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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership
 6 Months Ended
Jun. 30, 2019
Stockholders' Equity Note [Abstract]  
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership 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 six months ended June 30, 2019 and 2018:
 
2019
 
2018
Balance as of December 31
$
34,397

 
$
48,077

    Net Income
1,450

 
2,367

    Amortization of Unearned Compensation related to the Issuance of LTIP Units (A)
781

 
—

    Other Comprehensive (Loss) Income
(241
)
 
200

    Unit Distributions
(1,316
)
 
(1,418
)
    Conversion of Limited Partner Units to Common Stock (B)
—

 
(12,327
)
    Retirement of Limited Partner Units (C)
—

 
(934
)
    Reallocation - Additional Paid-in-Capital
2,780

 
2,218

    Reallocation - Other Comprehensive Income
8

 
—

Balance as of June 30
$
37,859

 
$
38,183


_______________
(A) During the six months ended June 30, 2019, 297,216 LTIP Units were issued to certain employees and directors.  
(B) During the six months ended June 30, 2018, 1,019,677 Limited Partner Units were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $12,327 of noncontrolling interest to the Company's stockholders' equity.
(C) During the six months ended June 30, 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 six months ended June 30, 2019 and 2018:
 
2019
 
2018
Balance as of December 31
$
857

 
$
779

    Net Income
50

 
43

    Contributions
5

 
121

    Distributions
(64
)
 
(64
)
Balance as of June 30
$
848

 
$
879


Dividends/Distributions
During the six months ended June 30, 2019, we declared $59,786 common stock dividends and Unit distributions.