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	March 31, 2016	December 31, 2015		March 31, 2016		December 31, 2015
March 30, 2016	7,500	$	21.11	2 years	50% /year	-	-	$	158	$	-
March 27, 2015	7,438	$	25.88	2 years	50% /year	3,762	3,762		90		90
Total	14,938					3,762	3,762	$	248	$	90

*Original share price on date of grants prior to June 22, 2015 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	March 31, 2016	December 31, 2015		March 31, 2016		December 31, 2015
March 30, 2016	2,500	3 years	33%/year	-	-	$	48	$	-
December 30, 2014	2,500	3 years	33% /year	835	835		42		48
December 27, 2013	3,000	3 years	33% /year	2,170	2,170		14		19
				3,005	3,005	$	104	$	67

Summary Of Unvested Share Awards Issued To Executives


				Units Vested		Unearned Compensation
Compensation Committee Approval Date	LTIP Units Issued	LTIP Issuance Date	Performance Period	March 31, 2016	December 31, 2015		March 31, 2016		December 31, 2015
March 18, 2015						$		$
(2015 Multi-Year EIP)	-	N/A	1/1/2015 to 12/31/2017	-	-		546		596
April 11, 2014
(2014 Multi-Year EIP)	-	N/A	1/1/2014 to 12/31/2016	-	-		495		567
April 15, 2013
(2013 Multi-Year EIP)	110,849	3/30/2016	1/1/2013 to 12/31/2015	55,424	-		445		385
	110,849			55,424	-	$	1,486	$	1,548

Summary Of Unvested Share Awards Issued To Executives


				Units Vested		Unearned Compensation
Issuance Date	LTIP Units Issued	Vesting Period	Vesting Schedule	March 31, 2016	December 31, 2015		March 31, 2016		December 31, 2015
March 30, 2016
(2015 Annual EIP)	183,396	3 years	25%/year (1)	45,847	-	$	1,741	$	-
March 30, 2015
(2014 Annual EIP)	128,832	3 years	25%/year (1)	64,415	64,415		624		758
December 23, 2014
(2013 Annual EIP) (3)	83,993	3 years	25%/year (1)	83,992	83,992		130		173
December 23, 2014 (3)	258,899	5 years	33% Year 3, 4, 5 (2)	86,299	86,299		1,279		1,553
	655,120			280,553	234,706	$	3,774	$	2,484

(1)

25% of the issued shares or LTIP Units vested immediately upon issuance. In general, the remaining shares or LTIP Units vest 25% on the first through third anniversaries of the end of the performance period (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. One-third of each award of LTIP Units vested or 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).

NOTE 8 – SHARE BASED PAYMENTS (CONTINUED)

(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 Year of Issuance Date	Original Shares Issued		Range of Share Price on Date of Grant*	Vesting Period	Vesting Schedule	March 31, 2016	December 31, 2015		March 31, 2016		December 31, 2015
2016	6,261	$	21.11	2 years	50% /year	-	-	$	132	$	-
2015	23,492		21.76-28.09	2-4 years	25-50% /year	600	600		339		419
2014	11,455		26.00-27.00	2 years	50% /year	6,619	6,619		21		54
2013	11,899		22.56	2-4 years	25-50% /year	11,199	11,199		3		7
2012	13,646		21.12	2-4 years	25-50% /year	12,445	12,445		4		11
Total	66,753					30,863	30,863	$	499	$	491

*Original share price on date of grants prior to June 22, 2015 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		March 31, 2016		December 31, 2015
March 30, 2016	5,289	$	21.11	1 year	100%	$	112	$	-