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Equity and Capital | 3 Months Ended
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Mar. 31, 2025
Equity And Capital [Abstract] |
Equity and Capital |
9. | Equity and Capital
Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows:
| Preferred Stock Outstanding as of March 31, 2025 and December 31, 2024
| Date of Issuance |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Distribution Rate |  | Callable By Company
Series A | 8/18/2023 |  |  | 4,600,000 |  |  | $ | 115,000,000 |  |  | 6.250% |  | On demand
Series B | 8/18/2023 |  |  | 4,400,000 |  |  |  | 110,000,000 |  |  | 5.875% |  | On demand
|  |  |  | 9,000,000 |  |  | $ | 225,000,000 |  |  |  |  |
Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of common stock. Common Stock of the Parent Company At the Market ("ATM") Program Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors. During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company is obligated to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.  The shares under the forward sales agreements must be settled within one year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025.  Upon settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement. No shares to be issued under the 2024 forward sales agreements have been settled as of March 31, 2025. Proceeds from the issuance of shares are expected to be approximately $100.0 million before any underwriting discount and offering expenses and are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes. As of March 31, 2025, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program. Stock Repurchase Program On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to a maximum of $250 million of its outstanding common stock through open market transactions, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The Board's authorization for the Repurchase Program expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion. During the three months ended March 31, 2025, the Company made no repurchases and $250 million remained available under the Repurchase Program. Preferred Units of the Operating Partnership The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company. Common Units of the Operating Partnership Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above.

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