v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of stock sale activity
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.
Forward Equity Offering Activity
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.
Schedule of activity related to unvested restricted stock awards
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.
Schedule of fair value at vesting date for awards vesting during the period
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 
The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2024, 2023 and 2022.
Performance UnitsAssumptions
Grant dateJanuary 8, 2024March 31, 2023January 11, 2023January 10, 2022
Expected stock price volatility24.5 %25.4 %37.4 %34.1 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.1130 %3.8725 %3.9060 %1.1979 %
Fair value of performance units grant (in thousands)$6,502 $609 $4,517 $6,289 
Schedule of Forward Contracts Indexed to Issuer's Equity
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.