Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award

Summary of share-based compensation expense

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Time-Based LTIP Units	$	4,813	$	5,472
AO LTIP Units and Performance-Based LTIP Units		1,347		3,478
Other equity awards (1)		1,277		1,044
Total share-based compensation expense		7,437		9,994
Less: amount capitalized		(272)		(456)
Share-based compensation expense	$	7,165	$	9,538

(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.

LTIP and Time-Based LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award

Summary of the significant assumptions of awards

Expected volatility	30.0 % to 36.0%
Risk-free interest rate	4.2% to 4.4%
Post-grant restriction periods	2 to 3 years

AO LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award

Summary of the significant assumptions of awards

Expected volatility	32.0%
Dividend yield	3.9%
Risk-free interest rate	4.4%

ESPP

Share-based Compensation Arrangement by Share-based Payment Award

Summary of the significant assumptions of awards

Expected volatility	32.0%
Dividend yield	4.7%
Risk-free interest rate	4.4%
Expected life	3 months