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Equity Incentive Plan (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Share Awards | A summary of the Company’s restricted share awards for the three months ended March 31, 2024 and the year ended December 31, 2023 is as follows:
| For the three months ended |  | For the year ended
| March 31, 2024 |  | December 31, 2023
| Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period | 5,789 |  |  | $ | 11.78 |  |  | 6,666 |  |  | $ | 11.47 |
Granted | 2,943 |  |  | 10.20 |  |  | 2,457 |  |  | 12.21 |
Vested | (819) |  |  | 12.21 |  |  | (3,334) |  |  | 11.47 |
Non-vested at end of the period | 7,913 |  |  | $ | 11.15 |  |  | 5,789 |  |  | $ | 11.78 |
Schedule of Long Term Incentive Unit Awards | A summary of the Company's LTIP unit awards for the three months ended March 31, 2024 and the year ended December 31, 2023 is as follows:
| For the three months ended |  | For the year ended
| March 31, 2024 |  | December 31, 2023
| Number of Units |  | Weighted-Average Grant Date Fair Value |  | Number of Units |  | Weighted-Average Grant Date Fair Value
Non-vested at beginning of the period | 999,955 |  |  | $ | 15.37 |  |  | 905,525 |  |  | $ | 15.03 |
Granted | 512,264 |  |  | 11.18 |  |  | 466,988 |  |  | 14.36 |
Vested | (322,025) |  |  | 14.03 |  |  | (372,558) |  |  | 13.27 |
Forfeited | (28,391) |  |  | 15.91 |  |  | — |  |  | — |
Non-vested at end of the period | 1,161,803 |  |  | $ | 13.88 |  |  | 999,955 |  |  | $ | 15.37 |
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards | The 2024 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
Threshold | 25th |  | 50%
Target | 55th |  | 100%
Maximum | 80th |  | 200%
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 Date | Number of Units Granted | Estimated Value Per Unit | Volatility | Dividend Yield | Risk Free Interest Rate
2020 Time-Based LTIP Unit Awards | 3/1/2020 | 130,206 | $13.05 | 20% | —% | 1.06%
2020 Performance-Based LTIP Unit Awards (1) | 3/1/2020 | 195,301 | $13.66 | 20% | 8.1% | 0.90%
2021 Time-Based LTIP Unit Awards | 3/1/2021 | 132,381 | $12.52 | 78% | —% | 0.08%
2021 Performance-Based LTIP Unit Awards (2) | 3/1/2021 | 198,564 | $15.91 | 64% | 3.4% | 0.30%
2022 Time-Based LTIP Unit Awards | 3/1/2022 | 152,004 | $12.33 | 80% | —% | 1.01%
2022 Performance-Based LTIP Unit Awards | 3/1/2022 | 228,000 | $18.58 | 66% | 3.5% | 1.44%
2023 Time-Based LTIP Unit Awards | 3/1/2023 | 171,171 | $11.11 | 37% | —% | 5.11%
2023 Performance-Based LTIP Unit Awards | 3/1/2023 | 256,757 | $16.64 | 69% | 3.5% | 4.61%
2024 Time-Based LTIP Unit Awards | 3/1/2024 | 204,909 | $9.33 | 35% | —% | 4.92%
2024 Performance-Based LTIP Unit Awards | 3/1/2024 | 307,355 | $12.42 | 35% | 2.6% | 4.32%
(1) In February 2023, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 234,361 LTIP units vested. (2) In February 2024, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 170,173 LTIP units vested.

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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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