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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Key Components of OPP Plan

The following table outlines key components of the 2022 PSU Plan:

			Operational Performance Unit						Relative TSR Performance Unit
Maximum bonus pool, in millions			$15.0						$15.0
Performance period			1/1/2022 to 12/31/2022						1/1/2022 to 12/31/2024

The following table outlines key components of the 2021 PSU Plan:

			Operational Performance Unit						Relative TSR Performance Unit
Maximum bonus pool, in millions			$16.7						$16.7
Performance period			1/1/2021 to 12/31/2021						1/1/2021 to 12/31/2023

The following table outlines key components of the 2020 PSU Plan:

			Operational Performance Unit						Relative TSR Performance Unit
Maximum bonus pool, in millions			$14.9						$14.9
Performance period			1/1/2020 to 12/31/2020						1/1/2020 to 12/31/2022

Schedule of Valuation Assumptions

The per unit fair value of the 2022, 2021 and 2020 PSU awards granted was estimated on the date of grant using the following assumptions in the Monte Carlo simulation:

			2022			2021			2020
Expected price volatility for the Company			43.00%			41.00%			17.00%
Expected price volatility for the particular REIT index			33.00%			31.00%			14.00%
Risk-free rate			1.72%			0.17%			1.66%
Dividend yield			3.60%			3.50%			2.80%

Summary of Activity and Status of Unvested Stock Awards

The following table summarizes the activity and status of all unvested stock awards:

						2022												2021												2020
						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value
Unvested at January 1						507,534						$	25.17					442,645						$	27.44					459,784						$	33.67
Granted						50,915						20.15						276,800						23.90						404,779						24.70
Vested						(234,741)						26.81						(203,329)						28.33						(420,970)						31.61
Canceled						(13,871)						24.42						(8,582)						26.21						(948)						29.91
Unvested at December 31						309,837						$	23.14					507,534						$	25.17					442,645						$	27.44

Summary of Activity and Status of Unvested Performance Units

The following table summarizes the activity and status of all unvested time-based restricted operating partnership performance units:

			2022												2021												2020
			Units						Weighted-Average Grant-Date Fair Value						Units						Weighted-Average Grant-Date Fair Value						Units						Weighted-Average Grant-Date Fair Value
Unvested at January 1			681,394						$	24.91					771,432						$	27.08					608,679						$	32.70
Granted			25,206						11.98						355,551						24.68						571,978						23.49
Vested			(348,944)						26.42						(349,804)						29.85						(409,225)						30.42
Canceled			—						—						(95,785)						23.49						—						—
Unvested at December 31			357,656						$	22.53					681,394						$	24.91					771,432						$	27.08

Stock-Based Compensation Related to Company's Awards

The following table presents the classification and amount recognized for stock-based compensation related to the Company’s awards:    

			For the Year Ended December 31,
			2022						2021						2020
Expensed stock compensation(1)			$	24,296					$	21,163					$	22,723
Capitalized stock compensation(2)			3,354						3,524						3,306
Total stock compensation(3)			$	27,650					$	24,687					$	26,029

_________________

1.Amounts are recorded in general and administrative expenses on the Consolidated Statements of Operations.

2.Amounts are recorded in investment in real estate, at cost on the Consolidated Balance Sheets.

3.Amounts are recorded in additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.

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