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Common and Preferred Stock | 6 Months Ended
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Jun. 30, 2025
Common and Preferred Stock |
Common and Preferred Stock | Note 6 – Common and Preferred Stock Authorized Shares of Common Stock In May 2025, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of the Company’s common stock from 180 million shares to 360 million shares. Shelf Registration On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Common Stock Offering In April 2025, the Company completed a follow-on public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 675,000 shares in connection with the forward sale agreements. As of June 30, 2025, the Company has not settled any of these shares. The offering is anticipated to raise net proceeds of approximately $387.2 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements. In October 2024, the Company completed a follow-on public offering of 5,060,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 660,000 shares in connection with the forward sale agreements. As of June 30, 2025, the Company has not settled any of these shares. The offering is anticipated to raise net proceeds of approximately $366.9 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements. Preferred Stock Offering As of June 30, 2025, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock. Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum. The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold. ATM Programs The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements. The following table summarizes the ATM programs that were in place during 2025 and 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Program | ​ | Program Size ($ million) | ​ | Total Forward Shares Sold | ​ | Total Forward Shares Settled | ​ | Total Forward Shares Outstanding as of June 30, 2025 | ​ | Total Net Proceeds Anticipated or Received from Forward Shares Sold ($ million)
September 2022 | (1) | ​ | $750.0 | ​ | 10,217,973 | ​ | ​ | 10,217,973 | ​ | — | ​ | ​ | $670.3
February 2024 | (1) | ​ | $1,000.0 | ​ | 10,409,017 | ​ | ​ | 6,105,388 | ​ | 4,303,629 | (3) | ​ | $705.1
October 2024 | ​ | ​ | $1,250.0 | ​ | 2,938,499 | (2) | ​ | — | ​ | 2,938,499 | (4) | ​ | $221.7
​
| (1) | Applicable ATM program terminated and no future forward sales will occur under the program.
| (2) | After considering the shares of common stock sold subject to forward sale agreements under the program, the Company had approximately $1.03 billion of availability under the October 2024 Program as of June 30, 2025.
| (3) | The Company is required to settle the outstanding forward shares of common stock under the program by dates between August 2025 and October 2025.
| (4) | The Company is required to settle the outstanding forward shares of common stock under the program by dates between June 2026 and October 2026.
​ ​ The following table summarizes the ATM activity completed during the periods presented:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2025 |  | June 30, 2024 |  | ​ | June 30, 2025 |  | June 30, 2024
Shares of common stock sold under the ATM programs | ​ | ​ | 362,021 | ​ | ​ | 3,235,964 | ​ | ​ | ​ | 2,770,222 | ​ | ​ | 3,256,707
Shares of common stock settled under the ATM programs | ​ | ​ | 663,892 | ​ | ​ | — | ​ | ​ | ​ | 3,329,890 | ​ | ​ | —
Net proceeds received (in millions) | ​ | $ | 41.2 | ​ | $ | — | ​ | ​ | $ | 224.5 | ​ | $ | —
​

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