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

3 Months Ended

Mar. 31, 2018

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 income for the three months ended March 31, 2018 and 2017 (in thousands):



	Gains or Losses on Derivative Instruments
Balance at January 1, 2018	$	2,614

Other comprehensive income before reclassifications	5,653
Reclassification of realized interest on swap agreements	363
Net current period other comprehensive income	6,016
Net current period other comprehensive income attributable to noncontrolling interests	(1,254		)
Balance at March 31, 2018	$	7,376

Balance at January 1, 2017	$	(798	)

Other comprehensive income before reclassifications	118
Reclassification of realized interest on swap agreements	963
Net current period other comprehensive income	1,081
Net current period other comprehensive loss attributable to noncontrolling interests	155
Balance at March 31, 2017	$	438

Change in Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the three months ended March 31, 2018 and 2017 (dollars in thousands):



	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $0.27 per Common OP Unit	(1,721		)	—			(1,721		)
Net income (loss) for the period January 1 through March 31, 2018	612			(12,191		)	(11,579		)
Conversion of 36,126 Common OP Units to Common Shares by limited partners of the Operating Partnership	(642		)	—			(642		)
Other comprehensive income - unrealized loss on valuation of swap agreements	274			886			1,160
Reclassification of realized interest expense on swap agreements	10			84			94
Noncontrolling interest distributions	—			(695		)	(695		)
Employee Long-term Incentive Plan Unit Awards	3,716			—			3,716
Rebalancing adjustment ^(c)	1,225			—			1,225
Balance at March 31, 2018	$	106,395		$	533,603		$	639,998

Balance at January 1, 2017	$	95,422		$	494,126		$	589,548
Distributions declared of $0.26 per Common OP Unit	(1,617		)	—			(1,617		)
Net income for the period January 1 through March 31, 2017	1,062			3,278			4,340
Conversion of 24,860 Common OP Units to Common Shares by limited partners of the Operating Partnership	(438		)	—			(438		)
Other comprehensive income - unrealized loss on valuation of swap agreements	21			(317		)	(296		)
Reclassification of realized interest expense on swap agreements	49			92			141
Noncontrolling interest contributions	—			20,269			20,269
Noncontrolling interest distributions	—			(3,822		)	(3,822		)
Employee Long-term Incentive Plan Unit Awards	4,141			—			4,141
Rebalancing adjustment ^(c)	5,693			—			5,693
Balance at March 31, 2017	$	104,333		$	513,626		$	617,959

__________

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,328,873 Common OP Units at March 31, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at March 31, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at March 31, 2018 and December 31, 2017; and (iv) 2,619,872 and 2,274,147 LTIP units as of at March 31, 2018 and December 31, 2017, 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)	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”).