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

9 Months Ended

Sep. 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
August 5, 2021	$	0.15	September 30, 2021	October 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 nine months ended September 30, 2021 and 2020 (in thousands):


	Gains or Losses on Derivative Instruments
Balance at July 1, 2021	$	(47,909	)

Other comprehensive income before reclassifications - swap agreements		1,045
Reclassification of realized interest on swap agreements		5,528
Net current period other comprehensive income		6,573
Net current period other comprehensive income attributable to noncontrolling interests		(1,833	)
Balance at September 30, 2021	$	(43,169	)

Balance at July 1, 2020	$	(90,209	)

Other comprehensive income before reclassifications - swap agreements		952
Reclassification of realized interest on swap agreements		5,506
Net current period other comprehensive income		6,458
Net current period other comprehensive income attributable to noncontrolling interests		(2,122	)
Balance at September 30, 2020	$	(85,873	)


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

Other comprehensive income before reclassifications - swap agreements		24,528
Reclassification of realized interest on swap agreements		16,169
Net current period other comprehensive income		40,697
Net current period other comprehensive income attributable to noncontrolling interests		(8,975	)
Balance at September 30, 2021	$	(43,169	)

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

Other comprehensive loss before reclassifications - swap agreements		(82,444	)
Reclassification of realized interest on swap agreements		9,598
Net current period other comprehensive loss		(72,846	)
Net current period other comprehensive loss attributable to noncontrolling interests		18,148
Balance at September 30, 2020	$	(85,873	)

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, 2021 and 2020 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at July 1, 2021	$	95,088		$	522,571		$	617,659
Distributions declared of $0.15 per Common OP Unit and distributions on Preferred OP Units		(1,046	)		—			(1,046	)
Net income for the three months ended September 30, 2021		872			18,616			19,488
Conversion of 18,000 Common OP Units to Common Shares by limited partners of the Operating Partnership		(288	)		—			(288	)
Cancellation of OP Units (c)		(479	)		—			(479	)
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements		227			(261	)		(34	)
Reclassification of realized interest expense on swap agreements		53			1,814			1,867
Noncontrolling interest contributions		—			9,518			9,518
Noncontrolling interest distributions		—			(10,527	)		(10,527	)
Employee Long-term Incentive Plan Unit Awards		2,419			—			2,419
Reallocation of noncontrolling interests (d)		(2,060	)		—			(2,060	)
Balance at September 30, 2021	$	94,786		$	541,731		$	636,517

Balance at July 1, 2020	$	90,321		$	547,418		$	637,739
Distributions on Preferred OP Units		(123	)		—			(123	)
Net loss for the three months ended September 30, 2020		(352	)		(28,907	)		(29,259	)
Other comprehensive income - unrealized gain (loss) on valuation of swap agreements		183			(166	)		17
Reclassification of realized interest expense on swap agreements		63			2,042			2,105
Noncontrolling interest contributions		—			8,427			8,427
Noncontrolling interest distributions		—			(20,117	)		(20,117	)
Employee Long-term Incentive Plan Unit Awards		2,181			—			2,181
Reallocation of noncontrolling interests (d)		(2,100	)		—			(2,100	)
Balance at September 30, 2020	$	90,173		$	508,697		$	598,870


	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 $0.45 per Common OP Unit and distributions on Preferred OP Units		(3,146	)		—			(3,146	)
Net income for the nine months ended September 30, 2021		1,740			11,759			13,499
Conversion of 43,973 Common OP Units to Common Shares by limited partners of the Operating Partnership		(697	)		—			(697	)
Cancellation of OP Units (c)		(479	)		—			(479	)
Other comprehensive income - unrealized gain on valuation of swap agreements		1,721			1,625			3,346
Reclassification of realized interest expense on swap agreements		159			5,470			5,629
Noncontrolling interest contributions		—			26,627			26,627
Noncontrolling interest distributions		—			(21,558	)		(21,558	)
Employee Long-term Incentive Plan Unit Awards		8,866			—			8,866
Reallocation of noncontrolling interests (d)		(2,809	)		—			(2,809	)
Balance at September 30, 2021	$	94,786		$	541,731		$	636,517

Balance at January 1, 2020	$	97,670		$	546,987		$	644,657
Distributions declared of $0.29 per Common OP Unit		(2,095	)		—			(2,095	)
Net income (loss) for the nine months ended September 30, 2020		570			(35,958	)		(35,388	)
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		(3,268	)		(18,423	)		(21,691	)
Reclassification of realized interest expense on swap agreements		111			3,432			3,543
Noncontrolling interest contributions		—			36,736			36,736
Noncontrolling interest distributions		—			(24,654	)		(24,654	)
Employee Long-term Incentive Plan Unit Awards		7,973			—			7,973
Reallocation of noncontrolling interests (d)		(4,244	)		—			(4,244	)
Noncontrolling interest gain		—			588			588
Cumulative effect of change in accounting principle		—			(11	)		(11	)
Balance at September 30, 2020	$	90,173		$	508,697		$	598,870

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,080,849 and 3,101,958 Common OP Units at September 30, 2021 and 2020, respectively; (ii) 188 Series A Preferred OP Units at each of September 30, 2021 and 2020; (iii) 126,593 Series C Preferred OP Units at each of September 30, 2021 and 2020; and (iv) 3,416,894 and 2,886,207 LTIP units at September 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)

The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021 (Note 3);

(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.