Noncontrolling Interests	6 Months Ended
Jun. 30, 2020
Noncontrolling Interests [Abstract]
Noncontrolling Interests	6. Noncontrolling interests Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units, totaling $215.7 million and $213.2 million at June 30, 2020 and December 31, 2019, respectively, and (ii) the JV Partner’s 5.0% interest in a joint venture owning a 395-unit multifamily apartment complex, totaling $2.9 million at June 30, 2020 and December 31, 2019. PS OP Interests Each common partnership unit receives a cash distribution equal to the dividend paid on our common shares and is redeemable at PS’s option. If PS exercises its right of redemption, at PSB’s option (a) PS will receive one common share from us for each common partnership unit redeemed, or (b) PS will receive cash from us for each common partnership unit redeemed generally equal to the market value of a common share (as defined in the Operating Partnership Agreement). We can prevent redemptions that we believe would violate either our articles of incorporation or securities laws, cause PSB to no longer qualify as a REIT, or could result in the OP no longer being treated as a partnership for federal tax purposes. In allocating net income and presenting equity, we treat the common partnership units as if converted to common shares. Accordingly, they received the same net income allocation per unit as a common share totaling $6.8 million and $7.6 million for the three months ended June 30, 2020 and 2019, respectively, and $17.9 million and $14.6 million for the six months ended June 30, 2020 and 2019, respectively. JV Partner For the three months ended June 30, 2020 and 2019, income of $13,000 and $10,000 was allocated to the JV Partner during the three months ended June 30, 2020 and 2019, respectively, and $30,000 and $13,000 for the six months ended June 30, 2020 and 2019, respectively. Distributions of $25,000 and $45,000 were paid to the JV Partner during the three months ended June 30, 2020 and 2019, respectively, and $63,000 and $45,000 during the six months ended June 30, 2020 and 2019, respectively.

Noncontrolling Interests

6 Months Ended

Jun. 30, 2020

6. Noncontrolling interests

Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units, totaling $215.7 million and $213.2 million at June 30, 2020 and December 31, 2019, respectively, and (ii) the JV Partner’s 5.0% interest in a joint venture owning a 395-unit multifamily apartment complex, totaling $2.9 million at June 30, 2020 and December 31, 2019.

PS OP Interests

Each common partnership unit receives a cash distribution equal to the dividend paid on our common shares and is redeemable at PS’s option.

If PS exercises its right of redemption, at PSB’s option (a) PS will receive one common share from us for each common partnership unit redeemed, or (b) PS will receive cash from us for each common partnership unit redeemed generally equal to the market value of a common share (as defined in the Operating Partnership Agreement). We can prevent redemptions that we believe would violate either our articles of incorporation or securities laws, cause PSB to no longer qualify as a REIT, or could result in the OP no longer being treated as a partnership for federal tax purposes.

In allocating net income and presenting equity, we treat the common partnership units as if converted to common shares. Accordingly, they received the same net income allocation per unit as a common share totaling $6.8 million and $7.6 million for the three months ended June 30, 2020 and 2019, respectively, and $17.9 million and $14.6 million for the six months ended June 30, 2020 and 2019, respectively.

JV Partner

For the three months ended June 30, 2020 and 2019, income of $13,000 and $10,000 was allocated to the JV Partner during the three months ended June 30, 2020 and 2019, respectively, and $30,000 and $13,000 for the six months ended June 30, 2020 and 2019, respectively. Distributions of $25,000 and $45,000 were paid to the JV Partner during the three months ended June 30, 2020 and 2019, respectively, and $63,000 and $45,000 during the six months ended June 30, 2020 and 2019, respectively.