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

6 Months Ended

Jun. 30, 2020

Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]

The following table sets forth the distributions declared and/or paid during the periods presented:

Date Declared	Amount Per Share		Record Date	Payment Date

November 13, 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
November 5, 2019	$	0.29	December 31, 2019	January 15, 2020
February 26, 2020	$	0.29	March 31, 2020	April 15, 2020

Summary of Activity in Accumulated Other Comprehensive Loss

The following tables set forth the activity in accumulated other comprehensive loss for three and six months ended June 30, 2020 and 2019 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at April 1, 2020	$	(85,715	)

Other comprehensive loss before reclassifications - swap agreements		(8,621	)
Reclassification of realized interest on swap agreements		3,115
Net current period other comprehensive loss		(5,506	)
Net current period other comprehensive loss attributable to noncontrolling interests		1,012
Balance at June 30, 2020	$	(90,209	)

Balance at April 1, 2019	$	(11,021	)

Other comprehensive loss before reclassifications - swap agreements		(22,652	)
Reclassification of realized interest on swap agreements		(535	)
Net current period other comprehensive loss		(23,187	)
Net current period other comprehensive loss attributable to noncontrolling interests		4,638
Balance at June 30, 2019	$	(29,570	)

	Gains or Losses on Derivative Instruments
Balance at January 1, 2020	$	(31,175	)

Other comprehensive loss before reclassifications - swap agreements		(83,395	)
Reclassification of realized interest on swap agreements		4,092
Net current period other comprehensive loss		(79,303	)
Net current period other comprehensive loss attributable to noncontrolling interests		20,269
Balance at June 30, 2020	$	(90,209	)

Balance at January 1, 2019	$	516

Other comprehensive loss before reclassifications - swap agreements		(35,958	)
Reclassification of realized interest on swap agreements		(1,086	)
Net current period other comprehensive loss		(37,044	)
Net current period other comprehensive loss attributable to noncontrolling interests		6,958
Balance at June 30, 2019	$	(29,570	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at April 1, 2020	$	93,382		$	483,714		$	577,096
Distributions declared of $0.00 per Common OP Unit		(123	)		—			(123	)
Net income for the three months ended June 30, 2020		1,259			44,237			45,496
Conversion of 259,712 Common OP Units to Common Shares by limited partners of the Operating Partnership		(4,072	)		—			(4,072	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(310	)		(1,869	)		(2,179	)
Reclassification of realized interest expense on swap agreements		42			1,125			1,167
Noncontrolling interest gain		—			588			588
Noncontrolling interest contributions		—			21,041			21,041
Noncontrolling interest distributions		—			(1,418	)		(1,418	)
Employee Long-term Incentive Plan Unit Awards		2,142			—			2,142
Reallocation of noncontrolling interests ^(c)		(1,999	)		—			(1,999	)
Balance at June 30, 2020	$	90,321		$	547,418		$	637,739

Balance at April 1, 2019	$	105,044		$	535,377		$	640,421
Distributions declared of $0.28 per Common OP Unit		(1,776	)		—			(1,776	)
Net income (loss) for the three months ended June 30, 2019		722			(15,039	)		(14,317	)
Conversion of 33,289 Common OP Units to Common Shares by limited partners of the Operating Partnership		(557	)		—			(557	)
Other comprehensive income - unrealized loss on valuation of swap agreements		(1,127	)		(3,464	)		(4,591	)
Reclassification of realized interest expense on swap agreements		(23	)		(24	)		(47	)
Noncontrolling interest contributions		—			—			—
Noncontrolling interest distributions		—			(1,645	)		(1,645	)
Employee Long-term Incentive Plan Unit Awards		1,835			—			1,835
Reallocation of noncontrolling interests ^(c)		(413	)		—			(413	)
Balance at June 30, 2019	$	103,705		$	515,205		$	618,910

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2020	$	97,670		$	546,987		$	644,657
Distributions declared of $0.29 per Common OP Unit		(1,972	)		—			(1,972	)
Net income (loss) for the six months ended June 30, 2020		923			(7,052	)		(6,129	)
Conversion of 407,594 Common OP Units to Common Shares by limited partners of the Operating Partnership		(6,544	)		—			(6,544	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(3,451	)		(18,257	)		(21,708	)
Cumulative effect of change in accounting principle (Note 1)		—			(11	)		(11	)
Noncontrolling interest gain		—			588			588
Reclassification of realized interest expense on swap agreements		49			1,390			1,439
Noncontrolling interest contributions		—			28,309			28,309
Noncontrolling interest distributions		—			(4,536	)		(4,536	)
Employee Long-term Incentive Plan Unit Awards		5,790			—			5,790
Reallocation of noncontrolling interests ^(c)		(2,144	)		—			(2,144	)
Balance at June 30, 2020	$	90,321		$	547,418		$	637,739

Balance at January 1, 2019	$	104,223		$	518,219		$	622,442
Distributions declared of $0.56 per Common OP Unit		(3,557	)		—			(3,557	)
Net income (loss) for the six months ended June 30, 2019		1,653			(25,231	)		(23,578	)
Conversion of 207,818 Common OP Units to Common Shares by limited partners of the Operating Partnership		(3,510	)		—			(3,510	)
Other comprehensive income - unrealized loss on valuation of swap agreements		(1,822	)		(5,068	)		(6,890	)
Reclassification of realized interest expense on swap agreements		(44	)		(24	)		(68	)
Noncontrolling interest contributions		—			32,191			32,191
Noncontrolling interest distributions		—			(4,882	)		(4,882	)
Employee Long-term Incentive Plan Unit Awards		5,195			—			5,195
Reallocation of noncontrolling interests ^(c)		1,567			—			1,567
Balance at June 30, 2019	$	103,705		$	515,205		$	618,910

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958 and 3,320,325 Common OP Units at June 30, 2020 and June 30, 2019; (ii) 188 Series A Preferred OP Units at June 30, 2020 and June 30, 2019; (iii) 126,593 and 136,593 Series C Preferred OP Units at June 30, 2020 and June 30, 2019; and (iv) 2,886,207 and 2,715,679 LTIP units at June 30, 2020 and June 30, 2019, 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.