Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Noncontrolling Interests in Consolidated Affiliates

At September 30, 2021, 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 the Midtown One joint venture. See Note 3. Our joint venture partners are unrelated third parties.

Noncontrolling Interests in the Operating Partnership

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning noncontrolling interests in the Operating Partnership	$	128,180	$	106,103	$	112,499	$	133,216
Adjustment of noncontrolling interests in the Operating Partnership to fair value	(4,262)		(10,430)		11,072		(46,955)
Issuances of Common Units	—		—		—		6,163
Conversions of Common Units to Common Stock	(234)		—		(278)		—

Net income attributable to noncontrolling interests in the Operating Partnership	1,967		1,107		5,084		7,084
Distributions to noncontrolling interests in the Operating Partnership	(1,418)		(1,364)		(4,144)		(4,092)
Total noncontrolling interests in the Operating Partnership	$	124,233	$	95,416	$	124,233	$	95,416

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income available for common stockholders	$	72,105	$	40,304	$	185,869	$	262,805
Increase in additional paid in capital from conversions of Common Units to Common Stock	234		—		278		—
Issuances of Common Units	—		—		—		(6,163)
Change from net income available for common stockholders and transfers from noncontrolling interests	$	72,339	$	40,304	$	186,147	$	256,642