6 unchanged sentences
Holders of shares of common stock are entitled to receive distributions when declared by our board of directors out of any assets legally available for that purpose.
−Removed: As a REIT, we are required to distribute at least 90% of our “REIT taxable income,” which is generally equivalent to our net taxable ordinary income, determined without regard to the deduction for dividends paid to our stockholders, annually in order to maintain our REIT qualification for U.S.
+Added: As a REIT, we are required to distribute annually at least 90% of our “REIT taxable income,” which is generally equivalent to our net taxable ordinary income, determined without regard to the deduction for dividends paid to our stockholders, in order to maintain our REIT qualification for U.S.
federal income tax purposes.
3 unchanged sentences
In November 2023, our board of directors authorized a three-year share repurchase program allowing the repurchase of shares with an aggregate value up to $500.0 million.
−Removed: During the year ended December 31, 2024, no shares were repurchased.
+Added: During the year ended December 31, 2025, 1,158,244 shares were repurchased at an average price of $129.10 per share, paying a total of $149.5 million.
+Added: The following table presents our share repurchases made pursuant to our share repurchase program for the three months ended December 31, 2025:
+Added: Total Number of Shares Purchased (1)
+Added: Average Price per Share Total Number of Shares Purchased as Part of a Publicly Announced Program (1)
+Added: Approximate Dollar Value That May Yet Be Purchased Under the Program (in millions)
+Added: October 1 - 31, 2025 — $ — — $ 491.4
+Added: November 1 - 30, 2025 401,971 $ 129.34 401,971 $ 439.4
+Added: December 1 - 31, 2025 687,688 $ 129.30 687,688 $ 350.5
+Added: Total 1,089,659 $ 129.32 1,089,659
+Added: (1) In November 2023, our board of directors authorized a three-year share repurchase program allowing the repurchase of shares with an aggregate value up to $500.0 million of our common stock.
+Added: Purchases are made at management’s discretion based on market conditions and financial resources.
As of December 31, 2025, we had remaining authorization to repurchase shares with an aggregate value up to $350.5 million.
Unregistered Sales of Equity Securities
−Removed: All unregistered sales of equity securities during the year ended December 31, 2024 have previously been disclosed in filings with the SEC.
+Added: On February 18, 2025, we issued 37,886 common Operating Partnership units (“OP Units”) at an average price of $155.15 per unit (a total value of $5.9 million) in connection with the acquisition of one store.
+Added: On October 28, 2025, we issued 83,641 common OP Units at an average price of $150.53 per unit (a total value of $12.6 million) in connection with the acquisition of six stores.
+Added: On November 12, 2025, we issued 9,500 common OP Units at an average price of $133.44 per unit (a total value of $1.3 million) in connection with the acquisition of one store.
+Added: The OP Units were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
+Added: The terms of the OP Units are governed by the Operating Partnership’s Fourth Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”).
+Added: The OP Units will be redeemable, at the option of the holders following the expiration of a lock-up period of at least one year from the date of issuance.
+Added: The redemption obligation may be satisfied, at the Company’s option, in cash or shares of the Company’s common stock.
+Added: If the Company chooses to satisfy its redemption obligation with respect to the OP Units in its common stock, each OP Unit would receive one share of common stock, subject to adjustment pursuant to the Partnership Agreement.
Selected Financial Data
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.