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Noncontrolling Interests (Tables)
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Summary of Outside Partner Units Related Annual Cash Distribution Rates and Conversion Features The Outside Partner Units related annual cash distribution rates and related conversion features consisted of the following as of September 30, 2024:

 

Type

 

Par Value
Per Unit

 

 

Number of Units
Remaining

 

 

Return Per Annum

Preferred Outside Partner Units

 

$

20.00

 

 

 

3,876,935

 

 

3.75%

Common Outside Partner Units

 

$

20.00

 

 

 

618,317

 

 

Equal to the Company’s common stock dividend
Summary of Change in Redemption Value of Redeemable Noncontrolling Interests

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2024 and 2023 (in thousands):

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Balance at January 1,

 

$

72,277

 

 

$

92,933

 

Net income

 

 

3,392

 

 

 

4,629

 

Distributions

 

 

(3,392

)

 

 

(4,629

)

Redemption/conversion of noncontrolling interests

 

 

(1,290

)

 

 

-

 

Adjustment to estimated redemption value

 

 

2,701

 

 

 

-

 

Balance at September 30,

 

$

73,688

 

 

$

92,933