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EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Common Stock
Public Offering of Common Stock—On August 14, 2025, the Company completed an underwritten public offering of 23.0 million newly issued shares of its common stock at a price per share of $32.00, resulting in gross proceeds of $736.0 million. The Company used a portion of the proceeds to pay down the outstanding revolving credit facility and intends to use the remaining proceeds to fund acquisitions.
At-The-Market Offering—On January 21, 2025, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $750.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program”) and terminated its previous $750.0 million “at-the-market” equity offering program (together, with all previous at-the-market equity offering programs, the “Previous ATM Programs” and together with the New ATM Program, the “ATM Program”). In addition to the issuance and sale of shares of its common stock, the ATM Program also provides for the ability to enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program.
In the event the Company enters into an ATM forward contract to sell shares of common stock pursuant to the ATM Program, the Company would expect to fully physically settle forward equity sales by delivery of shares of common stock to the forward purchaser and receive cash proceeds upon one or more settlement dates, which are typically a one-year term, at the Company’s discretion, prior to the final settlement date, at which time the Company would expect to receive aggregate net cash proceeds at settlement equal to the number of shares sold on a forward basis multiplied by the relevant forward price per share. The weighted average forward sale price that the Company would expect to receive upon physical settlement would be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends through the settlement.
During the year ended December 31, 2025, the Company entered into ATM forward contracts under the ATM Program with a financial institution acting as a forward purchaser to sell 6.5 million shares of common stock at a weighted average initial sales price of $37.30 per share, before commissions and offering expenses. For the shares subject to the ATM forward contracts, the Company will not receive any proceeds from sales of those shares of common stock by the forward sellers until the forward contracts are settled.
The following tables summarize ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
For the Year Ended December 31,
202520242023
Number of shares12,608 40,986 30,869 
Average sales price per share$29.34 $26.35 $20.86 
Gross proceeds(1)
$369,871 $1,079,852 $643,802 
(1)Total gross proceeds is before $4.6 million, $13.4 million, and $8.3 million of commissions paid to the sales agents and forward adjustments during the years ended December 31, 2025, 2024 and 2023, respectively, under the ATM Program. In addition, total gross proceeds is before other costs related to the ATM Program.
As of December 31, 2025, the Company had $137.6 million available for future issuances under the ATM Program. See Note 18, Subsequent Events, for additional information on the Company’s ATM Program subsequent to December 31, 2025.
Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for 2025, 2024 and 2023 (dollars in thousands, except per share amounts):
For the Three Months Ended
2025March 31,June 30,September 30,December 31,
Dividends declared per share$0.335 $0.335 $0.335 $0.335 
Dividends payment dateApril 15, 2025July 15, 2025October 15, 2025January 15, 2026
Dividends payable as of record date$63,053 $67,100 $74,806 $74,806 
Dividends record dateMarch 31, 2025June 30, 2025September 30, 2025December 31, 2025
2024
Dividends declared per share$0.29 $0.29 $0.29 $0.29 
Dividends payment dateApril 15, 2024July 15, 2024October 15, 2024January 15, 2025
Dividends payable as of record date$41,192 $44,721 $49,721 $54,388 
Dividends record dateMarch 28, 2024June 28, 2024September 30, 2024December 31, 2024
2023
Dividends declared per share$0.28 $0.28 $0.28 $0.28 
Dividends payment dateApril 14, 2023July 14, 2023October 13, 2023January 12, 2024
Dividends payable as of record date[1]
$27,846 $27,853 $32,403 $36,531 
Dividends record dateMarch 31, 2023June 30, 2023September 29, 2023December 29, 2023
(1)Dividends payable includes dividends on performance stock awards that will be paid if and when the shares subject to such awards vest if deemed probable of meeting their performance condition.
Redeemable Noncontrolling Interests
Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Two of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company during specified option exercise periods, subject to certain conditions. The put options are payable in cash and subject to changes in redemption value. Accordingly, the Company records the redeemable noncontrolling interests outside of permanent equity. The redeemable noncontrolling interests are adjusted for additional contributions and distributions and the proportionate share of the net earnings or losses. When the redemption of the noncontrolling interests becomes probable, the Company will record the redeemable noncontrolling interests at the greater of their carrying amounts or redemption values at the end of each reporting period by making an election either to accrete changes in the redemption values of the redeemable noncontrolling interests over the period from the date it is probable of exercise to the earliest redemption date or to recognize the entire adjustment on the date redemption becomes probable. In addition to the rights of the redeemable noncontrolling interest holders, the Company has the ability to call the interests of the noncontrolling interest holders during specified option exercise periods.
As of December 31, 2025, the redeemable noncontrolling interests did not meet the conditions for redemption.