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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016 (in thousands):
 
Gains or Losses on Derivative Instruments
Balance at January 1, 2017
$
(798
)
 
 
Other comprehensive loss before reclassifications
(2,652
)
Reclassification of realized interest on swap agreements
2,637

Net current period other comprehensive loss
(15
)
Net current period other comprehensive loss attributable to noncontrolling interests
260

Balance at September 30, 2017
$
(553
)
 
 
Balance at January 1, 2016
$
(4,463
)
 
 
Other comprehensive loss before reclassifications
(12,624
)
Reclassification of realized interest on swap agreements
3,396

Net current period other comprehensive loss
(9,228
)
Net current period other comprehensive loss attributable to noncontrolling interests
847

Balance at September 30, 2016
$
(12,844
)
Change in Noncontrolling Interests
The following table summarizes the change in the noncontrolling interests for the nine months ended September 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 $0.78 per Common OP Unit
(4,805
)
 
—

 
(4,805
)
Net income (loss) for the period January 1 through September 30, 2017
2,816

 
(4,010
)
 
(1,194
)
Conversion of 61,150 Common OP Units to Common Shares
by limited partners of the Operating Partnership
(1,086
)
 
—

 
(1,086
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
(68
)
 
(726
)
 
(794
)
Reclassification of realized interest expense on swap agreements
116

 
418

 
534

Noncontrolling interest contributions
—

 
20,522

 
20,522

Noncontrolling interest distributions
—

 
(7,278
)
 
(7,278
)
Employee Long-term Incentive Plan Unit Awards
8,704

 
—

 
8,704

Rebalancing adjustment (d)
2,105

 
—

 
2,105

Balance at September 30, 2017
$
103,204

 
$
503,052

 
$
606,256

 
 
 
 
 
 
Balance at January 1, 2016
$
96,340

 
$
324,526

 
$
420,866

Distributions declared of $0.75 per Common OP Unit
(4,398
)
 
—

 
(4,398
)
Net income for the period January 1 through September 30, 2016
3,757

 
43,644

 
47,401

Conversion of 350,240 Common OP Units to Common Shares
by limited partners of the Operating Partnership
(7,875
)
 
—

 
(7,875
)
Issuance of Common and Preferred OP Units to acquire real estate
29,336

 
—

 
29,336

Acquisition of noncontrolling interests (c)
—

 
(25,925
)
 
(25,925
)
Other comprehensive income - unrealized loss
on valuation of swap agreements
(640
)
 
(633
)
 
(1,273
)
Change in control of previously unconsolidated investment
—

 
(75,713
)
 
(75,713
)
Reclassification of realized interest expense on swap agreements
166

 
260

 
426

Noncontrolling interest contributions
—

 
204,412

 
204,412

Noncontrolling interest distributions
—

 
(50,849
)
 
(50,849
)
Employee Long-term Incentive Plan Unit Awards
10,983

 
—

 
10,983

Rebalancing adjustment (d)
(35,254
)
 
—

 
(35,254
)
Balance at September 30, 2016
$
92,415

 
$
419,722

 
$
512,137


__________

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,341,397 and 3,308,875 Common OP Units at September 30, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at September 30, 2017 and 2016; (iii) 140,343 and 141,593 Series C Preferred OP Units at September 30, 2017 and 2016, respectively; and (iv) 2,274,147 and 1,997,099 LTIP units as of September 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").