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SHARE BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Status of Unvested Restricted Shares
A summary of the status of our unvested restricted shares as of December 31, 2018 and changes during the years ended December 31, 2018, 2017 and 2016 is presented below:
 
 
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at January 1, 2016
342,330

 
$
23.13

Shares granted
264,989

 
19.27

Shares vested
(206,480
)
 
20.77

Shares forfeited
(14,427
)
 
19.60

December 31, 2016
386,412

 
$
21.88

Shares granted
336,296

 
14.95

Shares vested
(238,859
)
 
19.56

Shares forfeited
(34,427
)
 
18.00

December 31, 2017
449,422

 
$
16.85

Shares granted
461,395

 
11.02

Shares vested
(260,178
)
 
16.58

Shares forfeited
(29,241
)
 
14.17

December 31, 2018
621,398

 
$
13.29
Assumptions Used in Monte Carlo Simulations Used to Determine Aggregate Fair Values
The table also sets forth the assumptions used in the Monte Carlo simulations used to determine the aggregate fair values of the RSU awards in 2018, 2017 and 2016 by grant date:
 
(in thousands of dollars, except per share data)
 
RSUs and assumptions by Grant Date
 
Grant Date:
 
January 29, 2018
 
February 27, 2017
 
February 23, 2016
 
Measurement Basis:
 
Absolute TSR RSUs
Relative TSR RSUs
 
Relative TSR RSUs
 
Relative TSR RSUs
 
RSUs granted
 
115,614

115,614

 
140,490

 
127,421

 
Aggregate fair value of shares granted
 
$
1,336

$
1,779

 
$
1,620

 
$
1,914

 
Weighted average fair value per share
 
$
10.93

$
14.56

 
$
11.53

 
$
15.02

 
Volatility
 
31.6
%
31.6
%
 
25.8
%
 
25.3
%
 
Risk free interest rate
 
2.19
%
2.19
%
 
1.42
%
 
0.90
%
 
PREIT Stock Beta compared to Dow Jones US Real Estate Index(1)
 
n/a

n/a

 
0.706

 
1.184

 
Time based restricted share awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Future Compensation Expense
We will record future compensation expense in connection with the vesting of existing time based restricted share awards to employees and non-employee trustees as follows (including restricted shares issued in 2019):
 
 
Future Compensation Expense
(in thousands of dollars)
For the Year Ending December 31,
Employees
Non-Employee Trustees
Total
2019
$
3,949

$
300

$
4,249

2020
2,827

—

2,827

2021
1,431

—

1,431

2022
157

—

157

Total
$
8,364

$
300

$
8,664