Noncontrolling Interests |
3 Months Ended |
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Mar. 31, 2025 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the limited partnership interest ("LPI Units") in the Operating Partnership not held by the Company. Net income allocated to noncontrolling interest is based on LPI Unitholders' ownership percentage in the Operating Partnership. As of March 31, 2025 and December 31, 2024, noncontrolling interests represented approximately 357,442 and 372,640 LPI Units, respectively, or 1.7% and 1.8%, respectively, ownership interest in the Operating Partnership. Net income allocated to the Operating Partnership noncontrolling interest for the three months ended March 31, 2025 and 2024 was $107 thousand and $125 thousand, respectively. During the three months ended March 31, 2025, 15,198 LPI Units were redeemed for cash and no LPI Units were converted to common stock. During the three months ended March 31, 2024, no LPI Units were redeemed for cash or converted to common stock.
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