Redeemable Noncontrolling Interests in Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2020

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



	Three Months Ended March 31,
	2020			2019
Common units converted to common stock	339			110
Fair value of common units converted	$	390	⁽¹⁾	$	1,434

____________________________________


⁽¹⁾	The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million.

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



	March 31, 2020			December 31, 2019
Redeemable noncontrolling interests in Braemar OP	$	36,786		$	41,570
Adjustments to redeemable noncontrolling interests ⁽¹⁾	$	59		$	65
Ownership percentage of operating partnership	10.85		%	10.96		%

____________________________________


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

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):



	Three Months Ended March 31,
	2020		2019
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$	1,885	$	440
Distributions declared to holders of common units, LTIP units and Performance LTIP units	—		778