v3.26.1
Incentive Award Plan (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of unvested restricted stock and LTIP unit activity
The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the six months ended June 30, 2026: 
Unvested Awards
Restricted Common StockLTIP Units
 Number of SharesWeighted-Average Grant Date Fair Value per ShareNumber of UnitsWeighted-Average Grant Date Fair Value per Unit
Balance at January 1, 20261,623,077 $42.12 325,395 $41.37 
Granted333,804 $40.45 147,306 $37.78 
Forfeited(31,251)$44.06 — $— 
Vested(1)
(1,297,422)$41.39 (287,416)$40.96 
Balance at June 30, 2026628,208 $42.64 185,285 $39.14 
(1)During the six months ended June 30, 2026, 617,976 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.
Summary of vesting schedule
The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2026:  
Unvested Awards
 Restricted
Common Stock		LTIP Units
Performance Units(1)
July 1, 2026 - December 31, 20267,317 60,824 701,025 
2027236,470 55,338 903,897 
2028174,152 49,386 406,460 
2029137,592 13,440 — 
203072,677 6,297 — 
Total 628,208 185,285 2,011,382 
(1)Represents the maximum number of Performance Units that could become earned and vested in December of 2026, November/December of 2027, and December of 2028, assuming achievement of maximum total shareholder return for all awards, and, with respect to awards vesting in 2026 and 2027, maximum FFO per share growth, in each case measured over the applicable three-year performance period.
Summary of compensation expense The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expensed share-based compensation(1)
$778 $10,091 $4,841 $19,790 
Capitalized share-based compensation(2)
489 446 1,144 769 
Total share-based compensation$1,267 $10,537 $5,985 $20,559 
(1)Amounts expensed are included in “General and administrative,” “Property expenses” and “Other expenses, net” in the accompanying consolidated statements of operations.
(2)For the three and six months ended June 30, 2026 and 2025, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.