Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation (Tables)

v3.25.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Stock-Based Compensation  
Schedule of LTIP Unit Activity

During the year ended December 31, 2024, the following LTIP Units were issued by the Company:

Number of

Date

Description

Units Issued

Vesting Dates

February 21, 2024

Final awards under the 2023 Annual Incentive Plan

151

50% on February 21, 2024; and

50% on February 21, 2025

February 21, 2024

Time-based awards under the 2024 Long-Term Incentive Plan

238

100% on February 21, 2027

May 15, 2024

Annual awards to independent directors

47

100% vest on May 15, 2025

June 10, 2024

Discretionary grant

8

33.33% on June 10, 2025;

33.33% on June 10, 2026; and

33.33% on June 10, 2027;

Schedule of time-based vesting LTIP unit activity

Vested units

    

2,491

Unvested units

 

605

LTIP Units outstanding as of December 31, 2024

 

3,096

Schedule of the annual awards and long-term awards

2022 Long-Term Awards

 

96

2023 Long-Term Awards

154

2024 Annual Awards (1)

149

2024 Long-Term Awards (2)

228

Total target Performance Awards as of December 31, 2024

 

627

(1) Approved by the Board on February 21, 2024. 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 21, 2024. 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:

2024 Long-Term

2023 Long-Term

2022 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

9.37

$

11.67

$

16.39

 

Target awards

 

228

 

154

 

96

 

Volatility

 

28.12

%  

 

43.54

%  

 

41.65

%  

Risk-free rate

 

4.38

%  

 

4.35

%  

 

1.72

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3