Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Equity

Equity

As of September 30, 2025 and December 31, 2024, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock.

During the nine months ended September 30, 2025, the Company:

i.issued 8,759 shares of common stock in connection with stock options exercised;

ii.issued 2,721 shares of common stock through the Company's dividend reinvestment plan;

iii.issued 182,815 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock;

iv.issued 9,126 shares of common stock through the Employee Stock Purchase Plan;

v.withheld 73,652 shares of common stock to satisfy employees' tax withholding and other liabilities;

vi.canceled 2,681 shares of restricted common stock upon forfeiture; and

vii.purchased 786,797 shares of common stock through the 2020 Stock Repurchase Program.

Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "Plan") does not impact the Company's Condensed Consolidated Financial Statements until recognized as compensation cost.

The Company has a continuous equity program (the "CEP") under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. During 2024, the Company entered into forward contracts under the CEP to sell 367,113 shares of common stock for approximate proceeds, net of fees, of $80,687,000, based on the gross weighted average price of $223.27 per share, with settlement of the forward contracts expected to occur on one or more dates not later than December 31, 2025. The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for dividends and a daily interest factor. During the three and nine months ended September 30, 2025, the Company had no sales under the CEP. As of September 30, 2025, the Company had $623,997,000 remaining authorized for issuance under the program, after consideration of the forward contracts.

In addition to the CEP, during the three months ended September 30, 2024, the Company entered into forward contracts to sell 3,680,000 shares of common stock at a discount to the closing price of $226.52 per share for approximate net proceeds of $808,606,000 (the "September 2024 Equity Offering"). The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for dividends and a daily interest factor. During the three months ended September 30, 2025, the Company amended each of the forward contracts related to the September 2024 Equity Offering to extend the settlement of the forward contracts to a date no later than December 31, 2026.

As of September 30, 2025, the Company had a stock repurchase program under which the Company was authorized to acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "2020 Stock Repurchase Program"). During the three months ended September 30, 2025, the Company repurchased 786,797 shares of common stock at an average price of $192.99 per share, including fees, for a total of $151,846,000. As of September 30, 2025, the Company had $162,407,000 remaining authorized for purchase under this program. See Note 12, "Subsequent Events," for further discussion of equity activity subsequent to September 30, 2025.