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Stockholders' Equity and Noncontrolling Interests
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity and Noncontrolling Interests Stockholders’ Equity and Noncontrolling Interests
Stockholders’ Equity
On March 14, 2022, our board of directors declared a dividend of $0.12 per share on our common stock, which was paid on April 22, 2022 to common stockholders of record as of April 1, 2022.
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. We entered into forward sale transactions under the ATM Program on November 1, 2021 and on March 7, 2022 each for the forward sale of 1,000,000 shares of our common stock. Neither of the forward sale transactions has settled as of March 31, 2022. Subject to our right to elect net share settlement, we expect to physically settle the forward sale transactions by their respective maturity dates of December 15, 2022 and March 31, 2023. As of March 31, 2022, approximately $56,836 remained available for issuance under the ATM Program.
The following table summarizes our unsettled sales transactions under the ATM Program as of March 31, 2022.
During the Three Months EndedNumber of Shares SoldCurrent Forward PriceEstimated Net ProceedsExpiration Date of Forward Contract
December 31, 2021676,500 $23.59 $15,956 December 15, 2022
December 31, 2021323,500 24.197,827 December 15, 2022
March 31, 20221,000,000 26.4526,455 March 31, 2023
   Total2,000,000 $50,238 
We evaluated the accounting for the forward sale transactions under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the forward sale transactions are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815-40-25, the forward sale transactions have been classified as equity.
Noncontrolling Interest
During the three months ended March 31, 2022, holders of IROP units exchanged 10,848 units for 10,848 shares of our common stock. As of March 31, 2022, 6,970,993 IROP units held by unaffiliated third parties remain outstanding.
On March 14, 2022, our board of directors declared a dividend of $0.12 per unit, which was paid on April 22, 2022 to IROP LP unit holders of record as of April 1, 2022