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Equity Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Share Awards
A summary of the Company’s restricted share awards for the nine months ended September 30, 2024 and the year ended December 31, 2023 is as follows:

For the nine months endedFor the year ended
September 30, 2024December 31, 2023
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period5,789 $11.78 6,666 $11.47 
Granted2,943 10.20 2,457 12.21 
Vested(4,151)11.62 (3,334)11.47 
Non-vested at end of the period4,581 $10.91 5,789 $11.78 
Schedule of Long Term Incentive Unit Awards
A summary of the Company's LTIP unit awards for the nine months ended September 30, 2024 and the year ended December 31, 2023 is as follows:
For the nine months endedFor the year ended
September 30, 2024December 31, 2023
Number of UnitsWeighted-Average Grant Date Fair ValueNumber of UnitsWeighted-Average Grant Date Fair Value
Non-vested at beginning of the period999,955 $15.37 905,525 $15.03 
Granted512,264 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 period1,161,803 $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
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
2020 Time-Based LTIP Unit Awards3/1/2020130,206$13.0520%—%1.06%
2020 Performance-Based LTIP Unit Awards (1)3/1/2020195,301$13.6620%8.1%0.90%
2021 Time-Based LTIP Unit Awards3/1/2021132,381$12.5278%—%0.08%
2021 Performance-Based LTIP Unit Awards (2)3/1/2021198,564$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%
2023 Time-Based LTIP Unit Awards3/1/2023171,171$11.1137%—%5.11%
2023 Performance-Based LTIP Unit Awards3/1/2023256,757$16.6469%3.5%4.61%
2024 Time-Based LTIP Unit Awards3/1/2024204,909$9.3335%—%4.92%
2024 Performance-Based LTIP Unit Awards3/1/2024307,355$12.4235%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.