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EQUITY-BASED AWARDS (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020:
Time-Based LTIP Unit Awards
202220212020
Number of LTIP unitsWeighted Average Grant-Date Fair ValueNumber of LTIP unitsWeighted Average Grant-Date Fair ValueNumber of LTIP unitsWeighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year
158,976 $36.95 170,265 $28.93 181,937 $26.55 
Granted71,673 58.42 98,376 41.02 111,898 30.14 
Vested(92,073)36.58 (105,561)27.61 (115,935)26.52 
Forfeited(6,162)47.34 (4,104)41.84 (7,635)26.72 
Unvested at end of year132,414 $48.35 158,976 $36.95 170,265 $28.93 
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2022, 2021 and 2020, 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
MinimumTargetMaximumWeighted Average Grant-Date Fair Value
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 
Granted— 49,522 99,041 41.68 
Vested— (37,908)(47,206)24.76 
Forfeited— — (9,656)24.21 
Outstanding unvested at December 31, 2021
— 146,101 292,193 $35.98 
Granted— 40,117 80,228 61.66 
Vested — (42,744)(85,485)29.76 
Forfeited— — — — 
Outstanding unvested at December 31, 2022
— 143,474 286,936 $44.99 
The following table summarizes activity for acquisition grants during the years ended December 31, 2022, 2021 and 2020:
Total LTIP units
Total unvested units, December 31, 2019
224,000 
Units vested in 2020— 
Units granted in 202028,894 
Total unvested units, December 31, 2020
252,894 
Units vested in 2021— 
Units forfeited— 
Total unvested units, December 31, 2021
252,894 
Units vested in 2022— 
Units forfeited— 
Total unvested units, December 31, 2022
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, 2022, 2021 and 2020:
202220212020
Risk-free interest rate1.55 %0.18 %1.37 %
Dividend yield3.47 %3.89 %4.13 %
Expected volatility30.96 %34.17 %24.43 %
Schedule of activity for restricted common shares
The following table summarizes activity for restricted common shares for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Number of Restricted Common SharesWeighted Average Grant-Date Fair ValueNumber of Restricted Common SharesWeighted Average Grant-Date Fair ValueNumber of Restricted Common SharesWeighted Average Grant-Date Fair Value
Outstanding at beginning of year
30,659 $40.41 29,929 $32.68 25,779 $26.26 
Granted10,405 57.97 29,248 43.80 21,861 36.19 
Vested(10,208)34.83 (12,763)31.14 (12,471)25.85 
Forfeited(5,421)45.21 (15,755)39.52 (5,240)32.00 
Unvested at end of year25,435 $48.90 30,659 $40.41 29,929 $32.68