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Equity Compensation Plans (Tables)

12 Months Ended

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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