v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity Equity
Stockholders’ Equity
In September 2023, the Company completed a follow-on primary offering of 12,006,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,566,000 additional shares of common stock, at a public offering price of $23.00 per share, and entered into forward sale agreements relating
to all such shares. All shares were physically settled as of March 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $263.4 million.
In March 2024, the Company completed a follow-on primary offering of 10,350,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,350,000 additional shares of common stock, at a public offering price of $24.75 per share, and entered into forward sale agreements relating to all such shares. All of these forward sale agreements were physically settled as of December 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $245.0 million.
In March 2025, the Company completed a follow-on primary offering of 9,430,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,230,000 additional shares of common stock, at a public offering price of $31.00 per share, and entered into forward sale agreements relating to all such shares. Assuming full physical settlement of the forward sale agreements, net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses and making certain other adjustments as provided in the forward sale agreements, are expected to be $285.2 million. No shares under these forward sale agreements have been physically settled as of June 30, 2025. The Company is required to settle these forward sale agreements by September 2026.
At the Market Program
In October 2024, the Company established a successor at the market common equity offering program, pursuant to which it is authorized to publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $750 million (the "October 2024 ATM Program"). In connection with establishing the October 2024 ATM Program, the Company terminated its June 2024 ATM Program (the "June 2024 ATM Program"), which had replaced the Company’s 2022 ATM Program (the “2022 ATM Program”). The June 2024 ATM Program and the 2022 ATM Program have been terminated and no additional stock can be sold thereunder. As context requires, the October 2024 ATM Program, the June 2024 ATM Program and the 2022 ATM Program and are referred herein as the "ATM Programs." Sales may be made under the October 2024 ATM Program and, during their pendency the prior ATM programs, through identified sales agents, as sales agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the Company of shares to or through the agents, the October 2024 ATM Program and, during their pendency the prior ATM programs, also permitted the Company to enter into separate forward sale agreements with identified forward purchasers.
The following table presents information about the ATM Programs (dollar amounts in thousands):
Program NameDate EstablishedDate TerminatedMaximum Sales AuthorizationGross Sales through
June 30, 2025
2022 ATM ProgramMay 2022June 2024$500,000 $383,426 
June 2024 ATM Program (1)
June 2024October 2024$500,000 $339,992 
October 2024 ATM Program (1)
October 2024$750,000 $218,434 
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(1)Includes 1,000,000 shares under the June 2024 ATM Program and 6,082,921 shares under the October 2024 ATM Program that the Company sold on a forward basis and were not physically settled as of June 30, 2025.
The following table details activity under the ATM Programs for each period presented:
(in thousands, except share and per share data)Three months ended June 30,Six months ended June 30,
2025202420252024
Shares of common stock sold (1)
3,664,521 5,047,448 4,299,921 7,256,033 
Weighted average sale price per share$32.45 $27.15 $32.45 $26.24 
Gross proceeds$118,916 $137,040 $139,519 $190,422 
Net proceeds$117,218 $134,512 $137,512 $187,529 
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(1)During the six months ended June 30, 2025 and 2024, the Company issued 10,336,110 and 1,937,450 shares of common stock, respectively, which were previously sold on a forward basis under the ATM Programs and were unsettled as of December 31, 2024 and 2023, respectively.
Dividends on Common Stock
During the six months ended June 30, 2025 and 2024, the Company’s board of directors declared the following quarterly cash dividends on common stock:
Date DeclaredRecord DateDate PaidDividend per Share of Common StockTotal Dividend
(in thousands)
May 30, 2025June 30, 2025July 14, 2025$0.30 $59,544 
March 7, 2025March 31, 2025April 11, 2025$0.295 $58,368 
May 31, 2024June 28, 2024July 12, 2024$0.29 $50,965 
March 7, 2024March 29, 2024April 12, 2024$0.285 $50,079