Equity (Tables)

3 Months Ended

Mar. 31, 2021

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

	Shares		Common Stock Par Value		Additional Paid-in Capital			Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended March 31, 2021
Balance at December 31, 2020		82,106,256	$	821	$	1,424,787		$	31,965	$	(291,652	)	$	(11,351	)	$	145,400		$	1,299,970
Stock based compensation		—		—		218			—		—			—			1,116			1,334
Dividends and distributions paid ($0.26 per share)		—		—		—			—		(21,355	)		—			(2,831	)		(24,186	)
Grant of unvested restricted stock		4,462		—		—			—		—			—			—			—
Redemption of common units for shares of common stock		189,411		2		2,662			—		—			—			(2,664	)		—
Issuance of common stock		1,556,824		16		39,942			—		—			—			—			39,958
Unrealized gain on interest rate swaps, net		—		—		—			—		—			1,610			228			1,838
Net income		—		—		—			6,991		—			—			889			7,880
Allocation of non-controlling interest in Operating Partnership		—		—		(3,595	)		—		—			—			3,595			—
Balance at March 31, 2021		83,856,953	$	839	$	1,464,014		$	38,956	$	(313,007	)	$	(9,741	)	$	145,733		$	1,326,794
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

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, 2021 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, 2020		89,891		$	19.36		492,180		$	19.88
Vested		(20,725	)		17.12		(93,085	)		18.55
Granted		4,462			21.76		277,881			22.30
Forfeited		—			—		—			—
Outstanding, March 31, 2021		73,628		$	20.14		676,976		$	21.06

(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 2021		April 29, 2021		May 14, 2021		May 26, 2021		$	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 issuances under each of the ATM Programs during the quarter ended March 31, 2021 (amounts in thousands except share amounts):

	March 2019 ATM Program				December 2019 ATM Program
For the Three Months Ended:	Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾		Number of Shares Issued⁽¹⁾		Net Proceeds⁽¹⁾
March 31, 2021		—	$	—		1,556,824	$	39,998

(1)

Shares issued by the Company, which were all issued in settlement of forward sales transactions. Additionally, as of March 31, 2021, the Company had entered into forward sales transactions under the March 2019 ATM Program and December 2019 ATM Program for the sale of an additional 2,949,697 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 the maturity dates set forth in each applicable forward sale transaction placement notice, which dates range from April 2021 to February 2022. Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $24.43 per share, the Company expects to receive net proceeds of approximately $72.1 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.