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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively, as follows (in thousands):
202520242023
Restricted common shares and time-based LTIP awards$7,183 $7,385 $7,598 
Performance-based notional unit awards and performance-based LTIP awards5,216 4,257 4,437 
Options335 347 476 
Total equity-based compensation$12,734 $11,989 $12,511 

Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
 202520242023
Equity-based compensation expense capitalized$246 $130 $255 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table summarizes information related to unvested restricted common shares and restricted share units outstanding for the years ended December 31, 2025, 2024 and 2023:

Unvested Restricted Common Shares and Restricted Share UnitsNumber of shares and unitsWeighted average grant date fair value
Outstanding at December 31, 2022
970,383 $15.18 
Granted (1)
345,297 17.85 
Vested(480,036)13.21 
Forfeited(31,803)15.89 
Outstanding at December 31, 2023
803,841 $17.47 
Granted254,019 26.82 
Vested(499,704)17.07 
Forfeited(14,553)21.53 
Outstanding at December 31, 2024
543,603 $22.00 
Granted199,371 35.15 
Vested (312,344)21.58 
Forfeited(4,486)32.70 
Outstanding at December 31, 2025
426,144 $28.58 
(1)Includes 22,819 restricted share units.
Schedule of Nonvested Performance-based Units Activity
The following table sets forth PSP performance targets and other relevant information about each plan:
2025
PSP (1)
2024
PSP(1)
2023
PSP(1)
2022
PSP(1)
Performance targets
Absolute portion of award:
Percent of total award33%33%33%33%
Absolute total shareholder return range26 %-41%26 %-41%26 %-41%26 %-41%
Percentage of units to be earned20 %-100%20 %-100%20 %-100%20 %-100%
Relative portion of award:
Percent of total award67%67%67%67%
Percentile rank of peer group range30th-80th30 th-80th30 th-80th30 th-80th
Percentage of units to be earned20%-100%20%-100%20%-100%20%-100%
Maximum number of restricted common shares and LTIP units that may be earned
295,648367,126499,696555,349
Grant date fair value per LTIP unit
$22.33N/AN/AN/A
Grant date fair value per share$22.22$16.36$12.08$11.68
(1)The number of restricted common shares received under the 2025, 2024, 2023, and 2022 PSP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group. The peer group is based on companies included in the FTSE Nareit Equity Retail Index.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of the PSP awards granted during the years ended December 31, 2025, 2024 and 2023 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
PSPPSPPSP
202520242023
Risk free interest rate (1)
4.00 %4.40 %3.90 %
Expected dividend yield (2)
4.0 %4.3 %4.6 %
Expected volatility (3)
29 %37 %62 %
(1)Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the notional performance unit grants.
(2)The dividend yield is calculated utilizing the dividends paid for the previous five-year period.
(3)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.
Schedule of Other Share-based Compensation, Activity
The following table sets forth PSP activity for the years ended December 31, 2025, 2024 and 2023:
Unvested PSP Awards
Number of unitsWeighted average grant date fair value
Outstanding as of December 31, 2022
1,811,407 $8.84 
Awarded499,696 12.08 
Earned (1)
(758,814)7.30 
Forfeited(149,948)9.87 
Outstanding as of December 31, 2023
1,402,341 $10.29 
Awarded367,126 16.36 
Earned (1)
(479,097)9.76 
Forfeited(63,081)12.18 
Outstanding as of December 31, 2024
1,227,289 $12.90 
Awarded295,648 22.31 
Earned (1)
(401,613)16.62 
Forfeited(7,011)20.26 
Outstanding as of December 31, 2025
1,114,313 $16.03 
(1)Represents the units under the 2020, 2021 and 2022 PSP that are no longer outstanding and have been settled in restricted common shares.
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
Options outstanding at December 31, 2025 had the following weighted average exercise prices and weighted average remaining contractual lives:
Options OutstandingOptions Exercisable
Exercise pricesOptionsWeighted average exercise priceWeighted remaining contractual life in yearsOptionsWeighted average exercise price
$5.73 77,600 $5.73 4.6977,600 $5.73 
$7.15 1,000,000 $7.15 4.371,000,000 $7.15 
$19.37 250,000 $19.37 6.91150,000 $19.37 
$21.94 55,100 $21.94 2.2055,100 $21.94 
1,382,700 $9.87 4.591,282,700 $9.13 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of option activity under the Plan for the years ended December 31, 2025, 2024 and 2023 (aggregate intrinsic value amount in thousands):
OptionsSharesWeighted-average exercise priceWeighted-average remaining contractual life in yearsAggregate intrinsic value
Outstanding as of December 31, 2022
1,716,800 $11.53 6.79$13,275 
Granted— — 
Exercised(85,500)14.45 
Forfeited(26,300)16.55 
Outstanding as of December 31, 2023
1,605,000 $11.30 6.31$26,719 
Granted— — 
Exercised(84,990)15.47 
Forfeited(85,200)31.43 
Outstanding as of December 31, 2024
1,434,810 $9.85 5.74$34,834 
Granted— — 
Exercised(42,310)10.26 
Forfeited(9,800)5.73 
Outstanding as of December 31, 2025
1,382,700 $9.87 4.76$32,495 
Vested and Expected to Vest as of
December 31, 2025
1,382,700 $9.87 4.76$32,495 
Exercisable as of December 31, 2025
1,282,700 $9.13 4.59$31,095