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Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Real Estate Properties | The composition of the Company’s investment properties as of September 30, 2019 and December 31, 2018 was as follows:
|  | Balance at
|  | September 30, 2019 |  | December 31, 2018
Investment properties, at cost: |  |  |  |
Land, buildings and improvements |  | $ | 3,111,386 |  |  | $ | 3,600,743 |
Furniture, equipment and other |  | 7,667 |  |  | 7,741 |
Construction in progress |  | 34,383 |  |  | 32,636 |
|  | $ | 3,153,436 |  |  | $ | 3,641,120 |
Schedule of Stockholders Equity | The non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2019 and 2018 were as follows:
| 2019 |  | 2018
Noncontrolling interests balance January 1 | $ | 698 |  |  | $ | 698 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | — |  |  | — |
Noncontrolling interests balance at September 30 | $ | 698 |  |  | $ | 698 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | For the three and nine months ended September 30, 2019 and 2018, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Parent Company’s weighted average basic interest in Operating Partnership | 97.5 | % |  | 97.6 | % |  | 97.6 | % |  | 97.6 | %
Limited partners' weighted average basic interests in Operating Partnership | 2.5 | % |  | 2.4 | % |  | 2.4 | % |  | 2.4 | %
Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the nine months ended September 30, 2019 and 2018 were as follows:
| 2019 |  | 2018
Redeemable noncontrolling interests balance January 1 | $ | 45,743 |  |  | $ | 72,104 |
Net (loss) income allocable to redeemable noncontrolling interests | (10 | ) |  | 604 |
Distributions declared to redeemable noncontrolling interests | (2,388 | ) |  | (2,943 | )
Liability reclassification due to exercise of redemption option by joint venture partner | — |  |  | (22,461 | )
Other, net, including adjustments to redemption value | 2,038 |  |  | 122 |
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 45,383 |  |  | $ | 47,426 |
Limited partners' interests in Operating Partnership | $ | 35,313 |  |  | $ | 37,356 |
Other redeemable noncontrolling interests in certain subsidiaries | 10,070 |  |  | 10,070 |
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 45,383 |  |  | $ | 47,426 |
Lessor, Schedule Of Lease Rental Income | The Company recognized the following lease rental income for the three and nine months ended September 30, 2019:
($ in thousands) |  |  |
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Fixed Contractual Lease Payments - Operating Leases | $ | 58,828 |  |  | $ | 188,021 |
Variable Lease Payments - Operating Leases | 13,144 |  |  | 42,339 |
Straight-Line Rent Adjustment | (227 | ) |  | 1,383 |
Amortization of In-Place Lease Liabilities, net | 828 |  |  | 2,983 |
Total | $ | 72,573 |  |  | $ | 234,726 |
Lessor, Operating Lease, Payments to be Received, Maturity | Future rental income to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable lease payments, are as follows:
($ in thousands) |
2019 | $ | 57,335 |
2020 | 226,114 |
2021 | 206,739 |
2022 | 178,295 |
2023 | 145,709 |
Thereafter | 534,238 |
Total | $ | 1,348,430 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments due under ground leases for the next five years ending December and thereafter are as follows:
($ in thousands) |
2019 | $ | 423 |
2020 | 1,777 |
2021 | 1,789 |
2022 | 1,815 |
2023 | 1,636 |
Thereafter | 72,154 |
Total Lease Payments | 79,594 |
Less: Discount | (52,478 | )
Present Value of Lease Liabilities | $ | 27,116 |

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