Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our share-based award activity for the three months ended March 31, 2020: 

	Unvested Awards
	Restricted Common Stock		LTIP Units		Performance Units
Balance at January 1, 2020	212,545		298,412		687,761
Granted	104,101		36,292		—
Forfeited	(1,826	)	—		—
Vested(1)	(70,565	)	(41,953	)	—
Balance at March 31, 2020	244,255		292,751		687,761

(1)

During the three months ended March 31, 2020, 25,797 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.  

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of March 31, 2020:  

	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
April 1, 2020 - December 31, 2020	17,429	154,422	188,250
2021	84,319	90,031	204,517
2022	68,176	45,740	294,994
2023	48,279	2,558	—
2024	26,052	—	—
Total	244,255	292,751	687,761

(1)

Represents the maximum number of Performance Units that would become earned and vested on December 14, 2020, in the event that the specified maximum total shareholder return (“TSR”) hurdles are achieved over the three-year performance period from December 15, 2017 through December 14, 2020, and the maximum number of Performance Units that would become earned and vested on December 31, 2021 and December 31, 2022, in the event that the specified maximum TSR and FFO per share growth hurdles are achieved over the three-year performance period from January 1, 2019 through December 31, 2021 and the three-year performance period from January 1, 2020 through December 31, 2022.

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):

	Three Months Ended March 31,
	2020		2019
Expensed share-based compensation(1)	$	3,570	$	2,579
Capitalized share-based compensation(2)	57		34
Total share-based compensation	$	3,627	$	2,613

(1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.

(2)

For the three months ended March 31, 2020 and 2019, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the three months ended March 31, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges (in thousands):

	Three Months Ended March 31,
	2020			2019
Accumulated other comprehensive (loss) income - beginning balance	$	(7,542	)	$	6,262
Other comprehensive loss before reclassifications	(15,398		)	(4,275		)
Amounts reclassified from accumulated other comprehensive loss (income) to interest expense	430			(852		)
Net current period other comprehensive loss	(14,968		)	(5,127		)
Less other comprehensive loss attributable to noncontrolling interests	560			126
Other comprehensive loss attributable to common stockholders	(14,408		)	(5,001		)
Accumulated other comprehensive (loss) income - ending balance	$	(21,950	)	$	1,261