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Redeemable Noncontrolling Interests | 9 Months Ended
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Sep. 30, 2023
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable noncontrolling interests on our consolidated balance sheets includes the ownership interests of our partners in LW Redstone Company, LLC and Stevens Investors, LLC due to the partners’ rights to require us to acquire their interests. Effective in June 2023, these rights expired for our Stevens Investors, LLC partners, which resulted in our reclassification of their interests from redeemable noncontrolling interests to the noncontrolling interests in subsidiaries section of equity. The table below sets forth the activity for redeemable noncontrolling interests (in thousands):
|  | For the Nine Months Ended September 30,
|  | 2023 |  | 2022
Beginning balance |  | $ | 26,293 |  |  | $ | 26,898 |
Distributions to noncontrolling interests |  | (1,971) |  |  | (2,209) |
Net income attributable to noncontrolling interests |  | 1,856 |  |  | 2,100 |
Adjustments for changes in fair value of interests |  | (1,686) |  |  | (1,342) |
Reclassification of Stevens Investors, LLC interests to equity |  | (2,670) |  |  | — |
Ending balance |  | $ | 21,822 |  |  | $ | 25,447 |
We determine the fair value of the interests based on unobservable inputs after considering the assumptions that market participants would make in pricing the interest. We apply a discount rate to the estimated future cash flows allocable to our partners from the properties underlying the respective joint ventures. Estimated cash flows used in such analyses are based on our plans for the properties and our views of market and economic conditions, and consider items such as current and future rental rates, occupancy projections and estimated operating and development expenditures.

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- 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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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- References No definition available. + Details
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