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Redeemable Noncontrolling Interests in Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2018

Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]

Compensation expense

The following table presents compensation expense for performance LTIP units and LTIP units (in thousands):

				Year Ended December 31,
Type		Line Item		2018				2017				2016
Performance LTIP units		Advisory services fee		$	785			$	(1,630	)	(1)	$	975
LTIP units		Advisory services fee		976				405				1,429
LTIP units - independent directors		Corporate, general and administrative		61				64				44
Total				$	1,822			$	(1,161	)		$	2,448

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⁽¹⁾  The credit to compensation expense is a result of lower fair values as compared to prior periods.

Redeemable noncontrolling interest

The following table presents the common units redeemed and the fair value upon redemption (in thousands):

		Year Ended December 31,
Line Item		2018				2017				2016
Common units converted to stock		—				194				137
Fair value of units converted		$	—			$	1,761			$	1,925

The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:

	December 31, 2018				December 31, 2017
Redeemable noncontrolling interests in Braemar OP	$	44,885			$	46,627
Adjustments to redeemable noncontrolling interests (1)	$	23			$	—
Ownership percentage of operating partnership	11.22		%		11.43		%

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⁽¹⁾  Reflects the excess of the redemption value over the accumulated historical costs^.

Summary of the activity of the operating partnership units

A summary of the activity of the units in our operating partnership is as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016
Units outstanding at beginning of year	4,790			4,943			4,375
LTIP units issued	144			149			4
Performance-based LTIP units issued	211			281			701
Units redeemed for shares of common stock	—			(194	)		(137	)
Performance-based LTIP units cancelled	(312	)		(389	)		—
Units outstanding at end of year	4,833			4,790			4,943
Units convertible/redeemable at end of year	4,045			4,028			4,083

We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to the holders of common units and holders of LTIP units, which are recorded as a reduction of redeemable noncontrolling interests in operating partnership, as illustrated in the table below (in thousands):

	Year Ended December 31,
	2018				2017				2016
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$	751			$	(2,038	)		$	(1,899	)
Aggregate distributions to holders of common units, LTIP units and performance LTIP units	2,854				2,791				2,331

X

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- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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