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Share-Based Payments (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of share-based compensation expense

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​		2021			2020		X	2021			2020
​		(In thousands)
Time-Based LTIP Units	​	$	3,999	​	$	3,364	​	$	12,494	​	$	11,003
Performance-Based LTIP Units	​		3,216	​		3,999	​		9,615	​		14,207
LTIP Units	​		—	​		—	​		1,091	​		1,100
Other equity awards (1)	​		1,473	​		1,690	​		4,395	​		4,829
Share-based compensation expense - other	​		8,688	​		9,053	​		27,595	​		31,139
Formation Awards	​		476	​		875	​		1,923	​		3,473
OP Units (2)	​		1,610	​		4,780	​		6,508	​		17,398
LTIP Units (2)	​		66	​		95	​		217	​		310
Special Performance-Based LTIP Units (3)	​		629	​		657	​		2,014	​		2,015
Special Time-Based LTIP Units (3)	​		699	​		726	​		2,204	​		2,236
Share-based compensation related to Formation Transaction and special equity awards (4)	​		3,480	​		7,133	​		12,866	​		25,432
Total share-based compensation expense	​		12,168	​		16,186	​		40,461	​		56,571
Less: amount capitalized	​		(740)	​		(1,177)	​		(2,141)	​		(3,388)
Share-based compensation expense	​	$	11,428	​	$	15,009	​	$	38,320	​	$	53,183

(1) Primarily comprising compensation expense for: (i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonus earned, (ii) RSUs and (iii) shares issued under our ESPP.

(2) Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations.

(3) Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing.

(4) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations.

Time-Based LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards

​

​	​	​
Expected volatility		34.0% to 39.0%
Risk-free interest rate		0.1% to 0.4%
Post-grant restriction periods		2 to 3 years

Performance-Based LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards

​

​	​	​
Expected volatility		31.0% - 34.0%
Dividend yield		2.6%
Risk-free interest rate		0.2% - 1.0%

ESPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards

​

​	​	​
Expected volatility		39.0%
Dividend yield		1.5%
Risk-free interest rate		0.1%
Expected life	​	6 months

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

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-Publisher FASB
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