Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | |
Entity Central Index Key | 1,222,840 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 219,550,397 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment properties: | ||
Land | $ 1,041,593 | $ 1,066,705 |
Building and other improvements | 3,570,680 | 3,686,200 |
Developments in progress | 21,300 | 33,022 |
Gross investment properties | 4,633,573 | 4,785,927 |
Less accumulated depreciation | (1,246,096) | (1,215,990) |
Net investment properties | 3,387,477 | 3,569,937 |
Cash and cash equivalents | 29,125 | 25,185 |
Accounts and notes receivable (net of allowances of $7,211 and $6,567, respectively) | 71,745 | 71,678 |
Acquired lease intangible assets, net | 109,054 | 122,646 |
Assets associated with investment properties held for sale | 0 | 3,647 |
Other assets, net | 73,990 | 125,171 |
Total assets | 3,671,391 | 3,918,264 |
Liabilities: | ||
Mortgages payable, net | 274,267 | 287,068 |
Unsecured notes payable, net | 696,055 | 695,748 |
Unsecured term loans, net | 447,583 | 547,270 |
Unsecured revolving line of credit | 126,000 | 216,000 |
Accounts payable and accrued expenses | 62,168 | 82,698 |
Distributions payable | 36,363 | 36,311 |
Acquired lease intangible liabilities, net | 91,053 | 97,971 |
Other liabilities | 66,313 | 69,498 |
Total liabilities | 1,799,802 | 2,032,564 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 4,576,752 | 4,574,428 |
Accumulated distributions in excess of earnings | (2,710,081) | (2,690,021) |
Accumulated other comprehensive income | 4,699 | 1,074 |
Total equity | 1,871,589 | 1,885,700 |
Total liabilities and equity | 3,671,391 | 3,918,264 |
Class A common stock | ||
Equity: | ||
Class A common stock | $ 219 | $ 219 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts and notes receivable, allowances (in dollars) | $ 7,211 | $ 6,567 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 219,550 | 219,237 |
Common stock, shares outstanding | 219,550 | 219,237 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Rental income | $ 92,646 | $ 106,017 | $ 187,101 | $ 215,991 |
Tenant recovery income | 25,183 | 29,524 | 53,273 | 60,310 |
Other property income | 1,335 | 1,798 | 3,632 | 4,731 |
Total revenues | 119,164 | 137,339 | 244,006 | 281,032 |
Expenses | ||||
Operating expenses | 19,384 | 21,004 | 39,639 | 42,868 |
Real estate taxes | 17,701 | 21,487 | 38,169 | 43,366 |
Depreciation and amortization | 43,710 | 52,325 | 88,938 | 105,799 |
Provision for impairment of investment properties | 724 | 13,034 | 1,316 | 13,034 |
General and administrative expenses | 10,274 | 10,370 | 22,769 | 21,583 |
Total expenses | 91,793 | 118,220 | 190,831 | 226,650 |
Operating income | 27,371 | 19,119 | 53,175 | 54,382 |
Interest expense | (16,817) | (21,435) | (35,582) | (106,967) |
Other income, net | 328 | 451 | 550 | 456 |
Income (loss) from continuing operations | 10,882 | (1,865) | 18,143 | (52,129) |
Gain on sales of investment properties | 0 | 116,628 | 34,519 | 157,792 |
Net income | 10,882 | 114,763 | 52,662 | 105,663 |
Preferred stock dividends | 0 | (2,363) | 0 | (4,725) |
Net income attributable to common shareholders | $ 10,882 | $ 112,400 | $ 52,662 | $ 100,938 |
Earnings per common share – basic and diluted | ||||
Net income per common share attributable to common shareholders | $ 0.05 | $ 0.48 | $ 0.24 | $ 0.43 |
Net income | $ 10,882 | $ 114,763 | $ 52,662 | $ 105,663 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments (Note 9) | 859 | (145) | 3,613 | 487 |
Comprehensive income attributable to the Company | $ 11,741 | $ 114,618 | $ 56,275 | $ 106,150 |
Weighted average number of common shares outstanding – basic | 218,982 | 234,243 | 218,915 | 235,269 |
Weighted average number of common shares outstanding – diluted | 219,410 | 234,818 | 219,406 | 235,842 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred stock | 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 income | Total shareholders' equity |
Balance at Dec. 31, 2016 | $ 5 | $ 237 | $ 4,927,155 | $ (2,776,033) | $ 722 | $ 2,152,086 | ||
Balance (in shares) at Dec. 31, 2016 | 5,400 | 236,770 | ||||||
Increase (decrease) in shareholders' equity | ||||||||
Net income | $ 105,663 | 105,663 | 105,663 | |||||
Other comprehensive income | 487 | 487 | ||||||
Distributions declared to preferred shareholders | (4,725) | (4,725) | ||||||
Distributions declared to common shareholders | (77,553) | (77,553) | ||||||
Issuance of restricted shares (in shares) | 285 | |||||||
Stock-based compensation expense, net of forfeitures | 3,549 | 3,549 | ||||||
Shares withheld for employee taxes | (1,333) | (1,333) | ||||||
Shares withheld for employee taxes (in shares) | (88) | |||||||
Balance at Jun. 30, 2017 | $ 5 | $ 231 | 4,853,680 | (2,752,648) | 1,209 | 2,102,477 | ||
Balance (in shares) at Jun. 30, 2017 | 5,400 | 230,943 | ||||||
Increase (decrease) in shareholders' equity | ||||||||
Cumulative effect of accounting change | (12) | 12 | ||||||
Balance at Dec. 31, 2017 | 1,885,700 | $ 0 | $ 219 | 4,574,428 | (2,690,021) | 1,074 | 1,885,700 | |
Balance (in shares) at Dec. 31, 2017 | 0 | 219,237 | ||||||
Increase (decrease) in shareholders' equity | ||||||||
Net income | 52,662 | 52,662 | 52,662 | |||||
Other comprehensive income | 3,613 | 3,613 | ||||||
Distributions declared to common shareholders | (72,710) | (72,710) | ||||||
Issuance of common stock (in shares) | 59 | |||||||
Issuance of restricted shares (in shares) | 382 | |||||||
Stock-based compensation expense, net of forfeitures | 3,729 | 3,729 | ||||||
Stock-based compensation expense, net of forfeitures (in shares) | (12) | |||||||
Shares withheld for employee taxes | (1,405) | (1,405) | ||||||
Shares withheld for employee taxes (in shares) | (116) | |||||||
Balance at Jun. 30, 2018 | $ 1,871,589 | $ 0 | $ 219 | $ 4,576,752 | $ (2,710,081) | $ 4,699 | $ 1,871,589 | |
Balance (in shares) at Jun. 30, 2018 | 0 | 219,550 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Equity (parenthetical) | 6 Months Ended |
Jun. 30, 2017$ / shares | |
Distributions declared to preferred shareholders (in dollars per share) | $ 0.875 |
Distributions declared to common shareholders (in dollars per share) | $ 0.33125 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||
Net income | $ 10,882 | $ 114,763 | $ 52,662 | $ 105,663 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 88,938 | 105,799 | |||
Provision for impairment of investment properties | 724 | 13,034 | 1,316 | 13,034 | |
Gain on sales of investment properties | (34,519) | (157,792) | |||
Amortization of loan fees and debt premium and discount, net | 1,780 | 5,871 | |||
Amortization of stock-based compensation | 3,729 | 3,549 | |||
Premium paid in connection with defeasance of mortgages payable | 0 | 59,968 | |||
Debt prepayment fees | 974 | 4,545 | |||
Payment of leasing fees and inducements | (3,652) | (9,757) | |||
Changes in accounts receivable, net | (1,520) | 4,094 | |||
Changes in accounts payable and accrued expenses, net | (19,554) | (15,577) | |||
Changes in other operating assets and liabilities, net | 3,287 | 11,383 | |||
Other, net | (4,738) | (63) | |||
Net cash provided by operating activities | 88,703 | 130,717 | |||
Cash flows from investing activities: | |||||
Purchase of investment properties | 0 | (99,434) | |||
Capital expenditures and tenant improvements | (32,961) | (31,629) | |||
Proceeds from sales of investment properties | 187,125 | 404,996 | |||
Investment in developments in progress | (6,933) | (8,612) | |||
Net cash provided by investing activities | 147,231 | 265,321 | |||
Cash flows from financing activities: | |||||
Principal payments on mortgages payable | (12,818) | (38,571) | |||
Proceeds from unsecured term loans | 0 | 200,000 | |||
Repayments of unsecured term loans | 100,000 | 0 | |||
Proceeds from unsecured revolving line of credit | 196,000 | 474,000 | |||
Repayments of unsecured revolving line of credit | (286,000) | (378,000) | |||
Payment of loan fees and deposits | (5,393) | (10) | |||
Debt prepayment fees | (974) | (4,545) | |||
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable | 0 | (439,403) | |||
Distributions paid | (72,658) | (83,182) | |||
Shares repurchased through share repurchase program | 0 | (75,697) | |||
Other, net | (1,405) | (1,333) | |||
Net cash used in financing activities | (283,248) | (346,741) | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (47,314) | 49,297 | |||
Cash, cash equivalents and restricted cash, at beginning of period | 86,335 | 82,349 | $ 82,349 | ||
Cash, cash equivalents and restricted cash, at end of period | 39,021 | 131,646 | 39,021 | 131,646 | 86,335 |
Supplemental cash flow disclosure, including non-cash activities: | |||||
Cash paid for interest, net of interest capitalized | 34,179 | 41,017 | |||
Distributions payable | 36,363 | 38,318 | 36,363 | 38,318 | 36,311 |
Accrued capital expenditures and tenant improvements | 7,550 | 6,089 | |||
Accrued leasing fees and inducements | 761 | 840 | |||
Accrued redevelopment costs | 1,074 | 1,019 | |||
Developments in progress placed in service | 9,355 | 0 | |||
U.S. Treasury securities transferred in connection with defeasance of mortgages payable | 0 | 439,403 | |||
Defeasance of mortgages payable | 0 | 379,435 | |||
Purchase of investment properties (after credits at closing): | |||||
Net investment properties | 0 | (101,307) | |||
Accounts receivable, acquired lease intangibles and other assets | 0 | (7,659) | |||
Accounts payable, acquired lease intangibles and other liabilities | 0 | 7,008 | |||
Deferred gain | 0 | 2,524 | |||
Purchase of investment properties (after credits at closing) | 0 | (99,434) | |||
Proceeds from sales of investment properties: | |||||
Net investment properties | 148,448 | 245,853 | |||
Accounts receivable, acquired lease intangibles and other assets | 10,999 | 8,280 | |||
Accounts payable, acquired lease intangibles and other liabilities | (6,841) | (6,253) | |||
Deferred gain | 0 | (676) | |||
Gain on sales of investment properties | 34,519 | 157,792 | |||
Proceeds from sales of investment properties | 187,125 | 404,996 | |||
Reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets to such amounts shown in the Company’s condensed consolidated statements of cash flows: | |||||
Cash and cash equivalents, at beginning of period | 25,185 | 53,119 | 53,119 | ||
Restricted cash, at beginning of period (included in “Other assets, net”) | 61,150 | 29,230 | 29,230 | ||
Cash, cash equivalents and restricted cash, at beginning of period | 86,335 | 82,349 | 82,349 | ||
Cash and cash equivalents, at end of period | 29,125 | 28,003 | 29,125 | 28,003 | 25,185 |
Restricted cash, at end of period (included in “Other assets, net”) | 9,896 | 103,643 | 9,896 | 103,643 | 61,150 |
Cash, cash equivalents and restricted cash, at end of period | $ 39,021 | $ 131,646 | $ 39,021 | $ 131,646 | $ 86,335 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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 open-air shopping centers, including properties with a mixed-use component. As of June 30, 2018 , the Company owned 105 retail operating properties in the United States. The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly-owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by the TRS did not have a material impact on the Company’s accompanying condensed consolidated financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to useful lives of assets, capitalization of development costs, fair value measurements, provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), provision for income taxes, recoverable amounts of receivables, deferred taxes and initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from these estimates. All share amounts and dollar amounts in this Quarterly Report on Form 10-Q, including the condensed consolidated financial statements and notes thereto, are stated in thousands with the exception of per share amounts and per square foot amounts. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly-owned subsidiaries generally consist of limited liability companies, limited partnerships and statutory trusts. The Company’s property ownership as of June 30, 2018 is summarized below: Property Count Retail operating properties 105 Redevelopment projects: Reisterstown Road Plaza 1 Circle East – redevelopment portion (a) — Carillon (b) 1 Total number of wholly-owned properties 107 (a) This portion of the property was formerly known as Towson Circle and the operating portion, which was formerly known as Towson Square, is included within the property count for retail operating properties. (b) The Company has begun activities in anticipation of future redevelopment of this property, which was formerly known as Boulevard at the Capital Centre. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Refer to the Company’s 2017 Annual Report on Form 10-K for a summary of its significant accounting policies. Except as disclosed below, there have been no changes to the Company’s significant accounting policies in the six months ended June 30, 2018 . Recently Adopted Accounting Pronouncements Effective January 1, 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , on a modified retrospective basis. This new guidance replaces existing revenue recognition standards. The core principle of this standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Substantially all of the Company’s revenue follows the existing leasing guidance and is not impacted by the adoption of this standard, however, the sale of investment property is required to follow the new guidance as well as ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets discussed below. The sale of investment property is reported as “gain on sales of investment properties” in the accompanying condensed consolidated statements of operations and other comprehensive income (loss) and further discussed in Note 4 – Dispositions. The adoption of ASU 2014-09, Revenue from Contracts with Customers , did not have a material effect on the Company’s condensed consolidated financial statements as substantially all of its revenue falls outside of the scope of this guidance. Effective January 1, 2018, the Company adopted ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets , on a modified retrospective basis. This new pronouncement, which adds guidance for partial sales of nonfinancial assets and clarifies the scope of Subtopic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , applies to the derecognition of all nonfinancial assets (including real estate) for which the counterparty is not a customer. The sale of investment property is reported as “gain on sales of investment properties” in the accompanying condensed consolidated statements of operations and other comprehensive income (loss) and further discussed in Note 4 – Dispositions. The adoption of this pronouncement did not have a material effect on the Company’s condensed consolidated financial statements as the adoption of the new guidance did not result in a change to the timing or amount of gain recognized upon disposition as compared to the previous guidance. Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments – Overall , on a prospective basis. This new guidance requires companies to disclose the fair value of financial assets and financial liabilities measured at amortized cost in accordance with the exit price notion, which is consistent with the Company’s existing practices, and no longer requires disclosure of the methods and significant assumptions used, including any changes, to estimate fair value. In addition, companies are required to disclose all financial assets and financial liabilities grouped by (i) measurement category and (ii) form of financial instrument. The adoption of this pronouncement did not have a material effect on the Company’s condensed consolidated financial statements. The Company elected to early adopt ASU 2017-12, Derivatives and Hedging , as of January 1, 2018. This new guidance amends the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in an entity’s financial statements. It also eliminates the requirement to separately measure and report hedge ineffectiveness. Entities are now required to present the earnings effect of the hedging instrument in the same income statement line item in which they report the earnings effect of the hedged item. In addition, entities may perform the initial quantitative assessment of hedge effectiveness at any time after hedge designation, but no later than the first quarterly effectiveness testing date, and subsequent assessments of hedge effectiveness may be performed qualitatively unless facts and circumstances change. Disclosure requirements have been modified to include a tabular disclosure related to the effect of hedging instruments on the income statement and the requirement to disclose the ineffective portion of the change in fair value of such instruments has been eliminated. The adoption of this pronouncement resulted in a cumulative effect adjustment of $12 to accumulated other comprehensive income and accumulated distributions in excess of earnings related to eliminating the separate measurement of ineffectiveness. The amended presentation and disclosure guidance is required only prospectively. Recently Issued Accounting Pronouncements In June 2018, the Securities and Exchange Commission issued a final rule, Inline XBRL Filing of Tagged Data , which will require the use of the Inline eXtensible Business Reporting Language (XBRL) format for the submission of operating company financial statement information. In addition, the final rule will eliminate the requirement for operating companies to post “Interactive Data Files” (i.e., machine-readable computer code that presents information in XBRL format) on their websites. Large accelerated filers that prepare their financial statements in accordance with GAAP will be subject to Inline XBRL requirements beginning with the fiscal period ending on or after June 15, 2019. The Company expects to use Inline XBRL starting with its Form 10-Q for the quarter ending June 30, 2019. In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases . This new guidance is effective January 1, 2019, with early adoption permitted. The pronouncement will require lessees to recognize a liability to make lease payments and a right-of-use (ROU) 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. The guidance allows lessors to make an accounting policy election, by class of underlying asset, to not separate non-lease components from lease components, if certain requirements are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary. Upon adoption, the Company will recognize a lease liability and an ROU asset for operating leases where it is the lessee, such as ground leases and office leases. The Company is in the process of evaluating the inputs required to calculate the amounts that will be recorded on its balance sheet for each lease. For leases with a term of 12 months or less, the Company expects to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. For leases where it is the lessor, the Company expects that accounting for lease components will be largely unchanged from existing GAAP and to elect the practical expedient to not separate non-lease components from lease components. Only incremental direct leasing costs may be capitalized under the new guidance, which is consistent with the Company’s existing policies. The Company expects to adopt this new guidance on January 1, 2019 and apply the requirements as of that date. The Company will continue to evaluate the impact of this guidance until it becomes effective, but the Company does not expect the guidance regarding capitalization of leasing costs will have any effect on its condensed consolidated financial statements. 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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The Company did not acquire any properties during the six months ended June 30, 2018. The Company closed on the following acquisitions during the six months ended June 30, 2017: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 13, 2017 Main Street Promenade (a) Chicago Multi-tenant retail 181,600 $ 88,000 January 25, 2017 Carillon – Fee Interest Washington, D.C. Fee interest (b) — 2,000 February 24, 2017 One Loudoun Downtown – Phase II Washington, D.C. Additional phase of multi-tenant retail (c) 15,900 4,128 April 5, 2017 One Loudoun Downtown – Phase III Washington, D.C. Additional phase of multi-tenant retail (c) 9,800 2,193 May 16, 2017 One Loudoun Downtown – Phase IV Washington, D.C. Development rights (c) — 3,500 207,300 $ 99,821 (d) (a) This property was acquired through two consolidated VIEs and was used to facilitate an Internal Revenue Code Section 1031 tax-deferred exchange (1031 Exchange). (b) The wholly-owned multi-tenant retail operating property formerly known as Boulevard at the Capital Centre, which is located in Largo, Maryland, was previously subject to an approximately 70 acre long-term ground lease with a third party. The Company completed a transaction whereby it received the fee interest in approximately 50 acres of the underlying land in exchange for which (i) the Company paid $1,939 and (ii) the term of the ground lease with respect to the remaining approximately 20 acres was shortened to nine months . The Company derecognized building and improvements of $11,347 related to the remaining ground lease, recognized the fair value of land received of $15,200 and recorded a deferred gain of $2,524 as of June 30, 2017, which was recognized during the three months ended December 31, 2017 upon the expiration of the ground lease on approximately 20 acres. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) The Company acquired three additional phases, including the development rights for an additional 123 residential units for a total of 408 units, at its One Loudoun Downtown multi-tenant retail operating property, which were accounted for as asset acquisitions. The total number of properties in the Company’s portfolio was not affected by these transactions. (d) Acquisition price does not include capitalized closing costs and adjustments totaling $2,334 . The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2017 Land $ 23,559 Building and other improvements, net 77,748 Acquired lease intangible assets (a) 7,343 Acquired lease intangible liabilities (b) (5,477 ) Other liabilities (1,076 ) Net assets acquired $ 102,097 (a) The weighted average amortization period for acquired lease intangible assets is six years for acquisitions completed during the six months ended June 30, 2017 . (b) The weighted average amortization period for acquired lease intangible liabilities is 13 years for acquisitions completed during the six months ended June 30, 2017 . 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. All of the acquisitions completed during 2017 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing. Variable Interest Entities During the six months ended June 30, 2017 , the Company entered into an agreement with a qualified intermediary related to a 1031 Exchange. The Company loaned $87,452 to the VIEs to acquire Main Street Promenade on January 13, 2017. The 1031 Exchange was completed during the year ended December 31, 2017 and, in accordance with applicable provisions of the Code, within 180 days after the acquisition date of the property. At the completion of the 1031 Exchange, the sole membership interests of the VIEs were assigned to the Company in satisfaction of the outstanding loan, resulting in the entities being wholly owned by the Company and no longer considered VIEs. Prior to the completion of the 1031 Exchange, the Company was deemed to be the primary beneficiary of each VIE as it had the ability to direct the activities of the VIEs that most significantly impact 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 interest. The assets of the VIEs consisted of the investment property, Main Street Promenade, which was operated by the Company. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers and ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets on a modified retrospective basis. The dispositions completed during the six months ended June 30, 2018 were not considered to be contracts with customers as defined in ASU 2014-09, Revenue from Contracts with Customers , as they are not considered an output of the Company’s ordinary business activities. Rather, the dispositions follow the new guidance of ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets . The adoption on a modified retrospective basis requires the guidance and related disclosure requirements of ASU 2017-05 to be followed for contracts related to the sale of investment properties completed during the six months ended June 30, 2018 . Disclosures related to periods prior to January 1, 2018 for the sale of investment properties are not impacted by the adoption. Under the new guidance, derecognition of nonfinancial assets and in substance nonfinancial assets, including real estate, and the related gains on sale of investment properties are recognized when (i) the parties to the sale contract have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the property transferred; (iii) the Company can identify the payment terms for the property transferred; (iv) the contract has commercial substance (that is, the risk, timing or amount of the entity’s future cash flows is expected to change as a result of the contract); and (v) the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. The Company closed on the following dispositions during the six months ended June 30, 2018: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 19, 2018 Crown Theater Single-user retail 74,200 $ 6,900 $ 6,350 $ 2,952 February 15, 2018 Cranberry Square Multi-tenant retail 195,200 23,500 23,163 10,174 March 7, 2018 Rite Aid Store (Eckerd)–Crossville, TN Single-user retail 13,800 1,800 1,768 157 March 20, 2018 Home Depot Plaza (b) Multi-tenant retail 135,600 16,250 15,873 — March 21, 2018 Governor's Marketplace Multi-tenant retail 243,100 23,500 20,993 7,429 March 28, 2018 Stony Creek I & Stony Creek II (c) Multi-tenant retail 204,800 32,800 32,078 11,628 April 19, 2018 CVS Pharmacy – Lawton, OK Single-user retail 10,900 1,600 1,596 — May 31, 2018 Schaumburg Towers Office 895,400 86,600 73,315 — 1,773,000 $ 192,950 $ 175,136 $ 32,340 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $169 of condemnation proceeds, which did not result in any additional gain recognition. (b) The Company repaid a $10,750 mortgage payable in conjunction with the disposition of the property. (c) The terms of the disposition of Stony Creek I and Stony Creek II were negotiated as a single transaction. During the six months ended June 30, 2018, the Company also received net proceeds of $11,820 and recognized a gain of $2,179 in connection with the sale of air rights at the redevelopment portion of Circle East. The aggregate proceeds, net of closing costs, from the property dispositions and other transactions during the six months ended June 30, 2018 totaled $187,125 , with aggregate gains of $34,519 . Subsequent to June 30, 2018 , the Company closed on the first phase of the sale of a land parcel, which included rights to develop eight residential units, at One Loudoun Downtown, a multi-tenant retail operating property located in Ashburn, Virginia, for a sales price of $1,800 . The sale of land will occur in three phases and will include the rights to develop a total of 30 residential units for a total sales price of $6,800 . The Company closed on the following dispositions during the six months ended June 30, 2017: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 27, 2017 Rite Aid Store (Eckerd), Culver Rd. – Rochester, NY Single-user retail 10,900 $ 500 $ 332 $ — February 21, 2017 Shoppes at Park West Multi-tenant retail 63,900 15,383 15,261 7,569 March 7, 2017 CVS Pharmacy – Sylacauga, AL (b) Single-user retail 10,100 3,700 3,348 1,651 March 8, 2017 Rite Aid Store (Eckerd) – Kill Devil Hills, NC Single-user retail 13,800 4,297 4,134 1,857 March 15, 2017 Century III Plaza – Home Depot (c) Single-user parcel 131,900 17,519 17,344 4,487 March 16, 2017 Village Shoppes at Gainesville Multi-tenant retail 229,500 41,750 41,380 14,107 March 24, 2017 Northwood Crossing (b) Multi-tenant retail 160,000 22,850 22,723 10,007 April 4, 2017 University Town Center (b) Multi-tenant retail 57,500 14,700 14,590 9,128 April 4, 2017 Edgemont Town Center (b) Multi-tenant retail 77,700 19,025 18,857 8,995 April 4, 2017 Phenix Crossing (b) Multi-tenant retail 56,600 12,400 12,296 5,699 April 27, 2017 Brown’s Lane Multi-tenant retail 74,700 10,575 10,318 3,408 May 9, 2017 Rite Aid Store (Eckerd) – Greer, SC Single-user retail 13,800 3,050 2,961 830 May 9, 2017 Evans Town Centre Multi-tenant retail 75,700 11,825 11,419 5,226 May 25, 2017 Red Bug Village Multi-tenant retail 26,200 8,100 7,767 2,184 May 26, 2017 Wilton Square Multi-tenant retail 438,100 49,300 48,503 19,630 May 30, 2017 Town Square Plaza Multi-tenant retail 215,600 28,600 26,459 3,412 May 31, 2017 Cuyahoga Falls Market Center Multi-tenant retail 76,400 11,500 11,101 1,300 June 5, 2017 Plaza Santa Fe II Multi-tenant retail 224,200 35,220 33,506 16,136 June 6, 2017 Rite Aid Store (Eckerd) – Columbia, SC Single-user retail 13,400 3,250 3,163 1,046 June 16, 2017 Fox Creek Village Multi-tenant retail 107,500 24,825 24,415 12,470 June 29, 2017 Cottage Plaza Multi-tenant retail 85,500 23,050 22,685 8,039 June 29, 2017 Magnolia Square Multi-tenant retail 116,000 16,000 15,692 4,866 June 29, 2017 Cinemark Seven Bridges Single-user retail 70,200 15,271 14,948 3,973 June 29, 2017 Low Country Village I & II (b) Multi-tenant retail 139,900 22,075 21,639 10,286 2,489,100 $ 414,765 $ 404,841 $ 156,306 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $150 of condemnation proceeds, which did not result in any additional gain recognition. (b) As of June 30, 2017, the following disposition proceeds were temporarily restricted related to 1031 Exchanges and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets: Property Name Proceeds Temporarily Restricted CVS Pharmacy – Sylacauga, AL $ 3,332 Northwood Crossing 22,719 University Town Center 14,595 Edgemont Town Center 18,885 Phenix Crossing 12,324 Low Country Village I & II 21,706 $ 93,561 (c) The Company disposed of the Home Depot parcel at Century III Plaza, an existing 284,100 square foot multi-tenant retail operating property. The remaining portion of Century III Plaza was classified as held for sale as of June 30, 2017 and was sold on December 15, 2017. During the six months ended June 30, 2017, the Company also received proceeds of $5 and recognized a gain of $1,486 as a result of the receipt of the escrow related to the disposition of Maple Tree Place on August 12, 2016. The aggregate proceeds, net of closing costs, from the property dispositions and other transactions during the six months ended June 30, 2017 totaled $404,996 , with aggregate gains of $157,792 . None of the dispositions completed during the six months ended June 30, 2018 and 2017 qualified for discontinued operations treatment and none are considered individually significant. As of June 30, 2018 , no properties qualified for held for sale accounting treatment. Crown Theater was classified as held for sale as of December 31, 2017 and was sold during the six months ended June 30, 2018 . The following table presents the assets and liabilities associated with the investment property classified as held for sale: December 31, 2017 Assets Land, building and other improvements $ 2,791 Less accumulated depreciation (27 ) Net investment properties 2,764 Other assets 883 Assets associated with investment properties held for sale $ 3,647 Liabilities Other liabilities $ — Liabilities associated with investment properties held for sale $ — |
Equity Compensation Plans
Equity Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | EQUITY COMPENSATION PLANS On May 24, 2018, the Company’s shareholders approved the Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan (Amended 2014 Plan), which amends and restates the Company’s 2014 Long-Term Equity Compensation Plan. The Amended 2014 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 to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management. The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2018 : Unvested Weighted Average Balance as of January 1, 2018 496 $ 14.81 Shares granted (a) 382 $ 12.81 Shares vested (345 ) $ 14.64 Shares forfeited (12 ) $ 13.26 Balance as of June 30, 2018 (b) 521 $ 13.50 (a) Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b) As of June 30, 2018 , total unrecognized compensation expense related to unvested restricted shares was $3,984 , which is expected to be amortized over a weighted average term of 1.4 years . The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the six months ended June 30, 2018 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2018 555 $ 14.60 RSUs granted (a) 291 $ 14.36 Conversion of RSUs to common stock and restricted shares (b) (141 ) $ 14.10 RSUs ineligible for conversion (56 ) $ 15.36 RSUs eligible for future conversion as of June 30, 2018 (c) 649 $ 14.54 (a) Assumptions and inputs as of the grant dates included a weighted average risk-free interest rate of 2.04% , the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00% . Subject to continued employment, in 2021, following the performance period which concludes on December 31, 2020, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. (b) On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that will vest on December 31, 2018, subject to continued employment through such date, after applying a conversion rate of 76% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies, for the performance period that concluded on December 31, 2017. An additional 16 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (c) As of June 30, 2018 , total unrecognized compensation expense related to unvested RSUs was $5,683 , which is expected to be amortized over a weighted average term of 2.7 years . During the three months ended June 30, 2018 and 2017 , the Company recorded compensation expense of $1,596 and $1,756 , respectively, related to the amortization of unvested restricted shares and RSUs. During the six months ended June 30, 2018 and 2017 , the Company recorded compensation expense of $3,729 and $3,549 , respectively, related to the amortization of unvested restricted shares and RSUs. Included within the amortization of stock-based compensation expense recorded during the six months ended June 30, 2018 is compensation expense of $330 related to the accelerated vesting of 23 restricted shares and remaining amortization related to the 29 RSUs that remain eligible for future conversion in conjunction with the departure of the Company’s former Executive Vice President, General Counsel and Secretary. The total fair value of restricted shares vested during the six months ended June 30, 2018 was $4,195 . Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of June 30, 2018 , options to purchase 38 shares of common stock remained outstanding and exercisable. The Company did not grant any options in 2018 or 2017 and did not record any compensation expense related to stock options during the six months ended June 30, 2018 and 2017 . |
Mortgages Payable
Mortgages Payable | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | MORTGAGES PAYABLE The following table summarizes the Company’s mortgages payable: June 30, 2018 December 31, 2017 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) $ 274,420 5.00 % 4.6 $ 287,238 4.99 % 5.2 Premium, net of accumulated amortization 900 1,024 Discount, net of accumulated amortization (558 ) (579 ) Capitalized loan fees, net of accumulated amortization (495 ) (615 ) Mortgages payable, net $ 274,267 $ 287,068 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% as of June 30, 2018 and December 31, 2017 . During the six months ended June 30, 2018 , the Company repaid a $10,750 mortgage payable, which had a fixed interest rate of 4.82% , in conjunction with the disposition of the related property and made scheduled principal payments of $2,068 related to amortizing loans. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2018 for the remainder of 2018 , each of the next four years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any debt activity that occurred after June 30, 2018 . 2018 2019 2020 2021 2022 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 2,098 $ 25,257 $ 3,923 $ 22,820 $ 157,216 $ 63,106 $ 274,420 Fixed rate term loans (b) — — — 250,000 — 200,000 450,000 Unsecured notes payable (c) — — — 100,000 — 600,000 700,000 Total fixed rate debt 2,098 25,257 3,923 372,820 157,216 863,106 1,424,420 Variable rate debt: Variable rate revolving line of credit — — — — 126,000 — 126,000 Total debt (d) $ 2,098 $ 25,257 $ 3,923 $ 372,820 $ 283,216 $ 863,106 $ 1,550,420 Weighted average interest rate on debt: Fixed rate debt 5.09 % 7.29 % 4.62 % 3.56 % 5.00 % 3.91 % 4.00 % Variable rate debt (e) — — — — 3.14 % — 3.14 % Total 5.09 % 7.29 % 4.62 % 3.56 % 4.17 % 3.91 % 3.93 % (a) Excludes mortgage premium of $900 and discount of $(558) , net of accumulated amortization, as of June 30, 2018 . (b) $250,000 of London Interbank Offered Rate (LIBOR)-based variable rate debt has been swapped to a fixed rate through three interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a fixed rate of 2.00% through January 5, 2021. In addition, $200,000 of 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 fixed rate of 1.26% through November 22, 2018. (c) Excludes discount of $(793) , net of accumulated amortization, as of June 30, 2018 . (d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of June 30, 2018 . Total debt excludes capitalized loan fees of $(6,064) , net of accumulated amortization, as of June 30, 2018 , which are included as a reduction to the respective debt balances. (e) Represents interest rates as of June 30, 2018 . The Company plans on addressing its debt maturities through a combination of cash flows generated from operations, working capital, capital markets transactions and its unsecured revolving line of credit. |
Unsecured Notes Payable
Unsecured Notes Payable | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Unsecured Notes Payable | UNSECURED NOTES PAYABLE The following table summarizes the Company’s unsecured notes payable: June 30, 2018 December 31, 2017 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Balance Interest Rate/ Weighted Average Interest Rate Senior notes – 4.12% 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 % 100,000 4.08 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % 700,000 4.19 % 700,000 4.19 % Discount, net of accumulated amortization (793 ) (853 ) Capitalized loan fees, net of accumulated amortization (3,152 ) (3,399 ) Total $ 696,055 $ 695,748 Notes Due 2026 and 2028 The note purchase agreement governing the 4.08% senior unsecured notes due 2026 and the 4.24% senior unsecured notes due 2028 (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) 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 described below); and (iv) a fixed charge coverage ratio (as set forth in the Company’s unsecured credit facility). Notes Due 2025 The indenture, as supplemented (the Indenture), governing the 4.00% senior unsecured notes due 2025 (Notes Due 2025) 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 The note purchase agreement governing the 4.12% senior unsecured notes due 2021 and the 4.58% senior unsecured notes due 2024 (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 unsecured credit facility, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage and unencumbered interest coverage ratios; and (iii) a minimum consolidated net worth. As of June 30, 2018 , 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 | 6 Months Ended |
Jun. 30, 2018 | |
Line of Credit Facility [Abstract] | |
Unsecured Term Loans and Revolving Line of Credit | UNSECURED TERM LOANS AND REVOLVING LINE OF CREDIT The following table summarizes the Company’s term loans and revolving line of credit: June 30, 2018 December 31, 2017 Maturity Date Balance Interest Rate Balance Interest Unsecured credit facility term loan due 2021 – fixed rate (a) January 5, 2021 $ 250,000 3.20 % $ 250,000 3.30 % Unsecured credit facility term loan due 2018 – variable rate May 11, 2018 — — % 100,000 2.93 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 2.96 % 200,000 2.96 % Subtotal 450,000 550,000 Capitalized loan fees, net of accumulated amortization (2,417 ) (2,730 ) Term loans, net $ 447,583 $ 547,270 Unsecured credit facility revolving line of credit – variable rate (c) April 22, 2022 $ 126,000 3.14 % $ 216,000 2.92 % (a) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021. As of June 30, 2018 , the leverage grid ranged from 1.20% to 1.70% and the applicable credit spread was 1.20% . As of December 31, 2017 , the leverage grid ranged from 1.30% to 2.20% and the applicable credit spread was 1.30% . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.26% plus a credit spread based on a leverage grid ranging from 1.70% to 2.55% through November 22, 2018. The applicable credit spread was 1.70% as of June 30, 2018 and December 31, 2017 . (c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Unsecured Credit Facility On April 23, 2018, the Company entered into its fifth amended and restated unsecured credit agreement (Unsecured Credit Agreement) with a syndicate of financial institutions led by Wells Fargo Bank, National Association serving as syndication agent and KeyBank National Association serving as administrative agent to provide for an unsecured credit facility aggregating $1,100,000 (Unsecured Credit Facility). The Unsecured Credit Facility consists of an $850,000 unsecured revolving line of credit and a $250,000 unsecured term loan and is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the Unsecured Credit Agreement, the Company may elect to convert to an investment grade pricing grid. As of June 30, 2018 , 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 Unsecured Credit Facility: Leverage-Based Pricing Investment Grade Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $250,000 unsecured term loan 1/5/2021 N/A N/A 1.20% - 1.70% N/A 0.90% - 1.75% N/A $850,000 unsecured revolving line of credit 4/22/2022 2 six month 0.075% 1.05% - 1.50% 0.15% - 0.30% 0.825%-1.55% 0.125% - 0.30% The Unsecured Credit Facility has a $500,000 accordion option that allows the Company, at its election, to increase the total Unsecured 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 Unsecured Credit Agreement and (ii) the Company’s ability to obtain additional lender commitments. The 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. The Company previously had a $1,200,000 unsecured credit facility that consisted of the following: (i) a $750,000 unsecured revolving line of credit that bore interest at a rate of LIBOR plus a credit spread ranging from 1.35% to 2.25% and was scheduled to mature on January 5, 2020; (ii) a $250,000 unsecured term loan that bore interest at a rate of LIBOR plus a credit spread ranging from 1.30% to 2.20% and was scheduled to mature on January 5, 2021; and (iii) a $200,000 unsecured term loan that bore interest at a rate of LIBOR plus a credit spread ranging from 1.45% to 2.20% and was scheduled to mature on May 11, 2018. During the year ended December 31, 2017, the Company repaid $100,000 of the unsecured term loan due 2018 and in conjunction with the execution of the Unsecured Credit Agreement in 2018, the Company repaid the remaining $100,000 balance of the unsecured term loan due 2018. Term Loan Due 2023 On January 3, 2017, the Company received funding on a seven -year $200,000 unsecured term loan (Term Loan Due 2023) with a group of financial institutions, which closed during the year ended December 31, 2016. The Term Loan Due 2023 is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the term loan agreement (Term Loan Agreement), the Company may elect to convert to an investment grade pricing grid. As of June 30, 2018 , 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 Term Loan Due 2023: Term Loan Due 2023 Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan 11/22/2023 1.70% – 2.55% 1.50% – 2.45% The Term Loan Due 2023 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 June 30, 2018 , management believes the Company was in compliance with the financial covenants and default provisions under the Term Loan Agreement. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES The Company elected to early adopt ASU 2017-12, Derivatives and Hedging , as of January 1, 2018. The adoption eliminated the requirement to separately measure and report hedge ineffectiveness. The Company is now required to present the earnings effect of its hedging instruments in the same income statement line item in which it reports the earnings effect of the hedged items. Disclosures related to periods prior to January 1, 2018 are not impacted by the adoption. 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. As of June 30, 2018 , the Company used five interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and that qualify as cash flow hedges are recorded in “Accumulated other comprehensive income” and are 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 $1,690 will be reclassified as a decrease to interest expense. Prior to January 1, 2018, only the effective portion of changes in fair value of the derivatives that were designated and that qualified as cash flow hedges was recorded in “Accumulated other comprehensive income” and the ineffective portion of the change in fair value of the derivatives was recognized directly in earnings. The following table summarizes the Company’s interest rate swaps as of June 30, 2018 , which effectively convert one-month floating rate LIBOR to a fixed rate: Effective Date Notional Fixed Interest Rate Maturity Date January 3, 2017 $ 100,000 1.26 % November 22, 2018 January 3, 2017 $ 100,000 1.26 % November 22, 2018 December 29, 2017 $ 100,000 2.00 % January 5, 2021 December 29, 2017 $ 100,000 2.00 % January 5, 2021 December 29, 2017 $ 50,000 2.00 % January 5, 2021 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Interest rate swaps 5 5 $ 450,000 $ 450,000 The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other assets, net” in the condensed consolidated balance sheets. The valuation techniques used are described in Note 13 to the condensed consolidated financial statements. Fair Value June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Interest rate swaps $ 4,699 $ 1,086 The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Other Comprehensive Income on Derivative Location of Gain Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Gain Reclassified from AOCI into Income Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate swaps $ (1,138 ) $ (3,805 ) Interest expense $ (279 ) $ (192 ) $ 16,817 $ 35,582 The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2017 : Derivatives in Cash Flow Hedging Relationships Amount of Loss (Gain) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of (Gain) Loss Reclassified from AOCI into Income (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Interest rate swaps $ 59 $ (413 ) Interest expense $ (86 ) $ 74 Other income, net $ 5 $ 11 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | EQUITY In December 2015, the Company entered into an at-the-market (ATM) equity program under which it may issue and sell shares of its Class A common stock, having an aggregate offering price of up to $250,000 , from time to time. 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 revolving line of credit. The Company did not sell any shares under its ATM equity program during the six months ended June 30, 2018 and 2017 . As of June 30, 2018 , the Company had Class A common shares having an aggregate offering price of up to $250,000 remaining available for sale under its ATM equity program. In December 2015, the Company’s board of directors authorized a common stock repurchase program under which the Company may repurchase, from time to time, up to a maximum of $250,000 of shares of its Class A common stock. In December 2017, the Company’s board of directors authorized a $250,000 increase to the common stock repurchase program. 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 six months ended June 30, 2018 . During the three and six months ended June 30, 2017 , the Company repurchased 6,024 shares at an average price per share of $12.55 for a total of $75,697 . As of June 30, 2018 , $264,057 remained available for repurchases under the common stock repurchase program. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Income (loss) from continuing operations $ 10,882 $ (1,865 ) $ 18,143 $ (52,129 ) Gain on sales of investment properties — 116,628 34,519 157,792 Preferred stock dividends — (2,363 ) — (4,725 ) Net income attributable to common shareholders 10,882 112,400 52,662 100,938 Earnings allocated to unvested restricted shares (90 ) (88 ) (172 ) (178 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 10,792 $ 112,312 $ 52,490 $ 100,760 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 218,982 (a) 234,243 (b) 218,915 (a) 235,269 (b) Effect of dilutive securities: Stock options — (c) 1 (c) — (c) 1 (c) RSUs 428 (d) 574 (e) 491 (d) 572 (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 219,410 234,818 219,406 235,842 (a) Excludes 521 shares of unvested restricted common stock as of June 30, 2018 , which equate to 529 and 551 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2018 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 556 shares of unvested restricted common stock as of June 30, 2017 , which equate to 536 and 550 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2017 . These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) There were outstanding options to purchase 38 and 41 shares of common stock as of June 30, 2018 and 2017 , respectively, at a weighted average exercise price of $18.85 and $19.25 , respectively. Of these totals, outstanding options to purchase 32 and 35 shares of common stock as of June 30, 2018 and 2017 , respectively, at a weighted average exercise price of $20.19 and $20.55 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d) As of June 30, 2018 , there were 649 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 649 and 667 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 2018 . These contingently issuable shares are a component of calculating diluted EPS. (e) As of June 30, 2017 , there were 644 RSUs eligible for future conversion upon completion of the performance periods, which equate to 644 and 641 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 2017 . These contingently issuable shares are a component of calculating diluted EPS. |
Provision for Impairment of Inv
Provision for Impairment of Investment Properties | 6 Months Ended |
Jun. 30, 2018 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Provision for Impairment of Investment Properties | PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of June 30, 2018 and 2017 , the Company identified indicators of impairment at certain of its properties. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of June 30, 2018 and 2017 : June 30, 2018 June 30, 2017 Number of properties for which indicators of impairment were identified 2 7 (a) Less: number of properties for which an impairment charge was recorded — 2 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 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 2 3 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b) 38 % 11 % (a) Includes five properties which have subsequently been sold as of June 30, 2018 . (b) 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 six months ended June 30, 2018 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Schaumburg Towers (a) Office Various 895,400 $ 1,116 CVS Pharmacy – Lawton, OK (b) Single-user retail March 31, 2018 10,900 200 $ 1,316 Estimated fair value of impaired properties as of impairment date $ 76,871 (a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time 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. The property was sold on April 19, 2018. The Company recorded the following investment property impairment charges during the six months ended June 30, 2017 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Century III Plaza, excluding the Home Depot parcel (a) Multi-tenant retail June 30, 2017 152,200 $ 3,076 Lakepointe Towne Center (b) Multi-tenant retail June 30, 2017 196,600 9,958 $ 13,034 Estimated fair value of impaired properties as of impairment date $ 22,500 (a) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. This property was classified as held for sale as of June 30, 2017 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017. (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, 2017 and was sold on August 4, 2017. The Company provides no assurance that material impairment charges with respect to its investment properties will not occur in future periods. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ 4,699 $ 4,699 $ 1,086 $ 1,086 Financial liabilities: Mortgages payable, net $ 274,267 $ 279,680 $ 287,068 $ 298,635 Unsecured notes payable, net $ 696,055 $ 670,042 $ 695,748 $ 693,823 Unsecured term loans, net $ 447,583 $ 455,242 $ 547,270 $ 552,555 Unsecured revolving line of credit $ 126,000 $ 126,000 $ 216,000 $ 216,222 The carrying value of the derivative asset is included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Recurring Fair Value Measurements The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2018 Derivative asset $ — $ 4,699 $ — $ 4,699 December 31, 2017 Derivative asset $ — $ 1,086 $ — $ 1,086 Derivative asset: The fair value of the derivative asset is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis uses 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 use Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2018 and December 31, 2017 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 9 to the condensed consolidated financial statements. Nonrecurring Fair Value Measurements The Company did not remeasure any assets to fair value on a nonrecurring basis as of June 30, 2018. The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2017 , 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 as a result of impairment charges recorded during the year ended December 31, 2017 , except for those properties sold prior to December 31, 2017 . 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, 2017 Investment properties $ — $ 74,250 (b) $ — $ 74,250 $ 50,077 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2017 . (b) Represents the fair value of the Company’s Schaumburg Towers and Home Depot Plaza investment properties. The estimated fair value of Schaumburg Towers was based on an expected sales price of $87,600 from a bona fide purchase offer, determined to be a Level 2 input, which contemplates historically deferred maintenance and capital requirements. The estimated fair value of $58,000 as of September 30, 2017, the date the asset was measured at fair value, reflects (i) capital expenditures expected to be incurred by the Company prior to sale and (ii) tenant-related costs expected to be credited to the buyer at close. The estimated fair value of Home Depot Plaza of $16,250 as of December 31, 2017, the date the asset was measured at fair value, was based upon the expected sales price for an executed sales contract and determined to be a Level 2 input. Fair Value Disclosures The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2018 Mortgages payable, net $ — $ — $ 279,680 $ 279,680 Unsecured notes payable, net $ 234,853 $ — $ 435,189 $ 670,042 Unsecured term loans, net $ — $ — $ 455,242 $ 455,242 Unsecured revolving line of credit $ — $ — $ 126,000 $ 126,000 December 31, 2017 Mortgages payable, net $ — $ — $ 298,635 $ 298,635 Unsecured notes payable, net $ 243,183 $ — $ 450,640 $ 693,823 Unsecured term loans, net $ — $ — $ 552,555 $ 552,555 Unsecured revolving line of credit $ — $ — $ 216,222 $ 216,222 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 3.9% to 4.5% and 3.5% to 4.2% as of June 30, 2018 and December 31, 2017 , respectively. Unsecured notes payable, net: The quoted market price as of June 30, 2018 was used to value the Notes Due 2025. The Company estimates the fair value of its Notes Due 2021 and 2024 and Notes Due 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 4.90% and 4.28% as of June 30, 2018 and December 31, 2017 , respectively. Unsecured term loans, net: The Company estimates the fair value of its unsecured term loans, net by discounting the anticipated future cash flows related to the credit spreads at rates currently offered to the Company by its lenders for similar instruments of comparable maturities. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The weighted average rates used to discount the credit spreads were 1.20% and 1.33% as of June 30, 2018 and December 31, 2017 , respectively. Unsecured revolving line of credit: The Company estimates the fair value of its unsecured revolving line of credit by discounting the anticipated future cash flows related to the credit spreads at rates currently offered to the Company by its lenders for similar facilities of comparable maturity. The rates used are not directly observable in the marketplace and judgment is used in determining the appropriate rates. The rates used to discount the credit spreads were 1.05% and 1.30% as of June 30, 2018 and December 31, 2017 , respectively. There were no transfers between the levels of the fair value hierarchy during the six months ended June 30, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES As of June 30, 2018 , the Company had a letter of credit outstanding in the amount of $143 which serves as collateral for certain capital improvements at one of its properties and reduces the available borrowings on its unsecured revolving line of credit. As of June 30, 2018 , the Company had active redevelopments at Reisterstown Road Plaza located in Baltimore, Maryland and Circle East located in Towson, Maryland. The Company estimates that it will incur net costs of approximately $9,500 to $10,500 related to the Reisterstown Road Plaza redevelopment and approximately $33,000 to $35,000 related to the Circle East redevelopment. As of June 30, 2018 , the Company has incurred $8,690 related to Reisterstown Road Plaza and $7,180 , net of proceeds of $11,820 from the sale of air rights, related to the redevelopment portion of Circle East. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2018 | |
Litigation Disclosure [Abstract] | |
Legal Matters and Contingencies | LITIGATION The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the Company’s condensed consolidated financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to June 30, 2018 , the Company: • closed on the first phase of the sale of a land parcel, which included rights to develop eight residential units, at One Loudoun Downtown, a multi-tenant retail operating property located in Ashburn, Virginia, for a sales price of $1,800 . The sale of land will occur in three phases and will include the rights to develop a total of 30 residential units for a total sales price of $6,800 ; • entered into a development joint venture agreement for the expansion of pads G and H at One Loudoun Downtown. The project encompasses the construction of 378 residential units and up to 80,000 square feet of commercial space. The joint venture facilitates the construction and management of the residential units and construction of a portion of the commercial space, which will be delivered to the Company once complete; and • declared the cash dividend for the third quarter of 2018 of $0.165625 per share on its outstanding Class A common stock, which will be paid on October 10, 2018 to Class A common shareholders of record at the close of business on September 25, 2018. On July 23, 2018, the Executive Compensation Committee (the Committee) of the Company’s Board of Directors approved the adoption of the Senior Executive Cash Incentive Bonus Plan (Incentive Plan), which is the general plan under which the Company will award annual cash incentive compensation to its executive officers. Under the Incentive Plan, the Committee may select key executives to be eligible to receive cash bonuses based on the attainment of established corporate and/or individual performance goals, which will be measured at the end of each performance period. The Incentive Plan also allows for the establishment of additional bonus opportunities that are higher or lower than the target bonus opportunity and for discretionary bonus payments. Bonus payments under the Incentive Plan will be conditioned upon the executive’s continued employment through the payment date, unless otherwise provided or agreed upon. The Incentive Plan may be amended or terminated at any time. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2018, the Securities and Exchange Commission issued a final rule, Inline XBRL Filing of Tagged Data , which will require the use of the Inline eXtensible Business Reporting Language (XBRL) format for the submission of operating company financial statement information. In addition, the final rule will eliminate the requirement for operating companies to post “Interactive Data Files” (i.e., machine-readable computer code that presents information in XBRL format) on their websites. Large accelerated filers that prepare their financial statements in accordance with GAAP will be subject to Inline XBRL requirements beginning with the fiscal period ending on or after June 15, 2019. The Company expects to use Inline XBRL starting with its Form 10-Q for the quarter ending June 30, 2019. In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases . This new guidance is effective January 1, 2019, with early adoption permitted. The pronouncement will require lessees to recognize a liability to make lease payments and a right-of-use (ROU) 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. The guidance allows lessors to make an accounting policy election, by class of underlying asset, to not separate non-lease components from lease components, if certain requirements are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary. Upon adoption, the Company will recognize a lease liability and an ROU asset for operating leases where it is the lessee, such as ground leases and office leases. The Company is in the process of evaluating the inputs required to calculate the amounts that will be recorded on its balance sheet for each lease. For leases with a term of 12 months or less, the Company expects to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. For leases where it is the lessor, the Company expects that accounting for lease components will be largely unchanged from existing GAAP and to elect the practical expedient to not separate non-lease components from lease components. Only incremental direct leasing costs may be capitalized under the new guidance, which is consistent with the Company’s existing policies. The Company expects to adopt this new guidance on January 1, 2019 and apply the requirements as of that date. The Company will continue to evaluate the impact of this guidance until it becomes effective, but the Company does not expect the guidance regarding capitalization of leasing costs will have any effect on its condensed consolidated financial statements. 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. |
Organization and Basis of Pre25
Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of property ownership | The Company’s property ownership as of June 30, 2018 is summarized below: Property Count Retail operating properties 105 Redevelopment projects: Reisterstown Road Plaza 1 Circle East – redevelopment portion (a) — Carillon (b) 1 Total number of wholly-owned properties 107 (a) This portion of the property was formerly known as Towson Circle and the operating portion, which was formerly known as Towson Square, is included within the property count for retail operating properties. (b) The Company has begun activities in anticipation of future redevelopment of this property, which was formerly known as Boulevard at the Capital Centre. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of acquisitions | The Company closed on the following acquisitions during the six months ended June 30, 2017: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 13, 2017 Main Street Promenade (a) Chicago Multi-tenant retail 181,600 $ 88,000 January 25, 2017 Carillon – Fee Interest Washington, D.C. Fee interest (b) — 2,000 February 24, 2017 One Loudoun Downtown – Phase II Washington, D.C. Additional phase of multi-tenant retail (c) 15,900 4,128 April 5, 2017 One Loudoun Downtown – Phase III Washington, D.C. Additional phase of multi-tenant retail (c) 9,800 2,193 May 16, 2017 One Loudoun Downtown – Phase IV Washington, D.C. Development rights (c) — 3,500 207,300 $ 99,821 (d) (a) This property was acquired through two consolidated VIEs and was used to facilitate an Internal Revenue Code Section 1031 tax-deferred exchange (1031 Exchange). (b) The wholly-owned multi-tenant retail operating property formerly known as Boulevard at the Capital Centre, which is located in Largo, Maryland, was previously subject to an approximately 70 acre long-term ground lease with a third party. The Company completed a transaction whereby it received the fee interest in approximately 50 acres of the underlying land in exchange for which (i) the Company paid $1,939 and (ii) the term of the ground lease with respect to the remaining approximately 20 acres was shortened to nine months . The Company derecognized building and improvements of $11,347 related to the remaining ground lease, recognized the fair value of land received of $15,200 and recorded a deferred gain of $2,524 as of June 30, 2017, which was recognized during the three months ended December 31, 2017 upon the expiration of the ground lease on approximately 20 acres. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) The Company acquired three additional phases, including the development rights for an additional 123 residential units for a total of 408 units, at its One Loudoun Downtown multi-tenant retail operating property, which were accounted for as asset acquisitions. The total number of properties in the Company’s portfolio was not affected by these transactions. (d) Acquisition price does not include capitalized closing costs and adjustments totaling $2,334 . |
Schedule of acquisition date fair values | The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2017 Land $ 23,559 Building and other improvements, net 77,748 Acquired lease intangible assets (a) 7,343 Acquired lease intangible liabilities (b) (5,477 ) Other liabilities (1,076 ) Net assets acquired $ 102,097 (a) The weighted average amortization period for acquired lease intangible assets is six years for acquisitions completed during the six months ended June 30, 2017 . (b) The weighted average amortization period for acquired lease intangible liabilities is 13 years for acquisitions completed during the six months ended June 30, 2017 . |
Dispositions (Tables)
Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property dispositions | The Company closed on the following dispositions during the six months ended June 30, 2017: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 27, 2017 Rite Aid Store (Eckerd), Culver Rd. – Rochester, NY Single-user retail 10,900 $ 500 $ 332 $ — February 21, 2017 Shoppes at Park West Multi-tenant retail 63,900 15,383 15,261 7,569 March 7, 2017 CVS Pharmacy – Sylacauga, AL (b) Single-user retail 10,100 3,700 3,348 1,651 March 8, 2017 Rite Aid Store (Eckerd) – Kill Devil Hills, NC Single-user retail 13,800 4,297 4,134 1,857 March 15, 2017 Century III Plaza – Home Depot (c) Single-user parcel 131,900 17,519 17,344 4,487 March 16, 2017 Village Shoppes at Gainesville Multi-tenant retail 229,500 41,750 41,380 14,107 March 24, 2017 Northwood Crossing (b) Multi-tenant retail 160,000 22,850 22,723 10,007 April 4, 2017 University Town Center (b) Multi-tenant retail 57,500 14,700 14,590 9,128 April 4, 2017 Edgemont Town Center (b) Multi-tenant retail 77,700 19,025 18,857 8,995 April 4, 2017 Phenix Crossing (b) Multi-tenant retail 56,600 12,400 12,296 5,699 April 27, 2017 Brown’s Lane Multi-tenant retail 74,700 10,575 10,318 3,408 May 9, 2017 Rite Aid Store (Eckerd) – Greer, SC Single-user retail 13,800 3,050 2,961 830 May 9, 2017 Evans Town Centre Multi-tenant retail 75,700 11,825 11,419 5,226 May 25, 2017 Red Bug Village Multi-tenant retail 26,200 8,100 7,767 2,184 May 26, 2017 Wilton Square Multi-tenant retail 438,100 49,300 48,503 19,630 May 30, 2017 Town Square Plaza Multi-tenant retail 215,600 28,600 26,459 3,412 May 31, 2017 Cuyahoga Falls Market Center Multi-tenant retail 76,400 11,500 11,101 1,300 June 5, 2017 Plaza Santa Fe II Multi-tenant retail 224,200 35,220 33,506 16,136 June 6, 2017 Rite Aid Store (Eckerd) – Columbia, SC Single-user retail 13,400 3,250 3,163 1,046 June 16, 2017 Fox Creek Village Multi-tenant retail 107,500 24,825 24,415 12,470 June 29, 2017 Cottage Plaza Multi-tenant retail 85,500 23,050 22,685 8,039 June 29, 2017 Magnolia Square Multi-tenant retail 116,000 16,000 15,692 4,866 June 29, 2017 Cinemark Seven Bridges Single-user retail 70,200 15,271 14,948 3,973 June 29, 2017 Low Country Village I & II (b) Multi-tenant retail 139,900 22,075 21,639 10,286 2,489,100 $ 414,765 $ 404,841 $ 156,306 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $150 of condemnation proceeds, which did not result in any additional gain recognition. (b) As of June 30, 2017, the following disposition proceeds were temporarily restricted related to 1031 Exchanges and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets: Property Name Proceeds Temporarily Restricted CVS Pharmacy – Sylacauga, AL $ 3,332 Northwood Crossing 22,719 University Town Center 14,595 Edgemont Town Center 18,885 Phenix Crossing 12,324 Low Country Village I & II 21,706 $ 93,561 (c) The Company disposed of the Home Depot parcel at Century III Plaza, an existing 284,100 square foot multi-tenant retail operating property. The remaining portion of Century III Plaza was classified as held for sale as of June 30, 2017 and was sold on December 15, 2017. The Company closed on the following dispositions during the six months ended June 30, 2018: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 19, 2018 Crown Theater Single-user retail 74,200 $ 6,900 $ 6,350 $ 2,952 February 15, 2018 Cranberry Square Multi-tenant retail 195,200 23,500 23,163 10,174 March 7, 2018 Rite Aid Store (Eckerd)–Crossville, TN Single-user retail 13,800 1,800 1,768 157 March 20, 2018 Home Depot Plaza (b) Multi-tenant retail 135,600 16,250 15,873 — March 21, 2018 Governor's Marketplace Multi-tenant retail 243,100 23,500 20,993 7,429 March 28, 2018 Stony Creek I & Stony Creek II (c) Multi-tenant retail 204,800 32,800 32,078 11,628 April 19, 2018 CVS Pharmacy – Lawton, OK Single-user retail 10,900 1,600 1,596 — May 31, 2018 Schaumburg Towers Office 895,400 86,600 73,315 — 1,773,000 $ 192,950 $ 175,136 $ 32,340 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $169 of condemnation proceeds, which did not result in any additional gain recognition. (b) The Company repaid a $10,750 mortgage payable in conjunction with the disposition of the property. (c) The terms of the disposition of Stony Creek I and Stony Creek II 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 property classified as held for sale: December 31, 2017 Assets Land, building and other improvements $ 2,791 Less accumulated depreciation (27 ) Net investment properties 2,764 Other assets 883 Assets associated with investment properties held for sale $ 3,647 Liabilities Other liabilities $ — Liabilities associated with investment properties held for sale $ — |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of unvested restricted shares and restricted stock units | The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2018 : Unvested Weighted Average Balance as of January 1, 2018 496 $ 14.81 Shares granted (a) 382 $ 12.81 Shares vested (345 ) $ 14.64 Shares forfeited (12 ) $ 13.26 Balance as of June 30, 2018 (b) 521 $ 13.50 (a) Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b) As of June 30, 2018 , total unrecognized compensation expense related to unvested restricted shares was $3,984 , which is expected to be amortized over a weighted average term of 1.4 years . The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the six months ended June 30, 2018 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2018 555 $ 14.60 RSUs granted (a) 291 $ 14.36 Conversion of RSUs to common stock and restricted shares (b) (141 ) $ 14.10 RSUs ineligible for conversion (56 ) $ 15.36 RSUs eligible for future conversion as of June 30, 2018 (c) 649 $ 14.54 (a) Assumptions and inputs as of the grant dates included a weighted average risk-free interest rate of 2.04% , the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00% . Subject to continued employment, in 2021, following the performance period which concludes on December 31, 2020, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. (b) On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that will vest on December 31, 2018, subject to continued employment through such date, after applying a conversion rate of 76% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies, for the performance period that concluded on December 31, 2017. An additional 16 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (c) As of June 30, 2018 , total unrecognized compensation expense related to unvested RSUs was $5,683 , which is expected to be amortized over a weighted average term of 2.7 years . |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: June 30, 2018 December 31, 2017 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) $ 274,420 5.00 % 4.6 $ 287,238 4.99 % 5.2 Premium, net of accumulated amortization 900 1,024 Discount, net of accumulated amortization (558 ) (579 ) Capitalized loan fees, net of accumulated amortization (495 ) (615 ) Mortgages payable, net $ 274,267 $ 287,068 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% as of June 30, 2018 and December 31, 2017 . The following table summarizes the key terms of the Term Loan Due 2023: Term Loan Due 2023 Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan 11/22/2023 1.70% – 2.55% 1.50% – 2.45% |
Summary of scheduled maturities and principal amortization of indebtedness | The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2018 for the remainder of 2018 , each of the next four years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any debt activity that occurred after June 30, 2018 . 2018 2019 2020 2021 2022 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 2,098 $ 25,257 $ 3,923 $ 22,820 $ 157,216 $ 63,106 $ 274,420 Fixed rate term loans (b) — — — 250,000 — 200,000 450,000 Unsecured notes payable (c) — — — 100,000 — 600,000 700,000 Total fixed rate debt 2,098 25,257 3,923 372,820 157,216 863,106 1,424,420 Variable rate debt: Variable rate revolving line of credit — — — — 126,000 — 126,000 Total debt (d) $ 2,098 $ 25,257 $ 3,923 $ 372,820 $ 283,216 $ 863,106 $ 1,550,420 Weighted average interest rate on debt: Fixed rate debt 5.09 % 7.29 % 4.62 % 3.56 % 5.00 % 3.91 % 4.00 % Variable rate debt (e) — — — — 3.14 % — 3.14 % Total 5.09 % 7.29 % 4.62 % 3.56 % 4.17 % 3.91 % 3.93 % (a) Excludes mortgage premium of $900 and discount of $(558) , net of accumulated amortization, as of June 30, 2018 . (b) $250,000 of London Interbank Offered Rate (LIBOR)-based variable rate debt has been swapped to a fixed rate through three interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a fixed rate of 2.00% through January 5, 2021. In addition, $200,000 of 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 fixed rate of 1.26% through November 22, 2018. (c) Excludes discount of $(793) , net of accumulated amortization, as of June 30, 2018 . (d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of June 30, 2018 . Total debt excludes capitalized loan fees of $(6,064) , net of accumulated amortization, as of June 30, 2018 , which are included as a reduction to the respective debt balances. (e) Represents interest rates as of June 30, 2018 . |
Unsecured Notes Payable (Tables
Unsecured Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable: June 30, 2018 December 31, 2017 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Balance Interest Rate/ Weighted Average Interest Rate Senior notes – 4.12% 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 % 100,000 4.08 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % 700,000 4.19 % 700,000 4.19 % Discount, net of accumulated amortization (793 ) (853 ) Capitalized loan fees, net of accumulated amortization (3,152 ) (3,399 ) Total $ 696,055 $ 695,748 The following table summarizes the Company’s term loans and revolving line of credit: June 30, 2018 December 31, 2017 Maturity Date Balance Interest Rate Balance Interest Unsecured credit facility term loan due 2021 – fixed rate (a) January 5, 2021 $ 250,000 3.20 % $ 250,000 3.30 % Unsecured credit facility term loan due 2018 – variable rate May 11, 2018 — — % 100,000 2.93 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 2.96 % 200,000 2.96 % Subtotal 450,000 550,000 Capitalized loan fees, net of accumulated amortization (2,417 ) (2,730 ) Term loans, net $ 447,583 $ 547,270 Unsecured credit facility revolving line of credit – variable rate (c) April 22, 2022 $ 126,000 3.14 % $ 216,000 2.92 % (a) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021. As of June 30, 2018 , the leverage grid ranged from 1.20% to 1.70% and the applicable credit spread was 1.20% . As of December 31, 2017 , the leverage grid ranged from 1.30% to 2.20% and the applicable credit spread was 1.30% . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.26% plus a credit spread based on a leverage grid ranging from 1.70% to 2.55% through November 22, 2018. The applicable credit spread was 1.70% as of June 30, 2018 and December 31, 2017 . (c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. |
Unsecured Term Loans and Revo31
Unsecured Term Loans and Revolving Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Line of Credit Facility [Abstract] | |
Summary of term loans and revolving line of credit | The following table summarizes the Company’s unsecured notes payable: June 30, 2018 December 31, 2017 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Balance Interest Rate/ Weighted Average Interest Rate Senior notes – 4.12% 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 % 100,000 4.08 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % 700,000 4.19 % 700,000 4.19 % Discount, net of accumulated amortization (793 ) (853 ) Capitalized loan fees, net of accumulated amortization (3,152 ) (3,399 ) Total $ 696,055 $ 695,748 The following table summarizes the Company’s term loans and revolving line of credit: June 30, 2018 December 31, 2017 Maturity Date Balance Interest Rate Balance Interest Unsecured credit facility term loan due 2021 – fixed rate (a) January 5, 2021 $ 250,000 3.20 % $ 250,000 3.30 % Unsecured credit facility term loan due 2018 – variable rate May 11, 2018 — — % 100,000 2.93 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 2.96 % 200,000 2.96 % Subtotal 450,000 550,000 Capitalized loan fees, net of accumulated amortization (2,417 ) (2,730 ) Term loans, net $ 447,583 $ 547,270 Unsecured credit facility revolving line of credit – variable rate (c) April 22, 2022 $ 126,000 3.14 % $ 216,000 2.92 % (a) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021. As of June 30, 2018 , the leverage grid ranged from 1.20% to 1.70% and the applicable credit spread was 1.20% . As of December 31, 2017 , the leverage grid ranged from 1.30% to 2.20% and the applicable credit spread was 1.30% . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.26% plus a credit spread based on a leverage grid ranging from 1.70% to 2.55% through November 22, 2018. The applicable credit spread was 1.70% as of June 30, 2018 and December 31, 2017 . (c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. |
Summary of unsecured credit facility | The following table summarizes the key terms of the Unsecured Credit Facility: Leverage-Based Pricing Investment Grade Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $250,000 unsecured term loan 1/5/2021 N/A N/A 1.20% - 1.70% N/A 0.90% - 1.75% N/A $850,000 unsecured revolving line of credit 4/22/2022 2 six month 0.075% 1.05% - 1.50% 0.15% - 0.30% 0.825%-1.55% 0.125% - 0.30% |
Summary of Term Loan Due 2023 | The following table summarizes the Company’s mortgages payable: June 30, 2018 December 31, 2017 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) $ 274,420 5.00 % 4.6 $ 287,238 4.99 % 5.2 Premium, net of accumulated amortization 900 1,024 Discount, net of accumulated amortization (558 ) (579 ) Capitalized loan fees, net of accumulated amortization (495 ) (615 ) Mortgages payable, net $ 274,267 $ 287,068 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% as of June 30, 2018 and December 31, 2017 . The following table summarizes the key terms of the Term Loan Due 2023: Term Loan Due 2023 Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan 11/22/2023 1.70% – 2.55% 1.50% – 2.45% |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the Company’s interest rate swaps as of June 30, 2018 , which effectively convert one-month floating rate LIBOR to a fixed rate: Effective Date Notional Fixed Interest Rate Maturity Date January 3, 2017 $ 100,000 1.26 % November 22, 2018 January 3, 2017 $ 100,000 1.26 % November 22, 2018 December 29, 2017 $ 100,000 2.00 % January 5, 2021 December 29, 2017 $ 100,000 2.00 % January 5, 2021 December 29, 2017 $ 50,000 2.00 % January 5, 2021 |
Schedule of interest rate swaps designated as cash flow hedges | The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Interest rate swaps 5 5 $ 450,000 $ 450,000 |
Schedule of estimated fair value of derivative instruments | The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other assets, net” in the condensed consolidated balance sheets. The valuation techniques used are described in Note 13 to the condensed consolidated financial statements. Fair Value June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Interest rate swaps $ 4,699 $ 1,086 |
Schedule of effect of derivative instruments on the consolidated statements of operations | The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Other Comprehensive Income on Derivative Location of Gain Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Gain Reclassified from AOCI into Income Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Interest rate swaps $ (1,138 ) $ (3,805 ) Interest expense $ (279 ) $ (192 ) $ 16,817 $ 35,582 The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2017 : Derivatives in Cash Flow Hedging Relationships Amount of Loss (Gain) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of (Gain) Loss Reclassified from AOCI into Income (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Income (Effective Portion) Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Interest rate swaps $ 59 $ (413 ) Interest expense $ (86 ) $ 74 Other income, net $ 5 $ 11 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of components used in the calculation of basic and diluted EPS | The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Income (loss) from continuing operations $ 10,882 $ (1,865 ) $ 18,143 $ (52,129 ) Gain on sales of investment properties — 116,628 34,519 157,792 Preferred stock dividends — (2,363 ) — (4,725 ) Net income attributable to common shareholders 10,882 112,400 52,662 100,938 Earnings allocated to unvested restricted shares (90 ) (88 ) (172 ) (178 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 10,792 $ 112,312 $ 52,490 $ 100,760 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 218,982 (a) 234,243 (b) 218,915 (a) 235,269 (b) Effect of dilutive securities: Stock options — (c) 1 (c) — (c) 1 (c) RSUs 428 (d) 574 (e) 491 (d) 572 (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 219,410 234,818 219,406 235,842 (a) Excludes 521 shares of unvested restricted common stock as of June 30, 2018 , which equate to 529 and 551 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2018 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 556 shares of unvested restricted common stock as of June 30, 2017 , which equate to 536 and 550 shares, respectively, on a weighted average basis for the three and six months ended June 30, 2017 . These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) There were outstanding options to purchase 38 and 41 shares of common stock as of June 30, 2018 and 2017 , respectively, at a weighted average exercise price of $18.85 and $19.25 , respectively. Of these totals, outstanding options to purchase 32 and 35 shares of common stock as of June 30, 2018 and 2017 , respectively, at a weighted average exercise price of $20.19 and $20.55 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d) As of June 30, 2018 , there were 649 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 649 and 667 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 2018 . These contingently issuable shares are a component of calculating diluted EPS. (e) As of June 30, 2017 , there were 644 RSUs eligible for future conversion upon completion of the performance periods, which equate to 644 and 641 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 2017 . These contingently issuable shares are a component of calculating diluted EPS. |
Provision for Impairment of I34
Provision for Impairment of Investment Properties (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Schedule of identified impairment indicators | As of June 30, 2018 and 2017 , the Company identified indicators of impairment at certain of its properties. Such indicators included a low occupancy rate, difficulty in leasing space and related cost of re-leasing, financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of June 30, 2018 and 2017 : June 30, 2018 June 30, 2017 Number of properties for which indicators of impairment were identified 2 7 (a) Less: number of properties for which an impairment charge was recorded — 2 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 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 2 3 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b) 38 % 11 % (a) Includes five properties which have subsequently been sold as of June 30, 2018 . (b) 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 six months ended June 30, 2018 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Schaumburg Towers (a) Office Various 895,400 $ 1,116 CVS Pharmacy – Lawton, OK (b) Single-user retail March 31, 2018 10,900 200 $ 1,316 Estimated fair value of impaired properties as of impairment date $ 76,871 (a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time 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. The property was sold on April 19, 2018. The Company recorded the following investment property impairment charges during the six months ended June 30, 2017 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Century III Plaza, excluding the Home Depot parcel (a) Multi-tenant retail June 30, 2017 152,200 $ 3,076 Lakepointe Towne Center (b) Multi-tenant retail June 30, 2017 196,600 9,958 $ 13,034 Estimated fair value of impaired properties as of impairment date $ 22,500 (a) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. This property was classified as held for sale as of June 30, 2017 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017. (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, 2017 and was sold on August 4, 2017. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying value and estimated fair value of financial instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments: June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ 4,699 $ 4,699 $ 1,086 $ 1,086 Financial liabilities: Mortgages payable, net $ 274,267 $ 279,680 $ 287,068 $ 298,635 Unsecured notes payable, net $ 696,055 $ 670,042 $ 695,748 $ 693,823 Unsecured term loans, net $ 447,583 $ 455,242 $ 547,270 $ 552,555 Unsecured revolving line of credit $ 126,000 $ 126,000 $ 216,000 $ 216,222 |
Schedule of financial instruments measured at fair value on a recurring basis | The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2018 Derivative asset $ — $ 4,699 $ — $ 4,699 December 31, 2017 Derivative asset $ — $ 1,086 $ — $ 1,086 |
Schedule of assets measured at fair value on a nonrecurring basis | The Company did not remeasure any assets to fair value on a nonrecurring basis as of June 30, 2018. The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2017 , 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 as a result of impairment charges recorded during the year ended December 31, 2017 , except for those properties sold prior to December 31, 2017 . 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, 2017 Investment properties $ — $ 74,250 (b) $ — $ 74,250 $ 50,077 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2017 . (b) Represents the fair value of the Company’s Schaumburg Towers and Home Depot Plaza investment properties. The estimated fair value of Schaumburg Towers was based on an expected sales price of $87,600 from a bona fide purchase offer, determined to be a Level 2 input, which contemplates historically deferred maintenance and capital requirements. The estimated fair value of $58,000 as of September 30, 2017, the date the asset was measured at fair value, reflects (i) capital expenditures expected to be incurred by the Company prior to sale and (ii) tenant-related costs expected to be credited to the buyer at close. The estimated fair value of Home Depot Plaza of $16,250 as of December 31, 2017, the date the asset was measured at fair value, was based upon the expected sales price for an executed sales contract and determined to be a Level 2 input. |
Schedule of financial liabilities measured at fair value for disclosure purposes | The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total June 30, 2018 Mortgages payable, net $ — $ — $ 279,680 $ 279,680 Unsecured notes payable, net $ 234,853 $ — $ 435,189 $ 670,042 Unsecured term loans, net $ — $ — $ 455,242 $ 455,242 Unsecured revolving line of credit $ — $ — $ 126,000 $ 126,000 December 31, 2017 Mortgages payable, net $ — $ — $ 298,635 $ 298,635 Unsecured notes payable, net $ 243,183 $ — $ 450,640 $ 693,823 Unsecured term loans, net $ — $ — $ 552,555 $ 552,555 Unsecured revolving line of credit $ — $ — $ 216,222 $ 216,222 |
Organization and Basis of Pre36
Organization and Basis of Presentation (Details) | Jun. 30, 2018propertysubsidiary |
Real Estate Properties [Line Items] | |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 |
Wholly-owned | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 107 |
Wholly-owned | Retail | Operating properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 105 |
Reisterstown Road Plaza | Wholly-owned | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 1 |
Redevelopment portion of Circle East, formerly known as Towson Circle | Wholly-owned | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 0 |
Carillon, formerly known as Boulevard at the Capital Centre | Wholly-owned | Future redevelopment property | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 1 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details) $ in Thousands | Jan. 01, 2018USD ($) |
Accounting Policies [Abstract] | |
Cumulative effect of accounting change | $ 12 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisitions (Details) $ in Thousands | May 16, 2017USD ($)ft²unit | Apr. 05, 2017USD ($)ft² | Feb. 24, 2017USD ($)ft² | Jan. 25, 2017USD ($)aft² | Jan. 13, 2017USD ($)ft²VIE | Jun. 30, 2017USD ($)aft²phaseunit |
Main Street Promenade | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 181,600 | |||||
Purchase price of asset acquisition | $ 88,000 | |||||
Carillon, formerly known as Boulevard at the Capital Centre | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 0 | |||||
Purchase price of asset acquisition | $ 2,000 | |||||
Area of land subject to ground lease | a | 70 | |||||
Area of land in which fee interest was acquired | a | 50 | |||||
Consideration paid for fee interest in land | $ 1,939 | |||||
Remaining area of land subject to ground lease | a | 20 | 20 | ||||
Term of ground lease | 9 months | |||||
Amount of building and improvements derecognized | $ 11,347 | |||||
Fair value of land received | $ 15,200 | |||||
Deferred gain | $ 2,524 | |||||
One Loudoun Downtown - Phase II | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 15,900 | |||||
Purchase price of asset acquisition | $ 4,128 | |||||
One Loudoun Downtown - Phase III | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 9,800 | |||||
Purchase price of asset acquisition | $ 2,193 | |||||
One Loudoun Downtown - Phase IV | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 0 | |||||
Purchase price of asset acquisition | $ 3,500 | |||||
Number of residential units | unit | 123 | 408 | ||||
One Loudoun Downtown - Phases II through IV | ||||||
Business Acquisition [Line Items] | ||||||
Number of phases | phase | 3 | |||||
2017 acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Square footage | ft² | 207,300 | |||||
Purchase price of asset acquisition | $ 99,821 | |||||
Capitalized closing costs and adjustments | $ 2,334 | |||||
VIE | Main Street Promenade | ||||||
Business Acquisition [Line Items] | ||||||
Number of variable interest entities | VIE | 2 |
Acquisitions - Acquisition Date
Acquisitions - Acquisition Date Fair Values (Details) - 2017 acquisitions $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Acquisition Date Fair Values | |
Land | $ 23,559 |
Building and other improvements, net | 77,748 |
Acquired lease intangible assets | 7,343 |
Acquired lease intangible liabilities | (5,477) |
Other liabilities | (1,076) |
Net assets acquired | $ 102,097 |
Weighted average amortization period, acquired lease intangible assets | 6 years |
Weighted average amortization period, acquired lease intangible liabilities | 13 years |
Acquisitions - Variable Interes
Acquisitions - Variable Interest Entities (Details) - VIE $ in Thousands | Jun. 30, 2017days | Jan. 13, 2017USD ($) |
Variable Interest Entity [Line Items] | ||
Number of days to complete tax-deferred exchange | days | 180 | |
Main Street Promenade | ||
Variable Interest Entity [Line Items] | ||
Amount loaned to VIE for acquisition | $ | $ 87,452 |
Dispositions - Summary of Dispo
Dispositions - Summary of Dispositions (Details) $ in Thousands | May 31, 2018USD ($)ft² | Apr. 19, 2018USD ($)ft² | Mar. 28, 2018USD ($)ft² | Mar. 21, 2018USD ($)ft² | Mar. 20, 2018USD ($)ft² | Mar. 07, 2018USD ($)ft² | Feb. 15, 2018USD ($)ft² | Jan. 19, 2018USD ($)ft² | Jun. 30, 2017USD ($)ft² | Jun. 29, 2017USD ($)ft² | Jun. 16, 2017USD ($)ft² | Jun. 06, 2017USD ($)ft² | Jun. 05, 2017USD ($)ft² | May 31, 2017USD ($)ft² | May 30, 2017USD ($)ft² | May 26, 2017USD ($)ft² | May 25, 2017USD ($)ft² | May 09, 2017USD ($)ft² | Apr. 27, 2017USD ($)ft² | Apr. 04, 2017USD ($)ft² | Mar. 24, 2017USD ($)ft² | Mar. 16, 2017USD ($)ft² | Mar. 15, 2017USD ($)ft² | Mar. 08, 2017USD ($)ft² | Mar. 07, 2017USD ($)ft² | Feb. 21, 2017USD ($)ft² | Jan. 27, 2017USD ($)ft² | Jun. 30, 2018USD ($)ft² | Jun. 30, 2017USD ($)ft² | Aug. 01, 2018USD ($)phaseunit |
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Aggregate proceeds, net | $ 187,125 | $ 404,996 | ||||||||||||||||||||||||||||
Gain | $ 34,519 | $ 157,792 | ||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | $ 93,561 | |||||||||||||||||||||||||||||
Crown Theater | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 74,200 | |||||||||||||||||||||||||||||
Consideration | $ 6,900 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 6,350 | |||||||||||||||||||||||||||||
Gain | $ 2,952 | |||||||||||||||||||||||||||||
Cranberry Square | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 195,200 | |||||||||||||||||||||||||||||
Consideration | $ 23,500 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 23,163 | |||||||||||||||||||||||||||||
Gain | $ 10,174 | |||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Crossville, TN | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | |||||||||||||||||||||||||||||
Consideration | $ 1,800 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 1,768 | |||||||||||||||||||||||||||||
Gain | $ 157 | |||||||||||||||||||||||||||||
Home Depot Plaza | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 135,600 | |||||||||||||||||||||||||||||
Consideration | $ 16,250 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 15,873 | |||||||||||||||||||||||||||||
Gain | 0 | |||||||||||||||||||||||||||||
Mortgage payable repaid | $ 10,750 | |||||||||||||||||||||||||||||
Governor's Marketplace | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 243,100 | |||||||||||||||||||||||||||||
Consideration | $ 23,500 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 20,993 | |||||||||||||||||||||||||||||
Gain | $ 7,429 | |||||||||||||||||||||||||||||
Stony Creek I & Stony Creek II | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 204,800 | |||||||||||||||||||||||||||||
Consideration | $ 32,800 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 32,078 | |||||||||||||||||||||||||||||
Gain | $ 11,628 | |||||||||||||||||||||||||||||
CVS Pharmacy - Lawton, OK | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | |||||||||||||||||||||||||||||
Consideration | $ 1,600 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 1,596 | |||||||||||||||||||||||||||||
Gain | $ 0 | |||||||||||||||||||||||||||||
Schaumburg Towers | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 895,400 | |||||||||||||||||||||||||||||
Consideration | $ 86,600 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 73,315 | |||||||||||||||||||||||||||||
Gain | $ 0 | |||||||||||||||||||||||||||||
2018 dispositions | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 1,773,000 | |||||||||||||||||||||||||||||
Consideration | $ 192,950 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 175,136 | |||||||||||||||||||||||||||||
Gain | 32,340 | |||||||||||||||||||||||||||||
Condemnation proceeds | 169 | |||||||||||||||||||||||||||||
Redevelopment portion of Circle East, air rights | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Aggregate proceeds, net | 11,820 | |||||||||||||||||||||||||||||
Gain | $ 2,179 | |||||||||||||||||||||||||||||
Rite Aid Store (Eckerd), Culver Rd. - Rochester, NY | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 10,900 | |||||||||||||||||||||||||||||
Consideration | $ 500 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 332 | |||||||||||||||||||||||||||||
Gain | $ 0 | |||||||||||||||||||||||||||||
Shoppes at Park West | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 63,900 | |||||||||||||||||||||||||||||
Consideration | $ 15,383 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 15,261 | |||||||||||||||||||||||||||||
Gain | $ 7,569 | |||||||||||||||||||||||||||||
CVS Pharmacy - Sylacauga, AL | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 10,100 | |||||||||||||||||||||||||||||
Consideration | $ 3,700 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,348 | |||||||||||||||||||||||||||||
Gain | $ 1,651 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | 3,332 | |||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Kill Devil Hills, NC | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | |||||||||||||||||||||||||||||
Consideration | $ 4,297 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,134 | |||||||||||||||||||||||||||||
Gain | $ 1,857 | |||||||||||||||||||||||||||||
Century III Plaza - Home Depot | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 131,900 | |||||||||||||||||||||||||||||
Consideration | $ 17,519 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 17,344 | |||||||||||||||||||||||||||||
Gain | $ 4,487 | |||||||||||||||||||||||||||||
Village Shoppes at Gainesville | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 229,500 | |||||||||||||||||||||||||||||
Consideration | $ 41,750 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 41,380 | |||||||||||||||||||||||||||||
Gain | $ 14,107 | |||||||||||||||||||||||||||||
Northwood Crossing | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 160,000 | |||||||||||||||||||||||||||||
Consideration | $ 22,850 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 22,723 | |||||||||||||||||||||||||||||
Gain | $ 10,007 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | 22,719 | |||||||||||||||||||||||||||||
University Town Center | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 57,500 | |||||||||||||||||||||||||||||
Consideration | $ 14,700 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 14,590 | |||||||||||||||||||||||||||||
Gain | $ 9,128 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | 14,595 | |||||||||||||||||||||||||||||
Edgemont Town Center | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 77,700 | |||||||||||||||||||||||||||||
Consideration | $ 19,025 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,857 | |||||||||||||||||||||||||||||
Gain | $ 8,995 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | 18,885 | |||||||||||||||||||||||||||||
Phenix Crossing | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 56,600 | |||||||||||||||||||||||||||||
Consideration | $ 12,400 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 12,296 | |||||||||||||||||||||||||||||
Gain | $ 5,699 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | 12,324 | |||||||||||||||||||||||||||||
Brown's Lane | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 74,700 | |||||||||||||||||||||||||||||
Consideration | $ 10,575 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 10,318 | |||||||||||||||||||||||||||||
Gain | $ 3,408 | |||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Greer, SC | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | |||||||||||||||||||||||||||||
Consideration | $ 3,050 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 2,961 | |||||||||||||||||||||||||||||
Gain | $ 830 | |||||||||||||||||||||||||||||
Evans Town Centre | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 75,700 | |||||||||||||||||||||||||||||
Consideration | $ 11,825 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 11,419 | |||||||||||||||||||||||||||||
Gain | $ 5,226 | |||||||||||||||||||||||||||||
Red Bug Village | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 26,200 | |||||||||||||||||||||||||||||
Consideration | $ 8,100 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,767 | |||||||||||||||||||||||||||||
Gain | $ 2,184 | |||||||||||||||||||||||||||||
Wilton Square | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 438,100 | |||||||||||||||||||||||||||||
Consideration | $ 49,300 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 48,503 | |||||||||||||||||||||||||||||
Gain | $ 19,630 | |||||||||||||||||||||||||||||
Town Square Plaza | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 215,600 | |||||||||||||||||||||||||||||
Consideration | $ 28,600 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 26,459 | |||||||||||||||||||||||||||||
Gain | $ 3,412 | |||||||||||||||||||||||||||||
Cuyahoga Falls Market Center | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 76,400 | |||||||||||||||||||||||||||||
Consideration | $ 11,500 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 11,101 | |||||||||||||||||||||||||||||
Gain | $ 1,300 | |||||||||||||||||||||||||||||
Plaza Santa Fe II | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 224,200 | |||||||||||||||||||||||||||||
Consideration | $ 35,220 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 33,506 | |||||||||||||||||||||||||||||
Gain | $ 16,136 | |||||||||||||||||||||||||||||
Rite Aid Store (Eckerd) - Columbia, SC | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 13,400 | |||||||||||||||||||||||||||||
Consideration | $ 3,250 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,163 | |||||||||||||||||||||||||||||
Gain | $ 1,046 | |||||||||||||||||||||||||||||
Fox Creek Village | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 107,500 | |||||||||||||||||||||||||||||
Consideration | $ 24,825 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 24,415 | |||||||||||||||||||||||||||||
Gain | $ 12,470 | |||||||||||||||||||||||||||||
Cottage Plaza | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 85,500 | |||||||||||||||||||||||||||||
Consideration | $ 23,050 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 22,685 | |||||||||||||||||||||||||||||
Gain | $ 8,039 | |||||||||||||||||||||||||||||
Magnolia Square | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 116,000 | |||||||||||||||||||||||||||||
Consideration | $ 16,000 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 15,692 | |||||||||||||||||||||||||||||
Gain | $ 4,866 | |||||||||||||||||||||||||||||
Cinemark Seven Bridges | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 70,200 | |||||||||||||||||||||||||||||
Consideration | $ 15,271 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 14,948 | |||||||||||||||||||||||||||||
Gain | $ 3,973 | |||||||||||||||||||||||||||||
Low Country Village I & II | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 139,900 | |||||||||||||||||||||||||||||
Consideration | $ 22,075 | |||||||||||||||||||||||||||||
Aggregate proceeds, net | 21,639 | |||||||||||||||||||||||||||||
Gain | $ 10,286 | |||||||||||||||||||||||||||||
Proceeds temporarily restricted related to 1031 Exchanges | $ 21,706 | |||||||||||||||||||||||||||||
2017 dispositions | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 2,489,100 | 2,489,100 | ||||||||||||||||||||||||||||
Consideration | $ 414,765 | $ 414,765 | ||||||||||||||||||||||||||||
Aggregate proceeds, net | 404,841 | |||||||||||||||||||||||||||||
Gain | 156,306 | |||||||||||||||||||||||||||||
Condemnation proceeds | 150 | |||||||||||||||||||||||||||||
Century III Plaza | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Square footage | ft² | 284,100 | |||||||||||||||||||||||||||||
Maple Tree Place | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5 | |||||||||||||||||||||||||||||
Gain | $ 1,486 | |||||||||||||||||||||||||||||
Subsequent events | One Loudoun Downtown - Land | ||||||||||||||||||||||||||||||
Property Dispositions [Line Items] | ||||||||||||||||||||||||||||||
Consideration | $ 1,800 | |||||||||||||||||||||||||||||
Number of residential units with development rights | unit | 8 | |||||||||||||||||||||||||||||
Number of phases | phase | 3 | |||||||||||||||||||||||||||||
Total number of residential units to be disposed | unit | 30 | |||||||||||||||||||||||||||||
Total sales price for land and development rights | $ 6,800 |
Dispositions - Assets and Liabi
Dispositions - Assets and Liabilities of Investment Properties Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Assets associated with investment properties held for sale | $ 0 | $ 3,647 |
Investment properties held for sale | ||
Assets | ||
Land, building and other improvements | 2,791 | |
Less accumulated depreciation | (27) | |
Net investment properties | 2,764 | |
Other assets | 883 | |
Assets associated with investment properties held for sale | 3,647 | |
Liabilities | ||
Other liabilities | 0 | |
Liabilities associated with investment properties held for sale | $ 0 |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 05, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options outstanding | 38 | 41 | 38 | 41 | |
Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 65 | ||||
Number of shares/RSUs in which vesting was accelerated | 23 | ||||
Fair value of restricted shares vested | $ 4,195 | ||||
Equity Instruments, Nonvested [Roll Forward] | |||||
Balance at the beginning of the period (in shares) | 496 | ||||
Shares/RSUs granted (in shares) | 382 | ||||
Shares/RSUs vested (in shares) | (345) | ||||
Shares/RSUs forfeited (in shares) | (12) | ||||
Balance at the end of the period (in shares) | 521 | 556 | 521 | 556 | |
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | |||||
Balance at the beginning of the period (in dollars per share) | $ 14.81 | ||||
Shares/RSUs granted (in dollars per share) | 12.81 | ||||
Shares/RSUs vested (in dollars per share) | 14.64 | ||||
Shares/RSUs forfeited (in dollars per share) | 13.26 | ||||
Balance at the end of the period (in dollars per share) | $ 13.50 | $ 13.50 | |||
Compensation Cost Not Yet Recognized | |||||
Total unrecognized compensation expense | $ 3,984 | $ 3,984 | |||
Unrecognized compensation expense, period for recognition (in years) | 1 year 5 months | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for shares/RSUs granted | 1 year | ||||
Risk-free interest rate (as a percent) | 2.04% | ||||
Common stock dividend yield (as a percent) | 5.00% | ||||
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% | ||||
Number of RSUs converted | 141 | ||||
Conversion rate (as a percent) | 76.00% | ||||
Number of shares/RSUs in which vesting was accelerated | 29 | ||||
Equity Instruments, Nonvested [Roll Forward] | |||||
Balance at the beginning of the period (in shares) | 555 | ||||
Shares/RSUs granted (in shares) | 291 | ||||
Shares/RSUs vested (in shares) | (141) | ||||
Shares/RSUs forfeited (in shares) | (56) | ||||
Balance at the end of the period (in shares) | 649 | 649 | |||
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | |||||
Balance at the beginning of the period (in dollars per share) | $ 14.60 | ||||
Shares/RSUs granted (in dollars per share) | 14.36 | ||||
Shares/RSUs vested (in dollars per share) | 14.10 | ||||
Shares/RSUs forfeited (in dollars per share) | 15.36 | ||||
Balance at the end of the period (in dollars per share) | $ 14.54 | $ 14.54 | |||
Compensation Cost Not Yet Recognized | |||||
Total unrecognized compensation expense | $ 5,683 | $ 5,683 | |||
Unrecognized compensation expense, period for recognition (in years) | 2 years 8 months 20 days | ||||
Restricted shares and RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 1,596 | $ 1,756 | $ 3,729 | $ 3,549 | |
Additional compensation expense | $ 330 | ||||
Minimum | Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for shares/RSUs granted | 11 months | ||||
Maximum | Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for shares/RSUs granted | 3 years | ||||
Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 42 | ||||
Dividends | Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued | 16 |
Mortgages Payable - Summary (De
Mortgages Payable - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||
Fixed rate mortgages payable | $ 1,550,420 | $ 1,550,420 | |
Weighted average interest rate (as a percent) | 3.93% | 3.93% | |
Fixed rate debt | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgages payable | $ 1,424,420 | $ 1,424,420 | |
Weighted average interest rate (as a percent) | 4.00% | 4.00% | |
Mortgages payable | |||
Debt Instrument [Line Items] | |||
Premium, net of accumulated amortization | $ 900 | $ 1,024 | $ 900 |
Discount, net of accumulated amortization | (558) | (579) | (558) |
Capitalized loan fees, net of accumulated amortization | (495) | (615) | (495) |
Mortgages payable, net | 274,267 | 287,068 | 274,267 |
Amount of mortgages payable repaid | 10,750 | ||
Scheduled principal payments related to amortizing loans | 2,068 | ||
Mortgages payable | Fixed rate debt | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgages payable | $ 274,420 | $ 287,238 | $ 274,420 |
Weighted average interest rate (as a percent) | 5.00% | 4.99% | 5.00% |
Weighted average years to maturity | 4 years 7 months | 5 years 2 months 15 days | |
Minimum | Mortgages payable | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (as a percent) | 3.75% | 3.75% | 3.75% |
Maximum | Mortgages payable | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (as a percent) | 8.00% | 8.00% | 8.00% |
Debt repaid or defeased | Mortgages payable | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (as a percent) | 4.82% | 4.82% |
Mortgages Payable - Debt Maturi
Mortgages Payable - Debt Maturities (Details) $ in Thousands | Jun. 30, 2018USD ($)instrument | Dec. 31, 2017USD ($) |
Long-term Debt, Fiscal Year Maturity | ||
2,018 | $ 2,098 | |
2,019 | 25,257 | |
2,020 | 3,923 | |
2,021 | 372,820 | |
2,022 | 283,216 | |
Thereafter | 863,106 | |
Total | $ 1,550,420 | |
Long-term Debt, Weighted Average Interest Rate | ||
2,018 | 5.09% | |
2,019 | 7.29% | |
2,020 | 4.62% | |
2,021 | 3.56% | |
2,022 | 4.17% | |
Thereafter | 3.91% | |
Total | 3.93% | |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Premium, net of accumulated amortization | $ 900 | $ 1,024 |
Discount, net of accumulated amortization | (558) | (579) |
Capitalized loan fees, net of accumulated amortization | (495) | (615) |
Unsecured notes payable | ||
Debt Instrument [Line Items] | ||
Discount, net of accumulated amortization | (793) | (853) |
Capitalized loan fees, net of accumulated amortization | $ (3,152) | $ (3,399) |
Consolidated indebtedness | ||
Debt Instrument [Line Items] | ||
Weighted average years to maturity | 5 years 3 months | |
Capitalized loan fees, net of accumulated amortization | $ (6,064) | |
Fixed rate debt | ||
Long-term Debt, Fiscal Year Maturity | ||
2,018 | 2,098 | |
2,019 | 25,257 | |
2,020 | 3,923 | |
2,021 | 372,820 | |
2,022 | 157,216 | |
Thereafter | 863,106 | |
Total | $ 1,424,420 | |
Long-term Debt, Weighted Average Interest Rate | ||
2,018 | 5.09% | |
2,019 | 7.29% | |
2,020 | 4.62% | |
2,021 | 3.56% | |
2,022 | 5.00% | |
Thereafter | 3.91% | |
Total | 4.00% | |
Fixed rate debt | Mortgages payable | ||
Debt Instrument [Line Items] | ||
Weighted average years to maturity | 4 years 7 months | 5 years 2 months 15 days |
Long-term Debt, Fiscal Year Maturity | ||
2,018 | $ 2,098 | |
2,019 | 25,257 | |
2,020 | 3,923 | |
2,021 | 22,820 | |
2,022 | 157,216 | |
Thereafter | 63,106 | |
Total | $ 274,420 | $ 287,238 |
Long-term Debt, Weighted Average Interest Rate | ||
Total | 5.00% | 4.99% |
Fixed rate debt | Unsecured term loans | ||
Long-term Debt, Fiscal Year Maturity | ||
2,018 | $ 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 250,000 | |
2,022 | 0 | |
Thereafter | 200,000 | |
Total | 450,000 | |
Fixed rate debt | Unsecured notes payable | ||
Long-term Debt, Fiscal Year Maturity | ||
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 100,000 | |
2,022 | 0 | |
Thereafter | 600,000 | |
Total | $ 700,000 | |
Variable rate debt | ||
Long-term Debt, Weighted Average Interest Rate | ||
2,018 | 0.00% | |
2,019 | 0.00% | |
2,020 | 0.00% | |
2,021 | 0.00% | |
2,022 | 3.14% | |
Thereafter | 0.00% | |
Total | 3.14% | |
Variable rate debt | Revolving line of credit | ||
Long-term Debt, Fiscal Year Maturity | ||
2,018 | $ 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 126,000 | |
Thereafter | 0 | |
Total | 126,000 | |
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 250,000 | |
Number of instruments | instrument | 3 | |
Fixed interest rate (as a percent) | 2.00% | |
Two $100,000 interest rate swaps maturing in 2018 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 200,000 | |
Number of instruments | instrument | 2 | |
Fixed interest rate (as a percent) | 1.26% | |
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | one-month floating rate LIBOR | |
LIBOR | Two $100,000 interest rate swaps maturing in 2018 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | one-month floating rate LIBOR |
Unsecured Notes Payable (Detail
Unsecured Notes Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal balance | $ 696,055 | $ 695,748 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | 700,000 | 700,000 |
Discount, net of accumulated amortization | (793) | (853) |
Capitalized loan fees, net of accumulated amortization | $ (3,152) | $ (3,399) |
Weighted average interest rate (as a percent) | 4.19% | 4.19% |
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% |
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% |
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% |
Senior Notes | 4.08% Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.08% | 4.08% |
Senior Notes | 4.24% Notes Due 2028 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.24% | 4.24% |
Unsecured Credit Facility (Deta
Unsecured Credit Facility (Details) $ in Thousands | Jun. 30, 2018USD ($) | Apr. 23, 2018USD ($)extension_options | Dec. 31, 2017USD ($) | Jan. 03, 2017USD ($) | Apr. 22, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Unsecured term loans | $ 447,583 | $ 547,270 | $ 447,583 | $ 547,270 | ||||
Revolving line of credit | $ 126,000 | $ 216,000 | 126,000 | 216,000 | ||||
Repayment of unsecured term loan | 100,000 | $ 0 | ||||||
Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.20% | 1.30% | ||||||
Unsecured term loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unsecured term loans | $ 450,000 | $ 550,000 | 450,000 | 550,000 | ||||
Capitalized loan fees, net of accumulated amortization | (2,417) | (2,730) | (2,417) | (2,730) | ||||
Term loans, net | $ 447,583 | $ 547,270 | 447,583 | 547,270 | ||||
Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.70% | 1.70% | ||||||
Principal amount | $ 200,000 | |||||||
Fixed rate debt | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unsecured term loans | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | ||||
Interest rate (as a percent) | 3.20% | 3.30% | 3.20% | 3.30% | ||||
Fixed rate debt | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unsecured term loans | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | ||||
Interest rate on term loan (as a percent) | 2.96% | 2.96% | ||||||
Variable rate debt | Unsecured credit facility term loan due 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unsecured term loans | $ 0 | $ 100,000 | $ 0 | $ 100,000 | ||||
Interest rate (as a percent) | 0.00% | 2.93% | 0.00% | 2.93% | ||||
Variable rate debt | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving line of credit | $ 126,000 | $ 216,000 | $ 126,000 | $ 216,000 | ||||
Interest rate (as a percent) | 3.14% | 2.92% | 3.14% | 2.92% | ||||
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate debt swapped to fixed rate | $ 250,000 | $ 250,000 | ||||||
Fixed interest rate (as a percent) | 2.00% | 2.00% | ||||||
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate debt swapped to fixed rate | $ 250,000 | $ 250,000 | ||||||
Fixed interest rate (as a percent) | 2.00% | 2.00% | ||||||
Two $100,000 interest rate swaps maturing in 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate debt swapped to fixed rate | $ 200,000 | $ 200,000 | ||||||
Fixed interest rate (as a percent) | 1.26% | 1.26% | ||||||
Two $100,000 interest rate swaps maturing in 2018 | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate debt swapped to fixed rate | $ 200,000 | $ 200,000 | ||||||
Fixed interest rate (as a percent) | 1.26% | 1.26% | ||||||
LIBOR | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reference rate for variable interest rate | LIBOR | |||||||
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||||||
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reference rate for variable interest rate | LIBOR | |||||||
LIBOR | Two $100,000 interest rate swaps maturing in 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reference rate for variable interest rate | one-month floating rate LIBOR | |||||||
LIBOR | Two $100,000 interest rate swaps maturing in 2018 | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reference rate for variable interest rate | LIBOR | |||||||
Minimum | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.20% | 1.30% | ||||||
Minimum | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.70% | |||||||
Minimum | LIBOR | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.70% | |||||||
Maximum | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.70% | 2.20% | ||||||
Maximum | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.55% | |||||||
Maximum | LIBOR | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.55% | |||||||
2018 Wells Fargo and KeyBank syndicate | Unsecured Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Aggregate borrowing capacity | $ 1,100,000 | |||||||
Additional borrowing capacity | 500,000 | |||||||
Maximum borrowing capacity | 1,600,000 | |||||||
2018 Wells Fargo and KeyBank syndicate | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal amount | 250,000 | |||||||
2018 Wells Fargo and KeyBank syndicate | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Aggregate borrowing capacity | $ 850,000 | |||||||
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% | |||||||
2018 Wells Fargo and KeyBank syndicate | Minimum | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility fee (as a percent) | 0.15% | |||||||
2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.20% | |||||||
2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.05% | |||||||
2018 Wells Fargo and KeyBank syndicate | Maximum | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility fee (as a percent) | 0.30% | |||||||
2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.70% | |||||||
2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.50% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Unsecured Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Aggregate borrowing capacity | $ 1,200,000 | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal amount | 250,000 | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Unsecured credit facility term loan due 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal amount | 200,000 | |||||||
Repayment of unsecured term loan | $ 100,000 | $ 100,000 | ||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Aggregate borrowing capacity | $ 750,000 | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.30% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Minimum | LIBOR | Unsecured credit facility term loan due 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.45% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.35% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.20% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Maximum | LIBOR | Unsecured credit facility term loan due 2018 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.20% | |||||||
KeyBank and Wells Fargo syndicate related to previous credit facility | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.25% | |||||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.50% | |||||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 2.45% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility fee (as a percent) | 0.125% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 0.90% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 0.825% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility fee (as a percent) | 0.30% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.75% | |||||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable interest rate spread (as a percent) | 1.55% |
Term Loan Due 2023 (Details)
Term Loan Due 2023 (Details) - Term Loan Due 2023 - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jan. 03, 2017 |
Debt Instrument [Line Items] | |||
Term of debt issuance | 7 years | ||
Principal amount | $ 200,000 | ||
Variable interest rate spread (as a percent) | 1.70% | 1.70% | |
Additional borrowing capacity | 100,000 | ||
Maximum borrowing capacity | $ 300,000 | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Reference rate for variable interest rate | LIBOR | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 1.70% | ||
Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 1.70% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 2.55% | ||
Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 2.55% | ||
Investment grade rated | Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 1.50% | ||
Investment grade rated | Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread (as a percent) | 2.45% |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - Cash flow hedges $ in Thousands | Jun. 30, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument |
Interest rate swaps | ||
Derivative [Line Items] | ||
Number of instruments | instrument | 5 | 5 |
Amount expected to be reclassified to interest expense over the next 12 months | $ 1,690 | |
Notional | 450,000 | $ 450,000 |
$100,000 interest rate swap maturing in 2018 no. 1 | ||
Derivative [Line Items] | ||
Notional | $ 100,000 | |
Fixed interest rate (as a percent) | 1.26% | |
$100,000 interest rate swap maturing in 2018 no. 2 | ||
Derivative [Line Items] | ||
Notional | $ 100,000 | |
Fixed interest rate (as a percent) | 1.26% | |
$100,000 interest rate swap maturing in 2021 no. 1 | ||
Derivative [Line Items] | ||
Notional | $ 100,000 | |
Fixed interest rate (as a percent) | 2.00% | |
$100,000 interest rate swap maturing in 2021 no. 2 | ||
Derivative [Line Items] | ||
Notional | $ 100,000 | |
Fixed interest rate (as a percent) | 2.00% | |
$50,000 interest rate swap maturing in 2021 | ||
Derivative [Line Items] | ||
Notional | $ 50,000 | |
Fixed interest rate (as a percent) | 2.00% | |
LIBOR | ||
Derivative [Line Items] | ||
Reference rate for variable interest rate | one-month floating rate LIBOR |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands | Jun. 30, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument |
Derivative [Line Items] | ||
Number of instruments | instrument | 5 | 5 |
Notional | $ | $ 450,000 | $ 450,000 |
Derivatives - Estimated Fair Va
Derivatives - Estimated Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Interest rate swaps | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of interest rate swaps | $ 4,699 | $ 1,086 |
Derivatives - Effect on Stateme
Derivatives - Effect on Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Interest expense presented in Results of Operations in which the effects of cash flow hedges are recorded | $ 16,817 | $ 21,435 | $ 35,582 | $ 106,967 |
Interest rate swaps | Cash flow hedges | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Amount of (gain) loss recognized in other comprehensive income on derivative (effective portion) | (1,138) | 59 | (3,805) | (413) |
Amount of (gain) loss reclassified from AOCI into income (effective portion) | $ (279) | (86) | $ (192) | 74 |
Amount of loss recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ 5 | $ 11 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||||
Amount paid for shares repurchased | $ 0 | $ 75,697 | |||
2015 ATM Equity Program | |||||
Class of Stock [Line Items] | |||||
Maximum aggregate offering price | $ 250,000 | ||||
Number of common shares sold | 0 | 0 | |||
Aggregate offering price of remaining common shares available for sale | $ 250,000 | ||||
2015 Share Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Maximum authorized amount for stock repurchases | $ 250,000 | ||||
Increase in authorized amount for repurchases | $ 250,000 | ||||
Number of shares repurchased | 6,024 | 0 | 6,024 | ||
Average repurchase price per share | $ 12.55 | $ 12.55 | |||
Amount paid for shares repurchased | $ 75,697 | $ 75,697 | |||
Remaining authorized repurchase amount | $ 264,057 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Numerator: | |||||
Income (loss) from continuing operations | $ 10,882 | $ (1,865) | $ 18,143 | $ (52,129) | |
Gain on sales of investment properties | 0 | 116,628 | 34,519 | 157,792 | |
Preferred stock dividends | 0 | (2,363) | 0 | (4,725) | |
Net income attributable to common shareholders | 10,882 | 112,400 | 52,662 | 100,938 | |
Earnings allocated to unvested restricted shares | (90) | (88) | (172) | (178) | |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 10,792 | $ 112,312 | $ 52,490 | $ 100,760 | |
Denominator for earnings per common share – basic: | |||||
Weighted average number of common shares outstanding | 218,982 | 234,243 | 218,915 | 235,269 | |
Effect of dilutive securities: | |||||
Stock options | 0 | 1 | 0 | 1 | |
RSUs | 428 | 574 | 491 | 572 | |
Denominator for earnings per common share – diluted: | |||||
Weighted average number of common and common equivalent shares outstanding | 219,410 | 234,818 | 219,406 | 235,842 | |
Earnings Per Share, Other Disclosures | |||||
Weighted average number of shares of restricted common stock | 529 | 536 | 551 | 550 | |
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||
Number of outstanding options to purchase shares of common stock | 38 | 41 | 38 | 41 | |
Weighted average exercise price of outstanding options (in dollars per share) | $ 18.85 | $ 19.25 | $ 18.85 | $ 19.25 | |
Restricted shares | |||||
Earnings Per Share, Other Disclosures | |||||
Unvested restricted common stock | 521 | 556 | 521 | 556 | 496 |
Stock options | |||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||
Number of outstanding options to purchase shares of common stock that would be anti-dilutive | 32 | 35 | |||
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share) | $ 20.19 | $ 20.55 | |||
RSUs | |||||
Earnings Per Share, Other Disclosures | |||||
Unvested restricted common stock | 649 | 649 | 555 | ||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||
Number of RSUs eligible for future conversion | 649 | 644 | 649 | 644 | |
Weighted average number of RSUs | 649 | 644 | 667 | 641 |
Provision for Impairment of I55
Provision for Impairment of Investment Properties - Impairment Indicators (Details) - property | Jun. 30, 2018 | Jun. 30, 2017 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Number of properties for which indicators of impairment were identified | 2 | 7 |
Number of properties for which an impairment charge was recorded | 0 | 2 |
Number of properties held for sale with impairment indicators but not impaired | 0 | 2 |
Remaining properties with impairment indicators but not impaired | 2 | 3 |
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for remaining properties | 38.00% | 11.00% |
Number of properties with impairment indicators which were subsequently sold | 5 |
Provision for Impairment of I56
Provision for Impairment of Investment Properties - Impairment Charges (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)ft² | Jun. 30, 2017USD ($)ft² | Jun. 30, 2018USD ($)ft² | Jun. 30, 2017USD ($)ft² | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Provision for impairment of investment properties | $ 724 | $ 13,034 | $ 1,316 | $ 13,034 |
Estimated fair value of impaired properties as of impairment date | $ 76,871 | $ 22,500 | ||
Schaumburg Towers | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Square footage | ft² | 895,400 | 895,400 | ||
Provision for impairment of investment properties | $ 1,116 | |||
CVS Pharmacy - Lawton, OK | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Square footage | ft² | 10,900 | 10,900 | ||
Provision for impairment of investment properties | $ 200 | |||
Century III Plaza, excluding the Home Depot parcel | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Square footage | ft² | 152,200 | 152,200 | ||
Provision for impairment of investment properties | $ 3,076 | |||
Lakepointe Towne Center | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Square footage | ft² | 196,600 | 196,600 | ||
Provision for impairment of investment properties | $ 9,958 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial liabilities: | ||
Mortgages payable, net | $ 274,267 | $ 287,068 |
Unsecured notes payable, net | 696,055 | 695,748 |
Unsecured term loans, net | 447,583 | 547,270 |
Unsecured revolving line of credit | 126,000 | 216,000 |
Carrying Value | ||
Financial assets: | ||
Derivative asset | 4,699 | 1,086 |
Financial liabilities: | ||
Mortgages payable, net | 274,267 | 287,068 |
Unsecured notes payable, net | 696,055 | 695,748 |
Unsecured term loans, net | 447,583 | 547,270 |
Unsecured revolving line of credit | 126,000 | 216,000 |
Fair Value | ||
Financial assets: | ||
Derivative asset | 4,699 | 1,086 |
Financial liabilities: | ||
Mortgages payable, net | 279,680 | 298,635 |
Unsecured notes payable, net | 670,042 | 693,823 |
Unsecured term loans, net | 455,242 | 552,555 |
Unsecured revolving line of credit | $ 126,000 | $ 216,222 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 4,699 | $ 1,086 |
Fair value, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 4,699 | $ 1,086 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Provision for impairment | $ 724 | $ 13,034 | $ 1,316 | $ 13,034 | ||
Nonrecurring Fair Value Measurements | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of investment properties | $ 74,250 | |||||
Provision for impairment | 50,077 | |||||
Fair value, Level 2 | Nonrecurring Fair Value Measurements | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of investment properties | 74,250 | |||||
Schaumburg Towers | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of investment properties | $ 58,000 | |||||
Sales price | 87,600 | |||||
Home Depot Plaza | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of investment properties | $ 16,250 |
Fair Value Measurements - Fai60
Fair Value Measurements - Fair Value Disclosures (Details) $ in Thousands | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | $ 274,267 | $ 287,068 |
Unsecured notes payable, net | 696,055 | 695,748 |
Unsecured term loans, net | 447,583 | 547,270 |
Unsecured revolving line of credit | 126,000 | 216,000 |
Fair Value, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unsecured notes payable, net | 234,853 | 243,183 |
Fair Value, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | 279,680 | 298,635 |
Unsecured notes payable, net | 435,189 | 450,640 |
Unsecured term loans, net | 455,242 | 552,555 |
Unsecured revolving line of credit | 126,000 | 216,222 |
Fair Value, Total | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | 279,680 | 298,635 |
Unsecured notes payable, net | 670,042 | 693,823 |
Unsecured term loans, net | 455,242 | 552,555 |
Unsecured revolving line of credit | 126,000 | 216,222 |
Unsecured notes payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unsecured notes payable, net | $ 700,000 | $ 700,000 |
Discount rate | Unsecured revolving line of credit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0105 | 0.0130 |
Minimum | Discount rate | Mortgages payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.039 | 0.035 |
Maximum | Discount rate | Mortgages payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.045 | 0.042 |
Weighted average | Discount rate | Unsecured term loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0120 | 0.0133 |
Notes Due 2021, 2024, 2026 and 2028 | Weighted average | Discount rate | Unsecured notes payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0490 | 0.0428 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Commitments and Contingencies [Line Items] | |||
Amount of letters of credit outstanding | $ 143 | ||
Redevelopment costs incurred | 21,300 | $ 33,022 | |
Aggregate proceeds, net | 187,125 | $ 404,996 | |
Reisterstown Road Plaza | |||
Commitments and Contingencies [Line Items] | |||
Redevelopment costs incurred | 8,690 | ||
Reisterstown Road Plaza | Minimum | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 9,500 | ||
Reisterstown Road Plaza | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 10,500 | ||
Redevelopment portion of Circle East, formerly known as Towson Circle | |||
Commitments and Contingencies [Line Items] | |||
Redevelopment costs incurred | 7,180 | ||
Redevelopment portion of Circle East, formerly known as Towson Circle | Minimum | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 33,000 | ||
Redevelopment portion of Circle East, formerly known as Towson Circle | Maximum | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 35,000 | ||
Redevelopment portion of Circle East, air rights | |||
Commitments and Contingencies [Line Items] | |||
Aggregate proceeds, net | $ 11,820 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 01, 2018USD ($)ft²phaseunit$ / shares | Jun. 30, 2018$ / shares | Jun. 30, 2017$ / shares | |
Subsequent Event [Line Items] | |||
Common stock dividends declared (per share) | $ / shares | $ 0.33125 | $ 0.33125 | |
Subsequent events | One Loudoun Downtown - Land | |||
Subsequent Event [Line Items] | |||
Number of residential units with development rights | 8 | ||
Sales price | $ | $ 1,800 | ||
Number of phases | phase | 3 | ||
Total number of residential units to be disposed | 30 | ||
Total sales price for land and development rights | $ | $ 6,800 | ||
Subsequent events | One Loudoun Downtown - Pads G and H | |||
Subsequent Event [Line Items] | |||
Number of residential units | 378 | ||
Area of commercial space | ft² | 80,000 | ||
Subsequent events | Class A common stock | |||
Subsequent Event [Line Items] | |||
Common stock dividends declared (per share) | $ / shares | $ 0.165625 |