Share-Based Payments and Employee Benefits (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-based Compensation Arrangement by Share-based Payment Award |
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| 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. |
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| 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 |
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| LTIP and Time-Based LTIP Units |
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| Share-based Compensation Arrangement by Share-based Payment Award |
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| 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 |
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| 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 |
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| AO LTIP Units |
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| Share-based Compensation Arrangement by Share-based Payment Award |
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| 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% |
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| 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 |
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| ESPP |
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| Share-based Compensation Arrangement by Share-based Payment Award |
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| 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 |
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| Performance LTIP Units |
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| Share-based Compensation Arrangement by Share-based Payment Award |
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| 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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