Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Stockholders' Equity: Stock Offerings In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under the 2024 ATM Program. During the six months ended June 30, 2026, the Company issued 4,457,202 shares of common stock under the 2024 ATM Program for aggregate gross proceeds of $85,601 and net proceeds of $83,591 after commissions and other transaction costs. As of June 30, 2026, approximately $288,500 remained available to be sold under the 2024 ATM Program. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the 2024 ATM Program. On May 13, 2026, the Company completed a public offering of 22,080,000 shares of its common stock at a price per share of $21.00, which includes the underwriters’ full exercise of their option to purchase an additional 2,880,000 shares, for gross proceeds of approximately $463,680. The net proceeds of the offering were approximately $448,248 after deducting the underwriting discount and offering costs of approximately $15,432. The Company used the proceeds from the offering to repay borrowings under its revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall (See Note 14 – Acquisitions), and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall. On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional 2,100,000 shares of common stock, resulting in a total offering of 16,100,000 shares. The Company entered into additional separate forward sale agreements with each of the forward purchasers relating to these additional 2,100,000 shares. The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of its common stock upon one or more such physical settlements no later than June 16, 2027. Although the Company expects to settle the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or shares of its common stock to the forward purchasers. The forward sale agreements provide for an initial forward price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. The forward sale agreements are subject to early termination or settlement under certain circumstances. Stock Buyback Program On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2026 or 2025.
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