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Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Restricted Share Awards
A summary of the Company’s restricted share awards for the three months ended March 31, 2021 and the year ended December 31, 2020 is as follows:
Three Months EndedYear Ended
March 31, 2021December 31, 2020
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period1,667 $17.40 5,001 $18.33 
Granted— — — — 
Vested— — (3,334)18.80 
Forfeited— — — — 
Non-vested at end of the period1,667 $17.40 1,667 $17.40 
Schedule of Long Term Incentive Unit Awards
A summary of the Company's LTIP Unit awards for the three months ended March 31, 2021 and the year ended December 31, 2020 is as follows:
Three Months EndedYear Ended
March 31, 2021December 31, 2020
Number of UnitsWeighted-Average Grant Date Fair ValueNumber of UnitsWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period669,609 $15.73 598,320 $18.30 
Granted330,945 14.55 325,507 13.42 
Vested(219,451)16.39 (254,218)18.82 
Forfeited(16,925)$17.02 — $— 
Non-vested at end of the period764,178 $15.00 669,609 $15.73 
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards The 2021 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:
Relative TSR Hurdles (Percentile)Payout Percentage
Threshold25th50%
Target50th100%
Maximum75th150%
Schedule of Share-based Payment Award, Valuation Assumptions
The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows:
Grant DateNumber of Units GrantedEstimated Value Per UnitVolatilityDividend YieldRisk Free Interest Rate
Outperformance Plan LTIP Unit Awards6/1/2015183,300$14.1326%4.5%0.95%
2016 Time-Based LTIP Unit Awards1/28/201672,966$16.6928%—%0.79%
2016 Performance-Based LTIP Unit Awards1/28/201639,285$11.0930%5.8%1.13%
2017 Time-Based LTIP Unit Awards3/1/201789,574$18.5324%—%0.92%
2017 Performance-Based LTIP Unit Awards3/1/2017134,348$19.6525%5.8%1.47%
2018 Time-Based LTIP Unit Awards3/1/201897,968$16.8326%—%2.07%
2018 Performance-Based LTIP Unit Awards3/1/2018146,949$17.0226%6.2%2.37%
2019 Time-Based LTIP Unit Awards3/1/201988,746$18.4521%—%2.57%
2019 Performance-Based LTIP Unit Awards3/1/2019133,107$18.9121%6.2%2.55%
2020 Time-Based LTIP Unit Awards3/1/2020130,206$13.0520%—%1.06%
2020 Performance-Based LTIP Unit Awards3/1/2020195,301$13.6620%8.1%0.90%
2021 Time-Based LTIP Unit Awards3/1/2021132,381$12.5278%—%0.08%
2021 Performance-Based LTIP Unit Awards3/1/2021198,564$15.9164%3.4%0.30%