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Stock-Based Compensation and Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stock-Based Compensation and Equity Stock-Based Compensation and Equity
Stock-Based Compensation

We maintain several stock-based compensation plans, which are more fully described in the 2025 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the six months ended June 30, 2026. We recorded stock-based compensation expense of $13.9 million and $10.9 million during the three months ended June 30, 2026 and 2025, respectively, and $21.4 million and $20.1 million for the six months ended June 30, 2026 and 2025, respectively which was included in Stock-based compensation expense in the consolidated financial statements.

Restricted and Conditional Awards
 
Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at June 30, 2026 and changes during the six months ended June 30, 2026 were as follows:
RSA and RSU AwardsPSU Awards
SharesWeighted-Average
Grant Date
Fair Value		SharesWeighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2026
615,908 $64.34 693,820 $88.40 
Granted (a)
422,584 69.59 208,661 90.48 
Vested (b)
(280,070)68.57 (121,629)144.54 
Forfeited(268)62.17 — — 
Adjustment (c)
— — (15,842)68.54 
Nonvested at June 30, 2026 (d)
758,154 $65.70 765,010 $78.60 
__________
(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the six months ended June 30, 2026, we used a risk-free interest rate of 3.6%, an expected volatility rate of 20.7%, and assumed a dividend yield of zero.
(b)The grant date fair value of shares vested during the six months ended June 30, 2026 was $36.8 million. Employees and non-employee directors have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2026 and December 31, 2025, we had an obligation to issue 1,492,086 and 1,335,743 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $100.2 million and $80.2 million, respectively.
(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at June 30, 2026 to reflect the number of shares expected to be issued when the PSUs vest.
(d)At June 30, 2026, total unrecognized compensation expense related to these awards was approximately $66.5 million, with an aggregate weighted-average remaining term of 2.3 years.
Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Net income — basic and diluted$185,389 $51,220 $361,691 $177,044 
Weighted-average shares outstanding — basic225,971,719 220,569,259 223,310,890 220,485,859 
Effect of dilutive securities1,243,484 305,676 1,298,490 427,366 
Weighted-average shares outstanding — diluted227,215,203 220,874,935 224,609,380 220,913,225 

For the three and six months ended June 30, 2026 and 2025, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

ATM Program

On May 1, 2025, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.25 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on May 2, 2022, under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $1.0 billion, with a syndicate of banks.

We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

Forward Equity Offering

On February 17, 2026, we entered into an underwriting agreement, as well as certain forward sale agreements, with certain banks acting as underwriters, forward sellers, and/or forward purchasers in connection with an underwritten public offering of 6,000,000 shares of common stock. The underwriters were granted a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial forward sale price, which they fully exercised on February 20, 2026. Therefore, as of the option closing on February 24, 2026, the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 6,900,000 shares of common stock for gross proceeds of approximately $496.8 million. As a result of this forward construct, we did not receive any proceeds from the sale of such shares at closing.

We expect to settle the forward sale agreements in full within 24 months of the offering date via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements, subject to certain conditions. The forward sale price that we will receive upon physical settlement of the agreements will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements.

We determined that our ATM Forwards and Equity Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.
Our ATM Forwards and Equity Forwards are presented below (net proceeds in thousands):
Shares Offered
Outstanding Shares as of June 30, 2026
Proceeds Available at June 30, 2026
ATM Forwards11,530,3138,964,031$623,920 
Equity Forwards6,900,000950,00066,790 
9,914,031$690,710 
The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Shares of common stock delivered5,066,282 — 8,516,282 — 
Net proceeds$344,954 $— $592,013 $— 

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended June 30, 2026
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$2,136 $(243,422)$(241,286)
Other comprehensive loss before reclassifications(1,499)(4,680)(6,179)
Amounts reclassified from accumulated other comprehensive loss to:
Loss on sale of real estate, net (Note 14)
— 5,479 5,479 
Non-operating income(59)— (59)
Interest expense293 — 293 
Total234 5,479 5,713 
Net current period other comprehensive loss(1,265)799 (466)
Net current period other comprehensive income attributable to noncontrolling interests— 15 15 
Ending balance$871 $(242,608)$(241,737)
Three Months Ended June 30, 2025
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$7,801 $(258,532)$(250,731)
Other comprehensive loss before reclassifications(29,412)18,349 (11,063)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(2,157)— (2,157)
Interest expense(586)— (586)
Total(2,743)— (2,743)
Net current period other comprehensive loss(32,155)18,349 (13,806)
Net current period other comprehensive loss attributable to noncontrolling interests— (213)(213)
Ending balance$(24,354)$(240,396)$(264,750)
Six Months Ended June 30, 2026
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(15,454)$(237,892)$(253,346)
Other comprehensive income before reclassifications15,591 (10,246)5,345 
Amounts reclassified from accumulated other comprehensive loss to:
Loss on sale of real estate, net (Note 14)
— 5,479 5,479 
Interest expense626 — 626 
Non-operating income108 — 108 
Total734 5,479 6,213 
Net current period other comprehensive income16,325 (4,767)11,558 
Net current period other comprehensive loss attributable to noncontrolling interests— 51 51 
Ending balance$871 $(242,608)$(241,737)
Six Months Ended June 30, 2025
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$20,274 $(270,506)$(250,232)
Other comprehensive loss before reclassifications(38,023)30,512 (7,511)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(5,971)— (5,971)
Interest expense(634)— (634)
Total(6,605)— (6,605)
Net current period other comprehensive loss(44,628)30,512 (14,116)
Net current period other comprehensive income attributable to noncontrolling interests— (402)(402)
Ending balance$(24,354)$(240,396)$(264,750)

See Note 9 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

Dividends Declared

During the second quarter of 2026, our board of directors declared a quarterly dividend of $0.940 per share, which was paid on July 15, 2026 to stockholders of record as of June 30, 2026.

During the six months ended June 30, 2026, we declared dividends totaling $1.870 per share.