Share Options And Awards

9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Options And Awards

Share Options and Awards

In November 2011, we announced changes to the long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan. Future grants of awards will incorporate service-based and two market-based measures for restricted share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

The share awards are subject to a three-year cliff vesting basis. Service-based share and market-based share awards are subject to the achievement of select performance goals as follows:

• Service-based awards and accumulated dividends vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

• Market-based awards vest based upon the performance metrics at the end of a three-year period. These awards are based 50% on our three-year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three-year absolute TSR. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest.

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Nine Months Ended September 30, 2012
	Minimum		Maximum
Dividend yield	0.0	%	4.4	%
Expected volatility	27.7	%	51.6	%
Expected life (in years)			3
Risk-free interest rate	0.1	%	0.4	%

A summary of the status of unvested restricted share awards for the nine months ended September 30, 2012 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2012	407,328		$	20.43
Granted:
Service-based awards	129,813		24.91
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	57,650		26.45
Market-based awards relative to three-year absolute TSR	57,650		27.65
Trust manager awards	28,263		27.19
Vested	(144,398	)	21.56
Forfeited	(1,336	)	24.87
Outstanding, September 30, 2012	534,970		$	22.99

As of September 30, 2012 and December 31, 2011, there was approximately $6.0 million and $5.0 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 2.1 years and 2.3 years, respectively.