XML 45 R34.htm IDEA: XBRL DOCUMENT

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

6 Months Ended

Jun. 30, 2021

Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]

The following table sets forth the distributions declared and/or paid during the periods presented:


Date Declared	Amount Per Share		Record Date	Payment Date

November 5, 2019	$	0.29	December 31, 2019	January 15, 2020
February 26, 2020	$	0.29	March 31, 2020	April 15, 2020
March 15, 2021	$	0.15	March 31, 2021	April 15, 2021
May 5, 2021	$	0.15	June 30, 2021	July 15, 2021

Summary of Activity in Accumulated Other Comprehensive Loss

The following tables set forth the activity in accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Gains or Losses on Derivative Instruments
Balance at April 1, 2021	$	(41,962	)

Other comprehensive loss before reclassifications - swap agreements		(10,073	)
Reclassification of realized interest on swap agreements		5,324
Net current period other comprehensive loss		(4,749	)
Net current period other comprehensive income attributable to noncontrolling interests		(1,198	)
Balance at June 30, 2021	$	(47,909	)

Balance at April 1, 2020	$	(85,715	)

Other comprehensive loss before reclassifications - swap agreements		(8,621	)
Reclassification of realized interest on swap agreements		3,115
Net current period other comprehensive loss		(5,506	)
Net current period other comprehensive loss attributable to noncontrolling interests		1,012
Balance at June 30, 2020	$	(90,209	)


	Gains or Losses on Derivative Instruments
Balance at January 1, 2021	$	(74,891	)

Other comprehensive income before reclassifications - swap agreements		23,483
Reclassification of realized interest on swap agreements		10,641
Net current period other comprehensive income		34,124
Net current period other comprehensive income attributable to noncontrolling interests		(7,142	)
Balance at June 30, 2021	$	(47,909	)

Balance at January 1, 2020	$	(31,175	)

Other comprehensive loss before reclassifications - swap agreements		(83,395	)
Reclassification of realized interest on swap agreements		4,092
Net current period other comprehensive loss		(79,303	)
Net current period other comprehensive loss attributable to noncontrolling interests		20,269
Balance at June 30, 2020	$	(90,209	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2021 and 2020 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at April 1, 2021	$	94,930		$	522,592		$	617,522
Distributions declared of $0.15 per Common OP Unit		(1,052	)		—			(1,052	)
Net income (loss) for the three months ended June 30, 2021		398			(3,085	)		(2,687	)
Conversion of 7,173 Common OP Units to Common Shares by limited partners of the Operating Partnership		(115	)		—			(115	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(406	)		(257	)		(663	)
Reclassification of realized interest expense on swap agreements		53			1,808			1,861
Noncontrolling interest contributions		—			5,868			5,868
Noncontrolling interest distributions		—			(4,355	)		(4,355	)
Employee Long-term Incentive Plan Unit Awards		2,399			—			2,399
Reallocation of noncontrolling interests (c)		(1,119	)		—			(1,119	)
Balance at June 30, 2021	$	95,088		$	522,571		$	617,659

Balance at April 1, 2020	$	93,382		$	483,714		$	577,096
Distributions on Preferred OP Units		(123	)		—			(123	)
Net income for the three months ended June 30, 2020		1,259			44,237			45,496
Conversion of 259,712 Common OP Units to Common Shares by limited partners of the Operating Partnership		(4,072	)		—			(4,072	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(310	)		(1,869	)		(2,179	)
Reclassification of realized interest expense on swap agreements		42			1,125			1,167
Noncontrolling interest contributions		—			21,041			21,041
Noncontrolling interest distributions		—			(1,418	)		(1,418	)
Employee Long-term Incentive Plan Unit Awards		2,142			—			2,142
Noncontrolling interest gain		—			588			588
Reallocation of noncontrolling interests (c)		(1,999	)		—			(1,999	)
Balance at June 30, 2020	$	90,321		$	547,418		$	637,739


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at January 1, 2021	$	89,431		$	517,808		$	607,239
Distributions declared of $0.30 per Common OP Unit		(2,100	)		—			(2,100	)
Net income (loss) for the six months ended June 30, 2021		868			(6,857	)		(5,989	)
Conversion of 25,973 Common OP Units to Common Shares by limited partners of the Operating Partnership		(409	)		—			(409	)
Other comprehensive income - unrealized gain on valuation of swap agreements		1,494			1,886			3,380
Reclassification of realized interest expense on swap agreements		106			3,656			3,762
Noncontrolling interest contributions		—			17,109			17,109
Noncontrolling interest distributions		—			(11,031	)		(11,031	)
Employee Long-term Incentive Plan Unit Awards		6,448			—			6,448
Reallocation of noncontrolling interests (c)		(750	)		—			(750	)
Balance at June 30, 2021	$	95,088		$	522,571		$	617,659

Balance at January 1, 2020	$	97,670		$	546,987		$	644,657
Distributions declared of $0.29 per Common OP Unit		(1,972	)		—			(1,972	)
Net income (loss) for the six months ended June 30, 2020		923			(7,052	)		(6,129	)
Conversion of 407,594 Common OP Units to Common Shares by limited partners of the Operating Partnership		(6,544	)		—			(6,544	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(3,451	)		(18,257	)		(21,708	)
Reclassification of realized interest expense on swap agreements		49			1,390			1,439
Noncontrolling interest contributions		—			28,309			28,309
Noncontrolling interest distributions		—			(4,536	)		(4,536	)
Employee Long-term Incentive Plan Unit Awards		5,790			—			5,790
Reallocation of noncontrolling interests (c)		(2,144	)		—			(2,144	)
Noncontrolling interest gain		—			588			588
Cumulative effect of change in accounting principle		—			(11	)		(11	)
Balance at June 30, 2020	$	90,321		$	547,418		$	637,739

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958 Common OP Units at each of June 30, 2021 and 2020; (ii) 188 Series A Preferred OP Units at each of June 30, 2021 and 2020; (iii) 126,593 Series C Preferred OP Units at each of June 30, 2021 and 2020; and (iv) 3,434,894 and 2,886,207 LTIP units at June 30, 2021 and 2020, 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.