Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2023
Stock-Based Compensation  
Schedule of LTIP Unit Activity

Number of

Date

Description

Units Issued

Vesting Dates

February 23, 2023

Final awards under the 2022 Annual Incentive Plan

68

50% on February 23, 2023; and

50% on February 23, 2024

February 23, 2023

Time-based awards under the 2023 Long-Term Incentive Plan

165

100% on February 23, 2026

May 10, 2023

Annual awards to independent directors

45

100% on May 10, 2024

May 10, 2023

Discretionary awards

11

33.33% on May 10, 2024;

33.33% on May 10, 2025; and

33.33% on May 10, 2026

Schedule of time-based vesting LTIP unit activity

Vested units

    

2,270

Unvested units

 

486

LTIP Units outstanding as of September 30, 2023

 

2,756

Schedule of the annual awards and long-term awards

The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards” and together with the Annual Awards, “Performance Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year performance periods and the Long-Term Awards have three-year performance periods. In addition to meeting specified performance metrics, vesting in both the Annual Awards and the Long-Term Awards is subject to service requirements.

During the nine months ended September 30, 2023, certain participants forfeited an aggregate of 16 Performance Awards. Additionally, none of the 2020 Long-Term Awards were earned. A detail of the Performance Awards under the 2021, 2022 and 2023 programs as of September 30, 2023 is as follows:

2021 Long-Term Awards

 

67

2022 Long-Term Awards

96

2023 Annual Awards (1)

151

2023 Long-Term Awards (2)

154

Total target performance awards as of September 30, 2023

 

468

(1) Approved by the Board on May 10, 2023. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the award date.
(2) Approved by the Board on February 23, 2023. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations

Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:

2023 Long-Term

2022 Long-Term

2021 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

11.67

$

16.39

$

14.86

 

Target awards

 

154

 

96

 

67

 

Volatility

 

43.54

%  

 

41.65

%  

 

42.37

%  

Risk-free rate

 

4.35

%  

 

1.72

%  

 

0.26

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3