Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company’s Amended and Restated 2013 Equity Incentive Plan, as amended June 14, 2023 (the "Equity Plan"), permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, LTIP Units and other equity-based awards up to an aggregate of 3,400,000 shares of common stock. As of March 31, 2024, there were 1,155,595 shares available for issuance under the Equity Plan.

During the three months ended March 31, 2024, the Company granted an aggregate of 415,142 shares of restricted stock, performance units, and LTIP Units to employees and non-employee directors with a weighted average grant date fair value of $10.38 per share, performance unit, and LTIP unit. During the three months ended March 31, 2024, employees surrendered 91,623 shares of restricted stock for income tax withholdings and 4,150 were forfeited in accordance with service conditions of grants (excluding items noted below). Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Executive officers' restricted shares or LTIP Units generally vest over a period of three years: two-fifths immediately on the grant date and the remaining three-fifths in equal amounts on the first three anniversaries following the grant date, subject to continued service to the Company. Non-employee director restricted stock awards or LTIP Units may vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Employee performance units generally vest over a period of six years: two-fifths on the last day of a three year performance period, and the remaining three-fifths in equal amounts on the first three anniversaries following the end of the three year performance period, subject to continued service to the Company and certain market conditions. Unvested restricted stock awards, performance units and LTIP Units are entitled to receive distributions from their grant date.

During the three months ended March 31, 2024 and 2023, the Company recognized $2.4 million and $2.1 million, respectively, of stock-based compensation cost. As of March 31, 2024, there were 434,222 non-vested restricted shares, performance units, and LTIP Units outstanding; the total unrecognized compensation expense related to non-vested

restricted shares, performance units, and LTIP Units was $4.6 million, which the Company expects to recognize over the next 69 months.