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 June 30, 2018 and 2017 was $0.1 million. Total expense associated with LTIP Units issued under the Company's incentive plans for each of the six-month periods ended June 30, 2018 and 2017 was $0.2 million.

On March 7, 2018, the Company's Board of Directors authorized the issuance of 1,723 LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on March 7, 2019.

The below table details on the Company's unvested LTIP Units as of June 30, 2018:



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:
	1,723	March 7, 2018	March 7, 2019
	8,533	December 12, 2017	December 12, 2018
	5,886	December 12, 2017	December 12, 2019
	5,583	December 13, 2016	December 13, 2018
Total unvested LTIP Units at June 30, 2018	31,727


(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 June 30, 2018 and 2017:



	Three-Month Period Ended June 30, 2018			Three-Month Period Ended June 30, 2017
	Manager	Director/ Employee	Total	Manager	Director/ Employee	Total
LTIP Units Outstanding (3/31/2018 and 3/31/2017, respectively)	375,000	117,882	492,882	375,000	94,539	469,539
Granted	—	—	—	—	—	—
Exercised	—	—	—	—	—	—
LTIP Units Outstanding (6/30/2018 and 6/30/2017, respectively)	375,000	117,882	492,882	375,000	94,539	469,539
LTIP Units Vested and Outstanding (6/30/2018 and 6/30/2017, respectively)	375,000	86,155	461,155	375,000	65,828	440,828

The following table summarizes issuance and exercise activity of the Company's LTIP Units for the six-month periods ended June 30, 2018 and 2017:



	Six-Month Period Ended June 30, 2018			Six-Month Period Ended June 30, 2017
	Manager	Director/ Employee	Total	Manager	Director/ Employee	Total
LTIP Units Outstanding (12/31/2017 and 12/31/2016, respectively)	375,000	116,159	491,159	375,000	94,539	469,539
Granted	—	1,723	1,723	—	—	—
Exercised	—	—	—	—	—	—
LTIP Units Outstanding (6/30/2018 and 6/30/2017, respectively)	375,000	117,882	492,882	375,000	94,539	469,539
LTIP Units Vested and Outstanding (6/30/2018 and 6/30/2017, respectively)	375,000	86,155	461,155	375,000	65,828	440,828

As of June 30, 2018, there were an aggregate of 1,906,046 common shares underlying awards, including LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.