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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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 years ended December 31, 2024, 2023 and 2022:
 SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value (1) (amounts in thousands)
Options outstanding at December 31, 2021824,300 $17.89 3.7$21,200 
Granted— — 
Exercised(93,750)17.26 1,782 
Forfeited— — 
Options outstanding at December 31, 2022730,550 $17.97 3.0$8,889 
Granted— — 
Exercised(207,875)16.76 3,852 
Forfeited— — 
Options outstanding at December 31, 2023522,675 $18.45 2.5$9,150 
Granted— — 
Exercised(193,175)16.11 4,019 
Forfeited— — 
Options outstanding at December 31, 2024329,500 $19.83 2.1$5,796 
Options exercisable at December 31, 2024329,500 $19.83 2.1$5,796 
(1)Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Restricted Share Units Activity Under Plan
The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2024, 2023 and 2022:
Restricted Share UnitsWeighted- Average Grant Date Fair Value
RSUs outstanding at December 31, 20211,050,599 $29.71 
Granted466,802 39.52 
Vested(439,643)29.41 
Forfeited(53,036)35.85 
RSUs outstanding at December 31, 20221,024,722 $33.99 
Granted509,730 33.24 
Vested(418,351)31.40 
Forfeited(25,579)33.45 
RSUs outstanding at December 31, 20231,090,522 $34.64 
Granted701,342 35.70 
Vested(559,257)33.80 
Forfeited(45,063)34.85 
RSUs outstanding at December 31, 20241,187,544 $35.66 
Summary of Performance Share Units Activity Under Plan
The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2024, 2023 and 2022:
Performance-Based Restricted Share Units (1)
Weighted-Average Grant Date Fair Value
PSUs outstanding at December 31, 202192,319 $34.83 
Granted202,104 43.91 
Vested— — 
Forfeited— — 
PSUs outstanding at December 31, 2022294,423 $41.07 
Granted227,033 40.19 
Vested— — 
Forfeited(1,237)43.91 
PSUs outstanding at December 31, 2023520,219 $40.68 
Granted254,157 41.46 
Adjustment for performance achievement75,109 34.83 
Vested(167,428)34.83 
Forfeited(4,759)41.51 
PSUs outstanding at December 31, 2024677,298 $41.76 
(1)Represents the number of target shares at grant date for PSUs outstanding, granted and forfeited. Adjustment for performance achievement represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and vested during the first quarter of 2024.
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:
202420232022
Expected term (years)3.03.03.0
Dividend yield2.44%2.09%1.03%
Estimated volatility (1)
23.83%27.45%27.62%
Risk-free interest rate4.19%4.16%1.39%
(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.
Summary of Noncash Share-Based Compensation Expense The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
For the Years Ended December 31,
202420232022
General and administrative expense$20,617 $16,379 $15,318 
Property management expenses4,814 4,030 3,861 
Acquisition and other transaction costs5,553 4,961 8,129 
Total noncash share-based compensation expense$30,984 $25,370 $27,308