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Redeemable Noncontrolling Interests in Operating Partnership (Tables) | 12 Months Ended
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Dec. 31, 2019
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 |  | 2019 |  | 2018 |  | 2017 |
Performance LTIP units |  | Advisory services fee |  | $ | 1,144 |  |  | $ | 785 |  |  | $ | (1,630 | ) | (1)
LTIP units |  | Advisory services fee |  | 1,354 |  |  | 976 |  |  | 405 |  |
LTIP units - independent directors |  | Corporate, general and administrative |  | 103 |  |  | 61 |  |  | 64 |  |
Total |  |  |  | $ | 2,601 |  |  | $ | 1,822 |  |  | $ | (1,161 | ) |
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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 |  | 2019 |  | 2018 |  | 2017
Common units converted to common stock |  | 165 |  |  | — |  |  | 194 |
Fair value of common units converted |  | $ | 2,201 |  |  | $ | — |  |  | $ | 1,761 |
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, 2019 |  | December 31, 2018
Redeemable noncontrolling interests in Braemar OP | $ | 41,570 |  |  | $ | 44,885 |
Adjustments to redeemable noncontrolling interests (1) | $ | 65 |  |  | $ | 23 |
Ownership percentage of operating partnership | 10.96 | % |  | 11.22 | %
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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,
| 2019 |  | 2018 |  | 2017
Units outstanding at beginning of year | 4,833 |  |  | 4,790 |  |  | 4,943 |
LTIP units issued | 91 |  |  | 144 |  |  | 149 |
Performance LTIP units issued | 60 |  |  | 211 |  |  | 281 |
Units redeemed for shares of common stock | (165 | ) |  | — |  |  | (194 | )
Performance LTIP units cancelled | (281 | ) |  | (312 | ) |  | (389 | )
Units outstanding at end of year | 4,538 |  |  | 4,833 |  |  | 4,790 |
Units convertible/redeemable at end of year | 4,027 |  |  | 4,045 |  |  | 4,028 |
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,
| 2019 |  | 2018 |  | 2017
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $ | 1,207 |  |  | $ | 751 |  |  | $ | (2,038 | )
Aggregate distributions to holders of common units, LTIP units and Performance LTIP units | 3,050 |  |  | 2,854 |  |  | 2,791 |

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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. + References No definition available. + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 + Details
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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (27) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764 + Details
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