Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EQUITY ONE, INC. | ||
Entity Central Index Key | 1,042,810 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 145,190,543 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,975,873,390 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Income producing | $ 3,509,492 | $ 3,337,531 |
Less: accumulated depreciation | (493,162) | (438,992) |
Income producing properties, net | 3,016,330 | 2,898,539 |
Construction in progress and land | 141,829 | 167,478 |
Properties held for sale | 32,630 | 2,419 |
Properties, net | 3,190,789 | 3,068,436 |
Cash and cash equivalents | 16,650 | 21,353 |
Restricted cash | 250 | 250 |
Accounts and other receivables, net | 11,699 | 11,808 |
Investments in and advances to unconsolidated joint ventures | 61,796 | 64,600 |
Goodwill | 5,719 | 5,838 |
Other assets | 207,701 | 203,618 |
TOTAL ASSETS | 3,494,604 | 3,375,903 |
LIABILITIES AND EQUITY | ||
Mortgage loans | 255,646 | 282,029 |
Senior notes | 500,000 | 518,401 |
Term loans | 550,000 | 475,000 |
Revolving credit facility | 118,000 | 96,000 |
Total notes payable, Gross | 1,423,646 | 1,371,430 |
Unamortized deferred financing costs and premium/discount on notes payable, net | (8,008) | (4,708) |
Total notes payable | 1,415,638 | 1,366,722 |
Other liabilities: | ||
Accounts payable and accrued expenses | 51,547 | 46,602 |
Tenant security deposits | 9,876 | 9,449 |
Deferred tax liability | 14,041 | 13,276 |
Other liabilities | 163,215 | 169,703 |
Total liabilities | 1,654,317 | 1,605,752 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | 0 | 0 |
Common stock, $0.01 par value – 250,000 shares authorized and 144,861 and 129,106 shares issued and outstanding at December 31, 2016 and 2015, respectively | 1,449 | 1,291 |
Additional paid-in capital | 2,304,395 | 1,972,369 |
Distributions in excess of earnings | (461,344) | (407,676) |
Accumulated other comprehensive loss | (4,213) | (1,978) |
Total stockholders’ equity of Equity One, Inc. | 1,840,287 | 1,564,006 |
Noncontrolling interests | 0 | 206,145 |
Total equity | 1,840,287 | 1,770,151 |
TOTAL LIABILITIES AND EQUITY | $ 3,494,604 | $ 3,375,903 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 144,861,345 | 129,106,345 |
Common stock, shares outstanding (in shares) | 144,861,345 | 129,106,345 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUE: | |||
Minimum rent | $ 287,487,000 | $ 272,204,000 | $ 268,257,000 |
Expense recoveries | 81,585,000 | 80,737,000 | 77,640,000 |
Percentage rent | 5,126,000 | 5,335,000 | 5,107,000 |
Management and leasing services | 1,140,000 | 1,877,000 | 2,181,000 |
Total revenue | 375,338,000 | 360,153,000 | 353,185,000 |
COSTS AND EXPENSES: | |||
Property operating | 51,705,000 | 51,373,000 | 49,332,000 |
Real estate taxes | 43,041,000 | 42,167,000 | 40,161,000 |
Depreciation and amortization | 102,252,000 | 92,997,000 | 101,345,000 |
General and administrative | 39,426,000 | 36,277,000 | 41,174,000 |
Total costs and expenses | 236,424,000 | 222,814,000 | 232,012,000 |
INCOME BEFORE OTHER INCOME AND EXPENSE, INCOME TAXES AND DISCONTINUED OPERATIONS | 138,914,000 | 137,339,000 | 121,173,000 |
OTHER INCOME AND EXPENSE: | |||
Equity in income of unconsolidated joint ventures | 2,711,000 | 6,493,000 | 10,990,000 |
Other income | 909,000 | 6,200,000 | 3,819,000 |
Interest expense | (48,603,000) | (55,322,000) | (66,427,000) |
Gain on sale of operating properties | 3,670,000 | 3,952,000 | 14,029,000 |
Loss on extinguishment of debt | (14,650,000) | (7,298,000) | (2,750,000) |
Impairment losses | (3,121,000) | (16,753,000) | (21,850,000) |
Merger Expenses | (5,505,000) | 0 | 0 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND DISCONTINUED OPERATIONS | 74,325,000 | 74,611,000 | 58,984,000 |
Income tax (provision) benefit of taxable REIT subsidiaries | (1,485,000) | 856,000 | (850,000) |
INCOME FROM CONTINUING OPERATIONS | 72,840,000 | 75,467,000 | 58,134,000 |
DISCONTINUED OPERATIONS: | |||
Operations of income producing properties | 0 | 0 | (238,000) |
Gain on disposal of income producing properties | 0 | 0 | 3,222,000 |
Income tax provision of taxable REIT subsidiaries | 0 | 0 | (27,000) |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 0 | 2,957,000 |
NET INCOME | 72,840,000 | 75,467,000 | 61,091,000 |
Net income attributable to noncontrolling interests – continuing operations | 0 | (10,014,000) | (12,206,000) |
Net loss attributable to noncontrolling interests – discontinued operations | 0 | 12,000 | |
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ 72,840,000 | $ 65,453,000 | $ 48,897,000 |
EARNINGS PER COMMON SHARE – BASIC: | |||
Continuing operations | $ 0.51 | $ 0.51 | $ 0.37 |
Discontinued operations | 0 | 0 | 0.02 |
Earnings Per Share, Basic | $ 0.51 | $ 0.51 | $ 0.39 |
Number of Shares Used in Computing Basic Earnings per Share | 142,492 | 127,957 | 119,403 |
EARNINGS PER COMMON SHARE – DILUTED: | |||
Continuing operations | $ 0.51 | $ 0.51 | $ 0.37 |
Discontinued operations | 0 | 0 | 0.02 |
Earnings per common share - Diluted (in usd per share) | $ 0.51 | $ 0.51 | $ 0.39 |
Number of Shares Used in Computing Diluted Earnings per Share | 143,167 | 128,160 | 119,725 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.88 | $ 0.88 | $ 0.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
NET INCOME | $ 72,840 | $ 75,467 | $ 61,091 | |
Effective portion of change in fair value of interest rate swaps (1) | [1] | (5,417) | (4,379) | (7,086) |
Reclassification of net losses on interest rate swaps into interest expense | 2,666 | 3,424 | 3,480 | |
Reclassification of deferred losses on settled interest rate swaps into interest expense | 516 | (24) | 63 | |
Other comprehensive loss | ||||
Other comprehensive loss | (2,235) | (979) | (3,543) | |
COMPREHENSIVE INCOME | 70,605 | 74,488 | 57,548 | |
Comprehensive income attributable to noncontrolling interests | 0 | (10,014) | (12,194) | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 70,605 | 64,474 | 45,354 | |
Reportable Legal Entities [Member] | ||||
Effective portion of change in fair value of interest rate swaps (1) | $ 37 | $ 250 | $ 545 | |
[1] | Includes our share of our unconsolidated joint ventures’ net unrealized losses of $37, $250 and $545 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Noncontrolling Interest [Member] |
BALANCE, shares (beginning of period) at Dec. 31, 2013 | 117,647,000 | ||||||
BALANCE (beginning of period) at Dec. 31, 2013 | $ 1,602,926 | $ 1,176 | $ 1,693,873 | $ (302,410) | $ 2,544 | $ 1,395,183 | $ 207,743 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, shares | 6,699,000 | ||||||
Issuance of common stock, value | 145,447 | $ 67 | 145,380 | 0 | 0 | 145,447 | 0 |
Repurchase of Common Stock, Shares | (65,000) | ||||||
Repurchase of Common Stock, Value | (1,752) | $ 0 | (1,752) | 0 | 0 | (1,752) | 0 |
Stock issuance costs | (591) | 0 | (591) | 0 | 0 | (591) | 0 |
Share-based compensation costs | 7,498 | 0 | 7,498 | 0 | 0 | 7,498 | 0 |
Restricted stock reclassified from liability to equity | 117 | 0 | 117 | 0 | 0 | 117 | 0 |
Net income | 61,091 | 0 | 0 | 48,897 | 0 | 48,897 | 12,194 |
Dividends declared on common stock | (106,659) | 0 | 0 | (106,659) | 0 | (106,659) | 0 |
Distributions to noncontrolling interests | (11,962) | 0 | 0 | 0 | 0 | (11,962) | |
(Purchase) Redemption of noncontrolling interests | (1,963) | 0 | (1,177) | 0 | 0 | (1,177) | (786) |
Other comprehensive loss | (3,543) | $ 0 | 0 | 0 | (3,543) | (3,543) | 0 |
BALANCE, shares (end of period) at Dec. 31, 2014 | 124,281,000 | ||||||
BALANCE, (end of period) at Dec. 31, 2014 | 1,690,609 | $ 1,243 | 1,843,348 | (360,172) | (999) | 1,483,420 | 207,189 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, shares | 4,837,000 | ||||||
Issuance of common stock, value | 124,915 | $ 48 | 124,867 | 0 | 0 | 124,915 | 0 |
Repurchase of Common Stock, Shares | (12,000) | ||||||
Repurchase of Common Stock, Value | (320) | $ 0 | (320) | 0 | 0 | (320) | 0 |
Stock issuance costs | (624) | 0 | (624) | 0 | 0 | (624) | 0 |
Share-based compensation costs | 5,158 | 0 | 5,158 | 0 | 0 | 5,158 | 0 |
Restricted stock reclassified from liability to equity | 108 | 0 | 108 | 0 | 0 | 108 | 0 |
Net income | 75,467 | 0 | 0 | 65,453 | 0 | 65,453 | 10,014 |
Dividends declared on common stock | (112,957) | 0 | 0 | (112,957) | 0 | (112,957) | 0 |
Distributions to noncontrolling interests | (10,010) | 0 | 0 | 0 | 0 | 0 | (10,010) |
(Purchase) Redemption of noncontrolling interests | (1,216) | 0 | (168) | 0 | 0 | (168) | (1,048) |
Other comprehensive loss | $ (979) | $ 0 | 0 | 0 | (979) | (979) | 0 |
BALANCE, shares (end of period) at Dec. 31, 2015 | 129,106,345 | 129,106,000 | |||||
BALANCE, (end of period) at Dec. 31, 2015 | $ 1,770,151 | $ 1,291 | 1,972,369 | (407,676) | (1,978) | 1,564,006 | 206,145 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, shares | 4,461,000 | ||||||
Issuance of common stock, value | 122,045 | $ 45 | 122,000 | 0 | 0 | 122,045 | 0 |
Repurchase of Common Stock, Shares | (64,000) | ||||||
Repurchase of Common Stock, Value | (1,912) | $ (1) | (1,911) | 0 | 0 | (1,912) | 0 |
Stock issuance costs | (1,940) | 0 | 1,940 | 0 | 0 | (1,940) | 0 |
Share-based compensation costs | 6,917 | 0 | 6,917 | 0 | 0 | 6,917 | 0 |
Restricted stock reclassified from liability to equity | 929 | 0 | 929 | 0 | 0 | 929 | 0 |
Net income | 72,840 | 0 | 0 | 72,840 | 0 | 72,840 | 0 |
Dividends declared on common stock | (126,508) | $ 0 | 0 | (126,508) | 0 | (126,508) | 0 |
Stock Issued During Period in Connection with LIH Redemption | 11,358,000 | ||||||
(Purchase) Redemption of noncontrolling interests | 0 | $ 114 | 206,031 | 0 | 0 | 206,145 | (206,145) |
Other comprehensive loss | $ (2,235) | $ 0 | 0 | 0 | (2,235) | (2,235) | 0 |
BALANCE, shares (end of period) at Dec. 31, 2016 | 144,861,345 | 144,861,000 | |||||
BALANCE, (end of period) at Dec. 31, 2016 | $ 1,840,287 | $ 1,449 | $ 2,304,395 | $ (461,344) | $ (4,213) | $ 1,840,287 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 72,840 | $ 75,467 | $ 61,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rent | (4,840) | (4,612) | (3,788) |
Accretion of below-market lease intangibles, net | (13,439) | (13,793) | (19,650) |
Amortization of lease incentive | 1,264 | 1,034 | 780 |
Amortization of below-market ground lease intangibles | 733 | 601 | 601 |
Equity in income of unconsolidated joint ventures | (2,711) | (6,493) | (10,990) |
Remeasurement gain on equity interests in joint ventures | 0 | (5,498) | (2,807) |
Deferred income tax provision (benefit) | 939 | (856) | 877 |
Increase (decrease) in allowance for losses on accounts receivable | 1,787 | 2,521 | (27) |
Amortization of deferred financing costs and premium / discount on notes payable, net | 2,106 | 1,051 | (4) |
Depreciation and amortization | 106,017 | 95,514 | 103,240 |
Share-based compensation expense | 6,163 | 5,260 | 7,267 |
Amortization of deferred losses on settled interest rate swaps | 295 | 78 | 63 |
Gain on sale of operating properties | (3,670) | (3,952) | (17,251) |
Loss on extinguishment of debt | 14,650 | 7,298 | 2,750 |
Operating distributions from joint ventures | 2,975 | 3,427 | 3,121 |
Impairment losses | 3,121 | 16,753 | 21,850 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts and other receivables | (1,584) | (2,097) | 1,169 |
Other assets | 2,045 | (660) | (71) |
Accounts payable and accrued expenses | (2,698) | (6,895) | (4,013) |
Tenant security deposits | 427 | 765 | (244) |
Other liabilities | 1,216 | (148) | 131 |
Net cash provided by operating activities | 187,636 | 164,765 | 144,095 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (129,560) | (98,300) | (93,447) |
Additions to income producing properties | (15,743) | (20,992) | (19,376) |
Acquisition of land | 0 | (1,350) | 0 |
Additions to construction in progress | (85,723) | (63,600) | (77,095) |
Deposits for the acquisition of income producing properties | 0 | (10) | (50) |
Proceeds from sale of operating properties | 19,568 | 5,805 | 145,470 |
Decrease in cash held in escrow | 0 | 0 | 10,662 |
Increase in deferred leasing costs and lease intangibles | (6,900) | (6,838) | (7,440) |
Investment in joint ventures | (344) | (23,939) | (9,028) |
Advances to joint ventures | 0 | 0 | (154) |
Distributions from joint ventures | 2,241 | 15,666 | 16,394 |
Repayment of loans receivable | 0 | 0 | 60,526 |
Collection of development costs tax credit | 0 | 14,258 | 0 |
Net cash (used in) provided by investing activities | (216,461) | (179,300) | 26,462 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | (60,934) | (51,064) | (132,564) |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | (66,447) | 0 | 0 |
Borrowings under mortgage loans | 98,537 | 0 | 0 |
Deposit for mortgage loan | 1,898 | (1,898) | 0 |
Net borrowings (repayments) under revolving credit facility | 22,000 | 59,000 | (54,000) |
Borrowings under senior notes | 200,000 | 0 | 0 |
Repayment of senior notes | (230,425) | (220,155) | 0 |
Borrowings under term loan, net | 75,000 | 222,916 | 0 |
Payment of deferred financing costs | (7,192) | (168) | (3,638) |
Proceeds from issuance of common stock | 122,045 | 124,915 | 145,447 |
Repurchase of common stock | (1,912) | (320) | (1,752) |
Stock issuance costs | (1,940) | (624) | (591) |
Dividends paid to stockholders | (126,508) | (112,957) | (106,659) |
Purchase of noncontrolling interests | 0 | (1,216) | (2,952) |
Distributions to noncontrolling interests | 0 | (10,010) | (11,962) |
Net cash provided by (used in) financing activities | 24,122 | 8,419 | (168,671) |
Net (decrease) increase in cash and cash equivalents | (4,703) | (6,116) | 1,886 |
Cash and cash equivalents at beginning of the year | 21,353 | 27,469 | 25,583 |
Cash and cash equivalents at end of the year | 16,650 | 21,353 | 27,469 |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | |||
Cash paid for interest (net of capitalized interest of $2,515, $4,755 and $4,969 in 2016, 2015 and 2014, respectively) | 48,989 | 57,256 | 67,409 |
We acquired upon acquisition of certain income producing properties: | |||
Income producing properties | 131,198 | 180,285 | 115,567 |
Intangible and other assets | 13,389 | 9,629 | 7,362 |
Intangible and other liabilities | (15,027) | (18,264) | (12,194) |
Net assets acquired | 129,560 | 171,650 | 110,735 |
Assumption of mortgage notes payable | 0 | (27,750) | (11,353) |
Existing equity interest in Talega Village Center | 0 | (44,250) | (5,935) |
Cash paid for income producing properties and land | $ 129,560 | $ 99,650 | $ 93,447 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Statement Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Paid, Capitalized | $ 2,515 | $ 4,755 | $ 4,969 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization We are a real estate investment trust, or REIT, that owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. We were organized as a Maryland corporation in 1992, completed our initial public offering in 1998 , and have elected to be taxed as a REIT since 1995. As of December 31, 2016 , our portfolio comprised 122 properties, including 101 retail properties and five non-retail properties totaling approximately 12.8 million square feet of gross leasable area, or GLA, 10 development or redevelopment properties with approximately 2.3 million square feet of GLA, and six land parcels. As of December 31, 2016 , our retail occupancy excluding developments and redevelopments was 95.8% and included national, regional and local tenants. Additionally, we had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA. On November 14, 2016, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Regency Centers Corporation (“Regency”) pursuant to which, subject to the satisfaction or waiver of certain conditions, we will merge with and into Regency, with Regency continuing as the surviving corporation (“Merger”). Pursuant to the terms of the Merger Agreement, each share of our common stock outstanding immediately prior to the effective time of the Merger will be converted into the right to receive 0.45 shares (the “Exchange Ratio”) of common stock of Regency (“Regency Common Stock”). The proposed Merger has been unanimously approved by our board of directors and the board of directors of Regency and was approved by our stockholders and the stockholders of Regency. See Note 2 for additional information regarding the proposed merger with Regency. Basis of Presentation The consolidated financial statements include the accounts of Equity One, Inc. and its wholly-owned subsidiaries and those other entities in which we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Equity One, Inc. and its subsidiaries are hereinafter referred to as the “Company,” “we,” “our,” “us”, “Equity One” or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. The operations of certain properties sold have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented as they were classified as held for sale prior to the adoption of Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). See Notes 3 and 5 for further discussion. Information in these notes to the consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. |
Proposed Merger with Regency Pr
Proposed Merger with Regency Proposed Merger with Regency | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Proposed Merger with Regency On November 14, 2016, we entered into a Merger Agreement with Regency pursuant to which, subject to the satisfaction or waiver of certain conditions, we will merge with and into Regency, with Regency continuing as the surviving corporation. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (“Effective Time”), each issued and outstanding share of our common stock, par value $0.01 per share, will be converted into the right to receive 0.45 shares of Regency Common Stock. Pursuant to, and as further described in the Merger Agreement, the various outstanding share-based payment awards held by employees and non-employee directors at the Effective Time will be similarly converted into newly issued shares of Regency’s common stock, with the vesting of certain awards being accelerated in connection with the transaction. In addition, each option to purchase shares of our common stock that is outstanding and unexercised at the Effective Time will vest in full and be converted into the right to receive an amount of cash as calculated under the provisions of the Merger Agreement. In connection with the Merger, Regency has agreed to take any necessary actions to cause three of our directors (specifically, Messrs. Katzman, Azrack and Linneman) to become members of the board of directors of Regency immediately after the Effective Time. On November 14, 2016, Regency also entered into a voting agreement with Gazit-Globe, Ltd. and certain of its affiliated entities (“Gazit”), which collectively beneficially own approximately 34.2% of our common stock, that provides that Gazit’s shareholders will vote their shares of our common stock in favor of the transactions contemplated by the Merger Agreement. Pursuant to the terms of the Merger Agreement, we made certain representations, warranties and covenants, including a covenant to conduct our business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time. The Merger Agreement provides that, during the period from the date of the Merger Agreement until the Effective Time or the termination of the Merger Agreement, we will be subject to certain restrictions on our ability to initiate, solicit, propose, knowingly encourage or facilitate competing third-party proposals to effect, among other things, a merger, reorganization, share exchange, consolidation or the acquisition of 15% or more of our stock, consolidated net revenues, net income or total assets, subject to customary exceptions, and on our ability to take certain other actions in connection with conducting our business. The Merger Agreement provides for certain termination rights for us and for Regency. In connection with the termination of the Merger Agreement, under certain specified circumstances, (i) we may be required to pay Regency a termination fee of $150.0 million or reimburse Regency for transaction expenses in an amount up to $45.0 million and (ii) Regency may be required to pay us a termination fee of $240.0 million or be required to reimburse us for transaction expenses up to $45.0 million . In light of the proposed merger with Regency, on November 14, 2016, we entered into certain amendments (the “Amendments”) to the employment agreements (the “Employment Agreements”) of David Lukes, Matthew Ostrower, Michael Makinen, Aaron Kitlowski and William Brown. In addition to other payments and benefits to which the applicable executive may be entitled, upon a termination without cause or a resignation for good reason, the executive will, subject to the terms and conditions of his Employment Agreement, be entitled to (a) a lump sum payment equal to 2.9x (for Messrs. Lukes and Ostrower) or 2.0x (for Messrs. Makinen, Kitlowski and Brown) the sum of (x) the executive’s average annual bonus, if any, for the three most recently completed calendar years plus (y) the executive’s then current base salary; (b) a lump-sum cash payment equal to the value of the executive’s target annual bonus for the year in which the qualifying termination occurs, prorated based on the number of days of service completed; (c) a lump-sum cash payment equal to the value of the executive’s accrued and unpaid vacation; and (D) for executive officers other than Mr. Brown, continuation of medical, dental and life insurance benefits substantially similar to those provided to the executive and his dependents immediately prior to the date of termination for up to 18 months following the date of termination. The completion of the Merger is subject to certain closing conditions, including, among other things, the approval by our stockholders and the stockholders of Regency (which was obtained on February 24, 2017); the approval of the Regency Common Stock to be issued in connection with the Merger for listing on the New York Stock Exchange (“NYSE”); the SEC having declared effective the registration statement and joint proxy statement/prospectus filed by us and Regency, and the registration statement not being the subject of any stop order or proceeding seeking a stop order; no injunction or law prohibiting the Merger; accuracy of representations made by each party as part of the Merger, subject in most cases to materiality or material adverse effect qualifications; material compliance with each party’s covenants; and, receipt by us and by Regency of an opinion to the effect that the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and of an opinion that each of Regency and Equity One qualify as a REIT under the Code. Completion of the transaction is expected to occur on or about March 1, 2017. As of December 31, 2016, we have incurred $5.5 million for legal, accounting, advisory and other expenses related to the Merger, which are included in merger expenses in our consolidated statement of income. Acquisition and Disposition Activity Acquisition Activity The following table provides a summary of acquisition activity during the year ended December 31, 2016 : Date Purchased Property Name City State Square Feet Purchase Price (In thousands) November 2, 2016 Pablo Plaza Outparcel Jacksonville FL 4,000 $ 2,560 October 25, 2016 San Carlos Marketplace (1) (2) San Carlos CA 153,510 97,000 (3) June 30, 2016 Walmart at Norwalk (2) Norwalk CT 142,222 30,000 Total $ 129,560 ______________________________________________ (1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. (2) Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. (3) We also paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property, which was not assumed in the acquisition. The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 60,688 N/A Land improvements 2,779 9.6 Buildings 66,142 36.9 Tenant improvements 1,589 22.8 In-place leases 12,003 20.5 Leasing commissions 1,355 24.2 Lease origination costs 31 21.9 Below-market leases (15,027 ) 9.0 $ 129,560 During the year ended December 31, 2016 , we did not recognize any material measurement period adjustments related to prior or current year acquisitions. During the year ended December 31, 2015 , we acquired six shopping centers, one outparcel and one land parcel for an aggregate purchase price of $171.7 million , including a mortgage assumed of $27.8 million . During the years ended December 31, 2016 , 2015 and 2014 , we expensed $4.4 million , $903,000 and $1.8 million , respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative expenses in the consolidated statements of income . The purchase price related to the 2016 acquisitions listed in the above table was funded by the use of proceeds from our delayed draw term loan, line of credit and cash on hand. Disposition Activity The following table provides a summary of disposition activity during the year ended December 31, 2016 : Date Sold Property Name City State Square Feet Gross Sales Price (in thousands) December 22, 2016 Thomasville Commons Thomasville NC 148,754 $ 2,700 May 11, 2016 Wesley Chapel Decatur GA 164,153 7,094 May 11, 2016 Hairston Center Decatur GA 13,000 431 February 18, 2016 Sherwood South Baton Rouge LA 77,489 3,000 February 18, 2016 Plaza Acadienne Eunice LA 59,419 1,775 February 11, 2016 Beauclerc Village Jacksonville FL 68,966 5,525 $ 20,525 In connection with the acquisition of the Westwood Complex located in Bethesda, Maryland, we acquired a 211,020 square foot apartment building that is subject to a master lease pursuant to which the tenant has the option to purchase the building for $20.0 million in 2017. As of December 31, 2016 , the tenant had exercised its option, and the property met the criteria to be classified as held for sale. During the year ended December 31, 2015 , we sold two properties for an aggregate of $12.8 million . As a result of the adoption of ASU 2014-08 on January 1, 2014, the results of operations for all the properties sold during the years ended December 31, 2016 and 2015 , and 19 of the 22 properties sold during the year ended December 31, 2014 , are included in continuing operations in the consolidated statements of income for all periods presented as they do not qualify as discontinued operations under the amended guidance. The results of operations for three of the properties sold during the year ended December 31, 2014 (Stanley Marketplace, Oak Hill Village and Summerlin Square) are presented as discontinued operations in the consolidated statements of income as they were classified as held for sale prior to the adoption of ASU 2014-08. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Properties Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Buildings 30-55 years Building and land improvements 2-40 years Tenant improvements Lesser of minimum lease term or economic useful life Furniture, fixtures and equipment 3-10 years Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. Business Combinations We account for business combinations, including the acquisition of income producing properties, using the acquisition method by recognizing and measuring the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. As a result, upon the acquisition of income producing properties, we estimate the fair value of the acquired tangible assets (consisting of land, building, building improvements, and tenant improvements), identified intangible assets and liabilities (consisting of the value of above- and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt, and noncontrolling interests issued at the date of acquisition, where applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of income . In allocating the purchase price of an acquired property to identified intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) for comparable leases measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental revenue over the estimated remaining term of the respective leases, which includes expected renewal option periods, if applicable. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are accelerated and recognized in minimum rent in our consolidated statements of income . In determining the value of in-place leases, we consider current market conditions and costs to execute similar leases to arrive at an estimate of the carrying costs during the period expected to be required to lease the property from vacant to its existing occupancy. In estimating carrying costs, we include estimates of lost rental and recovery revenue during the expected lease-up periods and costs to execute similar leases, including lease commissions, legal, and other related costs based on current market demand. The value assigned to in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are accelerated and recognized in depreciation and amortization expense in our consolidated statements of income . The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. Construction in Progress and Land Construction in progress and land are carried at cost, and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. Long-lived Assets Properties Held and Used We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2016 , we reviewed the operating properties, construction in progress, and land for potential indicators of impairment on a property-by-property basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC. For those properties for which an indicator of impairment was identified, we projected future cash flows for each property on an individual basis. The key assumptions underlying these projected future cash flows are dependent on property-specific conditions and are inherently uncertain. The factors that may influence the assumptions include: • historical and projected property performance, including occupancy, capitalization rates and net operating income; • competitors’ presence and their actions; • property specific attributes such as location desirability, anchor tenants and demographics; • current local market economic and demographic conditions; and • future expected capital expenditures and the period of time before net operating income is stabilized. After considering these factors, our future cash flows are projected based on management’s intention with respect to the holding period of the property and an assumed sale at the final year of the holding period using a projected capitalization rate (reversion value). If the carrying amount of the property exceeded the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge was recognized to reduce the carrying value of the property to its fair value. Properties Held for Sale Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Upon the adoption of ASU 2014-08 on January 1, 2014, operations of properties held for sale and operating properties sold that were not previously classified as held for sale and/or reported as discontinued operations are reported in continuing operations as their disposition does not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU 2014-08, we reported the operations and financial results of properties held for sale and operating properties sold as discontinued operations. The application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. Cash and Cash Equivalents and Restricted Cash We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. Restricted cash represents cash that is not immediately available to us and is legally restricted to us as to withdrawal or use. Accounts and Other Receivables Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. Investments in Joint Ventures We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the respective entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of income. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in other income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment, and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. Goodwill Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. Deposits Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. Deferred Costs and Intangibles Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of deferred financing costs, leasing costs and the value of intangible assets and liabilities when a property was acquired. Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan using the effective interest method. As a result of our adoption of ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," unamortized deferred financing costs related to our senior notes, term loans, and mortgage loans are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Noncontrolling Interests Noncontrolling interests represent the portion of equity that we do not own in entities we consolidate, including joint venture units issued by consolidated subsidiaries or VIEs in connection with property acquisitions. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of income . Derivative Instruments and Hedging Activities Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and forward starting interest rate swaps to manage the risk of interest rates rising prior to the issuance of fixed rate debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of income as a component of net income or as a component of comprehensive income and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 12 for further detail on derivative activity. Fair Value of Assets and Liabilities The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: • Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. • Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. • Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Revenue Recognition Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Generally, our leases contain fixed escalations which occur at specified times during the term of the lease. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent), and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of real estate taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to unconsolidated joint ventures is recorded on only that portion of the sales not attributable to our ownership interest. We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. Earnings Per Share Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders based on their respective rights to receive dividends. Share-Based Compensation We grant restricted stock and stock option awards to our officers, directors and employees. The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting schedule of each award is determined by the compensation committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes such shares participating securities under the Earnings Per Share Topic of the FASB ASC. Certain stock options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. The fair value of each stock option awarded is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields and employee exercises are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method described in the Share Compensation Topic of the FASB ASC is used for determining the expected life used in the valuation method. Compensation expense for restricted stock awards is based on the fair value of our common stock at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule that are only subject to service conditions, we have elected to recognize compensation expense on a straight-line basis. Segment Reporting We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. Our portfolio is primarily located in coastal markets throughout the United States with none of our properties located outside of the United States. Additionally, our chief operating decision maker reviews operating and financial data for each property on an individual basis and does not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Therefore, each of our individual properties has been deemed a separate operating segment, and, as no individual property constitutes more than 10% of our revenue, net income, or assets, the individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants, and operational processes, as well as long-term average financial performance. Concentration of Credit Risk A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularl |
Properties
Properties | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Properties | Income Producing Properties The following table is a summary of the composition of income producing properties in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Land and land improvements $ 1,562,278 $ 1,494,510 Building and building improvements 1,722,029 1,652,714 Tenant and other improvements 225,185 190,307 3,509,492 3,337,531 Less: accumulated depreciation (493,162 ) (438,992 ) Income producing properties, net $ 3,016,330 $ 2,898,539 Capitalized Costs We capitalized external and internal costs related to development and redevelopment activities of $74.5 million and $2.3 million , respectively, in 2016 and $40.6 million and $2.1 million , respectively, in 2015 . We capitalized external and internal costs related to tenant and other property improvements and capital expenditures of $31.3 million and $557,000 , respectively, in 2016 and $42.7 million and $1.1 million , respectively, in 2015 . We capitalized external and internal costs related to successful leasing activities of $2.6 million and $4.3 million , respectively, in 2016 and $3.5 million and $4.1 million , respectively, in 2015 . |
Acquisition and Disposition Act
Acquisition and Disposition Activity | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition and Disposition Activity | Proposed Merger with Regency On November 14, 2016, we entered into a Merger Agreement with Regency pursuant to which, subject to the satisfaction or waiver of certain conditions, we will merge with and into Regency, with Regency continuing as the surviving corporation. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (“Effective Time”), each issued and outstanding share of our common stock, par value $0.01 per share, will be converted into the right to receive 0.45 shares of Regency Common Stock. Pursuant to, and as further described in the Merger Agreement, the various outstanding share-based payment awards held by employees and non-employee directors at the Effective Time will be similarly converted into newly issued shares of Regency’s common stock, with the vesting of certain awards being accelerated in connection with the transaction. In addition, each option to purchase shares of our common stock that is outstanding and unexercised at the Effective Time will vest in full and be converted into the right to receive an amount of cash as calculated under the provisions of the Merger Agreement. In connection with the Merger, Regency has agreed to take any necessary actions to cause three of our directors (specifically, Messrs. Katzman, Azrack and Linneman) to become members of the board of directors of Regency immediately after the Effective Time. On November 14, 2016, Regency also entered into a voting agreement with Gazit-Globe, Ltd. and certain of its affiliated entities (“Gazit”), which collectively beneficially own approximately 34.2% of our common stock, that provides that Gazit’s shareholders will vote their shares of our common stock in favor of the transactions contemplated by the Merger Agreement. Pursuant to the terms of the Merger Agreement, we made certain representations, warranties and covenants, including a covenant to conduct our business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time. The Merger Agreement provides that, during the period from the date of the Merger Agreement until the Effective Time or the termination of the Merger Agreement, we will be subject to certain restrictions on our ability to initiate, solicit, propose, knowingly encourage or facilitate competing third-party proposals to effect, among other things, a merger, reorganization, share exchange, consolidation or the acquisition of 15% or more of our stock, consolidated net revenues, net income or total assets, subject to customary exceptions, and on our ability to take certain other actions in connection with conducting our business. The Merger Agreement provides for certain termination rights for us and for Regency. In connection with the termination of the Merger Agreement, under certain specified circumstances, (i) we may be required to pay Regency a termination fee of $150.0 million or reimburse Regency for transaction expenses in an amount up to $45.0 million and (ii) Regency may be required to pay us a termination fee of $240.0 million or be required to reimburse us for transaction expenses up to $45.0 million . In light of the proposed merger with Regency, on November 14, 2016, we entered into certain amendments (the “Amendments”) to the employment agreements (the “Employment Agreements”) of David Lukes, Matthew Ostrower, Michael Makinen, Aaron Kitlowski and William Brown. In addition to other payments and benefits to which the applicable executive may be entitled, upon a termination without cause or a resignation for good reason, the executive will, subject to the terms and conditions of his Employment Agreement, be entitled to (a) a lump sum payment equal to 2.9x (for Messrs. Lukes and Ostrower) or 2.0x (for Messrs. Makinen, Kitlowski and Brown) the sum of (x) the executive’s average annual bonus, if any, for the three most recently completed calendar years plus (y) the executive’s then current base salary; (b) a lump-sum cash payment equal to the value of the executive’s target annual bonus for the year in which the qualifying termination occurs, prorated based on the number of days of service completed; (c) a lump-sum cash payment equal to the value of the executive’s accrued and unpaid vacation; and (D) for executive officers other than Mr. Brown, continuation of medical, dental and life insurance benefits substantially similar to those provided to the executive and his dependents immediately prior to the date of termination for up to 18 months following the date of termination. The completion of the Merger is subject to certain closing conditions, including, among other things, the approval by our stockholders and the stockholders of Regency (which was obtained on February 24, 2017); the approval of the Regency Common Stock to be issued in connection with the Merger for listing on the New York Stock Exchange (“NYSE”); the SEC having declared effective the registration statement and joint proxy statement/prospectus filed by us and Regency, and the registration statement not being the subject of any stop order or proceeding seeking a stop order; no injunction or law prohibiting the Merger; accuracy of representations made by each party as part of the Merger, subject in most cases to materiality or material adverse effect qualifications; material compliance with each party’s covenants; and, receipt by us and by Regency of an opinion to the effect that the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and of an opinion that each of Regency and Equity One qualify as a REIT under the Code. Completion of the transaction is expected to occur on or about March 1, 2017. As of December 31, 2016, we have incurred $5.5 million for legal, accounting, advisory and other expenses related to the Merger, which are included in merger expenses in our consolidated statement of income. Acquisition and Disposition Activity Acquisition Activity The following table provides a summary of acquisition activity during the year ended December 31, 2016 : Date Purchased Property Name City State Square Feet Purchase Price (In thousands) November 2, 2016 Pablo Plaza Outparcel Jacksonville FL 4,000 $ 2,560 October 25, 2016 San Carlos Marketplace (1) (2) San Carlos CA 153,510 97,000 (3) June 30, 2016 Walmart at Norwalk (2) Norwalk CT 142,222 30,000 Total $ 129,560 ______________________________________________ (1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. (2) Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. (3) We also paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property, which was not assumed in the acquisition. The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 60,688 N/A Land improvements 2,779 9.6 Buildings 66,142 36.9 Tenant improvements 1,589 22.8 In-place leases 12,003 20.5 Leasing commissions 1,355 24.2 Lease origination costs 31 21.9 Below-market leases (15,027 ) 9.0 $ 129,560 During the year ended December 31, 2016 , we did not recognize any material measurement period adjustments related to prior or current year acquisitions. During the year ended December 31, 2015 , we acquired six shopping centers, one outparcel and one land parcel for an aggregate purchase price of $171.7 million , including a mortgage assumed of $27.8 million . During the years ended December 31, 2016 , 2015 and 2014 , we expensed $4.4 million , $903,000 and $1.8 million , respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative expenses in the consolidated statements of income . The purchase price related to the 2016 acquisitions listed in the above table was funded by the use of proceeds from our delayed draw term loan, line of credit and cash on hand. Disposition Activity The following table provides a summary of disposition activity during the year ended December 31, 2016 : Date Sold Property Name City State Square Feet Gross Sales Price (in thousands) December 22, 2016 Thomasville Commons Thomasville NC 148,754 $ 2,700 May 11, 2016 Wesley Chapel Decatur GA 164,153 7,094 May 11, 2016 Hairston Center Decatur GA 13,000 431 February 18, 2016 Sherwood South Baton Rouge LA 77,489 3,000 February 18, 2016 Plaza Acadienne Eunice LA 59,419 1,775 February 11, 2016 Beauclerc Village Jacksonville FL 68,966 5,525 $ 20,525 In connection with the acquisition of the Westwood Complex located in Bethesda, Maryland, we acquired a 211,020 square foot apartment building that is subject to a master lease pursuant to which the tenant has the option to purchase the building for $20.0 million in 2017. As of December 31, 2016 , the tenant had exercised its option, and the property met the criteria to be classified as held for sale. During the year ended December 31, 2015 , we sold two properties for an aggregate of $12.8 million . As a result of the adoption of ASU 2014-08 on January 1, 2014, the results of operations for all the properties sold during the years ended December 31, 2016 and 2015 , and 19 of the 22 properties sold during the year ended December 31, 2014 , are included in continuing operations in the consolidated statements of income for all periods presented as they do not qualify as discontinued operations under the amended guidance. The results of operations for three of the properties sold during the year ended December 31, 2014 (Stanley Marketplace, Oak Hill Village and Summerlin Square) are presented as discontinued operations in the consolidated statements of income as they were classified as held for sale prior to the adoption of ASU 2014-08. |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment | Impairments The following is a summary of the composition of impairment losses included in the consolidated statements of income : Year Ended December 31, 2016 2015 2014 (In thousands) Goodwill (1) $ — $ 200 $ — Land held and used (2) — 3,667 2,230 Operating properties held and used (3) — 1,579 15,111 Properties sold (4) 2,454 11,307 4,509 Other (5) 667 — — Total impairment losses $ 3,121 $ 16,753 $ 21,850 ______________________________________________ (1) The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. (2) The projected undiscounted cash flows of each land parcel, which were primarily comprised of the fair value of the respective parcel, were less than its carrying value. (3) The projected undiscounted probability weighted cash flows of each property, which considered the estimated holding period of the property and the exit price in the event of disposition, were less than its carrying value. As a result of management’s updated dispositions plans with respect to these properties, our projected cash flows for each property were updated to reflect an increased likelihood that the holding periods for these properties may be shorter than previously estimated. (4) The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. (5) In September 2016, we recognized an impairment loss of $667,000 , which represented the carrying amount of one of our joint venture investments, as a result of our decision to withdraw from the joint venture. See Note 8 for further discussion. |
Accounts And Other Receivables
Accounts And Other Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Accounts And Other Receivables | Accounts and Other Receivables The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Tenants $ 12,871 $ 14,430 Other 1,011 1,258 Allowance for doubtful accounts (2,183 ) (3,880 ) Total accounts and other receivables, net $ 11,699 $ 11,808 For the years ended December 31, 2016 , 2015 and 2014 , we recognized bad debt expense of $1.8 million , $2.5 million and $97,000 , respectively, which is included in property operating expenses in the accompanying consolidated statements of income . Excluding the reversal of $1.1 million in the allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants, we recognized bad debt expense of $1.2 million during the year ended December 31, 2014 . |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in Joint Ventures The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets: Investment Balance as of December 31, Joint Venture (1) Number of Properties Location Ownership 2016 2015 (In thousands) G&I Investment South Florida Portfolio, LLC 1 FL 20.0% $ 3,503 $ 3,719 Madison 2260 Realty LLC 1 NY 8.6% 526 526 Madison 1235 Realty LLC 1 NY 20.1% 820 820 Parnassus Heights Medical Center 1 CA 50.0% 19,067 19,263 Equity One JV Portfolio, LLC (2) 6 FL, MA, NJ 30.0% 37,533 39,501 Other Equity Investment (3) — — 329 Total 61,449 64,158 Advances to unconsolidated joint ventures 347 442 Investments in and advances to unconsolidated joint ventures $ 61,796 $ 64,600 ______________________________________________ ( 1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) The investment balance as of December 31, 2016 and 2015 is presented net of a deferred gain of approximately $376,000 associated with the disposition of assets by us to the joint venture. (3) In 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In 2016, we recognized an impairment loss of $667,000 , which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. Equity in income of unconsolidated joint ventures totaled $2.7 million , $6.5 million and $11.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Management fees and leasing fees earned by us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying consolidated statements of income , totaled $1.1 million , $1.9 million and $2.2 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 and 2015 , the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $144.3 million and $146.2 million , respectively, of which our aggregate proportionate share was $43.3 million and $43.9 million , respectively. Although we have not guaranteed the debt of these joint ventures, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) on certain of the loans of the joint ventures. G&I Investment South Florida Portfolio, LLC (the "DRA JV") During 2015 , the DRA JV closed on the sale of two properties for an aggregate sales price of $51.4 million . In connection with the disposals, the joint venture recognized an aggregate gain on sale of $14.6 million , of which our proportionate share was $2.9 million , which is included in equity in income of unconsolidated joint ventures in our consolidated statement of income for the year ended December 31, 2015 . In January 2017, the DRA JV entered into a contract to sell its remaining property, an office building located in Boca Raton, Florida, which had a net carrying value of $17.1 million as of December 31, 2016, for a gross sales price of $21.0 million . GRI Joint Venture (the "GRI JV") During 2015, we entered into an agreement with Global Retail Investors, LLC, our joint venture partner in the GRI JV, in which the parties agreed to dissolve the joint venture and, as part of the dissolution, distribute certain properties in kind to the existing members of the joint venture. In connection with the transaction, we purchased an additional 11.3% interest in the joint venture for $23.5 million , which increased our membership interest in the joint venture from 10.0% to 21.3% . The joint venture then redeemed our membership interest by distributing three operating properties totaling 351,602 square feet (Concord Shopping Plaza, Shoppes of Sunset and Shoppes of Sunset II) to us. In connection with the redemption, we remeasured the carrying value of our equity interest in the joint venture to fair value using a discounted cash flow analysis and recognized a gain of $5.5 million , which is included in other income in our consolidated statement of income for the year ended December 31, 2015 . Additionally, we recognized a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture, which is included in gain on sale of operating properties in our consolidated statement of income for the year ended December 31, 2015 . Equity One/Vestar Joint Ventures In 2010, we acquired ownership interests in two properties located in California through partnerships (the “Equity One/Vestar JVs”) with Vestar Development Company (“Vestar”). In both of these joint ventures, we held a 95% interest, and they were consolidated. Each Equity One/Vestar JV held a 50.5% ownership interest in each of the properties through two separate joint ventures with Rockwood Capital. The Equity One/Vestar JVs’ ownership interests in the properties were accounted for under the equity method. During 2014, we acquired Rockwood Capital's and Vestar’s interests in Talega Village Center JV, LLC, the owner of Talega Village Center, for an additional investment of $6.2 million . Immediately prior to acquisition, we remeasured the fair value of our equity interest in the joint venture using a discounted cash flow analysis and recognized a gain of $2.8 million , including $561,000 attributable to a noncontrolling interest, which is included in other income in our consolidated statement of income for the year ended December 31, 2014 . During 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million , including the assumption of the existing mortgage of $22.9 million by the buyer. In connection with the sale, the joint venture recognized a gain of $14.7 million , of which our proportionate share was $7.4 million , including $1.6 million attributable to the noncontrolling interest, and we received distributions totaling $13.7 million , including $1.9 million that was distributed to the noncontrolling interest. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities In conjunction with the acquisitions of Walmart at Norwalk and San Carlos Marketplace, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which, for a maximum of 180 days, allow us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition date, the third party intermediaries are the legal owners of the entities that own these properties. The agreements that govern the operations of these entities provide us with the power to direct the activities that most significantly impact the entity's economic performance. These entities were deemed VIEs primarily because they may not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties. We determined that we are the primary beneficiaries of the VIEs as a result of having the power to direct the activities that most significantly impact their economic performance and the obligation to absorb losses, as well as the right to receive benefits, that could be potentially significant to the VIEs. Accordingly, we consolidated the properties and their operations as of the respective acquisition dates. The majority of the operations of the VIEs were funded with cash flows generated from the properties. We did not provide financial support to the VIEs which we were not previously contractually required to provide; our contractual commitments consisted primarily of funding any expenditures, which were deemed necessary to continue to operate the entities and any operating cash shortfalls that the entities may have experienced. In December 2016 and February 2017, we took legal ownership of Walmart at Norwalk and San Carlos Marketplace, respectively, from the qualified intermediaries. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following is a summary of the composition of other assets included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible assets, net $ 101,867 $ 101,010 Leasing commissions, net 44,039 41,211 Prepaid expenses and other receivables 14,938 13,074 Straight-line rent receivables, net 33,606 28,910 Deposits and mortgage escrows 1,738 7,980 Deferred financing costs, net 5,261 3,419 Furniture, fixtures and equipment, net 2,271 3,255 Fair value of interest rate swaps 200 835 Deferred tax asset 3,781 3,924 Total other assets $ 207,701 $ 203,618 In connection with our development of The Gallery at Westbury Plaza in Nassau County, New York, we remediated various environmental matters that existed when we acquired the property in November 2009. The site was eligible for participation in New York State’s Brownfield Cleanup Program, which provides for refundable New York State franchise tax credits for costs incurred to remediate and develop a qualified site. We applied for participation in the program and subsequently received a certificate of completion from the New York State Department of Environmental Conservation in August 2012. The certificate of completion confirmed our adherence to the cleanup requirements and ability to seek reimbursement for a portion of qualified costs incurred as part of the environmental remediation and development of the property. As of December 31, 2016 and 2015 , we have a receivable of $7.7 million for both periods, which is included in other assets in our consolidated balance sheets for the reimbursable costs that are expected to be paid to us subject to statutory deferrals over the next two years. During 2015 , we received $14.3 million in connection with this program. The following is a summary of the composition of intangible assets and accumulated amortization included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible assets: Above-market leases $ 19,611 $ 19,742 In-place leases 132,128 126,987 Below-market ground leases 34,094 34,094 Lease origination costs 2,709 2,797 Lease incentives 12,527 9,371 Total intangibles 201,069 192,991 Accumulated amortization: Above-market leases 13,892 12,644 In-place leases 76,023 71,577 Below-market ground leases 2,597 1,995 Lease origination costs 2,221 2,173 Lease incentives 4,469 3,592 Total accumulated amortization 99,202 91,981 Lease intangible assets, net $ 101,867 $ 101,010 The following is a summary of amortization expense included in the consolidated statements of income related to lease intangible assets: December 31, 2016 2015 2014 (In thousands) Above-market lease amortization (1) $ 1,850 $ 2,118 $ 2,605 In-place lease amortization (2) 11,074 11,350 14,824 Below-market ground lease amortization (3) 601 601 601 Lease origination cost amortization (2) 166 253 298 Lease incentive amortization (1) 1,264 1,035 780 Total lease intangible asset amortization $ 14,955 $ 15,357 $ 19,108 ___________________________________________ (1) Amounts are recognized as a reduction of minimum rent. (2) Amounts are included in depreciation and amortization expenses. (3) Amounts are included in property operating expenses. As of December 31, 2016 , the estimated amortization of lease intangible assets for the next five years is as follows: Year Ending December 31, Amount (In thousands) 2017 $ 15,703 2018 9,111 2019 7,136 2020 6,319 2021 5,732 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Mortgage Loans The following table is a summary of the mortgage loans included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Fixed rate mortgage loans $ 227,896 $ 254,279 Variable rate mortgage loan 27,750 27,750 Total mortgage loans 255,646 282,029 Unamortized deferred financing costs and premium/discount, net (1,502 ) 1,430 Total $ 254,144 $ 283,459 Weighted average interest rate, excluding unamortized premium 4.92 % 5.61 % As of December 31, 2016 , the net book value of the properties collateralizing the mortgage loans totaled $516.9 million . During the years ended December 31, 2016 and 2015 , we prepaid $44.0 million and $44.3 million in mortgage loans with a weighted average interest rate of 6.08% and 5.61% per annum, respectively. We recognized losses on extinguishment of debt in conjunction with the prepayments of $22,700 and $247,000 for the years ended December 31, 2016 and 2015 , respectively. In August 2016, we legally defeased the mortgage loan that was secured by Culver Center located in Culver City, California. The mortgage loan had a principal balance of $64.0 million , bore interest at a rate of 5.58% per annum, and was scheduled to mature in May 2017 . The cash outlay required for the defeasance of approximately $66.4 million was based on the purchase price of U.S. government securities that will generate sufficient cash flows to fund the remaining payment obligations under the loan from the effective date of the defeasance through the maturity date in May 2017 . In connection with the defeasance, the mortgage and other liens on the property were extinguished, and all existing collateral was released. As a result of the transaction, we recognized a loss on the early extinguishment of debt of $1.6 million , which is the difference between the value of the U.S. government securities that were transferred to the successor borrower and the carrying amount of the loan, including the related unamortized premium balance, at the date of the defeasance. In June 2016, in order to effectuate a substitution of collateral, we repaid a mortgage loan having a principal balance of $10.6 million and an interest rate of 5.01% secured by Talega Village Center located in San Clemente, California. Concurrent with the repayment of the Talega Village Center mortgage loan, we entered into a new mortgage loan secured by Circle Center West located in Long Beach, California which carries the same terms as the previous Talega Village Center mortgage loan. In January 2016, we entered into a mortgage loan secured by Westbury Plaza located in Nassau County, New York. The mortgage loan has a principal balance of $88.0 million , bears interest at a rate of 3.76% per annum, and matures on February 1, 2026 . In connection with the redemption of our interest in the GRI JV in June 2015, we assumed a mortgage loan for Concord Shopping Plaza with a principal balance of $27.8 million . The loan bears interest at one-month LIBOR plus 1.35% per annum and has a stated maturity date of June 28, 2018 . Senior Notes Our outstanding senior notes in the consolidated balance sheets consisted of the following: December 31, 2016 2015 (In thousands) 6.25% Senior notes, due 1/15/17 — 101,403 6.00% Senior notes, due 9/15/17 — 116,998 3.75% Senior notes, due 11/15/22 300,000 300,000 3.81% Series A senior notes, due 5/11/2026 100,000 — 3.91% Series B senior notes, due 8/11/2026 100,000 — Total senior notes 500,000 518,401 Unamortized deferred financing costs and discount, net (3,758 ) (3,029 ) Total $ 496,242 $ 515,372 Weighted average interest rate, excluding unamortized discount 3.79 % 4.75 % In 2016, we redeemed our 6.00% and 6.25% senior notes which had principal balances of $117.0 million and $101.4 million , respectively, each at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and required make-whole premiums totaling $12.0 million . In connection with the redemptions, we recognized a loss on the early extinguishment of debt totaling $12.6 million , which was comprised of the aforementioned make-whole premiums and deferred fees and costs associated with the notes. In 2016, we completed a private placement of 3.81% series A senior notes with an aggregate principal balance of $100.0 million that mature in May 2026 and 3.91% series B senior notes with an aggregate principal balance of $100.0 million that mature in August 2026 . Our obligations under the notes are guaranteed by certain of our subsidiaries. We may prepay the notes, in whole or in part, at any time at a price equal to the outstanding principal amount of such notes plus a make-whole premium. In 2015, we redeemed our 5.375% and 6.00% senior notes which had principal balances of $107.5 million and $105.2 million , respectively, each at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and required make-whole premiums totaling $7.4 million . In connection with the redemptions, we recognized a loss on the early extinguishment of debt totaling $7.5 million , which was comprised of the aforementioned make-whole premiums and unamortized discounts and deferred fees and costs associated with the notes. The indentures under which our senior notes were issued have several covenants that limit our ability to incur debt, require us to maintain an unencumbered asset to unsecured debt ratio above a specified level and limit our ability to consolidate, sell, lease, or convey substantially all of our assets to, or merge with, any other entity. These notes have also been guaranteed by many of our subsidiaries. Revolving Credit Facility In September 2016, we closed on an $850.0 million unsecured revolving credit facility which replaced our $600.0 million credit facility. The credit facility is with a syndicate of banks and can be increased through an accordion feature up to an aggregate of $1.7 billion , subject to bank participation. The facility bears interest at applicable LIBOR plus a margin of 0.825% to 1.550% per annum and includes a facility fee applicable to the aggregate lending commitments thereunder which varies from 0.125% to 0.300% per annum, both depending on the credit ratings of our senior notes. The facility expires on February 1, 2021 , with two six-month extensions at our option, subject to certain conditions. As of December 31, 2016 , the interest rate margin applicable to amounts outstanding under the facility was 1.00% per annum and the facility fee was 0.20% per annum. The facility includes a competitive bid option which allows us to conduct auctions among the participating banks for borrowings at any one time outstanding of up to 50% of the lender commitments then in effect, a $50.0 million letter of credit commitment and a $75.0 million multi-currency subfacility. As of December 31, 2016 , we had drawn $118.0 million against the facility, which bore interest at a weighted average rate of 1.77% per annum. As of December 31, 2015 , we had drawn $96.0 million , which bore interest at a weighted average rate of 1.47% per annum. As of December 31, 2016 , giving effect to the financial covenants applicable to the credit facility, the maximum available to us thereunder was approximately $850.0 million , less outstanding borrowings of $118.0 million and outstanding letters of credit with an aggregate face amount of $1.4 million . The facility contains a number of customary restrictions on our business and also includes various financial covenants, including maximum unencumbered and total leverage ratios, a maximum secured indebtedness ratio, a minimum fixed charge coverage ratio and a minimum unencumbered interest coverage ratio. The facility also contains customary affirmative covenants and events of default, including a cross default to our other material indebtedness and the occurrence of a change of control. If a material default under the facility were to arise, our ability to pay dividends is limited to the amount necessary to maintain our status as a REIT unless the default is a payment default or bankruptcy event in which case we are prohibited from paying any dividends. The facility is guaranteed on an unsecured senior basis by the same subsidiaries which guaranty our senior notes and term loan facilities. Term Loans Our $250.0 million unsecured term loan bears interest, at our option, at the base rate plus a margin of 0.00% to 0.80% or one month LIBOR plus a margin of 0.90% to 1.80% , depending on the credit ratings of our senior notes, and matures on February 13, 2019 . In connection with the interest rate swaps discussed below, we have elected, and will continue to elect, the one month LIBOR option, which as of December 31, 2016 resulted in a margin of 2.62% . The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants and events of default and remedies which are generally the same as those provided in our $850.0 million revolving credit facility. In December 2015, we entered into an unsecured delayed draw term loan facility pursuant to which we could borrow up to $300.0 million in aggregate principal amount in one or more borrowings and which has a maturity date of December 2, 2020 . As of December 31, 2016 , we had drawn $300.0 million against the facility. At our request, the principal amount of the facility may be increased up to an aggregate of $500.0 million , subject to the availability of additional commitments from lenders. Borrowings under the facility will bear interest, at our option, at one-month, two-month, three-month or six-month LIBOR plus 0.90% to 1.75% , depending on the credit ratings of our senior notes, which as of December 31, 2016 resulted in an effective interest rate of 1.71% . The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants, events of default and remedies which are generally the same as those provided in our $850.0 million revolving credit facility and $250.0 million term loan facility. Interest Rate Swaps As of December 31, 2016 and 2015 , we had three interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective weighted average fixed interest rate under the loan agreement of 2.62% per annum. The interest rate swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The interest rate swap agreements mature on February 13, 2019 , which is the maturity date of the term loan. As of December 31, 2016 and 2015 , the fair value of one of our interest rate swaps consisted of an asset of $200,000 and $217,000 , respectively, which is included in other assets in our consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $1.2 million and $2.0 million , respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify $1.3 million as an increase to interest expense. As of December 31, 2015 , we had entered into a forward starting interest rate swap with a notional amount of $50.0 million to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016. The forward starting interest rate swap had a mandatory settlement date of October 4, 2016 and could be settled at any time prior to that date. The forward starting interest rate swap was designated and qualified as a cash flow hedge and recorded at fair value. As of December 31, 2015 , the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our consolidated balance sheet. In February 2016, we terminated and settled the forward starting interest rate swap in connection with the pricing of our $200.0 million senior notes due 2026 , resulting in a cash payment of $3.1 million to the counterparty. The settlement value of the forward starting interest rate swap, which is reflected in accumulated other comprehensive loss, will amortize through interest expense over the life of the senior notes that were issued in May 2016. Within the next 12 months, we expect to reclassify $308,000 as an increase to interest expense. Principal maturities of borrowings outstanding as of December 31, 2016 , including mortgage loans, senior notes, term loans and the revolving credit facility are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 6,567 2018 89,271 2019 273,872 2020 305,471 2021 135,979 Thereafter 612,486 Total $ 1,423,646 Interest costs incurred, excluding amortization and accretion of discounts and premiums and deferred financing costs, were $49.0 million , $59.0 million and $71.4 million in the years ended December 31, 2016 , 2015 and 2014 , respectively, of which $2.5 million , $4.8 million and $5.0 million , respectively, were capitalized. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The following is a summary of the composition of other liabilities included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible liabilities, net $ 151,761 $ 159,665 Prepaid rent 10,468 9,361 Other 986 677 Total other liabilities $ 163,215 $ 169,703 As of December 31, 2016 and 2015 , the gross carrying amount of our lease intangible liabilities, which are composed of below-market leases, was $243.4 million and $240.1 million , respectively, and the accumulated amortization was $91.6 million and $80.5 million , respectively. Included in the consolidated statements of income as an increase to minimum rent for the years ended December 31, 2016 , 2015 and 2014 is $15.3 million , $16.1 million and $22.3 million , respectively, of accretion related to lease intangible liabilities. As of December 31, 2016 , the estimated accretion of lease intangible liabilities for the next five years is as follows: Year Ending December 31, Amount (In thousands) 2017 $ 14,941 2018 12,740 2019 11,416 2020 10,601 2021 10,251 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We elected to be taxed as a REIT under the Code, commencing with our taxable year ended December 31, 1995. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our REIT taxable income (excluding net capital gains) to our stockholders. The difference between net income available to common stockholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences, such as real estate depreciation and amortization, deduction of deferred compensation and deferral of gains on sold properties utilizing like kind exchanges. Also, at least 95% of our gross income in any year must be derived from qualifying sources. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our taxable income (including net capital gains). We distributed sufficient taxable income for the year ended December 31, 2016 ; therefore, we anticipate that no federal income or excise taxes will be incurred. We distributed sufficient taxable income for the years ended December 31, 2015 and 2014 ; therefore, no federal income or excise taxes were incurred. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to state income or franchise taxes in certain states in which some of our properties are located and excise taxes on our undistributed taxable income. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our TRSs. Accordingly, the only provision for federal and state income taxes in our consolidated financial statements relates to our consolidated TRSs. Further, we believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for tax liabilities are adequate for all years still subject to tax audit, which include all years after 2012. The following table reconciles GAAP net income to taxable income: Year Ended December 31, 2016 2015 2014 (In thousands) GAAP net income attributable to Equity One $ 72,840 $ 65,453 $ 48,897 Net income attributable to taxable REIT subsidiaries (2,239 ) (411 ) (1,214 ) GAAP net income from REIT operations 70,601 65,042 47,683 Book/tax differences: Joint ventures 4,019 (1,653 ) (2,403 ) Depreciation 24,436 15,809 21,712 Sale of property (11,299 ) (12,031 ) (12,533 ) Exercise of stock options and restricted shares (2,280 ) 371 (3,387 ) Interest expense 928 2,544 1,908 Deferred/prepaid/above and below-market rents, net (4,499 ) (4,487 ) (7,907 ) Impairment losses 3,121 12,109 21,620 Inclusion from foreign taxable REIT subsidiary 4,204 2,975 — Brownfield tax credits (see Note 11) 1,817 5,450 9,225 Amortization (989 ) (1,696 ) (842 ) Acquisition costs 9,743 1,372 1,771 Other, net (785 ) 1,109 (1,671 ) Adjusted taxable income (1) $ 99,017 $ 86,914 $ 75,176 ______________________________________________ (1) Adjusted taxable income subject to 90% dividend requirements. The following summarizes the tax status of dividends paid: Year Ended December 31, 2016 2015 2014 Dividend paid per share $ 0.88 $ 0.88 $ 0.88 Ordinary income 78.50 % 79.98 % 68.84 % Return of capital 21.50 % 20.02 % 28.51 % Capital gains — — 2.65 % Taxable REIT Subsidiaries We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our TRSs, which include IRT Capital Corporation II ("IRT"), DIM Vastgoed N.V. ("DIM") and C&C Delaware, Inc. During August 2015, another TRS, Southeast US Holdings, B.V., merged into DIM. Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays no income taxes in the Netherlands. Income taxes have been provided for on the asset and liability method as required by the Income Taxes Topic of the FASB ASC. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting bases and the tax bases of the TRS assets and liabilities. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that the deferred tax asset will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Our total pre-tax income and income tax benefit (provision) relating to our TRSs and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: Year Ended December 31, 2016 2015 2014 (In thousands) U.S. income before income taxes $ 3,727 $ 168 $ 2,212 Foreign loss before income taxes (3 ) (613 ) (190 ) Income (loss) from continuing operations before income taxes 3,724 (445 ) 2,022 Less income tax (provision) benefit: Current federal and state (545 ) (54 ) 10 Deferred federal and state (940 ) 910 (860 ) Total income tax (provision) benefit (1,485 ) 856 (850 ) Income from continuing operations from taxable REIT subsidiaries 2,239 411 1,172 Income from discontinued operations from taxable REIT — — 42 Net income from taxable REIT subsidiaries $ 2,239 $ 411 $ 1,214 We recorded no tax provision from discontinued operations for the years ended December 31, 2016 and December 31, 2015 and $27,000 during the year ended December 31, 2014 . The tax provisions relate to taxable income generated by the disposition of properties. The total income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to net income before income taxes as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Federal (provision) benefit at statutory tax rate (1) $ (1,316 ) $ 767 $ (681 ) State taxes, net of federal (provision) benefit (136 ) 99 (80 ) Foreign tax rate differential — — (19 ) Other (33 ) (10 ) (63 ) Valuation allowance increase — — (7 ) Total income tax (provision) benefit from continuing operations (1,485 ) 856 (850 ) Income tax provision from discontinued operations — — (27 ) Total income tax (provision) benefit $ (1,485 ) $ 856 $ (877 ) ______________________________________________ (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. Our deferred tax assets and liabilities were as follows: December 31, 2016 2015 (In thousands) Deferred tax assets: Disallowed interest $ 2,594 $ 2,719 Net operating loss 662 1,675 Other 633 673 Total deferred tax assets 3,889 5,067 Deferred tax liabilities: Other real estate investments (14,144 ) (14,009 ) Mortgage revaluation — (168 ) Other (5 ) (242 ) Total deferred tax liabilities (14,149 ) (14,419 ) Net deferred tax liability $ (10,260 ) $ (9,352 ) As of December 31, 2016 , the net deferred tax liability of $10.3 million consisted of a $3.8 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $14.1 million deferred tax liability associated with DIM. As of December 31, 2015 , the net deferred tax liability of $9.4 million consisted of a $3.9 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $13.3 million deferred tax liability associated with DIM. The tax deduction for interest paid by the TRS to the REIT is subject to certain limitations pursuant to U.S. federal tax law. Such interest may only be deducted in any tax year in which the TRS’ income exceeds certain thresholds. Such disallowed interest may be carried forward and utilized in future years, subject to the same limitation. As of December 31, 2016 , IRT had approximately $6.9 million of disallowed interest carryforwards, with a tax value of $2.6 million , which do not expire. IRT expects to realize the benefits of its net deferred tax asset of approximately $3.8 million as of December 31, 2016 , primarily from identified tax planning strategies, as well as projected taxable income. Since acquiring IRT on February 12, 2003, we have filed our tax returns consistent with our intent for IRT to be taxed as a TRS for federal income tax purposes. We recently identified that there is no evidence that a valid TRS election was filed with the IRS when we acquired IRT. The IRS has agreed that the appropriate curative action for this missed election is to request a private letter ruling pursuant to IRS regulation section 301.9100-3 to grant us additional time to file a joint election to treat IRT as a TRS. Based on our discussions with the IRS and the items they have specifically requested and management has agreed to provide, including the administrative practice by the IRS of granting relief in these matters, we are at a more-likely-than-not position that the IRS will grant us relief and no valuation allowance is necessary to be placed on IRT’s deferred tax assets. In the event such relief is not obtained, Equity One would still continue to qualify as a REIT. As of December 31, 2016 , IRT had federal and state net operating loss carryforwards of approximately $1.8 million and $1.5 million , respectively, which begin to expire in 2030 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests CapCo In 2011 , we acquired a controlling ownership interest in C&C (US) No. 1, Inc., which we refer to as CapCo, through a joint venture with Liberty International Holdings Limited ("LIH"). At the time of the acquisition, CapCo, which was previously wholly-owned by LIH, owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. Upon consolidation, we recorded $206.1 million of noncontrolling interest, which represented the fair value of the portion of CapCo’s equity that we did not own upon acquisition, which is reflected as permanent equity in the equity section of our consolidated balance sheet as of December 31, 2015. At the closing of the transaction, LIH contributed all of the outstanding shares of CapCo’s common stock to the joint venture in exchange for 11.4 million Class A Shares in the joint venture, representing an approximate 22% interest in the joint venture, and we contributed a shared appreciation promissory note to the joint venture in the amount of $600.0 million and an additional $84.3 million in exchange for an approximate 78% interest in the joint venture consisting of Class A Shares and Class B Shares. The joint venture shares received by LIH were redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIH’s ability to participate in the earnings of CapCo was limited to their right to receive distributions payable on their Class A Shares. These distributions consisted of a non-elective distribution equivalent to the dividend paid on our common stock and, if the return on our Class B Shares exceeded a certain threshold, a voluntary residual distribution paid on both Class A Shares and Class B Shares. As such, earnings attributable to the noncontrolling interest as reflected in our consolidated statement of income were limited to distributions made to LIH on its Class A joint venture shares. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and we elected to satisfy the redemption through the issuance of approximately 11.4 million shares of our common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. As a result, we now own 100% of CapCo and LIH holds no remaining interests in the Company or our subsidiaries. Prior to the redemption, we also repaid the $600.0 million shared appreciation promissory note to the joint venture. We did not make any distributions to LIH for the year ended December 31, 2016 . Distributions to LIH for the years ended December 31, 2015 and 2014 were $10.0 million , which were equivalent to the per share dividends declared on our common stock. |
Stockholders_ Equity and Earnin
Stockholders’ Equity and Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders’ Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share During each quarter of 2016 , our Board of Directors declared cash dividends of $0.22 per share on our common stock. These dividends were paid in March, June, September and December 2016 . Pursuant to the terms of the Merger Agreement, we are expected to continue our ordinary course dividend policy during the pendency of the merger. In August 2016, we entered into distribution agreements with various financial institutions as part of our implementation of a new continuous equity offering program ("ATM Program") under which we may sell up to 8.5 million shares of our common stock, par value of $0.01 per share. The ATM Program replaces our prior continuous equity offering program, and the related distribution agreements supersede the agreements under the prior program. Pursuant to the respective distribution agreements, we may sell shares of our common stock in various forms of negotiated transactions in which the financial institutions will act as our agents for the offer and sale of the shares, and the respective agent arranging such a sale will be entitled to a commission of no more than 2.0% of the gross proceeds from each transaction. Concurrently, we entered into master forward sale confirmations with four of the financial institutions under which we may enter into forward sale agreements for shares of our common stock. Pursuant to the respective distribution agreements and master forward sale confirmations, the respective agent arranging a forward sale will be entitled to a commission of no more than 2.0% of the proceeds from the sale of such shares in the form of a reduced initial forward sale price. Additionally, although we expect to physically settle any forward sale agreement entered into as part of the offering, the agreements provide that we may elect to cash settle or net share settle such transactions. Under the ATM Program, we have no obligation to sell any shares of our common stock pursuant to the distribution agreements and may terminate one or all of the distribution agreements at our discretion. Concurrent with the execution of the distribution agreements, we also entered into a common stock purchase agreement with MGN America, LLC ("MGN"), an affiliate of Gazit, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. Pursuant to this agreement, MGN has the option to purchase directly from us in private placements up to 20% of the number of shares of common stock sold by us pursuant to the distribution agreements (excluding any shares sold pursuant to any forward sale agreements unless otherwise agreed to in writing by us and MGN) during each calendar quarter, up to an aggregate maximum of 1.4 million shares over the duration of the ATM Program, at a per share purchase price equal to the volume weighted average gross price per share of the shares sold under the distribution agreements during the applicable quarter. During the year ended December 31, 2016 , we issued an aggregate of 3.7 million shares of our common stock under the current and prior continuous equity offering programs at a weighted average price of $30.23 per share for cash proceeds of approximately $112.9 million before expenses. The commissions paid to distribution agents during the year ended December 31, 2016 were approximately $1.4 million . During the year ended December 31, 2016 , we did not enter into any forward sale agreements for sales of our common stock, and MGN did not purchase any of the shares issued under the current and prior continuous equity offering programs. As of December 31, 2016 , the remaining capacity under the current ATM Program was approximately 7.5 million shares of our common stock. As of November 14, 2016, in connection with the Merger Agreement, we have ceased any further issuances of common stock under the ATM Program and common stock purchase agreement with MGN. In March 2015, we completed an underwritten public offering and concurrent private placement totaling 4.5 million shares of our common stock at a price to the public and in the private placement of $27.05 per share. In the concurrent private placement, 600,000 shares were purchased by Gazit First Generation LLC, an affiliate of Gazit, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. The offerings generated net proceeds to us of approximately $121.3 million before expenses. The stock issuance costs and underwriting discounts were approximately $589,000 . We used the net proceeds to fund the redemption of our 5.375% senior notes due October 2015 and for general corporate purposes, including the repayment of other secured and unsecured debt. In September 2014, we completed an underwritten public offering and concurrent private placement totaling 4.5 million shares of our common stock at a price to the public and in the private placement of $23.30 per share. In the concurrent private placement, 675,000 shares were purchased by Gazit First Generation LLC. The offerings generated net proceeds to us of approximately $104.6 million before expenses. The stock issuance costs and underwriting discounts were approximately $561,000 . We used the net proceeds to fund development and redevelopment activities, to repay secured and unsecured debt and for general corporate purposes. Earnings per Share The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS: Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Income from continuing operations $ 72,840 $ 75,467 $ 58,134 Net income attributable to noncontrolling interests - continuing operations — (10,014 ) (12,206 ) Income from continuing operations attributable to Equity One, Inc. 72,840 65,453 45,928 Allocation of continuing income to participating securities (362 ) (423 ) (1,759 ) Income from continuing operations available to common stockholders 72,478 65,030 44,169 Income from discontinued operations — — 2,957 Net loss attributable to noncontrolling interests - discontinued operations — — 12 Income from discontinued operations available to common stockholders — — 2,969 Net income available to common stockholders $ 72,478 $ 65,030 $ 47,138 Weighted average shares outstanding – Basic 142,492 127,957 119,403 Convertible units held by LIH using the if-converted method 372 — — Stock options using the treasury method 108 119 222 Non-participating restricted stock using the treasury method 10 10 40 Long term incentive plan shares using the treasury method 185 74 60 Weighted average shares outstanding – Diluted 143,167 128,160 119,725 Basic earnings per share available to common stockholders: Continuing operations $ 0.51 $ 0.51 $ 0.37 Discontinued operations — — 0.02 Earnings per common share — Basic $ 0.51 $ 0.51 $ 0.39 Diluted earnings per share available to common stockholders: Continuing operations $ 0.51 $ 0.51 $ 0.37 Discontinued operations — — 0.02 Earnings per common share — Diluted $ 0.51 $ 0.51 $ 0.39 No shares of common stock issuable upon the exercise of outstanding options were excluded from the computation of diluted EPS for the years ended December 31, 2016 and 2015 as the prices applicable to all options then outstanding were less than the average market price of our common shares during the respective periods. The computation of diluted EPS for the year ended December 31, 2014 did not include 532,000 shares of common stock issuable upon the exercise of outstanding options, at prices ranging from $24.12 to $26.66 , because the option prices were greater than the average market price of our common shares during the period. The computation of diluted EPS for the years ended December 31, 2015 and 2014 did not include the 11.4 million joint venture units held by LIH as of such date, which were redeemable by LIH for cash or, solely at our option, shares of our common stock on a one -for-one basis, subject to certain adjustments. These convertible units were not included in the diluted weighted average share count because their inclusion would have been anti-dilutive. In January 2016, LIH exercised its redemption right for all of their convertible units. See Note 15 for further discussion. |
Share-Based Payment Plans
Share-Based Payment Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payment Plans | Share-Based Payments The Equity One Amended and Restated 2000 Executive Incentive Compensation Plan (the “2000 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, and deferred stock, other stock-related awards and performance or annual incentive awards that may be settled in cash, stock or other property. The persons eligible to receive an award under the 2000 Plan are our officers, directors, employees and independent contractors. The total number of shares of common stock that may be issuable under the 2000 Plan is 13.5 million shares, plus (i) the number of shares with respect to which options previously granted under the 2000 Plan that terminate without being exercised, and (ii) the number of shares that are surrendered in payment of the exercise price for any awards or any tax withholding requirements. The 2000 Plan will terminate on the earlier of May 2, 2021 or the date on which all shares reserved for issuance under the 2000 Plan have been issued. As of December 31, 2016 , 5.6 million shares were available for issuance. Stock Options The following table presents information regarding stock option activity during the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of the year 651 $ 20.72 Exercised (451 ) $ 19.77 Outstanding at end of the year 200 $ 22.87 7.4 $ 1,564 Exercisable at end of the year 100 $ 22.87 7.4 $ 782 The total cash or other consideration received from options exercised during the years ended December 31, 2016 , 2015 and 2014 was $8.9 million , $3.0 million and $40.4 million , respectively. The total intrinsic value of options exercised during the years ended December 31, 2016 , 2015 and 2014 was $4.9 million , $1.5 million and $6.1 million , respectively. During the year ended December 31, 2014, the fair value of the 200,000 options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: Dividend yield 3.8% Risk-free interest rate 2.0% Expected option life 6.3 years Expected volatility 39.8% The options were granted with an exercise price equivalent to the current stock price on the grant date. No options were granted during the years ended December 31, 2016 and 2015 . Pursuant to, and as further described in the Merger Agreement, each option to purchase shares of our common stock, whether vested or unvested, that is outstanding and unexercised immediately prior to the Effective Time will vest in full and be converted into the right to receive an amount in cash equal to the excess of (i)(x) the value of a share of Regency Common Stock as of the last complete trading day prior to the closing multiplied by (y) the Exchange Ratio, over (ii) the exercise price of such stock option. Restricted Stock The following table presents information regarding restricted stock activity during the year ended December 31, 2016 : Shares Weighted Average Value (In thousands) Unvested at beginning of the year 410 $ 23.72 Granted (1) 186 $ 28.33 Vested (267 ) $ 25.24 Forfeited or cancelled (36 ) $ 26.50 Unvested at end of the year 293 $ 24.92 ______________________________________________ (1) Includes 56,000 shares of restricted stock that were granted to certain executives in December 2016 and were vested immediately in contemplation of the proposed merger with Regency. The weighted average grant-date fair value of restricted stock granted during the years ended December 31, 2015 and 2014 was $23.63 and $22.95 , respectively. Shares of restricted stock granted during the year ended December 31, 2016 are subject to forfeiture and vest over periods from 0 to 4 years. We measure compensation expense for restricted stock awards based on the fair value of our common stock at the date of grant and charge such amounts to expense ratably over the vesting period on a straight-line basis. During the year ended December 31, 2016 , the total grant-date value of the approximately 267,000 shares of restricted stock that vested was approximately $6.7 million . Pursuant to, and as further described in the Merger Agreement, each award of restricted shares of our common stock that is outstanding immediately prior to the Effective Time will be assumed by Regency and will be converted into an award of restricted shares of Regency Common Stock with respect to a number of shares of Regency Common Stock (“Regency Restricted Stock Award”) equal to the product obtained by multiplying the number of shares of our common stock subject to such restricted stock award as of immediately prior to the Effective Time by the Exchange Ratio, with restricted stock held by our directors and employees whose employment is expected to be terminated as of the Effective Time vesting in full. The Regency Restricted Stock Awards that do not vest as of the Effective Time will continue to have the same terms and conditions as the restricted stock award to which it relates, except that in the event a holder’s employment with Regency is terminated by Regency without cause, by the holder for good reason, or due to the holder’s death or disability, the Regency Restricted Stock Award will vest in full as of the date of the applicable termination. Long Term Incentive Plan Awards In connection with the execution of certain executive employment agreements in 2014 and 2015, we granted Long Term Incentive Plan (“LTIP”) awards that provide each executive with a target number of shares of our common stock. The target number of shares for each executive is divided equally into four components, and the number of shares that will ultimately be issued under each component is based on our performance during each executive’s respective four-year employment period. The performance metrics for three of the components are based on our absolute total shareholder return ("Absolute TSR"), total shareholder return relative to specified peer companies ("Relative TSR"), and growth in core funds from operations per share ("Core FFO Growth"), while the performance under the fourth component will be determined by the compensation committee at its sole discretion. For each of these four components, the executive can earn 0% , 50% , 100% , or 200% of the portion of the target award allocated to such component based on our actual performance compared to specified targets assigned to each component. Shares earned pursuant to the LTIP awards will be issued to each executive following the completion of their respective 4 -year performance period, subject to their continued employment through the end of such period. The aggregate number of target awards for these executives is 226,364 shares of our common stock. The Absolute TSR and Relative TSR components of the LTIP awards are considered market-based awards. Accordingly, the probability of meeting the market criteria was considered when calculating the estimated fair value of the awards on the applicable grant dates using Monte Carlo simulations. Furthermore, compensation expense associated with these awards is being recognized over the requisite service period as long as the requisite service is provided, regardless of whether the market criteria are achieved and the awards are ultimately earned. The aggregate estimated fair value of these components on the respective grant dates was $2.2 million . The following summarizes the ranges of significant assumptions used in determining such values on the applicable grant dates: Volatility of our common stock 21.9% - 24.3% Volatility of the common stock of peer companies 13.7% - 28.6% Risk-free interest rate 1.3% - 1.4% The Recurring FFO Growth component of the LTIP awards is considered a performance-based award that is earned subject to future performance measurement. The awards were valued based on the fair value of our common stock on the respective grant dates less the present value of the dividends expected to be paid on our common stock during the requisite service period. Compensation expense associated with these awards is being recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary component of the LTIP awards prior to the completion of the performance period. Pursuant to, and as further described in the Merger Agreement, in addition, each LTIP award that is outstanding immediately prior to the Effective Time shall vest in full (based on the actual achievement of any applicable performance goals, and without proration) and be converted into a number of fully vested shares of Regency Common Stock equal to the product obtained by multiplying the number of shares of our common stock subject to such LTIP award immediately prior to the Effective Time by the Exchange Ratio. 2004 Employee Stock Purchase Plan Our amended and restated Employee Stock Purchase Plan (the “ESPP”) provides a convenient means by which eligible employees could purchase shares of our common stock on a quarterly basis through payroll deductions and voluntary cash investments. Under the ESPP, the quarterly purchase price per share paid by employees is 85% of the average closing price per share of our common stock on the five trading days that immediately precede the last trading day of the quarter, provided, however, that in no event may the purchase price be less than the lower of (i) 85% of the closing price on the first trading day of the quarter or (ii) 85% of the closing price on the last trading day of the quarter. Shares purchased under the amended and restated ESPP are subject to a six-month holding requirement, subject to exceptions for hardship. Discounts offered to participants under our 2004 Employee Stock Purchase Plan represent the difference between the market value of our stock on the purchase date and the purchase price of shares as provided under the plan. Effective January 1, 2017, due to the proposed Merger with Regency described in Note 2, employees will not be eligible to further enroll or purchase shares of our common stock under the ESPP. Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of income , is summarized as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Restricted stock and long term incentive plan awards (1) $ 6,565 $ 4,785 $ 6,818 Stock options 312 337 650 Employee stock purchase plan discount 40 36 30 Total equity-based compensation costs 6,917 5,158 7,498 Restricted stock classified as a liability 460 655 289 Total share-based compensation costs 7,377 5,813 7,787 Less: Amount capitalized (147 ) (553 ) (520 ) Less: Merger costs (1) (1,067 ) — — Net share-based compensation expense $ 6,163 $ 5,260 $ 7,267 ______________________________________________ (1) Includes $1.1 million of merger costs associated with the acceleration of restricted stock granted to certain executives in December 2016 in contemplation of the proposed merger with Regency that are attributable and will be recognized by the combined entity. As of December 31, 2016 , we had $6.5 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options, restricted shares and LTIPs) granted under our 2000 Plan. This expense is expected to be recognized over a weighted average period of 1.6 years. 401(k) Plan We have a 401(k) defined contribution plan (the “401(k) Plan”) covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We match 100% of each employee’s contribution up to 3.0% of the employee’s annual compensation and, thereafter, match 50% of the next 3.0% of the employee’s annual compensation. Employees’ contributions and our matching contributions vest immediately. Our contributions to the 401(k) Plan for the years ended December 31, 2016 , 2015 and 2014 were $469,000 , $446,000 and $424,000 , respectively. |
Future Minimum Rental Income
Future Minimum Rental Income | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Rental Income | Future Minimum Rental Income Our properties are leased to tenants under operating leases that expire at various dates through the year 2040 . Future minimum rents under non-cancelable operating leases as of December 31, 2016 , excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 267,418 2018 242,836 2019 213,912 2020 186,137 2021 157,826 Thereafter 685,182 Total $ 1,753,311 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2016 , we had provided letters of credit having an aggregate face amount of $1.4 million as additional security for financial and other obligations. As of December 31, 2016 , we have invested an aggregate of approximately $144.5 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $89.8 million to complete, based on our current plans and estimates, which we anticipate will be primarily expended over the next two to three years . We have other significant projects for which we expect to expend an additional $13.7 million in the next one to two years based on our current plans and estimates. These capital expenditures are generally due as the work is performed and are expected to be financed by funds available under our revolving credit facility, proceeds from property dispositions and available cash. We are subject to litigation in the normal course of business. However, we do not believe that any of the litigation outstanding as of December 31, 2016 will have a material adverse effect on our financial condition, results of operations or cash flows. Certain of our shopping centers are subject to non-cancelable long-term ground leases that expire at various dates through the year 2076 and in most cases provide for renewal options. In addition, we have non-cancelable operating leases for office space and equipment that expire at various dates through the year 2021 . As of December 31, 2016 , future minimum rental payments under non-cancelable operating leases are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 1,722 2018 1,753 2019 1,752 2020 1,663 2021 1,189 Thereafter 33,941 Total $ 42,020 During the years ended December 31, 2016 , 2015 and 2014 , we recognized approximately $1.7 million , $1.6 million and $1.5 million , respectively, of rental expense related to our non-cancelable operating leases. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters We are subject to numerous environmental laws and regulations. The operation of dry cleaning and gas station facilities at our shopping centers are the principal environmental concerns. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations and we have established procedures to monitor dry cleaning operations. Where available, we have applied and been accepted into state sponsored environmental programs. Several properties in the portfolio will require or are currently undergoing varying levels of environmental remediation. We have environmental insurance policies covering most of our properties which limits our exposure to some of these conditions, although these policies are subject to limitations and environmental conditions known at the time of acquisition are typically excluded from coverage. Management believes that the ultimate disposition of currently known environmental matters will not have a material adverse effect on our financial condition, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements As of December 31, 2016 and 2015 , we had three interest rate swap agreements with a notional amount of $250.0 million that are measured at fair value on a recurring basis. As of December 31, 2016 and 2015 , the fair value of one of our interest rate swaps consisted of an asset of $200,000 and $217,000 , respectively, which is included in other assets in our consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $1.2 million and $2.0 million , respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. The net unrealized loss on our interest rate derivatives, included in accumulated other comprehensive loss, was $2.9 million and $910,000 for the years ended December 31, 2016 and 2015 , respectively. Additionally, as of December 31, 2015 , we had a forward starting interest rate swap with a notional amount of $50.0 million and the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our consolidated balance sheets. The forward starting interest rate swap was terminated and settled in February 2016. See Note 12 for further discussion. The fair values of the interest rate swaps are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2016 (In thousands) Interest rate derivatives: Classified as an asset in other assets $ 200 $ — $ 200 $ — Classified as a liability in accounts payable and accrued expenses $ 1,150 $ — $ 1,150 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable $ 1,991 $ — $ 1,991 $ — Valuation Methods The fair values of our interest rate swaps were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2016 , the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized loss included in other comprehensive gain/loss was primarily attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of December 31, 2016 , none of which were reported in the consolidated statements of income because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. Non-Recurring Fair Value Measurements During 2016, we recorded an impairment loss of $3.1 million , consisting of $2.5 million related to an operating property sold and $667,000 related to our equity investment in a joint venture. See Note 6 for further discussion. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating properties held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million recognized related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. See Note 6 for further discussion. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures, when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value of a property is considered impaired when the total projected undiscounted cash flows from the property are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the property as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: December 31, 2015 Overall capitalization rates 10.0% Terminal capitalization rates 10.5% Discount rates 12.5% During the year ended December 31, 2015 , we recognized $1.6 million of impairment losses on operating properties. The estimated fair values related to the impairment assessments were primarily based on discounted cash flow analyses and, therefore, are classified within Level 3 of the fair value hierarchy. During the year ended December 31, 2015 , we recognized impairment losses of $3.7 million on land parcels. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. We also performed annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, resulted from values established by Level 3 valuations. We estimated the fair value of the reporting unit using discounted projected future cash flows, which approximated a current sales price. If the results of this analysis indicated that the carrying value of the reporting unit exceeded its fair value, an impairment was recognized to reduce the carrying value of the goodwill to fair value. During the year ended December 31, 2015 , we recognized a goodwill impairment loss of $200,000 . All financial instruments are reflected in our consolidated balance sheets at amounts which, in our estimation, reasonably approximates their fair values, except for the following: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 254,144 $ 258,219 $ 283,459 $ 296,067 Senior notes $ 496,242 $ 507,672 $ 515,372 $ 528,041 Term loans $ 547,252 $ 550,271 $ 471,891 $ 475,393 ______________________________________________ ( 1) The carrying amount consists of principal, net of unamortized deferred financing costs and premium/discount. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments All financial instruments are reflected in our consolidated balance sheets at amounts which, in our estimation, reasonably approximates their fair values, except for the following: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 254,144 $ 258,219 $ 283,459 $ 296,067 Senior notes $ 496,242 $ 507,672 $ 515,372 $ 528,041 Term loans $ 547,252 $ 550,271 $ 471,891 $ 475,393 ______________________________________________ ( 1) The carrying amount consists of principal, net of unamortized deferred financing costs and premium/discount. The above fair values approximate the amounts that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2016 and December 31, 2015 . These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the liability at the measurement date, the fair value measurement reflects our judgments about the assumptions that market participants would use in pricing the liability. The fair market value calculations of our debt as of December 31, 2016 and December 31, 2015 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations use a market rate spread over the risk-free interest rate. This spread is determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate is used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate is subjective in nature, recent market data gathered suggest that the composite rates used for mortgage loans, senior notes and term loans are consistent with current market trends. Mortgage Loans The fair value of our mortgage loans is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to us for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired. The fair value of the mortgage loans was determined using Level 2 inputs of the fair value hierarchy. Senior Notes Term Loans The fair value of our term loans is calculated based on the net present value of payments over the term of the loans using estimated market rates for similar notes and remaining terms. The fair value of the term loans was determined using Level 2 inputs of the fair value hierarchy. Interest Rate Swap Agreements We measure our interest rate swaps at fair value on a recurring basis. See Notes 12 and 21 for further discussion. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our senior notes, term loans and revolving credit facility. The guarantees are joint and several and full and unconditional. The statements below set forth condensed consolidating financial information with respect to guarantors of our 3.75% senior notes due 2022 in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered . Certain prior-period data have been reclassified to conform to the current period presentation, including the impact of changes in subsidiaries that guarantee these notes. The following statements set forth consolidating financial information with respect to guarantors of our senior notes: Condensed Consolidating Balance Sheet Equity One, Guarantor Non- Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 126,107 $ 1,512,625 $ 1,552,057 $ — $ 3,190,789 Investment in affiliates 2,787,777 — — (2,787,777 ) — Other assets 110,406 101,806 179,010 (87,407 ) 303,815 TOTAL ASSETS $ 3,024,290 $ 1,614,431 $ 1,731,067 $ (2,875,184 ) $ 3,494,604 LIABILITIES Total notes payable $ 1,161,493 $ 24,414 $ 315,748 $ (86,017 ) $ 1,415,638 Other liabilities 22,510 66,994 150,565 (1,390 ) 238,679 TOTAL LIABILITIES 1,184,003 91,408 466,313 (87,407 ) 1,654,317 EQUITY 1,840,287 1,523,023 1,264,754 (2,787,777 ) 1,840,287 TOTAL LIABILITIES AND EQUITY $ 3,024,290 $ 1,614,431 $ 1,731,067 $ (2,875,184 ) $ 3,494,604 Condensed Consolidating Balance Sheet Equity One, Guarantor Non- Eliminating Consolidated (In thousands) ASSETS Properties, net $ 137,695 $ 1,495,211 $ 1,435,613 $ (83 ) $ 3,068,436 Investment in affiliates 2,741,292 — — (2,741,292 ) — Other assets 403,661 94,018 802,755 (992,967 ) 307,467 TOTAL ASSETS $ 3,282,648 $ 1,589,229 $ 2,238,368 $ (3,734,342 ) $ 3,375,903 LIABILITIES Total notes payable $ 1,683,262 $ 42,903 $ 574,495 $ (933,938 ) $ 1,366,722 Other liabilities 35,380 70,042 192,720 (59,112 ) 239,030 TOTAL LIABILITIES 1,718,642 112,945 767,215 (993,050 ) 1,605,752 EQUITY 1,564,006 1,476,284 1,471,153 (2,741,292 ) 1,770,151 TOTAL LIABILITIES AND EQUITY $ 3,282,648 $ 1,589,229 $ 2,238,368 $ (3,734,342 ) $ 3,375,903 Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2016 Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 24,009 $ 193,193 $ 158,136 $ — $ 375,338 Equity in subsidiaries’ earnings 157,074 — — (157,074 ) — Total costs and expenses 48,283 99,707 89,468 (1,034 ) 236,424 INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES 132,800 93,486 68,668 (156,040 ) 138,914 Other income and (expense) (59,834 ) 2,516 (5,328 ) (1,943 ) (64,589 ) INCOME BEFORE INCOME TAXES 72,966 96,002 63,340 (157,983 ) 74,325 Income tax provision of taxable REIT subsidiaries — (143 ) (1,342 ) — (1,485 ) NET INCOME 72,966 95,859 61,998 (157,983 ) 72,840 Other comprehensive (loss) gain (2,361 ) — 126 — (2,235 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 70,605 $ 95,859 $ 62,124 $ (157,983 ) $ 70,605 Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015 Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 23,512 $ 182,424 $ 154,217 $ — $ 360,153 Equity in subsidiaries’ earnings 169,423 — — (169,423 ) — Total costs and expenses 45,115 91,708 87,110 (1,119 ) 222,814 INCOME BEFORE OTHER INCOME AND 147,820 90,716 67,107 (168,304 ) 137,339 Other income and (expense) (82,436 ) (3,183 ) 24,795 (1,904 ) (62,728 ) INCOME BEFORE INCOME TAXES 65,384 87,533 91,902 (170,208 ) 74,611 Income tax benefit (provision) of taxable REIT subsidiaries — 1,618 (762 ) — 856 NET INCOME 65,384 89,151 91,140 (170,208 ) 75,467 Other comprehensive loss (910 ) — (69 ) — (979 ) COMPREHENSIVE INCOME 64,474 89,151 91,071 (170,208 ) 74,488 Comprehensive income attributable to — — (10,014 ) — (10,014 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 64,474 $ 89,151 $ 81,057 $ (170,208 ) $ 64,474 Condensed Consolidating Statement of Comprehensive Income Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 23,898 $ 181,030 $ 148,257 $ — $ 353,185 Equity in subsidiaries’ earnings 158,824 — — (158,824 ) — Total costs and expenses 50,548 94,237 88,194 (967 ) 232,012 INCOME BEFORE OTHER INCOME AND 132,174 86,793 60,063 (157,857 ) 121,173 Other income and (expense) (83,650 ) (6,717 ) 29,996 (1,818 ) (62,189 ) INCOME FROM CONTINUING OPERATIONS 48,524 80,076 90,059 (159,675 ) 58,984 Income tax provision of taxable REIT subsidiaries — (84 ) (766 ) — (850 ) INCOME FROM CONTINUING OPERATIONS 48,524 79,992 89,293 (159,675 ) 58,134 (Loss) income from discontinued operations (19 ) 3,040 (72 ) 8 2,957 NET INCOME 48,505 83,032 89,221 (159,667 ) 61,091 Other comprehensive loss (3,151 ) — (392 ) — (3,543 ) COMPREHENSIVE INCOME 45,354 83,032 88,829 (159,667 ) 57,548 Comprehensive income attributable to noncontrolling interests — — (12,194 ) — (12,194 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 45,354 $ 83,032 $ 76,635 $ (159,667 ) $ 45,354 Condensed Consolidating Statement of Cash Flows Equity One, Guarantor Non- Consolidated (In thousands) Net cash (used in) provided by operating activities $ (62,234 ) $ 138,116 $ 111,754 $ 187,636 INVESTING ACTIVITIES: Acquisition of income producing properties — (32,560 ) (97,000 ) (129,560 ) Additions to income producing properties (1,672 ) (8,000 ) (6,071 ) (15,743 ) Additions to construction in progress (2,076 ) (37,218 ) (46,429 ) (85,723 ) Proceeds from sale of operating properties 9,819 9,749 — 19,568 Increase in deferred leasing costs and lease intangibles (637 ) (4,290 ) (1,973 ) (6,900 ) Investment in joint ventures — — (344 ) (344 ) Distributions from joint ventures — — 2,241 2,241 Repayments from subsidiaries, net 1,100 (48,884 ) 47,784 — Net cash provided by (used in) investing activities 6,534 (121,203 ) (101,792 ) (216,461 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (18,276 ) (42,658 ) (60,934 ) Purchase of marketable securities for defeasance of mortgage loan — — (66,447 ) (66,447 ) Borrowings under mortgage loans — — 98,537 98,537 Deposit for mortgage loan — — 1,898 1,898 Net borrowings under revolving credit facility 22,000 — — 22,000 Borrowings under senior notes 200,000 — — 200,000 Repayment of senior notes (230,425 ) — — (230,425 ) Borrowings under term loan, net 75,000 — — 75,000 Payment of deferred financing costs (5,470 ) — (1,722 ) (7,192 ) Proceeds from issuance of common stock 122,045 — — 122,045 Repurchase of common stock (1,912 ) — — (1,912 ) Stock issuance costs (1,940 ) — — (1,940 ) Dividends paid to stockholders (126,508 ) — — (126,508 ) Net cash provided by (used in) financing activities 52,790 (18,276 ) (10,392 ) 24,122 Net decrease in cash and cash equivalents (2,910 ) (1,363 ) (430 ) (4,703 ) Cash and cash equivalents at beginning of the year 7,628 1,525 12,200 21,353 Cash and cash equivalents at end of the year $ 4,718 $ 162 $ 11,770 $ 16,650 Condensed Consolidating Statement of Cash Flows Equity One, Guarantor Subsidiaries Non- Consolidated (In thousands) Net cash (used in) provided by operating activities $ (92,636 ) $ 128,370 $ 129,031 $ 164,765 INVESTING ACTIVITIES: Acquisition of income producing properties — (13,300 ) (85,000 ) (98,300 ) Additions to income producing properties (2,851 ) (11,091 ) (7,050 ) (20,992 ) Acquisition of land — (1,350 ) — (1,350 ) Additions to construction in progress (7,249 ) (33,826 ) (22,525 ) (63,600 ) Deposits for the acquisition of income producing properties (10 ) — — (10 ) Proceeds from sale of operating properties — 4,526 1,279 5,805 Increase in deferred leasing costs and lease intangibles (1,459 ) (3,718 ) (1,661 ) (6,838 ) Investment in joint ventures (329 ) — (23,610 ) (23,939 ) Distributions from joint ventures — — 15,666 15,666 Collection of development costs tax credit — 14,258 — 14,258 Repayments from subsidiaries, net 34,347 (56,517 ) 22,170 — Net provided by (cash used) in investing activities 22,449 (101,018 ) (100,731 ) (179,300 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (27,039 ) (24,025 ) (51,064 ) Deposit for mortgage loan — — (1,898 ) (1,898 ) Net borrowings under revolving credit facility 59,000 — — 59,000 Repayment of senior notes (220,155 ) — — (220,155 ) Borrowings under term loan, net 222,916 — — 222,916 Payment of deferred financing costs (168 ) — — (168 ) Proceeds from issuance of common stock 124,915 — — 124,915 Repurchase of common stock (320 ) — — (320 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (112,957 ) — — (112,957 ) Purchase of noncontrolling interests — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (10,010 ) (10,010 ) Net cash provided by (used in) financing activities 72,607 (27,039 ) (37,149 ) 8,419 Net increase (decrease) in cash and cash equivalents 2,420 313 (8,849 ) (6,116 ) Cash and cash equivalents at beginning of the year 5,208 1,212 21,049 27,469 Cash and cash equivalents at end of the year $ 7,628 $ 1,525 $ 12,200 $ 21,353 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (100,853 ) $ 121,044 $ 123,904 $ 144,095 INVESTING ACTIVITIES: Acquisition of income producing properties — (82,650 ) (10,797 ) (93,447 ) Additions to income producing properties (1,360 ) (9,156 ) (8,860 ) (19,376 ) Additions to construction in progress (5,420 ) (55,942 ) (15,733 ) (77,095 ) Deposits for the acquisition of income producing (50 ) — — (50 ) Proceeds from sale of operating properties 41,730 80,764 22,976 145,470 Decrease in cash held in escrow 10,662 — — 10,662 Increase in deferred leasing costs and lease intangibles (611 ) (3,651 ) (3,178 ) (7,440 ) Investment in joint ventures — — (9,028 ) (9,028 ) Advances to joint ventures — — (154 ) (154 ) Distributions from joint ventures — — 16,394 16,394 Repayment of loans receivable — — 60,526 60,526 Repayments from subsidiaries, net 78,191 (18,319 ) (59,872 ) — Net cash provided by (used in) investing activities 123,142 (88,954 ) (7,726 ) 26,462 FINANCING ACTIVITIES: Repayments of mortgage loans — (29,859 ) (102,705 ) (132,564 ) Net repayments under revolving credit facility (54,000 ) — — (54,000 ) Payment of deferred financing costs (3,638 ) — — (3,638 ) Proceeds from issuance of common stock 145,447 — — 145,447 Repurchase of common stock (1,752 ) — — (1,752 ) Stock issuance costs (591 ) — — (591 ) Dividends paid to stockholders (106,659 ) — — (106,659 ) Purchase of noncontrolling interests — (2,191 ) (761 ) (2,952 ) Distributions to noncontrolling interests — — (11,962 ) (11,962 ) Net cash used in financing activities (21,193 ) (32,050 ) (115,428 ) (168,671 ) Net increase in cash and cash equivalents 1,096 40 750 1,886 Cash and cash equivalents at beginning of the year 4,112 1,172 20,299 25,583 Cash and cash equivalents at end of the year $ 5,208 $ 1,212 $ 21,049 $ 27,469 |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Data (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (unaudited) First Quarter (1) Second Third Quarter (2) Fourth Quarter (3) 2016 (In thousands, except per share data) Total revenue $ 94,477 $ 92,531 $ 93,755 $ 94,575 Net income $ 21,066 $ 21,582 $ 12,561 $ 17,631 Net income attributable to Equity One, Inc. $ 21,066 $ 21,582 $ 12,561 $ 17,631 Earnings per share data (4) Basic $ 0.15 $ 0.15 $ 0.09 $ 0.12 Diluted $ 0.15 $ 0.15 $ 0.09 $ 0.12 _______________________________________________ (1) During the first quarter of 2016, we recognized a loss on extinguishment of debt of $5.0 million . See Note 12 for further discussion. (2) During the third quarter of 2016, we recognized impairment losses of $3.1 million and a loss on extinguishment of debt of $9.4 million . See Notes 6 and 12 for further discussion. (3) During the fourth quarter of 2016, we incurred merger expenses of $5.5 million . (4) The sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of individual calculations. First Quarter (1) Second Quarter (2) Third Quarter Fourth 2015 (In thousands, except per share data) Total revenue $ 88,479 $ 90,735 $ 90,439 $ 90,500 Net income $ 10,508 $ 29,561 $ 19,459 $ 15,939 Net income attributable to Equity One, Inc. $ 8,006 $ 27,054 $ 16,961 $ 13,432 Earnings per share data (3) Basic $ 0.06 $ 0.21 $ 0.13 $ 0.10 Diluted $ 0.06 $ 0.21 $ 0.13 $ 0.10 _______________________________________________ (1) During the first quarter of 2015, we recognized impairment losses of $11.3 million . See Note 6 for further discussion. (2) During the second quarter of 2015, in connection with the redemption of our interest in the GRI JV, we remeasured the carrying value of our equity interest in the joint venture to fair value and recognized a gain of $5.5 million . Additionally, we recognized a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture. See Note 8 for further discussion. (3) The sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of individual calculations. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Refer to Note 16 for a discussion of the private placements in 2015 and 2014 to Gazit First Generation LLC. Also refer to Note 16 with respect to our arrangement with MGN related to sales of common stock under our ATM Program. We received rental income from affiliates of Gazit of approximately $258,000 , $253,000 and $240,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. General and administrative expenses incurred by us on behalf of Gazit with respect to the provision of IFRS financial statements and related matters, which are reimbursed, totaled approximately $974,000 , $886,000 and $958,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The balance due from Gazit, which is included in accounts and other receivables, was approximately $254,000 and $242,000 as of December 31, 2016 and 2015 , respectively. We reimbursed MGN Icarus, Inc., an affiliate of Gazit, for certain travel expenses incurred by the Chairman of our Board of Directors. The amounts reimbursed totaled approximately $375,000 , $500,000 and $271,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The balance due to MGN Icarus, Inc., which is included in accounts payable and accrued expenses, was approximately $160,000 and $175,000 as of December 31, 2016 and 2015 , respectively. In June 2016, we entered into an assignment agreement with Promed Manhattan, LLC (“Promed”), an affiliate of Gazit, whereby we assumed Promed’s lease with a third party landlord commencing September 1, 2016. The leased premises consists of office space located in the same building in New York City where we maintain our corporate headquarters. Concurrently with the lease assignment, we entered into a license agreement with Gazit Group USA, Inc. (“Gazit Group”), an affiliate of Gazit, whereby Gazit Group has the right to use a designated portion of the office space subject to certain limitations. As part of the license agreement, Gazit Group reimburses us for its pro-rata portion of the costs due to the landlord of the office space, which totaled $20,000 for the year ended December 31, 2016 . In December 2015, Gazit First Generation LLC, and MGN (USA), Inc., affiliates of Gazit, completed an underwritten public offering of 4.8 million shares of our common stock that were previously owned by them. We did not receive any proceeds from the offering, and pursuant to existing agreements with these affiliates, we incurred expenses of $245,000 in connection with the offering which are included in general and administrative costs in the consolidated statement of income for the year ended December 31, 2015 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our December 31, 2016 consolidated balance sheet date for potential recognition or disclosure in our consolidated financial statements and have also included such events in the footnotes. In January 2017, we closed on the sale of two properties which had an aggregate net carrying value of $13.3 million and were classified as held for sale as of December 31, 2016 , for an aggregate gross sales price of $23.5 million . Additionally, in February 2017, we closed on the sale of one property, which had a net carrying value of $5.9 million as of December 31, 2016 and met the criteria to be classified as held for sale subsequent to year-end, for a gross sales price of $10.6 million . In February 2017, our Board of Directors declared a prorated quarterly dividend of $0.18089 per share on our common stock. These dividends were paid on February 28, 2017 to stockholders of record on February 24, 2017. In February 2017, in connection with the pending Merger, we terminated and settled our three interest rate swaps, resulting in an aggregate net cash payment of approximately $ 939,000 to the respective counterparties. The settlement value of the interest rate swaps was reimbursed by Regency. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | SCHEDULE II Equity One, Inc. VALUATION AND QUALIFYING ACCOUNTS Balance at beginning of period Charged to expense Adjustments to valuation accounts Deductions Balance at end of period (In thousands) Year Ended December 31, 2016: Allowance for doubtful accounts $ 3,880 $ 1,787 — (3,484 ) $ 2,183 Year Ended December 31, 2015: Allowance for doubtful accounts 3,046 2,521 — (1,687 ) 3,880 Allowance for deferred tax asset 164 — — (164 ) — Year Ended December 31, 2014: Allowance for doubtful accounts 4,819 1,032 (1,059 ) (1) (1,746 ) 3,046 Allowance for deferred tax asset 162 2 — — 164 (1) Represents the reversal of certain historical real estate tax billings for which a settlement was reached with the tenants. Note: Amounts above include those amounts recorded in discontinued operations for the year ended December 31, 2014. |
Summary Of Real Estate And Accu
Summary Of Real Estate And Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Summary of Real Estate and Accumulated Depreciation | SCHEDULE III Equity One, Inc. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (In thousands) INITIAL COST TO COMPANY Capitalized Subsequent to Acquisition (1) GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired 90-30 Metropolitan NY $ — $ 5,105 $ 21,378 $ 952 $ 5,105 $ 22,330 $ 27,435 $ (2,954 ) 2007 9/1/2011 91 Danbury Road CT — 787 664 (11 ) 782 658 1,440 (35 ) 1965 11/23/2015 101 7th Avenue NY — 21,699 40,518 12,498 21,699 53,016 74,715 (3,696 ) 1930 5/16/2011 200 Potrero CA — 4,778 1,469 303 4,778 1,772 6,550 (546 ) 1928 12/27/2012 1175 Third Avenue NY 5,950 28,282 22,115 (377 ) 28,070 21,950 50,020 (2,868 ) 1995 9/22/2010 1225-1239 Second NY — 14,253 11,288 258 14,274 11,525 25,799 (1,044 ) 1963 10/5/2012 5335 CITGO MD — 6,203 103 — 6,203 103 6,306 (81 ) 1958 9/5/2013 5471 CITGO MD — 4,107 78 — 4,107 78 4,185 (62 ) 1959 9/5/2013 Alafaya Commons FL — 6,858 10,720 5,475 7,000 16,053 23,053 (3,808 ) 1987 2/12/2003 Alafaya Village FL — 1,444 4,967 590 1,444 5,557 7,001 (1,489 ) 1986 4/20/2006 Ambassador Row LA — 3,880 10,570 4,151 3,880 14,721 18,601 (4,902 ) 1980 2/12/2003 Ambassador Row LA — 3,110 9,208 6,813 3,110 16,021 19,131 (4,431 ) 1986 2/12/2003 Antioch Land CA — 7,060 — (3,236 ) 3,770 54 3,824 — n/a 1/4/2011 Atlantic Village FL — 1,190 4,760 7,108 1,190 11,868 13,058 (4,589 ) 1984 6/30/1995 Aventura Square (2) FL 18,790 46,811 17,851 2,102 45,855 20,909 66,764 (3,624 ) 1991 10/5/2011 Banco Popular Office FL — 3,363 1,566 681 3,363 2,247 5,610 (733 ) 1971 9/27/2005 Bird 107 FL 8,568 3,942 21 8,568 3,963 12,531 (200 ) 1962 8/27/2015 Bird Ludlum FL — 4,088 16,318 3,970 4,088 20,288 24,376 (10,666 ) 1988 8/11/1994 Bluebonnet Village LA — 2,290 4,168 2,482 2,290 6,650 8,940 (2,481 ) 1983 2/12/2003 Bluffs Square FL — 3,232 9,917 985 3,232 10,902 14,134 (5,427 ) 1986 8/15/2000 Boca Village Square FL — 3,385 10,174 5,619 4,620 14,558 19,178 (3,858 ) 1978 8/15/2000 Bowlmor Lanes MD — 12,128 863 — 12,128 863 12,991 (324 ) 1960 5/7/2013 Boynton Plaza FL — 2,943 9,100 4,464 3,884 12,623 16,507 (3,330 ) 1978 8/15/2000 BridgeMill GA 6,046 8,593 6,310 789 8,593 7,099 15,692 (2,717 ) 2000 11/13/2003 Broadway Plaza NY — 7,500 — 41,150 13,005 35,645 48,650 (3,636 ) 2014 6/8/2012 Broadway Outparcels NY — 2,000 — 16,156 4,192 13,964 18,156 (674 ) 2015 10/1/2012 Brookside Plaza CT — 2,291 26,260 11,170 2,291 37,430 39,721 (11,514 ) 1985 1/12/2006 Buckhead Station GA — 27,138 45,277 5,000 27,138 50,277 77,415 (13,307 ) 1996 3/9/2007 Cambridge Star MA — 11,358 13,854 — 11,358 13,854 25,212 (4,512 ) 1953 10/7/2004 Cashmere Corners FL — 1,947 5,707 1,018 1,947 6,725 8,672 (2,321 ) 2001 8/15/2000 Centre Pointe Plaza NC — 2,081 4,411 1,472 2,081 5,883 7,964 (2,317 ) 1989 2/12/2003 Chapel Trail FL — 3,641 5,777 3,011 3,641 8,788 12,429 (3,413 ) 2007 5/10/2006 Charlotte Square FL — 4,155 4,414 1,306 4,155 5,720 9,875 (1,857 ) 1980 2/12/2003 Chastain Square GA — 10,689 5,937 1,604 10,689 7,541 18,230 (2,525 ) 1981 2/12/2003 Circle Center West CA — 10,800 10,340 1,118 10,800 11,458 22,258 (2,354 ) 1989 3/15/2011 Clocktower Plaza NY — 25,184 19,462 33 25,184 19,495 44,679 (3,038 ) 1985 9/28/2012 Compo Acres CT — 18,305 12,195 5,562 18,305 17,757 36,062 (2,451 ) 1960 3/1/2012 Concord Shopping FL 27,750 28,030 40,919 — 28,030 40,919 68,949 (2,021 ) 1962 6/10/2015 Copps Hill CT 15,096 14,146 24,626 258 14,146 24,884 39,030 (5,943 ) 2002 3/31/2010 Coral Reef Shopping FL — 16,464 4,376 2,161 17,517 5,484 23,001 (1,470 ) 1968 9/1/2006 Countryside Shops FL — 11,343 13,853 7,036 11,343 20,889 32,232 (5,400 ) 1986 2/12/2003 INITIAL COST TO COMPANY Capitalized Subsequent to Acquisition (1) GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Crossroads Square FL $ — $ 3,592 $ 4,401 $ 7,732 $ 3,520 $ 12,205 $ 15,725 $ (4,207 ) 1973 8/15/2000 Culver Center CA — 74,868 59,958 5,296 75,214 64,908 140,122 (8,924 ) 1950 11/16/2011 Danbury Green CT — 17,547 21,560 8,666 18,143 29,630 47,773 (7,025 ) 2006 10/27/2011 Darinor Plaza CT — — 16,991 3,288 — 20,279 20,279 (3,497 ) 1978 8/28/2012 Elmwood Oaks LA — 4,088 8,221 1,005 4,088 9,226 13,314 (3,475 ) 1989 2/12/2003 Ft. Caroline FL — 701 2,800 2,603 700 5,404 6,104 (2,337 ) 1985 1/24/1994 Gateway Plaza at FL — 2,301 5,529 — 2,301 5,529 7,830 (1,495 ) 1991 3/19/2010 Glengary Shoppes FL — 7,488 13,969 417 7,488 14,386 21,874 (3,300 ) 1995 12/31/2008 Greenwood FL — 4,117 10,295 4,175 4,117 14,470 18,587 (4,999 ) 1982 2/12/2003 Hammocks Town FL — 16,856 11,392 2,816 16,856 14,208 31,064 (2,793 ) 1987 12/31/2008 Hampton Oaks GA — 835 — 344 243 936 1,179 (589 ) 2009 11/30/2006 Homestead FL — 1,170 — 329 1,170 329 1,499 (36 ) 2014 11/8/2004 Jonathan’s Landing FL — 1,146 3,442 886 1,146 4,328 5,474 (1,896 ) 1997 8/15/2000 Kirkman Shoppes FL — 6,222 9,714 6,873 6,933 15,876 22,809 (4,351 ) 1973 8/15/2000 Lago Mar FL — 4,216 6,609 1,876 4,216 8,485 12,701 (3,015 ) 1995 2/12/2003 Lake Mary Centre FL — 7,092 13,878 17,948 7,092 31,826 38,918 (10,831 ) 1988 11/9/1995 Lantana Village Outparcels FL — 165 285 138 165 423 588 (195 ) 1976 1/6/1998 Magnolia Shoppes FL — 7,176 10,886 3,373 7,176 14,259 21,435 (2,916 ) 1998 12/31/2008 Mandarin Landing FL — 4,443 4,747 11,757 4,443 16,504 20,947 (6,992 ) 1976 12/10/1999 Marketplace Shopping CA — 8,727 22,188 2,949 8,737 25,127 33,864 (4,271 ) 1990 1/4/2011 McAlpin Square GA — 3,536 6,963 460 3,536 7,423 10,959 (2,566 ) 1979 2/12/2003 Medford Shaw's MA — 7,750 11,390 (4,859 ) 5,092 9,189 14,281 (2,987 ) 1995 10/7/2004 North Bay Village FL — 850 1,000 194 877 1,167 2,044 (563 ) 1970 4/30/1998 Old Kings Commons FL — 1,420 5,005 1,139 1,420 6,144 7,564 (2,166 ) 1988 2/12/2003 Pablo Plaza FL — 7,023 14,072 4,250 7,930 17,415 25,345 (3,307 ) 1973 8/31/2010 Pavilion FL — 10,827 11,299 13,247 10,827 24,546 35,373 (6,422 ) 1982 2/4/2004 Piedmont Peachtree GA — 34,338 17,992 1,486 34,338 19,478 53,816 (5,548 ) 1978 3/6/2006 Pine Island FL — 8,557 12,860 3,879 8,557 16,739 25,296 (7,245 ) 1999 8/26/1999 Pine Ridge Square FL — 6,528 9,850 7,299 6,649 17,028 23,677 (5,696 ) 1986 2/12/2003 Plaza Escuela CA — 10,041 63,038 3,939 10,041 66,977 77,018 (8,840 ) 2002 1/4/2011 Pleasanton Plaza CA — 19,390 20,197 402 19,390 20,599 39,989 (2,741 ) 1981 10/25/2013 Plymouth Shaw's MA — 4,917 12,198 1 4,917 12,199 17,116 (3,966 ) 1993 10/7/2004 Point Royale FL — 3,720 5,005 10,156 4,926 13,955 18,881 (3,847 ) 1970 7/27/1995 Post Road Plaza CT — 9,807 2,707 1,455 9,807 4,162 13,969 (683 ) 1978 3/1/2012 Potrero CA — 48,594 74,701 1,772 48,594 76,473 125,067 (10,509 ) 1968 3/1/2012 Prosperity Centre FL — 6,015 13,838 1,534 6,015 15,372 21,387 (6,711 ) 1993 8/15/2000 Quincy Star Market MA — 6,121 18,445 174 6,121 18,619 24,740 (6,026 ) 1965 10/7/2004 Ralph’s Circle Center CA — 9,833 5,856 1,389 9,833 7,245 17,078 (1,791 ) 1983 7/14/2011 Ridge Plaza FL — 3,905 7,450 3,329 3,898 10,786 14,684 (4,548 ) 1984 8/15/2000 River Green Land GA — 2,587 — (1,087 ) 1,500 — 1,500 — n/a 9/27/2005 Ryanwood FL — 2,281 6,880 1,731 2,613 8,279 10,892 (2,939 ) 1987 8/15/2000 Salerno Village FL — 166 — 125 166 125 291 (37 ) 1900 1/1/1900 San Carlos CA — 33,823 54,536 — 33,823 54,536 88,359 (347 ) 1999 / 2007 10/25/2016 Sawgrass Promenade FL — 3,280 9,351 2,926 3,280 12,277 15,557 (6,044 ) 1982 8/15/2000 INITIAL COST TO COMPANY Capitalized Subsequent to Acquisition (1) GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Serramonte Shopping CA — 81,049 119,765 83,395 83,101 201,108 284,209 (30,854 ) 1968 1/4/2011 Sheridan Plaza FL 57,140 38,888 36,241 7,231 38,888 43,472 82,360 (16,007 ) 1973 7/14/2003 Shoppes of Oakbrook (2) FL — 7,706 16,079 5,123 7,706 21,202 28,908 (8,277 ) 1974 8/15/2000 Shoppes of FL — 10,306 10,131 3,573 10,306 13,704 24,010 (4,703 ) 1995 2/12/2003 Shoppes of Sunset FL — 3,318 1,537 74 3,318 1,611 4,929 (145 ) 1979 6/10/2015 Shoppes of Sunset II FL — 3,117 790 (6 ) 3,117 784 3,901 (146 ) 1980 6/10/2015 Shops at Skylake FL — 15,226 7,206 26,865 15,226 34,071 49,297 (12,118 ) 1999 8/19/1997 Shops at St. Lucie FL — 790 3,082 2,294 790 5,376 6,166 (1,195 ) 2006 8/15/2000 Siegen Village LA — 4,329 9,691 24 4,329 9,715 14,044 (3,445 ) 1988 2/12/2003 South Beach FL — 9,545 19,228 10,781 9,663 29,891 39,554 (10,172 ) 1990 2/12/2003 South Point Center FL — 7,142 7,098 130 7,142 7,228 14,370 (1,914 ) 2003 12/8/2006 Southbury Green CT — 18,483 31,857 6,212 18,744 37,808 56,552 (6,840 ) 1997 10/27/2011 St. Lucie Land FL — 7,728 — (5,378 ) 2,350 — 2,350 — n/a 11/27/2006 Summerlin Square FL — 2,187 7,989 (9,100 ) 366 710 1,076 (329 ) 1986 6/10/1998 Sunlake FL — 9,861 — 23,469 15,791 17,539 33,330 (4,013 ) 2010 2/1/2005 Swampscott Whole MA — 5,139 6,539 — 5,139 6,539 11,678 (2,121 ) 1967 10/7/2004 Talega Village Center CA 10,516 14,273 9,266 553 14,273 9,819 24,092 (1,282 ) 2007 1/23/2014 Tamarac Town Square FL — 4,742 5,610 1,933 4,643 7,642 12,285 (2,861 ) 1987 2/12/2003 TD Bank Skylake FL — 2,041 — 453 2,064 430 2,494 (59 ) 2011 12/17/2009 The Collection at NY — 80,120 6,610 343 80,120 6,953 87,073 (287 ) 1906 10/19/2015 The Gallery at Westbury MA — 27,481 3,537 87,412 40,187 78,243 118,430 (16,061 ) 2012 11/16/2009 The Village Center CT 14,392 18,284 36,021 2,960 19,419 37,846 57,265 (3,006 ) 1973 10/23/2013 Town & Country FL — 2,503 4,397 472 2,354 5,018 7,372 (1,915 ) 1993 2/12/2003 Treasure Coast (2) FL — 1,359 9,728 2,078 1,359 11,806 13,165 (3,982 ) 1983 2/12/2003 Unigold Shopping FL — 4,304 6,413 2,315 4,304 8,728 13,032 (3,171 ) 1987 2/12/2003 Union City Commons GA — 8,084 — (5,684 ) 2,400 — 2,400 — n/a 6/22/2006 Von's Circle Center CA 8,839 18,219 18,909 3,259 18,274 22,113 40,387 (4,489 ) 1972 3/16/2011 Walmart at Norwalk CT — 25,917 14,577 — 25,917 14,577 40,494 (326 ) 1956 6/30/2016 Waterstone FL — 1,422 7,508 678 1,422 8,186 9,608 (2,383 ) 2005 4/10/1992 West Bird FL — 5,280 12,539 1,173 5,280 13,712 18,992 (3,287 ) 1977 8/31/2010 West Lake Shopping FL — 2,141 5,789 1,171 2,141 6,960 9,101 (3,477 ) 1984 11/6/1996 West Roxbury MA — 14,457 13,588 1,996 14,496 15,545 30,041 (5,136 ) 1973 10/7/2004 Westbury Plaza NY 88,000 37,853 58,273 11,521 40,843 66,804 107,647 (14,927 ) 1993 10/29/2009 Westport Office CT — 995 1,214 10 1,039 1,180 2,219 (85 ) 1984 11/18/2014 Westport FL — 1,347 1,010 84 1,347 1,094 2,441 (267 ) 1990 9/14/2006 Westport Plaza FL 3,127 4,180 3,446 441 4,180 3,887 8,067 (1,344 ) 2002 12/17/2004 Westwood - MD — 6,397 6,747 — 6,397 6,747 13,144 (775 ) 1976 9/5/2013 Westwood MD — 11,205 3,655 11 11,205 3,666 14,871 (576 ) 1982 1/16/2014 Westwood MD — 62,841 8,224 4,713 62,841 12,937 75,778 (1,536 ) 1959 1/16/2014 INITIAL COST TO COMPANY Capitalized Subsequent to Acquisition (1) GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Williamsburg at GA — 4,697 3,615 1,506 4,697 5,121 9,818 (1,825 ) 1983 2/12/2003 Willows Shopping CA — 20,999 38,007 15,697 21,742 52,961 74,703 (10,287 ) 1977 1/4/2011 Young Circle FL — 13,409 8,895 940 13,409 9,835 23,244 (2,822 ) 1962 5/19/2005 Corporate FL — — 241 (1,162 ) — (921 ) (921 ) 574 various various $ 255,646 $ 1,438,652 $ 1,632,005 $ 580,664 $ 1,458,082 $ 2,193,239 $ 3,651,321 (3)(4) $ (493,162 ) ______________________________________________ (1) Includes asset impairments recognized. (2) Aventura Square encumbrance is cross collateralized with Shoppes of Oakbrook and Treasure Coast Plaza. (3) The aggregate cost for federal income tax purposes was $2.5 billion . (4) Below is the reconciliation of "Real Estate and Accumulated Depreciation." Year Ended December 31, 2016 2015 2014 (In thousands) Investment in real estate: Balance at beginning of the year $ 3,507,428 $ 3,289,953 $ 3,270,999 Additions during the year: Improvements 101,636 83,212 104,561 Acquisitions 130,660 180,350 115,567 Deductions during the year: Cost of real estate sold/written off (39,821 ) (46,087 ) (201,174 ) Properties held for sale (48,582 ) — — Balance at close of the year $ 3,651,321 $ 3,507,428 $ 3,289,953 Accumulated depreciation: Balance at beginning of the year $ (438,992 ) $ (381,533 ) $ (354,166 ) Depreciation expense (85,387 ) (75,235 ) (79,279 ) Cost of real estate sold/written off 22,032 17,776 51,912 Properties held for sale 9,185 — — Balance at close of the year $ (493,162 ) $ (438,992 ) $ (381,533 ) |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans On Real Estate | SCHEDULE IV Equity One, Inc. MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2014 (In thousands) Balance at beginning of the year $ 60,711 Deductions during the year: Collections of principal (60,526 ) Collections of interest (185 ) (60,711 ) Balance at end of the year $ — |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Properties | Properties Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Buildings 30-55 years Building and land improvements 2-40 years Tenant improvements Lesser of minimum lease term or economic useful life Furniture, fixtures and equipment 3-10 years Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. |
Business Combinations | Business Combinations We account for business combinations, including the acquisition of income producing properties, using the acquisition method by recognizing and measuring the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. As a result, upon the acquisition of income producing properties, we estimate the fair value of the acquired tangible assets (consisting of land, building, building improvements, and tenant improvements), identified intangible assets and liabilities (consisting of the value of above- and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt, and noncontrolling interests issued at the date of acquisition, where applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of income . In allocating the purchase price of an acquired property to identified intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) for comparable leases measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental revenue over the estimated remaining term of the respective leases, which includes expected renewal option periods, if applicable. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are accelerated and recognized in minimum rent in our consolidated statements of income . In determining the value of in-place leases, we consider current market conditions and costs to execute similar leases to arrive at an estimate of the carrying costs during the period expected to be required to lease the property from vacant to its existing occupancy. In estimating carrying costs, we include estimates of lost rental and recovery revenue during the expected lease-up periods and costs to execute similar leases, including lease commissions, legal, and other related costs based on current market demand. The value assigned to in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are accelerated and recognized in depreciation and amortization expense in our consolidated statements of income . The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. |
Construction in Progress and Land [Policy Text Block] | Construction in Progress and Land Construction in progress and land are carried at cost, and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. |
Long-lived Assets | Long-lived Assets Properties Held and Used We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2016 , we reviewed the operating properties, construction in progress, and land for potential indicators of impairment on a property-by-property basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC. For those properties for which an indicator of impairment was identified, we projected future cash flows for each property on an individual basis. The key assumptions underlying these projected future cash flows are dependent on property-specific conditions and are inherently uncertain. The factors that may influence the assumptions include: • historical and projected property performance, including occupancy, capitalization rates and net operating income; • competitors’ presence and their actions; • property specific attributes such as location desirability, anchor tenants and demographics; • current local market economic and demographic conditions; and • future expected capital expenditures and the period of time before net operating income is stabilized. After considering these factors, our future cash flows are projected based on management’s intention with respect to the holding period of the property and an assumed sale at the final year of the holding period using a projected capitalization rate (reversion value). If the carrying amount of the property exceeded the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge was recognized to reduce the carrying value of the property to its fair value. Properties Held for Sale Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Upon the adoption of ASU 2014-08 on January 1, 2014, operations of properties held for sale and operating properties sold that were not previously classified as held for sale and/or reported as discontinued operations are reported in continuing operations as their disposition does not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU 2014-08, we reported the operations and financial results of properties held for sale and operating properties sold as discontinued operations. The application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. |
Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. |
Cash Held In Escrow and Restricted Cash | estricted cash represents cash that is not immediately available to us and is legally restricted to us as to withdrawal or use. |
Accounts and Other Receivables | Accounts and Other Receivables Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. |
Investments in Joint Ventures | Investments in Joint Ventures We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the respective entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of income. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in other income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment, and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. |
Goodwill | Goodwill Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. |
Deposits | Deposits Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. |
Deferred Costs and Intangibles | Deferred Costs and Intangibles Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of deferred financing costs, leasing costs and the value of intangible assets and liabilities when a property was acquired. Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan using the effective interest method. As a result of our adoption of ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," unamortized deferred financing costs related to our senior notes, term loans, and mortgage loans are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the portion of equity that we do not own in entities we consolidate, including joint venture units issued by consolidated subsidiaries or VIEs in connection with property acquisitions. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of income . |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and forward starting interest rate swaps to manage the risk of interest rates rising prior to the issuance of fixed rate debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of income as a component of net income or as a component of comprehensive income and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 12 for further detail on derivative activity. |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: • Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. • Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. • Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Revenue Recognition | Revenue Recognition Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Generally, our leases contain fixed escalations which occur at specified times during the term of the lease. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent), and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of real estate taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to unconsolidated joint ventures is recorded on only that portion of the sales not attributable to our ownership interest. We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. |
Earnings Per Share | Earnings Per Share Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders based on their respective rights to receive dividends. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We grant restricted stock and stock option awards to our officers, directors and employees. The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting schedule of each award is determined by the compensation committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes such shares participating securities under the Earnings Per Share Topic of the FASB ASC. Certain stock options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. The fair value of each stock option awarded is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields and employee exercises are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method described in the Share Compensation Topic of the FASB ASC is used for determining the expected life used in the valuation method. Compensation expense for restricted stock awards is based on the fair value of our common stock at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule that are only subject to service conditions, we have elected to recognize compensation expense on a straight-line basis. |
Segment Reporting | Segment Reporting We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. Our portfolio is primarily located in coastal markets throughout the United States with none of our properties located outside of the United States. Additionally, our chief operating decision maker reviews operating and financial data for each property on an individual basis and does not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Therefore, each of our individual properties has been deemed a separate operating segment, and, as no individual property constitutes more than 10% of our revenue, net income, or assets, the individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants, and operational processes, as well as long-term average financial performance. |
Concentration of Credit Risk | Concentration of Credit Risk A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of December 31, 2016 , no tenant accounted for more than 10% of our GLA or annual revenues. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Standards that are not yet adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The standard amends the existing guidance and clarifies the definition of a business. The amendments provide guidance to assist entities with evaluating when a set of transferred assets and activities meets the definition of a business. The standard requires an entity to apply the provisions prospectively to any transactions occurring within the period of adoption. January 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash These standards amend the existing guidance and addresses specific cash flow issues with the objective of reducing existing diversity in practice. ASU 2016-15 addresses eight specific cash flow issues and ASU 2016-18 specifically addresses restricted cash and restricted cash equivalents. These standards require a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. January 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard amends the existing guidance and impacts how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Depending on the instrument, the standard requires a modified-retrospective or prospective transition approach. January 2020 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-06, Derivatives and Hedging (Topic 815) The standard amends the existing guidance and eliminates diversity in practice in assessing embedded contingent call (put) options in debt instruments. The standard clarifies that an entity performing this assessment is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence within the guidance. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. January 2017 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2016-02, Leases (Topic 842) The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. The standard requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as clarified and amended by ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. January 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Standards that were adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) The standard simplifies several aspects of the existing guidance for accounting for share-based payment transactions, including classification of awards as either equity or liabilities and an option to recognize stock compensation forfeitures as they occur. Early adoption of this standard is permitted. Depending on the specific amendment, the standard requires prospective, retrospective or a modified retrospective transition approach. September 2016 We elected to early adopt the provisions of ASU 2016-09 and made a policy election to account for forfeitures when they occur (previously, we estimated the number of awards that were expected to vest primarily based on historical data). The adoption and implementation of this standard did not have a material impact on our results of operations, financial condition or cash flows. ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis The standard amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. January 2016 The adoption and implementation of this standard did not have an impact on our results of operations, financial condition or cash flows. |
Properties (Tables)
Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary Of The Composition Of Income Producing Properties | The following table is a summary of the composition of income producing properties in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Land and land improvements $ 1,562,278 $ 1,494,510 Building and building improvements 1,722,029 1,652,714 Tenant and other improvements 225,185 190,307 3,509,492 3,337,531 Less: accumulated depreciation (493,162 ) (438,992 ) Income producing properties, net $ 3,016,330 $ 2,898,539 |
Acquisition and Disposition A39
Acquisition and Disposition Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Income Producing Property Acquisition Activity | The following table provides a summary of acquisition activity during the year ended December 31, 2016 : Date Purchased Property Name City State Square Feet Purchase Price (In thousands) November 2, 2016 Pablo Plaza Outparcel Jacksonville FL 4,000 $ 2,560 October 25, 2016 San Carlos Marketplace (1) (2) San Carlos CA 153,510 97,000 (3) June 30, 2016 Walmart at Norwalk (2) Norwalk CT 142,222 30,000 Total $ 129,560 ______________________________________________ (1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. (2) Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. (3) We also paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property, which was not assumed in the acquisition. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 60,688 N/A Land improvements 2,779 9.6 Buildings 66,142 36.9 Tenant improvements 1,589 22.8 In-place leases 12,003 20.5 Leasing commissions 1,355 24.2 Lease origination costs 31 21.9 Below-market leases (15,027 ) 9.0 $ 129,560 |
Summary of Disposition Activity | summary of disposition activity during the year ended December 31, 2016 : Date Sold Property Name City State Square Feet Gross Sales Price (in thousands) December 22, 2016 Thomasville Commons Thomasville NC 148,754 $ 2,700 May 11, 2016 Wesley Chapel Decatur GA 164,153 7,094 May 11, 2016 Hairston Center Decatur GA 13,000 431 February 18, 2016 Sherwood South Baton Rouge LA 77,489 3,000 February 18, 2016 Plaza Acadienne Eunice LA 59,419 1,775 February 11, 2016 Beauclerc Village Jacksonville FL 68,966 5,525 $ 20,525 |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Summary Of The Impairment Loss | The following is a summary of the composition of impairment losses included in the consolidated statements of income : Year Ended December 31, 2016 2015 2014 (In thousands) Goodwill (1) $ — $ 200 $ — Land held and used (2) — 3,667 2,230 Operating properties held and used (3) — 1,579 15,111 Properties sold (4) 2,454 11,307 4,509 Other (5) 667 — — Total impairment losses $ 3,121 $ 16,753 $ 21,850 |
Accounts And Other Receivables
Accounts And Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Accounts And Other Receivables | The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Tenants $ 12,871 $ 14,430 Other 1,011 1,258 Allowance for doubtful accounts (2,183 ) (3,880 ) Total accounts and other receivables, net $ 11,699 $ 11,808 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets: Investment Balance as of December 31, Joint Venture (1) Number of Properties Location Ownership 2016 2015 (In thousands) G&I Investment South Florida Portfolio, LLC 1 FL 20.0% $ 3,503 $ 3,719 Madison 2260 Realty LLC 1 NY 8.6% 526 526 Madison 1235 Realty LLC 1 NY 20.1% 820 820 Parnassus Heights Medical Center 1 CA 50.0% 19,067 19,263 Equity One JV Portfolio, LLC (2) 6 FL, MA, NJ 30.0% 37,533 39,501 Other Equity Investment (3) — — 329 Total 61,449 64,158 Advances to unconsolidated joint ventures 347 442 Investments in and advances to unconsolidated joint ventures $ 61,796 $ 64,600 ______________________________________________ ( 1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) The investment balance as of December 31, 2016 and 2015 is presented net of a deferred gain of approximately $376,000 associated with the disposition of assets by us to the joint venture. (3) In 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In 2016, we recognized an impairment loss of $667,000 , which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | The following table presents goodwill activity during the years ended December 31, 2016 and 2015 : December 31, 2016 2015 (In thousands) Balance at beginning of the year $ 5,838 $ 6,038 Impairment — (200 ) Allocated to properties held for sale (119 ) — Balance at end of the year $ 5,719 $ 5,838 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Composition of Other Assets | The following is a summary of the composition of other assets included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible assets, net $ 101,867 $ 101,010 Leasing commissions, net 44,039 41,211 Prepaid expenses and other receivables 14,938 13,074 Straight-line rent receivables, net 33,606 28,910 Deposits and mortgage escrows 1,738 7,980 Deferred financing costs, net 5,261 3,419 Furniture, fixtures and equipment, net 2,271 3,255 Fair value of interest rate swaps 200 835 Deferred tax asset 3,781 3,924 Total other assets $ 207,701 $ 203,618 |
Composition Of Intangible Assets And Accumulated Amortization | The following is a summary of the composition of intangible assets and accumulated amortization included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible assets: Above-market leases $ 19,611 $ 19,742 In-place leases 132,128 126,987 Below-market ground leases 34,094 34,094 Lease origination costs 2,709 2,797 Lease incentives 12,527 9,371 Total intangibles 201,069 192,991 Accumulated amortization: Above-market leases 13,892 12,644 In-place leases 76,023 71,577 Below-market ground leases 2,597 1,995 Lease origination costs 2,221 2,173 Lease incentives 4,469 3,592 Total accumulated amortization 99,202 91,981 Lease intangible assets, net $ 101,867 $ 101,010 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of amortization expense included in the consolidated statements of income related to lease intangible assets: December 31, 2016 2015 2014 (In thousands) Above-market lease amortization (1) $ 1,850 $ 2,118 $ 2,605 In-place lease amortization (2) 11,074 11,350 14,824 Below-market ground lease amortization (3) 601 601 601 Lease origination cost amortization (2) 166 253 298 Lease incentive amortization (1) 1,264 1,035 780 Total lease intangible asset amortization $ 14,955 $ 15,357 $ 19,108 ___________________________________________ (1) Amounts are recognized as a reduction of minimum rent. (2) Amounts are included in depreciation and amortization expenses. (3) Amounts are included in property operating expenses. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2016 , the estimated amortization of lease intangible assets for the next five years is as follows: Year Ending December 31, Amount (In thousands) 2017 $ 15,703 2018 9,111 2019 7,136 2020 6,319 2021 5,732 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule of Mortgage Notes Payable [Table Text Block] | The following table is a summary of the mortgage loans included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Fixed rate mortgage loans $ 227,896 $ 254,279 Variable rate mortgage loan 27,750 27,750 Total mortgage loans 255,646 282,029 Unamortized deferred financing costs and premium/discount, net (1,502 ) 1,430 Total $ 254,144 $ 283,459 Weighted average interest rate, excluding unamortized premium 4.92 % 5.61 % |
Principal Maturities (Tables)
Principal Maturities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Maturities Disclosure [Abstract] | |
Schedule Of Unsecured Senior Notes [Table Text Block] | Our outstanding senior notes in the consolidated balance sheets consisted of the following: December 31, 2016 2015 (In thousands) 6.25% Senior notes, due 1/15/17 — 101,403 6.00% Senior notes, due 9/15/17 — 116,998 3.75% Senior notes, due 11/15/22 300,000 300,000 3.81% Series A senior notes, due 5/11/2026 100,000 — 3.91% Series B senior notes, due 8/11/2026 100,000 — Total senior notes 500,000 518,401 Unamortized deferred financing costs and discount, net (3,758 ) (3,029 ) Total $ 496,242 $ 515,372 Weighted average interest rate, excluding unamortized discount 3.79 % 4.75 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | se. Principal maturities of borrowings outstanding as of December 31, 2016 , including mortgage loans, senior notes, term loans and the revolving credit facility are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 6,567 2018 89,271 2019 273,872 2020 305,471 2021 135,979 Thereafter 612,486 Total $ 1,423,646 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Composition of Other Liabilities | The following is a summary of the composition of other liabilities included in the consolidated balance sheets: December 31, 2016 2015 (In thousands) Lease intangible liabilities, net $ 151,761 $ 159,665 Prepaid rent 10,468 9,361 Other 986 677 Total other liabilities $ 163,215 $ 169,703 |
Schedule of Expected Liability Amortization Expense [Table Text Block] | As of December 31, 2016 , the estimated accretion of lease intangible liabilities for the next five years is as follows: Year Ending December 31, Amount (In thousands) 2017 $ 14,941 2018 12,740 2019 11,416 2020 10,601 2021 10,251 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Reconciles GAAP Net Income To Taxable Income | The following table reconciles GAAP net income to taxable income: Year Ended December 31, 2016 2015 2014 (In thousands) GAAP net income attributable to Equity One $ 72,840 $ 65,453 $ 48,897 Net income attributable to taxable REIT subsidiaries (2,239 ) (411 ) (1,214 ) GAAP net income from REIT operations 70,601 65,042 47,683 Book/tax differences: Joint ventures 4,019 (1,653 ) (2,403 ) Depreciation 24,436 15,809 21,712 Sale of property (11,299 ) (12,031 ) (12,533 ) Exercise of stock options and restricted shares (2,280 ) 371 (3,387 ) Interest expense 928 2,544 1,908 Deferred/prepaid/above and below-market rents, net (4,499 ) (4,487 ) (7,907 ) Impairment losses 3,121 12,109 21,620 Inclusion from foreign taxable REIT subsidiary 4,204 2,975 — Brownfield tax credits (see Note 11) 1,817 5,450 9,225 Amortization (989 ) (1,696 ) (842 ) Acquisition costs 9,743 1,372 1,771 Other, net (785 ) 1,109 (1,671 ) Adjusted taxable income (1) $ 99,017 $ 86,914 $ 75,176 ______________________________________________ (1) Adjusted taxable income subject to 90% dividend requirements. |
Summarizes The Tax Status Of Dividends Paid | The following summarizes the tax status of dividends paid: Year Ended December 31, 2016 2015 2014 Dividend paid per share $ 0.88 $ 0.88 $ 0.88 Ordinary income 78.50 % 79.98 % 68.84 % Return of capital 21.50 % 20.02 % 28.51 % Capital gains — — 2.65 % |
Taxable REIT Subsidiaries | Our total pre-tax income and income tax benefit (provision) relating to our TRSs and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: Year Ended December 31, 2016 2015 2014 (In thousands) U.S. income before income taxes $ 3,727 $ 168 $ 2,212 Foreign loss before income taxes (3 ) (613 ) (190 ) Income (loss) from continuing operations before income taxes 3,724 (445 ) 2,022 Less income tax (provision) benefit: Current federal and state (545 ) (54 ) 10 Deferred federal and state (940 ) 910 (860 ) Total income tax (provision) benefit (1,485 ) 856 (850 ) Income from continuing operations from taxable REIT subsidiaries 2,239 411 1,172 Income from discontinued operations from taxable REIT — — 42 Net income from taxable REIT subsidiaries $ 2,239 $ 411 $ 1,214 |
Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes | and $27,000 during the year ended December 31, 2014 . The tax provisions relate to taxable income generated by the disposition of properties. The total income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to net income before income taxes as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Federal (provision) benefit at statutory tax rate (1) $ (1,316 ) $ 767 $ (681 ) State taxes, net of federal (provision) benefit (136 ) 99 (80 ) Foreign tax rate differential — — (19 ) Other (33 ) (10 ) (63 ) Valuation allowance increase — — (7 ) Total income tax (provision) benefit from continuing operations (1,485 ) 856 (850 ) Income tax provision from discontinued operations — — (27 ) Total income tax (provision) benefit $ (1,485 ) $ 856 $ (877 ) ______________________________________________ (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Deferred Tax Assets And Liabilities | Our deferred tax assets and liabilities were as follows: December 31, 2016 2015 (In thousands) Deferred tax assets: Disallowed interest $ 2,594 $ 2,719 Net operating loss 662 1,675 Other 633 673 Total deferred tax assets 3,889 5,067 Deferred tax liabilities: Other real estate investments (14,144 ) (14,009 ) Mortgage revaluation — (168 ) Other (5 ) (242 ) Total deferred tax liabilities (14,149 ) (14,419 ) Net deferred tax liability $ (10,260 ) $ (9,352 ) |
Stockholders_ Equity and Earn49
Stockholders’ Equity and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS: Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Income from continuing operations $ 72,840 $ 75,467 $ 58,134 Net income attributable to noncontrolling interests - continuing operations — (10,014 ) (12,206 ) Income from continuing operations attributable to Equity One, Inc. 72,840 65,453 45,928 Allocation of continuing income to participating securities (362 ) (423 ) (1,759 ) Income from continuing operations available to common stockholders 72,478 65,030 44,169 Income from discontinued operations — — 2,957 Net loss attributable to noncontrolling interests - discontinued operations — — 12 Income from discontinued operations available to common stockholders — — 2,969 Net income available to common stockholders $ 72,478 $ 65,030 $ 47,138 Weighted average shares outstanding – Basic 142,492 127,957 119,403 Convertible units held by LIH using the if-converted method 372 — — Stock options using the treasury method 108 119 222 Non-participating restricted stock using the treasury method 10 10 40 Long term incentive plan shares using the treasury method 185 74 60 Weighted average shares outstanding – Diluted 143,167 128,160 119,725 Basic earnings per share available to common stockholders: Continuing operations $ 0.51 $ 0.51 $ 0.37 Discontinued operations — — 0.02 Earnings per common share — Basic $ 0.51 $ 0.51 $ 0.39 Diluted earnings per share available to common stockholders: Continuing operations $ 0.51 $ 0.51 $ 0.37 Discontinued operations — — 0.02 Earnings per common share — Diluted $ 0.51 $ 0.51 $ 0.39 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table presents information regarding stock option activity during the year ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of the year 651 $ 20.72 Exercised (451 ) $ 19.77 Outstanding at end of the year 200 $ 22.87 7.4 $ 1,564 Exercisable at end of the year 100 $ 22.87 7.4 $ 782 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | During the year ended December 31, 2014, the fair value of the 200,000 options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: Dividend yield 3.8% Risk-free interest rate 2.0% Expected option life 6.3 years Expected volatility 39.8% |
Schedule of Nonvested Restricted Stock Units Activity | The following table presents information regarding restricted stock activity during the year ended December 31, 2016 : Shares Weighted Average Value (In thousands) Unvested at beginning of the year 410 $ 23.72 Granted (1) 186 $ 28.33 Vested (267 ) $ 25.24 Forfeited or cancelled (36 ) $ 26.50 Unvested at end of the year 293 $ 24.92 ______________________________________________ |
Share-Based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of income , is summarized as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Restricted stock and long term incentive plan awards (1) $ 6,565 $ 4,785 $ 6,818 Stock options 312 337 650 Employee stock purchase plan discount 40 36 30 Total equity-based compensation costs 6,917 5,158 7,498 Restricted stock classified as a liability 460 655 289 Total share-based compensation costs 7,377 5,813 7,787 Less: Amount capitalized (147 ) (553 ) (520 ) Less: Merger costs (1) (1,067 ) — — Net share-based compensation expense $ 6,163 $ 5,260 $ 7,267 |
Future Minimum Rental Income Fu
Future Minimum Rental Income Future Minimum Rental Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rents under non-cancelable operating leases as of December 31, 2016 , excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 267,418 2018 242,836 2019 213,912 2020 186,137 2021 157,826 Thereafter 685,182 Total $ 1,753,311 As of December 31, 2016 , future minimum rental payments under non-cancelable operating leases are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 1,722 2018 1,753 2019 1,752 2020 1,663 2021 1,189 Thereafter 33,941 Total $ 42,020 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rents under non-cancelable operating leases as of December 31, 2016 , excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 267,418 2018 242,836 2019 213,912 2020 186,137 2021 157,826 Thereafter 685,182 Total $ 1,753,311 As of December 31, 2016 , future minimum rental payments under non-cancelable operating leases are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 1,722 2018 1,753 2019 1,752 2020 1,663 2021 1,189 Thereafter 33,941 Total $ 42,020 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets Measured and Recorded at Fair Value on a Recurring Basis | The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2016 (In thousands) Interest rate derivatives: Classified as an asset in other assets $ 200 $ — $ 200 $ — Classified as a liability in accounts payable and accrued expenses $ 1,150 $ — $ 1,150 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable $ 1,991 $ — $ 1,991 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating properties held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million recognized related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. See Note 6 for further discussion. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: December 31, 2015 Overall capitalization rates 10.0% Terminal capitalization rates 10.5% Discount rates 12.5% |
Fair Value of Financial Instr54
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Recurring Fair Value Measurements As of December 31, 2016 and 2015 , we had three interest rate swap agreements with a notional amount of $250.0 million that are measured at fair value on a recurring basis. As of December 31, 2016 and 2015 , the fair value of one of our interest rate swaps consisted of an asset of $200,000 and $217,000 , respectively, which is included in other assets in our consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $1.2 million and $2.0 million , respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. The net unrealized loss on our interest rate derivatives, included in accumulated other comprehensive loss, was $2.9 million and $910,000 for the years ended December 31, 2016 and 2015 , respectively. Additionally, as of December 31, 2015 , we had a forward starting interest rate swap with a notional amount of $50.0 million and the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our consolidated balance sheets. The forward starting interest rate swap was terminated and settled in February 2016. See Note 12 for further discussion. The fair values of the interest rate swaps are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2016 (In thousands) Interest rate derivatives: Classified as an asset in other assets $ 200 $ — $ 200 $ — Classified as a liability in accounts payable and accrued expenses $ 1,150 $ — $ 1,150 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable $ 1,991 $ — $ 1,991 $ — Valuation Methods The fair values of our interest rate swaps were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2016 , the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized loss included in other comprehensive gain/loss was primarily attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of December 31, 2016 , none of which were reported in the consolidated statements of income because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. Non-Recurring Fair Value Measurements During 2016, we recorded an impairment loss of $3.1 million , consisting of $2.5 million related to an operating property sold and $667,000 related to our equity investment in a joint venture. See Note 6 for further discussion. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating properties held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million recognized related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. See Note 6 for further discussion. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures, when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value of a property is considered impaired when the total projected undiscounted cash flows from the property are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the property as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: December 31, 2015 Overall capitalization rates 10.0% Terminal capitalization rates 10.5% Discount rates 12.5% During the year ended December 31, 2015 , we recognized $1.6 million of impairment losses on operating properties. The estimated fair values related to the impairment assessments were primarily based on discounted cash flow analyses and, therefore, are classified within Level 3 of the fair value hierarchy. During the year ended December 31, 2015 , we recognized impairment losses of $3.7 million on land parcels. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. We also performed annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, resulted from values established by Level 3 valuations. We estimated the fair value of the reporting unit using discounted projected future cash flows, which approximated a current sales price. If the results of this analysis indicated that the carrying value of the reporting unit exceeded its fair value, an impairment was recognized to reduce the carrying value of the goodwill to fair value. During the year ended December 31, 2015 , we recognized a goodwill impairment loss of $200,000 . All financial instruments are reflected in our consolidated balance sheets at amounts which, in our estimation, reasonably approximates their fair values, except for the following: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 254,144 $ 258,219 $ 283,459 $ 296,067 Senior notes $ 496,242 $ 507,672 $ 515,372 $ 528,041 Term loans $ 547,252 $ 550,271 $ 471,891 $ 475,393 ______________________________________________ ( 1) The carrying amount consists of principal, net of unamortized deferred financing costs and premium/discount. |
Condensed Consolidating Finan55
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | The following statements set forth consolidating financial information with respect to guarantors of our senior notes: Condensed Consolidating Balance Sheet Equity One, Guarantor Non- Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 126,107 $ 1,512,625 $ 1,552,057 $ — $ 3,190,789 Investment in affiliates 2,787,777 — — (2,787,777 ) — Other assets 110,406 101,806 179,010 (87,407 ) 303,815 TOTAL ASSETS $ 3,024,290 $ 1,614,431 $ 1,731,067 $ (2,875,184 ) $ 3,494,604 LIABILITIES Total notes payable $ 1,161,493 $ 24,414 $ 315,748 $ (86,017 ) $ 1,415,638 Other liabilities 22,510 66,994 150,565 (1,390 ) 238,679 TOTAL LIABILITIES 1,184,003 91,408 466,313 (87,407 ) 1,654,317 EQUITY 1,840,287 1,523,023 1,264,754 (2,787,777 ) 1,840,287 TOTAL LIABILITIES AND EQUITY $ 3,024,290 $ 1,614,431 $ 1,731,067 $ (2,875,184 ) $ 3,494,604 Condensed Consolidating Balance Sheet Equity One, Guarantor Non- Eliminating Consolidated (In thousands) ASSETS Properties, net $ 137,695 $ 1,495,211 $ 1,435,613 $ (83 ) $ 3,068,436 Investment in affiliates 2,741,292 — — (2,741,292 ) — Other assets 403,661 94,018 802,755 (992,967 ) 307,467 TOTAL ASSETS $ 3,282,648 $ 1,589,229 $ 2,238,368 $ (3,734,342 ) $ 3,375,903 LIABILITIES Total notes payable $ 1,683,262 $ 42,903 $ 574,495 $ (933,938 ) $ 1,366,722 Other liabilities 35,380 70,042 192,720 (59,112 ) 239,030 TOTAL LIABILITIES 1,718,642 112,945 767,215 (993,050 ) 1,605,752 EQUITY 1,564,006 1,476,284 1,471,153 (2,741,292 ) 1,770,151 TOTAL LIABILITIES AND EQUITY $ 3,282,648 $ 1,589,229 $ 2,238,368 $ (3,734,342 ) $ 3,375,903 |
Schedule of Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2016 Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 24,009 $ 193,193 $ 158,136 $ — $ 375,338 Equity in subsidiaries’ earnings 157,074 — — (157,074 ) — Total costs and expenses 48,283 99,707 89,468 (1,034 ) 236,424 INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES 132,800 93,486 68,668 (156,040 ) 138,914 Other income and (expense) (59,834 ) 2,516 (5,328 ) (1,943 ) (64,589 ) INCOME BEFORE INCOME TAXES 72,966 96,002 63,340 (157,983 ) 74,325 Income tax provision of taxable REIT subsidiaries — (143 ) (1,342 ) — (1,485 ) NET INCOME 72,966 95,859 61,998 (157,983 ) 72,840 Other comprehensive (loss) gain (2,361 ) — 126 — (2,235 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 70,605 $ 95,859 $ 62,124 $ (157,983 ) $ 70,605 Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015 Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 23,512 $ 182,424 $ 154,217 $ — $ 360,153 Equity in subsidiaries’ earnings 169,423 — — (169,423 ) — Total costs and expenses 45,115 91,708 87,110 (1,119 ) 222,814 INCOME BEFORE OTHER INCOME AND 147,820 90,716 67,107 (168,304 ) 137,339 Other income and (expense) (82,436 ) (3,183 ) 24,795 (1,904 ) (62,728 ) INCOME BEFORE INCOME TAXES 65,384 87,533 91,902 (170,208 ) 74,611 Income tax benefit (provision) of taxable REIT subsidiaries — 1,618 (762 ) — 856 NET INCOME 65,384 89,151 91,140 (170,208 ) 75,467 Other comprehensive loss (910 ) — (69 ) — (979 ) COMPREHENSIVE INCOME 64,474 89,151 91,071 (170,208 ) 74,488 Comprehensive income attributable to — — (10,014 ) — (10,014 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 64,474 $ 89,151 $ 81,057 $ (170,208 ) $ 64,474 Condensed Consolidating Statement of Comprehensive Income Equity One Guarantor Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 23,898 $ 181,030 $ 148,257 $ — $ 353,185 Equity in subsidiaries’ earnings 158,824 — — (158,824 ) — Total costs and expenses 50,548 94,237 88,194 (967 ) 232,012 INCOME BEFORE OTHER INCOME AND 132,174 86,793 60,063 (157,857 ) 121,173 Other income and (expense) (83,650 ) (6,717 ) 29,996 (1,818 ) (62,189 ) INCOME FROM CONTINUING OPERATIONS 48,524 80,076 90,059 (159,675 ) 58,984 Income tax provision of taxable REIT subsidiaries — (84 ) (766 ) — (850 ) INCOME FROM CONTINUING OPERATIONS 48,524 79,992 89,293 (159,675 ) 58,134 (Loss) income from discontinued operations (19 ) 3,040 (72 ) 8 2,957 NET INCOME 48,505 83,032 89,221 (159,667 ) 61,091 Other comprehensive loss (3,151 ) — (392 ) — (3,543 ) COMPREHENSIVE INCOME 45,354 83,032 88,829 (159,667 ) 57,548 Comprehensive income attributable to noncontrolling interests — — (12,194 ) — (12,194 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 45,354 $ 83,032 $ 76,635 $ (159,667 ) $ 45,354 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Equity One, Guarantor Non- Consolidated (In thousands) Net cash (used in) provided by operating activities $ (62,234 ) $ 138,116 $ 111,754 $ 187,636 INVESTING ACTIVITIES: Acquisition of income producing properties — (32,560 ) (97,000 ) (129,560 ) Additions to income producing properties (1,672 ) (8,000 ) (6,071 ) (15,743 ) Additions to construction in progress (2,076 ) (37,218 ) (46,429 ) (85,723 ) Proceeds from sale of operating properties 9,819 9,749 — 19,568 Increase in deferred leasing costs and lease intangibles (637 ) (4,290 ) (1,973 ) (6,900 ) Investment in joint ventures — — (344 ) (344 ) Distributions from joint ventures — — 2,241 2,241 Repayments from subsidiaries, net 1,100 (48,884 ) 47,784 — Net cash provided by (used in) investing activities 6,534 (121,203 ) (101,792 ) (216,461 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (18,276 ) (42,658 ) (60,934 ) Purchase of marketable securities for defeasance of mortgage loan — — (66,447 ) (66,447 ) Borrowings under mortgage loans — — 98,537 98,537 Deposit for mortgage loan — — 1,898 1,898 Net borrowings under revolving credit facility 22,000 — — 22,000 Borrowings under senior notes 200,000 — — 200,000 Repayment of senior notes (230,425 ) — — (230,425 ) Borrowings under term loan, net 75,000 — — 75,000 Payment of deferred financing costs (5,470 ) — (1,722 ) (7,192 ) Proceeds from issuance of common stock 122,045 — — 122,045 Repurchase of common stock (1,912 ) — — (1,912 ) Stock issuance costs (1,940 ) — — (1,940 ) Dividends paid to stockholders (126,508 ) — — (126,508 ) Net cash provided by (used in) financing activities 52,790 (18,276 ) (10,392 ) 24,122 Net decrease in cash and cash equivalents (2,910 ) (1,363 ) (430 ) (4,703 ) Cash and cash equivalents at beginning of the year 7,628 1,525 12,200 21,353 Cash and cash equivalents at end of the year $ 4,718 $ 162 $ 11,770 $ 16,650 Condensed Consolidating Statement of Cash Flows Equity One, Guarantor Subsidiaries Non- Consolidated (In thousands) Net cash (used in) provided by operating activities $ (92,636 ) $ 128,370 $ 129,031 $ 164,765 INVESTING ACTIVITIES: Acquisition of income producing properties — (13,300 ) (85,000 ) (98,300 ) Additions to income producing properties (2,851 ) (11,091 ) (7,050 ) (20,992 ) Acquisition of land — (1,350 ) — (1,350 ) Additions to construction in progress (7,249 ) (33,826 ) (22,525 ) (63,600 ) Deposits for the acquisition of income producing properties (10 ) — — (10 ) Proceeds from sale of operating properties — 4,526 1,279 5,805 Increase in deferred leasing costs and lease intangibles (1,459 ) (3,718 ) (1,661 ) (6,838 ) Investment in joint ventures (329 ) — (23,610 ) (23,939 ) Distributions from joint ventures — — 15,666 15,666 Collection of development costs tax credit — 14,258 — 14,258 Repayments from subsidiaries, net 34,347 (56,517 ) 22,170 — Net provided by (cash used) in investing activities 22,449 (101,018 ) (100,731 ) (179,300 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (27,039 ) (24,025 ) (51,064 ) Deposit for mortgage loan — — (1,898 ) (1,898 ) Net borrowings under revolving credit facility 59,000 — — 59,000 Repayment of senior notes (220,155 ) — — (220,155 ) Borrowings under term loan, net 222,916 — — 222,916 Payment of deferred financing costs (168 ) — — (168 ) Proceeds from issuance of common stock 124,915 — — 124,915 Repurchase of common stock (320 ) — — (320 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (112,957 ) — — (112,957 ) Purchase of noncontrolling interests — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (10,010 ) (10,010 ) Net cash provided by (used in) financing activities 72,607 (27,039 ) (37,149 ) 8,419 Net increase (decrease) in cash and cash equivalents 2,420 313 (8,849 ) (6,116 ) Cash and cash equivalents at beginning of the year 5,208 1,212 21,049 27,469 Cash and cash equivalents at end of the year $ 7,628 $ 1,525 $ 12,200 $ 21,353 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (100,853 ) $ 121,044 $ 123,904 $ 144,095 INVESTING ACTIVITIES: Acquisition of income producing properties — (82,650 ) (10,797 ) (93,447 ) Additions to income producing properties (1,360 ) (9,156 ) (8,860 ) (19,376 ) Additions to construction in progress (5,420 ) (55,942 ) (15,733 ) (77,095 ) Deposits for the acquisition of income producing (50 ) — — (50 ) Proceeds from sale of operating properties 41,730 80,764 22,976 145,470 Decrease in cash held in escrow 10,662 — — 10,662 Increase in deferred leasing costs and lease intangibles (611 ) (3,651 ) (3,178 ) (7,440 ) Investment in joint ventures — — (9,028 ) (9,028 ) Advances to joint ventures — — (154 ) (154 ) Distributions from joint ventures — — 16,394 16,394 Repayment of loans receivable — — 60,526 60,526 Repayments from subsidiaries, net 78,191 (18,319 ) (59,872 ) — Net cash provided by (used in) investing activities 123,142 (88,954 ) (7,726 ) 26,462 FINANCING ACTIVITIES: Repayments of mortgage loans — (29,859 ) (102,705 ) (132,564 ) Net repayments under revolving credit facility (54,000 ) — — (54,000 ) Payment of deferred financing costs (3,638 ) — — (3,638 ) Proceeds from issuance of common stock 145,447 — — 145,447 Repurchase of common stock (1,752 ) — — (1,752 ) Stock issuance costs (591 ) — — (591 ) Dividends paid to stockholders (106,659 ) — — (106,659 ) Purchase of noncontrolling interests — (2,191 ) (761 ) (2,952 ) Distributions to noncontrolling interests — — (11,962 ) (11,962 ) Net cash used in financing activities (21,193 ) (32,050 ) (115,428 ) (168,671 ) Net increase in cash and cash equivalents 1,096 40 750 1,886 Cash and cash equivalents at beginning of the year 4,112 1,172 20,299 25,583 Cash and cash equivalents at end of the year $ 5,208 $ 1,212 $ 21,049 $ 27,469 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | First Quarter (1) Second Third Quarter (2) Fourth Quarter (3) 2016 (In thousands, except per share data) Total revenue $ 94,477 $ 92,531 $ 93,755 $ 94,575 Net income $ 21,066 $ 21,582 $ 12,561 $ 17,631 Net income attributable to Equity One, Inc. $ 21,066 $ 21,582 $ 12,561 $ 17,631 Earnings per share data (4) Basic $ 0.15 $ 0.15 $ 0.09 $ 0.12 Diluted $ 0.15 $ 0.15 $ 0.09 $ 0.12 _______________________________________________ (1) During the first quarter of 2016, we recognized a loss on extinguishment of debt of $5.0 million . See Note 12 for further discussion. (2) During the third quarter of 2016, we recognized impairment losses of $3.1 million and a loss on extinguishment of debt of $9.4 million . See Notes 6 and 12 for further discussion. (3) During the fourth quarter of 2016, we incurred merger expenses of $5.5 million . (4) The sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of individual calculations. First Quarter (1) Second Quarter (2) Third Quarter Fourth 2015 (In thousands, except per share data) Total revenue $ 88,479 $ 90,735 $ 90,439 $ 90,500 Net income $ 10,508 $ 29,561 $ 19,459 $ 15,939 Net income attributable to Equity One, Inc. $ 8,006 $ 27,054 $ 16,961 $ 13,432 Earnings per share data (3) Basic $ 0.06 $ 0.21 $ 0.13 $ 0.10 Diluted $ 0.06 $ 0.21 $ 0.13 $ 0.10 _______________________________________________ (1) During the first quarter of 2015, we recognized impairment losses of $11.3 million . See Note 6 for further discussion. (2) During the second quarter of 2015, in connection with the redemption of our interest in the GRI JV, we remeasured the carrying value of our equity interest in the joint venture to fair value and recognized a gain of $5.5 million . Additionally, we recognized a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture. See Note 8 for further discussion. (3) The sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of individual calculations. |
Organization and Basis of Pre57
Organization and Basis of Presentation (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2016ft²propertiesshares | |
Real Estate Properties [Line Items] | |
Shares of Regency Common Stock to be Received | shares | 0.45 |
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 122 |
Shopping Center Occupancy | 95.80% |
Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 1.4 |
Retail Site [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 101 |
Retail Site [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Non Retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 5 |
Retail and Non-retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 12.8 |
Development Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 10 |
Net Rentable Area | ft² | 2.3 |
Land | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Office Building [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 2 |
Proposed Merger with Regency 58
Proposed Merger with Regency Proposed Merger with Regency (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Shares of Regency Common Stock to be Received | 0.45 | ||
Sale of Stock, Percentage of Ownership before Transaction | 34.20% | ||
Termination Fee to be Paid to Regency | $ 150,000 | ||
Transaction Expenses to be Paid by/to Regency | 45,000 | ||
Termination Fee to be Received from Regency | 240,000 | ||
Merger Expenses | $ 5,505 | $ 0 | $ 0 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Estimated Useful Lives Of The Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |
Tenant Improvements, Estimated Useful Life Of Assets | Lesser of minimum lease term or economic useful life |
Minimum [Member] | Buildings | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Minimum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Buildings | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 55 years |
Maximum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Properties (Summary Of The Comp
Properties (Summary Of The Composition Of Income Producing Properties) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $ 1,562,278,000 | $ 1,494,510,000 |
Building and building improvements | 1,722,029,000 | 1,652,714,000 |
Tenant and other improvements | 225,185,000 | 190,307,000 |
Income producing | 3,509,492,000 | 3,337,531,000 |
Less: accumulated depreciation | (493,162,000) | (438,992,000) |
Income producing properties, net | 3,016,330,000 | 2,898,539,000 |
External Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | 74,500,000 | 40,600,000 |
External Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | 31,300,000 | 42,700,000 |
External Costs [Member] | Lease origination costs | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | 2,600,000 | 3,500,000 |
Internal Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | 2,300,000 | 2,100,000 |
Internal Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | 557,000 | 1,100,000 |
Internal Costs [Member] | Lease origination costs | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized costs | $ 4,300,000 | $ 4,100,000 |
Acquisition Activity (Details)
Acquisition Activity (Details) $ in Thousands | Nov. 11, 2016USD ($)ft² | Oct. 25, 2016USD ($)ft² | Jun. 30, 2016USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Combination, Consideration Transferred | $ 129,560 | $ 171,700 | ||||
Jacksonville [Member] | Outparcel at Pablo Plaza [Member] | ||||||
Area of Real Estate Property | ft² | 4,000 | |||||
Business Combination, Consideration Transferred | $ 2,560 | |||||
San Carlos, CA [Member] | San Carlos Marketplace [Member] | ||||||
Business Combination, Consideration Transferred | [1],[2],[3] | $ 97,000 | ||||
Net Rentable Area | ft² | 153,510 | |||||
Payments of Debt Extinguishment Costs | $ 3,400 | |||||
Norwalk [Member] | Walmart at Norwalk [Member] | ||||||
Business Combination, Consideration Transferred | $ 30,000 | |||||
Net Rentable Area | ft² | 142,222 | |||||
[1] | Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. | |||||
[2] | The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. | |||||
[3] | We also paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property, which was not assumed in the acquisition. |
Acquisitions Schedule of Purcha
Acquisitions Schedule of Purchase Price Allocations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 129,560 |
Land | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | 60,688 |
Land improvements | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 2,779 |
Acquired Tangible Assets, Weighted Average Useful Life | 9 years 7 months |
Buildings | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 66,142 |
Acquired Tangible Assets, Weighted Average Useful Life | 36 years 11 months |
Tenant improvements | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 1,589 |
Acquired Tangible Assets, Weighted Average Useful Life | 22 years 9 months |
In-place leases | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 12,003 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years 6 months |
Leasing Commissions | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 1,355 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years 2 months |
Lease origination costs | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 31 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 21 years 11 months |
Below-market leases | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ (15,027) |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Acquisition Activity (Narrative
Acquisition Activity (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)propertypropertiescenters | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Purchase Price | $ 129,560,000 | $ 171,700,000 | |
Mortgage Assumed | 0 | $ 27,750,000 | $ 11,353,000 |
Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | centers | 6 | ||
Outparcel [Member] | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | properties | 1 | ||
Land | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | property | 1 | ||
General and Administrative Expense [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 4,400,000 | $ 903,000 | $ 1,800,000 |
Acquisition and Disposition A64
Acquisition and Disposition Activity Disposition Activity (Details) $ in Thousands | Dec. 22, 2016USD ($)ft² | May 11, 2016USD ($)ft² | Feb. 18, 2016USD ($)ft² | Feb. 11, 2016USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)property | Dec. 31, 2014property |
Number Of Real Estate Properties Sold | property | 2 | 22 | |||||
Sales of Real Estate | $ 20,525 | $ 12,800 | |||||
Thomasville Commons [Member] | Thomasville, North Carolina [Member] | |||||||
Net Rentable Area | ft² | 148,754 | ||||||
Sales of Real Estate | $ 2,700 | ||||||
Westwood Complex [Member] | Maryland [Member] | |||||||
Net Rentable Area | ft² | 211,020 | ||||||
Sales Price of Real Estate, Under Contract, Held for Use | $ 20,000 | ||||||
Wesley Chapel [Member] | Decatur [Member] | |||||||
Net Rentable Area | ft² | 164,153 | ||||||
Sales of Real Estate | $ 7,094 | ||||||
Hairston Center [Member] | Decatur [Member] | |||||||
Net Rentable Area | ft² | 13,000 | ||||||
Sales of Real Estate | $ 431 | ||||||
Sherwood South [Member] | Baton Rouge [Member] | |||||||
Net Rentable Area | ft² | 77,489 | ||||||
Sales of Real Estate | $ 3,000 | ||||||
Plaza Acadienne [Member] | Eunice [Member] | |||||||
Net Rentable Area | ft² | 59,419 | ||||||
Sales of Real Estate | $ 1,775 | ||||||
Beauclerc Village [Member] | Jacksonville [Member] | |||||||
Net Rentable Area | ft² | 68,966 | ||||||
Sales of Real Estate | $ 5,525 | ||||||
Continuing Operations [Member] | |||||||
Number Of Real Estate Properties Sold | property | 19 | ||||||
Discontinued Operations [Member] | Stanley Marketplace, Oak Hill and Summerlin Square [Member] | |||||||
Number Of Real Estate Properties Sold | property | 3 |
Impairment (Summary Of The Impa
Impairment (Summary Of The Impairment Loss) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Goodwill | [1] | $ 0 | $ 200,000 | $ 0 | ||
Impairment of Land Held and Used | [2] | 0 | 3,667,000 | 2,230,000 | ||
Impairment of Operating Properties Held-for-use | [3] | 0 | 1,579,000 | 15,111,000 | ||
Impairment of Properties Sold | [4] | 2,454,000 | 11,307,000 | 4,509,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | [5] | 667,000 | 0 | 0 | ||
Total impairment losses | $ 3,100,000 | $ 11,300,000 | 3,121,000 | 16,753,000 | $ 21,850,000 | |
Sales of Real Estate | $ 20,525,000 | $ 12,800,000 | ||||
[1] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. | |||||
[2] | The projected undiscounted cash flows of each land parcel, which were primarily comprised of the fair value of the respective parcel, were less than its carrying value. | |||||
[3] | The projected undiscounted probability weighted cash flows of each property, which considered the estimated holding period of the property and the exit price in the event of disposition, were less than its carrying value. As a result of management’s updated dispositions plans with respect to these properties, our projected cash flows for each property were updated to reflect an increased likelihood that the holding periods for these properties may be shorter than previously estimated. | |||||
[4] | The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. | |||||
[5] | In September 2016, we recognized an impairment loss of $667,000, which represented the carrying amount of one of our joint venture investments, as a result of our decision to withdraw from the joint venture. See Note 8 for further discussion. |
Accounts And Other Receivable66
Accounts And Other Receivables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | |||
Tenants | $ 12,871,000 | $ 14,430,000 | |
Other | 1,011,000 | 1,258,000 | |
Allowance for doubtful accounts | (2,183,000) | (3,880,000) | |
Total accounts and other receivables, net | 11,699,000 | 11,808,000 | |
Bad debt expense | 1,787,000 | 2,521,000 | $ (27,000) |
Valuation Allowances and Reserves, Recoveries | 1,100,000 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,200,000 | ||
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Bad debt expense | 1,800,000 | 2,500,000 | 97,000 |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 1,787,000 | $ 2,521,000 | $ 1,032,000 |
Investments in Joint Ventures67
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)properties | Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in Joint Ventures | $ 61,449,000 | $ 64,158,000 | ||||
Advances to unconsolidated joint ventures | 347,000 | 442,000 | ||||
Investments in and advances to unconsolidated joint ventures | 61,796,000 | 64,600,000 | ||||
Asset Impairment Charges | $ 3,100,000 | $ 11,300,000 | $ 3,121,000 | $ 16,753,000 | $ 21,850,000 | |
G&I Investment South Florida Portfolio, LLC [Member] | FLORIDA | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | properties | 1 | 1 | ||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Equity Method Investments | $ 3,503,000 | $ 3,719,000 | ||||
Madison Two Thousand Two Hundred Sixty Realty Limited Liability Company [Member] | NEW YORK | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | properties | 1 | 1 | ||||
Cost Method Investment, Ownership Percentage | 8.60% | 8.60% | ||||
Cost Method Investments | $ 526,000 | $ 526,000 | ||||
Madison One Thousand Two Hundred Thirty Five Realty Limited Liability Company [Member] | NEW YORK | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | properties | 1 | 1 | ||||
Cost Method Investment, Ownership Percentage | 20.10% | 20.10% | ||||
Cost Method Investments | $ 820,000 | $ 820,000 | ||||
Parnassus Heights Medical Center [Member] | CALIFORNIA | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | properties | 1 | 1 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
Equity Method Investments | $ 19,067,000 | $ 19,263,000 | ||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Deferred Gain on Sale | $ 376,000 | $ 376,000 | ||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Florida, Massachusetts, New Jersey [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | properties | 6 | 6 | ||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ||||
Equity Method Investments | $ 37,533,000 | $ 39,501,000 | ||||
Other Equity Investment [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 0.00% | 45.00% | ||||
Equity Method Investments | $ 0 | $ 329,000 | ||||
Asset Impairment Charges | $ 667,000 | |||||
GRI-EQY I, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300,000 | |||||
Minimum [Member] | GRI-EQY I, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 10.00% | |||||
Maximum [Member] | GRI-EQY I, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 21.30% |
Investments in Joint Ventures68
Investments in Joint Ventures (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017USD ($)property | Jan. 31, 2017USD ($)property | Jun. 30, 2015USD ($) | Dec. 31, 2010 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)property | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in income of unconsolidated joint ventures | $ 2,711,000 | $ 6,493,000 | $ 10,990,000 | ||||
Management and leasing services | 1,140,000 | 1,877,000 | $ 2,181,000 | ||||
Equity Method Investment, Summarized Financial Information, Long-term Debt | 144,300,000 | 146,200,000 | |||||
Equity Method Investment, Long-term Debt, Entity's Portion | 43,300,000 | $ 43,900,000 | |||||
Number Of Real Estate Properties Sold | property | 2 | 22 | |||||
Business Combination, Consideration Transferred | 129,560,000 | $ 171,700,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 5,498,000 | $ 2,807,000 | ||||
Sales of Real Estate | 20,525,000 | 12,800,000 | |||||
Gain on sale of real estate | 3,670,000 | 3,952,000 | 17,251,000 | ||||
Distributions from joint ventures | 2,241,000 | 15,666,000 | 16,394,000 | ||||
Payments to Noncontrolling Interests | 0 | 1,216,000 | 2,952,000 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 254,144,000 | $ 283,459,000 | |||||
G&I Investment South Florida Portfolio, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number Of Real Estate Properties Sold | property | 2 | ||||||
Sales of Real Estate | $ 51,400,000 | ||||||
Gain on sale of real estate | $ 14,600,000 | ||||||
Net Carrying Value of Real Estate, Under Contract, Held for Use | 17,100,000 | ||||||
GRI-EQY I, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,500,000 | ||||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300,000 | ||||||
Equity Percentage Acquired | 0.113 | ||||||
Payments to Acquire Equity Method Investments | $ 23,500,000 | ||||||
Vernola Marketplace JV, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Distributions from joint ventures | 13,700,000 | ||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Deferred Gain on Sale | $ 376,000 | $ 376,000 | |||||
CALIFORNIA | Vestar [Member] | Equity One Inc [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | ||||||
Acquired controlling interest in joints ventures with Vestar | 2 | ||||||
CALIFORNIA | Rockwood Joint Ventures [Member] | Equity One/Vestar Joint Venture [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50.50% | ||||||
Concord Shopping Plaza [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Net Rentable Area | ft² | 351,602 | ||||||
Talega Village Center [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Consideration Transferred | 6,200,000 | ||||||
Noncontrolling Interest [Member] | Talega Village Center [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 561,000 | ||||||
Other Income [Member] | Talega Village Center [Member] | Equity One Inc [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,800,000 | ||||||
Mortgage Loans [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 4.92% | 5.61% | |||||
Equity [Member] | G&I Investment South Florida Portfolio, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale of real estate | $ 2,900,000 | ||||||
Minimum [Member] | GRI-EQY I, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 10.00% | ||||||
Maximum [Member] | GRI-EQY I, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 21.30% | ||||||
Vernola Marketplace [Member] | Vernola Marketplace JV, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sales of Real Estate | 49,000,000 | ||||||
Mortgage Loan Related to Property Sales | 22,900,000 | ||||||
Gain on sale of real estate | 14,700,000 | ||||||
Payments to Noncontrolling Interests | 1,900,000 | ||||||
Vernola Marketplace [Member] | Noncontrolling Interest [Member] | Vernola Marketplace JV, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale of real estate | 1,600,000 | ||||||
Vernola Marketplace [Member] | Equity [Member] | Vernola Marketplace JV, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale of real estate | $ 7,400,000 | ||||||
Subsequent Event [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number Of Real Estate Properties Sold | property | 1 | 2 | |||||
Sales of Real Estate | $ 10,600,000 | $ 23,500,000 | |||||
Net Carrying Value of Real Estate, Held for Use | $ 5,900,000 | ||||||
Subsequent Event [Member] | G&I Investment South Florida Portfolio, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sales Price of Real Estate, Under Contract, Held for Use | $ 21,000,000 |
Goodwill (Goodwill Activity) (D
Goodwill (Goodwill Activity) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Goodwill [Roll Forward] | ||||
Balance at beginning of the year | $ 5,838,000 | $ 6,038,000 | ||
Impairment | [1] | 0 | (200,000) | $ 0 |
Allocated to properties held for sale | 119,000 | 0 | ||
Balance at end of the year | $ 5,719,000 | $ 5,838,000 | $ 6,038,000 | |
[1] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. |
Other Assets (Composition of Ot
Other Assets (Composition of Other Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Lease intangible assets, net | $ 101,867,000 | $ 101,010,000 | |
Deferred tax asset | 3,889,000 | 5,067,000 | |
Total other assets | 207,701,000 | 203,618,000 | |
Collection of development costs tax credit | $ 0 | 14,258,000 | $ 0 |
Environmental Issue [Member] | |||
Prepaid Expense and Other Assets, Term of Receivable | 2 years | ||
Other Assets [Member] | |||
Lease intangible assets, net | $ 101,867,000 | 101,010,000 | |
Leasing commissions, net | 44,039,000 | 41,211,000 | |
Prepaid expenses and other receivables | 14,938,000 | 13,074,000 | |
Straight-line rent receivables, net | 33,606,000 | 28,910,000 | |
Deposits and mortgage escrows | 1,738,000 | 7,980,000 | |
Deferred financing costs, net | 5,261,000 | 3,419,000 | |
Furniture, fixtures and equipment, net | 2,271,000 | 3,255,000 | |
Fair value of interest rate swaps | 200,000 | 835,000 | |
Deferred tax asset | 3,781,000 | 3,924,000 | |
Total other assets | 207,701,000 | 203,618,000 | |
Other Assets [Member] | Environmental Issue [Member] | |||
Recorded Third-Party Environmental Receivable | $ 7,700,000 | $ 7,700,000 |
Other Assets (Composition Of In
Other Assets (Composition Of Intangible Assets And Accumulated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 201,069 | $ 192,991 |
Total accumulated amortization | 99,202 | 91,981 |
Lease intangible assets, net | 101,867 | 101,010 |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 19,611 | 19,742 |
Total accumulated amortization | 13,892 | 12,644 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 132,128 | 126,987 |
Total accumulated amortization | 76,023 | 71,577 |
Below-market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 34,094 | 34,094 |
Total accumulated amortization | 2,597 | 1,995 |
Lease origination costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 2,709 | 2,797 |
Total accumulated amortization | 2,221 | 2,173 |
Lease incentives | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 12,527 | 9,371 |
Total accumulated amortization | $ 4,469 | $ 3,592 |
Other Assets Amortization Expen
Other Assets Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 14,955 | $ 15,357 | $ 19,108 | |
Above-market leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | [1] | 1,850 | 2,118 | 2,605 |
In-place leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | [2] | 11,074 | 11,350 | 14,824 |
Below-market ground leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | [3] | 601 | 601 | 601 |
Lease origination costs | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | [2] | 166 | 253 | 298 |
Lease incentives | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | [1] | $ 1,264 | $ 1,035 | $ 780 |
[1] | Amounts are recognized as a reduction of minimum rent. | |||
[2] | Amounts are included in depreciation and amortization expenses. | |||
[3] | Amounts are included in property operating expenses. |
Other Assets Five Year Amortiza
Other Assets Five Year Amortization Schedule of Intangible Assets (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 15,703 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,111 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,136 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,319 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | $ 5,732 |
Borrowings (Schedule Of Mortgag
Borrowings (Schedule Of Mortgage Notes Payable) (Details) - USD ($) | Aug. 31, 2016 | Jun. 30, 2016 | Jan. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Mortgage loans | $ 255,646,000 | $ 282,029,000 | ||||||
Variable Rate Mortgage Loan | 27,750,000 | 27,750,000 | ||||||
Unamortized deferred financing costs and discount, net | (8,008,000) | (4,708,000) | ||||||
Properties, net | 3,190,789,000 | 3,068,436,000 | ||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 27,750,000 | $ 11,353,000 | |||||
Loss on extinguishment of debt | $ (9,400,000) | $ (5,000,000) | 14,650,000 | 7,298,000 | 2,750,000 | |||
Repayments of Secured Debt | 60,934,000 | 51,064,000 | $ 132,564,000 | |||||
Assets Pledged as Collateral [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Properties, net | 516,900,000 | |||||||
Fixed Rate Mortgage Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage loans | 227,896,000 | 254,279,000 | ||||||
Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized deferred financing costs and discount, net | (1,502,000) | 1,430,000 | ||||||
Fixed and Variable Rate Mortgage Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage notes payable | $ 254,144,000 | $ 283,459,000 | ||||||
Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 4.92% | 5.61% | ||||||
Loss on extinguishment of debt | $ (22,700) | $ (247,000) | ||||||
Mortgages [Member] | Talega Village Center [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 5.01% | |||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 10,600,000 | |||||||
Mortgages [Member] | Concord Shopping Plaza [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,800,000 | |||||||
Debt Instrument, Maturity Date | Jun. 28, 2018 | |||||||
Mortgages [Member] | Westbury Plaza [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 3.76% | |||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 88,000,000 | |||||||
Debt Instrument, Maturity Date | Feb. 1, 2026 | |||||||
Mortgages [Member] | Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 6.08% | 5.61% | ||||||
Repayments of Secured Debt | $ 44,000,000 | $ 44,300,000 | ||||||
Mortgages [Member] | Mortgages [Member] | Culver Center [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 5.58% | |||||||
Payments for Deposits Applied to Debt Retirements | $ 66,400,000 | |||||||
Loss on extinguishment of debt | (1,600,000) | |||||||
Repayments of Secured Debt | $ 64,000,000 | |||||||
Debt Instrument, Maturity Date | May 1, 2017 | |||||||
Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member] | Concord Shopping Plaza [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | |||||||
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative Instruments and Hedges, Liabilities | $ 1,200,000 | $ 2,000,000 | ||||||
Derivative Liability, Number of Instruments Held | 2 | 2 |
Borrowings (Schedule Of Senior
Borrowings (Schedule Of Senior Notes) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 29, 2016 | |
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 500,000,000 | $ 518,401,000 | ||||
Unamortized deferred financing costs and discount, net | (8,008,000) | (4,708,000) | ||||
Repayment of senior debt borrowings | 230,425,000 | 220,155,000 | $ 0 | |||
Loss on extinguishment of debt | $ (9,400,000) | $ (5,000,000) | $ 14,650,000 | $ 7,298,000 | $ 2,750,000 | |
6.25% Senior Notes, due 1/15/17 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Debt instrument, maturity date | Jan. 15, 2017 | |||||
6.0% Senior Notes, due 9/15/17 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Debt instrument, maturity date | Sep. 15, 2017 | |||||
3.75% Senior Notes, due 11/15/22 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||||
Debt instrument, maturity date | Nov. 15, 2022 | Nov. 15, 2022 | ||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 500,000,000 | $ 518,401,000 | $ 200,000,000 | |||
Unamortized deferred financing costs and discount, net | (3,758,000) | (3,029,000) | ||||
Senior Notes | $ 496,242,000 | $ 515,372,000 | ||||
Weighted average interest rate, excluding unamortized discount | 3.79% | 4.75% | ||||
6.25% Senior Notes, due 1/15/17 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 0 | $ 101,403,000 | ||||
6.0% Senior Notes, due 9/15/17 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | 0 | 116,998,000 | ||||
3.75% Senior Notes, due 11/15/22 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 300,000,000 | 300,000,000 | ||||
3.81% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |||||
Debt instrument, maturity date | May 11, 2026 | |||||
3.81% Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 100,000,000 | 0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |||||
Debt instrument, maturity date | May 11, 2026 | |||||
3.91% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | |||||
Debt instrument, maturity date | Aug. 11, 2026 | |||||
3.91% Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 100,000,000 | $ 0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | |||||
Debt instrument, maturity date | Aug. 11, 2026 | |||||
6.0% Senior Notes, due 9/15/17 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Repayment of senior debt borrowings | $ 117,000,000 | |||||
6.25% Senior Notes, due 1/15/17 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Repayment of senior debt borrowings | $ 101,400,000 | |||||
6.0% and 6.25% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Make-Whole Premium, Amount | 12,000,000 | |||||
Loss on extinguishment of debt | $ (12,600,000) | |||||
5.375% Senior Notes, due 10/15/15 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||
Repayment of senior debt borrowings | $ 107,500,000 | |||||
6.0% Senior Notes, due 9/15/16 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Repayment of senior debt borrowings | $ 105,200,000 | |||||
5.375% and 6.00% Senior Notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Make-Whole Premium, Amount | 7,400,000 | |||||
Loss on extinguishment of debt | $ (7,500,000) |
Borrowings (Revolving Credit Fa
Borrowings (Revolving Credit Facility) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility, Amount Outstanding | $ 118,000 | $ 96,000 |
Letters of Credit Outstanding, Amount | 1,400 | |
Revolving Credit Accordion Feature [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,700,000 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 850,000 | |
Line of credit, prior borrowing capacity | 600,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 850,000 | |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |
Line of Credit Facility, Interest Rate During Period | 1.00% | |
Percentage Of Borrowings On Lender Commitments | 50.00% | |
Line Of Credit Facility Letter Of Credit Commitment Fee | $ 50,000 | |
Multicurrency Subfacility | $ 75,000 | |
Line of Credit Facility, Expiration Date | Feb. 1, 2021 | |
Line of Credit Facility, Amount Outstanding | $ 118,000 | $ 96,000 |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |
Maximum [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Interest Rate at Period End | 1.77% | 1.47% |
Borrowings (Term Loan and Inter
Borrowings (Term Loan and Interest Rate Swaps) (Details) - USD ($) | Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Term loan current borrowing capacity | $ 300,000,000 | ||
Term Loan Maximum Borrowing Capacity | $ 500,000,000 | ||
Derivative, Number of Instruments Held | 3 | 3 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Feb. 13, 2019 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 850,000,000 | ||
Second Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 300,000,000 | ||
Debt Instrument, Maturity Date | Dec. 2, 2020 | ||
Debt, Weighted Average Interest Rate | 1.71% | ||
Forward Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Cost of Hedge Net of Cash Received | $ 3,100,000 | ||
Derivative, Notional Amount | $ 50,000,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | 2.62% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Second Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.825% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Second Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||
Base Rate [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | base rate | ||
Base Rate [Member] | Maximum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||
Base Rate [Member] | Minimum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Maturity Date | Feb. 13, 2019 | ||
Derivative, Number of Instruments Held | 3 | 3 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (1,300,000) | ||
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Debt Instrument [Line Items] | |||
Derivative Asset, Number of Instruments Held | 1 | 1 | |
Derivative Asset | $ 200,000 | $ 217,000 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | |||
Debt Instrument [Line Items] | |||
Derivative Instruments and Hedges, Liabilities | $ 1,200,000 | $ 2,000,000 | |
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 2.62% | ||
Forward Swap [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (308,000) | ||
Investment Contract Settlement Date | Oct. 4, 2016 | ||
Forward Swap [Member] | Other Assets [Member] | |||
Debt Instrument [Line Items] | |||
Derivative Asset | $ 618,000 |
Principal Maturities of Long-Te
Principal Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 6,567 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 89,271 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 273,872 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 305,471 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 135,979 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 612,486 |
Long-term Debt, Gross | $ 1,423,646 |
Borrowings Interest (Details)
Borrowings Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Expense, Debt, Excluding Amortization | $ 49,000 | $ 59,000 | $ 71,400 |
Interest Paid, Capitalized | $ 2,515 | $ 4,755 | $ 4,969 |
Borrowings Borrowings (Phantom)
Borrowings Borrowings (Phantom) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Derivative, Number of Instruments Held | 3 | 3 |
3.81% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 11, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |
3.91% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 11, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 13, 2019 | |
6.25% Senior Notes, due 1/15/17 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 15, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
6.0% Senior Notes, due 9/15/17 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 15, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 15, 2022 | Nov. 15, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Senior Notes [Member] | 3.81% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 11, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |
Senior Notes [Member] | 3.91% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 11, 2026 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative, Number of Instruments Held | 3 | 3 |
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | 1 |
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability, Number of Instruments Held | 2 | 2 |
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | 2.62% |
Other Liabilities (Composition
Other Liabilities (Composition of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Other Liabilities [Line Items] | ||
Total other liabilities | $ 163,215 | $ 169,703 |
Other Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease intangible liabilities, net | 151,761 | 159,665 |
Prepaid rent | 10,468 | 9,361 |
Other | 986 | 677 |
Total other liabilities | $ 163,215 | $ 169,703 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization Expense of Intangible Liabilities [Line Items] | |||
Lease intangible liabilities, gross | $ 243.4 | $ 240.1 | |
Finite-lived Intangible Liabilities, Accumulated Amortization | 91.6 | 80.5 | |
Annual Minimum Rent | |||
Amortization Expense of Intangible Liabilities [Line Items] | |||
Accretion of Intangible Liabilities | $ 15.3 | $ 16.1 | $ 22.3 |
Other Liabilities (Estimated Am
Other Liabilities (Estimated Amortization Expense of Intangible Liabilities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Expected Liability Amortization Expense [Line Items] | |
Intangible Liabilities, Future Accretion Expense, Year One | $ 14,941 |
Intangible Liabilities, Future Accretion Expense, Year Two | 12,740 |
Intangible Liabilities, Future Accretion Expense, Year Three | 11,416 |
Intangible Liabilities, Future Accretion Expense, Year Four | 10,601 |
Intangible Liabilities, Future Accretion Expense, Year Five | $ 10,251 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||
Percentage of distribution of REIT taxable income to stockholders | 90.00% | 90.00% | 90.00% |
Percentage of gross income derived from qualifying sources | 95.00% | 95.00% | 95.00% |
Income tax provision of taxable REIT subsidiaries | $ 0 | $ 0 | $ (27,000) |
Deferred Tax Liabilities, Gross | 14,149,000 | 14,419,000 | |
Dim Vastgoed N V [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Liabilities, Gross | 14,100,000 | 13,300,000 | |
I R T Capital Corporation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Net | 3,800,000 | $ 3,900,000 | |
Disallowed interest carry forwards | 6,900,000 | ||
Disallowed interest carry forwards with tax value | $ 2,600,000 | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 | ||
Federal net operating loss carry forwards | $ 1,800,000 | ||
State net operating loss carry forwards | $ 1,500,000 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciles GAAP Net Income To Taxable Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Percentage of gross income derived from qualifying sources | 95.00% | 95.00% | 95.00% | ||||||||
federal income or excise taxes | $ 0 | $ 0 | |||||||||
GAAP net income attributable to Equity One | $ 17,631,000 | $ 12,561,000 | $ 21,582,000 | $ 21,066,000 | $ 13,432,000 | $ 16,961,000 | $ 27,054,000 | $ 8,006,000 | 72,840,000 | 65,453,000 | $ 48,897,000 |
Net income attributable to taxable REIT subsidiaries | (2,239,000) | (411,000) | (1,214,000) | ||||||||
GAAP net income from REIT operations | 70,601,000 | 65,042,000 | 47,683,000 | ||||||||
Joint ventures | 4,019,000 | (1,653,000) | (2,403,000) | ||||||||
Depreciation | 24,436,000 | 15,809,000 | 21,712,000 | ||||||||
Sale of property | (11,299,000) | (12,031,000) | (12,533,000) | ||||||||
Exercise of stock options and restricted shares | (2,280,000) | 371,000 | (3,387,000) | ||||||||
Interest expense | 928,000 | 2,544,000 | 1,908,000 | ||||||||
Deferred/prepaid/above and below-market rents, net | (4,499,000) | (4,487,000) | (7,907,000) | ||||||||
Impairment losses | 3,121,000 | 12,109,000 | 21,620,000 | ||||||||
Income From Foreign Taxable Real Estate Investment Trust Subsidiary | 4,204,000 | 2,975,000 | 0 | ||||||||
Brownfield tax credits (see Note 11) | 1,817,000 | 5,450,000 | 9,225,000 | ||||||||
Amortization | (989,000) | (1,696,000) | (842,000) | ||||||||
Acquisition costs | 9,743,000 | 1,372,000 | 1,771,000 | ||||||||
Other, net | (785,000) | 1,109,000 | (1,671,000) | ||||||||
Adjusted taxable income (1) | $ 99,017,000 | $ 86,914,000 | $ 75,176,000 |
Income Taxes (Tax Status Of Div
Income Taxes (Tax Status Of Dividends Paid) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Dividend paid per share (in USD per share) | $ 0.88 | $ 0.88 | $ 0.88 |
Ordinary income (percent) | 78.50% | 79.98% | 68.84% |
Return of capital (percent) | 21.50% | 20.02% | 28.51% |
Capital gains (percent) | 0.00% | 0.00% | 2.65% |
Income Taxes (Taxable REIT Subs
Income Taxes (Taxable REIT Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit) | $ 1,485 | $ (856) | $ 850 |
Net Income (Loss) From Taxable Reit Subsidiaries | 2,239 | 411 | 1,214 |
Continuing Operations [Member] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 3,727 | 168 | 2,212 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (3) | (613) | (190) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 3,724 | (445) | 2,022 |
Current State and Local Tax Expense (Benefit) | 545 | 54 | (10) |
Deferred State and Local Income Tax Expense (Benefit) | 940 | (910) | 860 |
Income Tax Expense (Benefit) | 1,485 | (856) | 850 |
Net Income (Loss) From Taxable Reit Subsidiaries | 2,239 | 411 | 1,172 |
Discontinued Operations [Member] | |||
Income Tax Expense (Benefit) | 0 | 0 | 27 |
Net Income (Loss) From Taxable Reit Subsidiaries | $ 0 | $ 0 | $ 42 |
Income Taxes (Statutory Federal
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Tax Contingency [Line Items] | ||||
Income Tax Expense (Benefit) | $ 1,485 | $ (856) | $ 850 | |
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Projected taxable income | 35.00% | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Projected taxable income | 34.00% | |||
Continuing Operations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Federal benefit (provision) at statutory tax rate (1) | [1] | $ (1,316) | 767 | (681) |
State taxes, net of federal benefit (provision) | (136) | 99 | (80) | |
Foreign tax rate differential | 0 | 0 | (19) | |
Other | (33) | (10) | (63) | |
Valuation allowance increase | 0 | 0 | (7) | |
Income Tax Expense (Benefit) | 1,485 | (856) | 850 | |
Discontinued Operations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Expense (Benefit) | 0 | 0 | 27 | |
Continuing and Discontinued Operations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Expense (Benefit) | $ 1,485 | $ (856) | $ 877 | |
[1] | (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Tax Credit Carryforward [Line Items] | ||
Disallowed interest | $ 2,594 | $ 2,719 |
Net operating loss | 662 | 1,675 |
Other | 633 | 673 |
Total deferred tax assets | 3,889 | 5,067 |
Other real estate investments | (14,144) | (14,009) |
Mortgage revaluation | 0 | (168) |
Other | (5) | (242) |
Total deferred tax liabilities | 14,149 | 14,419 |
Deferred tax liability | (14,041) | (13,276) |
DIM Vastgoed NV and IRT Capital Corporation II [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax liability | $ (10,260) | $ (9,352) |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 206,145 |
CapCo [Member] | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 206,100 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Thousands, shares in Millions, ft² in Millions | Jan. 31, 2016USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($)ft²propertyshares |
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 206,145 | |||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 10,010 | $ 11,962 | ||
CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,100 | ||||
Liberty International Holdings Limited [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 0 | $ 10,000 | $ 10,000 | ||
CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Number of Real Estate Properties | property | 13 | ||||
Net Rentable Area | ft² | 2.6 | ||||
Liberty International Holdings Limited [Member] | CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | ||||
Liberty International Holdings Limited [Member] | Class A Joint Venture Shares [Member] | CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 11.4 | 11.4 | |||
Equity One Inc [Member] | CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 78.00% | ||||
Equity One Inc [Member] | Initial Contribution [Member] | CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncash or Part Noncash Acquisition, Notes Issued | $ 600,000 | ||||
Repayment of share appreciation promissory note | $ 600,000 | ||||
Equity One Inc [Member] | Subsequent Contribution [Member] | CapCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncash or Part Noncash Acquisition, Notes Issued | $ 84,300 |
Stockholders_ Equity and Earn92
Stockholders’ Equity and Earnings Per Share (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.88 | $ 0.88 | $ 0.88 | ||
Common stock authorized for issuance under ATM program | 8,500,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Commission percentage | 2.00% | ||||||||
Affiliate 20% Limit under ATM Program | 20.00% | 20.00% | |||||||
Common stock issued under ATM program | 3,700,000 | ||||||||
Weighted Average Price per Share under ATM Program | $ 30.23 | ||||||||
Net Proceeds received under ATM Program | $ 112,900,000 | ||||||||
Stock Issuance Costs under ATM Program | $ 1,400,000 | ||||||||
Remaining capacity under ATM Program | 7,500,000 | ||||||||
Payments of Stock Issuance Costs | $ 1,940,000 | $ 624,000 | $ 591,000 | ||||||
Common Stock [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | 4,500,000 | |||||||
Sale of Stock, Price Per Share | $ 27.05 | $ 23.30 | |||||||
Sale of Stock, Consideration Received on Transaction | $ 121,300,000 | $ 104,600,000 | |||||||
Payments of Stock Issuance Costs | $ 589,000 | $ 561,000 | |||||||
Private Placement [Member] | MGN America, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Aggregate Maximum of Shares Issuable under ATM Program to Affiliate | 1,400,000 | 1,400,000 | |||||||
Private Placement [Member] | Gazit First Generation LLC [Member] | Common Stock [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 600,000 | 675,000 | |||||||
5.375% Senior Notes, due 10/15/15 [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% |
Stockholders_ Equity and Earn93
Stockholders’ Equity and Earnings Per Share EPS (Summary Of Calculation Of Basic and Diluted EPS And Reconciliation Of Net Income Available To Shareholders) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $ 72,840 | $ 75,467 | $ 58,134 | ||||||||
Net income attributable to noncontrolling interests - continuing operations | 0 | 10,014 | 12,206 | ||||||||
Income from continuing operations attributable to Equity One, Inc. | 72,840 | 65,453 | 45,928 | ||||||||
Allocation of continuing income to participating securities | 362 | 423 | 1,759 | ||||||||
Income from continuing operations available to common stockholders | 72,478 | 65,030 | 44,169 | ||||||||
Income from discontinued operations | 0 | 0 | 2,957 | ||||||||
Net loss attributable to noncontrolling interests - discontinued operations | 0 | (12) | |||||||||
Income from discontinued operations available to common stockholders | 2,969 | ||||||||||
Net income available to common stockholders | $ 72,478 | $ 65,030 | $ 47,138 | ||||||||
Weighted average shares outstanding – Basic | shares | 142,492,000 | 127,957,000 | 119,403,000 | ||||||||
incremental common shares attributable to dilutive effect of conversion of partnership units | shares | 372,000 | 0 | 0 | ||||||||
Stock options using the treasury method | shares | 108,000 | 119,000 | 222,000 | ||||||||
Non-participating restricted stock using the treasury method | shares | 10,000 | 10,000 | 40,000 | ||||||||
Long term incentive plan shares using the treasury method | shares | 185,000 | 74,000 | 60,000 | ||||||||
Weighted average shares outstanding – Diluted | shares | 143,167,000 | 128,160,000 | 119,725,000 | ||||||||
Basic earnings per share from continuing operations (in usd per share) | $ / shares | $ 0.51 | $ 0.51 | $ 0.37 | ||||||||
Basic earnings per share from discontinued operations (in usd per share) | $ / shares | 0 | 0 | 0.02 | ||||||||
Earnings Per Share, Basic | $ / shares | $ 0.12 | $ 0.09 | $ 0.15 | $ 0.15 | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | 0.51 | 0.51 | 0.39 |
Income from Continuing Operations, Per Diluted Share | $ / shares | 0.51 | 0.51 | 0.37 | ||||||||
Income from Discontinued Operations, Per Diluted Share | $ / shares | 0 | 0 | 0.02 | ||||||||
Earnings per common share - Diluted (in usd per share) | $ / shares | $ 0.12 | $ 0.09 | $ 0.15 | $ 0.15 | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.51 | $ 0.51 | 0.39 |
Equity Option [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | 24.12 | ||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 26.66 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | 532,000 | ||||||||
Class A Joint Venture Shares [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 11,400,000 | 11,400,000 | |||||||||
Class A Joint Venture Shares [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Common Stock, Conversion Rate | 1 | 1 |
Stockholders_ Equity and Earn94
Stockholders’ Equity and Earnings Per Share EPS Phantom (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ / shares | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.88 | $ 0.88 | $ 0.88 |
Class A Joint Venture Shares [Member] | |||||||
Common Stock, Conversion Rate | 1 | 1 | |||||
Equity Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 532,000 | ||||
Class A Joint Venture Shares [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,400,000 | 11,400,000 |
Share-Based Payment Plans (Narr
Share-Based Payment Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Capital Shares Reserved for Future Issuance | 13,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,600,000 | ||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price | 85.00% | ||
Number of trading days used to determine Employee Stock Purchase Plan purchase price | 5 years | ||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price, Threshold, Minimum | 85.00% | ||
Executives [Member] | Common Stock [Member] | |||
Performance Metric, Number of Components | 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option One | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Two | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Three | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Four | 200.00% | ||
Deferred Compensation Arrangement with Individual, Target Shares | 226,364 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value of Award | $ 2,200,000 | ||
Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 13.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 28.60% | ||
401 (k) Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 469,000 | $ 446,000 | $ 424,000 |
401 (k) Plan [Member] | First 3% of Employee Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
401 (k) Plan [Member] | Next 3% of Employee Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Minimum [Member] | Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | ||
Maximum [Member] | Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% |
Share-Based Payment Plans (Summ
Share-Based Payment Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares Under Option, Outstanding at the beginning of year | 651 | ||
Shares Under Option, Exercised | (451) | ||
Shares Under Option, Outstanding at the end of period | 200 | 651 | |
Shares Under Option, Exercisable at the end of period | 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at the beginning of year (in usd per share) | $ 20.72 | ||
Weighted-Average Exercise Price, Exercised (in usd per share) | 19.77 | ||
Weighted-Average Exercise Price, Outstanding at the end of period (in usd per share) | 22.87 | $ 20.72 | |
Weighted-Average Exercise Price, Exercisable at the end of period (in usd per share) | $ 22.87 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Term | 7 years 5 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 5 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,564 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 782 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 8,900 | $ 3,000 | $ 40,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,900 | $ 1,500 | $ 6,100 |
Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 13.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 28.60% | ||
Minimum [Member] | Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | ||
Maximum [Member] | Executives [Member] | Market Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% |
Share-Based Payment Plans (Su97
Share-Based Payment Plans (Summary Of Assumptions For Estimation Of Fair Value Of Option Grant On The Grant Date Using The Black-Scholes-Merton Pricing Model) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 200,000 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 3.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | ||
Expected option life (years) | 6 years 3 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 39.80% |
Share-Based Payment Plans (Su98
Share-Based Payment Plans (Summary Of Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 24.92 | $ 23.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 28.33 | $ 23.63 | $ 22.95 |
Weighted-Average Grant Date Fair Value, Vested | 25.24 | ||
Weighted-Average Grant Date Fair Value, Forfeited | $ 26.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6.7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Unvested at beginning of the period | 410,000 | ||
Unvested Shares, Granted | 186,000 | ||
Unvested Shares, Vested | (267,000) | ||
Unvested Shares, Forfeited | (36,000) | ||
Unvested Shares, Unvested at end of the period | 293,000 | 410,000 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Executives [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Granted | 56,000 | ||
Executives [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Share-Based Payment Plans (Su99
Share-Based Payment Plans (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock options | $ 312 | $ 337 | $ 650 | |
Restricted stock and long term incentive plan awards (1) | 6,565 | [1] | 4,785 | 6,818 |
Employee stock purchase plan discount | 40 | 36 | 30 | |
Total equity-based compensation costs | 6,917 | 5,158 | 7,498 | |
Restricted stock classified as a liability | 460 | 655 | 289 | |
Total share-based compensation costs | 7,377 | 5,813 | 7,787 | |
Less: Amount capitalized | (147) | (553) | (520) | |
Merger costs (1) | (1,067) | 0 | 0 | |
Net share-based compensation expense | 6,163 | $ 5,260 | $ 7,267 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,500 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | |||
[1] | (1) Includes $1.1 million of merger costs associated with the acceleration of restricted stock granted to certain executives in December 2016 in contemplation of the proposed merger with Regency that are attributable and will be recognized by the combined entity. |
Future Minimum Rental Income100
Future Minimum Rental Income Future Minimum Rental Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Lessor Leasing Arrangements, Operating Leases, Lease Termination Date, Maximum | Jan. 1, 2040 |
Operating Leases, Future Minimum Payments Receivable, 2017 | $ 267,418 |
Operating Leases, Future Minimum Payments Receivable, 2018 | 242,836 |
Operating Leases, Future Minimum Payments Receivable, 2019 | 213,912 |
Operating Leases, Future Minimum Payments Receivable, 2020 | 186,137 |
Operating Leases, Future Minimum Payments Receivable, 2021 | 157,826 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 685,182 |
Operating Leases, Future Minimum Payments Receivable | $ 1,753,311 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 1.4 | ||
Development in Process | 144.5 | ||
Development/Redevelopment Obligation, Amount | 89.8 | ||
Other Significant Project Obligations, Amount | 13.7 | ||
Operating Leases, Rent Expense, Net | $ 1.7 | $ 1.6 | $ 1.5 |
Ground Lease, Lessee [Member] | |||
Loss Contingencies [Line Items] | |||
Year of Latest Lease Expiration | 2,076 | ||
Office and Equipment Leases [Member] | |||
Loss Contingencies [Line Items] | |||
Year of Latest Lease Expiration | 2,021 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Development/Redevelopment Period | 2 years | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Development/Redevelopment Period | 3 years | ||
Capital Addition Purchase Commitments [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Period | 1 year | ||
Capital Addition Purchase Commitments [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Period | 2 years |
Commitments and Contingencie102
Commitments and Contingencies (Minimum Annual Payments Under Non-Cancellable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 1,722 |
2,018 | 1,753 |
2,019 | 1,752 |
2,020 | 1,663 |
2,021 | 1,189 |
Thereafter | 33,941 |
Total | $ 42,020 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Fair Value Measurements) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Number of Instruments Held | 3 | 3 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Number of Instruments Held | 3 | 3 |
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 200,000 | 835,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1,150,000 | 1,991,000 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 200,000 | 835,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1,150,000 | 1,991,000 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 0 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | 1 |
Derivative Asset | $ 200,000 | $ 217,000 |
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Number of Instruments Held | 2 | 2 |
Derivative Instruments and Hedges, Liabilities | $ 1,200,000 | $ 2,000,000 |
Forward Swap [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 618,000 | |
Equity One Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in valuation, interest rate swaps | $ 2,900,000 | 910,000 |
Forward Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | $ 50,000,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment of Operating Properties Held-for-use | [1] | $ 0 | $ 1,579,000 | $ 15,111,000 | ||
Impairment of Land Held and Used | [2] | 0 | 3,667,000 | 2,230,000 | ||
Impairment losses | $ 3,100,000 | $ 11,300,000 | 3,121,000 | 16,753,000 | 21,850,000 | |
Impairment of Properties Sold | [3] | 2,454,000 | 11,307,000 | 4,509,000 | ||
Impairment of Goodwill | [4] | 0 | 200,000 | 0 | ||
Impairment of Intangible Assets (Excluding Goodwill) | [5] | $ 667,000 | 0 | $ 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held and Used, Fair Value Disclosure | [6] | 700,000 | ||||
Impairment of Operating Properties Held-for-use | 1,579,000 | |||||
Land Held and Used | [7] | 8,550,000 | ||||
Impairment of Land Held and Used | 3,667,000 | |||||
Assets, Fair Value Disclosure | 9,250,000 | |||||
Impairment losses | 5,246,000 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held and Used, Fair Value Disclosure | [6] | 0 | ||||
Land Held and Used | [7] | 0 | ||||
Assets, Fair Value Disclosure | 0 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held and Used, Fair Value Disclosure | [6] | 0 | ||||
Land Held and Used | [7] | 0 | ||||
Assets, Fair Value Disclosure | 0 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held and Used, Fair Value Disclosure | [6] | 700,000 | ||||
Land Held and Used | [7] | 8,550,000 | ||||
Assets, Fair Value Disclosure | $ 9,250,000 | |||||
[1] | The projected undiscounted probability weighted cash flows of each property, which considered the estimated holding period of the property and the exit price in the event of disposition, were less than its carrying value. As a result of management’s updated dispositions plans with respect to these properties, our projected cash flows for each property were updated to reflect an increased likelihood that the holding periods for these properties may be shorter than previously estimated. | |||||
[2] | The projected undiscounted cash flows of each land parcel, which were primarily comprised of the fair value of the respective parcel, were less than its carrying value. | |||||
[3] | The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. | |||||
[4] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. | |||||
[5] | In September 2016, we recognized an impairment loss of $667,000, which represented the carrying amount of one of our joint venture investments, as a result of our decision to withdraw from the joint venture. See Note 8 for further discussion. | |||||
[6] | (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. | |||||
[7] | (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. |
Fair Value Measurements Fair105
Fair Value Measurements Fair Value Measurements (Level 3 Inputs) (Details) - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Discount Rate | 12.50% |
Overall cap rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Cap Rate | 10.00% |
Terminal cap rate [Member] [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Cap Rate | 10.50% |
Fair Value of Financial Inst106
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 254,144 | $ 283,459 |
Term Loan, net of deferred financing costs | 547,252 | 471,891 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, fair value | 507,672 | 528,041 |
Loans Payable, Fair Value Disclosure | 550,271 | 475,393 |
Mortgage Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, fair value | 258,219 | 296,067 |
Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 496,242 | $ 515,372 |
Condensed Consolidating Fina107
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Properties, net | $ 3,190,789 | $ 3,068,436 | ||
Investment in affiliates | 347 | 442 | ||
Other assets | 207,701 | 203,618 | ||
TOTAL ASSETS | 3,494,604 | 3,375,903 | ||
LIABILITIES | ||||
Total notes payable | 1,415,638 | 1,366,722 | ||
Other liabilities | 163,215 | 169,703 | ||
Total liabilities | 1,654,317 | 1,605,752 | ||
EQUITY | 1,840,287 | 1,770,151 | $ 1,690,609 | $ 1,602,926 |
TOTAL LIABILITIES AND EQUITY | 3,494,604 | 3,375,903 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Properties, net | 126,107 | 137,695 | ||
Investment in affiliates | 2,787,777 | 2,741,292 | ||
Other assets | 110,406 | 403,661 | ||
TOTAL ASSETS | 3,024,290 | 3,282,648 | ||
LIABILITIES | ||||
Total notes payable | 1,161,493 | 1,683,262 | ||
Other liabilities | 22,510 | 35,380 | ||
Total liabilities | 1,184,003 | 1,718,642 | ||
EQUITY | 1,840,287 | 1,564,006 | ||
TOTAL LIABILITIES AND EQUITY | 3,024,290 | 3,282,648 | ||
Combined Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Properties, net | 1,512,625 | 1,495,211 | ||
Investment in affiliates | 0 | 0 | ||
Other assets | 101,806 | 94,018 | ||
TOTAL ASSETS | 1,614,431 | 1,589,229 | ||
LIABILITIES | ||||
Total notes payable | 24,414 | 42,903 | ||
Other liabilities | 66,994 | 70,042 | ||
Total liabilities | 91,408 | 112,945 | ||
EQUITY | 1,523,023 | 1,476,284 | ||
TOTAL LIABILITIES AND EQUITY | 1,614,431 | 1,589,229 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Properties, net | 1,552,057 | 1,435,613 | ||
Investment in affiliates | 0 | 0 | ||
Other assets | 179,010 | 802,755 | ||
TOTAL ASSETS | 1,731,067 | 2,238,368 | ||
LIABILITIES | ||||
Total notes payable | 315,748 | 574,495 | ||
Other liabilities | 150,565 | 192,720 | ||
Total liabilities | 466,313 | 767,215 | ||
EQUITY | 1,264,754 | 1,471,153 | ||
TOTAL LIABILITIES AND EQUITY | 1,731,067 | 2,238,368 | ||
Equity One, Inc. and Subsidiaries [Member] | ||||
ASSETS | ||||
Properties, net | 3,190,789 | 3,068,436 | ||
Investment in affiliates | 0 | 0 | ||
Other assets | 303,815 | 307,467 | ||
LIABILITIES | ||||
Total notes payable | 1,415,638 | 1,366,722 | ||
Other liabilities | 238,679 | 239,030 | ||
EQUITY | 1,840,287 | 1,770,151 | ||
Consolidated Entities [Member] | ||||
ASSETS | ||||
TOTAL ASSETS | 3,494,604 | 3,375,903 | ||
LIABILITIES | ||||
Total liabilities | 1,654,317 | 1,605,752 | ||
TOTAL LIABILITIES AND EQUITY | 3,494,604 | 3,375,903 | ||
Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Properties, net | (83) | |||
Investment in affiliates | (2,787,777) | (2,741,292) | ||
Other assets | (87,407) | (992,967) | ||
TOTAL ASSETS | (2,875,184) | (3,734,342) | ||
LIABILITIES | ||||
Total notes payable | (86,017) | (933,938) | ||
Other liabilities | (1,390) | (59,112) | ||
Total liabilities | (87,407) | (993,050) | ||
EQUITY | (2,787,777) | (2,741,292) | ||
TOTAL LIABILITIES AND EQUITY | $ (2,875,184) | $ (3,734,342) |
Condensed Consolidating Fina108
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 94,575 | $ 93,755 | $ 92,531 | $ 94,477 | $ 90,500 | $ 90,439 | $ 90,735 | $ 88,479 | $ 375,338 | $ 360,153 | $ 353,185 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 138,914 | 137,339 | 121,173 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 74,325 | 74,611 | 58,984 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | (1,485) | 856 | (850) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 72,840 | 75,467 | 58,134 | ||||||||
Income from discontinued operations | 0 | 0 | 2,957 | ||||||||
Net income | $ 17,631 | $ 12,561 | $ 21,582 | $ 21,066 | $ 15,939 | $ 19,459 | $ 29,561 | $ 10,508 | 72,840 | 75,467 | 61,091 |
Other comprehensive loss | (2,235) | (979) | (3,543) | ||||||||
COMPREHENSIVE INCOME | 70,605 | 74,488 | 57,548 | ||||||||
Comprehensive income attributable to noncontrolling interests | 0 | (10,014) | (12,194) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 70,605 | 64,474 | 45,354 | ||||||||
Parent Company [Member] | |||||||||||
Total revenue | 24,009 | 23,512 | 23,898 | ||||||||
Equity in subsidiaries’ earnings | 157,074 | 169,423 | 158,824 | ||||||||
Total costs and expenses | 48,283 | 45,115 | 50,548 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 132,800 | 147,820 | 132,174 | ||||||||
Nonoperating Income (Expense) | (59,834) | (82,436) | (83,650) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 72,966 | 65,384 | 48,524 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 0 | ||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | ||||||||||
Income from discontinued operations | (19) | ||||||||||
Net income | 72,966 | 65,384 | 48,505 | ||||||||
Other comprehensive loss | (2,361) | (910) | (3,151) | ||||||||
COMPREHENSIVE INCOME | 64,474 | 45,354 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 70,605 | 64,474 | 45,354 | ||||||||
Combined Guarantor Subsidiaries [Member] | |||||||||||
Total revenue | 193,193 | 182,424 | 181,030 | ||||||||
Equity in subsidiaries’ earnings | 0 | 0 | |||||||||
Total costs and expenses | 99,707 | 91,708 | 94,237 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 93,486 | 90,716 | 86,793 | ||||||||
Nonoperating Income (Expense) | 2,516 | (3,183) | (6,717) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 96,002 | 87,533 | 80,076 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | (143) | 1,618 | (84) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 79,992 | ||||||||||
Income from discontinued operations | 3,040 | ||||||||||
Net income | 95,859 | 89,151 | 83,032 | ||||||||
Other comprehensive loss | 0 | 0 | |||||||||
COMPREHENSIVE INCOME | 89,151 | 83,032 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 95,859 | 89,151 | 83,032 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Total revenue | 158,136 | 154,217 | 148,257 | ||||||||
Equity in subsidiaries’ earnings | 0 | 0 | |||||||||
Total costs and expenses | 89,468 | 87,110 | 88,194 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 68,668 | 67,107 | 60,063 | ||||||||
Nonoperating Income (Expense) | (5,328) | 24,795 | 29,996 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 63,340 | 91,902 | 90,059 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | (1,342) | (762) | (766) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 89,293 | ||||||||||
Income from discontinued operations | (72) | ||||||||||
Net income | 61,998 | 91,140 | 89,221 | ||||||||
Other comprehensive loss | 126 | (69) | (392) | ||||||||
COMPREHENSIVE INCOME | 91,071 | 88,829 | |||||||||
Comprehensive income attributable to noncontrolling interests | (10,014) | (12,194) | |||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 62,124 | 81,057 | 76,635 | ||||||||
Equity One, Inc. and Subsidiaries [Member] | |||||||||||
Total revenue | 375,338 | 360,153 | 353,185 | ||||||||
Equity in subsidiaries’ earnings | 0 | 0 | |||||||||
Total costs and expenses | 236,424 | 222,814 | 232,012 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 138,914 | 137,339 | 121,173 | ||||||||
Nonoperating Income (Expense) | (64,589) | (62,728) | (62,189) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 74,325 | 74,611 | 58,984 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | (1,485) | 856 | (850) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 58,134 | ||||||||||
Income from discontinued operations | 2,957 | ||||||||||
Net income | 72,840 | 75,467 | 61,091 | ||||||||
Other comprehensive loss | (2,235) | (979) | (3,543) | ||||||||
COMPREHENSIVE INCOME | 74,488 | 57,548 | |||||||||
Comprehensive income attributable to noncontrolling interests | (10,014) | (12,194) | |||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 70,605 | 64,474 | 45,354 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Equity in subsidiaries’ earnings | (157,074) | (169,423) | (158,824) | ||||||||
Total costs and expenses | (1,034) | (1,119) | (967) | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | (156,040) | (168,304) | (157,857) | ||||||||
Nonoperating Income (Expense) | (1,943) | (1,904) | (1,818) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (157,983) | (170,208) | (159,675) | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 0 | ||||||||||
INCOME FROM CONTINUING OPERATIONS | (159,675) | ||||||||||
Income from discontinued operations | 8 | ||||||||||
Net income | (157,983) | (170,208) | (159,667) | ||||||||
Other comprehensive loss | 0 | 0 | |||||||||
COMPREHENSIVE INCOME | (170,208) | (159,667) | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ (157,983) | $ (170,208) | $ (159,667) |
Condensed Consolidating Fina109
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash (used in) provided by operating activities | $ 187,636 | $ 164,765 | $ 144,095 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (129,560) | (98,300) | (93,447) |
Additions to income producing properties | (15,743) | (20,992) | (19,376) |
Acquisition of land | 0 | (1,350) | 0 |
Additions to construction in progress | (85,723) | (63,600) | (77,095) |
Deposits for the acquisition of income producing properties | 0 | (10) | (50) |
Proceeds from sale of operating properties | 19,568 | 5,805 | 145,470 |
Decrease in cash held in escrow | 0 | 0 | 10,662 |
Increase in deferred leasing costs and lease intangibles | (6,900) | (6,838) | (7,440) |
Investment in joint ventures | (344) | (23,939) | (9,028) |
Advances to joint ventures | 0 | 0 | (154) |
Distributions from joint ventures | 2,241 | 15,666 | 16,394 |
Collection of development costs tax credit | 0 | 14,258 | 0 |
Proceeds from Collection of Loans Receivable | 0 | 0 | 60,526 |
Net cash (used in) provided by investing activities | (216,461) | (179,300) | 26,462 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | (60,934) | (51,064) | (132,564) |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | 66,447 | 0 | 0 |
Borrowings under mortgage loans | 98,537 | 0 | 0 |
Deposit for mortgage loan | 1,898 | (1,898) | 0 |
Net borrowings under revolving credit facility | 22,000 | 59,000 | (54,000) |
Borrowings under senior notes | 200,000 | 0 | 0 |
Repayment of senior debt borrowings | (230,425) | (220,155) | 0 |
Payment of deferred financing costs | (7,192) | (168) | (3,638) |
Proceeds from issuance of common stock | 122,045 | 124,915 | 145,447 |
Repurchase of common stock | (1,912) | (320) | (1,752) |
Stock issuance costs | (1,940) | (624) | (591) |
Dividends paid to stockholders | (126,508) | (112,957) | (106,659) |
Purchase of noncontrolling interests | 0 | (1,216) | (2,952) |
Distributions to noncontrolling interests | 0 | (10,010) | (11,962) |
Net Cash Provided by (Used in) Financing Activities | 24,122 | 8,419 | (168,671) |
Net increase (decrease) in cash and cash equivalents | (4,703) | (6,116) | 1,886 |
Cash and cash equivalents at beginning of the year | 21,353 | 27,469 | 25,583 |
Cash and cash equivalents at end of the year | 16,650 | 21,353 | 27,469 |
Parent Company [Member] | |||
Net cash (used in) provided by operating activities | (62,234) | (92,636) | (100,853) |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | 0 | 0 | 0 |
Additions to income producing properties | (1,672) | (2,851) | (1,360) |
Acquisition of land | 0 | ||
Additions to construction in progress | (2,076) | (7,249) | (5,420) |
Deposits for the acquisition of income producing properties | (10) | (50) | |
Proceeds from sale of operating properties | 9,819 | 0 | 41,730 |
Decrease in cash held in escrow | 10,662 | ||
Increase in deferred leasing costs and lease intangibles | 637 | 1,459 | 611 |
Investment in joint ventures | 0 | (329) | 0 |
Advances to joint ventures | 0 | ||
Distributions from joint ventures | 0 | 0 | 0 |
Collection of development costs tax credit | 0 | ||
Repayments From (Advances To) Subsidiaries, Net | 1,100 | 34,347 | (78,191) |
Proceeds from Collection of Loans Receivable | 0 | ||
Net cash (used in) provided by investing activities | 6,534 | 22,449 | 123,142 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | 0 | 0 | 0 |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | 0 | ||
Borrowings under mortgage loans | 0 | ||
Payments for Mortgage Deposits | 0 | ||
Deposit for mortgage loan | 0 | ||
Net borrowings under revolving credit facility | 22,000 | 59,000 | (54,000) |
Borrowings under senior notes | 200,000 | ||
Proceeds from (Payments for) Other Financing Activities | 75,000 | 222,916 | |
Repayment of senior debt borrowings | (230,425) | (220,155) | |
Payment of deferred financing costs | (5,470) | (168) | (3,638) |
Proceeds from issuance of common stock | 122,045 | 124,915 | 145,447 |
Repurchase of common stock | (1,912) | (320) | (1,752) |
Stock issuance costs | (1,940) | (624) | (591) |
Dividends paid to stockholders | (126,508) | (112,957) | (106,659) |
Purchase of noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Net Cash Provided by (Used in) Financing Activities | 52,790 | 72,607 | (21,193) |
Net increase (decrease) in cash and cash equivalents | (2,910) | 2,420 | 1,096 |
Cash and cash equivalents at beginning of the year | 7,628 | 5,208 | 4,112 |
Cash and cash equivalents at end of the year | 4,718 | 7,628 | 5,208 |
Combined Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 138,116 | 128,370 | 121,044 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | 32,560 | 13,300 | 82,650 |
Additions to income producing properties | (8,000) | (11,091) | (9,156) |
Acquisition of land | (1,350) | ||
Additions to construction in progress | (37,218) | (33,826) | (55,942) |
Deposits for the acquisition of income producing properties | 0 | 0 | |
Proceeds from sale of operating properties | 9,749 | 4,526 | 80,764 |
Decrease in cash held in escrow | 0 | ||
Increase in deferred leasing costs and lease intangibles | 4,290 | 3,718 | 3,651 |
Investment in joint ventures | 0 | 0 | 0 |
Advances to joint ventures | 0 | ||
Distributions from joint ventures | 0 | 0 | 0 |
Collection of development costs tax credit | 14,258 | ||
Repayments From (Advances To) Subsidiaries, Net | (48,884) | (56,517) | 18,319 |
Proceeds from Collection of Loans Receivable | 0 | ||
Net cash (used in) provided by investing activities | (121,203) | (101,018) | (88,954) |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | (18,276) | (27,039) | (29,859) |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | 0 | ||
Borrowings under mortgage loans | 0 | ||
Payments for Mortgage Deposits | 0 | ||
Deposit for mortgage loan | 0 | ||
Net borrowings under revolving credit facility | 0 | 0 | 0 |
Borrowings under senior notes | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | |
Repayment of senior debt borrowings | 0 | 0 | |
Payment of deferred financing costs | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | 0 | 0 |
Dividends paid to stockholders | 0 | 0 | 0 |
Purchase of noncontrolling interests | 0 | (2,191) | |
Distributions to noncontrolling interests | 0 | 0 | |
Net Cash Provided by (Used in) Financing Activities | (18,276) | (27,039) | (32,050) |
Net increase (decrease) in cash and cash equivalents | (1,363) | 313 | 40 |
Cash and cash equivalents at beginning of the year | 1,525 | 1,212 | 1,172 |
Cash and cash equivalents at end of the year | 162 | 1,525 | 1,212 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 111,754 | 129,031 | 123,904 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | 97,000 | 85,000 | 10,797 |
Additions to income producing properties | (6,071) | (7,050) | (8,860) |
Acquisition of land | 0 | ||
Additions to construction in progress | (46,429) | (22,525) | (15,733) |
Deposits for the acquisition of income producing properties | 0 | 0 | |
Proceeds from sale of operating properties | 0 | 1,279 | 22,976 |
Decrease in cash held in escrow | 0 | ||
Increase in deferred leasing costs and lease intangibles | 1,973 | 1,661 | 3,178 |
Investment in joint ventures | (344) | (23,610) | (9,028) |
Advances to joint ventures | (154) | ||
Distributions from joint ventures | 2,241 | 15,666 | 16,394 |
Collection of development costs tax credit | 0 | ||
Repayments From (Advances To) Subsidiaries, Net | 47,784 | 22,170 | 59,872 |
Proceeds from Collection of Loans Receivable | 60,526 | ||
Net cash (used in) provided by investing activities | (101,792) | (100,731) | (7,726) |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | (42,658) | (24,025) | (102,705) |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | (66,447) | ||
Borrowings under mortgage loans | 98,537 | ||
Payments for Mortgage Deposits | (1,898) | ||
Deposit for mortgage loan | (1,898) | ||
Net borrowings under revolving credit facility | 0 | 0 | 0 |
Borrowings under senior notes | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | |
Repayment of senior debt borrowings | 0 | 0 | |
Payment of deferred financing costs | (1,722) | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | 0 | 0 |
Dividends paid to stockholders | 0 | 0 | 0 |
Purchase of noncontrolling interests | (1,216) | (761) | |
Distributions to noncontrolling interests | (10,010) | (11,962) | |
Net Cash Provided by (Used in) Financing Activities | (10,392) | (37,149) | (115,428) |
Net increase (decrease) in cash and cash equivalents | (430) | (8,849) | 750 |
Cash and cash equivalents at beginning of the year | 12,200 | 21,049 | 20,299 |
Cash and cash equivalents at end of the year | 11,770 | 12,200 | 21,049 |
Consolidated Entities [Member] | |||
Net cash (used in) provided by operating activities | 187,636 | 164,765 | 144,095 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (129,560) | (98,300) | (93,447) |
Additions to income producing properties | (15,743) | (20,992) | (19,376) |
Acquisition of land | (1,350) | ||
Additions to construction in progress | (85,723) | (63,600) | (77,095) |
Deposits for the acquisition of income producing properties | (10) | (50) | |
Proceeds from sale of operating properties | 19,568 | 5,805 | 145,470 |
Decrease in cash held in escrow | 10,662 | ||
Increase in deferred leasing costs and lease intangibles | (6,900) | (6,838) | (7,440) |
Investment in joint ventures | (344) | (23,939) | (9,028) |
Advances to joint ventures | (154) | ||
Distributions from joint ventures | 2,241 | 15,666 | 16,394 |
Collection of development costs tax credit | 14,258 | ||
Repayments From (Advances To) Subsidiaries, Net | 0 | 0 | 0 |
Proceeds from Collection of Loans Receivable | 60,526 | ||
Net cash (used in) provided by investing activities | (216,461) | (179,300) | 26,462 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage loans | (60,934) | (51,064) | (132,564) |
Purchase of Marketable Securities for Defeasance of Mortgage Loan | (66,447) | ||
Borrowings under mortgage loans | 98,537 | ||
Payments for Mortgage Deposits | (1,898) | ||
Deposit for mortgage loan | (1,898) | ||
Net borrowings under revolving credit facility | 22,000 | 59,000 | (54,000) |
Borrowings under senior notes | 200,000 | ||
Proceeds from (Payments for) Other Financing Activities | 75,000 | 222,916 | |
Repayment of senior debt borrowings | (230,425) | (220,155) | |
Payment of deferred financing costs | (7,192) | (168) | (3,638) |
Proceeds from issuance of common stock | 122,045 | 124,915 | 145,447 |
Repurchase of common stock | (1,912) | (320) | (1,752) |
Stock issuance costs | (1,940) | (624) | (591) |
Dividends paid to stockholders | (126,508) | (112,957) | (106,659) |
Purchase of noncontrolling interests | (1,216) | (2,952) | |
Distributions to noncontrolling interests | (10,010) | (11,962) | |
Net Cash Provided by (Used in) Financing Activities | 24,122 | 8,419 | (168,671) |
Net increase (decrease) in cash and cash equivalents | (4,703) | (6,116) | 1,886 |
Cash and cash equivalents at beginning of the year | 21,353 | 27,469 | 25,583 |
Cash and cash equivalents at end of the year | $ 16,650 | $ 21,353 | $ 27,469 |
Quarterly Financial Data Qua110
Quarterly Financial Data Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 94,575 | $ 93,755 | $ 92,531 | $ 94,477 | $ 90,500 | $ 90,439 | $ 90,735 | $ 88,479 | $ 375,338 | $ 360,153 | $ 353,185 |
Net income | 17,631 | 12,561 | 21,582 | 21,066 | 15,939 | 19,459 | 29,561 | 10,508 | 72,840 | 75,467 | 61,091 |
Net income attributable to Equity One, Inc. | $ 17,631 | $ 12,561 | $ 21,582 | $ 21,066 | $ 13,432 | $ 16,961 | $ 27,054 | $ 8,006 | $ 72,840 | $ 65,453 | $ 48,897 |
Earnings Per Share, Basic | $ 0.12 | $ 0.09 | $ 0.15 | $ 0.15 | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.51 | $ 0.51 | $ 0.39 |
Earnings per common share - Diluted (in usd per share) | $ 0.12 | $ 0.09 | $ 0.15 | $ 0.15 | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.51 | $ 0.51 | $ 0.39 |
Loss on extinguishment of debt | $ 9,400 | $ 5,000 | $ (14,650) | $ (7,298) | $ (2,750) | ||||||
Merger Expenses | 5,505 | 0 | 0 | ||||||||
Asset Impairment Charges | $ 3,100 | $ 11,300 | 3,121 | 16,753 | 21,850 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 0 | $ 5,498 | $ 2,807 | ||||||||
GRI-EQY I, LLC [Member] | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,500 | ||||||||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300 |
Related Parties (Details)
Related Parties (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursements from general and administrative expenses | $ 974,000 | $ 886,000 | $ 958,000 | |||
Gazit Globe Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party rental income | 258,000 | 253,000 | 240,000 | |||
Due from Gazit | $ 242,000 | 254,000 | 242,000 | |||
MGN Icarus, Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expenses | 375,000 | 500,000 | $ 271,000 | |||
Due to Related Parties | 175,000 | 160,000 | $ 175,000 | |||
Gazit Group USA, Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party rental income | $ 20,000 | |||||
Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | 4,500,000 | ||||
Common Stock [Member] | Gazit First Generation LLC and MGN USA [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expenses | $ 245,000 | |||||
Sale of Stock, Number of Shares Issued in Transaction | 4,800,000 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Event (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2017$ / shares | Feb. 28, 2017USD ($)property | Jan. 31, 2017USD ($)property | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)property$ / shares | Dec. 31, 2014property$ / shares |
Subsequent Event [Line Items] | ||||||
Number Of Real Estate Properties Sold | property | 2 | 22 | ||||
Sales of Real Estate | $ 20,525 | $ 12,800 | ||||
Dividend paid per share (in USD per share) | $ / shares | $ 0.88 | $ 0.88 | $ 0.88 | |||
Derivative, Number of Instruments Held | 3 | 3 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number Of Real Estate Properties Sold | property | 1 | 2 | ||||
Net Carrying Value of Real Estate, Under Contract, Held for Sale | $ 13,300 | |||||
Sales of Real Estate | $ 10,600 | $ 23,500 | ||||
Net Carrying Value of Real Estate, Held for Use | 5,900 | |||||
Dividend paid per share (in USD per share) | $ / shares | $ 0.18089 | |||||
G And I Investment South Florida Portfolio Limited Liability Company [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number Of Real Estate Properties Sold | property | 2 | |||||
Sales of Real Estate | $ 51,400 | |||||
Interest Rate Swap [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Derivative, Number of Instruments Held | 3 | 3 | ||||
Interest Rate Swap [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Derivative, Cost of Hedge Net of Cash Received | $ 900 |
Valuation And Qualifying Acc113
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 1,200 | ||||
Allowance for Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $ 2,183 | $ 3,880 | 3,046 | $ 4,819 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,787 | 2,521 | 1,032 | ||
Valuation Allowances and Reserves, Adjustments | 0 | 0 | (1,059) | [1] | |
Valuation Allowances and Reserves, Deductions | $ 3,484 | 1,687 | 1,746 | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 0 | 164 | $ 162 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 2 | |||
Valuation Allowances and Reserves, Adjustments | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | $ 164 | $ 0 | |||
[1] | Represents the reversal of certain historical real estate tax billings for which a settlement was reached with the tenants. |
Summary Of Real Estate And A114
Summary Of Real Estate And Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 255,646 | ||||
INITIAL COST TO COMPANY, Land | 1,438,652 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,632,005 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 580,664 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,458,082 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,193,239 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,651,321 | $ 3,507,428 | $ 3,289,953 | $ 3,270,999 | |
Accumulated Depreciation | (493,162) | $ (438,992) | $ (381,533) | $ (354,166) | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 2,500,000 | ||||
Broadway Plaza - Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jun. 8, 2012 | ||||
FLORIDA | Alafaya Commons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,858 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,720 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,475 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,053 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,053 | ||||
Accumulated Depreciation | $ (3,808) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Alafaya Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,444 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,967 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 590 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,444 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,557 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,001 | ||||
Accumulated Depreciation | $ (1,489) | ||||
Date Acquired | Apr. 20, 2006 | ||||
FLORIDA | Atlantic Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,190 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,760 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,108 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,190 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,868 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,058 | ||||
Accumulated Depreciation | $ (4,589) | ||||
Date Acquired | Jun. 30, 1995 | ||||
FLORIDA | Aventura Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 18,790 | |||
INITIAL COST TO COMPANY, Land | [2] | 46,811 | |||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 17,851 | |||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 2,102 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 45,855 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 20,909 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 66,764 | |||
Accumulated Depreciation | [2] | $ (3,624) | |||
Date Acquired | [2] | Oct. 5, 2011 | |||
FLORIDA | Banco Popular Building [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,363 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,566 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 681 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,363 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,247 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,610 | ||||
Accumulated Depreciation | $ (733) | ||||
Date Acquired | Sep. 27, 2005 | ||||
FLORIDA | Bird 107 Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||||
INITIAL COST TO COMPANY, Land | 8,568 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,942 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 21 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,568 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,963 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,531 | ||||
Accumulated Depreciation | $ (200) | ||||
Date Acquired | Aug. 27, 2015 | ||||
FLORIDA | Bird Ludlum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,088 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 16,318 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,970 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,288 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,376 | ||||
Accumulated Depreciation | $ (10,666) | ||||
Date Acquired | Aug. 11, 1994 | ||||
FLORIDA | Bluffs Square Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,232 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,917 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 985 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,232 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,902 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,134 | ||||
Accumulated Depreciation | $ (5,427) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Boca Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,385 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,174 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,619 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,620 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,558 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,178 | ||||
Accumulated Depreciation | $ (3,858) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Boynton Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,943 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,100 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,464 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,884 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,623 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,507 | ||||
Accumulated Depreciation | $ (3,330) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Cashmere Corners [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,947 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,707 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,018 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,947 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,725 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,672 | ||||
Accumulated Depreciation | $ (2,321) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Chapel Trail Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,641 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,777 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,011 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,641 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,788 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,429 | ||||
Accumulated Depreciation | $ (3,413) | ||||
Date Acquired | May 10, 2006 | ||||
FLORIDA | Charlotte Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,155 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,414 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,306 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,155 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,720 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,875 | ||||
Accumulated Depreciation | $ (1,857) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Coral Reef Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 16,464 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,376 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,161 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 17,517 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,484 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,001 | ||||
Accumulated Depreciation | $ (1,470) | ||||
Date Acquired | Sep. 1, 2006 | ||||
FLORIDA | Countryside Shops [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 11,343 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,853 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,036 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,343 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,889 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 32,232 | ||||
Accumulated Depreciation | $ (5,400) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Crossroads Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,592 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,401 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,732 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,520 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,205 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,725 | ||||
Accumulated Depreciation | $ (4,207) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Ft Caroline [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 701 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,800 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,603 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 700 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,404 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,104 | ||||
Accumulated Depreciation | $ (2,337) | ||||
Date Acquired | Jan. 24, 1994 | ||||
FLORIDA | Gateway Plaza At Aventura [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,301 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,529 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,301 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,529 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,830 | ||||
Accumulated Depreciation | $ (1,495) | ||||
Date Acquired | Mar. 19, 2010 | ||||
FLORIDA | Glengary Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,488 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,969 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 417 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,488 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,386 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,874 | ||||
Accumulated Depreciation | $ (3,300) | ||||
Date Acquired | Dec. 31, 2008 | ||||
FLORIDA | Greenwood [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,117 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,295 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,175 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,117 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,470 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,587 | ||||
Accumulated Depreciation | $ (4,999) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Hammocks Town Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 16,856 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,392 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,816 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 16,856 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,208 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 31,064 | ||||
Accumulated Depreciation | $ (2,793) | ||||
Date Acquired | Dec. 31, 2008 | ||||
FLORIDA | Homestead Gas Station [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,170 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 329 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,170 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 329 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,499 | ||||
Accumulated Depreciation | $ (36) | ||||
Date Acquired | Nov. 8, 2004 | ||||
FLORIDA | Jonathan's Landing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,146 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,442 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 886 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,146 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,328 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,474 | ||||
Accumulated Depreciation | $ (1,896) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Kirkman Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,222 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,714 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,873 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,933 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,876 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,809 | ||||
Accumulated Depreciation | $ (4,351) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Lago Mar [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,216 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,609 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,876 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,216 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,485 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,701 | ||||
Accumulated Depreciation | $ (3,015) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Lake Mary [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,092 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,878 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 17,948 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,092 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 31,826 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 38,918 | ||||
Accumulated Depreciation | $ (10,831) | ||||
Date Acquired | Nov. 9, 1995 | ||||
FLORIDA | Lantana Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 165 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 285 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 138 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 165 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 423 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 588 | ||||
Accumulated Depreciation | $ (195) | ||||
Date Acquired | Jan. 6, 1998 | ||||
FLORIDA | Magnolia Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,176 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,886 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,373 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,176 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,259 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,435 | ||||
Accumulated Depreciation | $ (2,916) | ||||
Date Acquired | Dec. 31, 2008 | ||||
FLORIDA | Mandarin Landing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,443 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,747 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,757 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,443 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,504 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,947 | ||||
Accumulated Depreciation | $ (6,992) | ||||
Date Acquired | Dec. 10, 1999 | ||||
FLORIDA | Old Kings Commons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,420 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,139 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,420 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,144 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,564 | ||||
Accumulated Depreciation | $ (2,166) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Pablo Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,023 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 14,072 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,250 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,930 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,415 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,345 | ||||
Accumulated Depreciation | $ (3,307) | ||||
Date Acquired | Aug. 31, 2010 | ||||
FLORIDA | Pavilion [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 10,827 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,299 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 13,247 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,827 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,546 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 35,373 | ||||
Accumulated Depreciation | $ (6,422) | ||||
Date Acquired | Feb. 4, 2004 | ||||
FLORIDA | Pine Island [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 8,557 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,860 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,879 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,557 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,739 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,296 | ||||
Accumulated Depreciation | $ (7,245) | ||||
Date Acquired | Aug. 26, 1999 | ||||
FLORIDA | Pine Ridge Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,528 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,850 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,299 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,649 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,028 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,677 | ||||
Accumulated Depreciation | $ (5,696) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Point Royale [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,720 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 10,156 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,926 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,955 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,881 | ||||
Accumulated Depreciation | $ (3,847) | ||||
Date Acquired | Jul. 27, 1995 | ||||
FLORIDA | Prosperity Centre [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,015 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,838 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,534 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,015 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,372 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,387 | ||||
Accumulated Depreciation | $ (6,711) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Ridge Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,905 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,450 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,329 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,898 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,786 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,684 | ||||
Accumulated Depreciation | $ (4,548) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Ryanwood Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,281 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,880 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,731 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,613 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,279 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,892 | ||||
Accumulated Depreciation | $ (2,939) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Salerno Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 166 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 125 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 166 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 125 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 291 | ||||
Accumulated Depreciation | $ (37) | ||||
Date Acquired | Jan. 1, 1900 | ||||
FLORIDA | Sawgrass Promenade [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,280 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,351 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,926 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,280 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,277 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,557 | ||||
Accumulated Depreciation | $ (6,044) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | Sheridan Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 57,140 | ||||
INITIAL COST TO COMPANY, Land | 38,888 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 36,241 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,231 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 38,888 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 43,472 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 82,360 | ||||
Accumulated Depreciation | $ (16,007) | ||||
Date Acquired | Jul. 14, 2003 | ||||
FLORIDA | Shoppes of Oakbrook [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 0 | |||
INITIAL COST TO COMPANY, Land | [2] | 7,706 | |||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 16,079 | |||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 5,123 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 7,706 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 21,202 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 28,908 | |||
Accumulated Depreciation | [2] | $ (8,277) | |||
Date Acquired | [2] | Aug. 15, 2000 | |||
FLORIDA | Shoppes of Silverlakes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 10,306 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,131 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,573 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,306 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,704 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,010 | ||||
Accumulated Depreciation | $ (4,703) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Shoppes of Sunset I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,318 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,537 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 74 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,318 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,611 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,929 | ||||
Accumulated Depreciation | $ (145) | ||||
Date Acquired | Jun. 10, 2015 | ||||
FLORIDA | Shoppes of Sunset II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,117 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 790 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (6) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,117 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 784 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,901 | ||||
Accumulated Depreciation | $ (146) | ||||
Date Acquired | Jun. 10, 2015 | ||||
FLORIDA | Shops at Skylake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 15,226 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,206 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 26,865 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,226 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 34,071 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 49,297 | ||||
Accumulated Depreciation | $ (12,118) | ||||
Date Acquired | Aug. 19, 1997 | ||||
FLORIDA | Shops at St. Lucie [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 790 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,082 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,294 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 790 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,376 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,166 | ||||
Accumulated Depreciation | $ (1,195) | ||||
Date Acquired | Aug. 15, 2000 | ||||
FLORIDA | South Beach [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 9,545 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 19,228 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 10,781 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,663 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,891 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,554 | ||||
Accumulated Depreciation | $ (10,172) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | South Point Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,142 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,098 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 130 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,142 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,228 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,370 | ||||
Accumulated Depreciation | $ (1,914) | ||||
Date Acquired | Dec. 8, 2006 | ||||
FLORIDA | St Lucie Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,728 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (5,378) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,350 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,350 | ||||
Accumulated Depreciation | $ 0 | ||||
Date Acquired | Nov. 27, 2006 | ||||
FLORIDA | Summerlin Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,187 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,989 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (9,100) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 366 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 710 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,076 | ||||
Accumulated Depreciation | $ (329) | ||||
Date Acquired | Jun. 10, 1998 | ||||
FLORIDA | Sunlake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 9,861 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 23,469 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,791 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,539 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,330 | ||||
Accumulated Depreciation | $ (4,013) | ||||
Date Acquired | Feb. 1, 2005 | ||||
FLORIDA | Tamarac Town Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,742 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,610 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,933 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,643 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,642 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,285 | ||||
Accumulated Depreciation | $ (2,861) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | TD Bank Skylake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,041 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 453 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,064 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 430 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,494 | ||||
Accumulated Depreciation | $ (59) | ||||
Date Acquired | Dec. 17, 2009 | ||||
FLORIDA | Town & Country [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,503 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,397 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 472 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,354 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,018 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,372 | ||||
Accumulated Depreciation | $ (1,915) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Treasure Coast Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 0 | |||
INITIAL COST TO COMPANY, Land | [2] | 1,359 | |||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 9,728 | |||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 2,078 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 1,359 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 11,806 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 13,165 | |||
Accumulated Depreciation | [2] | $ (3,982) | |||
Date Acquired | [2] | Feb. 12, 2003 | |||
FLORIDA | Unigold Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,304 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,413 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,315 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,304 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,728 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,032 | ||||
Accumulated Depreciation | $ (3,171) | ||||
Date Acquired | Feb. 12, 2003 | ||||
FLORIDA | Waterstone [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,422 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,508 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 678 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,422 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,186 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,608 | ||||
Accumulated Depreciation | $ (2,383) | ||||
Date Acquired | Apr. 10, 1992 | ||||
FLORIDA | West Bird Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 5,280 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,539 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,173 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,280 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,712 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,992 | ||||
Accumulated Depreciation | $ (3,287) | ||||
Date Acquired | Aug. 31, 2010 | ||||
FLORIDA | West Lakes Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,141 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,789 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,171 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,141 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,960 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,101 | ||||
Accumulated Depreciation | $ (3,477) | ||||
Date Acquired | Nov. 6, 1996 | ||||
FLORIDA | Westport Outparcels [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 1,347 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,010 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 84 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,347 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,094 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,441 | ||||
Accumulated Depreciation | $ (267) | ||||
Date Acquired | Sep. 14, 2006 | ||||
FLORIDA | Westport Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,127 | ||||
INITIAL COST TO COMPANY, Land | 4,180 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,446 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 441 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,180 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,887 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,067 | ||||
Accumulated Depreciation | $ (1,344) | ||||
Date Acquired | Dec. 17, 2004 | ||||
FLORIDA | Young Circle [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 13,409 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,895 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 940 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 13,409 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,835 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,244 | ||||
Accumulated Depreciation | $ (2,822) | ||||
Date Acquired | May 19, 2005 | ||||
FLORIDA | Corporate [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 0 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 241 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (1,162) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | (921) | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | (921) | ||||
Accumulated Depreciation | 574 | ||||
Massachusetts [Member] | Cambridge Star Market [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 11,358 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,854 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,358 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,854 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,212 | ||||
Accumulated Depreciation | $ (4,512) | ||||
Date Acquired | Oct. 7, 2004 | ||||
Massachusetts [Member] | Concord Shopping Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,750 | ||||
INITIAL COST TO COMPANY, Land | 28,030 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 40,919 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,030 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 40,919 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 68,949 | ||||
Accumulated Depreciation | $ (2,021) | ||||
Date Acquired | Jun. 10, 2015 | ||||
Massachusetts [Member] | Medford Shaw's Supermarket [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,750 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,390 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (4,859) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,092 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,189 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,281 | ||||
Accumulated Depreciation | $ (2,987) | ||||
Date Acquired | Oct. 7, 2004 | ||||
Massachusetts [Member] | North Bay Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 850 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 194 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 877 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,167 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,044 | ||||
Accumulated Depreciation | $ (563) | ||||
Date Acquired | Apr. 30, 1998 | ||||
Massachusetts [Member] | Plymouth Shaw's Supermarket [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,917 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,198 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,917 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,199 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,116 | ||||
Accumulated Depreciation | $ (3,966) | ||||
Date Acquired | Oct. 7, 2004 | ||||
Massachusetts [Member] | Quincy Star Market [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,121 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 18,445 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 174 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,121 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,619 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,740 | ||||
Accumulated Depreciation | $ (6,026) | ||||
Date Acquired | Oct. 7, 2004 | ||||
Massachusetts [Member] | Swampscott Whole Foods [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 5,139 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,539 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,139 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,539 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,678 | ||||
Accumulated Depreciation | $ (2,121) | ||||
Date Acquired | Oct. 7, 2004 | ||||
Massachusetts [Member] | The Harvard Collection [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 27,481 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,537 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 87,412 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,187 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 78,243 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 118,430 | ||||
Accumulated Depreciation | $ (16,061) | ||||
Date Acquired | Nov. 16, 2009 | ||||
Massachusetts [Member] | West Roxbury Shaw's Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 14,457 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,588 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,996 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,496 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,545 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 30,041 | ||||
Accumulated Depreciation | $ (5,136) | ||||
Date Acquired | Oct. 7, 2004 | ||||
North Carolina [Member] | Centre Pointe Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,081 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,411 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,472 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,081 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,883 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,964 | ||||
Accumulated Depreciation | $ (2,317) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Georgia [Member] | BridgeMill [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,046 | ||||
INITIAL COST TO COMPANY, Land | 8,593 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,310 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 789 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,593 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,099 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,692 | ||||
Accumulated Depreciation | $ (2,717) | ||||
Date Acquired | Nov. 13, 2003 | ||||
Georgia [Member] | Buckhead Station [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 27,138 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 45,277 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,000 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 27,138 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 50,277 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 77,415 | ||||
Accumulated Depreciation | $ (13,307) | ||||
Date Acquired | Mar. 9, 2007 | ||||
Georgia [Member] | Chastain Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 10,689 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,937 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,604 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,689 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,541 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,230 | ||||
Accumulated Depreciation | $ (2,525) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Georgia [Member] | Hampton Oaks [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 835 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 344 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 243 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 936 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,179 | ||||
Accumulated Depreciation | $ (589) | ||||
Date Acquired | Nov. 30, 2006 | ||||
Georgia [Member] | Mc Alphin Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,536 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,963 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 460 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,536 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,423 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,959 | ||||
Accumulated Depreciation | $ (2,566) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Georgia [Member] | Piedmont Peachtree Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 34,338 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 17,992 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,486 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 34,338 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,478 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 53,816 | ||||
Accumulated Depreciation | $ (5,548) | ||||
Date Acquired | Mar. 6, 2006 | ||||
Georgia [Member] | River Green Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,587 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (1,087) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,500 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,500 | ||||
Accumulated Depreciation | $ 0 | ||||
Date Acquired | Sep. 27, 2005 | ||||
Georgia [Member] | Union City Commons Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 8,084 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (5,684) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,400 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,400 | ||||
Accumulated Depreciation | $ 0 | ||||
Date Acquired | Jun. 22, 2006 | ||||
Georgia [Member] | Williamsburg At Dunwoody [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,697 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,615 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,506 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,697 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,121 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,818 | ||||
Accumulated Depreciation | $ (1,825) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Louisiana [Member] | Ambassador Row [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,880 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,570 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,151 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,880 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,721 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,601 | ||||
Accumulated Depreciation | $ (4,902) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Louisiana [Member] | Ambassador Row Courtyard [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 3,110 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,208 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,813 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,110 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,021 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,131 | ||||
Accumulated Depreciation | $ (4,431) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Louisiana [Member] | Bluebonnet Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,290 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,168 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,482 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,290 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,650 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,940 | ||||
Accumulated Depreciation | $ (2,481) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Louisiana [Member] | Elmwood Oaks [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,088 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,221 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,005 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,226 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,314 | ||||
Accumulated Depreciation | $ (3,475) | ||||
Date Acquired | Feb. 12, 2003 | ||||
Louisiana [Member] | Siegen Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,329 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,691 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 24 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,329 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,715 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,044 | ||||
Accumulated Depreciation | $ (3,445) | ||||
Date Acquired | Feb. 12, 2003 | ||||
NEW YORK | 90-30 Metropolitan Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 5,105 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 21,378 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 952 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,105 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,330 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,435 | ||||
Accumulated Depreciation | $ (2,954) | ||||
Date Acquired | Sep. 1, 2011 | ||||
NEW YORK | 161 W. 16th Street [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 21,699 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 40,518 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 12,498 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,699 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 53,016 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 74,715 | ||||
Accumulated Depreciation | $ (3,696) | ||||
Date Acquired | May 16, 2011 | ||||
NEW YORK | 1175 Third Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 5,950 | ||||
INITIAL COST TO COMPANY, Land | 28,282 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 22,115 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (377) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,070 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,950 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 50,020 | ||||
Accumulated Depreciation | $ (2,868) | ||||
Date Acquired | Sep. 22, 2010 | ||||
NEW YORK | 1225 -1239 Second Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 14,253 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,288 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 258 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,274 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,525 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,799 | ||||
Accumulated Depreciation | $ (1,044) | ||||
Date Acquired | Oct. 5, 2012 | ||||
NEW YORK | Broadway Plaza - Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,500 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 41,150 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 13,005 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 35,645 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 48,650 | ||||
Accumulated Depreciation | (3,636) | ||||
NEW YORK | Broadway Plaza - Land Outparcel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 16,156 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,192 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,964 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,156 | ||||
Accumulated Depreciation | $ (674) | ||||
Date Acquired | Oct. 1, 2012 | ||||
NEW YORK | Commerce Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 25,184 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 19,462 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 33 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 25,184 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,495 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 44,679 | ||||
Accumulated Depreciation | $ (3,038) | ||||
Date Acquired | Sep. 28, 2012 | ||||
NEW YORK | The Gallery at Westbury [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 80,120 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,610 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 343 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 80,120 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,953 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 87,073 | ||||
Accumulated Depreciation | $ (287) | ||||
Date Acquired | Oct. 19, 2015 | ||||
NEW YORK | Westbury Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 88,000 | ||||
INITIAL COST TO COMPANY, Land | 37,853 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 58,273 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,521 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,843 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 66,804 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 107,647 | ||||
Accumulated Depreciation | $ (14,927) | ||||
Date Acquired | Oct. 29, 2009 | ||||
CALIFORNIA | 200 Potrero [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,778 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,469 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 303 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,778 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,772 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,550 | ||||
Accumulated Depreciation | $ (546) | ||||
Date Acquired | Dec. 27, 2012 | ||||
CALIFORNIA | Antioch Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 7,060 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (3,236) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,770 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 54 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,824 | ||||
Accumulated Depreciation | $ 0 | ||||
Date Acquired | Jan. 4, 2011 | ||||
CALIFORNIA | Circle Center West [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 10,800 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,340 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,118 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,800 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,458 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,258 | ||||
Accumulated Depreciation | $ (2,354) | ||||
Date Acquired | Mar. 15, 2011 | ||||
CALIFORNIA | Culver Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 74,868 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 59,958 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,296 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 75,214 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 64,908 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 140,122 | ||||
Accumulated Depreciation | $ (8,924) | ||||
Date Acquired | Nov. 16, 2011 | ||||
CALIFORNIA | Marketplace Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 8,727 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 22,188 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,949 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,737 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 25,127 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,864 | ||||
Accumulated Depreciation | $ (4,271) | ||||
Date Acquired | Jan. 4, 2011 | ||||
CALIFORNIA | Plaza Escuela [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 10,041 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 63,038 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,939 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,041 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 66,977 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 77,018 | ||||
Accumulated Depreciation | $ (8,840) | ||||
Date Acquired | Jan. 4, 2011 | ||||
CALIFORNIA | Pleasanton Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 19,390 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 20,197 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 402 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,390 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,599 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,989 | ||||
Accumulated Depreciation | $ (2,741) | ||||
Date Acquired | Oct. 25, 2013 | ||||
CALIFORNIA | Potrero Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 48,594 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 74,701 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,772 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 48,594 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 76,473 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 125,067 | ||||
Accumulated Depreciation | $ (10,509) | ||||
Date Acquired | Mar. 1, 2012 | ||||
CALIFORNIA | Ralphs Circle Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 9,833 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,856 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,389 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,833 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,245 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,078 | ||||
Accumulated Depreciation | $ (1,791) | ||||
Date Acquired | Jul. 14, 2011 | ||||
CALIFORNIA | San Carlos Marketplace [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 33,823 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 54,536 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 33,823 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 54,536 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 88,359 | ||||
Accumulated Depreciation | $ (347) | ||||
Date Acquired | Oct. 25, 2016 | ||||
CALIFORNIA | Serramonte Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 81,049 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 119,765 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 83,395 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 83,101 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 201,108 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 284,209 | ||||
Accumulated Depreciation | $ (30,854) | ||||
Date Acquired | Jan. 4, 2011 | ||||
CALIFORNIA | Talega Village Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 10,516 | ||||
INITIAL COST TO COMPANY, Land | 14,273 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,266 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 553 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,273 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,819 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,092 | ||||
Accumulated Depreciation | $ (1,282) | ||||
Date Acquired | Jan. 23, 2014 | ||||
CALIFORNIA | Von's Circle West [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 8,839 | ||||
INITIAL COST TO COMPANY, Land | 18,219 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 18,909 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,259 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,274 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,113 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 40,387 | ||||
Accumulated Depreciation | $ (4,489) | ||||
Date Acquired | Mar. 16, 2011 | ||||
CALIFORNIA | Willows Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 20,999 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 38,007 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 15,697 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,742 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 52,961 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 74,703 | ||||
Accumulated Depreciation | $ (10,287) | ||||
Date Acquired | Jan. 4, 2011 | ||||
Connecticut [Member] | 91 Danbury Road [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 787 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 664 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (11) | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 782 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 658 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,440 | ||||
Accumulated Depreciation | $ (35) | ||||
Date Acquired | Nov. 23, 2015 | ||||
Connecticut [Member] | Brookside Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 2,291 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 26,260 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,170 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,291 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,430 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,721 | ||||
Accumulated Depreciation | $ (11,514) | ||||
Date Acquired | Jan. 12, 2006 | ||||
Connecticut [Member] | Compo Acres Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 18,305 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,195 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,562 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,305 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,757 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,062 | ||||
Accumulated Depreciation | $ (2,451) | ||||
Date Acquired | Mar. 1, 2012 | ||||
Connecticut [Member] | Copps Hill Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 15,096 | ||||
INITIAL COST TO COMPANY, Land | 14,146 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 24,626 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 258 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,146 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,884 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,030 | ||||
Accumulated Depreciation | $ (5,943) | ||||
Date Acquired | Mar. 31, 2010 | ||||
Connecticut [Member] | Danbury Green [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
INITIAL COST TO COMPANY, Land | $ 17,547 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 21,560 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 8,666 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,143 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,630 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 47,773 | ||||
Accumulated Depreciation | $ (7,025) | ||||
Date Acquired | Oct. 27, 2011 | ||||
Connecticut [Member] | Darinor Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 0 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 16,991 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,288 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,279 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,279 | ||||
Accumulated Depreciation | $ (3,497) | ||||
Date Acquired | Aug. 28, 2012 | ||||
Connecticut [Member] | Post Road Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 9,807 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,707 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,455 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,807 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,162 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,969 | ||||
Accumulated Depreciation | $ (683) | ||||
Date Acquired | Mar. 1, 2012 | ||||
Connecticut [Member] | Southbury Green [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 18,483 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 31,857 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,212 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,744 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,808 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 56,552 | ||||
Accumulated Depreciation | $ (6,840) | ||||
Date Acquired | Oct. 27, 2011 | ||||
Connecticut [Member] | The Village Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 14,392 | ||||
INITIAL COST TO COMPANY, Land | 18,284 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 36,021 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,960 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,419 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,846 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 57,265 | ||||
Accumulated Depreciation | $ (3,006) | ||||
Date Acquired | Oct. 23, 2013 | ||||
Connecticut [Member] | Walmart at Norwalk [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 25,917 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 14,577 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 25,917 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,577 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 40,494 | ||||
Accumulated Depreciation | $ (326) | ||||
Date Acquired | Jun. 30, 2016 | ||||
Connecticut [Member] | Westport Office [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 995 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,214 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 10 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,039 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,180 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,219 | ||||
Accumulated Depreciation | $ (85) | ||||
Date Acquired | Nov. 18, 2014 | ||||
Maryland [Member] | 5335 Citgo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,203 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 103 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,203 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 103 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,306 | ||||
Accumulated Depreciation | $ (81) | ||||
Date Acquired | Sep. 5, 2013 | ||||
Maryland [Member] | 5471 Citgo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 4,107 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 78 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,107 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 78 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,185 | ||||
Accumulated Depreciation | $ (62) | ||||
Date Acquired | Sep. 5, 2013 | ||||
Maryland [Member] | Bowlmor Lanes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 12,128 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 863 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 12,128 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 863 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,991 | ||||
Accumulated Depreciation | $ (324) | ||||
Date Acquired | May 7, 2013 | ||||
Maryland [Member] | Westwood - Manor Care [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 6,397 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,747 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,397 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,747 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,144 | ||||
Accumulated Depreciation | $ (775) | ||||
Date Acquired | Sep. 5, 2013 | ||||
Maryland [Member] | Westwood Center II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 11,205 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,655 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,205 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,666 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,871 | ||||
Accumulated Depreciation | $ (576) | ||||
Date Acquired | Jan. 16, 2014 | ||||
Maryland [Member] | Westwood Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
INITIAL COST TO COMPANY, Land | 62,841 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,224 | ||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,713 | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 62,841 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,937 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 75,778 | ||||
Accumulated Depreciation | $ (1,536) | ||||
Date Acquired | Jan. 16, 2014 | ||||
[1] | (1) Includes asset impairments recognized. | ||||
[2] | (2) Aventura Square encumbrance is cross collateralized with Shoppes of Oakbrook and Treasure Coast Plaza. |
Reconciliation of Real Estate a
Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment in real estate: | |||
Balance at beginning of the year | $ 3,507,428 | $ 3,289,953 | $ 3,270,999 |
Improvements | 101,636 | 83,212 | 104,561 |
Acquisitions | 130,660 | 180,350 | 115,567 |
Cost of real estate sold/written off | (39,821) | (46,087) | (201,174) |
Balance at close of the year | 3,651,321 | 3,507,428 | 3,289,953 |
Accumulated depreciation: | |||
Balance at beginning of the year | (438,992) | (381,533) | (354,166) |
Depreciation expense | (85,387) | (75,235) | (79,279) |
Cost of real estate sold/written off | 22,032 | 17,776 | 51,912 |
Balance at close of the year | (493,162) | (438,992) | (381,533) |
SEC Schedule III, Real Estate, Other Deductions | (48,582) | 0 | 0 |
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions | $ 9,185 | $ 0 | $ 0 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |
Balance at beginning of year | $ 60,711 |
Collection of principal | (60,526) |
Collection of interest | (185) |
Deductions during year: | (60,711) |
Balance at end of year | $ 0 |