Noncontrolling Interests

12 Months Ended

Dec. 31, 2019

Noncontrolling Interests in Consolidated Affiliates

At December 31, 2019, our noncontrolling interests in consolidated affiliates relate to our joint venture partners' 50.0% interest in office properties in Richmond and 20.0% interest in an office development property in Tampa. Our joint venture partners are unrelated third parties.

Noncontrolling Interests in the Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the ownership of Redeemable Common Units. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average percentage of Redeemable Common Units during the period, as a percent of the total number of outstanding Common Units, to the Operating Partnership’s net income for the period after deducting distributions on Preferred Units. When a noncontrolling unitholder redeems a Common Unit for a share of Common Stock or cash, the noncontrolling interests in the Operating Partnership are reduced and the Company’s share in the Operating Partnership is increased by the fair value of each security at the time of redemption.

The following table sets forth the Company's noncontrolling interests in the Operating Partnership:



	Year Ended December 31,
	2019			2018
Beginning noncontrolling interests in the Operating Partnership	$	105,960		$	144,009
Adjustment of noncontrolling interests in the Operating Partnership to fair value	29,557			(33,427		)
Conversions of Common Units to Common Stock	(663		)	(4,043		)
Net income attributable to noncontrolling interests in the Operating Partnership	3,551			4,588
Distributions to noncontrolling interests in the Operating Partnership	(5,189		)	(5,167		)
Total noncontrolling interests in the Operating Partnership	$	133,216		$	105,960

The following table sets forth net income available for common stockholders and transfers from the Company's noncontrolling interests in the Operating Partnership:



	Year Ended December 31,
	2019		2018		2017
Net income available for common stockholders	$	134,430	$	169,343	$	182,873
Increase in additional paid in capital from conversions of Common Units to Common Stock	663		4,043		511
Change from net income available for common stockholders and transfers from noncontrolling interests	$	135,093	$	173,386	$	183,384