v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2026, and the twelve months ended December 31, 2025:
SIX MONTHS ENDED JUNE 30, 2026TWELVE MONTHS ENDED DECEMBER 31, 2025
Balance, beginning of period351,603,138 350,532,006 
Conversion of OP units to common stock— 22,228 
Shares Repurchased(9,579,095)— 
Non-vested share-based awards, net of withheld shares and forfeitures695,717 1,048,904 
Balance, end of period342,719,760 351,603,138 
Common Stock Dividends
During the six months ended June 30, 2026, the Company declared and paid common stock dividends totaling $0.48 per share. On July 30, 2026, the Company declared a quarterly common stock dividend in the amount of $0.24 per share payable on August 26, 2026 to stockholders of record on August 11, 2026.
Common Stock Repurchases
On October 28, 2025, the Company's Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company's common stock, superseding the previous $300.0 million stock repurchase authorization. The stock repurchase authorization expires on October 27, 2026, and the Company may suspend or terminate repurchases at any time without prior notice. Under the Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued.
During the three months ended March 31, 2026, the Company repurchased 5.7 million shares of its common stock at an average price of $17.38 per share for a total of $99.9 million.
During the three months ended June 30, 2026, the Company repurchased 3.8 million shares of its common stock at an average price of $19.58 per share for a total of $75.0 million. These share repurchases were approved in connection with the 2032 Exchangeable Senior Notes issuance and were not purchased pursuant to any other publicly announced plan or program.
As of June 30, 2026, the Company had $400.1 million remaining under its current share repurchase authorization.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common share. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2026 and 2025.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2026202520262025
Weighted average common shares outstanding344,220,895 351,411,541 346,724,010 351,086,883 
Non-vested shares(1,920,356)(1,783,234)(1,868,234)(1,502,983)
Weighted average common shares outstanding - basic342,300,539 349,628,307 344,855,776 349,583,900 
Weighted average common shares outstanding - basic342,300,539 349,628,307 344,855,776 349,583,900 
Dilutive effect of OP Units— — — — 
Weighted average common shares outstanding - diluted342,300,539 349,628,307 344,855,776 349,583,900 
Net loss$(43,955)$(160,144)$(43,934)$(205,532)
Income allocated to participating securities(789)(783)(1,531)(1,212)
(Income) loss attributable to non-controlling interest441 2,293 364 2,808 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units109 (395)208 (492)
Net loss applicable to common stockholders - basic and diluted$(44,194)$(159,029)$(44,893)$(204,428)
Basic earnings per common share - net loss$(0.13)$(0.45)$(0.13)$(0.58)
Diluted earnings per common share - net loss$(0.13)$(0.45)$(0.13)$(0.58)
The effect of OP Units redeemable for 4,247,299 shares and 4,262,579 shares of common stock for the three and six months ended June 30, 2026, respectively, were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during those periods.
Stock Incentive Plan
The Company's stock incentive plan (the "Incentive Plan") permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP.
Equity Incentive Plans
During the six months ended June 30, 2026, the Company made the following equity awards under the Incentive Plan:
Restricted Stock
During the first quarter of 2026, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $13.2 million, which consisted of an aggregate of 771,426 non-vested shares of common stock with vesting periods ranging from three to eight years.
During the second quarter of 2026, the Company granted non-vested stock awards to its independent directors and other members of senior management with an aggregate grant date fair value of $1.1 million, which consisted of an aggregate of 57,474 non-vested shares of common stock with a vesting periods ranging from one to three years.

Restricted Stock Units ("RSUs")
In February 2026, the Company granted an aggregate of 45,009 RSUs to named executive officers, subject to a three-year performance period, with an aggregate grant date fair value of $1.1 million.
The RSUs vest based on relative total shareholder return ("TSR") performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $24.27 for the RSU grants using the following assumptions:
Volatility25.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate3.63 %
Stock price (per share)$17.13
LTIP Series C Units ("LTIP-C units")
In February 2026, the Company granted an aggregate of 940,051 LTIP-C units in the OP to its named executive officers subject to a three-year performance period with an aggregate grant date fair value of $7.5 million.
The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $8.74 for the LTIP-C grant using the following assumptions:
Volatility25.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate3.63 %
Stock price (per share)$17.13
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.
The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and six months ended June 30, 2026 and 2025:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2026202520262025
Share-based awards, beginning of period3,809,276 2,619,942 2,565,437 1,799,737 
Granted 1
57,474 969,861 1,813,960 1,889,798 
Vested(164,749)(311,301)(492,585)(351,271)
Change in awards based on performance assessment— 22,656 (114,947)(37,106)
Forfeited— (14,027)(69,864)(14,027)
Share-based awards, end of period3,702,001 3,287,131 3,702,001 3,287,131 
1LTIP-C units in the OP are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.
During the three months ended June 30, 2026 and 2025, the Company withheld 40,823 and 72,853 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
The following table represents expected amortization of the Company's non-vested awards issued as of June 30, 2026:
Dollars in millionsFUTURE AMORTIZATION
of non-vested shares
2026 (remaining)$9.1 
202716.2 
20289.9 
20291.8 
2030 and thereafter0.4 
Total$37.4