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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2022, 2021 and 2020:
Year Ended
December 31		Grantee TypeNumber of
Restricted Stock
Units Granted		Vesting
Period		Grant Date
Fair Value
(in thousands)
2022Directors4,8101 year$125 
2022Associates555,719
1-3 years
$15,067 
2021Directors6,6161 year$250 
2021Associates1,004,650
1-3 years
$31,159 
2020Directors8,5171 year$300 
2020Associates295,274
1-3 years
$9,137 
The following table provides a summary of restricted stock unit activity under the 2010 and 2017 Plans for the year ended December 31, 2022:
Year Ended December 31, 2022
Restricted StockNumber of Time-Based Restricted Stock UnitsAggregate Intrinsic Value (in millions)
Number of Market Performance-Based Restricted Stock Units(2)
Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2021
1,071,959 $35.1 374,048 $12.3 
Granted
429,353 131,176 
Market-performance adjustment(3)
N/A(18,253)
Vested
(623,882)(194,111)
Forfeited
(189,763)(43,413)
Non-vested as of December 31, 2022
687,667 $19.5 249,447 $7.1 
Shares vested, but not released(1)
46,890 1.3 — — 
Total outstanding restricted stock units
734,557 $20.8 249,447 $7.1 
(1)For certain vested restricted stock units, common stock issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested time-based restricted stock units 46,890 belong to an active member of the Board of Directors and the date of issuance is therefore unknown at this time. The weighted average grant date fair value of these units is $8.42 per unit. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote until such stock is issued.
(2)The number of market performance-based restricted stock units granted are reflected within this table based upon the number of shares of common stock issuable upon achievement of the performance metric at target.
(3)Represents the decrease in the number of original market-performance units awarded based on the final performance criteria achievement at the end of the defined performance period.
Schedule of Market Performance-Based Restricted Stock Units Thresholds In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:
Performance Level ThresholdsRMZ Relative Market PerformanceMarket Performance Vesting Percentage
High Level
above 75th percentile
200%
Target Level
55th percentile
100%
Threshold Level
25th percentile
50%
Below Threshold Level
below 25th percentile
0%
Schedule of Performance-Based Restricted Stock Unit Valuation Assumptions Assumptions used in the valuations are summarized as follows:
Award Date
Expected Stock Price Volatility (2)
Risk-Free Interest Rate
Dividend Yield (1)
2020
23%
0.52%
N/A
2021
33%
0.31%
N/A
2022
33%
1.75%
N/A
(1)Dividends are assumed to be reinvested and therefore not applicable.
(2)Volatility is based on historical stock price
Schedule of OP Units Activity
The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,Grantee TypeNumber of
OP Units Granted		Vesting
Period		Grant Date Fair Value
(in thousands)
2022Directors35,5931 year$925 
2022Associates342,980
1-3 years
$9,087 
2021Directors22,4271 year$811 
2021Associates308,862
1-3 years
$9,938 
2020Directors16,3251 year$575 
OP units granted for the year ended December 31, 2022 consisted of: (i) 35,593 time-based OP units with a one year vesting period issued to non-employee directors as part of their annual compensation, (ii) 98,994 time-based graded vesting OP units with various vesting periods ranging from one to three years issued to certain associates in connection with the annual grant provided in March and (iii) 243,986 market performance-based cliff vesting OP units with a three-year vesting period issued to certain associates in connection with the annual grant provided in March.
OP units granted for the year ended December 31, 2021 consisted of: (i) 22,427 time-based OP units with a one-year vesting period issued to non-employee directors as part of their annual compensation (ii) 102,655 time-based graded vesting OP units with various vesting periods ranging from one to three years issued to certain associates in connection with the annual grant provided in March (iii) 198,007 market performance-based cliff vesting OP units with a three-year vesting period issued to certain associates in connection with the annual grant provided in March and (iv) 8,200 time-based graded vesting OP units with a two-year vesting period issued to certain associates as a retention grant in November of 2021.
OP units granted for the year ended December 31, 2020 consisted of: (i) 16,325 time-based OP units with a one-year vesting period issued to non-employee directors as part of their annual compensation (ii) 76,855 time-based graded vesting OP units with various vesting periods ranging from one to three years issued to certain associates and (iii) 178,865 market performance-based cliff vesting OP units with a three-year vesting period issued to certain associates.
The following table provides a summary of the OP unit activity under the 2017 Plan for the year ended December 31, 2022:
Year Ended December 31, 2022
OP UnitsNumber of Time-Based OP UnitsAggregate Intrinsic Value (in millions)Number of Market Performance-Based OP UnitsAggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2021
140,222 $4.6 288,165 $9.4 
Granted
134,587 243,986 
Vested
(102,234)— 
Forfeited
(12,393)(69,336)
Non-vested as of December 31, 2022
160,182 $4.5 462,815 $13.1 
Shares vested, but not released
174,958 5.8 — — 
Total outstanding OP units
335,140 $10.3 462,815 $13.1 
Schedule of Stock Option Activity
The following table provides a summary of option activity for the year ended December 31, 2022:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2021
206,298 $9.81 2.9
Granted
— — 
Exercised
(100,800)9.81 
Forfeited or expired
— — 
Outstanding as of December 31, 2022
105,498 $9.81 3.6
Exercisable as of December 31, 2022
105,498 $9.81 3.6