Share Options And Awards

9 Months Ended

Sep. 30, 2014

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

Share Options and Awards

During 2014, 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. Generally, unvested restricted share awards are forfeited upon the termination of the participant’s 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:



	Nine Months Ended September 30, 2014
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility	14.8	%	25.3	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.1	%	0.8	%

A summary of the status of unvested restricted share awards for the nine months ended September 30, 2014 is as follows:



	Unvested Restricted Share Awards		Weighted Average Grant Date Fair Value
Outstanding, January 1, 2014	575,167		$	26.54
Granted:
Service-based awards	109,519		30.11
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	49,065		33.88
Market-based awards relative to three-year absolute TSR	49,065		27.63
Trust manager awards	29,043		31.00
Vested	(116,877	)	21.34
Forfeited	(301	)	28.32
Outstanding, September 30, 2014	694,681		$	28.76

As of September 30, 2014 and December 31, 2013, there was approximately $3.4 million and $3.9 million, respectively, of total unrecognized compensation cost related to unvested restricted shares, which is expected to be amortized over a weighted average of 1.2 years and 1.4 years, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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