COMMON STOCK ACTIVITY

12 Months Ended

Dec. 31, 2023

The following table presents the common stock activity for the three years ended December 31, 2023:


	Years Ended December 31,
	2023	2022	2021
	Common Stock (in shares)
Shares outstanding at beginning of year	43,575,539	41,268,846	39,676,828
Common stock offerings	4,094,896	393,406	1,551,181
Common stock issued in the purchase of real estate	—	1,868,809	—
Incentive restricted stock granted	57,741	71,217	66,623
Incentive restricted stock forfeited	(1,015)	—	—
Director common stock awarded	—	161	4,466
Director restricted stock granted	4,134	5,696	—
Employee common stock awarded	575	2,425	—
Stock withheld for tax obligations	(31,438)	(35,021)	(30,252)
Shares outstanding at end of year	47,700,432	43,575,539	41,268,846

On October 25, 2023, we established an at-the-market common stock offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate gross sales price of up to $750,000,000 (the “Current 2023 ATM Program”). The Current 2023 ATM Program replaces our previous $750,000,000 ATM program (the “Prior ATM Program”), which was established on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $464,305,000 through October 25, 2023. In addition, we previously established a $750,000,000 ATM program on December 20, 2019, under which we had sold shares of our common stock having an aggregate gross sales price of $444,533,000 through December 16, 2022.

In connection with the Current 2023 ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward purchasers whereby, at our discretion, the forward counterparties may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

The following table presents the common stock issuance activity pursuant to the Company's ATM programs for the years ended December 31, 2023, 2022 and 2021:


Years Ended December 31,	Common Stock Issued (1)	Weighted Average Price		Net Proceeds
	(In shares)	(Per share)		(In thousands)
2023	4,094,896	$	170.77	$	691,478
2022	393,406	194.17		75,375
2021	1,551,181	176.77		271,155

(1) Excludes shares of common stock sold on a forward basis as described in the following paragraph.

During the year ended December 31, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our Current 2023 ATM program with respect to 406,041 shares of common stock at a weighted average initial forward price of $183.92 per share. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements. As of December 31, 2023, we had not settled any of the outstanding forward equity sale agreements by issuing shares of our common stock. During the years ended December 31, 2022 and December 31, 2021, we did not enter into any forward equity sale agreements under our ATM programs.

As of December 31, 2023, approximately $440,322,000 of common stock remains available to be sold under the Current 2023 ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.