Current report filing

Shareholders' Equity of the Company

v3.23.3
Shareholders' Equity of the Company
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity of the Company Shareholders’ Equity of the Company
Dividend Declaration

In July 2023, the Company's Board of Directors declared a $0.245 cash dividend per common share payable on August 15, 2023 to each shareholder of record on July 31, 2023, and in its capacity as General Partner of the Operating Partnership, a $0.245 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

At-the-Market Offering

Under our at-the-market share offering program (“ATM Offering”), which commenced February 2021, we may offer and sell our common shares, $0.01 par value per share, having an aggregate gross sales price of up to $250.0 million (the “Shares”). We may sell the Shares in amounts and at times to be determined by us but we have no obligation to sell any of the Shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the common shares, capital needs and determinations by us of the appropriate sources of funding. We currently intend to use the net proceeds from the sale of shares pursuant to the ATM Offering for working capital and general corporate purposes. As of September 30, 2023, we had approximately $57.4 million remaining available for sale under the ATM Offering program.
The following table sets forth information regarding settlements under our ATM Offering program:

Three months ended September 30, Nine months ended September 30,
2023 2022 2023 2022
Number of common shares settled during the period 106,615  —  106,615  — 
Average price per share $ 24.89  $ —  $ 24.89  $ — 
Aggregate gross proceeds (in thousands) $ 2,654  $ —  $ 2,654  $ — 
Aggregate net proceeds after commissions and fees (in thousands) $ 2,621  $ —  $ 2,621  $ — 

Share Repurchase Program

In May 2023, the Company’s Board of Directors authorized the repurchase of up to $100.0 million of the Company’s outstanding shares through May 31, 2025, replacing the previously authorized plan to repurchase up to $80.0 million of the Company’s outstanding shares through May 31, 2023.
Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. The Company did not repurchase any shares in both the three and nine months ended September 30, 2023 and 2022. The remaining amount authorized to be repurchased under the program as of September 30, 2023 was approximately $100.0 million.