Equity (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

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)	Date	Maximum Aggregate Offering Price (in thousands)		Aggregate Available as of March 31, 2025 (in thousands)
2025 $750 million ATM	February 13, 2025	$	750,000	$	749,821

(1)The 2022 $750 million ATM program was terminated on February 12, 2025.

Schedule of Forward Contracts Indexed to Issuer's Equity

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 Agreements	Shares	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 agreements	4,830	179		$	37.02	$	36.65	$	0.37
Forward sale agreements settled	—	—
Forward Sale Agreements Outstanding at March 31, 2025	4,830	$	179

(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.

Schedule of activity related to unvested restricted stock awards

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 Stock	Shares	Weighted Average Grant Date Fair Value per Share




Balance at December 31, 2024	118,667	$	37.30
Granted	52,352	$	33.14
Vested(1)	(51,100)	$	36.11
Forfeited	(5,904)	$	35.99
Balance at March 31, 2025	114,015	$	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.

Schedule of vested restricted shares of common stock activity

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 Stock	2025		2024
Vested restricted shares of common stock	51,100		59,232
Fair value of vested restricted shares of common stock (in thousands)	$	1,728	$	2,325