Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2019
Schedule of Share-based Compensation, Activity [Table Text Block]
The time-based vesting LTIP unit activity under the Plan during the three months ended March 31, 2019 was as follows:
 
 LTIP Units outstanding as of December 31, 2018
 
 
588
 
LTIP Units earned and granted via the 2018 performance program – Annual Awards
(1)
 
 
108
 
LTIP Units granted on a discretionary basis related to the Annual Awards
(2)
 
 
28
 
LTIP Units granted as 2019 long-term time based awards
(3)
 
 
54
 
LTIP Units – other grant and forfeitures, net
(4)
 
 
(4
)
LTIP Units outstanding as of March 31, 2019
 
 
774
 
 
 
(1)
The
108
LTIP Units represents earned and granted units from the previously disclosed 2018 annual awards (the “Annual Awards”). On March 5, 2019 the Compensation Committee of the Board (the “Compensation Committee”) determined the extent to which the Company achieved the performance goals related to the 2018 Annual Awards and determined the number of LTIP Units that each grantee was entitled to receive. These grants vested
50
% on March 5, 2019, the determination date, and
50
% vest on March 5, 2020.
 
(2)
The
28
LTIP Units represents a discretionary grant by the Compensation Committee. These grants vested
50
% on March 5, 2019, the grant date, and
50
% vest on March 5, 2020.
 
(3)
The
54
LTIP Units represent grants approved by the Board on March 5, 2019.  These grants are valued based on the Company’s share price at the date of grant of $
10.07
and vest in equal one-third increments on each of March 5, 2020, March 5, 2021, and March 5, 2022.
 
(4)
The decrease of four LTIP Units net represents 6 LTIP Units redeemed for the Company’s common stock with a value of $57 and one LTIP Unit that was forfeited, partially offset by three LTIP Units that were granted on March 15, 2019 related to a new hire. These three LTIP Units vest in equal one-third increments on each of March 15, 2020, March 15, 2021, and March 5, 2022.
 
A detail of the vested and unvested LTIP units outstanding as of March 31, 2019 is as follows:
 
Total vested units
 
 
463
 
Unvested units:
 
 
 
 
Granted to employees of the Advisor
 
 
290
 
Granted to the Company’s independent directors
 
 
21
 
Total unvested units
 
 
311
 
LTIP Units outstanding as of March 31, 2019
 
 
774
 
 
Schedule of Stock Options Roll Forward [Table Text Block]
A detail of the Annual Awards and Long-Term Awards under the 2017, 2018, and 2019 programs as of March 31, 2019 is as follows:
 
 
 
2017 Program
 
 
2018 Program
 
 
2019 Program
 
 
 
 
 
 
Long-Term
 
 
Annual
 
 
Long-Term
 
 
Annual
 
 
Long-Term
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net annual and long-term LTIP awards as of December 31, 2018 (at target)
 
 
96
 
 
 
161
 
 
 
110
 
 
 
-
 
 
 
-
 
 
 
367
 
LTIP Unit target grants via the 2019 Performance Program – Annual Awards and Long-Term Awards
(1)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
133
 
 
 
82
 
 
 
215
 
LTIP Units earned and granted via the 2018 Performance Program – Annual Awards
(2)
 
 
-
 
 
 
(108
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(108
)
LTIP Units granted on a discretionary basis via the 2018 Performance Program – Annual Awards
(2)
 
 
-
 
 
 
(28
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(28
)
LTIP Units not earned under the 2018 Performance Program – Annual Awards
(3)
 
 
-
 
 
 
(25
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(25
)
Net annual and long-term LTIP awards as of

March 31, 2019 (at target)
 
 
96
 
 
 
-
 
 
 
110
 
 
 
133
 
 
 
82
 
 
 
421
 
 
 
(1)
These target Annual Awards and Long-Term Awards were approved by the Board on March 5, 2019.
 
(2)
These amounts represents grants from the 2018 program Annual Awards. Refer to the “Time-Based Grants” table above which presents these grants as earned and time-based.
 
(3)
On March 5, 2019 the Compensation Committee determined the extent to which the Company achieved the performance goals and concluded that these target awards were not achieved.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:
 
 
 
2019 Long-Term

Awards
 
 
2018 Long-Term

Awards
 
 
2017 Long-Term

Awards
 
Share price
 
$
10.07
 
 
$
8.86
 
 
$
8.86
 
Target awards
 
 
82
 
 
 
110
 
 
 
96
 
Volatility
 
 
31.7
%
 
 
33.8
%
 
 
33.8% - 35.4%
 
Risk-free rate
 
 
2.5
%
 
 
2.6
%
 
 
2.4% - 2.6%
 
Dividend assumption
 
 
reinvested
 
 
 
reinvested
 
 
 
reinvested
 
Expected term in years
 
 
3
 
 
 
2.7
 
 
 
1.7 – 2.7