During the three and nine months ended September 30, 2024, the Company awarded 564 and 833,571 shares of restricted stock awards (“RSAs”), respectively, to officers, employees, and non-employee directors under the Company’s equity incentive plan. During the three and nine months ended September 30, 2023, the Company awarded 116 and 309,746 shares of RSAs, respectively, to officers, employees, and non-employee directors under the Company’s equity incentive plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one-, three-, four-, or five-year period from the date of the grant and are subject to the holder’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The weighted average value of awards granted per share during the three and nine months ended September 30, 2024, were $17.41 and $14.77, respectively, which were based on the market price per share of the Company’s common stock on the grant dates. The weighted average value of awards granted per share during the three and nine months ended September 30, 2023, were $16.52 and $17.52, respectively.

The following table presents information about the Company’s RSAs:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Compensation cost	$	1,225	$	927	$	3,614	$	3,587
Dividends declared on unvested RSAs		284		142		879		420
Fair value of shares vested during the period		—		—		3,969		3,384

As of September 30, 2024, there was $12.3 million of unrecognized compensation costs related to the unvested restricted shares, which is expected to be recognized over a weighted average period of 3.4 years.

The following table presents information about the Company’s restricted stock activity:


	For the Three Months Ended September 30,
	2024					2023
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		1,036		$	15.51		508		$	18.65
Granted		1			17.41		—			16.52
Vested		—			—		—			—
Forfeited		(57	)		15.40		(2	)		17.75
Unvested at end of period		980			15.51		506			18.66


	For the Nine Months Ended September 30,
	2024					2023
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		492		$	18.63		396		$	20.36
Granted		834			14.77		310			17.52
Vested		(259	)		18.70		(192	)		20.33
Forfeited		(87	)		16.55		(8	)		18.73
Unvested at end of period		980			15.51		506			18.66

During the nine months ended September 30, 2024, the Company issued target grants of 202,308 of performance-based restricted stock units (“PRSUs”), under the Company’s equity incentive plan to the officers of the Company. During the nine months ended September 30, 2023, the Company issued target grants of 186,481 of PRSUs. During the three months ended September 30, 2024 and 2023, there were no PRSUs issued. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50% based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies, as identified in the grant agreements, over a three-year period, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. Vesting percentages range from 0% to 200% with a target of 100%. rTSR means the percentage appreciation in the fair market value of one share over the three-year measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55th percentile of the peer companies and MSCI US REIT Index. For PRSUs issued during the nine months ended September 30, 2024 that achieve a percentile rank of at least the 55th percentile, and the absolute rTSR of the Company is negative for the performance period, the awards will be reduced by 25%, not to result in a reduction less than target. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the discretion of the Compensation Committee of the Board of Directors. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility.

As of September 30, 2024, there was $4.5 million of unrecognized compensation costs related to the unvested PRSUs, which is expected to be recognized over a weighted average period of 1.9 years.

The following table presents information about the Company’s performance-based restricted stock unit activity:


	For the Three Months Ended September 30,
	2024					2023
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares		Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		446		$	20.89		358	$	25.01
Granted		—			—		—		—
Vested		—			—		—		—
Forfeited		(14	)		20.56		—		—
Unvested at end of period		432			20.90		358		25.01


	For the Nine Months Ended September 30,
	2024					2023
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		351		$	24.90		233		$	26.27
Granted		202			15.84		186			23.78
Vested		(88	)		24.40		—			—
Forfeited		(33	)		23.18		(61	)		26.80
Unvested at end of period		432			20.90		358			25.01