v3.25.4
Equity Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Information about RSAs and RSUs Units
The following table presents information about the Company's RSAs, RSUs and LTIP Units during the years ended December 31, 2025, 2024 and 2023:
Restricted Stock Awards
Restricted Stock UnitsLTIP Units
SharesWtd. Avg. Grant Date Fair ValueUnitsWtd. Avg. Grant Date Fair ValueSharesWtd. Avg. Grant Date Fair Value
Unvested, January 1, 20239,039 $14.12 817,380 $30.26 — $— 
Granted— — 457,859 31.39 — — 
Vested(9,039)14.12 (436,967)26.98 — — 
Forfeited— — (94,419)32.79 — — 
Unvested, December 31, 2023— $— 743,853 $32.56 — $— 
Unvested, January 1, 2024— $— 743,853 $32.56 — $— 
Granted— — 532,311 33.05 — — 
Vested— — (322,372)32.46 — — 
Forfeited— — (391)24.86 — — 
Unvested, December 31, 2024— $— 953,401 $32.87 — $— 
Unvested, January 1, 2025— $— 953,401 $32.87 — $— 
Granted— — 366,333 34.15 221,983 38.39 
Vested— — (473,543)32.72 — — 
Forfeited— — (56,978)32.30 (32,573)38.39 
Unvested, December 31, 2025— $— 789,213 $33.59 189,410 $38.39 
The following table presents information about the Company's RSAs for the periods presented: 
Year ended December 31,
(in thousands)202520242023
Compensation cost recognized in general and administrative expense$— $— $2 
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings— — — 
Fair value of shares vested during the period— — 128 
The following table presents information about the Company's RSUs and LTIP Units for the periods presented:
Year ended December 31,
(in thousands)202520242023
Compensation cost recognized in general and administrative expense$14,438 $10,829 $9,002 
Dividend equivalents and distributions declared and charged directly to distributions in excess of cumulative earnings893 472 407 
Fair value of units vested during the period15,497 10,465 11,791 
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:
202520242023202220212020
Performance-based RSU grants6,840 149,936 147,587 149,699 126,353 84,684 
Performance-based LTIP Unit grants133,191 — — — — — 
Total performance-based grants140,031 149,936 147,587 149,699 126,353 84,684 
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
202520242023
Volatility
24%
24%
37%
Risk free rate
4.50%
4.46%
4.36%
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:
202520242023202220212020
RSU grants102,892 179,187 210,406 199,793 135,686 184,760 
LTIP Unit grants88,792 — — — — — 
Total grants191,684 179,187 210,406 199,793 135,686 184,760 
Schedule of Unrecognized Compensation Cost
The following table presents information about the Company's RSUs and LTIP Units as of the dates presented:
December 31,
(Dollars in thousands)20252024
Total unrecognized compensation cost$12,382 $13,955 
Weighted average period over which compensation cost will be recognized (in years)2.02.1