REDEEMABLE NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2025

REDEEMABLE NONCONTROLLING INTERESTS [Abstract]

REDEEMABLE NONCONTROLLING INTERESTS

REDEEMABLE NONCONTROLLING INTERESTS

The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. As of December 31, 2025 and 2024, we had redeemable OP Units outstanding of 1.1 million and 1.2 million, respectively.

The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2025 and 2024:

	For the Year Ended December 31,
(in thousands)	2025		2024
Balance at beginning of the year	$	9,381	$	11,746
Distributions to redeemable noncontrolling interests	(474)		(544)
Redemptions of redeemable noncontrolling interests	(1,500)		(1,500)
Net loss attributable to redeemable noncontrolling interests	(431)		(273)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests	(25)		(7)
Redemption value allocation adjustment to redeemable noncontrolling interests (1)	1,448		(41)
Ending balance	$	8,399	$	9,381

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(1)Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.