Noncontrolling Interest of Common Units in the Operating Partnership

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017,  3,281,124and 4,550,242of the operating partnership’s common units were outstanding, respectively, all of which were held by limited partners. All LTIP units previously were cancelled on June 28, 2017 (see Note 12).The total redemption value for the common unitswas $435  and $871at December 31, 2018 and 2017, respectively.  Our ownership interest in the operating partnership as of December 31, 2018 and 2017 was 99.5% and 99.3%, 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 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.

During the year ended December 31, 2018, 1,528,803 common units were redeemed for cash totaling $298.  No common units were redeemed in 2017 or 2016.