Incentive Plans

12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule Of Nonvested Share Activity [Text Block]

10.    Incentive Plans

We have adopted the 2010 Equity Incentive Compensation Plan (the “Incentive Plan”) which permits the grant of incentive awards to executive officers, employees, consultants and non-employee directors. The aggregate number of awards approved under the Incentive Plan is 2.5 million. As of December 31, 2012 and December 31, 2011, 1.2 million and 1.9 million shares, respectively, were available for issuance under the Incentive Plan.

Restricted Stock Awards

Awards to executive officers and employees vest over a three year period and are subject to restriction based upon employment in good standing with the Company. Awards to non-employee directors vest over a five year period and are subject to restriction based upon continued service on our Board of Directors.

At December 31, 2012, total unrecognized compensation cost was approximately $3.3 million and is expected to be recognized over a remaining weighted average period of 4.3 years. During the years ended December 31, 2012 and 2011, we recognized stock compensation expense of approximately $1.2 million and $0.3 million, respectively, in the accompanying consolidated financial statements, and capitalized $1.0 million and $0.5 million, respectively.

Restricted OP Units

At December 31, 2012, total unrecognized compensation cost was approximately $0.5 million and is expected to be recognized over a remaining weighted average period of 0.8 years. During the years ended December 31, 2012 and 2011, we recognized stock compensation expense related to the vesting of restricted OP Units of approximately $0.2 million and $0.1 million, respectively, in the accompanying consolidated financial statements, and capitalized $0.4 million and $0.5 million, respectively.

The following is a summary of our plan activity for the periods shown (in thousands, except weighted average grant price):

	Restricted			Restricted						Weighted
	Common			Restricted OP						Average
	Stock			Units			Total			Grant Price
Unvested Balances at October 19, 2010		-			-			-		$	-
Granted at Offering		103			150			253			12.50
Forfeited		(4	)		-			(4	)		12.50
Unvested balances at December 31, 2010		99			150			249			12.50
Granted		37			-			37			11.06
Vested		(47	)		(50	)		(97	)		12.28
Forfeited		(9	)		-			(9	)		12.50
Unvested balances at December 31, 2011		80			100			180			12.32
Granted		377			-			377			10.83
Vested		(16	)		(50	)		(66	)		12.38
Forfeited		(3	)		-			(3	)		11.68
Unvested balances at December 31, 2012		438			50			488			11.07