Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]

The following table sets forth the dividends declared and/or paid during the nine months ended September 30, 2019:

Date Declared	Amount Per Share		Record Date	Payment Date

November 15, 2018	$	0.28	December 31, 2018	January 15, 2019
February 28, 2019	$	0.28	March 29, 2019	April 15, 2019
May 9, 2019	$	0.28	June 28, 2019	July 15, 2019
August 13, 2019	$	0.28	September 30, 2019	October 15, 2019

Summary of Activity in Accumulated Other Comprehensive Income

The following tables set forth the activity in accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at July 1, 2019	$	(29,570	)

Other comprehensive loss before reclassifications		(15,388	)
Reclassification of realized interest on swap agreements		(288	)
Net current period other comprehensive loss		(15,676	)
Net current period other comprehensive loss attributable to noncontrolling interests		1,108
Balance at September 30, 2019	$	(44,138	)

Balance at July 1, 2018	$	10,138

Other comprehensive income before reclassifications		3,973
Reclassification of realized interest on swap agreements		(55	)
Net current period other comprehensive income		3,918
Net current period other comprehensive income attributable to noncontrolling interests		(789	)
Balance at September 30, 2018	$	13,267

	Gains or Losses on Derivative Instruments
Balance at January 1, 2019	$	516

Other comprehensive loss before reclassifications		(51,347	)
Reclassification of realized interest on swap agreements		(1,374	)
Net current period other comprehensive loss		(52,721	)
Net current period other comprehensive loss attributable to noncontrolling interests		8,067
Balance at September 30, 2019	$	(44,138	)

Balance at January 1, 2018	$	2,614

Other comprehensive income before reclassifications		12,576
Reclassification of realized interest on swap agreements		417
Net current period other comprehensive income		12,993
Net current period other comprehensive income attributable to noncontrolling interests		(2,340	)
Balance at September 30, 2018	$	13,267

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at July 1, 2019	$	103,705		$	515,205		$	618,910
Distributions declared of $0.28 per Common OP Unit		(1,765	)		—			(1,765	)
Net income (loss) for the three months ended September 30, 2019		785			(2,403	)		(1,618	)
Conversion of 41,646 Common OP Units to Common Shares by limited partners of the Operating Partnership		(720	)		—			(720	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(864	)		(251	)		(1,115	)
Reclassification of realized interest expense on swap agreements		(16	)		23			7
Noncontrolling interest contributions		—			129,438			129,438
Noncontrolling interest distributions		—			(29,713	)		(29,713	)
Employee Long-term Incentive Plan Unit Awards		1,768			—			1,768
Reallocation of noncontrolling interests ^(c)		(5,251	)		—			(5,251	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at July 1, 2018	$	105,100		$	514,774		$	619,874
Distributions declared of $0.27 per Common OP Unit		(1,692	)		—			(1,692	)
Net income (loss) for the three months ended September 30, 2018		732			(12,554	)		(11,822	)
Conversion of 46,950 Common OP Units to Common Shares by limited partners of the Operating Partnership		(834	)		—			(834	)
Other comprehensive income - unrealized gain on valuation of swap agreements		197			505			702
Reclassification of realized interest expense on swap agreements		(9	)		96			87
Noncontrolling interest contributions		—			40,440			40,440
Noncontrolling interest distributions		—			(9,014	)		(9,014	)
Employee Long-term Incentive Plan Unit Awards		2,082			—			2,082
Reallocation of noncontrolling interests ^(c)		(1,783	)		—			(1,783	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2019	$	104,223		$	518,219		$	622,442
Distributions declared of $0.84 per Common OP Unit		(5,322	)		—			(5,322	)
Net income (loss) for the nine months ended September 30, 2019		2,437			(27,633	)		(25,196	)
Conversion of 249,464 Common OP Units to Common Shares by limited partners of the Operating Partnership		(4,230	)		—			(4,230	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(2,686	)		(5,320	)		(8,006	)
Reclassification of realized interest expense on swap agreements		(61	)		—			(61	)
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(34,595	)		(34,595	)
Employee Long-term Incentive Plan Unit Awards		6,965			—			6,965
Reallocation of noncontrolling interests ^(c)		(3,684	)		—			(3,684	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $0.81 per Common OP Unit		(5,126	)		—			(5,126	)
Net income (loss) for the nine months ended September 30, 2018		1,977			(35,313	)		(33,336	)
Conversion of 111,588 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,957	)		—			(1,957	)
Other comprehensive income - unrealized gain on valuation of swap agreements		625			1,435			2,060
Reclassification of realized interest expense on swap agreements		10			270			280
Noncontrolling interest contributions		—			46,990			46,990
Noncontrolling interest distributions		—			(24,654	)		(24,654	)
Employee Long-term Incentive Plan Unit Awards		7,924			—			7,924
Reallocation of noncontrolling interests ^(c)		(2,581	)		—			(2,581	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,306,879 and 3,331,440 Common OP Units at September 30, 2019 and September 30, 2018; (ii) 188 Series A Preferred OP Units at September 30, 2019 and September 30, 2018; (iii) 136,593 Series C Preferred OP Units at September 30, 2019 and September 30, 2018; and (iv) 2,673,608 and 2,547,002 LTIP units at September 30, 2019 and September 30, 2018, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

(b)	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns 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.