The Company granted 321,704 shares of restricted stock with a weighted-average grant-date fair value of $77.32 per share and 343,014 shares of restricted stock with a weighted-average grant-date fair value of $60.25 per share during the six months ended June 30, 2025 and June 30, 2024, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.


	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Restricted stock (1)	$	5,455			4,662		$	10,898			9,302
Directors' fees paid in common stock and other employee stock grants		115			130			220			282
Capitalized stock-based compensation		(671	)		(446	)		(1,254	)		(880	)
Stock-based compensation, net of capitalization	$	4,899			4,346		$	9,864			8,704

(1)

In addition, during the three and six months ended June 30, 2024, the Company expensed $1.9 million and $3.8 million, respectively, within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of Urstadt Biddle Properties ("UBP").