Equity

12 Months Ended

Dec. 31, 2019

EQUITY

Common Stock

Public Offering of Common Stock—On April 15, 2019, the Company completed an underwritten public offering of 6,641,250 shares of its common stock, par value $0.01 per share, at an initial price to the public of $23.35, including 866,250 shares of common stock sold pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, resulting in approximately $149.0 million in net proceeds, after deducting the underwriting discount and offering expenses. The Company used the proceeds from the offering to repay a portion of the outstanding borrowings on its Revolving Facility, which had been used to fund a portion of the purchase price of acquisitions in the second quarter of 2019.

At-The-Market Offering—On March 4, 2019, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $300.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program”). In connection with the entry into the equity distribution agreement and the commencement of the New ATM Program, the Company’s “at-the-market” equity offering program pursuant to the Company’s prior equity distribution agreement, dated as of May 17, 2017, was terminated (the “Prior ATM Program”).

There was no New ATM Program activity for 2019. The following table summarizes the quarterly Prior ATM Program activity for 2019 and 2018 (in thousands, except per share amounts):



	For the Years Ended December 31,
	2019		2018
Number of shares	2,459		10,265
Average sales price per share	$	19.48	$	17.76
Gross proceeds⁽¹⁾	$	47,893	$	182,321


(1)	Total gross proceeds is before $0.6 million and $2.3 million, respectively, of commissions paid to the sales agents during the years ended December 31, 2019 and 2018 under the Prior ATM Program.

As of December 31, 2019, the Company had $300.0 million available for future issuances under the New ATM Program.

Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s Board of Directors for 2019, 2018 and 2017 (dollars in thousands, except per share amounts):



	For the Three Months Ended
2019	March 31,		June 30,		September 30,		December 31,
Dividends declared	$	0.225	$	0.225	$	0.225	$	0.225
Dividends payment date	April 15, 2019		July 15, 2019		October 15, 2019		January 15, 2020
Dividends payable as of record date	$	20,011	$	21,508	$	21,500	$	21,500
Dividends record date	March 29, 2019		June 28, 2019		September 30, 2019		December 31, 2019

2018
Dividends declared	$	0.205	$	0.205	$	0.205	$	0.205
Dividends payment date	April 13, 2018		July 13, 2018		October 15, 2018		January 15, 2019
Dividends payable as of record date	$	15,608	$	16,224	$	17,196	$	17,710
Dividends record date	March 30, 2018		June 29, 2018		September 28, 2018		December 31, 2018

2017
Dividends declared	$	0.185	$	0.185	$	0.185	$	0.185
Dividends payment date	April 14, 2017		July 14, 2017		October 13, 2017		January 16, 2018
Dividends payable as of record date	$	13,421	$	14,047	$	14,045	$	14,043
Dividends record date	March 31, 2017		June 30, 2017		September 29, 2017		December 29, 2017