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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of restricted stock units activity
The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2020, 2019 and 2018:
Year Ended
December 31		Grantee TypeNumber of
Restricted Stock
Units Granted		Vesting
Period		Grant Date
Fair Value
(in thousands)
2020Trustees8,5171 year$300 
2020Associates295,274
1-3 years
$9,137 
2019Trustees18,2671 year$575 
2019Associates504,984
1-3 years
$16,843 
2018Trustees373,438
1-3 years
$5,975 
2018Associates1,263,751
1-4 years
$22,196 
The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2020:
Year Ended December 31, 2020
Restricted StockNumber of Time-Based Restricted Stock UnitsAggregate Intrinsic Value (in millions)Number of Performance-Based Restricted Stock UnitsAggregate Intrinsic Value (in millions)Number of Market Performance-Based Restricted Stock UnitsAggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019
714,063 $25.0 57,142 $2.0 779,188 $27.3 
Granted(2)
194,981 — 108,810 
Vested(1)
(334,131)(14,286)— 
Forfeited
(11,689)0 (14,417)
Non-vested as of December 31, 2020
563,224 $21.0 42,856 $1.6 873,581 $42.6 
Shares vested, but not released(1)
615,643 23.0 28,572 1.1 — — 
Total outstanding restricted stock units
1,178,867 $44.0 71,428 $2.7 873,581 $42.6 
(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 market performance-based restricted stock units thresholds In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:
Performance Level ThresholdsRMS Relative
Market Performance		Market Performance
Vesting Percentage
High Level
above 75th percentile
200%
Target Level
55th percentile
100%
Threshold Level
30th percentile
50%
Below Threshold Level
below 30th percentile
0%
In the event that the TSR upon completion of the market performance period is achieved at the “minimum,” “target” or “maximum” level as set forth below, the awards will become vested as to the market condition with respect to the percentage RSUs, as applicable, set forth below:
Performance Level ThresholdsTSRMarket Performance Percentage
Maximum12%
150% of Target Award
Target10%
100% of Target Award
Minimum8%
50% of Target Award
Schedule of performance-based restricted stock unit valuation assumptions Assumptions used in the valuations are summarized as follows:
Award DateExpected Stock Price VolatilityRisk-Free Interest Rate
Dividend Yield (1)
2018
25% - 30%
2.34% - 2.85%
N/A
2019
22%
2.40% - 2.43%
N/A
2020
23%
0.52%
N/A
(1)Dividends are assumed to be reinvested and therefore not applicable.
The key assumptions used in the valuation of the April 2017 award were as follows:
Award DateExpected Stock Price VolatilityRisk-Free Interest RateDividend Yield
4/10/201730%1.63%2%
Schedule of OP units activity
The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2020 and 2019 (none were issued during the year ended December 31, 2018):
Year Ended December 31,Grantee TypeNumber of
OP Units Granted		Vesting
Period		Grant Date
Fair Value
(in thousands)
2020Trustees16,325
1 year
$575 
2020Associates255,720
1-3 years
$7,719 
2019Trustees20,190
1 year
$675 
The following table provides a summary of the OP unit awards activity under the 2017 Plan as of December 31, 2020:
Year Ended December 31, 2020
OP UnitsNumber of Time-Based OP UnitsAggregate Intrinsic Value (in millions)Number of Market Performance-Based OP UnitsAggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2019
20,190 $0.7 — $— 
Granted
93,180 178,865 
Vested
(20,190)— 
Forfeited
— — 
Non-vested as of December 31, 2020
93,180 $3.5 178,865 $6.7 
Shares vested, but not released
17,199 0.6 — — 
Total outstanding OP units
110,379 $4.1 178,865 $6.7 
Schedule of stock option activity
The following table provides a summary of option activity for the year ended December 31, 2020:
Number of OptionsWeighted-Average Exercise PriceWeighted-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 December 31, 2020
465,498 $9.81 4.7
Exercisable as of December 31, 2020
232,500 $9.81 3.9