Stock-Based Compensation

Share Unit Plans

During 2014, the Company adopted the Inland American Real Estate Trust, Inc. 2014 Share Unit Plan (the "Retail Plan"), with respect to the Company's retail business and the Inland American Communities Group, Inc. 2014 Share Unit Plan (the "Student Housing Plan"), with respect to the Company's student housing business (collectively, the "Share Unit Plans"). Each Share Unit Plan provided for the grant of "share unit" awards to eligible participants. The value of a "share unit" was estimated based on a phantom capitalization of the Company's retail/non-core business and student housing business, and does not necessarily correspond to the value of a share of common stock of the Company or Inland American Communities Group, Inc. (University House Communities Group, Inc.), as applicable. Vesting of the share units is conditioned upon the occurrence of a triggering event, such as a listing or a change in control of the applicable business, and if no triggering event occurs within five years following the applicable grant date, then the share units are forfeited. The Company does not recognize share-based compensation expense with respect to the Share Unit Plans until the occurrence of a triggering event.

The closing of the student housing platform sale on June 21, 2016 was a triggering event under the Student Housing Plan. As of June 20, 2016, share unit awards granted in 2016, 2015 and 2014 with an aggregate vested value of $2,246, $1,796, and $833, respectively, were outstanding under the Student Housing Plan, and were paid as part of the closing of the student housing platform sale and recorded as an offset of the gain on the student housing platform sale, which was included in discontinued operations on the consolidated statements of operations and comprehensive income for year ended December 31, 2016. Certain share unit awards vested under the Student Housing Plan during the year ended December 31, 2016, with an aggregate value of $313, were included in continuing operations on the consolidated statements of operations and comprehensive income.

As of June 19, 2015, in connection with the adoption of the Incentive Award Plan (as defined below), the Company terminated the Retail Plan. Awards outstanding as of June 19, 2015 under the Retail Plan will remain outstanding and subject to the terms of the Retail Plan and the applicable award agreement. The Company does not anticipate the Retail Plan Awards will experience a triggering event prior to its expiration on March 12, 2019.

As a triggering event has not occurred with respect to the Company's retail business, the Company did not recognize stock-based compensation expense related to the Retail Plan for the years ended December 31, 2018, 2017, or 2016.

Incentive Award Plan

Effective as of June 19, 2015, the Company's Board adopted and approved the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan"), under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. The restricted share units granted under the Incentive Award Plan to employees vest equally on each of three anniversaries subsequent to the grant date, and annually for those shares granted to directors, subject to the recipients' continued service to the Company.

Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the plan. As of December 31, 2018, 23,626,050 shares were available for future issuance under the Incentive Award Plan.

A summary of the Company's restricted stock unit activity during the years ended December 31, 2018, 2017 and 2016 is as follows:



	Unvested Restricted Stock Units	Weighted Average Grant Date Price Per Share (a)
Outstanding as of January 1, 2016	951,555	$4.00
Shares granted	2,410,341	$3.14
Shares vested	(1,096,480)	$3.48
Shares forfeited	(618,893)	$3.47
Outstanding as of December 31, 2016	1,646,523	$3.29

Shares granted	2,019,078	$3.29
Shares vested	(1,750,773)	$3.38
Shares forfeited	(379,323)	$3.25
Outstanding as of December 31, 2017	1,535,505	$3.19

Shares granted	1,950,307	$3.14
Shares vested	(1,349,852)	$3.20
Shares forfeited	(587,810)	$3.19
Outstanding as of December 31, 2018	1,548,150	$3.18


(a)	On an annual basis, the Company engages an independent third-party valuation advisory consulting firm to estimate the per share value of the Company's common stock.

As of December 31, 2018, there was $4,503 of total unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the Incentive Award Plan related to 1,062,563 and 485,587 unvested shares vesting in 2019 and 2020, respectively. The restricted stock units outstanding as of December 31, 2018 have vesting schedules through December 2019 or 2020, as applicable. Stock-based compensation expense will be amortized on a straight-line basis over the vesting period. The Company recognized stock-based compensation expense of $4,330, $5,782 and $3,737 related to the Incentive Award Plan for the years ended December 31, 2018, 2017 and 2016, respectively.