
	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2025	648,878	$	46.05
Granted	336,422	54.68
Vested	(331,954)	45.24
Forfeited	(3,008)	42.52
Outstanding at June 30, 2026	650,338	$	50.95	1.36

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $16.9 million and $11.8 million for the six months ended June 30, 2026 and 2025, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $4.2 million and $3.9 million for the six months ended June 30, 2026 and 2025, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.4 million for the six months ended June 30, 2026. At June 30, 2026, unamortized share-based compensation expense related to nonvested shares was $17.3 million.


	Target Number of Performance Share Units	Weighted avg. grant date fair value (1)		Weighted avg. life remaining
Outstanding at December 31, 2025	341,692	$	57.97
Granted	119,459	56.19
Vested (2)	(111,593)	63.08

Outstanding at June 30, 2026	349,558	$	55.73	1.50

(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future share price over the three-year performance period for performance share units based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance share units based on the Company's estimated Compound Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance share units granted during the year ended December 31, 2023 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index. Achievement of the Company's CAGR in AFFO per share over the three-year performance period was not achieved and resulted in no pay-out. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 209,238 common shares and 53,141 common shares from dividend equivalents. The fair value of the performance share units and dividend equivalents that vested was $15.2 million.

The number of common shares issuable upon settlement of the performance share units granted during the six months ended June 30, 2026, 2025 and 2024 will be based upon the Company's achievement level relative to performance measures at December 31, 2028, 2027 and 2026, respectively. The performance share units accrue dividend equivalents that are paid as additional common shares based on the Company's achievement levels and

upon settlement of the performance share units. The Company's achievement level relative to the performance measures is assigned a specific payout percentage for each of these years, which is multiplied by a target number of performance share units.

The performance share units based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $5.4 million and $6.3 million for the six months ended June 30, 2026 and 2025, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2028, 2027 and 2026 for performance share units granted in 2026, 2025 and 2024, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance share units with a market condition for the six months ended June 30, 2026: risk-free interest rate of 3.6%, volatility factors in the expected market price of the Company's common shares of 22% and an expected life of approximately three years.

The performance share units based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common shares on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At June 30, 2026, achievement of the performance condition was deemed probable for the performance share units granted during the six months ended June 30, 2026 and 2025 with an expected payout percentage of 162% and 173%, respectively, which resulted in grant date fair values of approximately $2.1 million for both the 2025 and 2026 grants. Achievement of the performance condition for the performance share units granted during the six months ended June 30, 2024 was deemed not probable at June 30, 2026.

Expense recognized related to performance share units and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $3.0 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively. Expense related to performance share units and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.6 million for the six months ended June 30, 2026. At June 30, 2026, unamortized share-based compensation expense related to nonvested performance share units was $10.2 million.