Quarterly report pursuant to Section 13 or 15(d)

NONCONTROLLING INTERESTS

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NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 30, 2016
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS
As of September 30, 2016 and December 31, 2015, units reflecting noncontrolling interests consisted of the following:
 
September 30,
 
December 31,
 
2016
 
2015
OP units
25,503,628

 
21,556,006

Subordinated performance units
11,011,649

 
9,302,989

LTIP units
1,552,905

 
2,784,761

DownREIT units
 
 
 
DownREIT OP units
1,834,786

 
1,834,786

DownREIT subordinated performance units
4,386,999

 
4,386,999

Total
44,289,967

 
39,865,541


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 outstanding from December 31, 2015 to September 30, 2016 was due to 3,499,542 OP units issued in connection with the acquisition of self storage properties and LTIP units converted into OP units, as discussed further below, partially offset by the redemption of 845,780 OP units.
The increase in subordinated performance units outstanding from December 31, 2015 to September 30, 2016 was related to the acquisition of self storage properties.
The decrease in LTIP units outstanding from December 31, 2015 to September 30, 2016 was due to the conversion of 1,293,860 LTIP units into 1,293,860 OP units and the forfeiture of 118,300 LTIP units, partially offset by the issuance of 180,304 compensatory LTIP units to employees, consultants and trustees.