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v3.25.1

Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Restricted Stock Under the Plan | Information with respect to restricted stock under the Plan for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  |  | 2024 |
Restricted stock outstanding as of January 1, |  |  | 2,745,884 |  |  |  | 2,746,116 |
Granted (1) |  |  | - |  |  |  | 872,150 |
Vested |  |  | (654,548 | ) |  |  | (679,546 | )
Forfeited |  |  | (3,306 | ) |  |  | (15,562 | )
Restricted stock outstanding as of March 31, |  |  | 2,088,030 |  |  |  | 2,923,158 |
(1) Th e weighted-average grant date fair value for restricted stock issued during the three months ended March 31, 2024 was $19.47.
Summary of Performance Share Awards Under the Plan | Information with respect to performance share awards under the Plan for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  |  | 2024 |
Performance share awards outstanding as of January 1, |  |  | 908,890 |  |  |  | 989,860 |
Granted (1) |  |  | - |  |  |  | 377,690 |
Vested |  |  | - |  |  |  | (458,660 | )
Performance share awards outstanding as of March 31, |  |  | 908,890 |  |  |  | 908,890 |
(1) The weighted-average grant date fair value for performance shares issued during the three months ended March 31, 2024 was $18.14.
Performance Shares [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Aggregate Grant-date Fair Value of Using Monte Carlo Simulations Based on Significant Assumptions | The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the performance share awards granted during 2024 were as follows:
|  | 2024 |
Stock price |  | $ | 19.53 |
Dividend yield (1) |  |  | - |
Risk-free interest rate |  |  | 4.39 | %
Volatility (2) |  |  | 28.85 | %
Term of the award (years) |  |  | 2.87 |
(1) Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. (2) Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.
Performance Based LTIP Units [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Performance Share Awards Under the Plan | Information with respect to Performance-Based LTIP Units under the Plan for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  |  | 2024 |
Performance-Based LTIP unit awards outstanding as of January 1, |  |  | 474,611 |  |  |  | - |
Granted (1) |  |  | - |  |  |  | 474,611 |
Performance-Based LTIP unit awards outstanding as of March 31, |  |  | 474,611 |  |  |  | 474,611 |
(1) The weighted-average grant date fair value for Performance-Based LTIP Units issued during the three months ended March 31, 2024 was $9.07.
Summary of Aggregate Grant-date Fair Value of Using Monte Carlo Simulations Based on Significant Assumptions | The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted during 2024 were as follows:
| 2024 |
Stock price | $ | 19.53 |
Dividend yield (1) |  | - |
Risk-free interest rate |  | 4.39 | %
Volatility (2) |  | 28.85 | %
Term of the award (years) |  | 2.87 |
(1) Total Shareholder Returns, as used in the Performance-Based LTIP Unit computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized. (2) Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.
Time Based LTIP Units [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Performance Share Awards Under the Plan | Information with respect to Time-Based LTIP Units awards with time-based vesting requirements under the Plan for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  |  | 2024 |
Time-Based LTIP unit awards outstanding as of January 1, |  |  | 120,700 |  |  |  | - |
Granted (1) |  |  | - |  |  |  | 120,700 |
Vested |  |  | (24,140 | ) |  |  | - |
Time-Based LTIP unit awards outstanding as of March 31, |  |  | 96,560 |  |  |  | 120,700 |
(1) The weighted-average grant date fair value for Time-Based LTIP Units issued during the three months ended March 31, 2024 was $19.47.

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