v3.26.3
Common and Preferred Stock
 9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Common and Preferred Stock Common and Preferred Stock
Authorized Shares of Common Stock
In May 2025, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of the Company’s common stock from 180 million shares to 360 million shares.
Shelf Registration
On April 24, 2026, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (“SEC”) registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price (the “Form S-3ASR”). The Form S-3ASR replaced the Company’s automatic shelf registration statement on Form S-3ASR that was filed with the SEC on May 5, 2023. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Common Stock Offering
In April 2025, the Company completed a follow-on public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 675,000 shares in connection with the forward sale agreements. During the nine months ended September 30, 2026, the Company settled all of these forward sale agreements. The offering resulted in total net proceeds to the Company of $383.6 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.
Preferred Stock Offering
As of September 30, 2026, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock.
Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.
Previously, the Company was not able to redeem the Series A Preferred Shares, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes or upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.
ATM Programs
The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements.
The following table summarizes the ATM programs that were in place during 2026 and 2025 (dollars in millions):
Program
Program Size
($ million)
Total Forward
Shares Sold		Total Forward
Shares Settled		Total Forward
Shares
Outstanding as of
September 30, 2026
Total Net Proceeds
Anticipated or
Received from
Forward Shares
Sold
($ million)
February 2024
(1)
$1,000.0 10,409,01710,409,017—$705.3 
October 2024
(1)
$1,250.0 13,582,1604,819,4348,762,726
(2)
$1,012.6 
April 2026$1,750.0 —
(3)
——$— 
(1)Applicable ATM program terminated and no future forward sales will occur under the program.
(2)The Company is required to settle the outstanding forward shares of common stock under the program by dates between September 2027 and April 2028.
(3)The Company has not sold any shares of common stock subject to forward sales agreements under the April 2026 Program as of September 30, 2026.
Upon settlement of the relevant forward sale agreement, subject to certain exceptions, we may elect, in our sole discretion, to physically settle in common shares, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement.
The following table summarizes the ATM activity completed during the periods presented (dollars in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Shares of common stock sold under the ATM programs——9,137,9152,770,222
Shares of common stock settled under the ATM programs2,047,1173,468,9674,819,4346,798,857
Net proceeds received$153.6 $252.0 $355.5 $476.6