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

6 Months Ended

Jun. 30, 2025

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 three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per unit data):

	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance as of April 1, 2025	$	95,628		$	369,158		$	464,786		$	25,897
Distributions declared of $0.20 per Common OP Unit and distributions on Preferred OP Units		(1,447	)		—			(1,447	)		—
Net income (loss) for the three months ended June 30, 2025		175			(21,356	)		(21,181	)		(1,724	)
Conversion of 23,118 Common OP Units to Common Shares by limited partners of the Operating Partnership		(395	)		—			(395	)		—
Other comprehensive income - unrealized loss on valuation of swap agreements		(301	)		(274	)		(575	)		—
Reclassification of realized interest expense on swap agreements		(4	)		(596	)		(600	)		—
City Point Loan accrued interest		—			—			—			(3,009	)
Noncontrolling interest contributions		—			377			377			10
Noncontrolling interest distributions		—			(4,875	)		(4,875	)		—
Employee Long-term Incentive Plan Unit Awards		2,969			—			2,969			—
Reallocation of noncontrolling interests (d)		(2,026	)		—			(2,026	)		—
Balance as of June 30, 2025	$	94,599		$	342,434		$	437,033		$	21,174
Balance as of April 1, 2024	$	92,707		$	372,462		$	465,169		$	45,462
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,228	)		—			(1,228	)		—
Net income (loss) for the three months ended June 30, 2024		193			2,238			2,431			(2,292	)
Conversion of 255,304 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(6,427	)		—			(6,427	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		86			2,282			2,368			—
Reclassification of realized interest expense on swap agreements		(50	)		(3,637	)		(3,687	)		—
City Point Loan accrued interest		—			—			—			(2,290	)
Capital call receivable		—			6,153			6,153			—
Noncontrolling interest contributions		—			—			—			—
Noncontrolling interest distributions		—			(7,960	)		(7,960	)		(6	)
Employee Long-term Incentive Plan Unit Awards		2,473			—			2,473			—
Reallocation of noncontrolling interests (d)		(2,071	)		—			(2,071	)		—
Balance as of June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2025	$	85,730		$	350,287		$	436,017		$	30,583
Distributions declared of $0.40 per Common OP Unit and distributions on Preferred OP Units		(2,891	)		—			(2,891	)		—
Net income (loss) for the six months ended June 30, 2025		323			(33,100	)		(32,777	)		(3,393	)
Conversion of 136,210 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,113	)		—			(2,113	)		—
Other comprehensive income - unrealized loss on valuation of swap agreements		(757	)		(1,776	)		(2,533	)		—
Consolidation of previously unconsolidated investment		—			29,573			29,573			—
Reclassification of realized interest expense on swap agreements		(18	)		(1,244	)		(1,262	)		—
City Point Loan accrued interest		—			—			—			(6,026	)
Noncontrolling interest contributions		—			8,368			8,368			10
Noncontrolling interest distributions		—			(9,674	)		(9,674	)		—
Employee Long-term Incentive Plan Unit Awards		5,446			—			5,446			—
Reallocation of noncontrolling interests (d)		8,879			—			8,879			—
Balance at June 30, 2025	$	94,599		$	342,434		$	437,033		$	21,174
Balance at January 1, 2024	$	99,718		$	346,582		$	446,300		$	50,339
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,681	)		—			(2,681	)		—
Net income (loss) for the six months ended June 30, 2024		513			(5,654	)		(5,141	)		(4,846	)
Conversion of 1,050,449 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(19,341	)		—			(19,341	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		945			7,660			8,605			—
Reclassification of realized interest expense on swap agreements		(104	)		(7,334	)		(7,438	)		—
City Point Loan accrued interest		—			—			—			(4,613	)
Capital call receivable		—			—			—			—
Noncontrolling interest contributions		—			43,709			43,709
Noncontrolling interest distributions		—			(13,425	)		(13,425	)		(6	)
Employee Long-term Incentive Plan Unit Awards		6,523			—			6,523			—
Reallocation of noncontrolling interests (d)		110			—			110			—
Balance at June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

(a)Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 and 2,065,537 Common OP Units as of June 30, 2025 and 2024, respectively; (ii) 188 Series A Preferred OP Units as of both June 30, 2025 and 2024; (iii) 66,519 and 84,785 Series C Preferred OP Units as of June 30, 2025 and 2024, respectively; and (iv) 5,248,423 and 4,690,993 LTIP units as of June 30, 2025 and 2024, 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.