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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

The Company has evaluated all events and transactions that occurred after December 31, 2019 through the filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that would require adjustment to disclosures in the consolidated financial statements except as disclosed below.

In January 2020, the Company issued an aggregate of 84,684 performance-based restricted stock units (“RSUs”) to the Company’s executive officers under the Equity Incentive Plan. These are non-vested share awards and 75% of the award shall vest based on the Company’s total stockholder return (“TSR”) as compared to the TSR of 13 peer companies and 25% of the award shall vest based on the compensation committee’s subjective evaluation of the achievement of strategic objectives deemed relevant by the committee. The performance schedule can produce vesting percentages ranging from 0% to 250%. TSR will be calculated based upon the average closing price for the 20-trading day period ending January 1, 2020, divided by the average closing price for the 20-trading day period ending December 31, 2022.

Additionally, in January 2020, the Company issued an aggregate of 71,607 shares of unvested RSUs to the Company’s executive officers and other employees under the Equity Incentive Plan. These awards vest over a period of four years from the date of grant, subject to the individual recipient’s continued provision of service to the Company through the applicable vesting dates.

In January 2020, the Company completed a follow-on offering of its common stock and issued 7,935,000 shares of common stock, including 1,035,000 shares of common stock to the underwriters pursuant to an option to purchase additional shares, at an offering price of $25.20 per share. In February 2020, the Company used a portion of the proceeds from this offering to retire $62.0 million of Series 2017-1 Class A Notes.  

Subsequent to December 31, 2019, the Company acquired 36 real estate properties with an aggregate investment (including acquisition-related costs) of $85.5 million and invested $5.6 million in new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs. In addition, the Company invested $5.3 million in loans receivable subsequent to December 31, 2019.

Subsequent to December 31, 2019, the Company sold or transferred its investment in 5 real estate properties for an aggregate gross sales price of $6.2 million and incurred $0.3 million of disposition costs related to these transactions.