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Equity Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
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.
| 2021 |  |  | 2020 |  |  | 2019 |
| 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, |  | 406,849 |  |  | $ | 11.68 |  |  |  | 326,541 |  |  | $ | 9.54 |  |  |  | 303,819 |  |  | $ | 8.22 |
Granted |  | 514,177 |  |  |  | 20.08 |  |  |  | 282,735 |  |  |  | 12.85 |  |  |  | 213,744 |  |  |  | 10.39 |
Vested |  | (475,426 | ) |  |  | 18.82 |  |  |  | (164,026 | ) |  |  | 9.32 |  |  |  | (174,367 | ) |  |  | 9.27 |
Forfeited |  | (40,612 | ) |  |  | 13.78 |  |  |  | (38,401 | ) |  |  | 12.20 |  |  |  | (16,655 | ) |  |  | 9.75 |
Balance, December 31, (1) |  | 404,988 |  |  | $ | 13.75 |  |  |  | 406,849 |  |  | $ | 11.68 |  |  |  | 326,541 |  |  | $ | 9.54 |
| (1) | The outstanding award balance above included 135,366, 67,381, and 0 RSUs as of December 31, 2021, 2020, and 2019, respectively.
Summary of PSU Activity of the Incentive Plan |
| 2021 |  |  | 2020 |  |  | 2019 |
| 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, |  | 882,076 |  |  | $ | 8.21 |  |  |  | 717,677 |  |  | $ | 7.52 |  |  |  | 453,748 |  |  | $ | 7.04 |
Granted (1) |  | 257,230 |  |  |  | 12.45 |  |  |  | 202,145 |  |  |  | 11.77 |  |  |  | 263,929 |  |  |  | 8.35 |
Change in awards based on performance (2) |  | 145,911 |  |  |  | 7.04 |  |  |  | 75,488 |  |  |  | 7.12 |  |  |  | — |  |  |  | 0.00 |
Vested |  | (340,310 | ) |  |  | 7.04 |  |  |  | (113,234 | ) |  |  | 7.12 |  |  |  | — |  |  |  | 0.00 |
Balance, December 31, |  | 944,907 |  |  | $ | 9.32 |  |  |  | 882,076 |  |  | $ | 8.21 |  |  |  | 717,677 |  |  | $ | 7.52 |
| (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.
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, |
| 2021 |  |  | 2020 |  |  | 2019 |
Dividend yield | 6.4% |  |  | 6.1% |  |  | 7.6% |
Volatility (a) | 33.0% |  |  | 22.0% |  |  | 21.0% |
Expected term | 2.8 years |  |  | 2.8 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 25% to 45%.

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