Stock-Based Compensation and Equity (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Equity [Abstract] |
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| Schedule of Restricted and Conditional Award Activity |
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 Awards | | PSU Awards | | Shares | | Weighted-Average
Grant Date
Fair Value | | Shares | | Weighted-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.
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| Schedule of Earnings Per Share Reconciliation |
The following table summarizes basic and diluted earnings (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | Net income — basic and diluted | $ | 185,389 | | | $ | 51,220 | | | $ | 361,691 | | | $ | 177,044 | | | | | | | | | | | Weighted-average shares outstanding — basic | 225,971,719 | | | 220,569,259 | | | 223,310,890 | | | 220,485,859 | | | Effect of dilutive securities | 1,243,484 | | | 305,676 | | | 1,298,490 | | | 427,366 | | | Weighted-average shares outstanding — diluted | 227,215,203 | | | 220,874,935 | | | 224,609,380 | | | 220,913,225 | |
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| Schedule of Settlement of Forward Equity |
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 Forwards | | | 11,530,313 | | | | | | 8,964,031 | | $ | 623,920 | | | Equity Forwards | | | 6,900,000 | | | | | | 950,000 | | 66,790 | | | | | | | | | | | 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Shares of common stock delivered | 5,066,282 | | | — | | | 8,516,282 | | | — | | | Net proceeds | $ | 344,954 | | | $ | — | | | $ | 592,013 | | | $ | — | |
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| Schedule of Reclassification 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 Instruments | | Foreign Currency Translation Adjustments | | | | Total | | 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 expense | 293 | | | — | | | | | 293 | | | Total | 234 | | | 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 Instruments | | Foreign Currency Translation Adjustments | | | | Total | | 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 Instruments | | Foreign Currency Translation Adjustments | | | | Total | | Beginning balance | $ | (15,454) | | | $ | (237,892) | | | | | $ | (253,346) | | | Other comprehensive income before reclassifications | 15,591 | | | (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 expense | 626 | | | — | | | | | 626 | | | Non-operating income | 108 | | | — | | | | | 108 | | | Total | 734 | | | 5,479 | | | | | 6,213 | | | Net current period other comprehensive income | 16,325 | | | (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 Instruments | | Foreign Currency Translation Adjustments | | | | Total | | 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) | |
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