Long-Term Incentive Plan Units

9 Months Ended

Sep. 30, 2015

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

Units held pursuant to the Individual LTIPs are generally exercisable by the holder at any time after vesting. Each unit is convertible into one common share. Costs associated with the Individual LTIPs are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with Individual LTIPs for both the three month periods ended September 30, 2015 and 2014 was $0.1 million. Total expense associated with Individual LTIPs for the nine month periods ended September 30, 2015 and 2014 was $0.3 million and $0.2 million, respectively.

On September 15, 2015, the Company's Board of Directors authorized the issuance of 7,425 LTIP units to its independent directors pursuant to the Individual LTIP. These LTIPs will vest and become non-forfeitable on September 14, 2016.

Detailed below is a roll-forward of the Company's LTIP units outstanding for the three and nine month periods ended September 30, 2015 and 2014:



	Three Month Period Ended September 30, 2015					Three Month Period Ended September 30, 2014
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (6/30/2015 and 6/30/2014, respectively)	375,000	54,314		429,314		375,000	36,052		411,052
Granted	—	7,425		7,425		—	5,841		5,841
Exercised	—	(1,947	)	(1,947	)	—	(1,822	)	(1,822	)
LTIP Units Outstanding (9/30/2015 and 9/30/2014, respectively)	375,000	59,792		434,792		375,000	40,071		415,071
LTIP Units Vested and Outstanding (9/30/2015 and 9/30/2014, respectively)	375,000	33,753		408,753		375,000	23,958		398,958



	Nine Month Period Ended September 30, 2015					Nine Month Period Ended September 30, 2014
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2014 and 12/31/2013, respectively)	375,000	54,314		429,314		375,000	36,052		411,052
Granted	—	7,425		7,425		—	5,841		5,841
Exercised	—	(1,947	)	(1,947	)	—	(1,822	)	(1,822	)
LTIP Units Outstanding (9/30/2015 and 9/30/2014, respectively)	375,000	59,792		434,792		375,000	40,071		415,071
LTIP Units Vested and Outstanding (9/30/2015 and 9/30/2014, respectively)	375,000	33,753		408,753		375,000	23,958		398,958