Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

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 10, 2020, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $500.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “ATM Program”). In connection with the entry into the equity distribution agreement and

the commencement of the ATM Program, the Company’s “at-the-market” equity offering program pursuant to the Company’s prior equity distribution agreement, dated as of March 4, 2019, was terminated.

There was no ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the year ended December 31, 2020. The following table summarizes ATM Program activity and predecessor at-the-market equity offering program activity for the years ended December 31, 2021 and 2019 (in thousands, except per share amounts):

	For the Year Ended December 31,
	2021		2019
Number of shares	990		2,459
Average sales price per share	$	23.74	$	19.48
Gross proceeds(1)	$	23,505	$	47,893

(1)    Total gross proceeds is before $0.3 million and $0.6 million of commissions paid to the sales agents during the year ended December 31, 2021 and December 31, 2019 under the ATM Program and a predecessor at-the-market equity offering program.

As of December 31, 2021, the Company had $476.5 million available for future issuances under the ATM Program.

Share Repurchase Program — On March 20, 2020, the Company’s Board of Directors authorized a share repurchase program up to $150.0 million of outstanding shares of the Company’s common stock (the “Repurchase Program”). Repurchases under the Repurchase Program, which expires on March 31, 2023, may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, in each case subject to market conditions and at such times as shall be permitted by applicable securities laws and determined by management. Repurchases under the Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Exchange Act. The Company expects to finance any share repurchases under the Repurchase Program using available cash and may also use short-term borrowings under the Revolving Facility. The Company did not repurchase any shares of common stock under the Repurchase Program during the years ended December 31, 2021, and 2020. The Repurchase Program may be modified, discontinued or suspended at any time.

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 2021, 2020 and 2019 (dollars in thousands, except per share amounts):

	For the Three Months Ended
2021	March 31,		June 30,		September 30,		December 31,
Dividends declared	$	0.265	$	0.265	$	0.265	$	0.265
Dividends payment date	April 15, 2021		July 15, 2021		October 15, 2021		January 14, 2022
Dividends payable as of record date	$	25,633	$	25,714	$	25,714	$	25,755
Dividends record date	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
2020
Dividends declared	$	0.25	$	0.25	$	0.25	$	0.25
Dividends payment date	April 15, 2020		July 15, 2020		October 15, 2020		January 15, 2021
Dividends payable as of record date	$	23,931	$	23,931	$	23,934	$	23,933
Dividends record date	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
2019
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