Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity of the Company

v3.24.3
Shareholders' Equity of the Company
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Shareholders' Equity of the Company Shareholders’ Equity of the Company
Dividend Declaration

In July 2024, the Company's Board of Directors (the “Board”) declared a $0.275 cash dividend per common share payable on August 15, 2024 to each shareholder of record on July 31, 2024, and in its capacity as General Partner of the Operating Partnership, authorized a $0.275 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

At-the-Market Offering

Under our at-the-market stock offering (“ATM Offering”) program, which commenced February 2021, and was replaced with a new program in December 2023, 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. We may sell the common shares in amounts and at times to be determined by us but we have no obligation to sell any of the common 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 its funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering program for working capital and general corporate purposes. As of September 30, 2024, we had approximately $195.1 million of common shares remaining available for sale under the ATM Offering program.
The following table sets forth information regarding issuances under our ATM Offering program:

Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Number of common shares settled during the period 818,943  106,615  818,943  106,615 
Average price per share $ 30.53  $ 24.89  $ 30.53  $ 24.89 
Aggregate gross proceeds (in thousands) $ 25,000  $ 2,654  $ 25,000  $ 2,654 
Aggregate net proceeds after commissions and fees (in thousands) $ 24,687  $ 2,621  $ 24,687  $ 2,621 

In October 2024, we issued an additional 484,741 common shares under our ATM program at an average price of $33.38 per share, totaling approximately $16.2 million of gross proceeds.

Share Repurchase Program

In May 2023, the Board authorized the repurchase of up to $100.0 million of the Company’s outstanding common shares through May 31, 2025, replacing the previously authorized plan to repurchase up to $80.0 million of the Company's outstanding common 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 common shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18 of the Exchange Act. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its common shares under this authorization. The Company did not repurchase any common shares in both the three and nine months ended September 30, 2024 and September 30, 2023. The remaining amount of common shares authorized to be repurchased under the program as of September 30, 2024 was approximately $100.0 million.