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Share-Based Payments (Tables)
6 Months Ended
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2023

    

2022

X

2023

    

2022

 

(In thousands)

Time-Based LTIP Units

$

5,324

$

6,202

$

10,856

$

12,328

AO LTIP Units and Performance-Based LTIP Units

 

3,282

 

3,590

 

6,942

 

7,747

LTIP Units

 

1,000

 

1,000

 

1,000

 

1,000

Other equity awards (1)

 

1,262

 

1,399

 

2,798

 

2,826

Share-based compensation expense - other

 

10,868

 

12,191

 

21,596

 

23,901

Formation awards, OP Units and LTIP Units (2)

 

 

1,017

 

108

 

1,974

Special Time-Based LTIP Units and Special Performance-Based LTIP Units (3)

 

 

560

 

243

 

1,847

Share-based compensation related to Formation Transaction and special equity awards (4)

 

 

1,577

 

351

 

3,821

Total share-based compensation expense

 

10,868

 

13,768

 

21,947

 

27,722

Less: amount capitalized

 

(782)

 

(1,297)

 

(1,433)

 

(2,347)

Share-based compensation expense

$

10,086

$

12,471

$

20,514

$

25,375

(1)Primarily comprising compensation expense for: (i) fully vested LTIP Units issued to certain employees in lieu of all or a portion of any cash bonuses earned, (ii) RSUs and (iii) shares issued under our ESPP.
(2)Includes share-based compensation expense for formation awards, LTIP Units and OP Units issued in the Formation Transaction, which fully vested in July 2022.
(3)Represents equity awards issued related to our successful pursuit of Amazon's additional headquarters in National Landing.
(4)Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in our statements of operations.
LTIP and Time-Based LTIP Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of of the significant assumptions of awards

Expected volatility

   

26.0% to 31.0%

Risk-free interest rate

 

3.4% to 4.9%

Post-grant restriction periods

 

2 to 6 years

AO LTIP Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of of the significant assumptions of awards

Expected volatility

   

30.0%

Dividend yield

 

3.2%

Risk-free interest rate

 

4.1%

ESPP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of of the significant assumptions of awards

Expected volatility

   

30.0%

Dividend yield

 

2.4%

Risk-free interest rate

 

4.7%

Expected life

6 months