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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (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, 2025

 

$

94,599

 

 

$

342,434

 

 

$

437,033

 

 

$

21,174

 

Distributions declared of $0.20 per Common OP Unit and distributions on Preferred OP Units

 

 

(1,447

)

 

 

—

 

 

 

(1,447

)

 

 

—

 

Net income (loss) for the three months ended September 30, 2025

 

 

314

 

 

 

(15,320

)

 

 

(15,006

)

 

 

(1,567

)

Conversion of 17,266 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(290

)

 

 

—

 

 

 

(290

)

 

 

—

 

Other comprehensive income - unrealized loss on valuation of swap agreements

 

 

(115

)

 

 

377

 

 

 

262

 

 

 

—

 

Adjustment of redeemable non-controlling interest to estimated redemption value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,014

 

Acquisition of noncontrolling interest (Note 10)

 

 

—

 

 

 

(105

)

 

 

(105

)

 

 

(8,232

)

Reclassification of realized interest expense on swap agreements

 

 

(4

)

 

 

(602

)

 

 

(606

)

 

 

—

 

City Point Loan accrued interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,270

)

Noncontrolling interest contributions

 

 

—

 

 

 

6,046

 

 

 

6,046

 

 

 

 

Noncontrolling interest distributions

 

 

—

 

 

 

(16,215

)

 

 

(16,215

)

 

 

(5

)

Employee Long-term Incentive Plan Unit Awards

 

 

2,961

 

 

 

—

 

 

 

2,961

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

(2,653

)

 

 

—

 

 

 

(2,653

)

 

 

—

 

Balance as of September 30, 2025

 

$

93,365

 

 

$

316,615

 

 

$

409,980

 

 

$

9,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling
Interests in
Operating
Partnership (a)

 

 

Noncontrolling
Interests in
Partially-Owned
Affiliates (b)

 

 

Total

 

 

Redeemable Noncontrolling Interests (c)

 

Balance at January 1, 2025

 

$

85,730

 

 

$

350,287

 

 

$

436,017

 

 

$

30,583

 

Distributions declared of $0.60 per Common OP Unit and distributions on Preferred OP Units

 

 

(4,337

)

 

 

—

 

 

 

(4,337

)

 

 

—

 

Net income (loss) for the nine months ended September 30, 2025

 

 

649

 

 

 

(48,432

)

 

 

(47,783

)

 

 

(4,960

)

Conversion of 153,436 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(2,403

)

 

 

—

 

 

 

(2,403

)

 

 

—

 

Other comprehensive income - unrealized loss on valuation of swap agreements

 

 

(874

)

 

 

(1,394

)

 

 

(2,268

)

 

 

—

 

Consolidation of previously unconsolidated investment

 

 

—

 

 

 

29,573

 

 

 

29,573

 

 

 

—

 

Reclassification of realized interest expense on swap agreements

 

 

(28

)

 

 

(1,839

)

 

 

(1,867

)

 

 

—

 

Adjustment of redeemable non-controlling interest to estimated redemption value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,014

 

Acquisition of noncontrolling interest

 

 

—

 

 

 

(105

)

 

 

(105

)

 

 

(8,232

)

City Point Loan accrued interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,296

)

Noncontrolling interest contributions

 

 

—

 

 

 

14,414

 

 

 

14,414

 

 

 

10

 

Noncontrolling interest distributions

 

 

—

 

 

 

(25,889

)

 

 

(25,889

)

 

 

(5

)

Employee Long-term Incentive Plan Unit Awards

 

 

8,407

 

 

 

—

 

 

 

8,407

 

 

 

—

 

Reallocation of noncontrolling interests (d)

 

 

6,221

 

 

 

—

 

 

 

6,221

 

 

 

—

 

Balance at September 30, 2025

 

$

93,365

 

 

$

316,615

 

 

$

409,980

 

 

$

9,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 Common OP Units as of September 30, 2025 and 2024; (ii) 188 Series A Preferred OP Units as of September 30, 2025 and 2024; (iii) 66,519 Series C Preferred OP Units as of September 30, 2025 and 2024; and (iv) 5,231,199 and 4,670,297 LTIP units as of September 30, 2025 and 2024, 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.