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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2025, and the twelve months ended December 31, 2024:
NINE MONTHS ENDED SEPTEMBER 30, 2025TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period350,532,006 380,964,433 
Issuance of common stock— 8,623 
Conversion of OP units to common stock22,228 194,767 
Shares Repurchased— (30,794,250)
Non-vested share-based awards, net of withheld shares and forfeitures1,049,973 158,433 
Balance, end of period351,604,207 350,532,006 
Common Stock Dividends
During the nine months ended September 30, 2025, the Company declared and paid common stock dividends totaling $0.86 per share. On October 30, 2025, the Company declared a quarterly common stock dividend in the amount of $0.24 per share payable on November 21, 2025 to stockholders of record on November 11, 2025.
Common Stock Repurchases
On October 29, 2024, the Company's Board of Directors authorized the repurchase of up to $300.0 million of outstanding shares of the Company's common stock, superseding the previous stock repurchase authorization. The Company has not repurchased shares in 2025. As of September 30, 2025, the Company had $237.0 million remaining under this authorization.
On October 28, 2025, the Company's Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company's common stock, superseding the previous $300.0 million stock repurchase authorization. The stock repurchase authorization expires on October 27, 2026, and the Company may suspend or terminate repurchases at any time without prior notice. Under the Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common share. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data2025202420252024
Weighted average common shares outstanding351,595,479 360,981,496 351,258,278 372,230,619 
Non-vested shares(1,631,474)(2,021,666)(1,546,284)(1,976,421)
Weighted average common shares outstanding - basic349,964,005 358,959,830 349,711,994 370,254,198 
Weighted average common shares outstanding - basic349,964,005 358,959,830 349,711,994 370,254,198 
Dilutive effect of OP Units— — — — 
Weighted average common shares outstanding - diluted349,964,005 358,959,830 349,711,994 370,254,198 
Net loss$(58,544)$(94,535)$(264,076)$(555,692)
Income allocated to participating securities(503)(560)(1,702)(2,452)
Loss attributable to non-controlling interest806 1,512 3,614 8,053 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(97)(549)(251)(2,560)
Net loss applicable to common stockholders - basic and diluted$(58,338)$(94,132)$(262,415)$(552,651)
Basic earnings per common share - net loss$(0.17)$(0.26)$(0.75)$(1.49)
Diluted earnings per common share - net loss$(0.17)$(0.26)$(0.75)$(1.49)
The effect of OP Units redeemable for 4,253,989 shares and 4,213,402 shares of common stock and Restricted Stock Units of 442,386 shares and 493,932 shares for the three and nine months ended September 30, 2025, respectively, were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during those periods.
Stock Incentive Plan
The Company's stock incentive plan (the "Incentive Plan") permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP.
Equity Incentive Plans
During the nine months ended September 30, 2025, the Company made the following equity awards under the Incentive Plan:
Restricted Stock
During the first quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.9 million, which consisted of an aggregate of 477,226 non-vested shares of common stock with vesting periods ranging from three to eight years.
During the second quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.8 million, which consisted of an aggregate of 499,323 non-vested shares of common stock with vesting periods ranging from three to four years. The
Company also granted to independent directors an aggregate of 72,144 shares of non-vested stock with a grant date fair value of $1.1 million, and an aggregate of 34,586 LTIP Series D units in the OP with a grant date fair value of $0.5 million.
During the third quarter of 2025, the Company granted non-vested stock awards to members of its senior management with an aggregate grant date fair value of $0.5 million, which consisted of an aggregate of 27,946 non-vested shares of common stock with a three-year vesting period.

Restricted Stock Units ("RSUs")
On February 11, 2025, the Company granted an aggregate of 275,735 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $5.4 million.
During the second quarter of 2025, the Company granted an aggregate of 16,038 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $0.3 million.
The RSUs vest based on relative total shareholder return ("TSR") performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.47 for the RSU grants using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
LTIP Series C Units ("LTIP-C units")
On February 11, 2025, the Company granted an aggregate of 166,976 LTIP-C units in the OP to its named executive officers subject to a three-year performance period with an aggregate grant date fair value of $1.6 million.
The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.88 for the February 2025 grant using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.
On April 15, 2025, the Company granted 347,770 LTIP-C units in the OP to its newly appointed Chief Executive Officer subject to a three-year performance period with an aggregate grant date fair value of $3.4 million.
The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.83 for the April 2025 grant using the following assumptions:
Volatility27.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate3.80 %
Stock price (per share)$15.70
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.
The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and nine months ended September 30, 2025 and 2024:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2025202420252024
Share-based awards, beginning of period3,287,131 4,085,059 1,799,737 2,615,562 
Granted 1
27,946 — 1,917,744 1,611,578 
Vested(537,038)(9,730)(888,309)(84,804)
Change in awards based on performance assessment15,348 — (21,758)(47,202)
Forfeited(180,872)— (194,899)(19,805)
Share-based awards, end of period2,612,515 4,075,329 2,612,515 4,075,329 
1LTIP-C units in the OP are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.

During the three months ended September 30, 2025 and 2024, the Company withheld 126,643 and no shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
The following table represents expected amortization of the Company's non-vested awards issued as of September 30, 2025:
Dollars in millionsFUTURE AMORTIZATION
of non-vested shares
2025$3.2 
202611.3 
20279.5 
20282.9 
2029 and thereafter0.9 
Total$27.8