v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
As of June 30, 2026, we have 590,613,522 shares of common stock issued and outstanding. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of June 30, 2026, 2,196,519 OP Units are outstanding, of which 225,010 are not currently redeemable.
During the three and six months ended June 30, 2026, we issued 110,621 and 404,526, shares of common stock, respectively. During the three and six months ended June 30, 2025, we issued 124,309 and 402,742, shares of common stock, respectively. During the three and six months ended June 30, 2026, we repurchased 3,478,690 and 20,579,736 shares of common stock, respectively. No shares of common stock were repurchased during the three and six months ended June 30, 2025.
Share Repurchase Programs
From time to time, our board of directors may authorize share repurchase programs through open market purchases or negotiated transactions, including through Rule 10b5-1 plans. Repurchases under share repurchase programs are made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased depends on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. Unless otherwise specified, share repurchase programs do not have an expiration date. Under Maryland law, our state of incorporation, there is no concept of treasury shares. Therefore, any shares we repurchase are immediately retired and revert to authorized but unissued status upon settlement.
On October 28, 2025 and April 27, 2026, our board of directors authorized separate share repurchase programs, under which we may acquire shares of our common stock through the open market or negotiated transactions up to an aggregate purchase price of $500,000 pursuant to each program. During the three and six months ended June 30, 2026, we repurchased an aggregate of 3,478,690 and 20,579,736 shares of our common stock for a total cost of $100,069 and $539,188, respectively, inclusive of legal fees and commissions. As of June 30, 2026, $400,000 remains available for future repurchases under the April 27, 2026 share repurchase program.
At the Market Equity Program
On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), and on June 14, 2024, we entered into distribution agreements with additional Agents and Forward Sellers. Pursuant to these agreements, we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the three and six months ended June 30, 2026 and 2025, we did not sell any shares of common stock under the ATM Equity Program. As of June 30, 2026, $1,150,000 remains available for future offerings under the ATM Equity Program.
Dividends
To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.
The following table summarizes our dividends paid from January 1, 2025 through June 30, 2026:
Record DateAmount
per Share		Pay DateTotal Amount Paid
Q2-2026March 26, 2026$0.30 April 17, 2026$179,322 
Q1-2026December 23, 20250.30 January 16, 2026183,855 
Q4-2025September 25, 20250.29 October 17, 2025178,016 
Q3-2025June 26, 20250.29 July 18, 2025178,020 
Q2-2025March 27, 20250.29 April 17, 2025177,963 
Q1-2025December 26, 20240.29 January 17, 2025177,839 
On June 11, 2026, our board of directors declared a dividend of $0.30 (actual $) per share to stockholders of record on June 25, 2026, resulting in a $177,858 dividend payment on July 17, 2026 (see Note 17). This dividend payment is accrued in other liabilities on our June 30, 2026 condensed consolidated balance sheet.