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Shareholders’ Equity (Tables) | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Common Stock Dividends Declared and Paid | During the year ended December 31, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Year Ended December 31, 2025
Declaration Date |  | Dividend Per Share |  | Record Date |  | Total Amount |  | Payment Date
February 21, 2025 |  | $ | 0.210 |  |  | March 14, 2025 |  | $ | 17,157 |  |  | March 31, 2025
April 25, 2025 |  | 0.210 |  |  | June 2, 2025 |  | 17,159 |  |  | June 16, 2025
July 21, 2025 |  | 0.215 |  |  | September 2, 2025 |  | 17,947 |  |  | September 15, 2025
October 24, 2025 |  | 0.215 |  |  | December 1, 2025 |  | 17,967 |  |  | December 15, 2025
|  | $ | 0.850 |  |  |  |  | $ | 70,230 |  |  |
During the year ended December 31, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Year Ended December 31, 2024
Declaration Date |  | Dividend Per Share |  | Record Date |  | Total Amount |  | Payment Date
February 13, 2024 |  | $ | 0.205 |  |  | March 15, 2024 |  | $ | 15,031 |  |  | March 28, 2024
April 23, 2024 |  | 0.205 |  |  | June 3, 2024 |  | 15,042 |  |  | June 14, 2024
July 23, 2024 |  | 0.210 |  |  | September 3, 2024 |  | 16,251 |  |  | September 13, 2024
October 18, 2024 |  | 0.210 |  |  | December 2, 2024 |  | 17,133 |  |  | December 13, 2024
|  | $ | 0.830 |  |  |  |  | $ | 63,457 |  |  |
Schedule of Dividends and Distributions | The following table shows the character of the Company’s common stock distributions paid per share:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Ordinary income dividends |  | $ | 0.7342 |  |  | $ | 0.7680 |  |  | $ | 0.7488 |
Non-dividend distributions |  | 0.1158 |  |  | 0.0620 |  |  | 0.0502 |
Capital gain distributions |  | 0.0000 |  |  | 0.0000 |  |  | 0.0110 |
Total |  | $ | 0.8500 |  |  | $ | 0.8300 |  |  | $ | 0.8100 |
Schedule of Stock Activity | The following table presents information about the ATM Programs (in thousands):
|  |  |  |  |  |  |  | As of December 31, 2025
Program Name |  | Date Established |  | Date Terminated |  | Maximum Sales Authorization |  | Value of Gross Proceeds Settled(1) |  | Value of Gross Proceeds of Unsettled Forward Equity |  | Value of Gross Proceeds Available for Issuance(2)
2023 ATM Program (3) |  | October 2023 |  | August 2024 |  | $ | 300,000 |  |  | $ | 77,323 |  |  | $ | 30,806 |  |  | $ | — |
2024 ATM Program (4) |  | August 2024 |  | — |  | $ | 300,000 |  |  | $ | 52,446 |  |  | $ | 123,229 |  |  | $ | 124,325 |
(1) Represents gross proceeds received from shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements. (2) Represents gross proceeds available for future issuances of shares of common stock under the ATM Programs. (3) As of December 31, 2025, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.25. (4) As of December 31, 2025, 6,770,787 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.94. The following table details information related to activity under the ATM Programs for each period presented (in thousands, except share and per share data):
|  | Year Ended December 31,
|  | 2025 (1) |  | 2024 (2) |  | 2023 (3)
Shares of common stock issued |  | 3,185,262 |  |  | 5,983,711 |  |  | 7,662,341 |
Weighted-average price per share |  | $ | 16.47 |  |  | $ | 16.50 |  |  | $ | 17.22 |
Gross proceeds |  | $ | 52,446 |  |  | $ | 98,731 |  |  | $ | 131,911 |
Sales commissions and offering costs |  | $ | 884 |  |  | $ | 1,070 |  |  | $ | 1,638 |
Net proceeds (4) |  | $ | 51,562 |  |  | $ | 97,661 |  |  | $ | 130,274 |
(1) Includes 2,450,246 shares of common stock that were physically settled at a weighted-average price of $16.47 per share under forward sale agreements. (2) Includes 5,983,711 shares of common stock that were physically settled at a weighted-average price of $16.50 per share under forward sale agreements. (3) Includes 1,516,289 shares of common stock that were physically settled at a weighted-average price of $16.49 per share under forward sale agreements. (4) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Class A OP Units. The following table presents information about the Company’s follow-on offerings (in thousands, except share data):
|  |  |  |  |  | As of December 31, 2025
Follow-On Offering |  | Shares Sold |  | Shares Settled |  | Shares Unsettled |  | Value of Gross Proceeds of Unsettled Forward Equity
January 2024 |  | 11,040,000 |  | 2,200,000 |  | 8,840,000 |  | $ | 159,120 |
July 2025 |  | 12,420,000 |  | 8,155,053 |  | 4,264,947 |  | $ | 75,490 |

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