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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Key Components of Share-based Awards

The following table outlines key components of the 2018 and 2017 OPP Plans:

			2018 OPP Plan						2017 OPP Plan
Maximum bonus pool, in millions			$25.0						$20.0
Performance period			1/1/2018 to 12/31/2020						1/1/2017 to 12/31/2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nonvested Restricted Stock Shares Activity

The following table summarizes the activity and status of all unvested stock awards:

						2018																		2017																		2016
						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value
Unvested at January 1						1,087,186						$	33.64					887,179						$	31.09					827,950						$	28.92
Granted						190,557						29.53						918,884						34.37						489,826						30.95
Vested						(571,481)						32.74						(705,508)						31.42						(430,597)						26.75
Canceled						(2,466)						33.38						(13,369)						32.14						—						—
Unvested at December 31						703,796						$	32.93					1,087,186						$	33.64					887,179						$	31.09

Year Ended December 31,						Non-Vested Shares Issued						Weighted Average Grant-Date Fair Value						Vested Shares						Total Vest-Date Fair Value (in thousands)
2018						190,557						$	29.53					(571,481)						$	16,735
2017						918,884						34.37						(705,508)						24,155
2016						489,826						30.95						(430,597)						14,736

Stock Compensation Related to OPP Plans and Restricted Stock Awards

The following table presents the classification and amount recognized for stock-based compensation related to the Company’s awards: 

			For the Year Ended December 31,
			2018						2017						2016
Expensed stock compensation(1)			$	17,028					$	15,079					$	14,144
Capitalized stock compensation(2)			1,097						836						510
Total stock compensation(3)			$	18,125					$	15,915					$	14,654

_________________

1.Amounts are recorded in general and administrative expenses in the Consolidated Statements of Operations.

2.Amounts are recorded in deferred leasing costs and lease intangible assets, net and investment in real estate, at cost in the Consolidated Balance Sheets.

3.Amounts are recorded in additional paid-in capital and non-controlling interest—units in the operating partnership in the Consolidated Balance Sheets.

Outperformance Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Valuation Assumptions

The per unit fair value of OPP award granted was estimated on the date of grant using the following assumptions in the Monte Carlo valuation:

			2018						2017						2016
Expected price volatility for the Company			20.00%						24.00%						24.00%
Expected price volatility for the particular REIT index			18.00%						17.00%						17.00%
Risk-free rate			2.37%						1.47%						1.09%
Dividend yield			2.90%						2.30%						2.40%

One-Time Retention Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Valuation Assumptions

The per unit fair value of one-time retention award granted was estimated on the date of grant using the following assumptions in the Monte Carlo valuation:

			Assumptions
Expected price volatility for the Company			23.00%
Expected price volatility for the particular REIT index			18.00%
Risk-free rate			1.63%
Dividend yield			3.20%

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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