XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

Dividends and Distributions | 9 Months Ended
--- | ---
Sep. 30, 2021
Equity [Abstract] |
Dividends and Distributions | Dividends and Distributions In order to comply with the REIT requirements of the Internal Revenue Code, or the Code, the Company is generally required to make common share distributions (other than capital gain distributions) to its shareholders at least equal to 90% of its REIT taxable income, as defined in the Code, computed without regard to the dividends paid deduction and net capital gains. The Company’s common share dividend policy is to distribute a percentage of cash flow to ensure distribution requirements of the IRS are met while allowing the Company to retain cash to meet other needs, such as principal amortization, capital improvements and other investment activities. Common share dividends are characterized for U.S. federal income tax purposes as ordinary income, qualified dividend, capital gains, non-taxable income return of capital, or a combination of the four. Common share dividends that exceed current and accumulated earnings and profits (calculated for tax purposes) constitute a return of capital rather than a dividend and generally reduce the shareholder’s basis in the common share. At the beginning of each year, we notify our shareholders of the taxability of the common share dividends paid during the preceding year. The payment of common share dividends is dependent upon our financial condition, operating results, and REIT distribution requirements and may be adjusted at the discretion of the Company’s Board of Trustees. The following tables summarize dividends and distributions declared and paid to the holders of common shares, restricted stock and OP units for the nine months ended September 30, 2021 and 2020.
Nine Months Ended September 30, 2021
Month Declared/Paid | Distribution Per Share | Distributions Declared |  | Distributions Paid |  |
(In thousands, except per share amounts)
December (2020)/January | $ | 0.21 |  | $ | — |  |  | $ | 53,820 |  |  |
December(a) |  | — |  |  | (693) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
December (2020)/January |  | — |  |  | 6 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
December (2020)/January(b) |  | — |  |  | 1,823 |  | Dividend equivalents paid on vested restricted stock units related to the market performance-based awards granted in 2018.
March/April | 0.22 |  | 56,029 |  |  | 56,029 |  |  |
March(c) |  | — |  |  | (179) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
March/April |  | — |  |  | 7 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
May/July | 0.22 |  | 57,897 |  |  | 57,897 |  |  |
May (d) |  |  |  | (178) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
May/July |  |  |  | 6 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
August/October | $ | 0.22 |  | 59,026 |  |  | — |  |  |
|  | $ | 172,952 |  |  | $ | 168,538 |  |  |
(a)Declared in December 2020 and included in the $53.8 million declared, see description to the right regarding timing of payment. (b)Dividend equivalents accrued related to the market performance-based awards granted in 2018 paid in January following award vesting date of January 8, 2021. (c)Declared in March and included in the $56.0 million declared, see description to the right regarding timing of payment. (d)Declared in May and included in the $57.9 million declared, see description to the right regarding timing of payment.
Nine Months Ended September 30, 2020
Month Declared/Paid | Dividend Per Share | Distributions Declared |  | Distributions Paid |  |
(In thousands, except per share amounts)
December (2019)/January | $ | 0.20 |  | $ | — |  |  | $ | 38,796 |  |  |
December(a) |  | — |  |  | (169) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
December (2019)/January |  | — |  |  | 4 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
March/April | 0.21 |  | 42,568 |  |  | 42,568 |  |
March(b) |  | — |  |  | (233) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
March/April |  | — |  |  | 10 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
May/July | 0.21 |  | 43,271 |  |  | 43,271 |  |  |
May(c) |  | — |  |  | (232) |  | Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
May/July |  | — |  |  | 10 |  | Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
September/October | 0.21 |  | 43,282 |  |  | — |  |  |
|  | $ | 129,121 |  |  | $ | 124,025 |  |  |
(a)Declared in December 2019 and included in the $38.8 million declared, see description to the right regarding timing of payment. (b)Declared in March and included in the $42.6 million declared, see description to the right regarding timing of payment. (c)Declared in May and included in the $43.3 million declared, see description to the right regarding timing of payment.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration