Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2020

The following table summarizes the activity for noncontrolling interest in the Company for the six months ended June 30, 2020 and the year ended December 31, 2019.


Noncontrolling Interest	LTIP Units	Other Common Units	Total Noncontrolling Common Units	Noncontrolling Interest
Balance at December 31, 2018	1,616,200	2,453,234	4,069,434	3.5	%
Granted/Issued	364,173	—	364,173	N/A
Forfeited	(16,618)	—	(16,618)	N/A
Conversions from LTIP units to Other Common Units	(266,397)	266,397	—	N/A
Redemptions from Other Common Units to common stock	—	(680,137)	(680,137)	N/A

Balance at December 31, 2019	1,697,358	2,039,494	3,736,852	2.5	%
Granted/Issued	278,806	—	278,806	N/A
Forfeited	—	—	—	N/A
Conversions from LTIP units to Other Common Units	(197,775)	197,775	—	N/A
Redemptions from Other Common Units to common stock	—	(447,730)	(447,730)	N/A

Balance at June 30, 2020	1,778,389	1,789,539	3,567,928	2.3	%

Schedule of share-based payment award, LTIP unit awards, valuation assumptions

The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2020 (excluding those LTIP units granted pursuant to the January 6, 2017 performance units; refer to Note 8 for details).


LTIP Units	Assumptions
Grant date	January 8, 2020
Expected term (years)	10
Expected volatility	18.0		%
Expected dividend yield	5.75		%
Risk-free interest rate	1.61		%
Fair value of LTIP units at issuance (in thousands)	$	4,030
LTIP units at issuance	136,741
Fair value unit price per LTIP unit at issuance	$	29.47

Schedule of activity related to unvested LTIP unit awards

The following table summarizes activity related to the Company’s unvested LTIP units for the six months ended June 30, 2020 and the year ended December 31, 2019.


Unvested LTIP Units						LTIP Units
Balance at December 31, 2018						251,216
Granted						364,173
Vested						(371,423)
Forfeited						(16,618)
Balance at December 31, 2019						227,348
Granted						278,806
Vested						(174,145)
Forfeited						—
Balance at June 30, 2020						332,009

Schedule of vested LTIP unit award activity

The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2020 and 2019.


	Three months ended June 30,						Six months ended June 30,
Vested LTIP units	2020		2019		2020		2019
Vested LTIP units	43,958		46,652		174,145		204,341
Fair value of vested LTIP units (in thousands)	$	1,213	$	1,401	$	5,074	$	5,464