v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table.
In addition, $0.5 million and $1.1 million share-based compensation cost was capitalized as real estate facilities for the three and six months ended June 30, 2025, respectively, as compared to $1.2 million and $1.8 million for the same periods of 2024, respectively.
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
 (Amounts in thousands)
Self-storage cost of operations$2,965 $3,065 $6,096 $6,310 
Ancillary cost of operations338 250 673 626 
Real estate acquisition and development expense259 740 1,113 1,428 
General and administrative7,059 6,772 13,022 12,810 
Total$10,621 $10,827 $20,904 $21,174 
Schedule of Restricted Share Units and LTIP Units Activity
Below is a summary of award activity issued in the form of RSUs and LTIP units for the six months ended June 30, 2025.
Service-BasedPerformance-Based (a)Total
Unvested awards outstanding January 1, 2025
257,874 128,057 385,931 
Granted (b)1,822 36,802 38,624 
Vested (c)(35,996)(26,394)(62,390)
Forfeited(11,986)— (11,986)
Unvested awards outstanding June 30, 2025
211,714 138,465 350,179 
Schedule of Stock Options and AO LTIP Units Activity
Below is a summary of award activity issued in the form of stock options and AO LTIP units for the six months ended June 30, 2025.
Service-BasedPerformance-Based (a)Total
Awards outstanding January 1, 2025
1,347,866 1,202,599 2,550,465 
Granted (b)96,994 61,388 158,382 
Exercised or converted (c)(223,705)(26,874)(250,579)
Cancelled(6,884)— (6,884)
Awards outstanding June 30, 2025
1,214,271 1,237,113 2,451,384 
Awards exercisable or convertible at June 30, 2025
1,039,378 881,215 1,920,593 

(a)Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.
(b)During the six months ended June 30, 2025, 93,817 of service-based AO LTIP units, 61,388 of performance-based AO LTIP units (at target), and 3,177 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO LTIP units is dependent upon meeting certain market conditions over a three-year period from March 5, 2025 through March 4, 2028, with continued service-based vesting through the first quarter of 2030. These performance-based AO LTIP units require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 122,776 AO LTIP units.
(c)33,703 common shares were issued upon the exercise of stock options. 66,936 vested LTIP units were issued upon conversion of 216,876 AO LTIP units in the six months ended June 30, 2025