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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Key Components of OPP Plan
The following table outlines key components of the 2024 market-based awards:
Market-Based Performance Unit
Maximum bonus pool, in millions$25.5
Performance period1/1/2026 to 12/31/2030
Vesting period1/1/2024 to 1/1/2029


The following table outlines key components of the 2023 PSU Plan:
Operational Performance Unit
Maximum bonus pool, in millions$15.0
Performance period1/1/2023 to 12/31/2023
The following table outlines key components of the 2022 PSU Plan:
Operational Performance UnitRelative TSR Performance Unit
Maximum bonus pool, in millions$15.0$15.0
Performance period1/1/2022 to 12/31/20221/1/2022 to 12/31/2024
Schedule of Valuation Assumptions
The per unit fair value of the 2024 market-based awards and the 2023 and 2022 PSU awards granted was estimated on the date of grant using the following assumptions in the Monte Carlo simulation:
202420232022
Expected price volatility for the Company41.00%40.00%43.00%
Expected price volatility for the particular REIT indexN/A27.00%33.00%
Risk-free rate3.89%3.44%1.72%
Dividend yield
3.00 - 6.00%
5.40%3.60%
Schedule of Activity and Status of Unvested Stock Awards
The following table summarizes the activity and status of all unvested stock awards:
202420232022
SharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair Value
Unvested at January 1693,835 $9.89 309,837 $23.14 507,534 $25.17 
Granted195,240 5.77 618,316 7.54 50,915 20.15 
Vested(286,869)11.95 (198,430)23.61 (234,741)26.81 
Canceled(20,798)13.51 (35,888)7.83 (13,871)24.42 
Unvested at December 31581,408 $7.37 693,835 $9.89 309,837 $23.14 
Schedule 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:
202420232022
UnitsWeighted-Average Grant-Date Fair ValueUnitsWeighted-Average Grant-Date Fair ValueUnitsWeighted-Average Grant-Date Fair Value
Unvested at January 11,271,899 $9.82 357,656 $22.53 681,394 $24.91 
Granted3,010,397 7.28 1,422,893 8.16 25,206 11.98 
Vested(808,717)9.08 (508,650)14.11 (348,944)26.42 
Canceled(172,947)7.46 — — — — 
Unvested at December 313,300,632 $7.81 1,271,899 $9.82 357,656 $22.53 
Schedule of 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,
202420232022
Expensed stock compensation(1)
$26,009 $23,863 $24,296 
Capitalized stock compensation(2)
2,160 3,021 3,354 
Total stock compensation(3)
$28,169 $26,884 $27,650 
_________________
1.Amounts are recorded in general and administrative expenses, office operating expenses and studio operating 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.