EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

The fair value of each stock option was estimated on the date of grant using a Black-Scholes option valuation model using the following assumptions:



		Year Ended December 31, 2015
Expected volatility	Due to the lack of historical data for the Company’s own stock, the Company has based its expected volatility on a representative peer group with similar business characteristics.	28%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	2.4%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	6.50%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	5 years



		Options	Weighted-Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Stock options outstanding at January 1, 2015		—
	Granted	15,000	$	16.98
	Exercised	—
	Forfeited and cancelled	—
Stock options outstanding and exercisable as of December 31, 2015		15,000	16.98		9.42	$	—

The Company’s Statements of Operations includes the following expense related to its stock-based compensation arrangements:



	Year Ended December 31, 2015		Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
Stock Options	$	24	$	—
Restricted Shares	3,432		20,110
Common Units	1,206		354
Total	$	4,662	$	20,464