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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023:

			For the Three Months Ended March 31,
			2024						2023
Options outstanding at beginning of period			522,675						730,550
Granted			—						—
Exercised			(88,375)						(1,875)
Forfeited			—						—
Options outstanding at end of period			434,300						728,675
Options exercisable at end of period			434,300						728,675

Summary of Restricted Share Units Activity Under Plan

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2024 and 2023:

			For the Three Months Ended March 31,
			2024						2023
RSUs outstanding at beginning of period			1,090,522						1,024,722
Granted			633,523						447,364
Vested			(428,812)						(374,956)
Forfeited			(4,493)						(12,543)
RSUs outstanding at end of period			1,290,740						1,084,587

Summary of Performance Share Units Activity Under Plan

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2024 and 2023:

			For the Three Months Ended March 31,
			2024						2023
PSUs outstanding at beginning of period (1)			520,219						294,423
Granted (1)			254,157						227,033
Adjustment for performance achievement (2)			75,109						—
Vested			(167,428)						—
Forfeited (1)			—						(693)
PSUs outstanding at end of period (1)			682,057						520,763

(1)Represents target shares at grant date.

(2)Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and settled during the three months ended March 31, 2024.

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:

			For the Three Months Ended March 31,
			2024						2023
Expected term (years)			3.0						3.0
Dividend yield			2.44%						2.09%
Estimated volatility (1)			23.83%						27.45%
Risk-free interest rate			4.19%						4.16%

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

Summary of Activity in Noncash Share-Based Compensation Expense

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2024 and 2023 (amounts in thousands):

			For the Three Months Ended March 31,
			2024						2023
General and administrative expense			$	6,839					$	3,743
Property management expenses			1,444						1,066
Acquisition and other transaction costs			1,642						1,015
Total noncash share-based compensation expense			$	9,925					$	5,824

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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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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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