Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Noncontrolling Interest Relating to Noncontrolling OP Units

As of March 31, 2026, noncontrolling interests relating to the Noncontrolling OP units were $35.4 million and consisted of the following:


Type	Units Outstanding		Return Per Annum
Vested OP Units		1,083,541	Equal to the Company’s common stock dividend
Unvested Time-Based OP Units		675,068	Equal to the Company’s common stock dividend
Unvested Performance-Based OP Units		1,556,501	Dividend equivalent OP Units upon vesting

Summary of Change in Redemption Value of Redeemable Noncontrolling Interests

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Balance at January 1,	$	24,506		$	47,877
Net income		359			813
Distributions		(359	)		(813	)
Redemption/conversion of noncontrolling interests (1)		(24,792	)		(676	)
Adjustment to estimated redemption value		286			(577	)
Balance at March 31,	$	-		$	46,624

(1)

Includes Preferred and Common Outside Partner Units, which were fully redeemed during the three months ended March 31, 2026 and partially redeemed during the three months ended March 31, 2025. Also, during the three months ended March 31, 2026, the Company acquired the remaining outside partner’s interest in a consolidated property for a purchase price of $6.0 million.