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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under Plan

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:

			Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (in years)						Aggregate Intrinsic Value (1) (amounts in thousands)
Options outstanding at December 31, 2020			1,090,300						$	17.68					4.5						$	13,436
Granted			—						—
Exercised			(266,000)						17.01												5,625
Forfeited			—						—
Options outstanding at December 31, 2021			824,300						$	17.89					3.7						$	21,200
Granted			—						—
Exercised			(93,750)						17.26												1,782
Forfeited			—						—
Options outstanding at December 31, 2022			730,550						$	17.97					3.0						$	8,889
Granted			—						—
Exercised			(207,875)						16.76												3,852
Forfeited			—						—
Options outstanding at December 31, 2023			522,675						$	18.45					2.5						$	9,150
Options exercisable at December 31, 2023			522,675						$	18.45					2.5						$	9,150

(1)Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

Summary of Restricted Share Units Activity Under Plan

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:

			Restricted Share Units						Weighted- Average Grant Date Fair Value
RSUs outstanding at December 31, 2020			651,537						$	24.53
Awarded			651,898						32.69
Vested			(209,824)						23.15
Forfeited			(43,012)						28.41
RSUs outstanding at December 31, 2021			1,050,599						$	29.71
Awarded			466,802						39.52
Vested			(439,643)						29.41
Forfeited			(53,036)						35.85
RSUs outstanding at December 31, 2022			1,024,722						$	33.99
Awarded			509,730						33.24
Vested			(418,351)						31.40
Forfeited			(25,579)						33.45
RSUs outstanding at December 31, 2023			1,090,522						$	34.64

Summary of Performance Share Units Activity Under Plan

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:

			Performance-Based Restricted Share Units						Weighted-Average Grant Date Fair Value
PSUs outstanding at December 31, 2020			—						$	—
Awarded			92,319						34.83
Vested			—						—
Forfeited			—						—
PSUs outstanding at December 31, 2021			92,319						$	34.83
Awarded			202,104						43.91
Vested			—						—
Forfeited			—						—
PSUs outstanding at December 31, 2022			294,423						$	41.07
Awarded			227,033						40.19
Vested			—						—
Forfeited			(1,237)						43.91
PSUs outstanding at December 31, 2023			520,219						$	40.68

Schedule of PSU TSR Valuation Assumptions

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

			2023						2022						2021
Expected term (years)			3.0						3.0						3.0
Dividend yield			2.09%						1.03%						0.67%
Estimated volatility (1)			27.45%						27.62%						28.48%
Risk-free interest rate			4.16%						1.39%						0.20%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.

Summary of Noncash Share-Based Compensation Expense

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):

			For the Years Ended December 31,
			2023						2022						2021
General and administrative expense			$	16,379					$	15,318					$	9,361
Property management expenses			4,030						3,861						3,004
Acquisition and other transaction costs			4,961						8,129						5,427
Total noncash share-based compensation expense			$	25,370					$	27,308					$	17,792

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Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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