On February 22, 2025, the Company granted a total of 30,924 shares of service-based restricted stock to its executive officers and other employees with an aggregate value of $0.8 million, which will vest ratably over a four-year period with the first vesting date being February 22, 2026, subject to the continued employment of the applicable executive officer or employee. The awards to the executive officers were made pursuant to their respective employment agreements.

On February 22, 2026, the Company granted a total of 39,472 shares of service-based restricted stock to its executive officers and other employees with an aggregate value of $1.1 million, which will vest ratably over a four-year period with the first vesting date being February 22, 2027, subject to the continued employment of the applicable executive officer or employee. The awards to the executive officers were made pursuant to their respective employment agreements.

On June 25, 2026, the Company granted a total of 94,377 shares of service-based restricted stock to two of its executive officers with an aggregate value of $3.0 million. The shares will vest over a five-year period with the first shares vesting on June 25, 2028, subject to continued employment of the applicable executive officer. The vesting schedule over the five-year period is as follows: 0%, 15%, 15%, 20% and 50%. The awards to the executive officers were made pursuant to their respective amended employment agreements. The grant values were equal to the market value of the Company’s common stock on the date of the grants.

LTIP Units represent limited partnership units in the Operating Partnership, an entity through which the Company conducts its business, and are structured to qualify as “profits interests” for federal income tax purposes. Awards of LTIP Units shall be valued by reference to our common stock. When issued, LTIP Units do not have full parity, on a per unit basis, with the Common Units. To the extent they receive sufficient allocations of book gain for tax purposes, the LTIP Units can over time achieve full parity with Common Units, at which time vested LTIP Units will be converted into Common Units on a one-for-one basis. Vested LTIP Units that have not achieved full parity with Common Units may also convert into Common Units on a less than one-for-one basis based on relative capital accounts. Regular and other non-liquidating distributions will be made by the Operating Partnership with respect to unvested LTIP Units as provided in the applicable award agreement for such units. Each Common Unit acquired upon conversion of a vested LTIP Unit may be presented, at the election of the holder, for redemption for cash equal to the market price of a share of common stock of the Company, except that the Company may, at its election, acquire each Common Unit so presented for one share of common stock, subject to certain adjustments. Generally, LTIP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of common stock underlying such LTIP Units, though receipt of such distributions may be delayed or made contingent on vesting.

On February 22, 2025, the CEO was granted service-based LTIP Units pursuant to his employment agreement with a value of $0.8 million, which equated to 32,391 LTIP Units, which will vest ratably over a three-year period with the first vesting date being February 22, 2026, subject to his continued employment. On February 22, 2026, the CEO and an executive officer were granted service-based LTIP Units pursuant to their employment agreements with a value of $3.3 million and $0.2 million, respectively, which equated to 122,373 LTIP Units and 5,740 LTIP Units, respectively, which will vest ratably over a three-year period and four-year period, respectively, with the first vesting date being February 22, 2027, subject to their continued employment. The grant values were equal to the market value of the Company’s common stock at the dates of the grants.

The amounts recorded in general and administrative expenses in the Company’s consolidated statements of operations for the amortization of all of the outstanding stock-based awards and LTIP Units for the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Non-Cash Compensation Expense	2026		2025		2026		2025
Restricted stock units (“RSUs”) and Restricted stock awards ("RSAs")	$	1,140	$	1,725	$	2,644	$	4,021
Service-based LTIP Units		536		419		899		798
Performance-Based Restricted Stock Awards (“PRSAs”)		320		133		637		265
Performance-Based LTIP Units (“PB LTIPs”)		795		795		1,582		1,582
Total non-cash compensation expense	$	2,791	$	3,072	$	5,762	$	6,666