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EQUITY-BASED AWARDS (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
Time-Based LTIP Unit Awards
202320222021
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
132,414 $48.35 158,976 $36.95 170,265 $28.93 
Granted129,933 39.55 71,673 58.42 98,376 41.02 
Vested(84,548)45.39 (92,073)36.58 (105,561)27.61 
Forfeited— — (6,162)47.34 (4,104)41.84 
Unvested at end of year177,799 $41.07 132,414 $48.35 158,976 $36.95 
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2023, 2022 and 2021, 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, 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 
Granted— 74,162 148,324 42.28 
Vested — (21,916)(43,832)19.27 
Forfeited— (31,923)(63,835)16.85 
Outstanding unvested at December 31, 2023
— 163,797 327,593 $23.42 
The following table summarizes activity for acquisition grants during the years ended December 31, 2023, 2022 and 2021:
Total LTIP units
Total unvested units, December 31, 2020
252,894 
Units vested in 2021— 
Units forfeited in 2021— 
Total unvested units, December 31, 2021
252,894 
Units vested in 2022— 
Units forfeited in 2022— 
Total unvested units, December 31, 2022
252,894 
Units vested in 2023 related to properties contributed or sourced by PROs(15,600)
Units forfeited in 2023(28,894)
Total unvested units, December 31, 2023
208,400 
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, 2023, 2022 and 2021:
202320222021
Risk-free interest rate4.22 %1.55 %0.18 %
Dividend yield6.09 %3.47 %3.89 %
Expected volatility35.39 %30.96 %34.17 %
Schedule of activity for restricted common shares
The following table summarizes activity for restricted common shares for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
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
25,435 $48.90 30,659 $40.41 29,929 $32.68 
Granted12,856 42.46 10,405 57.97 29,248 43.80 
Vested(12,011)45.44 (10,208)34.83 (12,763)31.14 
Forfeited(4,878)47.41 (5,421)45.21 (15,755)39.52 
Unvested at end of year21,402 $46.65 25,435 $48.90 30,659 $40.41