Dividends and Equity Issuance Program

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Dividends and Equity Issuance Program

(3) Dividends and Equity Issuance Program

Dividends and dividend equivalents:

During the third quarter of 2021, we declared and paid dividends of approximately $9.6 million, or $.70 per share. We declared and paid dividends of approximately $9.5 million, or $.69 per share, during the third quarter of 2020.  During the nine-month period ended September 30, 2021 we declared and paid dividends of approximately $28.8 million, or $2.095 per share.  During the nine-month period ended September 30, 2020, we declared and paid dividends of approximately $28.4 million, or $2.065 per share. Dividend equivalents, which are applicable to shares of unvested restricted stock, were accrued during the first nine months of 2021 and will be paid upon vesting of the restricted stock.

Equity Issuance Program:

During the second quarter of 2020, we commenced an at-the-market (“ATM”) equity issuance program, pursuant to the terms of which we may sell, from time-to-time, common shares of our beneficial interest up to an aggregate sales price of $100 million to or through our agent banks. The common shares will be offered pursuant to the Registration Statement filed with the Securities and Exchange Commission, which became effective in June 2020.

No shares were issued pursuant to this ATM equity program during the first nine months of 2021.  Pursuant to this ATM program, since the program commenced in the second quarter of 2020, we have issued 2,704 shares at an average price of $101.30 per share, which generated approximately $270,000 of net proceeds (net of approximately $4,000, consisting of compensation to BofA Securities, Inc.). Additionally, as of September 30, 2021, we have paid or incurred approximately $508,000 in various fees and expenses related to the commencement of our ATM program.