The Partnership’s 2015 Plan permits the grant of RUAs 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 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.

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 $39,000 and $184,000 for the three months ended March 31, 2020 and 2019, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.

The following table summarizes the RUA activity as of and for the three months ended March 31, 2020 and the year ended December 31, 2019:

	Restricted Units Awarded			Weighted-average Grant-date Fair Value
Nonvested as of January 1, 2019		265,290		$	6.14
Granted		353,197			7.74
Vested		(618,487	)		7.05
Nonvested as of December 31, 2019		-		$	-
Granted		290,000			4.98
Nonvested as of March 31, 2020		290,000		$	4.98

The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $1.4 million as of March 31, 2020. The remaining compensation expense is expected to be recognized over a weighted-average period of 1.6 years. The total intrinsic value of unvested RUAs was approximately $1.5 million as of March 31, 2020.