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Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2023
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
The following table presents the redeemable noncontrolling interests in the OP (in thousands):
Balances
Redeemable noncontrolling interests in the OP, December 31, 2022$240,647 
Net loss attributable to redeemable noncontrolling interests in the OP(13,860)
Contributions by redeemable noncontrolling interests in the OP2,493 
Distributions to redeemable noncontrolling interests in the OP(2,349)
Redemptions by redeemable noncontrolling interests in the OP— 
Equity-based compensation912 
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP(1,423)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP9,964 
Redeemable noncontrolling interests in the OP, March 31, 2023$236,384 
The following table presents the redeemable noncontrolling interests in consolidated VIEs (in thousands):
Balances
Redeemable noncontrolling interests in consolidated VIEs, December 31, 2022$112,972 
Net loss attributable to redeemable noncontrolling interests in consolidated VIEs(3,213)
Contributions by redeemable noncontrolling interests in consolidated VIEs669 
Distributions to redeemable noncontrolling interests in consolidated VIEs(1,270)
Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs— 
Redeemable noncontrolling interests in consolidated VIEs, March 31, 2023$109,158 
Share-Based Payment Arrangement, Activity
As of March 31, 2023, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands):
DatesNumber of PI UnitsValue (1)
Outstanding December 31, 2022430,102 $16,286 
Granted79,304 4,999 
Vested(29,831)(1,135)
Forfeited— — 
Outstanding March 31, 2023479,575 $20,150 
(1)
Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $27.88 for the April 19, 2019 grant, $29.12 for the November 21, 2019 grant, $30.16 for the May 11, 2020 grant, $33.45 for the November 30, 2020 grant, $38.29 for the May 31, 2021 grant, $61.74 for the August 10, 2022 grant, and $63.04 for the February 22, 2023 grant.
Share-based Compensation Arrangements by Share-based Payment Award, PI Units, Vested and Expected to Vest
The vesting schedule for the PI Units is as follows:
Vest DatePI Units Vesting
May 11, 202327,478 
August 10, 20235,570 
November 1, 20237,200 
November 21, 202318,425 
November 30, 20231,470 
February 22, 202415,861 
March 30, 202429,831 
April 25, 20245,171 
May 11, 202427,478 
May 27, 2024398 
November 30, 20241,470 
February 22, 202515,861 
March 30, 202529,831 
April 25, 20255,171 
May 27, 2025398 
February 22, 202615,861 
April 25, 20265,171 
May 27, 2026398 
February 22, 202715,861 
April 25, 20275,171 
May 27, 2027398 
February 22, 202815,860 
Upon successful completion of IPO*229,242 
479,575 
*Upon successful completion of an IPO, an additional 11,764 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2023 and November 30, 2024.
Schedule of Limited Partners' Capital Account by Class
The table below presents the consolidated Shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation:
Period EndShares OutstandingOP Units Held by NCIConsolidated Shares and NCI OP Units Outstanding
March 31, 202324,769,760 3,854,925 28,624,685 
Noncontrolling Interest
The following table presents the noncontrolling interests in consolidated VIEs (in thousands):
Balances
Noncontrolling interests in consolidated VIEs, December 31, 2022$6,906 
Net loss attributable to noncontrolling interests in consolidated VIEs(312)
Contributions by noncontrolling interests in consolidated VIEs3,592 
Distributions to noncontrolling interests in consolidated VIEs(1,501)
Noncontrolling interests in consolidated VIEs, March 31, 2023$8,685