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

3 Months Ended

Mar. 31, 2024

Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2024 and 2023 (dollars in thousands, except per unit data):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance as of January 1, 2024	$	99,718		$	346,582		$	446,300		$	50,339
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,453	)		—			(1,453	)
Net income (loss) for the three months ended March 31, 2024		326			(7,898	)		(7,572	)		(2,554	)
Conversion of 795,145 Common OP Units to Common Shares by limited partners of the Operating Partnership		(12,913	)		—			(12,913	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		859			5,378			6,237			—
Reclassification of realized interest expense on swap agreements		(54	)		(3,697	)		(3,751	)		—
City Point Loan accrued interest		—			—			—			(2,323	)
Capital call receivable		—			(6,153	)		(6,153	)		—
Noncontrolling interest contributions		—			43,709			43,709			—
Noncontrolling interest distributions		—			(5,459	)		(5,459	)		—
Employee Long-term Incentive Plan Unit Awards		4,043			—			4,043			—
Reallocation of noncontrolling interests (d)		2,181			—			2,181			—
Balance as of March 31, 2024	$	92,707		$	372,462		$	465,169		$	45,462

Balance as of January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,343	)		—			(1,343	)		—
Net income (loss) for the three months ended March 31, 2023		917			9,800			10,717			(2,075	)
Conversion of 37,393 Common OP Units to Common Shares by limited partners of the Operating Partnership		(631	)		—			(631	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		(914	)		(1,347	)		(2,261	)		—
Reclassification of realized interest expense on swap agreements		(45	)		(2,675	)		(2,720	)		—
City Point Loan accrued interest		—			—			—			(2,320	)
Noncontrolling interest contributions		—			31,242			31,242			—
Noncontrolling interest distributions		—			(70,868	)		(70,868	)		—
Employee Long-term Incentive Plan Unit Awards		3,897			—			3,897			—
Reallocation of noncontrolling interests (d)		1,784			—			1,784			—
Balance as of March 31, 2023	$	103,219		$	355,962		$	459,181		$	63,269

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,219,958 and 2,864,074 Common OP Units as of March 31, 2024 and 2023, respectively; (ii) 188 Series A Preferred OP Units as of both March 31, 2024 and 2023; (iii) 126,384 and 126,384 Series C Preferred OP Units as of March 31, 2024 and 2023, respectively; and (iv) 4,749,661 and 4,313,047 LTIP units as of March 31, 2024 and 2023, respectively, as discussed in the Amended and Restated 2020 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 seven other subsidiaries.

(c)

Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

(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.