v3.26.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Preferred Shares
At September 30, 2026 and December 31, 2025, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

At September 30, 2026At December 31, 2025
SeriesEarliest Redemption DateDividend RateShares OutstandingCarrying
Amount		Shares OutstandingCarrying
Amount
(Dollar amounts in thousands)
Series F6/2/20225.150 %11,200 $280,000 11,200 $280,000 
Series G8/9/20225.050 %12,000 300,000 12,000 300,000 
Series H3/11/20245.600 %11,400 285,000 11,400 285,000 
Series I9/12/20244.875 %12,650 316,250 12,650 316,250 
Series J11/15/20244.700 %10,350 258,750 10,350 258,750 
Series K12/20/20244.750 %9,200 230,000 9,200 230,000 
Series L6/17/20254.625 %22,600 565,000 22,600 565,000 
Series M8/14/20254.125 %9,200 230,000 9,200 230,000 
Series N10/6/20253.875 %11,300 282,500 11,300 282,500 
Series O11/17/20253.900 %6,800 170,000 6,800 170,000 
Series P6/16/20264.000 %24,150 603,750 24,150 603,750 
Series Q8/17/20263.950 %5,750 143,750 5,750 143,750 
Series R11/19/20264.000 %17,400 435,000 17,400 435,000 
Series S1/13/20274.100 %10,000 250,000 10,000 250,000 
Series T7/22/20266.000 %9,570 216,272 — — 
Series U9/15/20436.000 %5,668 153,606 — — 
Total Preferred Shares189,238 $4,719,878 174,000 $4,350,000 
The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At September 30, 2026, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares.
Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share (or $25.00 per share in the case of Series T preferred shares and Series U preferred shares), plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares.
Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. During the nine months ended September 30, 2026, in connection with the acquisition of NSA, we issued the Series T preferred shares and Series U preferred shares to former holders of NSA Series A and B Preferred Shares in exchange for their NSA Series A and B Preferred Shares. See Note 3 Acquisitions for more details on the NSA Acquisition.
At-the-Market (“ATM”) Program
In 2024, we entered into an ATM program under which, we may offer and sell up to an aggregate gross sales price of $2.0 billion of the Company’s common shares either (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers. As of September 30, 2026, we have sold 1,230,141 common shares subject to forward sale confirmations which have not yet settled, at a weighted average initial gross price of $326.51 per share. We currently expect to fully settle forward sale agreements outstanding by December 10, 2027, representing $399.2 million in net proceeds. As of September 30, 2026, we had approximately $1.5 billion remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.
Dividends and Distributions
On August 4, 2026, our Board declared dividends and distributions of $3.00 per common share to common shareholders, restricted share unitholders, deferred share unitholders, and vested and unvested LTIP unitholders, totaling approximately $561.0 million. The payments for the common share dividend and other distributions related to equity awards were made on October 6, 2026.
On August 4, 2026, our Board declared dividends and distributions with respect to our various series of preferred shares, totaling approximately $54.4 million. The dividend payments were made on September 30, 2026.