Long-Term Incentive Plan Units

LTIP Units held pursuant to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each unit is convertible into one common share. Costs associated with the LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with LTIP Units issued under the Company's incentive plans for each of the three month periods ended September 30, 2017 and 2016 was $0.1 million. Total expense associated with LTIP Units issued under the Company's incentive plans for each of the nine month periods ended September 30, 2017 and 2016 was $0.3 million.

On September 12, 2017, the Company's Board of Directors authorized the issuance of 10,002 LTIP Units to its independent directors pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on September 11, 2018.

The below table details on the Company's unvested LTIP Units as of September 30, 2017:



Grant Recipient	Number of LTIP Units Granted	Grant Date	Vesting Date⁽¹⁾
Independent directors:
	10,002	September 12, 2017	September 11, 2018
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 September 30, 2017	30,310


(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, 2017 and 2016:



	Three Month Period Ended September 30, 2017					Three Month Period Ended September 30, 2016
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (6/30/2017 and 6/30/2016, respectively)	375,000	94,539		469,539		375,000	74,938		449,938
Granted	—	10,002		10,002		—	8,403		8,403
Exercised	—	(2,801	)	(2,801	)	—	(2,475	)	(2,475	)
LTIP Units Outstanding (9/30/2017 and 9/30/2016, respectively)	375,000	101,740		476,740		375,000	80,866		455,866
LTIP Units Vested and Outstanding (9/30/2017 and 9/30/2016, respectively)	375,000	71,430		446,430		375,000	51,070		426,070

The following table summarizes issuance and exercise activity of the Company's LTIP Units for the nine month periods ended September 30, 2017 and 2016:



	Nine Month Period Ended September 30, 2017					Nine Month Period Ended September 30, 2016
	Manager	Director/ Employee		Total		Manager	Director/ Employee		Total
LTIP Units Outstanding (12/31/2016 and 12/31/2015, respectively)	375,000	94,539		469,539		375,000	74,938		449,938
Granted	—	10,002		10,002		—	8,403		8,403
Exercised	—	(2,801	)	(2,801	)	—	(2,475	)	(2,475	)
LTIP Units Outstanding (9/30/2017 and 9/30/2016, respectively)	375,000	101,740		476,740		375,000	80,866		455,866
LTIP Units Vested and Outstanding (9/30/2017 and 9/30/2016, respectively)	375,000	71,430		446,430		375,000	51,070		426,070

As of September 30, 2017, there were an aggregate of 1,922,188 common shares underlying awards, including LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.