XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.2
Stockholders' Equity and Noncontrolling Interests
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders' Equity and Noncontrolling Interests
NOTE 7: Stockholders' Equity and Noncontrolling Interests
Stockholders’ Equity
On May 18, 2022, our board of directors declared a dividend of $0.14 per share on our common stock, which was paid on July 22, 2022 to common stockholders of record as of July 1, 2022.
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 June 30, 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 June 30, 2022, approximately $56,836 remained available for issuance under the ATM Program. No forward sale transactions under the ATM Program were entered into during the three months ended June 30, 2022.
The following table summarizes our unsettled sales transactions under the ATM Program for the six months ended June 30, 2022.
During the Three Months EndedNumber of Shares SoldCurrent Forward PriceEstimated Net ProceedsExpiration Date of Forward Contract
December 31, 2021676,500 $23.21 $15,704 December 15, 2022
December 31, 2021323,500 24.077,786 December 15, 2022
March 31, 20221,000,000 26.2226,223 March 31, 2023
June 30, 2022— — — 
   Total2,000,000 $49,713 
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.
On May 18, 2022, our Board of Directors authorized a common stock repurchase program (the "Stock Repurchase Program") covering up to $250,000 in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three and six months ended June 30, 2022, we had no repurchases of shares under the Stock Repurchase Program. As of June 30, 2022, we had $250,000 remaining authorized for purchase under the Stock Repurchase Program.
Noncontrolling Interest
During the three and six months ended June 30, 2022, holders of IROP units exchanged 879,821 and 890,669 units for 879,821 and 890,669 shares of our common stock, respectively. As of June 30, 2022, 6,091,172 IROP units held by unaffiliated third parties remain outstanding.
On May 18, 2022, our board of directors declared a dividend of $0.14 per unit, which was paid on July 22, 2022 to IROP LP unit holders of record as of July 1, 2022.
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.