XML 46 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2017 and 2016 (in thousands):
 
Gains or Losses on Derivative Instruments
Balance at January 1, 2017
$
(798
)
 
 
Other comprehensive loss before reclassifications
(2,008
)
Reclassification of realized interest on swap agreements
1,903

Net current period other comprehensive loss
(105
)
Net current period other comprehensive loss attributable to noncontrolling interests
383

Balance at June 30, 2017
$
(520
)
 
 
Balance at January 1, 2016
$
(4,463
)
 
 
Other comprehensive loss before reclassifications
(14,098
)
Reclassification of realized interest on swap agreements
2,186

Net current period other comprehensive loss
(11,912
)
Net current period other comprehensive loss attributable to noncontrolling interests
1,155

Balance at June 30, 2016
$
(15,220
)
Change in Noncontrolling Interests
The following table summarizes the change in the noncontrolling interests for the six months ended June 30, 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 $0.52 per Common OP Unit
(3,207
)
 
—

 
(3,207
)
Net income (loss) for the period January 1 through June 30, 2017
1,920

 
(3,532
)
 
(1,612
)
Conversion of 41,166 Common OP Units to Common Shares
by limited partners of the Operating Partnership
(730
)
 
—

 
(730
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
(71
)
 
(676
)
 
(747
)
Reclassification of realized interest expense on swap agreements
87

 
277

 
364

Noncontrolling interest contributions
—

 
20,505

 
20,505

Noncontrolling interest distributions
—

 
(4,507
)
 
(4,507
)
Employee Long-term Incentive Plan Unit Awards
6,662

 
—

 
6,662

Rebalancing adjustment (d)
3,927

 
—

 
3,927

Balance at June 30, 2017
$
104,010

 
$
506,193

 
$
610,203

 
 
 
 
 
 
Balance at January 1, 2016
$
96,340

 
$
324,526

 
$
420,866

Distributions declared of $0.50 per Common OP Unit
(2,932
)
 
—

 
(2,932
)
Net income for the period January 1 through June 30, 2016
3,247

 
49,940

 
53,187

Conversion of 303,536 Common OP Units to Common Shares
by limited partners of the Operating Partnership
(7,383
)
 
—

 
(7,383
)
Issuance of Common and Preferred OP Units to acquire real estate
29,336

 
—

 
29,336

Acquisition of noncontrolling interests (c)
—

 
(25,948
)
 
(25,948
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
(712
)
 
(729
)
 
(1,441
)
Change in control of previously unconsolidated investment
—

 
(75,713
)
 
(75,713
)
Reclassification of realized interest expense on swap agreements
107

 
179

 
286

Noncontrolling interest contributions
—

 
157,409

 
157,409

Noncontrolling interest distributions
—

 
(49,135
)
 
(49,135
)
Employee Long-term Incentive Plan Unit Awards
5,602

 
—

 
5,602

Rebalancing adjustment (d)
(38,845
)
 
—

 
(38,845
)
Balance at June 30, 2016
$
84,760

 
$
380,529

 
$
465,289


__________

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,361,397 and 3,317,760 Common OP Units at June 30, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at June 30, 2017 and 2016; (iii) 140,343 and 141,593 Series C Preferred OP Units at June 30, 2017 and 2016, respectively; and (iv) 2,266,957 and 1,990,081 LTIP units as of June 30, 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").