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Equity-Based Compensation of the Company (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Restricted common shares (1) |  | $ | 1,705 |  |  | $ | 1,937 |  |  | $ | 5,919 |  |  | $ | 6,050 |
Notional unit performance awards (1) |  | 1,227 |  |  | 962 |  |  | 3,802 |  |  | 3,257 |
Options |  | 74 |  |  | 95 |  |  | 244 |  |  | 296 |
Total equity-based compensation |  | $ | 3,006 |  |  | $ | 2,994 |  |  | $ | 9,965 |  |  | $ | 9,603 |
(1) Each of the three and nine months ended September 30, 2022 and nine months ended September 30, 2021, include the accelerated recognition of compensation cost. Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Equity-based compensation expense capitalized |  | $ | 51 |  |  | $ | 18 |  |  | $ | 137 |  |  | $ | 84 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2022 PSP performance targets and other relevant information about the 2022 PSP:
Performance targets (1) |  |  |  |
Absolute portion of award: |  |  |  |
Percent of total award |  | 33.3%
Absolute total shareholder return range |  | 26.0 | % | - | 40.5%
Percentage of units to be earned |  | 20 | % | - | 100%
Relative portion of award: |  |  |  |
Percent of total award |  | 66.7%
Percentile rank of peer group range(2) |  | 30 | th | - | 80th
Percentage of units to be earned |  | 20 | % | - | 100%
Maximum number of restricted common shares that may be earned |  | 555,349 |
February grant date fair value per share |  | $ | 11.68 |
(1)The number of restricted common shares received under the 2022 PSP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company’s peer group. (2)The peer group is based on companies included in the FTSE NAREIT Retail Index.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2022 PSP awards granted during the nine months ended September 30, 2022 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
Risk free interest rate (1) |  | 1.7 | %
Expected dividend yield (2) |  | 5.7 | %
Expected volatility (3) |  | 65 | %
(1)Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. (2)The dividend yield is calculated utilizing the average dividend yield over the previous three-year period and the current dividend yield as of the valuation date. (3)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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