v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Shareholders' Equity:
During the three months ended March 31, 2025 and 2024, the Company granted common shares to certain employees as follows:
Three Months Ended March 31,
20252024
Performance Shares (1)
Shares granted:
Index - 1Q643,450 489,182 
Peer 1Q643,445 489,177 
Grant date fair value per share: (2)
Index - 1Q$4.95 $6.01 
Peer - 1Q$4.71 $5.68 
Non-Vested Common Shares: (3)
Shares issued561,230 442,100 
Grand date fair value$4,495 $4,249 
(1)    The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2025, no performance shares of the 565,435 issued in 2022 vested.
(2)    The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.
(3)    The shares vest ratably over a three-year service period, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria.

At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares, including through forward sales contracts.
The Company may, from time to time, sell up to $350,000 of common shares over the term of the ATM program. During the three months ended March 31, 2025 and 2024, the Company did not sell shares under the ATM program.

Stock Based Compensation. During the three months ended March 31, 2025 and 2024, the Company issued 24,277 and 25,755, respectively, of fully vested common shares to members of the Company's Board of Trustees with a fair value of $225, respectively.

Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 10,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. No common shares were repurchased during the three months ended March 31, 2025 and 2024. As of March 31, 2025, 6,874,241 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of March 31, 2025.

Series C Preferred Stock. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at March 31, 2025. The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770, and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of March 31, 2025, each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds.
If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company.
The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred.
Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares.
A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:
Three Months Ended March 31,
20252024
Balance at beginning of period$6,136 $9,483 
Other comprehensive income before reclassifications(1,841)1,862 
Amounts of (income) reclassified from accumulated other comprehensive income to interest expense(1,369)(2,922)
Balance at end of period$2,926 $8,423