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Equity of the Company and Partners' Capital of the Operating Partnership | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Equity of the Company and Partners' Capital of the Operating Partnership | Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our Stock Incentive Plan (see Note 11). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a “common” Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder into one share of Common Stock or a cash equivalent, at the Company’s option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture Our ownership interest in the Joint Venture is held through a partnership with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the partnership. As a result, we consolidate the partnership and reflect the third-party's interest in the partnership that invests in the Joint Venture as a Noncontrolling Interest. For the years ended December 31, 2023, 2022 and 2021, our partner's share of the partnership's income (loss) was $3,949, $14,003 and $(9), respectively, and was reflected in the Equity in Income (Loss) of Joint Ventures and the Net Income Attributable to the Noncontrolling Interests line items on the Consolidated Statements of Operations. At December 31, 2023 and 2022, the Noncontrolling Interests line item in the Consolidated Balance Sheets includes $6,444 and $14,018, respectively, that is our third-party partner's interest. Operating Partnership Units The Operating Partnership has issued General Partner Units and Limited Partner Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties as well as through the issuance of RLP Units. Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder's notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2023, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $177,928 or by issuing 3,378,165 shares of the Company's common stock. Preferred Stock or General Partner Preferred Units The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2023 and 2022, there were no preferred shares or general partner preferred Units outstanding. Shares of Common Stock or Unit Contributions The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including equity compensation awards which are discussed in Note 11, for the three years ended December 31, 2023:
| Shares of Common Stock Outstanding |  | General Partner and Limited Partner Units Outstanding
Balance at December 31, 2020 | 129,051,412 |  |  | 131,764,554 |
Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) | 2,513,758 |  |  | 2,513,758 |
Issuance of Service Awards and Performance Awards (as defined in Note 11) | — |  |  | 337,685 |
Vesting of Service Awards and Performance Units (as defined in Note 11) | 133,803 |  |  | 133,803 |
Repurchase and Retirement of Service Awards and Performance Units (as defined in Note 11) | (55,201) |  |  | (66,872) |
Conversion of Limited Partner Units (A) | 103,953 |  |  | — |
Balance at December 31, 2021 | 131,747,725 |  |  | 134,682,928 |
Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) | 218,230 |  |  | 218,230 |
Issuance of Service Awards and Performance Awards (as defined in Note 11) | — |  |  | 280,081 |
Vesting of Service Awards and Performance Units (as defined in Note 11) | 49,964 |  |  | 49,964 |
Repurchase and Retirement of Service Awards and Performance Units (as defined in Note 11) | (13,437) |  |  | (33,934) |
Conversion of Limited Partner Units (A) | 139,021 |  |  | — |
Balance at December 31, 2022 | 132,141,503 |  |  | 135,197,269 |
Issuance of Service Awards and Performance Awards (as defined in Note 11) | — |  |  | 405,618 |
Vesting of Service Awards and Performance Units (as defined Note 11) | 73,840 |  |  | 73,840 |
Repurchase and Retirement of Service Awards and Performance Units (as defined in Note 11) | — |  |  | (9,193) |
Conversion of Limited Partner Units (A) | 73,696 |  |  | — |
Retirement of Limited Partner Units (B) | — |  |  | (330) |
Balance at December 31, 2023 | 132,289,039 |  |  | 135,667,204 |
(A) For the years ended December 31, 2023, 2022 and 2021, 73,696, 139,021 and 103,953 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $1,332, $2,444 and $1,761, respectively, of noncontrolling interest to the Company's equity. (B) During the year ended December 31, 2023, 330 Limited Partner Units were redeemed by a unitholder in exchange for cash and were retired by the Operating Partnership. ATM Program On February 24, 2023, we entered into three-year distribution agreements with certain sales agents to sell up to 16,000,000 shares of the Company's common stock, for up to $800,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "ATM Program"). Under the terms of the ATM Program, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the year ended December 31, 2023, we did not issue shares of the Company's common stock under the ATM Program. During the years ended December 31, 2022 and 2021, we issued 218,230 and 2,513,758 shares of the Company's common stock, respectively, in “at-the-market” offerings pursuant to distribution agreements that were entered into on February 14, 2020 (the “Prior ATM”) and which were terminated on February 24, 2023 in connection with the ATM Program. The issuance of common stock in “at-the-market” offerings pursuant to the Prior ATM during the years ended December 31, 2022 and 2021 resulted in $12,823 and $145,760 of net proceeds, respectively, and payment of compensation to certain sales agents of $130 and $1,472, respectively. Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years:
| 2023 Total Dividend/ Distribution |  | 2022 Total Dividend/ Distribution |  | 2021 Total Dividend/ Distribution
Common Stock/Operating Partnership Units | $ | 173,255 |  |  | $ | 159,976 |  |  | $ | 143,643 |

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