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Noncontrolling Interest

6 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

The following table summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2021 and the year ended December 31, 2020.

Noncontrolling Interest						LTIP Units						Other Common Units						Total Noncontrolling Common Units						Noncontrolling Interest
Balance at December 31, 2019						1,697,358						2,039,494						3,736,852						2.5		%
Granted/Issued						278,806						—						278,806						N/A
Forfeited						—						—						—						N/A
Conversions from LTIP units to Other Common Units						(283,741)						283,741						—						N/A
Redemptions from Other Common Units to common stock						—						(730,420)						(730,420)						N/A
Balance at December 31, 2020						1,692,423						1,592,815						3,285,238						2.0		%
Granted/Issued						405,844						—						405,844						N/A
Forfeited						—						—						—						N/A
Conversions from LTIP units to Other Common Units						(97,159)						97,159						—						N/A
Redemptions from Other Common Units to common stock						—						(119,334)						(119,334)						N/A
Balance at June 30, 2021						2,001,108						1,570,640						3,571,748						2.2		%

LTIP Units

LTIP units granted on January 7, 2021 to non-employee, independent directors, subject to the recipient’s continued service, will vest on January 1, 2022. LTIP units granted on January 7, 2021 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date having been March 31, 2021. Refer to Note 8 for a discussion of the LTIP units granted on January 7, 2021 pursuant to the 2018 performance units.

The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and are non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2021 (excluding those LTIP units granted pursuant to the 2018 performance units; refer to Note 8 for details).

LTIP Units						Assumptions
Grant date						January 7, 2021
Expected term (years)						10
Expected volatility						34.0		%
Expected dividend yield						5.0		%
Risk-free interest rate						0.229		%
Fair value of LTIP units at issuance (in thousands)						$	4,316
LTIP units at issuance						153,430
Fair value unit price per LTIP unit at issuance						$	28.13

The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2021 and the year ended December 31, 2020.

Unvested LTIP Units						LTIP Units						Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2019						227,348						$	23.37
Granted						278,806						$	29.47
Vested						(294,706)						$	26.87
Forfeited						—						$	—
Balance at December 31, 2020						211,448						$	26.54
Granted						405,844						$	28.13
Vested						(228,821)						$	27.33
Forfeited						—						$	—
Balance at June 30, 2021						388,471						$	27.74

The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2021 was approximately $4.1 million and is expected to be recognized over a weighted average period of approximately 2.3 years.

The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2021 and 2020.

						Three months ended June 30,												Six months ended June 30,
Vested LTIP units						2021						2020						2021						2020
Vested LTIP units						45,335						43,958						228,821						174,145
Fair value of vested LTIP units (in thousands)						$	1,686					$	1,213					$	7,369					$	5,074

X

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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X

- References

No definition available.

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