Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Entity Information | |||
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | ||
Entity Central Index Key | 1,222,840 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4 | ||
Entity Common Stock, Shares Outstanding | 236,847,007 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment properties: | ||
Land | $ 1,191,403 | $ 1,254,131 |
Building and other improvements | 4,284,664 | 4,428,554 |
Developments in progress | 23,439 | 5,157 |
Gross investment properties | 5,499,506 | 5,687,842 |
Less accumulated depreciation | (1,443,333) | (1,433,195) |
Net investment properties | 4,056,173 | 4,254,647 |
Cash and cash equivalents | 53,119 | 51,424 |
Accounts and notes receivable (net of allowances of $6,886 and $7,910, respectively) | 78,941 | 82,804 |
Acquired lease intangible assets, net | 142,015 | 138,766 |
Assets associated with investment properties held for sale | 30,827 | 0 |
Other assets, net | 91,898 | 93,610 |
Total assets | 4,452,973 | 4,621,251 |
Liabilities: | ||
Mortgages payable, net | 769,184 | 1,123,136 |
Unsecured notes payable, net | 695,143 | 495,576 |
Unsecured term loans, net | 447,598 | 447,526 |
Unsecured revolving line of credit | 86,000 | 100,000 |
Accounts payable and accrued expenses | 83,085 | 69,800 |
Distributions payable | 39,222 | 39,297 |
Acquired lease intangible liabilities, net | 105,290 | 114,834 |
Liabilities associated with investment properties held for sale, net | 864 | 0 |
Other liabilities | 74,501 | 75,745 |
Total liabilities | 2,300,887 | 2,465,914 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Additional paid-in capital | 4,927,155 | 4,931,395 |
Accumulated distributions in excess of earnings | (2,776,033) | (2,776,215) |
Accumulated other comprehensive income (loss) | 722 | (85) |
Total equity | 2,152,086 | 2,155,337 |
Total liabilities and equity | 4,452,973 | 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts and notes receivable, allowances | $ 6,886 | $ 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 | 236,770 | 237,267 |
Common stock, shares outstanding | 236,770 | 237,267 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Rental income | $ 455,658 | $ 472,344 | $ 474,684 |
Tenant recovery income | 118,569 | 119,536 | 115,719 |
Other property income | 8,916 | 12,080 | 10,211 |
Total revenues | 583,143 | 603,960 | 600,614 |
Expenses | |||
Operating expenses | 85,895 | 94,780 | 96,798 |
Real estate taxes | 81,774 | 82,810 | 78,773 |
Depreciation and amortization | 224,430 | 214,706 | 215,966 |
Provision for impairment of investment properties | 20,376 | 19,937 | 72,203 |
General and administrative expenses | 44,522 | 50,657 | 34,229 |
Total expenses | 456,997 | 462,890 | 497,969 |
Operating income | 126,146 | 141,070 | 102,645 |
Gain on extinguishment of debt | 13,653 | 0 | 0 |
Gain on extinguishment of other liabilities | 6,978 | 0 | 4,258 |
Equity in loss of unconsolidated joint ventures, net | 0 | 0 | (2,088) |
Gain on change in control of investment properties | 0 | 0 | 24,158 |
Interest expense | (109,730) | (138,938) | (133,835) |
Other income, net | 63 | 1,700 | 5,459 |
Income from continuing operations | 37,110 | 3,832 | 597 |
Discontinued operations: | |||
Loss, net | 0 | 0 | (148) |
Gain on sales of investment properties | 0 | 0 | 655 |
Income from discontinued operations | 0 | 0 | 507 |
Gain on sales of investment properties | 129,707 | 121,792 | 42,196 |
Net income | 166,817 | 125,624 | 43,300 |
Net income attributable to noncontrolling interest | 0 | (528) | 0 |
Net income attributable to the Company | 166,817 | 125,096 | 43,300 |
Preferred stock dividends | (9,450) | (9,450) | (9,450) |
Net income attributable to common shareholders | $ 157,367 | $ 115,646 | $ 33,850 |
Earnings per common share – basic and diluted | |||
Continuing operations | $ 0.66 | $ 0.49 | $ 0.14 |
Discontinued operations | 0 | 0 | 0 |
Net income per common share attributable to common shareholders | $ 0.66 | $ 0.49 | $ 0.14 |
Net income | $ 166,817 | $ 125,624 | $ 43,300 |
Other comprehensive income: | |||
Net unrealized gain on derivative instruments (Note 10) | 807 | 452 | 201 |
Comprehensive income | 167,624 | 126,076 | 43,501 |
Comprehensive income attributable to noncontrolling interest | 0 | (528) | 0 |
Comprehensive income attributable to the Company | $ 167,624 | $ 125,548 | $ 43,501 |
Weighted average number of common shares outstanding – basic | 236,651 | 236,380 | 236,184 |
Weighted average number of common shares outstanding – diluted | 236,951 | 236,382 | 236,187 |
Consolidated Statements of Equi
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 interest |
Balance at Dec. 31, 2013 | $ 2,308,834 | $ 5 | $ 236 | $ 4,919,633 | $ (2,611,796) | $ (738) | $ 2,307,340 | $ 1,494 |
Balance (in shares) at Dec. 31, 2013 | 5,400 | 236,302 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 43,300 | 43,300 | 43,300 | |||||
Other comprehensive income | 201 | 201 | 201 | |||||
Distributions declared to preferred shareholders | (9,450) | (9,450) | (9,450) | |||||
Distributions declared to common shareholders | (156,742) | (156,742) | (156,742) | |||||
Issuance of common stock, net of offering costs | (145) | (145) | (145) | |||||
Issuance of restricted shares | 1 | $ 1 | 1 | |||||
Issuance of restricted shares (in shares) | 303 | |||||||
Exercise of stock options | 23 | 23 | 23 | |||||
Exercise of stock options (in shares) | 2 | |||||||
Stock-based compensation expense, net of forfeitures | 3,420 | 3,420 | 3,420 | |||||
Shares withheld for employee taxes | (67) | (67) | (67) | |||||
Shares withheld for employee taxes (in shares) | (5) | |||||||
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 | 125,624 | 125,096 | 125,096 | 528 | ||||
Other comprehensive income | 452 | 452 | 452 | |||||
Distribution upon dissolution of consolidated joint venture | (2,022) | (2,022) | ||||||
Distributions declared to preferred shareholders | (9,450) | (9,450) | (9,450) | |||||
Distributions declared to common shareholders | (157,173) | (157,173) | (157,173) | |||||
Issuance of common stock, net of offering costs | (216) | (216) | (216) | |||||
Issuance of restricted shares (in shares) | 801 | |||||||
Stock-based compensation expense, net of forfeitures | 10,755 | 10,755 | 10,755 | |||||
Stock-based compensation expense, net of forfeitures (in shares) | (4) | |||||||
Shares withheld for employee taxes | (2,008) | (2,008) | (2,008) | |||||
Shares withheld for employee taxes (in shares) | (132) | |||||||
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 | ||||||||
Cumulative effect of accounting change | 17 | (17) | ||||||
Net income | 166,817 | 166,817 | 166,817 | |||||
Other comprehensive income | 807 | 807 | 807 | |||||
Distributions declared to preferred shareholders | (9,450) | (9,450) | (9,450) | |||||
Distributions declared to common shareholders | (157,168) | (157,168) | (157,168) | |||||
Issuance of common stock, net of offering costs | (100) | (100) | (100) | |||||
Shares repurchased through share repurchase program | (8,841) | (8,841) | (8,841) | |||||
Shares repurchased through share repurchase program (in shares) | (591) | |||||||
Issuance of restricted shares (in shares) | 274 | |||||||
Exercise of stock options | 23 | 23 | 23 | |||||
Exercise of stock options (in shares) | 2 | |||||||
Stock-based compensation expense, net of forfeitures | 7,209 | 7,209 | 7,209 | |||||
Stock-based compensation expense, net of forfeitures (in shares) | (10) | |||||||
Shares withheld for employee taxes | (2,548) | (2,548) | (2,548) | |||||
Shares withheld for employee taxes (in shares) | (172) | |||||||
Balance at Dec. 31, 2016 | $ 2,152,086 | $ 5 | $ 237 | $ 4,927,155 | $ (2,776,033) | $ 722 | $ 2,152,086 | $ 0 |
Balance (in shares) at Dec. 31, 2016 | 5,400 | 236,770 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distributions declared to preferred shareholders (in dollars per share) | $ 1.75 | $ 1.75 | $ 1.75 |
Distributions declared to common shareholders (in dollars per share) | $ 0.6625 | $ 0.6625 | $ 0.6625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 166,817 | $ 125,624 | $ 43,300 |
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): | |||
Depreciation and amortization | 224,430 | 214,706 | 215,966 |
Provision for impairment of investment properties | 20,376 | 19,937 | 72,203 |
Gain on sales of investment properties | (129,707) | (121,792) | (42,851) |
Gain on extinguishment of debt | (13,653) | 0 | 0 |
Gain on extinguishment of other liabilities | (6,978) | 0 | (4,258) |
Gain on change in control of investment properties | 0 | 0 | (24,158) |
Amortization of loan fees and debt premium and discount, net | 5,781 | 5,129 | 4,926 |
Amortization of stock-based compensation | 7,209 | 10,755 | 3,420 |
Premium paid in connection with defeasance of mortgages payable | 1,735 | 17,343 | 1,322 |
Equity in loss of unconsolidated joint ventures, net | 0 | 0 | 2,088 |
Distributions on investments in unconsolidated joint ventures | 0 | 0 | 1,360 |
Payment of leasing fees and inducements | (9,640) | (8,184) | (8,523) |
Changes in accounts receivable, net | (1,918) | 4,420 | (5,762) |
Changes in accounts payable and accrued expenses, net | 2,007 | 1,976 | 3,220 |
Changes in other operating assets and liabilities, net | (1,776) | (469) | (7,499) |
Other, net | (935) | (3,632) | (740) |
Net cash provided by operating activities | 263,748 | 265,813 | 254,014 |
Cash flows from investing activities: | |||
Changes in restricted escrows, net | 394 | 22,344 | (16,757) |
Purchase of investment properties | (381,436) | (454,085) | (172,989) |
Capital expenditures and tenant improvements | (51,768) | (45,649) | (44,442) |
Proceeds from sales of investment properties | 450,765 | 505,824 | 315,400 |
Investment in developments in progress | (1,362) | (2,371) | (2,992) |
Investment in unconsolidated joint ventures | 0 | 0 | (25) |
Other, net | 944 | (775) | (295) |
Net cash provided by investing activities | 17,537 | 25,288 | 77,900 |
Cash flows from financing activities: | |||
Proceeds from mortgages payable | 0 | 1,049 | 3,541 |
Principal payments on mortgages payable | (266,033) | (441,490) | (192,244) |
Proceeds from unsecured notes payable | 200,000 | 248,815 | 250,000 |
Proceeds from unsecured credit facility | 622,500 | 610,000 | 375,500 |
Repayments of unsecured credit facility | (636,500) | (510,000) | (540,500) |
Payment of loan fees and deposits, net | (8,756) | (2,243) | (1,615) |
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable | (12,430) | (87,435) | (6,152) |
Distributions paid | (166,693) | (166,513) | (166,143) |
Shares repurchased through share repurchase program | (8,841) | 0 | 0 |
Other, net | (2,837) | (4,152) | (199) |
Net cash used in financing activities | (279,590) | (351,969) | (277,812) |
Net increase (decrease) in cash and cash equivalents | 1,695 | (60,868) | 54,102 |
Cash and cash equivalents, at beginning of year | 51,424 | 112,292 | 58,190 |
Cash and cash equivalents, at end of year | 53,119 | 51,424 | 112,292 |
Supplemental cash flow disclosure, including non-cash activities: | |||
Cash paid for interest, net of interest capitalized | 101,789 | 115,249 | 127,645 |
Distributions payable | 39,222 | 39,297 | 39,187 |
Accrued capital expenditures and tenant improvements | 9,286 | 6,079 | 6,731 |
Accrued leasing fees and inducements | 952 | 0 | 0 |
Accrued redevelopment costs | 4,816 | 0 | 0 |
Amounts reclassified to developments in progress | 17,261 | 0 | 0 |
Developments in progress placed in service | 0 | 2,288 | 4,047 |
U.S. Treasury securities transferred in connection with defeasance of mortgages payable | 12,430 | 87,435 | 6,152 |
Defeasance of mortgages payable | 10,695 | 70,092 | 4,830 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests): | |||
Land, building and other improvements, net | (375,022) | (442,763) | (337,906) |
Accounts receivable, acquired lease intangibles and other assets | (40,989) | (47,498) | (31,116) |
Accounts payable, acquired lease intangibles and other liabilities | 19,259 | 36,176 | 25,390 |
Mortgages payable assumed, net | 15,316 | 0 | 146,485 |
Gain on change in control of investment properties | 0 | 0 | 24,158 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests) | (381,436) | (454,085) | (172,989) |
Proceeds from sales of investment properties: | |||
Net investment properties | 393,680 | 379,419 | 265,127 |
Accounts receivable, acquired lease intangibles and other assets | 18,183 | 8,959 | 12,053 |
Accounts payable, acquired lease intangibles and other liabilities | (11,605) | (4,378) | (4,631) |
Deferred gains | 1,500 | 32 | 0 |
Mortgage debt forgiven or assumed | (94,353) | 0 | 0 |
Gain on extinguishment of debt | 13,653 | 0 | 0 |
Gain on sales of investment properties | 129,707 | 121,792 | 42,851 |
Proceeds from sales of investment properties | $ 450,765 | $ 505,824 | $ 315,400 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Retail Properties of America, Inc. (the Company) was formed on March 5, 2003 and its primary purpose is 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 consolidated financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (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 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 consolidated financial statements and notes thereto are stated in thousands with the exception of per share amounts and per square foot amounts. Square foot and per square foot amounts are unaudited. The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities (VIEs). Wholly-owned subsidiaries generally consist of limited liability companies (LLCs), limited partnerships (LPs) and statutory trusts. The Company’s property ownership as of December 31, 2016 is summarized below: Wholly-owned Retail operating properties (a) 156 Office properties 1 Total operating properties 157 Redevelopment properties 2 (a) Excludes two wholly-owned operating properties classified as held for sale as of December 31, 2016 . Intercompany balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, are accounted for pursuant to the equity method of accounting. Accordingly, the Company’s share of the loss of these unconsolidated joint ventures is included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income. Refer to Note 11 to the consolidated financial statements for further discussion. Noncontrolling interest is the portion of equity in a consolidated subsidiary not attributable, directly or indirectly, to the Company. In the consolidated statements of operations and other comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to common shareholders and noncontrolling interests. Consolidated statements of equity are included in the annual financial statements, including beginning balances, activity for the period and ending balances for total shareholders’ equity, noncontrolling interests and total equity. Noncontrolling interests are adjusted for additional contributions from and distributions to noncontrolling interest holders, as well as the noncontrolling interest holders’ share of the net income or loss of each respective entity, as applicable. The Company evaluates the classification and presentation of noncontrolling interests associated with consolidated joint venture investments, if any, on an ongoing basis as facts and circumstances necessitate. On October 29, 2015, the Company dissolved its remaining less-than-wholly owned consolidated joint venture concurrent with the sale of Green Valley Crossing to an affiliate of the joint venture partner. The Company was entitled to a preferred return on its capital contributions to the entity. The noncontrolling interest holder was allocated $528 as its share of the gain on sale of the development property and received a distribution of $2,022 upon dissolution of the joint venture. No adjustments to the carrying value of the noncontrolling interest for contributions, distributions or allocation of net income or loss were made during the year ended December 31, 2014. As of December 31, 2016 , the Company did not have any less-than-wholly-owned consolidated entities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Investment Properties: Investment properties are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Expenditures for significant improvements, including internal salaries and related benefits of personnel directly involved in the improvements, are capitalized. The Company allocates the purchase price of each acquired investment property accounted for as a business combination based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market, (vi) the value of customer relationships and (vii) goodwill, if any. Transaction costs related to acquisitions accounted for as business combinations are expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. The Company elected to early adopt ASU 2017-01, Business Combinations , on a prospective basis as of October 1, 2016. This new guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition as opposed to a business combination. Refer to the “Recently Adopted Accounting Pronouncements” section within Note 2 to the consolidated financial statements. Under this new guidance, the Company expects most acquisitions of investment property will meet this screen and, thus, be accounted for as asset acquisitions. The Company allocates the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair value. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value intangibles based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. Fair value estimates used in acquisition accounting, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the acquired investment property and tenant profile. For acquisitions accounted for as business combinations, if, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. The portion of the purchase price allocated to acquired in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value intangibles of $27,443 , $25,913 and $28,977 for the years ended December 31, 2016 , 2015 and 2014 , respectively. With respect to acquired leases in which the Company is the lessor, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $4,406 , $4,807 and $4,170 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease intangibles of $7,396 , $8,428 and $6,246 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as an increase to rental income. With respect to acquired leases in which the Company is the lessee, the portion of the purchase price allocated to acquired above and below market ground lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to property operating expenses. Amortization pertaining to above market ground lease intangibles of $560 , $560 and $560 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as a reduction to property operating expenses. The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned as of December 31, 2016 : 2017 2018 2019 2020 2021 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 4,474 $ 3,850 $ 2,527 $ 1,890 $ 1,373 $ 5,368 $ 19,482 Acquired in-place lease value intangibles (a) 22,627 17,509 12,473 10,324 9,022 50,578 122,533 Acquired lease intangible assets, net (b) $ 27,101 $ 21,359 $ 15,000 $ 12,214 $ 10,395 $ 55,946 $ 142,015 Acquired below market lease intangibles (a) $ (6,124 ) $ (5,849 ) $ (5,545 ) $ (5,369 ) $ (5,177 ) $ (64,208 ) $ (92,272 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,218 ) (13,018 ) Acquired lease intangible liabilities, net (b) $ (6,684 ) $ (6,409 ) $ (6,105 ) $ (5,929 ) $ (5,737 ) $ (74,426 ) $ (105,290 ) (a) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. (b) Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $296,309 and $50,672 of accumulated amortization, respectively, as of December 31, 2016 . (c) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. Depreciation expense is computed using the straight-line method. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building and associated improvements and 15 years for site improvements and most other capital improvements. Tenant improvements and leasing fees, including capitalized internal leasing incentives, are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company capitalized $423 , $474 and $0 of internal leasing incentives, all of which were incremental to signed leases, during the years ended December 31, 2016 , 2015 and 2014 , respectively. Impairment of Long-Lived Assets and Unconsolidated Joint Ventures: The Company’s investment properties, including developments in progress, are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators for both operating properties and developments in progress include, but are not limited to: • a substantial decline in or continued low occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant concentration of financially troubled tenants; • a change in anticipated holding period; • a cost accumulation or delay in project completion date significantly above and beyond the original development or redevelopment estimate; • a significant decrease in market price not in line with general market trends; and • any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of directors. If the presence of one or more impairment indicators as described above is identified at the end of a reporting period or at any point throughout the year with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes certain complex or subjective assumptions which include, but are not limited to: • projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; • estimated holding period or various potential holding periods when considering probability-weighted scenarios; • projected capital expenditures and lease origination costs; • estimated interest and internal costs expected to be capitalized, dates of construction completion and grand opening dates for developments in progress; • projected cash flows from the eventual disposition of an operating property or development in progress using a property-specific capitalization rate; • comparable selling prices; and • a property-specific discount rate. The Company did not have any unconsolidated joint ventures as of December 31, 2016 and 2015 . When the Company does hold investments in unconsolidated joint ventures, they are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying these investments, each reporting period or whenever events or changes in circumstances warrant such an evaluation. To determine whether any identified impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying value is fully recovered. To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value. Below is a summary of impairment charges recorded during the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Impairment of consolidated properties (a) $ 20,376 $ 19,937 $ 72,203 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income. The Company’s assessment of impairment as of December 31, 2016 was based on the most current information available to the Company. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s investment properties will not occur in 2017 or future periods. Based upon current market conditions, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no additional impairment charges were recorded. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether additional impairment charges are warranted. Refer to Note 15 to the consolidated financial statements for further discussion. Development and Redevelopment Projects : Development and redevelopment projects are classified as developments in progress on the accompanying consolidated balance sheets and include (i) land held for future development, (ii) ground-up developments and (iii) redevelopment properties undergoing significant renovations and improvements. During the development or redevelopment period, the Company capitalizes direct project costs such as construction, insurance, architectural and legal, as well as certain indirect project costs such as interest, other financing costs, real estate taxes and internal salaries and related benefits of personnel directly involved in the project. Capitalization of the indirect project costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements at the time when development or redevelopment is considered substantially complete. Additionally, the Company makes estimates as to the probability of completion of development and redevelopment projects. If the Company determines that completion of the development or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company capitalized $302 of indirect project costs related to development and redevelopment projects and $1,152 related to expansions, pad developments and other significant improvements during the year ended December 31, 2016 . The Company did not capitalize any indirect project costs during the years ended December 31, 2015 and 2014. Investment Properties Held for Sale : In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, the Company classifies the investment property as held for sale. When these criteria are met, the Company suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of acquired in-place lease value intangibles and any above or below market lease intangibles and the Company records the investment property held for sale at the lower of cost or net realizable value. The assets and liabilities associated with those investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period. Two properties were classified as held for sale as of December 31, 2016 and no properties qualified for held for sale accounting treatment as of December 31, 2015 . Prior to the Company’s early adoption of the revised discontinued operations pronouncement in 2014, if the operations and cash flow of the property had been, or were upon consummation of such sale, eliminated from ongoing operations and the Company did not have significant continuing involvement in the operations of the property, then the operations for the periods presented were classified in the consolidated statements of operations and other comprehensive income as discontinued operations for all periods presented. However, the Company elected to early adopt the revised discontinued operations pronouncement effective January 1, 2014, which limits what qualifies for discontinued operations presentation. As a result, the investment properties that were sold or classified as held for sale during 2016, 2015 and 2014, except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, did not qualify for discontinued operations presentation and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income. Partially-Owned Entities : The Company consolidates partially-owned entities if they are VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and the Company is considered the primary beneficiary, the Company has voting control, the limited partners (or non-managing members) do not have substantive participatory rights, or other conditions exist that indicate that the Company has control. Management uses its judgment when determining if the Company is the primary beneficiary of, or has a controlling financial interest in, an entity in which it has a variable interest, to determine whether the Company has the power to direct the activities that most significantly impact the entity’s economic performance and if it has significant economic exposure to the risk and rewards of ownership. The Company assesses its interests in VIEs on an ongoing basis to determine if the entity should be consolidated. Cash and Cash Equivalents : The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. Restricted Cash and Escrows : Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2016 and 2015 , the Company had $29,230 and $35,804 , respectively, in restricted cash and escrows. Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other assets, net” and “Other liabilities”. The Company uses interest rate derivatives to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of its borrowings. The Company does not use derivatives for trading or speculative purposes. On the date the Company enters into a derivative, it may designate the derivative as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge that is determined to be highly effective are recorded in “Accumulated other comprehensive income (loss)” and are reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2016 , the balance in accumulated other comprehensive income (loss) relating to derivatives was $722 . Any hedge ineffectiveness or changes in the fair value for any derivative not designated as a hedge is reported in “Other income, net” in the accompanying consolidated statements of operations and other comprehensive income. Conditional Asset Retirement Obligations: The Company evaluates the potential impact of conditional asset retirement obligations on its consolidated financial statements. The term conditional asset retirement obligation refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2016 and 2015 . Revenue Recognition: The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that the lessee is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are accounted for as lease inducements which are amortized as a reduction to the revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or the Company retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; • who constructs or directs the construction of the improvements, and • whether the tenant or the Company is obligated to fund cost overruns. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, the Company considers all of the above factors. No one factor, however, necessarily establishes its determination. Rental income, for only those leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such rental income earned and the cash rent due under the provisions of a lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable” in the accompanying consolidated balance sheets. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period the applicable expenditures are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company records lease termination income as “Other property income” when (i) a termination letter agreement is signed, (ii) all of the conditions of such agreement have been fulfilled, (iii) the tenant is no longer occupying the property and (iv) collectibility is reasonably assured. Upon early lease termination, the Company provides for losses related to recognized tenant specific intangibles and other assets or adjusts the remaining useful life of the assets if determined to be appropriate. The Company recorded lease termination income of $3,339 , $3,757 and $2,667 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company recorded contingent percentage rental income and percentage rental income in lieu of base rent of $4,082 , $4,693 and $5,229 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company’s policy is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Profits from sales of real estate are not recognized under the full accrual method until the following criteria are met: a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have substantial continuing involvement with the property. The Company sold 46 , 26 and 24 consolidated investment properties during the years ended December 31, 2016 , 2015 and 2014 , respectively. Refer to Note 4 to the consolidated financial statements for further discussion. Accounts and Notes Receivable and Allowance for Doubtful Accounts : Accounts and notes receivable balances outstanding include base rents, tenant reimbursements and deferred rent receivables. An allowance for the uncollectible portion of accounts and notes receivable is determined on a tenant-specific basis through an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accounts and notes receivable is based on the best information available to management at the time of evaluation. Rental Expense : Rental expense associated with land and office space that the Company leases under non-cancellable operating leases, for only those leases that have fixed and measurable rent escalations, is recorded on a straight-line basis over the term of each lease. The difference between rental expense incurred on a straight-line basis and rental payments due under the provisions of a lease agreement is recorded as a deferred liability and is included as a component of “Other liabilities” in the accompanying consolidated balance sheets. See Note 6 to the consolidated financial statements for additional information pertaining to these leases. Loan Fees: Loan fees are generally amortized using the effective interest method (or other methods which approximate the effective interest method) over the life of the related loan as a component of interest expense. Debt prepayment penalties and certain fees associated with exchanges or modifications of debt are expensed as incurred as a component of interest expense. The Company presents unamortized capitalized loan fees, excluding those related to its unsecured revolving line of credit, as direct reductions of the carrying amounts of the related debt liabilities in the accompanying consolidated balance sheets. Unamortized capitalized loan fees attributable to the Company’s unsecured revolving line of credit are recorded in “Other assets, net” in the accompanying consolidated balance sheets. Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company generally will not be subject to U.S. federal income tax on the taxable income the Company currently distributes to its shareholders. The Company records a benefit, based on the GAAP measurement criteria, for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Tax returns for the calendar years 2013 through 2016 remain subject to examination by federal and various state tax jurisdictions. Segment Reporting: The Company’s chief operating decision maker, which is comprised of its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, assesses and measures the operating results of the Company’s portfolio of properties based on net operating income and does not differentiate properties by geography, market, size or type. Each of the Company’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the Company’s properties are aggregated into one reportable segment as they have similar economic characteristics, the Company provides similar services to its tenants and the Company’s chief operating decision maker evaluates the collective performance of its properties. 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. This new guidance 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 consolidated financial statements as the Company did not have any VIEs at adoption on January 1, 2016; however, during the year ended December 31, 2016, the Company acquired three properties through consolidated VIEs in connection with Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges) and, accordingly, applied the revised consolidation guidance. See Note 3 to the 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 consolidated financial statements. The Company elected to early adopt ASU 2014-15, Presentation of Financial Statements – Going Concern , on January 1, 2016. This new guidance 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 consolidated financial statements. The Company elected to early adopt ASU 2016-09, Compensation – Stock Compensation , on January 1, 2016. This new guidance 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. The Company elected to early adopt ASU 2017-01, Business Combinations , on a prospective basis as of October 1, 2016. This new guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquis |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The Company closed on the following acquisitions during the year ended December 31, 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 Chicago Multi-tenant retail 183,200 65,954 April 1, 2016 The Shoppes at Union Hill (b) New York Multi-tenant retail 91,700 63,060 April 29, 2016 Ashland & Roosevelt – Fee Interest (c) Chicago Ground lease interest (c) — 13,850 May 5, 2016 Tacoma South Seattle Multi-tenant retail 230,700 39,400 June 15, 2016 Eastside Dallas Multi-tenant retail 67,100 23,842 August 30, 2016 Woodinville Plaza – Anchor Space Improvements (d) Seattle Anchor space improvements (d) — 4,500 November 22, 2016 One Loudoun Downtown – Phase I (e) Washington, D.C. Multi-tenant retail 340,600 124,971 1,102,300 $ 408,308 (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) In conjunction with this acquisition, the Company assumed mortgage debt with a principal balance of $15,971 and an interest rate of 3.75% that matures in 2031. (c) 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. (d) The Company acquired the anchor space improvements, which were previously subject to a ground lease with the Company, at an existing wholly-owned multi-tenant retail operating property located in Woodinville, Washington. (e) The remaining phases at One Loudoun Downtown, representing an aggregate gross purchase price of up to $35,500 , are expected to close throughout the first three quarters of 2017 as the seller completes construction on stand-alone buildings at the property. During the year ended December 31, 2016, the Company also completed a non-monetary transaction in which it received the fee interest in less than an acre of adjacent land and terminated the ground lease on certain undeveloped parcels at an existing wholly-owned multi-tenant retail operating property located in Southlake, Texas in exchange for the fee interest in approximately 2.5 acres of undeveloped parcels. As a result of this transaction, the Company’s fee interest in certain undeveloped parcels at the property are no longer encumbered by the ground lease. The Company capitalized $113 of costs related to this transaction. The Company closed on the following acquisitions during the year ended December 31, 2015: Date Property Name Metropolitan Statistical Area (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 (a) — 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 July 31, 2015 Southlake Town Square – Outparcel (b) Dallas Single-user outparcel 13,800 8,440 August 27, 2015 Coal Creek Marketplace Seattle Multi-tenant retail 55,900 17,600 October 27, 2015 Royal Oaks Village II – Outparcel (a) Houston Single-user outparcel 12,300 6,841 November 13, 2015 Towson Square Baltimore Multi-tenant retail 138,200 39,707 1,179,800 $ 463,136 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property and a single-user outparcel located at its Royal Oaks Village II multi-tenant retail operating property. (b) The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2014: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price February 27, 2014 Heritage Square Seattle Multi-tenant retail 53,100 $ 18,022 $ 18,022 February 27, 2014 Bed Bath & Beyond Plaza – Fee Interest (a) Miami Ground lease interest (a) — 10,350 10,350 June 5, 2014 MS Inland Portfolio (b) Various Multi-tenant retail 1,194,800 292,500 234,000 June 23, 2014 Southlake Town Square – Outparcel (c) Dallas Single-user outparcel 8,500 6,369 6,369 November 20, 2014 Avondale Plaza Seattle Multi-tenant retail 39,000 15,070 15,070 December 30, 2014 Lakewood Towne Center – Parcel Seattle Multi-tenant parcel 44,000 5,750 5,750 1,339,400 $ 348,061 $ 289,561 (a) The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Miami, Florida, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed a straight-line ground rent liability of $4,258 , which is presented in “Gain on extinguishment of other liabilities” in the accompanying consolidated statements of operations and other comprehensive income. (b) As discussed in Note 11 to the consolidated financial statements, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 . The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income. (c) The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company (as lessor) prior to the transaction. The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions completed during the years ended December 31, 2016 , 2015 and 2014 discussed above: 2016 2015 2014 Land $ 106,947 $ 161,114 $ 118,732 Building and other improvements 268,075 281,649 219,174 Acquired lease intangible assets (a) 41,002 45,474 35,520 Acquired lease intangible liabilities (b) (8,258 ) (25,101 ) (20,578 ) Mortgages payable, net (c) (15,316 ) — (146,485 ) Net assets acquired (d) $ 392,450 $ 463,136 $ 206,363 (a) The weighted average amortization period for acquired lease intangible assets is nine years , 15 years and eight years for acquisitions completed during the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 18 years , 21 years and 16 years for acquisitions completed during the years ended December 31, 2016 , 2015 and 2014 , respectively. (c) Includes mortgage discount of $(655) for acquisitions completed during the year ended December 31, 2016 and mortgage premium of $4,787 for acquisitions completed during the year ended December 31, 2014. (d) Net assets attributable to the MS Inland acquisition are presented at 100% . 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 related to acquisitions accounted for as business combinations totaling $913 , $1,591 and $2,271 for the years ended December 31, 2016 , 2015 and 2014 , respectively, were expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. Included in the Company’s consolidated statements of operations and other comprehensive income from the properties acquired that were accounted for as business combinations are $87,161 , $97,893 and $55,303 in total revenues and $22,283 , $18,334 and $6,733 in net income attributable to common shareholders from the date of acquisition through December 31, 2016 , 2015 , and 2014 , respectively. These amounts do not include the total revenue and net income attributable to common shareholders from the 2016 acquisitions of One Loudoun Downtown – Phase I, the anchor space improvements at Woodinville Plaza and the fee interest in Ashland & Roosevelt, the 2015 acquisition of a parcel at Lake Worth Towne Crossing and the 2014 acquisition of the fee interest in Bed Bath & Beyond Plaza as they have been accounted for as asset acquisitions. Subsequent to December 31, 2016 , the Company acquired Main Street Promenade, a 181,600 square foot multi-tenant retail property located in the Chicago MSA, for a gross purchase price of $88,000 . The property was acquired on January 13, 2017 through a consolidated VIE to facilitate a potential 1031 Exchange. The Company has not completed the allocation of the acquisition date fair value for Main Street Promenade; however, it expects that this acquisition will be accounted for as an asset acquisition and that the purchase price of this property will primarily be allocated to land, building and acquired lease intangibles. Condensed Pro Forma Financial Information The results of operations of 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, the 2015 acquisitions were completed as of January 1, 2014, and the 2014 acquisitions were completed as of January 1, 2013. The results of operations associated with the 2017 acquisition of Main Street Promenade, the 2016 acquisitions of One Loudoun Downtown – Phase I, the anchor space improvements at Woodinville Plaza and the fee interest in Ashland & Roosevelt, the 2015 acquisition of a parcel at Lake Worth Towne Crossing and the 2014 acquisition of the fee interest in Bed Bath & Beyond Plaza have not been adjusted in the pro forma presentation as they have been accounted for as asset acquisitions. The results of operations associated with the 2015 acquisitions of Towson Square on November 13, 2015, single-user outparcels at Southlake Town Square on July 31, 2015 and Royal Oaks Village II on October 27, 2015 and the 2014 acquisition of a single-user outparcel at Southlake Town Square on June 23, 2014 have not been adjusted in the pro forma presentation due to a lack of historical financial information. 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: Year Ended December 31, 2016 2015 2014 Total revenues $ 587,374 $ 627,300 $ 635,240 Net income $ 165,696 $ 121,406 $ 18,313 Net income attributable to common shareholders $ 156,246 $ 111,428 $ 8,863 Earnings per common share – basic and diluted: Net income per common share attributable to common shareholders $ 0.66 $ 0.47 $ 0.04 Weighted average number of common shares outstanding – basic 236,651 236,380 236,184 Variable Interest Entities During the year ended December 31, 2016 , the Company entered into agreements with a qualified intermediary related to three 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 was completed during the year ended December 31, 2016 and, accordingly, no agreements remained outstanding related to 1031 Exchanges as of December 31, 2016. At the completion of the 1031 Exchanges, the sole membership interests of the VIEs were assigned to the Company and the respective outstanding loans were extinguished, resulting in the entities being wholly owned by the Company and no longer considered VIEs. Prior to the completion of the 1031 Exchanges, the Company was deemed to be the primary beneficiary of the VIEs as it had the ability to direct the activities of the VIEs that most significantly impacted their economic performance and had all of the risks and rewards of ownership. Accordingly, the Company consolidated the VIEs. No value or income was attributed to the noncontrolling interests. The assets of the VIEs consisted of the investment properties which were operated by the Company. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS The Company closed on the following dispositions during the year ended December 31, 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 34,986 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 Single-user retail 61,200 5,541 5,399 2,220 June 23, 2016 Four Rite Aid Portfolio (e) Single-user retail 45,400 15,934 14,646 2,287 July 8, 2016 Broadway Shopping Center Multi-tenant retail 190,300 20,500 20,103 7,958 July 21, 2016 Mid-Hudson Center Multi-tenant retail 235,600 27,500 25,615 — July 27, 2016 Rite Aid Store (Eckerd), Main St. – Buffalo Single-user retail 10,900 3,388 3,296 344 July 29, 2016 Rite Aid Store (Eckerd) – Lancaster Single-user retail 10,900 3,425 3,349 625 August 4, 2016 Alison’s Corner Multi-tenant retail 55,100 7,850 7,559 3,334 August 5, 2016 Rite Aid Store (Eckerd) – Lake Ave. Single-user retail 13,200 5,400 5,334 907 August 12, 2016 Maple Tree Place Multi-tenant retail 489,000 90,000 87,047 15,566 August 12, 2016 CVS Pharmacy – Burleson Single-user retail 10,900 4,190 4,102 1,425 August 18, 2016 Mitchell Ranch Plaza Multi-tenant retail 199,600 55,625 54,305 33,612 August 22, 2016 Rite Aid Store (Eckerd), E. Main St. – Batavia Single-user retail 13,800 5,050 4,924 1,249 September 9, 2016 Rite Aid Store (Eckerd) – Lockport Single-user retail 13,800 4,690 4,415 753 September 9, 2016 Rite Aid Store (Eckerd), Ferry St. – Buffalo Single-user retail 10,900 3,600 3,370 612 November 9, 2016 Walgreens – Northwoods Single-user retail 16,300 6,450 5,793 2,199 November 23, 2016 Ten Rite Aid Portfolio (f) Single-user retail 119,700 30,000 29,380 251 December 8, 2016 Vail Ranch Plaza Multi-tenant retail 101,800 27,450 27,160 11,247 December 15, 2016 Pacheco Pass Phase I & II Multi-tenant retail 194,300 41,500 39,549 4,758 December 16, 2016 South Billings Center (g) Development (g) — 2,250 2,157 — December 22, 2016 Rite Aid Store (Eckerd) – Colesville Single-user retail 13,400 7,700 7,444 1,893 December 29, 2016 Commons at Royal Palm Multi-tenant retail 156,500 23,700 21,460 6,553 December 30, 2016 CVS Pharmacy (Eckerd) – Edmond & CVS Pharmacy (Eckerd) – Norman (h) Single-user retail 27,600 10,630 10,467 5,069 3,013,900 $ 540,362 $ 448,216 $ 127,809 (a) Aggregate proceeds are net of transaction costs. (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. (d) The terms of the disposition of Rite Aid Store (Eckerd) – Canandaigua and Tim Horton Donut Shop were negotiated as a single transaction. (e) 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. – West Seneca and (iv) Rite Aid Store (Eckerd) – Greece. (f) Portfolio consists of the following properties: (i) Rite Aid Store (Eckerd) – Chattanooga, (ii) Rite Aid Store (Eckerd) – Yorkshire, (iii) Rite Aid Store (Eckerd), Sheridan Dr. – Amherst, (iv) Rite Aid Store (Eckerd) – Grand Island, (v) Rite Aid Store (Eckerd) – North Chili, (vi) Rite Aid Store (Eckerd) – Tonawanda, (vii) Rite Aid Store (Eckerd) – Irondequoit, (viii) Rite Aid Store (Eckerd) – Hudson, (ix) Rite Aid Store (Eckerd), Transit Rd. – Amherst and (x) Rite Aid Store (Eckerd), Harlem Rd. – West Seneca. (g) South Billings Center was classified as a development property but was not under active development. (h) The terms of the disposition of CVS Pharmacy (Eckerd) – Edmond and CVS Pharmacy (Eckerd) – Norman were negotiated as a single transaction. During the year ended December 31, 2016, the Company also disposed of a single-user outparcel for consideration of $2,639 , received net proceeds of $2,549 and recorded a gain of $1,898 from the transaction. The aggregate proceeds, net of closing costs, from the property dispositions and this additional transaction totaled $450,765 with aggregate gains of $129,707 . During the year ended December 31, 2016, the Company defeased $10,695 in mortgages payable prior to the 2016 dispositions. As of December 31, 2016 , the Company had entered into contracts to sell Century III Plaza, a 284,100 square foot multi-tenant retail operating property located in West Mifflin, Pennsylvania, and CVS Pharmacy – Sylacauga, a 10,100 square foot single-user retail operating property located in Sylacauga, Alabama. These properties qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended December 31, 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 accompanying consolidated balance sheet as of December 31, 2016 . 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: December 31, 2016 Assets Land, building and other improvements $ 45,395 Accumulated depreciation (15,769 ) Net investment properties 29,626 Other assets 1,201 Assets associated with investment properties held for sale $ 30,827 Liabilities Other liabilities $ 864 Liabilities associated with investment properties held for sale $ 864 There was no activity during the years ended December 31, 2016 and 2015 related to discontinued operations. The results of operations for the year ended December 31, 2014 for the investment property accounted for as discontinued operations, Riverpark Phase IIA which was sold on March 11, 2014 but was classified as held for sale as of December 31, 2013, were immaterial. Subsequent to December 31, 2016, the Company closed on the sale of Rite Aid Store (Eckerd), Culver Rd., a 10,900 square foot single-user retail operating property, for consideration of $500 . The Company closed on the following dispositions during the year ended December 31, 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 July 17, 2015 Greensburg Commons Multi-tenant retail 272,500 18,400 18,283 2,810 July 28, 2015 Arvada Connection and Arvada Marketplace Multi-tenant retail 367,500 54,900 53,159 20,208 July 30, 2015 Traveler's Office Building Single-user office 50,800 4,841 4,643 — August 6, 2015 Shaw's Supermarket Single-user retail 65,700 3,000 2,769 — August 24, 2015 Harvest Towne Center Multi-tenant retail 39,700 7,800 7,381 1,217 August 31, 2015 Trenton Crossing & McAllen Shopping Center (b) Multi-tenant retail 265,900 39,295 38,410 13,760 September 15, 2015 The Shops at Boardwalk Multi-tenant retail 122,400 27,400 26,634 3,146 September 29, 2015 Best on the Boulevard Multi-tenant retail 204,400 42,500 41,542 15,932 September 29, 2015 Montecito Crossing Multi-tenant retail 179,700 52,200 51,415 17,928 October 29, 2015 Green Valley Crossing (c) Development (c) 96,400 35,000 34,200 3,904 November 12, 2015 Lake Mead Crossing Multi-tenant retail 219,900 42,565 41,930 507 December 2, 2015 Golfsmith Single-user retail 14,900 4,475 4,298 1,010 December 9, 2015 Wal-Mart – Turlock Single-user retail 61,000 6,200 5,996 3,157 December 18, 2015 Southgate Plaza Multi-tenant retail 86,100 7,000 6,665 — December 31, 2015 Bellevue Mall Development 369,300 15,750 17,500 — 3,917,200 $ 516,444 $ 505,524 $ 121,792 (a) Aggregate proceeds are net of transaction costs and exclude $300 of condemnation proceeds, which did not result in any additional gain recognition. (b) The terms of the disposition of Trenton Crossing and McAllen Shopping Center were negotiated as a single transaction. (c) The development property had been held in a consolidated joint venture and was sold to an affiliate of the joint venture partner. Concurrent with the sale, the joint venture was dissolved. Approximately $528 of the gain on sale was allocated to the noncontrolling interest holder as its share of the gain. During the year ended December 31, 2015, the Company repaid or defeased $121,605 in mortgages payable prior to or in connection with the 2015 dispositions. During the year ended December 31, 2014, the Company sold 24 properties. The dispositions and certain additional transactions, including a pad sale and condemnations, resulted in aggregate proceeds, net of transaction costs, of $315,400 with aggregate gains of $42,851 . During the year ended December 31, 2014, the Company repaid or defeased $128,947 in mortgages payable prior to or in connection with the 2014 dispositions. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2016 , 2015 and 2014 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2014 152 $ 15.11 Shares granted (a) 303 $ 13.89 Shares vested (58 ) $ 14.50 Shares forfeited (1 ) $ 15.61 Balance as of December 31, 2014 396 $ 14.26 Shares granted (a) 801 $ 15.82 Shares vested (405 ) $ 14.89 Shares forfeited (4 ) $ 16.01 Balance as of December 31, 2015 788 $ 15.52 Shares granted (a) 274 $ 14.76 Shares vested (510 ) $ 15.38 Shares forfeited (b) (10 ) $ 14.70 Balance as of December 31, 2016 (c) 542 $ 15.28 (a) Shares granted in 2014 , 2015 and 2016 vest over periods ranging from one year to three years , 0.4 years to 3.4 years and 0.4 years to 3.9 years , respectively, in accordance with the terms of applicable award agreements. (b) Effective January 1, 2016, the Company made an accounting policy election to account for forfeitures when they occur. (c) As of December 31, 2016 , total unrecognized compensation expense related to unvested restricted shares was $2,674 , which is expected to be amortized over a weighted average term of 1.3 years . In addition, during the years ended December 31, 2016 and 2015 , performance restricted stock units (RSUs) were granted to the Company’s executives. Following the three-year performance period, 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 the respective performance period. 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. Following the performance period, 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 values per unit using Monte Carlo simulations based on the probabilities of satisfying the market performance hurdles over the remainder of the performance period. The following table summarizes the Company’s unvested RSUs as of and for the years ended December 31, 2016 and 2015: Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2015 — $ — RSUs granted (a) 180 $ 14.19 RSUs ineligible for conversion (6 ) $ 14.10 RSUs eligible for future conversion as of December 31, 2015 174 $ 14.20 RSUs granted (b) 246 $ 13.85 RSUs ineligible for conversion (29 ) $ 13.56 RSUs eligible for future conversion as of December 31, 2016 (c) 391 $ 14.02 (a) Assumptions as of the grant dates included a weighted average risk-free interest rate of 0.80% , 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 4.26% . (b) 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% . (c) As of December 31, 2016 , total unrecognized compensation expense related to unvested RSUs was $3,471 , which is expected to be amortized over a weighted average term of 2.4 years . During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded compensation expense of $7,209 , $10,755 and $3,417 , respectively, related to unvested restricted shares and RSUs. Included within compensation expense recorded during the year ended December 31, 2015 is compensation expense of $2,159 related to the accelerated vesting of 194 restricted shares in conjunction with the departure of the Company’s former Chief Financial Officer and Treasurer and former Executive Vice President and President of Property Management. The total fair value of restricted shares vested during the years ended December 31, 2016 , 2015 and 2014 was $7,596 , $6,188 and $840 , respectively. 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. Options to purchase a total of 84 shares of common stock had been granted under the plan. During the year ended December 31, 2015 , options to purchase one share expired and options to purchase 10 shares were forfeited. During the year ended December 31, 2016 , options to purchase two shares were exercised, options to purchase one share expired and options to purchase 10 shares were forfeited. As of December 31, 2016 , options to purchase 41 shares of common stock remained outstanding and exercisable. The Company did not grant any options in 2014 , 2015 or 2016 . Compensation expense of $0 , $0 and $3 related to stock options was recorded during the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | LEASES The majority of revenues from the Company’s properties consist of rents received under long-term operating leases. In addition to base rent paid monthly in advance, some leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs, subject to the terms of the respective lease. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent, as well as all costs and expenses associated with occupancy. Under net leases, where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the accompanying consolidated statements of operations and other comprehensive income. Under leases where all expenses are paid by the landlord, subject to reimbursement by the tenant, the expenses are included in “Operating expenses” or “Real estate taxes” and reimbursements are included in “Tenant recovery income” in the accompanying consolidated statements of operations and other comprehensive income. In certain municipalities, the Company is required to remit sales taxes to governmental authorities based upon the rental income received from properties in those regions. These taxes are reimbursed by the tenant to the Company depending upon the terms of the applicable tenant lease. The presentation of the remittance and reimbursement of these taxes is on a gross basis with sales tax expenses included in “Operating expenses” and sales tax reimbursements included in “Other property income” in the accompanying consolidated statements of operations and other comprehensive income. Such taxes remitted to governmental authorities, which are reimbursed by tenants, exclusive of amounts attributable to discontinued operations, were $1,986 , $2,071 and $1,985 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Minimum lease payments to be received under operating leases, excluding payments under master lease agreements, additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments 2017 $ 423,207 2018 382,938 2019 321,179 2020 262,571 2021 213,514 Thereafter 720,075 Total $ 2,323,484 The remaining lease terms range from less than one year to more than 66 years . Many of the leases at the Company’s retail properties contain provisions that condition a tenant’s obligation to remain open, the amount of rent payable by the tenant or potentially the tenant’s obligation to remain in the lease, upon certain factors, including: (i) the presence and continued operation of a certain anchor tenant or tenants, (ii) minimum occupancy levels at the applicable property or (iii) tenant sales amounts. If such a provision is triggered by a failure of any of these or other applicable conditions, a tenant could have the right to cease operations at the applicable property, have its rent reduced or terminate its lease early. The Company does not expect that such provisions will have a material impact on its future operating results. The Company leases land under non-cancellable operating leases at certain of its properties expiring in various years from 2028 to 2087 , exclusive of any available option periods. In addition, the Company leases office space for certain management offices and its corporate offices, which were expanded during the year ended December 31, 2016 to include a regional office in Tysons Corner, Virginia. The following table summarizes rent expense included in the accompanying consolidated statements of operations and other comprehensive income, including straight-line rent expense. Year Ended December 31, 2016 2015 2014 Ground lease rent expense (a) $ 10,464 $ 11,461 $ 11,676 Office rent expense (b) $ 1,317 $ 1,246 $ 1,210 (a) Included in “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive income. Includes straight-line ground rent expense of $3,253 , $3,722 and $3,889 for the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) Office rent expense related to property management operations is included in “Operating expenses” and office rent expense related to corporate office operations is included in “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. Minimum future rental obligations to be paid under the ground and office leases, including fixed rental increases, are as follows: Minimum Lease Obligations 2017 $ 7,853 2018 7,842 2019 8,157 2020 8,318 2021 8,525 Thereafter 376,939 Total $ 417,634 |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | MORTGAGES PAYABLE The following table summarizes the Company’s mortgages payable: December 31, 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) $ 773,395 6.31 % 4.2 $ 1,128,505 (b) 6.08 % 3.9 Premium, net of accumulated amortization 1,437 1,865 Discount, net of accumulated amortization (622 ) (1 ) Capitalized loan fees, net of accumulated amortization (5,026 ) (7,233 ) Mortgages payable, net $ 769,184 $ 1,123,136 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% and 3.35% to 8.00% as of December 31, 2016 and 2015 , respectively. (b) Includes $7,910 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2015. During the year ended December 31, 2016 , the Company repaid or defeased mortgages payable in the total amount of $263,548 which had a weighted average fixed interest rate of 5.09% and made scheduled principal payments of $13,180 related to amortizing loans. One of the mortgages repaid, with a principal balance of $7,750 at maturity, had been swapped to a fixed rate and the Company had guaranteed a portion of the outstanding balance. Upon repayment of the mortgage on its scheduled maturity date, the interest rate swap expired and the Company’s guarantee was extinguished. In addition, during the year ended December 31, 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 . The Company also 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, and some of the mortgages require 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. 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 December 31, 2016 , the Company had a portfolio of mortgages payable with a principal balance of $379,435 that was cross-collateralized by 45 properties and scheduled to mature in 2019 (known as the IW JV portfolio of mortgages payable). Subsequent to December 31, 2016, the Company defeased the IW JV portfolio of mortgages payable. As a result, the 45 properties that secured the mortgages payable as of December 31, 2016 are no longer encumbered by mortgages. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2016 , for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2017 debt activity, such as the defeasance of the IW JV portfolio of mortgages payable or the funding of the $200,000 unsecured term loan due 2023 (Term Loan Due 2023), which closed during the year ended December 31, 2016 and funded on January 3, 2017. 2017 2018 2019 2020 2021 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 35,023 $ 11,463 $ 433,982 $ 4,334 $ 23,249 $ 265,344 $ 773,395 Fixed rate term loan (b) — — — — 250,000 — 250,000 Unsecured notes payable (c) — — — — 100,000 600,000 700,000 Total fixed rate debt 35,023 11,463 433,982 4,334 373,249 865,344 1,723,395 Variable rate debt: Variable rate term loan and revolving line of credit — 200,000 — 86,000 — — 286,000 Total debt (d) $ 35,023 $ 211,463 $ 433,982 $ 90,334 $ 373,249 $ 865,344 $ 2,009,395 Weighted average interest rate on debt: Fixed rate debt 4.83 % 6.51 % 7.49 % 4.58 % 2.73 % 4.36 % 4.82 % Variable rate debt (e) — 2.22 % — 2.12 % — — 2.19 % Total 4.83 % 2.45 % 7.49 % 2.24 % 2.73 % 4.36 % 4.44 % (a) Excludes mortgage premium of $1,437 and discount of $(622) , net of accumulated amortization, as of December 31, 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 $(971) , net of accumulated amortization, as of December 31, 2016 . (d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of December 31, 2016 . Total debt excludes capitalized loan fees of $(11,314) , net of accumulated amortization, as of December 31, 2016 , which are included as a reduction to the respective debt balances, and the Term Loan Due 2023, which funded on January 3, 2017. Refer to Note 9 to the consolidated financial statements for further details on the Term Loan Due 2023. (e) Represents interest rates as of December 31, 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 The following table summarizes the Company’s unsecured notes payable: December 31, 2016 December 31, 2015 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% 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 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % — — % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % — — % 700,000 4.19 % 500,000 4.20 % Discount, net of accumulated amortization (971 ) (1,090 ) Capitalized loan fees, net of accumulated amortization (3,886 ) (3,334 ) Total $ 695,143 $ 495,576 Notes Due 2026 and 2028 On September 30, 2016, the Company issued $100,000 of 10-year 4.08% senior unsecured notes due 2026 in a private placement transaction pursuant to a note purchase agreement it entered into with certain institutional investors on September 30, 2016. Pursuant to the same note purchase agreement, on December 28, 2016, the Company also issued $100,000 of 12-year 4.24% senior unsecured notes due 2028 (Notes Due 2026 and 2028). The proceeds were used to pay down the Company’s unsecured revolving line of credit, early repay certain longer-dated mortgages payable and for general corporate purposes. The note purchase agreement governing the Notes Due 2026 and 2028 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, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) a minimum interest coverage ratio; (iii) a fixed charge coverage ratio (as set forth in the Company’s unsecured credit facility); and (iv) an unencumbered interest coverage ratio (as set forth in the Company’s unsecured credit facility and the note purchase agreement governing the Notes Due 2021 and 2024). Notes Due 2025 On March 12, 2015, the Company completed a public offering of $250,000 in aggregate principal amount of 4.00% senior unsecured notes due 2025 (Notes Due 2025). The Notes Due 2025 were priced at 99.526% of the principal amount to yield 4.058% to maturity. The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The indenture, as supplemented, governing the Notes Due 2025 (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. Notes Due 2021 and 2024 On June 30, 2014, the Company completed a private placement of $250,000 of unsecured notes, consisting of $100,000 of 4.12% senior unsecured notes due 2021 and $150,000 of 4.58% senior unsecured notes due 2024 (Notes Due 2021 and 2024). The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The note purchase agreement governing the Notes Due 2021 and 2024 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 December 31, 2016 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreements. |
Unsecured Notes Payable
Unsecured Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Unsecured Notes Payable | MORTGAGES PAYABLE The following table summarizes the Company’s mortgages payable: December 31, 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) $ 773,395 6.31 % 4.2 $ 1,128,505 (b) 6.08 % 3.9 Premium, net of accumulated amortization 1,437 1,865 Discount, net of accumulated amortization (622 ) (1 ) Capitalized loan fees, net of accumulated amortization (5,026 ) (7,233 ) Mortgages payable, net $ 769,184 $ 1,123,136 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% and 3.35% to 8.00% as of December 31, 2016 and 2015 , respectively. (b) Includes $7,910 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2015. During the year ended December 31, 2016 , the Company repaid or defeased mortgages payable in the total amount of $263,548 which had a weighted average fixed interest rate of 5.09% and made scheduled principal payments of $13,180 related to amortizing loans. One of the mortgages repaid, with a principal balance of $7,750 at maturity, had been swapped to a fixed rate and the Company had guaranteed a portion of the outstanding balance. Upon repayment of the mortgage on its scheduled maturity date, the interest rate swap expired and the Company’s guarantee was extinguished. In addition, during the year ended December 31, 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 . The Company also 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, and some of the mortgages require 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. 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 December 31, 2016 , the Company had a portfolio of mortgages payable with a principal balance of $379,435 that was cross-collateralized by 45 properties and scheduled to mature in 2019 (known as the IW JV portfolio of mortgages payable). Subsequent to December 31, 2016, the Company defeased the IW JV portfolio of mortgages payable. As a result, the 45 properties that secured the mortgages payable as of December 31, 2016 are no longer encumbered by mortgages. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2016 , for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2017 debt activity, such as the defeasance of the IW JV portfolio of mortgages payable or the funding of the $200,000 unsecured term loan due 2023 (Term Loan Due 2023), which closed during the year ended December 31, 2016 and funded on January 3, 2017. 2017 2018 2019 2020 2021 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 35,023 $ 11,463 $ 433,982 $ 4,334 $ 23,249 $ 265,344 $ 773,395 Fixed rate term loan (b) — — — — 250,000 — 250,000 Unsecured notes payable (c) — — — — 100,000 600,000 700,000 Total fixed rate debt 35,023 11,463 433,982 4,334 373,249 865,344 1,723,395 Variable rate debt: Variable rate term loan and revolving line of credit — 200,000 — 86,000 — — 286,000 Total debt (d) $ 35,023 $ 211,463 $ 433,982 $ 90,334 $ 373,249 $ 865,344 $ 2,009,395 Weighted average interest rate on debt: Fixed rate debt 4.83 % 6.51 % 7.49 % 4.58 % 2.73 % 4.36 % 4.82 % Variable rate debt (e) — 2.22 % — 2.12 % — — 2.19 % Total 4.83 % 2.45 % 7.49 % 2.24 % 2.73 % 4.36 % 4.44 % (a) Excludes mortgage premium of $1,437 and discount of $(622) , net of accumulated amortization, as of December 31, 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 $(971) , net of accumulated amortization, as of December 31, 2016 . (d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of December 31, 2016 . Total debt excludes capitalized loan fees of $(11,314) , net of accumulated amortization, as of December 31, 2016 , which are included as a reduction to the respective debt balances, and the Term Loan Due 2023, which funded on January 3, 2017. Refer to Note 9 to the consolidated financial statements for further details on the Term Loan Due 2023. (e) Represents interest rates as of December 31, 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 The following table summarizes the Company’s unsecured notes payable: December 31, 2016 December 31, 2015 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% 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 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % — — % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % — — % 700,000 4.19 % 500,000 4.20 % Discount, net of accumulated amortization (971 ) (1,090 ) Capitalized loan fees, net of accumulated amortization (3,886 ) (3,334 ) Total $ 695,143 $ 495,576 Notes Due 2026 and 2028 On September 30, 2016, the Company issued $100,000 of 10-year 4.08% senior unsecured notes due 2026 in a private placement transaction pursuant to a note purchase agreement it entered into with certain institutional investors on September 30, 2016. Pursuant to the same note purchase agreement, on December 28, 2016, the Company also issued $100,000 of 12-year 4.24% senior unsecured notes due 2028 (Notes Due 2026 and 2028). The proceeds were used to pay down the Company’s unsecured revolving line of credit, early repay certain longer-dated mortgages payable and for general corporate purposes. The note purchase agreement governing the Notes Due 2026 and 2028 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, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) a minimum interest coverage ratio; (iii) a fixed charge coverage ratio (as set forth in the Company’s unsecured credit facility); and (iv) an unencumbered interest coverage ratio (as set forth in the Company’s unsecured credit facility and the note purchase agreement governing the Notes Due 2021 and 2024). Notes Due 2025 On March 12, 2015, the Company completed a public offering of $250,000 in aggregate principal amount of 4.00% senior unsecured notes due 2025 (Notes Due 2025). The Notes Due 2025 were priced at 99.526% of the principal amount to yield 4.058% to maturity. The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The indenture, as supplemented, governing the Notes Due 2025 (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. Notes Due 2021 and 2024 On June 30, 2014, the Company completed a private placement of $250,000 of unsecured notes, consisting of $100,000 of 4.12% senior unsecured notes due 2021 and $150,000 of 4.58% senior unsecured notes due 2024 (Notes Due 2021 and 2024). The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The note purchase agreement governing the Notes Due 2021 and 2024 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 December 31, 2016 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreements. |
Unsecured Term Loans and Revolv
Unsecured Term Loans and Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Abstract] | |
Unsecured Term Loans and Revolving Line of Credit | UNSECURED TERM LOANS AND REVOLVING LINE OF CREDIT 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 (Unsecured Credit Facility). 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 and is priced on a leverage grid at a rate of LIBOR plus a credit spread. 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 December 31, 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 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 following table summarizes the Company’s Unsecured Credit Facility: December 31, 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 2.22 % — — % $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 (2,402 ) (2,474 ) Term loans, net 447,598 447,526 Revolving line of credit – variable rate (c) 86,000 2.12 % 100,000 1.93 % Total unsecured credit facility, net $ 533,598 2.09 % $ 547,526 1.95 % (a) As of December 31, 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 December 31, 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 consolidated balance sheets. The fourth amended and restated unsecured credit agreement (Unsecured Credit Agreement) contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the 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 December 31, 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. Term Loan Due 2023 On November 22, 2016, the Company closed on a seven -year $200,000 unsecured term loan with a group of financial institutions, which funded on January 3, 2017. The Term Loan Due 2023 is priced on a leverage grid at a rate of LIBOR plus a credit spread ranging from 1.70% to 2.55% . In accordance with the term loan agreement (Term Loan Agreement), the Company may elect to convert to an investment grade pricing grid. As of December 31, 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 Term Loan Due 2023 matures on November 22, 2023 and has a $100,000 accordion option that allows the Company, at its election, to increase the total unsecured term loan up to $300,000 , subject to customary fees and conditions, including the absence of an event of default as defined in the Term Loan Agreement. The Term Loan Agreement contains customary representations, warranties and covenants, and events of default, including financial covenants that require the Company to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; and (ii) minimum fixed charge and unencumbered interest coverage ratios. As of December 31, 2016 , management believes the Company was in compliance with the financial covenants and default provisions under the Term Loan Agreement. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 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 two 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 income (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 $722 will be reclassified as a decrease to interest expense. The ineffective portion of the change in fair value of derivatives is recognized directly in earnings. During the year ended December 31, 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, during the year ended December 31, 2016, the Company repaid a $7,750 variable rate mortgage payable that had been swapped to a fixed rate. Upon repayment of the mortgage on its scheduled maturity date, the interest rate swap expired. As of December 31, 2015, the outstanding principal balance of this variable rate mortgage was $7,910 . 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 December 31, December 31, December 31, December 31, Interest rate swaps 2 2 $ 250,000 $ 307,910 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. December 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets, net $ 743 N/A $ — Interest rate swaps N/A $ — Other liabilities $ 85 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of (Gain) 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 Gain Recognized In Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (399 ) $ 643 Interest expense $ 408 $ 1,095 Other income, net $ (21 ) $ (25 ) Subsequent to December 31, 2016, the Company entered into two agreements to swap a total of $200,000 of LIBOR-based variable rate debt to a fixed interest rate of 1.2628% through November 22, 2018. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its corresponding derivative obligation. The Company’s agreements with each of its derivative counterparties also contain a provision whereby if the Company consolidates with, merges with or into, or transfers all or substantially all of its assets to another entity and the creditworthiness of the resulting, surviving or transferee entity is materially weaker than the Company’s, the counterparty has the right to terminate the derivative obligations. As of December 31, 2016 , the Company did not have any derivatives in a net liability position and has not posted any collateral related to these agreements. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company did not have any investments in unconsolidated joint ventures as of December 31, 2016 and 2015. On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland, an unconsolidated joint venture formed with a large state pension fund, through the acquisition of the six properties owned by the joint venture. The Company was the managing member of the venture and earned fees for providing property management and leasing services. The Company had the ability to exercise significant influence, but did not have financial or operating control over the joint venture, and as a result, the Company accounted for its investment pursuant to the equity method of accounting. Through December 1, 2014, Oak Property & Casualty LLC (the Captive) was an insurance association owned by the Company and three other unaffiliated parties that was formed to insure/reimburse the members’ deductible obligations for property and general liability insurance claims subject to certain limitations. The Captive was determined to be a VIE, but because the Company did not hold the power to most significantly impact the Captive’s performance, the Company was not considered the primary beneficiary. Accordingly, the Company’s investment in the Captive was accounted for pursuant to the equity method of accounting. The Company’s risk of loss was limited to its investment and it was not required to fund additional capital to the Captive. Effective December 1, 2014, the Company terminated its participation in the Captive and established a new wholly-owned captive insurance company. See Note 17 to the consolidated financial statements for further details. Under the equity method of accounting, the Company’s net equity investment in each unconsolidated joint venture was reflected in the accompanying consolidated balance sheets and its share of net income or loss from each unconsolidated joint venture was reflected in the accompanying consolidated statements of operations and other comprehensive income. Distributions that were related to income from operations were included as operating activities and distributions that were related to capital transactions were included as investing activities in the accompanying consolidated statements of cash flows. Combined condensed financial information of the Company’s unconsolidated joint ventures (at 100% ) for the year ended December 31, 2014, the period attributable to the Company’s ownership, is summarized as follows: Other Joint Ventures (a) 2014 Revenues Property related income $ 11,853 Other income 6,679 Total revenues 18,532 Expenses Operating expenses 1,660 Real estate taxes 2,339 Depreciation and amortization 3,948 General and administrative expenses 268 Interest expense 3,028 Other expense, net 11,921 Total expenses 23,164 Loss from continuing operations (4,632 ) Net loss $ (4,632 ) (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. In addition, effective December 1, 2014, the Company terminated its investment in the Captive. Profits, Losses and Capital Activity The following table summarizes the Company’s share of net income (loss) as well as net cash distributions from (contributions to) each unconsolidated joint venture for the year ended December 31, 2014: The Company’s Share of Net Cash Distributions from/(Contributions to) Joint Ventures Fees Earned by the Company Joint Venture 2014 2014 2014 MS Inland (a) $ 241 $ 1,360 $ 338 Captive (b) (2,444 ) (25 ) — $ (2,203 ) $ 1,335 $ 338 (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. (b) Effective December 1, 2014, the Company terminated its participation in the Captive. In addition to the Company’s share of net income (loss) for each unconsolidated joint venture, amortization of basis differences is recorded within “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income. Such basis differences resulted from the differences between the Company’s net book values based on historical cost and the fair values of investment properties contributed to its unconsolidated joint ventures and are amortized over the depreciable lives of the joint ventures’ real estate assets and liabilities. The Company recorded amortization of $115 , which was accretive to net income, related to these differences during the year ended December 31, 2014. The Company did not have any unconsolidated joint ventures as of December 31, 2016 and 2015 . When the Company holds investments in unconsolidated joint ventures, they are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying the investments, each reporting period or whenever events or changes in circumstances warrant such an evaluation. To determine whether impairment, if any, is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until its carrying value is fully recovered. The Company did not record any impairment charges to its investments in unconsolidated joint ventures during the year ended December 31, 2014. Acquisitions On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland by acquiring its partner’s 80% ownership interest in the six properties owned by the joint venture (see Note 3 to the consolidated financial statements). The six properties had, at acquisition, a combined fair value of $292,500 , with the Company’s partner’s interest valued at $234,000 . The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 at a weighted average interest rate of 4.79% . The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. The following table summarizes the calculation of the gain on change in control of investment properties recognized in conjunction with the transaction discussed above: Fair value of the net assets acquired at 100% $ 150,802 Fair value of the net assets acquired at 20% $ 30,160 Less: Carrying value of the Company’s previous investment in the six properties acquired on June 5, 2014 6,002 Gain on change in control of investment properties $ 24,158 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | EQUITY On March 7, 2013, the Company established an at-the-market (ATM) equity program under which it sold 5,547 shares of its Class A common stock during the year ended December 31, 2013. The shares were issued at a weighted average price per share of $15.29 for proceeds of $83,527 , net of commissions and offering costs. No shares were issued during the years ended December 31, 2014 and 2015 and the 2013 ATM equity program expired in November 2015. On December 21, 2015, the Company entered into a new 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. 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 program during the years ended December 31, 2016 and 2015 . As of December 31, 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. On December 15, 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 and are canceled upon repurchase. 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. The Company did not repurchase any shares during the year ended December 31, 2015. During the year ended December 31, 2016 , the Company repurchased 591 shares at an average price per share of $14.93 for a total of $8,841 . As of December 31, 2016 , $241,159 remained available under the repurchase program. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2016 2015 2014 Numerator: Income from continuing operations $ 37,110 $ 3,832 $ 597 Gain on sales of investment properties 129,707 121,792 42,196 Net income from continuing operations attributable to noncontrolling interest — (528 ) — Preferred stock dividends (9,450 ) (9,450 ) (9,450 ) Income from continuing operations attributable to common shareholders 157,367 115,646 33,343 Income from discontinued operations — — 507 Net income attributable to common shareholders 157,367 115,646 33,850 Distributions paid on unvested restricted shares (445 ) (481 ) (225 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 156,922 $ 115,165 $ 33,625 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 236,651 (a) 236,380 (b) 236,184 (c) Effect of dilutive securities: Stock options 2 (d) 2 (d) 3 (d) RSUs 298 (e) — (f) — Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,951 236,382 236,187 (a) Excludes 542 shares of unvested restricted common stock, which equate to 637 shares on a weighted average basis for the year ended December 31, 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, which equate to 768 shares on a weighted average basis for the year ended December 31, 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) Excludes 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended December 31, 2014 . 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. (d) There were outstanding options to purchase 41 , 53 and 64 shares of common stock as of December 31, 2016 , 2015 and 2014 , respectively, at a weighted average exercise price of $19.25 , $19.39 and $19.32 , respectively. Of these totals, outstanding options to purchase 35 , 45 and 54 shares of common stock as of December 31, 2016 , 2015 and 2014 , respectively, at a weighted average exercise price of $20.55 , $20.74 and $20.72 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (e) There were 391 RSUs eligible for future conversion following the performance period as of December 31, 2016 (see Note 5 to the consolidated financial statements), which equate to 367 RSUs on a weighted average basis for the year ended December 31, 2016. 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. (f) There were 174 RSUs eligible for future conversion following the performance period as of December 31, 2015, which equate to 101 RSUs on a weighted average basis for the year ended December 31, 2015. 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 period. Assuming December 31, 2015 was the end of the contingency period, none of these contingently issuable shares would have been outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to annually distribute to its shareholders at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. The Company intends to continue to adhere to these requirements and to maintain its REIT status. As a REIT, the Company is entitled to a deduction for some or all of the distributions it pays to shareholders. Accordingly, the Company is generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding the Company’s qualification as a REIT, the Company may be subject to certain state and local taxes on its income or properties. In addition, the Company’s consolidated financial statements include the operations of one wholly-owned subsidiary that has jointly elected to be treated as a TRS and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The Company did not record any income tax expense related to the TRS for the years ended December 31, 2016 , 2015 and 2014 . As a REIT, the Company may also be subject to certain U.S. federal excise taxes if it engages in certain types of transactions. Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income and tax planning strategies. The Company believes that it is not more likely than not that a portion of its net deferred tax asset will be realized in future periods and therefore, has recorded a valuation allowance for a portion of the balance, resulting in no effect on the consolidated financial statements. The Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: 2016 2015 Deferred tax assets: Basis difference in properties $ — $ 1,109 Capital loss carryforward 9,628 9,885 Net operating loss carryforward 10,677 12,543 Other 870 81 Gross deferred tax assets 21,175 23,618 Less: valuation allowance (21,175 ) (23,618 ) Total deferred tax assets — — Deferred tax liabilities: Other — — Net deferred tax assets $ — $ — The Company’s deferred tax assets and liabilities result from the activities of the TRS. As of December 31, 2016 , the TRS had a capital loss carryforward and a federal net operating loss carryforward of $27,510 and $30,507 , respectively, which if not utilized, will begin to expire in 2019 and 2031, respectively. Differences between net income from the consolidated statements of operations and other comprehensive income and the Company’s taxable income primarily relate to the recognition of sales of investment properties, impairment charges recorded on investment properties and the timing of both revenue recognition and investment property depreciation and amortization. The following table reconciles the Company’s net income to REIT taxable income before the dividends paid deduction for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Net income attributable to the Company $ 166,817 $ 125,096 $ 43,300 Book/tax differences (50,950 ) 2,344 71,910 REIT taxable income subject to 90% dividend requirement $ 115,867 $ 127,440 $ 115,210 The Company’s dividends paid deduction for the years ended December 31, 2016 , 2015 and 2014 is summarized below: 2016 2015 2014 Cash distributions paid $ 166,285 $ 166,064 $ 166,025 Less: non-dividend distributions (50,418 ) (38,624 ) (50,815 ) Total dividends paid deduction attributable to earnings and profits $ 115,867 $ 127,440 $ 115,210 A summary of the tax characterization of the distributions paid per share to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2016 , 2015 and 2014 follows: 2016 2015 2014 Preferred stock Ordinary dividends $ 1.75 $ 1.75 $ 1.75 Non-dividend distributions — — — Total distributions per share $ 1.75 $ 1.75 $ 1.75 Common stock Ordinary dividends $ 0.45 $ 0.50 $ 0.45 Non-dividend distributions 0.21 0.16 0.21 Total distributions per share $ 0.66 $ 0.66 $ 0.66 The Company records a benefit for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. No liabilities have been recorded as of December 31, 2016 or 2015 as a result of this provision. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2016 . Returns for the calendar years 2013 through 2016 remain subject to examination by federal and various state tax jurisdictions. |
Provision for Impairment of Inv
Provision for Impairment of Investment Properties | 12 Months Ended |
Dec. 31, 2016 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Provision for Impairment of Investment Properties | PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of December 31, 2016 , 2015 and 2014 , 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 December 31, 2016 , 2015 and 2014 : December 31, 2016 2015 2014 Number of properties for which indicators of impairment were identified 7 3 (a) 8 (b) Less: number of properties for which an impairment charge was recorded 2 — 3 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 3 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (c) 21 % 42 % 48 % (a) Includes one property which has subsequently been sold as of December 31, 2016 . (b) Includes seven properties which have subsequently been sold as of December 31, 2016 . (c) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. The Company recorded the following investment property impairment charges during the year ended December 31, 2016: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties South Billings Center (a) Development Various (a) — $ 3,007 Mid-Hudson Center (b) Multi-tenant retail June 30, 2016 235,600 4,142 Saucon Valley Square (c) Multi-tenant retail September 30, 2016 80,700 4,742 Crown Theater (d) Single-user retail December 31, 2016 74,200 5,985 Rite Aid Store (Eckerd), Culver Rd. (e) Single-user retail December 31, 2016 10,900 2,500 $ 20,376 Estimated fair value of impaired properties as of impairment date $ 40,850 (a) An impairment charge was recorded on March 31, 2016 based upon the terms and conditions of an executed sales contract, which was subsequently terminated. The property, which was not under active development, was sold on December 16, 2016 and additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. (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. (c) The Company recorded an impairment charge driven by a change in the estimated holding period for the property. (d) The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. (e) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. This property was sold on January 27, 2017. The Company recorded the following investment property impairment charges during the year ended December 31, 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 (a) Single-user office June 30, 2015 50,800 1,655 Shaw’s Supermarket (a) Single-user retail August 6, 2015 65,700 169 Southgate Plaza (a) Multi-tenant retail December 18, 2015 86,100 2,484 Bellevue Mall (a) Development December 31, 2015 369,300 13,340 $ 19,937 Estimated fair value of impaired properties as of impairment date $ 43,720 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for the respective properties, which were sold during 2015. The Company recorded the following investment property impairment charges during the year ended December 31, 2014: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Midtown Center (a) Multi-tenant retail March 31, 2014 408,500 $ 394 Gloucester Town Center (b) Multi-tenant retail Various (b) 107,200 6,148 Boston Commons (a) Multi-tenant retail August 19, 2014 103,400 453 Four Peaks Plaza (a) Multi-tenant retail August 27, 2014 140,400 4,154 Shaw’s Supermarket (c) Single-user retail September 30, 2014 65,700 6,230 The Gateway (d) Multi-tenant retail September 30, 2014 623,200 42,999 Newburgh Crossing (a) Multi-tenant retail December 22, 2014 62,900 1,139 Hartford Insurance Building (e) Single-user office December 31, 2014 97,400 5,782 Citizen’s Property Insurance Building (e) Single-user office December 31, 2014 59,800 4,341 Aon Hewitt East Campus (f) Single-user office December 31, 2014 343,000 563 Total $ 72,203 Estimated fair value of impaired properties as of impairment date $ 190,953 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for each of the respective properties, which were sold during 2014. (b) An impairment charge was recorded on June 30, 2014 based upon the terms of a bona fide purchase offer and additional impairment was recognized on September 30, 2014 pursuant to the terms and conditions of an executed sales contract. (c) The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. (d) The Company recorded an impairment charge as a result of a combination of factors including the expected impact on future operating results stemming from a re-evaluation of the anticipated positioning of, and tenant population at, the property and a re-evaluation of other potential strategic alternatives for the property. This property was sold on February 1, 2016. (e) The Company recorded impairment charges driven by changes in the estimated holding periods for the properties. (f) 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 December 31, 2014 and was sold on January 20, 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 | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of the Company’s financial instruments: December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ 743 $ 743 $ — $ — Financial liabilities: Mortgages payable, net $ 769,184 $ 833,210 $ 1,123,136 $ 1,213,620 Unsecured notes payable, net $ 695,143 $ 679,212 $ 495,576 $ 486,701 Unsecured term loans, net $ 447,598 $ 450,421 $ 447,526 $ 450,000 Unsecured revolving line of credit $ 86,000 $ 86,130 $ 100,000 $ 100,000 Derivative liability $ — $ — $ 85 $ 85 The carrying value of the derivative asset is included in “Other assets, net” and the carrying value of the derivative liability is included in “Other liabilities” in the accompanying consolidated balance sheets. Fair Value Hierarchy A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: • Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 Inputs — Observable inputs other than quoted prices in active markets for identical assets and liabilities. • Level 3 Inputs — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. 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 December 31, 2016 Derivative asset $ — $ 743 $ — $ 743 December 31, 2015 Derivative liability $ — $ 85 $ — $ 85 Derivatives: The fair value of the derivative asset and derivative liability are 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 December 31, 2016 and 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 10 to the 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 December 31, 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 year ended December 31, 2016 , except for those properties sold prior to December 31, 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 (a) December 31, 2016 Investment properties $ — $ 500 (b) $ 10,600 (c) $ 11,100 $ 13,227 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2016 . (b) Represents the fair value of the Company’s Rite Aid Store (Eckerd), Culver Rd. investment property. The estimated fair value of Rite Aid Store (Eckerd), Culver Rd. was based upon the expected sales price from a bona fide purchase offer and determined to be a Level 2 input. (c) Represents the fair values of the Company’s Crown Theater and Saucon Valley Square investment properties. The estimated fair values of Crown Theater and Saucon Valley Square of $4,000 and $6,600 , respectively, were determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates, growth assumptions and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following were the key Level 3 inputs used in estimating the fair values of Crown Theater as of December 31, 2016 and Saucon Valley Square as of September 30, 2016, the date the assets were measured at fair value: 2016 Low High Rental growth rates Varies (i) Varies (i) Operating expense growth rates 3.10% 18.02% Discount rates 9.35% 10.00% Terminal capitalization rates 8.35% 9.50% (i) Since cash flow models are established at the tenant level, projected rental revenue growth rates fluctuate over the course of the estimated holding period based upon the timing of lease rollover, amount of available space and other property and space-specific factors. 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 December 31, 2016 Mortgages payable, net $ — $ — $ 833,210 $ 833,210 Unsecured notes payable, net $ 234,700 $ — $ 444,512 $ 679,212 Unsecured term loans, net $ — $ — $ 450,421 $ 450,421 Unsecured revolving line of credit $ — $ — $ 86,130 $ 86,130 December 31, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured term loan, 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 2.9% to 4.6% and 2.2% to 6.0% as of December 31, 2016 and 2015 , respectively. Unsecured notes payable, net: The quoted market price as of December 31, 2016 was used to value the Notes Due 2025. The Company estimates the fair value of its Notes Due 2021, 2024, 2026 and 2028 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 4.48% and 4.64% as of December 31, 2016 and 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 rate used to discount the credit spreads was 1.30% as of December 31, 2016 and 2015 . 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 rates used to discount the credit spreads were 1.30% and 1.35% as of December 31, 2016 and 2015 , respectively. There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2016 and 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES On December 1, 2014, the Company formed a wholly-owned captive insurance company, Birch Property and Casualty LLC (Birch), which insures the Company’s first layer of property and general liability insurance claims subject to certain limitations. The Company capitalized Birch in accordance with the applicable regulatory requirements and Birch established annual premiums based on projections derived from the past loss experience of the Company’s properties. As of December 31, 2016 , the Company had letter(s) of credit outstanding totaling $12,296 which serve as collateral for certain capital improvements and performance obligations on certain redevelopment projects, which will be satisfied upon completion of the projects, and reduced the available borrowings on its unsecured revolving line of credit. As of December 31, 2016 , the Company had active redevelopments at Reisterstown Road Plaza located in Baltimore, Maryland and Towson Circle located in Towson, Maryland. The Company estimates that it will incur net costs of approximately $12,000 to $13,000 related to the Reisterstown Road Plaza redevelopment and approximately $33,000 to $35,000 related to the Towson Circle redevelopment, of which $1,417 and $10,053 , respectively, has been incurred as of December 31, 2016 . |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingency, Information about Litigation Matters [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 consolidated financial statements of the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to December 31, 2016 , the Company: • defeased the IW JV portfolio of mortgages payable, which had an outstanding principal balance of $379,435 and an interest rate of 7.50% , and incurred a defeasance premium of $60,198 . See Note 7 to the consolidated financial statements for further details; • received funding in the amount of $200,000 on the Term Loan Due 2023. See Note 9 to the consolidated financial statements for further details; • entered into two agreements to swap a total of $200,000 of LIBOR-based variable rate debt to a fixed interest rate of 1.2628% through November 22, 2018; • closed on the acquisition of Main Street Promenade, a 181,600 square foot multi-tenant retail property located in Naperville, Illinois, for a gross purchase price of $88,000 through a consolidated VIE to facilitate a potential 1031 Exchange; • closed on the disposition of Rite Aid Store (Eckerd), Culver Rd., a 10,900 square foot single-user retail operating property located in Rochester, New York, for a sales price of $500 with no anticipated gain on sale or additional impairment due to previously recognized impairment charges; • granted 88 restricted shares at a grant date fair value of $15.34 per share and 253 RSUs at a grant date fair value of $15.52 per RSU to the Company’s executives in conjunction with its long-term equity compensation plan. The restricted shares will vest over three years and the RSUs granted are subject to a three -year performance period. Refer to Note 5 to the consolidated financial statements for additional details regarding the terms of the RSUs; • closed on a transaction whereby the Company received the fee interest in approximately 50 acres of land at Boulevard at the Capital Centre, an existing wholly-owned multi-tenant retail operating property located in Largo, Maryland. The property was previously subject to a ground lease with a third party for approximately 70 acres. In conjunction with this transaction, the Company paid consideration of $1,939 and agreed to shorten the term of the ground lease related to the remaining land; • declared the cash dividend for the first quarter of 2017 for its 7.00% Series A cumulative redeemable preferred stock. The dividend of $0.4375 per preferred share will be paid on March 31, 2017 to preferred shareholders of record at the close of business on March 20, 2017 ; and • declared the cash dividend for the first quarter of 2017 of $0.165625 per share on its outstanding Class A common stock, which will be paid on April 10, 2017 to Class A common shareholders of record at the close of business on March 27, 2017 . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth selected quarterly financial data for the Company: 2016 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 142,752 $ 144,526 $ 147,226 $ 148,639 Net income $ 18,295 $ 72,494 $ 28,602 $ 47,426 Net income attributable to common shareholders $ 15,932 $ 70,132 $ 26,239 $ 45,064 Net income per common share attributable to common shareholders – basic and diluted $ 0.07 $ 0.30 $ 0.11 $ 0.19 Weighted average number of common shares outstanding – basic 236,528 236,783 236,716 236,578 Weighted average number of common shares outstanding – diluted 236,852 237,108 236,902 236,680 2015 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 148,920 $ 150,955 $ 150,888 $ 153,197 Net income $ 3,535 $ 78,329 $ 30,684 $ 13,076 Net income attributable to common shareholders $ 644 $ 75,967 $ 28,321 $ 10,714 Net income per common share attributable to common shareholders – basic and diluted $ — $ 0.32 $ 0.12 $ 0.05 Weighted average number of common shares outstanding – basic 236,477 236,439 236,354 236,250 Weighted average number of common shares outstanding – diluted 236,479 236,553 236,356 236,253 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts For the Years Ended December 31, 2016 , 2015 and 2014 (in thousands) Balance at beginning of year Charged to costs and expenses Write-offs Balance at end of year Year ended December 31, 2016 Allowance for doubtful accounts $ 7,910 2,466 (3,490 ) $ 6,886 Tax valuation allowance $ 23,618 (2,443 ) — $ 21,175 Year ended December 31, 2015 Allowance for doubtful accounts $ 7,497 3,069 (2,656 ) $ 7,910 Tax valuation allowance $ 20,355 3,263 — $ 23,618 Year ended December 31, 2014 Allowance for doubtful accounts $ 8,197 2,689 (3,389 ) $ 7,497 Tax valuation allowance $ 18,631 1,724 — $ 20,355 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired 23rd Street Plaza $ 2,823 $ 1,300 $ 5,319 $ 900 $ 1,300 $ 6,219 $ 7,519 $ 2,578 2003 12/04 Panama City, FL Ashland & Roosevelt 973 13,850 21,052 642 13,850 21,694 35,544 9,110 2002 05/05 Chicago, IL Avondale Plaza — 4,573 9,497 36 4,573 9,533 14,106 779 2005 11/14 Redmond, WA Azalea Square I 11,127 6,375 21,304 1,793 6,375 23,097 29,472 10,703 2004 10/04 Summerville, SC Azalea Square III — 3,280 10,348 90 3,280 10,438 13,718 3,529 2007 10/07 Summerville, SC Bed Bath & Beyond Plaza 8,355 10,350 18,367 692 10,350 19,059 29,409 8,561 2004 10/04 Miami, FL Bed Bath & Beyond Plaza — 4,530 11,901 313 4,530 12,214 16,744 4,979 2000-2002 07/05 Westbury, NY Boulevard at the Capital Centre — — 114,703 (28,975 ) — 85,728 85,728 28,916 2004 09/04 Largo, MD Boulevard Plaza 2,197 4,170 12,038 3,564 4,170 15,602 19,772 6,729 1994 04/05 Pawtucket, RI The Brickyard — 45,300 26,657 7,546 45,300 34,203 79,503 13,589 1977/2004 04/05 Chicago, IL Brown's Lane 4,585 2,600 12,005 1,254 2,600 13,259 15,859 5,632 1985 04/05 Middletown, RI Cedar Park Town Center — 23,923 13,829 368 23,923 14,197 38,120 1,254 2013 02/15 Cedar Park, TX Central Texas Marketplace — 13,000 47,559 8,757 13,000 56,316 69,316 19,721 2004 12/06 Waco, TX Centre at Laurel — 19,000 8,406 16,714 18,700 25,420 44,120 9,805 2005 02/06 Laurel, MD Chantilly Crossing — 8,500 16,060 2,347 8,500 18,407 26,907 7,633 2004 05/05 Chantilly, VA Cinemark Seven Bridges 4,585 3,450 11,728 15 3,450 11,743 15,193 4,824 2000 03/05 Woodridge, IL Clearlake Shores — 1,775 7,026 1,182 1,775 8,208 9,983 3,467 2003-2004 04/05 Clear Lake, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Coal Creek Marketplace — 5,023 12,382 76 5,023 12,458 17,481 672 1991 08/15 Newcastle, WA Colony Square — 16,700 22,775 3,564 16,700 26,339 43,039 9,481 1997 05/06 Sugar Land, TX The Columns 11,479 5,830 19,439 415 5,830 19,854 25,684 8,858 2004 8/04 & Jackson, TN 10/04 The Commons at Temecula — 12,000 35,887 3,344 12,000 39,231 51,231 16,211 1999 04/05 Temecula, CA Coppell Town Center — 2,919 13,281 59 2,919 13,340 16,259 1,744 1999 10/13 Coppell, TX Coram Plaza 12,992 10,200 26,178 3,091 10,200 29,269 39,469 12,854 2004 12/04 Coram, NY Corwest Plaza 13,985 6,900 23,851 2 6,900 23,853 30,753 11,409 1999-2003 01/04 New Britain, CT Cottage Plaza 9,980 3,000 19,158 474 3,000 19,632 22,632 8,469 2004-2005 02/05 Pawtucket, RI Cranberry Square 10,239 3,000 18,736 1,398 3,000 20,134 23,134 9,061 1996-1997 07/04 Cranberry Township, PA Crown Theater — 7,318 954 (5,481 ) 2,707 84 2,791 — 2000 07/05 Hartford, CT Cuyahoga Falls Market Center 3,387 3,350 11,083 581 3,350 11,664 15,014 5,006 1998 04/05 Cuyahoga Falls, OH CVS Pharmacy — 750 1,958 — 750 1,958 2,708 831 1999 05/05 Lawton, OK Cypress Mill Plaza — 4,962 9,976 77 4,962 10,053 15,015 1,452 2004 10/13 Cypress, TX Davis Towne Crossing — 1,850 5,681 1,181 1,671 7,041 8,712 3,072 2003-2004 06/04 North Richland Hills, TX Denton Crossing 25,322 6,000 43,434 12,889 6,000 56,323 62,323 24,358 2003-2004 10/04 Denton, TX Dorman Center I & II 19,906 17,025 29,478 1,057 17,025 30,535 47,560 14,747 2003-2004 3/04 & 7/04 Spartanburg, SC Downtown Crown — 43,367 110,785 1,940 43,367 112,725 156,092 8,432 2014 01/15 Gaithersburg, MD RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired East Stone Commons — 2,900 28,714 (727 ) 2,826 28,061 30,887 10,813 2005 06/06 Kingsport, TN Eastside — 4,055 17,620 27 4,055 17,647 21,702 455 2008 06/16 Richardson, TX Eastwood Towne Center — 12,000 65,067 4,574 12,000 69,641 81,641 31,168 2002 05/04 Lansing, MI Edgemont Town Center 6,040 3,500 10,956 449 3,500 11,405 14,905 5,067 2003 11/04 Homewood, AL Edwards Multiplex 8,830 — 35,421 — — 35,421 35,421 15,151 1988 05/05 Fresno, CA Edwards Multiplex 12,765 11,800 33,098 — 11,800 33,098 44,898 14,157 1997 05/05 Ontario, CA Evans Towne Centre 3,965 1,700 6,425 1,030 1,700 7,455 9,155 3,081 1995 12/04 Evans, GA Fairgrounds Plaza — 4,800 13,490 4,626 5,431 17,485 22,916 7,329 2002-2004 01/05 Middletown, NY Five Forks — 2,540 6,393 493 2,540 6,886 9,426 3,008 1999/2004- 12/04 & Simpsonville, SC 2005 3/05 Fordham Place — 17,209 96,547 (6 ) 17,209 96,541 113,750 11,057 Redev: 2009 11/13 Bronx, NY Forks Town Center 7,805 2,430 14,836 818 2,430 15,654 18,084 7,077 2002 07/04 Easton, PA Fort Evans Plaza II — 16,118 44,880 174 16,118 45,054 61,172 3,701 2008 01/15 Leesburg, VA Fox Creek Village 8,386 3,755 15,563 (913 ) 3,755 14,650 18,405 6,641 2003-2004 11/04 Longmont, CO Fullerton Metrocenter 26,078 — 47,403 3,087 — 50,490 50,490 22,646 1988 06/04 Fullerton, CA Galvez Shopping Center — 1,250 4,947 382 1,250 5,329 6,579 2,247 2004 06/05 Galveston, TX Gardiner Manor Mall 35,741 12,348 56,199 673 12,348 56,872 69,220 5,454 2000 06/14 Bay Shore, NY Gateway Pavilions 22,538 9,880 55,195 1,165 9,880 56,360 66,240 24,741 2003-2004 12/04 Avondale, AZ RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Gateway Plaza — — 26,371 5,803 — 32,174 32,174 13,593 2000 07/04 Southlake, TX Gateway Station — 1,050 3,911 1,043 1,050 4,954 6,004 2,169 2003-2004 12/04 College Station, TX Gateway Station II & III — 3,280 11,557 (7 ) 3,280 11,550 14,830 3,791 2006-2007 05/07 College Station, TX Gateway Village 34,766 8,550 39,298 5,397 8,550 44,695 53,245 19,745 1996 07/04 Annapolis, MD Gerry Centennial Plaza — 5,370 12,968 9,282 5,370 22,250 27,620 7,491 2006 06/07 Oswego, IL Governor's Marketplace — — 30,377 3,309 — 33,686 33,686 15,267 2001 08/04 Tallahassee, FL Grapevine Crossing — 4,100 16,938 241 3,894 17,385 21,279 7,382 2001 04/05 Grapevine, TX Green's Corner 4,937 3,200 8,663 741 3,200 9,404 12,604 3,952 1997 12/04 Cumming, GA Gurnee Town Center 14,050 7,000 35,147 4,646 7,000 39,793 46,793 17,484 2000 10/04 Gurnee, IL Henry Town Center — 10,650 46,814 6,971 10,650 53,785 64,435 22,097 2002 12/04 McDonough, GA Heritage Square — 6,377 11,385 1,441 6,377 12,826 19,203 1,266 1985 02/14 Issaquah, WA Heritage Towne Crossing — 3,065 10,729 1,533 3,065 12,262 15,327 5,720 2002 03/04 Euless, TX Hickory Ridge 17,939 6,860 33,323 613 6,860 33,936 40,796 15,155 1999 01/04 Hickory, NC High Ridge Crossing 4,585 3,075 9,148 (159 ) 3,075 8,989 12,064 3,897 2004 03/05 High Ridge, MO Holliday Towne Center 7,233 2,200 11,609 (333 ) 2,200 11,276 13,476 5,007 2003 02/05 Duncansville, PA Home Depot Center — — 16,758 — — 16,758 16,758 7,065 1996 06/05 Pittsburgh, PA Home Depot Plaza 10,689 9,700 17,137 1,738 9,700 18,875 28,575 7,805 1992 06/05 Orange, CT RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired HQ Building — 5,200 10,010 4,211 5,200 14,221 19,421 5,858 Redev: 2004 12/05 San Antonio, TX Huebner Oaks Center — 18,087 64,731 217 18,087 64,948 83,035 6,139 1996 06/14 San Antonio, TX Humblewood Shopping Center — 2,200 12,823 1,392 2,200 14,215 16,415 5,406 Renov: 2005 11/05 Humble, TX Irmo Station 4,674 2,600 9,247 1,231 2,579 10,499 13,078 4,529 1980 & 1985 12/04 Irmo, SC Jefferson Commons — 23,097 52,762 2,001 23,097 54,763 77,860 17,720 2005 02/08 Newport News, VA John's Creek Village — 14,446 23,932 568 14,446 24,500 38,946 2,531 2004 06/14 John's Creek, GA King Philip's Crossing — 3,710 19,144 (150 ) 3,710 18,994 22,704 7,779 2005 11/05 Seekonk, MA La Plaza Del Norte — 16,005 37,744 4,007 16,005 41,751 57,756 19,057 1996/1999 01/04 San Antonio, TX Lake Mary Pointe 1,516 2,075 4,009 186 2,065 4,205 6,270 1,842 1999 10/04 Lake Mary, FL Lake Worth Towne Crossing — 6,600 30,910 9,124 6,600 40,034 46,634 13,839 2005 06/06 Lake Worth, TX Lakepointe Towne Center — 4,750 23,904 3,027 4,750 26,931 31,681 11,092 2004 05/05 Lewisville, TX Lakewood Towne Center — 12,555 74,612 (13,958 ) 12,555 60,654 73,209 27,077 1998/2002- 06/04 Lakewood, WA 2003 Lincoln Park 25,217 38,329 17,772 357 38,329 18,129 56,458 1,821 1997 06/14 Dallas, TX Lincoln Plaza — 13,000 46,482 22,906 13,110 69,278 82,388 27,534 2001-2004 09/05 Worcester, MA Low Country Village I & II — 2,910 16,614 (277 ) 2,486 16,761 19,247 7,536 2004 & 2005 06/04 & Bluffton, SC 09/05 Lowe's/Bed, Bath & Beyond — 7,423 799 (8 ) 7,415 799 8,214 604 2005 08/05 Butler, NJ MacArthur Crossing — 4,710 16,265 2,242 4,710 18,507 23,217 8,609 1995-1996 02/04 Los Colinas, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Magnolia Square 5,905 2,635 15,040 (654 ) 2,635 14,386 17,021 6,245 2004 02/05 Houma, LA Manchester Meadows — 14,700 39,738 6,048 14,700 45,786 60,486 18,780 1994-1995 08/04 Town and Country, MO Mansfield Towne Crossing — 3,300 12,195 3,625 3,300 15,820 19,120 7,013 2003-2004 11/04 Mansfield, TX Merrifield Town Center — 18,678 36,496 497 18,678 36,993 55,671 2,716 2008 01/15 Falls Church, VA Merrifield Town Center II — 28,797 14,698 22 28,797 14,720 43,517 533 1972 Renov: 01/16 Falls Church, VA 2006-2007 New Forest Crossing — 4,390 11,313 66 4,390 11,379 15,769 1,550 2003 10/13 Houston, TX Newnan Crossing I & II — 15,100 33,987 6,579 15,100 40,566 55,666 18,063 1999 & 12/03 & Newnan, GA 2004 02/04 Newton Crossroads 3,478 3,350 6,927 541 3,350 7,468 10,818 3,110 1997 12/04 Covington, GA North Rivers Towne Center 9,360 3,350 15,720 570 3,350 16,290 19,640 7,444 2003-2004 04/04 Charleston, SC Northgate North 26,186 7,540 49,078 (14,262 ) 7,540 34,816 42,356 16,401 1999-2003 06/04 Seattle, WA Northpointe Plaza 21,651 13,800 37,707 4,463 13,800 42,170 55,970 19,119 1991-1993 05/04 Spokane, WA Northwood Crossing — 3,770 13,658 1,210 3,770 14,868 18,638 5,966 1979/2004 01/06 Northport, AL Northwoods Center 7,914 3,415 9,475 6,668 3,415 16,143 19,558 7,007 2002-2004 12/04 Wesley Chapel, FL Oak Brook Promenade — 10,343 50,057 1,245 10,343 51,302 61,645 1,611 2006 03/16 Oak Brook, IL One Loudoun Downtown — 22,113 91,138 1 22,113 91,139 113,252 322 2013-2016 11/16 Ashburn, VA Orange Plaza (Golfland Plaza) — 4,350 4,834 2,366 4,350 7,200 11,550 2,879 1995 05/05 Orange, CT The Orchard — 3,200 17,151 250 3,200 17,401 20,601 7,170 2004-2005 07/05 & New Hartford, NY 9/05 RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Oswego Commons — 6,454 16,004 465 6,454 16,469 22,923 1,931 2002-2004 06/14 Oswego, IL Page Field Commons — — 43,355 1,156 — 44,511 44,511 18,522 1999 05/05 Fort Myers, FL Paradise Valley Marketplace 8,565 6,590 20,425 756 6,590 21,181 27,771 9,931 2002 04/04 Phoenix, AZ Parkway Towne Crossing — 6,142 20,423 8,740 6,142 29,163 35,305 11,011 2010 08/06 Frisco, TX Pavilion at Kings Grant I & II — 10,274 12,392 12,243 10,274 24,635 34,909 9,357 2002-2003 12/03 & Concord, NC & 2005 06/06 Pelham Manor Shopping Plaza — — 67,870 62 — 67,932 67,932 8,615 2008 11/13 Pelham Manor, NY Peoria Crossings I & II 24,082 6,995 32,816 3,909 8,495 35,225 43,720 16,227 2002-2003 03/04 & Peoria, AZ & 2005 05/05 Phenix Crossing 3,875 2,600 6,776 343 2,600 7,119 9,719 3,165 2004 12/04 Phenix City, AL Placentia Town Center 10,334 11,200 11,751 2,413 11,200 14,164 25,364 5,921 1973/2000 12/04 Placentia, CA Plaza at Marysville 8,565 6,600 13,728 866 6,600 14,594 21,194 6,520 1995 07/04 Marysville, WA Plaza Santa Fe II — — 28,588 3,389 — 31,977 31,977 14,870 2000-2002 06/04 Santa Fe, NM Pleasant Run 12,773 4,200 29,085 7,091 4,200 36,176 40,376 14,212 2004 12/04 Cedar Hill, TX Quakertown — 2,400 9,246 43 2,400 9,289 11,689 3,853 2004-2005 09/05 Quakertown, PA Red Bug Village — 1,790 6,178 336 1,790 6,514 8,304 2,722 2004 12/05 Winter Springs, FL Reisterstown Road Plaza (a) 46,182 15,800 70,372 6,420 15,791 76,801 92,592 33,874 1986/2004 08/04 Baltimore, MD Rite Aid Store (Eckerd) 1,535 900 2,377 — 900 2,377 3,277 1,126 2003-2004 06/04 Columbia, SC Rite Aid Store (Eckerd) 1,224 600 2,033 1 600 2,034 2,634 938 2003-2004 06/04 Crossville, TN RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Rite Aid Store (Eckerd) 1,473 1,050 2,047 1 1,050 2,048 3,098 944 2003-2004 06/04 Greer, SC Rite Aid Store (Eckerd) 1,753 700 2,960 1 700 2,961 3,661 1,366 2003-2004 06/04 Kill Devil Hills, NC Rite Aid Store (Eckerd), Culver Rd. — 1,590 2,279 (3,380 ) 265 224 489 — 2001 11/05 Rochester, NY Rivery Town Crossing — 2,900 6,814 384 2,900 7,198 10,098 2,762 2005 10/06 Georgetown, TX Royal Oaks Village II — 3,450 17,000 272 3,450 17,272 20,722 5,039 2004-2005 11/05 Houston, TX Saucon Valley Square 7,941 3,200 12,642 (9,645 ) 1,818 4,379 6,197 87 1999 09/04 Bethlehem, PA Sawyer Heights Village 18,824 24,214 15,797 705 24,214 16,502 40,716 2,165 2007 10/13 Houston, TX Schaumburg Towers — 7,900 137,096 405 7,900 137,501 145,401 58,553 1986 & 1990 11/04 Schaumburg, IL Shoppes at Hagerstown — 4,034 21,937 131 4,034 22,068 26,102 987 2008 01/16 Hagerstown, MD Shoppes at Park West 4,940 2,240 9,357 78 2,240 9,435 11,675 4,201 2004 11/04 Mt. Pleasant, SC The Shoppes at Quarterfield — 2,190 8,840 193 2,190 9,033 11,223 4,232 1999 01/04 Severn, MD The Shoppes at Union Hill 14,757 12,666 45,227 38 12,666 45,265 57,931 1,482 2003 04/16 Denville, NJ Shoppes of New Hope 3,362 1,350 11,045 20 1,350 11,065 12,415 5,060 2004 07/04 Dallas, GA Shoppes of Prominence Point I & II — 3,650 12,652 203 3,650 12,855 16,505 5,901 2004 & 2005 06/04 & Canton, GA 09/05 Shops at Forest Commons — 1,050 6,133 294 1,050 6,427 7,477 2,807 2002 12/04 Round Rock, TX The Shops at Legacy — 8,800 108,940 15,243 8,800 124,183 132,983 43,545 2002 06/07 Plano, TX Shops at Park Place 7,503 9,096 13,175 1,082 9,096 14,257 23,353 6,969 2001 10/03 Plano, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Southlake Corners 21,090 6,612 23,605 82 6,612 23,687 30,299 3,009 2004 10/13 Southlake, TX Southlake Town Square I - VII — 43,790 201,028 23,258 41,603 226,473 268,076 84,812 1998-2007 12/04, 5/07, Southlake, TX 9/08 & 3/09 Stilesboro Oaks 4,725 2,200 9,426 473 2,200 9,899 12,099 4,216 1997 12/04 Acworth, GA Stonebridge Plaza — 1,000 5,783 427 1,000 6,210 7,210 2,593 1997 08/05 McKinney, TX Stony Creek I 7,947 6,735 17,564 1,739 6,735 19,303 26,038 9,234 2003 12/03 Noblesville, IN Stony Creek II — 1,900 5,106 79 1,900 5,185 7,085 2,112 2005 11/05 Noblesville, IN Streets of Yorktown — 3,440 22,111 2,893 3,440 25,004 28,444 10,017 2005 12/05 Houston, TX Tacoma South — 10,976 22,898 5 10,976 22,903 33,879 617 1984-2015 05/16 Tacoma, WA Target South Center — 2,300 8,760 727 2,300 9,487 11,787 3,951 1999 11/05 Austin, TX Tollgate Marketplace 34,933 8,700 61,247 7,081 8,700 68,328 77,028 29,407 1979/1994 07/04 Bel Air, MD Town Square Plaza 16,760 9,700 18,264 1,668 9,700 19,932 29,632 8,009 2004 12/05 Pottstown, PA Towson Circle (a) — 9,050 17,840 (26,835 ) — 55 55 — 1998 07/04 Towson, MD Towson Square — 13,757 21,958 (174 ) 13,757 21,784 35,541 959 2014 11/15 Towson, MD Tysons Corner — 22,525 7,184 15 22,525 7,199 29,724 426 1980 05/15 Vienna, VA Renov:2004, University Town Center 4,140 — 9,557 337 — 9,894 9,894 4,337 2002 11/04 Tuscaloosa, AL Village Shoppes at Gainesville 19,325 4,450 36,592 1,975 4,450 38,567 43,017 15,727 2004 09/05 Gainesville, GA Village Shoppes at Simonton 3,102 2,200 10,874 24 2,200 10,898 13,098 4,953 2004 08/04 Lawrenceville, GA RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Walter's Crossing — 14,500 16,914 544 14,500 17,458 31,958 6,837 2005 07/06 Tampa, FL Watauga Pavilion — 5,185 27,504 986 5,185 28,490 33,675 12,913 2003-2004 05/04 Watauga, TX West Town Market — 1,170 10,488 193 1,170 10,681 11,851 4,517 2004 06/05 Fort Mill, SC Wilton Square — 8,200 35,538 371 8,200 35,909 44,109 14,949 2000 07/05 Saratoga Springs, NY Winchester Commons 5,291 4,400 7,471 571 4,400 8,042 12,442 3,418 1999 11/04 Memphis, TN Woodinville Plaza — 16,073 25,433 896 16,073 26,329 42,402 1,378 1981 06/15 & Woodinville, WA 8/16 Total Operating Properties 769,184 1,208,948 4,039,199 227,920 1,191,403 4,284,664 5,476,067 1,443,333 Developments in Progress — 15,541 7,898 — 15,541 7,898 23,439 — Total Investment Properties $ 769,184 $ 1,224,489 $ 4,047,097 $ 227,920 $ 1,206,944 $ 4,292,562 $ 5,499,506 $ 1,443,333 (a) The cost basis associated with this property or a portion of this property was reclassified to Developments in Progress. RETAIL PROPERTIES OF AMERICA, INC. Notes: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) The aggregate cost of real estate owned as of December 31, 2016 for U.S. federal income tax purposes was approximately $5,524,479 . (C) Adjustments to basis include payments received under master lease agreements as well as additional tangible costs associated with the investment properties, including any earnout of tenant space. (D) Reconciliation of real estate owned: 2016 2015 2014 Balance as of January 1, $ 5,687,842 $ 5,680,376 $ 5,804,518 Purchase of investment property 435,989 508,924 397,993 Sale of investment property (526,970 ) (498,833 ) (338,938 ) Property held for sale (47,151 ) — (36,914 ) Provision for asset impairment (47,159 ) (4,786 ) (159,447 ) Acquired lease intangible assets 4,586 (15,311 ) 5,579 Acquired lease intangible liabilities (7,631 ) 17,472 7,585 Balance as of December 31, $ 5,499,506 $ 5,687,842 $ 5,680,376 (E) Reconciliation of accumulated depreciation: 2016 2015 2014 Balance as of January 1, $ 1,433,195 $ 1,365,471 $ 1,330,474 Depreciation expense 191,493 183,639 183,142 Sale of investment property (118,925 ) (111,346 ) (63,460 ) Property held for sale (15,769 ) — (5,358 ) Provision for asset impairment (18,500 ) (2,497 ) (77,390 ) Write-offs due to early lease termination (3,947 ) (2,072 ) (1,937 ) Other disposals (24,214 ) — — Balance as of December 31, $ 1,443,333 $ 1,433,195 $ 1,365,471 Depreciation is computed based upon the following estimated useful lives in the accompanying consolidated statements of operations and other comprehensive income: Years Building and improvements 30 Site improvements 15 Tenant improvements Life of related lease |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Investment Properties | Investment Properties: Investment properties are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Expenditures for significant improvements, including internal salaries and related benefits of personnel directly involved in the improvements, are capitalized. The Company allocates the purchase price of each acquired investment property accounted for as a business combination based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market, (vi) the value of customer relationships and (vii) goodwill, if any. Transaction costs related to acquisitions accounted for as business combinations are expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. The Company elected to early adopt ASU 2017-01, Business Combinations , on a prospective basis as of October 1, 2016. This new guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition as opposed to a business combination. Refer to the “Recently Adopted Accounting Pronouncements” section within Note 2 to the consolidated financial statements. Under this new guidance, the Company expects most acquisitions of investment property will meet this screen and, thus, be accounted for as asset acquisitions. The Company allocates the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair value. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value intangibles based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. Fair value estimates used in acquisition accounting, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the acquired investment property and tenant profile. For acquisitions accounted for as business combinations, if, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. The portion of the purchase price allocated to acquired in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value intangibles of $27,443 , $25,913 and $28,977 for the years ended December 31, 2016 , 2015 and 2014 , respectively. With respect to acquired leases in which the Company is the lessor, the portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $4,406 , $4,807 and $4,170 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease intangibles of $7,396 , $8,428 and $6,246 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as an increase to rental income. With respect to acquired leases in which the Company is the lessee, the portion of the purchase price allocated to acquired above and below market ground lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to property operating expenses. Amortization pertaining to above market ground lease intangibles of $560 , $560 and $560 for the years ended December 31, 2016 , 2015 and 2014 , respectively, was recorded as a reduction to property operating expenses. The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned as of December 31, 2016 : 2017 2018 2019 2020 2021 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 4,474 $ 3,850 $ 2,527 $ 1,890 $ 1,373 $ 5,368 $ 19,482 Acquired in-place lease value intangibles (a) 22,627 17,509 12,473 10,324 9,022 50,578 122,533 Acquired lease intangible assets, net (b) $ 27,101 $ 21,359 $ 15,000 $ 12,214 $ 10,395 $ 55,946 $ 142,015 Acquired below market lease intangibles (a) $ (6,124 ) $ (5,849 ) $ (5,545 ) $ (5,369 ) $ (5,177 ) $ (64,208 ) $ (92,272 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,218 ) (13,018 ) Acquired lease intangible liabilities, net (b) $ (6,684 ) $ (6,409 ) $ (6,105 ) $ (5,929 ) $ (5,737 ) $ (74,426 ) $ (105,290 ) (a) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. (b) Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $296,309 and $50,672 of accumulated amortization, respectively, as of December 31, 2016 . (c) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. Depreciation expense is computed using the straight-line method. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building and associated improvements and 15 years for site improvements and most other capital improvements. Tenant improvements and leasing fees, including capitalized internal leasing incentives, are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company capitalized $423 , $474 and $0 of internal leasing incentives, all of which were incremental to signed leases, during the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Impairment of Long-Lived Assets and Unconsolidated Joint Ventures | Impairment of Long-Lived Assets and Unconsolidated Joint Ventures: The Company’s investment properties, including developments in progress, are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators for both operating properties and developments in progress include, but are not limited to: • a substantial decline in or continued low occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant concentration of financially troubled tenants; • a change in anticipated holding period; • a cost accumulation or delay in project completion date significantly above and beyond the original development or redevelopment estimate; • a significant decrease in market price not in line with general market trends; and • any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of directors. If the presence of one or more impairment indicators as described above is identified at the end of a reporting period or at any point throughout the year with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes certain complex or subjective assumptions which include, but are not limited to: • projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; • estimated holding period or various potential holding periods when considering probability-weighted scenarios; • projected capital expenditures and lease origination costs; • estimated interest and internal costs expected to be capitalized, dates of construction completion and grand opening dates for developments in progress; • projected cash flows from the eventual disposition of an operating property or development in progress using a property-specific capitalization rate; • comparable selling prices; and • a property-specific discount rate. The Company did not have any unconsolidated joint ventures as of December 31, 2016 and 2015 . When the Company does hold investments in unconsolidated joint ventures, they are reviewed for potential impairment, in addition to impairment evaluations of the individual assets underlying these investments, each reporting period or whenever events or changes in circumstances warrant such an evaluation. To determine whether any identified impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying value is fully recovered. To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value. Below is a summary of impairment charges recorded during the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Impairment of consolidated properties (a) $ 20,376 $ 19,937 $ 72,203 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income. The Company’s assessment of impairment as of December 31, 2016 was based on the most current information available to the Company. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s investment properties will not occur in 2017 or future periods. Based upon current market conditions, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no additional impairment charges were recorded. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether additional impairment charges are warranted. Refer to Note 15 to the consolidated financial statements for further discussion. |
Development and Redevelopment Projects | Development and Redevelopment Projects : Development and redevelopment projects are classified as developments in progress on the accompanying consolidated balance sheets and include (i) land held for future development, (ii) ground-up developments and (iii) redevelopment properties undergoing significant renovations and improvements. During the development or redevelopment period, the Company capitalizes direct project costs such as construction, insurance, architectural and legal, as well as certain indirect project costs such as interest, other financing costs, real estate taxes and internal salaries and related benefits of personnel directly involved in the project. Capitalization of the indirect project costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements at the time when development or redevelopment is considered substantially complete. Additionally, the Company makes estimates as to the probability of completion of development and redevelopment projects. If the Company determines that completion of the development or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company capitalized $302 of indirect project costs related to development and redevelopment projects and $1,152 related to expansions, pad developments and other significant improvements during the year ended December 31, 2016 . The Company did not capitalize any indirect project costs during the years ended December 31, 2015 and 2014. |
Investment Properties Held For Sale | Investment Properties Held for Sale : In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, the Company classifies the investment property as held for sale. When these criteria are met, the Company suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of acquired in-place lease value intangibles and any above or below market lease intangibles and the Company records the investment property held for sale at the lower of cost or net realizable value. The assets and liabilities associated with those investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period. Two properties were classified as held for sale as of December 31, 2016 and no properties qualified for held for sale accounting treatment as of December 31, 2015 . Prior to the Company’s early adoption of the revised discontinued operations pronouncement in 2014, if the operations and cash flow of the property had been, or were upon consummation of such sale, eliminated from ongoing operations and the Company did not have significant continuing involvement in the operations of the property, then the operations for the periods presented were classified in the consolidated statements of operations and other comprehensive income as discontinued operations for all periods presented. However, the Company elected to early adopt the revised discontinued operations pronouncement effective January 1, 2014, which limits what qualifies for discontinued operations presentation. As a result, the investment properties that were sold or classified as held for sale during 2016, 2015 and 2014, except for Riverpark Phase IIA, which was classified as held for sale as of December 31, 2013 and, therefore, qualified for discontinued operations treatment under the previous standard, did not qualify for discontinued operations presentation and, as such, are reflected in continuing operations on the consolidated statements of operations and other comprehensive income. |
Partially-Owned Entities | Partially-Owned Entities : The Company consolidates partially-owned entities if they are VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and the Company is considered the primary beneficiary, the Company has voting control, the limited partners (or non-managing members) do not have substantive participatory rights, or other conditions exist that indicate that the Company has control. Management uses its judgment when determining if the Company is the primary beneficiary of, or has a controlling financial interest in, an entity in which it has a variable interest, to determine whether the Company has the power to direct the activities that most significantly impact the entity’s economic performance and if it has significant economic exposure to the risk and rewards of ownership. The Company assesses its interests in VIEs on an ongoing basis to determine if the entity should be consolidated. |
Cash and Cash Equivalents | Cash and Cash Equivalents : The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. |
Restricted Cash and Escrows | Restricted Cash and Escrows : Restricted cash and escrows consist of lenders’ escrows and funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. As of December 31, 2016 and 2015 , the Company had $29,230 and $35,804 , respectively, in restricted cash and escrows. |
Derivative and Hedging Activities | Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other assets, net” and “Other liabilities”. The Company uses interest rate derivatives to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of its borrowings. The Company does not use derivatives for trading or speculative purposes. On the date the Company enters into a derivative, it may designate the derivative as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge that is determined to be highly effective are recorded in “Accumulated other comprehensive income (loss)” and are reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2016 , the balance in accumulated other comprehensive income (loss) relating to derivatives was $722 . Any hedge ineffectiveness or changes in the fair value for any derivative not designated as a hedge is reported in “Other income, net” in the accompanying consolidated statements of operations and other comprehensive income. |
Conditional Asset Retirement Obligations | Conditional Asset Retirement Obligations: The Company evaluates the potential impact of conditional asset retirement obligations on its consolidated financial statements. The term conditional asset retirement obligation refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2016 and 2015 . |
Revenue Recognition | Revenue Recognition: The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that the lessee is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are accounted for as lease inducements which are amortized as a reduction to the revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or the Company retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; • who constructs or directs the construction of the improvements, and • whether the tenant or the Company is obligated to fund cost overruns. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, the Company considers all of the above factors. No one factor, however, necessarily establishes its determination. Rental income, for only those leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such rental income earned and the cash rent due under the provisions of a lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable” in the accompanying consolidated balance sheets. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period the applicable expenditures are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company records lease termination income as “Other property income” when (i) a termination letter agreement is signed, (ii) all of the conditions of such agreement have been fulfilled, (iii) the tenant is no longer occupying the property and (iv) collectibility is reasonably assured. Upon early lease termination, the Company provides for losses related to recognized tenant specific intangibles and other assets or adjusts the remaining useful life of the assets if determined to be appropriate. The Company recorded lease termination income of $3,339 , $3,757 and $2,667 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company recorded contingent percentage rental income and percentage rental income in lieu of base rent of $4,082 , $4,693 and $5,229 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company’s policy is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Profits from sales of real estate are not recognized under the full accrual method until the following criteria are met: a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have substantial continuing involvement with the property. The Company sold 46 , 26 and 24 consolidated investment properties during the years ended December 31, 2016 , 2015 and 2014 , respectively. Refer to Note 4 to the consolidated financial statements for further discussion. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts : Accounts and notes receivable balances outstanding include base rents, tenant reimbursements and deferred rent receivables. An allowance for the uncollectible portion of accounts and notes receivable is determined on a tenant-specific basis through an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accounts and notes receivable is based on the best information available to management at the time of evaluation. |
Rental Expense | Rental Expense : Rental expense associated with land and office space that the Company leases under non-cancellable operating leases, for only those leases that have fixed and measurable rent escalations, is recorded on a straight-line basis over the term of each lease. The difference between rental expense incurred on a straight-line basis and rental payments due under the provisions of a lease agreement is recorded as a deferred liability and is included as a component of “Other liabilities” in the accompanying consolidated balance sheets. See Note 6 to the consolidated financial statements for additional information pertaining to these leases. |
Loan Fees | Loan Fees: Loan fees are generally amortized using the effective interest method (or other methods which approximate the effective interest method) over the life of the related loan as a component of interest expense. Debt prepayment penalties and certain fees associated with exchanges or modifications of debt are expensed as incurred as a component of interest expense. The Company presents unamortized capitalized loan fees, excluding those related to its unsecured revolving line of credit, as direct reductions of the carrying amounts of the related debt liabilities in the accompanying consolidated balance sheets. Unamortized capitalized loan fees attributable to the Company’s unsecured revolving line of credit are recorded in “Other assets, net” in the accompanying consolidated balance sheets. |
Income Taxes | Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company generally will not be subject to U.S. federal income tax on the taxable income the Company currently distributes to its shareholders. The Company records a benefit, based on the GAAP measurement criteria, for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. Tax returns for the calendar years 2013 through 2016 remain subject to examination by federal and various state tax jurisdictions. |
Segment Reporting | Segment Reporting: The Company’s chief operating decision maker, which is comprised of its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, assesses and measures the operating results of the Company’s portfolio of properties based on net operating income and does not differentiate properties by geography, market, size or type. Each of the Company’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the Company’s properties are aggregated into one reportable segment as they have similar economic characteristics, the Company provides similar services to its tenants and the Company’s chief operating decision maker evaluates the collective performance of its properties. |
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. This new guidance 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 consolidated financial statements as the Company did not have any VIEs at adoption on January 1, 2016; however, during the year ended December 31, 2016, the Company acquired three properties through consolidated VIEs in connection with Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges) and, accordingly, applied the revised consolidation guidance. See Note 3 to the 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 consolidated financial statements. The Company elected to early adopt ASU 2014-15, Presentation of Financial Statements – Going Concern , on January 1, 2016. This new guidance 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 consolidated financial statements. The Company elected to early adopt ASU 2016-09, Compensation – Stock Compensation , on January 1, 2016. This new guidance 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. The Company elected to early adopt ASU 2017-01, Business Combinations , on a prospective basis as of October 1, 2016. This new guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition as opposed to a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, the Company expects most acquisitions of investment property will meet the screen and, thus, be accounted for as asset acquisitions. Consistent with existing guidance, transaction costs associated with asset acquisitions are capitalized while transaction costs associated with business combinations are expensed as incurred. The adoption of this pronouncement resulted in the Company’s acquisition of investment properties subsequent to October 1, 2016 to qualify as asset acquisitions and as such, the related transactions costs of $725 were capitalized. Other Recently Issued Accounting Pronouncements In May 2014 with subsequent updates issued in August 2015 and March, April, May and December 2016, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and will replace existing revenue recognition standards. The sale of investment property and any non-lease components contained within lease agreements will be required to follow the new guidance; however, lease components of lease contracts will be excluded from this guidance. 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. While the Company anticipates additional disclosure, it does not expect the adoption of this pronouncement will have a material effect on its 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 guidance 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 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 guidance 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, such as ground leases and office and equipment leases. 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 guidance 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. Generally, the pronouncement requires a modified retrospective method of adoption. The Company will continue to evaluate the impact of this guidance until it becomes effective. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows . This new guidance is effective January 1, 2018, with early adoption permitted, and adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. Of the eight types of cash flows discussed in the new standard, the classification of debt prepayment costs as a financing outflow will impact the Company’s consolidated statements of cash flows as this item is currently reflected as an operating outflow. The pronouncement requires a retrospective transition method of adoption. The Company will continue to evaluate the impact of this guidance until it becomes effective. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows . This new guidance is effective January 1, 2018, with early adoption permitted, and requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The pronouncement requires a retrospective transition method of adoption. Upon adoption, the Company will include amounts generally described as restricted cash within the beginning-of-period, change and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. |
Organization and Basis of Pre31
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of property ownership | The Company’s property ownership as of December 31, 2016 is summarized below: Wholly-owned Retail operating properties (a) 156 Office properties 1 Total operating properties 157 Redevelopment properties 2 (a) Excludes two wholly-owned operating properties classified as held for sale as of December 31, 2016 . |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of amortization of intangible assets and liabilities during the next five years | The following table presents the amortization during the next five years and thereafter related to the acquired lease intangible assets and liabilities for properties owned as of December 31, 2016 : 2017 2018 2019 2020 2021 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 4,474 $ 3,850 $ 2,527 $ 1,890 $ 1,373 $ 5,368 $ 19,482 Acquired in-place lease value intangibles (a) 22,627 17,509 12,473 10,324 9,022 50,578 122,533 Acquired lease intangible assets, net (b) $ 27,101 $ 21,359 $ 15,000 $ 12,214 $ 10,395 $ 55,946 $ 142,015 Acquired below market lease intangibles (a) $ (6,124 ) $ (5,849 ) $ (5,545 ) $ (5,369 ) $ (5,177 ) $ (64,208 ) $ (92,272 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,218 ) (13,018 ) Acquired lease intangible liabilities, net (b) $ (6,684 ) $ (6,409 ) $ (6,105 ) $ (5,929 ) $ (5,737 ) $ (74,426 ) $ (105,290 ) (a) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessor. The amortization of acquired above and below market lease intangibles is recorded as an adjustment to rental income and the amortization of acquired in-place lease value intangibles is recorded to depreciation and amortization expense. (b) Acquired lease intangible assets, net and acquired lease intangible liabilities, net are presented net of $296,309 and $50,672 of accumulated amortization, respectively, as of December 31, 2016 . (c) Represents the portion of the purchase price with respect to acquired leases in which the Company is the lessee. The amortization is recorded as an adjustment to property operating expenses. |
Schedule of impairment charges | Below is a summary of impairment charges recorded during the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Impairment of consolidated properties (a) $ 20,376 $ 19,937 $ 72,203 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of acquisitions | The Company closed on the following acquisitions during the year ended December 31, 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 Chicago Multi-tenant retail 183,200 65,954 April 1, 2016 The Shoppes at Union Hill (b) New York Multi-tenant retail 91,700 63,060 April 29, 2016 Ashland & Roosevelt – Fee Interest (c) Chicago Ground lease interest (c) — 13,850 May 5, 2016 Tacoma South Seattle Multi-tenant retail 230,700 39,400 June 15, 2016 Eastside Dallas Multi-tenant retail 67,100 23,842 August 30, 2016 Woodinville Plaza – Anchor Space Improvements (d) Seattle Anchor space improvements (d) — 4,500 November 22, 2016 One Loudoun Downtown – Phase I (e) Washington, D.C. Multi-tenant retail 340,600 124,971 1,102,300 $ 408,308 (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) In conjunction with this acquisition, the Company assumed mortgage debt with a principal balance of $15,971 and an interest rate of 3.75% that matures in 2031. (c) 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. (d) The Company acquired the anchor space improvements, which were previously subject to a ground lease with the Company, at an existing wholly-owned multi-tenant retail operating property located in Woodinville, Washington. (e) The remaining phases at One Loudoun Downtown, representing an aggregate gross purchase price of up to $35,500 , are expected to close throughout the first three quarters of 2017 as the seller completes construction on stand-alone buildings at the property. During the year ended December 31, 2016, the Company also completed a non-monetary transaction in which it received the fee interest in less than an acre of adjacent land and terminated the ground lease on certain undeveloped parcels at an existing wholly-owned multi-tenant retail operating property located in Southlake, Texas in exchange for the fee interest in approximately 2.5 acres of undeveloped parcels. As a result of this transaction, the Company’s fee interest in certain undeveloped parcels at the property are no longer encumbered by the ground lease. The Company capitalized $113 of costs related to this transaction. The Company closed on the following acquisitions during the year ended December 31, 2015: Date Property Name Metropolitan Statistical Area (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 (a) — 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 July 31, 2015 Southlake Town Square – Outparcel (b) Dallas Single-user outparcel 13,800 8,440 August 27, 2015 Coal Creek Marketplace Seattle Multi-tenant retail 55,900 17,600 October 27, 2015 Royal Oaks Village II – Outparcel (a) Houston Single-user outparcel 12,300 6,841 November 13, 2015 Towson Square Baltimore Multi-tenant retail 138,200 39,707 1,179,800 $ 463,136 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property and a single-user outparcel located at its Royal Oaks Village II multi-tenant retail operating property. (b) The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2014: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price February 27, 2014 Heritage Square Seattle Multi-tenant retail 53,100 $ 18,022 $ 18,022 February 27, 2014 Bed Bath & Beyond Plaza – Fee Interest (a) Miami Ground lease interest (a) — 10,350 10,350 June 5, 2014 MS Inland Portfolio (b) Various Multi-tenant retail 1,194,800 292,500 234,000 June 23, 2014 Southlake Town Square – Outparcel (c) Dallas Single-user outparcel 8,500 6,369 6,369 November 20, 2014 Avondale Plaza Seattle Multi-tenant retail 39,000 15,070 15,070 December 30, 2014 Lakewood Towne Center – Parcel Seattle Multi-tenant parcel 44,000 5,750 5,750 1,339,400 $ 348,061 $ 289,561 (a) The Company acquired the fee interest in an existing wholly-owned multi-tenant retail operating property located in Miami, Florida, which was previously subject to a ground lease with a third party. In conjunction with this transaction, the Company reversed a straight-line ground rent liability of $4,258 , which is presented in “Gain on extinguishment of other liabilities” in the accompanying consolidated statements of operations and other comprehensive income. (b) As discussed in Note 11 to the consolidated financial statements, the Company dissolved its joint venture arrangement with its partner in MS Inland Fund, LLC (MS Inland) by acquiring its partner’s 80% ownership interest in the six multi-tenant retail properties owned by the joint venture (collectively, the MS Inland acquisitions). The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 . The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. Such gain is presented as “Gain on change in control of investment properties” in the accompanying consolidated statements of operations and other comprehensive income. (c) The Company acquired a single-user outparcel located at its Southlake Town Square multi-tenant retail operating property that was subject to a ground lease with the Company (as lessor) prior to the transaction. |
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 completed during the years ended December 31, 2016 , 2015 and 2014 discussed above: 2016 2015 2014 Land $ 106,947 $ 161,114 $ 118,732 Building and other improvements 268,075 281,649 219,174 Acquired lease intangible assets (a) 41,002 45,474 35,520 Acquired lease intangible liabilities (b) (8,258 ) (25,101 ) (20,578 ) Mortgages payable, net (c) (15,316 ) — (146,485 ) Net assets acquired (d) $ 392,450 $ 463,136 $ 206,363 (a) The weighted average amortization period for acquired lease intangible assets is nine years , 15 years and eight years for acquisitions completed during the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 18 years , 21 years and 16 years for acquisitions completed during the years ended December 31, 2016 , 2015 and 2014 , respectively. (c) Includes mortgage discount of $(655) for acquisitions completed during the year ended December 31, 2016 and mortgage premium of $4,787 for acquisitions completed during the year ended December 31, 2014. (d) Net assets attributable to the MS Inland acquisition are presented at 100% . |
Schedule of condensed pro forma financial information | The unaudited condensed pro forma financial information is as follows: Year Ended December 31, 2016 2015 2014 Total revenues $ 587,374 $ 627,300 $ 635,240 Net income $ 165,696 $ 121,406 $ 18,313 Net income attributable to common shareholders $ 156,246 $ 111,428 $ 8,863 Earnings per common share – basic and diluted: Net income per common share attributable to common shareholders $ 0.66 $ 0.47 $ 0.04 Weighted average number of common shares outstanding – basic 236,651 236,380 236,184 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property dispositions | The Company closed on the following dispositions during the year ended December 31, 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 July 17, 2015 Greensburg Commons Multi-tenant retail 272,500 18,400 18,283 2,810 July 28, 2015 Arvada Connection and Arvada Marketplace Multi-tenant retail 367,500 54,900 53,159 20,208 July 30, 2015 Traveler's Office Building Single-user office 50,800 4,841 4,643 — August 6, 2015 Shaw's Supermarket Single-user retail 65,700 3,000 2,769 — August 24, 2015 Harvest Towne Center Multi-tenant retail 39,700 7,800 7,381 1,217 August 31, 2015 Trenton Crossing & McAllen Shopping Center (b) Multi-tenant retail 265,900 39,295 38,410 13,760 September 15, 2015 The Shops at Boardwalk Multi-tenant retail 122,400 27,400 26,634 3,146 September 29, 2015 Best on the Boulevard Multi-tenant retail 204,400 42,500 41,542 15,932 September 29, 2015 Montecito Crossing Multi-tenant retail 179,700 52,200 51,415 17,928 October 29, 2015 Green Valley Crossing (c) Development (c) 96,400 35,000 34,200 3,904 November 12, 2015 Lake Mead Crossing Multi-tenant retail 219,900 42,565 41,930 507 December 2, 2015 Golfsmith Single-user retail 14,900 4,475 4,298 1,010 December 9, 2015 Wal-Mart – Turlock Single-user retail 61,000 6,200 5,996 3,157 December 18, 2015 Southgate Plaza Multi-tenant retail 86,100 7,000 6,665 — December 31, 2015 Bellevue Mall Development 369,300 15,750 17,500 — 3,917,200 $ 516,444 $ 505,524 $ 121,792 (a) Aggregate proceeds are net of transaction costs and exclude $300 of condemnation proceeds, which did not result in any additional gain recognition. (b) The terms of the disposition of Trenton Crossing and McAllen Shopping Center were negotiated as a single transaction. (c) The development property had been held in a consolidated joint venture and was sold to an affiliate of the joint venture partner. Concurrent with the sale, the joint venture was dissolved. Approximately $528 of the gain on sale was allocated to the noncontrolling interest holder as its share of the gain. The Company closed on the following dispositions during the year ended December 31, 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 34,986 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 Single-user retail 61,200 5,541 5,399 2,220 June 23, 2016 Four Rite Aid Portfolio (e) Single-user retail 45,400 15,934 14,646 2,287 July 8, 2016 Broadway Shopping Center Multi-tenant retail 190,300 20,500 20,103 7,958 July 21, 2016 Mid-Hudson Center Multi-tenant retail 235,600 27,500 25,615 — July 27, 2016 Rite Aid Store (Eckerd), Main St. – Buffalo Single-user retail 10,900 3,388 3,296 344 July 29, 2016 Rite Aid Store (Eckerd) – Lancaster Single-user retail 10,900 3,425 3,349 625 August 4, 2016 Alison’s Corner Multi-tenant retail 55,100 7,850 7,559 3,334 August 5, 2016 Rite Aid Store (Eckerd) – Lake Ave. Single-user retail 13,200 5,400 5,334 907 August 12, 2016 Maple Tree Place Multi-tenant retail 489,000 90,000 87,047 15,566 August 12, 2016 CVS Pharmacy – Burleson Single-user retail 10,900 4,190 4,102 1,425 August 18, 2016 Mitchell Ranch Plaza Multi-tenant retail 199,600 55,625 54,305 33,612 August 22, 2016 Rite Aid Store (Eckerd), E. Main St. – Batavia Single-user retail 13,800 5,050 4,924 1,249 September 9, 2016 Rite Aid Store (Eckerd) – Lockport Single-user retail 13,800 4,690 4,415 753 September 9, 2016 Rite Aid Store (Eckerd), Ferry St. – Buffalo Single-user retail 10,900 3,600 3,370 612 November 9, 2016 Walgreens – Northwoods Single-user retail 16,300 6,450 5,793 2,199 November 23, 2016 Ten Rite Aid Portfolio (f) Single-user retail 119,700 30,000 29,380 251 December 8, 2016 Vail Ranch Plaza Multi-tenant retail 101,800 27,450 27,160 11,247 December 15, 2016 Pacheco Pass Phase I & II Multi-tenant retail 194,300 41,500 39,549 4,758 December 16, 2016 South Billings Center (g) Development (g) — 2,250 2,157 — December 22, 2016 Rite Aid Store (Eckerd) – Colesville Single-user retail 13,400 7,700 7,444 1,893 December 29, 2016 Commons at Royal Palm Multi-tenant retail 156,500 23,700 21,460 6,553 December 30, 2016 CVS Pharmacy (Eckerd) – Edmond & CVS Pharmacy (Eckerd) – Norman (h) Single-user retail 27,600 10,630 10,467 5,069 3,013,900 $ 540,362 $ 448,216 $ 127,809 (a) Aggregate proceeds are net of transaction costs. (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. (d) The terms of the disposition of Rite Aid Store (Eckerd) – Canandaigua and Tim Horton Donut Shop were negotiated as a single transaction. (e) 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. – West Seneca and (iv) Rite Aid Store (Eckerd) – Greece. (f) Portfolio consists of the following properties: (i) Rite Aid Store (Eckerd) – Chattanooga, (ii) Rite Aid Store (Eckerd) – Yorkshire, (iii) Rite Aid Store (Eckerd), Sheridan Dr. – Amherst, (iv) Rite Aid Store (Eckerd) – Grand Island, (v) Rite Aid Store (Eckerd) – North Chili, (vi) Rite Aid Store (Eckerd) – Tonawanda, (vii) Rite Aid Store (Eckerd) – Irondequoit, (viii) Rite Aid Store (Eckerd) – Hudson, (ix) Rite Aid Store (Eckerd), Transit Rd. – Amherst and (x) Rite Aid Store (Eckerd), Harlem Rd. – West Seneca. (g) South Billings Center was classified as a development property but was not under active development. (h) The terms of the disposition of CVS Pharmacy (Eckerd) – Edmond and CVS Pharmacy (Eckerd) – Norman were negotiated as a single transaction. |
Schedule of assets and liabilities associated with investment properties held for sale | The following table presents the assets and liabilities associated with the investment properties classified as held for sale: December 31, 2016 Assets Land, building and other improvements $ 45,395 Accumulated depreciation (15,769 ) Net investment properties 29,626 Other assets 1,201 Assets associated with investment properties held for sale $ 30,827 Liabilities Other liabilities $ 864 Liabilities associated with investment properties held for sale $ 864 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 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 RSUs as of and for the years ended December 31, 2016 and 2015: Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2015 — $ — RSUs granted (a) 180 $ 14.19 RSUs ineligible for conversion (6 ) $ 14.10 RSUs eligible for future conversion as of December 31, 2015 174 $ 14.20 RSUs granted (b) 246 $ 13.85 RSUs ineligible for conversion (29 ) $ 13.56 RSUs eligible for future conversion as of December 31, 2016 (c) 391 $ 14.02 (a) Assumptions as of the grant dates included a weighted average risk-free interest rate of 0.80% , 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 4.26% . (b) 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% . (c) As of December 31, 2016 , total unrecognized compensation expense related to unvested RSUs was $3,471 , which is expected to be amortized over a weighted average term of 2.4 years . The following table summarizes the Company’s unvested restricted shares as of and for the years ended December 31, 2016 , 2015 and 2014 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2014 152 $ 15.11 Shares granted (a) 303 $ 13.89 Shares vested (58 ) $ 14.50 Shares forfeited (1 ) $ 15.61 Balance as of December 31, 2014 396 $ 14.26 Shares granted (a) 801 $ 15.82 Shares vested (405 ) $ 14.89 Shares forfeited (4 ) $ 16.01 Balance as of December 31, 2015 788 $ 15.52 Shares granted (a) 274 $ 14.76 Shares vested (510 ) $ 15.38 Shares forfeited (b) (10 ) $ 14.70 Balance as of December 31, 2016 (c) 542 $ 15.28 (a) Shares granted in 2014 , 2015 and 2016 vest over periods ranging from one year to three years , 0.4 years to 3.4 years and 0.4 years to 3.9 years , respectively, in accordance with the terms of applicable award agreements. (b) Effective January 1, 2016, the Company made an accounting policy election to account for forfeitures when they occur. (c) As of December 31, 2016 , total unrecognized compensation expense related to unvested restricted shares was $2,674 , which is expected to be amortized over a weighted average term of 1.3 years . |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of minimum lease payments to be received under operating leases | Minimum lease payments to be received under operating leases, excluding payments under master lease agreements, additional percentage rent based on tenants’ sales volume and tenant reimbursements of certain operating expenses and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments 2017 $ 423,207 2018 382,938 2019 321,179 2020 262,571 2021 213,514 Thereafter 720,075 Total $ 2,323,484 The remaining lease terms range from less than one year to more than 66 years . |
Schedule of rent expense | The following table summarizes rent expense included in the accompanying consolidated statements of operations and other comprehensive income, including straight-line rent expense. Year Ended December 31, 2016 2015 2014 Ground lease rent expense (a) $ 10,464 $ 11,461 $ 11,676 Office rent expense (b) $ 1,317 $ 1,246 $ 1,210 (a) Included in “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive income. Includes straight-line ground rent expense of $3,253 , $3,722 and $3,889 for the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) Office rent expense related to property management operations is included in “Operating expenses” and office rent expense related to corporate office operations is included in “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. |
Schedule of minimum future rental obligations to be paid under ground and office leases | Minimum future rental obligations to be paid under the ground and office leases, including fixed rental increases, are as follows: Minimum Lease Obligations 2017 $ 7,853 2018 7,842 2019 8,157 2020 8,318 2021 8,525 Thereafter 376,939 Total $ 417,634 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: December 31, 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) $ 773,395 6.31 % 4.2 $ 1,128,505 (b) 6.08 % 3.9 Premium, net of accumulated amortization 1,437 1,865 Discount, net of accumulated amortization (622 ) (1 ) Capitalized loan fees, net of accumulated amortization (5,026 ) (7,233 ) Mortgages payable, net $ 769,184 $ 1,123,136 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% and 3.35% to 8.00% as of December 31, 2016 and 2015 , respectively. (b) Includes $7,910 of variable rate mortgage debt that was swapped to a fixed rate as of 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 December 31, 2016 , for each of the next five years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any 2017 debt activity, such as the defeasance of the IW JV portfolio of mortgages payable or the funding of the $200,000 unsecured term loan due 2023 (Term Loan Due 2023), which closed during the year ended December 31, 2016 and funded on January 3, 2017. 2017 2018 2019 2020 2021 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 35,023 $ 11,463 $ 433,982 $ 4,334 $ 23,249 $ 265,344 $ 773,395 Fixed rate term loan (b) — — — — 250,000 — 250,000 Unsecured notes payable (c) — — — — 100,000 600,000 700,000 Total fixed rate debt 35,023 11,463 433,982 4,334 373,249 865,344 1,723,395 Variable rate debt: Variable rate term loan and revolving line of credit — 200,000 — 86,000 — — 286,000 Total debt (d) $ 35,023 $ 211,463 $ 433,982 $ 90,334 $ 373,249 $ 865,344 $ 2,009,395 Weighted average interest rate on debt: Fixed rate debt 4.83 % 6.51 % 7.49 % 4.58 % 2.73 % 4.36 % 4.82 % Variable rate debt (e) — 2.22 % — 2.12 % — — 2.19 % Total 4.83 % 2.45 % 7.49 % 2.24 % 2.73 % 4.36 % 4.44 % (a) Excludes mortgage premium of $1,437 and discount of $(622) , net of accumulated amortization, as of December 31, 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 $(971) , net of accumulated amortization, as of December 31, 2016 . (d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of December 31, 2016 . Total debt excludes capitalized loan fees of $(11,314) , net of accumulated amortization, as of December 31, 2016 , which are included as a reduction to the respective debt balances, and the Term Loan Due 2023, which funded on January 3, 2017. Refer to Note 9 to the consolidated financial statements for further details on the Term Loan Due 2023. (e) Represents interest rates as of December 31, 2016 . |
Unsecured Notes Payable (Tables
Unsecured Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable: December 31, 2016 December 31, 2015 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% 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 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % — — % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % — — % 700,000 4.19 % 500,000 4.20 % Discount, net of accumulated amortization (971 ) (1,090 ) Capitalized loan fees, net of accumulated amortization (3,886 ) (3,334 ) Total $ 695,143 $ 495,576 |
Unsecured Term Loans and Revo39
Unsecured Term Loans and Revolving Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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 2.22 % — — % $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 (2,402 ) (2,474 ) Term loans, net 447,598 447,526 Revolving line of credit – variable rate (c) 86,000 2.12 % 100,000 1.93 % Total unsecured credit facility, net $ 533,598 2.09 % $ 547,526 1.95 % (a) As of December 31, 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 December 31, 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 consolidated balance sheets. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | During the year ended December 31, 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 December 31, December 31, December 31, December 31, Interest rate swaps 2 2 $ 250,000 $ 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 as well as their classification in the consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. December 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets, net $ 743 N/A $ — Interest rate swaps N/A $ — Other liabilities $ 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 consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of (Gain) 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 Gain Recognized In Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (399 ) $ 643 Interest expense $ 408 $ 1,095 Other income, net $ (21 ) $ (25 ) |
Investment in Unconsolidated 41
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of condensed income statement of unconsolidated joint ventures | Combined condensed financial information of the Company’s unconsolidated joint ventures (at 100% ) for the year ended December 31, 2014, the period attributable to the Company’s ownership, is summarized as follows: Other Joint Ventures (a) 2014 Revenues Property related income $ 11,853 Other income 6,679 Total revenues 18,532 Expenses Operating expenses 1,660 Real estate taxes 2,339 Depreciation and amortization 3,948 General and administrative expenses 268 Interest expense 3,028 Other expense, net 11,921 Total expenses 23,164 Loss from continuing operations (4,632 ) Net loss $ (4,632 ) (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. In addition, effective December 1, 2014, the Company terminated its investment in the Captive. |
Summary of profits, losses and capital activity related to unconsolidated joint ventures | The following table summarizes the Company’s share of net income (loss) as well as net cash distributions from (contributions to) each unconsolidated joint venture for the year ended December 31, 2014: The Company’s Share of Net Cash Distributions from/(Contributions to) Joint Ventures Fees Earned by the Company Joint Venture 2014 2014 2014 MS Inland (a) $ 241 $ 1,360 $ 338 Captive (b) (2,444 ) (25 ) — $ (2,203 ) $ 1,335 $ 338 (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. (b) Effective December 1, 2014, the Company terminated its participation in the Captive. |
Summary of acquisition activity for unconsolidated joint ventures | On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland by acquiring its partner’s 80% ownership interest in the six properties owned by the joint venture (see Note 3 to the consolidated financial statements). The six properties had, at acquisition, a combined fair value of $292,500 , with the Company’s partner’s interest valued at $234,000 . The Company paid total cash consideration of approximately $120,600 before transaction costs and prorations and after assumption of the joint venture’s in-place mortgage financing on those properties of $141,698 at a weighted average interest rate of 4.79% . The Company accounted for this transaction as a business combination achieved in stages and recognized a gain on change in control of investment properties of $24,158 as a result of remeasuring the carrying value of its 20% interest in the six acquired properties to fair value. The following table summarizes the calculation of the gain on change in control of investment properties recognized in conjunction with the transaction discussed above: Fair value of the net assets acquired at 100% $ 150,802 Fair value of the net assets acquired at 20% $ 30,160 Less: Carrying value of the Company’s previous investment in the six properties acquired on June 5, 2014 6,002 Gain on change in control of investment properties $ 24,158 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2016 2015 2014 Numerator: Income from continuing operations $ 37,110 $ 3,832 $ 597 Gain on sales of investment properties 129,707 121,792 42,196 Net income from continuing operations attributable to noncontrolling interest — (528 ) — Preferred stock dividends (9,450 ) (9,450 ) (9,450 ) Income from continuing operations attributable to common shareholders 157,367 115,646 33,343 Income from discontinued operations — — 507 Net income attributable to common shareholders 157,367 115,646 33,850 Distributions paid on unvested restricted shares (445 ) (481 ) (225 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 156,922 $ 115,165 $ 33,625 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 236,651 (a) 236,380 (b) 236,184 (c) Effect of dilutive securities: Stock options 2 (d) 2 (d) 3 (d) RSUs 298 (e) — (f) — Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,951 236,382 236,187 (a) Excludes 542 shares of unvested restricted common stock, which equate to 637 shares on a weighted average basis for the year ended December 31, 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, which equate to 768 shares on a weighted average basis for the year ended December 31, 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) Excludes 396 shares of unvested restricted common stock, which equate to 364 shares on a weighted average basis for the year ended December 31, 2014 . 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. (d) There were outstanding options to purchase 41 , 53 and 64 shares of common stock as of December 31, 2016 , 2015 and 2014 , respectively, at a weighted average exercise price of $19.25 , $19.39 and $19.32 , respectively. Of these totals, outstanding options to purchase 35 , 45 and 54 shares of common stock as of December 31, 2016 , 2015 and 2014 , respectively, at a weighted average exercise price of $20.55 , $20.74 and $20.72 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (e) There were 391 RSUs eligible for future conversion following the performance period as of December 31, 2016 (see Note 5 to the consolidated financial statements), which equate to 367 RSUs on a weighted average basis for the year ended December 31, 2016. 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. (f) There were 174 RSUs eligible for future conversion following the performance period as of December 31, 2015, which equate to 101 RSUs on a weighted average basis for the year ended December 31, 2015. 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 period. Assuming December 31, 2015 was the end of the contingency period, none of these contingently issuable shares would have been outstanding. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | The Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: 2016 2015 Deferred tax assets: Basis difference in properties $ — $ 1,109 Capital loss carryforward 9,628 9,885 Net operating loss carryforward 10,677 12,543 Other 870 81 Gross deferred tax assets 21,175 23,618 Less: valuation allowance (21,175 ) (23,618 ) Total deferred tax assets — — Deferred tax liabilities: Other — — Net deferred tax assets $ — $ — |
Reconciliation of net income to REIT taxable income before the dividends paid deduction | The following table reconciles the Company’s net income to REIT taxable income before the dividends paid deduction for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Net income attributable to the Company $ 166,817 $ 125,096 $ 43,300 Book/tax differences (50,950 ) 2,344 71,910 REIT taxable income subject to 90% dividend requirement $ 115,867 $ 127,440 $ 115,210 |
Schedule of dividends paid deduction | The Company’s dividends paid deduction for the years ended December 31, 2016 , 2015 and 2014 is summarized below: 2016 2015 2014 Cash distributions paid $ 166,285 $ 166,064 $ 166,025 Less: non-dividend distributions (50,418 ) (38,624 ) (50,815 ) Total dividends paid deduction attributable to earnings and profits $ 115,867 $ 127,440 $ 115,210 |
Schedule of tax characterization of distributions paid per share | A summary of the tax characterization of the distributions paid per share to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2016 , 2015 and 2014 follows: 2016 2015 2014 Preferred stock Ordinary dividends $ 1.75 $ 1.75 $ 1.75 Non-dividend distributions — — — Total distributions per share $ 1.75 $ 1.75 $ 1.75 Common stock Ordinary dividends $ 0.45 $ 0.50 $ 0.45 Non-dividend distributions 0.21 0.16 0.21 Total distributions per share $ 0.66 $ 0.66 $ 0.66 |
Provision for Impairment of I44
Provision for Impairment of Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Schedule of identified impairment indicators | As of December 31, 2016 , 2015 and 2014 , 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 December 31, 2016 , 2015 and 2014 : December 31, 2016 2015 2014 Number of properties for which indicators of impairment were identified 7 3 (a) 8 (b) Less: number of properties for which an impairment charge was recorded 2 — 3 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 3 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (c) 21 % 42 % 48 % (a) Includes one property which has subsequently been sold as of December 31, 2016 . (b) Includes seven properties which have subsequently been sold as of December 31, 2016 . (c) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. |
Schedule of investment property impairment charges | The Company recorded the following investment property impairment charges during the year ended December 31, 2016: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties South Billings Center (a) Development Various (a) — $ 3,007 Mid-Hudson Center (b) Multi-tenant retail June 30, 2016 235,600 4,142 Saucon Valley Square (c) Multi-tenant retail September 30, 2016 80,700 4,742 Crown Theater (d) Single-user retail December 31, 2016 74,200 5,985 Rite Aid Store (Eckerd), Culver Rd. (e) Single-user retail December 31, 2016 10,900 2,500 $ 20,376 Estimated fair value of impaired properties as of impairment date $ 40,850 (a) An impairment charge was recorded on March 31, 2016 based upon the terms and conditions of an executed sales contract, which was subsequently terminated. The property, which was not under active development, was sold on December 16, 2016 and additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. (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. (c) The Company recorded an impairment charge driven by a change in the estimated holding period for the property. (d) The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. (e) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. This property was sold on January 27, 2017. The Company recorded the following investment property impairment charges during the year ended December 31, 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 (a) Single-user office June 30, 2015 50,800 1,655 Shaw’s Supermarket (a) Single-user retail August 6, 2015 65,700 169 Southgate Plaza (a) Multi-tenant retail December 18, 2015 86,100 2,484 Bellevue Mall (a) Development December 31, 2015 369,300 13,340 $ 19,937 Estimated fair value of impaired properties as of impairment date $ 43,720 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for the respective properties, which were sold during 2015. The Company recorded the following investment property impairment charges during the year ended December 31, 2014: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Midtown Center (a) Multi-tenant retail March 31, 2014 408,500 $ 394 Gloucester Town Center (b) Multi-tenant retail Various (b) 107,200 6,148 Boston Commons (a) Multi-tenant retail August 19, 2014 103,400 453 Four Peaks Plaza (a) Multi-tenant retail August 27, 2014 140,400 4,154 Shaw’s Supermarket (c) Single-user retail September 30, 2014 65,700 6,230 The Gateway (d) Multi-tenant retail September 30, 2014 623,200 42,999 Newburgh Crossing (a) Multi-tenant retail December 22, 2014 62,900 1,139 Hartford Insurance Building (e) Single-user office December 31, 2014 97,400 5,782 Citizen’s Property Insurance Building (e) Single-user office December 31, 2014 59,800 4,341 Aon Hewitt East Campus (f) Single-user office December 31, 2014 343,000 563 Total $ 72,203 Estimated fair value of impaired properties as of impairment date $ 190,953 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for each of the respective properties, which were sold during 2014. (b) An impairment charge was recorded on June 30, 2014 based upon the terms of a bona fide purchase offer and additional impairment was recognized on September 30, 2014 pursuant to the terms and conditions of an executed sales contract. (c) The Company recorded an impairment charge upon re-evaluating the strategic alternatives for the property. (d) The Company recorded an impairment charge as a result of a combination of factors including the expected impact on future operating results stemming from a re-evaluation of the anticipated positioning of, and tenant population at, the property and a re-evaluation of other potential strategic alternatives for the property. This property was sold on February 1, 2016. (e) The Company recorded impairment charges driven by changes in the estimated holding periods for the properties. (f) 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 December 31, 2014 and was sold on January 20, 2015. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ 743 $ 743 $ — $ — Financial liabilities: Mortgages payable, net $ 769,184 $ 833,210 $ 1,123,136 $ 1,213,620 Unsecured notes payable, net $ 695,143 $ 679,212 $ 495,576 $ 486,701 Unsecured term loans, net $ 447,598 $ 450,421 $ 447,526 $ 450,000 Unsecured revolving line of credit $ 86,000 $ 86,130 $ 100,000 $ 100,000 Derivative liability $ — $ — $ 85 $ 85 |
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 December 31, 2016 Derivative asset $ — $ 743 $ — $ 743 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 December 31, 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 year ended December 31, 2016 , except for those properties sold prior to December 31, 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 (a) December 31, 2016 Investment properties $ — $ 500 (b) $ 10,600 (c) $ 11,100 $ 13,227 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2016 . (b) Represents the fair value of the Company’s Rite Aid Store (Eckerd), Culver Rd. investment property. The estimated fair value of Rite Aid Store (Eckerd), Culver Rd. was based upon the expected sales price from a bona fide purchase offer and determined to be a Level 2 input. (c) Represents the fair values of the Company’s Crown Theater and Saucon Valley Square investment properties. The estimated fair values of Crown Theater and Saucon Valley Square of $4,000 and $6,600 , respectively, were determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates, growth assumptions and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant inputs to this valuation. The following were the key Level 3 inputs used in estimating the fair values of Crown Theater as of December 31, 2016 and Saucon Valley Square as of September 30, 2016, the date the assets were measured at fair value: 2016 Low High Rental growth rates Varies (i) Varies (i) Operating expense growth rates 3.10% 18.02% Discount rates 9.35% 10.00% Terminal capitalization rates 8.35% 9.50% (i) Since cash flow models are established at the tenant level, projected rental revenue growth rates fluctuate over the course of the estimated holding period based upon the timing of lease rollover, amount of available space and other property and space-specific factors. 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 December 31, 2016 Mortgages payable, net $ — $ — $ 833,210 $ 833,210 Unsecured notes payable, net $ 234,700 $ — $ 444,512 $ 679,212 Unsecured term loans, net $ — $ — $ 450,421 $ 450,421 Unsecured revolving line of credit $ — $ — $ 86,130 $ 86,130 December 31, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured term loan, net $ — $ — $ 450,000 $ 450,000 Unsecured revolving line of credit $ — $ — $ 100,000 $ 100,000 |
Quarterly Financial Informati46
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information (unaudited) | The following table sets forth selected quarterly financial data for the Company: 2016 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 142,752 $ 144,526 $ 147,226 $ 148,639 Net income $ 18,295 $ 72,494 $ 28,602 $ 47,426 Net income attributable to common shareholders $ 15,932 $ 70,132 $ 26,239 $ 45,064 Net income per common share attributable to common shareholders – basic and diluted $ 0.07 $ 0.30 $ 0.11 $ 0.19 Weighted average number of common shares outstanding – basic 236,528 236,783 236,716 236,578 Weighted average number of common shares outstanding – diluted 236,852 237,108 236,902 236,680 2015 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 148,920 $ 150,955 $ 150,888 $ 153,197 Net income $ 3,535 $ 78,329 $ 30,684 $ 13,076 Net income attributable to common shareholders $ 644 $ 75,967 $ 28,321 $ 10,714 Net income per common share attributable to common shareholders – basic and diluted $ — $ 0.32 $ 0.12 $ 0.05 Weighted average number of common shares outstanding – basic 236,477 236,439 236,354 236,250 Weighted average number of common shares outstanding – diluted 236,479 236,553 236,356 236,253 |
Organization and Basis of Pre47
Organization and Basis of Presentation (Details) $ in Thousands | Oct. 29, 2015USD ($) | Dec. 31, 2016USD ($)propertysubsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | ||||
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | |||
Gain on sales of investment properties | $ | $ 129,707 | $ 121,792 | $ 42,851 | |
Operating properties | Wholly-owned | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 157 | |||
Operating properties | Wholly-owned | Retail | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 156 | |||
Operating properties | Wholly-owned | Office | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 1 | |||
Redevelopment properties | Wholly-owned | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 2 | |||
Investment properties held for sale | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 2 | |||
Investment properties held for sale | Operating properties | Wholly-owned | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 2 | |||
Green Valley Crossing | ||||
Real Estate Properties [Line Items] | ||||
Gain on sales of investment properties | $ | $ 3,904 | |||
Green Valley Crossing | Noncontrolling interest | ||||
Real Estate Properties [Line Items] | ||||
Gain on sales of investment properties | $ | 528 | |||
Distribution to noncontrolling interest | $ | $ 2,022 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)propertySegments | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Jan. 01, 2016USD ($) | |
Impairment charges | $ 20,376 | $ 19,937 | $ 72,203 | |
Restricted cash and escrows | 29,230 | 35,804 | ||
Balance in accumulated other comprehensive income (loss) relating to derivatives | 722 | |||
Lease termination income | 3,339 | 3,757 | 2,667 | |
Percentage rental income | $ 4,082 | $ 4,693 | $ 5,229 | |
Number of properties sold | property | 46 | 26 | 24 | |
Number of reportable segments | Segments | 1 | |||
Cumulative effect of accounting change | $ 17 | |||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
Total | $ 142,015 | $ 138,766 | ||
Total | (105,290) | (114,834) | ||
Acquired in-place lease value intangibles | ||||
Amortization expense | 27,443 | 25,913 | $ 28,977 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | 22,627 | |||
2,018 | 17,509 | |||
2,019 | 12,473 | |||
2,020 | 10,324 | |||
2,021 | 9,022 | |||
Thereafter | 50,578 | |||
Total | 122,533 | |||
Acquired above market lease intangibles | ||||
Amortization expense | 4,406 | 4,807 | 4,170 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | 4,474 | |||
2,018 | 3,850 | |||
2,019 | 2,527 | |||
2,020 | 1,890 | |||
2,021 | 1,373 | |||
Thereafter | 5,368 | |||
Total | 19,482 | |||
Acquired below market lease intangibles | ||||
Amortization expense | 7,396 | 8,428 | 6,246 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | (6,124) | |||
2,018 | (5,849) | |||
2,019 | (5,545) | |||
2,020 | (5,369) | |||
2,021 | (5,177) | |||
Thereafter | (64,208) | |||
Total | (92,272) | |||
Acquired ground lease intangibles | ||||
Amortization expense | 560 | 560 | 560 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | (560) | |||
2,018 | (560) | |||
2,019 | (560) | |||
2,020 | (560) | |||
2,021 | (560) | |||
Thereafter | (10,218) | |||
Total | (13,018) | |||
Acquired lease intangible assets, net | ||||
Accumulated amortization of acquired lease intangible assets | 296,309 | |||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | 27,101 | |||
2,018 | 21,359 | |||
2,019 | 15,000 | |||
2,020 | 12,214 | |||
2,021 | 10,395 | |||
Thereafter | 55,946 | |||
Total | 142,015 | |||
Acquired lease intangible liabilities, net | ||||
Accumulated amortization of acquired lease intangible liabilities | 50,672 | |||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2,017 | (6,684) | |||
2,018 | (6,409) | |||
2,019 | (6,105) | |||
2,020 | (5,929) | |||
2,021 | (5,737) | |||
Thereafter | (74,426) | |||
Total | $ (105,290) | |||
Building and associated improvements | ||||
Estimated useful life (in years) | 30 years | |||
Site improvements and most other capital improvements | ||||
Estimated useful life (in years) | 15 years | |||
Capitalized internal leasing incentives | ||||
Capitalized internal leasing incentives | $ 423 | 474 | 0 | |
Capitalized costs | ||||
Transaction costs related to asset acquisitions | 725 | |||
Consolidated properties | ||||
Impairment charges | $ 20,376 | $ 19,937 | $ 72,203 | |
Investment properties held for sale | ||||
Number of properties classified as held for sale | property | 2 | |||
Redevelopment properties | ||||
Capitalized indirect project costs | $ 302 | |||
Expansions, pad developments and other significant improvements | ||||
Capitalized indirect project costs | $ 1,152 | |||
VIE | ||||
Number of properties acquired | property | 3 |
Acquisitions _ Summary of Acqui
Acquisitions – Summary of Acquisitions (Details) $ in Thousands | Jan. 13, 2017USD ($)ft² | Nov. 22, 2016USD ($)ft² | Aug. 30, 2016USD ($)ft² | Jun. 15, 2016USD ($)ft² | May 05, 2016USD ($)ft² | Apr. 29, 2016USD ($)ft² | Apr. 01, 2016USD ($)ft² | Mar. 29, 2016USD ($)ft² | Jan. 15, 2016USD ($)ft²property | Nov. 13, 2015USD ($)ft² | Oct. 27, 2015USD ($)ft² | Aug. 27, 2015USD ($)ft² | Jul. 31, 2015USD ($)ft² | Jun. 10, 2015USD ($)ft² | May 04, 2015USD ($)ft² | Mar. 24, 2015USD ($)ft² | Feb. 19, 2015USD ($)ft² | Jan. 23, 2015USD ($)ft² | Jan. 08, 2015USD ($)ft² | Dec. 30, 2014USD ($)ft² | Nov. 20, 2014USD ($)ft² | Jun. 23, 2014USD ($)ft² | Jun. 05, 2014USD ($)ft²property | Feb. 27, 2014USD ($)ft² | Feb. 15, 2017USD ($)ft² | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)aft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Gain on extinguishment of other liabilities | $ 6,978 | $ 0 | $ 4,258 | ||||||||||||||||||||||||||
Gain on change in control of investment properties | 0 | $ 0 | $ 24,158 | ||||||||||||||||||||||||||
Shoppes at Hagerstown | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 113,000 | ||||||||||||||||||||||||||||
Acquisition price | $ 27,055 | ||||||||||||||||||||||||||||
Merrifield Town Center II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 138,000 | ||||||||||||||||||||||||||||
Acquisition price | $ 45,676 | ||||||||||||||||||||||||||||
Oak Brook Promenade | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 183,200 | ||||||||||||||||||||||||||||
Acquisition price | $ 65,954 | ||||||||||||||||||||||||||||
The Shoppes at Union Hill | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 91,700 | ||||||||||||||||||||||||||||
Acquisition price | $ 63,060 | ||||||||||||||||||||||||||||
Mortgage payable assumed | $ 15,971 | $ 15,971 | |||||||||||||||||||||||||||
Fixed interest rate (as a percent) | 3.75% | 3.75% | |||||||||||||||||||||||||||
Ashland & Roosevelt - Fee Interest | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 13,850 | ||||||||||||||||||||||||||||
Gain on extinguishment of other liabilities | $ 6,978 | ||||||||||||||||||||||||||||
Tacoma South | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 230,700 | ||||||||||||||||||||||||||||
Acquisition price | $ 39,400 | ||||||||||||||||||||||||||||
Eastside | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 67,100 | ||||||||||||||||||||||||||||
Acquisition price | $ 23,842 | ||||||||||||||||||||||||||||
Woodinville Plaza - Anchor Space Improvements | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 4,500 | ||||||||||||||||||||||||||||
One Loudoun Downtown | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 340,600 | ||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 124,971 | ||||||||||||||||||||||||||||
2016 acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 1,102,300 | ||||||||||||||||||||||||||||
Acquisition price | $ 408,308 | ||||||||||||||||||||||||||||
Mortgage payable assumed | $ 15,316 | ||||||||||||||||||||||||||||
Shoppes at Hagerstown and Merrifield Town Center II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||||||||||
Southlake Town Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acres of land | a | 2.5 | ||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Gain on extinguishment of other liabilities | $ 4,258 | ||||||||||||||||||||||||||||
Downtown Crown | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 258,000 | ||||||||||||||||||||||||||||
Acquisition price | $ 162,785 | ||||||||||||||||||||||||||||
Merrifield Town Center | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 84,900 | ||||||||||||||||||||||||||||
Acquisition price | $ 56,500 | ||||||||||||||||||||||||||||
Fort Evans Plaza II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 228,900 | ||||||||||||||||||||||||||||
Acquisition price | $ 65,000 | ||||||||||||||||||||||||||||
Cedar Park Town Center | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 179,300 | ||||||||||||||||||||||||||||
Acquisition price | $ 39,057 | ||||||||||||||||||||||||||||
Parcel at Lake Worth Towne Crossing | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 400 | ||||||||||||||||||||||||||||
Tysons Corner | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 37,700 | ||||||||||||||||||||||||||||
Acquisition price | $ 31,556 | ||||||||||||||||||||||||||||
Woodinville Plaza | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 170,800 | ||||||||||||||||||||||||||||
Acquisition price | $ 35,250 | ||||||||||||||||||||||||||||
Outparcel at Southlake Town Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | 8,500 | |||||||||||||||||||||||||||
Acquisition price | $ 8,440 | $ 6,369 | |||||||||||||||||||||||||||
Coal Creek Marketplace | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 55,900 | ||||||||||||||||||||||||||||
Acquisition price | $ 17,600 | ||||||||||||||||||||||||||||
Outparcel at Royal Oaks Village II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 12,300 | ||||||||||||||||||||||||||||
Acquisition price | $ 6,841 | ||||||||||||||||||||||||||||
Towson Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 138,200 | ||||||||||||||||||||||||||||
Acquisition price | $ 39,707 | ||||||||||||||||||||||||||||
2015 acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 1,179,800 | ||||||||||||||||||||||||||||
Acquisition price | $ 463,136 | ||||||||||||||||||||||||||||
Mortgage payable assumed | $ 0 | ||||||||||||||||||||||||||||
Heritage Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 53,100 | ||||||||||||||||||||||||||||
Acquisition price | $ 18,022 | ||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza - Fee Interest | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 10,350 | ||||||||||||||||||||||||||||
MS Inland acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 1,194,800 | ||||||||||||||||||||||||||||
Acquisition price | $ 292,500 | ||||||||||||||||||||||||||||
Avondale Plaza | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 39,000 | ||||||||||||||||||||||||||||
Acquisition price | $ 15,070 | ||||||||||||||||||||||||||||
Parcel at Lakewood Towne Center | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 44,000 | ||||||||||||||||||||||||||||
Acquisition price | $ 5,750 | ||||||||||||||||||||||||||||
2014 acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 1,339,400 | ||||||||||||||||||||||||||||
Acquisition price | $ 348,061 | ||||||||||||||||||||||||||||
Mortgage payable assumed | 146,485 | ||||||||||||||||||||||||||||
Retail | Merrifield Town Center II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 76,000 | ||||||||||||||||||||||||||||
Storage | Merrifield Town Center II | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 62,000 | ||||||||||||||||||||||||||||
MS Inland joint venture partner | MS Inland acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 234,000 | ||||||||||||||||||||||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||||||||||||||||||||||||
MS Inland | MS Inland acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Number of properties acquired | property | 6 | ||||||||||||||||||||||||||||
Cash consideration | $ 120,600 | ||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ 24,158 | ||||||||||||||||||||||||||||
Equity interest before acquisition (as a percent) | 20.00% | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | Outparcel at Southlake Town Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 6,369 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | Heritage Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | 18,022 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | Bed Bath & Beyond Plaza - Fee Interest | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 10,350 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | MS Inland acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 234,000 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | Avondale Plaza | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 15,070 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | Parcel at Lakewood Towne Center | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 5,750 | ||||||||||||||||||||||||||||
Ownership percentage - pro rata | 2014 acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | $ 289,561 | ||||||||||||||||||||||||||||
Ownership percentage - 100% | MS Inland | MS Inland acquisitions | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Acquisition price | 292,500 | ||||||||||||||||||||||||||||
Mortgage payable assumed | $ 141,698 | ||||||||||||||||||||||||||||
Subsequent events | One Loudoun Downtown | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Purchase price of asset acquisition | $ 35,500 | ||||||||||||||||||||||||||||
Subsequent events | Main Street Promenade | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Square footage | ft² | 181,600 | 181,600 | |||||||||||||||||||||||||||
Cash consideration | $ 88,000 | $ 88,000 | |||||||||||||||||||||||||||
Capitalized costs | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Transaction costs related to asset acquisitions | $ 725 | ||||||||||||||||||||||||||||
Capitalized costs | Southlake Town Square | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Transaction costs related to asset acquisitions | $ 113 |
Acquisitions _ Acquisition Date
Acquisitions – Acquisition Date Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquisition Date Fair Values | |||
Transaction costs related to business combinations | $ 913 | $ 1,591 | $ 2,271 |
Total revenues | 87,161 | 97,893 | 55,303 |
Net income attributable to common shareholders | 22,283 | 18,334 | 6,733 |
2016 acquisitions | |||
Acquisition Date Fair Values | |||
Land | 106,947 | ||
Building and other improvements | 268,075 | ||
Acquired lease intangible assets | 41,002 | ||
Acquired lease intangible liabilities | (8,258) | ||
Mortgage payable, net | (15,316) | ||
Net assets acquired | $ 392,450 | ||
Weighted average amortization period, acquired lease intangible assets | 9 years | ||
Weighted average amortization period, acquired lease intangible liabilities | 18 years | ||
Mortgage discount | $ (655) | ||
2015 acquisitions | |||
Acquisition Date Fair Values | |||
Land | 161,114 | ||
Building and other improvements | 281,649 | ||
Acquired lease intangible assets | 45,474 | ||
Acquired lease intangible liabilities | (25,101) | ||
Mortgage payable, net | 0 | ||
Net assets acquired | $ 463,136 | ||
Weighted average amortization period, acquired lease intangible assets | 15 years | ||
Weighted average amortization period, acquired lease intangible liabilities | 21 years | ||
2014 acquisitions | |||
Acquisition Date Fair Values | |||
Land | 118,732 | ||
Building and other improvements | 219,174 | ||
Acquired lease intangible assets | 35,520 | ||
Acquired lease intangible liabilities | (20,578) | ||
Mortgage payable, net | (146,485) | ||
Net assets acquired | $ 206,363 | ||
Weighted average amortization period, acquired lease intangible assets | 8 years | ||
Weighted average amortization period, acquired lease intangible liabilities | 16 years | ||
Mortgage premium | $ 4,787 | ||
MS Inland acquisitions | |||
Acquisition Date Fair Values | |||
Percentage of net assets | 100.00% |
Acquisitions _ Condensed Pro Fo
Acquisitions – Condensed Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pro Forma Information [Line Items] | |||
Total revenues | $ 587,374 | $ 627,300 | $ 635,240 |
Net income | 165,696 | 121,406 | 18,313 |
Net income attributable to common shareholders | $ 156,246 | $ 111,428 | $ 8,863 |
Earnings per common share – basic and diluted: | |||
Net income per common share attributable to common shareholders | $ 0.66 | $ 0.47 | $ 0.04 |
Weighted average number of common shares outstanding – basic | 236,651 | 236,380 | 236,184 |
Acquisitions _ Variable Interes
Acquisitions – Variable Interest Entities (Details) - VIE $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)agreements | |
Variable Interest Entity [Line Items] | |
Number of 1031 Exchange agreements | agreements | 3 |
Oak Brook Promenade | |
Variable Interest Entity [Line Items] | |
Amount loaned to VIE for acquisition | $ 65,419 |
Tacoma South | |
Variable Interest Entity [Line Items] | |
Amount loaned to VIE for acquisition | 39,215 |
Eastside | |
Variable Interest Entity [Line Items] | |
Amount loaned to VIE for acquisition | $ 23,522 |
Dispositions _ Summary of Dispo
Dispositions – Summary of Dispositions (Details) $ in Thousands | Dec. 30, 2016USD ($)ft² | Dec. 29, 2016USD ($)ft² | Dec. 22, 2016USD ($)ft² | Dec. 16, 2016USD ($)ft² | Dec. 15, 2016USD ($)ft² | Dec. 08, 2016USD ($)ft² | Nov. 23, 2016USD ($)ft²property | Nov. 09, 2016USD ($)ft² | Sep. 09, 2016USD ($)ft² | Aug. 22, 2016USD ($)ft² | Aug. 18, 2016USD ($)ft² | Aug. 12, 2016USD ($)ft² | Aug. 05, 2016USD ($)ft² | Aug. 04, 2016USD ($)ft² | Jul. 29, 2016USD ($)ft² | Jul. 27, 2016USD ($)ft² | Jul. 21, 2016USD ($)ft² | Jul. 08, 2016USD ($)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 ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 18, 2015USD ($)ft² | Dec. 09, 2015USD ($)ft² | Dec. 02, 2015USD ($)ft² | Nov. 12, 2015USD ($)ft² | Oct. 29, 2015USD ($)ft² | Sep. 29, 2015USD ($)ft² | Sep. 15, 2015USD ($)ft² | Aug. 31, 2015USD ($)ft² | Aug. 24, 2015USD ($)ft² | Aug. 06, 2015USD ($)ft² | Jul. 30, 2015USD ($)ft² | Jul. 28, 2015USD ($)ft² | Jul. 17, 2015USD ($)ft² | Jun. 17, 2015USD ($)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 ($)ft² | Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)property | Feb. 15, 2017USD ($)ft² |
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | $ 450,765 | $ 505,824 | $ 315,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 129,707 | $ 121,792 | $ 42,851 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties sold | property | 46 | 26 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage obligation | $ 1,123,136 | $ 769,184 | $ 1,123,136 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan obligation assumed by the buyer | 15,316 | 0 | $ 146,485 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 13,653 | $ 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
The Gateway | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 623,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net payment for disposition | (795) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | 3,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage obligation | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 142,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 17,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 17,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Property Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 230,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 35,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 34,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 13,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties sold | property | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CVS Pharmacy - Oklahoma City | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 16,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 5,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Academy Sports - Midland | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 61,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 5,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Four Rite Aid Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 45,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 15,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 14,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties sold | property | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Shopping Center | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 190,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 20,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 20,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 7,958 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Hudson Center | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 235,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 27,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 25,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Main St. - Buffalo | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 344 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Lancaster | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 625 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alison's Corner | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 55,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Lake Ave. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 13,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 5,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 907 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Maple Tree Place | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 489,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 90,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 87,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 15,566 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CVS Pharmacy - Burleson | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mitchell Ranch Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 199,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 55,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 54,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 33,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), E. Main St. - Batavia | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 5,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Lockport | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 753 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Ferry St. - Buffalo | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 612 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Walgreens - Northwoods | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 16,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 6,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ten Rite Aid Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 119,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 29,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 251 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties sold | property | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vail Ranch Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 101,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 27,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 27,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 11,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pacheco Pass Phase I & II | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 194,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 41,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 39,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||
South Billings Center | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 2,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 2,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Colesville | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 13,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commons at Royal Palm | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 156,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 23,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 21,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 6,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CVS Pharmacy (Eckerd) - Edmond & CVS Pharmacy (Eckerd) - Norman | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 27,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 10,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 10,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 5,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2016 dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 3,013,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 540,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 448,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | 127,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable repaid or defeased | 10,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outparcel at Beachway Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | 2,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 2,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aon Hewitt East Campus | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 343,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 17,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 16,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Promenade at Red Cliff | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 94,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 19,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hartford Insurance Building | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 97,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 6,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 860 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rasmussen College | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 26,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mountain View Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 162,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 28,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 27,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 10,184 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Massillon Commons | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 245,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 12,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 12,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Citizen's Property Insurance Building | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 59,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pine Ridge Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 236,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 33,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 31,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 12,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bison Hollow | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 134,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 18,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Village at Quail Springs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 100,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 11,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 11,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Greensburg Commons | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 272,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 18,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Arvada Connection and Arvada Marketplace | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 367,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 54,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 53,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 20,208 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Traveler's Office Building | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 50,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shaw's Supermarket | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 65,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 2,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Harvest Towne Center | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 39,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trenton Crossing & McAllen Shopping Center | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 265,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 39,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 38,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 13,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Boardwalk | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 122,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 27,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 26,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Best on the Boulevard | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 204,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 42,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 41,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 15,932 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Montecito Crossing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 179,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 52,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 51,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 17,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Green Valley Crossing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 96,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 35,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 34,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | 3,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lake Mead Crossing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 219,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 42,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 41,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 507 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Golfsmith | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 14,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wal-Mart - Turlock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 61,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 6,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Southgate Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 86,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 6,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bellevue Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 369,300 | 369,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 15,750 | $ 15,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 17,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2015 dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 3,917,200 | 3,917,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 516,444 | $ 516,444 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 505,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | 121,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable repaid or defeased | 121,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condemnation proceeds | $ 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2014 dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable repaid or defeased | $ 128,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | Green Valley Crossing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 528 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | Rite Aid Store (Eckerd), Culver Rd. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 500 |
Dispositions _ Assets and Liabi
Dispositions – Assets and Liabilities of Investment Properties Held for Sale (Details) $ in Thousands | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) |
Assets | ||
Assets associated with investment properties held for sale | $ 30,827 | $ 0 |
Liabilities | ||
Liabilities associated with investment properties held for sale, net | 864 | $ 0 |
Investment properties held for sale | ||
Assets | ||
Land, building and other improvements | 45,395 | |
Accumulated depreciation | (15,769) | |
Net investment properties | 29,626 | |
Other assets | 1,201 | |
Assets associated with investment properties held for sale | 30,827 | |
Liabilities | ||
Other liabilities | 864 | |
Liabilities associated with investment properties held for sale, net | $ 864 | |
Century III Plaza | ||
Investment properties held for sale | ||
Square footage | ft² | 284,100 | |
CVS Pharmacy - Sylacauga | ||
Investment properties held for sale | ||
Square footage | ft² | 10,100 |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | ||||
Balance at the beginning of the period (in shares) | 788 | 396 | ||
Balance at the end of the period (in shares) | 542 | 542 | 788 | 396 |
Restricted shares | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Additional compensation expense | $ 2,159 | |||
Number of restricted shares in which vesting was accelerated | 194 | |||
Fair value of restricted shares vested | $ 7,596 | $ 6,188 | $ 840 | |
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | ||||
Balance at the beginning of the period (in shares) | 788 | 396 | 152 | |
Shares/RSUs granted (in shares) | 274 | 801 | 303 | |
Shares vested (in shares) | (510) | (405) | (58) | |
Shares/RSUs forfeited (in shares) | (10) | (4) | (1) | |
Balance at the end of the period (in shares) | 542 | 542 | 788 | 396 |
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 15.52 | $ 14.26 | $ 15.11 | |
Shares/RSUs granted (in dollars per share) | 14.76 | 15.82 | 13.89 | |
Shares vested (in dollars per share) | 15.38 | 14.89 | 14.50 | |
Shares/RSUs forfeited (in dollars per share) | 14.70 | 16.01 | 15.61 | |
Balance at the end of the period (in dollars per share) | $ 15.28 | $ 15.28 | $ 15.52 | $ 14.26 |
Compensation Cost Not Yet Recognized | ||||
Total unrecognized compensation expense | $ 2,674 | $ 2,674 | ||
RSUs | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Vesting period for shares granted (in years) | 1 year | |||
Performance period (in years) | 3 years | |||
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% | |||
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | ||||
Balance at the beginning of the period (in shares) | 174 | 0 | ||
Shares/RSUs granted (in shares) | 246 | 180 | ||
Shares/RSUs forfeited (in shares) | (29) | (6) | ||
Balance at the end of the period (in shares) | 391 | 391 | 174 | 0 |
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 14.20 | $ 0 | ||
Shares/RSUs granted (in dollars per share) | 13.85 | 14.19 | ||
Shares/RSUs forfeited (in dollars per share) | 13.56 | 14.10 | ||
Balance at the end of the period (in dollars per share) | $ 14.02 | $ 14.02 | $ 14.20 | $ 0 |
Compensation Cost Not Yet Recognized | ||||
Total unrecognized compensation expense | $ 3,471 | $ 3,471 | ||
Restricted shares and RSUs | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Compensation expense | 7,209 | $ 10,755 | $ 3,417 | |
Stock options | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | $ 3 | |
Number of options granted | 84 | |||
Number of options expired | 1 | 1 | ||
Number of options forfeited | 10 | 10 | ||
Number of options exercised | 2 | |||
Number of options outstanding | 41 | 41 | 53 | 64 |
Minimum | Restricted shares | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Vesting period for shares granted (in years) | 5 months | 5 months | 1 year | |
Minimum | RSUs | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Conversion rate of RSUs if threshold met (as a percent) | 50.00% | |||
Maximum | Restricted shares | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Vesting period for shares granted (in years) | 3 years 11 months | 3 years 5 months | 3 years | |
Maximum | RSUs | ||||
Share-based Compensation Arrangement [Line Items] | ||||
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 4 months | |||
Weighted average | RSUs | ||||
Share-based Compensation Arrangement [Line Items] | ||||
Risk-free interest rate (as a percent) | 0.89% | 0.80% | ||
Common stock dividend yield (as a percent) | 4.59% | 4.26% | ||
Compensation Cost Not Yet Recognized | ||||
Unrecognized compensation expense, period for recognition (in years) | 2 years 5 months |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Taxes remitted to governmental authorities and reimbursed by tenants | $ 1,986 | $ 2,071 | $ 1,985 |
Remaining lease term, low end of range | 1 year | ||
Remaining lease term, high end of range | 66 years | ||
Operating Leases, Future Minimum Payments Receivable | |||
Minimum lease payments, 2017 | $ 423,207 | ||
Minimum lease payments, 2018 | 382,938 | ||
Minimum lease payments, 2019 | 321,179 | ||
Minimum lease payments, 2020 | 262,571 | ||
Minimum lease payments, 2021 | 213,514 | ||
Minimum lease payments, thereafter | 720,075 | ||
Total minimum lease payments | 2,323,484 | ||
Operating Leases, Rent Expense | |||
Ground lease rent expense | 10,464 | 11,461 | 11,676 |
Office rent expense | 1,317 | 1,246 | 1,210 |
Straight-line ground rent expense | 3,253 | $ 3,722 | $ 3,889 |
Operating Leases, Future Minimum Payments Due | |||
Minimum lease obligations, 2017 | 7,853 | ||
Minimum lease obligations, 2018 | 7,842 | ||
Minimum lease obligations, 2019 | 8,157 | ||
Minimum lease obligations, 2020 | 8,318 | ||
Minimum lease obligations, 2021 | 8,525 | ||
Minimum lease obligations, thereafter | 376,939 | ||
Total minimum lease obligations | $ 417,634 |
Mortgages Payable _ Summary (De
Mortgages Payable – Summary (Details) $ in Thousands | Dec. 31, 2016USD ($)propertyloan | Feb. 01, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)propertyloan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 15, 2017USD ($)property | Apr. 01, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Fixed rate mortgages payable | $ 2,009,395 | $ 2,009,395 | ||||||
Weighted average interest rate (as a percent) | 4.44% | 4.44% | ||||||
Mortgage obligation | $ 769,184 | $ 1,123,136 | $ 769,184 | $ 1,123,136 | ||||
Loan obligation assumed by the buyer | 15,316 | 0 | $ 146,485 | |||||
Gain on extinguishment of debt | 13,653 | 0 | $ 0 | |||||
Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Premium, net of accumulated amortization | 1,437 | 1,865 | 1,437 | 1,865 | ||||
Discount, net of accumulated amortization | (622) | (1) | (622) | (1) | ||||
Capitalized loan fees, net of accumulated amortization | (5,026) | (7,233) | (5,026) | (7,233) | ||||
Mortgages payable, net | 769,184 | 1,123,136 | 769,184 | 1,123,136 | ||||
Variable rate debt swapped to fixed rate debt | 7,910 | 7,910 | ||||||
Amount of mortgages payable repaid or defeased | 263,548 | |||||||
Scheduled principal payments related to amortizing loans | 13,180 | 13,180 | ||||||
IW JV 2009, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Cross-collateralized mortgages payable balance | $ 379,435 | $ 379,435 | ||||||
Number of properties in cross-collateralized mortgage | property | 45 | 45 | ||||||
Fixed rate debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed rate mortgages payable | $ 1,723,395 | $ 1,723,395 | ||||||
Weighted average interest rate (as a percent) | 4.82% | 4.82% | ||||||
Fixed rate debt | Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed rate mortgages payable | $ 773,395 | $ 1,128,505 | $ 773,395 | $ 1,128,505 | ||||
Weighted average interest rate (as a percent) | 6.31% | 6.08% | 6.31% | 6.08% | ||||
Weighted average years to maturity | 4 years 2 months 15 days | 3 years 11 months | ||||||
Minimum | Fixed rate debt | Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate (as a percent) | 3.75% | 3.35% | 3.75% | 3.35% | ||||
Maximum | Fixed rate debt | Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate (as a percent) | 8.00% | 8.00% | 8.00% | 8.00% | ||||
Weighted average | Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate (as a percent) | 5.09% | 5.09% | ||||||
Debt repaid | Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate debt swapped to fixed rate debt | $ 7,750 | $ 7,750 | ||||||
Number of mortgages with an interest rate swap | loan | 1 | 1 | ||||||
The Gateway | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate (as a percent) | 6.57% | 6.57% | ||||||
Mortgage obligation | $ 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 | ||||||
The Shoppes at Union Hill | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate (as a percent) | 3.75% | 3.75% | 3.75% | |||||
Mortgage payable assumed | $ 15,971 | $ 15,971 | $ 15,971 | |||||
Subsequent events | IW JV 2009, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage obligation | $ 379,435 | |||||||
Number of properties no longer securing cross-collateralized mortgage | property | 45 |
Mortgages Payable _ Debt Maturi
Mortgages Payable – Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 22, 2016 | Dec. 31, 2015 | Feb. 15, 2017 |
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | $ 35,023 | |||
2,018 | 211,463 | |||
2,019 | 433,982 | |||
2,020 | 90,334 | |||
2,021 | 373,249 | |||
Thereafter | 865,344 | |||
Total | $ 2,009,395 | |||
Long-term Debt, Weighted Average Interest Rate | ||||
2,017 | 4.83% | |||
2,018 | 2.45% | |||
2,019 | 7.49% | |||
2,020 | 2.24% | |||
2,021 | 2.73% | |||
Thereafter | 4.36% | |||
Total | 4.44% | |||
Mortgages payable | ||||
Debt Instrument [Line Items] | ||||
Premium, net of accumulated amortization | $ 1,437 | $ 1,865 | ||
Discount, net of accumulated amortization | (622) | (1) | ||
Variable rate debt swapped to fixed rate debt | 7,910 | |||
Capitalized loan fees, net of accumulated amortization | (5,026) | (7,233) | ||
Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Discount, net of accumulated amortization | (971) | (1,090) | ||
Capitalized loan fees, net of accumulated amortization | $ (3,886) | $ (3,334) | ||
Consolidated indebtedness | ||||
Debt Instrument [Line Items] | ||||
Weighted average years to maturity | 5 years 4 months | |||
Capitalized loan fees, net of accumulated amortization | $ (11,314) | |||
Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Amount of debt issuance | $ 200,000 | |||
Fixed rate debt | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | 35,023 | |||
2,018 | 11,463 | |||
2,019 | 433,982 | |||
2,020 | 4,334 | |||
2,021 | 373,249 | |||
Thereafter | 865,344 | |||
Total | $ 1,723,395 | |||
Long-term Debt, Weighted Average Interest Rate | ||||
2,017 | 4.83% | |||
2,018 | 6.51% | |||
2,019 | 7.49% | |||
2,020 | 4.58% | |||
2,021 | 2.73% | |||
Thereafter | 4.36% | |||
Total | 4.82% | |||
Fixed rate debt | Mortgages payable | ||||
Debt Instrument [Line Items] | ||||
Weighted average years to maturity | 4 years 2 months 15 days | 3 years 11 months | ||
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | $ 35,023 | |||
2,018 | 11,463 | |||
2,019 | 433,982 | |||
2,020 | 4,334 | |||
2,021 | 23,249 | |||
Thereafter | 265,344 | |||
Total | $ 773,395 | $ 1,128,505 | ||
Long-term Debt, Weighted Average Interest Rate | ||||
Total | 6.31% | 6.08% | ||
Fixed rate debt | Unsecured credit facility | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | $ 0 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
2,021 | 250,000 | |||
Thereafter | 0 | |||
Total | 250,000 | |||
Fixed rate debt | Unsecured notes payable | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | 0 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
2,021 | 100,000 | |||
Thereafter | 600,000 | |||
Total | $ 700,000 | |||
Variable rate debt | ||||
Long-term Debt, Weighted Average Interest Rate | ||||
2,017 | 0.00% | |||
2,018 | 2.22% | |||
2,019 | 0.00% | |||
2,020 | 2.12% | |||
2,021 | 0.00% | |||
Thereafter | 0.00% | |||
Total | 2.19% | |||
Variable rate debt | Unsecured credit facility | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2,017 | $ 0 | |||
2,018 | 200,000 | |||
2,019 | 0 | |||
2,020 | 86,000 | |||
2,021 | 0 | |||
Thereafter | 0 | |||
Total | 286,000 | |||
$100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||
Debt Instrument [Line Items] | ||||
Variable rate debt swapped to fixed rate debt | $ 250,000 | |||
LIBOR | Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
LIBOR | $100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||
Weighted average | $100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate (as a percent) | 0.6677% | |||
Subsequent events | Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Amount of debt issuance | $ 200,000 |
Unsecured Notes Payable (Detail
Unsecured Notes Payable (Details) - USD ($) $ in Thousands | Dec. 28, 2016 | Sep. 30, 2016 | Mar. 12, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||||||
Principal balance | $ 695,143 | $ 495,576 | ||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | 700,000 | 500,000 | ||||
Discount, net of accumulated amortization | (971) | (1,090) | ||||
Capitalized loan fees, net of accumulated amortization | $ (3,886) | $ (3,334) | ||||
Weighted average interest rate (as a percent) | 4.19% | 4.20% | ||||
Senior Notes | 4.12% Notes Due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 100,000 | $ 100,000 | ||||
Stated interest rate (as a percent) | 4.12% | 4.12% | 4.12% | |||
Amount of debt issuance | $ 100,000 | |||||
Senior Notes | 4.58% Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 150,000 | $ 150,000 | ||||
Stated interest rate (as a percent) | 4.58% | 4.58% | 4.58% | |||
Amount of debt issuance | $ 150,000 | |||||
Senior Notes | 4.00% Notes Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 250,000 | $ 250,000 | ||||
Stated interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||
Amount of debt issuance | $ 250,000 | |||||
Percentage of principal amount (as a percent) | 99.526% | |||||
Effective interest rate (as a percent) | 4.058% | |||||
Senior Notes | 4.08% Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 100,000 | $ 0 | ||||
Stated interest rate (as a percent) | 4.08% | 4.08% | 0.00% | |||
Amount of debt issuance | $ 100,000 | |||||
Term of debt issuance | 10 years | |||||
Senior Notes | 4.24% Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 100,000 | $ 0 | ||||
Stated interest rate (as a percent) | 4.24% | 4.24% | 0.00% | |||
Amount of debt issuance | $ 100,000 | |||||
Term of debt issuance | 12 years | |||||
Senior Notes | Notes Due 2021 and 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Amount of debt issuance | $ 250,000 |
Unsecured Term Loans and Revo60
Unsecured Term Loans and Revolving Line of Credit (Details) $ in Thousands | Dec. 31, 2016USD ($) | Nov. 22, 2016USD ($) | Jan. 06, 2016USD ($)extension_options | Dec. 31, 2015USD ($) | Dec. 31, 2014rating_agency |
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 86,000 | $ 100,000 | |||
Unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate borrowing capacity | 1,000,000 | ||||
Amount borrowed | $ 533,598 | 547,526 | |||
Unsecured credit facility | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate borrowing capacity | $ 1,200,000 | ||||
Additional borrowing capacity | 400,000 | ||||
Maximum borrowing capacity | 1,600,000 | ||||
Unsecured revolving line of credit | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate borrowing capacity | 550,000 | ||||
Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
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 | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.30% | ||||
$250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Principal amount | $ 250,000 | ||||
$200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
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 | |||||
Line of Credit Facility [Line Items] | |||||
Principal amount | $ 450,000 | ||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Amount borrowed | $ 450,000 | $ 450,000 | |||
Capitalized loan fees, net of accumulated amortization | (2,402) | (2,474) | |||
Term loans, net | 447,598 | 447,526 | |||
Fixed rate debt | $250,000 term loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 250,000 | ||||
Interest rate (as a percent) | 1.97% | ||||
Fixed rate debt | Unsecured term loans | |||||
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 300,000 | ||||
Interest rate (as a percent) | 1.99% | ||||
Variable rate debt | Unsecured revolving line of credit | |||||
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 86,000 | $ 100,000 | |||
Interest rate (as a percent) | 2.12% | 1.93% | |||
Variable rate debt | $200,000 term loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 200,000 | ||||
Interest rate (as a percent) | 2.22% | ||||
Variable rate debt | Unsecured term loans | |||||
Line of Credit Facility [Line Items] | |||||
Amount borrowed | $ 150,000 | ||||
Interest rate (as a percent) | 1.88% | ||||
Term Loan Due 2023 | |||||
Line of Credit Facility [Line Items] | |||||
Principal amount | $ 200,000 | ||||
Term of debt issuance | 7 years | ||||
Additional borrowing capacity | $ 100,000 | ||||
Maximum borrowing capacity | $ 300,000 | ||||
Investment grade rated | |||||
Line of Credit Facility [Line Items] | |||||
Number of rating agencies | rating_agency | 2 | ||||
Minimum | Unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly unused fees (as a percent) | 0.15% | ||||
Minimum | $250,000 term loan | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.30% | ||||
Minimum | Unsecured term loans | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Minimum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Facility fee (as a percent) | 0.125% | ||||
Maximum | Unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly unused fees (as a percent) | 0.25% | ||||
Maximum | $250,000 term loan | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.20% | ||||
Maximum | Unsecured term loans | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.00% | ||||
Maximum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Facility fee (as a percent) | 0.30% | ||||
Weighted average | Unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate (as a percent) | 2.09% | 1.95% | |||
LIBOR | Unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | LIBOR | |||
LIBOR | Term Loan Due 2023 | |||||
Line of Credit Facility [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.35% | ||||
LIBOR | Minimum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.30% | ||||
LIBOR | Minimum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
LIBOR | Minimum | Term Loan Due 2023 | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.70% | ||||
LIBOR | Minimum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 0.85% | ||||
LIBOR | Minimum | Investment grade rated | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 0.90% | ||||
LIBOR | Minimum | Investment grade rated | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.05% | ||||
LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.25% | ||||
LIBOR | Maximum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.20% | ||||
LIBOR | Maximum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.20% | ||||
LIBOR | Maximum | Term Loan Due 2023 | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.55% | ||||
LIBOR | Maximum | Investment grade rated | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.55% | ||||
LIBOR | Maximum | Investment grade rated | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.75% | ||||
LIBOR | Maximum | Investment grade rated | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
$100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate debt swapped to fixed rate debt | $ 250,000 | ||||
$100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | Weighted average | |||||
Line of Credit Facility [Line Items] | |||||
Fixed interest rate (as a percent) | 0.6677% | ||||
$100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Reference rate for variable interest rate | one-month floating rate LIBOR | ||||
$300,000 Interest Rate Swap Maturing in 2016 | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate debt swapped to fixed rate debt | $ 300,000 | ||||
Fixed interest rate (as a percent) | 0.53875% |
Derivatives _ Schedule of Deriv
Derivatives – Schedule of Derivative Instruments (Details) $ in Thousands | Dec. 31, 2016USD ($)instrument | Dec. 31, 2016USD ($)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 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 250,000 | $ 250,000 | ||||
$300,000 Interest Rate Swap Maturing in 2016 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 300,000 | |||||
Fixed interest rate (as a percent) | 0.53875% | |||||
Cash flow hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 2 | 2 | 2 | |||
Amount of gain (loss) expected to be reclassified over the next 12 months | $ 722 | |||||
Notional | $ 250,000 | $ 250,000 | $ 307,910 | |||
Cash flow hedges | $100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 2 | 2 | ||||
Cash flow hedges | $100,000 Interest Rate Swap Maturing in 2017 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 100,000 | |||||
Fixed interest rate (as a percent) | 0.6591% | |||||
Cash flow hedges | $150,000 Interest Rate Swap Maturing in 2017 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 150,000 | |||||
Fixed interest rate (as a percent) | 0.6735% | |||||
Cash flow hedges | $300,000 Interest Rate Swap Maturing in 2016 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 300,000 | |||||
LIBOR | $100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||||
LIBOR | Cash flow hedges | $100,000 and $150,000 Interest Rate Swaps Maturing in 2017 | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||||
Mortgages payable | ||||||
Derivative [Line Items] | ||||||
Notional | 7,910 | |||||
Mortgages payable | Cash flow hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional | $ 7,910 | |||||
Debt repaid | Mortgages payable | ||||||
Derivative [Line Items] | ||||||
Notional | $ 7,750 | $ 7,750 | ||||
Debt repaid | Mortgages payable | Cash flow hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional | $ 7,750 | $ 7,750 |
Derivatives _ Interest Rate Swa
Derivatives – Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands | Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($)instrument |
Derivative [Line Items] | ||
Number of instruments | instrument | 2 | 2 |
Notional | $ | $ 250,000 | $ 307,910 |
Derivatives _ Estimated Fair Va
Derivatives – Estimated Fair Value (Details) - Interest rate swaps - Cash flow hedges - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 743 | $ 0 |
Fair value of derivative liability | $ 0 | $ 85 |
Derivatives _ Effect on Stateme
Derivatives – Effect on Statements of Operations (Details) - Interest rate swaps $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($)instrument | Feb. 15, 2017USD ($)instrument | |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (gain) loss recognized in other comprehensive income on derivative (effective portion) | $ (399) | $ 643 | |
Amount of loss reclassified from AOCI into income (effective portion) | 408 | 1,095 | |
Amount of gain recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ (21) | $ (25) | |
Number of instruments | instrument | 2 | 2 | |
Notional | $ 250,000 | $ 307,910 | |
Subsequent events | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of instruments | instrument | 2 | ||
Notional | $ 200,000 | ||
Fixed interest rate (as a percent) | 1.2628% | ||
Subsequent events | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of instruments | instrument | 2 | ||
Notional | $ 200,000 | ||
Fixed interest rate (as a percent) | 1.2628% |
Investment in Unconsolidated 65
Investment in Unconsolidated Joint Ventures – Summary (Details) $ in Thousands | Jun. 05, 2014property | Dec. 31, 2014USD ($) | Dec. 01, 2014third_party |
Equity Method Investments – Profits, Losses and Capital Activity | |||
Company's share of net income (loss) | $ (2,203) | ||
Net cash distributions from/(contributions to) joint ventures | 1,335 | ||
Fees earned by the Company | 338 | ||
Amortization of basis differences | 115 | ||
MS Inland Fund, LLC | |||
Equity Method Investments – Profits, Losses and Capital Activity | |||
Company's share of net income (loss) | 241 | ||
Net cash distributions from/(contributions to) joint ventures | 1,360 | ||
Fees earned by the Company | 338 | ||
Oak Property and Casualty LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of unaffiliated parties that are co-owners in Captive | third_party | 3 | ||
Equity Method Investments – Profits, Losses and Capital Activity | |||
Company's share of net income (loss) | (2,444) | ||
Net cash distributions from/(contributions to) joint ventures | (25) | ||
Fees earned by the Company | $ 0 | ||
MS Inland acquisitions | MS Inland Fund, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties acquired | property | 6 |
Investment in Unconsolidated 66
Investment in Unconsolidated Joint Ventures – Combined Condensed Statements of Operations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Combined condensed financial information | |
Percent of combined condensed consolidated financial information | 100.00% |
Other Joint Ventures | |
Revenues | |
Property related income | $ 11,853 |
Other income | 6,679 |
Total revenues | 18,532 |
Expenses | |
Operating expenses | 1,660 |
Real estate taxes | 2,339 |
Depreciation and amortization | 3,948 |
General and administrative expenses | 268 |
Interest expense | 3,028 |
Other expense, net | 11,921 |
Total expenses | 23,164 |
Loss from continuing operations | (4,632) |
Net loss | $ (4,632) |
Investment in Unconsolidated 67
Investment in Unconsolidated Joint Ventures – Acquisitions (Details) $ in Thousands | Jun. 05, 2014USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Weighted average interest rate (as a percent) | 4.44% | |||
Gain on change in control of investment properties | $ 0 | $ 0 | $ 24,158 | |
MS Inland acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of assets acquired | $ 292,500 | |||
MS Inland acquisitions | MS Inland joint venture partner | ||||
Business Acquisition [Line Items] | ||||
Ownership interest in joint venture acquired by the Company | 80.00% | |||
Fair value of assets acquired | $ 234,000 | |||
MS Inland acquisitions | MS Inland | ||||
Business Acquisition [Line Items] | ||||
Number of properties acquired | property | 6 | |||
Cash consideration | $ 120,600 | |||
Gain on change in control of investment properties | $ 24,158 | |||
Equity interest before acquisition (as a percent) | 20.00% | |||
Carrying value of investment in acquired properties | $ 6,002 | |||
Ownership percentage - 100% | MS Inland acquisitions | MS Inland | ||||
Business Acquisition [Line Items] | ||||
Fair value of assets acquired | 292,500 | |||
In-place mortgage financing assumed | $ 141,698 | |||
Weighted average interest rate (as a percent) | 4.79% | |||
Fair value of the net assets acquired | $ 150,802 | |||
Ownership percentage - pro rata | MS Inland acquisitions | ||||
Business Acquisition [Line Items] | ||||
Fair value of assets acquired | 234,000 | |||
Ownership percentage - pro rata | MS Inland acquisitions | MS Inland | ||||
Business Acquisition [Line Items] | ||||
Fair value of the net assets acquired | $ 30,160 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 21, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 15, 2015 |
Class of Stock [Line Items] | ||||||
Total net consideration | $ (100) | $ (216) | $ (145) | |||
Amount paid for shares repurchased | 8,841 | $ 0 | $ 0 | |||
2013 ATM Equity Program | ||||||
Class of Stock [Line Items] | ||||||
Number of common shares sold | 5,547 | |||||
Total net consideration | $ 83,527 | |||||
2015 ATM Equity Program | ||||||
Class of Stock [Line Items] | ||||||
Maximum aggregate offering price | $ 250,000 | |||||
Aggregate offering price of remaining common shares available for sale | $ 250,000 | |||||
Weighted average | 2013 ATM Equity Program | ||||||
Class of Stock [Line Items] | ||||||
Average price per share | $ 15.29 | |||||
2015 Share Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Maximum authorized amount for repurchases | $ 250,000 | |||||
Number of shares repurchased | 591 | |||||
Average repurchase price per share | $ 14.93 | |||||
Amount paid for shares repurchased | $ 8,841 | |||||
Remaining authorized repurchase amount | $ 241,159 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Income from continuing operations | $ 37,110 | $ 3,832 | $ 597 | ||||||||
Gain on sales of investment properties | 129,707 | 121,792 | 42,196 | ||||||||
Net income from continuing operations attributable to noncontrolling interest | 0 | (528) | 0 | ||||||||
Preferred stock dividends | (9,450) | (9,450) | (9,450) | ||||||||
Income from continuing operations attributable to common shareholders | 157,367 | 115,646 | 33,343 | ||||||||
Income from discontinued operations | 0 | 0 | 507 | ||||||||
Net income attributable to common shareholders | $ 15,932 | $ 70,132 | $ 26,239 | $ 45,064 | $ 644 | $ 75,967 | $ 28,321 | $ 10,714 | 157,367 | 115,646 | 33,850 |
Distributions paid on unvested restricted shares | (445) | (481) | (225) | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 156,922 | $ 115,165 | $ 33,625 | ||||||||
Denominator for earnings per common share – basic: | |||||||||||
Weighted average number of common shares outstanding | 236,528 | 236,783 | 236,716 | 236,578 | 236,477 | 236,439 | 236,354 | 236,250 | 236,651 | 236,380 | 236,184 |
Effect of dilutive securities: | |||||||||||
Stock options | 2 | 2 | 3 | ||||||||
RSUs | 298 | 0 | 0 | ||||||||
Denominator for earnings per common share – diluted: | |||||||||||
Weighted average number of common and common equivalent shares outstanding | 236,852 | 237,108 | 236,902 | 236,680 | 236,479 | 236,553 | 236,356 | 236,253 | 236,951 | 236,382 | 236,187 |
Earnings per Share, Other Disclosures | |||||||||||
Unvested restricted common stock | 542 | 788 | 542 | 788 | 396 | ||||||
Weighted average number of shares of restricted stock | 637 | 768 | 364 | ||||||||
Stock options | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||||||||
Number of outstanding options to purchase shares of common stock | 41 | 53 | 41 | 53 | 64 | ||||||
Weighted average exercise price of outstanding options (in dollars per share) | $ 19.25 | $ 19.39 | $ 19.25 | $ 19.39 | $ 19.32 | ||||||
Number of outstanding options to purchase shares of common stock that would be anti-dilutive | 35 | 45 | 54 | ||||||||
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share) | $ 20.55 | $ 20.74 | $ 20.72 | ||||||||
RSUs | |||||||||||
Earnings per Share, Other Disclosures | |||||||||||
Unvested restricted common stock | 391 | 174 | 391 | 174 | 0 | ||||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||||||||
Number of RSUs eligible for future conversion | 391 | 174 | 391 | 174 | |||||||
Weighted average number of RSUs | 367 | 101 |
Income Taxes _ Deferred Tax Ass
Income Taxes – Deferred Tax Assets and Liabilities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($) | |
Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Annual distribution requirement to shareholders | 90.00% | |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | |
Deferred tax assets: | ||
Basis difference in properties | $ 0 | $ 1,109 |
Capital loss carryforward | 9,628 | 9,885 |
Net operating loss carryforward | 10,677 | 12,543 |
Other | 870 | 81 |
Gross deferred tax assets | 21,175 | 23,618 |
Less: valuation allowance | (21,175) | (23,618) |
Total deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Other | 0 | 0 |
Net deferred tax assets | 0 | $ 0 |
Federal taxing authority | ||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Capital loss carryforward | 27,510 | |
Net operating loss carryforward | $ 30,507 |
Income Taxes _ Reconciliation o
Income Taxes – Reconciliation of Net Income to REIT Taxable Income Before Dividends Paid Deduction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Net Income to REIT Taxable Income [Line Items] | |||
Net income attributable to the Company | $ 166,817 | $ 125,096 | $ 43,300 |
Book/tax differences | (50,950) | 2,344 | 71,910 |
REIT taxable income subject to 90% dividend requirement | $ 115,867 | $ 127,440 | $ 115,210 |
Income Taxes _ Dividends Paid D
Income Taxes – Dividends Paid Deduction (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Paid Deduction [Line Items] | |||
Cash distibutions paid | $ 166,285 | $ 166,064 | $ 166,025 |
Less: non-dividend distributions | (50,418) | (38,624) | (50,815) |
Total dividends paid deduction attributable to earnings and profits | $ 115,867 | $ 127,440 | $ 115,210 |
7.00% Series A cumulative redeemable preferred stock | |||
Dividends Paid Deduction [Line Items] | |||
Ordinary dividends (per share) | $ 1.75 | $ 1.75 | $ 1.75 |
Non-dividend distributions (per share) | 0 | 0 | 0 |
Total distributions per share | 1.75 | 1.75 | 1.75 |
Class A common stock | |||
Dividends Paid Deduction [Line Items] | |||
Ordinary dividends (per share) | 0.45 | 0.50 | 0.45 |
Non-dividend distributions (per share) | 0.21 | 0.16 | 0.21 |
Total distributions per share | $ 0.66 | $ 0.66 | $ 0.66 |
Provision for Impairment of I73
Provision for Impairment of Investment Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)ft²property | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Number of properties for which indicators of impairment were identified | property | 7 | 3 | 8 |
Number of properties for which an impairment charge was recorded | property | 2 | 0 | 3 |
Number of properties held for sale with impairment indicators but not impaired | property | 2 | 0 | 1 |
Remaining properties for which indicators of impairment were identified but no impairment was considered necessary | property | 3 | 3 | 4 |
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for each of the remaining properties | 21.00% | 42.00% | 48.00% |
Number of properties with impairment indicators which were subsequently sold | property | 1 | 7 | |
Provision for impairment of investment properties | $ 20,376 | $ 19,937 | $ 72,203 |
Estimated fair value of impaired properties as of impairment date | $ 40,850 | $ 43,720 | $ 190,953 |
South Billings Center | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 0 | ||
Provision for impairment of investment properties | $ 3,007 | ||
Mid-Hudson Center | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 235,600 | ||
Provision for impairment of investment properties | $ 4,142 | ||
Saucon Valley Square | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 80,700 | ||
Provision for impairment of investment properties | $ 4,742 | ||
Crown Theater | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 74,200 | ||
Provision for impairment of investment properties | $ 5,985 | ||
Rite Aid Store (Eckerd), Culver Rd. | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 10,900 | ||
Provision for impairment of investment properties | $ 2,500 | ||
Massillon Commons | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 245,900 | ||
Provision for impairment of investment properties | $ 2,289 | ||
Traveler's Office Building | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 50,800 | ||
Provision for impairment of investment properties | $ 1,655 | ||
Shaw's Supermarket | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 65,700 | 65,700 | |
Provision for impairment of investment properties | $ 169 | $ 6,230 | |
Southgate Plaza | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 86,100 | ||
Provision for impairment of investment properties | $ 2,484 | ||
Bellevue Mall | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 369,300 | ||
Provision for impairment of investment properties | $ 13,340 | ||
Midtown Center | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 408,500 | ||
Provision for impairment of investment properties | $ 394 | ||
Gloucester Town Center | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 107,200 | ||
Provision for impairment of investment properties | $ 6,148 | ||
Boston Commons | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 103,400 | ||
Provision for impairment of investment properties | $ 453 | ||
Four Peaks Plaza | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 140,400 | ||
Provision for impairment of investment properties | $ 4,154 | ||
The Gateway | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 623,200 | ||
Provision for impairment of investment properties | $ 42,999 | ||
Newburgh Crossing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 62,900 | ||
Provision for impairment of investment properties | $ 1,139 | ||
Hartford Insurance Building | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 97,400 | ||
Provision for impairment of investment properties | $ 5,782 | ||
Citizen's Property Insurance Building | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 59,800 | ||
Provision for impairment of investment properties | $ 4,341 | ||
Aon Hewitt East Campus | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 343,000 | ||
Provision for impairment of investment properties | $ 563 |
Fair Value Measurements _ Fair
Fair Value Measurements – Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial liabilities: | ||
Mortgages payable, net | $ 769,184 | $ 1,123,136 |
Unsecured notes payable, net | 695,143 | 495,576 |
Unsecured term loans, net | 447,598 | 447,526 |
Unsecured revolving line of credit | 86,000 | 100,000 |
Carrying value | ||
Financial assets: | ||
Derivative asset | 743 | 0 |
Financial liabilities: | ||
Mortgages payable, net | 769,184 | 1,123,136 |
Unsecured notes payable, net | 695,143 | 495,576 |
Unsecured term loans, net | 447,598 | 447,526 |
Unsecured revolving line of credit | 86,000 | 100,000 |
Derivative liability | 0 | 85 |
Fair value | ||
Financial assets: | ||
Derivative asset | 743 | 0 |
Financial liabilities: | ||
Mortgages payable, net | 833,210 | 1,213,620 |
Unsecured notes payable, net | 679,212 | 486,701 |
Unsecured term loans, net | 450,421 | 450,000 |
Unsecured revolving line of credit | 86,130 | 100,000 |
Derivative liability | $ 0 | $ 85 |
Fair Value Measurements _ Recur
Fair Value Measurements – Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements [Line Items] | ||
Derivative asset | $ 743 | |
Derivative liability | $ 85 | |
Fair value, Level 2 | ||
Fair Value Measurements [Line Items] | ||
Derivative asset | $ 743 | |
Derivative liability | $ 85 |
Fair Value Measurements _ Nonre
Fair Value Measurements – Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Line Items] | |||||
Provision for impairment | $ 20,376 | $ 19,937 | $ 72,203 | ||
Nonrecurring Fair Value Measurements | |||||
Fair Value Measurements [Line Items] | |||||
Fair value of investment properties | $ 11,100 | 11,100 | |||
Provision for impairment | 13,227 | ||||
Fair value, Level 2 | Nonrecurring Fair Value Measurements | |||||
Fair Value Measurements [Line Items] | |||||
Fair value of investment properties | 500 | 500 | |||
Fair value, Level 3 | Nonrecurring Fair Value Measurements | |||||
Fair Value Measurements [Line Items] | |||||
Fair value of investment properties | 10,600 | 10,600 | |||
Crown Theater | |||||
Fair Value Measurements [Line Items] | |||||
Fair value of investment properties | 4,000 | 4,000 | |||
Saucon Valley Square | |||||
Fair Value Measurements [Line Items] | |||||
Fair value of investment properties | $ 6,600 | $ 6,600 | |||
Minimum | Fair value, Level 3 | |||||
Fair Value Measurements [Line Items] | |||||
Operating expense growth rates | 3.10% | ||||
Discount rates | 9.35% | ||||
Terminal capitalization rates | 8.35% | ||||
Maximum | Fair value, Level 3 | |||||
Fair Value Measurements [Line Items] | |||||
Operating expense growth rates | 18.02% | ||||
Discount rates | 10.00% | ||||
Terminal capitalization rates | 9.50% |
Fair Value Measurements _ Fai77
Fair Value Measurements – Fair Value Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Measurements [Line Items] | |||
Mortgages payable, net | $ 769,184 | $ 1,123,136 | |
Unsecured notes payable, net | 695,143 | 495,576 | |
Unsecured term loans, net | 447,598 | 447,526 | |
Unsecured revolving line of credit | 86,000 | 100,000 | |
Fair value, Level 1 | |||
Fair Value Measurements [Line Items] | |||
Unsecured notes payable, net | 234,700 | 239,482 | |
Fair value, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Mortgages payable, net | 833,210 | 1,213,620 | |
Unsecured notes payable, net | 444,512 | 247,219 | |
Unsecured term loans, net | 450,421 | 450,000 | |
Unsecured revolving line of credit | 86,130 | 100,000 | |
Fair value, Total | |||
Fair Value Measurements [Line Items] | |||
Mortgages payable, net | 833,210 | 1,213,620 | |
Unsecured notes payable, net | 679,212 | 486,701 | |
Unsecured term loans, net | 450,421 | 450,000 | |
Unsecured revolving line of credit | $ 86,130 | $ 100,000 | |
Minimum | Fair value, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 9.35% | ||
Maximum | Fair value, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 10.00% | ||
Mortgages payable | Minimum | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 2.90% | 2.20% | |
Mortgages payable | Maximum | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 4.60% | 6.00% | |
Unsecured notes payable | |||
Fair Value Measurements [Line Items] | |||
Unsecured notes payable, net | $ 700,000 | $ 500,000 | |
Unsecured term loans | Weighted average | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 1.30% | 1.30% | |
Unsecured revolving line of credit | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 1.30% | 1.35% | |
Notes Due 2021, 2024, 2026 and 2028 | Unsecured notes payable | Weighted average | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 4.48% | ||
Notes Due 2021 and 2024 | Unsecured notes payable | Weighted average | |||
Fair Value Measurements [Line Items] | |||
Discount rate (as a percent) | 4.64% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Guarantees | |
Commitments and Contingencies [Line Items] | |
Amount of letters of credit outstanding | $ 12,296 |
Reisterstown Road Plaza | |
Commitments and Contingencies [Line Items] | |
Redevelopment costs incurred | 1,417 |
Reisterstown Road Plaza | Minimum | |
Commitments and Contingencies [Line Items] | |
Net estimated redevelopment costs | 12,000 |
Reisterstown Road Plaza | Maximum | |
Commitments and Contingencies [Line Items] | |
Net estimated redevelopment costs | 13,000 |
Towson Circle | |
Commitments and Contingencies [Line Items] | |
Redevelopment costs incurred | 10,053 |
Towson Circle | Minimum | |
Commitments and Contingencies [Line Items] | |
Net estimated redevelopment costs | 33,000 |
Towson Circle | Maximum | |
Commitments and Contingencies [Line Items] | |
Net estimated redevelopment costs | $ 35,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 13, 2017USD ($)ft² | Feb. 15, 2017USD ($)aft²instrument$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Nov. 22, 2016USD ($) |
Subsequent Event [Line Items] | ||||||
Mortgages payable, net | $ 769,184 | $ 1,123,136 | ||||
Premium paid in connection with defeasance of mortgages payable | $ 1,735 | $ 17,343 | $ 1,322 | |||
Dividends declared to preferred shareholders (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | $ 1.75 | |||
Dividends declared to common shareholders (in dollars per share) | $ / shares | $ 0.6625 | $ 0.6625 | $ 0.6625 | |||
Term Loan Due 2023 | ||||||
Subsequent Event [Line Items] | ||||||
Amount of debt issuance | $ 200,000 | |||||
Restricted shares | ||||||
Subsequent Event [Line Items] | ||||||
Shares/RSUs granted (in shares) | shares | 274 | 801 | 303 | |||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 14.76 | $ 15.82 | $ 13.89 | |||
RSUs | ||||||
Subsequent Event [Line Items] | ||||||
Shares/RSUs granted (in shares) | shares | 246 | 180 | ||||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 13.85 | $ 14.19 | ||||
Vesting period for shares granted (in years) | 1 year | |||||
Performance period (in years) | 3 years | |||||
7.00% Series A cumulative redeemable preferred stock | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, dividend rate | 7.00% | 7.00% | ||||
Subsequent events | IW JV 2009, LLC | ||||||
Subsequent Event [Line Items] | ||||||
Mortgages payable, net | $ 379,435 | |||||
Stated interest rate (as a percent) | 7.50% | |||||
Premium paid in connection with defeasance of mortgages payable | $ 60,198 | |||||
Subsequent events | Term Loan Due 2023 | ||||||
Subsequent Event [Line Items] | ||||||
Amount of debt issuance | $ 200,000 | |||||
Subsequent events | Interest rate swaps | ||||||
Subsequent Event [Line Items] | ||||||
Number of instruments | instrument | 2 | |||||
Notional | $ 200,000 | |||||
Fixed interest rate (as a percent) | 1.2628% | |||||
Subsequent events | Main Street Promenade | ||||||
Subsequent Event [Line Items] | ||||||
Square footage | ft² | 181,600 | 181,600 | ||||
Gross purchase price | $ 88,000 | $ 88,000 | ||||
Subsequent events | Boulevard at the Capital Centre | ||||||
Subsequent Event [Line Items] | ||||||
Acres of land | a | 50 | |||||
Acres of land subject to ground lease | a | 70 | |||||
Purchase price of asset acquisition | $ 1,939 | |||||
Subsequent events | Rite Aid Store (Eckerd), Culver Rd. | ||||||
Subsequent Event [Line Items] | ||||||
Square footage | ft² | 10,900 | |||||
Sales price | $ 500 | |||||
Subsequent events | Restricted shares | ||||||
Subsequent Event [Line Items] | ||||||
Shares/RSUs granted (in shares) | shares | 88 | |||||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 15.34 | |||||
Vesting period for shares granted (in years) | 3 years | |||||
Subsequent events | RSUs | ||||||
Subsequent Event [Line Items] | ||||||
Shares/RSUs granted (in shares) | shares | 253 | |||||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 15.52 | |||||
Performance period (in years) | 3 years | |||||
Subsequent events | 7.00% Series A cumulative redeemable preferred stock | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, dividend rate | 7.00% | |||||
Dividends declared to preferred shareholders (in dollars per share) | $ / shares | $ 0.4375 | |||||
Subsequent events | Class A common stock | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared to common shareholders (in dollars per share) | $ / shares | $ 0.165625 |
Quarterly Financial Informati80
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 142,752 | $ 144,526 | $ 147,226 | $ 148,639 | $ 148,920 | $ 150,955 | $ 150,888 | $ 153,197 | $ 583,143 | $ 603,960 | $ 600,614 |
Net income | 18,295 | 72,494 | 28,602 | 47,426 | 3,535 | 78,329 | 30,684 | 13,076 | 166,817 | 125,624 | 43,300 |
Net income attributable to common shareholders | $ 15,932 | $ 70,132 | $ 26,239 | $ 45,064 | $ 644 | $ 75,967 | $ 28,321 | $ 10,714 | $ 157,367 | $ 115,646 | $ 33,850 |
Net income per common share attributable to common shareholders – basic and diluted (in dollars per share) | $ 0.07 | $ 0.30 | $ 0.11 | $ 0.19 | $ 0 | $ 0.32 | $ 0.12 | $ 0.05 | $ 0.66 | $ 0.49 | $ 0.14 |
Weighted average number of common shares outstanding – basic | 236,528 | 236,783 | 236,716 | 236,578 | 236,477 | 236,439 | 236,354 | 236,250 | 236,651 | 236,380 | 236,184 |
Weighted average number of common shares outstanding – diluted | 236,852 | 237,108 | 236,902 | 236,680 | 236,479 | 236,553 | 236,356 | 236,253 | 236,951 | 236,382 | 236,187 |
Schedule II Valuation and Qua81
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 7,910 | $ 7,497 | $ 8,197 |
Charged to costs and expenses | 2,466 | 3,069 | 2,689 |
Write-offs | (3,490) | (2,656) | (3,389) |
Balance at end of year | 6,886 | 7,910 | 7,497 |
Tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 23,618 | 20,355 | 18,631 |
Charged to costs and expenses | (2,443) | 3,263 | 1,724 |
Write-offs | 0 | 0 | 0 |
Balance at end of year | $ 21,175 | $ 23,618 | $ 20,355 |
Schedule III Real Estate and 82
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 769,184 | |||
Initial cost of land | 1,224,489 | |||
Initial cost of buildings and improvements | 4,047,097 | |||
Adjustments to basis | 227,920 | |||
Gross amount carried at end of period, land and improvements | 1,206,944 | |||
Gross amount carried at end of period, buildings and improvements | 4,292,562 | |||
Gross amount carried at end of period, total | 5,499,506 | $ 5,687,842 | $ 5,680,376 | $ 5,804,518 |
Accumulated depreciation | 1,443,333 | $ 1,433,195 | $ 1,365,471 | $ 1,330,474 |
Aggregate cost of real estate, U.S. federal income tax purposes | 5,524,479 | |||
23rd Street Plaza | Panama City, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 2,823 | |||
Initial cost of land | 1,300 | |||
Initial cost of buildings and improvements | 5,319 | |||
Adjustments to basis | 900 | |||
Gross amount carried at end of period, land and improvements | 1,300 | |||
Gross amount carried at end of period, buildings and improvements | 6,219 | |||
Gross amount carried at end of period, total | 7,519 | |||
Accumulated depreciation | 2,578 | |||
Ashland & Roosevelt | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 973 | |||
Initial cost of land | 13,850 | |||
Initial cost of buildings and improvements | 21,052 | |||
Adjustments to basis | 642 | |||
Gross amount carried at end of period, land and improvements | 13,850 | |||
Gross amount carried at end of period, buildings and improvements | 21,694 | |||
Gross amount carried at end of period, total | 35,544 | |||
Accumulated depreciation | 9,110 | |||
Avondale Plaza | Redmond, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,573 | |||
Initial cost of buildings and improvements | 9,497 | |||
Adjustments to basis | 36 | |||
Gross amount carried at end of period, land and improvements | 4,573 | |||
Gross amount carried at end of period, buildings and improvements | 9,533 | |||
Gross amount carried at end of period, total | 14,106 | |||
Accumulated depreciation | 779 | |||
Azalea Square I | Summerville, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 11,127 | |||
Initial cost of land | 6,375 | |||
Initial cost of buildings and improvements | 21,304 | |||
Adjustments to basis | 1,793 | |||
Gross amount carried at end of period, land and improvements | 6,375 | |||
Gross amount carried at end of period, buildings and improvements | 23,097 | |||
Gross amount carried at end of period, total | 29,472 | |||
Accumulated depreciation | 10,703 | |||
Azalea Square III | Summerville, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,280 | |||
Initial cost of buildings and improvements | 10,348 | |||
Adjustments to basis | 90 | |||
Gross amount carried at end of period, land and improvements | 3,280 | |||
Gross amount carried at end of period, buildings and improvements | 10,438 | |||
Gross amount carried at end of period, total | 13,718 | |||
Accumulated depreciation | 3,529 | |||
Bed Bath & Beyond Plaza | Miami, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 8,355 | |||
Initial cost of land | 10,350 | |||
Initial cost of buildings and improvements | 18,367 | |||
Adjustments to basis | 692 | |||
Gross amount carried at end of period, land and improvements | 10,350 | |||
Gross amount carried at end of period, buildings and improvements | 19,059 | |||
Gross amount carried at end of period, total | 29,409 | |||
Accumulated depreciation | 8,561 | |||
Bed Bath & Beyond Plaza | Westbury, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,530 | |||
Initial cost of buildings and improvements | 11,901 | |||
Adjustments to basis | 313 | |||
Gross amount carried at end of period, land and improvements | 4,530 | |||
Gross amount carried at end of period, buildings and improvements | 12,214 | |||
Gross amount carried at end of period, total | 16,744 | |||
Accumulated depreciation | 4,979 | |||
Boulevard at the Capital Centre | Largo, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 114,703 | |||
Adjustments to basis | (28,975) | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 85,728 | |||
Gross amount carried at end of period, total | 85,728 | |||
Accumulated depreciation | 28,916 | |||
Boulevard Plaza | Pawtucket, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 2,197 | |||
Initial cost of land | 4,170 | |||
Initial cost of buildings and improvements | 12,038 | |||
Adjustments to basis | 3,564 | |||
Gross amount carried at end of period, land and improvements | 4,170 | |||
Gross amount carried at end of period, buildings and improvements | 15,602 | |||
Gross amount carried at end of period, total | 19,772 | |||
Accumulated depreciation | 6,729 | |||
The Brickyard | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 45,300 | |||
Initial cost of buildings and improvements | 26,657 | |||
Adjustments to basis | 7,546 | |||
Gross amount carried at end of period, land and improvements | 45,300 | |||
Gross amount carried at end of period, buildings and improvements | 34,203 | |||
Gross amount carried at end of period, total | 79,503 | |||
Accumulated depreciation | 13,589 | |||
Brown's Lane | Middletown, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,585 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 12,005 | |||
Adjustments to basis | 1,254 | |||
Gross amount carried at end of period, land and improvements | 2,600 | |||
Gross amount carried at end of period, buildings and improvements | 13,259 | |||
Gross amount carried at end of period, total | 15,859 | |||
Accumulated depreciation | 5,632 | |||
Cedar Park Town Center | Cedar Park, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,923 | |||
Initial cost of buildings and improvements | 13,829 | |||
Adjustments to basis | 368 | |||
Gross amount carried at end of period, land and improvements | 23,923 | |||
Gross amount carried at end of period, buildings and improvements | 14,197 | |||
Gross amount carried at end of period, total | 38,120 | |||
Accumulated depreciation | 1,254 | |||
Central Texas Marketplace | Waco, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 47,559 | |||
Adjustments to basis | 8,757 | |||
Gross amount carried at end of period, land and improvements | 13,000 | |||
Gross amount carried at end of period, buildings and improvements | 56,316 | |||
Gross amount carried at end of period, total | 69,316 | |||
Accumulated depreciation | 19,721 | |||
Centre at Laurel | Laurel, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 19,000 | |||
Initial cost of buildings and improvements | 8,406 | |||
Adjustments to basis | 16,714 | |||
Gross amount carried at end of period, land and improvements | 18,700 | |||
Gross amount carried at end of period, buildings and improvements | 25,420 | |||
Gross amount carried at end of period, total | 44,120 | |||
Accumulated depreciation | 9,805 | |||
Chantilly Crossing | Chantilly, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,500 | |||
Initial cost of buildings and improvements | 16,060 | |||
Adjustments to basis | 2,347 | |||
Gross amount carried at end of period, land and improvements | 8,500 | |||
Gross amount carried at end of period, buildings and improvements | 18,407 | |||
Gross amount carried at end of period, total | 26,907 | |||
Accumulated depreciation | 7,633 | |||
Cinemark Seven Bridges | Woodridge, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,585 | |||
Initial cost of land | 3,450 | |||
Initial cost of buildings and improvements | 11,728 | |||
Adjustments to basis | 15 | |||
Gross amount carried at end of period, land and improvements | 3,450 | |||
Gross amount carried at end of period, buildings and improvements | 11,743 | |||
Gross amount carried at end of period, total | 15,193 | |||
Accumulated depreciation | 4,824 | |||
Clearlake Shores | Clear Lake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,775 | |||
Initial cost of buildings and improvements | 7,026 | |||
Adjustments to basis | 1,182 | |||
Gross amount carried at end of period, land and improvements | 1,775 | |||
Gross amount carried at end of period, buildings and improvements | 8,208 | |||
Gross amount carried at end of period, total | 9,983 | |||
Accumulated depreciation | 3,467 | |||
Coal Creek Marketplace | New Castle, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,023 | |||
Initial cost of buildings and improvements | 12,382 | |||
Adjustments to basis | 76 | |||
Gross amount carried at end of period, land and improvements | 5,023 | |||
Gross amount carried at end of period, buildings and improvements | 12,458 | |||
Gross amount carried at end of period, total | 17,481 | |||
Accumulated depreciation | 672 | |||
Colony Square | Sugar Land, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,700 | |||
Initial cost of buildings and improvements | 22,775 | |||
Adjustments to basis | 3,564 | |||
Gross amount carried at end of period, land and improvements | 16,700 | |||
Gross amount carried at end of period, buildings and improvements | 26,339 | |||
Gross amount carried at end of period, total | 43,039 | |||
Accumulated depreciation | 9,481 | |||
The Columns | Jackson, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 11,479 | |||
Initial cost of land | 5,830 | |||
Initial cost of buildings and improvements | 19,439 | |||
Adjustments to basis | 415 | |||
Gross amount carried at end of period, land and improvements | 5,830 | |||
Gross amount carried at end of period, buildings and improvements | 19,854 | |||
Gross amount carried at end of period, total | 25,684 | |||
Accumulated depreciation | 8,858 | |||
The Commons at Temecula | Temecula, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 35,887 | |||
Adjustments to basis | 3,344 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 39,231 | |||
Gross amount carried at end of period, total | 51,231 | |||
Accumulated depreciation | 16,211 | |||
Coppell Town Center | Coppell, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,919 | |||
Initial cost of buildings and improvements | 13,281 | |||
Adjustments to basis | 59 | |||
Gross amount carried at end of period, land and improvements | 2,919 | |||
Gross amount carried at end of period, buildings and improvements | 13,340 | |||
Gross amount carried at end of period, total | 16,259 | |||
Accumulated depreciation | 1,744 | |||
Coram Plaza | Coram, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 12,992 | |||
Initial cost of land | 10,200 | |||
Initial cost of buildings and improvements | 26,178 | |||
Adjustments to basis | 3,091 | |||
Gross amount carried at end of period, land and improvements | 10,200 | |||
Gross amount carried at end of period, buildings and improvements | 29,269 | |||
Gross amount carried at end of period, total | 39,469 | |||
Accumulated depreciation | 12,854 | |||
Corwest Plaza | New Britain, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 13,985 | |||
Initial cost of land | 6,900 | |||
Initial cost of buildings and improvements | 23,851 | |||
Adjustments to basis | 2 | |||
Gross amount carried at end of period, land and improvements | 6,900 | |||
Gross amount carried at end of period, buildings and improvements | 23,853 | |||
Gross amount carried at end of period, total | 30,753 | |||
Accumulated depreciation | 11,409 | |||
Cottage Plaza | Pawtucket, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 9,980 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 19,158 | |||
Adjustments to basis | 474 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 19,632 | |||
Gross amount carried at end of period, total | 22,632 | |||
Accumulated depreciation | 8,469 | |||
Cranberry Square | Cranberry Township, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 10,239 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 18,736 | |||
Adjustments to basis | 1,398 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 20,134 | |||
Gross amount carried at end of period, total | 23,134 | |||
Accumulated depreciation | 9,061 | |||
Crown Theater | Hartford, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 7,318 | |||
Initial cost of buildings and improvements | 954 | |||
Adjustments to basis | (5,481) | |||
Gross amount carried at end of period, land and improvements | 2,707 | |||
Gross amount carried at end of period, buildings and improvements | 84 | |||
Gross amount carried at end of period, total | 2,791 | |||
Accumulated depreciation | 0 | |||
Cuyahoga Falls Market Center | Cuyahoga Falls, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,387 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 11,083 | |||
Adjustments to basis | 581 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,664 | |||
Gross amount carried at end of period, total | 15,014 | |||
Accumulated depreciation | 5,006 | |||
CVS Pharmacy | Lawton, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 750 | |||
Initial cost of buildings and improvements | 1,958 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 750 | |||
Gross amount carried at end of period, buildings and improvements | 1,958 | |||
Gross amount carried at end of period, total | 2,708 | |||
Accumulated depreciation | 831 | |||
Cypress Mill Plaza | Cypress, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,962 | |||
Initial cost of buildings and improvements | 9,976 | |||
Adjustments to basis | 77 | |||
Gross amount carried at end of period, land and improvements | 4,962 | |||
Gross amount carried at end of period, buildings and improvements | 10,053 | |||
Gross amount carried at end of period, total | 15,015 | |||
Accumulated depreciation | 1,452 | |||
Davis Towne Crossing | North Richland Hills, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,850 | |||
Initial cost of buildings and improvements | 5,681 | |||
Adjustments to basis | 1,181 | |||
Gross amount carried at end of period, land and improvements | 1,671 | |||
Gross amount carried at end of period, buildings and improvements | 7,041 | |||
Gross amount carried at end of period, total | 8,712 | |||
Accumulated depreciation | 3,072 | |||
Denton Crossing | Denton, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 25,322 | |||
Initial cost of land | 6,000 | |||
Initial cost of buildings and improvements | 43,434 | |||
Adjustments to basis | 12,889 | |||
Gross amount carried at end of period, land and improvements | 6,000 | |||
Gross amount carried at end of period, buildings and improvements | 56,323 | |||
Gross amount carried at end of period, total | 62,323 | |||
Accumulated depreciation | 24,358 | |||
Dorman Center I & II | Spartanburg, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 19,906 | |||
Initial cost of land | 17,025 | |||
Initial cost of buildings and improvements | 29,478 | |||
Adjustments to basis | 1,057 | |||
Gross amount carried at end of period, land and improvements | 17,025 | |||
Gross amount carried at end of period, buildings and improvements | 30,535 | |||
Gross amount carried at end of period, total | 47,560 | |||
Accumulated depreciation | 14,747 | |||
Downtown Crown | Gaithersburg, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 43,367 | |||
Initial cost of buildings and improvements | 110,785 | |||
Adjustments to basis | 1,940 | |||
Gross amount carried at end of period, land and improvements | 43,367 | |||
Gross amount carried at end of period, buildings and improvements | 112,725 | |||
Gross amount carried at end of period, total | 156,092 | |||
Accumulated depreciation | 8,432 | |||
East Stone Commons | Kingsport, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,900 | |||
Initial cost of buildings and improvements | 28,714 | |||
Adjustments to basis | (727) | |||
Gross amount carried at end of period, land and improvements | 2,826 | |||
Gross amount carried at end of period, buildings and improvements | 28,061 | |||
Gross amount carried at end of period, total | 30,887 | |||
Accumulated depreciation | 10,813 | |||
Eastside | Richardson, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,055 | |||
Initial cost of buildings and improvements | 17,620 | |||
Adjustments to basis | 27 | |||
Gross amount carried at end of period, land and improvements | 4,055 | |||
Gross amount carried at end of period, buildings and improvements | 17,647 | |||
Gross amount carried at end of period, total | 21,702 | |||
Accumulated depreciation | 455 | |||
Eastwood Towne Center | Lansing, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 65,067 | |||
Adjustments to basis | 4,574 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 69,641 | |||
Gross amount carried at end of period, total | 81,641 | |||
Accumulated depreciation | 31,168 | |||
Edgemont Town Center | Homewood, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 6,040 | |||
Initial cost of land | 3,500 | |||
Initial cost of buildings and improvements | 10,956 | |||
Adjustments to basis | 449 | |||
Gross amount carried at end of period, land and improvements | 3,500 | |||
Gross amount carried at end of period, buildings and improvements | 11,405 | |||
Gross amount carried at end of period, total | 14,905 | |||
Accumulated depreciation | 5,067 | |||
Edwards Multiplex | Fresno, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 8,830 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 35,421 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 35,421 | |||
Gross amount carried at end of period, total | 35,421 | |||
Accumulated depreciation | 15,151 | |||
Edwards Multiplex | Ontario, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 12,765 | |||
Initial cost of land | 11,800 | |||
Initial cost of buildings and improvements | 33,098 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 11,800 | |||
Gross amount carried at end of period, buildings and improvements | 33,098 | |||
Gross amount carried at end of period, total | 44,898 | |||
Accumulated depreciation | 14,157 | |||
Evans Towne Centre | Evans, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,965 | |||
Initial cost of land | 1,700 | |||
Initial cost of buildings and improvements | 6,425 | |||
Adjustments to basis | 1,030 | |||
Gross amount carried at end of period, land and improvements | 1,700 | |||
Gross amount carried at end of period, buildings and improvements | 7,455 | |||
Gross amount carried at end of period, total | 9,155 | |||
Accumulated depreciation | 3,081 | |||
Fairgrounds Plaza | Middletown, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,800 | |||
Initial cost of buildings and improvements | 13,490 | |||
Adjustments to basis | 4,626 | |||
Gross amount carried at end of period, land and improvements | 5,431 | |||
Gross amount carried at end of period, buildings and improvements | 17,485 | |||
Gross amount carried at end of period, total | 22,916 | |||
Accumulated depreciation | 7,329 | |||
Five Forks | Simpsonville, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,540 | |||
Initial cost of buildings and improvements | 6,393 | |||
Adjustments to basis | 493 | |||
Gross amount carried at end of period, land and improvements | 2,540 | |||
Gross amount carried at end of period, buildings and improvements | 6,886 | |||
Gross amount carried at end of period, total | 9,426 | |||
Accumulated depreciation | 3,008 | |||
Fordham Place | Bronx, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 17,209 | |||
Initial cost of buildings and improvements | 96,547 | |||
Adjustments to basis | (6) | |||
Gross amount carried at end of period, land and improvements | 17,209 | |||
Gross amount carried at end of period, buildings and improvements | 96,541 | |||
Gross amount carried at end of period, total | 113,750 | |||
Accumulated depreciation | 11,057 | |||
Forks Town Center | Easton, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,805 | |||
Initial cost of land | 2,430 | |||
Initial cost of buildings and improvements | 14,836 | |||
Adjustments to basis | 818 | |||
Gross amount carried at end of period, land and improvements | 2,430 | |||
Gross amount carried at end of period, buildings and improvements | 15,654 | |||
Gross amount carried at end of period, total | 18,084 | |||
Accumulated depreciation | 7,077 | |||
Fort Evans Plaza II | Leesburg, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,118 | |||
Initial cost of buildings and improvements | 44,880 | |||
Adjustments to basis | 174 | |||
Gross amount carried at end of period, land and improvements | 16,118 | |||
Gross amount carried at end of period, buildings and improvements | 45,054 | |||
Gross amount carried at end of period, total | 61,172 | |||
Accumulated depreciation | 3,701 | |||
Fox Creek Village | Longmont, CO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 8,386 | |||
Initial cost of land | 3,755 | |||
Initial cost of buildings and improvements | 15,563 | |||
Adjustments to basis | (913) | |||
Gross amount carried at end of period, land and improvements | 3,755 | |||
Gross amount carried at end of period, buildings and improvements | 14,650 | |||
Gross amount carried at end of period, total | 18,405 | |||
Accumulated depreciation | 6,641 | |||
Fullerton Metrocenter | Fullerton, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 26,078 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 47,403 | |||
Adjustments to basis | 3,087 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 50,490 | |||
Gross amount carried at end of period, total | 50,490 | |||
Accumulated depreciation | 22,646 | |||
Galvez Shopping Center | Galveston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,250 | |||
Initial cost of buildings and improvements | 4,947 | |||
Adjustments to basis | 382 | |||
Gross amount carried at end of period, land and improvements | 1,250 | |||
Gross amount carried at end of period, buildings and improvements | 5,329 | |||
Gross amount carried at end of period, total | 6,579 | |||
Accumulated depreciation | 2,247 | |||
Gardiner Manor Mall | Bay Shore, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 35,741 | |||
Initial cost of land | 12,348 | |||
Initial cost of buildings and improvements | 56,199 | |||
Adjustments to basis | 673 | |||
Gross amount carried at end of period, land and improvements | 12,348 | |||
Gross amount carried at end of period, buildings and improvements | 56,872 | |||
Gross amount carried at end of period, total | 69,220 | |||
Accumulated depreciation | 5,454 | |||
Gateway Pavilions | Avondale, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 22,538 | |||
Initial cost of land | 9,880 | |||
Initial cost of buildings and improvements | 55,195 | |||
Adjustments to basis | 1,165 | |||
Gross amount carried at end of period, land and improvements | 9,880 | |||
Gross amount carried at end of period, buildings and improvements | 56,360 | |||
Gross amount carried at end of period, total | 66,240 | |||
Accumulated depreciation | 24,741 | |||
Gateway Plaza | Southlake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 26,371 | |||
Adjustments to basis | 5,803 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 32,174 | |||
Gross amount carried at end of period, total | 32,174 | |||
Accumulated depreciation | 13,593 | |||
Gateway Station | College Station, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 3,911 | |||
Adjustments to basis | 1,043 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 4,954 | |||
Gross amount carried at end of period, total | 6,004 | |||
Accumulated depreciation | 2,169 | |||
Gateway Station II & III | College Station, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,280 | |||
Initial cost of buildings and improvements | 11,557 | |||
Adjustments to basis | (7) | |||
Gross amount carried at end of period, land and improvements | 3,280 | |||
Gross amount carried at end of period, buildings and improvements | 11,550 | |||
Gross amount carried at end of period, total | 14,830 | |||
Accumulated depreciation | 3,791 | |||
Gateway Village | Annapolis, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 34,766 | |||
Initial cost of land | 8,550 | |||
Initial cost of buildings and improvements | 39,298 | |||
Adjustments to basis | 5,397 | |||
Gross amount carried at end of period, land and improvements | 8,550 | |||
Gross amount carried at end of period, buildings and improvements | 44,695 | |||
Gross amount carried at end of period, total | 53,245 | |||
Accumulated depreciation | 19,745 | |||
Gerry Centennial Plaza | Oswego, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,370 | |||
Initial cost of buildings and improvements | 12,968 | |||
Adjustments to basis | 9,282 | |||
Gross amount carried at end of period, land and improvements | 5,370 | |||
Gross amount carried at end of period, buildings and improvements | 22,250 | |||
Gross amount carried at end of period, total | 27,620 | |||
Accumulated depreciation | 7,491 | |||
Governor's Marketplace | Tallahassee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 30,377 | |||
Adjustments to basis | 3,309 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 33,686 | |||
Gross amount carried at end of period, total | 33,686 | |||
Accumulated depreciation | 15,267 | |||
Grapevine Crossing | Grapevine, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,100 | |||
Initial cost of buildings and improvements | 16,938 | |||
Adjustments to basis | 241 | |||
Gross amount carried at end of period, land and improvements | 3,894 | |||
Gross amount carried at end of period, buildings and improvements | 17,385 | |||
Gross amount carried at end of period, total | 21,279 | |||
Accumulated depreciation | 7,382 | |||
Green's Corner | Cumming, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,937 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 8,663 | |||
Adjustments to basis | 741 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 9,404 | |||
Gross amount carried at end of period, total | 12,604 | |||
Accumulated depreciation | 3,952 | |||
Gurnee Town Center | Gurnee, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 14,050 | |||
Initial cost of land | 7,000 | |||
Initial cost of buildings and improvements | 35,147 | |||
Adjustments to basis | 4,646 | |||
Gross amount carried at end of period, land and improvements | 7,000 | |||
Gross amount carried at end of period, buildings and improvements | 39,793 | |||
Gross amount carried at end of period, total | 46,793 | |||
Accumulated depreciation | 17,484 | |||
Henry Town Center | McDonough, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,650 | |||
Initial cost of buildings and improvements | 46,814 | |||
Adjustments to basis | 6,971 | |||
Gross amount carried at end of period, land and improvements | 10,650 | |||
Gross amount carried at end of period, buildings and improvements | 53,785 | |||
Gross amount carried at end of period, total | 64,435 | |||
Accumulated depreciation | 22,097 | |||
Heritage Square | Issaquah, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,377 | |||
Initial cost of buildings and improvements | 11,385 | |||
Adjustments to basis | 1,441 | |||
Gross amount carried at end of period, land and improvements | 6,377 | |||
Gross amount carried at end of period, buildings and improvements | 12,826 | |||
Gross amount carried at end of period, total | 19,203 | |||
Accumulated depreciation | 1,266 | |||
Heritage Towne Crossing | Euless, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,065 | |||
Initial cost of buildings and improvements | 10,729 | |||
Adjustments to basis | 1,533 | |||
Gross amount carried at end of period, land and improvements | 3,065 | |||
Gross amount carried at end of period, buildings and improvements | 12,262 | |||
Gross amount carried at end of period, total | 15,327 | |||
Accumulated depreciation | 5,720 | |||
Hickory Ridge | Hickory, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 17,939 | |||
Initial cost of land | 6,860 | |||
Initial cost of buildings and improvements | 33,323 | |||
Adjustments to basis | 613 | |||
Gross amount carried at end of period, land and improvements | 6,860 | |||
Gross amount carried at end of period, buildings and improvements | 33,936 | |||
Gross amount carried at end of period, total | 40,796 | |||
Accumulated depreciation | 15,155 | |||
High Ridge Crossing | High Ridge, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,585 | |||
Initial cost of land | 3,075 | |||
Initial cost of buildings and improvements | 9,148 | |||
Adjustments to basis | (159) | |||
Gross amount carried at end of period, land and improvements | 3,075 | |||
Gross amount carried at end of period, buildings and improvements | 8,989 | |||
Gross amount carried at end of period, total | 12,064 | |||
Accumulated depreciation | 3,897 | |||
Holliday Towne Center | Duncansville, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,233 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 11,609 | |||
Adjustments to basis | (333) | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 11,276 | |||
Gross amount carried at end of period, total | 13,476 | |||
Accumulated depreciation | 5,007 | |||
Home Depot Center | Pittsburgh, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 16,758 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 16,758 | |||
Gross amount carried at end of period, total | 16,758 | |||
Accumulated depreciation | 7,065 | |||
Home Depot Plaza | Orange, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 10,689 | |||
Initial cost of land | 9,700 | |||
Initial cost of buildings and improvements | 17,137 | |||
Adjustments to basis | 1,738 | |||
Gross amount carried at end of period, land and improvements | 9,700 | |||
Gross amount carried at end of period, buildings and improvements | 18,875 | |||
Gross amount carried at end of period, total | 28,575 | |||
Accumulated depreciation | 7,805 | |||
HQ Building | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,200 | |||
Initial cost of buildings and improvements | 10,010 | |||
Adjustments to basis | 4,211 | |||
Gross amount carried at end of period, land and improvements | 5,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,221 | |||
Gross amount carried at end of period, total | 19,421 | |||
Accumulated depreciation | 5,858 | |||
Huebner Oaks Center | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,087 | |||
Initial cost of buildings and improvements | 64,731 | |||
Adjustments to basis | 217 | |||
Gross amount carried at end of period, land and improvements | 18,087 | |||
Gross amount carried at end of period, buildings and improvements | 64,948 | |||
Gross amount carried at end of period, total | 83,035 | |||
Accumulated depreciation | 6,139 | |||
Humblewood Shopping Center | Humble, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 12,823 | |||
Adjustments to basis | 1,392 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,215 | |||
Gross amount carried at end of period, total | 16,415 | |||
Accumulated depreciation | 5,406 | |||
Irmo Station | Irmo, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,674 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 9,247 | |||
Adjustments to basis | 1,231 | |||
Gross amount carried at end of period, land and improvements | 2,579 | |||
Gross amount carried at end of period, buildings and improvements | 10,499 | |||
Gross amount carried at end of period, total | 13,078 | |||
Accumulated depreciation | 4,529 | |||
Jefferson Commons | Newport News, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,097 | |||
Initial cost of buildings and improvements | 52,762 | |||
Adjustments to basis | 2,001 | |||
Gross amount carried at end of period, land and improvements | 23,097 | |||
Gross amount carried at end of period, buildings and improvements | 54,763 | |||
Gross amount carried at end of period, total | 77,860 | |||
Accumulated depreciation | 17,720 | |||
John's Creek Village | John's Creek, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,446 | |||
Initial cost of buildings and improvements | 23,932 | |||
Adjustments to basis | 568 | |||
Gross amount carried at end of period, land and improvements | 14,446 | |||
Gross amount carried at end of period, buildings and improvements | 24,500 | |||
Gross amount carried at end of period, total | 38,946 | |||
Accumulated depreciation | 2,531 | |||
King Philip's Crossing | Seekonk, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,710 | |||
Initial cost of buildings and improvements | 19,144 | |||
Adjustments to basis | (150) | |||
Gross amount carried at end of period, land and improvements | 3,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,994 | |||
Gross amount carried at end of period, total | 22,704 | |||
Accumulated depreciation | 7,779 | |||
La Plaza Del Norte | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,005 | |||
Initial cost of buildings and improvements | 37,744 | |||
Adjustments to basis | 4,007 | |||
Gross amount carried at end of period, land and improvements | 16,005 | |||
Gross amount carried at end of period, buildings and improvements | 41,751 | |||
Gross amount carried at end of period, total | 57,756 | |||
Accumulated depreciation | 19,057 | |||
Lake Mary Pointe | Lake Mary, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 1,516 | |||
Initial cost of land | 2,075 | |||
Initial cost of buildings and improvements | 4,009 | |||
Adjustments to basis | 186 | |||
Gross amount carried at end of period, land and improvements | 2,065 | |||
Gross amount carried at end of period, buildings and improvements | 4,205 | |||
Gross amount carried at end of period, total | 6,270 | |||
Accumulated depreciation | 1,842 | |||
Lake Worth Towne Crossing | Lake Worth, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 30,910 | |||
Adjustments to basis | 9,124 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 40,034 | |||
Gross amount carried at end of period, total | 46,634 | |||
Accumulated depreciation | 13,839 | |||
Lakepointe Towne Center | Lewisville, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,750 | |||
Initial cost of buildings and improvements | 23,904 | |||
Adjustments to basis | 3,027 | |||
Gross amount carried at end of period, land and improvements | 4,750 | |||
Gross amount carried at end of period, buildings and improvements | 26,931 | |||
Gross amount carried at end of period, total | 31,681 | |||
Accumulated depreciation | 11,092 | |||
Lakewood Towne Center | Lakewood, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,555 | |||
Initial cost of buildings and improvements | 74,612 | |||
Adjustments to basis | (13,958) | |||
Gross amount carried at end of period, land and improvements | 12,555 | |||
Gross amount carried at end of period, buildings and improvements | 60,654 | |||
Gross amount carried at end of period, total | 73,209 | |||
Accumulated depreciation | 27,077 | |||
Lincoln Park | Dallas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 25,217 | |||
Initial cost of land | 38,329 | |||
Initial cost of buildings and improvements | 17,772 | |||
Adjustments to basis | 357 | |||
Gross amount carried at end of period, land and improvements | 38,329 | |||
Gross amount carried at end of period, buildings and improvements | 18,129 | |||
Gross amount carried at end of period, total | 56,458 | |||
Accumulated depreciation | 1,821 | |||
Lincoln Plaza | Worcester, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 46,482 | |||
Adjustments to basis | 22,906 | |||
Gross amount carried at end of period, land and improvements | 13,110 | |||
Gross amount carried at end of period, buildings and improvements | 69,278 | |||
Gross amount carried at end of period, total | 82,388 | |||
Accumulated depreciation | 27,534 | |||
Low Country Village I & II | Bluffton, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,910 | |||
Initial cost of buildings and improvements | 16,614 | |||
Adjustments to basis | (277) | |||
Gross amount carried at end of period, land and improvements | 2,486 | |||
Gross amount carried at end of period, buildings and improvements | 16,761 | |||
Gross amount carried at end of period, total | 19,247 | |||
Accumulated depreciation | 7,536 | |||
Lowe's/Bed Bath Beyond | Butler, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 7,423 | |||
Initial cost of buildings and improvements | 799 | |||
Adjustments to basis | (8) | |||
Gross amount carried at end of period, land and improvements | 7,415 | |||
Gross amount carried at end of period, buildings and improvements | 799 | |||
Gross amount carried at end of period, total | 8,214 | |||
Accumulated depreciation | 604 | |||
MacArthur Crossing | Los Colinas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,710 | |||
Initial cost of buildings and improvements | 16,265 | |||
Adjustments to basis | 2,242 | |||
Gross amount carried at end of period, land and improvements | 4,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,507 | |||
Gross amount carried at end of period, total | 23,217 | |||
Accumulated depreciation | 8,609 | |||
Magnolia Square | Houma, LA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 5,905 | |||
Initial cost of land | 2,635 | |||
Initial cost of buildings and improvements | 15,040 | |||
Adjustments to basis | (654) | |||
Gross amount carried at end of period, land and improvements | 2,635 | |||
Gross amount carried at end of period, buildings and improvements | 14,386 | |||
Gross amount carried at end of period, total | 17,021 | |||
Accumulated depreciation | 6,245 | |||
Manchester Meadows | Town and Country, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,700 | |||
Initial cost of buildings and improvements | 39,738 | |||
Adjustments to basis | 6,048 | |||
Gross amount carried at end of period, land and improvements | 14,700 | |||
Gross amount carried at end of period, buildings and improvements | 45,786 | |||
Gross amount carried at end of period, total | 60,486 | |||
Accumulated depreciation | 18,780 | |||
Mansfield Towne Crossing | Mansfield, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,300 | |||
Initial cost of buildings and improvements | 12,195 | |||
Adjustments to basis | 3,625 | |||
Gross amount carried at end of period, land and improvements | 3,300 | |||
Gross amount carried at end of period, buildings and improvements | 15,820 | |||
Gross amount carried at end of period, total | 19,120 | |||
Accumulated depreciation | 7,013 | |||
Merrifield Town Center | Falls Church, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,678 | |||
Initial cost of buildings and improvements | 36,496 | |||
Adjustments to basis | 497 | |||
Gross amount carried at end of period, land and improvements | 18,678 | |||
Gross amount carried at end of period, buildings and improvements | 36,993 | |||
Gross amount carried at end of period, total | 55,671 | |||
Accumulated depreciation | 2,716 | |||
Merrifield Town Center II | Falls Church, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 28,797 | |||
Initial cost of buildings and improvements | 14,698 | |||
Adjustments to basis | 22 | |||
Gross amount carried at end of period, land and improvements | 28,797 | |||
Gross amount carried at end of period, buildings and improvements | 14,720 | |||
Gross amount carried at end of period, total | 43,517 | |||
Accumulated depreciation | 533 | |||
New Forest Crossing | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,390 | |||
Initial cost of buildings and improvements | 11,313 | |||
Adjustments to basis | 66 | |||
Gross amount carried at end of period, land and improvements | 4,390 | |||
Gross amount carried at end of period, buildings and improvements | 11,379 | |||
Gross amount carried at end of period, total | 15,769 | |||
Accumulated depreciation | 1,550 | |||
Newnan Crossing I & II | Newnan, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,100 | |||
Initial cost of buildings and improvements | 33,987 | |||
Adjustments to basis | 6,579 | |||
Gross amount carried at end of period, land and improvements | 15,100 | |||
Gross amount carried at end of period, buildings and improvements | 40,566 | |||
Gross amount carried at end of period, total | 55,666 | |||
Accumulated depreciation | 18,063 | |||
Newton Crossroads | Covington, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,478 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 6,927 | |||
Adjustments to basis | 541 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,468 | |||
Gross amount carried at end of period, total | 10,818 | |||
Accumulated depreciation | 3,110 | |||
North Rivers Towne Center | Charleston, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 9,360 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 15,720 | |||
Adjustments to basis | 570 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 16,290 | |||
Gross amount carried at end of period, total | 19,640 | |||
Accumulated depreciation | 7,444 | |||
Northgate North | Seattle, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 26,186 | |||
Initial cost of land | 7,540 | |||
Initial cost of buildings and improvements | 49,078 | |||
Adjustments to basis | (14,262) | |||
Gross amount carried at end of period, land and improvements | 7,540 | |||
Gross amount carried at end of period, buildings and improvements | 34,816 | |||
Gross amount carried at end of period, total | 42,356 | |||
Accumulated depreciation | 16,401 | |||
Northpointe Plaza | Spokane, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 21,651 | |||
Initial cost of land | 13,800 | |||
Initial cost of buildings and improvements | 37,707 | |||
Adjustments to basis | 4,463 | |||
Gross amount carried at end of period, land and improvements | 13,800 | |||
Gross amount carried at end of period, buildings and improvements | 42,170 | |||
Gross amount carried at end of period, total | 55,970 | |||
Accumulated depreciation | 19,119 | |||
Northwood Crossing | Northport, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,770 | |||
Initial cost of buildings and improvements | 13,658 | |||
Adjustments to basis | 1,210 | |||
Gross amount carried at end of period, land and improvements | 3,770 | |||
Gross amount carried at end of period, buildings and improvements | 14,868 | |||
Gross amount carried at end of period, total | 18,638 | |||
Accumulated depreciation | 5,966 | |||
Northwoods Center | Wesley Chapel, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,914 | |||
Initial cost of land | 3,415 | |||
Initial cost of buildings and improvements | 9,475 | |||
Adjustments to basis | 6,668 | |||
Gross amount carried at end of period, land and improvements | 3,415 | |||
Gross amount carried at end of period, buildings and improvements | 16,143 | |||
Gross amount carried at end of period, total | 19,558 | |||
Accumulated depreciation | 7,007 | |||
Oak Brook Promenade | Oak Brook, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,343 | |||
Initial cost of buildings and improvements | 50,057 | |||
Adjustments to basis | 1,245 | |||
Gross amount carried at end of period, land and improvements | 10,343 | |||
Gross amount carried at end of period, buildings and improvements | 51,302 | |||
Gross amount carried at end of period, total | 61,645 | |||
Accumulated depreciation | 1,611 | |||
One Loudoun Downtown | Ashburn, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 22,113 | |||
Initial cost of buildings and improvements | 91,138 | |||
Adjustments to basis | 1 | |||
Gross amount carried at end of period, land and improvements | 22,113 | |||
Gross amount carried at end of period, buildings and improvements | 91,139 | |||
Gross amount carried at end of period, total | 113,252 | |||
Accumulated depreciation | 322 | |||
Orange Plaza (Golfland Plaza) | Orange, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,350 | |||
Initial cost of buildings and improvements | 4,834 | |||
Adjustments to basis | 2,366 | |||
Gross amount carried at end of period, land and improvements | 4,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,200 | |||
Gross amount carried at end of period, total | 11,550 | |||
Accumulated depreciation | 2,879 | |||
The Orchard | New Hartford, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 17,151 | |||
Adjustments to basis | 250 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 17,401 | |||
Gross amount carried at end of period, total | 20,601 | |||
Accumulated depreciation | 7,170 | |||
Oswego Commons | Oswego, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,454 | |||
Initial cost of buildings and improvements | 16,004 | |||
Adjustments to basis | 465 | |||
Gross amount carried at end of period, land and improvements | 6,454 | |||
Gross amount carried at end of period, buildings and improvements | 16,469 | |||
Gross amount carried at end of period, total | 22,923 | |||
Accumulated depreciation | 1,931 | |||
Page Field Commons | Fort Myers, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 43,355 | |||
Adjustments to basis | 1,156 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 44,511 | |||
Gross amount carried at end of period, total | 44,511 | |||
Accumulated depreciation | 18,522 | |||
Paradise Valley Marketplace | Phoenix, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 8,565 | |||
Initial cost of land | 6,590 | |||
Initial cost of buildings and improvements | 20,425 | |||
Adjustments to basis | 756 | |||
Gross amount carried at end of period, land and improvements | 6,590 | |||
Gross amount carried at end of period, buildings and improvements | 21,181 | |||
Gross amount carried at end of period, total | 27,771 | |||
Accumulated depreciation | 9,931 | |||
Parkway Towne Crossing | Frisco, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,142 | |||
Initial cost of buildings and improvements | 20,423 | |||
Adjustments to basis | 8,740 | |||
Gross amount carried at end of period, land and improvements | 6,142 | |||
Gross amount carried at end of period, buildings and improvements | 29,163 | |||
Gross amount carried at end of period, total | 35,305 | |||
Accumulated depreciation | 11,011 | |||
Pavillion at Kings Grant I & II | Concord, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,274 | |||
Initial cost of buildings and improvements | 12,392 | |||
Adjustments to basis | 12,243 | |||
Gross amount carried at end of period, land and improvements | 10,274 | |||
Gross amount carried at end of period, buildings and improvements | 24,635 | |||
Gross amount carried at end of period, total | 34,909 | |||
Accumulated depreciation | 9,357 | |||
Pelham Manor Shopping Plaza | Pelham Manor, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 67,870 | |||
Adjustments to basis | 62 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 67,932 | |||
Gross amount carried at end of period, total | 67,932 | |||
Accumulated depreciation | 8,615 | |||
Peoria Crossings I & II | Peoria, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 24,082 | |||
Initial cost of land | 6,995 | |||
Initial cost of buildings and improvements | 32,816 | |||
Adjustments to basis | 3,909 | |||
Gross amount carried at end of period, land and improvements | 8,495 | |||
Gross amount carried at end of period, buildings and improvements | 35,225 | |||
Gross amount carried at end of period, total | 43,720 | |||
Accumulated depreciation | 16,227 | |||
Phenix Crossing | Phenix City, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,875 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 6,776 | |||
Adjustments to basis | 343 | |||
Gross amount carried at end of period, land and improvements | 2,600 | |||
Gross amount carried at end of period, buildings and improvements | 7,119 | |||
Gross amount carried at end of period, total | 9,719 | |||
Accumulated depreciation | 3,165 | |||
Placentia Town Center | Placentia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 10,334 | |||
Initial cost of land | 11,200 | |||
Initial cost of buildings and improvements | 11,751 | |||
Adjustments to basis | 2,413 | |||
Gross amount carried at end of period, land and improvements | 11,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,164 | |||
Gross amount carried at end of period, total | 25,364 | |||
Accumulated depreciation | 5,921 | |||
Plaza at Marysville | Marysville, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 8,565 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 13,728 | |||
Adjustments to basis | 866 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 14,594 | |||
Gross amount carried at end of period, total | 21,194 | |||
Accumulated depreciation | 6,520 | |||
Plaza Santa Fe II | Santa Fe, NM | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 28,588 | |||
Adjustments to basis | 3,389 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 31,977 | |||
Gross amount carried at end of period, total | 31,977 | |||
Accumulated depreciation | 14,870 | |||
Pleasant Run | Cedar Hill, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 12,773 | |||
Initial cost of land | 4,200 | |||
Initial cost of buildings and improvements | 29,085 | |||
Adjustments to basis | 7,091 | |||
Gross amount carried at end of period, land and improvements | 4,200 | |||
Gross amount carried at end of period, buildings and improvements | 36,176 | |||
Gross amount carried at end of period, total | 40,376 | |||
Accumulated depreciation | 14,212 | |||
Quakertown | Quakertown, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,400 | |||
Initial cost of buildings and improvements | 9,246 | |||
Adjustments to basis | 43 | |||
Gross amount carried at end of period, land and improvements | 2,400 | |||
Gross amount carried at end of period, buildings and improvements | 9,289 | |||
Gross amount carried at end of period, total | 11,689 | |||
Accumulated depreciation | 3,853 | |||
Red Bug Village | Winter Springs, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,790 | |||
Initial cost of buildings and improvements | 6,178 | |||
Adjustments to basis | 336 | |||
Gross amount carried at end of period, land and improvements | 1,790 | |||
Gross amount carried at end of period, buildings and improvements | 6,514 | |||
Gross amount carried at end of period, total | 8,304 | |||
Accumulated depreciation | 2,722 | |||
Reisterstown Road Plaza | Baltimore, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 46,182 | |||
Initial cost of land | 15,800 | |||
Initial cost of buildings and improvements | 70,372 | |||
Adjustments to basis | 6,420 | |||
Gross amount carried at end of period, land and improvements | 15,791 | |||
Gross amount carried at end of period, buildings and improvements | 76,801 | |||
Gross amount carried at end of period, total | 92,592 | |||
Accumulated depreciation | 33,874 | |||
Rite Aid Store (Eckerd) | Columbia, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 1,535 | |||
Initial cost of land | 900 | |||
Initial cost of buildings and improvements | 2,377 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 900 | |||
Gross amount carried at end of period, buildings and improvements | 2,377 | |||
Gross amount carried at end of period, total | 3,277 | |||
Accumulated depreciation | 1,126 | |||
Rite Aid Store (Eckerd) | Crossville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 1,224 | |||
Initial cost of land | 600 | |||
Initial cost of buildings and improvements | 2,033 | |||
Adjustments to basis | 1 | |||
Gross amount carried at end of period, land and improvements | 600 | |||
Gross amount carried at end of period, buildings and improvements | 2,034 | |||
Gross amount carried at end of period, total | 2,634 | |||
Accumulated depreciation | 938 | |||
Rite Aid Store (Eckerd) | Greer, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 1,473 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 2,047 | |||
Adjustments to basis | 1 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 2,048 | |||
Gross amount carried at end of period, total | 3,098 | |||
Accumulated depreciation | 944 | |||
Rite Aid Store (Eckerd) | Kill Devil Hills, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 1,753 | |||
Initial cost of land | 700 | |||
Initial cost of buildings and improvements | 2,960 | |||
Adjustments to basis | 1 | |||
Gross amount carried at end of period, land and improvements | 700 | |||
Gross amount carried at end of period, buildings and improvements | 2,961 | |||
Gross amount carried at end of period, total | 3,661 | |||
Accumulated depreciation | 1,366 | |||
Rite Aid Store (Eckerd), Culver Rd. | Rochester, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,590 | |||
Initial cost of buildings and improvements | 2,279 | |||
Adjustments to basis | (3,380) | |||
Gross amount carried at end of period, land and improvements | 265 | |||
Gross amount carried at end of period, buildings and improvements | 224 | |||
Gross amount carried at end of period, total | 489 | |||
Accumulated depreciation | 0 | |||
Rivery Town Crossing | Georgetown, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,900 | |||
Initial cost of buildings and improvements | 6,814 | |||
Adjustments to basis | 384 | |||
Gross amount carried at end of period, land and improvements | 2,900 | |||
Gross amount carried at end of period, buildings and improvements | 7,198 | |||
Gross amount carried at end of period, total | 10,098 | |||
Accumulated depreciation | 2,762 | |||
Royal Oaks Village II | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,450 | |||
Initial cost of buildings and improvements | 17,000 | |||
Adjustments to basis | 272 | |||
Gross amount carried at end of period, land and improvements | 3,450 | |||
Gross amount carried at end of period, buildings and improvements | 17,272 | |||
Gross amount carried at end of period, total | 20,722 | |||
Accumulated depreciation | 5,039 | |||
Saucon Valley Square | Bethlehem, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,941 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 12,642 | |||
Adjustments to basis | (9,645) | |||
Gross amount carried at end of period, land and improvements | 1,818 | |||
Gross amount carried at end of period, buildings and improvements | 4,379 | |||
Gross amount carried at end of period, total | 6,197 | |||
Accumulated depreciation | 87 | |||
Sawyer Heights Village | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 18,824 | |||
Initial cost of land | 24,214 | |||
Initial cost of buildings and improvements | 15,797 | |||
Adjustments to basis | 705 | |||
Gross amount carried at end of period, land and improvements | 24,214 | |||
Gross amount carried at end of period, buildings and improvements | 16,502 | |||
Gross amount carried at end of period, total | 40,716 | |||
Accumulated depreciation | 2,165 | |||
Schaumburg Towers | Schaumburg, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 7,900 | |||
Initial cost of buildings and improvements | 137,096 | |||
Adjustments to basis | 405 | |||
Gross amount carried at end of period, land and improvements | 7,900 | |||
Gross amount carried at end of period, buildings and improvements | 137,501 | |||
Gross amount carried at end of period, total | 145,401 | |||
Accumulated depreciation | 58,553 | |||
Shoppes at Hagerstown | Hagerstown, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,034 | |||
Initial cost of buildings and improvements | 21,937 | |||
Adjustments to basis | 131 | |||
Gross amount carried at end of period, land and improvements | 4,034 | |||
Gross amount carried at end of period, buildings and improvements | 22,068 | |||
Gross amount carried at end of period, total | 26,102 | |||
Accumulated depreciation | 987 | |||
Shoppes at Park West | Mt. Pleasant, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,940 | |||
Initial cost of land | 2,240 | |||
Initial cost of buildings and improvements | 9,357 | |||
Adjustments to basis | 78 | |||
Gross amount carried at end of period, land and improvements | 2,240 | |||
Gross amount carried at end of period, buildings and improvements | 9,435 | |||
Gross amount carried at end of period, total | 11,675 | |||
Accumulated depreciation | 4,201 | |||
The Shoppes at Quarterfield | Severn, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,190 | |||
Initial cost of buildings and improvements | 8,840 | |||
Adjustments to basis | 193 | |||
Gross amount carried at end of period, land and improvements | 2,190 | |||
Gross amount carried at end of period, buildings and improvements | 9,033 | |||
Gross amount carried at end of period, total | 11,223 | |||
Accumulated depreciation | 4,232 | |||
The Shoppes at Union Hill | Denville, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 14,757 | |||
Initial cost of land | 12,666 | |||
Initial cost of buildings and improvements | 45,227 | |||
Adjustments to basis | 38 | |||
Gross amount carried at end of period, land and improvements | 12,666 | |||
Gross amount carried at end of period, buildings and improvements | 45,265 | |||
Gross amount carried at end of period, total | 57,931 | |||
Accumulated depreciation | 1,482 | |||
Shoppes of New Hope | Dallas, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,362 | |||
Initial cost of land | 1,350 | |||
Initial cost of buildings and improvements | 11,045 | |||
Adjustments to basis | 20 | |||
Gross amount carried at end of period, land and improvements | 1,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,065 | |||
Gross amount carried at end of period, total | 12,415 | |||
Accumulated depreciation | 5,060 | |||
Shoppes of Prominence Point I & II | Canton, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,650 | |||
Initial cost of buildings and improvements | 12,652 | |||
Adjustments to basis | 203 | |||
Gross amount carried at end of period, land and improvements | 3,650 | |||
Gross amount carried at end of period, buildings and improvements | 12,855 | |||
Gross amount carried at end of period, total | 16,505 | |||
Accumulated depreciation | 5,901 | |||
Shops at Forest Commons | Round Rock, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 6,133 | |||
Adjustments to basis | 294 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 6,427 | |||
Gross amount carried at end of period, total | 7,477 | |||
Accumulated depreciation | 2,807 | |||
The Shops at Legacy | Plano, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,800 | |||
Initial cost of buildings and improvements | 108,940 | |||
Adjustments to basis | 15,243 | |||
Gross amount carried at end of period, land and improvements | 8,800 | |||
Gross amount carried at end of period, buildings and improvements | 124,183 | |||
Gross amount carried at end of period, total | 132,983 | |||
Accumulated depreciation | 43,545 | |||
Shops at Park Place | Plano, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,503 | |||
Initial cost of land | 9,096 | |||
Initial cost of buildings and improvements | 13,175 | |||
Adjustments to basis | 1,082 | |||
Gross amount carried at end of period, land and improvements | 9,096 | |||
Gross amount carried at end of period, buildings and improvements | 14,257 | |||
Gross amount carried at end of period, total | 23,353 | |||
Accumulated depreciation | 6,969 | |||
Southlake Corners | Southlake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 21,090 | |||
Initial cost of land | 6,612 | |||
Initial cost of buildings and improvements | 23,605 | |||
Adjustments to basis | 82 | |||
Gross amount carried at end of period, land and improvements | 6,612 | |||
Gross amount carried at end of period, buildings and improvements | 23,687 | |||
Gross amount carried at end of period, total | 30,299 | |||
Accumulated depreciation | 3,009 | |||
Southlake Town Square I - VII | Southlake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 43,790 | |||
Initial cost of buildings and improvements | 201,028 | |||
Adjustments to basis | 23,258 | |||
Gross amount carried at end of period, land and improvements | 41,603 | |||
Gross amount carried at end of period, buildings and improvements | 226,473 | |||
Gross amount carried at end of period, total | 268,076 | |||
Accumulated depreciation | 84,812 | |||
Stilesboro Oaks | Acworth, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,725 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 9,426 | |||
Adjustments to basis | 473 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 9,899 | |||
Gross amount carried at end of period, total | 12,099 | |||
Accumulated depreciation | 4,216 | |||
Stonebridge Plaza | McKinney, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,000 | |||
Initial cost of buildings and improvements | 5,783 | |||
Adjustments to basis | 427 | |||
Gross amount carried at end of period, land and improvements | 1,000 | |||
Gross amount carried at end of period, buildings and improvements | 6,210 | |||
Gross amount carried at end of period, total | 7,210 | |||
Accumulated depreciation | 2,593 | |||
Stony Creek I | Noblesville, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 7,947 | |||
Initial cost of land | 6,735 | |||
Initial cost of buildings and improvements | 17,564 | |||
Adjustments to basis | 1,739 | |||
Gross amount carried at end of period, land and improvements | 6,735 | |||
Gross amount carried at end of period, buildings and improvements | 19,303 | |||
Gross amount carried at end of period, total | 26,038 | |||
Accumulated depreciation | 9,234 | |||
Stony Creek II | Noblesville, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,900 | |||
Initial cost of buildings and improvements | 5,106 | |||
Adjustments to basis | 79 | |||
Gross amount carried at end of period, land and improvements | 1,900 | |||
Gross amount carried at end of period, buildings and improvements | 5,185 | |||
Gross amount carried at end of period, total | 7,085 | |||
Accumulated depreciation | 2,112 | |||
Streets of Yorktown | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,440 | |||
Initial cost of buildings and improvements | 22,111 | |||
Adjustments to basis | 2,893 | |||
Gross amount carried at end of period, land and improvements | 3,440 | |||
Gross amount carried at end of period, buildings and improvements | 25,004 | |||
Gross amount carried at end of period, total | 28,444 | |||
Accumulated depreciation | 10,017 | |||
Tacoma South | Tacoma, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,976 | |||
Initial cost of buildings and improvements | 22,898 | |||
Adjustments to basis | 5 | |||
Gross amount carried at end of period, land and improvements | 10,976 | |||
Gross amount carried at end of period, buildings and improvements | 22,903 | |||
Gross amount carried at end of period, total | 33,879 | |||
Accumulated depreciation | 617 | |||
Target South Center | Austin, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,300 | |||
Initial cost of buildings and improvements | 8,760 | |||
Adjustments to basis | 727 | |||
Gross amount carried at end of period, land and improvements | 2,300 | |||
Gross amount carried at end of period, buildings and improvements | 9,487 | |||
Gross amount carried at end of period, total | 11,787 | |||
Accumulated depreciation | 3,951 | |||
Tollgate Marketplace | Bel Air, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 34,933 | |||
Initial cost of land | 8,700 | |||
Initial cost of buildings and improvements | 61,247 | |||
Adjustments to basis | 7,081 | |||
Gross amount carried at end of period, land and improvements | 8,700 | |||
Gross amount carried at end of period, buildings and improvements | 68,328 | |||
Gross amount carried at end of period, total | 77,028 | |||
Accumulated depreciation | 29,407 | |||
Town Square Plaza | Pottstown, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 16,760 | |||
Initial cost of land | 9,700 | |||
Initial cost of buildings and improvements | 18,264 | |||
Adjustments to basis | 1,668 | |||
Gross amount carried at end of period, land and improvements | 9,700 | |||
Gross amount carried at end of period, buildings and improvements | 19,932 | |||
Gross amount carried at end of period, total | 29,632 | |||
Accumulated depreciation | 8,009 | |||
Towson Circle | Towson, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,050 | |||
Initial cost of buildings and improvements | 17,840 | |||
Adjustments to basis | (26,835) | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 55 | |||
Gross amount carried at end of period, total | 55 | |||
Accumulated depreciation | 0 | |||
Towson Square | Towson, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,757 | |||
Initial cost of buildings and improvements | 21,958 | |||
Adjustments to basis | (174) | |||
Gross amount carried at end of period, land and improvements | 13,757 | |||
Gross amount carried at end of period, buildings and improvements | 21,784 | |||
Gross amount carried at end of period, total | 35,541 | |||
Accumulated depreciation | 959 | |||
Tysons Corner | Vienna, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 22,525 | |||
Initial cost of buildings and improvements | 7,184 | |||
Adjustments to basis | 15 | |||
Gross amount carried at end of period, land and improvements | 22,525 | |||
Gross amount carried at end of period, buildings and improvements | 7,199 | |||
Gross amount carried at end of period, total | 29,724 | |||
Accumulated depreciation | 426 | |||
University Town Center | Tuscaloosa, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 4,140 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 9,557 | |||
Adjustments to basis | 337 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 9,894 | |||
Gross amount carried at end of period, total | 9,894 | |||
Accumulated depreciation | 4,337 | |||
Village Shoppes at Gainesville | Gainesville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 19,325 | |||
Initial cost of land | 4,450 | |||
Initial cost of buildings and improvements | 36,592 | |||
Adjustments to basis | 1,975 | |||
Gross amount carried at end of period, land and improvements | 4,450 | |||
Gross amount carried at end of period, buildings and improvements | 38,567 | |||
Gross amount carried at end of period, total | 43,017 | |||
Accumulated depreciation | 15,727 | |||
Village Shoppes at Simonton | Lawrenceville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 3,102 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 10,874 | |||
Adjustments to basis | 24 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 10,898 | |||
Gross amount carried at end of period, total | 13,098 | |||
Accumulated depreciation | 4,953 | |||
Walter's Crossing | Tampa, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,500 | |||
Initial cost of buildings and improvements | 16,914 | |||
Adjustments to basis | 544 | |||
Gross amount carried at end of period, land and improvements | 14,500 | |||
Gross amount carried at end of period, buildings and improvements | 17,458 | |||
Gross amount carried at end of period, total | 31,958 | |||
Accumulated depreciation | 6,837 | |||
Watauga Pavillion | Watauga, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,185 | |||
Initial cost of buildings and improvements | 27,504 | |||
Adjustments to basis | 986 | |||
Gross amount carried at end of period, land and improvements | 5,185 | |||
Gross amount carried at end of period, buildings and improvements | 28,490 | |||
Gross amount carried at end of period, total | 33,675 | |||
Accumulated depreciation | 12,913 | |||
West Town Market | Fort Hill, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,170 | |||
Initial cost of buildings and improvements | 10,488 | |||
Adjustments to basis | 193 | |||
Gross amount carried at end of period, land and improvements | 1,170 | |||
Gross amount carried at end of period, buildings and improvements | 10,681 | |||
Gross amount carried at end of period, total | 11,851 | |||
Accumulated depreciation | 4,517 | |||
Wilton Square | Saratoga Springs, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,200 | |||
Initial cost of buildings and improvements | 35,538 | |||
Adjustments to basis | 371 | |||
Gross amount carried at end of period, land and improvements | 8,200 | |||
Gross amount carried at end of period, buildings and improvements | 35,909 | |||
Gross amount carried at end of period, total | 44,109 | |||
Accumulated depreciation | 14,949 | |||
Winchester Commons | Memphis, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 5,291 | |||
Initial cost of land | 4,400 | |||
Initial cost of buildings and improvements | 7,471 | |||
Adjustments to basis | 571 | |||
Gross amount carried at end of period, land and improvements | 4,400 | |||
Gross amount carried at end of period, buildings and improvements | 8,042 | |||
Gross amount carried at end of period, total | 12,442 | |||
Accumulated depreciation | 3,418 | |||
Woodinville Plaza | Woodinville, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,073 | |||
Initial cost of buildings and improvements | 25,433 | |||
Adjustments to basis | 896 | |||
Gross amount carried at end of period, land and improvements | 16,073 | |||
Gross amount carried at end of period, buildings and improvements | 26,329 | |||
Gross amount carried at end of period, total | 42,402 | |||
Accumulated depreciation | 1,378 | |||
Total Operating Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 769,184 | |||
Initial cost of land | 1,208,948 | |||
Initial cost of buildings and improvements | 4,039,199 | |||
Adjustments to basis | 227,920 | |||
Gross amount carried at end of period, land and improvements | 1,191,403 | |||
Gross amount carried at end of period, buildings and improvements | 4,284,664 | |||
Gross amount carried at end of period, total | 5,476,067 | |||
Accumulated depreciation | 1,443,333 | |||
Developments in Progress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,541 | |||
Initial cost of buildings and improvements | 7,898 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 15,541 | |||
Gross amount carried at end of period, buildings and improvements | 7,898 | |||
Gross amount carried at end of period, total | 23,439 | |||
Accumulated depreciation | $ 0 | |||
Building and associated improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (in years) | 30 years | |||
Site improvements and most other capital improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (in years) | 15 years |
Schedule III _ Reconciliation o
Schedule III – Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance as of January 1, | $ 5,687,842 | $ 5,680,376 | $ 5,804,518 |
Purchase of investment property | 435,989 | 508,924 | 397,993 |
Sale of investment property | (526,970) | (498,833) | (338,938) |
Property held for sale | (47,151) | 0 | (36,914) |
Provision for asset impairment | (47,159) | (4,786) | (159,447) |
Acquired lease intangible assets | 4,586 | (15,311) | 5,579 |
Acquired lease intangible liabilities | (7,631) | 17,472 | 7,585 |
Balance as of December 31, | $ 5,499,506 | $ 5,687,842 | $ 5,680,376 |
Schedule III _ Reconciliation84
Schedule III – Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance as of January 1, | $ 1,433,195 | $ 1,365,471 | $ 1,330,474 |
Depreciation expense | 191,493 | 183,639 | 183,142 |
Sale of investment property | (118,925) | (111,346) | (63,460) |
Property held for sale | (15,769) | 0 | (5,358) |
Provision for asset impairment | (18,500) | (2,497) | (77,390) |
Write-offs due to early lease termination | (3,947) | (2,072) | (1,937) |
Other disposals | (24,214) | 0 | 0 |
Balance as of December 31, | $ 1,443,333 | $ 1,433,195 | $ 1,365,471 |