Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership

Noncontrolling Interest of the Company

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of LTIP Units, are collectively referred to as the “Noncontrolling Interests.” Subject to vesting and other certain exceptions (including the “book-up” requirements of LTIP Units - See Note 9 for additional detail), the holders of Noncontrolling Interests may convert their Units into an equal number of shares of Common Stock, or a cash equivalent, at the Company's election. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period.

The following table summarizes the changes in noncontrolling interest for the Company for the three months ended March 31, 2019 and 2018:



	2019			2018
Balance as of December 31	$	34,397		$	48,077
Net Income	537			1,172
Amortization of Unearned Compensation related to the Issuance of LTIP Units^(A)	270			—
Other Comprehensive (Loss) Income	(140		)	183
Unit Distributions	(664		)	(775		)
Conversion of Limited Partner Units to Common Stock ^(B)	—			(5,009		)
Retirement of Limited Partner Units ^(C)	—			(934		)
Reallocation - Additional Paid-in-Capital	3,238			292
Reallocation - Other Comprehensive Income	7			—
Balance as of March 31	$	37,645		$	43,006

_______________

^(A)During the three months ended March 31, 2019, 286,986 LTIP Units were issued to certain employees.

^(B) During the three months ended March 31, 2018, 410,781 Limited Partner Units, were converted into an equivalent number of shares of common stock of the Company.

^(C)During the three months ended March 31, 2018, 33,333 Limited Partner Units were forfeited by a unitholder and were retired by the Operating Partnership.

Noncontrolling Interest of the Operating Partnership

The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the three months ended March 31, 2019 and 2018:



	2019			2018
Balance as of December 31	$	857		$	779
Net Income	26			21
Contributions	—			116
Distributions	(43		)	(21		)
Balance as of March 31	$	840		$	895

Dividends/Distributions

During the three months ended March 31, 2019, we declared $29,922 common stock dividends and Unit distributions.