Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Stock-Based Compensation  
Schedule of LTIP Unit Activity

Number of

Date

Description

Units Issued

Vesting Dates

March 4, 2022

Final awards under the 2019 Long-Term Incentive Plan

163

50% on March 4, 2022; and

50% on March 4, 2023

February 24, 2022

Final awards under the 2021 Annual Incentive Plan

91

50% on February 24, 2022; and

50% on February 24, 2023

February 24, 2022

Time-based awards under the 2022 Long-Term Incentive Plan

75

100% on February 24, 2025

May 11, 2022

Annual awards to independent directors

32

100% on May 11, 2023

Schedule of time-based vesting LTIP unit activity

Vested units

    

1,991

Unvested units

 

548

LTIP Units outstanding as of September 30, 2022

 

2,539

Schedule of the annual awards and long-term awards

During the nine months ended September 30, 2022, six performance-based LTIP awards under the 2021 and 2022 programs were forfeited. A detail of the Company’s Long-Term Awards under the 2020 and 2021 programs, and the Annual Awards and Long-Term Awards under the 2022 program as of September 30, 2022 is as follows:

2020 Long-Term Awards

 

68

2021 Long-Term Awards

 

73

2022 Annual Awards (1)

 

86

2022 Long-Term Awards (2)

 

104

Total target performance awards as of September 30, 2022

 

331

(1) Approved by the Board on February 24, 2022. 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 grant date.  
(2) Approved by the Board on February 24, 2022. 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:

2022 Long-Term

2021 Long-Term

2020 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

16.39

$

14.86

$

13.47

 

Target awards

 

106

 

76

 

70

 

Volatility

 

41.65

%  

 

42.37

%  

 

28.75

%  

Risk-free rate

 

1.72

%  

 

0.26

%  

 

0.72

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3