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Noncontrolling Interest | 3 Months Ended
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Mar. 31, 2026
Noncontrolling Interest [Abstract] |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling Interest in Operating Partnership The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the three months ended March 31, 2026.
Noncontrolling Interest |  | LTIP Units |  | Other Common Units |  | Total Noncontrolling Common Units |  | Noncontrolling Interest
Balance at December 31, 2025 |  | 2,373,111 |  |  | 1,416,596 |  |  | 3,789,707 |  |  | 1.9 | %
Granted/Issued |  | 358,885 |  |  | — |  |  | 358,885 |  |  |
Forfeited |  | — |  |  | — |  |  | — |  |  |
Conversions from LTIP units to Other Common Units |  | (172,408) |  |  | 172,408 |  |  | — |  |  |
Redemptions from Other Common Units to common stock |  | — |  |  | (172,408) |  |  | (172,408) |  |  |
Balance at March 31, 2026 |  | 2,559,588 |  |  | 1,416,596 |  |  | 3,976,184 |  |  | 2.0 | %
The Company granted LTIP units under the 2011 Plan on January 8, 2026 to non-employee, independent directors, which vest in equal quarterly installments over one year, with the first vesting date having been March 31, 2026, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2026 to certain executive officers and senior employees of the Company, which will vest in equal quarterly installments over four years, with the first vesting date having been March 31, 2026, subject to the recipient’s continued employment. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes the assumptions used in valuing such LTIP units granted during the three months ended March 31, 2026.
LTIP Units |  |  |  |
Grant date |  | January 8, 2026 |  |
Expected term (years) |  | 10 |  |
Expected stock price volatility |  | 22.0 | % |  |
Expected dividend yield |  | 4.0 | % |  |
Risk-free interest rate |  | 3.56 | % |  |
Fair value of LTIP units at issuance (in thousands) |  | $ | 5,210 |  |  |
LTIP units at issuance |  | 146,268 |  |  |
Fair value unit price per LTIP unit at issuance |  | $ | 35.62 |  |  |
The following table summarizes activity related to the Company’s unvested LTIP units during the three months ended March 31, 2026.
Unvested LTIP Units |  | LTIP Units |  | Weighted Average Grant Date Fair Value per Unit
Balance at December 31, 2025 |  | 166,252 |  |  | $ | 33.39 |
Granted |  | 358,885 |  |  | $ | 35.62 |
Vested |  | (249,208) |  |  | $ | 35.46 |
Forfeited |  | — |  |  | $ | — |
Balance at March 31, 2026 |  | 275,929 |  |  | $ | 34.42 |
The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2026 was approximately $8.8 million and is expected to be recognized over a weighted average period of approximately 2.4 years. Noncontrolling Interest in Joint Ventures At March 31, 2026, the Company held a 97.4% interest in a joint venture located in Reno, Nevada, a 95.1% interest in a joint venture located in Concord, North Carolina, and a 97.1% interest in a joint venture located in Shepherdsville, Kentucky. The third-parties’ equity interest in these joint ventures, totaling approximately $4.0 million at March 31, 2026, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- References No definition available. + Details
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