v3.19.3

Long-Term Incentive Plan Units | 9 Months Ended
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Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Long-Term Incentive Plan Units | Long-Term Incentive Plan Units OP LTIP Units subject to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP 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 OP LTIP Units issued under the Company's incentive plans for the three- and nine-month periods ended September 30, 2019 was $0.1 million and $0.3 million, respectively. On September 11, 2019, the Company's Board of Directors authorized the issuance of 14,552 OP LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on September 10, 2020. The below table details unvested OP LTIP Units as of September 30, 2019:
Grant Recipient |  | Number of OP LTIP Units Granted |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 14,552 |  |  | September 11, 2019 |  | September 10, 2020
Partially dedicated employees: |  |  |  |  |  |
|  | 8,692 |  |  | December 11, 2018 |  | December 11, 2019
|  | 8,691 |  |  | December 11, 2018 |  | December 11, 2020
|  | 5,886 |  |  | December 12, 2017 |  | December 12, 2019
Total unvested OP LTIP Units at September 30, 2019 |  | 37,821 |  |  |  |  |
(1) | Date at which such OP LTIP Units will vest and become non-forfeitable.
The following table summarizes issuance and exercise activity of OP LTIP Units for the three- and nine-month periods ended September 30, 2019:
| Three-Month Period Ended September 30, 2019 |  | Nine-Month Period Ended September 30, 2019
| Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (6/30/2019 and 1/1/19, respectively) | 375,000 |  |  | 146,371 |  |  | 521,371 |  |  | 375,000 |  |  | 146,371 |  |  | 521,371 |
Granted | — |  |  | 14,552 |  |  | 14,552 |  |  | — |  |  | 14,552 |  |  | 14,552 |
Exercised | — |  |  | (3,610 | ) |  | (3,610 | ) |  | — |  |  | (3,610 | ) |  | (3,610 | )
OP LTIP Units Outstanding (9/30/19) | 375,000 |  |  | 157,313 |  |  | 532,313 |  |  | 375,000 |  |  | 157,313 |  |  | 532,313 |
OP LTIP Units Unvested and Outstanding (9/30/19) | — |  |  | 37,821 |  |  | 37,821 |  |  | — |  |  | 37,821 |  |  | 37,821 |
OP LTIP Units Vested and Outstanding (9/30/19) | 375,000 |  |  | 119,492 |  |  | 494,492 |  |  | 375,000 |  |  | 119,492 |  |  | 494,492 |
As of September 30, 2019, there were an aggregate of 1,859,671 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan. Long-Term Incentive Plan Units LTIP Units and OP LTIP Units held pursuant to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each LTIP Unit is convertible into one common share. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of common shares of the Company or for the cash value of such common shares, at the Company's election. Costs associated with the LTIP Units and the OP 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 and OP LTIP Units issued under the Company's incentive plans for each of the three- and nine-month periods ended September 30, 2018 was $0.1 million and $0.3 million, respectively. 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. On September 12, 2018, the Company's Board of Directors authorized the issuance of 14,440 LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on September 11, 2019. On December 11, 2018, the Company's Board of Directors authorized the issuance of 17,383 OP LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on December 11, 2019 with respect to 8,692 OP LTIP Units and December 11, 2020 with respect to 8,691 OP LTIP Units. On December 31, 2018, the Company redeemed all 503,988 outstanding LTIP Units which it had originally issued under its incentive plans, with each LTIP unitholder receiving in exchange an equal number of OP LTIP Units (the "Redemption Transaction"). The below table details unvested OP LTIP Units as of December 31, 2018:
Grant Recipient |  | Number of OP LTIP Units |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 14,440 |  |  | September 12, 2018 |  | September 11, 2019
Partially dedicated employees: |  |  |  |  |  |
|  | 8,692 |  |  | December 11, 2018 |  | December 11, 2019
|  | 8,691 |  |  | December 11, 2018 |  | December 11, 2020
|  | 1,723 |  |  | March 7, 2018 |  | March 7, 2019
|  | 5,886 |  |  | December 12, 2017 |  | December 12, 2019
Total unvested OP LTIP Units at December 31, 2018 |  | 39,432 |  |  |  |  |
(1) | Date at which such OP LTIP Units will vest and become non-forfeitable.
The following table summarizes issuance and exercise activity of LTIP Units for the three- and nine-month periods ended September 30, 2018:
| Three-Month Period Ended September 30, 2018 |  | Nine-Month Period Ended September 30, 2018
| Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
LTIP Units Outstanding (6/30/2018 and 12/31/2017, respectively) | 375,000 |  |  | 117,882 |  |  | 492,882 |  |  | 375,000 |  |  | 116,159 |  |  | 491,159 |
Granted | — |  |  | 14,440 |  |  | 14,440 |  |  | — |  |  | 16,163 |  |  | 16,163 |
Exercised | — |  |  | (3,334 | ) |  | (3,334 | ) |  | — |  |  | (3,334 | ) |  | (3,334 | )
LTIP Units Outstanding (9/30/2018) | 375,000 |  |  | 128,988 |  |  | 503,988 |  |  | 375,000 |  |  | 128,988 |  |  | 503,988 |
LTIP Units Vested and Outstanding (9/30/2018) | 375,000 |  |  | 92,823 |  |  | 467,823 |  |  | 375,000 |  |  | 92,823 |  |  | 467,823 |
As of December 31, 2018, there were an aggregate of 1,874,223 common shares underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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