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

12 Months Ended

Dec. 31, 2024

Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2024, 2023 and 2022 (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, 2024	$	99,718		$	346,582		$	446,300		$	50,339
Distributions declared of $0.74 per Common OP Unit and distributions on Preferred OP Units		(5,639	)		—			(5,639	)		—
Net income (loss) for the year ended December 31, 2024		1,409			(7,005	)		(5,596	)		(7,915	)
Conversion of 1,084,851 Common OP Units and 59,865 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(20,929	)		—			(20,929	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		501			7,564			8,065			—
Reclassification of realized interest expense on swap agreements		(156	)		(11,221	)		(11,377	)		—
City Point Loan accrued interest		—			—			—			(11,825	)
Noncontrolling interest contributions		—			51,118			51,118			—
Noncontrolling interest distributions		—			(36,751	)		(36,751	)		(16	)
Employee Long-term Incentive Plan Unit Awards		11,519			—			11,519			—
Reallocation of noncontrolling interests (d)		(693	)		—			(693	)		—
Balance at December 31, 2024	$	85,730		$	350,287		$	436,017		$	30,583
Balance at January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,352	)		—			(5,352	)		—
Net income (loss) for the year ended December 31, 2023		1,785			(15,168	)		(13,383	)		(8,239	)
Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,521	)		—			(2,521	)		—
Other comprehensive 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	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(9,350	)
Noncontrolling interest contributions		—			59,612			59,612			1,110
Noncontrolling interest distributions		—			(80,186	)		(80,186	)		(50	)
Employee and trustee stock compensation, net		11,064			—			11,064			—
Reallocation of noncontrolling interests (d)		(3,989	)		—			(3,989	)		—
Balance at December 31, 2023	$	99,718		$	346,582		$	446,300		$	50,339

	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.72 per Common OP Unit		(5,094	)		—			(5,094	)		—
Net loss for the year ended December 31, 2022		(1,308	)		(22,962	)		(24,270	)		(5,536	)
Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership		(3,945	)		—			(3,945	)		—
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			—
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
Acquisition of noncontrolling interest (e)		—			(91,811	)		(91,811	)		—
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

(a)Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386, 2,855,574, and 3,062,108 Common OP Units at December 31, 2024, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2024, 2023 and 2022; (iii) 66,519 Series C Preferred OP Units at December 31, 2024 and 126,384 at December 31, 2023 and 2022; and (iv) 4,667,742, 4,247,054, and 3,512,414 LTIP units at December 31, 2024, 2023 and 2022, 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 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 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.