Stockholder's Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of activity under ATM Program

As of September 30, 2022, the Company had approximately $39.4 million remaining that may be issued under the ATM Program.

	Three Months Ended September 30, 2022
Shares issued	227,473
Gross proceeds	$	3,730
Fees and issuance costs	223
Net proceeds received	$	3,507
Average gross sales price per share	$	16.40

Schedule of declared and paid dividends

During the three and nine months ended September 30, 2022, the Board of Directors approved and the Company declared and paid dividends of $5.5 million and $16.0 million, respectively, to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.2325 per share or unit and $0.69 per share or unit, respectively, as shown in the table below.

Declaration Date	Record Date	Date Paid	Amount Per Share
February 1, 2022	February 15, 2022	February 28, 2022	$	0.2275
April 28, 2022	May 13, 2022	May 27, 2022	$	0.23
July 27, 2022	August 8, 2022	August 26, 2022	$	0.2325

Schedule of unvested shares of restricted stock

The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs. The balance as of September 30, 2022 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not:

	Restricted Shares (1)(2)	LTIP Units (3)	RSUs (4)	Total Shares/Units	Weighted Average Grant Date Fair Value
Outstanding, as of January 1, 2022	302,552	375,265	128,753	806,570	$	15.71
Granted	227,814	161,603	100,746	490,163	$	16.88
Vesting of restricted shares(5)	(57,247)	—	—	(57,247)	$	16.68
Forfeited	(382)	—	—	(382)	$	17.04
Outstanding, as of September 30, 2022	472,737	536,868	229,499	1,239,104	$	16.12

Explanatory Notes:    

(1)Represents restricted shares awards included in Class A common stock.

(2)The time-based restricted share awards granted to the Company's officers and employees typically vest in three annual installments or cliff vest at the end of three years or eight years. The time-based restricted share awards granted to the Company's independent directors vest over three years.

(3)Includes 464,657 LTIP Units granted to the Company’s CEO that vest over eight years, 67,171 LTIP Units granted to the Company's independent directors that vest over three years or cliff vest at the end of three years and 5,040 LTIP Units granted to a consultant under the consultancy agreement with the Company that will vest on December 31, 2022.

(4)Includes 47,005 RSUs granted to certain officers and employees of the Company during the nine months ended September 30, 2022, subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2024. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based

metric at target. Also, includes 40,961 time-based RSUs issued for 2021 incentive bonuses to certain employees that vested fully on January 31, 2022, the date of grant, and 12,780 time-based RSUs granted to certain employees for their election to defer a portion of their 2022 salary that will vest on December 31, 2022. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria.(5)Includes 39,075 of restricted shares that vested and 18,172 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.