Equity (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Share-based Compensation, Activity

During the three months ended March 31, 2025 and 2024, the Company granted common shares to certain employees as follows:


	Three Months Ended March 31,
	2025		2024
Performance Shares (1)
Shares granted:
Index - 1Q	643,450		489,182
Peer 1Q	643,445		489,177
Grant date fair value per share: (2)
Index - 1Q	$	4.95	$	6.01
Peer - 1Q	$	4.71	$	5.68

Non-Vested Common Shares: (3)
Shares issued	561,230		442,100
Grand date fair value	$	4,495	$	4,249

(1) The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of peer companies. Dividends are not paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During the three months ended March 31, 2025, no performance shares of the 565,435 issued in 2022 vested.

(2) The fair value of awards granted was determined at the grant date using a Monte Carlo simulation model.

(3) The shares vest ratably over a three-year service period, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria.

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows:


	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	6,136	$	9,483
Other comprehensive income before reclassifications	(1,841)		1,862
Amounts of (income) reclassified from accumulated other comprehensive income to interest expense	(1,369)		(2,922)
Balance at end of period	$	2,926	$	8,423