| Summary of Change in Noncontrolling Interest |
The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands, except per unit data):
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Noncontrolling
Interests in
Operating
Partnership (a) |
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|
Noncontrolling
Interests in
Partially-Owned
Affiliates (b) |
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|
Total |
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|
Redeemable Noncontrolling Interests (c) |
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Balance as of July 1, 2026 |
|
$ |
109,682 |
|
|
$ |
230,019 |
|
|
$ |
339,701 |
|
|
$ |
4,499 |
|
Distributions declared of $0.20 per Common OP Unit and distributions on Preferred OP Units |
|
|
(1,621 |
) |
|
|
— |
|
|
|
(1,621 |
) |
|
|
— |
|
Net loss for the three months ended September 30, 2026 |
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|
(130 |
) |
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|
(1,874 |
) |
|
|
(2,004 |
) |
|
|
(25 |
) |
Conversion of 1,475 Common OP Units to Common Shares by limited partners of the Operating Partnership |
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|
(25 |
) |
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|
— |
|
|
|
(25 |
) |
|
|
— |
|
Other comprehensive income - unrealized loss on valuation of swap agreements |
|
|
600 |
|
|
|
1,232 |
|
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|
1,832 |
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|
|
— |
|
Reclassification of realized interest expense on swap agreements |
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|
(2 |
) |
|
|
(195 |
) |
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|
(197 |
) |
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|
— |
|
Noncontrolling interest contributions |
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— |
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|
|
4,259 |
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|
4,259 |
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|
|
— |
|
Noncontrolling interest distributions |
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|
— |
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|
|
(3,165 |
) |
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|
(3,165 |
) |
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|
(2 |
) |
Employee Long-term Incentive Plan Unit Awards |
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|
3,060 |
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|
|
— |
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|
3,060 |
|
|
|
— |
|
Reallocation of noncontrolling interests (d) |
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|
(2,558 |
) |
|
|
— |
|
|
|
(2,558 |
) |
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|
— |
|
Balance as of September 30, 2026 |
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$ |
109,006 |
|
|
$ |
230,276 |
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|
$ |
339,282 |
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|
$ |
4,472 |
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Balance as of July 1, 2025 |
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$ |
94,599 |
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$ |
342,434 |
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|
$ |
437,033 |
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|
$ |
21,174 |
|
Distributions declared of $0.20 per Common OP Unit and distributions on Preferred OP Units |
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|
(1,447 |
) |
|
|
— |
|
|
|
(1,447 |
) |
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|
— |
|
Net income (loss) for the three months ended September 30, 2025 |
|
|
314 |
|
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(15,320 |
) |
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(15,006 |
) |
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(1,567 |
) |
Conversion of 17,266 Common OP Units to Common Shares by limited partners of the Operating Partnership |
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|
(290 |
) |
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|
— |
|
|
|
(290 |
) |
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|
— |
|
Other comprehensive income - unrealized gain on valuation of swap agreements |
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|
(115 |
) |
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|
377 |
|
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|
262 |
|
|
|
— |
|
Adjustment of redeemable non-controlling interest to estimated redemption value |
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— |
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— |
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— |
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1,014 |
|
Acquisition of noncontrolling interest (Note 10) |
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— |
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|
(105 |
) |
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|
(105 |
) |
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(8,232 |
) |
Reclassification of realized interest expense on swap agreements |
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(4 |
) |
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|
(602 |
) |
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|
(606 |
) |
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|
— |
|
City Point Loan accrued interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,270 |
) |
Noncontrolling interest contributions |
|
|
— |
|
|
|
6,046 |
|
|
|
6,046 |
|
|
|
— |
|
Noncontrolling interest distributions |
|
|
— |
|
|
|
(16,215 |
) |
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|
(16,215 |
) |
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|
(5 |
) |
Employee Long-term Incentive Plan Unit Awards |
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|
2,961 |
|
|
|
— |
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|
2,961 |
|
|
|
— |
|
Reallocation of noncontrolling interests (d) |
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|
(2,653 |
) |
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|
— |
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|
(2,653 |
) |
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|
— |
|
Balance as of September 30, 2025 |
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$ |
93,365 |
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|
$ |
316,615 |
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$ |
409,980 |
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$ |
9,114 |
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Noncontrolling
Interests in
Operating
Partnership (a) |
|
|
Noncontrolling
Interests in
Partially-Owned
Affiliates (b) |
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Total |
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Redeemable Noncontrolling Interests (c) |
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Balance as of January 1, 2026 |
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$ |
92,482 |
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|
$ |
302,189 |
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$ |
394,671 |
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$ |
9,113 |
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Distributions declared of $0.60 per Common OP Unit and distributions on Preferred OP Units |
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(4,864 |
) |
|
|
— |
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|
|
(4,864 |
) |
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|
— |
|
Net income (loss) for the nine months ended September 30, 2026 |
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|
1,928 |
|
|
|
118,173 |
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|
120,101 |
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|
|
(1,704 |
) |
Conversion of 45,446 Common OP Units to Common Shares by limited partners of the Operating Partnership |
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|
(776 |
) |
|
|
— |
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|
(776 |
) |
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|
— |
|
Other comprehensive income - unrealized loss on valuation of swap agreements |
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|
1,012 |
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|
3,408 |
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|
|
4,420 |
|
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|
— |
|
Reclassification of realized interest expense on swap agreements |
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|
(2 |
) |
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|
(383 |
) |
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|
(385 |
) |
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|
— |
|
Adjustment of redeemable non-controlling interest to estimated redemption value |
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|
— |
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|
— |
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|
— |
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|
5,661 |
|
Acquisition of noncontrolling interest |
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|
— |
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|
— |
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|
— |
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(8,627 |
) |
City Point Loan accrued interest |
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|
— |
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|
— |
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|
— |
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(4,119 |
) |
Noncontrolling interest contributions |
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— |
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|
5,997 |
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|
5,997 |
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|
4,155 |
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Noncontrolling interest distributions |
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— |
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(199,108 |
) |
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(199,108 |
) |
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(7 |
) |
Employee Long-term Incentive Plan Unit Awards |
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|
12,419 |
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— |
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|
12,419 |
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|
— |
|
Reallocation of noncontrolling interests (d) |
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|
6,807 |
|
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|
— |
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|
6,807 |
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|
— |
|
Balance as of September 30, 2026 |
|
$ |
109,006 |
|
|
$ |
230,276 |
|
|
$ |
339,282 |
|
|
$ |
4,472 |
|
|
|
|
|
|
|
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|
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|
Balance as of January 1, 2025 |
|
$ |
85,730 |
|
|
$ |
350,287 |
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|
$ |
436,017 |
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|
$ |
30,583 |
|
Distributions declared of $0.60 per Common OP Unit and distributions on Preferred OP Units |
|
|
(4,337 |
) |
|
|
— |
|
|
|
(4,337 |
) |
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|
— |
|
Net income (loss) for the nine months ended September 30, 2025 |
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|
649 |
|
|
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(48,432 |
) |
|
|
(47,783 |
) |
|
|
(4,960 |
) |
Conversion of 153,436 Common OP Units to Common Shares by limited partners of the Operating Partnership |
|
|
(2,403 |
) |
|
|
— |
|
|
|
(2,403 |
) |
|
|
— |
|
Other comprehensive income - unrealized gain on valuation of swap agreements |
|
|
(874 |
) |
|
|
(1,394 |
) |
|
|
(2,268 |
) |
|
|
— |
|
Consolidation of previously unconsolidated investment |
|
|
— |
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|
29,573 |
|
|
|
29,573 |
|
|
|
— |
|
Reclassification of realized interest expense on swap agreements |
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|
(28 |
) |
|
|
(1,839 |
) |
|
|
(1,867 |
) |
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|
— |
|
Adjustment of redeemable non-controlling interest to estimated redemption value |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,014 |
|
Acquisition of noncontrolling interest |
|
|
— |
|
|
|
(105 |
) |
|
|
(105 |
) |
|
|
(8,232 |
) |
City Point Loan accrued interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,296 |
) |
Noncontrolling interest contributions |
|
|
— |
|
|
|
14,414 |
|
|
|
14,414 |
|
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|
10 |
|
Noncontrolling interest distributions |
|
|
— |
|
|
|
(25,889 |
) |
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|
(25,889 |
) |
|
|
(5 |
) |
Employee Long-term Incentive Plan Unit Awards |
|
|
8,407 |
|
|
|
— |
|
|
|
8,407 |
|
|
|
— |
|
Reallocation of noncontrolling interests (d) |
|
|
6,221 |
|
|
|
— |
|
|
|
6,221 |
|
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|
— |
|
Balance as of September 30, 2025 |
|
$ |
93,365 |
|
|
$ |
316,615 |
|
|
$ |
409,980 |
|
|
$ |
9,114 |
|
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(a)Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,285,342 and 2,054,386 Common OP Units as of September 30, 2026 and 2025; (ii) 188 Series A Preferred OP Units as of September 30, 2026 and 2025; (iii) 66,519 Series C Preferred OP Units as of September 30, 2025, with none outstanding as of September 30, 2026; and (iv) 6,179,218 and 5,231,199 LTIP units as of September 30, 2026 and 2025, 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 nine other subsidiaries during the periods in which such interests were held. (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.
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