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Share-Based Payments and Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of share-based compensation expense

Year Ended December 31, 

    

2024

    

2023

    

2022

 

(In thousands)

Time-Based LTIP Units

$

16,826

$

16,822

$

19,378

AO LTIP Units and Performance-Based LTIP Units

 

8,598

 

10,647

 

12,615

LTIP Units

 

1,552

 

1,000

 

1,000

Other equity awards (1)

 

4,475

 

5,394

 

6,610

Share-based compensation expense - other

 

31,451

 

33,863

 

39,603

Share-based compensation related to Formation Transaction and special equity awards (2)

 

 

549

 

5,391

Total share-based compensation expense

 

31,451

 

34,412

 

44,994

Less: amount capitalized

 

(1,927)

 

(2,312)

 

(3,722)

Share-based compensation expense

$

29,524

$

32,100

$

41,272

(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 consolidated statements of operations. Includes share-based compensation expense for awards issued in connection with the Formation Transaction and with our successful pursuit of Amazon's headquarters in National Landing all of which were fully expensed as of December 31, 2023.
Schedule of RSU activity

    

    

Weighted

Unvested 

Average Grant-

Shares

Date Fair Value

Unvested as of December 31, 2023

 

70,750

$

22.46

Granted

 

74,842

 

17.21

Vested

(37,484)

21.25

Forfeited

 

(2,905)

 

17.21

Unvested as of December 31, 2024

 

105,203

 

19.30

Performance LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of the significant assumptions of awards

Year Ended

 

December 31, 2022

 

Expected volatility

   

28.0%

Dividend yield

 

2.7%

Risk-free interest rate

 

1.5%

Summary of activity

    

    

Weighted 

Unvested 

Average Grant-

Shares

Date Fair Value

Unvested as of December 31, 2023

 

765,830

$

22.58

Forfeited

 

(60,076)

 

23.07

Unvested as of December 31, 2024

 

705,754

 

22.54

LTIP and Time-Based LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of the significant assumptions of awards

Year Ended December 31, 

    

2024

    

2023

    

2022

Expected volatility

   

33.0 % to 35.0%

26.0% to 31.0%

30.0% to 41.0%

Risk-free interest rate

 

4.4% to 4.8%

3.4% to 4.9%

0.4% to 2.9%

Post-grant restriction periods

 

2 to 6 years

2 to 6 years

 

2 to 6 years

Summary of activity

Weighted 

Unvested

Average Grant-

    

 Shares

    

Date Fair Value

Unvested as of December 31, 2023

1,865,712

$

24.62

Granted

1,324,609

15.29

Vested

(796,398)

20.16

Forfeited

(136,447)

20.29

Unvested as of December 31, 2024

2,257,476

20.99

AO LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of the significant assumptions of awards

Year Ended December 31, 

    

2024

    

2023

    

2022

Expected volatility

   

32.0%

30.0%

27.0%

Dividend yield

 

3.2%

3.2%

2.7%

Risk-free interest rate

 

4.1%

4.1%

1.6%

Summary of activity

    

    

Weighted 

Unvested 

Average Grant-

Shares

Date Fair Value

Unvested as of December 31, 2023

 

3,099,950

$

4.07

Granted

 

1,876,312

 

3.79

Forfeited

 

(6,615)

 

4.44

Unvested as of December 31, 2024

 

4,969,647

 

3.96

ESPP  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of the significant assumptions of awards

Year Ended December 31, 

    

2024

2023

2022

Expected volatility

   

26.0% to 48.0%

30.0% to 37.0%

23.0% to 30.0%

Dividend yield

 

4.2% to 4.6%

2.4% to 6.3%

1.6% to 4.1%

Risk-free interest rate

 

5.3% to 5.6%

4.7% to 5.4%

0.2% to 2.4%

Expected life

3 months

6 months

6 months