Long-Term Incentive Plan Units

12 Months Ended

Dec. 31, 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 the years ended December 31, 2015 2014, and 2013 was $0.4 million, $0.3 million, and $0.2 million, respectively.

The below table details on the Company's unvested LTIP units:



Grant Recipient	Number of LTIP units Granted	Grant Date	Vesting Date⁽¹⁾
Independent directors:
	7,425	September 15, 2015	September 14, 2016
Partially dedicated employees:
	7,822	December 15, 2015	December 15, 2016
	689	December 15, 2015	December 31, 2016
	5,949	December 15, 2015	December 15, 2017
	686	December 15, 2015	December 31, 2017
	6,247	December 11, 2014	December 11, 2016
Total unvested LTIP units at December 31, 2015	28,818


(1)	Date at which such LTIP units will vest and become non-forfeitable.

The following table summarizes issuance and exercise activity of the Company's LTIP units for the years ended December 31, 2015, 2014, and 2013:



	Year Ended December 31, 2015					Year Ended December 31, 2014					Year Ended December 31, 2013
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	375,000	54,314		429,314		375,000	36,052		411,052		375,000	22,096		397,096
Granted	—	22,571		22,571		—	20,084		20,084		—	15,738		15,738
Exercised	—	(1,947	)	(1,947	)	—	(1,822	)	(1,822	)	—	(1,782	)	(1,782	)
LTIP Units Outstanding (12/31/2015, 12/31/2014, and 12/31/2013, respectively)	375,000	74,938		449,938		375,000	54,314		429,314		375,000	36,052		411,052
LTIP Units Vested and Outstanding (12/31/2015, 12/31/2014, and 12/31/2013, respectively)	375,000	46,120		421,120		375,000	29,859		404,859		375,000	20,314		395,314