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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables) | 3 Months Ended
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Mar. 31, 2017
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Reclassification out of Accumulated Other Comprehensive Income | The following table sets forth the activity in accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and 2016 (in thousands):
| Gains or Losses on Derivative Instruments
Balance at January 1, 2017 | $ | (798 | )
Other comprehensive loss before reclassifications | 118 |
Reclassification of realized interest on swap agreements | 963 |
Net current period other comprehensive loss | 1,081 |
Net current period other comprehensive loss attributable to noncontrolling interests | 155 |
Balance at March 31, 2017 | $ | 438 |
Balance at January 1, 2016 | $ | (4,463 | )
Other comprehensive income before reclassifications | (8,818 | )
Reclassification of realized interest on swap agreements | 1,046 |
Net current period other comprehensive income | (7,772 | )
Net current period other comprehensive income attributable to noncontrolling interests | 768 |
Balance at March 31, 2016 | $ | (11,467 | )
Change in Noncontrolling Interests | The following table summarizes the change in the noncontrolling interests for the periods presented (in thousands):
| Noncontrolling Interests in Operating Partnership (a) |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  | Total
Balance at January 1, 2016 | $ | 96,340 |  |  | $ | 324,526 |  |  | $ | 420,866 |
Distributions declared of $0.25 per Common OP Unit | (1,473 | ) |  | — |  |  | (1,473 | )
Net income for the period January 1 through March 31, 2016 | 1,993 |  |  | 42,957 |  |  | 44,950 |
Conversion of 248,160 Common OP Units to Common Shares by limited partners of the Operating Partnership | (5,680 | ) |  | — |  |  | (5,680 | )
Issuance of Common and Preferred OP Units to acquire real estate | 29,336 |  |  | — |  |  | 29,336 |
Acquisition of noncontrolling interests (c) | — |  |  | (25,948 | ) |  | (25,948 | )
Other comprehensive income - unrealized loss on valuation of swap agreements | (436 | ) |  | (478 | ) |  | (914 | )
Reclassification of realized interest expense on swap agreements | 49 |  |  | 96 |  |  | 145 |
Noncontrolling interest contributions | — |  |  | 46,343 |  |  | 46,343 |
Noncontrolling interest distributions and other reductions | — |  |  | (36,174 | ) |  | (36,174 | )
Employee Long-term Incentive Plan Unit Awards | 3,811 |  |  | — |  |  | 3,811 |
Balance at March 31, 2016 | $ | 123,940 |  |  | $ | 351,322 |  |  | $ | 475,262 |
Balance at January 1, 2017 | 95,422 |  |  | 494,126 |  |  | 589,548 |
Distributions declared of $0.26 per Common OP Unit | (1,617 | ) |  | — |  |  | (1,617 | )
Net income for the period January 1 through March 31, 2017 | 1,062 |  |  | 3,278 |  |  | 4,340 |
Conversion of 24,860 Common OP Units to Common Shares by limited partners of the Operating Partnership | (438 | ) |  | — |  |  | (438 | )
Other comprehensive income - unrealized income (loss) on valuation of swap agreements | 21 |  |  | (317 | ) |  | (296 | )
Reclassification of realized interest expense on swap agreements | 49 |  |  | 92 |  |  | 141 |
Noncontrolling interest contributions | — |  |  | 20,269 |  |  | 20,269 |
Noncontrolling interest distributions and other reductions | — |  |  | (3,822 | ) |  | (3,822 | )
Employee Long-term Incentive Plan Unit Awards | 4,141 |  |  | — |  |  | 4,141 |
Rebalancing adjustment (d) | 5,693 |  |  | — |  |  | 5,693 |
Balance at March 31, 2017 | $ | 104,333 |  |  | $ | 513,626 |  |  | $ | 617,959 |
__________
(a) | Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,363,351 and 3,357,760 Common OP Units at March 31, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at March 31, 2017 and 2016; (iii) 141,593 Series C Preferred OP Units at March 31, 2017 and 2016; and (iv) 2,265,852 and 1,979,882 LTIP units as of March 31, 2017 and 2016, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income in the table above.
(b) | Noncontrolling interests in partially-owned affiliates comprise third-party interests in Fund I, II, III, IV and V, and Mervyns I and II, and six other subsidiaries.
(c) | During the first quarter of 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction.
(d) | Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership (the "Rebalancing").

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