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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2018 and 2017 (in thousands):
 
Gains or Losses on Derivative Instruments
Balance at January 1, 2018
$
2,614

 
 
Other comprehensive income before reclassifications
8,603

Reclassification of realized interest on swap agreements
472

Net current period other comprehensive income
9,075

Net current period other comprehensive income attributable to noncontrolling interests
(1,551
)
Balance at June 30, 2018
$
10,138

 
 
Balance at January 1, 2017
$
(798
)
 
 
Other comprehensive income before reclassifications
(2,008
)
Reclassification of realized interest on swap agreements
1,903

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

Balance at June 30, 2017
$
(520
)
Change in Noncontrolling Interests
The following table summarizes the change in the noncontrolling interests for the six months ended June 30, 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 $0.54 per Common OP Unit
(3,434
)
 
—

 
(3,434
)
Net income (loss) for the period January 1 through June 30, 2018
1,245

 
(22,759
)
 
(21,514
)
Conversion of 63,931 Common OP Units to
Common Shares by limited partners of the Operating Partnership
(1,123
)
 
—

 
(1,123
)
Other comprehensive income - unrealized gain
on valuation of swap agreements
428

 
930

 
1,358

Reclassification of realized interest expense on swap agreements
19

 
174

 
193

Noncontrolling interest contributions
—

 
6,550

 
6,550

Noncontrolling interest distributions
—

 
(15,640
)
 
(15,640
)
Employee Long-term Incentive Plan Unit Awards
5,842

 
—

 
5,842

Rebalancing adjustment (c)
(798
)
 
—

 
(798
)
Balance at June 30, 2018
$
105,100

 
$
514,774

 
$
619,874

 
 
 
 
 
 
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 (c)
3,927

 
—

 
3,927

Balance at June 30, 2017
$
104,010

 
$
506,193

 
$
610,203


__________

(a)
Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,331,440 and 3,328,873 Common OP Units at June 30, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at June 30, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at June 30, 2018 and December 31, 2017; and (iv) 2,606,221 and 2,274,147 LTIP units as of at June 30, 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”).