Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35481 | |
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | |
Entity Central Index Key | 0001222840 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 42-1579325 | |
Entity Address, Address Line One | 2021 Spring Road | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Oak Brook | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60523 | |
City Area Code | 630 | |
Local Phone Number | 634-4200 | |
Title of 12(b) Security | Class A Common Stock, $0.001 par value | |
Trading Symbol | RPAI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 214,121,973 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment properties: | ||
Land | $ 1,075,577 | $ 1,021,829 |
Building and other improvements | 3,548,769 | 3,544,582 |
Developments in progress | 126,761 | 113,353 |
Gross investment properties | 4,751,107 | 4,679,764 |
Less: accumulated depreciation | (1,416,981) | (1,383,274) |
Net investment properties (includes $30,600 and $12,445 from consolidated variable interest entities, respectively) | 3,334,126 | 3,296,490 |
Cash and cash equivalents | 769,241 | 9,989 |
Accounts and notes receivable, net | 72,003 | 73,832 |
Acquired lease intangible assets, net | 78,439 | 79,832 |
Right-of-use lease assets | 44,157 | 50,241 |
Other assets, net (includes $344 and $164 from consolidated variable interest entities, respectively) | 71,627 | 75,978 |
Total assets | 4,369,593 | 3,586,362 |
Liabilities: | ||
Mortgages payable, net | 93,562 | 94,155 |
Unsecured notes payable, net | 796,420 | 796,247 |
Unsecured term loans, net | 716,792 | 716,523 |
Unsecured revolving line of credit | 849,704 | 18,000 |
Accounts payable and accrued expenses | 50,622 | 78,902 |
Distributions payable | 35,464 | 35,387 |
Acquired lease intangible liabilities, net | 67,573 | 63,578 |
Lease liabilities | 85,340 | 91,129 |
Other liabilities (includes $3,233 and $1,707 from consolidated variable interest entities, respectively) | 76,815 | 56,368 |
Total liabilities | 2,772,292 | 1,950,289 |
Commitments and contingencies (Note 13) | ||
Equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized, none issued or outstanding | 0 | 0 |
Additional paid-in capital | 4,512,939 | 4,510,484 |
Accumulated distributions in excess of earnings | (2,879,040) | (2,865,933) |
Accumulated other comprehensive loss | (39,870) | (12,288) |
Total shareholders’ equity | 1,594,243 | 1,632,477 |
Noncontrolling interests | 3,058 | 3,596 |
Total equity | 1,597,301 | 1,636,073 |
Total liabilities and equity | 4,369,593 | 3,586,362 |
Class A common stock | ||
Equity: | ||
Class A common stock | $ 214 | $ 214 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Net investment properties from VIEs (in dollars) | $ 3,334,126 | $ 3,296,490 |
Other assets, net from VIEs (in dollars) | 71,627 | 75,978 |
Other liabilities from VIEs (in dollars) | $ 76,815 | $ 56,368 |
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 | 214,122 | 213,600 |
Common stock, shares outstanding | 214,122 | 213,600 |
VIEs | ||
Net investment properties from VIEs (in dollars) | $ 30,600 | $ 12,445 |
Other assets, net from VIEs (in dollars) | 344 | 164 |
Other liabilities from VIEs (in dollars) | $ 3,233 | $ 1,707 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Lease income | $ 118,695 | $ 122,703 |
Expenses: | ||
Operating expenses | 16,414 | 17,686 |
Real estate taxes | 18,533 | 18,403 |
Depreciation and amortization | 40,173 | 43,267 |
Provision for impairment of investment properties | 346 | 0 |
General and administrative expenses | 9,165 | 10,499 |
Total expenses | 84,631 | 89,855 |
Other (expense) income: | ||
Interest expense | (17,046) | (17,430) |
Gain on sales of investment properties | 0 | 8,449 |
Gain on litigation settlement | 6,100 | 0 |
Other expense, net | (761) | (659) |
Net income | 22,357 | 23,208 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to common shareholders | $ 22,357 | $ 23,208 |
Earnings per common share – basic and diluted: | ||
Net income per common share attributable to common shareholders | $ 0.10 | $ 0.11 |
Net income | $ 22,357 | $ 23,208 |
Other comprehensive loss: | ||
Net unrealized loss on derivative instruments (Note 8) | (27,582) | (3,514) |
Comprehensive (loss) income attributable to the Company | $ (5,225) | $ 19,694 |
Weighted average number of common shares outstanding – basic | 213,215 | 212,850 |
Weighted average number of common shares outstanding – diluted | 213,215 | 213,223 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stockClass A common stock | Additional paid-in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Total shareholders' equity | Noncontrolling interests |
Balance (in shares) at Dec. 31, 2018 | 213,176 | ||||||
Balance at Dec. 31, 2018 | $ 1,747,009 | $ 213 | $ 4,504,702 | $ (2,756,802) | $ (1,522) | $ 1,746,591 | $ 418 |
Increase (decrease) in shareholders' equity [roll forward] | |||||||
Net income | 23,208 | 23,208 | 23,208 | ||||
Other comprehensive loss | (3,514) | (3,514) | (3,514) | ||||
Contributions from noncontrolling interests | 358 | 358 | |||||
Distributions declared to common shareholders | (35,371) | (35,371) | (35,371) | ||||
Issuance of common stock (in shares) | 111 | ||||||
Issuance of restricted shares (in shares) | 392 | ||||||
Issuance of restricted shares | 1 | $ 1 | 1 | ||||
Stock-based compensation expense, net of forfeitures (in shares) | (9) | ||||||
Stock-based compensation expense, net of forfeitures | 1,966 | 1,966 | 1,966 | ||||
Shares withheld for employee taxes (in shares) | (85) | ||||||
Shares withheld for employee taxes | (1,037) | (1,037) | (1,037) | ||||
Balance (in shares) at Mar. 31, 2019 | 213,585 | ||||||
Balance at Mar. 31, 2019 | 1,732,620 | $ 214 | 4,505,631 | (2,768,965) | (5,036) | 1,731,844 | 776 |
Balance (in shares) at Dec. 31, 2019 | 213,600 | ||||||
Balance at Dec. 31, 2019 | 1,636,073 | $ 214 | 4,510,484 | (2,865,933) | (12,288) | 1,632,477 | 3,596 |
Increase (decrease) in shareholders' equity [roll forward] | |||||||
Net income | 22,357 | 22,357 | 22,357 | ||||
Other comprehensive loss | (27,582) | (27,582) | (27,582) | ||||
Contributions from noncontrolling interests | 1,123 | 1,123 | |||||
Termination of consolidated joint venture | 1,661 | 1,661 | (1,661) | ||||
Distributions declared to common shareholders | (35,464) | (35,464) | (35,464) | ||||
Issuance of common stock (in shares) | 148 | ||||||
Issuance of restricted shares (in shares) | 493 | ||||||
Stock-based compensation expense, net of forfeitures | 2,233 | 2,233 | 2,233 | ||||
Shares withheld for employee taxes (in shares) | (119) | ||||||
Shares withheld for employee taxes | (1,439) | (1,439) | (1,439) | ||||
Balance (in shares) at Mar. 31, 2020 | 214,122 | ||||||
Balance at Mar. 31, 2020 | $ 1,597,301 | $ 214 | $ 4,512,939 | $ (2,879,040) | $ (39,870) | $ 1,594,243 | $ 3,058 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Distributions declared to common shareholders (in dollars per share) | $ 0.165625 | $ 0.165625 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 22,357 | $ 23,208 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 40,173 | 43,267 | |
Provision for impairment of investment properties | 346 | 0 | $ 12,298 |
Gain on sales of investment properties | 0 | (8,449) | |
Amortization of loan fees and debt premium and discount, net | 950 | 798 | |
Amortization of stock-based compensation | 2,233 | 1,966 | |
Payment of leasing fees and inducements | (3,676) | (2,739) | |
Changes in accounts receivable, net | 778 | 6,312 | |
Changes in right-of-use lease assets | 467 | 485 | |
Changes in accounts payable and accrued expenses, net | (26,319) | (25,058) | |
Changes in lease liabilities | (230) | (150) | |
Changes in other operating assets and liabilities, net | (2,652) | 398 | |
Other, net | 615 | (3,083) | |
Net cash provided by operating activities | 35,042 | 36,955 | |
Cash flows from investing activities: | |||
Purchase of investment properties | (54,970) | (25,204) | |
Capital expenditures and tenant improvements | (14,165) | (18,746) | |
Proceeds from sales of investment properties | 11,343 | 21,605 | |
Investment in developments in progress | (12,715) | (5,841) | |
Net cash used in investing activities | (70,507) | (28,186) | |
Cash flows from financing activities: | |||
Principal payments on mortgages payable | (619) | (764) | |
Proceeds from unsecured revolving line of credit | 937,704 | 94,000 | |
Repayments of unsecured revolving line of credit | (106,000) | (68,000) | |
Payment of loan fees and deposits | 0 | (4) | |
Distributions paid | (35,387) | (35,383) | |
Other, net | (316) | (679) | |
Net cash provided by (used in) financing activities | 795,382 | (10,830) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 759,917 | (2,061) | |
Cash, cash equivalents and restricted cash, at beginning of period | 14,447 | 19,601 | 19,601 |
Cash, cash equivalents and restricted cash, at end of period | 774,364 | 17,540 | 14,447 |
Supplemental cash flow disclosure, including non-cash activities: | |||
Cash paid for interest, net of interest capitalized | 14,263 | 16,216 | |
Cash paid for amounts included in the measurement of operating lease liabilities | 1,446 | 1,679 | |
Distributions payable | 35,464 | 35,375 | 35,387 |
Accrued capital expenditures and tenant improvements | 6,246 | 9,407 | |
Accrued leasing fees and inducements | 683 | 754 | |
Accrued redevelopment costs | 2,573 | 395 | |
Amounts reclassified to developments in progress | 305 | 0 | |
Change in noncontrolling interest due to termination of joint venture | 1,661 | 0 | |
Lease liabilities arising from obtaining right-of-use lease assets | 383 | 103,519 | |
Straight-line ground rent liabilities reclassified to right-of-use lease asset | 0 | 31,030 | |
Straight-line office rent liability reclassified to right-of-use lease asset | 0 | 507 | |
Acquired ground lease intangible liability reclassified to right-of-use lease asset | 0 | 11,898 | |
Purchase of investment properties (after credits at closing): | |||
Net investment properties | (58,760) | (23,894) | |
Right-of-use lease assets | 5,999 | 0 | |
Accounts receivable, acquired lease intangibles and other assets | (1,801) | (1,694) | |
Lease liabilities | (5,942) | 0 | |
Accounts payable, acquired lease intangibles and other liabilities | 5,534 | 384 | |
Purchase of investment properties (after credits at closing) | (54,970) | (25,204) | |
Proceeds from sales of investment properties: | |||
Net investment properties | 11,281 | 17,456 | |
Right-of-use lease assets | 0 | 8,242 | |
Accounts receivable, acquired lease intangibles and other assets | 167 | 1,417 | |
Lease liabilities | 0 | (11,326) | |
Accounts payable, acquired lease intangibles and other liabilities | (105) | (2,633) | |
Gain on sales of investment properties | 0 | 8,449 | |
Proceeds from sales of investment properties | 11,343 | 21,605 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents, at beginning of period | 9,989 | 14,722 | 14,722 |
Restricted cash, at beginning of period (included within “Other assets, net”) | 4,458 | 4,879 | 4,879 |
Cash, cash equivalents and restricted cash, at beginning of period | 14,447 | 19,601 | 19,601 |
Cash and cash equivalents, at end of period | 769,241 | 11,855 | 9,989 |
Restricted cash, at end of period (included within “Other assets, net”) | 5,123 | 5,685 | 4,458 |
Cash, cash equivalents and restricted cash, at end of period | $ 774,364 | $ 17,540 | $ 14,447 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 , the Company owned 102 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 capitalization of development costs, provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions and initial recognition of right-of-use lease assets and lease liabilities. 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, per square foot and per unit amounts. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and 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. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (COVID-19) a global pandemic. COVID-19 has caused significant disruptions to the U.S. and global economy and has contributed to significant volatility and negative pressure in the financial markets. The global impact of the COVID-19 outbreak has been rapidly evolving and many U.S. states and cities, including where the Company owns properties and/or has development sites, have imposed measures intended to control its spread, such as instituting “shelter-in-place” rules and restrictions on the types of businesses that may continue to operate and/or the types of construction projects that may continue. While the Company did not incur significant disruptions to its lease income and occupancy during the three months ended March 31, 2020 from COVID-19, the Company continues to closely monitor the impact of the pandemic on all aspects of its business. Due to numerous uncertainties, it is not possible to accurately predict the impact the pandemic will have on the Company’s financial condition, results of operations and cash flows. To date, as a result of the pandemic and the measures noted above to mitigate its impact, a number of the Company’s tenants have announced temporary closures of their stores or modifications of their operations and requested lease concessions. Generally, the Company has not yet reached agreement with tenants regarding concession requests, as discussions are ongoing. Certain other tenants are considered essential businesses which remain open and continue to operate during this time. Except for a small, enclosed portion of one property, the Company has not closed any of its properties and continues to operate them for the benefit of the communities and customers that the Company’s tenants serve. The Company’s property ownership as of March 31, 2020 is summarized below: Property Count Retail operating properties 102 Expansion and redevelopment projects: Circle East 1 One Loudoun Downtown – Pads G & H (a) — Carillon 1 The Shoppes at Quarterfield 1 Total number of properties 105 (a) The operating portion of this property is included within the property count for retail operating properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Refer to the Company’s 2019 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 three months ended March 31, 2020 . Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses . This new guidance was effective January 1, 2020 and replaced the incurred loss impairment methodology with a methodology that reflects expected credit losses. Financial assets that are measured at amortized cost are 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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of this new guidance. Generally, the pronouncement requires a modified retrospective method of adoption. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements as it did not have any financial assets within the scope of this guidance. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement . This new guidance was effective January 1, 2020 and provides new and, in some cases, eliminates or modifies the previously existing disclosure requirements on fair value measurements. Public entities are now required to disclose the following: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. In addition, public entities are no longer required to disclose the following: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) the policy for timing of transfers between levels and (iii) the valuation processes for Level 3 fair value measurements. The new pronouncement also clarifies and modifies certain existing provisions to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. As permitted by the new pronouncement, the Company removed the discussion of its valuation processes for Level 3 fair value measurements. The Company did not remove any other disclosures as it did not have any transfers between levels of the fair value hierarchy during the current and comparative periods. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements. The amended disclosure guidance will be applied prospectively. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . This temporary guidance is effective as of March 12, 2020 through December 31, 2022 to ease potential burdens related to the accounting for, or recognizing the effects of, reference rate reform on financial reporting. The guidance provides optional expedients for applying existing GAAP to contract modifications and hedging relationships affected by the move of global capital markets away from interbank offered rates, most notably the London Interbank Offered Rate (LIBOR). Specifically, the guidance allows for certain changes in critical terms of a designated hedging instrument or hedged item as a result of reference rate reform to not result in the dedesignation of the hedging relationship. In addition, the optional expedients related to probability and effectiveness assessments allow companies to disregard certain economic mismatches in a hedging relationship arising due to reference rate reform until both the derivative and hedged transactions have completed the transition, where current GAAP requires those mismatches to be modeled into the assessment of effectiveness. The Company adopted this guidance as of the effective date and elected to apply the optional expedients related to probability and effectiveness prospectively. The Company has not modified any hedging relationship and has disregarded the potential economic mismatches in hedging relationships due to reference rate reform during the three months ended March 31, 2020 . Recently Issued Accounting Pronouncements In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases , for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff noted that due to the business disruptions and challenges caused by the COVID-19 pandemic, many lessors are, or will be, providing lease concessions such as payment forgiveness and deferral of payments. Changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications under ASC 842. Within the Q&A, the FASB staff provides relief for lease concessions offered as a result of the effects of the COVID-19 pandemic and does not require these concessions to be accounted for in accordance with the lease modification guidance in ASC 842. Under existing lease guidance, the Company would determine, on a lease by lease basis, if a lease concession was the result of a new arrangement with the tenant or if it was under the enforceable rights and obligations within the lease agreement. Under the relief guidance, a company can account for the concessions (i) as if no changes to the existing lease contract were made or (ii) as a variable lease adjustment. The Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. This election is optional and available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than the total payments required by the existing contract. The Company expects to apply the lease modification relief, however, the Q&A has not had a material impact on the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020 as the Company has not yet reached agreement with tenants regarding any concession requests, as discussions are ongoing. The future impact is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. |
Acquisitions and Developments i
Acquisitions and Developments in Progress | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Developments in Progress | ACQUISITIONS AND DEVELOPMENTS IN PROGRESS Acquisitions The Company closed on the following acquisition during the three months ended March 31, 2020: Date Property Name Metropolitan Property Type Square Footage Acquisition Price February 6, 2020 Fullerton Metrocenter Los Angeles Fee interest (a) 154,700 $ 55,000 154,700 $ 55,000 (b) (a) The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor. (b) Acquisition price does not include capitalized closing costs and adjustments totaling $240 . The Company closed on the following acquisition during the three months ended March 31, 2019: Date Property Name MSA Property Type Square Footage Acquisition Price March 7, 2019 North Benson Center Seattle Multi-tenant retail 70,500 $ 25,340 70,500 $ 25,340 (a) (a) Acquisition price does not include capitalized closing costs and adjustments totaling $90 . The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Three Months Ended March 31, 2020 2019 Land $ 57,137 $ 13,275 Building and other improvements, net 1,623 10,619 Acquired lease intangible assets (a) 2,014 1,770 Acquired lease intangible liabilities (b) (5,534 ) (234 ) Net assets acquired $ 55,240 $ 25,430 (a) The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. These 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 2020 and 2019 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing. In addition, the Company capitalized $626 and $675 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three months ended March 31, 2020 and 2019 , respectively. The Company also capitalized $60 and $54 of internal leasing incentives, all of which were incremental to signed leases, during the three months ended March 31, 2020 and 2019 , respectively. Developments in Progress The carrying amount of the Company’s developments in progress are as follows: Property Name MSA March 31, 2020 December 31, 2019 Expansion and redevelopment projects: Circle East (a) Baltimore $ 34,665 $ 33,628 One Loudoun Downtown Washington, D.C. 36,346 27,868 Carillon Washington, D.C. 29,517 26,407 The Shoppes at Quarterfield Baltimore 524 — Pad development projects: Southlake Town Square Dallas 259 — 101,311 87,903 Land held for future development: One Loudoun Uptown Washington, D.C. 25,450 25,450 Total developments in progress $ 126,761 $ 113,353 (a) During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of March 31, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets. In response to current macroeconomic conditions related to the COVID-19 pandemic, the Company halted plans for vertical construction at its Carillon redevelopment during the three months ended March 31, 2020 and has materially reduced the planned scope and spend for the project. As of March 31, 2020 , the Company was actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to complete the site work preparation during 2020 for an expected additional capital investment of approximately $4,500 . The Company capitalized $1,316 and $574 of indirect project costs related to redevelopment projects during the three months ended March 31, 2020 and 2019 , respectively, including, among other costs, $372 and $365 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $785 and $144 of interest, respectively. Variable Interest Entities As of January 1, 2020, the Company had joint ventures related to the development, ownership and operation of the (i) multi-family rental portion of the expansion project at One Loudoun Downtown – Pads G & H, of which joint venture the Company owned 90% ; (ii) multi-family rental portion of the redevelopment project at Carillon, of which joint venture the Company owned 95% , and (iii) medical office building portion of the redevelopment project at Carillon, of which joint venture the Company owned 95% . The joint ventures are considered VIEs primarily because the Company’s joint venture partners do not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in each joint venture. As such, the Company has consolidated these joint ventures and presented the joint venture partners’ interests as noncontrolling interests. As a result of halting the planned vertical construction at Carillon, the Company terminated the joint venture related to the multi-family rental portion of the redevelopment during the three months ended March 31, 2020 . In accordance with the terms of the joint venture agreement, costs incurred prior to the termination were funded evenly by the partners and there was no payment between the partners upon termination. Subsequent to the termination, if the Company commences the redevelopment and uses the materials developed, or approvals obtained, by the joint venture, the Company is required to reimburse the partner’s costs incurred in connection with such materials or approvals. As a result of the termination, the Company reclassified the noncontrolling interest balance of $1,661 related to this multi-family rental joint venture from noncontrolling interests to additional paid-in capital within equity. There was no gain or loss recognized in connection with the termination. Subsequent to March 31, 2020, the Company terminated the joint venture related to the medical office building portion of the redevelopment at Carillon. As of March 31, 2020 and December 31, 2019 , the Company had recorded the following related to the consolidated joint ventures: March 31, 2020 December 31, 2019 One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total Net investment properties $ 29,715 $ — $ 885 $ 30,600 $ 8,830 $ 2,940 $ 675 $ 12,445 Other assets, net $ 344 $ — $ — $ 344 $ 164 $ — $ — $ 164 Other liabilities $ 3,066 $ — $ 167 $ 3,233 $ 1,546 $ 32 $ 129 $ 1,707 Noncontrolling interests $ 2,699 $ — $ 359 $ 3,058 $ 1,869 $ 1,454 $ 273 $ 3,596 Development costs are funded by the partners, including the Company, and/or construction loan financing throughout the construction period. Under terms defined in the joint venture agreements, after construction completion and stabilization of the respective development project, the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the respective joint venture at fair value. The Company has not provided financial support to these VIEs in excess of any amounts that it is contractually required to provide. There was no income from the joint venture projects during the three months ended March 31, 2020 and 2019 and, as such, no income was attributed to the noncontrolling interests. |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS The Company closed on the following disposition during the three months ended March 31, 2020: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain February 13, 2020 King Philip’s Crossing Multi-tenant retail 105,900 $ 13,900 $ 11,343 $ — 105,900 $ 13,900 $ 11,343 $ — (a) Aggregate proceeds are net of transaction costs. The Company closed on the following disposition during the three months ended March 31, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (a) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 94,600 $ 25,850 $ 21,605 $ 8,449 (a) Aggregate proceeds are net of transaction costs. Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition. None of the dispositions completed during the three months ended March 31, 2020 and 2019 qualified for discontinued operations treatment and none are considered individually significant. As of March 31, 2020 and December 31, 2019 , no properties qualified for held for sale accounting treatment. |
Equity Compensation Plans
Equity Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation Plans | EQUITY COMPENSATION PLANS The Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards 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 three months ended March 31, 2020 : Unvested Weighted Average Balance as of January 1, 2020 535 $ 12.46 Shares granted (a) 493 $ 12.87 Shares vested (213 ) $ 13.08 Balance as of March 31, 2020 (b) 815 $ 12.55 (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 March 31, 2020 , total unrecognized compensation expense related to unvested restricted shares was $4,937 , which is expected to be amortized over a weighted average term of 1.5 years . The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the three months ended March 31, 2020 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2020 839 $ 13.10 RSUs granted (a) 331 $ 13.67 Conversion of RSUs to common stock and restricted shares (b) (196 ) $ 15.52 RSUs eligible for future conversion as of March 31, 2020 (c) 974 $ 12.81 (a) Assumptions and inputs as of the grant date included a risk-free interest rate of 1.54% , 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 common stock dividend yield of 5.07% . Subject to continued employment, in 2023, following the performance period which concludes on December 31, 2022, 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 10, 2020, 196 RSUs converted into 105 shares of common stock and 175 restricted shares that will vest on December 31, 2020 , subject to continued employment through such date, after applying a conversion rate of 142.5% 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, 2019 . An additional 43 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 March 31, 2020 , total unrecognized compensation expense related to unvested RSUs was $7,892 , which is expected to be amortized over a weighted average term of 2.4 years . During the three months ended March 31, 2020 and 2019 , the Company recorded compensation expense of $2,233 and $1,966 , respectively, related to the amortization of unvested restricted shares and RSUs. The total fair value of restricted shares that vested during the three months ended March 31, 2020 was $2,513 . In addition, the total fair value of RSUs that converted into common stock during the three months ended March 31, 2020 was $1,321 . 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 March 31, 2020 , options to purchase 16 shares of common stock remained outstanding and exercisable pursuant to such plan. The Company did not grant any options in 2020 or 2019 and did not record any compensation expense related to stock options during the three months ended March 31, 2020 and 2019 . |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES Leases as Lessor Lease income related to the Company’s operating leases is comprised of the following: Three Months Ended March 31, 2020 2019 Lease income related to fixed lease payments $ 91,147 $ 90,434 Lease income related to variable lease payments 28,495 30,631 Other (a) (947 ) 1,638 Lease income $ 118,695 $ 122,703 (a) “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements. Leases as Lessee During the three months ended March 31, 2020 , the Company extended the term of one office lease resulting in an additional lease liability and right-of-use lease asset of $383 . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company has the following types of indebtedness: (i) mortgages payable, (ii) unsecured notes payable, (iii) unsecured term loans and (iv) an unsecured revolving line of credit. Mortgages Payable The following table summarizes the Company’s mortgages payable: March 31, 2020 December 31, 2019 Balance Weighted Average Interest Rate Weighted Average Years to Maturity Balance Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate mortgages payable (a) $ 94,285 4.37 % 4.8 $ 94,904 4.37 % 5.1 Discount, net of accumulated amortization (483 ) (493 ) Capitalized loan fees, net of accumulated amortization (240 ) (256 ) Mortgages payable, net $ 93,562 $ 94,155 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of March 31, 2020 and December 31, 2019 . During the three months ended March 31, 2020 , the Company made scheduled principal payments of $619 related to amortizing loans. Unsecured Notes Payable The following table summarizes the Company’s unsecured notes payable: March 31, 2020 December 31, 2019 Unsecured Notes Payable Maturity Date Balance Interest Rate/ Weighted Average Interest Rate 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 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % 100,000 4.82 % 800,000 4.27 % 800,000 4.27 % Discount, net of accumulated amortization (586 ) (616 ) Capitalized loan fees, net of accumulated amortization (2,994 ) (3,137 ) Total $ 796,420 $ 796,247 Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit: March 31, 2020 December 31, 2019 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 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.05 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.88 % 120,000 2.88 % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.27 % 150,000 3.27 % Subtotal 720,000 720,000 Capitalized loan fees, net of accumulated amortization (3,208 ) (3,477 ) Term loans, net $ 716,792 $ 716,523 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 849,704 2.04 % $ 18,000 2.85 % (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 ranging from 1.20% to 1.70% through January 5, 2021. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (c) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (d) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.50% as of March 31, 2020 and December 31, 2019 . (e) Excludes capitalized loan fees, which are included within “Other assets, net” in the accompanying condensed consolidated balance sheets. The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. Unsecured Credit Facility The Company has a $1,100,000 unsecured credit facility consisting of an $850,000 unsecured revolving line of credit and a $250,000 unsecured term loan (Unsecured Credit Facility) that 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 March 31, 2020 , 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. During the three months ended March 31, 2020 , the Company elected to increase its borrowings under its unsecured revolving line of credit to enhance its liquidity and provide maximum financial flexibility as the effects of the COVID-19 pandemic continue to evolve and impact the global financial markets. As a result, as of March 31, 2020 , the Company’s $850,000 unsecured revolving line of credit was nearly fully drawn. 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 due 2021 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. Unsecured Term Loans As of March 31, 2020 , the Company has the following unsecured term loans: (i) a seven-year $200,000 unsecured term loan (Term Loan Due 2023), (ii) a five-year $120,000 unsecured term loan (Term Loan Due 2024) and (iii) a seven-year $150,000 unsecured term loan (Term Loan Due 2026) each of which bears interest at a rate of LIBOR , adjusted based on applicable reserve percentages established by the Federal Reserve, plus a credit spread based on a leverage grid. In accordance with the respective term loan agreements, the Company may elect to convert to an investment grade pricing grid. As of March 31, 2020 , 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 term loans: Unsecured Term Loans Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan due 2023 11/22/2023 1.20 % – 1.85% 0.85 % – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20 % – 1.70% 0.80 % – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.50 % – 2.20% 1.35 % – 2.25% The Term Loan Due 2024 has a $130,000 accordion option and the Term Loan Due 2026 has a $100,000 accordion option that, collectively, allow the Company, at its election, to increase the total of the Term Loan Due 2024 and Term Loan Due 2026 up to $500,000 , subject to (i) customary fees and conditions, including the absence of an event of default as defined in the term loan agreement and (ii) the Company’s ability to obtain additional lender commitments. The Term Loan Due 2023 has a $100,000 accordion option that allows the Company, at its election, to increase the Term Loan Due 2023 up to $300,000 , subject to (i) customary fees and conditions, including the absence of an event of default as defined in the amended term loan agreement and (ii) the Company’s ability to obtain additional lender commitments. Debt Maturities The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2020 for the remainder of 2020 , 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 March 31, 2020 . 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 1,875 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 94,285 Fixed rate term loans (b) — 250,000 — 200,000 120,000 150,000 720,000 Unsecured notes payable (c) — 100,000 — — 150,000 550,000 800,000 Total fixed rate debt 1,875 352,626 26,678 231,758 271,737 729,611 1,614,285 Variable rate debt: Variable rate revolving line of credit — — 849,704 — — — 849,704 Total debt (d) $ 1,875 $ 352,626 $ 876,382 $ 231,758 $ 271,737 $ 729,611 $ 2,463,989 Weighted average interest rate on debt: Fixed rate debt 4.39 % 3.47 % 4.81 % 4.06 % 3.83 % 4.02 % 3.89 % Variable rate debt (e) — — 2.04 % — — — 2.04 % Total 4.39 % 3.47 % 2.12 % 4.06 % 3.83 % 4.02 % 3.25 % (a) Excludes mortgage discount of $(483) and capitalized loan fees of $(240) , net of accumulated amortization, as of March 31, 2020 . (b) Excludes capitalized loan fees of $(3,208) , net of accumulated amortization, as of March 31, 2020 . The following variable rate term loans have been swapped to fixed rate debt: (i) $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; (ii) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (iii) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iv) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of March 31, 2020 , the applicable credit spread for (i), (ii) and (iii) was 1.20% and for (iv) was 1.50% . (c) Excludes discount of $(586) and capitalized loan fees of $(2,994) , net of accumulated amortization, as of March 31, 2020 . (d) The weighted average years to maturity of consolidated indebtedness was 3.7 years as of March 31, 2020 . (e) Represents interest rate as of March 31, 2020 . The Company’s unsecured debt agreements, consisting of the (i) unsecured credit agreement governing the Unsecured Credit Facility, (ii) amended term loan agreement governing the Term Loan Due 2023, (iii) term loan agreement governing the Term Loan Due 2024 and Term Loan Due 2026, (iv) 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), (v) indenture, as supplemented, governing the 4.00% senior unsecured notes due 2025 (Notes Due 2025), (vi) 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), and (vii) note purchase agreement governing the 4.82% senior unsecured notes due 2029 (Notes Due 2029), contain customary representations, warranties and covenants, and events of default. These include financial covenants such as (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage ratios; (iii) minimum fixed charge coverage ratios; (iv) minimum unencumbered interest coverage ratios; (v) minimum debt service coverage ratio; and (vi) minimum unencumbered assets to unsecured debt ratio. All financial covenants that include operating results, or derivations thereof, in their calculations are based on the most recent four fiscal quarters of activity. As of March 31, 2020 , management believes the Company was in compliance with the financial covenants and default provisions under the unsecured debt agreements. The Company plans on addressing its debt maturities through a combination of (i) cash flows generated from operations, (ii) working capital, including cash on hand of $769,241 as of March 31, 2020 , and (iii) capital markets transactions. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of March 31, 2020 , the Company has 11 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 loss” and are reclassified into 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 $12,010 will be reclassified as an increase to interest expense. The following table summarizes the Company’s interest rate swaps as of March 31, 2020 , which effectively convert one-month floating rate LIBOR to a fixed rate: Number of Instruments Effective Date Aggregate Notional Fixed Interest Rate Maturity Date Three December 29, 2017 $ 250,000 2.00 % January 5, 2021 Two November 23, 2018 $ 200,000 2.85 % November 22, 2023 Three August 15, 2019 $ 120,000 1.68 % July 17, 2024 Three August 15, 2019 $ 150,000 1.77 % July 17, 2026 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 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate swaps 11 11 $ 720,000 $ 720,000 The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques used are described in Note 12 to the condensed consolidated financial statements. Fair Value March 31, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 39,870 $ 12,288 The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive loss for the three months ended March 31, 2020 and 2019 : Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Loss (Gain) Reclassified from AOCI into Income Total Interest Expense Presented in the Statements of Operations in which the Effects of Cash Flow Hedges are Recorded 2020 2019 2020 2019 2020 2019 Interest rate swaps $ 28,653 $ 3,386 Interest expense $ 1,071 $ (128 ) $ 17,046 $ 17,430 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | EQUITY The Company has an existing common stock repurchase program under which it may repurchase, from time to time, up to a maximum of $500,000 of shares of its Class A common stock. The shares may be repurchased in the open market or in privately negotiated transactions and are canceled upon repurchase. The timing and actual number of shares repurchased will depend on a variety of factors, including price in absolute terms and in relation to the value of the Company’s assets, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The common stock repurchase program may be suspended or terminated at any time without prior notice. The Company did not repurchase any shares during the three months ended March 31, 2020 and 2019 . As of March 31, 2020 , $189,105 remained available for repurchases of shares of the Company’s common stock under its common stock repurchase program. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Numerator: Net income attributable to common shareholders $ 22,357 $ 23,208 Earnings allocated to unvested restricted shares (109 ) (80 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 22,248 $ 23,128 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 213,215 (a) 212,850 (b) Effect of dilutive securities: Stock options — (c) — (c) RSUs — (d) 373 (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,215 213,223 (a) Excludes 815 shares of unvested restricted common stock as of March 31, 2020 , which equate to 677 shares on a weighted average basis for the three months ended March 31, 2020 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 667 shares of unvested restricted common stock as of March 31, 2019 , which equate to 602 shares on a weighted average basis for the three months ended March 31, 2019 . 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 16 and 22 shares of common stock as of March 31, 2020 and 2019 , respectively, at a weighted average exercise price of $15.87 and $17.34 , respectively. Of these totals, outstanding options to purchase 16 and 18 shares of common stock as of March 31, 2020 and 2019 , respectively, at a weighted average exercise price of $15.87 and $18.58 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d) As of March 31, 2020 , there were 974 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 969 RSUs on a weighted average basis for the three months ended March 31, 2020 . These contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (e) As of March 31, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods, which equate to 832 RSUs on a weighted average basis for the three months ended March 31, 2019 . These contingently issuable shares are a component of calculating diluted EPS. |
Provision for Impairment of Inv
Provision for Impairment of Investment Properties | 3 Months Ended |
Mar. 31, 2020 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Provision for Impairment of Investment Properties | PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of March 31, 2020 , 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, or significant change in the scope, cost or timing of planned redevelopment. As of March 31, 2019 , the Company did not identify indicators of impairment at any of its properties. The following table summarizes the results of these analyses as of March 31, 2020 . March 31, 2020 Number of properties for which indicators of impairment were identified 2 Less: number of properties for which an impairment charge was recorded — 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 — Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 2 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (a) 58 % (a) 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 charge during the three months ended March 31, 2020 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties King Philip’s Crossing (a) Multi-tenant retail February 13, 2020 105,900 $ 346 $ 346 Estimated fair value of impaired property as of impairment date $ 11,644 (a) The Company recorded an impairment charge on December 31, 2019 based upon the terms and conditions of an executed sales contract. This property was sold on February 13, 2020, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. The Company did not record any investment property impairment charges during the three months ended March 31, 2019 . The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. If the effects of COVID-19 cause economic and market conditions to continue to deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in impairment charges in the future. As of March 31, 2020 , the Company does not consider the impacts of COVID-19, including tenant requests for lease concessions, to be impairment indicators. However, indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry as a result of COVID-19, or changes in the Company’s long-term hold strategies could change in future periods. The Company will continue to monitor circumstances and events in future periods and can provide no assurance that material impairment charges with respect to its investment properties will not occur in future periods. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 93,562 $ 95,831 $ 94,155 $ 98,082 Unsecured notes payable, net $ 796,420 $ 788,109 $ 796,247 $ 822,883 Unsecured term loans, net $ 716,792 $ 711,013 $ 716,523 $ 720,000 Unsecured revolving line of credit $ 849,704 $ 841,529 $ 18,000 $ 18,000 Derivative liability $ 39,870 $ 39,870 $ 12,288 $ 12,288 The carrying value of the derivative liability is included within “Other liabilities” in the accompanying condensed consolidated balance sheets. Recurring Fair Value Measurements The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Fair Value Level 1 Level 2 Level 3 Total March 31, 2020 Derivative liability $ — $ 39,870 $ — $ 39,870 December 31, 2019 Derivative liability $ — $ 12,288 $ — $ 12,288 Derivatives: The fair value of the derivative liability is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis 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 March 31, 2020 and December 31, 2019 , 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 8 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 March 31, 2020 . The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2019 , 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, 2019 , except for those properties sold prior to December 31, 2019 . Methods and assumptions used to estimate the fair value of these assets as of December 31, 2019 are described after the table. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment December 31, 2019 Investment properties $ — $ 11,644 (a) $ 5,300 (b) $ 16,944 $ 12,298 (a) Represents the fair value of the Company’s King Philip’s Crossing investment property as of December 31, 2019, the date the asset was measured at fair value. The estimated fair value of King Philip’s Crossing was based upon the expected sales price from an executed sales contract and determined to be a Level 2 input. (b) Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2019, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. The discount rates and third-party comparable sales prices used in this approach are derived from property-specific information, market transactions and other industry data and are considered significant inputs to this valuation. The reversion value of the property was based upon third-party comparable sales prices, which contain unobservable inputs used by these third parties. A weighted average discount rate of 6.89% was used to (i) present value the estimated income stream over the estimated holding period and (ii) present value the reversion value. 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. Fair Value Level 1 Level 2 Level 3 Total March 31, 2020 Mortgages payable, net $ — $ — $ 95,831 $ 95,831 Unsecured notes payable, net $ 242,485 $ — $ 545,624 $ 788,109 Unsecured term loans, net $ — $ — $ 711,013 $ 711,013 Unsecured revolving line of credit $ — $ — $ 841,529 $ 841,529 December 31, 2019 Mortgages payable, net $ — $ — $ 98,082 $ 98,082 Unsecured notes payable, net $ 255,965 $ — $ 566,918 $ 822,883 Unsecured term loans, net $ — $ — $ 720,000 $ 720,000 Unsecured revolving line of credit $ — $ — $ 18,000 $ 18,000 The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net 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 Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities: March 31, 2020 December 31, 2019 Mortgages payable, net – range of discount rates used 3.6% to 4.1% 3.2% to 3.6% Unsecured notes payable, net – weighted average discount rate used 4.72% 3.79% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.75% 1.26% Unsecured revolving line of credit – credit spread portion of discount rate used 1.63% 1.05% There were no transfers between the levels of the fair value hierarchy during the three months ended March 31, 2020 and the year ended December 31, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES As of March 31, 2020 , the Company had letters of credit outstanding totaling $291 that serve as collateral for certain capital improvements at one of its properties and reduce the available borrowings on its unsecured revolving line of credit. The following table summarizes the Company’s active expansion and redevelopment projects as of March 31, 2020 : Estimated Net Investment Net Investment as of March 31, 2020 Project Name MSA Low High Circle East (a) Baltimore $ 42,000 $ 44,000 $ 22,804 One Loudoun Downtown – Pads G & H (b) Washington, D.C. $ 125,000 $ 135,000 $ 21,542 The Shoppes at Quarterfield Baltimore $ 9,000 $ 10,000 $ 524 Southlake Town Square – Pad Dallas $ 2,000 $ 2,500 $ 259 (a) Investment amounts are net of proceeds of $11,820 received from the sale of air rights. (b) Investment amounts are net of expected contributions from the Company’s joint venture partners. In response to current macroeconomic conditions, the Company halted plans for vertical construction at its Carillon redevelopment during the three months ended March 31, 2020 and has materially reduced the planned scope and spend for the project. As of March 31, 2020 , the Company was actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to complete the site work preparation during 2020 for an expected additional capital investment of approximately $4,500 . In addition, the Company terminated the joint venture related to the multi-family rental portion of the redevelopment and subsequent to March 31, 2020, the Company terminated the joint venture related to the medical office building portion of the redevelopment at Carillon. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2020 | |
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. During the three months ended March 31, 2020 , the Company entered into a settlement agreement related to litigation with a former tenant and received $6,100 in proceeds. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to March 31, 2020 , the Company: • terminated the joint venture related to the medical office building portion of the redevelopment at Carillon; and • executed amendments to its unsecured debt agreements for its Unsecured Credit Facility, Term Loan Due 2023, Term Loan Due 2024 and Term Loan Due 2026 that changed the covenant calculation for the unencumbered interest coverage ratio to include operating results from the most recent four fiscal quarters. Prior to these amendments, the calculation only included operating results from the most recent fiscal quarter. As a result, the updated calculation applies to all unsecured debt instruments to which this covenant relates, including the Company’s unsecured revolving line of credit, all unsecured term loans and all unsecured private placement notes payable. On May 1, 2020, the Company’s board of directors temporarily suspended future quarterly dividend payments on the Company’s outstanding Class A common stock in order to preserve and enhance liquidity and capital positioning. The Company’s board of directors will evaluate dividend declaration decisions quarterly and consider REIT taxable income distribution requirements in these deliberations. The timing and amount of dividend resumption depends largely on the Company’s operating cash flow performance as well as other factors. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases , for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff noted that due to the business disruptions and challenges caused by the COVID-19 pandemic, many lessors are, or will be, providing lease concessions such as payment forgiveness and deferral of payments. Changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications under ASC 842. Within the Q&A, the FASB staff provides relief for lease concessions offered as a result of the effects of the COVID-19 pandemic and does not require these concessions to be accounted for in accordance with the lease modification guidance in ASC 842. Under existing lease guidance, the Company would determine, on a lease by lease basis, if a lease concession was the result of a new arrangement with the tenant or if it was under the enforceable rights and obligations within the lease agreement. Under the relief guidance, a company can account for the concessions (i) as if no changes to the existing lease contract were made or (ii) as a variable lease adjustment. The Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. This election is optional and available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than the total payments required by the existing contract. The Company expects to apply the lease modification relief, however, the Q&A has not had a material impact on the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020 as the Company has not yet reached agreement with tenants regarding any concession requests, as discussions are ongoing. The future impact is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of property ownership | The Company’s property ownership as of March 31, 2020 is summarized below: Property Count Retail operating properties 102 Expansion and redevelopment projects: Circle East 1 One Loudoun Downtown – Pads G & H (a) — Carillon 1 The Shoppes at Quarterfield 1 Total number of properties 105 (a) The operating portion of this property is included within the property count for retail operating properties. |
Acquisitions and Developments_2
Acquisitions and Developments in Progress (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of acquisitions | The Company closed on the following acquisition during the three months ended March 31, 2020: Date Property Name Metropolitan Property Type Square Footage Acquisition Price February 6, 2020 Fullerton Metrocenter Los Angeles Fee interest (a) 154,700 $ 55,000 154,700 $ 55,000 (b) (a) The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor. (b) Acquisition price does not include capitalized closing costs and adjustments totaling $240 . The Company closed on the following acquisition during the three months ended March 31, 2019: Date Property Name MSA Property Type Square Footage Acquisition Price March 7, 2019 North Benson Center Seattle Multi-tenant retail 70,500 $ 25,340 70,500 $ 25,340 (a) (a) Acquisition price does not include capitalized closing costs and adjustments totaling $90 . |
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: Three Months Ended March 31, 2020 2019 Land $ 57,137 $ 13,275 Building and other improvements, net 1,623 10,619 Acquired lease intangible assets (a) 2,014 1,770 Acquired lease intangible liabilities (b) (5,534 ) (234 ) Net assets acquired $ 55,240 $ 25,430 (a) The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 17 years and five years for acquisitions completed during the three months ended March 31, 2020 and 2019 , respectively. |
Schedule of developments in progress | The carrying amount of the Company’s developments in progress are as follows: Property Name MSA March 31, 2020 December 31, 2019 Expansion and redevelopment projects: Circle East (a) Baltimore $ 34,665 $ 33,628 One Loudoun Downtown Washington, D.C. 36,346 27,868 Carillon Washington, D.C. 29,517 26,407 The Shoppes at Quarterfield Baltimore 524 — Pad development projects: Southlake Town Square Dallas 259 — 101,311 87,903 Land held for future development: One Loudoun Uptown Washington, D.C. 25,450 25,450 Total developments in progress $ 126,761 $ 113,353 (a) During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of March 31, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets. |
Schedule of variable interest entities | As of March 31, 2020 and December 31, 2019 , the Company had recorded the following related to the consolidated joint ventures: March 31, 2020 December 31, 2019 One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total Net investment properties $ 29,715 $ — $ 885 $ 30,600 $ 8,830 $ 2,940 $ 675 $ 12,445 Other assets, net $ 344 $ — $ — $ 344 $ 164 $ — $ — $ 164 Other liabilities $ 3,066 $ — $ 167 $ 3,233 $ 1,546 $ 32 $ 129 $ 1,707 Noncontrolling interests $ 2,699 $ — $ 359 $ 3,058 $ 1,869 $ 1,454 $ 273 $ 3,596 |
Dispositions (Tables)
Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property dispositions | The Company closed on the following disposition during the three months ended March 31, 2020: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain February 13, 2020 King Philip’s Crossing Multi-tenant retail 105,900 $ 13,900 $ 11,343 $ — 105,900 $ 13,900 $ 11,343 $ — (a) Aggregate proceeds are net of transaction costs. The Company closed on the following disposition during the three months ended March 31, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (a) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 94,600 $ 25,850 $ 21,605 $ 8,449 (a) Aggregate proceeds are net of transaction costs. Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition. |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of unvested restricted shares and restricted stock units | The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the three months ended March 31, 2020 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2020 839 $ 13.10 RSUs granted (a) 331 $ 13.67 Conversion of RSUs to common stock and restricted shares (b) (196 ) $ 15.52 RSUs eligible for future conversion as of March 31, 2020 (c) 974 $ 12.81 (a) Assumptions and inputs as of the grant date included a risk-free interest rate of 1.54% , 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 common stock dividend yield of 5.07% . Subject to continued employment, in 2023, following the performance period which concludes on December 31, 2022, 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 10, 2020, 196 RSUs converted into 105 shares of common stock and 175 restricted shares that will vest on December 31, 2020 , subject to continued employment through such date, after applying a conversion rate of 142.5% 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, 2019 . An additional 43 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 March 31, 2020 , total unrecognized compensation expense related to unvested RSUs was $7,892 , which is expected to be amortized over a weighted average term of 2.4 years . The following table summarizes the Company’s unvested restricted shares as of and for the three months ended March 31, 2020 : Unvested Weighted Average Balance as of January 1, 2020 535 $ 12.46 Shares granted (a) 493 $ 12.87 Shares vested (213 ) $ 13.08 Balance as of March 31, 2020 (b) 815 $ 12.55 (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 March 31, 2020 , total unrecognized compensation expense related to unvested restricted shares was $4,937 , which is expected to be amortized over a weighted average term of 1.5 years . |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of lease income | Lease income related to the Company’s operating leases is comprised of the following: Three Months Ended March 31, 2020 2019 Lease income related to fixed lease payments $ 91,147 $ 90,434 Lease income related to variable lease payments 28,495 30,631 Other (a) (947 ) 1,638 Lease income $ 118,695 $ 122,703 (a) “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: March 31, 2020 December 31, 2019 Balance Weighted Average Interest Rate Weighted Average Years to Maturity Balance Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate mortgages payable (a) $ 94,285 4.37 % 4.8 $ 94,904 4.37 % 5.1 Discount, net of accumulated amortization (483 ) (493 ) Capitalized loan fees, net of accumulated amortization (240 ) (256 ) Mortgages payable, net $ 93,562 $ 94,155 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of March 31, 2020 and December 31, 2019 . |
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable: March 31, 2020 December 31, 2019 Unsecured Notes Payable Maturity Date Balance Interest Rate/ Weighted Average Interest Rate 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 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % 100,000 4.82 % 800,000 4.27 % 800,000 4.27 % Discount, net of accumulated amortization (586 ) (616 ) Capitalized loan fees, net of accumulated amortization (2,994 ) (3,137 ) Total $ 796,420 $ 796,247 |
Summary of term loans and revolving line of credit | The following table summarizes the Company’s term loans and revolving line of credit: March 31, 2020 December 31, 2019 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 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.05 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.88 % 120,000 2.88 % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.27 % 150,000 3.27 % Subtotal 720,000 720,000 Capitalized loan fees, net of accumulated amortization (3,208 ) (3,477 ) Term loans, net $ 716,792 $ 716,523 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 849,704 2.04 % $ 18,000 2.85 % (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 ranging from 1.20% to 1.70% through January 5, 2021. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (c) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of March 31, 2020 and December 31, 2019 . (d) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.50% as of March 31, 2020 and December 31, 2019 . (e) |
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 due 2021 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 unsecured term loans | The following table summarizes the key terms of the unsecured term loans: Unsecured Term Loans Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan due 2023 11/22/2023 1.20 % – 1.85% 0.85 % – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20 % – 1.70% 0.80 % – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.50 % – 2.20% 1.35 % – 2.25% |
Summary of scheduled maturities and principal amortization of indebtedness | The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2020 for the remainder of 2020 , 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 March 31, 2020 . 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 1,875 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 94,285 Fixed rate term loans (b) — 250,000 — 200,000 120,000 150,000 720,000 Unsecured notes payable (c) — 100,000 — — 150,000 550,000 800,000 Total fixed rate debt 1,875 352,626 26,678 231,758 271,737 729,611 1,614,285 Variable rate debt: Variable rate revolving line of credit — — 849,704 — — — 849,704 Total debt (d) $ 1,875 $ 352,626 $ 876,382 $ 231,758 $ 271,737 $ 729,611 $ 2,463,989 Weighted average interest rate on debt: Fixed rate debt 4.39 % 3.47 % 4.81 % 4.06 % 3.83 % 4.02 % 3.89 % Variable rate debt (e) — — 2.04 % — — — 2.04 % Total 4.39 % 3.47 % 2.12 % 4.06 % 3.83 % 4.02 % 3.25 % (a) Excludes mortgage discount of $(483) and capitalized loan fees of $(240) , net of accumulated amortization, as of March 31, 2020 . (b) Excludes capitalized loan fees of $(3,208) , net of accumulated amortization, as of March 31, 2020 . The following variable rate term loans have been swapped to fixed rate debt: (i) $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; (ii) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (iii) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iv) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of March 31, 2020 , the applicable credit spread for (i), (ii) and (iii) was 1.20% and for (iv) was 1.50% . (c) Excludes discount of $(586) and capitalized loan fees of $(2,994) , net of accumulated amortization, as of March 31, 2020 . (d) The weighted average years to maturity of consolidated indebtedness was 3.7 years as of March 31, 2020 . (e) Represents interest rate as of March 31, 2020 . |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the Company’s interest rate swaps as of March 31, 2020 , which effectively convert one-month floating rate LIBOR to a fixed rate: Number of Instruments Effective Date Aggregate Notional Fixed Interest Rate Maturity Date Three December 29, 2017 $ 250,000 2.00 % January 5, 2021 Two November 23, 2018 $ 200,000 2.85 % November 22, 2023 Three August 15, 2019 $ 120,000 1.68 % July 17, 2024 Three August 15, 2019 $ 150,000 1.77 % July 17, 2026 |
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 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate swaps 11 11 $ 720,000 $ 720,000 |
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 liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques used are described in Note 12 to the condensed consolidated financial statements. Fair Value March 31, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 39,870 $ 12,288 |
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 loss for the three months ended March 31, 2020 and 2019 : Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Loss (Gain) Reclassified from AOCI into Income Total Interest Expense Presented in the Statements of Operations in which the Effects of Cash Flow Hedges are Recorded 2020 2019 2020 2019 2020 2019 Interest rate swaps $ 28,653 $ 3,386 Interest expense $ 1,071 $ (128 ) $ 17,046 $ 17,430 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Numerator: Net income attributable to common shareholders $ 22,357 $ 23,208 Earnings allocated to unvested restricted shares (109 ) (80 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 22,248 $ 23,128 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 213,215 (a) 212,850 (b) Effect of dilutive securities: Stock options — (c) — (c) RSUs — (d) 373 (e) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,215 213,223 (a) Excludes 815 shares of unvested restricted common stock as of March 31, 2020 , which equate to 677 shares on a weighted average basis for the three months ended March 31, 2020 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 667 shares of unvested restricted common stock as of March 31, 2019 , which equate to 602 shares on a weighted average basis for the three months ended March 31, 2019 . 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 16 and 22 shares of common stock as of March 31, 2020 and 2019 , respectively, at a weighted average exercise price of $15.87 and $17.34 , respectively. Of these totals, outstanding options to purchase 16 and 18 shares of common stock as of March 31, 2020 and 2019 , respectively, at a weighted average exercise price of $15.87 and $18.58 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d) As of March 31, 2020 , there were 974 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 969 RSUs on a weighted average basis for the three months ended March 31, 2020 . These contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (e) As of March 31, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods, which equate to 832 RSUs on a weighted average basis for the three months ended March 31, 2019 . These contingently issuable shares are a component of calculating diluted EPS. |
Provision for Impairment of I_2
Provision for Impairment of Investment Properties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Schedule of identified impairment indicators | The following table summarizes the results of these analyses as of March 31, 2020 . March 31, 2020 Number of properties for which indicators of impairment were identified 2 Less: number of properties for which an impairment charge was recorded — 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 — Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 2 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (a) 58 % (a) 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 charge during the three months ended March 31, 2020 : Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties King Philip’s Crossing (a) Multi-tenant retail February 13, 2020 105,900 $ 346 $ 346 Estimated fair value of impaired property as of impairment date $ 11,644 (a) The Company recorded an impairment charge on December 31, 2019 based upon the terms and conditions of an executed sales contract. This property was sold on February 13, 2020, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 93,562 $ 95,831 $ 94,155 $ 98,082 Unsecured notes payable, net $ 796,420 $ 788,109 $ 796,247 $ 822,883 Unsecured term loans, net $ 716,792 $ 711,013 $ 716,523 $ 720,000 Unsecured revolving line of credit $ 849,704 $ 841,529 $ 18,000 $ 18,000 Derivative liability $ 39,870 $ 39,870 $ 12,288 $ 12,288 |
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 March 31, 2020 Derivative liability $ — $ 39,870 $ — $ 39,870 December 31, 2019 Derivative liability $ — $ 12,288 $ — $ 12,288 |
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 March 31, 2020 . The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2019 , 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, 2019 , except for those properties sold prior to December 31, 2019 . Methods and assumptions used to estimate the fair value of these assets as of December 31, 2019 are described after the table. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment December 31, 2019 Investment properties $ — $ 11,644 (a) $ 5,300 (b) $ 16,944 $ 12,298 (a) Represents the fair value of the Company’s King Philip’s Crossing investment property as of December 31, 2019, the date the asset was measured at fair value. The estimated fair value of King Philip’s Crossing was based upon the expected sales price from an executed sales contract and determined to be a Level 2 input. (b) Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2019, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was determined using the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. The discount rates and third-party comparable sales prices used in this approach are derived from property-specific information, market transactions and other industry data and are considered significant inputs to this valuation. The reversion value of the property was based upon third-party comparable sales prices, which contain unobservable inputs used by these third parties. A weighted average discount rate of 6.89% was used to (i) present value the estimated income stream over the estimated holding period and (ii) present value the reversion value. |
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. Fair Value Level 1 Level 2 Level 3 Total March 31, 2020 Mortgages payable, net $ — $ — $ 95,831 $ 95,831 Unsecured notes payable, net $ 242,485 $ — $ 545,624 $ 788,109 Unsecured term loans, net $ — $ — $ 711,013 $ 711,013 Unsecured revolving line of credit $ — $ — $ 841,529 $ 841,529 December 31, 2019 Mortgages payable, net $ — $ — $ 98,082 $ 98,082 Unsecured notes payable, net $ 255,965 $ — $ 566,918 $ 822,883 Unsecured term loans, net $ — $ — $ 720,000 $ 720,000 Unsecured revolving line of credit $ — $ — $ 18,000 $ 18,000 The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net 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 Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities: March 31, 2020 December 31, 2019 Mortgages payable, net – range of discount rates used 3.6% to 4.1% 3.2% to 3.6% Unsecured notes payable, net – weighted average discount rate used 4.72% 3.79% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.75% 1.26% Unsecured revolving line of credit – credit spread portion of discount rate used 1.63% 1.05% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of expansion and redevelopment projects | The following table summarizes the Company’s active expansion and redevelopment projects as of March 31, 2020 : Estimated Net Investment Net Investment as of March 31, 2020 Project Name MSA Low High Circle East (a) Baltimore $ 42,000 $ 44,000 $ 22,804 One Loudoun Downtown – Pads G & H (b) Washington, D.C. $ 125,000 $ 135,000 $ 21,542 The Shoppes at Quarterfield Baltimore $ 9,000 $ 10,000 $ 524 Southlake Town Square – Pad Dallas $ 2,000 $ 2,500 $ 259 (a) Investment amounts are net of proceeds of $11,820 received from the sale of air rights. (b) Investment amounts are net of expected contributions from the Company’s joint venture partners. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | Mar. 31, 2020propertysubsidiary |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 105 |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 |
Operating properties | Retail | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 102 |
Circle East | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 1 |
One Loudoun Downtown - Pads G & H | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 0 |
Carillon | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 1 |
The Shoppes at Quarterfield | Redevelopment properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties owned | 1 |
Acquisitions and Developments_3
Acquisitions and Developments in Progress - Summary of Acquisitions (Details) $ in Thousands | Feb. 06, 2020USD ($)ft² | Mar. 07, 2019USD ($)ft² | Mar. 31, 2020USD ($)ft² | Mar. 31, 2019USD ($)ft² |
Fullerton Metrocenter - Fee Interest | ||||
Business Acquisition [Line Items] | ||||
Square footage | ft² | 154,700 | |||
Purchase price of asset acquisition | $ 55,000 | |||
2020 acquisitions | ||||
Business Acquisition [Line Items] | ||||
Square footage | ft² | 154,700 | |||
Purchase price of asset acquisition | $ 55,000 | |||
Capitalized closing costs and adjustments | $ 240 | |||
North Benson Center | ||||
Business Acquisition [Line Items] | ||||
Square footage | ft² | 70,500 | |||
Purchase price of asset acquisition | $ 25,340 | |||
2019 acquisitions | ||||
Business Acquisition [Line Items] | ||||
Square footage | ft² | 70,500 | |||
Purchase price of asset acquisition | $ 25,340 | |||
Capitalized closing costs and adjustments | $ 90 |
Acquisitions and Developments_4
Acquisitions and Developments in Progress - Acquisition Date Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
2020 acquisitions | ||
Acquisition Date Fair Values | ||
Land | $ 57,137 | |
Building and other improvements, net | 1,623 | |
Acquired lease intangible assets | 2,014 | |
Acquired lease intangible liabilities | (5,534) | |
Net assets acquired | $ 55,240 | |
Weighted average amortization period, acquired lease intangible assets | 17 years | |
Weighted average amortization period, acquired lease intangible liabilities | 17 years | |
2019 acquisitions | ||
Acquisition Date Fair Values | ||
Land | $ 13,275 | |
Building and other improvements, net | 10,619 | |
Acquired lease intangible assets | 1,770 | |
Acquired lease intangible liabilities | (234) | |
Net assets acquired | $ 25,430 | |
Weighted average amortization period, acquired lease intangible assets | 5 years | |
Weighted average amortization period, acquired lease intangible liabilities | 5 years | |
Building and associated improvements | ||
Business Acquisition [Line Items] | ||
Capitalized internal salaries and related benefits | $ 626 | $ 675 |
Internal leasing incentives | ||
Business Acquisition [Line Items] | ||
Capitalized internal leasing incentives | $ 60 | $ 54 |
Acquisitions and Developments_5
Acquisitions and Developments in Progress - Summary of Developments in Progress (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | $ 126,761 | $ 113,353 | |||
Aggregate proceeds, net | 11,343 | $ 21,605 | |||
Circle East | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 34,665 | 33,628 | |||
One Loudoun Downtown | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 36,346 | 27,868 | |||
Carillon | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 29,517 | 26,407 | |||
The Shoppes at Quarterfield | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 524 | 0 | |||
Southlake Town Square | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 259 | 0 | |||
One Loudoun Uptown | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Land held for future development | 25,450 | 25,450 | |||
Redevelopment properties | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Developments in progress | 101,311 | $ 87,903 | |||
Capitalized indirect project costs | 1,316 | 574 | |||
Capitalized internal salaries and related benefits | 372 | 365 | |||
Capitalized interest | $ 785 | $ 144 | |||
Circle East, air rights | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Aggregate proceeds, net | $ 11,820 | ||||
Forecast | Carillon | |||||
Capitalized Costs of Properties Excluded from Amortization [Line Items] | |||||
Additional capital investment | $ 4,500 |
Acquisitions and Developments_6
Acquisitions and Developments in Progress - Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Multi-family | Carillon | |||
Variable Interest Entity [Line Items] | |||
Noncontrolling interest balance | $ 1,661 | ||
Multi-family | RPAI | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 90.00% | ||
Multi-family | RPAI | Carillon | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 95.00% | ||
Medical office building | RPAI | Carillon | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 95.00% | ||
Net investment properties | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 30,600 | $ 12,445 | |
Net investment properties | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 29,715 | 8,830 | |
Net investment properties | Multi-family | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 2,940 | |
Net investment properties | Medical office building | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 885 | 675 | |
Other assets, net | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 344 | 164 | |
Other assets, net | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 344 | 164 | |
Other assets, net | Multi-family | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 0 | |
Other assets, net | Medical office building | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 0 | |
Other liabilities | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 3,233 | 1,707 | |
Other liabilities | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 3,066 | 1,546 | |
Other liabilities | Multi-family | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 32 | |
Other liabilities | Medical office building | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 167 | 129 | |
Noncontrolling interests | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 3,058 | 3,596 | |
Noncontrolling interests | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 2,699 | 1,869 | |
Noncontrolling interests | Multi-family | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 1,454 | |
Noncontrolling interests | Medical office building | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | $ 359 | $ 273 |
Dispositions - Summary of Dispo
Dispositions - Summary of Dispositions (Details) $ in Thousands | Feb. 13, 2020USD ($)ft² | Mar. 08, 2019USD ($)ft² | Mar. 31, 2020USD ($)ft²property | Mar. 31, 2019USD ($)ft² | Dec. 31, 2019property |
Property Dispositions [Line Items] | |||||
Aggregate proceeds, net | $ 11,343 | $ 21,605 | |||
Gain | $ 0 | $ 8,449 | |||
King Philip's Crossing | |||||
Property Dispositions [Line Items] | |||||
Square footage | ft² | 105,900 | ||||
Consideration | $ 13,900 | ||||
Aggregate proceeds, net | 11,343 | ||||
Gain | $ 0 | ||||
2020 dispositions | |||||
Property Dispositions [Line Items] | |||||
Square footage | ft² | 105,900 | ||||
Consideration | $ 13,900 | ||||
Aggregate proceeds, net | 11,343 | ||||
Gain | $ 0 | ||||
Edwards Multiplex - Fresno, CA | |||||
Property Dispositions [Line Items] | |||||
Square footage | ft² | 94,600 | ||||
Consideration | $ 25,850 | ||||
Aggregate proceeds, net | 21,605 | ||||
Gain | $ 8,449 | ||||
2019 dispositions | |||||
Property Dispositions [Line Items] | |||||
Square footage | ft² | 94,600 | ||||
Consideration | $ 25,850 | ||||
Aggregate proceeds, net | 21,605 | ||||
Gain | $ 8,449 | ||||
Investment properties held for sale | |||||
Property Dispositions [Line Items] | |||||
Number of properties classified as held for sale | property | 0 | 0 |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 31, 2020 | Feb. 10, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options outstanding | 16 | 16 | 22 | |
Number of options granted | 0 | 0 | ||
Restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | 175 | |||
Fair value of restricted shares/RSUs vested | $ 2,513 | |||
Equity Instruments, Nonvested [Roll Forward] | ||||
Balance at the beginning of the period (in shares) | 535 | |||
Shares/RSUs granted (in shares) | 493 | |||
Shares/RSUs vested (in shares) | (213) | |||
Balance at the end of the period (in shares) | 815 | 815 | 667 | |
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 12.46 | |||
Shares/RSUs granted (in dollars per share) | 12.87 | |||
Shares/RSUs vested (in dollars per share) | 13.08 | |||
Balance at the end of the period (in dollars per share) | $ 12.55 | $ 12.55 | ||
Compensation Cost Not Yet Recognized | ||||
Total unrecognized compensation expense | $ 4,937 | $ 4,937 | ||
Unrecognized compensation expense, period for recognition (in years) | 1 year 6 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) | 1.54% | |||
Common stock dividend yield (as a percent) | 5.07% | |||
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 | 196 | |||
Conversion rate (as a percent) | 142.50% | |||
Fair value of restricted shares/RSUs vested | $ 1,321 | |||
Equity Instruments, Nonvested [Roll Forward] | ||||
Balance at the beginning of the period (in shares) | 839 | |||
Shares/RSUs granted (in shares) | 331 | |||
Shares/RSUs vested (in shares) | (196) | |||
Balance at the end of the period (in shares) | 974 | 974 | ||
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 13.10 | |||
Shares/RSUs granted (in dollars per share) | 13.67 | |||
Shares/RSUs vested (in dollars per share) | 15.52 | |||
Balance at the end of the period (in dollars per share) | $ 12.81 | $ 12.81 | ||
Compensation Cost Not Yet Recognized | ||||
Total unrecognized compensation expense | $ 7,892 | $ 7,892 | ||
Unrecognized compensation expense, period for recognition (in years) | 2 years 4 months 24 days | |||
Restricted shares and RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 2,233 | $ 1,966 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | ||
Minimum | Restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period for shares/RSUs granted | 10 months 24 days | |||
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 | 105 | |||
Dividends | Class A common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued | 43 |
Leases - Summary of Leases as L
Leases - Summary of Leases as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Leases, Lease Income | ||
Lease income related to fixed lease payments | $ 91,147 | $ 90,434 |
Lease income related to variable lease payments | 28,495 | 30,631 |
Other | (947) | 1,638 |
Lease income | $ 118,695 | $ 122,703 |
Leases - Summary of Leases as_2
Leases - Summary of Leases as Lessee (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)lease | Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Lease liabilities and ROU assets recognized | $ 383 | $ 103,519 |
Office | ||
Lessee, Lease, Description [Line Items] | ||
Number of leases | lease | 1 | |
Lease liabilities and ROU assets recognized | $ 383 |
Debt - Summary of Mortgages Pay
Debt - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,463,989 | $ 2,463,989 | |
Weighted average interest rate (as a percent) | 3.25% | 3.25% | |
Mortgages payable | |||
Debt Instrument [Line Items] | |||
Discount, net of accumulated amortization | $ (483) | $ (493) | $ (483) |
Capitalized loan fees, net of accumulated amortization | (240) | (256) | (240) |
Mortgages payable, net | 93,562 | 94,155 | 93,562 |
Scheduled principal payments related to amortizing loans | 619 | ||
Fixed rate debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,614,285 | $ 1,614,285 | |
Weighted average interest rate (as a percent) | 3.89% | 3.89% | |
Fixed rate debt | Mortgages payable | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 94,285 | $ 94,904 | $ 94,285 |
Weighted average interest rate (as a percent) | 4.37% | 4.37% | 4.37% |
Weighted average years to maturity | 4 years 9 months 18 days | 5 years 1 month 6 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) | 7.48% | 7.48% | 7.48% |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal balance | $ 796,420 | $ 796,247 |
Weighted average interest rate (as a percent) | 3.25% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 800,000 | 800,000 |
Discount, net of accumulated amortization | (586) | (616) |
Capitalized loan fees, net of accumulated amortization | $ (2,994) | $ (3,137) |
Weighted average interest rate (as a percent) | 4.27% | 4.27% |
4.12% Notes Due 2021 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.12% | 4.12% |
4.58% Notes Due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 150,000 | $ 150,000 |
Stated interest rate (as a percent) | 4.58% | 4.58% |
4.00% Notes Due 2025 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 250,000 | $ 250,000 |
Stated interest rate (as a percent) | 4.00% | 4.00% |
4.08% Notes Due 2026 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.08% | 4.08% |
4.24% Notes Due 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.24% | 4.24% |
4.82% Notes Due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 100,000 | $ 100,000 |
Stated interest rate (as a percent) | 4.82% | 4.82% |
Debt - Summary of Term Loans an
Debt - Summary of Term Loans and Revolving Line of Credit (Details) $ in Thousands | Mar. 31, 2020USD ($)extension_options | Dec. 31, 2019USD ($) |
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | $ 716,792 | $ 716,523 |
Unsecured revolving line of credit | 849,704 | 18,000 |
Unsecured Credit Facility | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | 1,100,000 | |
Additional borrowing capacity | 500,000 | |
Maximum borrowing capacity | 1,600,000 | |
Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Principal amount | 250,000 | |
Unsecured term loans | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | 720,000 | 720,000 |
Capitalized loan fees, net of accumulated amortization | (3,208) | (3,477) |
Term loans, net | $ 716,792 | 716,523 |
Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
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% | |
Aggregate borrowing capacity | $ 850,000 | |
Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Principal amount | 200,000 | |
Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Principal amount | 120,000 | |
Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Principal amount | 150,000 | |
Fixed rate debt | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | $ 250,000 | $ 250,000 |
Interest rate on credit facility (as a percent) | 3.20% | 3.20% |
Fixed rate debt | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | $ 200,000 | $ 200,000 |
Interest rate on term loans (as a percent) | 4.05% | 4.05% |
Fixed rate debt | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | $ 120,000 | $ 120,000 |
Interest rate on term loans (as a percent) | 2.88% | 2.88% |
Fixed rate debt | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured term loans | $ 150,000 | $ 150,000 |
Interest rate on term loans (as a percent) | 3.27% | 3.27% |
Variable rate debt | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Unsecured revolving line of credit | $ 849,704 | $ 18,000 |
Interest rate on credit facility (as a percent) | 2.04% | 2.85% |
Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 250,000 | |
Fixed interest rate (as a percent) | 2.00% | |
Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 250,000 | |
Fixed interest rate (as a percent) | 2.00% | |
Two $100,000 interest rate swaps maturing in 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 200,000 | |
Fixed interest rate (as a percent) | 2.85% | |
Two $100,000 interest rate swaps maturing in 2023 | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 200,000 | |
Fixed interest rate (as a percent) | 2.85% | |
Three $40,000 interest rate swaps maturing in 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 120,000 | |
Fixed interest rate (as a percent) | 1.68% | |
Three $40,000 interest rate swaps maturing in 2024 | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 120,000 | |
Fixed interest rate (as a percent) | 1.68% | |
Three $50,000 interest rate swaps maturing in 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 150,000 | |
Fixed interest rate (as a percent) | 1.77% | |
Three $50,000 interest rate swaps maturing in 2026 | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 150,000 | |
Fixed interest rate (as a percent) | 1.77% | |
LIBOR | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
LIBOR | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | 1.20% |
LIBOR | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | 1.20% |
LIBOR | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | 1.20% |
LIBOR | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.50% | 1.50% |
LIBOR | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.50% | |
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Minimum | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.15% | |
Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | |
Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.05% | |
Minimum | LIBOR | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | |
Minimum | LIBOR | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | |
Minimum | LIBOR | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.50% | |
Maximum | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.30% | |
Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.70% | |
Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.50% | |
Maximum | LIBOR | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.85% | |
Maximum | LIBOR | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.70% | |
Maximum | LIBOR | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 2.20% | |
Investment grade rated | Minimum | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.125% | |
Investment grade rated | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 0.90% | |
Investment grade rated | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 0.825% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 0.85% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 0.80% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.35% | |
Investment grade rated | Maximum | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.30% | |
Investment grade rated | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.75% | |
Investment grade rated | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.55% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2023 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.65% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2024 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 1.65% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2026 | ||
Term Loans and Line of Credit Facility [Line Items] | ||
Variable interest rate spread (as a percent) | 2.25% |
Debt - Summary of Unsecured Ter
Debt - Summary of Unsecured Term Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Term of debt issuance | 7 years | |
Principal amount | $ 200,000 | |
Additional borrowing capacity | 100,000 | |
Maximum borrowing capacity | $ 300,000 | |
Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Term of debt issuance | 5 years | |
Principal amount | $ 120,000 | |
Additional borrowing capacity | $ 130,000 | |
Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Term of debt issuance | 7 years | |
Principal amount | $ 150,000 | |
Additional borrowing capacity | 100,000 | |
Term Loan Due 2024 and Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 500,000 | |
LIBOR | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
LIBOR | Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | 1.20% |
LIBOR | Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | 1.20% |
LIBOR | Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.50% | 1.50% |
Minimum | LIBOR | Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | |
Minimum | LIBOR | Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.20% | |
Minimum | LIBOR | Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.50% | |
Maximum | LIBOR | Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.85% | |
Maximum | LIBOR | Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.70% | |
Maximum | LIBOR | Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 2.20% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 0.85% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 0.80% | |
Investment grade rated | Minimum | LIBOR | Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.35% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.65% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 1.65% | |
Investment grade rated | Maximum | LIBOR | Term Loan Due 2026 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 2.25% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Cash and cash equivalents | $ 769,241 | $ 9,989 | $ 11,855 | $ 14,722 |
Long-term Debt, Fiscal Year Maturity | ||||
2020 | 1,875 | |||
2021 | 352,626 | |||
2022 | 876,382 | |||
2023 | 231,758 | |||
2024 | 271,737 | |||
Thereafter | 729,611 | |||
Total | $ 2,463,989 | |||
Long-term Debt, Weighted Average Interest Rate | ||||
2020 | 4.39% | |||
2021 | 3.47% | |||
2022 | 2.12% | |||
2023 | 4.06% | |||
2024 | 3.83% | |||
Thereafter | 4.02% | |||
Total | 3.25% | |||
Mortgages payable | ||||
Debt Instrument [Line Items] | ||||
Discount, net of accumulated amortization | $ (483) | (493) | ||
Capitalized loan fees, net of accumulated amortization | (240) | (256) | ||
Unsecured term loans | ||||
Debt Instrument [Line Items] | ||||
Capitalized loan fees, net of accumulated amortization | (3,208) | |||
Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Discount, net of accumulated amortization | (586) | (616) | ||
Capitalized loan fees, net of accumulated amortization | $ (2,994) | $ (3,137) | ||
Long-term Debt, Weighted Average Interest Rate | ||||
Total | 4.27% | 4.27% | ||
Consolidated indebtedness | ||||
Debt Instrument [Line Items] | ||||
Weighted average years to maturity | 3 years 8 months 12 days | |||
Fixed rate debt | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2020 | $ 1,875 | |||
2021 | 352,626 | |||
2022 | 26,678 | |||
2023 | 231,758 | |||
2024 | 271,737 | |||
Thereafter | 729,611 | |||
Total | $ 1,614,285 | |||
Long-term Debt, Weighted Average Interest Rate | ||||
2020 | 4.39% | |||
2021 | 3.47% | |||
2022 | 4.81% | |||
2023 | 4.06% | |||
2024 | 3.83% | |||
Thereafter | 4.02% | |||
Total | 3.89% | |||
Fixed rate debt | Mortgages payable | ||||
Debt Instrument [Line Items] | ||||
Weighted average years to maturity | 4 years 9 months 18 days | 5 years 1 month 6 days | ||
Long-term Debt, Fiscal Year Maturity | ||||
2020 | $ 1,875 | |||
2021 | 2,626 | |||
2022 | 26,678 | |||
2023 | 31,758 | |||
2024 | 1,737 | |||
Thereafter | 29,611 | |||
Total | $ 94,285 | $ 94,904 | ||
Long-term Debt, Weighted Average Interest Rate | ||||
Total | 4.37% | 4.37% | ||
Fixed rate debt | Unsecured term loans | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2020 | $ 0 | |||
2021 | 250,000 | |||
2022 | 0 | |||
2023 | 200,000 | |||
2024 | 120,000 | |||
Thereafter | 150,000 | |||
Total | 720,000 | |||
Fixed rate debt | Unsecured notes payable | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2020 | 0 | |||
2021 | 100,000 | |||
2022 | 0 | |||
2023 | 0 | |||
2024 | 150,000 | |||
Thereafter | 550,000 | |||
Total | $ 800,000 | |||
Variable rate debt | ||||
Long-term Debt, Weighted Average Interest Rate | ||||
2020 | 0.00% | |||
2021 | 0.00% | |||
2022 | 2.04% | |||
2023 | 0.00% | |||
2024 | 0.00% | |||
Thereafter | 0.00% | |||
Total | 2.04% | |||
Variable rate debt | Unsecured revolving line of credit | ||||
Long-term Debt, Fiscal Year Maturity | ||||
2020 | $ 0 | |||
2021 | 0 | |||
2022 | 849,704 | |||
2023 | 0 | |||
2024 | 0 | |||
Thereafter | 0 | |||
Total | $ 849,704 | |||
4.12% Notes Due 2021 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.12% | 4.12% | ||
4.58% Notes Due 2024 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.58% | 4.58% | ||
4.00% Notes Due 2025 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.00% | 4.00% | ||
4.08% Notes Due 2026 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.08% | 4.08% | ||
4.24% Notes Due 2028 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.24% | 4.24% | ||
4.82% Notes Due 2029 | Unsecured notes payable | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.82% | 4.82% | ||
Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | ||||
Debt Instrument [Line Items] | ||||
Variable rate debt swapped to fixed rate | $ 250,000 | |||
Fixed interest rate (as a percent) | 2.00% | |||
Two $100,000 interest rate swaps maturing in 2023 | ||||
Debt Instrument [Line Items] | ||||
Variable rate debt swapped to fixed rate | $ 200,000 | |||
Fixed interest rate (as a percent) | 2.85% | |||
Three $40,000 interest rate swaps maturing in 2024 | ||||
Debt Instrument [Line Items] | ||||
Variable rate debt swapped to fixed rate | $ 120,000 | |||
Fixed interest rate (as a percent) | 1.68% | |||
Three $50,000 interest rate swaps maturing in 2026 | ||||
Debt Instrument [Line Items] | ||||
Variable rate debt swapped to fixed rate | $ 150,000 | |||
Fixed interest rate (as a percent) | 1.77% | |||
LIBOR | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
LIBOR | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
Variable interest rate spread (as a percent) | 1.20% | |||
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
Variable interest rate spread (as a percent) | 1.20% | |||
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
Variable interest rate spread (as a percent) | 1.20% | |||
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | ||||
Debt Instrument [Line Items] | ||||
Reference rate for variable interest rate | LIBOR | |||
Variable interest rate spread (as a percent) | 1.50% |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) $ in Thousands | Mar. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument | Aug. 15, 2019USD ($)instrument | Nov. 23, 2018USD ($)instrument | Dec. 29, 2017USD ($)instrument |
Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | |||||
Derivative [Line Items] | |||||
Notional | $ 250,000 | ||||
Fixed interest rate (as a percent) | 2.00% | ||||
Two $100,000 interest rate swaps maturing in 2023 | |||||
Derivative [Line Items] | |||||
Notional | $ 200,000 | ||||
Fixed interest rate (as a percent) | 2.85% | ||||
Three $40,000 interest rate swaps maturing in 2024 | |||||
Derivative [Line Items] | |||||
Notional | $ 120,000 | ||||
Fixed interest rate (as a percent) | 1.68% | ||||
Three $50,000 interest rate swaps maturing in 2026 | |||||
Derivative [Line Items] | |||||
Notional | $ 150,000 | ||||
Fixed interest rate (as a percent) | 1.77% | ||||
Cash flow hedges | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 11 | 11 | |||
Amount expected to be reclassified to interest expense over the next 12 months | $ 12,010 | ||||
Notional | $ 720,000 | $ 720,000 | |||
Cash flow hedges | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 3 | ||||
Notional | $ 250,000 | ||||
Fixed interest rate (as a percent) | 2.00% | ||||
Cash flow hedges | Two $100,000 interest rate swaps maturing in 2023 | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 2 | ||||
Notional | $ 200,000 | ||||
Fixed interest rate (as a percent) | 2.85% | ||||
Cash flow hedges | Three $40,000 interest rate swaps maturing in 2024 | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 3 | ||||
Notional | $ 120,000 | ||||
Fixed interest rate (as a percent) | 1.68% | ||||
Cash flow hedges | Three $50,000 interest rate swaps maturing in 2026 | |||||
Derivative [Line Items] | |||||
Number of instruments | instrument | 3 | ||||
Notional | $ 150,000 | ||||
Fixed interest rate (as a percent) | 1.77% | ||||
LIBOR | |||||
Derivative [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | |||||
Derivative [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | |||||
Derivative [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | |||||
Derivative [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | |||||
Derivative [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Cash flow hedges | |||||
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 | Mar. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument |
Derivative [Line Items] | ||
Number of instruments | instrument | 11 | 11 |
Notional | $ | $ 720,000 | $ 720,000 |
Derivatives - Estimated Fair Va
Derivatives - Estimated Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Interest rate swaps | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 39,870 | $ 12,288 |
Derivatives - Effect on Stateme
Derivatives - Effect on Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, (Gain) Loss [Line Items] | ||
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | $ 17,046 | $ 17,430 |
Interest rate swaps | Cash flow hedges | ||
Derivative Instruments, (Gain) Loss [Line Items] | ||
Amount of loss recognized in other comprehensive income on derivative | 28,653 | 3,386 |
Amount of loss (gain) reclassified from AOCI into income | 1,071 | (128) |
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | $ 17,046 | $ 17,430 |
Equity (Details)
Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Maximum authorized amount for stock repurchases | $ 500,000 | |
Remaining authorized repurchase amount | $ 189,105 | |
2015 Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of common shares repurchased | 0 | 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Numerator: | |||||
Net income attributable to common shareholders | $ 22,357 | $ 23,208 | |||
Earnings allocated to unvested restricted shares | (109) | (80) | |||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 22,248 | $ 23,128 | |||
Denominator for earnings per common share – basic: | |||||
Weighted average number of common shares outstanding | 213,215 | 212,850 | |||
Effect of dilutive securities: | |||||
Stock options | 0 | 0 | |||
RSUs | 0 | 373 | |||
Denominator for earnings per common share – diluted: | |||||
Weighted average number of common and common equivalent shares outstanding | 213,215 | 213,223 | |||
Earnings Per Share, Other Disclosures | |||||
Weighted average number of shares of restricted common stock | 677 | 602 | |||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||
Number of outstanding options to purchase shares of common stock | 16 | 22 | 16 | 22 | |
Weighted average exercise price of outstanding options (in dollars per share) | $ 15.87 | $ 17.34 | $ 15.87 | $ 17.34 | |
Restricted shares | |||||
Earnings Per Share, Other Disclosures | |||||
Unvested restricted common stock | 815 | 667 | 815 | 667 | 535 |
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 | 16 | 18 | |||
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share) | $ 15.87 | $ 18.58 | |||
RSUs | |||||
Earnings Per Share, Other Disclosures | |||||
Unvested restricted common stock | 974 | 974 | 839 | ||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | |||||
Number of RSUs eligible for future conversion | 974 | 839 | 974 | 839 | |
Weighted average number of RSUs | 969 | 832 |
Provision for Impairment of I_3
Provision for Impairment of Investment Properties - Impairment Indicators (Details) | Mar. 31, 2020property |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Number of properties for which indicators of impairment were identified | 2 |
Number of properties for which an impairment charge was recorded | 0 |
Number of properties held for sale with impairment indicators but not impaired | 0 |
Remaining properties with impairment indicators but not impaired | 2 |
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for remaining properties | 58.00% |
Provision for Impairment of I_4
Provision for Impairment of Investment Properties - Impairment Charges (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)ft² | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment of investment properties | $ 346 | $ 0 | $ 12,298 |
Estimated fair value of impaired properties as of impairment date | $ 11,644 | ||
King Philip's Crossing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 105,900 | ||
Provision for impairment of investment properties | $ 346 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial liabilities: | ||
Mortgages payable, net | $ 93,562 | $ 94,155 |
Unsecured notes payable, net | 796,420 | 796,247 |
Unsecured term loans, net | 716,792 | 716,523 |
Unsecured revolving line of credit | 849,704 | 18,000 |
Carrying Value | ||
Financial liabilities: | ||
Mortgages payable, net | 93,562 | 94,155 |
Unsecured notes payable, net | 796,420 | 796,247 |
Unsecured term loans, net | 716,792 | 716,523 |
Unsecured revolving line of credit | 849,704 | 18,000 |
Derivative liability | 39,870 | 12,288 |
Fair Value | ||
Financial liabilities: | ||
Mortgages payable, net | 95,831 | 98,082 |
Unsecured notes payable, net | 788,109 | 822,883 |
Unsecured term loans, net | 711,013 | 720,000 |
Unsecured revolving line of credit | 841,529 | 18,000 |
Derivative liability | $ 39,870 | $ 12,288 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 39,870 | $ 12,288 |
Fair value, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 39,870 | $ 12,288 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Provision for impairment | $ 346 | $ 0 | $ 12,298 |
Nonrecurring Fair Value Measurements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment property | 16,944 | ||
Nonrecurring Fair Value Measurements | Fair value, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment property | 11,644 | ||
Nonrecurring Fair Value Measurements | Fair Value, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment property | $ 5,300 | ||
Discount rate | Weighted average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Input for measuring investment property | 0.0689 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Disclosures (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | $ 93,562 | $ 94,155 |
Unsecured notes payable, net | 796,420 | 796,247 |
Unsecured term loans, net | 716,792 | 716,523 |
Unsecured revolving line of credit | 849,704 | 18,000 |
Fair Value, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unsecured notes payable, net | 242,485 | 255,965 |
Fair Value, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | 95,831 | 98,082 |
Unsecured notes payable, net | 545,624 | 566,918 |
Unsecured term loans, net | 711,013 | 720,000 |
Unsecured revolving line of credit | 841,529 | 18,000 |
Fair Value, Total | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgages payable, net | 95,831 | 98,082 |
Unsecured notes payable, net | 788,109 | 822,883 |
Unsecured term loans, net | 711,013 | 720,000 |
Unsecured revolving line of credit | 841,529 | 18,000 |
Unsecured notes payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unsecured notes payable, net | $ 800,000 | $ 800,000 |
Discount rate | Unsecured revolving line of credit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0163 | 0.0105 |
Discount rate | Minimum | Mortgages payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.036 | 0.032 |
Discount rate | Maximum | Mortgages payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.041 | 0.036 |
Discount rate | Weighted average | Unsecured notes payable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0472 | 0.0379 |
Discount rate | Weighted average | Unsecured term loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Input for measuring debt | 0.0175 | 0.0126 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Mar. 31, 2020USD ($)property | Mar. 31, 2020USD ($)property | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) |
Commitments and Contingencies [Line Items] | ||||
Amount of letters of credit outstanding | $ 291 | $ 291 | ||
Number of properties with letters of credit | property | 1 | 1 | ||
Aggregate proceeds, net | $ 11,343 | $ 21,605 | ||
Circle East | ||||
Commitments and Contingencies [Line Items] | ||||
Redevelopment costs incurred | $ 22,804 | 22,804 | ||
Circle East | Minimum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 42,000 | 42,000 | ||
Circle East | Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 44,000 | 44,000 | ||
One Loudoun Downtown - Pads G & H | ||||
Commitments and Contingencies [Line Items] | ||||
Redevelopment costs incurred | 21,542 | 21,542 | ||
One Loudoun Downtown - Pads G & H | Minimum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 125,000 | 125,000 | ||
One Loudoun Downtown - Pads G & H | Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 135,000 | 135,000 | ||
The Shoppes at Quarterfield | ||||
Commitments and Contingencies [Line Items] | ||||
Redevelopment costs incurred | 524 | 524 | ||
The Shoppes at Quarterfield | Minimum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 9,000 | 9,000 | ||
The Shoppes at Quarterfield | Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 10,000 | 10,000 | ||
Southlake Town Square - Pad | ||||
Commitments and Contingencies [Line Items] | ||||
Redevelopment costs incurred | 259 | 259 | ||
Southlake Town Square - Pad | Minimum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 2,000 | 2,000 | ||
Southlake Town Square - Pad | Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Net estimated redevelopment costs | 2,500 | $ 2,500 | ||
Circle East, air rights | ||||
Commitments and Contingencies [Line Items] | ||||
Aggregate proceeds, net | $ 11,820 | |||
Forecast | Carillon | ||||
Commitments and Contingencies [Line Items] | ||||
Additional capital investment | $ 4,500 |
Litigation Litigation (Details)
Litigation Litigation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Gain on litigation settlement | $ 6,100 | $ 0 |