v3.26.1
EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
EQUITY EQUITY
Sales of Equity Securities—The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the six months ended June 30, 2026, the Company received an aggregate of $21.0 million in proceeds upon exercises of stock options and sales pursuant to the ESPP.
Stock Repurchase Program—In December 2017, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the “Buyback Program”).
Under the Buyback Program, the Company is authorized to purchase shares from time to time through open market purchases, in privately negotiated transactions not to exceed market prices, and (with respect to such open market purchases) pursuant to plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with securities laws and other legal requirements and subject to market conditions and other factors.
During the six months ended June 30, 2026, the Company repurchased 1,164,378 shares of its common stock for an aggregate of $202.9 million, including commissions and fees, under the Buyback Program. As of June 30, 2026, the Company has repurchased a total of 3,105,690 shares of its common stock under the Buyback Program for an aggregate of $550.0 million, including commissions and fees.
The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Repurchases under the Buyback Program are subject to, among other things, the Company having available cash to fund the repurchases.
Distributions—During the six months ended June 30, 2026, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
Declaration DatePayment DateRecord DateDistribution per shareAggregate Payment Amount (1)
Common Stock
May 21, 2026July 13, 2026June 12, 2026$1.79 $834.1 
March 5, 2026April 28, 2026April 14, 2026$1.79 $833.9 
December 4, 2025February 2, 2026December 29, 2025$1.70 $792.9 
_______________
(1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.
During the six months ended June 30, 2025, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
Declaration DatePayment DateRecord DateDistribution per shareAggregate Payment Amount (1)
Common Stock
May 15, 2025July 11, 2025June 13, 2025$1.70 $796.0 
March 6, 2025April 28, 2025April 11, 2025$1.70 $795.8 
December 5, 2024February 3, 2025December 27, 2024$1.62 $757.1 
_______________
(1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.
The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of June 30, 2026, the amount accrued for distributions payable related to unvested restricted stock units was $11.8 million. During the six months ended June 30, 2026 and 2025, the Company paid $14.3 million and $11.8 million of distributions upon the vesting of restricted stock units, respectively. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined, and subject to adjustment, by the Company’s Board of Directors.