Equity-Based Compensation of the Company (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2026		2025
Restricted common shares and time-based LTIP units	$	2,049	$	1,672
Performance-based notional unit awards and performance-based LTIP awards	1,485		1,168
Options	76		86
Total equity-based compensation	$	3,610	$	2,926

Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):

	Three months ended
	March 31,
	2026		2025
Equity-based compensation expense capitalized	$	76	$	33

Schedule of Nonvested Performance-based Units Activity

The following table sets forth 2026 PSP performance targets and other relevant information about the 2026 PSP:

Performance targets (1)
Absolute portion of award:
Percent of total award	25%
Absolute total shareholder return range	16%	-	37%
Percentage of units to be earned	25%	-	100%
Relative portion of award:
Percent of total award	75%
Percentile rank of peer group range(2)	25th	-	75th
Percentage of units to be earned	25%	-	100%
Maximum number of restricted common shares and LTIP units that may be earned	376,000
Grant date fair value per LTIP unit	$17.88
Grant date fair value per share	$17.77

(1)The number of restricted common shares received and LTIP units earned under the 2026 PSP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company’s peer group.

(2)The peer group is based on companies included in the FTSE Nareit Retail Index with market capitalization of $1 billion or greater.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair values of the 2026 PSP awards granted during the three months ended March 31, 2026 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

Risk free interest rate (1)	3.4	%
Expected dividend yield (2)	3.8	%
Expected volatility (3)	25	%

(1)Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants.

(2)The dividend yield is calculated utilizing the average dividend yield over the previous three-year period and the current dividend yield as of the valuation date.

(3)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.