Retail Properties of America (RPAI) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		214,252,627

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment properties:
Land	$ 1,075,551	$ 1,021,829
Building and other improvements	3,563,583	3,544,582
Developments in progress	146,502	113,353
Gross investment properties	4,785,636	4,679,764
Less: accumulated depreciation	(1,449,947)	(1,383,274)
Net investment properties (includes $41,589 and $12,445 from consolidated variable interest entities, respectively)	3,335,689	3,296,490
Cash and cash equivalents	12,563	9,989
Accounts and notes receivable, net	87,927	73,832
Acquired lease intangible assets, net	74,386	79,832
Right-of-use lease assets	43,696	50,241
Other assets, net (includes $344 and $164 from consolidated variable interest entities, respectively)	67,151	75,978
Total assets	3,621,412	3,586,362
Liabilities:
Mortgages payable, net	92,967	94,155
Unsecured notes payable, net	796,568	796,247
Unsecured term loans, net	716,992	716,523
Unsecured revolving line of credit	135,000	18,000
Accounts payable and accrued expenses	59,152	78,902
Distributions payable	0	35,387
Acquired lease intangible liabilities, net	65,248	63,578
Lease liabilities	85,602	91,129
Other liabilities (includes $4,752 and $1,707 from consolidated variable interest entities, respectively)	75,798	56,368
Total liabilities	2,027,327	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	4,515,716	4,510,484
Accumulated distributions in excess of earnings	(2,886,387)	(2,865,933)
Accumulated other comprehensive loss	(39,176)	(12,288)
Total shareholders’ equity	1,590,367	1,632,477
Noncontrolling interests	3,718	3,596
Total equity	1,594,085	1,636,073
Total liabilities and equity	3,621,412	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	Jun. 30, 2020	Dec. 31, 2019
Net investment properties from VIEs (in dollars)	$ 3,335,689	$ 3,296,490
Other assets, net from VIEs (in dollars)	67,151	75,978
Other liabilities from VIEs (in dollars)	$ 75,798	$ 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	214,253	213,600
Common stock, shares outstanding	214,253	213,600
VIEs
Net investment properties from VIEs (in dollars)	$ 41,589	$ 12,445
Other assets, net from VIEs (in dollars)	344	164
Other liabilities from VIEs (in dollars)	$ 4,752	$ 1,707

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Lease income	$ 96,803	$ 118,449	$ 215,498	$ 241,152
Expenses:
Operating expenses	14,843	17,129	31,257	34,815
Real estate taxes	17,916	18,534	36,449	36,937
Depreciation and amortization	43,755	42,882	83,928	86,149
Provision for impairment of investment properties	0	0	346	0
General and administrative expenses	8,491	9,353	17,656	19,852
Total expenses	85,005	87,898	169,636	177,753
Other (expense) income:
Interest expense	(19,360)	(17,363)	(36,406)	(34,793)
Gain on sales of investment properties	0	8,454	0	16,903
Gain on litigation settlement	0	0	6,100	0
Other income (expense), net	215	(472)	(546)	(1,131)
Net (loss) income	(7,347)	21,170	15,010	44,378
Net income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common shareholders	$ (7,347)	$ 21,170	$ 15,010	$ 44,378
(Loss) earnings per common share – basic and diluted:
Net (loss) income per common share attributable to common shareholders	$ (0.04)	$ 0.10	$ 0.07	$ 0.21
Net (loss) income	$ (7,347)	$ 21,170	$ 15,010	$ 44,378
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments (Note 8)	694	(6,307)	(26,888)	(9,821)
Comprehensive (loss) income attributable to the Company	$ (6,653)	$ 14,863	$ (11,878)	$ 34,557
Weighted average number of common shares outstanding – basic	213,337	212,951	213,276	212,900
Weighted average number of common shares outstanding – diluted	213,337	213,090	213,276	213,156

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 (loss)	44,378			44,378		44,378
Other comprehensive (loss) income	(9,821)				(9,821)	(9,821)
Contributions from noncontrolling interests	1,027						1,027
Distributions declared to common shareholders	(70,759)			(70,759)		(70,759)
Issuance of common stock (in shares)		111
Issuance of restricted shares (in shares)		469
Issuance of restricted shares	1	$ 1				1
Stock-based compensation expense, net of forfeitures (in shares)		(9)
Stock-based compensation expense, net of forfeitures	3,823		3,823			3,823
Shares withheld for employee taxes (in shares)		(85)
Shares withheld for employee taxes	(1,037)		(1,037)			(1,037)
Balance (in shares) at Jun. 30, 2019		213,662
Balance at Jun. 30, 2019	1,714,621	$ 214	4,507,488	(2,783,183)	(11,343)	1,713,176	1,445
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
Increase (decrease) in shareholders' equity [roll forward]
Net income (loss)	21,170			21,170		21,170
Other comprehensive (loss) income	(6,307)				(6,307)	(6,307)
Contributions from noncontrolling interests	669						669
Distributions declared to common shareholders	(35,388)			(35,388)		(35,388)
Issuance of restricted shares (in shares)		77
Stock-based compensation expense, net of forfeitures	1,857		1,857			1,857
Balance (in shares) at Jun. 30, 2019		213,662
Balance at Jun. 30, 2019	1,714,621	$ 214	4,507,488	(2,783,183)	(11,343)	1,713,176	1,445
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 (loss)	15,010			15,010		15,010
Other comprehensive (loss) income	(26,888)				(26,888)	(26,888)
Contributions from noncontrolling interests	2,339						2,339
Termination of consolidated joint ventures			2,217			2,217	(2,217)
Distributions declared to common shareholders	(35,464)			(35,464)		(35,464)
Issuance of common stock (in shares)		148
Issuance of restricted shares (in shares)		624
Stock-based compensation expense, net of forfeitures (in shares)		0
Stock-based compensation expense, net of forfeitures	4,454		4,454			4,454
Shares withheld for employee taxes (in shares)		(119)
Shares withheld for employee taxes	(1,439)		(1,439)			(1,439)
Balance (in shares) at Jun. 30, 2020		214,253
Balance at Jun. 30, 2020	1,594,085	$ 214	4,515,716	(2,886,387)	(39,176)	1,590,367	3,718
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
Increase (decrease) in shareholders' equity [roll forward]
Net income (loss)	(7,347)			(7,347)		(7,347)
Other comprehensive (loss) income	694				694	694
Contributions from noncontrolling interests	1,216						1,216
Termination of consolidated joint ventures			556			556	(556)
Issuance of restricted shares (in shares)		131
Stock-based compensation expense, net of forfeitures	2,221		2,221			2,221
Balance (in shares) at Jun. 30, 2020		214,253
Balance at Jun. 30, 2020	$ 1,594,085	$ 214	$ 4,515,716	$ (2,886,387)	$ (39,176)	$ 1,590,367	$ 3,718

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Distributions declared to common shareholders (in dollars per share)	$ 0.165625	$ 0.165625	$ 0.33125

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ (7,347)	$ 21,170	$ 15,010	$ 44,378
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			83,928	86,149
Provision for impairment of investment properties	0	0	346	0	$ 12,298
Gain on sales of investment properties	0	(8,454)	0	(16,903)
Amortization of loan fees and debt premium and discount, net			1,912	1,597
Amortization of stock-based compensation			4,454	3,823
Payment of leasing fees and inducements			(4,356)	(5,120)
Reserve for bad debt, net			13,977	589
Changes in accounts receivable			(31,647)	1,332
Changes in right-of-use lease assets			928	961
Changes in accounts payable and accrued expenses, net			(21,899)	(16,999)
Changes in lease liabilities			33	(309)
Changes in other operating assets and liabilities, net			2,696	4,234
Other, net			(957)	(4,546)
Net cash provided by operating activities			64,425	99,186
Cash flows from investing activities:
Purchase of investment properties			(54,970)	(26,576)
Capital expenditures and tenant improvements			(30,778)	(39,934)
Proceeds from sales of investment properties			11,369	41,886
Investment in developments in progress			(32,499)	(7,784)
Net cash used in investing activities			(106,878)	(32,408)
Cash flows from financing activities:
Principal payments on mortgages payable			(1,242)	(1,530)
Proceeds from unsecured notes payable			0	100,000
Proceeds from unsecured revolving line of credit			937,704	143,000
Repayments of unsecured revolving line of credit			(820,704)	(223,000)
Payment of loan fees and deposits			(151)	(754)
Distributions paid			(70,851)	(70,758)
Other, net			900	(10)
Net cash provided by (used in) financing activities			45,656	(53,052)
Net increase in cash, cash equivalents and restricted cash			3,203	13,726
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	17,650	33,327	17,650	33,327	14,447
Supplemental cash flow disclosure, including non-cash activities:
Cash paid for interest, net of interest capitalized			34,234	33,276
Cash paid for amounts included in the measurement of operating lease liabilities			2,505	3,052
Cash received for accounts receivable previously written off			54	112
Distributions payable	0	35,388	0	35,388	35,387
Accrued capital expenditures and tenant improvements			8,938	7,403
Accrued leasing fees and inducements			1,127	673
Accrued redevelopment costs			2,531	281
Amounts reclassified to developments in progress			305	13,570
Change in noncontrolling interest due to termination of joint ventures			2,217	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)	(25,438)
Right-of-use lease assets			5,999	0
Accounts receivable, acquired lease intangibles and other assets			(1,801)	(1,525)
Lease liabilities			(5,942)	0
Accounts payable, acquired lease intangibles and other liabilities			5,534	387
Purchase of investment properties (after credits at closing)			(54,970)	(26,576)
Proceeds from sales of investment properties:
Net investment properties			11,307	29,318
Right-of-use lease assets			0	8,242
Accounts receivable, acquired lease intangibles and other assets			167	1,591
Lease liabilities			0	(11,326)
Accounts payable, acquired lease intangibles and other liabilities			(105)	(2,842)
Gain on sales of investment properties	0	8,454	0	16,903
Proceeds from sales of investment properties			11,369	41,886
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	12,563	28,456	12,563	28,456	9,989
Restricted cash, at end of period (included within “Other assets, net”)	5,087	4,871	5,087	4,871	4,458
Cash, cash equivalents and restricted cash, at end of period	$ 17,650	$ 33,327	$ 17,650	$ 33,327	$ 14,447

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 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. In accordance with Accounting Standards Codification Topic 205, Presentation of Financial Statements , certain prior year balances have been reclassified in order to conform to the current period presentation. Specifically, for the six months ended June 30, 2019 , the reserve for bad debt has been presented in a single line item, “Reserve for bad debt” rather than the previous presentation where it was included as a component of “Other, net” in the accompanying condensed consolidated statements of cash flows within “Cash flows from operating activities.” There has been no change to “Net cash provided by operating activities” for the six months ended June 30, 2019 as a result of this reclassification. 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, and could continue to cause, significant disruptions to the U.S. and global economy, including the retail sector within the U.S., and has contributed to significant volatility and negative pressure in the financial markets. The global impact of the COVID-19 pandemic has been rapidly evolving and many U.S. states and cities, including where the Company owns properties and/or has development sites, imposed measures during the first half of the year intended to control its spread, such as instituting “shelter-in-place” rules, limitations on public gatherings and restrictions on certain business operations and/or the types of construction projects that may continue. As a result of the pandemic and the measures noted above to mitigate its impact, a number of the Company’s tenants were required to temporarily close their stores or modify their operations and, as a result, requested lease concessions. Certain other tenants, many of which are considered essential businesses, remain open and continue to operate during this time. The Company only closed a small, enclosed portion of one property for a period of time during the six months ended June 30, 2020 . As of June 30, 2020 , all of the Company’s properties were open for the benefit of the communities and customers that the Company’s tenants serve and approximately 90% of the Company’s tenants, based on gross leasable area, were open as of June 30, 2020 . While many U.S. states and cities have eased or lifted such restrictions, some have subsequently reinstated restrictions and others may do so in the future. 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 ultimate impact the pandemic will have on the Company’s financial condition, results of operations and cash flows. During the three months ended June 30, 2020 , the Company agreed in principle, and, in certain circumstances, executed agreements, with tenants regarding lease concessions. See a discussion regarding lease concessions signed and agreed in principle as a result of the COVID-19 pandemic and related accounting treatment in Note 2 and Note 6 to the condensed consolidated financial statements. The Company’s property ownership as of June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 . Lease Income and Accounts Receivable The Company commences recognition of lease income on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. At lease commencement, the Company expects that collectibility is probable for all leases due to the creditworthiness analysis performed before entering into a new lease. Lease income, for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such lease income earned and the cash rent due under the provisions of a lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable, net” in the accompanying condensed consolidated balance sheets. Throughout the lease term, individual leases are assessed for collectibility and upon the determination that the collection of rents over the remaining lease life is not probable, lease income is adjusted such that it is recognized on the cash basis of accounting. The Company will remove the cash basis designation and resume recording lease income from such tenants during the period earned at such time it believes that the collection of rent over the remaining lease term is probable and, generally, based upon a demonstrated payment history. As a result of ongoing discussions with tenants regarding lease concession requests as a result of the COVID-19 pandemic, the Company reserves for lease concessions that have been agreed in principle with the tenant for which a reduction in lease income is anticipated under the accounting for lease concessions once executed. In addition, a general portfolio reserve is established based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. An allowance for the uncollectible portion of uncollected receivables is recorded as an adjustment to lease income. The Company reviews current economic considerations each reporting period, including the effects of tenant bankruptcies. Additionally, with the uncertainties regarding COVID-19 as well as ongoing discussions with tenants regarding lease concession requests, the Company’s assessment also takes into consideration items such as tenant type, local restrictions regarding tenant operations, the current status of lease concession requests, as well as recent rent collection experience. Evaluating and estimating uncollectible lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to the Company at the time of evaluation. 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 six months ended June 30, 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 provided as a result of the COVID-19 pandemic. Prior to the Q&A, 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, a company determines, on a lease-by-lease basis, if a lease concession is the result of a new arrangement with the tenant or if it is under the enforceable rights and obligations within the lease agreement. Under the relief guidance, a company can account for certain concessions (i) as if no changes to the existing lease contract were made or (ii) as a negative variable lease adjustment to lease income. This optionality is offered in circumstances when the total future payments required by the modified contract are substantially the same as the total payments required by the existing contract. Also, under the relief guidance, a company can account for certain other concessions only as a variable lease adjustment. This singular relief option is offered in circumstances including when the total future payments required by the modified contract are less than the total payments required by the existing contract (i.e., abatement) or when the total payments required are the same, but extend over a longer period of time as compared to the existing contract. Application of the relief guidance is optional, however it is required to be applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply the relief guidance where lease concessions are (i) granted as relief due to the COVID-19 pandemic and (ii) result in the cash flows remaining to be substantially the same or less than the existing contract. Based on the policy elections made under the relief guidance as well as modifications that do not qualify for the relief guidance, the Company has accounted for lease concessions as follows: Lease Concession Accounting Treatment of Concession (i) Deferral of payment to a future period, with no change in lease term. Treated as if there are no changes to the existing lease contract; no change to lease income recognized, including straight-line rental income. (ii) Deferral of payment to a future period, with a modest extension of lease term (iii) Abatement (iv) Combination of abatement and deferral Treated as a variable lease adjustment; reduction in lease income for the abated and deferred amounts; however, no change in straight-line rental income. Any deferred amounts will be recognized as lease income when payment is received. (v) Significant lease extension resulting in an increase in cash flows Existing lease modification guidance under ASC 842 is followed. See a discussion regarding lease concessions agreed with tenants as a result of the COVID-19 pandemic and related impact in Note 6 to the condensed consolidated financial statements.

Acquisitions and Developments i

Acquisitions and Developments in Progress	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions and Developments in Progress	ACQUISITIONS AND DEVELOPMENTS IN PROGRESS Acquisitions The Company closed on the following acquisition during the six months ended June 30, 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 acquisitions during the six months ended June 30, 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 June 10, 2019 Paradise Valley Marketplace – Parcel Phoenix Land (a) — 1,343 70,500 $ 26,683 (b) (a) The Company acquired a parcel adjacent to its Paradise Valley Marketplace multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (b) Acquisition price does not include capitalized closing costs and adjustments totaling $291 . The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2020 2019 Land $ 57,137 $ 14,819 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 $ 26,974 (a) The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the six months ended June 30, 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 six months ended June 30, 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 $641 and $1,267 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three and six months ended June 30, 2020 , respectively, and $650 and $1,325 during the three and six months ended June 30, 2019 , respectively. The Company also capitalized internal leasing incentives of $42 and $102 during the three and six months ended June 30, 2020 , respectively, and $82 and $136 during the three and six months ended June 30, 2019 , respectively, all of which were incremental to signed leases. Developments in Progress The carrying amount of the Company’s developments in progress are as follows: Property Name MSA June 30, 2020 December 31, 2019 Expansion and redevelopment projects Circle East (a) Baltimore $ 35,298 $ 33,628 One Loudoun Downtown Washington, D.C. 51,903 27,868 Carillon Washington, D.C. 32,264 26,407 The Shoppes at Quarterfield Baltimore 1,155 — Pad development projects Southlake Town Square Dallas 432 — 121,052 87,903 Land held for future development One Loudoun Uptown Washington, D.C. 25,450 25,450 Total developments in progress $ 146,502 $ 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 June 30, 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 materially reduced the planned scope and spend for the project. As of June 30, 2020 , the Company is actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to finalize the site work preparation during 2020 for an expected additional capital investment of approximately $1,400 . The Company capitalized $1,347 and $2,663 of indirect project costs related to redevelopment projects during the three and six months ended June 30, 2020 , including, among other costs, $329 and $701 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $736 and $1,521 of interest, respectively. The Company capitalized $659 and $1,233 of indirect project costs related to redevelopment projects during the three and six months ended June 30, 2019 , including, among other costs, $335 and $700 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $226 and $370 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 (i) the joint venture related to the multi-family rental portion of the redevelopment during the three months ended March 31, 2020 and (ii) the joint venture related to the medical office building portion of the redevelopment during the three months ended June 30, 2020 . In accordance with the terms of the joint venture agreements, costs incurred prior to the terminations were funded evenly by the partners and there was no payment between the partners upon termination. Subsequent to the terminations, if the Company commences the redevelopment and uses the materials developed, or approvals obtained, by the joint venture partners, the Company is required to reimburse the partners’ costs incurred in connection with such materials and/or approvals. As a result of the terminations, the Company reclassified the noncontrolling interest balance of $2,217 from noncontrolling interests to additional paid-in capital within equity. There was no gain or loss recognized in connection with the terminations. As of June 30, 2020 and December 31, 2019 , the Company had recorded the following related to the consolidated joint ventures: June 30, 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 $ 41,589 $ — $ — $ 41,589 $ 8,830 $ 2,940 $ 675 $ 12,445 Other assets, net $ 344 $ — $ — $ 344 $ 164 $ — $ — $ 164 Other liabilities $ 4,752 $ — $ — $ 4,752 $ 1,546 $ 32 $ 129 $ 1,707 Noncontrolling interests $ 3,718 $ — $ — $ 3,718 $ 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 six months ended June 30, 2020 and 2019 and, as such, no income was attributed to the noncontrolling interests.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS The Company closed on the following disposition during the six months ended June 30, 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 and exclude $26 of condemnation proceeds, which did not result in recognition of a gain. The Company closed on the following dispositions during the six months ended June 30, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (b) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 June 28, 2019 North Rivers Towne Center Multi-tenant retail 141,500 18,900 17,989 6,881 236,100 $ 44,750 $ 39,594 $ 15,330 (a) Aggregate proceeds are net of transaction costs. (b) 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. During the six months ended June 30, 2019, the Company also received net proceeds of $2,292 and recognized a gain of $1,573 in connection with the sale of the second phase of a land parcel, which included rights to develop 10 residential units, at One Loudoun Downtown. The aggregate proceeds from the property dispositions and other transactions during the six months ended June 30, 2019 totaled $41,886 , with aggregate gains of $16,903 . None of the dispositions completed during the six months ended June 30, 2020 and 2019 qualified for discontinued operations treatment and none are considered individually significant. As of June 30, 2020 and December 31, 2019 , no properties qualified for held for sale accounting treatment.

Equity Compensation Plans

Equity Compensation Plans	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 : Unvested Weighted Average Balance as of January 1, 2020 535 $ 12.46 Shares granted (a) 624 $ 11.66 Shares vested (291 ) $ 12.76 Balance as of June 30, 2020 (b) 868 $ 11.78 (a) Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b) As of June 30, 2020 , total unrecognized compensation expense related to unvested restricted shares was $4,617 , which is expected to be amortized over a weighted average term of 1.3 years . The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the six months ended June 30, 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 June 30, 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 June 30, 2020 , total unrecognized compensation expense related to unvested RSUs was $6,916 , which is expected to be amortized over a weighted average term of 2.2 years . During the three months ended June 30, 2020 and 2019 , the Company recorded compensation expense of $2,221 and $1,857 , respectively, related to the amortization of unvested restricted shares and RSUs. During the six months ended June 30, 2020 and 2019 , the Company recorded compensation expense of $4,454 and $3,823 , respectively, related to the amortization of unvested restricted shares and RSUs. The total fair value of restricted shares that vested during the six months ended June 30, 2020 was $2,962 . In addition, the total fair value of RSUs that converted into common stock during the six months ended June 30, 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 June 30, 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 six months ended June 30, 2020 and 2019 .

Leases (Notes)

Leases (Notes)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease income related to fixed and variable lease payments Base rent (a) $ 84,904 $ 89,135 $ 175,710 $ 178,069 Percentage and specialty rent (b) 450 683 1,496 2,002 Tenant recoveries (b) (c) 22,513 25,879 48,333 52,706 Lease termination fee income (b) 252 232 376 1,420 Other lease-related income (b) 1,044 1,589 2,549 2,886 Straight-line rental income, net (d) (1,284 ) 616 (943 ) 2,116 Other Bad debt, net (12,419 ) (77 ) (13,923 ) (477 ) Amortization of above and below market lease intangibles and lease inducements 1,343 392 1,900 2,430 Lease income $ 96,803 $ 118,449 $ 215,498 $ 241,152 (a) Primarily consists of fixed lease payments, however, partially offset by adjustments of $(51) for the three and six months ended June 30, 2020 related to executed lease concessions granted as relief due to COVID-19 and treated as a negative variable lease adjustment to base rent in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. Base rent for the three and six months ended June 30, 2020 is also net of adjustments of $(5,743) driven by uncollected amounts related to cash-basis tenants. (b) Represents lease income related to variable lease payments. (c) Tenant recoveries for the three and six months ended June 30, 2020 are net of $(1,289) representing uncollected amounts related to cash-basis tenants. (d) Represents lease income related to fixed lease payments. Includes changes in allowances for doubtful straight-line receivables of $(1,636) and $(592) for the three months ended June 30, 2020 and 2019 , respectively, and $(2,671) and $(814) for the six months ended June 30, 2020 and 2019 , respectively. During the three months ended June 30, 2020 , the Company agreed in principle, and, in certain circumstances, executed agreements, with tenants regarding lease concessions. The majority of these concessions are for the deferral of amounts billed, without an extension of the lease term. However, certain of these lease concessions include abatement, a combination of deferral and abatement, or provide a concession that includes the extension of the existing lease term. The majority of the amounts addressed by the lease concessions are base rent, although certain concessions also address tenant recoveries and other charges. As of June 30, 2020 , the Company agreed in principle and, in certain circumstances, executed lease concessions to defer, without an extension of the lease term, $6,530 of previously uncollected base rent charges related to the second quarter of 2020, and to address an additional $4,659 of previously uncollected base rent charges related to the second quarter of 2020 through abatement, a combination of deferral and abatement or a concession that includes the extension of the lease term. As of June 30, 2020 , the amounts that have been deferred to future periods under executed lease concessions, on a weighted average basis, are expected to begin being received starting in approximately six months from June 30, 2020 and will be received over a period of approximately 11 months once started. Subsequent to June 30, 2020 , the Company agreed in principle and, in certain circumstances, executed agreements, with additional tenants whereby it expects to address an additional $2,493 of previously uncollected base rent charges related to the second quarter of 2020. Furthermore, the Company agreed in principle and, in certain circumstances, executed agreements, with tenants whereby it expects to address through lease concessions approximately $7,100 of base rent charges pertaining to the second half of 2020. The Company can make no assurances that the in-process lease amendments will ultimately be executed in the lease concession type being actively negotiated, or at all. Refer to Note 2 to the condensed consolidated financial statements for a discussion of the accounting treatment for lease concessions as a result of the COVID-19 pandemic. The Company has not yet reached agreements, and in some cases does not anticipate reaching agreements, to defer or abate rent with certain tenants regarding concession requests, as discussions are ongoing. Certain other tenants, many of which are considered essential businesses, remain open and continue to operate during this time. During the six months ended June 30, 2020 , the Company applied $2,753 of security deposits to previously uncollected accounts receivable. Leases as Lessee During the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 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) $ 93,662 4.37 % 4.6 $ 94,904 4.37 % 5.1 Discount, net of accumulated amortization (471 ) (493 ) Capitalized loan fees, net of accumulated amortization (224 ) (256 ) Mortgages payable, net $ 92,967 $ 94,155 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of June 30, 2020 and December 31, 2019 . During the six months ended June 30, 2020 , the Company made scheduled principal payments of $1,242 related to amortizing loans. Unsecured Notes Payable The following table summarizes the Company’s unsecured notes payable: June 30, 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 (a) 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 (556 ) (616 ) Capitalized loan fees, net of accumulated amortization (2,876 ) (3,137 ) Total $ 796,568 $ 796,247 (a) Subsequent to June 30, 2020, the Company completed an offering of $100,000 aggregate principal amount of its 4.00% senior unsecured notes due 2025 (Notes Due 2025), issued at 99.010% of par value plus accrued and unpaid interest from March 15, 2020 through July 20, 2020. This $100,000 offering constitutes a further issuance of, and forms a single series with, the Company’s previously issued Notes Due 2025, of which $250,000 was outstanding as of June 30, 2020, and will mature on March 15, 2025, unless earlier redeemed. The total aggregate principal amount of Notes Due 2025 currently outstanding is $350,000 , which enables the Notes Due 2025 to be eligible for index inclusion. The proceeds were used to repay borrowings on the Company’s unsecured revolving line of credit and for general corporate purposes. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit: June 30, 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 3.35 % $ 250,000 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.20 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.93 % 120,000 2.88 % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.42 % 150,000 3.27 % Subtotal 720,000 720,000 Capitalized loan fees, net of accumulated amortization (3,008 ) (3,477 ) Term loans, net $ 716,992 $ 716,523 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 135,000 1.33 % $ 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 1.35% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.35% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.25% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.65% and 1.50% as of June 30, 2020 and December 31, 2019 , respectively. (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 credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. As of June 30, 2020 , making such an election would have resulted in a higher interest rate for the unsecured revolving line of credit and would not have changed the interest rate for the $250,000 unsecured term loan due 2021. The Company expects the leverage-based pricing grid to be favorable for both the unsecured revolving line of credit and the $250,000 unsecured term loan due 2021 when the credit spread set forth in the leverage grid resets next quarter. 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 June 30, 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 credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. Although making such an election during the three months ended June 30, 2020 would have resulted in a lower interest rate as of June 30, 2020 for the Term Loan Due 2023, the Company did not elect to convert to an investment grade pricing grid as it expects the leverage-based pricing grid to once again be favorable when the credit spread set forth in the leverage grid resets next quarter. As of June 30, 2020 , making the election to convert to the investment grade pricing grid would not have changed the interest rate for the Term Loan Due 2024 and would have resulted in a higher interest rate for the Term Loan Due 2026. The Company expects the leverage-based pricing grid to be favorable for both the Term Loan Due 2024 and Term Loan Due 2026 when the credit spread set forth in the leverage grid resets next quarter. 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 June 30, 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 June 30, 2020 , such as the $100,000 public offering of Notes Due 2025, which were issued on July 21, 2020. 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 1,252 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 93,662 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 1,252 352,626 26,678 231,758 271,737 729,611 1,613,662 Variable rate debt: Variable rate revolving line of credit — — 135,000 — — — 135,000 Total debt (d) $ 1,252 $ 352,626 $ 161,678 $ 231,758 $ 271,737 $ 729,611 $ 1,748,662 Weighted average interest rate on debt: Fixed rate debt 4.41 % 3.58 % 4.81 % 4.19 % 3.85 % 4.05 % 3.95 % Variable rate debt (e) — — 1.33 % — — — 1.33 % Total 4.41 % 3.58 % 1.90 % 4.19 % 3.85 % 4.05 % 3.74 % (a) Excludes mortgage discount of $(471) and capitalized loan fees of $(224) , net of accumulated amortization, as of June 30, 2020 . (b) Excludes capitalized loan fees of $(3,008) , net of accumulated amortization, as of June 30, 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 June 30, 2020 , the applicable credit spread for (i) and (ii) was 1.35% , for (iii) was 1.25% and for (iv) was 1.65% . (c) Excludes discount of $(556) and capitalized loan fees of $(2,876) , net of accumulated amortization, as of June 30, 2020 . (d) The weighted average years to maturity of consolidated indebtedness was 4.1 years as of June 30, 2020 . (e) Represents interest rate as of June 30, 2020 . The Company’s unsecured debt agreements, consisting of the (i) unsecured credit agreement, as amended governing the Unsecured Credit Facility, (ii) term loan agreement, as amended governing the Term Loan Due 2023, (iii) term loan agreement, as amended 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) a minimum debt service coverage ratio; and (vi) a 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 June 30, 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, (iii) capital markets transactions and (iv) its unsecured revolving line of credit.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 June 30, 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 $12,013 will be reclassified as an increase to interest expense. The following table summarizes the Company’s interest rate swaps as of June 30, 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 June 30, 2020 December 31, 2019 June 30, 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 June 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 39,176 $ 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 income (loss) for the three and six months ended June 30, 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 Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended 2020 $ 2,301 $ 30,954 Interest expense $ 2,995 $ 4,066 $ 19,360 $ 36,406 2019 $ 6,215 $ 9,601 $ (92 ) $ (220 ) $ 17,363 $ 34,793

Equity

Equity	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 and 2019 . As of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net (loss) income attributable to common shareholders $ (7,347 ) $ 21,170 $ 15,010 $ 44,378 Earnings allocated to unvested restricted shares (135 ) (110 ) (244 ) (190 ) Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (7,482 ) $ 21,060 $ 14,766 $ 44,188 Denominator: Denominator for (loss) earnings per common share – basic: Weighted average number of common shares outstanding 213,337 (a) 212,951 (b) 213,276 (a) 212,900 (b) Effect of dilutive securities: Stock options — (c) — (c) — (c) — (c) RSUs — (d) 139 (e) — (d) 256 (e) Denominator for (loss) earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,337 213,090 213,276 213,156 (a) Excludes 868 shares of unvested restricted common stock as of June 30, 2020 , which equate to 825 and 751 shares for the three and six months ended June 30, 2020 , respectively, on a weighted average basis. 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 June 30, 2019 , which equate to 660 and 631 shares for the three and six months ended June 30, 2019 , respectively, on a weighted average basis. 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 June 30, 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 June 30, 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 June 30, 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 974 and 971 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 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 June 30, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods, which equate to 839 and 835 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 2019 . These contingently issuable shares are a component of calculating diluted EPS.

Provision for Impairment of Inv

Provision for Impairment of Investment Properties	6 Months Ended
	Jun. 30, 2020
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Provision for Impairment of Investment Properties	PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of June 30, 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 June 30, 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 June 30, 2020 : June 30, 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) 166 % (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 six months ended June 30, 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 six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 92,967 $ 94,982 $ 94,155 $ 98,082 Unsecured notes payable, net $ 796,568 $ 786,719 $ 796,247 $ 822,883 Unsecured term loans, net $ 716,992 $ 704,148 $ 716,523 $ 720,000 Unsecured revolving line of credit $ 135,000 $ 133,299 $ 18,000 $ 18,000 Derivative liability $ 39,176 $ 39,176 $ 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 June 30, 2020 Derivative liability $ — $ 39,176 $ — $ 39,176 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 June 30, 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 June 30, 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 June 30, 2020 Mortgages payable, net $ — $ — $ 94,982 $ 94,982 Unsecured notes payable, net $ 243,380 $ — $ 543,339 $ 786,719 Unsecured term loans, net $ — $ — $ 704,148 $ 704,148 Unsecured revolving line of credit $ — $ — $ 133,299 $ 133,299 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: June 30, 2020 December 31, 2019 Mortgages payable, net – range of discount rates used 3.6% to 4.2% 3.2% to 3.6% Unsecured notes payable, net – weighted average discount rate used 4.69% 3.79% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.95% 1.26% Unsecured revolving line of credit – credit spread portion of discount rate used 1.75% 1.05% There were no transfers between the levels of the fair value hierarchy during the six months ended June 30, 2020 and the year ended December 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of June 30, 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 June 30, 2020 : Estimated Net Investment Net Investment as of June 30, 2020 Project Name MSA Low High Circle East (a) Baltimore $ 42,000 $ 44,000 $ 23,438 One Loudoun Downtown – Pads G & H (b) Washington, D.C. $ 125,000 $ 135,000 $ 35,612 The Shoppes at Quarterfield Baltimore $ 9,000 $ 10,000 $ 1,155 Southlake Town Square – Pad Dallas $ 2,000 $ 2,500 $ 432 (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 materially reduced the planned scope and spend for the project. As of June 30, 2020 , the Company is actively completing site work preparation at the property in anticipation of potential future development at the site. The Company expects to finalize the site work preparation during 2020 for an expected additional capital investment of approximately $1,400 . In addition, during the six months ended June 30, 2020 , the Company terminated the joint ventures related to the multi-family rental portion and the medical office building portion of the redevelopment at Carillon.

Litigation

Litigation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to June 30, 2020 , the Company completed an offering of $100,000 aggregate principal amount of its 4.00% senior unsecured notes due 2025 (Notes Due 2025), issued at 99.010% of par value plus accrued and unpaid interest from March 15, 2020 through July 20, 2020. This $100,000 offering constitutes a further issuance of, and forms a single series with, the Company’s previously issued Notes Due 2025, of which $250,000 was outstanding as of June 30, 2020, and will mature on March 15, 2025, unless earlier redeemed. The total aggregate principal amount of Notes Due 2025 currently outstanding is $350,000 , which enables the Notes Due 2025 to be eligible for index inclusion. The proceeds were used to repay borrowings on the Company’s unsecured revolving line of credit and for general corporate purposes.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income taxes	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.
Use of estimates	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.
Reclassification	In accordance with Accounting Standards Codification Topic 205, Presentation of Financial Statements , certain prior year balances have been reclassified in order to conform to the current period presentation. Specifically, for the six months ended June 30, 2019 , the reserve for bad debt has been presented in a single line item, “Reserve for bad debt” rather than the previous presentation where it was included as a component of “Other, net” in the accompanying condensed consolidated statements of cash flows within “Cash flows from operating activities.” There has been no change to “Net cash provided by operating activities” for the six months ended June 30, 2019 as a result of this reclassification.
Consolidation	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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Lease Income and Accounts Receivable	Lease Income and Accounts Receivable The Company commences recognition of lease income on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. At lease commencement, the Company expects that collectibility is probable for all leases due to the creditworthiness analysis performed before entering into a new lease. Lease income, for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such lease income earned and the cash rent due under the provisions of a lease is recorded as deferred rent receivable and is included as a component of “Accounts and notes receivable, net” in the accompanying condensed consolidated balance sheets. Throughout the lease term, individual leases are assessed for collectibility and upon the determination that the collection of rents over the remaining lease life is not probable, lease income is adjusted such that it is recognized on the cash basis of accounting. The Company will remove the cash basis designation and resume recording lease income from such tenants during the period earned at such time it believes that the collection of rent over the remaining lease term is probable and, generally, based upon a demonstrated payment history. As a result of ongoing discussions with tenants regarding lease concession requests as a result of the COVID-19 pandemic, the Company reserves for lease concessions that have been agreed in principle with the tenant for which a reduction in lease income is anticipated under the accounting for lease concessions once executed. In addition, a general portfolio reserve is established based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. An allowance for the uncollectible portion of uncollected receivables is recorded as an adjustment to lease income. The Company reviews current economic considerations each reporting period, including the effects of tenant bankruptcies. Additionally, with the uncertainties regarding COVID-19 as well as ongoing discussions with tenants regarding lease concession requests, the Company’s assessment also takes into consideration items such as tenant type, local restrictions regarding tenant operations, the current status of lease concession requests, as well as recent rent collection experience. Evaluating and estimating uncollectible lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to the Company at the time of evaluation.
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 provided as a result of the COVID-19 pandemic. Prior to the Q&A, 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, a company determines, on a lease-by-lease basis, if a lease concession is the result of a new arrangement with the tenant or if it is under the enforceable rights and obligations within the lease agreement. Under the relief guidance, a company can account for certain concessions (i) as if no changes to the existing lease contract were made or (ii) as a negative variable lease adjustment to lease income. This optionality is offered in circumstances when the total future payments required by the modified contract are substantially the same as the total payments required by the existing contract. Also, under the relief guidance, a company can account for certain other concessions only as a variable lease adjustment. This singular relief option is offered in circumstances including when the total future payments required by the modified contract are less than the total payments required by the existing contract (i.e., abatement) or when the total payments required are the same, but extend over a longer period of time as compared to the existing contract. Application of the relief guidance is optional, however it is required to be applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply the relief guidance where lease concessions are (i) granted as relief due to the COVID-19 pandemic and (ii) result in the cash flows remaining to be substantially the same or less than the existing contract. Based on the policy elections made under the relief guidance as well as modifications that do not qualify for the relief guidance, the Company has accounted for lease concessions as follows: Lease Concession Accounting Treatment of Concession (i) Deferral of payment to a future period, with no change in lease term. Treated as if there are no changes to the existing lease contract; no change to lease income recognized, including straight-line rental income. (ii) Deferral of payment to a future period, with a modest extension of lease term (iii) Abatement (iv) Combination of abatement and deferral Treated as a variable lease adjustment; reduction in lease income for the abated and deferred amounts; however, no change in straight-line rental income. Any deferred amounts will be recognized as lease income when payment is received. (v) Significant lease extension resulting in an increase in cash flows Existing lease modification guidance under ASC 842 is followed. See a discussion regarding lease concessions agreed with tenants as a result of the COVID-19 pandemic and related impact in Note 6 to the condensed consolidated financial statements.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of property ownership	The Company’s property ownership as of June 30, 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)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of acquisitions	The Company closed on the following acquisition during the six months ended June 30, 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 acquisitions during the six months ended June 30, 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 June 10, 2019 Paradise Valley Marketplace – Parcel Phoenix Land (a) — 1,343 70,500 $ 26,683 (b) (a) The Company acquired a parcel adjacent to its Paradise Valley Marketplace multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (b) Acquisition price does not include capitalized closing costs and adjustments totaling $291 .
Schedule of acquisition date fair values	The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Six Months Ended June 30, 2020 2019 Land $ 57,137 $ 14,819 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 $ 26,974 (a) The weighted average amortization period for acquired lease intangible assets is 17 years and five years for acquisitions completed during the six months ended June 30, 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 six months ended June 30, 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 June 30, 2020 December 31, 2019 Expansion and redevelopment projects Circle East (a) Baltimore $ 35,298 $ 33,628 One Loudoun Downtown Washington, D.C. 51,903 27,868 Carillon Washington, D.C. 32,264 26,407 The Shoppes at Quarterfield Baltimore 1,155 — Pad development projects Southlake Town Square Dallas 432 — 121,052 87,903 Land held for future development One Loudoun Uptown Washington, D.C. 25,450 25,450 Total developments in progress $ 146,502 $ 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 June 30, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets.
Schedule of variable interest entities	As of June 30, 2020 and December 31, 2019 , the Company had recorded the following related to the consolidated joint ventures: June 30, 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 $ 41,589 $ — $ — $ 41,589 $ 8,830 $ 2,940 $ 675 $ 12,445 Other assets, net $ 344 $ — $ — $ 344 $ 164 $ — $ — $ 164 Other liabilities $ 4,752 $ — $ — $ 4,752 $ 1,546 $ 32 $ 129 $ 1,707 Noncontrolling interests $ 3,718 $ — $ — $ 3,718 $ 1,869 $ 1,454 $ 273 $ 3,596

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property dispositions	The Company closed on the following disposition during the six months ended June 30, 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 and exclude $26 of condemnation proceeds, which did not result in recognition of a gain. The Company closed on the following dispositions during the six months ended June 30, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (b) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 June 28, 2019 North Rivers Towne Center Multi-tenant retail 141,500 18,900 17,989 6,881 236,100 $ 44,750 $ 39,594 $ 15,330 (a) Aggregate proceeds are net of transaction costs. (b) 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)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of unvested restricted shares and restricted stock units	The following table summarizes the Company’s unvested restricted shares as of and for the six months ended June 30, 2020 : Unvested Weighted Average Balance as of January 1, 2020 535 $ 12.46 Shares granted (a) 624 $ 11.66 Shares vested (291 ) $ 12.76 Balance as of June 30, 2020 (b) 868 $ 11.78 (a) Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b) As of June 30, 2020 , total unrecognized compensation expense related to unvested restricted shares was $4,617 , which is expected to be amortized over a weighted average term of 1.3 years . The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the six months ended June 30, 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 June 30, 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 June 30, 2020 , total unrecognized compensation expense related to unvested RSUs was $6,916 , which is expected to be amortized over a weighted average term of 2.2 years .

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of lease income	Lease income related to the Company’s operating leases is comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease income related to fixed and variable lease payments Base rent (a) $ 84,904 $ 89,135 $ 175,710 $ 178,069 Percentage and specialty rent (b) 450 683 1,496 2,002 Tenant recoveries (b) (c) 22,513 25,879 48,333 52,706 Lease termination fee income (b) 252 232 376 1,420 Other lease-related income (b) 1,044 1,589 2,549 2,886 Straight-line rental income, net (d) (1,284 ) 616 (943 ) 2,116 Other Bad debt, net (12,419 ) (77 ) (13,923 ) (477 ) Amortization of above and below market lease intangibles and lease inducements 1,343 392 1,900 2,430 Lease income $ 96,803 $ 118,449 $ 215,498 $ 241,152 (a) Primarily consists of fixed lease payments, however, partially offset by adjustments of $(51) for the three and six months ended June 30, 2020 related to executed lease concessions granted as relief due to COVID-19 and treated as a negative variable lease adjustment to base rent in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. Base rent for the three and six months ended June 30, 2020 is also net of adjustments of $(5,743) driven by uncollected amounts related to cash-basis tenants. (b) Represents lease income related to variable lease payments. (c) Tenant recoveries for the three and six months ended June 30, 2020 are net of $(1,289) representing uncollected amounts related to cash-basis tenants. (d) Represents lease income related to fixed lease payments. Includes changes in allowances for doubtful straight-line receivables of $(1,636) and $(592) for the three months ended June 30, 2020 and 2019 , respectively, and $(2,671) and $(814) for the six months ended June 30, 2020 and 2019 , respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of mortgages payable	The following table summarizes the Company’s mortgages payable: June 30, 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) $ 93,662 4.37 % 4.6 $ 94,904 4.37 % 5.1 Discount, net of accumulated amortization (471 ) (493 ) Capitalized loan fees, net of accumulated amortization (224 ) (256 ) Mortgages payable, net $ 92,967 $ 94,155 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of June 30, 2020 and December 31, 2019 .
Summary of unsecured notes payable	The following table summarizes the Company’s unsecured notes payable: June 30, 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 (a) 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 (556 ) (616 ) Capitalized loan fees, net of accumulated amortization (2,876 ) (3,137 ) Total $ 796,568 $ 796,247 (a) Subsequent to June 30, 2020, the Company completed an offering of $100,000 aggregate principal amount of its 4.00% senior unsecured notes due 2025 (Notes Due 2025), issued at 99.010% of par value plus accrued and unpaid interest from March 15, 2020 through July 20, 2020. This $100,000 offering constitutes a further issuance of, and forms a single series with, the Company’s previously issued Notes Due 2025, of which $250,000 was outstanding as of June 30, 2020, and will mature on March 15, 2025, unless earlier redeemed. The total aggregate principal amount of Notes Due 2025 currently outstanding is $350,000 , which enables the Notes Due 2025 to be eligible for index inclusion. The proceeds were used to repay borrowings on the Company’s unsecured revolving line of credit and for general corporate purposes.
Summary of term loans and revolving line of credit	The following table summarizes the Company’s term loans and revolving line of credit: June 30, 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 3.35 % $ 250,000 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.20 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.93 % 120,000 2.88 % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.42 % 150,000 3.27 % Subtotal 720,000 720,000 Capitalized loan fees, net of accumulated amortization (3,008 ) (3,477 ) Term loans, net $ 716,992 $ 716,523 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 135,000 1.33 % $ 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 1.35% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.35% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.25% and 1.20% as of June 30, 2020 and December 31, 2019 , respectively. (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 1.65% and 1.50% as of June 30, 2020 and December 31, 2019 , respectively. (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.
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 June 30, 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 June 30, 2020 , such as the $100,000 public offering of Notes Due 2025, which were issued on July 21, 2020. 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 1,252 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 93,662 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 1,252 352,626 26,678 231,758 271,737 729,611 1,613,662 Variable rate debt: Variable rate revolving line of credit — — 135,000 — — — 135,000 Total debt (d) $ 1,252 $ 352,626 $ 161,678 $ 231,758 $ 271,737 $ 729,611 $ 1,748,662 Weighted average interest rate on debt: Fixed rate debt 4.41 % 3.58 % 4.81 % 4.19 % 3.85 % 4.05 % 3.95 % Variable rate debt (e) — — 1.33 % — — — 1.33 % Total 4.41 % 3.58 % 1.90 % 4.19 % 3.85 % 4.05 % 3.74 % (a) Excludes mortgage discount of $(471) and capitalized loan fees of $(224) , net of accumulated amortization, as of June 30, 2020 . (b) Excludes capitalized loan fees of $(3,008) , net of accumulated amortization, as of June 30, 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 June 30, 2020 , the applicable credit spread for (i) and (ii) was 1.35% , for (iii) was 1.25% and for (iv) was 1.65% . (c) Excludes discount of $(556) and capitalized loan fees of $(2,876) , net of accumulated amortization, as of June 30, 2020 . (d) The weighted average years to maturity of consolidated indebtedness was 4.1 years as of June 30, 2020 . (e) Represents interest rate as of June 30, 2020 .

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table summarizes the Company’s interest rate swaps as of June 30, 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 June 30, 2020 December 31, 2019 June 30, 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 June 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 39,176 $ 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 income (loss) for the three and six months ended June 30, 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 Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended 2020 $ 2,301 $ 30,954 Interest expense $ 2,995 $ 4,066 $ 19,360 $ 36,406 2019 $ 6,215 $ 9,601 $ (92 ) $ (220 ) $ 17,363 $ 34,793

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net (loss) income attributable to common shareholders $ (7,347 ) $ 21,170 $ 15,010 $ 44,378 Earnings allocated to unvested restricted shares (135 ) (110 ) (244 ) (190 ) Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (7,482 ) $ 21,060 $ 14,766 $ 44,188 Denominator: Denominator for (loss) earnings per common share – basic: Weighted average number of common shares outstanding 213,337 (a) 212,951 (b) 213,276 (a) 212,900 (b) Effect of dilutive securities: Stock options — (c) — (c) — (c) — (c) RSUs — (d) 139 (e) — (d) 256 (e) Denominator for (loss) earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,337 213,090 213,276 213,156 (a) Excludes 868 shares of unvested restricted common stock as of June 30, 2020 , which equate to 825 and 751 shares for the three and six months ended June 30, 2020 , respectively, on a weighted average basis. 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 June 30, 2019 , which equate to 660 and 631 shares for the three and six months ended June 30, 2019 , respectively, on a weighted average basis. 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 June 30, 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 June 30, 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 June 30, 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 974 and 971 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 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 June 30, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods, which equate to 839 and 835 RSUs, respectively, on a weighted average basis for the three and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 : June 30, 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) 166 % (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 six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 92,967 $ 94,982 $ 94,155 $ 98,082 Unsecured notes payable, net $ 796,568 $ 786,719 $ 796,247 $ 822,883 Unsecured term loans, net $ 716,992 $ 704,148 $ 716,523 $ 720,000 Unsecured revolving line of credit $ 135,000 $ 133,299 $ 18,000 $ 18,000 Derivative liability $ 39,176 $ 39,176 $ 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 June 30, 2020 Derivative liability $ — $ 39,176 $ — $ 39,176 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 June 30, 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 June 30, 2020 Mortgages payable, net $ — $ — $ 94,982 $ 94,982 Unsecured notes payable, net $ 243,380 $ — $ 543,339 $ 786,719 Unsecured term loans, net $ — $ — $ 704,148 $ 704,148 Unsecured revolving line of credit $ — $ — $ 133,299 $ 133,299 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: June 30, 2020 December 31, 2019 Mortgages payable, net – range of discount rates used 3.6% to 4.2% 3.2% to 3.6% Unsecured notes payable, net – weighted average discount rate used 4.69% 3.79% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.95% 1.26% Unsecured revolving line of credit – credit spread portion of discount rate used 1.75% 1.05%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 : Estimated Net Investment Net Investment as of June 30, 2020 Project Name MSA Low High Circle East (a) Baltimore $ 42,000 $ 44,000 $ 23,438 One Loudoun Downtown – Pads G & H (b) Washington, D.C. $ 125,000 $ 135,000 $ 35,612 The Shoppes at Quarterfield Baltimore $ 9,000 $ 10,000 $ 1,155 Southlake Town Square – Pad Dallas $ 2,000 $ 2,500 $ 432 (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_4

Organization and Basis of Presentation (Details)	Jun. 30, 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
Retail | Operating properties
Real Estate Properties [Line Items]
Number of real estate properties owned	102
COVID-19
Real Estate Properties [Line Items]
Tenants open for business (as a percent)	90.00%
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 ($)ft²	Jun. 10, 2019USD ($)ft²	Mar. 07, 2019USD ($)ft²	Jun. 30, 2020USD ($)ft²	Jun. 30, 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
Paradise Valley Marketplace - Parcel
Business Acquisition [Line Items]
Square footage | ft²		0
Purchase price of asset acquisition		$ 1,343
2019 acquisitions
Business Acquisition [Line Items]
Square footage | ft²					70,500
Purchase price of asset acquisition					$ 26,683
Capitalized closing costs and adjustments					$ 291

Acquisitions and Developments_4

Acquisitions and Developments in Progress - Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
2020 acquisitions
Acquisition Date Fair Values
Land	$ 57,137		$ 57,137
Building and other improvements, net	1,623		1,623
Acquired lease intangible assets	2,014		2,014
Acquired lease intangible liabilities	(5,534)		(5,534)
Net assets acquired	55,240		$ 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		$ 14,819		$ 14,819
Building and other improvements, net		10,619		10,619
Acquired lease intangible assets		1,770		1,770
Acquired lease intangible liabilities		(234)		(234)
Net assets acquired		26,974		$ 26,974
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	641	650	$ 1,267	$ 1,325
Internal leasing incentives
Business Acquisition [Line Items]
Capitalized internal leasing incentives	$ 42	$ 82	$ 102	$ 136

Acquisitions and Developments_5

Acquisitions and Developments in Progress - Summary of Developments in Progress (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2019
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	$ 146,502			$ 146,502			$ 113,353
Aggregate proceeds, net				11,369	$ 41,886
Circle East
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	35,298			35,298			33,628
One Loudoun Downtown
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	51,903			51,903			27,868
Carillon
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	32,264			32,264			26,407
The Shoppes at Quarterfield
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	1,155			1,155			0
Southlake Town Square
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	432			432			0
One Loudoun Uptown
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Land held for future development	25,450			25,450			25,450
Redevelopment properties
Capitalized Costs of Properties Excluded from Amortization [Line Items]
Developments in progress	121,052			121,052			$ 87,903
Capitalized indirect project costs	1,347	$ 659		2,663	1,233
Capitalized internal salaries and related benefits	329	335		701	700
Capitalized interest	$ 736	$ 226		$ 1,521	$ 370
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			$ 1,400

Acquisitions and Developments_6

Acquisitions and Developments in Progress - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Multi-family | Carillon
Variable Interest Entity [Line Items]
Noncontrolling interest balance	$ 2,217
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	41,589		$ 12,445
Net investment properties | One Loudoun Downtown - Pads G & H
Variable Interest Entity [Line Items]
Development costs incurred	41,589		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	0		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	4,752		1,707
Other liabilities | One Loudoun Downtown - Pads G & H
Variable Interest Entity [Line Items]
Development costs incurred	4,752		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	0		129
Noncontrolling interests
Variable Interest Entity [Line Items]
Development costs incurred	3,718		3,596
Noncontrolling interests | One Loudoun Downtown - Pads G & H
Variable Interest Entity [Line Items]
Development costs incurred	3,718		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	$ 0		$ 273

Dispositions - Summary of Dispo

Dispositions - Summary of Dispositions (Details) $ in Thousands	Feb. 13, 2020USD ($)ft²	Jun. 28, 2019USD ($)ft²	Mar. 08, 2019USD ($)ft²	Jun. 30, 2020USD ($)ft²property	Jun. 30, 2019USD ($)ft²unit	Jun. 30, 2020USD ($)ft²property	Jun. 30, 2019USD ($)ft²unit	Dec. 31, 2019property
Property Dispositions [Line Items]
Aggregate proceeds, net						$ 11,369	$ 41,886
Gain				$ 0	$ 8,454	$ 0	$ 16,903
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		105,900
Consideration				$ 13,900		$ 13,900
Aggregate proceeds, net						11,343
Gain						0
Condemnation proceeds						$ 26
Edwards Multiplex - Fresno, CA
Property Dispositions [Line Items]
Square footage | ft²			94,600
Consideration			$ 25,850
Aggregate proceeds, net			21,605
Gain			$ 8,449
North Rivers Towne Center
Property Dispositions [Line Items]
Square footage | ft²		141,500
Consideration		$ 18,900
Aggregate proceeds, net		17,989
Gain		$ 6,881
2019 dispositions
Property Dispositions [Line Items]
Square footage | ft²					236,100		236,100
Consideration					$ 44,750		$ 44,750
Aggregate proceeds, net							39,594
Gain							15,330
One Loudoun Downtown - Land
Property Dispositions [Line Items]
Aggregate proceeds, net							2,292
Gain							$ 1,573
Number of residential units with development rights | unit					10		10
Investment properties held for sale
Property Dispositions [Line Items]
Number of properties classified as held for sale | property				0		0		0

Equity Compensation Plans (Deta

Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jun. 30, 2020	Feb. 10, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	16		16	22	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					$ 2,962
Equity Instruments, Nonvested [Roll Forward]
Balance at the beginning of the period (in shares)					535
Shares/RSUs granted (in shares)					624
Shares/RSUs vested (in shares)					(291)
Balance at the end of the period (in shares)	868		868	667	868	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)					11.66
Shares/RSUs vested (in dollars per share)					12.76
Balance at the end of the period (in dollars per share)	$ 11.78		$ 11.78		$ 11.78
Compensation Cost Not Yet Recognized
Total unrecognized compensation expense	$ 4,617		$ 4,617		$ 4,617
Unrecognized compensation expense, period for recognition (in years)	1 year 3 months 18 days
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		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		$ 12.81
Compensation Cost Not Yet Recognized
Total unrecognized compensation expense	$ 6,916		$ 6,916		$ 6,916
Unrecognized compensation expense, period for recognition (in years)	2 years 2 months 12 days
Restricted shares and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 2,221	$ 1,857	4,454	$ 3,823
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	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Aug. 05, 2020
Lessor, Lease, Description [Line Items]
Security deposits applied to accounts receivable				$ 2,753
Operating Leases, Lease Income
Base rent		$ 84,904	$ 89,135	175,710	$ 178,069
Percentage and specialty rent		450	683	1,496	2,002
Tenant recoveries		22,513	25,879	48,333	52,706
Lease termination fee income		252	232	376	1,420
Other lease-related income		1,044	1,589	2,549	2,886
Straight-line rental income, net		(1,284)	616	(943)	2,116
Bad debt, net		(12,419)	(77)	(13,923)	(477)
Amortization of above and below market lease intangibles and lease inducements		1,343	392	1,900	2,430
Lease income		96,803	118,449	215,498	241,152
Allowance for doubtful straight-line receivables		(1,636)	$ (592)	(2,671)	$ (814)
COVID-19
Lessor, Lease, Description [Line Items]
Variable lease adjustments to base rent		(51)		(51)
Base rent adjustments related to cash-basis tenants		(5,743)		(5,743)
Uncollected tenant recoveries related to cash-basis tenants		(1,289)		(1,289)
Deferred base rent	$ 6,530	6,530		6,530
Abatements and deferrals of base rent	$ 4,659	$ 4,659		$ 4,659
Weighted average deferral period	6 months
Weighted average repayment period	11 months
Subsequent events | COVID-19
Lessor, Lease, Description [Line Items]
Uncollected Q2 2020 base rent addressed						$ 2,493
Uncollected Q3 and Q4 2020 base rent addressed						$ 7,100

Leases - Summary of Leases as_2

Leases - Summary of Leases as Lessee (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)lease	Jun. 30, 2019USD ($)
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	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020
Debt Instrument [Line Items]
Long-term debt	$ 1,748,662		$ 1,748,662
Weighted average interest rate (as a percent)	3.74%		3.74%
Mortgages payable
Debt Instrument [Line Items]
Discount, net of accumulated amortization	$ (471)	$ (493)	$ (471)
Capitalized loan fees, net of accumulated amortization	(224)	(256)	(224)
Mortgages payable, net	92,967	94,155	92,967
Scheduled principal payments related to amortizing loans			1,242
Fixed rate debt
Debt Instrument [Line Items]
Long-term debt	$ 1,613,662		$ 1,613,662
Weighted average interest rate (as a percent)	3.95%		3.95%
Fixed rate debt | Mortgages payable
Debt Instrument [Line Items]
Long-term debt	$ 93,662	$ 94,904	$ 93,662
Weighted average interest rate (as a percent)	4.37%	4.37%	4.37%
Weighted average years to maturity	4 years 7 months 6 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	1 Months Ended
	Aug. 05, 2020	Jul. 21, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal balance			$ 796,568	$ 796,247
Weighted average interest rate (as a percent)			3.74%
Senior Notes
Debt Instrument [Line Items]
Principal balance			$ 800,000	800,000
Discount, net of accumulated amortization			(556)	(616)
Capitalized loan fees, net of accumulated amortization			$ (2,876)	$ (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%
Subsequent events | 4.00% Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Principal balance	$ 350,000
Stated interest rate (as a percent)	4.00%
Amount of debt issuance	$ 100,000	$ 100,000
Percentage of principal amount (as a percent)	99.01%

Debt - Summary of Term Loans an

Debt - Summary of Term Loans and Revolving Line of Credit (Details) $ in Thousands	Jun. 30, 2020USD ($)extension_options	Dec. 31, 2019USD ($)
Term Loans and Line of Credit Facility [Line Items]
Unsecured term loans	$ 716,992	$ 716,523
Unsecured revolving line of credit	135,000	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	(3,008)	(3,477)
Term loans, net	$ 716,992	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)	3.35%	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)	4.20%	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)	2.93%	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)	3.42%	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	$ 135,000	$ 18,000
Interest rate on credit facility (as a percent)	1.33%	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)	1.35%	1.20%
LIBOR | Term Loan Due 2023
Term Loans and Line of Credit Facility [Line Items]
Variable interest rate spread (as a percent)	1.35%	1.20%
LIBOR | Term Loan Due 2024
Term Loans and Line of Credit Facility [Line Items]
Variable interest rate spread (as a percent)	1.25%	1.20%
LIBOR | Term Loan Due 2026
Term Loans and Line of Credit Facility [Line Items]
Variable interest rate spread (as a percent)	1.65%	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)	1.35%
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)	1.35%
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)	1.25%
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)	1.65%
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	Jun. 30, 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)	1.35%	1.20%
LIBOR | Term Loan Due 2024
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	1.25%	1.20%
LIBOR | Term Loan Due 2026
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	1.65%	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	Jun. 30, 2020	Dec. 31, 2019	Aug. 05, 2020	Jul. 21, 2020
Long-term Debt, Fiscal Year Maturity
2020	$ 1,252
2021	352,626
2022	161,678
2023	231,758
2024	271,737
Thereafter	729,611
Total	$ 1,748,662
Long-term Debt, Weighted Average Interest Rate
2020	4.41%
2021	3.58%
2022	1.90%
2023	4.19%
2024	3.85%
Thereafter	4.05%
Total	3.74%
Mortgages payable
Debt Instrument [Line Items]
Discount, net of accumulated amortization	$ (471)	$ (493)
Capitalized loan fees, net of accumulated amortization	(224)	(256)
Unsecured term loans
Debt Instrument [Line Items]
Capitalized loan fees, net of accumulated amortization	(3,008)
Unsecured notes payable
Debt Instrument [Line Items]
Discount, net of accumulated amortization	(556)	(616)
Capitalized loan fees, net of accumulated amortization	$ (2,876)	$ (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	4 years 1 month 6 days
Fixed rate debt
Long-term Debt, Fiscal Year Maturity
2020	$ 1,252
2021	352,626
2022	26,678
2023	231,758
2024	271,737
Thereafter	729,611
Total	$ 1,613,662
Long-term Debt, Weighted Average Interest Rate
2020	4.41%
2021	3.58%
2022	4.81%
2023	4.19%
2024	3.85%
Thereafter	4.05%
Total	3.95%
Fixed rate debt | Mortgages payable
Debt Instrument [Line Items]
Weighted average years to maturity	4 years 7 months 6 days	5 years 1 month 6 days
Long-term Debt, Fiscal Year Maturity
2020	$ 1,252
2021	2,626
2022	26,678
2023	31,758
2024	1,737
Thereafter	29,611
Total	$ 93,662	$ 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	1.33%
2023	0.00%
2024	0.00%
Thereafter	0.00%
Total	1.33%
Variable rate debt | Unsecured revolving line of credit
Long-term Debt, Fiscal Year Maturity
2020	$ 0
2021	0
2022	135,000
2023	0
2024	0
Thereafter	0
Total	$ 135,000
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)	1.35%
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)	1.35%
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)	1.25%
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)	1.65%
Subsequent events | 4.00% Notes Due 2025 | Unsecured notes payable
Debt Instrument [Line Items]
Amount of debt issuance			$ 100,000	$ 100,000
Stated interest rate (as a percent)			4.00%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Instruments (Details) $ in Thousands	Jun. 30, 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	$ 12,013
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	Jun. 30, 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	Jun. 30, 2020	Dec. 31, 2019
Interest rate swaps | Cash flow hedges
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 39,176	$ 12,288

Derivatives - Effect on Stateme

Derivatives - Effect on Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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	$ 19,360	$ 17,363	$ 36,406	$ 34,793
Interest rate swaps | Cash flow hedges
Derivative Instruments, (Gain) Loss [Line Items]
Amount of loss recognized in other comprehensive income on derivative	2,301	6,215	30,954	9,601
Amount of loss (gain) reclassified from AOCI into income	2,995	(92)	4,066	(220)
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded	$ 19,360	$ 17,363	$ 36,406	$ 34,793

Equity (Details)

Equity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Numerator:
Net (loss) income attributable to common shareholders			$ (7,347)	$ 21,170	$ 15,010	$ 44,378
Earnings allocated to unvested restricted shares			(135)	(110)	(244)	(190)
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares			$ (7,482)	$ 21,060	$ 14,766	$ 44,188
Denominator for (loss) earnings per common share – basic:
Weighted average number of common shares outstanding			213,337	212,951	213,276	212,900
Effect of dilutive securities:
Stock options			0	0	0	0
RSUs			0	139	0	256
Denominator for (loss) earnings per common share – diluted:
Weighted average number of common and common equivalent shares outstanding			213,337	213,090	213,276	213,156
Earnings Per Share, Other Disclosures
Weighted average number of shares of restricted common stock			825	660	751	631
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items]
Number of options outstanding	16	22	16	22	16	22
Weighted average exercise price of outstanding options (in dollars per share)	$ 15.87	$ 17.34	$ 15.87	$ 17.34	$ 15.87	$ 17.34
Weighted average number of RSUs			974	839	971	835
Restricted shares
Earnings Per Share, Other Disclosures
Unvested restricted common stock	868	667	868	667	868	667	535
Stock options
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items]
Number of outstanding options 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		974		839
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items]
Number of RSUs eligible for future conversion	974	839	974	839	974	839

Provision for Impairment of I_3

Provision for Impairment of Investment Properties - Impairment Indicators (Details)	Jun. 30, 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	166.00%

Provision for Impairment of I_4

Provision for Impairment of Investment Properties - Impairment Charges (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)ft²	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)ft²	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment of investment properties	$ 0	$ 0	$ 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		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	Jun. 30, 2020	Dec. 31, 2019
Financial liabilities:
Mortgages payable, net	$ 92,967	$ 94,155
Unsecured notes payable, net	796,568	796,247
Unsecured term loans, net	716,992	716,523
Unsecured revolving line of credit	135,000	18,000
Carrying Value
Financial liabilities:
Mortgages payable, net	92,967	94,155
Unsecured notes payable, net	796,568	796,247
Unsecured term loans, net	716,992	716,523
Unsecured revolving line of credit	135,000	18,000
Derivative liability	39,176	12,288
Fair Value
Financial liabilities:
Mortgages payable, net	94,982	98,082
Unsecured notes payable, net	786,719	822,883
Unsecured term loans, net	704,148	720,000
Unsecured revolving line of credit	133,299	18,000
Derivative liability	$ 39,176	$ 12,288

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 39,176	$ 12,288
Fair value, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 39,176	$ 12,288

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for impairment	$ 0	$ 0	$ 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
Weighted average | Discount rate
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	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgages payable, net	$ 92,967	$ 94,155
Unsecured notes payable, net	796,568	796,247
Unsecured term loans, net	716,992	716,523
Unsecured revolving line of credit	135,000	18,000
Fair Value, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unsecured notes payable, net	243,380	255,965
Fair Value, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgages payable, net	94,982	98,082
Unsecured notes payable, net	543,339	566,918
Unsecured term loans, net	704,148	720,000
Unsecured revolving line of credit	133,299	18,000
Fair Value, Total
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgages payable, net	94,982	98,082
Unsecured notes payable, net	786,719	822,883
Unsecured term loans, net	704,148	720,000
Unsecured revolving line of credit	133,299	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	0.0175	0.0105
Minimum | Discount rate | Mortgages payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input for measuring debt	0.036	0.032
Maximum | Discount rate | Mortgages payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input for measuring debt	0.042	0.036
Weighted average | Discount rate | Unsecured notes payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input for measuring debt	0.0469	0.0379
Weighted average | Discount rate | Unsecured term loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input for measuring debt	0.0195	0.0126

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2020USD ($)property	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)
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			$ 11,369	$ 41,886
Circle East
Commitments and Contingencies [Line Items]
Redevelopment costs incurred	$ 23,438		23,438
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	35,612		35,612
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	1,155		1,155
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	432		432
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		$ 1,400

Litigation (Details)

Litigation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Litigation Disclosure [Abstract]
Gain on litigation settlement	$ 0	$ 6,100	$ 0	$ 6,100	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 05, 2020	Jul. 21, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Principal balance			$ 796,568	$ 796,247
Senior Notes
Subsequent Event [Line Items]
Principal balance			$ 800,000	$ 800,000
Senior Notes | 4.00% Notes Due 2025
Subsequent Event [Line Items]
Stated interest rate (as a percent)			4.00%	4.00%
Principal balance			$ 250,000	$ 250,000
Subsequent events | Senior Notes | 4.00% Notes Due 2025
Subsequent Event [Line Items]
Amount of debt issuance	$ 100,000	$ 100,000
Stated interest rate (as a percent)	4.00%
Percentage of principal amount (as a percent)	99.01%
Principal balance	$ 350,000