Annual report pursuant to Section 13 and 15(d)

Noncontrolling Interests

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Noncontrolling Interests
12 Months Ended
Dec. 31, 2021
Noncontrolling Interests [Abstract]  
Noncontrolling Interests 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 $255.7 million and $215.7 million at December 31, 2021 and 2020, respectively, and (ii) the JV Partner’s interests in our consolidated joint ventures, totaling $3.9 million and $3.3 million at December 31, 2021 and 2020, respectively. PS OP Interests Each common partnership unit receives a cash distribution equal to the dividend paid on our common stock and is redeemable at PS’s option. For the year ended December 31, 2021, the Company paid a one-time special cash dividend of $4.60 per share (the “Special Cash Dividend”) along with the fourth quarter regular dividend of $1.05 per share. PS received the same distribution as holders of our common stock. If PS exercises its right of redemption, at PSB’s option (a) PS will receive one share of common stock 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 share of common stock (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 shares of common stock. Accordingly, they received the same net income allocation per unit as a share of common stock totaling $104.3 million, $33.1 million, and $29.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. JV Partner During the years ended December 31, 2021, 2020 and 2019, the Company recorded capital contributions of $0.7 million, $0.5 million, and $0.0, respectively, from the JV Partner related to its noncontrolling interest in the Brentford Joint Venture.‎