REDEEMABLE NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Schedule of Preferred Units

The key terms of the Preferred Units are summarized as follows:

	Series A-1 Preferred Units
Issuance date	February and April, 2017
Number of units issued	9,213
Stated value per unit	$1,000
Annual dividend rate paid quarterly	(a)
Conversion rate	27.936
Conversion value per unit	$35.80
Maximum common unit conversion	257,375

(a)Series A-1 Preferred Units pay dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock.

Schedule of Changes In The Value of The Redeemable Noncontrolling Interests

The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine section for the three and nine months ended September 30, 2024 and 2023, respectively (dollars in thousands):

	Series A-1 Preferred Units In VRLP
Balance at July 1, 2024	$	9,294
Income Attributed to Noncontrolling Interests	81
Distributions	(81)
Balance at September 30, 2024	$	9,294

	Series A and A-1 Preferred Units In VRLP
Balance at January 1, 2024	$	24,999
Redemption/Payout	(15,700)
Income Attributed to Noncontrolling Interests	459
Distributions	(464)
Balance at September 30, 2024	$	9,294

	Series A and A-1 Preferred Units In VRLP
Balance at July 1, 2023	$	40,231
Income Attributed to Noncontrolling Interests	350
Distributions	(350)
Balance at September 30, 2023	$	40,231

	Series A and A-1 Preferred Units In VRLP		Rockpoint Interests in VRT		Total Redeemable Noncontrolling Interests
Balance at January 1, 2023	$	40,231	$	475,000	$	515,231
Income Attributed to Noncontrolling Interests	1,050		6,283		7,333
Distributions	(1,050)		(6,283)		(7,333)
Redemption Value Adjustment	—		4,977		4,977
Reclassification to Mandatorily Redeemable Non-controlling Interests	—		(479,977)		(479,977)
Balance at September 30, 2023	$	40,231	$	—	$	40,231