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Shareholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Stock Dividends Declared and Paid
During the year ended December 31, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Year Ended December 31, 2025
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 21, 2025$0.210 March 14, 2025$17,157 March 31, 2025
April 25, 20250.210 June 2, 202517,159 June 16, 2025
July 21, 20250.215 September 2, 202517,947 September 15, 2025
October 24, 20250.215 December 1, 202517,967 December 15, 2025
$0.850 $70,230 

During the year ended December 31, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Year Ended December 31, 2024
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 13, 2024$0.205 March 15, 2024$15,031 March 28, 2024
April 23, 20240.205 June 3, 202415,042 June 14, 2024
July 23, 20240.210 September 3, 202416,251 September 13, 2024
October 18, 20240.210 December 2, 202417,133 December 13, 2024
$0.830 $63,457 
Schedule of Dividends and Distributions The following table shows the character of the Company’s common stock distributions paid per share:
Year Ended December 31,
202520242023
Ordinary income dividends$0.7342 $0.7680 $0.7488 
Non-dividend distributions0.1158 0.0620 0.0502 
Capital gain distributions0.0000 0.0000 0.0110 
Total$0.8500 $0.8300 $0.8100 
Schedule of Stock Activity
The following table presents information about the ATM Programs (in thousands):
As of December 31, 2025
Program NameDate EstablishedDate TerminatedMaximum Sales Authorization
Value of Gross Proceeds
Settled(1)
Value of Gross Proceeds of Unsettled Forward Equity
Value of Gross Proceeds Available for Issuance(2)
2023 ATM Program (3)
October 2023August 2024$300,000 $77,323 $30,806 $— 
2024 ATM Program (4)
August 2024—$300,000 $52,446 $123,229 $124,325 
(1) Represents gross proceeds received from shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements.
(2) Represents gross proceeds available for future issuances of shares of common stock under the ATM Programs.
(3) As of December 31, 2025, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.25.
(4) As of December 31, 2025, 6,770,787 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.94.

The following table details information related to activity under the ATM Programs for each period presented (in thousands, except share and per share data):
Year Ended December 31,
2025 (1)
2024 (2)
2023 (3)
Shares of common stock issued
3,185,262 5,983,711 7,662,341 
Weighted-average price per share$16.47 $16.50 $17.22 
Gross proceeds$52,446 $98,731 $131,911 
Sales commissions and offering costs$884 $1,070 $1,638 
Net proceeds (4)
$51,562 $97,661 $130,274 
(1) Includes 2,450,246 shares of common stock that were physically settled at a weighted-average price of $16.47 per share under forward sale agreements.
(2) Includes 5,983,711 shares of common stock that were physically settled at a weighted-average price of $16.50 per share under forward sale agreements.
(3) Includes 1,516,289 shares of common stock that were physically settled at a weighted-average price of $16.49 per share under forward sale agreements.
(4) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Class A OP Units.
The following table presents information about the Company’s follow-on offerings (in thousands, except share data):

As of December 31, 2025
Follow-On OfferingShares SoldShares SettledShares UnsettledValue of Gross Proceeds of Unsettled Forward Equity
January 202411,040,0002,200,0008,840,000$159,120 
July 202512,420,0008,155,0534,264,947$75,490