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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Stock Authorized As of September 30, 2025, 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, 2025 and 2024. 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 we may sell shares of our 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 and 2024, all of which were sold subject to forward sale agreements, which we refer to as ATM forward sale agreements.
(In thousands, except share and per share data) | Number of Shares |  | Weighted Average Share Price |  | Aggregate Value |  | Net Forward Sales Price Per Share |  | Aggregate Net Value
March 2025 ATM Forward Sale Agreements | 7,835,973 |  |  | $ | 32.43 |  |  | $ | 254,156 |  |  | $ | 32.27 |  |  | $ | 252,840 |
September 2024 ATM Forward Sale Agreement | 1,996,483 |  |  | 33.82 |  |  | 67,516 |  |  | 33.10 |  |  | 66,091 |
January 2024 ATM Forward Sale Agreement | 9,662,116 |  |  | 31.61 |  |  | 305,466 |  |  | 31.30 |  |  | 302,411 |
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. As of September 30, 2025, we had approximately 7.8 million forward shares remaining to be settled under our ATM Program. The net forward sales price per share of forward shares sold under the ATM Program was $31.60 and would result in us receiving approximately $244.9 million in net cash proceeds if we were to physically settle the shares. Alternatively, if we were to cash settle the shares under the ATM forward sale agreements, it would result in a cash payment of $7.8 million, or, if we were to net share settle the shares under the ATM forward sale agreements, it would result in us issuing approximately 240,462 shares of common stock. Forward Settlement Activity The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program during the nine months ended September 30, 2025 and 2024.
($ In thousands) | Settlement Date |  | Settlement Type |  | Number of Shares Settled |  | Total Net Proceeds Upon Settlement
2025 |  |  |  |  |  |  |
ATM Forward Shares | July 1, 2025 |  | Physical |  | 9,662,116 |  |  | $ | 295,966 |
ATM Forward Shares | August 11, 2025 |  | Physical |  | 2,439,256 |  |  | $ | 79,761 |
2024 |  |  |  |  |  |  |
ATM Forward Shares | July 1, 2024 |  | Physical |  | 4,000,000 |  |  | $ | 115,231 |
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 Outstanding |  | 2025 |  | 2024
Beginning Balance January 1, |  | 1,056,366,685 |  |  | 1,042,702,763 |
Issuance of common stock upon physical settlement of forward sale agreements |  | 12,101,372 |  |  | 4,000,000 |
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures |  | 340,637 |  |  | 469,718 |
Ending Balance September 30, |  | 1,068,808,694 |  |  | 1,047,172,481 |
Distributions Dividends declared (on a per share basis) during the nine months ended September 30, 2025 and 2024 were as follows:
Nine Months Ended September 30, 2025
Declaration Date |  | Record Date |  | Payment Date |  | Period |  | Dividend
March 6, 2025 |  | March 20, 2025 |  | April 3, 2025 |  | January 1, 2025 – March 31, 2025 |  | $ | 0.4325 |
June 5, 2025 |  | June 18, 2025 |  | July 10, 2025 |  | April 1, 2025 – June 30, 2025 |  | $ | 0.4325 |
September 4, 2025 |  | September 18, 2025 |  | October 9, 2025 |  | July 1, 2025 – September 30, 2025 |  | $ | 0.4500 |
Nine Months Ended September 30, 2024
Declaration Date |  | Record Date |  | Payment Date |  | Period |  | Dividend
March 7, 2024 |  | March 21, 2024 |  | April 4, 2024 |  | January 1, 2024 – March 31, 2024 |  | $ | 0.4150 |
June 7, 2024 |  | June 18, 2024 |  | July 3, 2024 |  | April 1, 2024 – June 30, 2024 |  | $ | 0.4150 |
September 5, 2024 |  | September 18, 2024 |  | October 3, 2024 |  | July 1, 2024 – September 30, 2024 |  | $ | 0.4325 |

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