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EQUITY-BASED AWARDS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of activity compensatory and acquisition consideration LTIP grants The following table summarizes activity for the time-based LTIP unit awards, including the time-based portion of the special one-time transaction LTIP Units issued in connection with the completion of the Company’s previously disclosed internalization of its PRO structure, as described below, for the years ended December 31, 2024, 2023 and 2022:
Time-Based LTIP Unit Awards
202420232022
Number of LTIP unitsWeighted Average Grant-Date Fair ValueNumber of LTIP unitsWeighted Average Grant-Date Fair ValueNumber of LTIP unitsWeighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year
177,799 $41.07 132,414 $48.35 158,976 $36.95 
Granted166,526 40.80 129,933 39.55 71,673 58.42 
Vested(97,482)41.21 (84,548)45.39 (92,073)36.58 
Forfeited(4,581)37.61 — — (6,162)47.34 
Unvested at end of year242,262 $37.39 177,799 $41.07 132,414 $48.35 
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2024, 2023 and 2022, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.
Performance-Based LTIP Unit Awards
MinimumTargetMaximumWeighted Average Grant-Date Fair Value
Outstanding unvested at December 31, 2021
— 146,101 292,193 $35.98 
Granted— 40,117 80,228 61.66 
Vested— (42,744)(85,485)29.76 
Forfeited— — — — 
Outstanding unvested at December 31, 2022
— 143,474 286,936 $44.99 
Granted— 74,162 148,324 42.28 
Vested— (21,916)(43,832)19.27 
Forfeited— (31,923)(63,835)16.85 
Outstanding unvested at December 31, 2023
— 163,797 327,593 $23.42 
Granted— 70,183 140,365 48.80 
Vested — (29,664)(44,134)22.93 
Forfeited— (27,982)(71,156)19.98 
Outstanding unvested at December 31, 2024
— 176,334 352,668 $24.57 
The following table summarizes activity for acquisition grants during the years ended December 31, 2024, 2023 and 2022:
Total LTIP units
Total unvested units, December 31, 2021
252,894 
Units vested in 2022— 
Units forfeited in 2022— 
Total unvested units, December 31, 2022
252,894 
Units vested in 2023 related to properties contributed or sourced by PROs(15,600)
Units forfeited in 2023(28,894)
Total unvested units, December 31, 2023
208,400 
Units vested in 2024— 
Units forfeited in 2024(208,400)
Total unvested units, December 31, 2024
— 
Schedule of valuation assumptions for LTIP Unit grants The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2024, 2023 and 2022:
202420232022
Risk-free interest rate4.15 %4.22 %1.55 %
Dividend yield5.40 %6.09 %3.47 %
Expected volatility27.91 %35.39 %30.96 %
Schedule of activity for restricted common shares
The following table summarizes activity for restricted common shares for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Number of Restricted Common SharesWeighted Average Grant-Date Fair ValueNumber of Restricted Common SharesWeighted Average Grant-Date Fair ValueNumber of Restricted Common SharesWeighted Average Grant-Date Fair Value
Outstanding at beginning of year
21,402 $46.65 25,435 $48.90 30,659 $40.41 
Granted9,413 37.11 12,856 42.46 10,405 57.97 
Vested(10,001)46.68 (12,011)45.44 (10,208)34.83 
Forfeited(1,949)43.10 (4,878)47.41 (5,421)45.21 
Unvested at end of year18,865 $42.30 21,402 $46.65 25,435 $48.90