v3.26.3
Incentive Award Plan (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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 
Granted336,560 $40.43 147,306 $37.78 
Forfeited(56,289)$43.27 — $— 
Vested(1)
(1,300,144)$41.41 (287,416)$40.96 
Balance at September 30, 2026603,204 $42.60 185,285 $39.14 
(1)During the nine months ended September 30, 2026, 618,688 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 September 30, 2026:  
Unvested Awards
Restricted
Common Stock		LTIP Units
Performance Units(1)
October 1, 2026 - December 31, 20265,484 60,824 701,025 
2027228,785 55,338 903,897 
2028167,406 49,386 406,460 
2029132,041 13,440 — 
203069,488 6,297 — 
Total 603,204 185,285 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 September 30,Nine Months Ended September 30,
2026202520262025
Expensed share-based compensation(1)
$4,634 $11,929 $9,476 $31,719 
Capitalized share-based compensation(2)
384 459 1,527 1,228 
Total share-based compensation$5,018 $12,388 $11,003 $32,947 
(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 nine months ended September 30, 2026 and 2025, amounts capitalized relate to employees who provide construction services, and are included in “Buildings and improvements” in the consolidated balance sheets.