Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows:

	Nine Months Ended			Year Ended
	September 30, 2020			December 31, 2019
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	5,001	$	18.33	8,334	$	18.52
Granted	—	—		—	—
Vested	(1,667)	20.20		(3,333)	18.80
Forfeited	—	—		—	—
Non-vested at end of the period	3,334	$	17.40	5,001	$	18.33

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP Unit awards for the nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows:

	Nine Months Ended			Year Ended
	September 30, 2020			December 31, 2019
	Number of Units	Weighted-Average Grant Date Fair Value		Number of Units	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period	598,320	$	18.30	476,398	$	17.73
Granted	325,507	13.42		221,853	18.73
Vested	(254,218)	18.82		(99,931)	16.55
Forfeited	—	$	—	—	$	—
Non-vested at end of the period	669,609	$	15.73	598,320	$	18.30

Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2020 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:

	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows:

	Grant Date	Number of Units Granted	Estimated Value Per Unit	Volatility	Dividend Yield	Risk Free Interest Rate
Outperformance Plan LTIP Unit Awards	6/1/2015	183,300	$14.13	26%	4.5%	0.95%
2016 Time-Based LTIP Unit Awards	1/28/2016	72,966	$16.69	28%	—%	0.79%
2016 Performance-Based LTIP Unit Awards	1/28/2016	39,285	$11.09	30%	5.8%	1.13%
2017 Time-Based LTIP Unit Awards	3/1/2017	89,574	$18.53	24%	—%	0.92%
2017 Performance-Based LTIP Unit Awards	3/1/2017	134,348	$19.65	25%	5.8%	1.47%
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards	3/1/2020	195,301	$13.66	20%	8.1%	0.90%