XML 34 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Non-controlling Interest - Operating Partnership
3 Months Ended
Mar. 31, 2017
Noncontrolling Interest [Abstract]  
Non-controlling Interest - Operating Partnership
Non-controlling Interest - Operating Partnership
Non-controlling interest represents the aggregate ownership interest of a wholly-owned Invesco subsidiary in our Operating Partnership. The ownership percentage is determined by dividing the number of OP Units held by the Unit Holders by the total number of dilutive shares of common stock. The issuance or repurchase of common stock (“Share” or “Shares”) or OP Units changes the percentage ownership of both the Unit Holders and the common stockholders. Since an OP unit is generally redeemable for cash or Shares at our option, it is deemed to be a Share equivalent. Therefore, such transactions are treated as capital transactions and result in a reallocation between stockholders’ equity and non-controlling interest in the accompanying condensed consolidated balance sheets. As of March 31, 2017 and December 31, 2016, non-controlling interest related to the outstanding 1,425,000 OP Units represented a 1.3% interest in the Operating Partnership.
Income allocated to the non-controlling interest is based on the Unit Holders’ ownership percentage of the Operating Partnership. The following table presents the net income (loss) allocated and distributions paid to the Operating Partnership non-controlling interest for the three months ended March 31, 2017 and 2016.
 
Three Months Ended 
 March 31,
$ in thousands
2017
 
2016
Net income (loss) allocated
1,186

 
(1,883
)
Distributions paid
570

 
570


As of March 31, 2017 and December 31, 2016, distributions payable to the non-controlling interest were approximately $570,000.