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Redeemable Noncontrolling Interests in Operating Partnership (Tables)

12 Months Ended

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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- References

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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 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

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-Publisher FASB
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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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-Publisher FASB
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