v3.24.2.u1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity Under Plan
The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:
For the Six Months Ended
June 30,
 20242023
Options outstanding at beginning of period522,675 730,550 
Granted— — 
Exercised(113,375)(129,750)
Forfeited— — 
Options outstanding at end of period409,300 600,800 
Options exercisable at end of period409,300 600,800 
Summary of Restricted Share Units Activity Under Plan
The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:
For the Six Months Ended
June 30,
 20242023
RSUs outstanding at beginning of period1,090,522 1,024,722 
Granted680,195 498,557 
Vested(550,331)(414,772)
Forfeited(22,369)(19,772)
RSUs outstanding at end of period1,198,017 1,088,735 
Summary of Performance Share Units Activity Under Plan
The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:
For the Six Months Ended
June 30,
 20242023
PSUs outstanding at beginning of period (1)
520,219 294,423 
Granted (1)
254,157 227,033 
Adjustment for performance achievement (2)
75,109 — 
Vested(167,428)— 
Forfeited (1)
(1,227)(693)
PSUs outstanding at end of period (1)
680,830 520,763 
(1)Represents target shares at grant date.
(2)Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and settled during the first quarter of 2024.
Schedule of PSU TSR Valuation Assumptions
For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:
For the Six Months Ended
June 30,
20242023
Expected term (years)3.03.0
Dividend yield2.44%2.09%
Estimated volatility (1)
23.83%27.45%
Risk-free interest rate4.19%4.16%
(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.
Summary of Activity in Noncash Share-Based Compensation Expense The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2024202320242023
General and administrative expense$7,559 $5,982 $14,398 $9,725 
Property management expenses1,340 1,132 2,784 2,198 
Acquisition and other transaction costs1,585 1,394 3,227 2,409 
Total noncash share-based compensation expense$10,484 $8,508 $20,409 $14,332