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Share-Based Payments and Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedules of Share-based Compensation Activity
The following table presents information regarding the OP Units activity during the year ended December 31, 2017:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at January 1, 2017
—

 
$
—

Granted
3,280,900

 
33.71

Vested
(193,938
)
 
37.10

Unvested at December 31, 2017
3,086,962

 
33.49

The following table presents information regarding the Formation Awards activity during the year ended December 31, 2017:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at January 1, 2017
—

 
$
—

Granted
2,680,552

 
8.84

Forfeited
(6,738
)
 
8.84

Unvested at December 31, 2017
2,673,814

 
8.84

The following table presents information regarding the LTIP and Time-Based LTIP Units activity during the year ended December 31, 2017:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at January 1, 2017
—

 
$
—

Granted
409,611

 
33.41

Vested
(77,129
)
 
32.26

Forfeited
(275
)
 
33.71

Unvested at December 31, 2017
332,207

 
33.68

The following table presents information regarding the Performance-Based LTIP Units activity during the year ended December 31, 2017:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at January 1, 2017
—

 
$
—

Granted
605,072

 
15.95

Forfeited
(550
)
 
15.95

Unvested at December 31, 2017
604,522


15.95
Summary of Share-Based Compensation Expense
Share-based compensation expense for each of the three years in the period ended December 31, 2017 is summarized as follows:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Formation Awards
$
5,169

 
$
—

 
$
—

LTIP Units
2,615

 
—

 
—

OP Units (1)
21,467

 
—

 
—

 Share-based compensation related to Formation Transaction (2)
29,251

 
—

 
—

Time-Based LTIP Units that vest over four years
2,211

 
—

 
—

Performance-Based LTIP Units
1,172

 
—

 
—

Other equity awards (3)
1,526

 
4,502

 
4,506

Share-based compensation expense - other (4)
4,909

 
4,502

 
4,506

Total share-based compensation expense
34,160

 
4,502

 
4,506

Less amount capitalized
(467
)
 
—

 
—

Net share-based compensation expense
$
33,693

 
$
4,502

 
$
4,506


______________________________________________ 
(1) 
Represents share-based compensation expense for OP Units subject to post-combination employment. See Note 3 for additional information.
(2) 
Included in "General and administrative expense: Share-based compensation related to Formation Transaction" in the accompanying statements of operations.
(3) 
Represents share-based compensation expense related to equity awards prior to the Formation Transaction.
(4) 
Included in "General and administrative expense" in the accompanying statements of operations.