Noncontrolling Interest Of Common Units In The Operating Partnership

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest Of Common Units In The Operating Partnership [Abstract]

Noncontrolling Interest Of Common Units In The Operating Partnership

NOTE 11.  NONCONTROLLING INTEREST OF COMMON UNITS IN THE OPERATING PARTNERSHIP

At December 31, 2017 and 2016,  4,550,242and 7,872,943of the operating partnership’s common units were outstanding, respectively. These amounts include 4,550,242and 2,609,791 common units held by limited partners at December 31, 2017 and 2016, respectively, and 5,263,152 LTIP units outstanding at December 31, 2016 which were not earned at that date and were subsequently cancelled on June 28, 2017 (see Note 12).The combined redemption value for the common units and LTIP units was $871 and $2,008at December 31, 2017 and 2016, respectively.

Our ownership interest in the operating partnership as of December 31, 2017 and 2016 was 99.3% and 97.8%,  respectively, which includes consideration of the common units of the limited partners as well as the LTIP units.

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 52 common 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 in 2017, 2016, or 2015.