Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Equity

Stockholders' Equity

In January 2020, the Company completed a follow-on offering of 7,935,000 shares its common stock, including 1,035,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $25.20 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $191.5 million.

In September 2020, the Company completed a follow-on offering of 10,120,000 shares its common stock, including 1,320,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $19.00 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $184.1 million.

In April 2021, the Company completed a follow-on offering of 8,222,500 shares of its common stock, including 1,072,500 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at a public offering price of $23.50 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $185.1 million.

In August 2022, the Company completed a follow-on offering of 8,740,000 shares of its common stock, including 1,140,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at a public offering price of $23.00 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $192.6 million.

At the Market Program

In May 2022, the Company established a new at the market common equity offering program, pursuant to which it can publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $500 million (the "2022 ATM Program") through the identified sales agents, as its sales agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the Company of shares to or through the agents, the 2022 ATM Program also permits the Company to enter into separate forward sale agreements with the identified forward purchasers. Refernces to our "ATM Program" are to the 2022 ATM Program or the 2022 ATM Program and our prior ATM programs as the context requires.

The following table presents information about the 2022 ATM Program and the Company's prior ATM Programs:

Program Name	Date Established	Date Terminated	Maximum Sales Authorization		Gross Sales through December 31, 2022
2019 ATM Program	August 2019	June 2020	$	200,000	$	184,400
2020 ATM Program	June 2020	July 2021	$	250,000	$	166,800
2021 ATM Program	July 2021	May 2022	$	350,000	$	348,140
2022 ATM Program (1)	May 2022		$	500,000	$	75,419

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(1)Includes 957,453 shares as of December 31, 2022 that the Company sold on a forward basis that were physically settled for cash in January 2023.

The following table details information related to activity under the ATM Program for each period presented:

	Year ended December 31,
(in thousands, except share and per share data)	2022		2021		2020
Shares of common stock sold (1)	9,794,137		10,005,890		4,499,057
Weighted average sale price per share	$	24.00	$	27.58	$	19.02
Gross proceeds	$	235,060	$	275,972	$	85,559
Net proceeds	$	232,478	$	271,949	$	84,104

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(1)Includes 957,453 shares during the year ended December 31, 2022 that the Company sold on a forward basis that were physically settled for cash in January 2023.

Dividends on Common Stock

During the years ended December 31, 2022, 2021 and 2020, the Company's board of directors declared the following quarterly cash dividends on common stock: 

Date Declared	Record Date	Date Paid	Dividend per Share of Common Stock		Total Dividend (dollars in thousands)
November 30, 2022	December 30, 2022	January 13, 2023	$	0.275	$	39,246
September 2, 2022	September 30, 2022	October 14, 2022	$	0.27	$	38,533
June 2, 2022	June 30, 2022	July 14, 2022	$	0.27	$	35,916
March 14, 2022	March 31, 2022	April 13, 2022	$	0.26	$	34,188
December 3, 2021	December 31, 2021	January 13, 2022	$	0.26	$	32,466
September 2, 2021	September 30, 2021	October 14, 2021	$	0.25	$	30,397
May 27, 2021	June 30, 2021	July 15, 2021	$	0.25	$	29,559
March 5, 2021	March 31, 2021	April 15, 2021	$	0.24	$	26,265
December 3, 2020	December 31, 2020	January 15, 2021	$	0.24	$	25,570
September 4, 2020	September 30, 2020	October 15, 2020	$	0.23	$	24,115
June 11, 2020	June 30, 2020	July 15, 2020	$	0.23	$	21,419
March 18, 2020	March 31, 2020	April 15, 2020	$	0.23	$	21,168

The Company has determined that, during the years ended December 31, 2022, 2021 and 2020, approximately 79.7%, 69.4% and 59.0%, respectively, of the distributions it paid represented taxable income and 20.3%, 30.6% and 41.0%, respectively, of the distributions it paid represented return of capital for federal income tax purposes.