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Equity | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Equity | 10. Equity The following table summarizes the changes in our stockholders’ equity for the three months ended June 30, 2026 and 2025 (amounts in thousands, except share amounts):
|  | Shares |  |  | Common Stock Par Value |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Cumulative Dividends |  |  | Accumulated Other Comprehensive Income |  |  | Non- controlling Interest in Operating Partnership |  |  | Total Equity |
Three months ended June 30, 2026 |
Balance at March 31, 2026 |  |  | 46,444,374 |  |  | $ | 464 |  |  | $ | 1,961,587 |  |  | $ | 146,222 |  |  | $ | (796,880 | ) |  | $ | (2,554 | ) |  | $ | 46,664 |  |  | $ | 1,355,503 |
Stock based compensation, net |  |  | — |  |  |  | — |  |  |  | 327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,776 |  |  |  | 2,103 |
Dividends and distributions paid ($0.45 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,911 | ) |  |  | — |  |  |  | (953 | ) |  |  | (21,864 | )
Grant of unvested restricted stock |  |  | 23,498 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redemption of common units for shares of common stock |  |  | 56,802 |  |  |  | 1 |  |  |  | 1,600 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,601 | ) |  |  | — |
Issuance of common stock, net |  |  | 796,943 |  |  |  | 8 |  |  |  | 18,792 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,800 |
Unrealized income on treasury locks and interest rate swaps, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,987 |  |  |  | 72 |  |  |  | 2,059 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,050 |  |  |  | — |  |  |  | — |  |  |  | 108 |  |  |  | 3,158 |
Allocation of non-controlling interest in Operating Partnership |  |  | — |  |  |  | — |  |  |  | 1,572 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,572 | ) |  |  | — |
Balance at June 30, 2026 |  |  | 47,321,617 |  |  | $ | 473 |  |  | $ | 1,983,878 |  |  | $ | 149,272 |  |  | $ | (817,791 | ) |  | $ | (567 | ) |  | $ | 44,494 |  |  | $ | 1,359,759 |
Three months ended June 30, 2025 |
Balance at March 31, 2025 (1) |  |  | 44,702,490 |  |  | $ | 447 |  |  | $ | 1,915,891 |  |  | $ | 134,981 |  |  | $ | (714,657 | ) |  | $ | (2,971 | ) |  | $ | 64,867 |  |  | $ | 1,398,558 |
Stock based compensation |  |  | — |  |  |  | — |  |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,190 |  |  |  | 1,395 |
Dividends and distributions paid ($0.45 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,207 | ) |  |  | — |  |  |  | (1,105 | ) |  |  | (21,312 | )
Grant of unvested restricted stock |  |  | 43,730 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redemption of common units for shares of common stock |  |  | 405,237 |  |  |  | 4 |  |  |  | 4,832 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,836 | ) |  |  | — |
Issuance of common stock, net |  |  | 202,721 |  |  |  | 2 |  |  |  | 5,291 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,293 |
Fractional shares settled (2) |  |  | (63 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized loss on interest rate swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,620 | ) |  |  | (36 | ) |  |  | (1,656 | )
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,071 |  |  |  | — |  |  |  | — |  |  |  | 183 |  |  |  | 4,254 |
Allocation of non-controlling interest in Operating Partnership |  |  | — |  |  |  | — |  |  |  | 8,060 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,060 | ) |  |  | — |
Balance at June 30, 2025 |  |  | 45,354,115 |  |  | $ | 453 |  |  | $ | 1,934,279 |  |  | $ | 139,052 |  |  | $ | (734,864 | ) |  | $ | (4,591 | ) |  | $ | 52,203 |  |  | $ | 1,386,532 |
(1) As of March 31, 2025, the Company reclassified $0.7 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the 1-for-2.5 reverse stock split of the Company’s issued and outstanding Common Stock, effective April 28, 2025 (the “Reverse Stock Split”). Concurrently with the Reverse Stock Split, our operating partnership completed a corresponding 1-for-2.5 reverse unit split of outstanding common units and LTIP units (the “Reverse Unit Split”). (2) No fractional shares were issued as a result of the Reverse Stock Split. In lieu of issuing fractional shares, we paid cash to shareholders who would otherwise have been entitled to receive a fractional share. The total cash payment for fractional shares amounted to less than $0.1 million, which was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets. The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2026 and 2025 (amounts in thousands, except share amounts):
|  | Shares |  |  | Common Stock Par Value |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Cumulative Dividends |  |  | Accumulated Other Comprehensive Income (Loss) |  |  | Non- controlling Interest in Operating Partnership |  |  | Total Equity |
Six months ended June 30, 2026 |
Balance at December 31, 2025 |  |  | 46,303,469 |  |  | $ | 463 |  |  | $ | 1,958,412 |  |  | $ | 144,857 |  |  | $ | (776,022 | ) |  | $ | (4,578 | ) |  | $ | 46,433 |  |  | $ | 1,369,565 |
Stock based compensation, net |  |  | — |  |  |  | — |  |  |  | 609 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,591 |  |  |  | 4,200 |
Dividends and distributions paid ($0.90 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41,769 | ) |  |  | — |  |  |  | (1,905 | ) |  |  | (43,674 | )
Grant of unvested restricted stock |  |  | 38,745 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redemption of common units for shares of common stock |  |  | 88,290 |  |  |  | 1 |  |  |  | 2,499 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,500 | ) |  |  | — |
Issuance of common stock, net |  |  | 891,113 |  |  |  | 9 |  |  |  | 20,934 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,943 |
Unrealized gain on treasury locks and interest rate swaps, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,011 |  |  |  | 142 |  |  |  | 4,153 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,415 |  |  |  | — |  |  |  | — |  |  |  | 157 |  |  |  | 4,572 |
Allocation of non-controlling interest in Operating Partnership |  |  | — |  |  |  | — |  |  |  | 1,424 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,424 | ) |  |  | — |
Balance at June 30, 2026 |  |  | 47,321,617 |  |  | $ | 473 |  |  | $ | 1,983,878 |  |  | $ | 149,272 |  |  | $ | (817,791 | ) |  | $ | (567 | ) |  | $ | 44,494 |  |  | $ | 1,359,759 |
Six months ended June 30, 2025 |
Balance at December 31, 2024 (1) |  |  | 43,188,224 |  |  | $ | 432 |  |  | $ | 1,874,193 |  |  | $ | 131,854 |  |  | $ | (686,044 | ) |  | $ | 683 |  |  | $ | 65,999 |  |  | $ | 1,387,117 |
Stock based compensation |  |  | — |  |  |  | — |  |  |  | 382 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,434 |  |  |  | 2,816 |
Dividends and distributions paid ($1.11 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (48,820 | ) |  |  | — |  |  |  | (2,732 | ) |  |  | (51,552 | )
Grant of unvested restricted stock |  |  | 43,730 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Redemption of common units for shares of common stock |  |  | 405,237 |  |  |  | 4 |  |  |  | 4,832 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,836 | ) |  |  | — |
Issuance of common stock, net |  |  | 1,716,987 |  |  |  | 17 |  |  |  | 46,085 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,102 |
Fractional shares settled (2) |  |  | (63 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized loss on interest rate swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,274 | ) |  |  | (214 | ) |  |  | (5,488 | )
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,198 |  |  |  | — |  |  |  | — |  |  |  | 339 |  |  |  | 7,537 |
Allocation of non-controlling interest in Operating Partnership |  |  | — |  |  |  | — |  |  |  | 8,787 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,787 | ) |  |  | — |
Balance at June 30, 2025 |  |  | 45,354,115 |  |  | $ | 453 |  |  | $ | 1,934,279 |  |  | $ | 139,052 |  |  | $ | (734,864 | ) |  | $ | (4,591 | ) |  | $ | 52,203 |  |  | $ | 1,386,532 |
(1) As of December 31, 2024, the Company reclassified $0.6 million from Common Stock to Additional Paid-in-Capital due to the reduction in shares outstanding in connection with the Reverse Stock Split. . (2) No fractional shares were issued as a result of the Reverse Stock Split. In lieu of issuing fractional shares, we paid cash to shareholders who would otherwise have been entitled to receive a fractional share. The total cash payment for fractional shares amounted to less than $0.1 million, which was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets. A summary of dividends declared by our Board of Directors per share of common stock and per common unit (as adjusted to reflect the Reverse Stock Split and Reverse Unit Split) at the date of record is as follows:
Quarter |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividend (1) |
Q1 2026 |  | April 22, 2026 |  | May 7, 2026 |  | May 21, 2026 |  | $ | 0.45 |
Q2 2026 |  | July 29, 2026 |  | August 10, 2026 |  | August 20, 2026 |  | $ | 0.45 |
(1) Prior to the end of the performance period as set forth in the applicable LTIP unit award, holders of performance-based LTIP units are entitled to receive dividends per LTIP unit equal to 10% of the dividend paid per common unit. After the end of the performance period, the number of LTIP units, both vested and unvested, that LTIP award recipients have earned, if any, are entitled to receive dividends in an amount per LTIP unit equal to dividends, both regular and special, payable per common unit. Holders of LTIP units that are not subject to the attainment of performance goals are entitled to receive dividends per LTIP unit equal to 100% of the dividend paid per common unit beginning on the grant date. ATM Programs We entered into an equity distribution agreement on June 22, 2021 (the “2021 ATM Program”) with various financial institutions. Pursuant to the 2021 ATM Program, we may issue and sell shares of our common stock having an aggregate offering price of up to $300.0 million from time to time in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act. Under the 2021 ATM Program, we may enter into one or more forward transactions (each, a “forward sale transaction”) under separate master forward sale confirmations and related supplemental confirmations with each of the various financial institutions party to the 2021 ATM Program for the sale of shares of our common stock on a forward basis. The following table sets forth certain information with respect to issuances under the 2021 ATM Program during the six months ended June 30, 2026 (amounts in thousands except share amounts):
|  | 2021 ATM Program |
For the quarter ended |  | Number of Shares Issued (1) |  |  | Net Proceeds |
March 31, 2026 |  |  | 94,170 |  |  | $ | 2,146 |
June 30, 2026 |  |  | 796,943 |  |  |  | 18,825 |
Total |  |  | 891,113 |  |  | $ | 20,971 |
(1) Shares issued by us, which were all issued in settlement of forward sale transactions. As of June 30, 2026, we had settled all of our outstanding forward sale transactions under the 2021 ATM Program. We accounted for the forward sale transactions as equity. As of June 30, 2026, we had approximately $215.0 million of gross sales of our common stock available under the 2021 ATM Program. Share Repurchase Program On April 28, 2022, our Board of Directors authorized a share repurchase program whereby we may repurchase up to 1,815,597 shares of our common stock (adjusted for the Reverse Stock Split), or approximately 5% of our outstanding shares as of the original authorization date. We are not required to purchase shares under the share repurchase program, but may choose to do so in the open market or through privately negotiated transactions at times and amounts based on our evaluation of market conditions and other factors. No repurchases of shares of our common stock were made under the share repurchase program during the six months ended June 30, 2026.

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