Annual report pursuant to Section 13 and 15(d)

EQUITY-BASED AWARDS (Tables)

v3.10.0.1
EQUITY-BASED AWARDS (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of activity compensatory and acquisition consideration LTIP grants
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2018 and 2017, 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
 
Minimum
 
Target
 
Maximum
 
Weighted Average Grant-Date Fair Value
Outstanding unvested at December 31, 2016

 

 

 
$

Granted

 
40,390

 
90,874

 
27.63

Outstanding unvested at December 31, 2017

 
40,390

 
90,874

 
$
27.63

Granted

 
46,017

 
69,025

 
24.67

Outstanding unvested at December 31, 2018

 
86,407

 
159,899

 
$
26.35

The following table presents the number of units vested and forfeited for acquisition grants during the years ended December 31, 2018, 2017 and 2016:
 
Total LTIP units
Total unvested units, December 31, 2015
423,800

Units vested in 2016 related to properties contributed or sourced by PROs
(45,100
)
Units forfeited
(118,300
)
Total unvested units, December 31, 2016
260,400

Units vested in 2017 related to properties contributed or sourced by PROs
(36,400
)
Total unvested units, December 31, 2017
224,000

Units vested in 2018 related to properties contributed or sourced by PROs

Total unvested units, December 31, 2018
224,000

The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2018, 2017 and 2016:
 
Time-Based LTIP Unit Awards
 
2018
 
2017
 
2016
 
Number of LTIP units
 
Weighted Average Grant-Date Fair Value
 
Number of LTIP units
 
Weighted Average Grant-Date Fair Value
 
Number of LTIP units
 
Weighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year
227,766

 
$
20.37

 
294,529

 
$
14.74

 
236,265

 
$
10.41

Granted
100,176

 
27.08

 
128,051

 
22.89

 
177,546

 
17.59

Vested
(104,130
)
 
20.18

 
(194,814
)
 
13.43

 
(119,282
)
 
10.41

Unvested at end of year
223,812

 
$
23.54

 
227,766

 
$
20.37

 
294,529

 
$
14.74

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, 2018 and 2017:
 
2018
 
2017
Risk-free interest rate
2.04
%
 
1.58
%
Dividend yield
4.11
%
 
4.35
%
Expected volatility
24.44
%
 
29.96
%
Schedule of activity for restricted common shares
The following table summarizes activity for restricted common shares for the years ended December 31, 2018, 2017 and 2016:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
Number of Restricted Common Shares
 
Weighted Average Grant-Date Fair Value
 
Number of Restricted Common Shares
 
Weighted Average Grant-Date Fair Value
 
Number of Restricted Common Shares
 
Weighted Average Grant-Date Fair Value
Outstanding at beginning of year
21,585

 
$
22.43

 
13,590

 
$
12.40

 
11,000

 
$
12.40

Granted
12,311

 
27.26

 
16,525

 
24.04

 
8,090

 
17.19

Vested
(8,041
)
 
21.88

 
(8,530
)
 
14.11

 
(5,500
)
 
12.40

Forfeited
(3,266
)
 
25.35

 

 

 

 

Unvested at end of year
22,589

 
$
24.83

 
21,585

 
$
22.43

 
13,590

 
$
12.40