering Price Per ShareAggregate Offering ValueInitial Forward Sale Price Per ShareInitial Net Value
January 2023 OfferingJanuary 18, 2023
30,302,500
$33.00 $1,000,000 $31.85 $964,400 
November 2022 OfferingNovember 8, 2022
18,975,000
30.90 580,000 30.57 579,600 
September 2021 OfferingSeptember 14, 202150,000,000 29.50 1,475,000 28.62 1,431,000 
March 2021 OfferingMarch 8, 2021
69,000,000
29.00 2,001,000 28.06 1,935,000 
Total168,277,500 $30.08 $5,056,000 $29.19 $4,910,000 
____________________
(1)The forward sale agreements generally require settlement within one-year of the trade date, which is January 16, 2024 with respect to the January 2023 Offering, and was (i) November 3, 2023 with respect to the November 2022 Offering, (ii) September 9, 2022 with respect to the September 2021 Offering and (iii) March 4, 2022 with respect to the March 2021 Offering (all three of which have since settled).
(2)The amounts are inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes (i) 3,952,500 shares with respect to the January 2023 Offering, (ii) 2,475,000 shares with respect to the November 2022 Offering and (iii) 9,000,000 shares with respect to the March 2021 Offering.
The following table summarizes settlement activity of the outstanding forward shares during the years ended December 31, 2022 and 2021:
(In thousands, except share and per share data)Settlement DateSettlement TypeNumber of Shares SettledForward Share Price Upon SettlementTotal Net Proceeds
November 2022 Forward Sale AgreementsJanuary 6, 2023Physical18,975,000 $30.34 $575,600 
September 2021 Forward Sale AgreementsFebruary 18, 2022Physical50,000,000 27.81 1,390,600 
March 2021 Forward Sale AgreementsFebruary 18, 2022Physical69,000,000 26.50 1,828,600 
June 2020 Forward Sale AgreementSeptember 9, 2021Physical26,900,000 19.59 526,900 
June 2020 Forward Sale AgreementSeptember 28, 2020Physical3,000,000 21.04 63,000 
Total167,875,000 $26.12 $4,384,700 
Schedule of Shares Sold Activity
The following table summarizes our activity under the ATM Program during the year ended December 31, 2022, all of which were sold subject to a forward sale agreement (collectively, the “ATM Forward Sale Agreements”). During the year ended December 31, 2021, we did not sell any shares under the ATM Program.
(In thousands, except share and per share data)Number of SharesWeighted Average Share PriceAggregate ValueForward Sales Price Per ShareAggregate Net Value
December 2022 ATM Forward Sale Agreement6,317,805 $33.62 $212,400 $32.96 $208,300 
August 2022 ATM Forward Sale Agreement3,918,807 34.73 136,080 34.40 134,800 
June 2022 ATM Forward Sale Agreement11,380,980 32.28 367,400 31.64 360,000 
Total21,617,592 $33.12 $715,880 $32.53 $703,100 
The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were settled subsequent to the year ended December 31, 2022.
(In thousands, except share and per share data)Settlement DateSettlement TypeNumber of Shares SettledForward Share Price Upon SettlementTotal Net Proceeds
December 2022 ATM Forward Sale AgreementJanuary 6, 2023Physical6,317,805 $32.99 $208,402 
August 2022 ATM Forward Sale AgreementJanuary 6, 2023Physical3,918,807 33.96 133,073 
June 2022 ATM Forward Sale AgreementJanuary 3, 2023Physical11,380,980 31.20 355,168 
Total21,617,592 $32.22 $696,643 
Schedule of Common Stock Shares Outstanding
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
Common Stock Outstanding202220212020
Beginning Balance January 1628,942,092 536,669,722 461,004,742 
Issuance of common stock in primary follow-on offerings— 65,000,000 — 
Issuance of common stock upon physical settlement of forward sale agreements (1)
119,000,000 26,900,000 68,000,000 
Issuance of common stock in connection with the Merger214,552,532 — — 
Issuance of common stock under the at-the-market offering program— — 7,500,000 
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures601,939 372,370 164,980 
Ending Balance December 31963,096,563 628,942,092 536,669,722 
____________________
(1)Excludes the 40,592,592 shares subject to the November 2022 Forward Sale Agreement and the ATM Forward Sale Agreements as such shares were not yet settled as of December 31, 2022.
Summary of Dividends Declared
Dividends declared (on a per share basis) during the years ended December 31, 2022 and 2021 were as follows:
Year Ended December 31, 2022
Declaration DateRecord DatePayment DatePeriodDividend
March 10, 2022March 24, 2022April 7, 2022January 1, 2022 - March 31, 2022$0.3600 
June 9, 2022June 23, 2022July 7, 2022April 1, 2022 - June 30, 2022$0.3600 
September 8, 2022September 22, 2022October 6, 2033July 1, 2022 - September 30, 2022$0.3900 
December 8, 2022December 22, 2022January 5, 2022October 1, 2022 - December 31, 2022$0.3900 
Year Ended December 31, 2021
Declaration DateRecord DatePayment DatePeriodDividend
March 11, 2021March 25, 2021April 8, 2021January 1, 2021 - March 31, 2021$0.3300 
June 10, 2021June 24, 2021July 8, 2021April 1, 2021 - June 30, 2021$0.3300 
August 4, 2021September 24, 2021October 7, 2021July 1, 2021 - September 30, 2021$0.3600 
December 9, 2021December 23, 2021January 6, 2022October 1, 2021 - December 31, 2021$0.3600