The Company maintains a stock incentive plan which is administered by the Compensation Committee of the Board of Directors in which officers, certain employees and the Company's independent directors are eligible to participate (the "Stock Incentive Plan"). Among other forms of allowed awards, awards made under the Stock Incentive Plan during the three years ended December 31, 2025 have been in the form of restricted stock awards, restricted stock unit awards, performance share awards and RLP Units (as defined in Note 6). Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2025, awards covering 3.1 million shares of common stock were available to be granted under the Stock Incentive Plan. Under the Stock Incentive Plan, each RLP Unit counts as one share of common stock for purposes of calculating the limit on shares that may be issued.

During the years ended December 31, 2025, 2024 and 2023, the Company granted 37,435, 46,947 and 44,821 performance units ("Performance Units"), respectively, to certain employees. In addition, the Company granted 376,089, 263,159 and 280,083 RLP Units, respectively, for the years ended December 31, 2025, 2024 and 2023, with the same performance-based criteria as the Performance Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for awards issued in 2025 is three years and compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. The participant is also entitled to dividend equivalents for shares or RLP Units issued pursuant to vested Performance Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested Performance Units.

The Performance Awards issued for the years ended December 31, 2025, 2024 and 2023, had fair value of $11,744, $9,281 and $8,948, respectively. The fair values were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Expected dividend yield	2.99	%	2.42	%	2.46	%
Expected volatility - range used	21.36% - 22.81%		23.41% - 24.52%		27.09% - 32.03%
Expected volatility - weighted average	22.01	%	23.79	%	29.42	%
Risk-free interest rate	4.38% - 4.49%		4.20% - 5.24%		4.23% - 4.78%


	Performance Units	Weighted Average Grant Date Fair Value		Performance RLP Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	120,041	$	29.05	749,586	$	29.00
Issued	37,435	$	28.59	376,089	$	28.38
Forfeited	(14,568)	$	29.74	(91,156)	$	29.74
Vested	(18,745)	$	29.74	(117,298)	$	29.74
Outstanding at December 31, 2025	124,163	$	28.73	917,221	$	28.58

During the years ended December 31, 2025, 2024 and 2023, the Company awarded 53,126, 61,168 and 56,236 of restricted stock units ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 2025, 2024 and 2023, the Company awarded 123,698, 102,548 and 98,342 RLP Units, respectively, ("Service RLP Units" and, together with the Service Units, collectively the "Service Awards") to certain employees and outside directors. The Service Awards granted to employees were based on the prior achievement of certain corporate performance goals and generally vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after one year. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock. The Operating Partnership issues restricted Unit awards to the Company in the same amount for the restricted stock units.

The Service Awards issued for the years ended December 31, 2025, 2024 and 2023 had fair value of $8,863, $8,408 and $7,948, respectively. The fair value is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. Service Award transactions for the year ended December 31, 2025 are summarized as follows:


	Service Units	Weighted Average Grant Date Fair Value		Service RLP Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	120,525	$	53.09	178,165	$	52.02
Issued	53,126	$	53.46	123,698	$	48.69
Forfeited	—	$	—	—	$	—
Vested	(71,545)	$	53.49	(91,103)	$	52.45
Outstanding at December 31, 2025	102,106	$	53.00	210,760	$	49.88

For the years ended December 31, 2025, 2024 and 2023, we recognized $20,297, $20,085 and $16,673, respectively, in compensation expense related to Performance Awards and Service Awards. Performance Award and Service Award compensation expense capitalized in connection with development activities was $2,919, $2,599 and $3,014 for the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, we had $7,695 in unrecognized compensation related to unvested Performance Awards and Service Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.82 years.

All award agreements for Performance Awards and Service Awards contain a retirement eligibility policy for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, we recognized 100% of the expenses for awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the eligibility requirements during the normal vesting period, the grants are amortized over the shorter service period. Additionally, our Chief Executive Officer's former employment agreement contained a retirement provision, which provided for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the years ended December 31, 2024 and 2023 were amortized over one year and two years, respectively, as opposed to the three-year vesting period.

Under the Company's 401(k) Plan, all eligible employees may participate by making voluntary contributions, and we may make, but are not required to make, matching contributions. For the years ended December 31, 2025, 2024 and 2023, total expense related to matching contributions was $1,478, $1,428 and $1,382, respectively.