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Equity (Tables)

3 Months Ended

Mar. 31, 2020

As of March 31,2020, we have the following consolidated VIEs (in thousands):


					Gross
Investment		Property			Consolidated		Non-Controlling
Year	Purpose	Type	State		Assets		Interests
2019	Owned real estate	ALF/MC	VA	$	16,895	$	919
2018	Owned real estate	ILF	OR		14,400		2,857
2018	Owned real estate and development	ALF/MC	OR		16,341		1,081
2017	Owned real estate and development	ILF/ALF/MC	WI		22,009		2,305
2017	Owned real estate	ALF/MC	SC		11,680		1,264
Total				$	81,325	$	8,426

Schedule of cash dividends declared and paid

Distributions. We declared and paid the following cash dividends (in thousands):


	Three Months Ended March 31,
	2020						2019
	Declared			Paid			Declared			Paid
Common Stock ⁽¹⁾	$	23,167	⁽²⁾	$	23,167	⁽²⁾	$	22,931	⁽³⁾	$	22,931	⁽³⁾

(1)	Represents $0.19 per share per month for the three months ended March 31, 2020 and 2019.

(2)	Includes $586 related to the vesting of performance-based stock units.

(3)	Includes $300 related to the vesting of performance-based stock units.

Schedule of restricted stock activity

The following table summarizes our restricted stock and performance-based stock units activity for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020			2019
Outstanding, January 1		345,633			325,750
Granted		142,491			139,112
Vested		(156,555)	⁽¹⁾		(117,997)	⁽²⁾
Outstanding, March 31		331,569			346,865

(1)	Includes 81,574 performance-based stock units.

(2)	Includes 48,225 performance-based stock units.

Schedule of restricted stock granted

During the three months ended March 31, 2020 and 2019, we granted restricted stock and performance-based stock units under the 2015 Plan as follows:


	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2020	76,464	$	48.95	ratably over 3 years
	66,027	$	49.98	TSR targets ⁽¹⁾
	142,491

2019	78,276	$	46.54	ratably over 3 years
	60,836	$	46.54	TSR targets ⁽¹⁾
	139,112

(1)	Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense


	Remaining
	Compensation
Vesting Date	Expense
2020	$	4,993
2021		4,851
2022		2,536
2023		196
Total	$	12,576

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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