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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Share Activity

The following table summarizes the activity for the restricted shares that were granted to the Company’s employees and Board of Trustees for the year ended December 31, 2023:

			Number of Restricted Shares						Weighted Average Grant Date Fair Value per Share
Restricted shares outstanding as of January 1, 2023			300,833						$	19.98
Shares granted			229,551						21.45
Shares forfeited			(9,238)						21.64
Shares vested			(184,069)						19.38
Restricted shares outstanding as of December 31, 2023			337,077						$	21.28

The following table summarizes the restricted share grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share data):

			Number of Restricted Shares Granted						Weighted Average Grant Date Fair Value per Share						Fair Value of Restricted Shares Vested
2023			229,551						$	21.45					$	3,936
2022			206,855						$	21.15					$	4,459
2021			194,411						$	19.85					$	3,763

The following table summarizes the activity for the restricted unit awards for the year ended December 31, 2023:

			Number of Restricted Units						Weighted Average Grant Date Fair Value per Unit
Restricted units outstanding as of January 1, 2023			407,138						$	14.41
Restricted units granted			163,515						17.45
Restricted units vested			(167,783)						14.48
Restricted units outstanding as of December 31, 2023			402,870						$	15.61

The following table summarizes the restricted unit grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except unit and per unit data):

			Number of Restricted Units Granted						Weighted Average Grant Date Fair Value per Unit						Fair Value of Restricted Units Vested
2023			163,515						$	17.45					$	3,740
2022			138,505						$	17.07					$	3,173
2021			72,689						$	14.26					$	2,956

Schedule of AO LTIP Units

During the year ended December 31, 2021, in connection with its annual review of executive compensation and as described in the table below, the Compensation Committee approved an aggregate grant of AO LTIP Units to the Company’s executive officers under the Equity Plan.

			Number of AO LTIP Units						Participation Threshold per AO LTIP Unit
John A. Kite			477,612						$	16.69
Thomas K. McGowan			149,254						$	16.69
Heath R. Fear			119,403						$	16.69

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- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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