EQUITY

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

EQUITY

EQUITY

Common Stock

On December 11, 2019, the Company established an at-the-market equity offering program (the “Prior ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $400.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On August 6, 2021, the Company terminated the Prior ATM Program pursuant to its termination rights.

During the three months ended September 30, 2021, no shares were sold under the Prior ATM Program and the Company did not utilize the forward feature of the Prior ATM Program. During the nine months ended September 30, 2021, the Company sold 2.2 million shares under the Prior ATM Program at an average price of $17.78 per share, generating gross proceeds of $38.8 million, before $0.6 million of commissions (excluding sales utilizing the forward feature of the Prior ATM Program, as described below).

Additionally, during the nine months ended September 30, 2021, the Company utilized the forward feature of the Prior ATM Program to allow for the sale of up to 6.8 million shares of the Company’s common stock at an initial weighted average price of $17.49 per share, net of commissions. During the nine months ended September 30, 2021, the Company settled all of the open forward positions under the Prior ATM Program by issuing 7.9 million shares (inclusive of the 6.8 million shares referenced in the immediately preceding sentence) at a weighted average net price of $17.36 per share, after commissions and fees, resulting in net proceeds of $137.0 million.

On August 6, 2021, the Company established a new at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement.

During each of the three and nine months ended September 30, 2021, no shares were sold under the ATM Program. Additionally, during each of the three and nine months ended September 30, 2021, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 0.2 million shares of the Company’s common stock at an initial weighted average price of $15.00 per share, net of commissions, and these shares remained outstanding under the forward sale agreements as of September 30, 2021.

As of September 30, 2021, the Company had $497.3 million available under the ATM Program.

On October 15, 2021, the Company completed an underwritten public offering of 7.8 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $112.6 million from the offering at a price of $14.40 per share. These proceeds were used to fund a portion of the RCA Mortgage Loan.

The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2021:

Declaration Date	Record Date	Amount Per Share		Dividend Payable Date
February 2, 2021	February 12, 2021	$	0.30	February 26, 2021
May 5, 2021	May 17, 2021	$	0.30	May 28, 2021
August 4, 2021	August 17, 2021	$	0.30	August 31, 2021

During the nine months ended September 30, 2021, the Company issued 0.2 million shares of common stock as a result of restricted stock unit vestings.

Upon any payment of shares to team members as a result of restricted stock unit vestings, the team members’ related tax withholding obligation will generally be satisfied by the Company reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the nine months ended September 30, 2021 and 2020, the Company incurred $1.9 million and $0.9 million, respectively, in tax withholding obligations on behalf of its team members that were satisfied through a reduction in the number of shares delivered to those participants.

Accumulated Other Comprehensive Loss

The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):

	September 30, 2021		December 31, 2020
Foreign currency translation loss	$	(1,847)	$	(1,831)
Unrealized loss on cash flow hedges	(14,297)		(38,080)
Total accumulated other comprehensive loss	$	(16,144)	$	(39,911)