v3.25.4
Incentive Award Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule Of Share Based Payment Award, Equity Instruments Other Than Options, Fair Value Assumptions And Grant Date Fair Value
The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP Award:
LTIP Award
2025 2024 2023
Grant date
December 19, 2025March 6, 2025November 16, 2024December 21, 2023
Grant date closing share price of common stock
$41.17 $40.74 $42.01 $55.59 
Discount for post-vesting restrictions and book-up events12.0 %12.0 %7.0 %6.9 %
Number of units granted
94,217 6,134 226,729 171,341 
Grant date fair value (in thousands)$3,413 $220 $8,858 $8,867 
Schedule of LTIP Unit Activity
The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2025, 2024 and 2023:
 Number of Unvested LTIP UnitsWeighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2022313,051 $54.84 
Granted236,046 $53.26 
Vested(180,192)$54.10 
Balance at December 31, 2023368,905 $54.19 
Granted275,571 $41.51 
Vested(192,817)$54.88 
Balance at December 31, 2024451,659 $46.16 
Granted269,949 $37.72 
Vested(396,213)$44.34 
Balance at December 31, 2025325,395 $41.37 
Schedule Of Share Based Payment Award, Performance Awards, Fair Value Assumptions And Grant Date Fair Value
The following table summarizes the fair valuation assumptions and the grant date fair value of each annual Performance Award:
Performance Award
2025 2024 2023
Performance Award Summary
Grant date
December 19, 2025November 16, 2024December 21, 2023
Number of units granted
406,460 903,897 701,025 
Grant date fair value (in thousands)$7,854 $15,164 $16,538 
Market Conditions: Monte Carlo Simulation Pricing Model Assumptions
Expected share price volatility for the Company27.0 %28.0 %27.0 %
Expected share price volatility for peer group companies - low end of range(1)
18.0 %15.0 %16.0 %
Expected share price volatility for peer group companies - high end of range(1)
100.0 %100.0 %100.0 %
Expected dividend yield3.60 %2.90 %2.20 %
Risk-free interest rate3.53 %4.25 %4.13 %
Performance Condition: Assumptions
Grant date closing share price of common stock
n/a$42.01 $55.59 
Grant date estimated level of achievement of FFO Performance Condition
n/aTargetTarget
(1)For 2025, the award used two sets of peer group companies for which the median expected share price volatilities were 26.0% and 26.5% and average expected share price volatilities were 32.0% and 31.4%, respectively. For 2024 and 2023, the median expected share price volatility for the peer group companies was 29.0% in each year, and the average expected share price volatilities were 34.1% and 34.0%, respectively.
Schedule of Unvested Restricted Stock Activity
The following table sets forth our unvested restricted stock activity for the years ended December 31, 2025, 2024 and 2023:
 Number of Unvested Shares of Restricted Common StockWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2022274,416 $56.92 
Granted205,526 $58.93 
Forfeited(21,532)$62.84 
Vested(1)(2)
(109,970)$52.69 
Balance at December 31, 2023348,440 $59.07 
Granted248,927 $53.55 
Forfeited(49,099)$58.55 
Vested(1)(2)
(132,145)$56.47 
Balance at December 31, 2024416,123 $56.64 
Granted(3)
1,452,591 $39.96 
Forfeited(100,368)$51.64 
Vested(1)(2)
(145,269)$55.51 
Balance at December 31, 20251,623,077 $42.12 
(1)The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $5.7 million, $6.7 million and $6.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Total shares vested include 45,558, 41,649 and 32,507 shares of common stock that were tendered by employees during the years ended December 31, 2025, 2024 and 2023, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.
(3)Includes 1,120,812 shares of restricted stock, with a grant date fair value of $40.31 per share, granted to two executive officers in connection with transition and separation arrangements, as further described below.
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):
 Year Ended December 31,
2025 2024 2023
Expensed share-based compensation(1)
$100,480 $41,602 $33,638 
Capitalized share-based compensation(2)
1,691 1,355 1,017 
Total share-based compensation$102,171 $42,957 $34,655 
(1)Amounts expensed are included in “General and administrative,” “Property expenses” and “Other expenses” in the accompanying consolidated statements of operations.
(2)Amounts capitalized relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets.