v3.25.1
Noncontrolling Interest (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling interest activity
The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the three months ended March 31, 2025.

Noncontrolling InterestLTIP UnitsOther Common UnitsTotal Noncontrolling Common UnitsNoncontrolling Interest
Balance at December 31, 20242,307,662 1,464,718 3,772,380 2.0 %
Granted/Issued280,334 — 280,334 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(53,360)53,360 — N/A
Redemptions from Other Common Units to common stock— (53,360)(53,360)N/A
Balance at March 31, 20252,534,636 1,464,718 3,999,354 2.1 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2025 (excluding the LTIP units granted pursuant to the 2022 performance units discussed in Note 8).
LTIP Units
Grant dateJanuary 7, 2025
Expected term (years)10
Expected stock price volatility25.0 %
Expected dividend yield4.0 %
Risk-free interest rate4.33 %
Fair value of LTIP units at issuance (in thousands)$4,848 
LTIP units at issuance154,001 
Fair value unit price per LTIP unit at issuance$31.48 
Schedule of activity related to unvested LTIP unit awards
The following table summarizes activity related to the Company’s unvested LTIP units during the three months ended March 31, 2025.

Unvested LTIP UnitsLTIP UnitsWeighted Average Grant Date Fair Value per Unit
Balance at December 31, 2024182,382 $36.10 
Granted280,334 $31.48 
Vested(192,086)$32.81 
Forfeited— $— 
Balance at March 31, 2025270,630 $33.65