Equity and Capital |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Equity and Capital | Equity and Capital ATM Program In November 2022, the Company renewed its at-the-market equity offering program (the "ATM Program") through which the Company may sell, from time to time, up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. During the six months ended June 30, 2025 and 2024, the Company did not issue any shares of common stock under the ATM Program. As of June 30, 2025, $283.4 million of common stock remained available for issuance under the ATM Program. Share Repurchase Program In November 2022, the Company renewed its share repurchase program (the "Repurchase Program") for up to $400.0 million of its common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors. During the six months ended June 30, 2025 and 2024, the Company did not repurchase any shares of common stock. As of June 30, 2025, the Repurchase Program had $400.0 million of available repurchase capacity. Common Stock In connection with the vesting of restricted stock units ("RSUs") under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the six months ended June 30, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively. Dividends and Distributions During the three months ended June 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.2875 per share/unit and $0.2725 per share/unit, respectively. During the six months ended June 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.5750 per share/unit and $0.5450 per share/unit, respectively. As of June 30, 2025 and December 31, 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $91.2 million and $91.8 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. Non-controlling interests During the year ended December 31, 2024, the Company completed the acquisition of 100% of the common equity in entities owning North Ridge Shopping Center and The Plaza at Buckland Hills. The acquired entities have issued and outstanding $0.2 million of redeemable preferred equity, which the Company did not acquire and is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.
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