v3.26.1
Share and Unit-Based Plans
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share and Unit-Based Plans Share and Unit-Based Plans:
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership or form of restricted stock units (together with the LTIP Units, the "LTI Units"). Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards.
The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The 2026 performance-based LTI Units are all market-indexed awards.
During the six months ended June 30, 2026, the Company granted the following LTI Units:
Grant DateUnitsTypeFair Value per LTI UnitVest Date
2/16/2026241,220 Service-based18.5212/31/2028
2/16/2026600,123 Performance-based30.7112/31/2028
841,343 
The fair value of the service-based LTI Units was determined by the market price of the Company's common stock on the date of grant. The fair value (Level 3 measurement) of the performance-based LTI Units granted on February 16, 2026 was
estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 3.37% and an expected volatility of 39.49%.
The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:
LTI UnitsPhantom Stock UnitsStock Units
UnitsValue(1)UnitsValue(1)UnitsValue(1)
Balance at January 1, 20261,643,216 $22.63 — $— 220,628 $16.32 
Granted841,343 27.22 12,605 19.13 216,546 19.34 
Vested— — (6,817)19.29 (153,197)15.85 
Forfeited— — — — (3,815)18.61 
Balance at June 30, 20262,484,559 $24.19 5,788 $18.93 280,162 $18.87 
(1) Value represents the weighted average grant date fair value.
The following table summarizes the activity of the vested stock options outstanding:
Stock Options
UnitsValue(1)
Balance at January 1, 202626,371 $54.56 
   Granted— — 
Balance at June 30, 202626,371 $54.56 
(1) Value represents the weighted average exercise price.
The following summarizes the compensation cost under the share and unit-based plans:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
LTI Units$5,807 $4,331 $10,573 $7,028 
Stock units910 753 2,156 1,484 
Phantom stock units68 54 132 108 
$6,785 $5,138 $12,861 $8,620 
The Company capitalized share and unit-based compensation costs of $44 and $161 for the three months ended June 30, 2026 and 2025, respectively, and $219 and $(115) for the six months ended June 30, 2026 and 2025, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2026 consisted of $31,486 from LTI Units, $3,395 from stock units and $0 from phantom stock units.