v3.26.1
Noncontrolling Interests
6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS NONCONTROLLING INTERESTS
On April 1, 2026, 21.1 million OP Units were issued in exchange for DST interests for a net investment of $207.1 million, in connection with the exercise by the Operating Partnership of its fair market value purchase option to acquire the beneficial interests in 200 Park Place and EMME, two of the properties that had been held through the DST Program. The tables below summarize the activity related to the OP Units (in thousands):

Three months ended June 30,Six months ended June 30,
2026202520262025
Balance at beginning of period21212121
Issuance of units21,09121,091
Redemption of units
Balance at end of period21,112 21 21,112 21 
Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units and, upon redemption, the Company, in its sole discretion, may pay the holder in (i) shares of the equivalent class of common stock, (ii) cash or (iii) a combination thereof. If the Company elects to redeem OP Units for shares of its common stock, the Company will generally deliver one share of its common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of the Company’s share redemption program. If the Company elects to redeem OP Units for cash, the cash delivered per unit will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of its corresponding class of shares.