v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity

10. Equity

The following table summarizes the changes in our stockholders’ equity for the three months ended March 31, 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

 

Three months ended March 31, 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

 

 

—

 

 

 

—

 

 

 

282

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,815

 

 

 

2,097

 

Dividends and distributions paid
   ($0.45 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(20,858

)

 

 

—

 

 

 

(952

)

 

 

(21,810

)

Grant of unvested restricted stock

 

 

15,247

 

 

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemption of common units for
   shares of common stock

 

 

31,488

 

 

 

—

 

 

 

899

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(899

)

 

 

—

 

Issuance of common stock, net

 

 

94,170

 

 

 

1

 

 

 

2,142

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,143

 

Unrealized gain on treasury locks and interest rate swaps, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,024

 

 

 

70

 

 

 

2,094

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,365

 

 

 

—

 

 

 

—

 

 

 

49

 

 

 

1,414

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

(148

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

148

 

 

 

—

 

Balance at March 31, 2026

 

 

46,444,374

 

 

$

464

 

 

$

1,961,587

 

 

$

146,222

 

 

$

(796,880

)

 

$

(2,554

)

 

$

46,664

 

 

$

1,355,503

 

Three months ended March 31, 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

 

 

—

 

 

 

—

 

 

 

177

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,244

 

 

 

1,421

 

Dividends and distributions paid
   ($0.66 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(28,613

)

 

 

—

 

 

 

(1,627

)

 

 

(30,240

)

Issuance of common stock, net

 

 

1,514,266

 

 

 

15

 

 

 

40,794

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,809

 

Unrealized loss on interest rate
    swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,654

)

 

 

(178

)

 

 

(3,832

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,127

 

 

 

—

 

 

 

—

 

 

 

156

 

 

 

3,283

 

Allocation of non-controlling interest
   in Operating Partnership

 

 

—

 

 

 

—

 

 

 

727

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(727

)

 

 

—

 

Balance at March 31, 2025

 

 

44,702,490

 

 

$

447

 

 

$

1,915,891

 

 

$

134,981

 

 

$

(714,657

)

 

$

(2,971

)

 

$

64,867

 

 

$

1,398,558

 

(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 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”).

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

 

(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 three months ended March 31, 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

 

Total

 

 

94,170

 

 

$

2,146

 

(1) Shares issued by us, which were all issued in settlement of forward sale transactions. As of March 31, 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 March 31, 2026, we had approximately $234.0 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 three months ended March 31, 2026.