Restricted Unit Awards

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

21. Restricted Unit Awards

The Partnership’s Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers of Greystone Manager for up to 1.0 million BUCs. As of December 31, 2022, there were approximately 478,000 restricted units and other awards available for future issuance. The number of BUCs with respect to which awards may be granted under the Plan, the number of BUCs subject to outstanding awards granted under the Plan, and the grant price with respect to any such awards were retroactively adjusted to account for the Reverse Unit Split on a one-for-three basis. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. Unvested RUAs are typically entitled to receive distributions during the restriction period. The Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner, or upon death or disability of the Plan participant.

The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $1.5 million and $1.3 million for the years ended December 31, 2022 and 2021, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations.

The following table summarizes the RUA activity for years ended December 31, 2022 and 2021 (all amounts are presented giving effect to the one-for-three Reverse Unit Split which became effective on April 1, 2022):


	Restricted Units Awarded			Weighted average Grant-date Fair Value
Unvested as of January 1, 2021		44,271		$	14.94
Granted		88,775			19.47
Vested		(55,523	)		17.67
Unvested as of December 31, 2021		77,523			18.18
Granted		96,321			19.33
Vested		(81,073	)		18.26
Forfeited		(5,437	)		18.76
Unvested as of December 31, 2022		87,334		$	19.33

The unrecognized compensation expense related to unvested RUAs granted under the Plan was $1.1 million as of December 31, 2022. The remaining compensation expense is expected to be recognized over a weighted average period of 1.3 years. The total intrinsic value of unvested RUAs was approximately $1.5 million as of December 31, 2022.