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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation, restricted stock and restricted stock units
The following table summarizes the status of non-vested time-vesting RSUs (including RSAs) and PRSUs as of September 30, 2018 and changes during the nine months ended September 30, 2018:
 
 
Time-Vesting Awards
 
PRSUs
 
Total Share-Based Awards
 
 
Number
 
Weighted
Average Grant
Date Fair Value
(Actual $)
 
Number
 
Weighted Average Grant Date Fair Value (Actual $)
 
Number
 
Weighted
Average Grant
Date Fair Value
(Actual $)
Balance, December 31, 2017
 
2,695,902

 
$
21.51

 
408,102

 
$
22.25

 
3,104,004

 
$
20.79

Granted
 
381,002

 
21.94

 
644,305

 
22.21

 
1,025,307

 
22.11

Vested(1)
 
(1,240,162
)
 
(21.25
)
 
(123,331
)
 
(23.17
)
 
(1,363,493
)
 
(21.43
)
Forfeited
 
(125,662
)
 
(22.70
)
 
(29,931
)
 
(22.16
)
 
(155,593
)
 
(22.60
)
Balance, September 30, 2018
 
1,711,080

 
$
21.71

 
899,145

 
$
22.10

 
2,610,225

 
$
21.85

 
(1)
All vested RSUs, RSAs and PRSUs are included in basic EPS for the period during which they are outstanding.
Schedule of share-based payment awards, stock options, valuation assumption
The following table summarizes the significant inputs utilized in these models at the grant date for awards issued during the nine months ended September 30, 2018:
 
 
March 1, 2018
Expected volatility(1)
 
14.5%-17.3%
Risk-free rate
 
2.38%
Expected holding period (years)
 
2.71-2.84
 
(1)
Expected volatility is estimated based on the historical volatility of realized returns of the Company and the applicable index.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan
During the three months ended September 30, 2018 and 2017, we recognized $6,068, and $12,004 respectively, of share-based compensation expense. During the nine months ended September 30, 2018 and 2017, we recognized $23,582, and $64,464 respectively, of share-based compensation expense, comprised of the following:
 
 
Share-Based Compensation
Expense for the Three Months
Ended September 30,
 
Share-Based Compensation
Expense for the Nine Months
Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
General and administrative
 
$
4,901

 
$
9,309

 
$
19,229

 
$
56,460

Property management expense
 
1,167

 
2,695

 
4,353

 
8,004

Total
 
$
6,068

 
$
12,004

 
$
23,582

 
$
64,464