v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of stock sale activity
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.
Forward Equity Offering Activity
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.
Schedule of activity related to unvested restricted stock awards
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.
Schedule of fair value at vesting date for awards vesting during the period
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 
The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2025, 2024 and 2023.
Performance UnitsAssumptions
Grant dateJanuary 7, 2025January 8, 2024March 31, 2023January 11, 2023
Expected stock price volatility24.6 %24.5 %25.4 %37.4 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.3294 %4.1130 %3.8725 %3.9060 %
Fair value of performance units grant (in thousands)$6,858 $6,502 $609 $4,517 
Schedule of Forward Contracts Indexed to Issuer's Equity
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.