Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]


10.	Stock-Based Compensation

The Company granted 324,608 shares of restricted stock with a weighted-average grant-date fair value of $77.27 per share and 350,391 shares of restricted stock with a weighted-average grant-date fair value of $60.35 per share during the nine months ended September 30, 2025 and September 30, 2024, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2025			2024			2025			2024
Restricted stock (1)	$	5,321			4,776		$	16,219			14,078
Directors' fees paid in common stock and other employee stock grants		112			119			332			400
Capitalized stock-based compensation		(479	)		(503	)		(1,733	)		(1,383	)
Stock-based compensation, net of capitalization	$	4,954			4,392		$	14,818			13,095

(1)

In addition, during the three and nine months ended September 30, 2024, the Company expensed $1.9 million and $5.7 million, respectively, within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of Urstadt Biddle Properties ("UBP").