Dividends and Distributions (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of dividends declared and distributions paid

The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2019, 2018 and 2017:

2019 (Common Shares)
Month Declared/Paid	Dividend Per Share		Distributions Declared		Distributions Paid
(In thousands, except per share amounts)
December (2018)/January	$	0.1875	$	—	$	28,218
December (a)			—		(127		)	Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
December (2018)/January			—		7			Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
March/April	$	0.2000	30,235		30,235
March (b)			—		(142		)	Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
March/April			—		15			Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
June/July	$	0.2000	38,764		38,764
June (c)			—		(172		)	Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
June/July			—		13			Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
September/October	$	0.2000	38,795		38,795
October (d)			—		(170		)	Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
September/October			—		7			Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
December/January (2020)	$	0.2000	38,796		—
			$	146,590	$	135,443

(a) Declared in December 2018 and included in the $28.2 million declared, see description to the right regarding timing of payment.

(b) Declared in March and included in the $30.2 million declared, see description to the right regarding timing of payment.

(c) Declared in June and included in the $38.8 million declared, see description to the right regarding timing of payment.

(d) Declared in September and included in the $38.8 million declared, see description to the right regarding timing of payment.

2018
Month Declared/Paid	Dividend Per Share		Distributions Declared				Distributions Paid
			Common Shares		Series B Preferred Shares		Common Shares			Series B Preferred Shares
(In thousands, except per share amounts)
January (a)	$	0.0186	$	1,291	$	619	$	1,291		$	619
March/April	$	0.1396	20,145		—		20,145
March (c)			—		—		(79		)	—		Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
March/April			—		—		20			—		Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
June/July	$	0.1875	27,250		—		27,250			—
June (d)			—		—		(118		)	—		Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
June/July			—		—		28			—		Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
September/October	$	0.1875	28,072		—		28,072
October(e)			—		—		(114		)	—		Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
September/October			—		—		28			—		Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
December/January (2019)	$	0.1875	28,218		—		—			—
			$	104,976			$	76,523
Series B Preferred Shares - Fixed Dividend
January (a)					1,198					1,198
Total distributions paid to holders of Series B Preferred Shares (b)					$	1,817				$	1,817

(a) Stub period dividend paid to shareholders of record prior to the IPO.

(b) Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date.

(c) Declared in March and included in the $20.1 million declared, see description to the right regarding timing of payment.

(d) Declared in June and included in the $27.3 million declared, see description to the right regarding timing of payment.

(e) Declared in September and included in the $28.1 million declared, see description to the right regarding timing of payment.

2017
Month Declared	Dividend Per Share		Distributions Paid					Month Paid
			Common Shares		Series B Preferred Shares
(In thousands, except per share amounts)
March	$	0.0730	$	5,053	$	2,421		April
June	$	0.0730	5,054		2,422			July
September	$	0.0730	5,053		2,421			October
December	$	0.0730	5,054		2,422			December
			$	20,214	9,686		(a)
Series B Preferred Shares - Fixed Dividend					18,750		(b)
Total distributions paid to holders of Series B Preferred Shares					$	28,436

(a) Participating dividend.

(b)

Paid in equal quarterly amounts along with the participating dividend.

Schedule of distribution type

The composition of the Company’s distributions per common share and per preferred share is as follows:

Common Shares	2019		2018		2017
Ordinary income	83	%	66	%	85	%
Capital gains	0	%	0	%	0	%
Return of capital	17	%	34	%	15	%
	100	%	100	%	100	%

Preferred Shares	2019	2018		2017
Ordinary income	N/A	100	%	100	%
Capital gains	N/A	0	%	0	%
Return of capital	N/A	0	%	0	%
	N/A	100	%	100	%