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Stockholder's Equity (Tables)

6 Months Ended

Jun. 30, 2020

Declaration Date	Record Date	Date Paid	Amount Per Share
January 30, 2020	February 14, 2020	February 28, 2020	$	0.17
April 30, 2020	May 11, 2020	May 29, 2020	$	0.20

Schedule of unvested equity

	Restricted Shares ⁽¹⁾⁽²⁾			LTIP Units ⁽³⁾		Restricted Stock Units (“RSUs”) ⁽⁴⁾		Total Shares			Weighted Average Grant Date Fair Value
Outstanding, as of January 1, 2020		148,847			120,003		—		268,850		$	16.96
Granted		146,348			94,303		62,096		302,747		$	14.20
Vesting of restricted shares ⁽⁵⁾		(61,181	)		—		—		(61,181	)	$	17.00
Forfeited		(588	)		—		—		(588	)	$	17.00
Outstanding, as of June 30, 2020		233,426			214,306		62,096		509,828		$	15.35

Explanatory Notes:

(1)

Represents restricted shares awards included in common stock.

(2)

The time-based restricted share awards granted to our officers and employees typically vest in three annual installments or cliff vest at the end of eight years. The time-based restricted share awards granted to our directors’ vest over one to three years.

(3)

LTIP units to our officers and employees typically vest over three to eight years. During the six months ended June 30, 2020, 2,843 LTIPs issued to an employee vested as a result of a modification of the award and 13,708 LTIPs to the Company’s CEO. In May 2020, pursuant to the Plan, the Company issued 27,365 LTIP Units to the Company’s CEO in lieu of his salary payable for the period from the one-year anniversary of the IPO to December 31, 2020. LTIP Units issued to the Company’s CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant.

(4)

Includes 38,672 RSUs granted to certain officers of the Company during the six months ended June 30, 2020 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of hurdles relating to the Company’s absolute total stockholder return and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2022. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 13,253 time-based RSUs issued for 2019 incentive bonuses to certain employees that vested fully on February 14, 2020, the date of grant and 10,171 time-based RSUs granted to certain employees for their election to defer 2020 salary that vest on December 31, 2020. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria.

(5)

Includes 49,839 of restricted shares that vested and 11,342 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.