v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity

10. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended September 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

 

Three months ended September 30, 2026

 

Balance at June 30, 2026

 

 

47,321,617

 

 

$

473

 

 

$

1,983,878

 

 

$

149,272

 

 

$

(817,791

)

 

$

(567

)

 

$

44,494

 

 

$

1,359,759

 

Stock based compensation, net

 

 

—

 

 

 

—

 

 

 

253

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,789

 

 

 

2,042

 

Dividends and distributions paid
   ($0.45 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,295

)

 

 

—

 

 

 

(930

)

 

 

(22,225

)

Unrealized income on treasury locks and interest rate swaps, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,530

 

 

 

85

 

 

 

2,615

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,500

 

 

 

—

 

 

 

—

 

 

 

189

 

 

 

5,689

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

1,522

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,522

)

 

 

—

 

Balance at September 30, 2026

 

 

47,321,617

 

 

$

473

 

 

$

1,985,653

 

 

$

154,772

 

 

$

(839,086

)

 

$

1,963

 

 

$

44,105

 

 

$

1,347,880

 

Three months ended September 30, 2025

 

Balance at June 30, 2025

 

 

45,354,115

 

 

$

453

 

 

$

1,934,279

 

 

$

139,052

 

 

$

(734,864

)

 

$

(4,591

)

 

$

52,203

 

 

$

1,386,532

 

Stock based compensation

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,392

 

 

 

1,633

 

Dividends and distributions paid
   ($0.45 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(20,409

)

 

 

—

 

 

 

(921

)

 

 

(21,330

)

Grant of unvested restricted stock

 

 

4,264

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of common stock, net

 

 

750,000

 

 

 

8

 

 

 

16,781

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,789

 

Unrealized (loss) income on interest rate
    swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(50

)

 

 

2

 

 

 

(48

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,213

 

 

 

—

 

 

 

—

 

 

 

34

 

 

 

1,247

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

1,388

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,388

)

 

 

—

 

Balance at September 30, 2025

 

 

46,108,379

 

 

$

461

 

 

$

1,952,689

 

 

$

140,265

 

 

$

(755,273

)

 

$

(4,641

)

 

$

51,322

 

 

$

1,384,823

 

 

The following table summarizes the changes in our stockholders’ equity for the nine months ended September 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

 

Nine months ended September 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

 

 

—

 

 

 

—

 

 

 

862

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,380

 

 

 

6,242

 

Dividends and distributions paid
   ($1.35 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(63,064

)

 

 

—

 

 

 

(2,835

)

 

 

(65,899

)

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,541

 

 

 

227

 

 

 

6,768

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,915

 

 

 

—

 

 

 

—

 

 

 

346

 

 

 

10,261

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

2,946

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,946

)

 

 

—

 

Balance at September 30, 2026

 

 

47,321,617

 

 

$

473

 

 

$

1,985,653

 

 

$

154,772

 

 

$

(839,086

)

 

$

1,963

 

 

$

44,105

 

 

$

1,347,880

 

Nine months ended September 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

 

 

—

 

 

 

—

 

 

 

623

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,826

 

 

 

4,449

 

Dividends and distributions paid
   ($1.56 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(69,229

)

 

 

—

 

 

 

(3,653

)

 

 

(72,882

)

Grant of unvested restricted stock

 

 

47,994

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemption of common units for
   shares of common stock

 

 

405,237

 

 

 

4

 

 

 

4,832

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,836

)

 

 

—

 

Issuance of common stock, net

 

 

2,466,987

 

 

 

25

 

 

 

62,866

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

62,891

 

Fractional shares settled (2)

 

 

(63

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unrealized loss on interest rate
    swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,324

)

 

 

(212

)

 

 

(5,536

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,411

 

 

 

—

 

 

 

—

 

 

 

373

 

 

 

8,784

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

10,175

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10,175

)

 

 

—

 

Balance at September 30, 2025

 

 

46,108,379

 

 

$

461

 

 

$

1,952,689

 

 

$

140,265

 

 

$

(755,273

)

 

$

(4,641

)

 

$

51,322

 

 

$

1,384,823

 

(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 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.

(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.

A summary of dividends declared by our Board of Directors per share of common stock and per common unit 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

 

Q3 2026

 

October 22, 2026

 

November 5, 2026

 

November 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.

ATM Program

We entered into equity distribution agreements on June 22, 2021 with various financial institutions relating to our $300.0 million “at the market” equity offering program (the “2021 ATM Program”). On August 4, 2026, we entered into amended and restated equity distribution agreements governing the 2021 ATM Program in order to, among other things, permit our entry into contingent forward transactions, as described below. Pursuant to the 2021 ATM Program, we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the 2021 ATM Program, we may enter into one or more forward transactions, including transactions on a contingent and non-contingent basis (each, a “forward sale transaction”), under separate master forward sale confirmations and related supplemental confirmations with certain financial institutions party to the amended and restated agreements governing the 2021 ATM Program for the sale of shares of our common stock on a forward basis.

The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the nine months ended September 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

 

September 30, 2026

 

 

—

 

 

 

—

 

Total

 

 

891,113

 

 

$

20,971

 

(1) Shares issued by us, which were all issued in settlement of forward sale transactions. As of September 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.

As of September 30, 2026, we had approximately $215.0 million of gross sales of our common stock available under the 2021 ATM Program.

Share Repurchase Program

On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the Reverse Stock Split), or approximately 5% of our outstanding shares as of the original authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors.

No repurchases of shares of our common stock were made under the share repurchase program during the nine months ended September 30, 2026.