Noncontrolling Interest (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Noncontrolling Interest [Abstract] |
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| Noncontrolling interest activity |
The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Noncontrolling Interest | | LTIP Units | | Other Common Units | | Total Noncontrolling Common Units | | Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 2,361,920 | | | 1,467,718 | | | 3,829,638 | | | 2.1 | % | | Granted/Issued | | 381,517 | | | — | | | 381,517 | | | N/A | | Forfeited | | — | | | — | | | — | | | N/A | | Conversions from LTIP units to Other Common Units | | (344,982) | | | 344,982 | | | — | | | N/A | | Redemptions from Other Common Units to common stock | | — | | | (344,982) | | | (344,982) | | | N/A | | | | | | | | | | | Balance at June 30, 2024 | | 2,398,455 | | | 1,467,718 | | | 3,866,173 | | | 2.1 | % |
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| Schedule of share-based payment award, LTIP unit awards, valuation assumptions |
The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). | | | | | | | | | | LTIP Units | | | Grant date | | January 8, 2024 | | Expected term (years) | | 10 | | Expected stock price volatility | | 25.0 | % | | Expected dividend yield | | 4.0 | % | | Risk-free interest rate | | 4.11 | % | | Fair value of LTIP units at issuance (in thousands) | | $ | 4,597 | | | LTIP units at issuance | | 124,235 | | | Fair value unit price per LTIP unit at issuance | | $ | 37.00 | |
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| Schedule of activity related to unvested LTIP unit awards |
The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024.
| | | | | | | | | | | | | | | | Unvested LTIP Units | | LTIP Units | | Weighted Average Grant Date Fair Value per Unit | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | 176,926 | | | $ | 34.25 | | | Granted | | 381,517 | | | $ | 37.00 | | | Vested | | (318,868) | | | $ | 36.33 | | | Forfeited | | — | | | $ | — | | | Balance at June 30, 2024 | | 239,575 | | | $ | 35.86 | |
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| Schedule of vested LTIP unit award activity |
The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | Vested LTIP units | | 2024 | | 2023 | | 2024 | | 2023 | | Vested LTIP units | | 17,599 | | | 23,472 | | | 318,868 | | | 235,702 | | | Fair value of vested LTIP units (in thousands) | | $ | 635 | | | $ | 839 | | | $ | 12,255 | | | $ | 7,862 | |
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