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Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Share-based Compensation [Abstract]

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following table reflects the amount of RSUs outstanding as of March 31, 2019. There was no activity for the three months ended March 31, 2019.

		Number of RSUs			Weighted-Average Issue Price
Unvested, March 31, 2019		46,352			$	22.04

Schedule of Share Based Compensation Total Return

Half of the Award LTIP Units (the “Absolute TSR LTIP Units”) will be eligible to be earned as of the last day of the Performance Period (the “Valuation Date”) if the Company achieves an absolute TSR with respect to threshold, target and maximum performance goals for the Performance Period as follows:

Performance Level (% of Absolute TSR LTIP Units Earned)				Absolute TSR					Number of Absolute TSR LTIP Units Earned
Below Threshold	—	%		Less than	24	%			—
Threshold	25	%			24	%			319,366
Target	50	%			30	%			638,733
Maximum	100	%			36	%	or higher		1,277,465

Half of the Award LTIP Units (the “Relative TSR LTIP Units”) will be eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points (bps), whether positive or negative, by which the Company’s absolute TSR on the Valuation Date exceeds the average TSR of a peer group consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as of the Valuation Date as follows:

Performance Level (% of Relative TSR LTIP Units Earned)				Relative TSR Excess					Number of Absolute TSR LTIP Units Earned
Below Threshold	—	%		Less than	-600		basis points		—
Threshold	25	%			-600		basis points		319,366
Target	50	%			—		basis points		638,733
Maximum	100	%			+600		basis points		1,277,465

Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “Three-Year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows:

				Performance Period		Annual Period		Interim Period
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:				21%		7%		14%
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
	•	100% will be earned if cumulative Total Return achieved is at least:		18%		6%		12%
	•	50% will be earned if cumulative Total Return achieved is:		—%		—%		—%
	•	0% will be earned if cumulative Total Return achieved is less than:		—%		—%		—%
	•	a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between:		0% - 18%		0% - 6%		0% - 12%

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* The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc.

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Schedule of Share Based Compensation Total Return [Table Text Block]

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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-Publisher FASB
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

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