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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation

Schedule of LTIP Unit Activity

During the year ended December 31, 2025, the following LTIP Units were issued by the Company:

​

​	​	​	​	​	​	​
​	​	​	​	Number of	​	​
​	​	​	​	Units Issued	​	​
Date	​	Description	​	(thousands)	​	Vesting Dates
​	​	​	​	​	​	​
February 26, 2025	​	Final awards under the 2024 Annual Incentive Plan	​	25	​	50% on February 26, 2025; and
​	​	​	​	​	​	50% on February 26, 2026
​	​	​	​	​	​	​
February 26, 2025	​	Time-based awards under the 2025 Long-Term Incentive Plan	​	41	​	100% on February 26, 2028
​	​	​	​	​	​	​
May 14, 2025	​	Annual awards to independent directors	​	12	​	100% on May 14, 2026
​	​	​	​	​	​	​
June 23, 2025	​	New Chief Executive Officer and President signing grant (1)	​	32	​	100% on June 23, 2028
​	​	​	​	​	​	​
October 1, 2025	​	Discretionary grant	​	3	​	33.33% on October 1, 2026;
​	​	​	​	​	​	33.33% on October 1, 2027; and
​	​	​	​	​	​	33.33% on October 1, 2028
​	​	​	​	​	​	​
December 17, 2025	​	Discretionary grant	​	1	​	33.33% on December 17, 2026;
​	​	​	​	​	​	33.33% on December 17, 2027; and
​	​	​	​	​	​	33.33% on December 17, 2028

Schedule of time-based vesting LTIP unit activity

A detail of the Company’s outstanding time-based LTIP Units as of December 31, 2025 is as follows (in thousands):

​

​	​	​
Vested units	​ ​ ​	540
Unvested units		162
LTIP Units outstanding as of December 31, 2025		702

Schedule of the annual awards and long-term awards

A detail of the Performance Awards under the 2023, 2024 and 2025 programs as of December 31, 2025 is as follows (in thousands):

​

​	​	​
2023 Long-Term Awards		29
2024 Long-Term Awards	​	39
2025 Annual Awards (1)	​	36
2025 Long-Term Awards (2)	​	33
Total target Performance Awards as of December 31, 2025		137

(1) Approved by the Board on February 26, 2025, with the exception of five awards for the new Chief Executive Officer and President approved by the Board on June 20, 2025 with an award date of June 23, 2025. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange over the 15 trading days preceding the award date.

(2) Approved by the Board on February 26, 2025. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.

​

Schedule of of the assumptions for the long-term awards using Monte Carlo simulations

Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2025 Long-Term		​	2024 Long-Term		​	2023 Long-Term		​
​	​ ​ ​	Awards		​ ​ ​	Awards		​ ​ ​	Awards		​ ​ ​
​	​	​	​	​	​	​	​	​	​	​
Fair value	​	$	46.60	​	$	46.85	​	$	58.35
Target awards	​		33	​		39	​		29
Volatility	​		28.67	%		28.12	%		43.54	%
Risk-free rate	​		4.00	%		4.38	%		4.35	%
Dividend assumption	​		reinvested	​		reinvested	​		reinvested
Expected term in years	​		3	​		3	​		3

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