v3.25.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company identified the following events subsequent to December 31, 2024 that are not recognized in the financial statements.

On January 7, 2025, the Company granted 52,352 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest over four years in equal installments on January 1 of each year beginning January 1, 2026. The fair value of the restricted shares of common stock at the date of grant was $33.14 per share.

On January 7, 2025, the Company granted 38,120 LTIP units to non-employee, independent directors and 115,881 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest in equal quarterly installments over one year, with the first vesting date being March 31, 2025. The LTIP units granted to certain executive officers and senior employees will vest in equal quarterly installments over four years, with the first vesting date being March 31, 2025. The aggregate fair value of the LTIP units at the date of grant was approximately $4.8 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of 10 years, a weighted average volatility factor of 25.0%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 4.33%. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement.
On January 7, 2025, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 7, 2025 performance units are substantially the same as the 2024 performance units discussed in Note 8, except that the measuring period commenced on January 1, 2025 and ends on December 31, 2027. The aggregate fair value of the performance units at the date of grant was approximately $6.9 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 24.6%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 4.3294%. The fair value of the performance units is based on Level 3 inputs and is a non-recurring fair value measurement.