Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.10.0.1
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of Share-based Compensation, Activity [Table Text Block]
The time-based vesting LTIP unit activity under the Plan during the nine months ended September 30, 2018 was as follows:
 
LTIP units outstanding as of December 31, 2017
 
 
436
 
LTIP units granted
(1)
 
 
57
 
LTIP units earned and 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 or forfeited
(4)
 
 
(35
)
LTIP units outstanding as of September 30, 2018
 
 
588
 
 
 
(1)
The 57 LTIP units are comprised of the following: on March 5, 2018, the Board approved grants of an aggregate of 36 LTIP Units to employees of the Advisor, which vest 50% on March 5, 2020 and 50% on March 5, 2021; on May 30, 2018 and June 14, 2018 the Board approved grants of an aggregate of 21 LTIP Units to independent directors of the Board, which vest on May 30, 2019 and June 14, 2019.
 
(2)
The 57 LTIP units represents earned and granted units from the previously disclosed 2017 annual awards (the “Annual Awards”). On March 5, 2018 the Compensation Committee of the Board (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 50% vest on December 31, 2018.
 
(3)
The 73 LTIP units represent grants 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)
The 35 LTIP units is comprised of 34 vested units that the Company elected to redeem in cash for $263 and the remaining unvested unit was forfeited.
 
A detail of the vested and unvested LTIP units outstanding as of September 30, 2018 is as follows:
 
Total vested units
 
 
285
 
Unvested units:
 
 
 
 
Granted to employees of the Advisor
 
 
282
 
Granted to the Company’s independent directors
 
 
21
 
Total unvested units
 
 
303
 
LTIP units outstanding as of September 30, 2018
 
 
588
 
Schedule of Stock Options Roll Forward [Table Text Block]
A detail of the Annual Awards and the long-term awards (the “Long-Term Awards”) under the 2017 Program and the 2018 Program as of September 30, 2018 is as follows:
 
 
 
2017 Program
 
 
2018 Program
 
 
 
 
 
 
Annual
 
 
Long-

Term
 
 
Annual
 
 
Long-

Term
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net 2017 Program LTIP awards as of December 31, 2017
 
 
84
 
 
 
98
 
 
 
-
 
 
 
-
 
 
 
182
 
LTIP unit target grants via the 2018 Performance Program – Long-Term Awards
(1)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
110
 
 
 
110
 
LTIP unit target grants via the 2018 Performance Program – Annual Awards
(2)
 
 
-
 
 
 
-
 
 
 
163
 
 
 
-
 
 
 
163
 
LTIP units granted via the 2017 Performance Program – Annual Awards
(3)
 
 
(57
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(57
)
LTIP units not earned under the 2017 Performance Program – Annual Awards
(4)
 
 
(27
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(27
)
LTIP unit forfeitures
(5)
 
 
 
 
 
(2
)
 
 
(2
)
 
 
 
 
 
(4
)
Net annual and long-term LTIP awards as of September 30, 2018
 
 
-
 
 
 
96
 
 
 
161
 
 
 
110
 
 
 
367
 
 
 
(1)
These target Long-Term Awards 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.
 
(2)
These target Annual Awards were approved by the Board on April 9, 2018 and are subject to the terms and conditions of the 2018 LTIP Unit Award Agreements between the Company and each grantee.
 
(3)
This amount represents grants from the 2017 Program Annual Awards. Refer to the “Time-Based Grants” table above which presents these grants as earned and time-based.
 
(4)
On March 5, 2018 the Compensation Committee determined the extent to which the Company achieved the performance goals and concluded that these target awards were not earned.
 
(5)
Represents LTIP units forfeited by grantee.