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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company recorded stock-based compensation in General and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below:

	Year ended December 31,
(in thousands)	2020			2019			2018
Restricted stock⁽¹⁾	$	14,248			16,254			16,745
Directors' fees paid in common stock		452			410			399
Capitalized stock-based compensation⁽²⁾		(1,119	)		(2,325	)		(3,509	)
Stock-based compensation, net of capitalization	$	13,581			14,339			13,635

⁽¹⁾

Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.

⁽²⁾

Includes compensation expense specifically identifiable to development and redevelopment activities. During 2018, these amounts also include compensation expense specifically identifiable to leasing activities, as non-contingent internal leasing costs were capitalizable prior to the adoption of Topic 842, Leases, on January 1, 2019.

Schedule of Nonvested Share Activity

The following table summarizes non-vested restricted stock activity:

	Year ended December 31, 2020
	Number of Shares			Intrinsic Value (in thousands)		Weighted Average Grant Price
Non-vested as of December 31, 2019		623,090
Time-based awards granted ^{(1) (4)}		144,497				$	57.17
Performance-based awards granted ^{(2) (4)}		8,898				$	62.04
Market-based awards granted ^{(3) (4)}		109,030				$	73.54
Change in market-based awards earned for performance ⁽³⁾		22,906				$	62.39
Vested ⁽⁵⁾		(244,694	)			$	58.94
Forfeited		(44,792	)			$	63.45
Non-vested as of December 31, 2020 ⁽⁶⁾		618,935		$	28,217

⁽¹⁾

Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

⁽²⁾

^{Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis.}

⁽³⁾

Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows:

	Year ended December 31,
	2020			2019			2018
Volatility		18.50	%		19.30	%		19.20	%
Risk free interest rate		1.30	%		2.43	%		2.26	%

⁽⁴⁾

The weighted-average grant price for restricted stock granted during the years is summarized below:

	Year ended December 31,
	2020		2019		2018
Weighted-average grant price for restricted stock	$	64.14	$	65.11	$	63.50

⁽⁵⁾

^{The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):}

	Year ended December 31,
	2020		2019		2018
Intrinsic value of restricted stock vested	$	14,423	$	17,684	$	17,306

⁽⁶⁾

As of December 31, 2020, there was $12.9 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant.