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Share-Based Payments and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of RSU activity


		Time-Based RSUs					Performance-Based RSUs
				Weighted					Weighted
		Unvested		Average Grant-			Unvested		Average Grant-
		Shares		Date Fair Value			Shares		Date Fair Value
Unvested as of December 31, 2020		—		$	—		—		$	—
Granted		22,194			31.52		13,516			15.16
Forfeited		(616)			32.44		—			—
Unvested as of December 31, 2021		21,578			31.50		13,516			15.16

Summary of share-based compensation expense


		Year Ended December 31,
		2021			2020			2019

		(In thousands)
Time-Based LTIP Units		$	16,705		$	14,018		$	11,386
Performance-Based LTIP Units			13,101			17,815			8,716
LTIP Units			1,091			1,100			1,000
Other equity awards ⁽¹⁾			7,355			6,024			4,535
Share-based compensation expense - other			38,252			38,957			25,637
Formation Awards			2,874			4,242			5,734
OP Units and LTIP Units ⁽²⁾			7,927			21,836			30,282
Special Time-Based LTIP Units and Special Performance-Based LTIP Units			5,524			5,600			6,146
Share-based compensation related to Formation Transaction and special equity awards ⁽³⁾			16,325			31,678			42,162
Total share-based compensation expense			54,577			70,635			67,799
Less: amount capitalized			(3,026)			(4,584)			(2,526)
Share-based compensation expense		$	51,551		$	66,051		$	65,273

(1)	Primarily comprising compensation expense for: (i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonus earned, (ii) RSUs and (iii) shares issued under 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)	Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying consolidated statements of operations.

Performance LTIP Units

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

Summary of of the significant assumptions of awards


		Year Ended December 31,
		2021		2020		2019
Expected volatility		31.0% - 34.0%		15.0%		19.0% to 23.0%
Dividend yield		2.6%		2.3%		2.3% to 2.5%
Risk-free interest rate		0.2% - 1.0%		1.3%		2.3% to 2.6%

Summary of activity


				Weighted
		Unvested		Average Grant-
		Shares		Date Fair Value
Unvested as of December 31, 2020		2,126,597		$	19.29
Granted		1,471,944			19.69
Vested ⁽¹⁾		(299,832)			17.07
Forfeited / cancelled ⁽²⁾		(522,467)			22.10
Unvested as of December 31, 2021 ⁽³⁾		2,776,242			19.21

Employee Stock [Member]

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

Summary of of the significant assumptions of awards


		Year Ended December 31,
		2021		2020		2019
Expected volatility		22.0% to 39%		13.0% to 67.0%		18.0% to 28.0%
Dividend yield		1.5% to 3.1%		1.1% to 3.3%		2.6% to 3.5%
Risk-free interest rate		0.1%		0.1% to 1.7%		2.2% to 2.4%
Expected life		6 months		6 months		6 months

OP Units [Member]

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

Summary of activity


				Weighted
		Unvested		Average Grant-
		Shares		Date Fair Value
Unvested as of December 31, 2020		1,520,570		$	33.39
Vested		(1,079,472)			33.39
Unvested as of December 31, 2021		441,098			33.39

Formation Awards [Member]

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

Summary of activity


				Weighted
		Unvested		Average Grant-
		Shares		Date Fair Value
Unvested as of December 31, 2020		1,697,555		$	8.80
Vested		(682,297)			8.81
Forfeited		(7,745)			8.04
Unvested as of December 31, 2021		1,007,513			8.80

LTIP, Time-Based LTIP and Special Time-Based LTIP Units

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

Summary of of the significant assumptions of awards


		Year Ended December 31,
		2021		2020		2019
Expected volatility		34.0% to 39.0%		18.0% to 29.0%		18.0% to 24.0%
Risk-free interest rate		0.1% to 0.4%		0.3% to 1.5%		2.3% to 2.6%
Post-grant restriction periods		2 to 3 years		2 to 3 years		2 to 3 years

Summary of activity


				Weighted
		Unvested		Average Grant-
		Shares		Date Fair Value
Unvested as of December 31, 2020		1,171,551		$	35.90
Granted		1,342,137			30.24
Vested		(592,929)			32.19
Forfeited		(13,945)			32.68
Unvested as of December 31, 2021		1,906,814			33.10