Retail Properties of America (RPAI) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Entity information
Entity Registrant Name	RETAIL PROPERTIES OF AMERICA, INC.
Entity Central Index Key	1,222,840
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		237,383,080

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment properties:
Land	$ 1,281,900	$ 1,254,131
Building and other improvements	4,459,618	4,428,554
Developments in progress	3,000	5,157
Gross investment properties	5,744,518	5,687,842
Less accumulated depreciation	(1,476,970)	(1,433,195)
Net investment properties (includes $115,222 and $0 from consolidated variable interest entities, respectively)	4,267,548	4,254,647
Cash and cash equivalents	29,788	51,424
Accounts and notes receivable (net of allowances of $7,148 and $7,910, respectively)	79,523	82,804
Acquired lease intangible assets, net	146,522	138,766
Assets associated with investment properties held for sale	48,533	0
Other assets, net	136,422	93,610
Total assets	4,708,336	4,621,251
Liabilities:
Mortgages payable, net	1,032,287	1,123,136
Unsecured notes payable, net	495,818	495,576
Unsecured term loans, net	447,005	447,526
Unsecured revolving line of credit	305,000	100,000
Accounts payable and accrued expenses	56,137	69,800
Distributions payable	39,320	39,297
Acquired lease intangible liabilities, net	108,602	114,834
Liabilities associated with investment properties held for sale	5,208	0
Other liabilities	69,886	75,745
Total liabilities	2,559,263	2,465,914
Commitments and contingencies (Note 14)
Equity:
Additional paid-in capital	4,932,953	4,931,395
Accumulated distributions in excess of earnings	(2,783,560)	(2,776,215)
Accumulated other comprehensive loss	(562)	(85)
Total equity	2,149,073	2,155,337
Total liabilities and equity	4,708,336	4,621,251
7.00% Series A cumulative redeemable preferred stock
Equity:
Preferred stock	5	5
Class A common stock
Equity:
Class A common stock	$ 237	$ 237

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Consolidated variable interest entities (in dollars)	$ 115,222	$ 0
Accounts and notes receivable, allowances (in dollars)	$ 7,148	$ 7,910
7.00% Series A cumulative redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, shares issued	5,400	5,400
Preferred stock, shares outstanding	5,400	5,400
Preferred stock, liquidation preference	$ 135,000	$ 135,000
Class A common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	475,000	475,000
Common stock, shares issued	237,383	237,267
Common stock, shares outstanding	237,383	237,267

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental income	$ 115,194	$ 119,022	$ 230,454	$ 238,810
Tenant recovery income	29,654	29,416	60,010	60,716
Other property income	2,378	2,450	5,401	4,559
Total revenues	147,226	150,888	295,865	304,085
Expenses
Operating expenses	20,092	23,153	43,153	48,848
Real estate taxes	21,090	20,486	41,029	40,996
Depreciation and amortization	53,443	55,798	106,839	110,474
Provision for impairment of investment properties	4,142	3,944	6,306	3,944
General and administrative expenses	10,773	14,018	22,179	25,010
Total expenses	109,540	117,399	219,506	229,272
Operating income	37,686	33,489	76,359	74,813
Gain on extinguishment of debt	0	0	13,653	0
Gain on extinguishment of other liabilities	6,978	0	6,978	0
Interest expense	(25,977)	(36,140)	(52,741)	(70,185)
Other income (expense), net	302	(306)	427	919
Income (loss) from continuing operations	18,989	(2,957)	44,676	5,547
Gain on sales of investment properties	9,613	33,641	31,352	38,213
Net income	28,602	30,684	76,028	43,760
Preferred stock dividends	(2,363)	(2,363)	(4,725)	(4,725)
Net income attributable to common shareholders	$ 26,239	$ 28,321	$ 71,303	$ 39,035
Earnings per common share – basic and diluted
Net income per common share attributable to common shareholders	$ 0.11	$ 0.12	$ 0.30	$ 0.16
Net income	$ 28,602	$ 30,684	$ 76,028	$ 43,760
Other comprehensive (loss) income:
Net unrealized (loss) gain on derivative instruments (Note 9)	(510)	97	(477)	2
Comprehensive income attributable to the Company	$ 28,092	$ 30,781	$ 75,551	$ 43,762
Weighted average number of common shares outstanding – basic	236,716	236,354	236,647	236,302
Weighted average number of common shares outstanding – diluted	236,902	236,356	236,781	236,305

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred stock7.00% Series A cumulative redeemable preferred stock	Common stockClass A common stock	Additional paid-in capital	Accumulated distributions in excess of earnings	Accumulated other comprehensive (loss) income	Total shareholders' equity	Noncontrolling interests
Balance at Dec. 31, 2014	$ 2,189,375	$ 5	$ 237	$ 4,922,864	$ (2,734,688)	$ (537)	$ 2,187,881	$ 1,494
Balance (in shares) at Dec. 31, 2014		5,400	236,602
Increase (decrease) in shareholders' equity
Net income	43,760				43,760		43,760
Other comprehensive income (loss)	2					2	2
Distributions declared to preferred shareholders	(4,725)				(4,725)		(4,725)
Distributions declared to common shareholders	(78,575)				(78,575)		(78,575)
Issuance of common stock, net of offering costs	(79)			(79)			(79)
Issuance of restricted shares (in shares)			737
Stock-based compensation expense, net of forfeitures	6,126			6,126			6,126
Shares withheld for employee taxes	(1,723)			(1,723)			(1,723)
Shares withheld for employee taxes (in shares)			(112)
Balance at Jun. 30, 2015	2,154,161	$ 5	$ 237	4,927,188	(2,774,228)	(535)	2,152,667	1,494
Balance (in shares) at Jun. 30, 2015		5,400	237,227
Increase (decrease) in shareholders' equity
Cumulative effect of accounting change				17	(17)
Balance at Dec. 31, 2015	2,155,337	$ 5	$ 237	4,931,395	(2,776,215)	(85)	2,155,337	0
Balance (in shares) at Dec. 31, 2015		5,400	237,267
Increase (decrease) in shareholders' equity
Net income	76,028				76,028		76,028
Other comprehensive income (loss)	(477)					(477)	(477)
Distributions declared to preferred shareholders	(4,725)				(4,725)		(4,725)
Distributions declared to common shareholders	(78,631)				(78,631)		(78,631)
Issuance of common stock, net of offering costs	(2)			(2)			(2)
Issuance of restricted shares (in shares)			269
Stock-based compensation expense, net of forfeitures	3,702			3,702			3,702
Stock-based compensation expense, net of forfeitures (in shares)			(6)
Shares withheld for employee taxes	(2,159)			(2,159)			(2,159)
Shares withheld for employee taxes (in shares)			(147)
Balance at Jun. 30, 2016	$ 2,149,073	$ 5	$ 237	$ 4,932,953	$ (2,783,560)	$ (562)	$ 2,149,073	$ 0
Balance (in shares) at Jun. 30, 2016		5,400	237,383

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Distributions declared to preferred shareholders (in dollars per share)	$ 0.875	$ 0.875
Distributions declared to common shareholders (in dollars per share)	$ 0.33125	$ 0.33125

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 76,028	$ 43,760
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	106,839	110,474
Provision for impairment of investment properties	6,306	3,944
Gain on sales of investment properties	(31,352)	(38,213)
Gain on extinguishment of debt	(13,653)	0
Gain on extinguishment of other liabilities	(6,978)	0
Amortization of loan fees and debt premium and discount, net	3,187	2,040
Amortization of stock-based compensation	3,702	6,126
Premium paid in connection with defeasance of mortgages payable	0	6,288
Payment of leasing fees and inducements	(5,967)	(3,986)
Changes in accounts receivable, net	(1,655)	11,441
Changes in accounts payable and accrued expenses, net	(11,410)	(6,816)
Changes in other operating assets and liabilities, net	834	7,099
Other, net	893	834
Net cash provided by operating activities	126,774	142,991
Cash flows from investing activities:
Changes in restricted escrows, net	1,769	21,699
Purchase of investment properties	(261,877)	(382,016)
Capital expenditures and tenant improvements	(30,216)	(23,070)
Proceeds from sales of investment properties	41,031	150,699
Investment in developments in progress	0	(833)
Other, net	194	(25)
Net cash used in investing activities	(249,099)	(233,546)
Cash flows from financing activities:
Proceeds from mortgages payable	0	757
Principal payments on mortgages payable	(12,679)	(178,546)
Proceeds from unsecured notes payable	0	248,815
Proceeds from unsecured credit facility	325,000	460,000
Repayments of unsecured credit facility	(120,000)	(350,000)
Payment of loan fees and deposits, net	(6,043)	(2,233)
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable	0	(30,840)
Distributions paid	(83,333)	(83,196)
Other, net	(2,256)	(1,793)
Net cash provided by financing activities	100,689	62,964
Net decrease in cash and cash equivalents	(21,636)	(27,591)
Cash and cash equivalents, at beginning of period	51,424	112,292
Cash and cash equivalents, at end of period	29,788	84,701
Supplemental cash flow disclosure, including non-cash activities:
Cash paid for interest	46,695	56,692
Distributions payable	39,320	39,291
Accrued capital expenditures and tenant improvements	8,742	5,309
Accrued leasing fees and inducements	772	669
Developments in progress placed in service	0	2,288
U.S. Treasury securities transferred in connection with defeasance of mortgages payable	0	30,840
Defeasance of mortgages payable	0	24,552
Purchase of investment properties (after credits at closing):
Land, building and other improvements, net	(257,157)	(375,443)
Accounts receivable, acquired lease intangibles and other assets	(25,049)	(39,641)
Accounts payable, acquired lease intangibles and other liabilities	5,013	33,068
Mortgages payable assumed, net	15,316	0
Purchase of investment properties (after credits at closing)	(261,877)	(382,016)
Proceeds from sales of investment properties:
Land, building and other improvements, net	126,057	111,651
Accounts receivable, acquired lease intangibles and other assets	10,503	2,518
Accounts payable, acquired lease intangibles and other liabilities	(3,276)	(1,715)
Deferred gain	0	32
Mortgage debt forgiven or assumed	(94,353)	0
Gain on extinguishment of debt	13,653	0
Gain on sales of investment properties	31,352	38,213
Proceeds temporarily restricted related to tax-deferred exchanges	(42,905)	0
Proceeds from sales of investment properties	$ 41,031	$ 150,699

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Retail Properties of America, Inc. (the Company) was formed on March 5, 2003 to own and operate high quality, strategically located shopping centers in the United States. The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly-owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by the TRS did not have a material impact on the Company’s accompanying condensed consolidated financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to useful lives of assets, capitalization of development costs, fair value measurements, provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), provision for income taxes, recoverable amounts of receivables, deferred taxes and initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from these estimates. All share amounts and dollar amounts in the condensed consolidated financial statements and notes thereto are stated in thousands with the exception of per share amounts and per square foot amounts. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly-owned subsidiaries generally consist of limited liability companies (LLCs), limited partnerships and statutory trusts. The Company’s property ownership as of June 30, 2016 is summarized below: Wholly-owned Consolidated VIEs Retail operating properties (a) 182 3 Office properties 1 — Total operating properties 183 3 Development properties 1 — (a) Excludes three wholly-owned operating properties classified as held for sale as of June 30, 2016 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Refer to the Company’s 2015 Annual Report on Form 10-K for a summary of its significant accounting policies. Except as disclosed below, there have been no changes to the Company’s significant accounting policies in the six months ended June 30, 2016 . Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company adopted Accounting Standards Update (ASU) 2015-02, Consolidation , which revised the consolidation guidance for all entities. The new standard modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs. The adoption of this pronouncement under the modified retrospective method did not have any effect on the Company’s condensed consolidated financial statements as the Company did not have any VIEs as of January 1, 2016; however, as of June 30, 2016 , the Company had acquired three properties through consolidated VIEs and, accordingly, applied the revised consolidation guidance. See Note 3 to the condensed consolidated financial statements for further details. Effective January 1, 2016, the Company adopted ASU 2015-16, Business Combinations , which requires the acquirer in a business combination to recognize in the period any adjustments to provisional amounts that are identified during the measurement period rather than retrospectively accounting for those adjustments. The adoption of this pronouncement did not have any effect on the Company’s condensed consolidated financial statements. The Company elected to early adopt ASU 2014-15, Presentation of Financial Statements – Going Concern , on January 1, 2016. The new standard requires a company’s management to assess the entity’s ability to continue as a going concern for a period of one year after the date the financial statements are issued (or available to be issued) and provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The adoption of this pronouncement did not have any effect on the Company’s condensed consolidated financial statements. The Company elected to early adopt ASU 2016-09, Compensation – Stock Compensation , on January 1, 2016. The new standard allowed the Company to make an accounting policy election to account for share-based payment award forfeitures when they occur, which required a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period of adoption and resulted in an adjustment of $17 to additional paid-in capital and accumulated distributions in excess of earnings as of January 1, 2016. Other Recently Issued Accounting Pronouncements In May 2014 with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers . This new standard is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and will require companies to apply a five-step model in recognizing revenue arising from contracts with customers. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. The Company does not expect the adoption of this pronouncement will have a material effect on its condensed consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall . This new standard is effective January 1, 2018 and will require companies to disclose the fair value of financial assets and financial liabilities measured at amortized cost in accordance with the exit price notion and will no longer require disclosure of the methods and significant assumptions used, including any changes, to estimate fair value. In addition, companies will be required to disclose all financial assets and financial liabilities grouped by 1) measurement category and 2) form of financial instrument. The Company does not expect the adoption of this pronouncement will have a material effect on its condensed consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. In February 2016, the FASB issued ASU 2016-02, Leases . This new standard is effective January 1, 2019, with early adoption permitted, and will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The pronouncement requires a modified retrospective method of adoption, with some optional practical expedients. Upon adoption, the Company will recognize a lease liability and a right-of-use asset for operating leases where it is the lessee. The Company will continue to evaluate the impact of this guidance until it becomes effective. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new standard is effective January 1, 2020, with early adoption permitted beginning January 1, 2019, and replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. In addition, an entity must consider broader information in developing its expected credit loss estimate, including the use of forecasted information. The Company will continue to evaluate the impact of this guidance until it becomes effective.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS The Company closed on the following acquisitions during the six months ended June 30, 2016: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 15, 2016 Shoppes at Hagerstown (a) Hagerstown Multi-tenant retail 113,000 $ 27,055 January 15, 2016 Merrifield Town Center II (a) Washington, D.C. Multi-tenant retail 76,000 45,676 March 29, 2016 Oak Brook Promenade (b) Chicago Multi-tenant retail 183,200 65,954 April 1, 2016 The Shoppes at Union Hill (c) New York Multi-tenant retail 91,700 63,060 April 29, 2016 Ashland & Roosevelt – Fee Interest (d) Chicago Ground lease interest — 13,850 May 5, 2016 Tacoma South (b) Seattle Multi-tenant retail 230,700 39,400 June 15, 2016 Eastside (b) Dallas Multi-tenant retail 67,100 23,842 761,700 $ 278,837 (a) These properties were acquired as a two -property portfolio. Merrifield Town Center II also contains 62,000 square feet of storage space for a total of 138,000 square feet. (b) These properties were acquired through consolidated VIEs to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges). (c) In conjunction with the acquisition, the Company assumed mortgage debt with a principal balance of $15,971 and an interest rate of 3.75% that matures in 2031. (d) The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Chicago, Illinois, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed the straight-line ground rent liability of $6,978 , which is reflected as “Gain on extinguishment of other liabilities” in the accompanying condensed consolidated statements of operations and other comprehensive income. The Company closed on the following acquisitions during the six months ended June 30, 2015: Date Property Name MSA Property Type Square Footage Acquisition Price January 8, 2015 Downtown Crown Washington, D.C. Multi-tenant retail 258,000 $ 162,785 January 23, 2015 Merrifield Town Center Washington, D.C. Multi-tenant retail 84,900 56,500 January 23, 2015 Fort Evans Plaza II Washington, D.C. Multi-tenant retail 228,900 65,000 February 19, 2015 Cedar Park Town Center Austin Multi-tenant retail 179,300 39,057 March 24, 2015 Lake Worth Towne Crossing – Parcel (a) Dallas Land — 400 May 4, 2015 Tysons Corner Washington, D.C. Multi-tenant retail 37,700 31,556 June 10, 2015 Woodinville Plaza Seattle Multi-tenant retail 170,800 35,250 959,600 $ 390,548 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property. The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2016 2015 Land $ 84,720 $ 141,085 Building and other improvements 172,437 234,358 Acquired lease intangible assets (a) 25,016 38,121 Acquired lease intangible liabilities (b) (3,991 ) (23,016 ) Mortgages payable, net (15,316 ) — Net assets acquired $ 262,866 $ 390,548 (a) The weighted average amortization period for acquired lease intangible assets is 6 years and 16 years for acquisitions completed during the six months ended June 30, 2016 and 2015 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 11 years and 21 years for acquisitions completed during the six months ended June 30, 2016 and 2015 , respectively. The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. Transaction costs totaling $690 and $1,198 for the six months ended June 30, 2016 and 2015 , respectively, were expensed as incurred and are included in “General and administrative expenses” in the accompanying condensed consolidated statements of operations and other comprehensive income. Included in the Company’s condensed consolidated statements of operations and other comprehensive income from the properties acquired that were accounted for as business combinations are $21,802 and $26,185 in total revenues and $5,011 and $4,331 in net income attributable to common shareholders from the date of acquisition through June 30, 2016 and 2015 , respectively. These amounts do not include the total revenue and net income attributable to common shareholders from the 2016 Ashland & Roosevelt – Fee Interest and 2015 Lake Worth Towne Crossing – Parcel acquisitions as they have been accounted for as asset acquisitions. Condensed Pro Forma Financial Information The results of operations for the acquisitions accounted for as business combinations that were completed during the period, or after such period through the financial statement issuance date, for which financial information was available, are included in the following unaudited condensed pro forma financial information as if these acquisitions had been completed as of the beginning of the year prior to the acquisition date. The following unaudited condensed pro forma financial information is presented as if the 2016 acquisitions were completed as of January 1, 2015 and as if the 2015 acquisitions completed through the date the June 30, 2015 financial statements were issued, including the acquisition of the outparcel at Southlake Town Square on July 31, 2015, were completed as of January 1, 2014. The results of operations associated with the 2016 acquisition of the fee interest in Ashland & Roosevelt and the 2015 acquisition of a parcel at Lake Worth Towne Crossing have not been adjusted in the pro forma presentation as they have been accounted for as asset acquisitions. These pro forma results are for comparative purposes only and are not necessarily indicative of what the Company’s actual results of operations would have been had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. The unaudited condensed pro forma financial information is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 147,813 $ 156,463 $ 300,126 $ 316,679 Net income $ 28,559 $ 29,567 $ 74,975 $ 41,821 Net income attributable to common shareholders $ 26,196 $ 27,204 $ 70,250 $ 37,096 Earnings per common share – basic and diluted Net income per common share attributable to common shareholders $ 0.11 $ 0.11 $ 0.30 $ 0.16 Weighted average number of common shares outstanding – basic 236,716 236,354 236,647 236,302 Variable Interest Entities During the six months ended June 30, 2016 , the Company entered into agreements with a qualified intermediary related to potential 1031 Exchanges. The Company loaned $65,419 , $39,215 and $23,522 to the VIEs to acquire Oak Brook Promenade, Tacoma South and Eastside, respectively. Each 1031 Exchange must be completed within 180 days after the acquisition date of the property that is the subject of such 1031 Exchange in accordance with the applicable provisions of the Code. At the completion or expiration of the 1031 Exchanges, the sole membership interest of the VIEs will be assigned to the Company in satisfaction of the outstanding loans, resulting in the entities being wholly owned by the Company. The Company was deemed to be the primary beneficiary of the VIEs as it has the ability to direct the activities of the VIEs that most significantly impact their economic performance and has all of the risks and rewards of ownership. Accordingly, the Company consolidated the VIEs. No value or income has been attributed to the noncontrolling interests. The assets of the VIEs consist of the investment properties which are operated by the Company. As of June 30, 2016 , the assets and liabilities of the VIEs are as follows: June 30, Assets Land $ 25,374 Building and other improvements 90,598 Less accumulated depreciation (750 ) Net investment properties 115,222 Acquired lease intangible assets 13,915 Other assets 2,138 Total assets $ 131,275 Liabilities Loans due to the Company (a) $ 128,156 Other liabilities 2,738 Total liabilities $ 130,894 (a) Represents funds loaned by the Company to the VIEs to acquire the properties and have been eliminated in consolidation.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS The Company closed on the following dispositions during the six months ended June 30, 2016: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain February 1, 2016 The Gateway (b) Multi-tenant retail 623,200 $ 75,000 $ (795 ) $ 3,868 February 10, 2016 Stateline Station Multi-tenant retail 142,600 17,500 17,210 4,253 March 30, 2016 Six Property Portfolio (c) Single-user retail 230,400 35,413 12 13,618 April 20, 2016 CVS Pharmacy – Oklahoma City Single-user retail 10,900 4,676 4,608 1,764 June 2, 2016 Rite Aid Store (Eckerd) – Canandaigua & Tim Horton Donut Shop (d) Single-user retail 16,600 5,400 5,333 1,444 June 15, 2016 Academy Sports – Midland (e) Single-user retail 61,200 5,541 17 2,220 June 23, 2016 Four Rite Aid Portfolio (f) Single-user retail 45,400 15,934 14,646 2,287 1,130,300 $ 159,464 $ 41,031 $ 29,454 (a) Aggregate proceeds are net of transaction costs and proceeds temporarily restricted related to potential 1031 Exchanges. (b) The property was disposed of through a lender-directed sale in full satisfaction of the Company’s $94,353 mortgage obligation. Immediately prior to the disposition, the lender reduced the Company’s loan obligation to $75,000 which was assumed by the buyer in connection with the disposition. Along with the loan reduction, the lender received the balance of the restricted escrows that they held and the rights to unpaid accounts receivable and forgave accrued interest, resulting in a net gain on extinguishment of debt of $13,653 . (c) Portfolio consists of the following properties: (i) Academy Sports – Houma, (ii) Academy Sports – Port Arthur, (iii) Academy Sports – San Antonio, (iv) CVS Pharmacy – Moore, (v) CVS Pharmacy – Saginaw and (vi) Rite Aid Store (Eckerd) – Olean. Disposition proceeds of $34,973 are temporarily restricted related to potential 1031 Exchanges and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. (d) The terms of the disposition of Rite Aid Store (Eckerd) – Canandaigua and Tim Horton Donut Shop were negotiated as a single transaction. (e) Disposition proceeds of $5,383 are temporarily restricted related to a potential 1031 Exchange and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. (f) Portfolio consists of the following properties: (i) Rite Aid Store (Eckerd) – Cheektowaga, (ii) Rite Aid Store (Eckerd), W. Main St. – Batavia, (iii) Rite Aid Store (Eckerd), Union Rd. and (iv) Rite Aid Store (Eckerd) – Greece. During the six months ended June 30, 2016 , the Company disposed of an outparcel for consideration of $2,639 and recorded a gain of $1,898 from the transaction. Disposition proceeds of $2,549 are temporarily restricted related to a potential 1031 Exchange and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. The aggregate gains from the property dispositions and this additional transaction totaled $31,352 . Subsequent to June 30, 2016 , the Company sold two multi-tenant retail operating properties aggregating 425,900 square feet and two single-user retail properties aggregating 21,800 square feet for total consideration of $54,813 . The Company closed on the following dispositions during the six months ended June 30, 2015: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 20, 2015 Aon Hewitt East Campus Single-user office 343,000 $ 17,233 $ 16,495 $ — February 27, 2015 Promenade at Red Cliff Multi-tenant retail 94,500 19,050 18,848 4,572 April 7, 2015 Hartford Insurance Building Single-user office 97,400 6,015 5,663 860 April 30, 2015 Rasmussen College Single-user office 26,700 4,800 4,449 1,334 May 15, 2015 Mountain View Plaza Multi-tenant retail 162,000 28,500 27,949 10,184 June 4, 2015 Massillon Commons Multi-tenant retail 245,900 12,520 12,145 — June 5, 2015 Citizen's Property Insurance Building Single-user office 59,800 3,650 3,368 440 June 17, 2015 Pine Ridge Plaza Multi-tenant retail 236,500 33,200 31,858 12,938 June 17, 2015 Bison Hollow Multi-tenant retail 134,800 18,800 18,657 4,061 June 17, 2015 The Village at Quail Springs Multi-tenant retail 100,400 11,350 11,267 3,824 1,501,000 $ 155,118 $ 150,699 $ 38,213 (a) Aggregate proceeds are net of transaction costs. None of the dispositions completed during the six months ended June 30, 2016 and 2015 qualified for discontinued operations treatment. As of June 30, 2016 , the Company had entered into contracts to sell the following properties, each of which qualified for held for sale accounting treatment: Property Name Property Location Property Type Square Footage Alison’s Corner San Antonio, Texas Multi-tenant retail 55,100 Broadway Shopping Center Bangor, Maine Multi-tenant retail 190,300 Mid-Hudson Center Poughkeepsie, New York Multi-tenant retail 235,600 481,000 These properties qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended June 30, 2016 , at which time depreciation and amortization were ceased. As such, the assets and liabilities associated with these properties are separately classified as held for sale in the condensed consolidated balance sheet as of June 30, 2016 . Subsequent to June 30, 2016 , the Company sold Broadway Shopping Center and Mid-Hudson Center for total consideration of $48,000 . No properties qualified for held for sale accounting treatment as of December 31, 2015. The following table presents the assets and liabilities associated with the investment properties classified as held for sale: June 30, Assets Land, building and other improvements $ 53,308 Accumulated depreciation (9,254 ) Net investment properties 44,054 Other assets 4,479 Assets associated with investment properties held for sale $ 48,533 Liabilities Other liabilities $ 5,208 Liabilities associated with investment properties held for sale $ 5,208

Equity Compensation Plans

Equity Compensation Plans	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Compensation Plans	EQUITY COMPENSATION PLANS The Company’s 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards as well as cash-based awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management. The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2016 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2016 788 $ 15.52 Shares granted (a) 269 $ 14.74 Shares vested (444 ) $ 15.49 Shares forfeited (b) (6 ) $ 14.99 Balance as of June 30, 2016 (c) 607 $ 15.20 (a) Shares granted vest over periods ranging from 0.4 years to 3.9 years in accordance with the terms of applicable award documents. (b) Effective January 1, 2016, the Company made an accounting policy election to account for forfeitures when they occur. (c) As of June 30, 2016 , total unrecognized compensation expense related to unvested restricted shares was $5,368 , which is expected to be amortized over a weighted average term of 1.5 years . In addition, during the six months ended June 30, 2016 , performance restricted stock units (RSUs) were granted to the Company’s executives. In 2019, following the performance period which concludes on December 31, 2018, one-third of the RSUs will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. As long as the minimum hurdle is achieved and the executive remains employed during the performance period, the RSUs will convert into shares of common stock and restricted shares at a conversion rate of between 50% and 200% based upon the Company’s Total Shareholder Return as compared to that of the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index for 2016 through 2018. If an executive terminates employment during the performance period by reason of a qualified termination, as defined in the agreement, only a prorated portion of his or her outstanding RSUs will be eligible for conversion based upon the period in which the executive was employed during the performance period. If an executive terminates for any reason other than a qualified termination during the performance period, he or she would forfeit his or her outstanding RSUs. In 2019, additional shares of common stock will also be issued in an amount equal to the accumulated value of the dividends that would have been paid during the performance period on the shares of common stock and restricted shares issued at the end of the performance period divided by the then-current market price of the Company’s common stock. The Company calculated the grant date fair value per unit using a Monte Carlo simulation based on the probability of satisfying the market performance hurdles over the remainder of the performance period. Assumptions as of the grant dates included a weighted average risk-free interest rate of 0.89% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 4.59% . The following table summarizes the Company’s unvested RSUs as of and for the six months ended June 30, 2016 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2016 174 $ 14.20 RSUs granted 246 $ 13.85 RSUs ineligible for conversion (29 ) $ 13.56 RSUs eligible for future conversion as of June 30, 2016 (a) 391 $ 14.02 (a) As of June 30, 2016 , total unrecognized compensation expense related to unvested RSUs was $4,252 , which is expected to be amortized over a weighted average term of 2.9 years . During the three months ended June 30, 2016 and 2015 , the Company recorded compensation expense of $1,676 and $4,757 , respectively, related to unvested restricted shares and RSUs. During the six months ended June 30, 2016 and 2015 , the Company recorded compensation expense of $3,702 and $6,126 , respectively, related to unvested restricted shares and RSUs. The total fair value of restricted shares vested during the six months ended June 30, 2016 was $6,545 . Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of June 30, 2016 , options to purchase 53 shares of common stock remained outstanding and exercisable. The Company did not grant any options in 2016 or 2015 and did not record any compensation expense related to stock options during the six months ended June 30, 2016 and 2015 .

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Mortgages Payable	MORTGAGES PAYABLE The following table summarizes the Company’s mortgages payable: June 30, 2016 December 31, 2015 Aggregate Principal Balance Weighted Average Interest Rate Weighted Average Years to Maturity Aggregate Principal Balance Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate mortgages payable (a) $ 1,037,444 5.99 % 3.8 $ 1,128,505 6.08 % 3.9 Premium, net of accumulated amortization 1,651 1,865 Discount, net of accumulated amortization (644 ) (1 ) Capitalized loan fees, net of accumulated amortization (6,164 ) (7,233 ) Mortgages payable, net $ 1,032,287 $ 1,123,136 (a) Includes $7,803 and $7,910 of variable rate mortgage debt that has been swapped to a fixed rate as of June 30, 2016 and December 31, 2015 , respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% as of June 30, 2016 and December 31, 2015 . During the six months ended June 30, 2016 , the Company disposed of The Gateway through a lender-directed sale in full satisfaction of its $94,353 mortgage obligation, which had a fixed interest rate of 6.57% . Immediately prior to the disposition, the lender reduced the Company’s loan obligation to $75,000 which was assumed by the buyer in connection with the disposition. Along with the loan reduction, the lender received the balance of the restricted escrows that they held and the rights to unpaid accounts receivable and forgave accrued interest, resulting in a net gain on extinguishment of debt of $13,653 . In addition, during the six months ended June 30, 2016 , the Company repaid a $6,594 mortgage payable which had a fixed interest rate of 7.30% , made scheduled principal payments of $6,085 related to amortizing loans and assumed a mortgage payable with a principal balance of $15,971 and an interest rate of 3.75% that matures in 2031 in conjunction with the acquisition of The Shoppes at Union Hill. The majority of the Company’s mortgages payable require monthly payments of principal and interest, as well as reserves for real estate taxes and certain other costs. The Company’s properties and the related tenant leases are pledged as collateral for its mortgages payable. Although the mortgage loans obtained by the Company are generally non-recourse, with the exception of customary non-recourse carve-outs, occasionally the Company may guarantee all or a portion of the debt on a full-recourse basis. As of June 30, 2016 , the Company had guaranteed $1,951 of its outstanding mortgage loans related to one mortgage loan with a maturity date of September 30, 2016 (see Note 14 to the condensed consolidated financial statements). At times, the Company has borrowed funds financed as part of a cross-collateralized package, with cross-default provisions. In those circumstances, one or more of the Company’s properties may secure the debt of another of the Company’s properties. As of June 30, 2016 , the Company had a pool of mortgages with a principal balance of $393,208 that was cross-collateralized by the 48 properties in its IW JV 2009, LLC portfolio. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2016 for the remainder of 2016 , each of the next four years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any debt activity that occurred after June 30, 2016 . 2016 2017 2018 2019 2020 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 35,430 $ 227,451 $ 11,647 $ 444,324 $ 4,334 $ 314,258 $ 1,037,444 Unsecured credit facility – fixed rate term loan (b) — — — — — 250,000 250,000 Unsecured notes payable (c) — — — — — 500,000 500,000 Total fixed rate debt 35,430 227,451 11,647 444,324 4,334 1,064,258 1,787,444 Variable rate debt: Unsecured credit facility — — 200,000 — 305,000 — 505,000 Total variable rate debt — — 200,000 — 305,000 — 505,000 Total debt (d) $ 35,430 $ 227,451 $ 211,647 $ 444,324 $ 309,334 $ 1,064,258 $ 2,292,444 Weighted average interest rate on debt: Fixed rate debt 4.12 % 5.08 % 6.52 % 7.49 % 4.58 % 3.83 % 4.93 % Variable rate debt (e) — — 1.91 % — 1.81 % — 1.85 % Total 4.12 % 5.08 % 2.16 % 7.49 % 1.85 % 3.83 % 4.25 % (a) Includes $7,803 of variable rate mortgage debt that has been swapped to a fixed rate as of June 30, 2016 . Excludes mortgage premium of $1,651 and discount of $(644) , net of accumulated amortization, as of June 30, 2016 . (b) $250,000 of London Interbank Offered Rate (LIBOR)-based variable rate debt has been swapped to a fixed rate through two interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a weighted average fixed rate of 0.6677% through December 31, 2017. (c) Excludes discount of $(1,030) , net of accumulated amortization, as of June 30, 2016 . (d) Total debt excludes capitalized loan fees of $(12,311) , net of accumulated amortization, as of June 30, 2016 which are included as a reduction to the respective debt balances. The weighted average years to maturity of consolidated indebtedness was 4.6 years as of June 30, 2016 . (e) Represents interest rates as of June 30, 2016 . The Company plans on addressing its debt maturities through a combination of proceeds from asset dispositions, capital markets transactions and its unsecured revolving line of credit.

Unsecured Notes Payable

Unsecured Notes Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Unsecured Notes Payable	UNSECURED NOTES PAYABLE The following table summarizes the Company’s unsecured notes payable: June 30, 2016 December 31, 2015 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Balance Interest Rate/ Weighted Average Interest Rate Senior notes – 4.12% Series A due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% Series B due 2024 June 30, 2024 150,000 4.58 % 150,000 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 250,000 4.00 % 250,000 4.00 % 500,000 4.20 % 500,000 4.20 % Discount, net of accumulated amortization (1,030 ) (1,090 ) Capitalized loan fees, net of accumulated amortization (3,152 ) (3,334 ) Total $ 495,818 $ 495,576 The indenture, as supplemented, governing the 4.00% senior unsecured notes due 2025 ( 4.00% notes) (the Indenture) contains customary covenants and events of default. Pursuant to the terms of the Indenture, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum secured and total leverage ratios; (ii) a debt service coverage ratio; and (iii) maintenance of an unencumbered assets to unsecured debt ratio. The note purchase agreement governing the 4.12% Series A senior notes due 2021 and the 4.58% Series B senior notes due 2024 (collectively, Series A and B notes) contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the note purchase agreement, the Company is subject to various financial covenants, some of which are based upon the financial covenants in effect in the Company’s primary credit facility, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of June 30, 2016 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreement.

Unsecured Credit Facility

Unsecured Credit Facility	6 Months Ended
	Jun. 30, 2016
Line of Credit Facility [Abstract]
Unsecured Credit Facility	UNSECURED CREDIT FACILITY On January 6, 2016, the Company entered into its fourth amended and restated unsecured credit agreement with a syndicate of financial institutions led by KeyBank National Association serving as administrative agent and Wells Fargo Bank, National Association serving as syndication agent to provide for an unsecured credit facility aggregating $1,200,000 . The Company’s unsecured credit facility consists of a $750,000 unsecured revolving line of credit, a $250,000 unsecured term loan and a $200,000 unsecured term loan (collectively, the Company’s Unsecured Credit Facility) and is priced on a leverage grid at a rate of LIBOR plus a credit spread. The following table summarizes the key terms of the Company’s Unsecured Credit Facility: Leverage-Based Pricing Ratings-Based Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Unused Fee Credit Spread Facility Fee $250,000 unsecured term loan 1/5/2021 N/A N/A 1.30% - 2.20% N/A 0.90% - 1.75% N/A $200,000 unsecured term loan 5/11/2018 2 one year 0.15% 1.45% - 2.20% N/A 1.05% - 2.05% N/A $750,000 unsecured revolving line of credit 1/5/2020 2 six month 0.075% 1.35% - 2.25% 0.15% - 0.25% 0.85% - 1.55% 0.125% - 0.30% The Company’s Unsecured Credit Facility has a $400,000 accordion option that allows the Company, at its election, to increase the total credit facility up to $1,600,000 , subject to (i) customary fees and conditions including, but not limited to, the absence of an event of default as defined in the agreement and (ii) the Company’s ability to obtain additional lender commitments. The Company received investment grade credit ratings from two rating agencies in 2014. In accordance with the unsecured credit agreement, the Company may elect to convert to an investment grade pricing grid. As of June 30, 2016 , making such an election would have resulted in a higher interest rate and, as such, the Company has not made the election to convert to an investment grade pricing grid. The following table summarizes the Company’s Unsecured Credit Facility: June 30, 2016 December 31, 2015 Unsecured Credit Facility Balance Interest Rate/ Weighted Average Interest Rate Balance Interest Rate/ $250,000 unsecured term loan – fixed rate (a) $ 250,000 1.97 % $ — — % $200,000 unsecured term loan – variable rate 200,000 1.91 % — — % $450,000 unsecured term loan – fixed rate portion (b) — — % 300,000 1.99 % $450,000 unsecured term loan – variable rate portion — — % 150,000 1.88 % Subtotal 450,000 450,000 Capitalized loan fees, net of accumulated amortization (2,995 ) (2,474 ) Term loans, net 447,005 447,526 Revolving line of credit – variable rate (c) 305,000 1.81 % 100,000 1.93 % Total unsecured credit facility, net $ 752,005 1.89 % $ 547,526 1.95 % (a) As of June 30, 2016 , $250,000 of LIBOR-based variable rate debt has been swapped to a weighted average fixed rate of 0.6677% plus a credit spread based on a leverage grid ranging from 1.30% to 2.20% through December 31, 2017. The applicable credit spread was 1.30% as of June 30, 2016 . (b) As of December 31, 2015, $300,000 of LIBOR-based variable rate debt had been swapped to a fixed rate of 0.53875% plus a credit spread based on a leverage grid ranging from 1.45% to 2.00% through February 2016. The applicable credit spread was 1.45% as of December 31, 2015. (c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. The fourth amended and restated unsecured credit agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the fourth amended and restated unsecured credit agreement, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; and (ii) minimum fixed charge and unencumbered interest coverage ratios. As of June 30, 2016 , management believes the Company was in compliance with the financial covenants and default provisions under the unsecured credit agreement. The Company previously had a $1,000,000 unsecured credit facility that consisted of a $550,000 unsecured revolving line of credit and a $450,000 unsecured term loan that bore interest at a rate of LIBOR plus a credit spread ranging from 1.45% to 2.05% and was scheduled to mature on May 12, 2017 for the unsecured revolving line of credit and May 11, 2018 for the unsecured term loan.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. The Company utilizes three interest rate swaps to hedge the variable cash flows associated with variable rate debt. The effective portion of changes in the fair value of derivatives that are designated and that qualify as cash flow hedges is recorded in “Accumulated other comprehensive loss” and is reclassified to interest expense as interest payments are made on the Company’s variable rate debt. Over the next 12 months, the Company estimates that an additional $468 will be reclassified as an increase to interest expense. The ineffective portion of the change in fair value of derivatives is recognized directly in earnings. During the six months ended June 30, 2016 , the Company entered into the following two interest rate swaps which effectively convert one-month floating rate LIBOR to a fixed rate: Effective Date Notional Fixed Interest Rate Termination Date March 1, 2016 $ 100,000 0.6591 % December 31, 2017 May 16, 2016 $ 150,000 0.6735 % December 31, 2017 The Company previously had a $300,000 interest rate swap that matured on February 24, 2016. In addition, $7,803 and $7,910 of variable rate mortgage debt has been swapped to a fixed rate as of June 30, 2016 and December 31, 2015 , respectively. The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives June 30, December 31, June 30, December 31, Interest rate swaps 3 2 $ 257,803 $ 307,910 The table below presents the estimated fair value of the Company’s derivative financial instruments, which are included in “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques utilized are described in Note 13 to the condensed consolidated financial statements. Fair Value June 30, December 31, Derivatives designated as cash flow hedges: Interest rate swaps $ 565 $ 85 The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Location of Loss (Gain) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss (Gain) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Interest rate swaps Three Months Ended June 30, Six Months Three Months Six Months Three Months Six Months 2016 $ 634 $ 687 Interest expense $ 124 $ 210 Other income (expense), net $ 3 $ 3 2015 $ 196 $ 582 Interest expense $ 293 $ 584 Other income (expense), net $ 4 $ (21 )

Equity

Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	EQUITY In December 2015, the Company entered into a new at-the-market (ATM) equity program under which it may issue and sell shares of its Class A common stock, having an aggregate offering price of up to $250,000 , from time to time. The 2015 ATM equity program supersedes the Company’s previous $200,000 ATM equity program which was in place from March 2013 through November 2015. Actual sales may depend on a variety of factors, including, among others, market conditions and the trading price of the Company’s Class A common stock. Any net proceeds are expected to be used for general corporate purposes, which may include the funding of acquisitions and redevelopment activities and the repayment of debt, including the Company’s Unsecured Credit Facility. The Company did not sell any shares under its ATM equity programs during the six months ended June 30, 2016 and 2015 . As of June 30, 2016 , the Company had Class A common shares having an aggregate offering price of up to $250,000 remaining available for sale under its ATM equity program. In December 2015, the Company’s board of directors authorized a common stock repurchase program under which the Company may repurchase, from time to time, up to a maximum of $250,000 of shares of its Class A common stock. The shares may be repurchased in the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors, including price in absolute terms and in relation to the value of the Company’s assets, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The common stock repurchase program may be suspended or terminated at any time without prior notice. As of June 30, 2016 , the Company had not repurchased any shares under this program.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Income (loss) from continuing operations $ 18,989 $ (2,957 ) $ 44,676 $ 5,547 Gain on sales of investment properties 9,613 33,641 31,352 38,213 Preferred stock dividends (2,363 ) (2,363 ) (4,725 ) (4,725 ) Net income attributable to common shareholders 26,239 28,321 71,303 39,035 Distributions paid on unvested restricted shares (110 ) (144 ) (240 ) (210 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 26,129 $ 28,177 $ 71,063 $ 38,825 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 236,716 (a) 236,354 (b) 236,647 (a) 236,302 (b) Effect of dilutive securities: Stock options 2 (c) 2 (c) 2 (c) 3 (c) RSUs 184 (d) — (e) 132 (d) — (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,902 236,356 236,781 236,305 (a) Excludes 607 shares of unvested restricted common stock as of June 30, 2016 , which equate to 649 and 687 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2016 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 788 shares of unvested restricted common stock as of June 30, 2015 , which equate to 851 and 731 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2015 . These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) There were outstanding options to purchase 53 and 64 shares of common stock as of June 30, 2016 and 2015 , respectively, at a weighted average exercise price of $19.39 and $19.28 , respectively. Of these totals, outstanding options to purchase 45 and 54 shares of common stock as of June 30, 2016 and 2015 , respectively, at a weighted average exercise price of $20.74 and $20.69 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (d) There were 391 RSUs eligible for future conversion following the performance periods as of June 30, 2016 (see Note 5 to the condensed consolidated financial statements), which equate to 411 and 344 RSUs on a weighted average basis for the three and six months ended June 30, 2016 , respectively. These contingently issuable shares are included in diluted EPS based on the weighted average number of shares that would be outstanding during the period, if any, assuming the end of the reporting period was the end of the contingency periods. (e) There were 157 RSUs eligible for future conversion following the performance period as of June 30, 2015 , which equate to 57 and 29 RSUs on a weighted average basis for the three and six months ended June 30, 2015 , respectively. Assuming June 30, 2015 was the end of the contingency period, none of these contingently issuable shares would have been outstanding.

Provision for Impairment of Inv

Provision for Impairment of Investment Properties	6 Months Ended
	Jun. 30, 2016
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Provision for Impairment of Investment Properties	PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of June 30, 2016 and 2015 , the Company identified indicators of impairment at certain of its properties. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of June 30, 2016 and 2015 : June 30, 2016 June 30, 2015 Number of properties for which indicators of impairment were identified 6 6 (a) Less: number of properties for which an impairment charge was recorded 1 1 Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded 2 1 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 3 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties 70 % 53 % (a) Includes five properties which have subsequently been sold as of June 30, 2016 . The Company recorded the following investment property impairment charges during the six months ended June 30, 2016 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties South Billings Center (a) Development March 31, 2016 — $ 2,164 Mid-Hudson Center (b) Multi-tenant retail June 30, 2016 235,600 4,142 $ 6,306 Estimated fair value of impaired properties as of impairment date $ 30,500 (a) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract, which was subsequently terminated. The property was not under active development as of June 30, 2016 . (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of June 30, 2016 and was sold on July 21, 2016. The Company recorded the following investment property impairment charges during the six months ended June 30, 2015 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Massillon Commons (a) Multi-tenant retail June 4, 2015 245,900 $ 2,289 Traveler’s Office Building (b) Single-user office June 30, 2015 50,800 1,655 $ 3,944 Estimated fair value of impaired properties as of impairment date $ 17,970 (a) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract for the property, which was sold on June 4, 2015. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of June 30, 2015 and was sold on July 30, 2015. The Company can provide no assurance that material impairment charges with respect to its investment properties will not occur in future periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments: June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 1,032,287 $ 1,136,839 $ 1,123,136 $ 1,213,620 Unsecured notes payable, net $ 495,818 $ 512,134 $ 495,576 $ 486,701 Unsecured term loans, net $ 447,005 $ 450,000 $ 447,526 $ 450,000 Unsecured revolving line of credit $ 305,000 $ 305,000 $ 100,000 $ 100,000 Derivative liability $ 565 $ 565 $ 85 $ 85 The carrying value of the derivative liability is included in “Other liabilities” in the accompanying condensed consolidated balance sheets. Recurring Fair Value Measurements The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2016 Derivative liability $ — $ 565 $ — $ 565 December 31, 2015 Derivative liability $ — $ 85 $ — $ 85 Derivative liability: The fair value of the derivative liability is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis utilizes observable market data including forward yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the derivative are then discounted using calculated discount factors developed based on the LIBOR swap rate and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2016 and December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 9 to the condensed consolidated financial statements. Nonrecurring Fair Value Measurements The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of June 30, 2016 aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to properties remeasured to fair value during the six months ended June 30, 2016 , except for those properties sold prior to June 30, 2016 . Methods and assumptions used to estimate the fair value of these assets are described after the table. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment June 30, 2016 Investment properties $ — $ 3,000 $ — $ 3,000 $ 2,164 (a) Investment properties – held for sale $ — $ 27,500 $ — $ 27,500 $ 4,142 (b) (a) Represents an impairment charge recorded during the six months ended June 30, 2016 for the Company’s South Billings Center development property, which was not under active development as of June 30, 2016 . Such charge, calculated as the expected sales price from the executed sales contract, which was subsequently terminated, as compared to the Company’s carrying value of its investment, was based upon a Level 2 input. (b) Represents an impairment charge recorded during the six months ended June 30, 2016 for the Company’s Mid-Hudson Center, which was classified as held for sale as of June 30, 2016. Such charge, calculated as the expected sales price from the executed sales contract less estimated transaction costs as compared to the Company’s carrying value of its investment, was based upon a Level 2 input. The estimated transaction costs of $1,699 are not reflected as a reduction to the fair value disclosed in the table above, but were included in the calculation of the impairment charge. The Company did not have any assets measured at fair value on a nonrecurring basis as of December 31, 2015. Fair Value Disclosures The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2016 Mortgages payable, net $ — $ — $ 1,136,839 $ 1,136,839 Unsecured notes payable, net $ 249,738 $ — $ 262,396 $ 512,134 Unsecured term loans, net $ — $ — $ 450,000 $ 450,000 Unsecured revolving line of credit $ — $ — $ 305,000 $ 305,000 December 31, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured term loans, net $ — $ — $ 450,000 $ 450,000 Unsecured revolving line of credit $ — $ — $ 100,000 $ 100,000 Mortgages payable, net: The Company estimates the fair value of its mortgages payable by discounting the anticipated future cash flows of each instrument at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rate for each of the Company’s individual mortgages payable based upon the specific terms of the agreement, including the term to maturity, the quality and nature of the underlying property and its leverage ratio. The rates used range from 2.2% to 3.8% and 2.2% to 6.0% as of June 30, 2016 and December 31, 2015 , respectively. Unsecured notes payable, net: The quoted market price as of June 30, 2016 was used to value the Company’s 4.00% notes. The Company estimates the fair value of its Series A and B notes by discounting the future cash flows at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The weighted average rates used were 3.60% and 4.64% as of June 30, 2016 and December 31, 2015 , respectively. Unsecured term loans, net: The Company estimates the fair value of its unsecured term loans, net by discounting the anticipated future cash flows related to the credit spreads at rates currently offered to the Company by its lenders for similar instruments of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The weighted average rates used to discount the credit spreads were 1.37% and 1.30% as of June 30, 2016 and December 31, 2015 , respectively. Unsecured revolving line of credit: The Company estimates the fair value of its unsecured revolving line of credit by discounting the anticipated future cash flows related to the credit spreads at rates currently offered to the Company by its lenders for similar facilities of comparable maturity. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The rate used to discount the credit spreads was 1.35% as of June 30, 2016 and December 31, 2015 . There were no transfers between the levels of the fair value hierarchy during the six months ended June 30, 2016 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Although the mortgage loans obtained by the Company are generally non-recourse, with the exception of customary non-recourse carve-outs, occasionally the Company may guarantee all or a portion of the debt on a full-recourse basis. As of June 30, 2016 , the Company had guaranteed $1,951 of its outstanding mortgage loans related to one mortgage loan with a maturity date of September 30, 2016 . As of June 30, 2016 , the Company had letter(s) of credit outstanding totaling $143 which serve as collateral for certain capital improvements at one of its properties and reduce the available borrowings on its unsecured revolving line of credit.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2016
Litigation Disclosure [Abstract]
Legal Matters and Contingencies	LITIGATION The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the Company’s condensed consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to June 30, 2016 , the Company: • closed on the disposition of Broadway Shopping Center, a 190,300 square foot multi-tenant retail operating property located in Bangor, Maine, which was classified as held for sale as of June 30, 2016, for a sales price of $20,500 with an anticipated gain on sale of approximately $7,958 ; • closed on the disposition of Mid-Hudson Center, a 235,600 square foot multi-tenant retail operating property located in Poughkeepsie, New York, which was classified as held for sale as of June 30, 2016, for a sales price of $27,500 with no anticipated gain on sale or additional impairment due to previously recognized impairment charges; • closed on the disposition of Rite Aid Store (Eckerd), Main St., a 10,900 square foot single-user retail property located in Buffalo, New York, for a sales price of $3,388 with an anticipated gain on sale of approximately $344 ; and • closed on the disposition of Rite Aid Store (Eckerd) – Lancaster, a 10,900 square foot single-user retail property located in Lancaster, New York, for a sales price of $3,425 with an anticipated gain on sale of approximately $625 . On July 28, 2016, the Company declared the cash dividend for the third quarter of 2016 for its 7.00% Series A cumulative redeemable preferred stock. The dividend of $0.4375 per preferred share will be paid on September 30, 2016 to preferred shareholders of record at the close of business on September 20, 2016. On July 28, 2016, the Company declared the distribution for the third quarter of 2016 of $0.165625 per share on its outstanding Class A common stock, which will be paid on October 7, 2016 to Class A common shareholders of record at the close of business on September 26, 2016.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company adopted Accounting Standards Update (ASU) 2015-02, Consolidation , which revised the consolidation guidance for all entities. The new standard modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs. The adoption of this pronouncement under the modified retrospective method did not have any effect on the Company’s condensed consolidated financial statements as the Company did not have any VIEs as of January 1, 2016; however, as of June 30, 2016 , the Company had acquired three properties through consolidated VIEs and, accordingly, applied the revised consolidation guidance. See Note 3 to the condensed consolidated financial statements for further details. Effective January 1, 2016, the Company adopted ASU 2015-16, Business Combinations , which requires the acquirer in a business combination to recognize in the period any adjustments to provisional amounts that are identified during the measurement period rather than retrospectively accounting for those adjustments. The adoption of this pronouncement did not have any effect on the Company’s condensed consolidated financial statements. The Company elected to early adopt ASU 2014-15, Presentation of Financial Statements – Going Concern , on January 1, 2016. The new standard requires a company’s management to assess the entity’s ability to continue as a going concern for a period of one year after the date the financial statements are issued (or available to be issued) and provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The adoption of this pronouncement did not have any effect on the Company’s condensed consolidated financial statements. The Company elected to early adopt ASU 2016-09, Compensation – Stock Compensation , on January 1, 2016. The new standard allowed the Company to make an accounting policy election to account for share-based payment award forfeitures when they occur, which required a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period of adoption and resulted in an adjustment of $17 to additional paid-in capital and accumulated distributions in excess of earnings as of January 1, 2016. Other Recently Issued Accounting Pronouncements In May 2014 with subsequent updates issued in August 2015 and March, April and May 2016, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers . This new standard is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and will require companies to apply a five-step model in recognizing revenue arising from contracts with customers. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. The Company does not expect the adoption of this pronouncement will have a material effect on its condensed consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall . This new standard is effective January 1, 2018 and will require companies to disclose the fair value of financial assets and financial liabilities measured at amortized cost in accordance with the exit price notion and will no longer require disclosure of the methods and significant assumptions used, including any changes, to estimate fair value. In addition, companies will be required to disclose all financial assets and financial liabilities grouped by 1) measurement category and 2) form of financial instrument. The Company does not expect the adoption of this pronouncement will have a material effect on its condensed consolidated financial statements; however, it will continue to evaluate this assessment until the guidance becomes effective. In February 2016, the FASB issued ASU 2016-02, Leases . This new standard is effective January 1, 2019, with early adoption permitted, and will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The pronouncement requires a modified retrospective method of adoption, with some optional practical expedients. Upon adoption, the Company will recognize a lease liability and a right-of-use asset for operating leases where it is the lessee. The Company will continue to evaluate the impact of this guidance until it becomes effective. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new standard is effective January 1, 2020, with early adoption permitted beginning January 1, 2019, and replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. In addition, an entity must consider broader information in developing its expected credit loss estimate, including the use of forecasted information. The Company will continue to evaluate the impact of this guidance until it becomes effective.

Organization and Basis of Pre25

Organization and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of property ownership	The Company’s property ownership as of June 30, 2016 is summarized below: Wholly-owned Consolidated VIEs Retail operating properties (a) 182 3 Office properties 1 — Total operating properties 183 3 Development properties 1 — (a) Excludes three wholly-owned operating properties classified as held for sale as of June 30, 2016 .

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of acquisitions	The Company closed on the following acquisitions during the six months ended June 30, 2016: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 15, 2016 Shoppes at Hagerstown (a) Hagerstown Multi-tenant retail 113,000 $ 27,055 January 15, 2016 Merrifield Town Center II (a) Washington, D.C. Multi-tenant retail 76,000 45,676 March 29, 2016 Oak Brook Promenade (b) Chicago Multi-tenant retail 183,200 65,954 April 1, 2016 The Shoppes at Union Hill (c) New York Multi-tenant retail 91,700 63,060 April 29, 2016 Ashland & Roosevelt – Fee Interest (d) Chicago Ground lease interest — 13,850 May 5, 2016 Tacoma South (b) Seattle Multi-tenant retail 230,700 39,400 June 15, 2016 Eastside (b) Dallas Multi-tenant retail 67,100 23,842 761,700 $ 278,837 (a) These properties were acquired as a two -property portfolio. Merrifield Town Center II also contains 62,000 square feet of storage space for a total of 138,000 square feet. (b) These properties were acquired through consolidated VIEs to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges). (c) In conjunction with the acquisition, the Company assumed mortgage debt with a principal balance of $15,971 and an interest rate of 3.75% that matures in 2031. (d) The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Chicago, Illinois, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed the straight-line ground rent liability of $6,978 , which is reflected as “Gain on extinguishment of other liabilities” in the accompanying condensed consolidated statements of operations and other comprehensive income. The Company closed on the following acquisitions during the six months ended June 30, 2015: Date Property Name MSA Property Type Square Footage Acquisition Price January 8, 2015 Downtown Crown Washington, D.C. Multi-tenant retail 258,000 $ 162,785 January 23, 2015 Merrifield Town Center Washington, D.C. Multi-tenant retail 84,900 56,500 January 23, 2015 Fort Evans Plaza II Washington, D.C. Multi-tenant retail 228,900 65,000 February 19, 2015 Cedar Park Town Center Austin Multi-tenant retail 179,300 39,057 March 24, 2015 Lake Worth Towne Crossing – Parcel (a) Dallas Land — 400 May 4, 2015 Tysons Corner Washington, D.C. Multi-tenant retail 37,700 31,556 June 10, 2015 Woodinville Plaza Seattle Multi-tenant retail 170,800 35,250 959,600 $ 390,548 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property.
Schedule of acquisition date fair values	The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2016 2015 Land $ 84,720 $ 141,085 Building and other improvements 172,437 234,358 Acquired lease intangible assets (a) 25,016 38,121 Acquired lease intangible liabilities (b) (3,991 ) (23,016 ) Mortgages payable, net (15,316 ) — Net assets acquired $ 262,866 $ 390,548 (a) The weighted average amortization period for acquired lease intangible assets is 6 years and 16 years for acquisitions completed during the six months ended June 30, 2016 and 2015 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 11 years and 21 years for acquisitions completed during the six months ended June 30, 2016 and 2015 , respectively.
Schedule of condensed pro forma financial information	The unaudited condensed pro forma financial information is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 147,813 $ 156,463 $ 300,126 $ 316,679 Net income $ 28,559 $ 29,567 $ 74,975 $ 41,821 Net income attributable to common shareholders $ 26,196 $ 27,204 $ 70,250 $ 37,096 Earnings per common share – basic and diluted Net income per common share attributable to common shareholders $ 0.11 $ 0.11 $ 0.30 $ 0.16 Weighted average number of common shares outstanding – basic 236,716 236,354 236,647 236,302
Schedule of assets and liabilities of variable interest entities	As of June 30, 2016 , the assets and liabilities of the VIEs are as follows: June 30, Assets Land $ 25,374 Building and other improvements 90,598 Less accumulated depreciation (750 ) Net investment properties 115,222 Acquired lease intangible assets 13,915 Other assets 2,138 Total assets $ 131,275 Liabilities Loans due to the Company (a) $ 128,156 Other liabilities 2,738 Total liabilities $ 130,894 (a) Represents funds loaned by the Company to the VIEs to acquire the properties and have been eliminated in consolidation.

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property dispositions	The Company closed on the following dispositions during the six months ended June 30, 2015: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 20, 2015 Aon Hewitt East Campus Single-user office 343,000 $ 17,233 $ 16,495 $ — February 27, 2015 Promenade at Red Cliff Multi-tenant retail 94,500 19,050 18,848 4,572 April 7, 2015 Hartford Insurance Building Single-user office 97,400 6,015 5,663 860 April 30, 2015 Rasmussen College Single-user office 26,700 4,800 4,449 1,334 May 15, 2015 Mountain View Plaza Multi-tenant retail 162,000 28,500 27,949 10,184 June 4, 2015 Massillon Commons Multi-tenant retail 245,900 12,520 12,145 — June 5, 2015 Citizen's Property Insurance Building Single-user office 59,800 3,650 3,368 440 June 17, 2015 Pine Ridge Plaza Multi-tenant retail 236,500 33,200 31,858 12,938 June 17, 2015 Bison Hollow Multi-tenant retail 134,800 18,800 18,657 4,061 June 17, 2015 The Village at Quail Springs Multi-tenant retail 100,400 11,350 11,267 3,824 1,501,000 $ 155,118 $ 150,699 $ 38,213 (a) Aggregate proceeds are net of transaction costs. The Company closed on the following dispositions during the six months ended June 30, 2016: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain February 1, 2016 The Gateway (b) Multi-tenant retail 623,200 $ 75,000 $ (795 ) $ 3,868 February 10, 2016 Stateline Station Multi-tenant retail 142,600 17,500 17,210 4,253 March 30, 2016 Six Property Portfolio (c) Single-user retail 230,400 35,413 12 13,618 April 20, 2016 CVS Pharmacy – Oklahoma City Single-user retail 10,900 4,676 4,608 1,764 June 2, 2016 Rite Aid Store (Eckerd) – Canandaigua & Tim Horton Donut Shop (d) Single-user retail 16,600 5,400 5,333 1,444 June 15, 2016 Academy Sports – Midland (e) Single-user retail 61,200 5,541 17 2,220 June 23, 2016 Four Rite Aid Portfolio (f) Single-user retail 45,400 15,934 14,646 2,287 1,130,300 $ 159,464 $ 41,031 $ 29,454 (a) Aggregate proceeds are net of transaction costs and proceeds temporarily restricted related to potential 1031 Exchanges. (b) The property was disposed of through a lender-directed sale in full satisfaction of the Company’s $94,353 mortgage obligation. Immediately prior to the disposition, the lender reduced the Company’s loan obligation to $75,000 which was assumed by the buyer in connection with the disposition. Along with the loan reduction, the lender received the balance of the restricted escrows that they held and the rights to unpaid accounts receivable and forgave accrued interest, resulting in a net gain on extinguishment of debt of $13,653 . (c) Portfolio consists of the following properties: (i) Academy Sports – Houma, (ii) Academy Sports – Port Arthur, (iii) Academy Sports – San Antonio, (iv) CVS Pharmacy – Moore, (v) CVS Pharmacy – Saginaw and (vi) Rite Aid Store (Eckerd) – Olean. Disposition proceeds of $34,973 are temporarily restricted related to potential 1031 Exchanges and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. (d) The terms of the disposition of Rite Aid Store (Eckerd) – Canandaigua and Tim Horton Donut Shop were negotiated as a single transaction. (e) Disposition proceeds of $5,383 are temporarily restricted related to a potential 1031 Exchange and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. (f) Portfolio consists of the following properties: (i) Rite Aid Store (Eckerd) – Cheektowaga, (ii) Rite Aid Store (Eckerd), W. Main St. – Batavia, (iii) Rite Aid Store (Eckerd), Union Rd. and (iv) Rite Aid Store (Eckerd) – Greece.
Schedule of assets and liabilities associated with investment properties held for sale	As of June 30, 2016 , the Company had entered into contracts to sell the following properties, each of which qualified for held for sale accounting treatment: Property Name Property Location Property Type Square Footage Alison’s Corner San Antonio, Texas Multi-tenant retail 55,100 Broadway Shopping Center Bangor, Maine Multi-tenant retail 190,300 Mid-Hudson Center Poughkeepsie, New York Multi-tenant retail 235,600 481,000 The following table presents the assets and liabilities associated with the investment properties classified as held for sale: June 30, Assets Land, building and other improvements $ 53,308 Accumulated depreciation (9,254 ) Net investment properties 44,054 Other assets 4,479 Assets associated with investment properties held for sale $ 48,533 Liabilities Other liabilities $ 5,208 Liabilities associated with investment properties held for sale $ 5,208

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of unvested restricted shares and restricted stock units	The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2016 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2016 788 $ 15.52 Shares granted (a) 269 $ 14.74 Shares vested (444 ) $ 15.49 Shares forfeited (b) (6 ) $ 14.99 Balance as of June 30, 2016 (c) 607 $ 15.20 (a) Shares granted vest over periods ranging from 0.4 years to 3.9 years in accordance with the terms of applicable award documents. (b) Effective January 1, 2016, the Company made an accounting policy election to account for forfeitures when they occur. (c) As of June 30, 2016 , total unrecognized compensation expense related to unvested restricted shares was $5,368 , which is expected to be amortized over a weighted average term of 1.5 years . The following table summarizes the Company’s unvested RSUs as of and for the six months ended June 30, 2016 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2016 174 $ 14.20 RSUs granted 246 $ 13.85 RSUs ineligible for conversion (29 ) $ 13.56 RSUs eligible for future conversion as of June 30, 2016 (a) 391 $ 14.02 (a) As of June 30, 2016 , total unrecognized compensation expense related to unvested RSUs was $4,252 , which is expected to be amortized over a weighted average term of 2.9 years .

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of mortgages payable	The following table summarizes the Company’s mortgages payable: June 30, 2016 December 31, 2015 Aggregate Principal Balance Weighted Average Interest Rate Weighted Average Years to Maturity Aggregate Principal Balance Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate mortgages payable (a) $ 1,037,444 5.99 % 3.8 $ 1,128,505 6.08 % 3.9 Premium, net of accumulated amortization 1,651 1,865 Discount, net of accumulated amortization (644 ) (1 ) Capitalized loan fees, net of accumulated amortization (6,164 ) (7,233 ) Mortgages payable, net $ 1,032,287 $ 1,123,136 (a) Includes $7,803 and $7,910 of variable rate mortgage debt that has been swapped to a fixed rate as of June 30, 2016 and December 31, 2015 , respectively. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% as of June 30, 2016 and December 31, 2015 .
Summary of scheduled maturities and principal amortization of indebtedness	The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2016 for the remainder of 2016 , each of the next four years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any debt activity that occurred after June 30, 2016 . 2016 2017 2018 2019 2020 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 35,430 $ 227,451 $ 11,647 $ 444,324 $ 4,334 $ 314,258 $ 1,037,444 Unsecured credit facility – fixed rate term loan (b) — — — — — 250,000 250,000 Unsecured notes payable (c) — — — — — 500,000 500,000 Total fixed rate debt 35,430 227,451 11,647 444,324 4,334 1,064,258 1,787,444 Variable rate debt: Unsecured credit facility — — 200,000 — 305,000 — 505,000 Total variable rate debt — — 200,000 — 305,000 — 505,000 Total debt (d) $ 35,430 $ 227,451 $ 211,647 $ 444,324 $ 309,334 $ 1,064,258 $ 2,292,444 Weighted average interest rate on debt: Fixed rate debt 4.12 % 5.08 % 6.52 % 7.49 % 4.58 % 3.83 % 4.93 % Variable rate debt (e) — — 1.91 % — 1.81 % — 1.85 % Total 4.12 % 5.08 % 2.16 % 7.49 % 1.85 % 3.83 % 4.25 % (a) Includes $7,803 of variable rate mortgage debt that has been swapped to a fixed rate as of June 30, 2016 . Excludes mortgage premium of $1,651 and discount of $(644) , net of accumulated amortization, as of June 30, 2016 . (b) $250,000 of London Interbank Offered Rate (LIBOR)-based variable rate debt has been swapped to a fixed rate through two interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a weighted average fixed rate of 0.6677% through December 31, 2017. (c) Excludes discount of $(1,030) , net of accumulated amortization, as of June 30, 2016 . (d) Total debt excludes capitalized loan fees of $(12,311) , net of accumulated amortization, as of June 30, 2016 which are included as a reduction to the respective debt balances. The weighted average years to maturity of consolidated indebtedness was 4.6 years as of June 30, 2016 . (e) Represents interest rates as of June 30, 2016 .

Unsecured Notes Payable (Tables

Unsecured Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of unsecured notes payable	The following table summarizes the Company’s unsecured notes payable: June 30, 2016 December 31, 2015 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Balance Interest Rate/ Weighted Average Interest Rate Senior notes – 4.12% Series A due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% Series B due 2024 June 30, 2024 150,000 4.58 % 150,000 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 250,000 4.00 % 250,000 4.00 % 500,000 4.20 % 500,000 4.20 % Discount, net of accumulated amortization (1,030 ) (1,090 ) Capitalized loan fees, net of accumulated amortization (3,152 ) (3,334 ) Total $ 495,818 $ 495,576

Unsecured Credit Facility (Tabl

Unsecured Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2016
Line of Credit Facility [Abstract]
Summary of unsecured credit facility	The following table summarizes the key terms of the Company’s Unsecured Credit Facility: Leverage-Based Pricing Ratings-Based Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Unused Fee Credit Spread Facility Fee $250,000 unsecured term loan 1/5/2021 N/A N/A 1.30% - 2.20% N/A 0.90% - 1.75% N/A $200,000 unsecured term loan 5/11/2018 2 one year 0.15% 1.45% - 2.20% N/A 1.05% - 2.05% N/A $750,000 unsecured revolving line of credit 1/5/2020 2 six month 0.075% 1.35% - 2.25% 0.15% - 0.25% 0.85% - 1.55% 0.125% - 0.30% The following table summarizes the Company’s Unsecured Credit Facility: June 30, 2016 December 31, 2015 Unsecured Credit Facility Balance Interest Rate/ Weighted Average Interest Rate Balance Interest Rate/ $250,000 unsecured term loan – fixed rate (a) $ 250,000 1.97 % $ — — % $200,000 unsecured term loan – variable rate 200,000 1.91 % — — % $450,000 unsecured term loan – fixed rate portion (b) — — % 300,000 1.99 % $450,000 unsecured term loan – variable rate portion — — % 150,000 1.88 % Subtotal 450,000 450,000 Capitalized loan fees, net of accumulated amortization (2,995 ) (2,474 ) Term loans, net 447,005 447,526 Revolving line of credit – variable rate (c) 305,000 1.81 % 100,000 1.93 % Total unsecured credit facility, net $ 752,005 1.89 % $ 547,526 1.95 % (a) As of June 30, 2016 , $250,000 of LIBOR-based variable rate debt has been swapped to a weighted average fixed rate of 0.6677% plus a credit spread based on a leverage grid ranging from 1.30% to 2.20% through December 31, 2017. The applicable credit spread was 1.30% as of June 30, 2016 . (b) As of December 31, 2015, $300,000 of LIBOR-based variable rate debt had been swapped to a fixed rate of 0.53875% plus a credit spread based on a leverage grid ranging from 1.45% to 2.00% through February 2016. The applicable credit spread was 1.45% as of December 31, 2015. (c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	During the six months ended June 30, 2016 , the Company entered into the following two interest rate swaps which effectively convert one-month floating rate LIBOR to a fixed rate: Effective Date Notional Fixed Interest Rate Termination Date March 1, 2016 $ 100,000 0.6591 % December 31, 2017 May 16, 2016 $ 150,000 0.6735 % December 31, 2017
Schedule of interest rate swaps designated as cash flow hedges	The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives June 30, December 31, June 30, December 31, Interest rate swaps 3 2 $ 257,803 $ 307,910
Schedule of estimated fair value of derivative instruments	The table below presents the estimated fair value of the Company’s derivative financial instruments, which are included in “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques utilized are described in Note 13 to the condensed consolidated financial statements. Fair Value June 30, December 31, Derivatives designated as cash flow hedges: Interest rate swaps $ 565 $ 85
Schedule of effect of derivative instruments on the consolidated statements of operations	The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Location of Loss (Gain) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss (Gain) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Interest rate swaps Three Months Ended June 30, Six Months Three Months Six Months Three Months Six Months 2016 $ 634 $ 687 Interest expense $ 124 $ 210 Other income (expense), net $ 3 $ 3 2015 $ 196 $ 582 Interest expense $ 293 $ 584 Other income (expense), net $ 4 $ (21 )

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of components used in the calculation of basic and diluted EPS	The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Income (loss) from continuing operations $ 18,989 $ (2,957 ) $ 44,676 $ 5,547 Gain on sales of investment properties 9,613 33,641 31,352 38,213 Preferred stock dividends (2,363 ) (2,363 ) (4,725 ) (4,725 ) Net income attributable to common shareholders 26,239 28,321 71,303 39,035 Distributions paid on unvested restricted shares (110 ) (144 ) (240 ) (210 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 26,129 $ 28,177 $ 71,063 $ 38,825 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 236,716 (a) 236,354 (b) 236,647 (a) 236,302 (b) Effect of dilutive securities: Stock options 2 (c) 2 (c) 2 (c) 3 (c) RSUs 184 (d) — (e) 132 (d) — (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,902 236,356 236,781 236,305 (a) Excludes 607 shares of unvested restricted common stock as of June 30, 2016 , which equate to 649 and 687 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2016 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 788 shares of unvested restricted common stock as of June 30, 2015 , which equate to 851 and 731 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2015 . These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) There were outstanding options to purchase 53 and 64 shares of common stock as of June 30, 2016 and 2015 , respectively, at a weighted average exercise price of $19.39 and $19.28 , respectively. Of these totals, outstanding options to purchase 45 and 54 shares of common stock as of June 30, 2016 and 2015 , respectively, at a weighted average exercise price of $20.74 and $20.69 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (d) There were 391 RSUs eligible for future conversion following the performance periods as of June 30, 2016 (see Note 5 to the condensed consolidated financial statements), which equate to 411 and 344 RSUs on a weighted average basis for the three and six months ended June 30, 2016 , respectively. These contingently issuable shares are included in diluted EPS based on the weighted average number of shares that would be outstanding during the period, if any, assuming the end of the reporting period was the end of the contingency periods. (e) There were 157 RSUs eligible for future conversion following the performance period as of June 30, 2015 , which equate to 57 and 29 RSUs on a weighted average basis for the three and six months ended June 30, 2015 , respectively. Assuming June 30, 2015 was the end of the contingency period, none of these contingently issuable shares would have been outstanding.

Provision for Impairment of I34

Provision for Impairment of Investment Properties (Tables)	6 Months Ended
	Jun. 30, 2016
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Schedule of identified impairment indicators	As of June 30, 2016 and 2015 , the Company identified indicators of impairment at certain of its properties. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of June 30, 2016 and 2015 : June 30, 2016 June 30, 2015 Number of properties for which indicators of impairment were identified 6 6 (a) Less: number of properties for which an impairment charge was recorded 1 1 Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded 2 1 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 3 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties 70 % 53 % (a) Includes five properties which have subsequently been sold as of June 30, 2016 .
Schedule of investment property impairment charges	The Company recorded the following investment property impairment charges during the six months ended June 30, 2016 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties South Billings Center (a) Development March 31, 2016 — $ 2,164 Mid-Hudson Center (b) Multi-tenant retail June 30, 2016 235,600 4,142 $ 6,306 Estimated fair value of impaired properties as of impairment date $ 30,500 (a) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract, which was subsequently terminated. The property was not under active development as of June 30, 2016 . (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of June 30, 2016 and was sold on July 21, 2016. The Company recorded the following investment property impairment charges during the six months ended June 30, 2015 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Massillon Commons (a) Multi-tenant retail June 4, 2015 245,900 $ 2,289 Traveler’s Office Building (b) Single-user office June 30, 2015 50,800 1,655 $ 3,944 Estimated fair value of impaired properties as of impairment date $ 17,970 (a) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract for the property, which was sold on June 4, 2015. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of June 30, 2015 and was sold on July 30, 2015.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of carrying value and estimated fair value of financial instruments	The following table presents the carrying value and estimated fair value of the Company’s financial instruments: June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 1,032,287 $ 1,136,839 $ 1,123,136 $ 1,213,620 Unsecured notes payable, net $ 495,818 $ 512,134 $ 495,576 $ 486,701 Unsecured term loans, net $ 447,005 $ 450,000 $ 447,526 $ 450,000 Unsecured revolving line of credit $ 305,000 $ 305,000 $ 100,000 $ 100,000 Derivative liability $ 565 $ 565 $ 85 $ 85 The carrying value of the derivative liability is included in “Other liabilities” in the accompanying condensed consolidated balance sheets.
Schedule of financial instruments measured at fair value on a recurring basis	The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2016 Derivative liability $ — $ 565 $ — $ 565 December 31, 2015 Derivative liability $ — $ 85 $ — $ 85
Schedule of assets measured at fair value on a nonrecurring basis	The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of June 30, 2016 aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to properties remeasured to fair value during the six months ended June 30, 2016 , except for those properties sold prior to June 30, 2016 . Methods and assumptions used to estimate the fair value of these assets are described after the table. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment June 30, 2016 Investment properties $ — $ 3,000 $ — $ 3,000 $ 2,164 (a) Investment properties – held for sale $ — $ 27,500 $ — $ 27,500 $ 4,142 (b) (a) Represents an impairment charge recorded during the six months ended June 30, 2016 for the Company’s South Billings Center development property, which was not under active development as of June 30, 2016 . Such charge, calculated as the expected sales price from the executed sales contract, which was subsequently terminated, as compared to the Company’s carrying value of its investment, was based upon a Level 2 input. (b) Represents an impairment charge recorded during the six months ended June 30, 2016 for the Company’s Mid-Hudson Center, which was classified as held for sale as of June 30, 2016. Such charge, calculated as the expected sales price from the executed sales contract less estimated transaction costs as compared to the Company’s carrying value of its investment, was based upon a Level 2 input. The estimated transaction costs of $1,699 are not reflected as a reduction to the fair value disclosed in the table above, but were included in the calculation of the impairment charge. The Company did not have any assets measured at fair value on a nonrecurring basis as of December 31, 2015.
Schedule of financial liabilities measured at fair value for disclosure purposes	The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2016 Mortgages payable, net $ — $ — $ 1,136,839 $ 1,136,839 Unsecured notes payable, net $ 249,738 $ — $ 262,396 $ 512,134 Unsecured term loans, net $ — $ — $ 450,000 $ 450,000 Unsecured revolving line of credit $ — $ — $ 305,000 $ 305,000 December 31, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured term loans, net $ — $ — $ 450,000 $ 450,000 Unsecured revolving line of credit $ — $ — $ 100,000 $ 100,000

Organization and Basis of Pre36

Organization and Basis of Presentation (Details)	Jun. 30, 2016propertysubsidiary
Organization and basis of presentation
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary	1
Operating properties | Wholly-owned
Organization and basis of presentation
Number of real estate properties owned	183
Operating properties | Wholly-owned | Retail
Organization and basis of presentation
Number of real estate properties owned	182
Operating properties | Wholly-owned | Office
Organization and basis of presentation
Number of real estate properties owned	1
Development properties | Wholly-owned
Organization and basis of presentation
Number of real estate properties owned	1
VIE | Operating properties
Organization and basis of presentation
Number of real estate properties owned	3
VIE | Operating properties | Retail
Organization and basis of presentation
Number of real estate properties owned	3
VIE | Operating properties | Office
Organization and basis of presentation
Number of real estate properties owned	0
VIE | Development properties
Organization and basis of presentation
Number of real estate properties owned	0
Investment properties held for sale | Operating properties | Wholly-owned
Organization and basis of presentation
Number of real estate properties owned	3

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016property	Jan. 01, 2016USD ($)
Accounting Policies [Abstract]
Cumulative effect of accounting change | $		$ 17
VIE
Variable interest entities
Number of properties acquired | property	3

Acquisitions _ Summary of Acqui

Acquisitions – Summary of Acquisitions (Details) $ in Thousands

Jun. 15, 2016USD ($)ft²

May 05, 2016USD ($)ft²

Apr. 29, 2016USD ($)ft²

Apr. 01, 2016USD ($)ft²

Mar. 29, 2016USD ($)ft²

Jan. 15, 2016USD ($)ft²property

Jun. 10, 2015USD ($)ft²

May 04, 2015USD ($)ft²

Mar. 24, 2015USD ($)ft²

Feb. 19, 2015USD ($)ft²

Jan. 23, 2015USD ($)ft²

Jan. 08, 2015USD ($)ft²

Jun. 30, 2016USD ($)ft²

Jun. 30, 2015USD ($)ft²

Jun. 30, 2016USD ($)ft²

Jun. 30, 2015USD ($)ft²

Acquisitions

Gain on extinguishment of other liabilities

$ 6,978

$ 0

$ 6,978

$ 0

Shoppes at Hagerstown

Acquisitions

Square footage | ft²

113,000

Acquisition price

$ 27,055

Merrifield Town Center II

Acquisitions

Square footage | ft²

138,000

Acquisition price

$ 45,676

Oak Brook Promenade

Acquisitions

Square footage | ft²

183,200

Acquisition price

$ 65,954

The Shoppes at Union Hill

Acquisitions

Square footage | ft²

91,700

Acquisition price

$ 63,060

Mortgage debt assumed

$ 15,971

$ 15,971

$ 15,971

Fixed interest rate (as a percent)

3.75%

3.75%

3.75%

Ashland & Roosevelt

Acquisitions

Square footage | ft²

0

Purchase price of asset acquisition

$ 13,850

Gain on extinguishment of other liabilities

$ 6,978

Tacoma South

Acquisitions

Square footage | ft²

230,700

Acquisition price

$ 39,400

Eastside

Acquisitions

Square footage | ft²

67,100

Acquisition price

$ 23,842

2016 acquisitions

Acquisitions

Square footage | ft²

761,700

761,700

Acquisition price

$ 278,837

Mortgage debt assumed

$ 15,316

$ 15,316

Shoppes at Hagerstown and Merrifield Town Center II

Acquisitions

Number of properties acquired | property

2

Downtown Crown

Acquisitions

Square footage | ft²

258,000

Acquisition price

$ 162,785

Merrifield Town Center

Acquisitions

Square footage | ft²

84,900

Acquisition price

$ 56,500

Fort Evans Plaza II

Acquisitions

Square footage | ft²

228,900

Acquisition price

$ 65,000

Cedar Park Town Center

Acquisitions

Square footage | ft²

179,300

Acquisition price

$ 39,057

Parcel at Lake Worth Towne Crossing

Acquisitions

Square footage | ft²

0

Purchase price of asset acquisition

$ 400

Tysons Corner

Acquisitions

Square footage | ft²

37,700

Acquisition price

$ 31,556

Woodinville Plaza

Acquisitions

Square footage | ft²

170,800

Acquisition price

$ 35,250

2015 acquisitions

Acquisitions

Square footage | ft²

959,600

959,600

Acquisition price

$ 390,548

Mortgage debt assumed

$ 0

$ 0

Retail | Merrifield Town Center II

Acquisitions

Square footage | ft²

76,000

Storage | Merrifield Town Center II

Acquisitions

Square footage | ft²

62,000

Acquisitions _ Acquisition Date

Acquisitions – Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Acquisition date fair values
Total revenues	$ 147,226	$ 150,888	$ 295,865	$ 304,085
Net income attributable to common shareholders	26,239	28,321	71,303	39,035
2016 acquisitions
Acquisition date fair values
Land	84,720		84,720
Building and other improvements	172,437		172,437
Acquired lease intangible assets	25,016		25,016
Acquired lease intangible liabilities	(3,991)		(3,991)
Mortgages payable, net	(15,316)		(15,316)
Net assets acquired	262,866		$ 262,866
Weighted average amortization period, acquired lease intangible assets			6 years
Weighted average amortization period, acquired lease intangible liabilities			11 years
Transaction costs	$ 690		$ 690
2015 acquisitions
Acquisition date fair values
Land		141,085		141,085
Building and other improvements		234,358		234,358
Acquired lease intangible assets		38,121		38,121
Acquired lease intangible liabilities		(23,016)		(23,016)
Mortgages payable, net		0		0
Net assets acquired		390,548		$ 390,548
Weighted average amortization period, acquired lease intangible assets				16 years
Weighted average amortization period, acquired lease intangible liabilities				21 years
Transaction costs		$ 1,198		$ 1,198
Total revenues				26,185
Net income attributable to common shareholders				$ 4,331
2015 and 2016 acquisitions
Acquisition date fair values
Total revenues			21,802
Net income attributable to common shareholders			$ 5,011

Acquisitions _ Condensed Pro Fo

Acquisitions – Condensed Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unaudited condensed pro forma financial information
Total revenues	$ 147,813	$ 156,463	$ 300,126	$ 316,679
Net income	28,559	29,567	74,975	41,821
Net income attributable to common shareholders	$ 26,196	$ 27,204	$ 70,250	$ 37,096
Earnings per common share – basic and diluted
Net income per common share attributable to common shareholders	$ 0.11	$ 0.11	$ 0.30	$ 0.16
Weighted average number of common shares outstanding – basic	236,716	236,354	236,647	236,302

Acquisitions _ Variable Interes

Acquisitions – Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2016USD ($)days	Dec. 31, 2015USD ($)
Assets
Total assets	$ 115,222	$ 0
VIE
Variable interest entities
Number of days to complete tax-deferred exchange | days	180
Assets
Land	$ 25,374
Building and other improvements	90,598
Less accumulated depreciation	(750)
Net investment properties	115,222
Acquired lease intangible assets	13,915
Other assets	2,138
Total assets	131,275
Liabilities
Loans due to the Company	128,156
Other liabilities	2,738
Total liabilities	130,894
VIE | Oak Brook Promenade
Variable interest entities
Amount loaned to VIE for acquisition	65,419
VIE | Tacoma South
Variable interest entities
Amount loaned to VIE for acquisition	39,215
VIE | Eastside
Variable interest entities
Amount loaned to VIE for acquisition	$ 23,522

Dispositions _ Summary of Dispo

Dispositions – Summary of Dispositions (Details) $ in Thousands	Jun. 30, 2016USD ($)ft²	Jun. 23, 2016USD ($)ft²property	Jun. 15, 2016USD ($)ft²	Jun. 02, 2016USD ($)ft²	Apr. 20, 2016USD ($)ft²	Mar. 30, 2016USD ($)ft²property	Feb. 10, 2016USD ($)ft²	Feb. 01, 2016USD ($)ft²	Jun. 17, 2015USD ($)ft²	Jun. 05, 2015USD ($)ft²	Jun. 04, 2015USD ($)ft²	May 15, 2015USD ($)ft²	Apr. 30, 2015USD ($)ft²	Apr. 07, 2015USD ($)ft²	Feb. 27, 2015USD ($)ft²	Jan. 20, 2015USD ($)ft²	Aug. 03, 2016USD ($)ft²property	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)ft²
Property dispositions
Aggregate proceeds, net																				$ 41,031	$ 150,699
Gain																				31,352	38,213
Total debt	$ 2,292,444																	$ 2,292,444		2,292,444
Loan obligation assumed by the buyer																				15,316	0
Gain on extinguishment of debt																		0	$ 0	13,653	0
Proceeds temporarily restricted related to tax-deferred exchanges																				42,905	$ 0
The Gateway
Property dispositions
Square footage | ft²								623,200
Consideration								$ 75,000
Net payment for disposition								(795)
Gain								3,868
Total debt	$ 94,353							94,353										$ 94,353		94,353
Loan obligation assumed by the buyer								75,000												75,000
Gain on extinguishment of debt								$ 13,653												$ 13,653
Stateline Station
Property dispositions
Square footage | ft²							142,600
Consideration							$ 17,500
Aggregate proceeds, net							17,210
Gain							$ 4,253
Six Property Portfolio
Property dispositions
Square footage | ft²						230,400
Consideration						$ 35,413
Aggregate proceeds, net						12
Gain						13,618
Proceeds temporarily restricted related to tax-deferred exchanges						$ 34,973
Number of properties sold | property						6
CVS Pharmacy – Oklahoma City
Property dispositions
Square footage | ft²					10,900
Consideration					$ 4,676
Aggregate proceeds, net					4,608
Gain					$ 1,764
Rite Aid Store (Eckerd) – Canandaigua & Tim Horton Donut Shop
Property dispositions
Square footage | ft²				16,600
Consideration				$ 5,400
Aggregate proceeds, net				5,333
Gain				$ 1,444
Academy Sports – Midland
Property dispositions
Square footage | ft²			61,200
Consideration			$ 5,541
Aggregate proceeds, net			17
Gain			2,220
Proceeds temporarily restricted related to tax-deferred exchanges			$ 5,383
Four Rite Aid Portfolio
Property dispositions
Square footage | ft²		45,400
Consideration		$ 15,934
Aggregate proceeds, net		14,646
Gain		$ 2,287
Number of properties sold | property		4
2016 dispositions
Property dispositions
Square footage | ft²	1,130,300																	1,130,300		1,130,300
Consideration	$ 159,464																	$ 159,464		$ 159,464
Aggregate proceeds, net																				41,031
Gain																				29,454
Outparcel at Beachway Plaza
Property dispositions
Consideration	2,639																	$ 2,639		$ 2,639
Gain	1,898
Proceeds temporarily restricted related to tax-deferred exchanges	$ 2,549
Aon Hewitt East Campus
Property dispositions
Square footage | ft²																343,000
Consideration																$ 17,233
Aggregate proceeds, net																16,495
Gain																$ 0
Promenade at Red Cliff
Property dispositions
Square footage | ft²															94,500
Consideration															$ 19,050
Aggregate proceeds, net															18,848
Gain															$ 4,572
Hartford Insurance Building
Property dispositions
Square footage | ft²														97,400
Consideration														$ 6,015
Aggregate proceeds, net														5,663
Gain														$ 860
Rasmussen College
Property dispositions
Square footage | ft²													26,700
Consideration													$ 4,800
Aggregate proceeds, net													4,449
Gain													$ 1,334
Mountain View Plaza
Property dispositions
Square footage | ft²												162,000
Consideration												$ 28,500
Aggregate proceeds, net												27,949
Gain												$ 10,184
Massillon Commons
Property dispositions
Square footage | ft²											245,900
Consideration											$ 12,520
Aggregate proceeds, net											12,145
Gain											$ 0
Citizen's Property Insurance Building
Property dispositions
Square footage | ft²										59,800
Consideration										$ 3,650
Aggregate proceeds, net										3,368
Gain										$ 440
Pine Ridge Plaza
Property dispositions
Square footage | ft²									236,500
Consideration									$ 33,200
Aggregate proceeds, net									31,858
Gain									$ 12,938
Bison Hollow
Property dispositions
Square footage | ft²									134,800
Consideration									$ 18,800
Aggregate proceeds, net									18,657
Gain									$ 4,061
The Village at Quail Springs
Property dispositions
Square footage | ft²									100,400
Consideration									$ 11,350
Aggregate proceeds, net									11,267
Gain									$ 3,824
2015 dispositions
Property dispositions
Square footage | ft²																			1,501,000		1,501,000
Consideration																			$ 155,118		$ 155,118
Aggregate proceeds, net																					150,699
Gain																					$ 38,213
Subsequent events
Property dispositions
Consideration																	$ 54,813
Multi-tenant retail | Subsequent events
Property dispositions
Square footage | ft²																	425,900
Consideration																	$ 48,000
Number of properties sold | property																	2
Single-user retail | Subsequent events
Property dispositions
Square footage | ft²																	21,800
Number of properties sold | property																	2

Dispositions _ Assets and Liabi

Dispositions – Assets and Liabilities of Investment Properties Held for Sale (Details) $ in Thousands	Aug. 03, 2016USD ($)ft²	Jun. 30, 2016USD ($)ft²	Dec. 31, 2015USD ($)
Assets
Assets associated with investment properties held for sale		$ 48,533	$ 0
Liabilities
Liabilities associated with investment properties held for sale		$ 5,208	$ 0
Investment properties held for sale
Investment properties held for sale
Square footage | ft²		481,000
Assets
Land, building and other improvements		$ 53,308
Accumulated depreciation		(9,254)
Net investment properties		44,054
Other assets		4,479
Assets associated with investment properties held for sale		48,533
Liabilities
Other liabilities		5,208
Liabilities associated with investment properties held for sale		$ 5,208
Alison's Corner | Investment properties held for sale
Investment properties held for sale
Square footage | ft²		55,100
Broadway Shopping Center | Investment properties held for sale
Investment properties held for sale
Square footage | ft²		190,300
Mid-Hudson Center | Investment properties held for sale
Investment properties held for sale
Square footage | ft²		235,600
Subsequent events
Investment properties held for sale
Consideration	$ 54,813
Multi-tenant retail | Subsequent events
Investment properties held for sale
Square footage | ft²	425,900
Consideration	$ 48,000

Equity Compensation Plans (Deta

Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unvested restricted shares/RSUs
Balance at the end of the period (in shares)	607	607	788	607	788
Restricted shares
Equity compensation plans
Fair value of restricted shares vested				$ 6,545
Unvested restricted shares/RSUs
Balance at the beginning of the period (in shares)				788
Shares/RSUs granted (in shares)				269
Shares vested (in shares)				(444)
Shares/RSUs forfeited (in shares)				(6)
Balance at the end of the period (in shares)	607	607		607
Weighted average grant date fair value per restricted share/RSU
Balance at the beginning of the period (in dollars per share)				$ 15.52
Shares/RSUs granted (in dollars per share)				14.74
Shares vested (in dollars per share)				15.49
Shares/RSUs forfeited (in dollars per share)				14.99
Balance at the end of the period (in dollars per share)	$ 15.20	$ 15.20		$ 15.20
Compensation cost not yet recognized
Total unrecognized compensation expense	$ 5,368	$ 5,368		$ 5,368
RSUs
Equity compensation plans
Vesting period for shares/RSUs granted				1 year
Conversion rate of RSUs into shares of common stock (as a percent)				33.00%
Conversion rate of RSUs into restricted shares (as a percent)				67.00%
Unvested restricted shares/RSUs
Balance at the beginning of the period (in shares)				174
Shares/RSUs granted (in shares)				246
Shares/RSUs forfeited (in shares)				(29)
Balance at the end of the period (in shares)	391	391		391
Weighted average grant date fair value per restricted share/RSU
Balance at the beginning of the period (in dollars per share)				$ 14.20
Shares/RSUs granted (in dollars per share)				13.85
Shares/RSUs forfeited (in dollars per share)				13.56
Balance at the end of the period (in dollars per share)	$ 14.02	$ 14.02		$ 14.02
Compensation cost not yet recognized
Total unrecognized compensation expense	$ 4,252	$ 4,252		$ 4,252
Restricted shares and RSUs
Equity compensation plans
Compensation expense		$ 1,676	$ 4,757	$ 3,702	$ 6,126
Stock options
Equity compensation plans
Number of outstanding options to purchase shares of common stock	53	53	64	53	64
Minimum | Restricted shares
Equity compensation plans
Vesting period for shares/RSUs granted				5 months
Minimum | RSUs
Equity compensation plans
Conversion rate of RSUs if threshold met (as a percent)				50.00%
Maximum | Restricted shares
Equity compensation plans
Vesting period for shares/RSUs granted				3 years 11 months
Maximum | RSUs
Equity compensation plans
Conversion rate of RSUs if threshold met (as a percent)				200.00%
Weighted average | Restricted shares
Compensation cost not yet recognized
Unrecognized compensation expense, period for recognition (in years)	1 year 6 months
Weighted average | RSUs
Equity compensation plans
Risk-free interest rate (as a percent)				0.89%
Common stock dividend yield (as a percent)				4.59%
Compensation cost not yet recognized
Unrecognized compensation expense, period for recognition (in years)	2 years 10 months 20 days

Mortgages Payable _ Summary (De

Mortgages Payable – Summary (Details) $ in Thousands	Jun. 30, 2016USD ($)propertyloan	Feb. 01, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)propertyloan	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)propertyloan	Jun. 30, 2015USD ($)	Apr. 01, 2016USD ($)
Mortgages payable
Total debt	$ 2,292,444			$ 2,292,444		$ 2,292,444
Weighted average interest rate (as a percent)	4.25%			4.25%		4.25%
Loan obligation assumed by the buyer						$ 15,316	$ 0
Gain on extinguishment of debt				$ 0	$ 0	13,653	$ 0
Fixed rate debt
Mortgages payable
Total debt	$ 1,787,444			$ 1,787,444		$ 1,787,444
Weighted average interest rate (as a percent)	4.93%			4.93%		4.93%
Mortgages payable
Mortgages payable
Premium, net of accumulated amortization	$ 1,651		$ 1,865	$ 1,651		$ 1,651
Discount, net of accumulated amortization	(644)		(1)	(644)		(644)
Capitalized loan fees, net of accumulated amortization	(6,164)		(7,233)	(6,164)		(6,164)
Mortgages payable, net	1,032,287		1,123,136	1,032,287		1,032,287
Notional amount	7,803		7,910	7,803		7,803
Amount of mortgage loans guaranteed	$ 1,951			$ 1,951		$ 1,951
Number of mortgage loans guaranteed | loan	1			1		1
Mortgages payable | Fixed rate debt
Mortgages payable
Total debt	$ 1,037,444		$ 1,128,505	$ 1,037,444		$ 1,037,444
Weighted average interest rate (as a percent)	5.99%		6.08%	5.99%		5.99%
Weighted average years to maturity	3 years 10 months		3 years 11 months
IW JV 2009 LLC
Mortgages payable
Cross-collateralized mortgage loan balance	$ 393,208			$ 393,208		$ 393,208
Number of properties in cross-collateralized mortgage | property	48			48		48
Minimum | Mortgages payable | Fixed rate debt
Mortgages payable
Fixed interest rate (as a percent)	3.35%		3.35%	3.35%		3.35%
Maximum | Mortgages payable | Fixed rate debt
Mortgages payable
Fixed interest rate (as a percent)	8.00%		8.00%	8.00%		8.00%
The Gateway
Mortgages payable
Total debt	$ 94,353	$ 94,353		$ 94,353		$ 94,353
Fixed interest rate (as a percent)	6.57%			6.57%		6.57%
Loan obligation assumed by the buyer		75,000				$ 75,000
Gain on extinguishment of debt		$ 13,653				$ 13,653
Debt repaid
Mortgages payable
Fixed interest rate (as a percent)	7.30%			7.30%		7.30%
Debt repaid | Mortgages payable
Mortgages payable
Mortgage payable repaid						$ 6,594
Scheduled principal payments related to amortizing loans	$ 6,085			$ 6,085		$ 6,085
The Shoppes at Union Hill
Mortgages payable
Fixed interest rate (as a percent)	3.75%			3.75%		3.75%		3.75%
Mortgage debt assumed	$ 15,971			$ 15,971		$ 15,971		$ 15,971

Mortgages Payable _ Debt Maturi

Mortgages Payable – Debt Maturities (Details) $ in Thousands	Jun. 30, 2016USD ($)instrument	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)instrument
Debt maturities
2,016	$ 35,430		$ 35,430
2,017	227,451		227,451
2,018	211,647		211,647
2,019	444,324		444,324
2,020	309,334		309,334
Thereafter	1,064,258		1,064,258
Total	$ 2,292,444		$ 2,292,444
Weighted average interest rate on debt (as a percent)
2,016	4.12%		4.12%
2,017	5.08%		5.08%
2,018	2.16%		2.16%
2,019	7.49%		7.49%
2,020	1.85%		1.85%
Thereafter	3.83%		3.83%
Total	4.25%		4.25%
Mortgages payable
Mortgages payable
Notional amount	$ 7,803	$ 7,910	$ 7,803
Premium, net of accumulated amortization	1,651	1,865	1,651
Discount, net of accumulated amortization	(644)	(1)	(644)
Capitalized loan fees, net of accumulated amortization	(6,164)	(7,233)	(6,164)
Unsecured notes payable
Mortgages payable
Discount, net of accumulated amortization	(1,030)	(1,090)	(1,030)
Capitalized loan fees, net of accumulated amortization	(3,152)	$ (3,334)	(3,152)
Consolidated indebtedness
Mortgages payable
Capitalized loan fees, net of accumulated amortization	$ (12,311)		(12,311)
Weighted average years to maturity	4 years 7 months 10 days
Fixed rate debt
Debt maturities
2,016	$ 35,430		35,430
2,017	227,451		227,451
2,018	11,647		11,647
2,019	444,324		444,324
2,020	4,334		4,334
Thereafter	1,064,258		1,064,258
Total	$ 1,787,444		$ 1,787,444
Weighted average interest rate on debt (as a percent)
2,016	4.12%		4.12%
2,017	5.08%		5.08%
2,018	6.52%		6.52%
2,019	7.49%		7.49%
2,020	4.58%		4.58%
Thereafter	3.83%		3.83%
Total	4.93%		4.93%
Fixed rate debt | Mortgages payable
Mortgages payable
Weighted average years to maturity	3 years 10 months	3 years 11 months
Debt maturities
2,016	$ 35,430		$ 35,430
2,017	227,451		227,451
2,018	11,647		11,647
2,019	444,324		444,324
2,020	4,334		4,334
Thereafter	314,258		314,258
Total	$ 1,037,444	$ 1,128,505	$ 1,037,444
Weighted average interest rate on debt (as a percent)
Total	5.99%	6.08%	5.99%
Fixed rate debt | Unsecured credit facility
Debt maturities
2,016	$ 0		$ 0
2,017	0		0
2,018	0		0
2,019	0		0
2,020	0		0
Thereafter	250,000		250,000
Total	250,000		250,000
Fixed rate debt | Unsecured notes payable
Debt maturities
2,016	0		0
2,017	0		0
2,018	0		0
2,019	0		0
2,020	0		0
Thereafter	500,000		500,000
Total	500,000		500,000
Variable rate debt
Debt maturities
2,016	0		0
2,017	0		0
2,018	200,000		200,000
2,019	0		0
2,020	305,000		305,000
Thereafter	0		0
Total	$ 505,000		$ 505,000
Weighted average interest rate on debt (as a percent)
2,016	0.00%		0.00%
2,017	0.00%		0.00%
2,018	1.91%		1.91%
2,019	0.00%		0.00%
2,020	1.81%		1.81%
Thereafter	0.00%		0.00%
Total	1.85%		1.85%
Variable rate debt | Unsecured credit facility
Debt maturities
2,016	$ 0		$ 0
2,017	0		0
2,018	200,000		200,000
2,019	0		0
2,020	305,000		305,000
Thereafter	0		0
Total	505,000		505,000
$100,000 and $150,000 interest rate swaps maturing in 2017
Mortgages payable
Notional amount	$ 250,000		$ 250,000
Number of instruments | instrument	2		2
LIBOR | $100,000 and $150,000 interest rate swaps maturing in 2017
Mortgages payable
Reference rate for variable interest rate	one-month floating rate LIBOR		one-month floating rate LIBOR
Weighted average | $100,000 and $150,000 interest rate swaps maturing in 2017
Mortgages payable
Fixed interest rate (as a percent)	0.6677%		0.6677%

Unsecured Notes Payable (Detail

Unsecured Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Unsecured notes payable
Principal balance	$ 495,818	$ 495,576
Senior Notes
Unsecured notes payable
Principal balance	500,000	500,000
Discount, net of accumulated amortization	(1,030)	(1,090)
Capitalized loan fees, net of accumulated amortization	$ (3,152)	$ (3,334)
Weighted average interest rate (as a percent)	4.20%	4.20%
Senior Notes | 4.12% Series A Senior Notes Due 2021
Unsecured notes payable
Principal balance	$ 100,000	$ 100,000
Stated interest rate (as a percent)	4.12%	4.12%
Senior Notes | 4.58% Series B Senior Notes Due 2024
Unsecured notes payable
Principal balance	$ 150,000	$ 150,000
Stated interest rate (as a percent)	4.58%	4.58%
Senior Notes | 4.00% Senior Notes Due 2025
Unsecured notes payable
Principal balance	$ 250,000	$ 250,000
Stated interest rate (as a percent)	4.00%	4.00%

Unsecured Credit Facility (Deta

Unsecured Credit Facility (Details) $ in Thousands	Jun. 30, 2016USD ($)	Jan. 06, 2016USD ($)extension_options	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2014rating_agency	Feb. 24, 2016USD ($)
Unsecured credit facility
Amount borrowed	$ 305,000		$ 100,000	$ 305,000
Unsecured credit facility
Unsecured credit facility
Aggregate borrowing capacity			1,000,000
Amount borrowed	$ 752,005		547,526	752,005
Unsecured credit facility | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Aggregate borrowing capacity		$ 1,200,000
Additional borrowing capacity		400,000
Maximum borrowing capacity		1,600,000
Unsecured revolving line of credit
Unsecured credit facility
Aggregate borrowing capacity			550,000
Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Aggregate borrowing capacity		$ 750,000
Number of extension options | extension_options		2
Revolving line of credit, period of extension of maturity (in years)		6 months
Revolving line of credit, extension fee as a percentage of commitment amount		0.075%
$250,000 term loan
Unsecured credit facility
Variable interest rate spread (as a percent)	1.30%
$250,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Principal amount		$ 250,000
$200,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Principal amount		$ 200,000
Number of extension options | extension_options		2
Term loan, period of extension of maturity (in years)		1 year
Term loan, extension fee as a percentage of amount outstanding		0.15%
Unsecured term loans
Unsecured credit facility
Principal amount			$ 450,000
Variable interest rate spread (as a percent)			1.45%
Amount borrowed	$ 450,000		$ 450,000	450,000
Capitalized loan fees, net of accumulated amortization	(2,995)		(2,474)	(2,995)
Term loans, net	447,005		447,526	447,005
Fixed rate debt | $250,000 term loan
Unsecured credit facility
Amount borrowed	$ 250,000			$ 250,000
Interest rate (as percent)	1.97%			1.97%
Fixed rate debt | Unsecured term loans
Unsecured credit facility
Amount borrowed			$ 300,000
Interest rate (as percent)			1.99%
Variable rate debt | Unsecured revolving line of credit
Unsecured credit facility
Amount borrowed	$ 305,000		$ 100,000	$ 305,000
Interest rate (as percent)	1.81%		1.93%	1.81%
Variable rate debt | $200,000 term loan
Unsecured credit facility
Amount borrowed	$ 200,000			$ 200,000
Interest rate (as percent)	1.91%			1.91%
Variable rate debt | Unsecured term loans
Unsecured credit facility
Amount borrowed			$ 150,000
Interest rate (as percent)			1.88%
Investment grade rated
Unsecured credit facility
Number of rating agencies | rating_agency					2
Minimum | Unsecured credit facility
Unsecured credit facility
Variable interest rate spread (as a percent)			1.45%
Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Quarterly unused fees (as a percent)		0.15%
Minimum | $250,000 term loan
Unsecured credit facility
Variable interest rate spread (as a percent)	1.30%
Minimum | Unsecured term loans
Unsecured credit facility
Variable interest rate spread (as a percent)			1.45%
Minimum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Facility fee (as a percent)		0.125%
Maximum | Unsecured credit facility
Unsecured credit facility
Variable interest rate spread (as a percent)			2.05%
Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Quarterly unused fees (as a percent)		0.25%
Maximum | $250,000 term loan
Unsecured credit facility
Variable interest rate spread (as a percent)	2.20%
Maximum | Unsecured term loans
Unsecured credit facility
Variable interest rate spread (as a percent)			2.00%
Maximum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Facility fee (as a percent)		0.30%
Weighted average | Unsecured credit facility
Unsecured credit facility
Interest rate (as percent)	1.89%		1.95%	1.89%
LIBOR | Unsecured credit facility
Unsecured credit facility
Reference rate for variable interest rate		LIBOR	LIBOR
LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.35%
LIBOR | Minimum | $250,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.30%
LIBOR | Minimum | $200,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.45%
LIBOR | Minimum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		0.85%
LIBOR | Minimum | Investment grade rated | $250,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		0.90%
LIBOR | Minimum | Investment grade rated | $200,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.05%
LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		2.25%
LIBOR | Maximum | $250,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		2.20%
LIBOR | Maximum | $200,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		2.20%
LIBOR | Maximum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.55%
LIBOR | Maximum | Investment grade rated | $250,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		1.75%
LIBOR | Maximum | Investment grade rated | $200,000 term loan | KeyBank and Wells Fargo Syndicate
Unsecured credit facility
Variable interest rate spread (as a percent)		2.05%
$100,000 and $150,000 interest rate swaps maturing in 2017
Unsecured credit facility
Notional amount	$ 250,000			$ 250,000
$100,000 and $150,000 interest rate swaps maturing in 2017 | Weighted average
Unsecured credit facility
Fixed interest rate (as a percent)	0.6677%			0.6677%
$100,000 and $150,000 interest rate swaps maturing in 2017 | LIBOR
Unsecured credit facility
Reference rate for variable interest rate	one-month floating rate LIBOR			one-month floating rate LIBOR
$300,000 interest rate swap maturing in 2016
Unsecured credit facility
Notional amount			$ 300,000			$ 300,000
Fixed interest rate (as a percent)			0.53875%

Derivatives _ Schedule of Deriv

Derivatives – Schedule of Derivative Instruments (Details) $ in Thousands	Jun. 30, 2016USD ($)instrument	Jun. 30, 2016USD ($)instrument	May 16, 2016USD ($)	Mar. 01, 2016USD ($)	Feb. 24, 2016USD ($)	Dec. 31, 2015USD ($)instrument
$100,000 and $150,000 interest rate swaps maturing in 2017
Derivatives
Number of instruments | instrument	2	2
Notional	$ 250,000	$ 250,000
$100,000 interest rate swap maturing in 2017
Derivatives
Notional				$ 100,000
Fixed interest rate (as a percent)				0.6591%
$150,000 interest rate swap maturing in 2017
Derivatives
Notional			$ 150,000
Fixed interest rate (as a percent)			0.6735%
$300,000 interest rate swap maturing in 2016
Derivatives
Notional					$ 300,000	$ 300,000
Fixed interest rate (as a percent)						0.53875%
Cash flow hedges | Interest rate swaps
Derivatives
Number of instruments | instrument	3	3				2
Amount of gain (loss) on cash flow hedges expected to be reclassified to interest expense over the next 12 months	$ 468
Notional	$ 257,803	$ 257,803				$ 307,910
LIBOR | $100,000 and $150,000 interest rate swaps maturing in 2017
Derivatives
Reference rate for variable interest rate	one-month floating rate LIBOR	one-month floating rate LIBOR
Mortgages payable
Derivatives
Notional	$ 7,803	$ 7,803				$ 7,910

Derivatives _ Interest Rate Swa

Derivatives – Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands	Jun. 30, 2016USD ($)instrument	Dec. 31, 2015USD ($)instrument
Derivatives
Number of instruments | instrument	3	2
Notional | $	$ 257,803	$ 307,910

Derivatives _ Estimated Fair Va

Derivatives – Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Interest rate swaps | Cash flow hedges
Fair value of derivatives
Fair value of derivatives	$ 565	$ 85

Derivatives _ Effect on Stateme

Derivatives – Effect on Statements of Operations (Details) - Interest rate swaps - Cash flow hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Loss (gain) on derivative instruments
Amount of loss recognized in other comprehensive income on derivative (effective portion)	$ 634	$ 196	$ 687	$ 582
Amount of loss reclassified from AOCI into income (effective portion)	124	293	210	584
Amount of loss (gain) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$ 3	$ 4	$ 3	$ (21)

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	1 Months Ended	33 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Jun. 30, 2016
2015 ATM Equity Program
Equity
Maximum aggregate offering price	$ 250,000
Aggregate offering price of remaining common shares available for sale			$ 250,000
2013 ATM Equity Program
Equity
Maximum aggregate offering price		$ 200,000
2015 Share Repurchase Program
Equity
Maximum authorized amount for stock repurchases	$ 250,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Numerator:
Income (loss) from continuing operations			$ 18,989	$ (2,957)	$ 44,676	$ 5,547
Gain on sales of investment properties			9,613	33,641	31,352	38,213
Preferred stock dividends			(2,363)	(2,363)	(4,725)	(4,725)
Net income attributable to common shareholders			26,239	28,321	71,303	39,035
Distributions paid on unvested restricted shares			(110)	(144)	(240)	(210)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares			$ 26,129	$ 28,177	$ 71,063	$ 38,825
Denominator for earnings per common share – basic:
Weighted average number of common shares outstanding			236,716	236,354	236,647	236,302
Effect of dilutive securities:
Stock options			2	2	2	3
RSUs			184	0	132	0
Denominator for earnings per common share – diluted:
Weighted average number of common and common equivalent shares outstanding			236,902	236,356	236,781	236,305
Earnings per share, other disclosures
Unvested restricted common stock	607	788	607	788	607	788
Weighted average number of shares of restricted common stock			649	851	687	731
Stock options
Antidilutive securities excluded from computation of earnings per share
Number of outstanding options to purchase shares of common stock	53	64	53	64	53	64
Weighted average exercise price of outstanding options (in dollars per share)	$ 19.39	$ 19.28	$ 19.39	$ 19.28	$ 19.39	$ 19.28
Number of outstanding options to purchase shares of common stock that would be anti-dilutive	45	54
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share)	$ 20.74	$ 20.69
RSUs
Earnings per share, other disclosures
Unvested restricted common stock	391		391		391		174
Antidilutive securities excluded from computation of earnings per share
Number of RSUs eligible for future conversion	391	157	391	157	391	157
Weighted average number of RSUs			411	57	344	29

Provision for Impairment of I55

Provision for Impairment of Investment Properties (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²property	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2016USD ($)ft²property	Jun. 30, 2015USD ($)ft²property
Provision for impairment of investment properties
Number of properties for which indicators of impairment were identified | property	6	6	6	6
Number of properties for which an impairment charge was recorded | property	1	1	1	1
Number of properties held for sale with impairment indicators but not impaired | property	2	1	2	1
Remaining properties for which indicators of impairment were identified but no impairment was considered necessary | property	3	4	3	4
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for each of the remaining properties	70.00%	53.00%	70.00%	53.00%
Number of properties with impairment indicators which were subsequently sold | property	5		5
Provision for impairment of investment properties	$ 4,142	$ 3,944	$ 6,306	$ 3,944
Estimated fair value of impaired properties as of impairment date			30,500	$ 17,970
South Billings Center
Provision for impairment of investment properties
Provision for impairment of investment properties			$ 2,164
Mid-Hudson Center
Provision for impairment of investment properties
Square footage | ft²	235,600		235,600
Provision for impairment of investment properties			$ 4,142
Massillon Commons
Provision for impairment of investment properties
Square footage | ft²		245,900		245,900
Provision for impairment of investment properties				$ 2,289
Traveler's Office Building
Provision for impairment of investment properties
Square footage | ft²		50,800		50,800
Provision for impairment of investment properties				$ 1,655

Fair Value Measurements _ Fair

Fair Value Measurements – Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Financial liabilities:
Mortgages payable, net	$ 1,032,287	$ 1,123,136
Unsecured notes payable, net	495,818	495,576
Unsecured term loans, net	447,005	447,526
Unsecured revolving line of credit	305,000	100,000
Carrying value
Financial liabilities:
Mortgages payable, net	1,032,287	1,123,136
Unsecured notes payable, net	495,818	495,576
Unsecured term loans, net	447,005	447,526
Unsecured revolving line of credit	305,000	100,000
Derivative liability	565	85
Fair value
Financial liabilities:
Mortgages payable, net	1,136,839	1,213,620
Unsecured notes payable, net	512,134	486,701
Unsecured term loans, net	450,000	450,000
Unsecured revolving line of credit	305,000	100,000
Derivative liability	$ 565	$ 85

Fair Value Measurements _ Recur

Fair Value Measurements – Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value measurements
Derivative liability	$ 565	$ 85
Fair value, Level 2
Fair value measurements
Derivative liability	$ 565	$ 85

Fair Value Measurements _ Nonre

Fair Value Measurements – Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair value measurements
Provision for impairment	$ 4,142	$ 3,944	$ 6,306	$ 3,944
Nonrecurring Fair Value Measurements
Fair value measurements
Fair value of investment properties	3,000		3,000
Provision for impairment			2,164
Fair value of investment properties held for sale	27,500		27,500
Nonrecurring Fair Value Measurements | Fair value, Level 2
Fair value measurements
Fair value of investment properties	3,000		3,000
Fair value of investment properties held for sale	$ 27,500		27,500
Investment properties held for sale | Nonrecurring Fair Value Measurements
Fair value measurements
Provision for impairment			4,142
Mid-Hudson Center
Fair value measurements
Estimated transaction costs			$ 1,699

Fair Value Measurements _ Fai59

Fair Value Measurements – Fair Value Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value measurements
Mortgages payable, net	$ 1,032,287	$ 1,123,136
Unsecured notes payable, net	495,818	495,576
Unsecured term loans, net	447,005	447,526
Unsecured revolving line of credit	305,000	100,000
Fair value, Level 1
Fair value measurements
Unsecured notes payable, net	249,738	239,482
Fair value, Level 3
Fair value measurements
Mortgages payable, net	1,136,839	1,213,620
Unsecured notes payable, net	262,396	247,219
Unsecured term loans, net	450,000	450,000
Unsecured revolving line of credit	305,000	100,000
Fair value, Total
Fair value measurements
Mortgages payable, net	1,136,839	1,213,620
Unsecured notes payable, net	512,134	486,701
Unsecured term loans, net	450,000	450,000
Unsecured revolving line of credit	$ 305,000	$ 100,000
Mortgages payable | Minimum
Fair value measurements
Discount rate (as a percent)	2.20%	2.20%
Mortgages payable | Maximum
Fair value measurements
Discount rate (as a percent)	3.80%	6.00%
Unsecured notes payable
Fair value measurements
Unsecured notes payable, net	$ 500,000	$ 500,000
Unsecured term loans | Weighted average
Fair value measurements
Discount rate (as a percent)	1.37%	1.30%
Unsecured revolving line of credit
Fair value measurements
Discount rate (as a percent)	1.35%	1.35%
4.00% Senior Notes Due 2025 | Unsecured notes payable
Fair value measurements
Unsecured notes payable, net	$ 250,000	$ 250,000
Stated interest rate (as a percent)	4.00%	4.00%
Series A and B Senior Notes | Unsecured notes payable | Weighted average
Fair value measurements
Discount rate (as a percent)	3.60%	4.64%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Guarantees $ in Thousands	Jun. 30, 2016USD ($)propertyloan
Commitments and contingencies
Amount of letters of credit outstanding	$ 143
Number of properties for which the Company has letters of credit outstanding | property	1
Mortgages payable
Commitments and contingencies
Amount of mortgage loans guaranteed	$ 1,951
Number of mortgage loans guaranteed | loan	1

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Jul. 28, 2016$ / shares	Jun. 30, 2016	Dec. 31, 2015	Aug. 03, 2016USD ($)ft²	Jun. 30, 2016USD ($)$ / shares	Jun. 30, 2015USD ($)$ / shares
Subsequent events
Gain on sales of investment properties					$ 31,352	$ 38,213
Preferred stock dividends declared (per share) | $ / shares					$ 0.875	$ 0.875
Common stock dividends declared (per share) | $ / shares					$ 0.33125	$ 0.33125
7.00% Series A cumulative redeemable preferred stock
Subsequent events
Preferred stock, dividend rate		7.00%	7.00%
Subsequent events
Subsequent events
Sales price				$ 54,813
Subsequent events | Broadway Shopping Center
Subsequent events
Square footage | ft²				190,300
Sales price				$ 20,500
Gain on sales of investment properties				$ 7,958
Subsequent events | Mid-Hudson Center
Subsequent events
Square footage | ft²				235,600
Sales price				$ 27,500
Subsequent events | Rite Aid Store (Eckerd), Main St. - Buffalo
Subsequent events
Square footage | ft²				10,900
Sales price				$ 3,388
Gain on sales of investment properties				$ 344
Subsequent events | Rite Aid Store (Eckerd) - Lancaster
Subsequent events
Square footage | ft²				10,900
Sales price				$ 3,425
Gain on sales of investment properties				$ 625
Subsequent events | 7.00% Series A cumulative redeemable preferred stock
Subsequent events
Preferred stock, dividend rate	7.00%
Preferred stock dividends declared (per share) | $ / shares	$ 0.4375
Subsequent events | Class A common stock
Subsequent events
Common stock dividends declared (per share) | $ / shares	$ 0.165625