Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Equity

Equity

Stockholders’ Equity

On March 10, 2020, the Company commenced an at-the-market continuous equity offering program (the "ATM Program") through which the Company may, from time to time, issue and sell shares of its common stock and shares of its 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") having an aggregate offering price of up to $300.0 million, to or through its sales agents and, with respect to shares of its common stock, may enter into separate forward sales agreements to or through the forward purchaser.

During the six months ended June 30, 2025, the Company did not issue any shares of common stock or Series A Preferred Stock under the ATM Program. Shares having an aggregate offering price of $178.5 million remained unsold under the ATM Program as of August 1, 2025.

On January 2, 2025, the Company elected to satisfy a redemption request by a holder of 435 common units of limited partnership interest in the Operating Partnership ("Common OP Units") with a cash payment of less than $0.1 million.

Also on January 2, 2025, the Company elected to satisfy redemption requests by holders of 264,618 Common OP Units through the issuance of an equal number of shares of common stock.

Noncontrolling Interests

As of June 30, 2025 and December 31, 2024, the Company held a 77.3% and 78.6%, respectively, economic interest in the Operating Partnership. As of June 30, 2025, the Company also held a preferred interest in the Operating Partnership in the form of preferred units with a liquidation preference of $171.1 million. The Company is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 77.3% of the net income of the Operating Partnership. As the primary beneficiary, the Company consolidates the financial

position and results of operations of the Operating Partnership. Noncontrolling interests in the Operating Partnership represent units of limited partnership interest in the Operating Partnership not held by the Company. As of June 30, 2025, there were 21,191,470 Common OP Units and 2,315,938 LTIP Units (as defined below) not held by the Company. The Company's financial position and results of operations are the same as those of the Operating Partnership. See Note 12 for a description of LTIP Units.

Additionally, the Operating Partnership owns a majority interest in certain non-wholly owned operating and development properties. The noncontrolling interest in investment entities was $8.7 million and $9.2 million as of June 30, 2025 and December 31, 2024, respectively, which represents the minority partners' interest in certain consolidated real estate entities.

Share Repurchase Program

On June 15, 2023, the Company adopted a $50.0 million share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company may repurchase shares of common stock and Series A Preferred Stock from time to time in the open market, in block purchases, through privately negotiated transactions, the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or other means. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares or acquire shares over any specific period of time. The Share Repurchase Program may be suspended or discontinued at any time by the Company and does not have an expiration date.

During the six months ended June 30, 2025, the Company did not repurchase any shares of common stock or Series A Preferred Stock. As of June 30, 2025, $37.4 million remained available for repurchases under the Share Repurchase Program.

Dividends and Distributions

During the six months ended June 30, 2025, the following dividends/distributions were declared or paid:

Equity type	Declaration Date	Record Date	Payment Date	Dividends per Share/Unit		Aggregate Dividends/Distributions on Stock and Units (in thousands)
Common Stock/Common Units	12/13/2024	12/26/2024	01/02/2025	$	0.205	$	20,779
Common Stock/Common Units	03/12/2025	03/26/2025	04/03/2025	0.140		14,264
Common Stock/Common Units	06/18/2025	06/30/2025	07/08/2025	0.140		14,293
Series A Preferred Stock	12/13/2024	01/02/2025	01/15/2025	0.421875		2,887
Series A Preferred Stock	04/15/2025	04/01/2025	04/15/2025	0.421875		2,887
Series A Preferred Stock	06/18/2025	07/01/2025	07/15/2025	0.421875		2,887