v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Equity Equity
Common Stock

The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of September 30, 2026. There was no activity for the ATM common stock offering program during the nine months ended September 30, 2026, except for the shares sold and settled on a forward basis, as discussed below.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)
2025 $750 million ATM(1)
February 13, 2025$750,000 
(1)The ATM common stock offering program was originally implemented on February 17, 2022, and had an initial maximum aggregate offering price of $750 million. On February 13, 2025, following the filing of a new shelf registration statement, the Company carried forward the ATM common stock offering program to the new registration statement, at which time the remaining maximum aggregate offering price (that is, the amount carried forward) was less than $750 million.

The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program and shares settled during the nine months ended September 30, 2026.

Forward Sale AgreementsShares
Gross Sales
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share
Outstanding at December 31, 2025— $— 
New forward sale agreements3,365,149 131,251 $39.00 $38.62 $0.38 
Forward sale agreements settled(1,562,682)(60,755)$38.28 
Outstanding at September 30, 20261,802,467 $70,496 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.

The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, generally the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates.

Restricted Stock-Based Compensation

The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2026 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2027, subject to the recipient’s continued employment.
The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the nine months ended September 30, 2026.

Unvested Restricted Shares of Common StockShares
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2025110,832 $35.99 
Granted39,540 $37.93 
Vested(1)
(44,498)$37.48 
Forfeited(7,113)$35.74 
Balance at September 30, 202698,761 $36.11 
(1)The Company repurchased and retired 16,166 restricted shares of common stock that vested during the nine months ended September 30, 2026.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at September 30, 2026 was approximately $2.1 million and is expected to be recognized over a weighted average period of approximately 2.4 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and nine months ended September 30, 2026 and 2025.

Three months ended September 30,Nine months ended September 30,
Vested Restricted Shares of Common Stock2026202520262025
Vested restricted shares of common stock— — 44,498 51,100 
Fair value of vested restricted shares of common stock (in thousands)$— $— $1,636 $1,728