Noncontrolling Interest of Common Units in the Operating Partnership

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018,  219,183 and 3,281,124 of 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 $47  and $435at December 31, 2019 and 2018, respectively.  Our ownership interest in the operating partnership as of December 31, 2019 and 2018 was 99.9% and 99.5%, 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, 2019, 259,685 common units were redeemed for cash totaling $42 and 2,802,256 common units were converted into 53,891 shares of 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.