Related Party Arrangements

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Arrangements

Related Party Arrangements

Unconsolidated Entities

The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company earned fees of $3,084,000, $3,819,000 and $4,960,000 in the years ended December 31, 2021, 2020 and 2019, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $3,964,000 and $5,408,000 as of December 31, 2021 and 2020, respectively.

Director Compensation

Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $170,000 and (ii) a cash payment of $90,000, payable in equal quarterly installments of

$22,500. The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250, the non-employee director serving as the chairperson of the Compensation Committee receives additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750.The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $1,981,000, $1,819,000 and $1,725,000 for the years ended December 31, 2021, 2020 and 2019, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock units to non-employee directors was $696,000, $614,000 and $594,000 on December 31, 2021, 2020 and 2019, respectively, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.