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Shareholders' Equity / Partners' Capital (Tables) | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Schedule of Preferred Shares Outstanding | As of September 30, 2019 and December 31, 2018, the Company had the following series of preferred shares outstanding (in thousands, except share data):
|  |  |  |  |  |  |  | September 30, 2019 |  | December 31, 2018
Series |  | Issuance Date |  | Earliest Redemption Date |  | Dividend Rate |  | Outstanding Shares |  | Current Liquidation Value |  | Outstanding Shares |  | Current Liquidation Value
Series D perpetual preferred shares |  | 5/24/2016 |  | 5/24/2021 |  | 6.500 | % |  | 10,750,000 |  |  | $ | 268,750 |  |  | 10,750,000 |  |  | $ | 268,750 |
Series E perpetual preferred shares |  | 6/29/2016 |  | 6/29/2021 |  | 6.350 | % |  | 9,200,000 |  |  | 230,000 |  |  | 9,200,000 |  |  | 230,000 |
Series F perpetual preferred shares |  | 4/24/2017 |  | 4/24/2022 |  | 5.875 | % |  | 6,200,000 |  |  | 155,000 |  |  | 6,200,000 |  |  | 155,000 |
Series G perpetual preferred shares |  | 7/17/2017 |  | 7/17/2022 |  | 5.875 | % |  | 4,600,000 |  |  | 115,000 |  |  | 4,600,000 |  |  | 115,000 |
Series H perpetual preferred shares |  | 9/19/2018 |  | 9/19/2023 |  | 6.250 | % |  | 4,600,000 |  |  | 115,000 |  |  | 4,600,000 |  |  | 115,000 |
Total preferred shares |  |  |  |  |  |  |  | 35,350,000 |  |  | $ | 883,750 |  |  | 35,350,000 |  |  | $ | 883,750 |
Schedule of Distributions Made During Period | The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units.
|  | For the Three Months Ended
Security |  | September 30, 2019 |  | June 30, 2019 |  | March 31, 2019 |  | September 30, 2018 |  | June 30, 2018 |  | March 31, 2018
Class A and Class B common shares |  | $ | 0.05 |  |  | $ | 0.05 |  |  | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |
5.500% Series C participating preferred shares |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.34 |
6.500% Series D perpetual preferred shares |  | 0.41 |  |  | 0.41 |  |  | 0.41 |  |  | 0.41 |  |  | 0.41 |  |  | 0.41 |
6.350% Series E perpetual preferred shares |  | 0.40 |  |  | 0.40 |  |  | 0.40 |  |  | 0.40 |  |  | 0.40 |  |  | 0.40 |
5.875% Series F perpetual preferred shares |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |
5.875% Series G perpetual preferred shares |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |  |  | 0.37 |
6.250% Series H perpetual preferred shares |  | 0.39 |  |  | 0.39 |  |  | 0.39 |  |  | — |  |  | — |  |  | — |
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations | The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 (in thousands):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Net income allocated to Class A units | $ | 4,099 |  |  | $ | 2,881 |  |  | $ | 11,129 |  |  | $ | 1,104 |
Net loss allocated to noncontrolling interest in a consolidated subsidiary | — |  |  | — |  |  | — |  |  | (259 | )
Total noncontrolling interest | $ | 4,099 |  |  | $ | 2,881 |  |  | $ | 11,129 |  |  | $ | 845 |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2019 and 2018:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at January 1, 2018 | 3,052,450 |  |  | $ | 16.65 |  |  | 6.9 |  | $ | 16,421 |
Granted | 140,000 |  |  | 19.40 |  |  |  |  |  |
Exercised | (684,875 | ) |  | 16.04 |  |  |  |  | 4,388 |
Forfeited | (112,750 | ) |  | 17.84 |  |  |  |  |  |
Options outstanding at September 30, 2018 | 2,394,825 |  |  | $ | 16.92 |  |  | 6.4 |  | $ | 12,388 |
Options exercisable at September 30, 2018 | 1,659,050 |  |  | $ | 16.23 |  |  | 5.7 |  | $ | 9,521 |
Options outstanding at January 1, 2019 | 2,252,275 |  |  | $ | 16.92 |  |  | 6.1 |  | $ | 7,713 |
Granted | 20,000 |  |  | 20.48 |  |  |  |  |  |
Exercised | (698,525 | ) |  | 15.90 |  |  |  |  | 5,772 |
Forfeited | (12,350 | ) |  | 20.80 |  |  |  |  |  |
Options outstanding at September 30, 2019 | 1,561,400 |  |  | $ | 17.39 |  |  | 5.6 |  | $ | 13,275 |
Options exercisable at September 30, 2019 | 1,194,750 |  |  | $ | 16.76 |  |  | 5.0 |  | $ | 10,907 |
(1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding | The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the nine months ended September 30, 2019 and 2018:
| 2019 |  | 2018
Weighted-average fair value | $ | 2.85 |  |  | $ | 3.03 |
Expected term (years) |  | 7.0 |  |  |  | 7.0 |
Dividend yield |  | 3.0 | % |  |  | 3.0 | %
Volatility |  | 17.3 | % |  |  | 18.9 | %
Risk-free interest rate |  | 2.6 | % |  |  | 2.8 | %
Summary of Restricted Stock Units Activity Under Plan | The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2019 and 2018:
| 2019 |  | 2018
Restricted stock units at beginning of period | 372,375 |  |  | 243,875 |
Units awarded | 345,334 |  |  | 304,400 |
Units vested | (111,000 | ) |  | (80,125 | )
Units forfeited | (11,900 | ) |  | (69,100 | )
Restricted stock units at end of period | 594,809 |  |  | 399,050 |
Summary of Activity in Noncash Share-Based Compensation Expense | The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2019 and 2018 (in thousands):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
General and administrative expense | $ | 938 |  |  | $ | 491 |  |  | $ | 2,520 |  |  | $ | 1,609 |
Property management expenses | 350 |  |  | 341 |  |  | 989 |  |  | 1,141 |
Total noncash share-based compensation expense | $ | 1,288 |  |  | $ | 832 |  |  | $ | 3,509 |  |  | $ | 2,750 |

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