Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling interests

v3.22.2
Noncontrolling interests
6 Months Ended
Jun. 30, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]  
Noncontrolling interests Noncontrolling interests
Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units, totaling $279.8 million and $255.7 million at June 30, 2022 and December 31, 2021, respectively, and (ii) the JV Partner’s interests in our consolidated joint ventures, totaling $4.3 million and $3.9 million at June 30, 2022 and December 31, 2021, 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.
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 $20.4 million and $12.1 million for the three months ended June 30, 2022 and 2021, respectively, and $39.4 million and $19.5 million for the six months ended June 30, 2022 and 2021, respectively.
JV Partner The Company recorded capital contributions of $0.2 million and $0.4 million during the three and six months ended June 30, 2022, respectively, and $0.1 million and $0.3 million during the three and six months ended June 30, 2021, respectively, from the JV Partner related to its noncontrolling interest in the Brentford Joint Venture.