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Equity (Tables)

3 Months Ended

Mar. 31, 2021

As of March 31, 2021, 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		2,858
2018	Owned real estate and development	ALF/MC	OR		18,447		1,081
2017	Owned real estate and development	ILF/ALF/MC	WI		22,007		2,305
2017	Owned real estate	ALF/MC	SC		11,680		1,241
Total				$	83,429	$	8,404

Schedule of cash dividends declared and paid

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


	Three Months Ended March 31,
	2021						2020
	Declared			Paid			Declared			Paid
Common Stock ⁽¹⁾	$	23,169	⁽²⁾	$	23,169	⁽²⁾	$	23,167	⁽³⁾	$	23,167	⁽³⁾

(1)	Represents $0.19 per share per month for the three months ended March 31, 2021 and 2020.

(2)	Includes $764 of distributions that were paid as a result of the vesting of performance-based stock units.

(3)	Includes $586 of distributions that were paid as a result of the vesting of performance-based stock units.

Schedule of restricted stock activity

The following table summarizes our restricted stock activity for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020
Outstanding, January 1		180,440		163,569
Granted		95,293		76,464
Vested		(78,482)		(74,981)
Outstanding, March 31		197,251		165,052

Schedule of restricted stock granted


	No. of	Price per
Year	Shares/Units ⁽¹⁾	Share		Vesting Period
2021	95,293	$	42.27	ratably over 3 years
	71,892	$	42.27	TSR targets ⁽²⁾
	167,185

2020	76,464	$	48.95	ratably over 3 years
	66,027	$	49.98	TSR targets ⁽²⁾
	142,491

(1)	Subsequent to March 31, 2021, we granted 3,000 shares of restricted stock at $43.14 per share vesting over one year.

(2)	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

At March 31, 2021, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands):


	Remaining
	Compensation
Vesting Date	Expense
2021	$	5,534
2022		5,216
2023		2,855
2023		303
Total	$	13,908

- 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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