| Schedule of time-based vesting LTIP unit activity |
The time-based vesting LTIP unit activity under the Plan during the nine months ended September 30, 2019 was as follows:
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LTIP Units outstanding as of December 31, 2018
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588
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LTIP Units earned and granted via the 2018 performance program – Annual Awards (1)
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108
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LTIP Units granted on a discretionary basis related to the Annual Awards (2)
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28
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LTIP Units granted as 2019 long-term time based awards (3)
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54
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LTIP Units granted to independent directors of the Board (4)
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22
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LTIP Units – other grant and forfeitures, net (5)
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(9)
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LTIP Units outstanding as of September 30, 2019
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791
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(1)
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The 108 LTIP Units represents earned and granted units from the previously disclosed 2018 annual awards (the “Annual Awards”). On March 5, 2019 the Compensation Committee of the Board (the “Compensation Committee”) determined the extent to which the Company achieved the performance goals related to the 2018 Annual Awards and determined the number of LTIP Units that each grantee was entitled to receive. These grants vested 50% on March 5, 2019, the determination date, and 50% vest on March 5, 2020.
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(2)
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The 28 LTIP Units represents a discretionary grant by the Board. These grants vested 50% on March 5, 2019, the grant date, and 50% vest on March 5, 2020.
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(3)
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The 54 LTIP Units represent grants approved by the Board on March 5, 2019 pursuant to the Company' 2019 Long-Term Incentive Plan. These grants are valued based on the Company’s share price at the date of grant of $10.07 and vest in equal one-third increments on each of March 5, 2020, March 5, 2021, and March 5, 2022.
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(4)
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The 22 LTIP Units represent a grant to the independent directors of the Board made on May 29, 2019, which vest on May 29, 2020.
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(5)
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The decrease of nine LTIP Units net represents 11 LTIP Units redeemed for the Company’s common stock with a value of $110 and one LTIP Unit that was forfeited, partially offset by three LTIP Units that were granted on March 15, 2019 related to a new hire. These three LTIP Units vest in equal one-third increments on each of March 15, 2020, March 15, 2021, and March 5, 2022.
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A detail of the vested and unvested LTIP units outstanding as of September 30, 2019 is as follows:
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Total vested units
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483
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Unvested units:
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Granted to employees of the Advisor
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286
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Granted to the Company’s independent directors
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22
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Total unvested units
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308
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LTIP Units outstanding as of September 30, 2019
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791
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| Schedule of of the Annual Awards and Long-Term Awards |
A detail of the Annual Awards and Long-Term Awards under the 2017, 2018, and 2019 programs as of September 30, 2019 is as follows:
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2017 Program
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2018 Program
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2019 Program
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Long-Term
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Annual
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Long-Term
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Annual
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Long-Term
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Total
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Net annual and long-term LTIP awards as of December 31, 2018 (at target)
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96
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161
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110
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—
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—
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367
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LTIP Unit target grants via the 2019 Performance Program – Annual Awards and Long-Term Awards (1)
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—
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—
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—
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133
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82
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215
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LTIP Units earned and granted via the 2018 Performance Program – Annual Awards (2)
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—
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(108)
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—
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—
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—
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(108)
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LTIP Units granted on a discretionary basis via the 2018 Performance Program – Annual Awards (2)
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—
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(28)
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—
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—
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—
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(28)
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LTIP Units not earned under the 2018 Performance Program – Annual Awards (3)
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—
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(25)
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—
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—
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—
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(25)
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Net annual and long-term LTIP awards as of September 30, 2019 (at target)
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96
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—
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110
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133
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82
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421
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(1)
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These target Annual Awards and Long-Term Awards were approved by the Board on March 5, 2019.
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(2)
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These amounts represent grants from the 2018 program Annual Awards. Refer to the “Time-Based Grants” table above which presents these grants as earned and time-based.
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(3)
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On March 5, 2019 the Compensation Committee determined the extent to which the Company achieved the performance goals and concluded that these target awards were not achieved.
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