Note 11 - Noncontrolling Interests

6 Months Ended

Jun. 30, 2011

Noncontrolling Interests

11. Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling financial interest in accordance with the provisions of the FASB’s Consolidation guidance.  

The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  Partnership units which embody an unconditional obligation requiring the Company to redeem the units for cash at a specified or determinable date (or dates) or upon an event that is certain to occur are determined to be mandatorily redeemable under the FASB’s Distinguishing Liabilities from Equity guidance and are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Condensed Consolidated Statements of Income.  

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the six months ended June 30, 2011 and June 30, 2010 (amounts in thousands):

		2011		2010
Balance at January 1,	$	95,060	$	100,304
Unit redemptions		-		(1,300)
Fair market value amortization		15		(12)
Other		(16)		(47)
Balance at June 30,	$	95,059	$	98,945