v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock

The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.

The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of March 31, 2025. There was no activity for the ATM common stock offering program during the three months ended March 31, 2025, except for the shares sold on a forward basis, as discussed below.

ATM Common Stock Offering Program(1)
DateMaximum Aggregate Offering Price (in thousands)Aggregate Available as of March 31, 2025 (in thousands)
2025 $750 million ATMFebruary 13, 2025$750,000 $749,821 
(1)The 2022 $750 million ATM program was terminated on February 12, 2025.

The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program and shares settled during the three months ended March 31, 2025. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates.

Forward Sale AgreementsShares
Gross Sales
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Forward Sale Agreements Outstanding at December 31, 2024— $— 
New forward sale agreements4,830 179 $37.02 $36.65 $0.37 
Forward sale agreements settled— — 
Forward Sale Agreements Outstanding at March 31, 20254,830 $179 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.

Restricted Stock-Based Compensation

The Company granted restricted shares of common stock under the 2011 Plan on January 7, 2025 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2026, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the three months ended March 31, 2025.

Unvested Restricted Shares of Common StockShares
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2024118,667 $37.30 
Granted52,352 $33.14 
Vested(1)
(51,100)$36.11 
Forfeited(5,904)$35.99 
Balance at March 31, 2025114,015 $35.99 
(1)The Company repurchased and retired 18,456 restricted shares of common stock that vested during the three months ended March 31, 2025.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2025 was approximately $3.4 million and is expected to be recognized over a weighted average period of approximately 2.6 years.
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Vested Restricted Shares of Common Stock20252024
Vested restricted shares of common stock51,100 59,232 
Fair value of vested restricted shares of common stock (in thousands)$1,728 $2,325