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Incentive Award Plan (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Schedule Of Share Based Payment Award, Equity Instruments Other Than Options, Fair Value Assumptions And Grant Date Fair Value
The following table summarizes these fair valuation assumptions and the grant date fair value of the awards:
 
2016 LTIP Award
 
2015 LTIP Award
Valuation date
December 29, 2016

 
December 15, 2015

Closing share price of common stock
$
22.71

 
$
15.90

Discount for post-vesting restrictions and book-up events
5.0
%
 
5.0
%
Grant date fair value (in thousands)
$
2,518

 
$
2,518
Total Shareholder Return Levels And Vesting Percentages
The TSR levels and vesting percentages for the absolute TSR base units and relative TSR base units for the 2016 Performance Awards and the 2015 Performance Awards are summarized in the following tables:
 
 
2016 Performance Award
 
 
Absolute TSR Base Units
 
Relative TSR Base Units
Level
 
Company TSR
Percentage
 
Absolute TSR
Vesting Percentage
 
Peer Group Relative
Performance
 
Relative TSR
Vesting Percentage
 
 
< 21%

 
—
%
 
< 50th Percentile
 
—
%
“Threshold Level”
 
21
%
 
25
%
 
50th Percentile
 
25
%
“Target Level”
 
35.5
%
 
60
%
 
62.5th Percentile
 
60
%
“Maximum Level”
 
 ≥ 50%

 
100
%
 
 ≥ 75th Percentile
 
100
%
 
 
2015 Performance Award
 
 
Absolute TSR Base Units
 
Relative TSR Base Units
Level
 
Company TSR
Percentage
 
Absolute TSR
Vesting Percentage
 
Peer Group Relative
Performance
 
Relative TSR
Vesting Percentage
 
 
< 24%

 
—
%
 
< 50th Percentile
 
—
%
“Threshold Level”
 
24
%
 
20
%
 
50th Percentile
 
20
%
“Target Level”
 
37
%
 
60
%
 
62.5th Percentile
 
60
%
“Maximum Level”
 
 ≥ 50%

 
100
%
 
 ≥ 75th Percentile
 
100
%
If the Company’s TSR percentage or the peer group relative performance falls between the levels specified in the tables above, the percentage of absolute base units or relative base units that vest will be determined using straight-line interpolation between such levels.
Schedule of valuation assumptions
The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the Performance Awards.
 
2016 Performance Award
 
2015 Performance Award
Valuation date
December 29, 2016

 
December 15, 2015

Expected share price volatility of the Company
20.0
%
 
24.0
%
Expected share price volatility of peer group companies - low end of range
21.0
%
 
21.0
%
Expected share price volatility of peer group companies - high end of range
50.0
%
 
62.0
%
Expected dividend yield
2.80
%
 
3.40
%
Risk-free interest rate
1.49
%
 
1.28
%
Grant date fair value (in thousands)
$
1,753

 
$
2,157
Schedule of Unvested Restricted Stock Activity
The following table sets forth our unvested restricted stock activity for the years ended December 31, 2016, 2015 and 2014:
 
Number of Unvested Shares of Restricted Common Stock
 
Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2013
140,468

 
$
14.00

Granted
243,233

 
$
14.40

Forfeited
(29,664
)
 
$
14.04

Vested(1)(2)
(34,020
)
 
$
14.00

Balance at December 31, 2014
320,017

 
$
14.30

Granted
152,103

 
$
15.34

Forfeited
(31,925
)
 
$
14.54

Vested(1)(2)
(106,754
)
 
$
14.34

Balance at December 31, 2015
333,441

 
$
14.30

Granted
103,704

 
$
18.03

Forfeited
(23,968
)
 
$
15.37

Vested(1)(2)
(125,350
)
 
$
14.63

Balance at December 31, 2016
287,827

 
$
15.92


 
(1)
The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $2.6 million, $1.6 million and $0.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.
(2)
Total shares vested include 36,374, 12,670 and 6,928 shares of common stock that were tendered by employees during the years ended December 31, 2016, 2015 and 2014, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares. 
Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding
The following table sets forth the vesting schedule of total unvested shares of restricted common stock outstanding as of December 31, 2016:
    
Twelve months ending December 31:
Shares
2017
167,026

2018
60,466

2019
39,158

2020
21,177

 
287,827
Shareholders' Equity and Share-based Payments
The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):
 
Year Ended December 31,
 
 2016
 
 2015
 
 2014
Expensed share-based compensation(1)
3,835

 
1,752

 
1,018

Capitalized share-based compensation(2)
147

 
101

 
107

Total share-based compensation
3,982

 
1,853

 
1,125

(1)
Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
(2)
Amounts capitalized, which relate to employees who provide construction and leasing services, are included in “Building and improvements” and “Deferred leasing costs, net” in the accompanying consolidated balance sheets.