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Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables)

9 Months Ended

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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