v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity
7. Stockholders' Equity
The table below summarizes the share activities of the Company's preferred stock and common stock.
Number of Shares
(In thousands)Preferred Stock
Class A
Common Stock
Class B
Common Stock
Shares outstanding at December 31, 202432,876 174,202 150 
Shares issued upon redemption of OP units— 4,363 — 
Conversion of class B to class A common stock— 150 (150)
Equity awards issued, net of forfeitures— 2,730 — 
Shares canceled for tax withholding on vested equity awards— (558)— 
Shares outstanding at June 30, 202532,876 180,887 — 
Shares outstanding at December 31, 202532,876 182,643 — 
Shares issued upon redemption of OP units — 2,785 — 
Equity awards issued, net of forfeitures— 2,072 — 
Shares canceled for tax withholding on vested equity awards— (829)— 
Shares outstanding at June 30, 202632,876 186,671 — 
Preferred Stock
In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.
The table below summarizes the preferred stock issued and outstanding at June 30, 2026:
DescriptionDividend Rate Per AnnumInitial Issuance Date
Shares Outstanding
(in thousands)
Par Value
(in thousands)
Liquidation Preference
(in thousands)
Earliest Redemption Date
Series H7.125 %April 20158,395 $84 $209,870 Currently redeemable
Series I7.15 %June 201712,867 129 321,668 Currently redeemable
Series J7.125 %September 201711,614 116 290,361 Currently redeemable
32,876 $329 $821,899 
All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends are payable quarterly in arrears in January, April, July and October.
Each series of preferred stock is currently redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) prorated to their redemption dates, exclusively at the Company’s option. In addition, each outstanding series of our preferred stock is subject to certain conversion and optional redemption rights upon a change in control.
Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.
Common Stock
In June 2025, all issued and outstanding shares of class B common stock totaling 149,571 shares were converted pursuant to their terms into an equivalent number of shares of class A common stock, and were cancelled following their conversion. Previously, class B common stock had the same rights and privileges, and ranked equally, shared ratably in dividends and distributions, and was identical in all respects as to all matters as class A common stock, except that class B common stock had thirty-six and one-half votes per share while class A common stock has one vote per share. This had given the holders of class B common stock a right to vote that reflected the aggregate outstanding non-voting economic interest in the Company (in the form of OP units) attributed to class B common stock holders and therefore, did not provide any disproportionate voting rights. 
Dividend Reinvestment and Direct Stock Purchase Plan
The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. No shares of class A common stock have been acquired under the DRIP Plan in the form of new issuances in the last three years.
Stock Repurchases
The Company does not currently have an authorized stock repurchase program.
Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in each component of AOCI attributable to stockholders, net of immaterial tax effect.
Changes in Components of AOCI—Stockholders
(In thousands)
Foreign Currency Translation Gain (Loss)
AOCI at December 31, 2024$505 
Other comprehensive income (loss) before reclassifications6,220 
AOCI at June 30, 2025$6,725 
AOCI at December 31, 2025$5,616 
Other comprehensive income (loss)(1,167)
AOCI at June 30, 2026$4,449 
There were no changes in the component of AOCI attributable to noncontrolling interests in investment entities for 2026 and 2025. AOCI attributable to noncontrolling interests in Operating Company was immaterial.