v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2023 and 2024:

Announced DateRecord DatePay DateAmount per
share
2/16/20234/3/20234/10/2023$0.395 
5/4/20237/5/20237/12/2023$0.395 
8/3/202310/4/202310/11/2023$0.395 
11/2/202312/29/2023
(1)
01/12/2024$0.395 
2/15/20244/5/202404/19/2024$0.415 
5/7/20247/3/20247/12/2024$0.415 
8/1/202410/4/202410/18/2024$0.415 
11/7/202412/30/202401/10/2025$0.415 
(1) This dividend is treated as a distribution in the year following the record date for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock during 2024 and 2023:
Date/PeriodCommon Stock Offerings
Shares Issued (2)
Price Per Share
Net Proceeds (1)
 (amounts in millions, except per share amounts)
Q1 2023ATM0.763 $31.31 
(3)
$24 
5/30/2023Public Offering15.000 22.23 
(4)
333 
Q2 2023ATM0.053 26.07 
(3)
1 
Q3 2023ATM4.394 24.71 
(3)
107 
Q4 2023ATM1.006 28.81 
(3)
29 
Q1 2024ATM1.193 25.89 
(3)
31 
Q2 2024ATM1.66231.42 
(3)
52 
Q3 2024ATM3.04032.55 
(3)
98 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts and commissions.
(2)Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
(3)Represents the average price per share at which investors in our ATM offerings purchased our shares.
(4)Represents the price per share at which the underwriters in our public offering purchased our shares.
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 StockWeighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2022168,452 $33.59 $5.7 
Granted77,938 30.03 2.3 
Vested(98,367)29.18 (2.9)
Forfeited(12,356)42.74 (0.5)
Ending Balance — December 31, 2023135,667 $33.90 $4.6 
Granted222,049 26.94 6.0 
Vested(41,165)38.16 (1.6)
Forfeited(3,399)27.55 (0.1)
Ending Balance — September 30, 2024313,152 $28.48 $8.9 
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 ValueValue
(per share)(in millions)
Ending Balance — December 31, 202258,404 $51.03 $3.0 
Granted63,446 39.29 2.4 
Incremental performance shares granted7,305 34.63 0.3 
Vested(18,041)35.17 (0.6)
Forfeited(16,460)30.90 (0.5)
Ending Balance — December 31, 202394,654 $48.42 $4.6 
Granted— — — 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited(15,480)68.81 (1.1)
Ending Balance — September 30, 202479,174 $44.43 $3.5 

(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 the Company's 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 achieved performance level.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
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 ValueValue
(per share)(in millions)
Ending Balance — December 31, 2022276,766 $42.21 $11.7 
Granted342,349 30.08 10.3 
Vested(142,041)39.21 (5.5)
Forfeited— — — 
Ending Balance — December 31, 2023477,074 $34.4 $16.5 
Granted320,063 26.96 8.6 
Vested(236,166)34.79 (8.2)
Forfeited— — — 
Ending Balance — September 30, 2024560,971 $29.99 $16.9 

(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 ValueValue
(per share)(in millions)
Ending Balance — December 31, 2022324,028 $42.84 $13.9 
Granted282,034 39.29 11.1 
Incremental performance shares granted40,394 19.94 0.8 
Vested(96,496)19.94 (1.9)
Forfeited(56,102)4.56 (0.3)
Ending Balance — December 31, 2023493,858 $47.76 $23.6 
Granted128,024 39.11 5.0 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited(86,274)65.28 (5.6)
Ending Balance — September 30, 2024535,608 $42.87 $23.0 

(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 achieved performance level.
A summary of the unvested LTIP Units that have performance-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2023— $— $— 
Granted128,024 25.96 3.3 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited— — — 
Ending Balance — September 30, 2024128,024 $25.96 $3.3 
(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with performance-based vesting conditions can vest between 0% and 200% subject to the achievement of certain adjusted earnings per share. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.