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Stockholders' Equity of the Company
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity of the Company Stockholders’ Equity of the Company
Common Stock

At-The-Market Stock Offering Program

In March 2024, the Company terminated its at-the-market (“ATM”) stock offering program (the “2018 ATM Program”) and commenced a new at-the-market stock offering program (the “2024 ATM Program”), under which we may currently offer and sell shares of our common stock having an aggregate gross sales price up to $500.0 million from time to time in “at-the-market” offerings. In connection with the 2024 ATM Program, the Company may also, at its discretion, enter into forward equity sale agreements. The use of forward equity sale agreements allows the Company to lock in a share price on the sale of shares of our common stock at the time an agreement is executed, but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. The Company did not complete any sales of common stock under either program during the years ended December 31, 2024 and 2023.

Common Stock Repurchases

In February 2024, the Company’s Board of Directors approved a new share repurchase program (the “Share Repurchase Program”) that authorizes the repurchase of shares of the Company’s common stock having an aggregate gross purchase price of up to $500.0 million. The Share Repurchase Program supersedes and replaces the Company’s previous share repurchase program. Under the Share Repurchase Program, repurchases may be made from time to time using a variety of methods, which may include open market purchases and privately negotiated transactions. The specific timing, price, and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The Share Repurchase Program does not have a termination date and repurchases may be discontinued at any time. As of December 31, 2024, 4,935,826 shares remained eligible for repurchase under the Share Repurchase Program. The Company did not repurchase any common stock under the Share Repurchase Program during the year ended December 31, 2024 and did not repurchase any common stock under the previous share repurchase program approved by the Company’s Board of Directors in 2016 during the years ended December 31, 2023 and 2022.

Accrued Dividends and Distributions

The following tables summarize accrued dividends and distributions for the noted outstanding shares of common stock and noncontrolling units as of December 31, 2024 and 2023:

December 31,
20242023
(in thousands)
Dividends and Distributions payable to:
Common stockholders$63,745 $63,309 
Noncontrolling common unitholders of the Operating Partnership621 621 
RSU holders (1)
484 510 
Total accrued dividends and distribution to common stockholders and noncontrolling unitholders$64,850 $64,440 
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(1)The amount includes the value of the dividend equivalents that will be paid with additional RSUs (see Note 16 “Share-Based and Other Compensation” for additional information).
 December 31,
 20242023
Outstanding Shares and Units:
Common stock118,046,674 117,239,558 
Noncontrolling common units1,150,574 1,150,574 
RSUs (1)
861,385 908,336 
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(1)The amount includes nonvested RSUs. Does not include 828,442 and 1,083,086 market measure-based RSUs because not all the necessary performance conditions have been met as of December 31, 2024 and 2023, respectively. Refer to Note 16 “Share-Based and Other Compensation” for additional information.