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Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock

The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.

The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2024.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Available as of December 31, 2024 (in thousands)
2022 $750 million ATMFebruary 17, 2022$750,000 $510,513 

The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the year ended December 31, 2024, except for the shares sold on a forward basis, as discussed below.

Year ended December 31, 2023
ATM Common Stock Offering ProgramShares
Sold		Weighted Average Price Per ShareNet Proceeds (in thousands)
2022 $750 million ATM(1)
249,016 $35.55 $8,765 
Total/weighted average249,016 $35.55 $8,765 
(1)Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below.
The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and settled during the years ended December 31, 2024, 2023, and 2022. The Company initially does not receive any proceeds from the sales of such shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates.

Forward Sale AgreementsShares
Gross Sales Proceeds
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share(2)
Forward Sale Agreements Outstanding at December 31, 20211,200,000 $50,243 
Forward sale agreements settled(3)
(1,200,000)(50,243)$41.39 
Forward Sale Agreements Outstanding at December 31, 2022— — 
New forward sale agreements2,817,993 103,483 $36.72 $36.36 $0.36 
Forward sale agreements settled(3)
(1,717,993)(61,683)$35.60 
Forward Sale Agreements Outstanding at December 31, 20231,100,000 41,800 
New forward sale agreements3,208,008 127,150 $39.64 $39.23 $0.41 
Forward sale agreements settled(3)
(4,308,008)(168,950)$38.93 
Forward Sale Agreements Outstanding at December 31, 2024— $— 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
(2)Reflects amount the Company received per share upon settlement of the forward sale. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent.
(3)The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $167.7 million, $61.2 million, and $49.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

Restricted Stock-Based Compensation

Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2024, 2023, and 2022, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2025, 2024, and 2023, respectively. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period.
The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2024, 2023 and 2022.

Unvested Restricted Shares of Common Stock Shares    
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2021185,715 $28.86 
Granted58,580 $44.19 
Vested(1)
(73,556)$28.03 
Forfeited(14,036)$36.16 
Balance at December 31, 2022156,703 $34.32 
Granted55,954 $34.73 
Vested(1)
(68,625)$31.71 
Forfeited— $— 
Balance at December 31, 2023144,032 $35.73 
Granted41,911 $38.92 
Vested(1)
(62,123)$34.65 
Forfeited(5,153)$38.58 
Balance at December 31, 2024118,667 $37.30 
(1)The Company repurchased and retired 22,001, 24,210, and 25,836 restricted shares of common stock that vested during the years ended December 31, 2024, 2023, and 2022, respectively.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2024 was approximately $2.4 million and is expected to be recognized over a weighted average period of approximately 2.2 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2024, 2023 and 2022.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202420232022
Vested restricted shares of common stock62,123 68,625 73,556 
Fair value of vested restricted shares of common stock (in thousands)$2,438 $2,217 $3,528