Quarterly report pursuant to Section 13 or 15(d)

NONCONTROLLING INTERESTS

v3.5.0.2
NONCONTROLLING INTERESTS
6 Months Ended
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:
 
June 30,
 
December 31,
 
2016
 
2015
OP units
24,722,135

 
21,556,006

Subordinated performance units
10,909,094

 
9,302,989

LTIP units
2,965,065

 
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
44,818,079

 
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 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.