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.