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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024:
For the Six Months Ended
June 30,
 20252024
Options outstanding at beginning of period329,500 522,675 
Granted— — 
Exercised(84,000)(113,375)
Forfeited— — 
Options outstanding at end of period245,500 409,300 
Options exercisable at end of period245,500 409,300 
Summary of Restricted Share Units Activity Under Plan
The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2025 and 2024:
For the Six Months Ended
June 30,
 20252024
RSUs outstanding at beginning of period1,187,544 1,090,522 
Granted467,166 680,195 
Vested(540,836)(550,331)
Forfeited(16,089)(22,369)
RSUs outstanding at end of period1,097,785 1,198,017 
Summary of Performance Share Units Activity Under Plan
The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2025 and 2024:
For the Six Months Ended
June 30,
 20252024
PSUs outstanding at beginning of period (1)
677,298 520,219 
Granted (1)
227,616 254,157 
Adjustment for performance achievement (2)
170,757 75,109 
Vested(370,854)(167,428)
Forfeited (1)
(2,520)(1,227)
PSUs outstanding at end of period (1)
702,297 680,830 
(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 periods ended December 31, 2024 and 2023, which was determined and vested during the six months ended June 30, 2025 and 2024, respectively.
Summary 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 Six Months Ended
June 30,
20252024
Expected term (years)3.03.0
Dividend yield2.83%2.44%
Estimated volatility (1)
22.48%23.83%
Risk-free interest rate4.49%4.19%
(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 and six months ended June 30, 2025 and 2024 (amounts in thousands):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
General and administrative expense$3,987 $7,559 $8,854 $14,398 
Property management expenses1,137 1,340 2,383 2,784 
Acquisition and other transaction costs1,349 1,585 2,897 3,227 
Total noncash share-based compensation expense$6,473 $10,484 $14,134 $20,409