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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2018
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 income for the six months ended June 30, 2018 and 2017 (in thousands):
| Gains or Losses on Derivative Instruments
Balance at January 1, 2018 | $ | 2,614 |
Other comprehensive income before reclassifications | 8,603 |
Reclassification of realized interest on swap agreements | 472 |
Net current period other comprehensive income | 9,075 |
Net current period other comprehensive income attributable to noncontrolling interests | (1,551 | )
Balance at June 30, 2018 | $ | 10,138 |
Balance at January 1, 2017 | $ | (798 | )
Other comprehensive income before reclassifications | (2,008 | )
Reclassification of realized interest on swap agreements | 1,903 |
Net current period other comprehensive income | (105 | )
Net current period other comprehensive loss attributable to noncontrolling interests | 383 |
Balance at June 30, 2017 | $ | (520 | )
Change in Noncontrolling Interests | The following table summarizes the change in the noncontrolling interests for the six months ended June 30, 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 $0.54 per Common OP Unit | (3,434 | ) |  | — |  |  | (3,434 | )
Net income (loss) for the period January 1 through June 30, 2018 | 1,245 |  |  | (22,759 | ) |  | (21,514 | )
Conversion of 63,931 Common OP Units to Common Shares by limited partners of the Operating Partnership | (1,123 | ) |  | — |  |  | (1,123 | )
Other comprehensive income - unrealized gain on valuation of swap agreements | 428 |  |  | 930 |  |  | 1,358 |
Reclassification of realized interest expense on swap agreements | 19 |  |  | 174 |  |  | 193 |
Noncontrolling interest contributions | — |  |  | 6,550 |  |  | 6,550 |
Noncontrolling interest distributions | — |  |  | (15,640 | ) |  | (15,640 | )
Employee Long-term Incentive Plan Unit Awards | 5,842 |  |  | — |  |  | 5,842 |
Rebalancing adjustment (c) | (798 | ) |  | — |  |  | (798 | )
Balance at June 30, 2018 | $ | 105,100 |  |  | $ | 514,774 |  |  | $ | 619,874 |
Balance at January 1, 2017 | $ | 95,422 |  |  | $ | 494,126 |  |  | $ | 589,548 |
Distributions declared of $0.52 per Common OP Unit | (3,207 | ) |  | — |  |  | (3,207 | )
Net income (loss) for the period January 1 through June 30, 2017 | 1,920 |  |  | (3,532 | ) |  | (1,612 | )
Conversion of 41,166 Common OP Units to Common Shares by limited partners of the Operating Partnership | (730 | ) |  | — |  |  | (730 | )
Other comprehensive income - unrealized loss on valuation of swap agreements | (71 | ) |  | (676 | ) |  | (747 | )
Reclassification of realized interest expense on swap agreements | 87 |  |  | 277 |  |  | 364 |
Noncontrolling interest contributions | — |  |  | 20,505 |  |  | 20,505 |
Noncontrolling interest distributions | — |  |  | (4,507 | ) |  | (4,507 | )
Employee Long-term Incentive Plan Unit Awards | 6,662 |  |  | — |  |  | 6,662 |
Rebalancing adjustment (c) | 3,927 |  |  | — |  |  | 3,927 |
Balance at June 30, 2017 | $ | 104,010 |  |  | $ | 506,193 |  |  | $ | 610,203 |
__________
(a) | Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,331,440 and 3,328,873 Common OP Units at June 30, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at June 30, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at June 30, 2018 and December 31, 2017; and (iv) 2,606,221 and 2,274,147 LTIP units as of at June 30, 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”).

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