XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Common Stock and Other Equity Related Transactions
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions
Two-for-One Common Stock and OP Units 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. In connection with our stock split, the OP Units of our Operating Partnership also split on a two-for-one basis.
Increase in Authorized Shares
On April 28, 2020, our stockholders approved an amendment to our charter that increased the number of shares of common stock that we are authorized to issue from 400,000,000 to 600,000,000 shares.


Common Stockholder Distribution Activity
The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019.
Distribution Amount Per ShareFor the Quarter EndedStockholder Record DatePayment Date
$0.3063March 31, 2019March 29, 2019April 12, 2019
$0.3063June 30, 2019June 28, 2019July 12, 2019
$0.3063September 30, 2019September 27, 2019October 11, 2019
$0.3063December 31, 2019December 27, 2019January 10, 2020
$0.3425March 31, 2020March 27, 2020April 10, 2020
$0.3425June 30, 2020June 26, 2020July 10, 2020
$0.3425September 30, 2020September 25, 2020October 9, 2020

Equity Offering Program
On July 30, 2020, 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, 2020, the full capacity remained available for issuance.
There was no ATM equity activity during the nine months ended September 30, 2020. The following table presents the shares that were issued under the previous ATM equity offering program during the nine months ended September 30, 2019.
Nine Months Ended September 30,
(amounts in thousands, except share data)2019
Shares of Common Stock sold1,010,472 
Weighted average price$58.71 
Total gross proceeds$59,319 
Commissions paid to sales agents$771 
Exchanges
Subject to certain limitations, 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, 2020 and 2019, 9,228 and 995,550 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.