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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 12 Months Ended
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Dec. 31, 2020
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Common Shares and Units In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the year ended December 31, 2020:
| • | The Company withheld 2,075 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 expense totaling $8.4 million in connection with Restricted Shares and Units (Note 13).
In addition to the share repurchase activity discussed below, the Company completed the following transactions in its Common Shares during the year ended December 31, 2019:
| • | The Company withheld 2,468 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 expense totaling $8.8 million in connection with Restricted Shares and Units (Note 13).
ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) which provides the Company an efficient and low-cost vehicle for raising public equity to fund its capital needs. The Company entered into its current $250.0 million ATM Program (which replaced its prior program) in the second quarter of 2019 and also added an optional “forward purchase” component. The Company has not issued any shares on a forward basis during the year ended December 31, 2020. During the year ended December 31, 2019, the Company sold 5,164,055 Common Shares under its ATM Program for gross proceeds of $147.7 million, or $145.5 million net of issuance costs, at a weighted-average gross price per share of $28.61. During the year ended December 31, 2020, the Company did not sell any Common Shares under its ATM Program. Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did not repurchase any shares during the year ended December 31, 2019. During the first quarter of 2020, the Company repurchased 1,219,065 Common Shares for $22.4 million, inclusive of $0.1 million of fees, at a weighted average price per share of $18.29, under the share repurchase program, under which 122.6 million remains available at December 31, 2020. Dividends and Distributions 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
Beginning with the second quarter of 2020, the Board temporarily suspended distributions on its Common Shares and Common OP Units, which suspension the Board has determined to continue through the fourth quarter of 2020; however, distributions of $0.1 million were payable to preferred unit holders at each of June 30, 2020, September 30, 2020 and December 31, 2020. Assuming that current operating conditions continue to prevail, the Company currently expects to reinstate quarterly distributions in the first quarter of 2021, which would be subject to Board approval at that time. Accumulated Other Comprehensive Loss The following tables set forth the activity in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands):
|  | Gains or Losses on Derivative Instruments |
Balance at January 1, 2020 |  | $ | (31,175 | )
Other comprehensive loss before reclassifications - swap agreements |  |  | (74,236 | )
Reclassification of realized interest on swap agreements |  |  | 15,203 |
Net current period other comprehensive loss |  |  | (59,033 | )
Net current period other comprehensive loss attributable to noncontrolling interests |  |  | 15,317 |
Balance at December 31, 2020 |  | $ | (74,891 | )
Balance at January 1, 2019 |  | $ | 516 |
Other comprehensive loss before reclassifications - swap agreements |  |  | (35,674 | )
Reclassification of realized interest on swap agreements |  |  | (872 | )
Net current period other comprehensive loss |  |  | (36,546 | )
Net current period other comprehensive loss attributable to noncontrolling interests |  |  | 4,855 |
Balance at December 31, 2019 |  | $ | (31,175 | )
Balance at January 1, 2018 |  | $ | 2,614 |
Other comprehensive loss before reclassifications |  |  | (2,659 | )
Reclassification of realized interest on swap agreements |  |  | 71 |
Net current period other comprehensive loss |  |  | (2,588 | )
Net current period other comprehensive income attributable to noncontrolling interests |  |  | 490 |
Balance at December 31, 2018 |  | $ | 516 |
Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands):
|  | 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 |  |  | (2,218 | ) |  |  | — |  |  |  | (2,218 | )
Net income (loss) for the year ended December 31, 2020 |  |  | 125 |  |  |  | (57,404 | ) |  |  | (57,279 | )
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 |  |  | (2,709 | ) |  |  | (18,246 | ) |  |  | (20,955 | )
Cumulative effect of change in accounting principle (Note 1) |  |  | — |  |  |  | (11 | ) |  |  | (11 | )
Acquisition of noncontrolling interest (Note 7) |  |  | — |  |  |  | 15,918 |  |  |  | 15,918 |
Reclassification of realized interest expense on swap agreements |  |  | 174 |  |  |  | 5,464 |  |  |  | 5,638 |
Noncontrolling interest contributions |  |  | — |  |  |  | 52,674 |  |  |  | 52,674 |
Noncontrolling interest distributions |  |  | — |  |  |  | (27,574 | ) |  |  | (27,574 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 10,130 |  |  |  | — |  |  |  | 10,130 |
Reallocation of noncontrolling interests (c) |  |  | (7,197 | ) |  |  | — |  |  |  | (7,197 | )
Balance at December 31, 2020 |  | $ | 89,431 |  |  | $ | 517,808 |  |  | $ | 607,239 |
Balance at January 1, 2019 |  | $ | 104,223 |  |  | $ | 518,219 |  |  | $ | 622,442 |
Distributions declared of 1.13 per Common OP Unit |  |  | (7,124 | ) |  |  | — |  |  |  | (7,124 | )
Net income (loss) for the year ended December 31, 2019 |  |  | 3,836 |  |  |  | (35,677 | ) |  |  | (31,841 | )
Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (5,104 | ) |  |  | — |  |  |  | (5,104 | )
Other comprehensive income - unrealized loss on valuation of swap agreements |  |  | (1,899 | ) |  |  | (3,036 | ) |  |  | (4,935 | )
Reclassification of realized interest expense on swap agreements |  |  | (62 | ) |  |  | 142 |  |  |  | 80 |
Noncontrolling interest contributions |  |  | — |  |  |  | 161,628 |  |  |  | 161,628 |
Noncontrolling interest distributions |  |  | — |  |  |  | (94,289 | ) |  |  | (94,289 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 10,411 |  |  |  | — |  |  |  | 10,411 |
Reallocation of noncontrolling interests (c) |  |  | (6,611 | ) |  |  | — |  |  |  | (6,611 | )
Balance at December 31, 2019 |  | $ | 97,670 |  |  | $ | 546,987 |  |  | $ | 644,657 |
Balance at January 1, 2018 |  | $ | 102,921 |  |  | $ | 545,519 |  |  | $ | 648,440 |
Distributions declared of 1.09 per Common OP Unit |  |  | (6,888 | ) |  |  | — |  |  |  | (6,888 | )
Net income (loss) for the year ended December 31, 2018 |  |  | 2,572 |  |  |  | (49,709 | ) |  |  | (47,137 | )
Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (2,068 | ) |  |  | — |  |  |  | (2,068 | )
Other comprehensive loss - unrealized loss on valuation of swap agreements |  |  | (129 | ) |  |  | (681 | ) |  |  | (810 | )
Reclassification of realized interest expense on swap agreements |  |  | (3 | ) |  |  | 323 |  |  |  | 320 |
Noncontrolling interest contributions |  |  | — |  |  |  | 47,560 |  |  |  | 47,560 |
Noncontrolling interest distributions |  |  | — |  |  |  | (24,793 | ) |  |  | (24,793 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 12,374 |  |  |  | — |  |  |  | 12,374 |
Rebalancing adjustment (c) |  |  | (4,556 | ) |  |  | — |  |  |  | (4,556 | )
Balance at December 31, 2018 |  | $ | 104,223 |  |  | $ | 518,219 |  |  | $ | 622,442 |
(a) | Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958, 3,250,603 and 3,329,640 Common OP Units at December 31, 2020, 2019 and 2018, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2020, 2019 and 2018; (iii) 126,593 Series C Preferred OP Units at December 31, 2020, and 136,593 at December 31, 2019 and 2018; and (iv) 2,886,207, 2,673,484 and 2,569,044 LTIP units at December 31, 2020, 2019 and 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 five 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.
Preferred OP Units There were no issuances of Preferred OP Units during the year ended December 31, 2020. 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 (9.00% 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 December 31, 2020, 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 December 31, 2020, 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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