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Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Common Share Awards of Incentive Plan

The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors.  These awards generally vested immediately. A summary of restricted common share awards activity is presented below.

	2019								2018								2017
	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,		303,819			$	8.22				295,847			$	7.84				281,005			$	6.99
Granted		213,744				10.39				233,706				8.64				168,010				9.17
Vested		(174,367	)			9.27				(175,555	)			7.99				(142,748	)			7.68
Forfeited		(16,655	)			9.75				(50,179	)			8.45				(10,420	)			8.56
Balance, December 31,		326,541			$	9.54				303,819			$	8.22				295,847			$	7.84

Summary of SARs Activity of the Incentive Plan

A summary of the SARs activity of the Incentive Plan is presented below.  

	2019								2018								2017
	SARs				Weighted Average Exercise Price				SARs				Weighted Average Exercise Price				SARs				Weighted Average Exercise Price
Outstanding, January 1,		195,000			$	9.35				250,000			$	9.28				337,000			$	9.15
Granted		—				—				—				—				—				—
Expired		—				—				—				—				—				—
Exercised		(186,000	)			9.35				(55,000	)			9.02				(84,000	)			8.78
Forfeited		—				—				—				—				(3,000	)			9.35
Outstanding, December 31,		9,000			$	9.35				195,000			$	9.35				250,000			$	9.28
SARs exercisable at December 31,		9,000								195,000								160,000

Summary of PSU Activity of the Incentive Plan

	2019								2018								2017
	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,		453,748			$	7.04				150,980			$	7.12				—				—
Granted (1)		263,929				8.35				302,768				7.00				150,980				7.12
Forfeited		—				—				—				—				—				—
Balance, December 31,		717,677			$	7.52				453,748			$	7.04				150,980			$	7.12

Performance Share Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Assumptions Used in Computing the Fair Value

Subsequent to December 31, 2019, the compensation committee reviewed three-year performance through December 31, 2019 for the PSUs granted in 2017 and awarded 226,469 shares of stock (150% of the 150,980 target PSUs), which represented the maximum numbers of shares that could be granted for both the market performance and subjective performance portions of the awards.  Half of the shares awarded under the 2017 PSUs vested immediately while the other half vest on December 31, 2020.

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,
	2019			2018			2017
Dividend yield	7.6%			8.2%			8.1%
Volatility (a)	21.0%			28.0%			27.0%
Expected term	2.8 years			2.9 years			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 15% to 41%.

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