Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2024

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

Summary of share-based compensation expense

	Three Months Ended March 31,
	2024		2023
	(In thousands)
Time-Based LTIP Units	$	5,472	$	5,532
AO LTIP Units and Performance-Based LTIP Units		3,478		3,660
Other equity awards (1)		1,044		1,536
Share-based compensation expense - other		9,994		10,728
Share-based compensation related to Formation Transaction and special equity awards (2)		—		351
Total share-based compensation expense		9,994		11,079
Less: amount capitalized		(456)		(651)
Share-based compensation expense	$	9,538	$	10,428

(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 bonuses earned, (ii) RSUs and (iii) shares issued under our ESPP.

(2) Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in our statement of operations. Includes share-based compensation expense for awards issued in connection with the Formation Transaction and with our successful pursuit of Amazon's additional headquarters in National Landing all of which were fully expensed as of December 31, 2023.

LTIP and Time-Based LTIP Units

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

Summary of the significant assumptions of awards

Expected volatility	35.0%
Risk-free interest rate	4.4% to 4.6%
Post-grant restriction periods	2 years

AO LTIP Units

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

Summary of the significant assumptions of awards

Expected volatility	32.0%
Dividend yield	3.2%
Risk-free interest rate	4.1%

ESPP

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

Summary of the significant assumptions of awards

Expected volatility	48.0%
Dividend yield	4.2%
Risk-free interest rate	5.3%
Expected life	3 months