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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Award Valuation Performance Period Metrics
Each participant’s total award under the Officer STIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the first day of that performance period, which percentage will depend upon the participant’s position and the degree of achievement of threshold, target, and high performance goals for the performance period. The percentages for the performance period beginning January 1, 2023 are as set forth in the table below:
ThresholdTargetHigh
President and Chief Executive Officer63%125%188%
Chief Financial Officer41%75%133%
Chief Operating Officer (1)
23%45%76%
Chief Information Officer35%65%115%
Chief Administrative Officer (1)
28%54%96%
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(1)     For both the Chief Operating Officer and the Chief Administrative Officer, the percentages include the effects of prorations for the amount of time in 2023 that they were in their respective positions.
Each participant’s total award under the Officer LTIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the beginning of that performance period. The percentages for the performance period beginning January 1, 2023 are as set forth in the table below:
ThresholdTargetHigh
President and Chief Executive Officer198%275%440%
Chief Financial Officer95%135%196%
Chief Operating Officer (1)
110%157%231%
Chief Information Officer100%143%207%
Chief Administrative Officer (1)
65%92%134%
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(1)     For both the Chief Operating Officer and the Chief Administrative Officer, the percentages include the effects of prorations for the amount of time in 2023 that they were in their respective positions.
Schedule of Assumptions Used to Value TSR Portion of LTIP Awards
The assumptions used to value the TSR portion of the officer LTIP awards were as follows:
2023 Awards
2022 Awards
2021 Awards
Expected volatility (1)
32.3 %35.2 %35.5 %
Risk-free interest rate (2)
4.2 %1.7 %0.3 %
Expected term (3)
3 years
3 years
3 years
Share price at grant date $19.04 $24.54                          $23.20 
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(1)     Expected volatility based upon historical volatility of our daily closing share price.
(2)    Risk-free interest rate based on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period.
(3)    Expected term based on the market condition performance period.
Schedule of Restricted Share Awards Activity
The activity for the three years ended December 31, 2023 related to our restricted share awards, excluding those subject to market conditions, was as follows:
 SharesWeighted Average Grant Fair Value
Unvested at December 31, 2020
306,995 $30.96 
Granted238,134 23.53 
Vested during year(277,967)26.39 
Forfeited(7,467)26.73 
Unvested at December 31, 2021
259,695 29.16 
Granted408,606 22.33 
Vested during year(408,118)27.13 
Forfeited(17,814)25.31 
Unvested at December 31, 2022
242,369 21.35 
Granted 410,928 18.40 
Vested during year(367,109)19.79 
Forfeited(28,453)20.85 
Unvested at December 31, 2023
257,735 18.89 
Schedule of Performance Share Units with Market Conditions
Share-based awards with market conditions under the LTIP were awarded in 2023, 2022 and 2021 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands):
2023 Awards (1)
2022 Awards (1)
2021 Awards (1)
Relative Peer TSR$831 $1,480 $951 
Absolute/Index TSR (2)
1,048N/A971 
Schedule Of Unamortized Value Of Awards With Market Conditions
The unamortized value of these awards with market conditions as of December 31, 2023 was as follows (in thousands):
 
2023 Awards (1)
2022 Awards (1)
2021 Awards (1)
Relative Peer TSR$592 $385 $— 
Absolute/Index TSR (2)
743N/A— 
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(1)    The 2023, 2022 and 2021 Awards were granted under the Officer LTIP, whereby all of the shares vest immediately at the end of the three-year performance period.
(2)     The performance conditions for the 2023 awards were evaluated based on 60% on TSR relative to the FTSE Nareit Residential Index and 40% based on TSR relative to a defined populations of peer companies. The performance conditions for the 2022 awards were evaluated based on 100% on TSR relative to a defined population of peer companies. The performance conditions for the 2021 awards were evaluated based on 50% on TSR relative to a defined population of peer companies and 50% on TSR relative to the FTSE Multifamily and Office indexes.