Long-Term Incentive Plan Units

9 Months Ended

Sep. 30, 2016

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, 2016 and 2015 was $0.1 million. Total expense associated with Individual LTIPs for both the nine month periods ended September 30, 2016 and 2015 was $0.3 million.

The below table details on the Company's unvested LTIP units as of September 30, 2016:



Grant Recipient	Number of LTIP units Granted	Grant Date	Vesting Date⁽¹⁾
Independent directors:
	8,403	September 13, 2016	September 12, 2017
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 September 30, 2016	29,796


(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 three month periods ended September 30, 2016 and 2015:



	Three Month Period Ended September 30, 2016					Three Month Period Ended September 30, 2015
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (6/30/2016 and 6/30/2015, respectively)	375,000	74,938		449,938		375,000	54,314		429,314
Granted	—	8,403		8,403		—	7,425		7,425
Exercised	—	(2,475	)	(2,475	)	—	(1,947	)	(1,947	)
LTIP Units Outstanding (9/30/2016 and 9/30/2015, respectively)	375,000	80,866		455,866		375,000	59,792		434,792
LTIP Units Vested and Outstanding (9/30/2016 and 9/30/2015, respectively)	375,000	51,070		426,070		375,000	33,753		408,753

The following table summarizes issuance and exercise activity of the Company's LTIP units for the nine month periods ended September 30, 2016 and 2015:



	Nine Month Period Ended September 30, 2016					Nine Month Period Ended September 30, 2015
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2015 and 12/31/2014, respectively)	375,000	74,938		449,938		375,000	54,314		429,314
Granted	—	8,403		8,403		—	7,425		7,425
Exercised	—	(2,475	)	(2,475	)	—	(1,947	)	(1,947	)
LTIP Units Outstanding (9/30/2016 and 9/30/2015, respectively)	375,000	80,866		455,866		375,000	59,792		434,792
LTIP Units Vested and Outstanding (9/30/2016 and 9/30/2015, respectively)	375,000	51,070		426,070		375,000	33,753		408,753