XML 54 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Noncontrolling Interests - Operating Partnership
3 Months Ended
Mar. 31, 2020
Noncontrolling Interests - Operating Partnership  
Noncontrolling Interests - Operating Partnership

10. Noncontrolling Interests — Operating Partnership

Noncontrolling interests represent the limited partnership interests in our Operating Partnership held by individuals and entities other than CoreSite Realty Corporation. The current holders of common Operating Partnership units are eligible to have the common Operating Partnership units redeemed for cash or common stock on a one-for-one basis, at our option.

The following table shows the common ownership interests in our Operating Partnership as of March 31, 2020, and December 31, 2019:

March 31, 2020

December 31, 2019

    

Number of Units

    

Percentage of Total

Number of Units

    

Percentage of Total

CoreSite Realty Corporation

37,394,352

77.6

%  

37,244,987

77.6

%

Noncontrolling interests

10,769,518

22.4

10,771,658

22.4

Total

48,163,870

100.0

%  

48,016,645

100.0

%

For each share of common stock issued by us, our Operating Partnership issues to us an equivalent common Operating Partnership unit. During the three months ended March 31, 2020, we issued 149,365 shares of common stock related to employee compensation arrangements and therefore an equivalent number of common Operating Partnership units were issued to us by our Operating Partnership.

Holders of common Operating Partnership units received aggregate distributions of $1.22 per unit during the three months ended March 31, 2020, payable in correlation with declared dividends on shares of our common stock.

The redemption value of the noncontrolling interests at March 31, 2020, was $1.2 billion based on the closing price of the Company’s common stock of $115.90 per share on the last trading day prior to that date.