On March 1, 2021 and August 4, 2020, the Company awarded 199 and 341 shares of RSAs, respectively, to certain officers and employees under the Equity Incentive Plan. The holder of RSAs is generally entitled at all times on and after the date of issuance of the restricted common shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The RSAs vest over a one, three, or four year period from the date of grant and are subject to the employee’s continued service through the applicable vesting dates and in accordance with the terms of the individual award agreements. The March 1, 2021 grant date fair value per share of $18.66 was based on the market price of the Company’s common stock on the grant date. The August 4, 2020 grant date fair value per share of $20.50 was based on the determined share value established by the Board of Directors ("Determined Share Value"). Prior to the IPO, the Company sold shares of common stock in a private offering at a price equal to the Determined Share Value, which was established at least quarterly by the Board of Directors based on the net asset value ("NAV") of the Company's portfolio, input from management and third-party consultants, and such other factors as the Board of Directors determined. The Company's NAV was calculated using its established valuation process, starting with an estimate of the fair value of the properties in the portfolio as of the date based upon, among other factors, the implied market price for each asset based upon a review of market capitalization rates.

The following table presents information about the Company’s RSAs:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Compensation cost	$	701	$	796	$	3,124	$	796
Dividends declared on unvested RSAs		95		46		296	46
Grant date fair value of shares vested during the period		—		—		3,296		—


(in thousands, except recognition period)	September 30, 2021		December 31, 2020
Unamortized value of RSAs	$	5,508	$	5,001
Weighted average amortization period (in years)		2.6		2.8

The following table presents information about the Company’s RSA activity:


	For the Three Months Ended September 30, 2021					For the Nine Months Ended September 30, 2021
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		378		$	19.60		341		$	20.50
Granted		1			26.02		202			18.68
Vested		—			—		(164	)		20.15
Forfeited		(5	)		19.72		(5	)		19.72
Unvested at end of period		374		$	19.61		374		$	19.61

On March 1, 2021, the Company issued target grants of 132 PRSUs under the Equity Incentive Plan to the officers of the Company. The awards are non-vested restricted stock units where the vesting percentages and the ultimate number of units vesting will be measured 50% based on the relative total shareholder return (“rTSR”) of the Company’s common stock as compared to the rTSR of peer companies over a three-year period, as identified in the grant agreements, and 50% based on the rTSR of the Company’s common stock as compared to the rTSR of the MSCI US REIT Index over a three year measurement period. The payout schedules can produce vesting percentages ranging from 0% to 200% with a target of 100%. rTSR means the percentage appreciation in the fair market value of one share over the three year measurement period beginning on the date of grant, assuming the reinvestment of dividends on the ex-dividend date. The target number of units is based on achieving a rTSR equal to the 55th percentile of the peer companies and MSCI US REIT Index. Dividends accrue during the measurement period and will be paid on the PRSUs ultimately earned at the end of the measurement period in either cash or common stock, at the direction of the Board’s Compensation Committee. The grant date fair value of the PRSUs was measured using a Monte Carlo simulation model based on assumptions including share price volatility.

The following table presents information about the Company’s PRSUs:


	For the Three Months Ended		For the Nine Months Ended
(in thousands, except recognition period)	September 30, 2021		September 30, 2021
Compensation cost	$	223	$	520

			September 30, 2021
Unamortized value of PRSUs			$	2,154
Weighted average amortization period (in years)				2.4

The following table presents information about the Company’s PRSU activity:


	For the Three Months Ended September 30, 2021				For the Nine Months Ended September 30, 2021
(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested at beginning of period		110	$	24.40		—		$	—
Granted		—		—		132			24.40
Vested		—		—		—			—
Forfeited		—		—		(22	)		24.40
Unvested at end of period		110	$	24.40		110		$	24.40