v3.25.4
Stockholder's Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholder's Equity Stockholders’ Equity
    Preferred Stock
    As of December 31, 2025 and 2024, we had the following series of Cumulative Redeemable Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):
December 31, 2025December 31, 2024
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
Series BNovember 13, 20225.875 %3,000,000 $75,000 3,000,000 $75,000 
Series CSeptember 20, 20245.625 %3,450,000 86,250 3,450,000 86,250 
Total Preferred Shares6,450,000 $161,250 6,450,000 $161,250 
Dividends on our Preferred Stock are cumulative and payable quarterly in arrears on or about the last day of March, June, September and December of each year. Our Preferred Stock has no stated maturity dates and is not subject to mandatory redemption or any sinking funds. The holders of our Preferred Stock rank senior to the holders of our common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. The holders of our Preferred Stock generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly dividend periods (whether or not consecutive). Upon the occurrence of a specified change of control transaction, we may, at our option, redeem each series of Preferred Stock in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share in cash, plus any accrued and unpaid distributions through the date of redemption. If we do not exercise our right to redeem the Preferred Stock, upon the occurrence of a specified change of control transaction, the holders of our Preferred Stock have the right to convert some or all of their shares into a number of the Company’s common shares equivalent to $25.00 plus accrued and unpaid dividends, divided by the average closing price per share of the Company’s common stock for the 10 trading days preceding the date of the change of control, but not to exceed a certain capped number of shares of common stock per share of Preferred Stock, subject to certain adjustments.
Common Stock
ATM Programs
On February 17, 2023, we established an at-the-market equity offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion (the “Current ATM Program”). The Current ATM Program replaced our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023.
In connection with our ATM programs, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.
During the years ended December 31, 2025 and December 31, 2024, we did not sell any shares of common stock directly through sales agents under the Current ATM program. During the year ended December 31, 2023, we sold 449,227 shares of common stock directly through sales agents under the Current ATM Program at a weighted average price of $60.84 per share, for gross proceeds of $27.3 million, and net proceeds of $27.0 million, after deducting the sales agents’ fees.
During the years ended December 31, 2025 and December 31, 2024, we did not enter into forward equity sale agreements under the Current ATM Program.
During the year ended December 31, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under the Current ATM program with respect to 5,137,392 shares of our common stock at a weighted average initial forward price of $56.70 per share. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements. During the year ended December 31, 2023, we physically settled a portion of the 2023 forward equity sale agreements and the outstanding forward equity sale agreement
from 2022 by issuing 2,763,708 shares of common stock for net proceeds of $163.2 million, based on a weighted average forward price of $59.04 per share at settlement.
During the year ended December 31, 2024, we physically settled the remaining forward equity sale agreements that were outstanding as of December 31, 2023 under the Current ATM Program by issuing 3,010,568 shares of common stock for net proceeds of $164.5 million, based on a weighted average forward price of $54.65 per share at settlement.
As of December 31, 2025, approximately $927.4 million of common stock remained available to be sold under the Current ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.
March 2024 Forward Sale Agreement
In March 2024, we entered into a forward equity sale agreement with a financial institution acting as forward purchaser in connection with an underwritten public offering of 17,179,318 shares of common stock at an initial forward price of $48.61 per share (the “March 2024 Forward Sale Agreement”), pursuant to which, the forward purchaser borrowed and sold an aggregate of 17,179,318 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchaser at the time of the offering.
In 2024, we partially settled the March 2024 Forward Sale Agreement by issuing 7,402,550 shares of common stock for net proceeds of $360.0 million, based on a weighted average forward price of $48.63 per shares at settlement.
During the first quarter of 2025, we settled the remaining portion of the March 2024 Forward Sale Agreement by issuing the remaining 9,776,768 shares of common stock for net proceeds of $478.0 million, based on a weighted average forward price of $48.89 per share at settlement.
May 2023 Forward Equity Offering
On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock at an initial forward price of $55.24 per share (the “May 2023 Forward Sale Agreements”), pursuant to which the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.
In 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 11,246,966 shares of common stock for net proceeds of $623.6 million, based on a weighted average forward price of $55.45 per share at settlement.
During the first quarter of 2024, we settled the remaining portion of the May 2023 Forward Sale Agreements by issuing the remaining 2,253,034 shares of common stock for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
Settlement of November 2022 Forward Equity Offering
On November 10, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 11,846,425 shares of common stock at an initial forward price of $55.74 per share (the “2022 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 11,846,425 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.
In 2022, we partially settled the 2022 Forward Sale Agreements by issuing 3,554,704 shares of common stock for net proceeds of $198.7 million, based on a weighted average forward price of $55.90 per share at settlement.
In 2023, we settled the remaining shares under the 2022 Forward Sale Agreements by issuing 8,291,721 shares of common stock for net proceeds of $462.8 million, based on a weighted average forward price of $55.81 per share at settlement.
Stock Repurchase Programs
On February 3, 2025, our board of directors (the “Board”) authorized a stock repurchase program under which we may repurchase up to a maximum of $300.0 million of our outstanding common stock (the “Initial Repurchase Program”). The Board’s authorization for the Initial Repurchase Program was scheduled to expire on February 3, 2027, unless modified, extended or terminated earlier at the Board’s discretion.
On August 29, 2025, the Board terminated the Initial Repurchase Program and authorized a new stock repurchase program pursuant to which we may repurchase up to a maximum of $500.0 million of our outstanding common stock (the “Second Repurchase Program”). The Second Repurchase Program replaced and superseded, in all respects, the Initial Repurchase Program and is scheduled to expire on September 1, 2027, unless modified, extended or terminated earlier at the Board’s discretion.
Under our stock repurchase programs, we may purchase our shares from time to time in the open market, in privately negotiated transactions or in other transactions as permitted by federal securities laws. The amount and timing of the purchase will depend on a number of factors including the price and availability of our shares, trading volume and general market conditions.
During the year ended December 31, 2025, we repurchased an aggregate of 6,327,283 shares of common stock for a total purchase price of $250.1 million, including commissions, at a weighted average price of $39.51 per share. Of this amount, approximately $100.0 million was repurchased under the Initial Repurchase Program prior to its termination, and $150.1 million was repurchased under the Second Repurchase Program. All repurchased shares were retired on the respective settlement dates. As of December 31, 2025, $349.9 million remained available for repurchase under the Second Repurchase Program. Subsequent to December 31, 2025, the Board terminated the Second Repurchase Program and authorized a new stock repurchase program. See “Note 17 – Subsequent Events” for additional information.

Changes in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in our AOCI balance for the years ended December 31, 2025 and 2024, which consists solely of adjustments related to our cash flow hedges:
Year Ended December 31,
 20252024
Accumulated other comprehensive income - beginning balance
$6,746 $7,172 
Other comprehensive (loss) income before reclassifications
(782)11,932 
Amounts reclassified from accumulated other comprehensive income to interest expense(1)
(6,654)(12,364)
Net current period other comprehensive loss
(7,436)(432)
Less: other comprehensive loss attributable to noncontrolling interests
268 6 
Other comprehensive loss attributable to common stockholders
(7,168)(426)
Accumulated other comprehensive (loss) income - ending balance
$(422)$6,746 
(1)Amounts include $0.0 million and $0.2 million reclassifications from AOCI into interest expense for the years ended December 31, 2025 and 2024, respectively, related to terminated swaps. See “Note 8 – Interest Rate Derivatives” for additional information.
Dividends
Earnings and profits, which determine the taxability of dividends to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense.
The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2025, 2024 and 2023:
Common Stock
Year Ended December 31,
202520242023
Ordinary Income$1.588406 79.72 %$1.546686 99.35 %$1.325610 100.00 %
Return of Capital— — %0.010068 0.65 %— — %
Capital Gain0.404116 20.28 %— — %— — %
Total$1.992522 100.00 %$1.556754 100.00 %$1.325610 100.00 %
Series B Preferred Stock
Year Ended December 31,
202520242023
Ordinary Income$1.170864 79.72 %$1.468752 100.00 %$1.468752 100.00 %
Capital Gain0.297888 20.28 %— — %— — %
Total$1.468752 100.00 %$1.468752 100.00 %$1.468752 100.00 %
Series C Preferred Stock
Year Ended December 31,
202520242023
Ordinary Income$1.121040 79.72 %$1.406252 100.00 %$1.406252 100.00 %
Capital Gain0.285212 20.28 %— — %— — %
Total$1.406252 100.00 %$1.406252 100.00 %$1.406252 100.00 %