Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.24.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our Board declared the following dividends in 2022, 2023, and 2023:
Announced Date Record Date   Pay Date Amount per share
2/17/2022 04/4/2022 04/11/2022 $ 0.375 
5/3/2022 07/5/2022 07/12/2022 0.375 
8/4/2022 10/4/2022 10/11/2022 0.375 
11/3/2022 12/28/2022
(1)
 01/6/2023 0.375 
02/16/2023 04/3/2023 04/10/2023 0.395 
05/4/2023 07/5/2023 07/12/2023 0.395 
08/3/2023 10/4/2023 10/11/2023 0.395 
11/2/2023 12/29/2023
(1)
 01/12/2024 0.395 
02/15/2024 04/5/2024 04/19/2024 0.415 
(1)These dividends are treated as distributions in the following year for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock in 2022 and 2023:
Date/Period Common Stock
Offerings		 Shares
Issued
Price
Per Share (1)
Net
Proceeds (2)
    (amounts in millions, except per share amounts)
Q1 2022 ATM 1.050  $ 48.14  $ 50 
Q2 2022 ATM 0.731  38.91  28 
Q3 2022 ATM 1.346  36.85  49 
Q4 2022 ATM 1.996  31.41  62 
Q1 2023 ATM 0.763  31.31  24 
5/30/2023 Public Offering 15.000  22.23  333 
Q2 2023 ATM 0.053  26.07  1 
Q3 2023 ATM 4.394  24.71  107 
Q4 2023 ATM 1.006  28.81  29 
(1)Represents the average price per share at which investors in our ATM offerings purchased our shares.
(2)Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
A summary of equity-based compensation expense and the fair value of shares and LTIP Units vested on the vesting date for the years ended December 31, 2023, 2022, and 2021 is shown below.
2023 2022 2021
  (in millions)
Equity-based compensation expense $ 18  $ 20  $ 17 
Fair value of awards vested on vesting date 11  34  44 
A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2021
 384,046  $ 43.15  $ 16.6 
Granted 174,340  44.08  7.7 
Vested (279,123) 44.64  (12.5)
Forfeited (2,497) 46.08  (0.1)
Ending Balance—December 31, 2022
 276,766  $ 42.21  $ 11.7 
Granted 342,349  30.08  10.3 
Vested (142,041) 39.21  (5.5)
Forfeited —  —  — 
Ending Balance—December 31, 2023
 477,074  $ 34.40  $ 16.5 
(1)    See Note 4 for information on the vesting of LTIP Units.
A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2021
 347,478  $ 31.61  $ 11.0 
Granted 125,550  54.77  6.9 
Incremental performance shares granted 149,000  26.70  4.0 
Vested (298,000) 26.70  (8.0)
Forfeited —  —  — 
Ending Balance—December 31, 2022
 324,028  $ 42.84  $ 13.9 
Granted 282,034  39.29  11.1 
Incremental performance shares granted 40,394  19.94  0.8 
Vested (96,496) 19.94  (1.9)
Forfeited (56,102) 4.56  (0.3)
Ending Balance—December 31, 2023
 493,858  $ 47.76  $ 23.6 
(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of our common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the actual performance level.
Schedule of Unvested Shares of Restricted Common Stock A summary of the unvested shares of restricted common stock that have been issued is as follows:
Restricted Shares of
Common Stock		 Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2021
 193,548  $ 38.66  $ 7.5 
Granted 71,911  37.32  2.7 
Vested (93,646) 46.46  (4.3)
Forfeited (3,361) 46.83  (0.2)
Ending Balance—December 31, 2022 168,452  $ 33.59  $ 5.7 
Granted 77,938  30.03  2.3 
Vested (98,367) 29.18  (2.9)
Forfeited (12,356) 42.74  (0.5)
Ending Balance—December 31, 2023 135,667  $ 33.90  $ 4.6 
A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows:
Restricted Stock
Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2021
 78,366  $ 35.32  $ 2.8 
Granted 24,790  58.77  1.5 
Incremental performance shares granted 39,730  25.12  1.0 
Vested (79,460) 25.12  (2.1)
Forfeited (5,022) 49.00  (0.2)
Ending Balance—December 31, 2022
 58,404  $ 51.03  $ 3.0 
Granted 63,446  39.29  2.4 
Incremental performance shares granted 7,305  34.63  0.3 
Vested (18,041) 35.17  (0.6)
Forfeited (16,460) 30.90  (0.5)
Ending Balance—December 31, 2023
 94,654  $ 48.42  $ 4.6 
(1)    As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of our common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of an award at the 200% level.