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LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY
12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY
12. 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 by the Operating Partnership.
Operating Partnership
The aggregate book value of the noncontrolling interests associated with the redeemable common limited partnership interests in the accompanying consolidated balance sheet of the Parent Company was $4.9 million and $8.2 million as of December 31, 2022 and December 31, 2021, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the average closing price of the common shares during the last five business days of the quarter) was approximately $3.2 million and $11.1 million as of December 31, 2022 and December 31, 2021, respectively.