Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.20.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Summary of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2019 and 2020:
Announced Date Record Date   Pay Date Amount per share
2/21/2019 4/3/2019 4/11/2019 $ 0.335 
6/6/2019 7/5/2019 7/12/2019 0.335 
9/12/2019 10/3/2019 10/10/2019 0.335 
12/13/2019 12/26/2019
(1)
 1/10/2020 0.335 
2/20/2020 4/2/2020 4/10/2020 0.340 
6/5/2020 7/2/2020 7/9/2020 0.340 
8/6/2020 10/2/2020 10/9/2020 0.340 
11/5/2020 12/28/2020
(1)
 1/8/2021 0.340 
(1)These dividends are treated as distributions in the following year for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock in 2019 and 2020:
Date/Period Common Stock
Offerings		 Shares
Issued		 Price
Per Share
Net
Proceeds (1)
    (amounts in millions, except per share amounts)
1/3/2019
(2)
 Public Offering 0.465  $ 21.60 
(3)
 $ 9 
Q1 2019 ATM 1.603  23.39 
(4)
 37 
Q2 2019 ATM 1.926  26.33 
(4)
 50 
Q4 2019 ATM 1.405  30.00 
(4)
 42 
Q1 2020 ATM 4.500  25.84 
(4)
 115 
Q2 2020 ATM 1.938  23.10 
(4)
 44 
Q3 2020 ATM 0.875  33.81 
(4)
 29 
Q4 2020 ATM 2.204  50.35 
(4)
 110 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
(2)Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
(3)Represents the price per share at which the underwriters in our public offerings purchased our shares.
(4)Represents the average price per share at which investors in our ATM offerings purchased our shares.
Summary of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
A summary of equity-based compensation expense and the fair value of shares and LTIP Units vested on the vesting date for the years ended December 31, 2020, 2019, and 2018 is as follows:
2020 2019 2018
  (in millions)
Equity-based compensation expense $ 17  $ 14  $ 10 
Fair value of awards vested on vesting date 39  19  7 
A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2018 —  $ —  $ — 
Granted 209,330  25.84  5.4 
Vested (8,020) 25.82  (0.2)
Forfeited —  —  — 
Ending Balance—December 31, 2019 201,310  $ 25.84  $ 5.2 
Granted 165,346  18.56  3.1 
Vested (80,974) 25.87  (2.1)
Forfeited —  —  — 
Ending Balance—December 31, 2020 285,682  $ 21.62  $ 6.2 
(1)    See Note 4 for information on the vesting of LTIP Units.
A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2018 —  $ —  $ — 
Granted 180,500  26.70  4.8 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance—December 31, 2019 180,500  $ 26.70  $ 4.8 
Granted 132,204  12.25  1.6 
Vested —  —  — 
Forfeited —  —  — 
Ending Balance—December 31, 2020 312,704  $ 20.59  $ 6.4 
(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company’s common stock as well as relative performance compared to a group of peers.
Summary of Unvested Shares of Restricted Common Stock A summary of the unvested shares of restricted common stock that have been issued is as follows:
Restricted Shares of
Common Stock		 Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2018 1,386,756  $ 19.00  $ 26.4 
Granted 150,493  23.99  3.6 
Vested (781,218) 18.91  (14.8)
Forfeited (5,789) 20.62  (0.1)
Ending Balance—December 31, 2019 750,242  20.08  15.1 
Granted 194,077  32.93  6.4 
Vested (576,880) 19.50  (11.3)
Forfeited (262) 28.59  — 
Ending Balance—December 31, 2020 367,177  $ 27.77  $ 10.2 
A summary of the unvested shares of restricted stock units that have market based vesting conditions that have been issued is as follows:
Restricted Stock
Units (1)
Weighted Average Grant Date Fair Value Value
    (per share) (in millions)
Ending Balance—December 31, 2018 393,148  $ 19.55  $ 7.7 
Granted 46,586  25.10  1.2 
Vested (1,380) 21.68  — 
Forfeited (2,776) 22.23  (0.1)
Ending Balance—December 31, 2019 435,578  $ 20.12  $ 8.8 
Granted 23,342  27.18  0.6 
Incremental performance shares granted 216,932  18.99  4.1 
Vested (439,986) 19.04  (8.4)
Forfeited (266) 25.90  — 
Ending Balance—December 31, 2020 235,600  $ 21.78  $ 5.1 
(1)    As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company’s common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of an award at the 200% level.