Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 2019

Common Stock and Other Equity Related Transactions

Increase in Authorized Shares

On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares.

Two-for-One Common Stock Split

On October 15, 2019, a two-for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019.

Common Stockholder Distribution Activity

The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the Common OP Unit holders since January 1, 2018.



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.2750	March 31, 2018	March 30, 2018	April 13, 2018
$0.2750	June 30, 2018	June 29, 2018	July 13, 2018
$0.2750	September 30, 2018	September 28, 2018	October 12, 2018
$0.2750	December 31, 2018	December 28, 2018	January 11, 2019
$0.3063	March 31, 2019	March 29, 2019	April 12, 2019
$0.3063	June 30, 2019	June 28, 2019	July 12, 2019
$0.3063	September 30, 2019	September 27, 2019	October 11, 2019

Equity Offering Program

On October 26, 2018, we entered into our current at-the-market ("ATM") equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. As of September 30, 2019, we have $140.7 million of common stock available for issuance.

The following table presents the shares that were issued under the current ATM equity offering program during the nine months ended September 30, 2019 and 2018.



	Nine Months Ended September 30,
(amounts in thousands, except stock data (as adjusted for the stock split))	2019		2018
Shares of Common Stock sold	1,010,472		1,722.282
Weighted average price	$	58.71	$	45.73
Total gross proceeds	$	59,319	$	78,755
Commissions paid to sales agents	$	771	$	1,028

Exchanges

Subject to certain limitations, Common OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the nine months ended September 30, 2019, 995,550 OP Units were exchanged for an equal number of shares of Common Stock. During the nine months ended September 30, 2018, 175,436 OP Units were exchanged for an equal number of shares of Common Stock.