v3.24.2
Equity Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024.
Performance Units
Grant dateJanuary 8, 2024
Expected stock price volatility24.5 %
Expected dividend yield4.0 %
Risk-free interest rate4.113 %
Fair value of performance units grant (in thousands)$6,502 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024.
Settlement of Performance Units in LTIP Units or Shares of Common Stock2021 Performance Units
Measuring period conclusion date December 31, 2023
Issuance dateJanuary 8, 2024
Vested LTIP units 257,282
Vested shares of common stock49,106
Shares of common stock repurchased and retired 4,716
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023.

 Three months ended June 30,Six months ended June 30,
Non-Cash Compensation Expense (in thousands)2024202320242023
Restricted shares of common stock$457 $516 $932 $1,025 
LTIP units923 1,414 1,822 2,742 
Performance units1,399 1,235 2,756 2,354 
Director compensation(1)
174 

128 351 264 
Total non-cash compensation expense$2,953 $3,293 $5,861 $6,385 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.