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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022:
Year Ended
December 31		Grantee TypeNumber of
Restricted Stock
Units Granted		Vesting
Period
Grant Date
Fair Value
(In thousands)
2024 Directors 13,834 
 1 year
$350 
2024 Associates 839,166 
 1-3 years
$21,847 
2023Directors12,036 
 1 year
$350 
2023Associates634,109 
 1-3 years
$19,759 
2022Directors4,810 
 1 year
$125 
2022Associates555,719 
 1-3 years
$15,067 
The following table provides a summary of restricted stock unit activity under the 2010 and 2017 Plans for the year ended December 31, 2024:
Year Ended December 31, 2024
Restricted StockNumber of Time-Based Restricted Stock UnitsAggregate Intrinsic Value (in millions)
Number of Market Performance-Based Restricted Stock Units(1)
Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2023
732,519 $20.0 259,326 $10.0 
Granted
717,370 135,630 
Market-performance adjustment(2)
— (28,632)
Vested
(366,298)(36,419)
Forfeited
(85,315)(20,860)
Non-vested as of December 31, 2024
998,276 $21.4 309,045 $6.6 
Shares vested, but not released(3)
46,890 1.0— — 
Total outstanding restricted stock units
1,045,166 $22.4 309,045 $6.6 
(1)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.
(2)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.
(3)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.
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
50th 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 (1)
Risk-Free Interest Rate
Dividend Yield (2)
202233 %1.75 %N/A
202328 %4.77 %N/A
202429 %4.29 %N/A
(1)Volatility is based on historical stock price
(2)Dividends are assumed to be reinvested and therefore not applicable.
Schedule of OP Units Activity
The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31		Grantee TypeNumber of
OP Units Granted		Vesting
Period
Grant Date Fair Value
(In thousands)
2024Directors43,478 
 1 year
$1,100 
2024Associates662,200 
3 years
$16,969 
2023Directors37,827 
 1 year
$1,100 
2023Associates357,254 
 1-3 years
$11,917 
2022Directors35,593 
 1 year
$925 
2022Associates342,980 
 1-3 years
$9,087 
The following table provides a summary of the OP unit activity under the 2017 Plan for the year ended December 31, 2024:
Year Ended December 31, 2024
OP UnitsNumber of Time-Based OP Units Aggregate Intrinsic Value (in millions)Number of Market Performance-Based OP UnitsAggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2023
235,895 $7.1 420,376 $12.7 
Granted
468,811 236,867 
Vested
(128,448)(61,089)
Forfeited
(13,273)(28,185)
Non-vested as of December 31, 2024
562,985 $12.0 567,969 $12.2 
Shares vested, but not released
372,168 8.0 83,304 — 
Total outstanding OP units
935,153 $20.0 651,273 $12.2 
Schedule of Stock Option Activity
The following table provides a summary of option activity for the year ended December 31, 2024:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2023
100,498 $9.81 2.7
Exercised
(32,500)9.81 
Outstanding as of December 31, 2024
67,998 $9.81 1.8
Exercisable as of December 31, 2024
67,998 $9.81 1.8