Equity Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of unvested restricted shares and restricted stock units

The following table summarizes the Company’s unvested restricted shares as of and for the nine months ended September 30, 2020:

	Unvested Restricted Shares	Weighted Average Grant Date Fair Value per Restricted Share
Balance as of January 1, 2020	535	$	12.46
Shares granted (a)	624	$	11.66
Shares vested	(291)	$	12.76
Balance as of September 30, 2020 (b)	868	$	11.78

(a)Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements.

(b)As of September 30, 2020, total unrecognized compensation expense related to unvested restricted shares was $3,326, which is expected to be amortized over a weighted average term of 1.2 years.

The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the nine months ended September 30, 2020:

	Unvested RSUs	Weighted Average Grant Date Fair Value per RSU
RSUs eligible for future conversion as of January 1, 2020	839	$	13.10
RSUs granted (a)	331	$	13.67
Conversion of RSUs to common stock and restricted shares (b)	(196)	$	15.52
RSUs eligible for future conversion as of September 30, 2020 (c)	974	$	12.81

(a)Assumptions and inputs as of the grant date included a risk-free interest rate of 1.54%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s common stock dividend yield of 5.07%. Subject to continued employment, in 2023, following the performance period which concludes on December 31, 2022, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term.

(b)On February 10, 2020, 196 RSUs converted into 105 shares of common stock and 175 restricted shares that will vest on December 31, 2020, subject to continued employment through such date, after applying a conversion rate of 142.5% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies for the performance period that concluded on December 31, 2019. An additional 43 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period.

(c)As of September 30, 2020, total unrecognized compensation expense related to unvested RSUs was $5,928, which is expected to be amortized over a weighted average term of 2.0 years.