Equity |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Equity Merger The impacts on the Company’s equity upon the closing of the Merger are described in Note 15—Merger. In accordance with the Merger Agreement, the Company has suspended its common shares dividend and therefore did not pay a third quarter common share dividend. Shareholders' Equity At-The-Market Offering Program. The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue up to $350,000 of common shares. During the nine months ended September 30, 2026 and 2025, the Company did not sell shares under the ATM program. Share Repurchase Program. In August 2022, the Company's Board of Trustees authorized the repurchase of up to an additional 2,000,000 common shares under the Company's share repurchase program, which does not have an expiration date. During the nine months ended September 30, 2026, the Company repurchased and retired 324,586 common shares at an average price of $48.70 per common share under the repurchase program. No common shares were repurchased during the nine months ended September 30, 2025. As of September 30, 2026, 968,651 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of the period end. There were no unsettled repurchases as of September 30, 2026. Series C Preferred Stock. The Company had 1,935,375 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at September 30, 2026. The shares have a dividend of $3.25 per share per annum and a liquidation preference of $96,769. During the three months ended September 30,2026, the Company did not declare a dividend on the Series C Preferred shares. The Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of September 30, 2026, the conversion ratio was one Series C Preferred share to 0.487 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. As of September 30, 2026, cumulative dividends of $0.8125 per share, or $1,573, in aggregate were in arrears on the Series C Preferred shares. These dividends have not been declared for the three months ended September 30, 2026 and are not recorded as a liability. The dividends arrears are in addition to the Series C Preferred share's liquidation preference. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Holders of shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:
During the three months ended September 30, 2026, the Company purchased the remaining equity interests owned in a joint venture partnership that owns three warehouse/distribution facilities for an aggregate of $10,942. As the Company previously consolidated its interests in the joint venture, the acquisition of the noncontrolling interests were recorded as an equity transaction with the difference between the purchase prices and the aggregate carrying balances recorded as a $5,071 reduction in additional paid-in-capital.
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