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Equity-Based Compensation of the Company (Tables) | 9 Months Ended
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Sep. 30, 2025
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, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Restricted common shares and time-based LTIP awards |  | $ | 1,814 |  |  | $ | 1,748 |  |  | $ | 5,357 |  |  | $ | 5,690 |  |  |  |  |
Performance-based notional unit awards and performance-based LTIP awards |  | 1,359 |  |  | 1,038 |  |  | 3,857 |  |  | 3,030 |  |  |  |  |
Options |  | 85 |  |  | 89 |  |  | 257 |  |  | 260 |  |  |  |  |
Total equity-based compensation |  | $ | 3,258 |  |  | $ | 2,875 |  |  | $ | 9,471 |  |  | $ | 8,980 |  |  |  |  |
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, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Equity-based compensation expense capitalized |  | $ | 63 |  |  | $ | 26 |  |  | $ | 182 |  |  | $ | 179 |  |  |  |  |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2025 PSP performance targets and other relevant information about the 2025 PSP:
Performance targets (1) |  |  |  |  |
Absolute portion of award: |  |  |  |  |
Percent of total award |  | 33.3% |
Absolute total shareholder return range |  | 26% | - | 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) |  | 30th | - | 80th |
Percentage of units to be earned |  | 20% | - | 100% |
Maximum number of restricted common shares that may be earned |  | 62,000 |  |
February grant date fair value per LTIP unit |  | $22.33 |
February grant date fair value per share |  | $22.22 |
(1)The number of restricted common shares received and LTIP units earned under the 2025 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 2025 PSP awards granted during the nine months ended September 30, 2025, were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
Risk free interest rate (1) |  | 4.0 | %
Expected dividend yield (2) |  | 4.0 | %
Expected volatility (3) |  | 29 | %
(1)Represents the interest rate as of the grant date on U.S. 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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