Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Equity

On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the next three years. The Company intends to use the net proceeds from these sales, after deducting commissions on such sales and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. The Company sold 326,042 shares of common stock through its at-the-market equity program and raised proceeds of $18.2 million, net of $0.2 million in commissions paid under the equity distribution agreement, during the three months ended March 31, 2023.

As approved by the Company's stockholders at the 2022 Annual Meeting, effective July 26, 2022, the aggregate number of shares of common stock which the Company shall have authority to issue was increased from 68.0 million shares to 136.0 million shares. All of said 136.0 million shares shall be of one and the same series, namely shares with par value of $0.01 per share.

The Company’s changes in total equity for the three months ended March 31, 2023 and 2022 were as follows:

	Three months ended March 31, 2023
	Common Stock			Additional Paid-in Capital		Retained Earnings		Noncontrolling Interests		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2023	55,598	$	556	$	760,336	$	556,698	$	4,804	$	1,322,394
Net loss	—	—		—		(22,211)		(123)		(22,334)
Issuance of common stock	420	4		17,380		—		—		17,384
Repurchase of common stock	(27)	—		—		—		—		—
Dividends paid on common stock ($0.2600 per share)	—	—		—		(14,456)		—		(14,456)
Investment in business with noncontrolling interest	—	—		(111)		—		111		—
Balance at March 31, 2023	55,991	560		777,605		520,031		4,792		1,302,988

	Three months ended March 31, 2022
	Common Stock			Additional Paid-in Capital		Retained Earnings		Noncontrolling Interests		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2022	53,716	$	537	$	651,121	$	514,873	$	5,386	$	1,171,917
Net income (loss)	—	—		—		1,086		(192)		894
Issuance of common stock	85	1		1,106		—		—		1,107
Repurchase of common stock	(28)	—		(1,674)		—		—		(1,674)
Dividends paid on common stock ($0.2500 per share)	—	—		—		(13,429)		—		(13,429)
Investment in business with noncontrolling interest	—	—		(54)		—		54		—
Balance at March 31, 2022	53,773	538		650,499		502,530		5,248		1,158,815