v3.22.2.2

Internalization | 9 Months Ended
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Sep. 30, 2022
Internalization [Abstract] |
Internalization | 4. Internalization On February 7, 2020, the Company completed an internalization where the Company's management team and corporate staff, who were previously employed by BRE, became employees of an indirect subsidiary of the OP. The effect of the internalization has been reflected in the Company's operating results beginning on February 7, 2020. In accordance with the Company's internalization, the Company was required to pay additional earnout consideration of up to $75.0 million payable in four tranches of $10.0 million, $15.0 million, $25.0 million, and $25.0 million if certain milestones related to the 40-day volume-weighted average price of a share of the Company's common stock ("VWAP per REIT Share") were achieved. The consideration consisted of a combination of cash, shares of the Company's common stock, and OP Units, based on the same proportions paid in the base consideration. As of December 31, 2021, the Company achieved all four VWAP milestones, thereby triggering the payout of all earnout tranches. Below is a summary of the shares of common stock and OP Units issued, and cash paid for each earnout tranche:
(in thousands, except per share amounts)
|  | Shares of |  |  |  |  |  |  |  |  | 40-Day |  |  |
|  | Common Stock |  |  | OP Units |  |  |  |  |  | VWAP of a |  |  |
Tranche |  | Issued |  |  | Issued |  |  | Cash Paid |  |  | REIT Share |  |  | Achievement Date
1 |  |  | 145 |  |  |  | 248 |  |  | $ | 1,926 |  | (a) | $ | 22.50 |  |  | June 16, 2021
2 |  |  | 218 |  |  |  | 371 |  |  |  | 2,888 |  | (a) |  | 23.75 |  |  | July 14, 2021
3 |  |  | 363 |  |  |  | 620 |  |  |  | 4,117 |  |  |  | 24.375 |  |  | September 21, 2021
4 |  |  | 363 |  |  |  | 620 |  |  |  | 4,117 |  |  |  | 25.00 |  |  | September 21, 2021
(a) Cash payments include amounts earned for dividends.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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