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

12 Months Ended

Dec. 31, 2023

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

February 15, 2022	$	0.18	March 31, 2022	April 14, 2022
May 4, 2022	$	0.18	June 30, 2022	July 15, 2022
August 10, 2022	$	0.18	September 30, 2022	October 14, 2022
November 9, 2022	$	0.18	December 30, 2022	January 13, 2023
January 17, 2023	$	0.18	March 31, 2023	April 14, 2023
May 3, 2023	$	0.18	June 30, 2023	July 14, 2023
August 9, 2023	$	0.18	September 29, 2023	October 13, 2023
November 2, 2023	$	0.18	December 29, 2023	January 12, 2024

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,521	)		—			(2,521	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,352	)		—			(5,352	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(9,350	)
Employee and trustee stock compensation, net		11,064			—			11,064			—
Noncontrolling interest distributions		—			(80,186	)		(80,186	)		(50	)
Noncontrolling interest contributions		—			59,612			59,612			1,110
Net income (loss) for the year ended December 31, 2023		1,785			(15,168	)		(13,383	)		(8,239	)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements		(613	)		6,015			5,402			—
Reclassification of realized interest expense on swap agreements		(210	)		(13,501	)		(13,711	)		—
Reallocation of noncontrolling interests (d)		(3,989	)		—			(3,989	)		—
Balance at December 31, 2023	$	99,718		$	346,582		$	446,300		$	50,339

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership		(3,945	)		—			(3,945	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,094	)		—			(5,094	)		—
Acquisition of noncontrolling interest (e)		—			(91,811	)		(91,811	)		—
City Point Loan		—			—			—			(65,391	)
City Point Loan accrued interest		—			—			—			(3,923	)
Employee and trustee stock compensation, net		10,000			—			10,000			—
Noncontrolling interest distributions		—			(79,838	)		(79,838	)		—
Noncontrolling interest contributions		—			109,428			109,428			65,945
Net loss for the year ended December 31, 2022		(1,308	)		(22,962	)		(24,270	)		(5,536	)
Other comprehensive income - unrealized gain on valuation of swap agreements		4,641			15,567			20,208			—
Reclassification of realized interest expense on swap agreements		58			1,793			1,851			—
Reclassification of redeemable noncontrolling interests(f)		—			(76,569	)		(76,569	)		76,569
Reallocation of noncontrolling interests (d)		1,082			—			1,082			—
Balance at December 31, 2022	$	99,554		$	389,810		$	489,364		$	67,664


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2021	$	89,431		$	519,734		$	609,165		$	—
Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,431	)		—			(1,431	)		—
Cancellation of OP units(g)		(568	)		—			(568	)		—
Distributions declared of $0.60 per Common OP Unit		(4,185	)		—			(4,185	)		—
Employee and trustee stock compensation, net		11,284			—			11,284			—
Noncontrolling interest distributions		—			(27,051	)		(27,051	)		—
Noncontrolling interest contributions		—			30,164			30,164			—
Net income for the year ended December 31, 2021		2,075			407			2,482			—
Other comprehensive loss - unrealized loss on valuation of swap agreements		2,072			3,918			5,990			—
Reclassification of realized interest expense on swap agreements		210			7,030			7,240			—
Reallocation of noncontrolling interests (d)		(4,768	)		—			(4,768	)		—
Balance at December 31, 2021	$	94,120		$	534,202		$	628,322		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574, 3,062,108, and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054, 3,512,414, and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, respectively, as discussed in the Amended and Restated 2020 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 seven other subsidiaries.

(c)

Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

(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.

(e)

Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and of a 21.67% interest in Fund II on August 1, 2022 for $5.8 million (Note 1).

(f)

Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022.

(g)

The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021.