Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Equity

Equity

        On March 21, 2019, our board of directors authorized a $50 million share repurchase program. Under the share repurchase program, we may purchase common stock in the open market, in privately negotiated transactions or in such other manner as determined by us, including through repurchase plans complying with the rules and regulations of the SEC. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. Effective with the May 2020 amendment to our Revolving Facility, our Revolver Credit Agreement restricts us from making any purchases at this time. Accordingly, we have temporarily suspended purchases under the share repurchase program and no shares have been acquired in 2020. During the six months ended June 30, 2019, we acquired 2.1 million shares at a weighted average cost per share of $11.70 under the share repurchase program.

        In April 2020, our board of directors suspended the common stock dividend for the second quarter of 2020 and for the remainder of the year. In addition, effective with the May 2020 amendment to our Revolving Facility, the Revolver Credit Agreement

restricts our ability to pay cash dividends on our common stock unless required to meet REIT federal income tax requirements. Our board of directors will reassess at the end of the year any additional common dividend amount that may be declared and paid for 2020.