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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income | 3 Months Ended
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Mar. 31, 2018
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income | Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income Common Shares and Units The Company completed the following transactions in its common shares during the three months ended March 31, 2018:
• | The Company withheld 3,288 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.
• | The Company recognized Common Share and Common OP Unit-based compensation totaling $2.2 million in connection with Restricted Shares and Units (Note 13).
The Company completed the following transactions in its common shares during the year ended December 31, 2017:
• | The Company withheld 4,314 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.
• | The Company recognized Common Share and Common OP Unit-based compensation totaling $8.4 million in connection with Restricted Shares and Units (Note 13).
• | At the May 10 Shareholder Meeting, Shareholders approved an amendment to the Company’s Declaration of Trust to increase the authorized share capital of the Company from 100 million shares of beneficial interest to 200 million shares which became effective on July 24, 2017.
Share Repurchases During 2018, the Company revised its share repurchase program. The new share repurchase program authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. The Company repurchased 1,304,194 shares for $32.0 million during the three months ended March 31, 2018, and did no t repurchase any shares during the year ended December 31, 2017. As of March 31, 2018, management may repurchase up to approximately $168.0 million of the Company’s outstanding Common Shares under this program. During April 2018, the Company repurchased additional shares under this program as discussed in Note 15. Dividends and Distributions On February 27, 2018, the Board of Trustees declared a regular quarterly cash dividend of $0.27 per Common Share, which was paid on April 13, 2018 to holders of record as of March 30, 2018. On November 8, 2017, the Board of Trustees declared an increase of $0.01 to the $0.27 per Common Share regular quarterly cash dividend, which was paid on January 13, 2018 to holders of record as of December 29, 2017. Accumulated Other Comprehensive Income The following table sets forth the activity in accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 (in thousands):
| Gains or Losses on Derivative Instruments
Balance at January 1, 2018 | $ | 2,614 |
Other comprehensive income before reclassifications | 5,653 |
Reclassification of realized interest on swap agreements | 363 |
Net current period other comprehensive income | 6,016 |
Net current period other comprehensive income attributable to noncontrolling interests | (1,254 | )
Balance at March 31, 2018 | $ | 7,376 |
Balance at January 1, 2017 | $ | (798 | )
Other comprehensive income before reclassifications | 118 |
Reclassification of realized interest on swap agreements | 963 |
Net current period other comprehensive income | 1,081 |
Net current period other comprehensive loss attributable to noncontrolling interests | 155 |
Balance at March 31, 2017 | $ | 438 |
Noncontrolling Interests The following table summarizes the change in the noncontrolling interests for the three months ended March 31, 2018 and 2017 (dollars in thousands):
| Noncontrolling Interests in Operating Partnership (a) |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  | Total
Balance at January 1, 2018 | $ | 102,921 |  |  | $ | 545,519 |  |  | $ | 648,440 |
Distributions declared of $0.27 per Common OP Unit | (1,721 | ) |  | — |  |  | (1,721 | )
Net income (loss) for the period January 1 through March 31, 2018 | 612 |  |  | (12,191 | ) |  | (11,579 | )
Conversion of 36,126 Common OP Units to Common Shares by limited partners of the Operating Partnership | (642 | ) |  | — |  |  | (642 | )
Other comprehensive income - unrealized loss on valuation of swap agreements | 274 |  |  | 886 |  |  | 1,160 |
Reclassification of realized interest expense on swap agreements | 10 |  |  | 84 |  |  | 94 |
Noncontrolling interest distributions | — |  |  | (695 | ) |  | (695 | )
Employee Long-term Incentive Plan Unit Awards | 3,716 |  |  | — |  |  | 3,716 |
Rebalancing adjustment (c) | 1,225 |  |  | — |  |  | 1,225 |
Balance at March 31, 2018 | $ | 106,395 |  |  | $ | 533,603 |  |  | $ | 639,998 |
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 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 | — |  |  | (3,822 | ) |  | (3,822 | )
Employee Long-term Incentive Plan Unit Awards | 4,141 |  |  | — |  |  | 4,141 |
Rebalancing adjustment (c) | 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’ 3,328,873 Common OP Units at March 31, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at March 31, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at March 31, 2018 and December 31, 2017; and (iv) 2,619,872 and 2,274,147 LTIP units as of at March 31, 2018 and December 31, 2017, 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 Funds II, III, IV and V, and Mervyns I and II, and six other subsidiaries.
(c) | 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”).
Preferred OP Units There were no issuances of Preferred OP Units during the three months ended March 31, 2018. In 1999 the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through March 31, 2018, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through March 31, 2018, 5,000 Series C Preferred OP Units were converted into 17,165 Common OP Units and then into Common Shares.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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