NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2025

OP Units

As of December 31, 2025 and 2024, the Operating Partnership had issued OP Units to third-party investors, representing 46.4% and 46.6%, respectively, of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders).

The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders):


	For the Year Ended December 31,
(in thousands)	2025	2024	2023
Balance at beginning of period	158,239	78,737	55,079
Issuance of units	27,799	83,572	27,274
Redemption of units	(5,792)	(4,070)	(3,616)
Balance at end of period	180,246	158,239	78,737

Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our 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 our share redemption program. If we elect 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 our corresponding class of shares. During the years ended December 31, 2025, 2024 and 2023, the aggregate amount of OP Units redeemed was $44.8 million, $31.4 million, and $30.9 million, respectively. The estimated maximum redemption value (unaudited) of the aggregate outstanding OP Units issued to third-party investors as of December 31, 2025 and 2024 was $1.44 billion and $1.19 billion, respectively.