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Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of share-based compensation expense


		Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020

		(In thousands)
Time-Based LTIP Units		$	4,115		$	4,288		$	8,495		$	7,639
Performance-Based LTIP Units			3,160			6,219			6,399			10,208
LTIP Units			1,091			1,100			1,091			1,100
Other equity awards ⁽¹⁾			1,459			1,590			2,922			3,139
Share-based compensation expense - other			9,825			13,197			18,907			22,086
Formation Awards			718			1,339			1,447			2,598
OP Units ⁽²⁾			2,192			5,977			4,898			12,618
LTIP Units ⁽²⁾			73			103			151			215
Special Performance-Based LTIP Units ⁽³⁾			701			687			1,385			1,358
Special Time-Based LTIP Units ⁽³⁾			757			752			1,505			1,510
Share-based compensation related to Formation Transaction and special equity awards ⁽⁴⁾			4,441			8,858			9,386			18,299
Total share-based compensation expense			14,266			22,055			28,293			40,385
Less amount capitalized			(610)			(1,243)			(1,401)			(2,211)
Share-based compensation expense		$	13,656		$	20,812		$	26,892		$	38,174

(1)	Primarily comprising compensation expense for: (i) certain employees who have elected to receive all or a portion of any cash bonus earned in the form of fully vested LTIP Units, (ii) RSUs and (iii) our ESPP.

(2)	Represents share-based compensation expense for LTIP Units and OP Units issued in the Formation Transaction, which are subject to post-Combination employment obligations.

(3)	Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing.

(4)	Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations.

Time-Based LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards


Expected volatility		34.0% to 39%
Risk-free interest rate		0.1% to 0.4%
Post-grant restriction periods		2 to 3 years

Performance-Based LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards


Expected volatility		34.0%
Dividend yield		2.6%
Risk-free interest rate		0.2%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of of the significant assumptions of awards


Expected volatility		39.0%
Dividend yield		1.5%
Risk-free interest rate		0.1%
Expected life		6 months