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

3 Months Ended

Mar. 31, 2021

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 5, 2019	$	0.29	December 31, 2019	January 15, 2020
February 26, 2020	$	0.29	March 31, 2020	April 15, 2020
March 15, 2021	$	0.15	March 31, 2021	April 15, 2021

Summary of Activity in Accumulated Other Comprehensive Loss

The following tables set forth the activity in accumulated other comprehensive loss for three months ended March 31, 2021 and 2020 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at January 1, 2021	$	(74,891	)

Other comprehensive income before reclassifications - swap agreements		33,556
Reclassification of realized interest on swap agreements		5,317
Net current period other comprehensive income		38,873
Net current period other comprehensive income attributable to noncontrolling interests		(5,944	)
Balance at March 31, 2021	$	(41,962	)

Balance at January 1, 2020	$	(31,175	)

Other comprehensive loss before reclassifications - swap agreements		(74,774	)
Reclassification of realized interest on swap agreements		977
Net current period other comprehensive loss		(73,797	)
Net current period other comprehensive loss attributable to noncontrolling interests		19,257
Balance at March 31, 2020	$	(85,715	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2021 and 2020 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2021	$	89,431		$	517,808		$	607,239
Distributions declared of $0.15 per Common OP Unit		(1,048	)		—			(1,048	)
Net income (loss) for the three months ended March 31, 2021		470			(3,772	)		(3,302	)
Conversion of 18,800 Common OP Units to Common Shares by limited partners of the Operating Partnership		(294	)		—			(294	)
Other comprehensive income - unrealized gain on valuation of swap agreements		1,900			2,143			4,043
Reclassification of realized interest expense on swap agreements		53			1,848			1,901
Noncontrolling interest contributions		—			11,241			11,241
Noncontrolling interest distributions		—			(6,676	)		(6,676	)
Employee Long-term Incentive Plan Unit Awards		4,049			—			4,049
Reallocation of noncontrolling interests ^(c)		369			—			369
Balance at March 31, 2021	$	94,930		$	522,592		$	617,522

Balance at January 1, 2020	$	97,670		$	546,987		$	644,657
Distributions declared of $0.29 per Common OP Unit		(1,849	)		—			(1,849	)
Net loss for the three months ended March 31, 2020		(336	)		(51,289	)		(51,625	)
Conversion of 147,882 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,472	)		—			(2,472	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(3,141	)		(16,388	)		(19,529	)
Reclassification of realized interest expense on swap agreements		7			265			272
Noncontrolling interest contributions		—			7,268			7,268
Noncontrolling interest distributions		—			(3,118	)		(3,118	)
Employee Long-term Incentive Plan Unit Awards		3,648			—			3,648
Reallocation of noncontrolling interests ^(c)		(145	)		—			(145	)
Cumulative effect of change in accounting principle		—			(11	)		(11	)
Balance at March 31, 2020	$	93,382		$	483,714		$	577,096

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958 and 3,205,931 Common OP Units at March 31, 2021 and March 31, 2020; (ii) 188 Series A Preferred OP Units at March 31, 2021 and March 31, 2020; (iii) 126,593 Series C Preferred OP Units at March 31, 2021 and March 31, 2020; and (iv) 3,409,232 and 3,003,027 LTIP units at March 31, 2021 and March 31, 2020, 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.