Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Stock

Authorized

As of June 30, 2026, we have the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of common stock, $0.01 par value per share, and 50,000,000 shares of preferred stock, $0.01 par value per share.

Public Offerings

From time to time, we offer shares of our common stock through public offerings registered with the SEC. In connection with such offerings, we may issue and sell the offered shares of common stock upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the shares of common stock sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms. There were no marketed public offerings of our common stock during the three months ended June 30, 2026 and 2025.

At-the-Market Offering Program

On May 6, 2024, we entered into an equity distribution agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $2.0 billion of our common stock and concurrently terminated our previous equity distribution agreement (collectively under both equity distribution agreements, the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale agreements. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs.

The following table summarizes our transactions under the ATM Program during the six months ended June 30, 2025, all of which were conducted subject to forward sale agreements, which we refer to as ATM forward sale agreements. There were no such transactions during the six months ended June 30, 2026.

(In thousands, except share and per share data)	Number of Shares	Weighted Average Share Price		Aggregate Value		Net Forward Sales Price Per Share		Aggregate Net Value
March 2025 ATM Forward Sale Agreements	7,835,973	$	32.43	$	254,156	$	32.27	$	252,840

We did not receive any proceeds from the sale of shares at the time we entered into each of the ATM forward sale agreements. We determined that the ATM forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Forward Settlement Activity

The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program during the six months ended June 30, 2026. There was no settlement activity of the outstanding forward shares under our ATM Program during the six months ended June 30, 2025.

($ In thousands)	Settlement Date	Settlement Type	Number of Shares Settled	Total Net Proceeds Upon Settlement
2026
ATM Forward Shares	April 29, 2026	Physical	7,750,000	$	242,144

Common Stock Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:

	Six Months Ended June 30,
Common Stock Outstanding	2026	2025
Beginning Balance January 1,	1,068,811,371	1,056,366,685
Issuance of common stock in connection with the Golden Entertainment Transaction	24,296,255	—
Issuance of common stock upon physical settlement of forward sale agreements	7,750,000	—
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	217,280	339,078
Ending Balance June 30,	1,101,074,906	1,056,705,763

Distributions

Dividends declared (on a per share basis) during the six months ended June 30, 2026 and 2025 were as follows:

Six Months Ended June 30, 2026
Declaration Date	Record Date	Payment Date	Period	Dividend
March 5, 2026	March 19, 2026	April 9, 2026	January 1, 2026 – March 31, 2026	$	0.4500
June 4, 2026	June 18, 2026	July 9, 2026	April 1, 2026 – June 30, 2026	$	0.4500

Six Months Ended June 30, 2025
Declaration Date	Record Date	Payment Date	Period	Dividend
March 6, 2025	March 20, 2025	April 3, 2025	January 1, 2025 – March 31, 2025	$	0.4325
June 5, 2025	June 18, 2025	July 10, 2025	April 1, 2025 – June 30, 2025	$	0.4325