v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock

The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2025 and 2024, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.

The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2025.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)
2025 $750 million ATMFebruary 13, 2025$750,000 

The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the years ended December 31, 2025 and December 31, 2024, except for the shares sold on a forward basis, as discussed below.

Year ended December 31, 2023
ATM Common Stock Offering Program(1)
Shares
Sold		Weighted Average Price Per ShareNet Proceeds (in thousands)
2022 $750 million ATM(2)
249,016 $35.55 $8,765 
Total/weighted average249,016 $35.55 $8,765 
(1)Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below.
(2)The 2022 $750 million ATM program was terminated on February 12, 2025.
The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and shares settled during the years ended December 31, 2025, 2024, and 2023. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent, and decrease by borrowing costs incurred and dividends paid on the borrowed shares underlying the forward sale.

Forward Sale AgreementsShares
Gross Sales Proceeds
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share
Outstanding at December 31, 2022— $— 
New forward sale agreements2,817,993$103,483 $36.72 $36.36 $0.36 
Forward sale agreements settled(2)
(1,717,993)$(61,683)$35.60 
Outstanding at December 31, 20231,100,000$41,800 
New forward sale agreements3,208,008$127,150 $39.64 $39.23 $0.41 
Forward sale agreements settled(2)
(4,308,008)$(168,950)$38.93 
Outstanding at December 31, 2024— $— 
New forward sale agreements4,169,738$159,061 $38.15 $37.77 $0.38 
Forward sale agreements settled(2)
(4,169,738)$(159,061)$37.75 
Outstanding at December 31, 2025— $— 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
(2)The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $157.4 million, $167.7 million, and $61.2 million, for the years ended December 31, 2025, 2024, and 2023, respectively.

Restricted Stock-Based Compensation

Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2025, 2024, and 2023, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2026, 2025, and 2024, respectively. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period.

The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2025, 2024 and 2023.

Unvested Restricted Shares of Common Stock Shares    
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2022156,703 $34.32 
Granted55,954 $34.73 
Vested(1)
(68,625)$31.71 
Forfeited— $— 
Balance at December 31, 2023144,032 $35.73 
Granted41,911 $38.92 
Vested(1)
(62,123)$34.65 
Forfeited(5,153)$38.58 
Balance at December 31, 2024118,667 $37.30 
Granted52,352 $33.14 
Vested(1)
(51,185)$36.13 
Forfeited(9,002)$35.92 
Balance at December 31, 2025110,832 $35.99 
(1)The Company repurchased and retired 18,456, 22,001, and 24,210 restricted shares of common stock that vested during the years ended December 31, 2025, 2024, and 2023, respectively.
The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2025 was approximately $2.1 million and is expected to be recognized over a weighted average period of approximately 2.3 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2025, 2024 and 2023.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202520242023
Vested restricted shares of common stock51,185 62,123 68,625 
Fair value of vested restricted shares of common stock (in thousands)$1,731 $2,438 $2,217