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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations and recognizes forfeitures as they occur.
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Restricted stock (1) |  | $ | 18,549 |  |  |  | 17,277 |  |  |  | 16,667 |
Directors' fees paid in common stock and other employee stock grants |  |  | 528 |  |  |  | 590 |  |  |  | 589 |
Capitalized stock-based compensation |  |  | (1,941 | ) |  |  | (954 | ) |  |  | (735 | )
Stock-based compensation, net of capitalization (2) |  | $ | 17,136 |  |  |  | 16,913 |  |  |  | 16,521 |
(1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods. (2) In addition, the Company expensed within Other operating expenses $6.4 million and $3.2 million during 2024 and 2023, respectively, in connection with restricted stock units related to the acquisition of UBP.
Schedule of Nonvested Share Activity | The following table summarizes non-vested restricted stock activity:
|  | Year ended December 31, 2024 |
|  | Number of Shares |  |  | Intrinsic Value (in thousands) |  |  | Weighted Average Grant Date Fair Value |
Non-vested as of December 31, 2023 |  |  | 754,518 |  |  |  |  |  |  |
Time-based awards granted (1) (4) |  |  | 175,396 |  |  |  |  |  | $ | 61.98 |
Performance-based awards granted (2) (4) |  |  | 17,137 |  |  |  |  |  | $ | 62.21 |
Market-based awards granted (3) (4) |  |  | 158,807 |  |  |  |  |  | $ | 58.36 |
Change in market-based awards earned for performance (3) |  |  | 7,306 |  |  |  |  |  | $ | 63.42 |
Vested (5) |  |  | (304,785 | ) |  |  |  |  | $ | 63.17 |
Forfeited |  |  | (4,590 | ) |  |  |  |  | $ | 64.43 |
Non-vested as of December 31, 2024 (6) |  |  | 803,789 |  |  | $ | 59,424 |  |  |  |
(1) Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed. (2) Performance-based awards are earned subject to performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis. (3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected volatility |  |  | 25.50 | % |  |  | 45.50 | % |  |  | 43.10 | %
Risk free interest rate |  |  | 4.14 | % |  |  | 3.75 | % |  |  | 1.39 | %
(4) The weighted-average grant price for restricted stock granted during the years is summarized below:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average grant date fair value for restricted stock |  | $ | 60.36 |  |  | $ | 68.28 |  |  | $ | 72.86 |
(5) The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Intrinsic value of restricted stock vested |  | $ | 19,254 |  |  | $ | 19,717 |  |  | $ | 17,797 |
(6) As of December 31, 2024, there was $22.7 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.

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