v3.25.4

Share-Based Payments and Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award |
Summary of share-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ |  | (In thousands)
Time-Based LTIP Units | ​ | $ | 14,628 | ​ | $ | 16,826 | ​ | $ | 16,822
AO LTIP Units and Performance-Based LTIP Units | ​ |  | 4,658 | ​ |  | 8,598 | ​ |  | 10,647
LTIP Units | ​ |  | 900 | ​ |  | 1,552 | ​ |  | 1,000
Other equity awards (1) | ​ |  | 5,752 | ​ |  | 4,475 | ​ |  | 5,394
Share-based compensation expense - other | ​ |  | 25,938 | ​ |  | 31,451 | ​ |  | 33,863
Share-based compensation related to Formation Transaction and special equity awards (2) | ​ |  | — | ​ |  | — | ​ |  | 549
Total share-based compensation expense | ​ |  | 25,938 | ​ |  | 31,451 | ​ |  | 34,412
Less: amount capitalized | ​ |  | (1,082) | ​ |  | (1,927) | ​ |  | (2,312)
Share-based compensation expense | ​ | $ | 24,856 | ​ | $ | 29,524 | ​ | $ | 32,100
(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 bonuses earned, (ii) RSUs and (iii) shares issued under our ESPP.
(2) | Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in our consolidated statement of operations. Includes share-based compensation expense for awards issued in connection with the Formation Transaction and with our successful pursuit of Amazon.com, Inc's headquarters in National Landing all of which were fully expensed as of December 31, 2023.
Schedule of RSU activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted
​ | ​ | Unvested | ​ | Average Grant-
​ | ​ | Shares | ​ | Date Fair Value
Unvested as of December 31, 2024 |  | 105,203 | ​ | $ | 19.30
Granted |  | 98,029 | ​ |  | 15.44
Vested | ​ | (48,296) | ​ | ​ | 19.79
Forfeited |  | (13,117) | ​ |  | 17.20
Unvested as of December 31, 2025 |  | 141,819 | ​ |  | 16.66
LTIP and Time-Based LTIP Units |
Share-based Compensation Arrangement by Share-based Payment Award |
Summary of the significant assumptions of awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Expected volatility | ​ ​ | 30.0 % to 36.0% | ​ | 33.0% to 35.0% | ​ | 26.0% to 31.0%
Risk-free interest rate |  | 3.9% to 4.4% | ​ | 4.4% to 4.8% | ​ | 3.4% to 4.9%
Post-grant restriction periods |  | 2 to 7 years | ​ | 2 to 6 years |  | 2 to 6 years
Summary of activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | Unvested | ​ | Average Grant-
​ | ​ ​ ​ | Shares | ​ ​ ​ | Date Fair Value
Unvested as of December 31, 2024 | ​ | 2,257,476 | ​ | $ | 20.99
Granted | ​ | 1,062,405 | ​ | ​ | 13.17
Vested | ​ | (1,082,719) | ​ | ​ | 17.72
Forfeited | ​ | (11,225) | ​ | ​ | 16.69
Unvested as of December 31, 2025 | ​ | 2,225,937 | ​ | ​ | 18.87
AO LTIP Units |
Share-based Compensation Arrangement by Share-based Payment Award |
Summary of the significant assumptions of awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Expected volatility | ​ ​ | 32.0% | ​ | 32.0% | ​ | 30.0%
Dividend yield |  | 3.9% | ​ | 3.2% | ​ | 3.2%
Risk-free interest rate |  | 4.4% | ​ | 4.1% | ​ | 4.1%
Summary of activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted
​ | ​ | Unvested | ​ | Average Grant-
​ | ​ | Shares | ​ | Date Fair Value
Unvested as of December 31, 2024 |  | 4,969,647 | ​ | $ | 3.96
Granted |  | 549,292 | ​ |  | 2.69
Vested | ​ | (691,849) | ​ | ​ | 4.44
Forfeited |  | (398,328) | ​ |  | 4.26
Unvested as of December 31, 2025 |  | 4,428,762 | ​ |  | 3.70
ESPP |
Share-based Compensation Arrangement by Share-based Payment Award |
Summary of the significant assumptions of awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
Expected volatility | ​ ​ | 32.0% to 37.0% | ​ | 26.0% to 48.0% | ​ | 30.0% to 37.0%
Dividend yield |  | 4.1% to 4.7% | ​ | 4.2% to 4.6% | ​ | 2.4% to 6.3%
Risk-free interest rate |  | 4.4% | ​ | 5.3% to 5.6% | ​ | 4.7% to 5.4%
Expected life | ​ | 3 months | ​ | 3 months | ​ | 6 months
Performance LTIP Units |
Share-based Compensation Arrangement by Share-based Payment Award |
Summary of activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted
​ | ​ | Unvested | ​ | Average Grant-
​ | ​ | Shares | ​ | Date Fair Value
Unvested as of December 31, 2024 |  | 705,754 | ​ | $ | 22.54
Forfeited |  | (26,545) | ​ |  | 23.08
Unvested as of December 31, 2025 |  | 679,209 | ​ |  | 22.52

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