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Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Equity | Equity On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the next three years. The Company intends to use the net proceeds from these sales, after deducting sales commissions and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. The Company did not utilize its at-the-market equity program during the three months ended September 30, 2023. During the three months ended September 30, 2022, the Company sold 461,034 shares of common stock through its at-the-market equity program and raised proceeds of $26.9 million, net of $0.3 million in sales commissions. The Company sold 2,025,891 shares of common stock through its at-the-market equity program and raised proceeds of $112.7 million, net of $1.1 million in sales commissions paid during the nine months ended September 30, 2023. During the nine months ended September 30, 2022, the Company sold 1,035,668 shares of common stock through its at-the-market equity program and raised proceeds of $57.1 million, net of $0.6 million in sales commissions. As approved by the Company's stockholders at the 2022 Annual Meeting, effective July 26, 2022, the aggregate number of shares of common stock which the Company shall have authority to issue was increased from 68.0 million shares to 136.0 million shares. All of said 136.0 million shares shall be of one and the same series, namely shares with par value of $0.01 per share. The Company’s changes in total equity for the three and nine months ended September 30, 2023 and 2022 were as follows:
| Nine months ended September 30, 2023
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Noncontrolling Interests |  | Total Equity
| Shares |  | Amount |  |  |  |
| (In thousands)
Balance at January 1, 2023 | 55,598 |  |  | $ | 556 |  |  | $ | 760,336 |  |  | $ | 556,698 |  |  | $ | 4,804 |  |  | $ | 1,322,394 |
Net loss | — |  |  | — |  |  | — |  |  | (22,211) |  |  | (123) |  |  | (22,334) |
Issuance of common stock | 420 |  |  | 4 |  |  | 18,922 |  |  | — |  |  | — |  |  | 18,926 |
Repurchase of common stock | (27) |  |  | — |  |  | (1,542) |  |  | — |  |  | — |  |  | (1,542) |
Dividends paid on common stock ($0.2600 per share) | — |  |  | — |  |  | — |  |  | (14,456) |  |  | — |  |  | (14,456) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (111) |  |  | — |  |  | 111 |  |  | — |
Balance at March 31, 2023 | 55,991 |  |  | 560 |  |  | 777,605 |  |  | 520,031 |  |  | 4,792 |  |  | 1,302,988 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 9,556 |  |  | (109) |  |  | 9,447 |
Issuance of common stock | 1,713 |  |  | 17 |  |  | 96,482 |  |  | — |  |  | — |  |  | 96,499 |
Repurchase of common stock | (2) |  |  | — |  |  | (108) |  |  | — |  |  | — |  |  | (108) |
Dividends paid on common stock ($0.2600 per share) | — |  |  | — |  |  | — |  |  | (14,571) |  |  | — |  |  | (14,571) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (56) |  |  | — |  |  | 56 |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (288) |  |  | (288) |
Balance at June 30, 2023 | 57,702 |  |  | 577 |  |  | 873,923 |  |  | 515,016 |  |  | 4,451 |  |  | 1,393,967 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 34,438 |  |  | (113) |  |  | 34,325 |
Issuance of common stock | 11 |  |  | — |  |  | 1,796 |  |  | — |  |  | — |  |  | 1,796 |
Repurchase of common stock | (2) |  |  | — |  |  | (90) |  |  | — |  |  | — |  |  | (90) |
Dividends paid on common stock ($0.2600 per share) | — |  |  | — |  |  | — |  |  | (15,003) |  |  | — |  |  | (15,003) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | 11 |  |  | — |  |  | (11) |  |  | — |
Balance at September 30, 2023 | 57,711 |  |  | $ | 577 |  |  | $ | 875,640 |  |  | $ | 534,451 |  |  | $ | 4,327 |  |  | $ | 1,414,995 |
| Nine months ended September 30, 2022
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Noncontrolling Interests |  | Total Equity
| Shares |  | Amount |  |  |  |
| (In thousands)
Balance at January 1, 2022 | 53,716 |  |  | $ | 537 |  |  | $ | 651,121 |  |  | $ | 514,873 |  |  | $ | 5,386 |  |  | $ | 1,171,917 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 1,086 |  |  | (192) |  |  | 894 |
Issuance of common stock | 85 |  |  | 1 |  |  | 1,106 |  |  | — |  |  | — |  |  | 1,107 |
Repurchase of common stock | (28) |  |  | — |  |  | (1,674) |  |  | — |  |  | — |  |  | (1,674) |
Dividends paid on common stock ($0.2500 per share) | — |  |  | — |  |  | — |  |  | (13,429) |  |  | — |  |  | (13,429) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (54) |  |  | — |  |  | 54 |  |  | — |
Balance at March 31, 2022 | 53,773 |  |  | 538 |  |  | 650,499 |  |  | 502,530 |  |  | 5,248 |  |  | 1,158,815 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 19,484 |  |  | (269) |  |  | 19,215 |
Issuance of common stock | 585 |  |  | 6 |  |  | 32,118 |  |  | — |  |  | — |  |  | 32,124 |
Repurchase of common stock | (2) |  |  | — |  |  | (111) |  |  | — |  |  | — |  |  | (111) |
Dividends paid on common stock ($0.2500 per share) | — |  |  | — |  |  | — |  |  | (13,452) |  |  | — |  |  | (13,452) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (153) |  |  | — |  |  | 153 |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (348) |  |  | (348) |
Balance at June 30, 2022 | 54,356 |  |  | 544 |  |  | 682,353 |  |  | 508,562 |  |  | 4,784 |  |  | 1,196,243 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 55,872 |  |  | (189) |  |  | 55,683 |
Issuance of common stock | 470 |  |  | 4 |  |  | 29,034 |  |  | — |  |  | — |  |  | 29,038 |
Repurchase of common stock | (2) |  |  | — |  |  | (105) |  |  | — |  |  | — |  |  | (105) |
Dividends paid on common stock ($0.2500 per share) | — |  |  | — |  |  | — |  |  | (13,590) |  |  | — |  |  | (13,590) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (278) |  |  | — |  |  | 278 |  |  | — |
Balance at September 30, 2022 | 54,824 |  |  | $ | 548 |  |  | $ | 711,004 |  |  | $ | 550,844 |  |  | $ | 4,873 |  |  | $ | 1,267,269 |

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