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Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership:
September 30, 2024December 31, 2023
Redeemable noncontrolling interests in Braemar OP (in thousands)$31,336 $32,395 
Adjustments to redeemable noncontrolling interests (1) (in thousands)
$176 $66 
Ownership percentage of operating partnership8.05 %6.63 %
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(1)    Reflects the excess of the redemption value over the accumulated historical cost.
We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$124 $2,354 $1,747 $3,018 
Distributions declared to holders of common units, LTIP units and Performance LTIP units$369 $361 $1,103 $1,083 
The following table presents the common units redeemed for cash (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Units redeemed
— — — 1,456 
Cash value of common units redeemed
$— $— $— $7,162 
(1)
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(1)    Includes Mr. Monty J. Bennett’s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.