Summary Of Unvested Share Awards Issued To Nonemployees



						Shares Vested			Unearned Compensation
Original Issuance Date	Shares Issued		Share Price on Date of Grant*	Vesting Period	Vesting Schedule	December 31, 2015	December 31, 2014		December 31, 2015		December 31, 2014
March 27, 2015	7,438	$	25.88	2 years	50% /year	3,762	-	$	90	$	-
March 24, 2014	7,219	$	22.76	2 years	50% /year	7,219	3,750		-		81
Total	14,657					10,981	3,750	$	90	$	81

*Original share price on date of grant was multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information.

Summary Of Unvested Share Awards Issued To Trustees


				Shares Vested		Unearned Compensation
Original Issuance Date	Shares Issued	Vesting Period	Vesting Schedule	December 31, 2015	December 31, 2014		December 31, 2015		December 31, 2014
December 30, 2014	2,500	3 years	33% /year	835	-	$	48	$	73
December 27, 2013	3,000	3 years	33% /year	2,170	1,334		19		38
December 28, 2012	3,000	3 years	33% /year	3,000	2,168		-		16
				6,005	3,502	$	67	$	127

Summary Of Unvested Share Awards Issued To Executives


				Units Vested		Unearned Compensation
Issuance Date	LTIP Units Issued	Vesting Period	Vesting Schedule	December 31, 2015	December 31, 2014		December 31, 2015		December 31, 2014
March 30, 2015
(2014 Annual EIP)	128,832	3 years	25%/year (1)	64,415	-	$	758	$	-
December 23, 2014
(2013 Annual EIP) (3)	83,993	3 years	25%/year (1)	83,992	27,998		173		582
December 23, 2014
(2012 Annual EIP) (3)	97,381	3 years	25%/year (1)	194,761	48,690		-		309
December 23, 2014 (3)	258,899	5 years	33% Year 3, 4, 5 (2)	86,299	-		1,553		2,650
	569,105			429,467	76,688	$	2,484	$	3,541

(1)25% of the issued shares vested immediately upon issuance. In general, the remaining shares vest 25% on the first through third anniversaries of the date of effective issuance (subject to continuous employment through the applicable vesting date).

(2)On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 258,899 restricted common shares to the executives pursuant to the 2012 Plan, which were subsequently forfeited and replaced with LTIP Units. None of these LTIP Units will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of LTIP Units will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the employment agreements).

(3)On December 23, 2014, the 2012 Plan was amended and restated to add LTIP Units as a type of award available under the 2012 Plan. On this date, the Compensation Committee approved an aggregate of 487,081 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 487,081 Class A Common Shares, all of which were unvested as of the grant date of the LTIP Units and previously awarded to the executive officers under the 2012 Plan as restricted stock awards. These LTIP Units are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards.

Summary Of Unvested Share Awards Issued To Executives


						Shares Vested			Unearned Compensation
Original Issuance Date	Original Shares Issued		Share Price on Date of Grant*	Vesting Period	Vesting Schedule	December 31, 2015	December 31, 2014		December 31, 2015		December 31, 2014
December 31, 2015	816	$	21.76	2 years	50% /year	-	-	$	13	$	-
July 14, 2015	15,817		28.09	2-4 years	25-50% /year	-	-		335		-
June 1, 2015	1,651		25.92	2 years	50% /year	-	-		30		-
March 27, 2015	5,208		25.88	2 years	50% /year	600	-		41		-
July 15, 2014	10,352		27.00	2 years	50% /year	6,069	1,532		48		177
June 23, 2014	1,103		26.00	2 years	50% /year	550	-		6		20
March 24, 2014	2,046		22.76	2 years	50% /year	2,046	1,023		-		10
February 13, 2014	462		21.76	2 years	50% /year	462	231		-		2
June 28, 2013	11,899		22.56	2-4 years	25-50% /year	11,199	5,724		7		69
June 29, 2012	13,646		21.12	2-4 years	25-50% /year	12,445	11,242		11		36
June 30, 2011	4,423		22.28	2-4 years	25-50% /year	4,423	3,451		-		8
Total	67,423					37,794	23,203	$	491	$	322

*Original share price on date of grant was multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information.

Summary Of Unvested Share Awards Issued To Trustees


						Unearned Compensation
Original Issuance Date	Shares Issued		Share Price on Date of Grant*	Vesting Period	Vesting Schedule		December 31, 2015		December 31, 2014
December 30, 2014	3,215	$	29.00	1 year	100%	$	-	$	93

*Original share price on date of grant was multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information.