Summary of Restricted Shares

A summary of the status of our restricted shares as of June 30, 2023 and changes during the six months ended June 30, 2023 is presented below:


	Restricted Shares			Restricted Shares Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2022		41,315		$	19.94
Vested		(24,347	)		18.57
Granted		32,486			14.18
Forfeited		—			—
Outstanding, June 30, 2023		49,454		$	16.83

Summary of Restricted Shares

A summary of the status of our LTIP units as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented below:


	LTIP Units (1)			LTIP Units Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2022		896,665		$	19.90
Vested		(204,570	)		21.50
Granted		515,465			12.25
Forfeited		(85,352	)		18.30
Outstanding, June 30, 2023		1,122,208		$	16.21

(1)

Reflects the number of LTIP units issued to the grantee on the date which may be different from the number of LTIP units actually earned in the case of performance-based LTIP units.

Summary of Significant Assumptions Used to Value the Total Shareholder

The following is a summary of the significant assumptions used to value the total shareholder return for performance-based LTIP units during the six months ended June 30, 2023:


Expected volatility		29.0	%
Dividend yield		5.6	%
Risk-free interest rate		4.2	%
Expected life	3 years