Long-Term Incentive Plan Units

12 Months Ended

Dec. 31, 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 the years ended December 31, 2016, 2015, and 2014 was $0.4 million, $0.4 million, and $0.3 million, respectively.

The below table details on the Company's unvested LTIP Units as of December 31, 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:
	8,090	December 13, 2016	December 13, 2017
	5,583	December 13, 2016	December 13, 2018
	5,949	December 15, 2015	December 15, 2017
	686	December 15, 2015	December 31, 2017
Total unvested LTIP Units at December 31, 2016	28,711


(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, 2016, 2015, and 2014:



	Year Ended December 31, 2016					Year Ended December 31, 2015					Year Ended December 31, 2014
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2015, 12/31/14, and 12/31/2013, respectively)	375,000	74,938		449,938		375,000	54,314		429,314		375,000	36,052		411,052
Granted	—	22,076		22,076		—	22,571		22,571		—	20,084		20,084
Exercised	—	(2,475	)	(2,475	)	—	(1,947	)	(1,947	)	—	(1,822	)	(1,822	)
LTIP Units Outstanding (12/31/2016, 12/31/2015, and 12/31/2014, respectively)	375,000	94,539		469,539		375,000	74,938		449,938		375,000	54,314		429,314
LTIP Units Vested and Outstanding (12/31/2016, 12/31/2015, and 12/31/2014, respectively)	375,000	65,828		440,828		375,000	46,120		421,120		375,000	29,859		404,859

As of December 31, 2016, there were an aggregate of 1,307,397 common shares underlying awards, including LTIP Units, available for future issuance under the Company's 2007 Incentive Plan for Individuals and 2007 Incentive Plan for Entities.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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