Equity and Capital

6 Months Ended

Jun. 30, 2026

Equity And Capital [Abstract]

Equity and Capital

9. Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:

	Preferred Stock Outstanding as of June 30, 2026 and December 31, 2025
	Date of Issuance (1)	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On demand
			9,000,000	$	225,000,000

(1)Issued in connection with the August 18, 2023 merger at terms consistent with their original issuance.

Except under certain limited conditions, each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of common stock.

Common Stock of the Parent Company

At the Market ("ATM") Program

Under the Parent Company's ATM Program, as reauthorized by the Board in February 2026, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.

As of June 30, 2026, $500 million of common stock remained available for issuance under this ATM Program.

Stock Repurchase Program

On February 4, 2026, the Board authorized a common stock repurchase program under which the Company may purchase up to $500 million of its outstanding common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Repurchase Program expires on February 28, 2029, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.

During the six months ended June 30, 2026, the Company made no repurchases under the Repurchase Program and $500 million remained available under the Repurchase Program.

Preferred Units of the Operating Partnership

The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.

Common Units of the Operating Partnership

Common Units are issued, redeemed, or retired on a one-for-one basis with shares of the Parent Company’s common stock, as described above.

Dividends Declared

The following table provides a summary of dividends declared per share for the periods presented:

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Common Stock	$	0.755000	$	0.705000	$	1.510000	$	1.410000
Series A Preferred Stock	$	0.390625	$	0.390625	$	0.781250	$	0.781250
Series B Preferred Stock	$	0.367200	$	0.367200	$	0.734400	$	0.734400