v3.26.1
Equity-Based Compensation of the Company (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
We recorded equity-based compensation expense in general and administrative expenses in our condensed consolidated statements of operations as follows (in thousands):
Three months endedSix months ended
June 30,June 30,
2026202520262025
Restricted common shares and time-based LTIP units
$2,014 $1,871 $4,063 $3,543 
Performance-based notional unit awards and performance-based LTIP awards
1,503 1,330 2,988 2,498 
Options76 86 152 172 
Total equity-based compensation$3,593 $3,287 $7,203 $6,213 


Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
Three months endedSix months ended
June 30,June 30,
2026202520262025
Equity-based compensation expense capitalized$84 $86 $160 $119 
Schedule of Nonvested Performance-based Units Activity
The following table sets forth 2026 PSP performance targets and other relevant information about the 2026 PSP:
Performance targets (1)
Absolute portion of award:
Percent of total award25%
Absolute total shareholder return range16%-37%
Percentage of units to be earned25%-100%
Relative portion of award:
Percent of total award75%
Percentile rank of peer group range(2)
25th-75th
Percentage of units to be earned25%-100%
Maximum number of restricted common shares and LTIP units that may be earned380,000 
Grant date fair value per LTIP unit$17.88
Grant date fair value per share$17.77
(1)The number of restricted common shares received and LTIP units earned under the 2026 PSP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company’s peer group.
(2)The peer group is based on companies included in the FTSE Nareit Retail Index with market capitalization of $1 billion or greater.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of the 2026 PSP awards granted during the six months ended June 30, 2026, were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
Risk free interest rate (1)
3.4 %
Expected dividend yield (2)
3.8 %
Expected volatility (3)
25 %
(1)Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants.
(2)The dividend yield is calculated utilizing the average dividend yield over the previous three-year period and the current dividend yield as of the valuation date.
(3)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.