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Equity Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of share-based payment award, performance unit awards, valuation assumptions The following table summarizes the assumptions used in valuing the performance units granted during the nine months ended September 30, 2020.
Performance UnitsAssumptions
Grant dateJanuary 8, 2020
Expected volatility17.4 %
Expected dividend yield5.75 %
Risk-free interest rate1.59 %
Fair value of performance units grant (in thousands)$5,389 
Summary of Equity Compensation Expense
The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and nine months ended September 30, 2020 and 2019.

 Three months ended September 30,Nine months ended September 30,
Non-Cash Compensation Expense (in thousands)2020    201920202019
Restricted shares of common stock$487 $447 $1,435 $1,318 
LTIP units981 

901 2,923 

2,687 
Performance units1,356 1,107 4,004 3,062 
Director compensation (1)
122 

101 374 304 
Total non-cash compensation expense$2,946 $2,556 $8,736 $7,371 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and nine months ended September 30, 2020 and 2019. The number of shares of common stock granted is calculated based on the trailing ten days average common stock price ending on the third business day preceding the grant date.