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Equity (Tables)

12 Months Ended

Dec. 31, 2020

As of December 31, 2020, we have the following consolidated VIEs (in thousands):


					Gross
Investment		Property			Consolidated		Non-Controlling
Year	Purpose	Type	State		Assets		Interests
2019	Owned real estate	ALF/MC	VA	$	16,895	$	919
2018	Owned real estate	ILF	OR		14,400		2,858
2018	Owned real estate and development	ALF/MC	OR		18,447		1,081
2017	Owned real estate and development	ILF/ALF/MC	WI		22,007		2,305
2017	Owned real estate	ALF/MC	SC		11,680		1,241
Total				$	83,429	$	8,404

Schedule of cash dividends declared and paid


	Year Ended December 31,
	2020						2019						2018
	Declared			Paid			Declared			Paid			Declared		Paid
Common Stock ⁽¹⁾	$	90,262	⁽²⁾	$	90,262	⁽²⁾	$	90,899	⁽³⁾	$	90,899	⁽³⁾	$	90,372	$	90,372

(1)	Represents $0.19 per share per month for the years ended December 31, 2020, 2019 and 2018.

(2)	Includes $586 related to the vesting of performance-based stock units.

(3)	Includes $300 related to the vesting of performance-based stock units.

Schedule of options exercised


		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value ⁽¹⁾
2020	—	$	n/a	$	—	$	—
2019	5,000	$	24.65	$	123,000	$	233,000
2018	5,000	$	24.65	$	123,000	$	205,000

(1)	As of the exercise dates.

Schedule of restricted stock activity

Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2020 and 2019 and 2018 was as follows:


	Year Ended December 31,
	2020		2019		2018
Outstanding, January 1		163,569		156,297		140,899
Granted		101,348		86,772		90,547
Vested		(84,477)		(79,500)		(75,149)
Outstanding, December 31		180,440		163,569		156,297

During the years ended December 31, 2020, 2019 and 2018, we granted 66,027, 60,836 and 66,171, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2020, 2019 and 2018, the number of vested performance-based stock units were 81,574, 48,225 and 0, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2020, 2019 and 2018 were $7,012,000, $6,566,000 and $5,870,000.

Schedule of restricted stock granted

During 2020, 2019 and 2018, we granted 167,375, 147,608 and 156,718 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows:


	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2020	76,464	$	48.95	ratably over 3 years
	66,027	$	49.98	TSR targets ⁽¹⁾
	9,884	$	38.45	May 27, 2021
	15,000	$	38.45	ratably over 3 years
	167,375

2019	78,276	$	46.54	ratably over 3 years
	60,836	$	46.54	TSR targets ⁽¹⁾
	8,496	$	44.73	May 29, 2020
	147,608

2018	81,819	$	38.18	ratably over 3 years
	66,171	$	38.18	TSR targets ⁽¹⁾
	8,728	$	41.25	May 30, 2019
	156,718

(1)	Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense

At December 31, 2020, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (dollar amount in thousands):


	Number		Remaining
	of		Compensation
Vesting Date	Awards		Expense
2021	159,537	⁽¹⁾	$	5,201
2022	117,417	⁽²⁾		2,729
2023	96,520	⁽³⁾		367
Total	373,474		$	8,297

(1)	Includes 66,171 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense.

(2)	Includes 60,836 performance-based stock units. See ⁽¹⁾ above for valuation methodology.

(3)	Includes 66,027 performance-based stock units. See ⁽¹⁾ above for valuation methodology.

Schedule of nonqualified stock option activity


				Weighted Average
	Shares			Price
	2020	2019	2018	2020			2019	2018
Outstanding, January 1	15,000	20,000	25,000	$	38.43	$	34.99	$	32.92
Granted	—	—	—		n/a		n/a		n/a
Exercised	—	(5,000)	(5,000)		n/a	$	24.65	$	24.65
Canceled	—	—	—		n/a		n/a		n/a
Outstanding, December 31	15,000	15,000	20,000	$	38.43	$	38.43	$	34.99

Exercisable, December 31⁽¹⁾	15,000	15,000	2,000	$	38.43	$	38.43	$	34.99

(1)

The aggregate intrinsic value of exercisable options at December 31, 2020, based upon the closing price of our common shares at December 31, 2020, the last trading day of 2020, was approximately $7,200. Options exercisable at December 31, 2020, 2019 and 2018 have a weighted average remaining contractual life of approximately 2.2 years, 3.2 years, and 3.3 years, respectively.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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