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