8. Common Stock

ATM Program

On February 27, 2024, the Company and the Operating Partnership entered into a distribution agreement with certain sales agents, forward sellers and forward purchasers, as applicable, pursuant to which the Company may issue and sell, from time to time, shares of its common stock, with aggregate gross proceeds not to exceed $200,000 through an “at-the-market” equity offering program (the “2024 $200 Million ATM Program”).

For the six months ended June 30, 2025 and 2024, the Company did not issue any shares of its common stock under the 2024 $200 Million ATM Program. The Company has approximately $200,000 available for issuance under the 2024 $200 Million ATM Program.

Common Stock Dividends

Common Stock Repurchase Program

On February 26, 2025, the Company's board of directors (the "Board") authorized a share repurchase program for up to an aggregate amount of $90.0 million of the Company’s outstanding common stock. The program may be suspended or discontinued at the Company's discretion without prior notice.

During the six months ended June 30, 2025, the Company repurchased and retired 805,394 shares of common stock at an average price per share of $16.28. As of June 30, 2025, the remaining approximate value of shares that are available to be purchased under this program was $76.9 million. There were no common stock repurchases during 2024.