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Noncontrolling Interests
12 Months Ended
Dec. 31, 2019
Noncontrolling Interest [Abstract]  
Noncontrolling Interests

 

12.

Noncontrolling Interests

 

 

Consolidated Joint Ventures

 

Noncontrolling interests in consolidated joint ventures consist of equity interests held by third parties in One Market Plaza, 300 Mission Street and PGRESS Equity Holdings LP. As of December 31, 2019 and 2018, noncontrolling interests in our consolidated joint ventures aggregated $360,778,000 and $394,995,000, respectively.  

 

 

Consolidated Real Estate Fund

 

Noncontrolling interests in our consolidated real estate fund consists of equity interests held by third parties in RDF. As of December 31, 2019 and 2018, the noncontrolling interest in our consolidated real estate fund aggregated $72,396,000 and $66,887,000, respectively.

 

 

Operating Partnership

 

Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of December 31, 2019 and 2018, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $412,058,000 and $428,982,000, respectively, and a redemption value of $344,638,000 and $315,595,000, respectively.