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Redeemable Noncontrolling Interests in Operating Partnership (Tables)
6 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
The following table presents the common units redeemed and the fair value upon redemption (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Common units converted to stock
 

 

 
196

 

Fair value of common units converted
 
$

 
$

 
$
959

 
$

The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage:
 
June 30, 2020
 
December 31, 2019
Redeemable noncontrolling interests (in thousands)
$
30,332

 
$
69,870

Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
162,020

 
155,536

Ownership percentage of operating partnership
14.79
%
 
15.92
%
____________________________________
(1) 
Reflects the excess of the redemption value over the accumulated historical costs.  
We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Allocated net (income) loss to the redeemable noncontrolling interests
$
37,350

 
$
5,084

 
$
55,021

 
$
13,663

Distributions declared to holders of common units, LTIP units and Performance LTIP units

 
1,317

 

 
3,940

Performance LTIP dividend claw back upon cancellation

 

 
(1,401
)