Annual report pursuant to Section 13 and 15(d)

EQUITY-BASED AWARDS (Tables)

v3.19.3.a.u2
EQUITY-BASED AWARDS (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of activity compensatory and acquisition consideration LTIP grants The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2019, 2018 and 2017:
Time-Based LTIP Unit Awards
2019 2018 2017
Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year
223,812    $ 23.54    227,766    $ 20.37    294,529    $ 14.74   
Granted 101,167    27.80    100,176    27.08    128,051    22.89   
Vested (138,028)   22.59    (104,130)   20.18    (194,814)   13.43   
Forfeited (5,014)   26.25    —    —    —    —   
Unvested at end of year 181,937    $ 26.55    223,812    $ 23.54    227,766    $ 20.37   
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2019, 2018 and 2017, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.
Performance-Based LTIP Unit Awards   
Minimum Target Maximum Weighted Average Grant-Date Fair Value
Outstanding unvested at December 31, 2016
—    —    —    $ —   
Granted —    40,390    90,874    27.63   
Outstanding unvested at December 31, 2017
—    40,390    90,874    $ 27.63   
Granted —    46,017    69,025    24.67   
Outstanding unvested at December 31, 2018
—    86,407    159,899    $ 26.35   
Granted —    53,128    106,252    29.76   
Outstanding unvested at December 31, 2019
—    139,535    266,151    $ 27.71   
The following table presents the number of units vested for acquisition grants during the years ended December 31, 2019, 2018 and 2017:
Total LTIP units
Total unvested units, December 31, 2016 260,400   
Units vested in 2017 related to properties contributed or sourced by PROs (36,400)  
Total unvested units, December 31, 2017 224,000   
Units vested in 2018 related to properties contributed or sourced by PROs —   
Total unvested units, December 31, 2018 224,000   
Units vested in 2019 related to properties contributed or sourced by PROs —   
Total unvested units, December 31, 2019 224,000   
Schedule of valuation assumptions for LTIP Unit grants The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2019, 2018 and 2017:
2019 2018 2017
Risk-free interest rate 2.51  % 2.04  % 1.58  %
Dividend yield 4.54  % 4.11  % 4.35  %
Expected volatility 25.40  % 24.44  % 29.96  %
Schedule of activity for restricted common shares
The following table summarizes activity for restricted common shares for the years ended December 31, 2019, 2018 and 2017:
Year Ended December 31,
2019 2018 2017
Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value
Outstanding at beginning of year
22,589    $ 24.83    21,585    $ 22.43    13,590    $ 12.40   
Granted 18,218    26.46    12,311    27.26    16,525    24.04   
Vested (10,734)   23.54    (8,041)   21.88    (8,530)   14.11   
Forfeited (4,294)   25.61    (3,266)   25.35    —    —   
Unvested at end of year 25,779    $ 26.26    22,589    $ 24.83    21,585    $ 22.43