Under the Omnibus Incentive Plan, 4,294,976 shares of common stock are reserved for issuance and, as of June 30, 2026, 3,120,916 shares of common stock were available for future issuance under the Omnibus Incentive Plan. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, LTIP Units (as defined below), dividend equivalent rights, and other share-based, share-related, or cash-based awards, including performance-based awards, to employees, directors, and consultants, with each grant evidenced by an award agreement providing the terms of the award. The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors.

As of June 30, 2026, the only stock-based compensation granted by the Company were RSUs and LTIP Units. The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was $1.8 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense was $3.4 million and $2.9 million for the six months ended June 30, 2026 and 2025, respectively. All awards of unvested RSUs and LTIP Units are expected to fully vest within the next five years.



	Restricted Stock Units						LTIP Units
	Service-Based			Performance			Service-Based			Performance
	Units	Weighted Average Grant Date Fair Value per Unit		Units	Weighted Average Grant Date Fair Value per Unit		Units	Weighted Average Grant Date Fair Value per Unit		Units(1)	Weighted Average Grant Date Fair Value per Unit
Unvested grants outstanding as of December 31, 2025	452,646	$	15.85	392,130	$	16.45	—	$	—	—	$	—
Granted during the period	112,480	19.85		—	—		125,559	19.85		121,691	20.74
Forfeited during the period	(2,413)	16.99		(17,609)	20.86		—	—		—	—
Vested during the period	(215,792)	16.23		(53,173)	21.81		—	—		—	—
Unvested grants outstanding as of June 30, 2026	346,921	$	16.90	321,348	$	15.32	125,559	$	19.85	121,691	$	20.74

(1) The number of Performance LTIP Units (as defined below) disclosed is based on the target level of awards being achieved, with the ultimate number earned subject to the achievement of specified performance metrics over a three-year performance period, ranging from 0% to 200% of target. The actual number of Performance LTIP Units issued on the grant date assumes maximum performance is achieved.

For the three months ended June 30, 2026 and 2025, the Company recognized $0.8 million and $0.9 million, respectively, in stock-based compensation expense associated with service-based RSUs. For each of the six months ended June 30, 2026 and 2025, the Company recognized $1.7 million in stock-based compensation expense associated with service-based RSUs. As of June 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $4.1 million and $3.9 million, respectively, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.9 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

Pursuant to the Omnibus Incentive Plan, the Company has made performance-based RSU grants to certain employees. These grants are subject to the participant’s continued service over a three-year period with 40% of the award based on the Company’s total shareholder return (“TSR”) as compared to the TSR of identified peer companies and 60% of the award based on total absolute TSR over the cumulative three-year period. The performance periods of these grants run through December 31, 2026 and December 31, 2027. Grant date fair value of the performance-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the performance period. Stock-based compensation expense associated with unvested performance-based share awards is recognized on a straight-line basis over the minimum required service period of three years.

For each of the three months ended June 30, 2026 and 2025, the Company recognized $0.5 million in stock-based compensation expense associated with performance-based RSUs. For each of the six months ended June 30, 2026 and 2025, the Company recognized $1.0 million in stock-based compensation expense associated with performance-based RSUs. As of June 30, 2026 and December 31, 2025, the remaining unamortized stock-based compensation expense totaled $1.8 million and $2.8 million, respectively, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 1.3 years.

On February 11, 2026, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership to, among other things, designate and set forth the terms of a new class of units of limited partnership interest in the Operating Partnership (the “LTIP Units”), including Basic LTIP Units, which have service-based vesting conditions (“Basic LTIP Units”), and Performance LTIP Units, which have performance-based vesting conditions (“Performance LTIP Units”). Each LTIP Unit awarded is deemed equivalent to an award of one share of stock under the Omnibus Incentive Plan, reducing the availability for other equity awards on a one-for-one basis. LTIP Units are automatically converted into OP Units upon satisfaction of the applicable vesting conditions, which are determined at the time of issuance. Following the second anniversary of the grant date of the applicable LTIP Unit, each OP Unit issued upon conversion of an LTIP Unit is redeemable for cash equal to the then-current market value of one share of the Company’s common stock or, at the election of the Company, one share of the Company’s common stock. From their applicable grant dates, unvested Basic LTIP Units are entitled to receive the same distributions as OP Units, and unvested Performance LTIP Units are entitled to receive 10% of distributions made on OP Units and catch-up distributions are made upon vesting.

For the three and six months ended June 30, 2026, the Company recognized $0.2 million and $0.3 million, respectively, in stock-based compensation expense associated with Basic LTIP Units. As of June 30, 2026, the remaining unamortized stock-based compensation expense totaled $2.2 million, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 2.6 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

Pursuant to the Omnibus Incentive Plan, the Company has granted Performance LTIP Units to the Company’s executives and senior management team. These grants are subject to the participant’s continued service over a three-year period with 40% of the award based on the Company’s growth rate of Adjusted FFO (“AFFO”) per diluted share over a three-year performance period, and 60% of the award based on the Company’s TSR as compared to the TSR of identified peer companies over the cumulative three-year period. The payout schedule can produce vesting percentages ranging from 0% to 200% of target. The actual number of Performance LTIP Units issued on the grant date assumes maximum performance is achieved. The performance period of these grants runs through December 31, 2028.

The grant date fair value of the AFFO component is the per share price of the Company’s stock on the date of grant. The grant date fair value of the TSR component was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the performance period. Significant inputs for the current period calculation were expected volatility of the Company of 22.4% and expected volatility of the Company’s peers, ranging from 17.6% to 38.8%, with an average volatility of 22.3%, and a risk-free interest rate of 3.5%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $21.34.

For the three and six months ended June 30, 2026, the Company recognized $0.2 million and $0.3 million, respectively, in stock-based compensation expense associated with Performance LTIP Units. As of June 30, 2026, the remaining unamortized stock-based compensation expense totaled $2.2 million, and as of June 30, 2026, these awards are expected to be recognized over a remaining weighted average period of 2.5 years. Stock-based compensation expense associated with unvested Performance LTIP Units is recognized on a straight-line basis over the minimum required service period of three years.

Under the Alignment of Interest Program (the “Program”), the Company allows employees to elect to receive a portion of their annual bonus in RSUs in the first quarter of the following year, that vest from one to four years based on the terms of the grant agreement. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award, which begins in the period the bonus relates to. The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period. The total estimated fair value of the elections made for 2026 under the Program was approximately $0.9 million as of June 30, 2026. The award will be remeasured to fair value each reporting period until the unvested RSUs are granted. For each of the three and six months ended June 30, 2026 and 2025, the Company recognized approximately $0.1 million of stock-based compensation expense associated with these awards. Previous awards under the Program that have been granted are included within service-based RSUs above.