LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

6 Months Ended

Jun. 30, 2022

Noncontrolling Interest [Abstract]

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

10. LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

Noncontrolling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned by the Operating Partnership.

Operating Partnership

During the six months ended June 30, 2022, 307,516 Class A units of limited partnership interest held by unaffiliated third parties were redeemed for a total cash payment of $4.0 million.

The aggregate book value of the noncontrolling interests associated with the redeemable common limited partnership interests in the accompanying consolidated balance sheet of the Parent Company was $5.0 million and $8.2 million as of June 30, 2022 and December 31, 2021, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the

number of units outstanding and the average closing price of the common shares during the last five business days of the quarter) was approximately $5.1 million and $11.1 million as of June 30, 2022 and December 31, 2021, respectively.