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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
The significant assumptions used to value these awards included:

 
Year Ended December 31,
 
2018
 
2017
Expected volatility
20.0% to 22.0%
 
17.0% to 19.0%
Risk-free interest rate
1.9% to 2.6%
 
1.3% to 1.5%
Post-grant restriction periods
2 to 3 years
 
2 to 3 years
The following table presents information regarding Granted LTIP activity:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2017
332,207

 
$
33.68

Granted
749,880

 
34.01

Vested
(110,723
)
 
32.91

Forfeited
(8,702
)
 
32.51

Unvested at December 31, 2018
962,662

 
34.03

The following table presents information regarding the OP Units activity:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2017
3,086,962

 
33.49

Vested
(86,975
)
 
37.10

Unvested at December 31, 2018
2,999,987

 
33.39

The significant assumptions used to value both the Performance-Based LTIP and Special Performance-Based LTIP Units included:
 
Year Ended December 31,
 
2018
 
2017
 
 
Expected volatility
19.9% to 26.0%
 
18.0
%
Dividend yield
2.5% to 2.7%
 
2.3
%
Risk-free interest rate
2.3% to 3.0%
 
1.5
%

The following table presents information regarding the Performance-Based LTIP and Special Performance-Based LTIP Units activity:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2017
604,522

 
$
15.95

Granted
1,078,661

 
19.52

Forfeited
(25,605
)
 
16.29

Unvested at December 31, 2017
1,657,578

 
18.27

The significant assumptions used to value the awards included:
 
Year Ended December 31,
 
2018
 
2017
Expected volatility
27.0% to 29.0%
 
26.0
%
Dividend yield
2.5% to 2.7%
 
2.3
%
Risk-free interest rate
2.8% to 3.0%
 
2.3
%
Expected life
7 years
 
7 years

The following table presents information regarding the Formation Awards activity:
 
Unvested Shares
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2017
2,673,814

 
$
8.84

Granted
93,784

 
7.73

Vested
(39,970
)
 
8.32

Forfeited
(72,234
)
 
8.84

Unvested at December 31, 2018
2,655,394

 
8.81
Summary of Share-Based Compensation Expense
Share-based compensation expense is summarized as follows:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Time-Based LTIP Units
$
10,095

 
$
2,211

 
—

Performance-Based LTIP Units
5,271

 
1,172

 
—

LTIP Units
794

 
—

 
—

Other equity awards (1)
3,826

 
1,526

 
4,502

Share-based compensation expense - other 
19,986

 
4,909

 
4,502

Formation Awards
5,606

 
5,169

 
$
—

OP Units (2)
29,455

 
21,467

 
—

LTIP Units (2)
277

 
2,615

 
—

Special Performance-Based LTIP Units
323

 
—

 
—

Special Time-Based LTIP Units
369

 
—

 
—

 Share-based compensation related to Formation Transaction and
   special equity awards (3)
36,030

 
29,251

 
—

Total share-based compensation expense
56,016

 
34,160

 
4,502

Less amount capitalized
(3,341
)
 
(467
)
 
—

Share-based compensation expense
$
52,675

 
$
33,693

 
$
4,502


______________________________________________ 
(1) 
For the year ended December 31, 2018, primarily includes compensation expense for certain executives who have elected to receive all or a portion of any cash bonus that may be paid in 2019, related to 2018 service, in the form of fully vested LTIP Units. For the years ended December 31, 2017 and 2016, represents share-based compensation expense related to equity awards prior to the Formation Transaction.
(2) 
Represents share-based compensation expense for LTIP Units and OP Units subject to post-Combination employment obligations.
(3) 
Included in "General and administrative expense: Share-based compensation related to Formation Transaction and special equity awards" in the accompanying statements of operations.