|12 Months Ended|
Dec. 31, 2020
|Noncontrolling Interests [Abstract]|
7. Noncontrolling interests
Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units, totaling $215.7 million and $213.2 million at December 31, 2020 and 2019, respectively, and (ii) the JV Partner’s interests in our consolidated joint ventures, totaling $3.3 million and $2.9 million at December 31, 2020 and 2019, respectively.
PS OP Interests
Each common partnership unit receives a cash distribution equal to the dividend paid on our common shares and is redeemable at PS’s option.
If PS exercises its right of redemption, at PSB’s option (a) PS will receive one common share from us for each common partnership unit redeemed, or (b) PS will receive cash from us for each common partnership unit redeemed generally equal to the market value of a common share (as defined in the Operating Partnership Agreement). We can prevent redemptions that we believe would violate either our articles of incorporation or securities laws, cause PSB to no longer qualify as a REIT, or could result in the OP no longer being treated as a partnership for U.S. federal tax purposes.
In allocating net income and presenting equity, we treat the common partnership units as if converted to common shares. Accordingly, they received the same net income allocation per unit as a common share totaling $33.1 million, $29.0 million, and $46.2 million for the years ended December 31, 2020, 2019, and 2018, respectively.
As a result of consolidating the Brentford Joint Venture, the Company recorded noncontrolling interests of $0.5 million related to the JV Partner’s 1.8% interest during the year ended December 31, 2020.
In conjunction with consolidating the joint venture owning Highgate at The Mile, we recorded noncontrolling interest of $4.0 million related to the JV Partner’s 5.0% interest on January 1, 2018.
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://fasb.org/us-gaap/role/ref/legacyRef