Redeemable Noncontrolling Interests in Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

Schedules of Redeemable Noncontrolling Interest

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Common units converted to stock	1		—		1		196
Fair value of common units converted	$	41	$	—	$	41	$	959

The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:

	June 30, 2021			December 31, 2020
Redeemable noncontrolling interests (in thousands)	$	28,906		$	22,951
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)	193,324			186,763
Ownership percentage of operating partnership	1.36		%	8.51		%

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

We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Allocated net (income) loss to the redeemable noncontrolling interests	$	956	$	37,350	$	3,227	$	55,021
Performance LTIP dividend claw back upon cancellation	—		—		(454)		(1,401)