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Noncontrolling Interests | 3 Months Ended
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Mar. 31, 2021
Noncontrolling Interest [Abstract] |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the GCEAR Operating Partnership in which the Company is the general partner. General partnership units and limited partnership units of the GCEAR Operating Partnership were issued as part of the initial capitalization of the EA-1 Operating Partnership and GCEAR II Operating Partnership, in conjunction with members of management's contribution of certain assets, other contributions, and in connection with the self-administration transaction as discussed in Note 1, Organization. As of March 31, 2021, noncontrolling interests were approximately 9.00% of total shares and 10.63% of weighted average shares outstanding (both measures assuming GCEAR OP Units were converted to common stock). The Company has evaluated the terms of the limited partnership interests in the GCEAR Operating Partnership, and as a result, has classified limited partnership interests issued in the initial capitalization, in conjunction with the contributed assets and in connection with the self-administration transaction, as noncontrolling interests, which are presented as a component of permanent equity, except as discussed below. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity has been reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. As of March 31, 2021, the limited partners of the GCEAR Operating Partnership owned approximately 31.8 million GCEAR OP Units, which were issued to affiliated parties and unaffiliated third parties in exchange for the contribution of certain properties to the Comp, and in connection with the self-administration transaction and other services. Approximately 20.4 million GCEAR OP Units issued to affiliates had a mandatory hold period until December 2020 and had no voting rights until the units convert to common shares. In addition, 0.2 million GCEAR OP Units were issued to unaffiliated third parties unrelated to property contributions. To the extent the contributors should elect to redeem all or a portion of their GCEAR OP Units, pursuant to the terms of the respective contribution agreement, such redemption shall be at a per unit value equivalent to the price at which the contributor acquired its GCEAR OP Units in the respective transaction. The limited partners of the GCEAR Operating Partnership, other than those related to the Will Partners REIT, LLC ("Will Partners") property contribution, will have the right to cause the general partner of the GCEAR Operating Partnership, the Company, to redeem their GCEAR OP Units for cash equal to the value of an equivalent number of shares, or, at the Company’s option, purchase their GCEAR OP Units by issuing one share of the Company’s common stock for the original redemption value of each limited partnership unit redeemed. The Company has the control and ability to settle such requests in shares. These rights may not be exercised under certain circumstances which could cause the Company to lose its REIT election. The following summarizes the activity for noncontrolling interests recorded as equity for the three months ended March 31, 2021 and year ended December 31, 2020:
| Three Months Ended March 31, 2021 |  | Year Ended December 31, 2020
Beginning balance | $ | 226,550 |  |  | $ | 245,040 |
Reclass of noncontrolling interest subject to redemption | (31) |  |  | 224 |
Repurchase of noncontrolling interest | — |  |  | (1,137) |
Issuance of stock dividend for noncontrolling interest | — |  |  | 1,068 |
Distributions to noncontrolling interests | (2,698) |  |  | (13,306) |
Allocated distributions to noncontrolling interests subject to redemption | (5) |  |  | (29) |
Net (loss) income | (569) |  |  | (1,732) |
Other comprehensive loss | 1,748 |  |  | (3,578) |
Ending balance | $ | 224,995 |  |  | $ | 226,550 |
Noncontrolling interests subject to redemption Operating partnership units issued pursuant to the Will Partners property contribution are not included in permanent equity on the consolidated balance sheets. The partners holding these units can cause the general partner to redeem the units for the cash value, as defined in the GCEAR Operating Partnership agreement. As the general partner does not control these redemptions, these units are presented on the consolidated balance sheets as noncontrolling interest subject to redemption at their redeemable value. The net income (loss) and distributions attributed to these limited partners is allocated proportionately between common stockholders and other noncontrolling interests that are not considered redeemable.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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