v3.25.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Repurchases of Equity Securities
The following table summarizes our repurchases of equity securities in each of the three months ended June 30, 2025 under the repurchase program described above:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced PlanMaximum Approximate Dollar Value Available for Future Purchase (in thousands)
April 1 - April 30, 2025310,415 $6.92 310,415 $497,852 
May 1 - May 31, 2025— $— — $497,852 
June 1 - June 30, 2025— $— — $497,852 
Schedule of Activity of Dividends and Distributions
The following is a summary of dividend and distribution activity:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2025202420252024
Dividends paid to common stockholders$(5,919)$(5,787)$(11,799)$(11,552)
Distributions paid to Operating Partnership unitholders (the "OP unitholders")(3,836)(3,809)(7,689)(7,546)
Distributions paid to preferred unitholders(1,051)(1,051)(2,101)(2,101)
Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions The fair value per unit or share granted in 2025 was estimated on the respective dates of grant using the following assumptions:
2025
Expected life
2.0 to 5.3 years
Dividend rate
1.7%
Risk-free interest rate
3.9% - 4.0%
Expected price volatility
35.0% - 44.0%
Schedule of Restricted Stock and Long-Term Incentive Plan Unit Activity
The following is a summary of restricted stock and LTIP unit activity for the six months ended June 30, 2025:
Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted Average Grant Fair Value
Unvested balance at December 31, 2024
612,416 3,615,771 2,629,002 2,078,099 $6.87 
Vested(211,476)(1,361,704)(340,736)(229,162)7.48 
Granted245,616 1,866,961 1,679,320 1,112,709 5.89 
Forfeited or unearned(27,124)— — (46,846)7.91 
Unvested balance at June 30, 2025
619,432 4,121,028 3,967,586 2,914,800 $6.33 
Schedule of Computation of Earnings Per Share
Earnings per share is computed as follows:
Three Months EndedSix Months Ended
(amounts in thousands, except per share amounts)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Numerator - Basic:
Net income$11,385 $28,555 $27,163 $38,770 
Private perpetual preferred unit distributions(1,051)(1,051)(2,101)(2,101)
Net income attributable to non-controlling interests(3,815)(10,433)(9,323)(13,937)
Net income attributable to common stockholders – basic$6,519 $17,071 $15,739 $22,732 
Numerator - Diluted:
Net income$11,385 $28,555 $27,163 $38,770 
Private perpetual preferred unit distributions(1,051)(1,051)(2,101)(2,101)
Net income attributable to non-controlling interests in other partnerships— — — (4)
Net income attributable to common stockholders – diluted$10,334 $27,504 $25,062 $36,665 
Denominator:
Weighted average shares outstanding – basic168,368 164,277 167,644 163,988 
Weighted average operating partnership units98,531 100,399 99,341 100,631 
Effect of dilutive securities:
   Stock-based compensation plans3,052 4,040 2,754 3,486 
Weighted average shares outstanding – diluted269,951 268,716 269,739 268,105 
Earnings per share:
Basic$0.04 $0.10 $0.09 $0.14 
Diluted$0.04 $0.10 $0.09 $0.14