Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Stock-Based Compensation  
Schedule of LTIP Unit Activity

Number of

Date

Description

Units Issued

Vesting Dates

February 26, 2025

Final awards under the 2024 Annual Incentive Plan

125

50% on February 26, 2025; and

50% on February 26, 2026

February 26, 2025

Time-based awards under the 2025 Long-Term Incentive Plan

207

100% on February 26, 2028

Schedule of time-based vesting LTIP unit activity

Vested units

    

2,686

Unvested units

 

734

LTIP Units outstanding as of March 31, 2025

 

3,420

Schedule of the annual awards and long-term awards

A detail of the Performance Awards under the 2023, 2024 and 2025 programs as of March 31, 2025 is as follows:

2023 Long-Term Awards

 

154

2024 Long-Term Awards

228

2025 Annual Awards (1)

157

2025 Long-Term Awards (2)

165

Total target Performance Awards as of March 31, 2025

 

704

(1) Approved by the Board on February 26, 2025. 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 over the 15 trading days preceding the award date.
(2) Approved by the Board on February 26, 2025. 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:

2025 Long-Term

2024 Long-Term

2023 Long-Term

    

Awards

    

Awards

    

Awards

    

Fair value

$

9.32

$

9.37

$

11.67

 

Target awards

 

165

 

228

 

154

 

Volatility

 

28.67

%  

 

28.12

%  

 

43.54

%  

Risk-free rate

 

4.00

%  

 

4.38

%  

 

4.35

%  

Dividend assumption

 

reinvested

 

reinvested

 

reinvested

 

Expected term in years

 

3

 

3

 

3