The Partnership’s 2015 Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, or any affiliate, and members of the Board of Managers of Greystone Manager for up to 3.0 million BUCs. 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. All of the restrictions applicable to the previously unvested RUAs lapsed and all outstanding RUAs became immediately vested and nonforfeitable upon the closing of the previously disclosed acquisition of all of the issued and outstanding partnership interests in the General Partner by affiliates of Greystone, which occurred on September 10, 2019 (see Note 1).

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 $3.6 million and $1.8 million for the years ended December 31, 2019 and 2018, 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, 2019 and 2018:

	Restricted Units Awarded			Weighted-average Grant-date Fair Value
Nonvested as of January 1, 2018		242,069		$	5.83
Granted		309,212			6.31
Vested		(279,034	)		6.06
Forfeited		(6,957	)		6.31
Nonvested as of December 31, 2018		265,290		$	6.14
Granted		353,197			7.74
Vested		(618,487	)		7.05
Nonvested as of December 31, 2019		-		$	-

As of December 31, 2019, there was no unrecognized compensation expense related to nonvested RUAs granted under the Plan.