Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.8.0.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2018
2016 Equity Incentive Plan  
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, 2018 was as follows:
 
Net LTIP units outstanding as of December 31, 2017
 
436
 
LTIP units granted (1)
 
36
 
LTIP units granted via the 2017 Performance Program – Annual Awards (2)
 
57
 
LTIP units granted as 2018 time-based awards (3)
 
73
 
LTIP units redeemed in cash (4)
 
(22)
 
Net LTIP units outstanding as of March 31, 2018
 
580
 
 
(1)
On March 5, 2018, the Board approved these grants, which vest 50% on March 5, 2020 and 50% on March 5, 2021.
 
(2)
This amount represents grants from the previously disclosed 2017 Annual Awards. On March 5, 2018 the Compensation Committee determined the extent to which the Company achieved the performance goals related to the 2017 Annual Awards and determined the number of LTIP units that each grantee was entitled to receive. These grants vested 50% on March 5, 2018, the determination date, and the remaining 50% vest on March 5, 2019.
 
(3)
These grants were approved by the Board on March 5, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee. These grants vest in equal one-third increments on each of March 5, 2019, March 5, 2020, and March 5, 2021.
 
(4)
Represents vested LTIP units that the grantees elected to redeem, for which the Company paid $158 in cash in lieu of issuing Company stock.
 
A detail of the vested and unvested LTIP units outstanding as of March 31, 2018 is as follows:
 
Total vested units
 
274
 
Unvested units:
 
 
 
Granted to employees of the Advisor
 
290
 
Granted to the Company’s independent directors
 
16
 
Total unvested units
 
306
 
LTIP units outstanding as of March 31, 2018
 
580