Share Options And Awards

6 Months Ended

Jun. 30, 2013

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

Share Options And Awards

Share Options and Awards

During 2013, we granted restricted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). 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 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:

	Six Months Ended June 30, 2013
	Minimum		Maximum
Dividend yield	0.0	%	3.9	%
Expected volatility	13.2	%	29.0	%
Expected life (in years)	NA		3
Risk-free interest rate	0.1	%	0.4	%

A summary of the status of unvested restricted share awards for the six months ended June 30, 2013 is as follows:

	Unvested Restricted Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2013	496,571		$	23.10
Granted:
Service-based awards	102,456		29.71
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	44,580		31.83
Market-based awards relative to three-year absolute TSR	44,580		37.49
Trust manager awards	25,623		35.23
Vested	(130,016	)	23.18
Forfeited	(6,904	)	26.65
Outstanding, June 30, 2013	576,890		$	26.54

As of June 30, 2013 and December 31, 2012, there was approximately $5.4 million and $4.7 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 1.9 years for both periods.