v3.26.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Stock
Authorized
As of September 30, 2026, we have the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of common stock, $0.01 par value per share, and 50,000,000 shares of preferred stock, $0.01 par value per share.
Public Offerings
From time to time, we offer shares of our common stock through public offerings registered with the SEC. In connection with such offerings, we may issue and sell the offered shares of common stock upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the shares of common stock sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms. There were no marketed public offerings of our common stock during the three months ended September 30, 2026 and 2025.
At-the-Market Offering Program
On May 6, 2024, we entered into an equity distribution agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $2.0 billion of our common stock and concurrently terminated our previous equity distribution agreement (collectively under both equity distribution agreements, the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale agreements. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs.
The following table summarizes our transactions under the ATM Program during the nine months ended September 30, 2025, all of which were conducted subject to forward sale agreements, which we refer to as ATM forward sale agreements. There were no such transactions during the nine months ended September 30, 2026.
(In thousands, except share and per share data)Number of SharesWeighted Average Share PriceAggregate ValueNet Forward Sales Price Per ShareAggregate Net Value
March 2025 ATM Forward Sale Agreements7,835,973 $32.43 $254,156 $32.27 $252,840 
We did not receive any proceeds from the sale of shares at the time we entered into each of the ATM forward sale agreements. We determined that the ATM forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.
Forward Settlement Activity
The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program during the nine months ended September 30, 2026 and 2025.
($ In thousands)Settlement DateSettlement TypeNumber of Shares SettledTotal Net Proceeds Upon Settlement
2026
ATM Forward SharesApril 29, 2026Physical7,750,000 $242,144 
2025
ATM Forward SharesJuly 1, 2025Physical9,662,116 $295,966 
ATM Forward SharesAugust 11, 2025Physical2,439,256 $79,761 
Share Repurchase Program
Subsequent to quarter-end, on October 27, 2026, our Board of Directors authorized a share repurchase program (the “Share Repurchase Program”) for up to $2.0 billion in shares of our common stock, which will expire on September 30, 2029. Repurchases under the Share Repurchase Program may be made from time to time at our discretion through open market purchases, privately negotiated transactions, Rule 10b5-1 plans or other methods, in accordance with applicable securities laws. The Share Repurchase Program does not obligate us to repurchase any particular amount of common stock and may be suspended or discontinued at any time.
Common Stock Outstanding
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
Nine Months Ended September 30,
Common Stock Outstanding20262025
Beginning Balance January 1,1,068,811,371 1,056,366,685 
Issuance of common stock in connection with the Golden Entertainment Transaction24,296,255 — 
Issuance of common stock upon physical settlement of forward sale agreements7,750,000 12,101,372 
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures225,498 340,637 
Ending Balance September 30,
1,101,083,124 1,068,808,694 
Distributions
Dividends declared (on a per share basis) during the nine months ended September 30, 2026 and 2025 were as follows:
Nine Months Ended September 30, 2026
Declaration DateRecord DatePayment DatePeriodDividend
March 5, 2026March 19, 2026April 9, 2026January 1, 2026 – March 31, 2026$0.4500 
June 4, 2026June 18, 2026July 9, 2026April 1, 2026 – June 30, 2026$0.4500 
September 3, 2026September 17, 2026October 8, 2026July 1, 2026 – September 30, 2026$0.4600 
Nine Months Ended September 30, 2025
Declaration DateRecord DatePayment DatePeriodDividend
March 6, 2025March 20, 2025April 3, 2025January 1, 2025 – March 31, 2025$0.4325 
June 5, 2025June 18, 2025July 10, 2025April 1, 2025 – June 30, 2025$0.4325 
September 4, 2025September 18, 2025October 9, 2025July 1, 2025 – September 30, 2025$0.4500