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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 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 July 1, 2024

 

$

85,683

 

 

$

371,538

 

 

$

457,221

 

 

$

40,874

 

Distributions declared of $0.19 per Common OP Unit and distributions on Preferred OP Units

 

 

(1,273

)

 

 

—

 

 

 

(1,273

)

 

 

 

Net income (loss) for the three months ended September 30, 2024

 

 

474

 

 

 

5,038

 

 

 

5,512

 

 

 

(1,672

)

Conversion of 31,847 Common OP Units and 18,266 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership

 

 

(1,546

)

 

 

—

 

 

 

(1,546

)

 

 

—

 

Other comprehensive income - unrealized gain on valuation of swap agreements

 

 

(1,400

)

 

 

(4,831

)

 

 

(6,231

)

 

 

—

 

Reclassification of realized interest expense on swap agreements

 

 

(32

)

 

 

(2,409

)

 

 

(2,441

)

 

 

—

 

City Point Loan accrued interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,165

)

Noncontrolling interest contributions

 

 

—

 

 

 

2,409

 

 

 

2,409

 

 

 

—

 

Noncontrolling interest distributions

 

 

—

 

 

 

(7,591

)

 

 

(7,591

)

 

 

—

 

Employee Long-term Incentive Plan Unit Awards

 

 

2,494

 

 

 

—

 

 

 

2,494

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

(354

)

 

 

—

 

 

 

(354

)

 

 

—

 

Balance as of September 30, 2024

 

$

84,046

 

 

$

364,154

 

 

$

448,200

 

 

$

35,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of July 1, 2023

 

$

103,813

 

 

$

348,624

 

 

$

452,437

 

 

$

59,833

 

Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units

 

 

(1,338

)

 

 

—

 

 

 

(1,338

)

 

 

—

 

Net income (loss) for the three months ended September 30, 2023

 

 

79

 

 

 

(12,426

)

 

 

(12,347

)

 

 

(2,495

)

Conversion of 10,828 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(182

)

 

 

—

 

 

 

(182

)

 

 

—

 

Other comprehensive income - unrealized gain on valuation of swap agreements

 

 

950

 

 

 

4,212

 

 

 

5,162

 

 

 

—

 

Reclassification of realized interest expense on swap agreements

 

 

(56

)

 

 

(3,526

)

 

 

(3,582

)

 

 

—

 

City Point Loan accrued interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,332

)

Capital call receivable

 

 

—

 

 

 

(16,300

)

 

 

(16,300

)

 

 

—

 

Noncontrolling interest contributions

 

 

—

 

 

 

16,600

 

 

 

16,600

 

 

 

315

 

Noncontrolling interest distributions

 

 

—

 

 

 

(1,754

)

 

 

(1,754

)

 

 

(37

)

Employee Long-term Incentive Plan Unit Awards

 

 

2,353

 

 

 

—

 

 

 

2,353

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

(2,039

)

 

 

—

 

 

 

(2,039

)

 

 

—

 

Balance as of September 30, 2023

 

$

103,580

 

 

$

335,430

 

 

$

439,010

 

 

$

55,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling
Interests in
Operating
Partnership (a)

 

 

Noncontrolling
Interests in
Partially-Owned
Affiliates (b)

 

 

Total

 

 

Redeemable Noncontrolling Interests (c)

 

Balance at January 1, 2024

 

$

99,718

 

 

$

346,582

 

 

$

446,300

 

 

$

50,339

 

Distributions declared of $0.55 per Common OP Unit and distributions on Preferred OP Units

 

 

(3,954

)

 

 

—

 

 

 

(3,954

)

 

 

—

 

Net income (loss) for the nine months ended September 30, 2024

 

 

979

 

 

 

(608

)

 

 

371

 

 

 

(6,518

)

Conversion of 1,082,296 Common OP Units and 59,865 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership

 

 

(20,888

)

 

 

—

 

 

 

(20,888

)

 

 

—

 

Other comprehensive income - unrealized gain on valuation of swap agreements

 

 

(455

)

 

 

2,815

 

 

 

2,360

 

 

 

—

 

Reclassification of realized interest expense on swap agreements

 

 

(136

)

 

 

(9,743

)

 

 

(9,879

)

 

 

—

 

City Point Loan accrued interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,778

)

Noncontrolling interest contributions

 

 

—

 

 

 

46,118

 

 

 

46,118

 

 

 

—

 

Noncontrolling interest distributions

 

 

—

 

 

 

(21,010

)

 

 

(21,010

)

 

 

(6

)

Employee Long-term Incentive Plan Unit Awards

 

 

9,026

 

 

 

—

 

 

 

9,026

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

(244

)

 

 

—

 

 

 

(244

)

 

 

—

 

Balance at September 30, 2024

 

$

84,046

 

 

$

364,154

 

 

$

448,200

 

 

$

35,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023

 

$

99,554

 

 

$

389,810

 

 

$

489,364

 

 

$

67,664

 

Distributions declared of $0.54 per Common OP Unit and distributions on Preferred OP Units

 

 

(4,022

)

 

 

—

 

 

 

(4,022

)

 

 

—

 

Net income (loss) for the nine months ended September 30, 2023

 

 

1,693

 

 

 

(8,756

)

 

 

(7,063

)

 

 

(5,661

)

Conversion of 102,261 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(1,715

)

 

 

—

 

 

 

(1,715

)

 

 

—

 

Other comprehensive income - unrealized gain on valuation of swap agreements

 

 

1,205

 

 

 

10,732

 

 

 

11,937

 

 

 

—

 

Reclassification of realized interest expense on swap agreements

 

 

(155

)

 

 

(9,784

)

 

 

(9,939

)

 

 

—

 

City Point Loan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(796

)

City Point Loan accrued interest

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,995

)

Capital call receivable

 

 

—

 

 

 

(16,300

)

 

 

(16,300

)

 

 

—

 

Noncontrolling interest contributions

 

 

—

 

 

 

47,842

 

 

 

47,842

 

 

 

1,110

 

Noncontrolling interest distributions

 

 

—

 

 

 

(78,114

)

 

 

(78,114

)

 

 

(38

)

Employee Long-term Incentive Plan Unit Awards

 

 

8,719

 

 

 

—

 

 

 

8,719

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

(1,699

)

 

 

—

 

 

 

(1,699

)

 

 

—

 

Balance at September 30, 2023

 

$

103,580

 

 

$

335,430

 

 

$

439,010

 

 

$

55,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 and 2,864,074 Common OP Units as of September 30, 2024 and 2023, respectively; (ii) 188 Series A Preferred OP Units as of both September 30, 2024 and 2023; (iii) 66,519 and 126,384 Series C Preferred OP Units as of September 30, 2024 and 2023, respectively; and (iv) 4,670,297 and 4,287,550 LTIP units as of September 30, 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 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.