Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2024.


ATM Common Stock Offering Program	Date	Maximum Aggregate Offering Price (in thousands)		Aggregate Available as of March 31, 2024 (in thousands)
2022 $750 million ATM	February 17, 2022	$	750,000	$	615,613

On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.

Subsequent to March 31, 2024, on April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.

Schedule of activity related to unvested restricted stock awards

The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the three months ended March 31, 2024.


Unvested Restricted Shares of Common Stock	Shares	Weighted Average Grant Date Fair Value per Share




Balance at December 31, 2023	144,032	$	35.73
Granted	41,911	$	38.92
Vested(1)	(59,232)	$	34.51
Forfeited	(192)	$	38.03
Balance at March 31, 2024	126,519	$	37.35

(1)The Company repurchased and retired 21,151 restricted shares of common stock that vested during the three months ended March 31, 2024.

Schedule of vested restricted shares of common stock activity

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2024 and 2023.


	Three months ended March 31,
Vested Restricted Shares of Common Stock	2024		2023
Vested restricted shares of common stock	59,232		68,625
Fair value of vested restricted shares of common stock (in thousands)	$	2,325	$	2,217