Equity (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Changes In Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended June 30, 2026 and 2025 (amounts in thousands, except share amounts):


	Shares			Common Stock Par Value		Additional Paid-in Capital		Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income			Non- controlling Interest in Operating Partnership			Total Equity
Three months ended June 30, 2026
Balance at March 31, 2026		46,444,374		$	464	$	1,961,587	$	146,222	$	(796,880	)	$	(2,554	)	$	46,664		$	1,355,503
Stock based compensation, net		—			—		327		—		—			—			1,776			2,103
Dividends and distributions paid ($0.45 per share)		—			—		—		—		(20,911	)		—			(953	)		(21,864	)
Grant of unvested restricted stock		23,498			—		—		—		—			—			—			—
Redemption of common units for shares of common stock		56,802			1		1,600		—		—			—			(1,601	)		—
Issuance of common stock, net		796,943			8		18,792		—		—			—			—			18,800
Unrealized income on treasury locks and interest rate swaps, net		—			—		—		—		—			1,987			72			2,059
Net income		—			—		—		3,050		—			—			108			3,158
Allocation of non-controlling interest in Operating Partnership		—			—		1,572		—		—			—			(1,572	)		—
Balance at June 30, 2026		47,321,617		$	473	$	1,983,878	$	149,272	$	(817,791	)	$	(567	)	$	44,494		$	1,359,759
Three months ended June 30, 2025
Balance at March 31, 2025 (1)		44,702,490		$	447	$	1,915,891	$	134,981	$	(714,657	)	$	(2,971	)	$	64,867		$	1,398,558
Stock based compensation		—			—		205		—		—			—			1,190			1,395
Dividends and distributions paid ($0.45 per share)		—			—		—		—		(20,207	)		—			(1,105	)		(21,312	)
Grant of unvested restricted stock		43,730			—		—		—		—			—			—			—
Redemption of common units for shares of common stock		405,237			4		4,832		—		—			—			(4,836	)		—
Issuance of common stock, net		202,721			2		5,291		—		—			—			—			5,293
Fractional shares settled (2)		(63	)		—		—		—		—			—			—			—
Unrealized loss on interest rate swaps		—			—		—		—		—			(1,620	)		(36	)		(1,656	)
Net income		—			—		—		4,071		—			—			183			4,254
Allocation of non-controlling interest in Operating Partnership		—			—		8,060		—		—			—			(8,060	)		—
Balance at June 30, 2025		45,354,115		$	453	$	1,934,279	$	139,052	$	(734,864	)	$	(4,591	)	$	52,203		$	1,386,532

(1) As of March 31, 2025, the Company reclassified $0.7 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the 1-for-2.5 reverse stock split of the Company’s issued and outstanding Common Stock, effective April 28, 2025 (the “Reverse Stock Split”). Concurrently with the Reverse Stock Split, our

operating partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”).

(2) No fractional shares were issued as a result of the Reverse Stock Split. In lieu of issuing fractional shares, we paid cash to shareholders who would otherwise have been entitled to receive a fractional share. The total cash payment for fractional shares amounted to less than $0.1 million, which was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets.

The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2026 and 2025 (amounts in thousands, except share amounts):


	Shares			Common Stock Par Value		Additional Paid-in Capital		Retained Earnings		Cumulative Dividends			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interest in Operating Partnership			Total Equity
Six months ended June 30, 2026
Balance at December 31, 2025		46,303,469		$	463	$	1,958,412	$	144,857	$	(776,022	)	$	(4,578	)	$	46,433		$	1,369,565
Stock based compensation, net		—			—		609		—		—			—			3,591			4,200
Dividends and distributions paid ($0.90 per share)		—			—		—		—		(41,769	)		—			(1,905	)		(43,674	)
Grant of unvested restricted stock		38,745					—		—		—			—			—			—
Redemption of common units for shares of common stock		88,290			1		2,499		—		—			—			(2,500	)		—
Issuance of common stock, net		891,113			9		20,934		—		—			—			—			20,943
Unrealized gain on treasury locks and interest rate swaps, net		—			—		—		—		—			4,011			142			4,153
Net income		—			—		—		4,415		—			—			157			4,572
Allocation of non-controlling interest in Operating Partnership		—			—		1,424		—		—			—			(1,424	)		—
Balance at June 30, 2026		47,321,617		$	473	$	1,983,878	$	149,272	$	(817,791	)	$	(567	)	$	44,494		$	1,359,759
Six months ended June 30, 2025
Balance at December 31, 2024 (1)		43,188,224		$	432	$	1,874,193	$	131,854	$	(686,044	)	$	683		$	65,999		$	1,387,117
Stock based compensation		—			—		382		—		—			—			2,434			2,816
Dividends and distributions paid ($1.11 per share)		—			—		—		—		(48,820	)		—			(2,732	)		(51,552	)
Grant of unvested restricted stock		43,730			—		—		—		—			—			—			—
Redemption of common units for shares of common stock		405,237			4		4,832		—		—			—			(4,836	)		—
Issuance of common stock, net		1,716,987			17		46,085		—		—			—			—			46,102
Fractional shares settled (2)		(63	)		—		—		—		—			—			—			—
Unrealized loss on interest rate swaps		—			—		—		—		—			(5,274	)		(214	)		(5,488	)
Net income		—			—		—		7,198		—			—			339			7,537
Allocation of non-controlling interest in Operating Partnership		—			—		8,787		—		—			—			(8,787	)		—
Balance at June 30, 2025		45,354,115		$	453	$	1,934,279	$	139,052	$	(734,864	)	$	(4,591	)	$	52,203		$	1,386,532

(1) As of December 31, 2024, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split. .

Summary of Dividends Declared

A summary of dividends declared by our Board of Directors per share of common stock and per common unit (as adjusted to reflect the Reverse Stock Split and Reverse Unit Split) at the date of record is as follows:


Quarter	Declaration Date	Record Date	Payment Date	Dividend (1)
Q1 2026	April 22, 2026	May 7, 2026	May 21, 2026	$	0.45
Q2 2026	July 29, 2026	August 10, 2026	August 20, 2026	$	0.45

(1) Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit.

Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date.

Schedule of Information with Respect to ATM Program

The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the six months ended June 30, 2026 (amounts in thousands except share amounts):


	2021 ATM Program
For the quarter ended	Number of Shares Issued (1)		Net Proceeds
March 31, 2026		94,170	$	2,146
June 30, 2026		796,943		18,825
Total		891,113	$	20,971

(1) Shares issued by us, which were all issued in settlement of forward sale transactions. As of June 30, 2026, we had settled all of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity.