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Share and Unit-Based Plans (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units
The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
 
LTIP Units
 
Phantom Stock Units
 
Stock Units
 
Units
 
Value(1)
 
Units
 
Value(1)
 
Units
 
Value(1)
Balance at January 1, 2018
636,632

 
$
52.36

 
4,054

 
$
79.82

 
151,355

 
$
73.32

Granted
479,499

 
51.03

 
4,366

 
63.03

 
82,782

 
59.00

Vested
(99,407
)
 
59.04

 
(3,639
)
 
70.71

 
(102,596
)
 
73.42

Forfeited
—

 
—

 
(790
)
 
80.20

 
—

 
—

Balance at March 31, 2018
1,016,724

 
$
51.08

 
3,991

 
$
69.67

 
131,541

 
$
64.24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Value represents the weighted average grant date fair value.
During the three months ended March 31, 2018, the Company granted the following LTIP Units:
Grant Date
 
Units
 
Type
 
Fair Value per LTIP Unit
 
Vest Date
1/1/2018
 
65,466

 
Service-based
 
$
65.68

 
12/31/2020
1/1/2018
 
291,326

 
Market-indexed
 
$
44.28

 
12/31/2020
1/29/2018
 
13,632

 
Service-based
 
$
66.02

 
2/1/2022
1/29/2018
 
1,893

 
Service-based
 
$
66.02

 
12/31/2020
1/29/2018
 
7,775

 
Market-indexed
 
$
48.23

 
12/31/2020
3/2/2018
 
99,407

 
Service-based
 
$
59.04

 
3/2/2018
 
 
479,499

 
 
 
 
 
 
Compensation cost under the share and unit-based plans
The following summarizes the compensation cost under the share and unit-based plans:
 
 
For the Three Months Ended March 31,
 
 
2018
 
2017
LTIP Units
 
$
10,108

 
$
14,381

Stock units
 
3,230

 
2,612

Stock options
 
31

 
4

Phantom stock units
 
243

 
177

 
 
$
13,612

 
$
17,174
Summary of activity of SARs and stock options outstanding
The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:
 
SARs
 
Stock Options
 
Units
 
Value(1)
 
Units
 
Value(1)
Balance at January 1, 2018
235,439

 
$
53.83

 
35,565

 
$
57.32

Granted
—

 
—

 
—

 
—

Exercised
(225,439
)
 
53.95

 
—

 
—

Balance at March 31, 2018
10,000

 
$
51.70

 
35,565

 
$
57.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Value represents the weighted average exercise price.