NONCONTROLLING INTERESTS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS |
NONCONTROLLING INTERESTS
As of June 30, 2016 and December 31, 2015, units reflecting noncontrolling interests consisted of the following:
While the Company controls its operating partnership and manages the daily operations of its operating partnership's business, the Company did not have an ownership interest or share in its operating partnership's profits and losses prior to the completion of the Company's initial public offering.
The increase in OP Units units outstanding from December 31, 2015 to June 30, 2016 was due to 3,372,531 OP units issued in connection with the acquisition of self storage properties partially offset by 206,402 OP units redeemed for common shares. The increase in subordinated performance units outstanding from December 31, 2015 to June 30, 2016 was related to the acquisition of self storage properties. The increase in LTIP units outstanding from December 31, 2015 to June 30, 2016 was due to the issuance of 180,304 compensatory LTIP units to employees, consultants and trustees during the six months ended June 30, 2016.
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