Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2026

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 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