Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2022

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	%

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

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

Schedule of activity related to unvested LTIP unit awards

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

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 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