|6 Months Ended|
Jun. 30, 2016
|Noncontrolling Interest [Abstract]|
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.
The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.
Reference 1: http://www.xbrl.org/2003/role/presentationRef