v3.22.2.2

Internalization (Tables)

9 Months Ended

Sep. 30, 2022

Internalization [Abstract]

Summary of Earnout Tranches, Applicable VWAP of REIT Share and Applicable Earnout Periods

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

Internalization.

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- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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