Shareholders' Equity of the Company

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Shareholders' Equity of the Company

Shareholders’ Equity of the Company

Dividend Declaration

In July 2025, the Company's Board of Directors (the “Board”) declared a $0.2925 cash dividend per common share payable on August 15, 2025 to each shareholder of record on July 31, 2025, and in its capacity as General Partner of the Operating Partnership, authorized a $0.2925 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

At-the-Market Offering

Under our at-the-market stock offering (“ATM Offering”) program, we may offer and sell our common shares, $0.01 par value per share, having an aggregate gross sales price of up to $400 million. The ATM Offering includes forward sales capability detailed in the “Forward Sale Agreements” section below. We may sell the common shares in amounts and at times to be determined by us but we have no obligation to sell any of the common shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the common shares, capital needs and determinations by us of the appropriate sources of its funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering Program for working capital and general corporate expenses. As of September 30, 2025, we had approximately $400.0 million remaining available for sales of shares under the ATM Offering program.

There were no sales of our common shares during the nine months ended September 30, 2025. During the third quarter of 2025, we settled all of the previously sold forward shares that were sold during 2024, as discussed in the Forward Sale Agreements section below. For the three and nine months ended September 30, 2024, we sold 818,943 shares under the ATM Offering Program at an average share price of $30.53 for total gross proceeds of $25.0 million. In the fourth quarter of 2024, we also sold 2.6 million shares at an average price of $35.57 for total gross proceeds of $90.9 million and 1.9 million shares subject to forward sale agreements at an initial forward sale price of $36.40 for estimated aggregate gross value of $69.7 million as outlined below.

Forward Sale Agreements

During the fourth quarter of 2024, we sold an aggregate of 1.9 million shares under the ATM Offering program which were subject to forward sale agreements, for an estimated aggregate gross value of $69.7 million based on the initial forward sale price of $36.40 with respect to each forward sale agreement. In September 2025, we settled all of these shares for total proceeds of $69.3 million. A portion of the proceeds were used to fund the acquisition of the Legends Outlets in Kansas City, Kansas.

Share Repurchase Program

In May 2025, the Board authorized the repurchase of up to $200.0 million of the Company’s outstanding common shares, replacing the previously authorized share repurchase program to repurchase up to $100.0 million of the Company's outstanding common shares that expired May 31, 2025. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring common shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18 of the Exchange Act. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its common shares under this authorization. The Company did not repurchase any common shares in both the three and nine months ended September 30, 2025 and September 30, 2024. The remaining amount of common shares authorized to be repurchased under the share repurchase program as of September 30, 2025 was approximately $200.0 million.