Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interest Relating to Noncontrolling OP Units

As of March 31, 2025, noncontrolling interests relating to the Noncontrolling OP units were $22.9 million and consisted of the following:

Type	Units Outstanding		Return Per Annum
Vested OP Units		977,382	Equal to the Company’s common stock dividend
Unvested Time-Based OP Units		96,560	Equal to the Company’s common stock dividend
Unvested 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 Outside Partner Units related annual cash distribution rates and related conversion features consisted of the following as of March 31, 2025:

Type	Par Value Per Unit		Units Outstanding		Return Per Annum
Preferred Outside Partner Units	$	20.00		2,450,246	3.75%
Common Outside Partner Units	$	20.00		261,369	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 three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025			2024
Balance at January 1,	$	47,877		$	72,277
Net income		813			1,137
Distributions		(813	)		(1,137	)
Redemption/conversion of noncontrolling interests (1)		(676	)		(861	)
Adjustment to estimated redemption value		(577	)		(977	)
Balance at March 31,	$	46,624		$	70,439

(1)Includes Preferred and Common Outside Partner Units, which were partially redeemed during the three months ended March 31, 2025 and 2024.