On February 20, 2020, we entered into an underwriting agreement with KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as representatives of the several underwriters named therein (collectively, the “Underwriters”), BMO Capital Markets Corp. (the “Forward Seller”), and Bank of Montreal (the “Forward Counterparty”) relating to the offering of an aggregate of 10,350,000 shares of our common stock at a price to the Underwriters of $14.688 per share, consisting of 10,350,000 shares of our common stock offered by the Forward Seller in connection with the forward sale agreements described below (including 1,350,000 shares of our common stock offered pursuant to the Underwriters’ option to purchase additional shares of our common stock, which was exercised in full). We completed the offering on February 24, 2020. We did not initially receive any proceeds from the sale of our common stock by the Forward Seller.

In connection with the offering, we also entered into two forward sale agreements, the first forward sale agreement (the “Initial Forward Sale Agreement”), dated February 20, 2020, with the Forward Seller and Forward Counterparty, and the second forward sale agreement (the “Additional Forward Sale Agreement”, together with the Initial Forward Sale Agreement, the “Forward Sale Agreements”), dated February 20, 2020, with the Forward Seller and the Forward Counterparty. In connection with the Forward Sale Agreements, the Forward Seller or its affiliate borrowed from third parties and sold to the Underwriters an aggregate of 10,350,000 shares of our common stock that was sold in the offering. On March 31, 2020, we physically settled $50,000 under the Forward Sale Agreements by issuing 3,406,000 shares of our common stock. On December 28, 2020, we settled $98,775 by issuing the remaining 6,944,000 shares of our common stock.

On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended.

Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. On November 13, 2020, we entered into a forward sale transaction under the ATM Program for the forward sale of 900,000 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sale transaction by the maturity date (December 21, 2021) set forth in the forward sale transaction placement notice. Assuming the forward sales transaction is physically settled in full utilizing the initial forward sale price of $14.00 per share, net of sales commissions, we expect to receive net proceeds of approximately $12,400, subject to adjustment in accordance with the forward sale transaction.

We evaluated the accounting for forward sale agreements under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the Forward Sale Agreements are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815, the Forward Sale Agreements have been classified as equity.

Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2020	March 16, 2020	April 2,2020	April 24, 2020	$	0.18
Second quarter 2020	June 15, 2020	July 2, 2020	July 24, 2020	$	0.12
Third quarter 2020	September 15, 2020	October 2, 2020	October 23, 2020	$	0.12
Fourth quarter 2020	December 14, 2020	December 30, 2020	January 22, 2021	$	0.12

Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2019	March 18, 2019	March 29 2019	April 25, 2019	$	0.18
Second quarter 2019	June 17, 2019	June 28, 2019	July 25, 2019	$	0.18
Third quarter 2019	September 12, 2019	September 27, 2019	October 25, 2019	$	0.18
Fourth quarter 2019	December 16, 2019	December 26, 2019	January 24, 2020	$	0.18

During 2020, holders of IROP units exchanged 196,974 units for 196,974 shares of our common stock. As of December 31, 2020, 674,517 IROP units held by unaffiliated third parties remain outstanding as of December 31, 2020.

During 2019, holders of IROP units exchanged 9,616 units for 9,616 shares of our common stock. As of December 31, 2019, 871,491 IROP units held by unaffiliated third parties remain outstanding as of December 31, 2019.

Our board of directors declared the following distributions on our operating partnership’s LP units during 2020:

Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2020	March 16, 2020	April 2, 2020	April 24, 2020	$	0.18
Second quarter 2020	June 15, 2020	July 2, 2020	July 24, 2020	$	0.12
Third quarter 2020	September 15, 2020	October 2, 2020	October 23, 2020	$	0.12
Fourth quarter 2020	December 14, 2020	December 30, 2020	January 22, 2021	$	0.12

Our board of directors declared the following distributions on our operating partnership’s LP units during 2019:


Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2019	March 18, 2019	March 29 2019	April 25, 2019	$	0.18
Second quarter 2019	June 17, 2019	June 28, 2019	July 25, 2019	$	0.18
Third quarter 2019	September 12, 2019	September 27, 2019	October 25, 2019	$	0.18
Fourth quarter 2019	December 16, 2019	December 26, 2019	January 24, 2020	$	0.18