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Share and Unit-Based Plans | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share and Unit-Based Plans | Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership or form of restricted stock units (together with the LTIP Units, the "LTI Units"). Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards. The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The 2025 performance-based LTI Units are all market-indexed awards. During the three months ended March 31, 2025, the Company granted the following LTI Units:
Grant Date |  | Units |  | Type |  | Fair Value per LTI Unit |  | Vest Date
2/21/2025 |  | 193,776 |  |  | Service-based |  | $20.88 |  | 12/31/2027
2/21/2025 |  | 504,780 |  |  | Performance-based |  | $34.81 |  | 12/31/2027
|  | 698,556 |  |  |  |  |  |  |
The fair value of the service-based LTI Units was determined by the market price of the Company's common stock on the date of grant. The fair value (Level 3 measurement) of the performance-based LTI Units granted on February 21, 2025 was estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 4.10% and an expected volatility of 42.25%. The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:
| LTI Units |  |  |  | Phantom Stock Units |  | Stock Units
| Units |  | Value(1) |  |  |  |  |  | Units |  | Value(1) |  | Units |  | Value(1)
Balance at January 1, 2025 | 2,391,933 |  |  | $ | 13.95 |  |  |  |  |  |  | — |  |  | $ | — |  |  | 240,547 |  |  | $ | 14.39 |
Granted | 698,556 |  |  | 30.95 |  |  |  |  |  |  | 8,637 |  |  | 19.63 |  |  | 71,252 |  |  | 19.45 |
Vested | (73,514) |  |  | 15.87 |  |  |  |  |  |  | (2,822) |  |  | 19.02 |  |  | (83,855) |  |  | 14.34 |
Balance at March 31, 2025 | 3,016,975 |  |  | $ | 17.84 |  |  |  |  |  |  | 5,815 |  |  | $ | 19.92 |  |  | 227,944 |  |  | $ | 15.99 |
(1) Value represents the weighted average grant date fair value.
The following table summarizes the activity of the vested stock options outstanding:
|  |  | Stock Options
|  |  |  |  | Units |  | Value(1)
Balance at January 1, 2025 |  |  |  |  | 26,371 |  |  | $ | 54.56 |
Granted |  |  |  |  | — |  |  | — |
Balance at March 31, 2025 |  |  |  |  | 26,371 |  |  | $ | 54.56 |
(1) Value represents the weighted average exercise price.
The following summarizes the compensation cost under the share and unit-based plans:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
LTI Units |  |  |  |  | $ | 2,697 |  |  | $ | 2,176 |
Stock units |  |  |  |  | 731 |  |  | 791 |
Phantom stock units |  |  |  |  | 54 |  |  | 79 |
|  |  |  |  | $ | 3,482 |  |  | $ | 3,046 |
The Company capitalized share and unit-based compensation costs of $276 and $316 for the three months ended March 31, 2025 and 2024, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2025 consisted of $31,702 from LTI Units, $2,650 from stock units and $0 from phantom stock units.

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