Stock Based Compensation Stock Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of restricted stock award activity | The following table contains information on time-based restricted stock award activity for the nine months ended September 30, 2026:
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| Schedule of performance-based restricted stock award activity | The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2026:
As of September 30, 2026, there was $1.7 million of total unrecognized compensation cost for time-based LTIP awards that will be recognized over the grants' remaining weighted average vesting period of 2.08 years. For the three and nine months ended September 30, 2026, the Company recognized $0.2 million and $3.1 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income compared to a benefit of $0.1 million and an expense of $2.8 million for the corresponding periods in the prior year. The following table contains information on time-based LTIP award activity for the nine months ended September 30, 2026:
Performance-based LTIP awards have a three-year cliff vesting with the amount of LTIP awards vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of September 30, 2026, there was $10.2 million of total unrecognized compensation cost, which will be recognized over the performance-based LTIP awards' remaining weighted average vesting period of 1.95 years. For the three and nine months ended September 30, 2026, the Company recognized $1.4 million and $4.2 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income compared to $0.4 million and $1.9 million for the corresponding periods in the prior year. The following table contains information on performance-based LTIP award activity for the nine months ended September 30, 2026:
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