filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We made the following share repurchases during the three months ended March 31, 2026:
| Period | Total Number of Shares Repurchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (2) | ||||||||||
| January 1, 2026 - January 31, 2026 | 1,096,807 | $ | 110.03 | 1,096,807 | $ | — | ||||||||
| February 1, 2026 - February 28, 2026 | 754,901 | 108.40 | 754,901 | 518,170,850 | ||||||||||
| March 1, 2026 - March 31, 2026 | 781,322 | 97.62 | 781,322 | 441,900,078 | ||||||||||
| Total | 2,633,030 | 2,633,030 |
(1) Average Price Paid Per Share excludes cash paid for commissions.
(2) We had a share repurchase plan approved by our Board of Trust Managers in October 2022, which allowed for the repurchase of up to $500.0 million of our common equity securities. In February 2026, the October 2022 share repurchase plan was terminated and replaced by a new share repurchase plan approved by our Board of Director, which allows for the repurchase of up to $600.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. The repurchase plan does not specify an expiration date. In April 2026, we repurchased 1,429,136 common shares at an average price of $100.78 per share for approximately $144.1 million. As of the date of this filing, $297.8 million remained available for repurchases under our share repurchase plan.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable.
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