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Noncontrolling Interest

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

The following table summarizes the activity for noncontrolling interest in the Company during the three months ended March 31, 2022 and the year ended December 31, 2021.

Noncontrolling Interest						LTIP Units						Other Common Units						Total Noncontrolling Common Units						Noncontrolling Interest
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						(149,143)						149,143						—						N/A
Redemptions from Other Common Units to common stock						—						(171,318)						(171,318)						N/A
Balance at December 31, 2021						1,949,124						1,570,640						3,519,764						1.9		%
Granted/Issued						470,237						—						470,237						N/A
Forfeited						—						—						—						N/A
Conversions from LTIP units to Other Common Units						(65,000)						65,000						—						N/A
Redemptions from Other Common Units to common stock						—						(65,000)						(65,000)						N/A
Balance at March 31, 2022						2,354,361						1,570,640						3,925,001						2.1		%

LTIP Units

The Company granted LTIP units under the 2011 Plan on January 10, 2022 to non-employee, independent directors, which will vest on January 1, 2023, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 10, 2022 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years (beginning on March 31, 2022), subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 10, 2022 pursuant to the 2019 performance units.

The fair value of the LTIP units as of the grant date 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 non-recurring fair value measurements. The following table summarizes the assumptions used in valuing the LTIP units granted during the three months ended March 31, 2022 (excluding the LTIP units granted pursuant to the 2019 performance units discussed in Note 8 below).

LTIP Units						Assumptions
Grant date						January 10, 2022
Expected term (years)						10
Expected stock price volatility						34.0		%
Expected dividend yield						4.0		%
Risk-free interest rate						1.204		%
Fair value of LTIP units at issuance (in thousands)						$	4,385
LTIP units at issuance						104,241
Fair value unit price per LTIP unit at issuance						$	42.07

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.

The following table summarizes activity related to the Company’s unvested LTIP units during the three months ended March 31, 2022 and the year ended December 31, 2021.

Unvested LTIP Units						LTIP Units						Weighted Average Grant Date Fair Value per Unit
Balance at December 31, 2020						211,448						$	26.54
Granted						405,844						$	28.13
Vested						(427,184)						$	27.47
Forfeited						—						$	—
Balance at December 31, 2021						190,108						$	27.84
Granted						470,237						$	42.07
Vested						(414,348)						$	40.39
Forfeited						—						$	—
Balance at March 31, 2022						245,997						$	33.90

The unrecognized compensation expense associated with the Company’s LTIP units at March 31, 2022 was approximately $5.5 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 months ended March 31, 2022 and 2021.

						Three months ended March 31,
Vested LTIP units						2022						2021
Vested LTIP units						414,348						183,486
Fair value of vested LTIP units (in thousands)						$	18,593					$	5,683

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 https://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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