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Shareholders' Equity / Partners' Capital (Tables)
 9 Months Ended
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