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v3.23.1

Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table reflects the activity of RSUs outstanding for the periods presented:
|  | Number of RSUs |  | Weighted-Average Issue Price
Unvested, December 31, 2022 |  | 47,723 |  |  | $ | 15.82 |
Vested |  | (16,011) |  |  | 14.63 |
Granted |  | — |  |  | — |
Unvested, March 31, 2023 |  | 31,712 |  |  | 16.42 |
|  | Number of RSUs |  | Weighted-Average Issue Price
Unvested, December 31, 2021 |  | 44,510 |  |  | $ | 17.30 |
Vested |  | (9,411) |  |  | 13.37 |
Granted |  | — |  |  | — |
Unvested, March 31, 2022 |  | 35,099 |  |  | 17.30 |
Schedule of Share-based Payment Arrangement by Restricted Stock Activity | The following table reflects the activity of Restricted Shares outstanding for the periods presented:
|  | Number of Restricted Shares |  | Weighted-Average Issue Price
Unvested, December 31, 2022 |  | 359,840 |  |  | $ | 17.16 |
Vested |  | — |  |  | — |
Granted |  | — |  |  | — |
Forfeitures |  | — |  |  | — |
Unvested, March 31, 2023 |  | 359,840 |  |  | 17.16 |
|  | Number of Restricted Shares |  | Weighted-Average Issue Price
Unvested, December 31, 2021 |  | 305,107 |  |  | $ | 18.81 |
Vested |  | — |  |  | — |
Granted |  | — |  |  | — |
Forfeitures |  | (150) |  |  | 19.41 |
Unvested, March 31, 2022 |  | 304,957 |  |  | 18.81 |
Schedule of Share Based Compensation Total Return | With respect to one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute TSR levels as shown in the table below.
|  |  |  |  |  |  |  | Number of LTIP Units Earned
Performance Level (% of LTIP Units Earned) |  | Absolute TSR |  |  |  | 2021 OPP
Below Threshold | 0 | % |  | Less than | 24 | % |  |  |  |  | 0 |
Threshold | 25 | % |  |  | 24 | % |  |  |  |  | 312,500 |
Target | 50 | % |  |  | 30 | % |  |  |  |  | 625,000 |
Maximum | 100 | % |  |  | 36 | % | or higher |  |  |  | 1,250,000 |
With respect to the remaining one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Lexington Realty Trust, Office Properties Income Trust and W.P. Carey, Inc. as of the last day of the performance period.
|  |  |  |  |  |  |  | Number of LTIP Units Earned
Performance Level (% of LTIP Units Earned) |  | Relative TSR Excess |  |  |  | 2021 OPP
Below Threshold | 0 | % |  | Less than | -600 |  | basis points |  |  |  | 0 |
Threshold | 25 | % |  |  | -600 |  | basis points |  |  |  | 312,500 |
Target | 50 | % |  |  | 0 |  | basis points |  |  |  | 625,000 |
Maximum | 100 | % |  |  | 600 |  | basis points |  |  |  | 1,250,000 |

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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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