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Equity and Dividends | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Equity and Dividends | Equity and Dividends Forward Equity Sales Agreements In August 2024, we entered into forward equity sales agreements with financial institutions to sell up to an aggregate of 2.8 million shares of common stock at an initial forward sales price of $68.40 per common share, pursuant to which the financial institutions borrowed and sold these shares of common stock in a public offering. In the first quarter of 2025, we settled the remaining 1.0 million shares of common stock related to the August 2024 forward equity sales agreements at a forward price of $68.21 per common share for proceeds of $65.5 million. As of September 30, 2025, we had no forward equity sales agreements outstanding. ATM Equity Program We maintain an ATM equity program which allows us to sell our common stock directly into the market. This program is governed by an ATM equity offering sales agreement which includes a forward sales provision that allows us to sell shares of our common stock to forward purchasers at a predetermined price at a future date. Pursuant to this agreement, we may sell, from time to time, up to an aggregate sales price of $500.0 million of our common stock. In March 2025, we entered into ATM forward sales agreements with a financial institution to sell shares of our common stock which mature in the first quarter of 2026. Pursuant to these agreements, we sold 0.2 million shares on a forward basis at a weighted average price of $74.39 per common share, net of sales agent fees, which totaled $15.5 million. We did not receive any proceeds from the sale of shares of our common stock to the forward purchasers at the time of the sale. In the second quarter of 2025, we issued 0.8 million shares of common stock, representing full settlement of the December 2024 ATM forward sales agreements and partial settlement of the March 2025 ATM forward sales agreements at a weighted average forward price of $74.71 per common share for aggregate proceeds of $58.0 million. In June 2025, we entered into ATM forward sales agreements with a financial institution to sell shares of our common stock which mature in the second quarter of 2026. Pursuant to these agreements, we sold 1.3 million shares on a forward basis at a weighted average price of $71.41 per common share, net of sales agent fees, which totaled $91.8 million. We did not receive any proceeds from the sale of shares of our common stock to the forward purchasers at the time of the sale. In the third quarter of 2025, we issued 0.2 million shares of common stock, representing full settlement of the remaining March 2025 ATM forward sales agreements at a weighted average forward price of $73.96 per common share for proceeds of $11.4 million. During the three and nine months ended September 30, 2024, we did not sell or settle any shares under the ATM equity program. As of September 30, 2025, we had 1.3 million remaining shares of common stock available under ATM forward sales agreements representing proceeds of $90.6 million at a weighted average price of $70.47 per common share. Dividends The following table summarizes dividends declared by our board of directors or paid by us for the periods indicated:
Nine Months Ended September 30, 2025
Date of |  | Date of |  | Date Paid |  | Quarterly Dividend
Declaration |  | Record |  | or Payable |  | Per Common Share
November 1, 2024 |  | December 31, 2024 |  | January 29, 2025 |  | $0.90
February 14, 2025 |  | March 31, 2025 |  | May 2, 2025 |  | $0.90
May 2, 2025 |  | June 30, 2025 |  | August 1, 2025 |  | $0.90
August 5, 2025 |  | September 30, 2025 |  | October 31, 2025 |  | $0.92
Nine Months Ended September 30, 2024
Date of |  | Date of |  | Date Paid |  | Quarterly Dividend
Declaration |  | Record |  | or Payable |  | Per Common Share
November 3, 2023 |  | December 29, 2023 |  | January 26, 2024 |  | $0.90
February 16, 2024 |  | March 28, 2024 |  | May 3, 2024 |  | $0.90
May 3, 2024 |  | June 28, 2024 |  | August 2, 2024 |  | $0.90
August 2, 2024 |  | September 27, 2024 |  | November 1, 2024 |  | $0.90
On November 5, 2025, our board of directors declared a $0.92 per common share dividend payable on January 30, 2026 to common stockholders of record as of December 31, 2025.

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