REDEEMABLE NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

The key terms of the Preferred Units are summarized as follows:


	Series A Preferred Units		Series A-1 Preferred Units
Issuance date	February 2017		February and April, 2017
Number of units issued	42,800		9,213
Stated value per unit	$1,000		$1,000
Annual dividend rate paid quarterly	3.50	%	(a)
Conversion rate	28.15		27.936
Conversion value per unit	$35.52		$35.80
Maximum common unit conversion	1,204,820		257,375

(a)Series A-1 Preferred Units pay dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock.

Schedule of Changes in the Value of the Redeemable Noncontrolling Interests

The following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the year ended December 31, 2023 (dollars in thousands):


	Rockpoint Interests in VRT
Balance at April 5, 2023	$	—
Reclassification from Redeemable Non-controlling Interests	479,977
Income Attributed to Noncontrolling Interests	7,365
Distributions	(9,371)
Redemption Value Adjustment	42,417
Redemption	(520,388)
Balance at December 31, 2023	$	—

The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine equity section for the years ended December 31, 2023 and 2022 (dollars in thousands):


	Series A and A-1 Preferred Units In VRLP		Rockpoint Interests in VRT		Total Redeemable Noncontrolling Interests
Balance at January 1, 2023	$	40,231	$	475,000	$	515,231
Redeemable Noncontrolling Interests Redemption	(15,100)		—		(15,100)
Net	25,131		475,000		500,131
Income Attributed to Noncontrolling Interests	1,336		6,282		7,618
Distributions	(1,468)		(6,282)		(7,750)
Redemption Value Adjustment	—		4,977		4,977
Reclassification to Mandatorily Redeemable Non-controlling Interests	—		(479,977)		(479,977)
Balance at December 31, 2023	$	24,999	$	—	$	24,999


	Series A and A-1 Preferred Units In VRLP		Rockpoint Interests in VRT		Total Redeemable Noncontrolling Interests
Balance at January 1, 2022	$	52,324	$	468,989	$	521,313
Redeemable Noncontrolling Interests Redemption	(12,000)		—		(12,000)
Net	40,324		468,989		509,313
Income Attributed to Noncontrolling Interests	1,471		24,063		25,534
Distributions	(1,564)		(24,063)		(25,627)

Redemption Value Adjustment	—		6,011		6,011
Balance at December 31, 2022	$	40,231	$	475,000	$	515,231