The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024.


Noncontrolling Interest	LTIP Units	Other Common Units	Total Noncontrolling Common Units	Noncontrolling Interest






Balance at December 31, 2023	2,361,920	1,467,718	3,829,638	2.1	%
Granted/Issued	381,517	—	381,517	N/A
Forfeited	—	—	—	N/A
Conversions from LTIP units to Other Common Units	(344,982)	344,982	—	N/A
Redemptions from Other Common Units to common stock	—	(344,982)	(344,982)	N/A

Balance at June 30, 2024	2,398,455	1,467,718	3,866,173	2.1	%

The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units.

The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8).


LTIP Units
Grant date	January 8, 2024
Expected term (years)	10
Expected stock price volatility	25.0		%
Expected dividend yield	4.0		%
Risk-free interest rate	4.11		%
Fair value of LTIP units at issuance (in thousands)	$	4,597
LTIP units at issuance	124,235
Fair value unit price per LTIP unit at issuance	$	37.00

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.

The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024.


Unvested LTIP Units	LTIP Units	Weighted Average Grant Date Fair Value per Unit




Balance at December 31, 2023	176,926	$	34.25
Granted	381,517	$	37.00
Vested	(318,868)	$	36.33
Forfeited	—	$	—
Balance at June 30, 2024	239,575	$	35.86

The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2024 was approximately $6.1 million and is expected to be recognized over a weighted average period of approximately 2.6 years.

The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023.


	Three months ended June 30,				Six months ended June 30,
Vested LTIP units	2024		2023		2024		2023
Vested LTIP units	17,599		23,472		318,868		235,702
Fair value of vested LTIP units (in thousands)	$	635	$	839	$	12,255	$	7,862