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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Restricted Stock Units Activity | The following table summarizes restricted stock unit grants under the 2017 Plan during the nine months ended September 30, 2021 and 2020, respectively:
Nine Months Ended September 30, | Grantee Type | Number of Restricted Stock Units Granted | Vesting Period | Grant Date Fair Value (in thousands)
2021 | Trustees | 6,616 | 1 year | $ | 250 |
2021 | Associates | 321,150 | 1-3 years | $ | 10,792 |
2020 | Trustees | 8,517 | 1 year | $ | 300 |
2020 | Associates | 295,274 | 1-3 years | $ | 9,137 |
The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans during the nine months ended September 30, 2021:
Nine Months Ended September 30, 2021
Restricted Stock | Number of Time-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Performance-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Market Performance-Based Restricted Stock Units(2) | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2020 | 563,224 |  | $ | 21.0 |  | 42,856 |  | $ | 1.6 |  | 873,581 |  | $ | 42.6 |
Granted | 218,985 |  |  | — |  |  | 108,781 |  |
Market-performance adjustment(3) | — |  |  | — |  |  | 266,531 |  |
Vested | (221,936) |  |  | (14,286) |  |  | (800,087) |  |
Forfeited | (64,415) |  |  | — |  |  | (69,716) |  |
Non-vested as of September 30, 2021 | 495,858 |  | $ | 13.8 |  | 28,570 |  | $ | 0.8 |  | 379,090 |  | $ | 10.5 |
Shares vested, but not released(1) | 615,643 |  | 17.9 |  | 42,858 |  | 1.2 |  | — |  | — |
Total outstanding restricted stock units | 1,111,501 |  | $ | 31.7 |  | 71,428 |  | $ | 2.0 |  | 379,090 |  | $ | 10.5 |
(1)For certain vested restricted stock units, common share issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested restricted stock units, 568,753 belong to a member of the Board of Trustees who has resigned and common shares shall not be issued until the first to occur: (1) change in control; or (2) April 13, 2022. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote the shares until common shares are issued. The weighted average grant date fair value of these units is $9.38 per unit. During 2021 an additional 14,286 of these restricted stock units vested. Of the total restricted stock units vested, but not yet released, 615,643 time-based restricted stock units and 28,570 performance-based restricted stock units vested prior to January 1, 2020. (2)The number of market performance-based restricted stock units are reflected within this table based upon the number of shares issuable upon achievement of the performance metric at target. (3)Represents the increase in the number of original market-performance units awarded based on the final performance criteria achievement at the end of the defined performance period.
Schedule of OP Units Activity | The following table summarizes OP unit grants under the 2017 Plan during the nine months ended September 30, 2021 and September 30, 2020:
Nine Months Ended September 30, | Grantee Type | Number of OP Units Granted | Vesting Period | Grant Date Fair Value (in thousands)
2021 | Trustees | 17,863 | 1 year | $ | 675 |
2021 | Associates | 258,479 | 1-3 years | $ | 8,434 |
2020 | Trustees | 16,325 | 1 year | $ | 575 |
2020 | Associates | 255,720 | 1-3 years | $ | 7,719 |
The following table provides a summary of the OP unit awards activity under the 2017 Plan during the nine months ended September 30, 2021:
Nine Months Ended September 30, 2021
OP Units | Number of Time-Based OP Units | Aggregate Intrinsic Value (in millions) |  | Number of Market Performance-Based OP Units | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2020 | 93,180 |  | $ | 3.5 |  |  | 178,865 |  | $ | 6.7 |
Granted | 78,335 |  |  |  | 198,007 |  |
Vested | (41,922) |  |  |  | — |  |
Forfeited | — |  |  |  | — |  |
Non-vested as of September 30, 2021 | 129,593 |  | $ | 3.8 |  |  | 376,872 |  | $ | 10.9 |
Shares vested, but not released | 59,121 |  | 1.7 |  |  | — |  | — |
Total outstanding OP units | 188,714 |  | $ | 5.5 |  |  | 376,872 |  | $ | 10.9 |
Schedule of Stock Option Activity | The following table provides a summary of option activity for the nine months ended September 30, 2021:
Options | Shares (In thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2020 | 465,498 |  | $ | 9.81 |  | 4.7
Granted | — |  | — |  |
Exercised | (199,200) |  | 9.81 |  |
Forfeited or expired | — |  | — |  |
Outstanding as of September 30, 2021 | 266,298 |  | 9.81 |  | 3.5
Exercisable as of September 30, 2021 | 190,300 |  | $ | 9.81 |  | 2.7

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