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Noncontrolling Interests (Tables)
9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interest Relating to Noncontrolling OP Units As of September 30, 2025, noncontrolling interests relating to the Noncontrolling OP units were $29.1 million and consisted of the following:

 

Type

 

Units Outstanding

 

 

Return Per Annum

Vested OP Units

 

 

1,002,014

 

 

Equal to the Company’s common stock dividend

Unvested Time-Based OP Units

 

 

442,708

 

 

Equal to the Company’s common stock dividend

Unvested Performance-Based OP Units

 

 

1,076,361

 

 

Dividend equivalent OP Units upon vesting

 

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, 2025:

 

Type

 

Par Value
Per Unit

 

 

Units
Outstanding

 

 

Return Per Annum

Preferred Outside Partner Units

 

$

20.00

 

 

 

2,450,246

 

 

3.75%

Common Outside Partner Units

 

$

20.00

 

 

 

261,369

 

 

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, 2025 and 2024 (in thousands):

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

Balance at January 1,

 

$

47,877

 

 

$

72,277

 

Net income

 

 

2,249

 

 

 

3,392

 

Distributions

 

 

(2,249

)

 

 

(3,392

)

Redemption/conversion of noncontrolling interests (1)

 

 

(676

)

 

 

(1,290

)

Adjustment to estimated redemption value

 

 

(418

)

 

 

2,701

 

Balance at September 30,

 

$

46,783

 

 

$

73,688

 

 

(1)
Includes Preferred and Common Outside Partner Units, which were partially redeemed during the nine months ended September 30, 2025 and 2024.