Noncontrolling Interest Of Partnership Units In CHLP

9 Months Ended

Sep. 30, 2017

Noncontrolling Interest Of Partnership Units CHLP [Abstract]

Noncontrolling Interest Of Partnership Units In CHLP

NOTE 11.  NONCONTROLLING INTEREST OF PARTNERSHIP UNITS IN CHLP

Noncontrolling interest in CHLP represents the limited partners’ proportionate share of the equity in the operating partnership and long-term incentive plan (“LTIP”) units (see Note 12).  Earnings and loss are allocated to noncontrolling interest in accordance with the weighted average percentage ownership of CHLP during the period. 

Our ownership interest in CHLP as of September 30, 2017 was99.3% and as of December 31, 2016 was 97.8%, which includes consideration of the partnership units of the limited partners as well as the LTIP units. At September 30, 2017 and December 31, 2016, 4,550,242 and 7,872,943 CHLP partnership units owned by minority interest holders were outstanding, respectively, which includes4,550,242 and2,609,791 partnership units held by limited partners, respectively, and 5,263,152 LTIP units outstanding at December 31, 2016 that were subsequently cancelled on June 28, 2017 (see Note 12). The combined redemption value for the partnership units and LTIP units was $914and $2,008 at September 30, 2017 and December 31, 2016, respectively.

Each limited partner of CHLP may, subject to certain limitations, require that CHLP redeem all or a portion of his or her partnership units at any time after a specified period following the date the units were acquired, by delivering a redemption notice to CHLP. When a limited partner tenders partnership 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 52 partnership 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 partnership units were redeemed during the three or nine months endedSeptember 30, 2017 or 2016.