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Equity Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions The following table summarizes the assumptions used in valuing the performance units granted during the nine months ended September 30, 2025.
Performance Units
Grant dateJanuary 7, 2025
Expected stock price volatility24.6 %
Expected dividend yield4.0 %
Risk-free interest rate4.3294 %
Fair value of performance units grant (in thousands)$6,858 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2022 performance units at the conclusion of the applicable measuring period during the nine months ended September 30, 2025.
Settlement of Performance Units in LTIP Units or Shares of Common Stock2022 Performance Units
Measuring period conclusion date December 31, 2024
Issuance dateJanuary 7, 2025
Vested LTIP units 126,333
Vested shares of common stock8,246
Shares of common stock repurchased and retired 751
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and nine months ended September 30, 2025 and 2024.

 Three months ended September 30,Nine months ended September 30,
Non-Cash Compensation Expense (in thousands)2025202420252024
Restricted shares of common stock$328 $420 $1,134 $1,352 
LTIP units1,061 908 3,278 2,730 
Performance units1,554 1,415 4,573 4,171 
Director compensation(1)
193 

209 581 560 
Total non-cash compensation expense$3,136 $2,952 $9,566 $8,813 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and nine months ended September 30, 2025 and 2024. The number of shares of common stock granted was calculated based on the trailing ten day average common stock price on the third business day preceding the grant date.