Noncontrolling Interests - Operating Partnership

6 Months Ended

Jun. 30, 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 June 30, 2020, and December 31, 2019:

	June 30, 2020			December 31, 2019
	Number of Units	Percentage of Total		Number of Units	Percentage of Total
CoreSite Realty Corporation	42,027,565	87.2	%	37,244,987	77.6	%
Noncontrolling interests	6,149,518	12.8		10,771,658	22.4
Total	48,177,083	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 six months ended June 30, 2020, we issued 162,578 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 $2.44 per unit during the six months ended June 30, 2020, payable in correlation with declared dividends on shares of our common stock.

During the six months ended June 30, 2020, 4,620,000 common Operating Partnership units held by affiliates of the Carlyle Group were redeemed on a one-for-one basis for shares of our common stock in connection with the sale of our common stock. The redemptions were recorded as a $22.6 million reduction to noncontrolling interests in our Operating Partnership and an increase to total stockholder’s equity in the condensed consolidated balance sheets.

The redemption value of the noncontrolling interests at June 30, 2020, was $744.5 million based on the closing price of the Company’s common stock of $121.06 per share on the last trading day prior to that date.