v3.25.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Dividends Declared by Board of Directors
Our board of directors declared the following dividends in 2024 and 2025:

Announced DateRecord DatePay DateAmount per
share
2/15/20244/5/20244/19/2024$0.415 
5/7/20247/3/20247/12/2024$0.415 
8/1/202410/4/202410/18/2024$0.415 
11/7/202412/30/2024
(1)
01/10/2025$0.415 
2/13/20254/4/202504/18/2025$0.420 
5/7/20257/2/20257/11/2025$0.420 
8/7/202510/3/202510/17/2025$0.420 
(1) This dividend is treated as a distribution in the year following the record date for tax purposes.
Schedule of Common Stock Public Offerings and ATM We completed the following public offerings (including ATM issuances) of our common stock during 2025 and 2024:
Date/PeriodCommon Stock Offerings
Shares Issued
Price Per Share
Net Proceeds (1)
 (amounts in millions, except per share amounts)
Q1 2024ATM1.193 $25.89 
(2)
$31 
Q2 2024ATM1.662 31.42 
(2)
52 
Q3 2024ATM3.040 32.55 
(2)
98 
Q4 2024ATM0.753 32.01 
(2)
24 
Q1 2025ATM1.629 29.07 
(2)
47 
Q2 2025ATM2.755 26.91 
(2)
73 
(1)Net proceeds from the offerings are shown after deducting underwriting discounts and commissions.
(2)Represents the average price per share at which investors in our ATM offerings purchased our shares.
Schedule of Unvested Shares of Restricted Common Stock A summary of the unvested shares of restricted common stock that have been issued is as follows:
Restricted Shares of Common StockWeighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2023135,667 $33.90 $4.6 
Granted232,837 26.96 6.3 
Vested(44,540)36.98 (1.7)
Forfeited(4,584)27.55 (0.1)
Ending Balance — December 31, 2024319,380 $28.50 $9.1 
Granted238,774 28.74 6.9 
Vested(84,164)28.92 (2.5)
Forfeited(32,826)28.04 (0.9)
Ending Balance — June 30, 2025441,164 $28.58 $12.6 
A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows:

Restricted Stock Units (1)
Weighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 202394,654 $48.42 $4.6 
Granted— — — 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited(15,912)68.12 (1.1)
Ending Balance — December 31, 202478,742 $44.44 $3.5 
Granted— — — 
Incremental performance shares granted— — — 
Vested(3,482)42.25 (0.1)
Forfeited(26,810)54.04 (1.5)
Ending Balance — June 30, 202548,450 $39.29 $1.9 

(1)    As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company’s common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date
A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows:

LTIP Units (1)
Weighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2023477,074 $34.40 $16.5 
Granted320,063 26.96 8.6 
Vested(236,166)34.79 (8.2)
Forfeited— — — 
Ending Balance — December 31, 2024560,971 $29.99 $16.9 
Granted371,234 28.12 10.4 
Vested(281,048)31.79 (8.9)
Forfeited(10,800)27.77 (0.3)
Ending Balance — June 30, 2025640,357 $28.15 $18.1 

(1)    See Note 4 for information on the vesting of LTIP Units.
A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows:

LTIP Units (1)
Weighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2023493,858 $47.76 $23.6 
Granted128,024 39.11 5.0 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited(86,274)65.28 (5.6)
Ending Balance — December 31, 2024535,608 $42.87 $23.0 
Granted119,735 45.66 5.5 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited(125,550)54.77 (6.9)
Ending Balance — June 30, 2025529,793 $40.68 $21.6 

(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of our common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.
A summary of the unvested LTIP Units that have performance-based vesting conditions that have been issued is as follows:
LTIP Units (1)
Weighted Average Grant Date Fair ValueValue
(per share)(in millions)
Ending Balance — December 31, 2023— $— $— 
Granted128,024 25.96 3.3 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited— — — 
Ending Balance — December 31, 2024128,024 $25.96 $3.3 
Granted119,735 28.73 3.5 
Incremental performance shares granted— — — 
Vested— — — 
Forfeited— — — 
Ending Balance — June 30, 2025247,759 $27.30 $6.8 
(1)    See Note 4 for information on the vesting of LTIP Units. LTIP Units with performance-based vesting conditions can vest between 0% and 200% subject to the achievement of certain adjusted earnings per share. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.