Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Information about RSUs and LTIP Units |
The following table presents information about the Company’s RSUs and LTIP Units during the six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock Units | | LTIP Units | | | Units | | Wtd. Avg. Grant Date Fair Value | | Units | | Wtd. Avg. Grant Date Fair Value | | Unvested, January 1, 2024 | | 743,853 | | | $ | 32.56 | | | — | | | $ | — | | | Granted | | 527,686 | | | 33.05 | | | — | | | — | | | Vested | | (319,738) | | | 32.54 | | | — | | | — | | | Forfeited | | — | | | — | | | — | | | — | | | Unvested, June 30, 2024 | | 951,801 | | | $ | 32.84 | | | — | | | $ | — | | | | | | | | | | | | Unvested, January 1, 2025 | | 953,401 | | | $ | 32.87 | | | — | | | $ | — | | | Granted | | 355,875 | | | 34.25 | | | 221,983 | | | 38.39 | | | Vested | | (464,287) | | | 32.86 | | | — | | | — | | | Forfeited | | (7,803) | | | 28.57 | | | — | | | — | | | Unvested, June 30, 2025 | | 837,186 | | | $ | 33.50 | | | 221,983 | | | $ | 38.39 | |
The following table presents information about the Company’s RSUs and LTIP Units for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Compensation cost recognized in general and administrative expense | | $ | 3,496 | | | $ | 2,642 | | | $ | 7,464 | | | $ | 5,587 | | | Dividend equivalents and distributions declared and charged directly to distributions in excess of cumulative earnings | | 229 | | | 118 | | | 455 | | | 234 | | | Fair value of units vested during the period | | 616 | | | 591 | | | 15,255 | | | 10,404 | |
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| Schedule of Performance-Based RSU and LTIP Unit Grants at Target |
The following table summarizes the Company’s performance-based RSU and LTIP Unit grants at target during the relevant periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Performance-based RSU grants | | 6,840 | | | 149,936 | | | 147,587 | | | 149,699 | | | 126,353 | | | Performance-based LTIP Unit grants | | 133,191 | | | — | | | — | | | — | | | — | | | Total performance-based grants | | 140,031 | | | 149,936 | | | 147,587 | | | 149,699 | | | 126,353 | |
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| Schedule of Grant Date Fair Value of the TSR RSUs and LTIP Units |
The grant date fair values of the TSR RSUs and LTIP Units were measured using a Monte Carlo simulation model based on the following assumptions: | | | | | | | | | | | | | | | | | | | Grant Year | | | 2025 | | 2024 | | | | Volatility | | 24% | | 24% | | | | Risk free rate | | 4.50% | | 4.46% | | |
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| Schedule of Service-Based Vesting RSU and LTIP Unit Grants |
The following table summarizes the Company’s service-based vesting RSU and LTIP Unit grants during the relevant periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | RSU grants | | 92,434 | | | 179,187 | | | 210,406 | | | 199,793 | | | 135,686 | | | LTIP Unit grants | | 88,792 | | | — | | | — | | | — | | | — | | | Total grants | | 181,226 | | | 179,187 | | | 210,406 | | | 199,793 | | | 135,686 | |
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| Schedule of Unrecognized Compensation Cost |
The following table presents information about the Company’s RSUs and LTIP Units as of the dates presented: | | | | | | | | | | | | | | | | (Dollars in thousands) | | June 30, 2025 | | December 31, 2024 | | Total unrecognized compensation cost | | $ | 20,636 | | | $ | 13,955 | | | Weighted average period over which compensation cost will be recognized (in years) | | 2.3 | | 2.1 |
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