Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 155

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 155
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 35,109 34,226 Management fees and costs32,203 30,203 27,416 Payroll22,302 20,598 19,693 Insurance19,383 18,273 16,380 Marketing7,536 7,978 7,814 Ground rent5,259 5,303 5,092 Other operating24,843 26,853 27,994 Total rental expenses$249,569 $231,666 $228,958 

NOTE 12—SHARE-BASED COMPENSATION PLANS    

A summary of share-based compensation expense included in net income is as follows:Year Ended December 31, 202420232022 (In thousands)Grants of common shares, restricted stock units, and options$17,379 $15,427 $15,018 Capitalized share-based compensation(1,022)(1,119)(1,314)Share-based compensation expense$16,357 $14,308 $13,704 As of December 31, 2024, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest.Option awards under the plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under the plan generally vest over three to seven years and option awards typically have a ten-year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon termination without cause.The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on