SHARE BASED PAYMENTS

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

A summary of our share based compensation activity from December 31, 2022 to March 31, 2023 is as follows:


	LTIP Unit Awards				Restricted Share Awards			Share Awards
	Number of Units		Weighted Average Grant Date Fair Value		Number of Restricted Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested Balance as of December 31, 2022	1,105,573		$	9.65	164,166	$	9.83	—
Granted	1,104,874	(1)	5.90		52,710	5.90		118,530	$	6.45
Vested	(51,452)		5.90		(48,462)	11.21		(118,530)	6.45
Forfeited	—		N/A		(2,767)	10.52		—	N/A
Unvested Balance as of March 31, 2023	2,158,995		$	7.82	165,647	$	8.17	—

(1) On March 22, 2023, 1,104,874 Units were issued to the executive officers in settlement of the 2022 Short Term Incentive Program. These Units vest on December 31, 2024, the two year anniversary following the end of the performance period and were determined by dividing the dollar amount of award earned by $9.32, the per share volume weighted average trading price of the Company's common shares on the NYSE for the 20 trading days prior to December 31, 2022.

The following table summarizes share based compensation expense for the three months ended March 31, 2023 and 2022 and unearned compensation as of March 31, 2023 and December 31, 2022:


	Share Based Compensation Expense				Unearned Compensation
	For the Three Months Ended					As of
	March 31, 2023		March 31, 2022				March 31, 2023		December 31, 2022
Issued Awards
LTIP Unit Awards	$	773	$	1,777			$	8,359	$	5,311
Restricted Share Awards	199		192				721		683
Share Awards	810		287				—		—
Unissued Awards
Market Based	270		285				2,271		2,541

Total	$	2,052	$	2,541			$	11,351	$	8,535

The weighted-average period of which the unrecognized compensation expense will be recorded is approximately 1.0 years for LTIP Unit Awards and 0.9 years for Restricted Share Awards.

The remaining unvested target units are expected to vest as follows:


	2023	2024	2025	2026
LTIP Unit Awards	1,046,441	1,112,554	—	—
Restricted Share Awards	73,961	73,758	10,464	7,464
	1,120,402	1,186,312	10,464	7,464