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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity As of September 30, 2023, we have issued 611,958,239 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of September 30, 2023, 1,869,483 outstanding OP Units are redeemable. During the three and nine months ended September 30, 2023, we issued 2,069 and 546,857 shares of common stock, respectively. During the three and nine months ended September 30, 2022, we issued 1,050,000 and 10,364,471 shares of common stock, respectively. At the Market Equity Program On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “2021 ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the nine months ended September 30, 2022, we sold 2,438,927 shares of our common stock under our 2021 ATM Equity Program, generating net proceeds of $98,367, after giving effect to Agent commissions and other costs totaling $1,633. We did not sell any shares of common stock under the 2021 ATM Equity Program during the three and nine months ended September 30, 2023 or the three months ended September 30, 2022. As of September 30, 2023, $1,150,000 remains available for future offerings under the 2021 ATM Equity Program. Dividends To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors. The following table summarizes our dividends declared from January 1, 2022 through September 30, 2023:
|  | Record Date |  | Amount per Share |  | Pay Date |  | Total Amount Declared
Q3-2023 |  | August 8, 2023 |  | $ | 0.26 |  |  | August 25, 2023 |  | $ | 160,540 |
Q2-2023 |  | May 10, 2023 |  | 0.26 |  |  | May 26, 2023 |  | 159,493 |
Q1-2023 |  | February 14, 2023 |  | 0.26 |  |  | February 28, 2023 |  | 158,453 |
Q4-2022 |  | November 8, 2022 |  | 0.22 |  |  | November 23, 2022 |  | 135,654 |
Q3-2022 |  | August 9, 2022 |  | 0.22 |  |  | August 26, 2022 |  | 135,042 |
Q2-2022 |  | May 10, 2022 |  | 0.22 |  |  | May 27, 2022 |  | 134,744 |
Q1-2022 |  | February 14, 2022 |  | 0.22 |  |  | February 28, 2022 |  | 134,240 |
On October 19, 2023, our board of directors declared a dividend of $0.26 per share to stockholders of record on November 7, 2023, which is payable on November 22, 2023 (see Note 15).

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