Equity (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Summary of Changes In Stockholders' 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.

Summary of Dividends Declared

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.

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 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.