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Equity Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Restricted Common Share Awards and RSU of Incentive Plan | The restricted shares and RSUs granted under the Incentive Plan generally vest over a two, 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 award and RSU activity is presented below.
| 2020 |  |  | 2019 |  |  | 2018 |
| 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, |  | 326,541 |  |  | $ | 9.54 |  |  |  | 303,819 |  |  | $ | 8.22 |  |  |  | 295,847 |  |  | $ | 7.84 |
Granted |  | 282,735 |  |  |  | 12.85 |  |  |  | 213,744 |  |  |  | 10.39 |  |  |  | 233,706 |  |  |  | 8.64 |
Vested |  | (164,026 | ) |  |  | 9.32 |  |  |  | (174,367 | ) |  |  | 9.27 |  |  |  | (175,555 | ) |  |  | 7.99 |
Forfeited |  | (38,401 | ) |  |  | 12.20 |  |  |  | (16,655 | ) |  |  | 9.75 |  |  |  | (50,179 | ) |  |  | 8.45 |
Balance, December 31, (1) |  | 406,849 |  |  | $ | 11.68 |  |  |  | 326,541 |  |  | $ | 9.54 |  |  |  | 303,819 |  |  | $ | 8.22 |
| (1) | The outstanding award balance above included 67,381, 0, and 0 RSUs as of December 31, 2020, 2019, and 2018, respectively.
Summary of PSU Activity of the Incentive Plan |
| 2020 |  |  | 2019 |  |  | 2018 |
| 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, |  | 717,677 |  |  | $ | 7.52 |  |  |  | 453,748 |  |  | $ | 7.04 |  |  |  | 150,980 |  |  | $ | 7.12 |
Granted (1) |  | 202,145 |  |  |  | 11.77 |  |  |  | 263,929 |  |  |  | 8.35 |  |  |  | 302,768 |  |  |  | 7.00 |
Change in awards based on performance (2) |  | 75,488 |  |  | $ | 7.12 |  |  |  | — |  |  |  | 0.00 |  |  |  | — |  |  |  | 0.00 |
Vested |  | (113,234 | ) |  |  | 7.12 |  |  |  | — |  |  |  | 0.00 |  |  |  | — |  |  |  | 0.00 |
Balance, December 31, |  | 882,076 |  |  | $ | 8.21 |  |  |  | 717,677 |  |  | $ | 7.52 |  |  |  | 453,748 |  |  | $ | 7.04 |
| (1) | PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year performance period and ranges from 0%-150% of target.
| (2) | Represents the change in the numbers of PSUs earned based on performance achievement for the performance period.
Summary of SARs Activity of the Incentive Plan | A summary of the SARs activity of the Incentive Plan is presented below.
| 2020 |  |  | 2019 |  |  | 2018 |
| SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  |  | Weighted Average Exercise Price |  |  | SARs |  |  | Weighted Average Exercise Price |
Outstanding, January 1, |  | 9,000 |  |  | $ | 9.35 |  |  |  | 195,000 |  |  | $ | 9.35 |  |  |  | 250,000 |  |  | $ | 9.28 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  | (9,000 | ) |  |  | 9.35 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | — |  |  |  | — |  |  |  | (186,000 | ) |  |  | 9.35 |  |  |  | (55,000 | ) |  |  | 9.02 |
Forfeited |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding, December 31, |  | — |  |  | $ | 9.35 |  |  |  | 9,000 |  |  | $ | 9.35 |  |  |  | 195,000 |  |  | $ | 9.35 |
SARs exercisable at December 31, |  | — |  |  |  |  |  |  |  | 9,000 |  |  |  |  |  |  |  | 195,000 |  |  |  |  |
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, |
| 2020 |  |  | 2019 |  |  | 2018 |
Dividend yield | 6.1% |  |  | 7.6% |  |  | 8.2% |
Volatility (a) | 22.0% |  |  | 21.0% |  |  | 28.0% |
Expected term | 2.8 years |  |  | 2.8 years |  |  | 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 15% to 41%.

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