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Redeemable Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2019
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests JBG SMITH LP A portion of the OP Units held by persons other than JBG SMITH became redeemable for cash or, at our election, our common shares beginning on August 1, 2018, subject to certain limitations. During the years ended December 31, 2019 and 2018, unitholders redeemed 1.7 million and 3.0 million OP Units, which we elected to redeem for an equivalent number of our common shares. As of December 31, 2019, outstanding OP Units totaled 15.2 million, representing a 10.1% ownership interest in JBG SMITH LP. On our balance sheets, our OP Units and certain vested LTIPs are presented at the higher of their redemption value or their carrying value, with such adjustments recognized in "Additional paid-in capital." Redemption value per OP Unit is equivalent to the market value of one of our common shares at the end of the period. In 2020, as of the date of this filing, unitholders redeemed 733,851 OP Units, which we elected to redeem for an equivalent number of our common shares. Consolidated Real Estate Venture We are a partner in a real estate venture that owns an under construction multifamily asset located at 965 Florida Avenue in Washington, D.C. Pursuant to the terms of the real estate venture agreement, we will fund all capital contributions until our ownership interest reaches a maximum of 97.0%. Our partner can redeem its interest, for cash, two years after delivery, but no later than seven years after delivery. As of December 31, 2019, we held a 95.0% ownership interest in the real estate venture. The following is a summary of the activity of redeemable noncontrolling interests:
| Year Ended December 31,
| 2019 |  | 2018
| JBG SMITH LP |  | Consolidated Real Estate Venture |  | Total |  | JBG SMITH LP |  | Consolidated Real Estate Venture |  | Total
| (In thousands)
Balance as of beginning of period | $ | 552,159 |  |  | $ | 5,981 |  |  | $ | 558,140 |  |  | $ | 603,717 |  |  | $ | 5,412 |  |  | $ | 609,129 |
OP Unit redemptions | (57,318 | ) |  | — |  |  | (57,318 | ) |  | (109,208 | ) |  | — |  |  | (109,208 | )
LTIP Units issued in lieu of cash bonuses (1) | 3,954 |  |  | — |  |  | 3,954 |  |  | — |  |  | — |  |  | — |
Net income attributable to redeemable noncontrolling interests | 8,566 |  |  | 7 |  |  | 8,573 |  |  | 6,641 |  |  | 69 |  |  | 6,710 |
Other comprehensive income (loss) | (2,584 | ) |  | — |  |  | (2,584 | ) |  | 1,384 |  |  | — |  |  | 1,384 |
Contributions (distributions) | (15,325 | ) |  | 71 |  |  | (15,254 | ) |  | (18,737 | ) |  | 500 |  |  | (18,237 | )
Share-based compensation expense | 63,264 |  |  | — |  |  | 63,264 |  |  | 52,190 |  |  | — |  |  | 52,190 |
Adjustment to redemption value | 53,983 |  |  | — |  |  | 53,983 |  |  | 16,172 |  |  | — |  |  | 16,172 |
Balance as of end of period | $ | 606,699 |  |  | $ | 6,059 |  |  | $ | 612,758 |  |  | $ | 552,159 |  |  | $ | 5,981 |  |  | $ | 558,140 |

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