v3.25.4
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of fair value at vesting date for awards vesting during the period
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2025, 2024 and 2023.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202520242023
Vested restricted shares of common stock51,185 62,123 68,625 
Fair value of vested restricted shares of common stock (in thousands)$1,731 $2,438 $2,217 
The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2025, 2024 and 2023.
Performance UnitsAssumptions
Grant dateJanuary 7, 2025January 8, 2024March 31, 2023January 11, 2023
Expected stock price volatility24.6 %24.5 %25.4 %37.4 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.3294 %4.1130 %3.8725 %3.9060 %
Fair value of performance units grant (in thousands)$6,858 $6,502 $609 $4,517 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2025, 2024, and 2023.
Settlement of Performance Units in LTIP Units or Shares of Common Stock2023 Performance Units2022 Performance Units2021 Performance Units
Measuring period conclusion date December 31, 2025December 31, 2024December 31, 2023
Issuance dateJanuary 8, 2026January 7, 2025January 8, 2024
Vested LTIP units 212,617126,333257,282
Vested shares of common stock3,7128,24649,106
Shares of common stock repurchased and retired 1,304 7514,716
Summary of Equity Compensation Expense
The following table summarizes the amounts recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Non-Cash Compensation Expense (in thousands)2025    20242023
Restricted shares of common stock$1,458   $1,752 $1,936 
LTIP units4,333 3,635 4,194 
Performance units6,127 5,585 4,754 
Director compensation(1)
786 755 583 
Total non-cash compensation expense$12,704  $11,727 $11,467 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2025, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date.