Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2017

The table below summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2017 and the year ended December 31, 2016.



	LTIP Units		Other Common Units		Total Noncontrolling Common Units		Noncontrolling Interest
Balance at December 31, 2015	1,610,105		1,915,872		3,525,977		4.9	%
Granted/Issued	176,396		—		176,396		N/A
Forfeited	—		—		—		N/A
Conversions from LTIP units to Other Common Units	(209,985	)	209,985		—		N/A
Redemptions from Other Common Units to common stock	—		(68,492	)	(68,492	)	N/A
Balance at December 31, 2016	1,576,516		2,057,365		3,633,881		4.3	%
Granted/Issued	126,239		687,827		814,066		N/A
Forfeited	—		—		—		N/A
Conversions from LTIP units to Other Common Units	(227,831	)	227,831		—		N/A
Redemptions from Other Common Units to common stock	—		(297,006	)	(297,006	)	N/A
Balance at June 30, 2017	1,474,924		2,676,017		4,150,941		4.3	%

Schedule of fair value at vesting date for awards vesting during the period

The following table summarizes the fair value at vesting for the restricted shares of common stock vested during the three and six months ended June 30, 2017 and June 30, 2016.



	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Vested restricted shares of common stock	—		14,410		109,209		98,746
Fair value of vested restricted shares of common stock (in thousands)	$	—	$	291	$	2,615	$	1,813

The table below sets forth the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2017.



LTIP Units	Assumptions
Grant date	January 6, 2017
Expected term (years)	10
Expected volatility	23.0		%
Expected dividend yield	6.0		%
Risk-free interest rate	1.61		%
Fair value of LTIP units at issuance (in thousands)	$	2,924
LTIP units at issuance	126,239
Fair value unit price per LTIP unit at issuance	$	23.16

The table below sets forth the assumptions used in valuing the performance units granted during the six months ended June 30, 2017.



Performance Units	Assumptions
Grant date	January 6, 2017
Expected volatility	23.0		%
Expected dividend yield	6.0		%
Risk-free interest rate	1.61		%
Fair value of performance units grant (in thousands)	$	2,882

Schedule of activity related to share-based compensation

The following table summarizes the fair value at vesting for the LTIP units vested during the three and six months ended June 30, 2017 and June 30, 2016.



	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Vested LTIP units	45,204		45,874		112,874		216,151
Fair value of vested LTIP units (in thousands)	$	1,248	$	1,092	$	2,911	$	4,181

The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2017 and the year ended December 31, 2016.



Unvested LTIP Units	LTIP Units
Balance at December 31, 2015	534,910
Granted	176,396
Vested	(307,883	)
Forfeited	—
Balance at December 31, 2016	403,423
Granted	126,239
Vested	(112,874	)
Forfeited	—
Balance at June 30, 2017	416,788