EQUITY-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of activity compensatory and acquisition consideration LTIP grants

The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2020, 2019 and 2018:

	Time-Based LTIP Unit Awards
	2020			2019			2018
	Number of LTIP units	Weighted Average Grant-Date Fair Value		Number of LTIP units	Weighted Average Grant-Date Fair Value		Number of LTIP units	Weighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year	181,937	$	26.55	223,812	$	23.54	227,766	$	20.37
Granted	111,898	30.14		101,167	27.80		100,176	27.08
Vested	(115,935)	26.52		(138,028)	22.59		(104,130)	20.18
Forfeited	(7,635)	26.72		(5,014)	26.25		—	—
Unvested at end of year	170,265	$	28.93	181,937	$	26.55	223,812	$	23.54

The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2020, 2019 and 2018, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.

	Performance-Based LTIP Unit Awards
	Minimum	Target	Maximum	Weighted Average Grant-Date Fair Value
Outstanding unvested at December 31, 2017	—	40,390	90,874	$	27.63
Granted	—	46,017	69,025	24.67
Outstanding unvested at December 31, 2018	—	86,407	159,899	$	26.35
Granted	—	53,128	106,252	29.76
Outstanding unvested at December 31, 2019	—	139,535	266,151	$	27.71
Granted	—	53,835	107,667	35.67
Vested	—	(40,390)	(90,874)	27.63
Forfeited	—	(18,493)	(32,930)	27.53
Outstanding unvested at December 31, 2020	—	134,487	250,014	$	30.69

The following table summarizes activity for acquisition grants during the years ended December 31, 2020, 2019 and 2018:

	Total LTIP units
Total unvested units, December 31, 2017	224,000
Units vested in 2017	—
Total unvested units, December 31, 2018	224,000
Units vested in 2018	—
Total unvested units, December 31, 2019	224,000
Units vested in 2020	—
Units granted in 2020	28,894
Total unvested units, December 31, 2020	252,894

Schedule of valuation assumptions for LTIP Unit grants

The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2020, 2019 and 2018:

	2020		2019		2018
Risk-free interest rate	1.37	%	2.51	%	2.04	%
Dividend yield	4.13	%	4.54	%	4.11	%
Expected volatility	24.43	%	25.40	%	24.44	%

Schedule of activity for restricted common shares

The following table summarizes activity for restricted common shares for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020			2019			2018
	Number of Restricted Common Shares	Weighted Average Grant-Date Fair Value		Number of Restricted Common Shares	Weighted Average Grant-Date Fair Value		Number of Restricted Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at beginning of year	25,779	$	26.26	22,589	$	24.83	21,585	$	22.43
Granted	21,861	36.19		18,218	26.46		12,311	27.26
Vested	(12,471)	25.85		(10,734)	23.54		(8,041)	21.88
Forfeited	(5,240)	32.00		(4,294)	25.61		(3,266)	25.35
Unvested at end of year	29,929	$	32.68	25,779	$	26.26	22,589	$	24.83