XML 39 R30.htm IDEA: XBRL DOCUMENT v3.22.1
Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and the year ended December 31, 2021 is as follows:
For the three months endedFor the year ended
March 31, 2022December 31, 2021
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period10,000 $11.47 1,667 $17.40 
Granted— — 10,000 11.47 
Vested— — (1,667)17.40 
Forfeited— — — — 
Non-vested at end of the period10,000 $11.47 10,000 $11.47 
Schedule of Long Term Incentive Unit Awards
A summary of the Company's LTIP Unit awards for the three months ended March 31, 2022 and the year ended December 31, 2021 is as follows:
For the three months endedFor the year ended
March 31, 2022December 31, 2021
Number of UnitsWeighted-Average Grant Date Fair ValueNumber of UnitsWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period764,178 $15.00 669,609 $15.73 
Granted380,004 16.08 330,945 14.55 
Vested(238,657)16.61 (219,451)16.39 
Forfeited— — (16,925)17.02 
Non-vested at end of the period905,525 $15.03 764,178 $15.00 
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards The 2022 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:
Relative TSR Hurdles (Percentile)Payout Percentage
Threshold25th50%
Target55th100%
Maximum80th200%
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
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%
2022 Time-Based LTIP Unit Awards3/1/2022152,004$12.3380%—%1.01%
2022 Performance-Based LTIP Unit Awards3/1/2022228,000$18.5866%3.5%1.44%