Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity under Plan

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
Options outstanding at beginning of period	730,550	824,300
Granted	—	—
Exercised	(1,875)	(18,750)
Forfeited	—	—
Options outstanding at end of period	728,675	805,550
Options exercisable at end of period	728,675	800,550

Summary of Restricted Share Units Activity Under Plan

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
RSUs outstanding at beginning of period	1,024,722	1,050,599
Awarded	447,364	395,759
Vested	(374,956)	(335,826)
Forfeited	(12,543)	(19,523)
RSUs outstanding at end of period	1,084,587	1,091,009

Summary of Performance Share Units Activity Under Plan

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
PSUs outstanding at beginning of period	294,423	92,319
Awarded	227,033	202,104
Vested	—	—
Forfeited	(693)	—
PSUs outstanding at end of period	520,763	294,423

Schedule of PSU TSR Valuation Assumptions

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

	For the Three Months Ended March 31,
	2023	2022
Expected term (years)	3.0	3.0
Dividend yield	2.09%	1.03%
Estimated volatility (1)	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.

Summary of Activity in Noncash Share-Based Compensation Expense

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
General and administrative expense	$	3,743	$	4,030
Property management expenses	1,066		999
Acquisition and other transaction costs	1,015		2,376
Total noncash share-based compensation expense	$	5,824	$	7,405