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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity | EQUITY Common Stock At-The-Market Offering—On February 24, 2023, the Company entered into an equity distribution agreement to issue and sell, from time to time, up to $500.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “Previous ATM Program”). On September 15, 2023, the Company terminated the Previous ATM Program and entered into a new equity distribution agreement to issue and sell, from time to time, up to $500.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program” and together with the Previous ATM Program, the “ATM Program”). In addition to the issuance and sale of shares of its common stock, the Company may also enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program. The Company expects to fully physically settle forward equity sales by delivery of shares of common stock to the forward purchaser and receive cash proceeds upon one or more settlement dates, which are typically a one-year term, at the Company’s discretion, prior to the final settlement date, at which time the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares sold on a forward basis multiplied by the relevant forward price per share. The weighted average forward sale price that the Company expects to receive upon physical settlement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends through the settlement. There were no outstanding ATM forward contracts that had not settled as of December 31, 2023. The following tables summarize ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts):
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Number of shares | 30,869 |  |  | 2,405 |  |  | 990 |
Average sales price per share | $ | 20.86 |  |  | $ | 20.00 |  |  | $ | 23.74 |
Gross proceeds(1) | $ | 643,802 |  |  | $ | 48,100 |  |  | $ | 23,505 |
(1)Total gross proceeds is before $8.3 million, $0.6 million, and $0.3 million of commissions paid to the sales agents and forward adjustments during the years ended December 31, 2023, 2022 and 2021, respectively, under the ATM Program. In addition, total gross proceeds is before other costs related to the ATM Program. As of December 31, 2023, the Company had $274.1 million available for future issuances under the ATM Program. Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for 2023, 2022 and 2021 (dollars in thousands, except per share amounts):
|  | For the Three Months Ended
2023 |  | March 31, |  | June 30, |  | September 30, |  | December 31,
Dividends declared per share |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | 0.28 |
Dividends payment date |  | April 14, 2023 |  | July 14, 2023 |  | October 13, 2023 |  | January 12, 2024
Dividends payable as of record date[1] |  | $ | 27,846 |  |  | $ | 27,853 |  |  | $ | 32,403 |  |  | $ | 36,531 |
Dividends record date |  | March 31, 2023 |  | June 30, 2023 |  | September 29, 2023 |  | December 29, 2023
2022 |  |  |  |  |  |  |  |
Dividends declared per share |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.275 |
Dividends payment date |  | April 15, 2022 |  | July 15, 2022 |  | October 14, 2022 |  | January 13, 2023
Dividends payable as of record date[1] |  | $ | 26,691 |  |  | $ | 26,683 |  |  | $ | 26,683 |  |  | $ | 27,386 |
Dividends record date |  | March 31, 2022 |  | June 30, 2022 |  | September 30, 2022 |  | December 30, 2022
2021 |  |  |  |  |  |  |  |
Dividends declared per share |  | $ | 0.265 |  |  | $ | 0.265 |  |  | $ | 0.265 |  |  | $ | 0.265 |
Dividends payment date |  | April 15, 2021 |  | July 15, 2021 |  | October 15, 2021 |  | January 14, 2022
Dividends payable as of record date[1] |  | $ | 25,633 |  |  | $ | 25,714 |  |  | $ | 25,714 |  |  | $ | 25,755 |
Dividends record date |  | March 31, 2021 |  | June 30, 2021 |  | September 30, 2021 |  | December 31, 2021
(1)Dividends payable includes dividends on performance stock awards that will be paid if and when the shares subject to such awards vest if deemed probable of meeting their performance condition.

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