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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Common Stock The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2023, 2022, and 2021 as follows:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021 |
Balance, beginning of year | 380,589,894 |  | 150,457,433 |  | 139,487,375 |
Issuance of common stock | 8,627 |  | 229,618,304 |  | 10,899,301 |
Conversion of OP units to common stock | 190,544 |  | — |  | — |
Non-vested share-based awards, net of withheld shares and forfeitures | 175,368 |  | 514,157 |  | 70,757 |
Balance, end of year | 380,964,433 |  | 380,589,894 |  | 150,457,433 |
At-The-Market Equity Offering Program The Company has in place an ATM equity offering program to sell shares of the Company’s common stock from time to time in at-the-market sales transactions. The Company has equity distribution agreements with various sales agents with respect to the ATM offering program of common stock with an aggregate sales amount of up to $750.0 million. As of December 31, 2023, $750.0 million remained available for issuance under the current ATM offering program. Dividends Declared During 2023, the Company declared and paid common stock dividends aggregating $1.24 per share ($0.31 per share per quarter). On February 13, 2024, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on March 14, 2024, to stockholders of record on February 26, 2024. Authorization to Repurchase Common Stock On May 31, 2023, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. As of the date of these Consolidated Financial Statements, the Company has not repurchased any shares of its common stock under this authorization. Accumulated Other Comprehensive (Loss) Income The following table represents the changes in accumulated other comprehensive income (loss) during the years ended December 31, 2023 and 2022:
| INTEREST RATE SWAPS as of December 31,
Dollars in thousands | 2023 | 2022
Beginning balance | $ | 2,140 |  | $ | (9,981) |
Other comprehensive income (loss) before reclassifications | 1,434 |  | 1,531 |
Amounts reclassified from accumulated other comprehensive (loss) income | (14,315) |  | 10,590 |
Net current-period other comprehensive (loss) income | (12,881) |  | 12,121 |
Ending balance | $ | (10,741) |  | $ | 2,140 |
The following table represents the details regarding the reclassifications from accumulated other comprehensive income (loss) during the year ended December 31, 2023 (dollars in thousands):
DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) COMPONENTS | AMOUNT RECLASSIFIED from accumulated other comprehensive income (loss) | AFFECTED LINE ITEM in the statement where net income is presented
Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps | $ | 594 |  | Interest Expense
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps | (15,082) |  | Interest Expense
| $ | (14,488) |  |

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