The Company’s 2010 Incentive Plan permits the Company’s board of directors (the “Board”) to grant, among other things, restricted stock, restricted stock units, operating partnership performance units and performance-based awards. As of June 30, 2026, 0.9 million common shares were available for grant under the 2010 Plan. The calculation of shares available for grant is determined after taking into account unvested restricted stock, unvested operating partnership performance units and unvested RSUs, assuming the maximum bonus pool eligible ultimately is earned and based on a stock price of $15.19.

The Board awards restricted shares to non-employee Board members on an annual basis as part of such Board members’ annual compensation and to newly elected non-employee Board members in accordance with the Non-Employee Director Compensation Program. The time-based awards are generally issued in the second quarter, in conjunction with the director’s election to the Board, and the individual share awards vest in equal annual installments over the applicable service vesting period, which is three years.

The Board awards time-based restricted shares, time-based cash settled restricted shares, or time-based operating partnership performance units to certain employees on an annual basis as part of the employees’ annual compensation. These time-based awards are generally issued in the first or fourth quarter and vest in equal annual installments over the applicable service vesting period, which is generally three years. Additionally, certain awards are subject to a mandatory holding period upon vesting if the grantee is an executive officer.

For 2024, the compensation committee of the Board (“Compensation Committee”) adopted an annual equity award program for its top three executive officers consisting of a grant of time-based operating partnership performance units and a grant of market-based operating partnership performance units. The time-based awards were to vest in equal annual installments over the applicable service vesting period, which was five years. The market-based awards were to vest upon satisfaction of both the performance and service-based requirements. In June 2025, the top three executive officers agreed to a cancellation of their 2024 performance unit equity awards, which resulted in the accelerated recognition of the remaining unamortized compensation expense of $14.3 million during the second quarter of 2025, which is recorded in general and administrative on the Consolidated Statements of Operations.

For 2026, the Compensation Committee adopted an annual equity award program for five of its executive officers consisting of a grant of time-based operating partnership performance units and a grant of market-based operating partnership performance units. The time-based awards will vest in equal annual installments over the applicable service vesting period, which is three years. The market-based awards will vest upon satisfaction of both the performance and service-based requirements. The quantity earned is based on the achievement of relative total shareholder return goals over the three-year performance period commencing January 1, 2026 and ending December 31, 2028. The awards will satisfy the service-based requirement subject to the executives’ continued service with the Company through December 31, 2028. The awards are also subject to a two-year post-vesting restriction period, during which any awards earned may not be sold or transferred.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Expensed share/unit-based compensation(1)(2)	$	1,346	$	17,889	$	3,287	$	23,029
Capitalized share/unit-based compensation(3)	126		449		332		862
TOTAL SHARE/UNIT-BASED COMPENSATION(4)	$	1,472	$	18,338	$	3,619	$	23,891

2.Amounts expensed during the three and six months ended June 30, 2025 include $14.3 million of accelerated expense recognized in connection with the cancellation of the 2024 performance unit equity awards.

4.Amounts are recorded in accounts payable, accrued liabilities and other, additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.