Equity (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in the Company’s stockholders’ equity for the three months ended March 31, 2020 and 2019 (amounts in thousands, except share amounts):

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings (Deficit)			Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2020
Balance at December 31, 2019		74,832,292	$	748	$	1,257,319		$	20,004		$	(210,760	)	$	(4,690	)	$	137,220		$	1,199,841
Stock based compensation		—		—		224			—			—			—			776			1,000
Dividends and distributions paid ($0.26 per share)		—		—		—			—			(19,516	)		—			(2,570	)		(22,086	)
Grant of unvested restricted stock		2,905		—		—			—			—			—			—			—
Redemption of common units for shares of common stock		42,000		1		596			—			—			—			(597	)		—
Issuance of common stock		200,000		2		4,823			—			—			—			—			4,825
Contribution of Property for common units		—		—		—			—			—			—			21,550			21,550
Unrealized loss on interest rate swaps, net		—		—		—			—			—			(8,586	)		(1,260	)		(9,846	)
Net income		—		—		—			1,697			—			—			221			1,918
Allocation of non-controlling interest in Operating Partnership		—		—		7,796			—			—			—			(7,796	)		—
Balance at March 31, 2020		75,077,197	$	751	$	1,270,758		$	21,701		$	(230,276	)	$	(13,276	)	$	147,544		$	1,197,202
Three months ended March 31, 2019
Balance at December 31, 2018		60,849,206	$	608	$	1,017,415		$	12,831		$	(139,103	)	$	2,412		$	131,090		$	1,025,253
Cumulative effect adjustment related to adoption of Leases (Topic 842)		—		—		—			(34	)		—			—			—			(34	)
Stock based compensation		—		—		183			—			—			—			551			734
Dividends and distributions paid ($0.26 per share)		—		—		—			—			(15,841	)		—			(2,592	)		(18,433	)
Grant of unvested restricted stock		57,121		1		(1	)		—			—			—			—			—
Redemption of common units for shares of common stock		33,125		—		493			—			—			—			(493	)		—
Issuance of common stock		7,066,455		71		125,653			—			—			—			—			125,724
Unrealized loss on interest rate swaps, net		—		—		—			—			—			(2,631	)		(386	)		(3,017	)
Net loss		—		—		—			(416	)		—			—			(65	)		(481	)
Allocation of non-controlling interest in Operating Partnership		—		—		(15,805	)		—			—			—			15,805			—
Balance at March 31, 2019		68,005,907	$	680	$	1,127,938		$	12,381		$	(154,944	)	$	(219	)	$	143,910		$	1,129,746

Summary of Shares of Restricted Common Stock and Long-term Incentive Plan Units in Operating Partnership Awards

A summary of the Company’s shares of restricted common stock and LTIP unit awards at March 31, 2020 is as follows:

	Restricted Shares		Restricted Shares Weighted Average Grant Date Fair Value Per Share		LTIP Units ⁽¹⁾			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2019		92,197	$	17.55		284,471		$	18.66
Granted		2,905		23.06		235,441			21.17
Vested		—		—		(27,732	)		18.34
Forfeited		—		—		—			—
Outstanding, March 31, 2020		95,102	$	17.72		492,180		$	19.88

(1)

Reflects the number of LTIP units issued to the grantee on the grant date, which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units.

Summary of Dividends Declared

A summary of dividends declared by the Company’s board of directors per share of common stock and per common unit at the date of record is as follows:

Quarter		Declaration Date		Record Date		Payment Date		Dividend ⁽¹⁾
Q1 2020		April 29, 2020		May 14, 2020		June 25, 2020		$	0.26

(1)

Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to sales made under the March 2019 ATM Program as of March 31, 2020 (amounts in thousands except share amounts):

	March 2019 ATM Program
For the Three Months Ended:	Number of Shares Sold⁽¹⁾		Net Proceeds⁽¹⁾
March 31, 2020		200,000	$	4,835

(1)

As of March 31, 2020, the Company had entered into forward sales transactions under the March 2019 ATM Program for the sale of an additional 3,402,100 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions by certain dates between November 2020 and March 2021. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $22.91 per share, the Company expects to receive net proceeds of approximately $78.0 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. The Company accounted for the forward sale agreements as equity.