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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 3 Months Ended
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Mar. 31, 2022
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
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
November 3, 2021 |  | $ | 0.15 |  |  | December 31, 2021 |  | January 14, 2022
February 15, 2022 |  | $ | 0.18 |  |  | March 31, 2022 |  | April 14, 2022
Summary of Activity in Accumulated Other Comprehensive Loss | The following tables set forth the activity in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands):
|  | Gains or Losses on Derivative Instruments |
Balance at January 1, 2022 |  | $ | (36,214 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 35,734 |
Reclassification of realized interest on swap agreements |  |  | 5,049 |
Net current period other comprehensive income |  |  | 40,783 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (10,293 | )
Balance at March 31, 2022 |  | $ | (5,724 | )
Balance at January 1, 2021 |  | $ | (74,891 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 33,556 |
Reclassification of realized interest on swap agreements |  |  | 5,268 |
Net current period other comprehensive income |  |  | 38,824 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (5,895 | )
Balance at March 31, 2021 |  | $ | (41,962 | )
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2022 and 2021 (dollars in thousands):
|  | Noncontrolling Interests in Operating Partnership (a) |  |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  |  | Total |
Balance at January 1, 2022 |  | $ | 94,120 |  |  | $ | 534,202 |  |  | $ | 628,322 |
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units |  |  | (1,283 | ) |  |  | — |  |  |  | (1,283 | )
Net income for the three months ended March 31, 2022 |  |  | 1,121 |  |  |  | 26,138 |  |  |  | 27,259 |
Conversion of 35,606 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (572 | ) |  |  | — |  |  |  | (572 | )
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements |  |  | 1,698 |  |  |  | 6,929 |  |  |  | 8,627 |
Reclassification of realized interest expense on swap agreements |  |  | 46 |  |  |  | 1,620 |  |  |  | 1,666 |
Noncontrolling interest contributions |  |  | — |  |  |  | 99,129 |  |  |  | 99,129 |
Noncontrolling interest distributions |  |  | — |  |  |  | (22,780 | ) |  |  | (22,780 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 3,389 |  |  |  | — |  |  |  | 3,389 |
Reallocation of noncontrolling interests (c) |  |  | 2,836 |  |  |  | — |  |  |  | 2,836 |
Balance at March 31, 2022 |  | $ | 101,355 |  |  | $ | 645,238 |  |  | $ | 746,593 |
Balance at January 1, 2021 |  | $ | 89,431 |  |  | $ | 519,734 |  |  | $ | 609,165 |
Distributions on Preferred OP Units |  |  | (1,048 | ) |  |  | — |  |  |  | (1,048 | )
Net income (loss) for the three months ended March 31, 2021 |  |  | 470 |  |  |  | (4,590 | ) |  |  | (4,120 | )
Conversion of 18,800 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (294 | ) |  |  | — |  |  |  | (294 | )
Other comprehensive income - unrealized gain (loss) on valuation of swap agreements |  |  | 1,900 |  |  |  | 2,143 |  |  |  | 4,043 |
Reclassification of realized interest expense on swap agreements |  |  | 53 |  |  |  | 1,799 |  |  |  | 1,852 |
Noncontrolling interest contributions |  |  | — |  |  |  | 11,241 |  |  |  | 11,241 |
Noncontrolling interest distributions |  |  | — |  |  |  | (5,676 | ) |  |  | (5,676 | )
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 |  |  | $ | 524,651 |  |  | $ | 619,581 |
(a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,076,849 and 3,076,849 Common OP Units at March 31, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of March 31, 2022 and 2021; and (iv) 3,705,353 and 3,409,232 LTIP units at March 31, 2022 and 2021, 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.

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