Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

The following table summarizes restricted stock unit grants under the 2017 Plan during the three and nine months ended September 30, 2020 and 2019, respectively:

Three Months Ended September 30,	Grantee Type	Number of Restricted Stock Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2020	Employees	10,608	1-3 years	$	403
2019	Trustees	5,982	1 year	$	200
2019	Employees	10,489	1-3 years	$	376

Nine Months Ended September 30,	Grantee Type	Number of Restricted Stock Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2020	Trustees	8,517	1 year	$	300
2020	Employees	295,274	1-3 years	$	9,137
2019	Trustees	18,267	1 year	$	575
2019	Employees	501,035	1-3 years	$	16,708

The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans during the nine months ended September 30, 2020:

Nine Months Ended September 30, 2020
Restricted Stock	Number of Time-Based Restricted Stock Units	Aggregate Intrinsic Value (in millions)		Number of Performance-Based Restricted Stock Units	Aggregate Intrinsic Value (in millions)		Number of Market Performance-Based Restricted Stock Units(2)	Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019	714,063	$	25.0	57,142	$	2.0	779,188	$	27.3
Granted	194,981			—			108,810
Vested	(272,971)			(14,286)			—
Forfeited	(11,689)			—			(14,417)
Non-vested as of September 30, 2020	624,384	$	22.3	42,856	$	1.5	873,581	$	31.2
Shares vested, but not released(1)	615,643	22.0		28,572	1.0		—	—
Total outstanding restricted stock units	1,240,027	$	44.3	71,428	$	2.5	873,581	$	31.2

(1)For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.38 per unit. During 2020 an additional 14,286 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 615,643 time-based restricted stock units and 14,286 performance-based restricted stock units vested prior to January 1, 2020.

(2)The number of market performance-based restricted stock units are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target.

Schedule of OP Units Activity

The following table summarizes OP unit grants under the 2017 Plan during the three months ended September 30, 2019 and the three and nine months ended September 30, 2020 and 2019 (none were issued during the three months ended September 30, 2020):

Three Months Ended September 30,	Grantee Type	Number of OP Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2019	Trustees	20,190	1 year	$	675

Nine Months Ended September 30,	Grantee Type	Number of OP Units Granted	Vesting Period	Grant Date Fair Value (in thousands)
2020	Trustees	16,325	1 year	$	575
2020	Employees	255,720	1-3 years	$	7,719
2019	Trustees	20,190	1 year	$	675

The following table provides a summary of the OP unit awards activity under the 2017 Plan during the nine months ended September 30, 2020:

Nine Months Ended September 30, 2020
OP Units	Number of Time-Based OP Units	Aggregate Intrinsic Value (in millions)		Number of Market Performance-Based OP Units	Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019	20,190	$	0.7	—	$	0.0
Granted	93,180			178,865
Vested	(20,190)			—
Forfeited	—			—
Non-vested as of September 30, 2020	93,180	$	3.3	178,865	$	6.4
Shares vested, but not released	17,199	0.6		—	0.0
Total outstanding OP units	110,379	$	3.9	178,865	$	6.4

Schedule of Stock Option Activity

The following table provides a summary of option activity for the nine months ended September 30, 2020:

Options	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2019	794,498	$	9.81	5.8
Granted	—	—
Exercised	(321,000)	9.81
Forfeited or expired	(8,000)	9.81
Outstanding as of September 30, 2020	465,498	9.81		5.0
Exercisable as of September 30, 2020	190,500	$	9.81	3.8