Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Summary of the Activity of Employee Stock Grants

Below is a summary of the employee awards issued under the LTI Plan during the three months ended March 31, 2020:

	Time-Based Awards			Performance-Based Awards
	Restricted Shares (in thousands)	Weighted-Average Grant-Date Fair Value(1)		RSUs (in thousands)	Weighted-Average Grant-Date Fair Value(2)
Unvested awards – beginning of period	374	$	20.96	584	$	18.86
Granted	295	$	21.06	303	$	18.06
Converted(3)	33			(33)
Vested	(166)	$	21.22	(101)	$	18.48
Forfeited	—	$	—	(9)	$	20.49
Unvested awards – end of period(4)	536	$	20.94	744	$	18.58

⁽¹⁾Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.

⁽²⁾Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation.

⁽³⁾Reflects 25% of the 2017 3-year Performance-Based RSUs granted on January 1, 2017, which converted to Time-Based Restricted shares in January 2020 and will vest in January 2021.

⁽⁴⁾As of March 31, 2020, Columbia Property Trust expects approximately 514,000 of the 536,000 unvested restricted stock units to ultimately vest and approximately 713,000 of the 744,000 unvested Performance-Based RSUs to ultimately vest, assuming a weighted-average forfeiture rate of 4.1%, which was determined based on historical forfeiture rates.

Schedule of Director Stock Grants

During the three months ended March 31, 2020 and 2019, Columbia Property Trust made the following equity retainer grant:

Date of Grant	Shares	Grant-Date Fair Value
March 2, 2020(1)	591	$	19.80

⁽¹⁾In March 2020, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment.

Schedule of Stock-based Compensation Expense Incurred

For the three months ended March 31, 2020 and 2019, Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands):

	Three Months Ended March 31,
	2020		2019
Amortization of time-based awards	$	947	$	884
Amortization of performance-based awards(1)	1,031		655
Amortization of Preferred OP unit awards issued in connection with the Normandy Acquisition	2,358		—
Issuance of shares to independent directors	12		—
Total stock-based compensation expense	$	4,348	$	1,539

⁽¹⁾Reflects amortization of awards made under the LTI Plan that will vest in future periods for service during the current period.