| 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, 2020, 2019 and 2018:
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Time-Based LTIP Unit Awards |
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2020 |
|
2019 |
|
2018 |
|
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 |
181,937 |
|
|
$ |
26.55 |
|
|
223,812 |
|
|
$ |
23.54 |
|
|
227,766 |
|
|
$ |
20.37 |
|
| Granted |
111,898 |
|
|
30.14 |
|
|
101,167 |
|
|
27.80 |
|
|
100,176 |
|
|
27.08 |
|
| Vested |
(115,935) |
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|
26.52 |
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|
(138,028) |
|
|
22.59 |
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|
(104,130) |
|
|
20.18 |
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| Forfeited |
(7,635) |
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|
26.72 |
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|
(5,014) |
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|
26.25 |
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|
— |
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|
— |
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| Unvested at end of year |
170,265 |
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|
$ |
28.93 |
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|
181,937 |
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|
$ |
26.55 |
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|
223,812 |
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|
$ |
23.54 |
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The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2020, 2019 and 2018, 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.
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|
Performance-Based LTIP Unit Awards |
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Minimum |
|
Target |
|
Maximum |
|
Weighted Average Grant-Date Fair Value |
Outstanding unvested at December 31, 2017 |
— |
|
|
40,390 |
|
|
90,874 |
|
|
$ |
27.63 |
|
| Granted |
— |
|
|
46,017 |
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|
69,025 |
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|
24.67 |
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|
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Outstanding unvested at December 31, 2018 |
— |
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|
86,407 |
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|
159,899 |
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|
$ |
26.35 |
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| Granted |
— |
|
|
53,128 |
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|
106,252 |
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|
29.76 |
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Outstanding unvested at December 31, 2019 |
— |
|
|
139,535 |
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|
266,151 |
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|
$ |
27.71 |
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| Granted |
— |
|
|
53,835 |
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|
107,667 |
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|
35.67 |
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| Vested |
— |
|
|
(40,390) |
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|
(90,874) |
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|
27.63 |
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| Forfeited |
— |
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|
(18,493) |
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|
(32,930) |
|
|
27.53 |
|
Outstanding unvested at December 31, 2020 |
— |
|
|
134,487 |
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|
250,014 |
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$ |
30.69 |
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|
Total LTIP units |
Total unvested units, December 31, 2017 |
224,000 |
|
| Units vested in 2017 |
— |
|
|
|
Total unvested units, December 31, 2018 |
224,000 |
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|
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| Units vested in 2018 |
— |
|
|
|
Total unvested units, December 31, 2019 |
224,000 |
|
Units vested in 2020 |
— |
|
Units granted in 2020 |
28,894 |
|
Total unvested units, December 31, 2020 |
252,894 |
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|
| Schedule of activity for restricted common shares |
The following table summarizes activity for restricted common shares for the years ended December 31, 2020, 2019 and 2018:
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Year Ended December 31, |
|
2020 |
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2019 |
|
2018 |
|
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 |
25,779 |
|
|
$ |
26.26 |
|
|
22,589 |
|
|
$ |
24.83 |
|
|
21,585 |
|
|
$ |
22.43 |
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| Granted |
21,861 |
|
|
36.19 |
|
|
18,218 |
|
|
26.46 |
|
|
12,311 |
|
|
27.26 |
|
| Vested |
(12,471) |
|
|
25.85 |
|
|
(10,734) |
|
|
23.54 |
|
|
(8,041) |
|
|
21.88 |
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| Forfeited |
(5,240) |
|
|
32.00 |
|
|
(4,294) |
|
|
25.61 |
|
|
(3,266) |
|
|
25.35 |
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| Unvested at end of year |
29,929 |
|
|
$ |
32.68 |
|
|
25,779 |
|
|
$ |
26.26 |
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|
22,589 |
|
|
$ |
24.83 |
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|