LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

12 Months Ended

Dec. 31, 2019

Noncontrolling Interest [Abstract]

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

11. LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY

Noncontrolling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned.

Operating Partnership

The aggregate book value of the noncontrolling interests associated with the redeemable common limited partnership interests that were consolidated in the accompanying consolidated balance sheet of the Parent Company as of December 31, 2019 and December 31, 2018, was $9.3 million and $10.1 million, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at, on a limited partner basis, the greater of historical cost adjusted for the allocation of income and distributions or fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the closing price of the common shares on the balance sheet date) was approximately $15.5 million and $12.6 million, respectively, as of December 31, 2019 and December 31, 2018.