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Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions
The following table summarizes the assumptions used in valuing the performance units granted during the three months ended March 31, 2026.

Performance Units
Grant dateJanuary 8, 2026
Expected stock price volatility21.8 %
Expected dividend yield4.0 %
Risk-free interest rate3.5586 %
Fair value of performance units grant (in thousands)$7,241 
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three months ended March 31, 2026 and 2025.

 Three months ended March 31,
Non-Cash Compensation Expense (in thousands)20262025
Restricted shares of common stock$292 $394 
LTIP units1,317 1,108 
Performance units1,656 1,482 
Director compensation(1)
197 

198 
Total non-cash compensation expense$3,462 $3,182 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three months ended March 31, 2026 and 2025. The number of shares of common stock granted was calculated based on the trailing ten-day average common stock price on the third business day preceding the grant date.