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Stockholder Equity and Noncontrolling Interest
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholder Equity and Noncontrolling Interest Stockholder Equity and Noncontrolling Interest
Stockholder Equity
On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may have from time to time offered and sold shares of our common stock under our previous shelf registration statement having an aggregate offering price of up to $150,000 (the “Previous 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 (the “Securities Act”). Under the Previous ATM Program, we may also have entered into one or more forward sale transactions for the sale of shares of our common stock on a forward basis.
On June 14, 2023, we replaced our previous shelf registration statement with our new shelf registration statement. On July 28, 2023, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock under our shelf registration statement having an aggregate offering price of up to $450,000 (the “2023 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. Under the 2023 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. There were no forward sale transactions as
of December 31, 2023, and no shares of our common stock were sold under the 2023 ATM Program or the Previous ATM Program during the year ended December 31, 2023.
The following table summarizes our sales transactions under the Previous ATM Program settled during the year ended December 31, 2022.
Forward Sale Transaction DateNumber of Shares SoldExpiration Date of Forward ContractNumber of Shares SettledSettlement DateSettlement Price, Net of Commissions Proceeds, Net of Commissions
November 1, 2021676,500 12/15/22676,500 9/28/22$23.32 $15,775 
November 1, 2021323,500 12/15/22323,500 9/28/2224.17 7,818 
March 7, 20221,000,000 3/31/231,000,000 9/28/2226.34 26,342 
2,000,000 2,000,000 $49,935 
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 years ended December 31, 2023, and 2022 we had no repurchases of shares under the Stock Repurchase Program. As of December 31, 2023, we had $250,000 in shares of our common stock remaining authorized for purchase under the Stock Repurchase Program.
Our board of directors declared the following dividends in 2023:
QuarterDeclaration DateRecord DatePayment DateDividend Declared
Per Share
First quarter 2023March 13, 2023March 31, 2023April 21, 2023$0.14 
Second quarter 2023May 10, 2023June 30, 2023July 21, 2023$0.16 
Third quarter 2023September 12, 2023September 29, 2023October 20, 2023$0.16 
Fourth quarter 2023December 11, 2023December 29, 2023January 19, 2024$0.16 
Our board of directors declared the following dividends in 2022:
QuarterDeclaration DateRecord DatePayment DateDividend Declared
Per Share
First quarter 2022March 14, 2022April 1, 2022April 22, 2022$0.12 
Second quarter 2022May 18, 2022July 1, 2022July 22, 2022$0.14 
Third quarter 2022September 12, 2022September 30, 2022October 21, 2022$0.14 
Fourth quarter 2022December 12, 2022December 30, 2022January 20, 2023$0.14 
Noncontrolling Interest
During 2023, holders of IROP units exchanged 144,600 units for 144,600 shares of our common stock. As of December 31, 2023, 5,946,571 IROP units held by unaffiliated third parties were outstanding.
During 2022, holders of IROP units exchanged 890,669 units for 890,669 shares of our common stock. As of December 31, 2022, 6,091,171 IROP units held by unaffiliated third parties were outstanding.
Our board of directors declared the following distributions on our operating partnership’s LP units during 2023:
QuarterDeclaration DateRecord DatePayment DateDividend Declared
Per Unit
First quarter 2023March 13, 2023March 31, 2023April 21, 2023$0.14 
Second quarter 2023May 10, 2023June 30, 2023July 21, 2023$0.16 
Third quarter 2023September 12, 2023September 29, 2023October 20, 2023$0.16 
Fourth quarter 2023December 11, 2023December 29, 2023January 19, 2024$0.16 
Our board of directors declared the following distributions on our operating partnership’s LP units during 2022:
QuarterDeclaration DateRecord DatePayment DateDividend Declared
Per Share
First quarter 2022March 14, 2022April 1, 2022April 22, 2022$0.12 
Second quarter 2022May 18, 2022July 1, 2022July 22, 2022$0.14 
Third quarter 2022September 12, 2022September 30, 2022October 21, 2022$0.14 
Fourth quarter 2022December 12, 2022December 30, 2022January 20, 2023$0.14