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Equity Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Restricted Stock |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Restricted Common Share Awards of Incentive Plan | A summary of the restricted common share awards activity of the incentive plan is presented below.
| 2018 |  |  | 2017 |  |  | 2016 |
| Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance, January 1, |  | 295,847 |  |  | $ | 7.84 |  |  |  | 281,005 |  |  | $ | 6.99 |  |  |  | 117,000 |  |  | $ | 9.13 |
Granted |  | 233,706 |  |  |  | 8.64 |  |  |  | 168,010 |  |  |  | 9.17 |  |  |  | 228,000 |  |  |  | 6.33 |
Vested |  | (175,555 | ) |  |  | 7.99 |  |  |  | (142,748 | ) |  |  | 7.68 |  |  |  | (60,661 | ) |  |  | 8.62 |
Forfeited |  | (50,179 | ) |  |  | 8.45 |  |  |  | (10,420 | ) |  |  | 8.56 |  |  |  | (3,334 | ) |  |  | 7.47 |
Balance, December 31, |  | 303,819 |  |  | $ | 8.22 |  |  |  | 295,847 |  |  | $ | 7.84 |  |  |  | 281,005 |  |  | $ | 6.99 |
Summary of PSUs Granted | The following table summarizes the PSUs granted for the year ended December 31, 2018:
Grant Date |  | Type of PSUs Granted |  | Number of PSUs Granted |  |  | Performance Period Commencement Date |  | Performance Period End Date |  | Grant Date Fair Value |  |  | Number of PSUs Outstanding as of December 31, 2018 |
February 23, 2018 |  | Relative 3-year TSR vs NAREIT Apartment Index |  |  | 317,906 |  |  | January 1, 2018 |  | December 31, 2020 |  | $ | 4.19 |  |  |  | 317,906 |
February 23, 2018 |  | Strategic Objectives |  |  | 136,245 |  |  | January 1, 2018 |  | December 31, 2020 |  | $ | 8.67 |  |  |  | 136,245 |
The following table summarizes the PSUs granted for the year ended December 31, 2017:
Grant Date |  | Type of PSUs Granted |  | Number of PSUs Granted |  |  | Performance Period Commencement Date |  | Performance Period End Date |  | Grant Date Fair Value |  | Number of PSUs Outstanding as of December 31, 2018 |
February 28, 2017 |  | Relative 3-year TSR vs NAREIT Apartment Index |  |  | 135,881 |  |  | January 1, 2017 |  | December 31, 2019 |  | 4.83 |  |  | 135,881 |
February 28, 2017 |  | Absolute 3-Year TSR |  |  | 45,294 |  |  | January 1, 2017 |  | December 31, 2019 |  | 3.13 |  |  | 45,294 |
July 26, 2017 |  | Strategic Objectives |  |  | 45,294 |  |  | January 1, 2017 |  | December 31, 2019 |  | 9.87 |  |  | 45,294 |
SARs |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of SARs Activity of the Incentive Plan | A summary of the SARs activity of the incentive plan is presented below.
| 2018 |  |  | 2017 |  |  | 2016 |
| SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  | Weighted Average Exercise Price |
Outstanding, January 1, |  | 250,000 |  |  | $ | 9.28 |  |  |  | 337,000 |  |  | $ | 9.15 |  |  |  | 351,000 |  | $ | 9.13 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Expired |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,000 | ) |  | 9.35 |
Exercised |  | (55,000 | ) |  |  | 9.02 |  |  |  | (84,000 | ) |  |  | 8.78 |  |  |  | (8,000 | ) |  | 8.20 |
Forfeited |  | — |  |  |  | — |  |  |  | (3,000 | ) |  |  | 9.35 |  |  |  | (4,000 | ) |  | 9.35 |
Outstanding, December 31, |  | 195,000 |  |  | $ | 9.35 |  |  |  | 250,000 |  |  | $ | 9.28 |  |  |  | 337,000 |  | $ | 9.15 |
SARs exercisable at December 31, |  | 195,000 |  |  |  |  |  |  |  | 160,000 |  |  |  |  |  |  |  | 128,998 |  |  |  |
Performance Share Units |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Assumptions Used in Computing the Fair Value | Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows:
| For the year ended December 31, 2018 |  |
Dividend yield |  | 8.2 | % |
Volatility |  | 28.0 | % | (a)
Expected term | 2.9 years |  |
| (a) | This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 41%.
Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows:
| For the year ended December 31, 2017 |  |
Dividend yield |  | 8.1 | % |
Volatility |  | 27.0 | % | (a)
Expected term | 2.8 years |  |
| (a) | This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.

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