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Benefit Plans
 12 Months Ended
Dec. 31, 2025
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Benefit Plans Benefit Plans
Non-vested share activity for the years ended December 31, 2025 and 2024, is as follows:
Number of
Shares(1)
Weighted-Average Grant-Date Fair
Value Per Share(1)
Balance at December 31, 2023507,894 $42.25 
Granted314,091 36.65 
Vested(85,060)51.85 
Forfeited(91,846)33.30 
Balance at December 31, 2024645,079 39.50 
Granted369,622 28.98 
Vested(81,731)55.01 
Forfeited(103,210)45.45 
Balance at December 31, 2025829,760 $32.52 
(1)Share and per share data have been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2, Summary of Significant Accounting Policies.


During 2025 and 2024, the Company granted common shares to certain employees and trustees as follows:
20252024
Performance Shares(1)(2)
Shares issued:
Index128,685 97,832 
Peer128,691 97,835 
Grant date fair value per share:(1)(3)
Index$24.78 $30.05 
Peer$23.53 $28.40 
Non-Vested Common Shares:(1)(4)
Shares issued112,246 118,420 
Grant date fair value$4,495 $5,794 
(1)Share and per share data have been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2, Summary of Significant Accounting Policies.
(2)The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2025, the 103,210 outstanding performance shares issued in 2022 were forfeited and canceled.
(3)The fair value of grants was determined at the grant date using a Monte Carlo simulation model.
(4)The shares vest at various times over a period of time up to a three year service period commencing on the grant date.

In addition, during 2025, 2024 and 2023, the Company issued 22,136, 19,750 and 18,601, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $955, $900 and $939, respectively.

As of December 31, 2025, of the remaining 829,760 non-vested shares, 213,669 are subject to time-based vesting and 616,091 are subject to performance-based vesting. As of December 31, 2025, there are 1,068,364 awards available for grant. The Company has $10,655 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.67 years.
The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officer was deposited. The officer exerts no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2025 and 2024, there were 26,172 common shares in the trust.
The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $472, $485 and $499 of contributions are applicable to 2025, 2024 and 2023, respectively.
During 2025, 2024 and 2023, the Company recognized $10,695, $9,536 and $8,210, respectively, in expense relating to scheduled vesting of common share grants.