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Equity Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Common Share Awards and RSU of Incentive Plan | These awards generally vested immediately. A summary of restricted common share award and RSU activity is presented below.
| 2023 |  | 2022 |  | 2021
| 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, | 395,482 |  |  | $ | 18.67 |  |  | 404,988 |  |  | $ | 13.75 |  |  | 406,849 |  |  | $ | 11.68 |
Granted | 356,886 |  |  | 18.06 |  |  | 269,150 |  |  | 23.07 |  |  | 514,177 |  |  | 20.08 |
Vested | (260,128) |  |  | 17.80 |  |  | (223,785) |  |  | 14.40 |  |  | (475,426) |  |  | 18.82 |
Forfeited | (75,505) |  |  | 18.59 |  |  | (54,871) |  |  | 21.38 |  |  | (40,612) |  |  | 13.78 |
Balance, December 31, (1) | 416,735 |  |  | $ | 18.70 |  |  | 395,482 |  |  | $ | 18.67 |  |  | 404,988 |  |  | $ | 13.75 |
(1)The outstanding award balance above included 127,989, 163,348, and 135,336 RSUs as of December 31, 2023, 2022, and 2021, respectively.
Schedule of PSU Activity of the Incentive Plan | A summary of PSU activity is presented below.
| 2023 |  | 2022 |  | 2021
| 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, | 841,519 |  |  | $ | 13.74 |  |  | 944,907 |  |  | $ | 9.32 |  |  | 882,076 |  |  | $ | 8.21 |
Granted (1) | 216,794 |  |  | 17.43 |  |  | 198,099 |  |  | 20.67 |  |  | 257,230 |  |  | 12.45 |
Change in awards based on performance (2) | 104,060 |  |  | 14.22 |  |  | 150,147 |  |  | 8.89 |  |  | 145,911 |  |  | 7.04 |
Vested | (452,380) |  |  | 11.55 |  |  | (425,022) |  |  | 6.47 |  |  | (340,310) |  |  | 7.04 |
Forfeited | (120,471) |  |  | 16.68 |  |  | (26,612) |  |  | 20.35 |  |  | — |  |  | — |
Balance, December 31, | 589,522 |  |  | $ | 16.26 |  |  | 841,519 |  |  | $ | 13.74 |  |  | 944,907 |  |  | $ | 9.32 |
(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 above target performance achievement for the performance period.
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 grants, using the Monte Carlo method, were as follows:
| For the year ended December 31,
| 2023 |  | 2022 |  | 2021
Dividend yield | 4.7% |  | 5.4% |  | 6.4%
Volatility (a) | 33.0% |  | 32.0% |  | 33.0%
Expected term | 2.9 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 25% to 45%.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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