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

3 Months Ended

Mar. 31, 2022

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

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
November 3, 2021	$	0.15	December 31, 2021	January 14, 2022
February 15, 2022	$	0.18	March 31, 2022	April 14, 2022

Summary of Activity in Accumulated Other Comprehensive Loss

The following tables set forth the activity in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands):


	Gains or Losses on Derivative Instruments
Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		35,734
Reclassification of realized interest on swap agreements		5,049
Net current period other comprehensive income		40,783
Net current period other comprehensive income attributable to noncontrolling interests		(10,293	)
Balance at March 31, 2022	$	(5,724	)

Balance at January 1, 2021	$	(74,891	)

Other comprehensive income before reclassifications - swap agreements		33,556
Reclassification of realized interest on swap agreements		5,268
Net current period other comprehensive income		38,824
Net current period other comprehensive income attributable to noncontrolling interests		(5,895	)
Balance at March 31, 2021	$	(41,962	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at January 1, 2022	$	94,120		$	534,202		$	628,322
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,283	)		—			(1,283	)
Net income for the three months ended March 31, 2022		1,121			26,138			27,259
Conversion of 35,606 Common OP Units to Common Shares by limited partners of the Operating Partnership		(572	)		—			(572	)
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements		1,698			6,929			8,627
Reclassification of realized interest expense on swap agreements		46			1,620			1,666
Noncontrolling interest contributions		—			99,129			99,129
Noncontrolling interest distributions		—			(22,780	)		(22,780	)
Employee Long-term Incentive Plan Unit Awards		3,389			—			3,389
Reallocation of noncontrolling interests (c)		2,836			—			2,836
Balance at March 31, 2022	$	101,355		$	645,238		$	746,593

Balance at January 1, 2021	$	89,431		$	519,734		$	609,165
Distributions on Preferred OP Units		(1,048	)		—			(1,048	)
Net income (loss) for the three months ended March 31, 2021		470			(4,590	)		(4,120	)
Conversion of 18,800 Common OP Units to Common Shares by limited partners of the Operating Partnership		(294	)		—			(294	)
Other comprehensive income - unrealized gain (loss) on valuation of swap agreements		1,900			2,143			4,043
Reclassification of realized interest expense on swap agreements		53			1,799			1,852
Noncontrolling interest contributions		—			11,241			11,241
Noncontrolling interest distributions		—			(5,676	)		(5,676	)
Employee Long-term Incentive Plan Unit Awards		4,049			—			4,049
Reallocation of noncontrolling interests (c)		369			—			369
Balance at March 31, 2021	$	94,930		$	524,651		$	619,581

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,076,849 and 3,076,849 Common OP Units at March 31, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of March 31, 2022 and 2021; and (iv) 3,705,353 and 3,409,232 LTIP units at March 31, 2022 and 2021, 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.