SHAREHOLDERS’ EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.29 per common share and Common Unit for the second quarter of 2026. This distribution was paid on July 16, 2026 to common shareholders and common unitholders of record as of July 9, 2026. For the six months ended June 30, 2026, we declared cash distributions totaling $0.58 per common share and Common Unit. In January 2026, in addition to the payment of the fourth quarter 2025 distribution of $0.29 per common share and Common Unit, to meet certain REIT distribution requirements, we paid a special cash distribution of $0.145 per common share and Common Unit to common shareholders and common unitholders of record as of January 9, 2026, totaling $30.7 million. For the three and six months ended June 30, 2025, we declared cash distributions of $0.27 and $0.54 per common share and Common Unit, respectively. Share Repurchase Program In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $150.0 million of our common shares. In April 2022, our Board of Trustees increased the size of the program from $150.0 million to $300.0 million of our common shares, and in February 2026, further increased the size of the program from $300.0 million to $600.0 million of our common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Repurchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors. In November 2025, the Company extended the Share Repurchase Program for an additional year to February 28, 2027, if not terminated or extended prior to that date. During the six months ended June 30, 2026, the Company repurchased approximately 8.8 million common shares at an average price per share of $25.91 for a total of $228.0 million, excluding commissions. The common shares repurchased during the six months ended June 30, 2026 include approximately 1.0 million common shares repurchased in conjunction with the pricing of the 2026 Exchangeable Notes on June 29, 2026, at a price of $28.90 per share, for a total of approximately $30.0 million. This amount is included in “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets and was settled on July 2, 2026. As of June 30, 2026, $124.3 million remained available for repurchases of common shares under the Company’s Share Repurchase Program. The Company did not repurchase any shares during the six months ended June 30, 2025.
|