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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Restricted Share and Restricted Stock Unit Activity
The table below presents a summary of restricted share and RSU activity under the 2015 Incentive Plan and the 2012 Plan for the years ended December 31, 2016, 2015 and 2014, excluding restricted shares granted to our former Trustees, former officers and certain employees of RMR, our former manager, under the terms of our 2012 Plan (which grants are further described below):
 
Number
of
Restricted Shares
 
Weighted
Average
Grant Date
Fair Value
 
Number
of
RSUs
 
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2013
—

 
$
—

 
—

 
$
—

Granted
713,727

 
26.66

 
1,266,237

 
15.99

Vested
(3,545
)
 
26.66

 
—

 
—

Outstanding at December 31, 2014
710,182

 
 
 
1,266,237

 
 
Granted
160,906

 
26.46

 
639,250

 
15.47

Vested
(86,517
)
 
26.02

 
—

 
—

Forfeited
(8,115
)
 
26.64

 
(21,377
)
 
15.80

Outstanding at December 31, 2015
776,456

 
 
 
1,884,110

 
 
Granted
167,790

 
27.29

 
691,385

 
15.57

Vested
(191,498
)
 
26.54

 
—

 
—

Forfeited
(539
)
 
26.82

 
(2,727
)
 
15.54

Outstanding at December 31, 2016
752,209

 
 
 
2,572,768

 
 
Summary of Assumptions and Fair Values for Restricted Stock Units Granted in the Period
The assumptions and fair values for the RSUs granted for the years ended December 31, 2016, 2015 and 2014 are included in the following table on a per share basis.
 
2016
 
2015
 
2014
Fair value of RSUs granted at the target amount
$
38.80

 
$
—

 
$
—

Fair value of RSUs granted at the maximum amount
$
—

 
$
15.47

 
$
15.99

Expected term (years)
4

 
4

 
4

Expected volatility
—

 
—

 
—

Expected dividend yield
1.86
%
 
1.88
%
 
1.88
%
Risk-free rate
1.07
%
 
0.81
%
 
0.84
%
Schedule of Shares Granted and Vested
A summary of shares granted and vested to our former Trustees, former officers and certain employees of RMR under the terms of our 2012 Plan and our 2003 Plan for the year ended December 31, 2014, is as follows:
 
Number
of
Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested shares at December 31, 2013
130,914

 
$
20.70

Granted
4,000

 
23.46

Vested
(134,914
)
 
25.79

Unvested shares at December 31, 2014
—

 
$
—