Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Changes In Stockholders' 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”).

Summary of Dividends Declared

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.

Schedule of Information with Respect to ATM Program

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.