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Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Dividends Payable
Distributions—For each month beginning January 2024 through August 2024, we declared and paid monthly distributions of $0.0975 per common share and Operating Partnership unit (“OP unit”). In September 2024, the Board authorized a 5.1% increase of our monthly distribution rate to $0.1025 per common share and OP unit, and we declared a monthly distribution of $0.1025 per common share and OP unit for September 2024. Distributions paid to stockholders and OP unit holders of record subsequent to September 30, 2024 were as follows (dollars in thousands, excluding per share amounts):
MonthDate of RecordDate Distribution PaidMonthly Distribution RateCash Distribution
September9/16/202410/1/2024$0.1025 $13,932 
Schedule of OP Unit Activity
The table below is a summary of our OP unit activity for the three and nine months ended September 30, 2024 and 2023 (dollars and shares in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
OP units converted into shares of common stock(1)
156 130 408 294 
Distributions declared on OP units(2)
$4,265 $3,954 $12,620 $12,134 
(1)OP units convert into shares of our common stock at a 1:1 ratio.
(2)Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.