Noncontrolling Interest Of Common And Preferred Units In SLP

12 Months Ended

Dec. 31, 2014

Noncontrolling Interest Of Common And Preferred Units In SLP [Abstract]

Noncontrolling Interest Of Common And Preferred Units In SLP

Note 11. Noncontrolling Interest of Common and Preferred Units in SLP

At December 31, 2014, 97,008 of SLP’s common operating partnership units (“Common OP Units”) were outstanding. The redemption values for the Common OP Units are $25 and $87 for 2014 and 2013 respectively. Each limited partner of SLP may, subject to certain limitations, require that SLP redeem all or a portion of his or her Common OP Units, at any time after a specified period following the date the units were acquired, by delivering a redemption notice to SLP. When a limited partner tenders Common OP Units to SLP for redemption, the Company can, in its sole discretion, choose to purchase the units for either (1) a number of shares of Company common stock equal to the number of units redeemed (subject to certain adjustments) 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 OP Units were redeemed for common shares of SHI in 2014, 2013 or 2012.

At December 31, 2014, none of SLP’s preferred operating partnership units (“Preferred OP Units”) were outstanding. The Preferred OP Units received a preferred dividend distribution of $1.10 per preferred unit annually, payable on a monthly basis and did not participate in the allocations of profits and losses of SLP. All holders elected to have their Preferred OP Units redeemed on October 24, 2012, and the remaining 11,424 units were redeemed at $10 per unit.

Noncontrolling Interest Reconciliation of Common and Preferred Units



	Redeemable				Total
	Noncontrolling		Noncontrolling		Noncontrolling
	Interest		Interest		Interest
Balance at January 1, 2012	$	114	$	135	$	249
Partner draws		(10)		0		(10)
Conversion of OP units		(114)		0		(114)
Noncontrolling interest		10		(20)		(10)
Balance at December 31, 2012	$	0	$	115	$	115
Partner draws		0		0		0
Conversion of OP units		0		0		0
Noncontrolling interest		0		(2)		(2)
Balance at December 31, 2013	$	0	$	113	$	113
Partner draws		0		0		0
Conversion of OP units		0		0		0
Noncontrolling interest		0		(23)		(23)
Balance at December 31, 2014	$	0	$	90	$	90

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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