XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.21.2

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 9 Months Ended
--- | ---
Sep. 30, 2021
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 share repurchase activity discussed below, the Company completed the following transactions in its Common Shares during the nine months ended September 30, 2021:  The Company withheld 3,050 restricted shares of its Common Shares (“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 in connection with Restricted Shares and Units (Note 13) totaling $2.4 million and $2.1 million for the three months ended September 30, 2021 and 2020, respectively, and $7.1 million and $6.3 million for the nine months ended September 30, 2021 and 2020, respectively. 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). ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient and low-cost vehicle for raising public equity capital to fund its needs. The Company entered into its current $250.0 million ATM Program, which includes an optional “forward purchase” component, in the second quarter of 2019. The Company sold 2,084,896 Common Shares under its ATM Program during the nine months ended September 30, 2021 generating $46.6 million of gross proceeds and $45.9 million of net proceeds after related issuance costs at a weighted-average price per share of $22.37 and $22.09, respectively. The Company did no t sell or issue any Common Shares on a forward basis for the nine months ended September 30, 2021 or the year ended December 31, 2020 and currently has approximately $123.6 million of availability under the 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 no t repurchase any shares during the nine months ended September 30, 2021. 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 as of September 30, 2021. 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 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
May 5, 2021 |  | $ | 0.15 |  |  | June 30, 2021 |  | July 15, 2021
August 5, 2021 |  | $ | 0.15 |  |  | September 30, 2021 |  | October 15, 2021
Beginning with the second quarter of 2020, the Board temporarily suspended distributions on its Common Shares and Common Units, which suspension continued 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. The Company reinstated quarterly distributions beginning in the first quarter of 2021. Accumulated Other Comprehensive Loss The following tables set forth the activity in accumulated other comprehensive loss for the three and nine months ended September 30, 2021 and 2020 (in thousands):
|  | Gains or Losses on Derivative Instruments |
Balance at July 1, 2021 |  | $ | (47,909 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 1,045 |
Reclassification of realized interest on swap agreements |  |  | 5,528 |
Net current period other comprehensive income |  |  | 6,573 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (1,833 | )
Balance at September 30, 2021 |  | $ | (43,169 | )
Balance at July 1, 2020 |  | $ | (90,209 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 952 |
Reclassification of realized interest on swap agreements |  |  | 5,506 |
Net current period other comprehensive income |  |  | 6,458 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (2,122 | )
Balance at September 30, 2020 |  | $ | (85,873 | )
|  | Gains or Losses on Derivative Instruments |
Balance at January 1, 2021 |  | $ | (74,891 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 24,528 |
Reclassification of realized interest on swap agreements |  |  | 16,169 |
Net current period other comprehensive income |  |  | 40,697 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (8,975 | )
Balance at September 30, 2021 |  | $ | (43,169 | )
Balance at January 1, 2020 |  | $ | (31,175 | )
Other comprehensive loss before reclassifications - swap agreements |  |  | (82,444 | )
Reclassification of realized interest on swap agreements |  |  | 9,598 |
Net current period other comprehensive loss |  |  | (72,846 | )
Net current period other comprehensive loss attributable to noncontrolling interests |  |  | 18,148 |
Balance at September 30, 2020 |  | $ | (85,873 | )
Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands):
|  | Noncontrolling Interests in Operating Partnership (a) |  |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  |  | Total |
Balance at July 1, 2021 |  | $ | 95,088 |  |  | $ | 522,571 |  |  | $ | 617,659 |
Distributions declared of $0.15 per Common OP Unit and distributions on Preferred OP Units |  |  | (1,046 | ) |  |  | — |  |  |  | (1,046 | )
Net income for the three months ended September 30, 2021 |  |  | 872 |  |  |  | 18,616 |  |  |  | 19,488 |
Conversion of 18,000 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (288 | ) |  |  | — |  |  |  | (288 | )
Cancellation of OP Units (c) |  |  | (479 | ) |  |  | — |  |  |  | (479 | )
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements |  |  | 227 |  |  |  | (261 | ) |  |  | (34 | )
Reclassification of realized interest expense on swap agreements |  |  | 53 |  |  |  | 1,814 |  |  |  | 1,867 |
Noncontrolling interest contributions |  |  | — |  |  |  | 9,518 |  |  |  | 9,518 |
Noncontrolling interest distributions |  |  | — |  |  |  | (10,527 | ) |  |  | (10,527 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 2,419 |  |  |  | — |  |  |  | 2,419 |
Reallocation of noncontrolling interests (d) |  |  | (2,060 | ) |  |  | — |  |  |  | (2,060 | )
Balance at September 30, 2021 |  | $ | 94,786 |  |  | $ | 541,731 |  |  | $ | 636,517 |
Balance at July 1, 2020 |  | $ | 90,321 |  |  | $ | 547,418 |  |  | $ | 637,739 |
Distributions on Preferred OP Units |  |  | (123 | ) |  |  | — |  |  |  | (123 | )
Net loss for the three months ended September 30, 2020 |  |  | (352 | ) |  |  | (28,907 | ) |  |  | (29,259 | )
Other comprehensive income - unrealized gain (loss) on valuation of swap agreements |  |  | 183 |  |  |  | (166 | ) |  |  | 17 |
Reclassification of realized interest expense on swap agreements |  |  | 63 |  |  |  | 2,042 |  |  |  | 2,105 |
Noncontrolling interest contributions |  |  | — |  |  |  | 8,427 |  |  |  | 8,427 |
Noncontrolling interest distributions |  |  | — |  |  |  | (20,117 | ) |  |  | (20,117 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 2,181 |  |  |  | — |  |  |  | 2,181 |
Reallocation of noncontrolling interests (d) |  |  | (2,100 | ) |  |  | — |  |  |  | (2,100 | )
Balance at September 30, 2020 |  | $ | 90,173 |  |  | $ | 508,697 |  |  | $ | 598,870 |
|  | 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 $0.45 per Common OP Unit and distributions on Preferred OP Units |  |  | (3,146 | ) |  |  | — |  |  |  | (3,146 | )
Net income for the nine months ended September 30, 2021 |  |  | 1,740 |  |  |  | 11,759 |  |  |  | 13,499 |
Conversion of 43,973 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (697 | ) |  |  | — |  |  |  | (697 | )
Cancellation of OP Units (c) |  |  | (479 | ) |  |  | — |  |  |  | (479 | )
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 1,721 |  |  |  | 1,625 |  |  |  | 3,346 |
Reclassification of realized interest expense on swap agreements |  |  | 159 |  |  |  | 5,470 |  |  |  | 5,629 |
Noncontrolling interest contributions |  |  | — |  |  |  | 26,627 |  |  |  | 26,627 |
Noncontrolling interest distributions |  |  | — |  |  |  | (21,558 | ) |  |  | (21,558 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 8,866 |  |  |  | — |  |  |  | 8,866 |
Reallocation of noncontrolling interests (d) |  |  | (2,809 | ) |  |  | — |  |  |  | (2,809 | )
Balance at September 30, 2021 |  | $ | 94,786 |  |  | $ | 541,731 |  |  | $ | 636,517 |
Balance at January 1, 2020 |  | $ | 97,670 |  |  | $ | 546,987 |  |  | $ | 644,657 |
Distributions declared of $0.29 per Common OP Unit |  |  | (2,095 | ) |  |  | — |  |  |  | (2,095 | )
Net income (loss) for the nine months ended September 30, 2020 |  |  | 570 |  |  |  | (35,958 | ) |  |  | (35,388 | )
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 |  |  | (3,268 | ) |  |  | (18,423 | ) |  |  | (21,691 | )
Reclassification of realized interest expense on swap agreements |  |  | 111 |  |  |  | 3,432 |  |  |  | 3,543 |
Noncontrolling interest contributions |  |  | — |  |  |  | 36,736 |  |  |  | 36,736 |
Noncontrolling interest distributions |  |  | — |  |  |  | (24,654 | ) |  |  | (24,654 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 7,973 |  |  |  | — |  |  |  | 7,973 |
Reallocation of noncontrolling interests (d) |  |  | (4,244 | ) |  |  | — |  |  |  | (4,244 | )
Noncontrolling interest gain |  |  | — |  |  |  | 588 |  |  |  | 588 |
Cumulative effect of change in accounting principle |  |  | — |  |  |  | (11 | ) |  |  | (11 | )
Balance at September 30, 2020 |  | $ | 90,173 |  |  | $ | 508,697 |  |  | $ | 598,870 |
(a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,080,849 and 3,101,958 Common OP Units at September 30, 2021 and 2020, respectively; (ii) 188 Series A Preferred OP Units at each of September 30, 2021 and 2020; (iii) 126,593 Series C Preferred OP Units at each of September 30, 2021 and 2020; and (iv) 3,416,894 and 2,886,207 LTIP units at September 30, 2021 and 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) The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021 (Note 3); (d) 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 nine months ended September 30, 2021 or 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% 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 September 30, 2021, 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 September 30, 2021, 15,000 Series C Preferred OP Units were converted into 51,887 Common OP Units and then into Common Shares.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration