Noncontrolling Interest in the Operating Partnership

6 Months Ended

Jun. 30, 2020

Noncontrolling Interest in the Operating Partnership [Abstract]

Noncontrolling Interest in the Operating Partnership

NOTE 11.  NONCONTROLLING INTEREST IN THE OPERATING PARTNERSHIP

Noncontrolling interest in the operating partnership represents the limited partners’ proportionate share of the equity in the operating partnership.  Earnings and loss are allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the operating partnership during the period. 

Our ownership interest in the operating partnership was 99.9% as of June 30, 2020and December 31, 2019, with 219,183common unitsowned by limited partners were outstanding at both dates.  The total redemption value for the common units was $17and $47 at June 30, 2020 and December 31, 2019, respectively.

Each limited partner of the operating partnership may, subject to certain limitations, require that the operating partnership redeem all or a portion of his or her common units at any time after a specified period following the date the units were acquired, by delivering a redemption notice to the operating partnership. When a limited partner tenders common units for redemption, the Company can, at its sole discretion, choose to purchase the units for either (1) a number of shares of Company common stock at a rate of one share of common stock for each 52common units redeemed or (2) cash in an amount equal to the market value of the number of shares of Company common stock the limited partner would have received if the Company chose to purchase the units for common stock. 

No common units were redeemed during the three and six months ended June 30, 2020 or during the three months ended June 30, 2019.  During the six months ended June 30, 2019, 259,685 common units were redeemed for cash totaling $42.