v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
Stockholders' Equity
In February 2023, the Company completed a follow-on primary public offering of 8,855,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,155,000 additional shares of common stock, at a public offering price of $24.60 per share, and entered into forward sale agreements relating to all such shares. All of these forward sale agreements were physically settled as of May 2023 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $209.3 million.
In September 2023, the Company completed a follow-on primary public offering of 12,006,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,566,000 additional shares of common stock, at a public offering price of $23.00 per share, and entered into forward sale agreements relating to all such shares. All of these forward sale agreements were physically settled as of March 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $263.4 million.
In March 2024, the Company completed a follow-on primary public offering of 10,350,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,350,000 additional shares of common stock, at a public offering price of $24.75 per share, and entered into forward sale agreements relating to all such shares. All of these forward sale agreements were physically settled as of December 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $245.0 million.
In March 2025, the Company completed a follow-on primary public offering of 9,430,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,230,000 additional shares of common stock, at a public offering price of $31.00 per share, and entered into forward sale agreements relating to all such shares. Through December 31, 2025, the Company physically settled 4,715,000 shares under the forward sale agreements relating to this offering, realizing net proceeds of $143.7 million. Including shares physically settled to date and assuming full physical settlement of the remaining forward sale agreements, net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses and making certain other adjustments as provided in the forward sale agreements, are expected to be $285.6 million. The Company is required to settle these forward sale agreements by September 2026.
At the Market Program
In October 2024, the Company established a successor at the market common equity offering program, pursuant to which it is authorized to publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $750 million (as amended, the "October 2024 ATM Program"). In connection with establishing the October 2024 ATM Program, the Company terminated its June 2024 ATM Program (the "June 2024 ATM Program"), which had replaced the Company’s 2022 ATM Program (the “2022 ATM Program”). The June 2024 ATM Program and the 2022 ATM Program have been terminated and no additional stock can be sold thereunder. As context requires, the October 2024 ATM Program, the June 2024 ATM Program and the 2022 ATM Program are referred herein as the "ATM Programs." Sales may be made under the October 2024 ATM Program and, during their pendency the prior ATM programs, through identified sales agents, as sales agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the Company of shares to or through the agents, the October 2024 ATM Program and, during their pendency the prior
ATM programs, also permitted the Company to enter into separate forward sale agreements with identified forward purchasers.
The following table presents information about the ATM Programs (dollar amounts in thousands):
Program NameDate EstablishedDate TerminatedMaximum Sales Authorization
Gross Sales through December 31, 2025
2022 ATM Program May 2022June 2024$500,000 $383,426 
June 2024 ATM ProgramJune 2024October 2024$500,000 $339,992 
October 2024 ATM Program (1)
October 2024$750,000 $402,530 
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(1)Includes 6,185,920 shares under the October 2024 ATM Program that the Company sold on a forward basis and were not physically settled as of December 31, 2025.
The following table details information related to activity under the ATM Program for each period presented:
Year ended December 31,
(in thousands, except share and per share data)202520242023
Shares of common stock sold (1)(2)
10,245,801 19,704,599 5,931,654 
Weighted average sale price per share$31.59 $29.52 $24.48 
Gross proceeds$323,615 $581,689 $145,224 
Net proceeds$319,968 $573,343 $142,922 
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(1)Includes 6,185,920 shares of common stock that the Company sold on a forward basis during the year ended December 31, 2025 and were not physically settled as of December 31, 2025.
(2)During the years ended December 31, 2025 and 2024, the Company issued 13,119,110 and 1,937,450 shares of common stock, respectively, which were previously sold on a forward basis under the ATM Programs and were unsettled as of December 31, 2024 and 2023, respectively.
Dividends on Common Stock
During the years ended December 31, 2025, 2024 and 2023, the Company's board of directors declared the following quarterly cash dividends on common stock: 
Date DeclaredRecord DateDate PaidDividend per Share of
Common Stock		Total Dividend (dollars in thousands)
December 5, 2025December 31, 2025January 14, 2026$0.31 $65,107 
September 5, 2025September 30, 2025October 14, 2025$0.30 $59,543 
May 30, 2025June 30, 2025July 14, 2025$0.30 $59,544 
March 7, 2025March 31, 2025April 11, 2025$0.295 $58,368 
December 6, 2024December 31, 2024January 14, 2025$0.295 $55,444 
September 5, 2024September 30, 2024October 11, 2024$0.29 $50,964 
May 31, 2024June 28, 2024July 12, 2024$0.29 $50,965 
March 7, 2024March 29, 2024April 12, 2024$0.285 $50,079 
December 1, 2023December 29, 2023January 12, 2024$0.285 $47,024 
September 7, 2023September 29, 2023October 13, 2023$0.28 $43,788 
June 9, 2023June 30, 2023July 14, 2023$0.28 $43,551 
March 7, 2023March 31, 2023April 14, 2023$0.275 $41,031 
The Company has determined that, during the years ended December 31, 2025, 2024 and 2023, approximately 96.0%, 92.7% and 86.0%, respectively, of the distributions it paid represented taxable income and 4.0%, 7.3% and 14.0%, respectively, of the distributions it paid represented return of capital for federal income tax purposes.