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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2017
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]  
Reclassification out of Accumulated Other Comprehensive Income
The following table sets forth the activity in accumulated other comprehensive (loss) income for the year ended December 31, 2017 and 2016 (in thousands):
 
Gains or Losses on Derivative Instruments
Balance at January 1, 2017
$
(798
)
 
 
Other comprehensive loss before reclassifications
634

Reclassification of realized interest on swap agreements
3,317

Net current period other comprehensive loss
3,951

Net current period other comprehensive loss attributable to noncontrolling interests
(539
)
Balance at December 31, 2017
$
2,614

 
 
Balance at January 1, 2016
$
(4,463
)
 
 
Other comprehensive loss before reclassifications
(646
)
Reclassification of realized interest on swap agreements
4,576

Net current period other comprehensive loss
3,930

Net current period other comprehensive loss attributable to noncontrolling interests
(265
)
Balance at December 31, 2016
$
(798
)
Change in Noncontrolling Interests
The following table summarizes the change in the noncontrolling interests for the year ended December 31, 2017 and 2016 (dollars in thousands):
 
Noncontrolling Interests in Operating Partnership (a)
 
Noncontrolling Interests in Partially-Owned Affiliates (b)
 
Total
 
 
 
 
 
 
Balance at January 1, 2017
$
95,422

 
$
494,126

 
$
589,548

Distributions declared of $1.05 per Common OP Unit
(6,453
)
 
—

 
(6,453
)
Net income (loss) for the period January 1 through December 31, 2017
4,159

 
(1,321
)
 
2,838

Conversion of 5,000 Preferred and 81,453 Common OP Units to
Common Shares by limited partners of the Operating Partnership
(1,541
)
 
—

 
(1,541
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
85

 
(232
)
 
(147
)
Reclassification of realized interest expense on swap agreements
141

 
545

 
686

Noncontrolling interest contributions
—

 
85,206

 
85,206

Noncontrolling interest distributions
—

 
(32,805
)
 
(32,805
)
Employee Long-term Incentive Plan Unit Awards
10,457

 
—

 
10,457

Rebalancing adjustment (d)
651

 
—

 
651

Balance at December 31, 2017
$
102,921

 
$
545,519

 
$
648,440

 
 
 
 
 
 
Balance at January 1, 2016
$
96,340

 
$
324,526

 
$
420,866

Distributions declared of $1.16 per Common OP Unit
(6,753
)
 
—

 
(6,753
)
Net income for the period January 1 through December 31, 2016
5,002

 
56,814

 
61,816

Conversion of 351,250 Common OP Units to Common Shares
by limited partners of the Operating Partnership
(7,892
)
 
—

 
(7,892
)
Issuance of Common and Preferred OP Units to acquire real estate
31,429

 
—

 
31,429

Acquisition of noncontrolling interests (c)
—

 
(25,925
)
 
(25,925
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
(43
)
 
(289
)
 
(332
)
Change in control of previously unconsolidated investment
—

 
(75,713
)
 
(75,713
)
Reclassification of realized interest expense on swap agreements
223

 
374

 
597

Noncontrolling interest contributions
—

 
295,108

 
295,108

Noncontrolling interest distributions
—

 
(80,769
)
 
(80,769
)
Employee Long-term Incentive Plan Unit Awards
12,768

 
—

 
12,768

Rebalancing adjustment (d)
(35,652
)
 
—

 
(35,652
)
Balance at December 31, 2016
$
95,422

 
$
494,126

 
$
589,548


__________

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,328,873 and 3,308,875 Common OP Units at December 31, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2017 and 2016; (iii) 136,593 and 141,593 Series C Preferred OP Units at December 31, 2017 and 2016, respectively; and (iv) 2,274,147 and 1,997,099 LTIP units as of December 31, 2017 and 2016, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income in the table above.
(b)
Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns I and II, and six other subsidiaries.
(c)
During the first quarter of 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction.
(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 (the “Rebalancing”).