Common Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Activity

The following table summarizes our common stock grant activity:

	2024			2023			2022
	Number of shares	Weighted average price (1)		Number of shares	Weighted average price (1)		Number of shares	Weighted average price (1)
Outstanding nonvested shares, beginning of year	347,051	$	67.89	242,660	$	67.12	212,630	$	65.20
Shares granted	346,321	$	52.66	222,511	$	65.40	156,274	$	67.37
Shares vested	(151,977)	$	56.45	(110,634)	$	61.28	(118,160)	$	63.95
Shares forfeited	(27,096)	$	58.08	(7,486)	$	66.91	(8,084)	$	67.78
Outstanding nonvested shares, end of each period	514,299	$	61.54	347,051	$	67.89	242,660	$	67.12

(1) Grant date fair value.

Schedule of Nonvested Restricted Stock Units Activity

During 2024, 2023, and 2022, we also granted restricted stock units that vest over service periods of four-years and have the same economic rights as shares of restricted stock: 

	2024			2023			2022
	Number of restricted stock units	Weighted average price (1)		Number of restricted stock units	Weighted average price (1)		Number of restricted stock units	Weighted average price (1)
Outstanding nonvested shares, beginning of year	42,612	$	65.62	58,513	$	67.91	67,367	$	69.69
Shares granted	30,538	$	52.72	15,065	$	66.41	24,820	$	66.82
Shares vested	(22,640)	$	58.31	(29,492)	$	70.30	(26,917)	$	70.55
Shares forfeited	(11,979)	$	56.76	(1,474)	$	71.02	(6,757)	$	71.14
Outstanding nonvested shares, end of each period	38,531	$	62.45	42,612	$	65.62	58,513	$	67.91

(1) Grant date fair value.

The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model.

The following table summarizes our performance share grant activity:

	2024			2023			2022
	Number of performance shares	Weighted average price (1)		Number of performance shares	Weighted average price (1)		Number of performance shares	Weighted average price (1)
Outstanding nonvested shares, beginning of year	561,769	$	72.64	470,880	$	73.37	388,139	$	68.09
Shares granted	309,363	$	55.25	215,040	$	73.32	174,940	$	77.73
Shares vested	(186,193)	$	57.16	(124,151)	$	76.59	(74,247)	$	59.62
Shares forfeited	—	$	—	—	$	—	(17,952)	$	58.59
Outstanding nonvested shares, end of each period	684,939	$	68.99	561,769	$	72.64	470,880	$	73.37

(1) Grant date fair value.

Schedule of Performance Shares That Vest Based on Achievement of Performance Goals

The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals:

	Weighting for year granted
Annual Performance Awards Metrics	2024		2023		2022
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index	50	%	55	%	55	%
Dividend per share growth rate	25	%	20	%	20	%
Net Debt-to-Pro Forma Adjusted EBITDAre Ratio	25	%	25	%	25	%