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

12 Months Ended

Dec. 31, 2020

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 13, 2018	$	0.28	December 31, 2018	January 15, 2019
February 28, 2019	$	0.28	March 29, 2019	April 15, 2019
May 9, 2019	$	0.28	June 28, 2019	July 15, 2019
August 13, 2019	$	0.28	September 30, 2019	October 15, 2019
November 5, 2019	$	0.29	December 31, 2019	January 15, 2020
February 26, 2020	$	0.29	March 31, 2020	April 15, 2020

Summary of Activity in Accumulated Other Comprehensive Loss

The following tables set forth the activity in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at January 1, 2020	$	(31,175	)

Other comprehensive loss before reclassifications - swap agreements		(74,236	)
Reclassification of realized interest on swap agreements		15,203
Net current period other comprehensive loss		(59,033	)
Net current period other comprehensive loss attributable to noncontrolling interests		15,317
Balance at December 31, 2020	$	(74,891	)

Balance at January 1, 2019	$	516

Other comprehensive loss before reclassifications - swap agreements		(35,674	)
Reclassification of realized interest on swap agreements		(872	)
Net current period other comprehensive loss		(36,546	)
Net current period other comprehensive loss attributable to noncontrolling interests		4,855
Balance at December 31, 2019	$	(31,175	)

Balance at January 1, 2018	$	2,614

Other comprehensive loss before reclassifications		(2,659	)
Reclassification of realized interest on swap agreements		71
Net current period other comprehensive loss		(2,588	)
Net current period other comprehensive income attributable to noncontrolling interests		490
Balance at December 31, 2018	$	516

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2020	$	97,670		$	546,987		$	644,657
Distributions declared of $0.29 per Common OP Unit		(2,218	)		—			(2,218	)
Net income (loss) for the year ended December 31, 2020		125			(57,404	)		(57,279	)
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		(2,709	)		(18,246	)		(20,955	)
Cumulative effect of change in accounting principle (Note 1)		—			(11	)		(11	)
Acquisition of noncontrolling interest (Note 7)		—			15,918			15,918
Reclassification of realized interest expense on swap agreements		174			5,464			5,638
Noncontrolling interest contributions		—			52,674			52,674
Noncontrolling interest distributions		—			(27,574	)		(27,574	)
Employee Long-term Incentive Plan Unit Awards		10,130			—			10,130
Reallocation of noncontrolling interests ^(c)		(7,197	)		—			(7,197	)
Balance at December 31, 2020	$	89,431		$	517,808		$	607,239

Balance at January 1, 2019	$	104,223		$	518,219		$	622,442
Distributions declared of 1.13 per Common OP Unit		(7,124	)		—			(7,124	)
Net income (loss) for the year ended December 31, 2019		3,836			(35,677	)		(31,841	)
Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership		(5,104	)		—			(5,104	)
Other comprehensive income - unrealized loss on valuation of swap agreements		(1,899	)		(3,036	)		(4,935	)
Reclassification of realized interest expense on swap agreements		(62	)		142			80
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(94,289	)		(94,289	)
Employee Long-term Incentive Plan Unit Awards		10,411			—			10,411
Reallocation of noncontrolling interests ^(c)		(6,611	)		—			(6,611	)
Balance at December 31, 2019	$	97,670		$	546,987		$	644,657

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of 1.09 per Common OP Unit		(6,888	)		—			(6,888	)
Net income (loss) for the year ended December 31, 2018		2,572			(49,709	)		(47,137	)
Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,068	)		—			(2,068	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(129	)		(681	)		(810	)
Reclassification of realized interest expense on swap agreements		(3	)		323			320
Noncontrolling interest contributions		—			47,560			47,560
Noncontrolling interest distributions		—			(24,793	)		(24,793	)
Employee Long-term Incentive Plan Unit Awards		12,374			—			12,374
Rebalancing adjustment ^(c)		(4,556	)		—			(4,556	)
Balance at December 31, 2018	$	104,223		$	518,219		$	622,442

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958, 3,250,603 and 3,329,640 Common OP Units at December 31, 2020, 2019 and 2018, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2020, 2019 and 2018; (iii) 126,593 Series C Preferred OP Units at December 31, 2020, and 136,593 at December 31, 2019 and 2018; and (iv) 2,886,207, 2,673,484 and 2,569,044 LTIP units at December 31, 2020, 2019 and 2018, 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 five 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.