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Common Stock Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Nonvested Restricted Stock Activity | The following table summarizes our common stock grant activity:
|  | 2024 |  | 2023 |  | 2022
|  | Number of shares |  | Weighted average price (1) |  | Number of shares |  | Weighted average price (1) |  | Number of shares |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 347,051 |  |  | $ | 67.89 |  |  | 242,660 |  |  | $ | 67.12 |  |  | 212,630 |  |  | $ | 65.20 |
Shares granted |  | 346,321 |  |  | $ | 52.66 |  |  | 222,511 |  |  | $ | 65.40 |  |  | 156,274 |  |  | $ | 67.37 |
Shares vested |  | (151,977) |  |  | $ | 56.45 |  |  | (110,634) |  |  | $ | 61.28 |  |  | (118,160) |  |  | $ | 63.95 |
Shares forfeited |  | (27,096) |  |  | $ | 58.08 |  |  | (7,486) |  |  | $ | 66.91 |  |  | (8,084) |  |  | $ | 67.78 |
Outstanding nonvested shares, end of each period |  | 514,299 |  |  | $ | 61.54 |  |  | 347,051 |  |  | $ | 67.89 |  |  | 242,660 |  |  | $ | 67.12 |
(1) Grant date fair value.
Schedule of Nonvested Restricted Stock Units Activity | During 2024, 2023, and 2022, we also granted restricted stock units that vest over service periods of four-years and have the same economic rights as shares of restricted stock:
|  | 2024 |  | 2023 |  | 2022
|  | Number of restricted stock units |  | Weighted average price (1) |  | Number of restricted stock units |  | Weighted average price (1) |  | Number of restricted stock units |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 42,612 |  |  | $ | 65.62 |  |  | 58,513 |  |  | $ | 67.91 |  |  | 67,367 |  |  | $ | 69.69 |
Shares granted |  | 30,538 |  |  | $ | 52.72 |  |  | 15,065 |  |  | $ | 66.41 |  |  | 24,820 |  |  | $ | 66.82 |
Shares vested |  | (22,640) |  |  | $ | 58.31 |  |  | (29,492) |  |  | $ | 70.30 |  |  | (26,917) |  |  | $ | 70.55 |
Shares forfeited |  | (11,979) |  |  | $ | 56.76 |  |  | (1,474) |  |  | $ | 71.02 |  |  | (6,757) |  |  | $ | 71.14 |
Outstanding nonvested shares, end of each period |  | 38,531 |  |  | $ | 62.45 |  |  | 42,612 |  |  | $ | 65.62 |  |  | 58,513 |  |  | $ | 67.91 |
(1) Grant date fair value. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The following table summarizes our performance share grant activity:
|  | 2024 |  | 2023 |  | 2022
|  | Number of performance shares |  | Weighted average price (1) |  | Number of performance shares |  | Weighted average price (1) |  | Number of performance shares |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 561,769 |  |  | $ | 72.64 |  |  | 470,880 |  |  | $ | 73.37 |  |  | 388,139 |  |  | $ | 68.09 |
Shares granted |  | 309,363 |  |  | $ | 55.25 |  |  | 215,040 |  |  | $ | 73.32 |  |  | 174,940 |  |  | $ | 77.73 |
Shares vested |  | (186,193) |  |  | $ | 57.16 |  |  | (124,151) |  |  | $ | 76.59 |  |  | (74,247) |  |  | $ | 59.62 |
Shares forfeited |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | (17,952) |  |  | $ | 58.59 |
Outstanding nonvested shares, end of each period |  | 684,939 |  |  | $ | 68.99 |  |  | 561,769 |  |  | $ | 72.64 |  |  | 470,880 |  |  | $ | 73.37 |
(1) Grant date fair value.
Schedule of Performance Shares That Vest Based on Achievement of Performance Goals | The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals:
|  | Weighting for year granted
Annual Performance Awards Metrics |  | 2024 |  | 2023 |  | 2022
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index |  | 50 | % |  | 55 | % |  | 55 | %
Dividend per share growth rate |  | 25 | % |  | 20 | % |  | 20 | %
Net Debt-to-Pro Forma Adjusted EBITDA re Ratio |  | 25 | % |  | 25 | % |  | 25 | %

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