Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interest Relating to Noncontrolling OP Units

As of June 30, 2025, noncontrolling interests relating to the Noncontrolling OP units were $28.1 million and consisted of the following:

Type	Units Outstanding		Return Per Annum
Vested OP Units		1,002,014	Equal to the Company’s common stock dividend
Unvested Time-Based OP Units		442,708	Equal to the Company’s common stock dividend
Unvested Performance-Based OP Units		1,076,361	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 June 30, 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 six months ended June 30, 2025 and 2024 (in thousands):

	Six Months Ended June 30,
	2025			2024
Balance at January 1,	$	47,877		$	72,277
Net income		1,469			2,282
Distributions		(1,471	)		(2,282	)
Redemption/conversion of noncontrolling interests (1)		(676	)		(1,290	)
Adjustment to estimated redemption value		(633	)		(977	)
Balance at June 30,	$	46,566		$	70,010

(1)Includes Preferred and Common Outside Partner Units, which were partially redeemed during the six months ended June 30, 2025 and 2024.