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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table displays restricted share award activity during the six months ended June 30, 2016:
 
Number of Restricted Shares
 
Weighted-Average Issue Price
Unvested, December 31, 2015
316,570

 
$
10.59

Granted
5,107

 
10.28

Vested
(71,342
)
 
10.45

Unvested, June 30, 2016
250,335

 
$
10.62
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule
The Advisor is eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows:
 
 
 
 
Performance Period
 
Annual Period
 
Interim Period
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:
 
21%
 
7%
 
14%
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
 
 
 
 
 
 
 
•
100% will be earned if total stockholder return achieved is at least:
 
18%
 
6%
 
12%
 
•
50% will be earned if total stockholder return achieved is:
 
0%
 
0%
 
0%
 
•
0% will be earned if total stockholder return achieved is less than:
 
0%
 
0%
 
0%
 
•
a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between:
 
0% - 18%
 
0% - 6%
 
0% - 12%
______________________ 
*The “Peer Group” is comprised of certain companies in the SNL US REIT Office Index.
Schedule of Fair Value, Liabilities Measured on Recurring Basis
The following table presents information about the Company's derivatives that are presented net, measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, aggregated by the level in the fair value hierarchy within which those instruments fall:
(In thousands)
 
Quoted Prices in Active Markets
Level 1
 
Significant Other Observable Inputs
Level 2
 
Significant Unobservable Inputs
Level 3
 
Total
June 30, 2016
 
 
 
 
 
 
 
 
Derivatives, net
 
$
—

 
$
(2,169
)
 
$
—

 
$
(2,169
)
December 31, 2015
 
 
 
 
 
 
 
 
Derivatives, net
 
$
—

 
$
(835
)
 
$
—

 
$
(835
)
The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, aggregated by the level in the fair value hierarchy within which the instrument falls:
(In thousands)
 
Quoted Prices in Active Markets
Level 1
 
Significant Other Observable Inputs
Level 2
 
Significant Unobservable Inputs
Level 3
 
Total
June 30, 2016
 
 
 
 
 
 
 
 
OPP
 
$
—

 
$
—

 
$
18,700

 
$
18,700

December 31, 2015
 
 
 
 
 
 
 
 
OPP
 
$
—

 
$
—

 
$
43,500

 
$
43,500
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2016:
(In thousands)
 
OPP
Beginning balance as of December 31, 2015
 
$
43,500

   Fair value adjustment
 
(24,800
)
Ending balance as of June 30, 2016
 
$
18,700
Valuation techniques
The following table provides quantitative information about significant Level 3 input used:
Financial Instrument
 
Fair Value
 
Principal Valuation Technique
 
Unobservable Inputs
 
Input Value
 
 
(In thousands)
 
 
 
 
 
 
June 30, 2016
 
 
 
 
 
 
 
 
OPP
 
$
18,700

 
Monte Carlo Simulation
 
Expected volatility
 
30.0%
December 31, 2015
 
 
 
 
 
 
 
 
OPP
 
$
43,500

 
Monte Carlo Simulation
 
Expected volatility
 
27.0%