Noncontrolling Interests and Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interest Relating to Noncontrolling OP Units

As of December 31, 2024, noncontrolling interests relating to the Noncontrolling OP units was $22.3 million and consisted of the following:

Type	Number of Units Remaining		Return Per Annum
Vested OP Units		953,242	Equal to the Company’s common stock dividend
Time-Based OP Units		120,700	Equal to the Company’s common stock dividend
Performance-Based OP Units		474,611	Dividend equivalent OP Units upon vesting

Summary of Outside Partner Units Related Annual Cash Distribution Rates and Conversion Features

The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2024:

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Class B-1 Preferred Units	$	10,000		142	7.0%
Class C DownREIT Units	$	30.52		35,493	Equal to the Company’s common stock dividend

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Preferred Outside Partner Units	$	20.00		2,496,707	3.75%
Common Outside Partner Units	$	20.00		266,531	Equal to the Company’s common stock dividend

Summary of Change in Redemption Value of Redeemable Noncontrolling Interests

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2024 and 2023 (in thousands):

	2024			2023
Balance at January 1,	$	72,277		$	92,933
Net income		4,182			5,820
Distributions		(4,182	)		(5,820	)
Redemption/conversion of noncontrolling interests (1)		(27,442	)		(21,070	)
Adjustment to estimated redemption value		3,042			414
Balance at December 31,	$	47,877		$	72,277

(1)Includes Preferred and Common Outside Partner Units, which were partially redeemed during 2024 and 2023 described above.