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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 9 Months Ended
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Sep. 30, 2021
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Schedule of Dividends Declared and Paid | 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
Summary of Activity in 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 | )
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, 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.

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