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STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS | STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS The Company's stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock that vests based upon a service condition; performance share grants that vest based upon the achievement of a market condition (Market Condition Grants); and performance share grants that include threshold, target, and maximum achievement levels based upon the achievement of specific performance measures (Performance Milestone Grants). Market Condition Grants consist of awards that vest based upon the Company's total shareholder return relative to a designated peer group (rTSR Grants) and awards that vest upon the achievement of a target share price (Price Vesting Unit Awards). The grant date fair value of Market Condition Grants is determined using a Monte Carlo simulation. Failure to achieve the market condition results in the forfeiture of the shares. Forfeiture of awards with service conditions or performance conditions results in a reversal of previously recognized share-based compensation expense, while forfeiture of awards with market conditions does not. The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the six months ended June 30, 2026:
| June 30, 2026 |  |
Stock grants outstanding beginning of period at target achievement | 364,798 |  |  |
New stock grants/additional shares | 158,199 |  |  |
Vested grants | (135,643) |  |  |
Expired/forfeited grants | (74,802) |  |  |
Stock grants outstanding end of period at target achievement | 312,552 |  |  |
As of June 30, 2026, stock grants outstanding at target achievement consisted of 138,861 shares of restricted stock that vest based upon a service condition and 173,691 performance share grants (Market Condition Grants and Performance Milestone Grants). The following summarizes the shares issuable under outstanding performance share grants at each achievement level:
Performance Share Grants
Threshold performance |  | 6,523 |
Target performance |  | 173,691 |
Maximum performance |  | 259,674 |
Price Vesting Units Awards The following is a summary of the assumptions used to determine the grant date fair value of the Company's Price Vesting Unit Awards outstanding as of June 30, 2026:
($ in thousands except for share prices) |  |  |  |  |  |  |  |  |  |
Grant date |  | 12/16/2023 |  | 03/13/2024 |  | 12/11/2024 |  | 03/06/2025 |  | 06/20/2025
Vesting end |  | 12/31/2026 |  | 03/22/2027 |  | 12/10/2027 |  | 03/06/2028 |  | 06/20/2028
Target share price to achieve award |  | $19.65 |  | $18.93 |  | $18.59 |  | $18.56 |  | $19.01
Expected volatility |  | 25.91% |  | 25.56% |  | 26.90% |  | 27.04% |  | 26.82%
Risk-free interest rate |  | 4.02% |  | 4.31% |  | 4.01% |  | 3.9% |  | 3.8%
Simulated Monte Carlo share price |  | $19.74 |  | $18.36 |  | $18.55 |  | $13.54 |  | $18.53
Shares granted |  | 4,828 |  | 15,225 |  | 2,315 |  | 13,046 |  | 18,351
Total fair value of award |  | $95 |  | $280 |  | $43 |  | $177 |  | $340
Relative Total Shareholder Return Awards The following rTSR awards were outstanding as of the six months ended June 30, 2026. The Company granted performance stock unit awards for which vesting is contingent upon the Company's total shareholder return ("TSR") relative to the constituents of the S&P 600 SmallCap Real Estate Index over a performance period ending December 29, 2028 (the "rTSR awards"). Because the number of shares that ultimately vest depends on the Company's stock price performance relative to a peer group, the rTSR awards contain a market condition as defined in ASC Topic 718, Compensation — Stock Compensation. The payout of the rTSR awards ranges from 0% to 150% of the target number of units based on the Company's relative TSR percentile ranking against the peer group: 0% for performance below the 25th percentile, 50% (threshold) at the 25th percentile, 100% (target) at the 50th percentile, and 150% (maximum) at or above the 75th percentile, with straight-line interpolation between levels. If the Company's absolute TSR over the performance period is negative, the payout is capped at 100% of target. The grant-date fair value of the rTSR awards was estimated using a Monte Carlo simulation, which incorporates the correlated stock-price movements of the Company and each peer company. The following rTSR awards were outstanding as of the six months ended June 30, 2026:
($ in thousands except for share prices) |  |  |  |  |  |  |
Grant date |  |  | 12/09/2025 |  | 03/17/2026 |  | 04/21/2026
Vesting end |  |  | 12/29/2028 |  | 12/29/2028 |  | 12/29/2028
Expected volatility |  |  | 25.90% |  | 25.90% |  | 25.90%
Risk-free interest rate |  |  | 3.56% |  | 3.61% |  | 3.73%
Simulated Fair Value Per Share |  |  | $17.04 |  | $19.87 |  | $20.12
Shares granted |  |  | 9,569 |  | 43,266 |  | 637
Total fair value of award |  |  | $163 |  | $860 |  | $13
The unamortized cost associated with unvested stock grants and the weighted average period over which it is expected to be recognized as of June 30, 2026 were $2,818,000 and 22 months, respectively. The following table summarizes stock compensation costs for the Company's 2023 Stock Incentive Plan, 1998 Stock Incentive Plan, and the prior Non-Employee Director Stock Incentive Plan for the following periods:
($ in thousands) | Six Months Ended June 30,
Employee | 2026 |  | 2025
Expensed | $ | 268 |  | 1 | $ | 866 |
Capitalized | (58) |  | 1 | 324 |
| 210 |  |  | 1,190 |
Director | 444 |  |  | 424 |
Total stock compensation costs | $ | 654 |  |  | $ | 1,614 |
1 Stock compensation costs during the six months ended June 30, 2026 include a reversal of previously recorded amounts due to a change in estimate.

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