Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2021

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	%

Schedule of share-based payment award, LTIP unit awards, valuation assumptions

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

Schedule of activity related to unvested LTIP unit awards

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

Schedule of vested LTIP unit award activity

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