Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2012 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'KITE REALTY GROUP TRUST | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 130,886,126 | ' |
Entity Public Float | ' | ' | $558,000,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001286043 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Land | $333,458,070 | $239,690,837 |
Land held for development | 56,078,488 | 34,878,300 |
Buildings and improvements | 1,351,641,925 | 892,508,729 |
Furniture, equipment and other | 4,970,310 | 4,419,918 |
Construction in progress | 130,909,478 | 223,135,354 |
1,877,058,271 | 1,394,633,138 | |
Less: accumulated depreciation | -232,580,267 | -194,297,531 |
1,644,478,004 | 1,200,335,607 | |
Cash and cash equivalents | 18,134,320 | 12,482,701 |
Tenant receivables, including accrued straight-line rent of $14,490,070 and $12,189,449, respectively, net of allowance for uncollectible accounts | 24,767,556 | 21,210,754 |
Other receivables | 4,566,679 | 4,946,219 |
Escrow deposits | 11,046,133 | 12,960,488 |
Deferred costs, net | 56,387,586 | 35,322,792 |
Prepaid and other assets | 4,546,752 | 1,398,344 |
Total Assets | 1,763,927,030 | 1,288,656,905 |
Liabilities and Equity: | ' | ' |
Mortgage and other indebtedness | 857,144,074 | 699,908,768 |
Accounts payable and accrued expenses | 61,437,187 | 54,187,172 |
Deferred revenue and other liabilities | 44,313,402 | 20,269,501 |
Total Liabilities | 962,894,663 | 774,365,441 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in Operating Partnership | 43,927,540 | 37,669,803 |
Kite Realty Group Trust Shareholders’ Equity | ' | ' |
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding at December 31, 2013 and 2012, respectively, with a liquidation value of $102,500,000 | 102,500,000 | 102,500,000 |
Common Shares, $.01 par value, 200,000,000 shares authorized, 130,826,217 shares and 77,728,697 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,308,262 | 777,287 |
Additional paid in capital | 821,526,172 | 513,111,877 |
Accumulated other comprehensive income (loss) | 1,352,850 | -5,258,543 |
Accumulated deficit | -173,130,113 | -138,044,264 |
Total Kite Realty Group Trust Shareholders’ Equity | 753,557,171 | 473,086,357 |
Noncontrolling Interests | 3,547,656 | 3,535,304 |
Total Equity | 757,104,827 | 476,621,661 |
Total Liabilities and Equity | $1,763,927,030 | $1,288,656,905 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued straight-line rent (in Dollars) | $14,490,070 | $12,189,449 |
Preferred Shares, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred Shares, shares authorized | 40,000,000 | 40,000,000 |
Preferred Shares, shares issued | 4,100,000 | 4,100,000 |
Preferred Shares, shares outstanding | 4,100,000 | 4,100,000 |
Preferred Shares, liquidation value (in Dollars) | $102,500,000 | $102,500,000 |
Common Shares, par value (in Dollars per share) | $0.01 | $0.01 |
Common Shares, shares authorized | 200,000,000 | 200,000,000 |
Common Shares, shares issued | 130,826,217 | 77,728,697 |
Common Shares, shares outstanding | 130,826,217 | 77,728,697 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' |
Minimum rent | $93,637,268 | $72,999,892 | $66,701,781 |
Tenant reimbursements | 24,422,357 | 19,495,535 | 18,165,863 |
Other property related revenue | 11,428,702 | 4,044,016 | 4,247,909 |
Total revenue | 129,488,327 | 96,539,443 | 89,115,553 |
Expenses: | ' | ' | ' |
Property operating | 21,729,251 | 16,756,287 | 16,829,934 |
Real estate taxes | 15,262,928 | 12,857,722 | 12,447,517 |
General, administrative, and other | 8,210,793 | 7,117,195 | 6,273,641 |
Acquisition costs | 2,214,567 | 364,364 | ' |
Litigation charge, net | ' | 1,007,451 | ' |
Depreciation and amortization | 54,479,023 | 38,834,559 | 33,114,557 |
Total expenses | 101,896,562 | 76,937,578 | 68,665,649 |
Operating income | 27,591,765 | 19,601,865 | 20,449,904 |
Interest expense | -27,993,577 | -23,391,937 | -21,624,992 |
Income tax (expense) benefit of taxable REIT subsidiary | -262,404 | 105,984 | 1,294 |
Gain on sale of unconsolidated property, including tax benefit | ' | ' | 4,320,155 |
Remeasurement loss on consolidation of Parkside Town Commons, net | ' | -7,979,626 | ' |
Other (expense) income, net | -62,381 | 209,045 | 606,368 |
(Loss) income from continuing operations | -726,597 | -11,454,669 | 3,752,729 |
Discontinued operations: | ' | ' | ' |
Income from operations, excluding impairment charge | 834,505 | 655,647 | 1,629,920 |
Impairment charge | -5,371,427 | ' | ' |
Gain on debt extinguishment | 1,241,724 | ' | ' |
Gain (loss) on sale of operating properties, net of tax | 486,540 | 7,094,238 | -397,909 |
(Loss) income from discontinued operations | -2,808,658 | 7,749,885 | 1,232,011 |
Consolidated net (loss) income | -3,535,255 | -3,704,784 | 4,984,740 |
Net loss (income) attributable to noncontrolling interests | 685,520 | -629,063 | -3,466 |
Change in fair value of derivatives | 7,136,043 | -4,002,459 | 1,547,918 |
Total comprehensive income (loss) | 3,600,788 | -7,707,243 | 6,532,658 |
Comprehensive loss (income) attributable to noncontrolling interests | 160,870 | -361,052 | -175,379 |
Net (loss) income attributable to Kite Realty Group Trust | -2,849,735 | -4,333,847 | 4,981,274 |
Dividends on preferred shares | -8,456,251 | -7,920,002 | -5,775,000 |
Net loss attributable to common shareholders | -11,305,986 | -12,253,849 | -793,726 |
Net loss per common share – basic & diluted: | ' | ' | ' |
Loss from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.09) | ($0.26) | ($0.03) |
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.03) | $0.08 | $0.02 |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.12) | ($0.18) | ($0.01) |
Weighted average Common Shares outstanding – basic and diluted (in Shares) | 94,141,738 | 66,885,259 | 63,557,322 |
Dividends declared per Common Share (in Dollars per share) | $0.24 | $0.24 | $0.24 |
Loss from continuing operations | -8,685,508 | -17,570,593 | -1,890,824 |
(Loss) income from discontinued operations | -2,620,478 | 5,316,744 | 1,097,098 |
Comprehensive income (loss) attributable to Kite Realty Group Trust | $3,761,658 | ($8,068,295) | $6,357,279 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock At-The-Market Plan [Member] | Total | |
Common Stock At-The-Market Plan [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock At-The-Market Plan [Member] | |||||||||||||
Balances at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock compensation activity | ' | ' | ' | ' | $2,534 | ' | ' | ' | $798,462 | ' | ' | ' | ' | ' | $800,996 | |
Stock compensation activity (in Shares) | ' | ' | ' | ' | 253,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from employee share purchase plan | ' | ' | ' | ' | 54 | ' | ' | ' | 23,978 | ' | ' | ' | ' | ' | 24,032 | |
Proceeds from employee share purchase plan (in Shares) | ' | ' | ' | ' | 5,358 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,376,005 | ' | ' | ' | ' | 1,376,005 | [1] |
Acquisition of noncontrolling interest in Rangeline Crossing | ' | ' | ' | ' | ' | ' | ' | ' | -31,005 | ' | ' | ' | ' | ' | -31,005 | |
Offering costs | ' | ' | ' | ' | ' | ' | ' | ' | -276,253 | ' | ' | ' | ' | ' | -276,253 | |
Distributions declared to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,262,761 | ' | ' | ' | -15,262,761 | |
Distributions to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,775,000 | ' | ' | ' | -5,775,000 | |
Net income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,981,274 | ' | ' | ' | 4,981,274 | |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | ' | ' | 160 | ' | ' | ' | 207,840 | ' | ' | ' | ' | ' | 208,000 | |
Exchange of redeemable noncontrolling interest for common stock (in Shares) | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 261,326 | ' | ' | ' | ' | ' | 261,326 | |
Balances at Dec. 31, 2011 | ' | 70,000,000 | ' | ' | 636,170 | ' | ' | ' | 449,763,528 | -1,524,095 | -109,504,068 | ' | ' | ' | 409,371,535 | |
Balances (in Shares) at Dec. 31, 2011 | ' | 2,800,000 | ' | ' | 63,617,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock compensation activity | ' | ' | ' | ' | 2,666 | ' | ' | ' | 982,119 | ' | ' | ' | ' | ' | 984,785 | |
Stock compensation activity (in Shares) | ' | ' | ' | ' | 266,588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of stock | 32,500,000 | ' | 120,750 | 6,616 | ' | -1,179,704 | 59,548,732 | 3,182,271 | ' | ' | ' | 31,320,296 | 59,669,482 | 3,188,887 | ' | |
Issuance of stock (in Shares) | 1,300,000 | ' | 12,075,000 | 661,589 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from employee share purchase plan | ' | ' | ' | ' | 48 | ' | ' | ' | 22,707 | ' | ' | ' | ' | ' | 22,755 | |
Proceeds from employee share purchase plan (in Shares) | ' | ' | ' | ' | 4,787 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,734,448 | ' | ' | ' | ' | -3,734,448 | [1] |
Distributions declared to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,286,347 | ' | ' | ' | -16,286,347 | |
Distributions to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,920,002 | ' | ' | ' | -7,920,002 | |
Net income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,333,847 | ' | ' | ' | -4,333,847 | |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | ' | ' | 11,037 | ' | ' | ' | 5,822,679 | ' | ' | ' | ' | ' | 5,833,716 | |
Exchange of redeemable noncontrolling interest for common stock (in Shares) | ' | ' | ' | ' | 1,103,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -5,030,455 | ' | ' | ' | ' | ' | -5,030,455 | |
Balances at Dec. 31, 2012 | ' | 102,500,000 | ' | ' | 777,287 | ' | ' | ' | 513,111,877 | -5,258,543 | -138,044,264 | ' | ' | ' | 473,086,357 | |
Balances (in Shares) at Dec. 31, 2012 | ' | 4,100,000 | ' | ' | 77,728,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock compensation activity | ' | ' | ' | ' | 6,788 | ' | ' | ' | 2,508,149 | ' | ' | ' | ' | ' | 2,514,937 | |
Stock compensation activity (in Shares) | ' | ' | ' | ' | 678,785 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of stock | ' | ' | 523,250 | ' | ' | ' | 313,766,757 | ' | ' | ' | ' | ' | 314,290,007 | ' | ' | |
Issuance of stock (in Shares) | ' | ' | 52,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Proceeds from employee share purchase plan | ' | ' | ' | ' | 37 | ' | ' | ' | 22,033 | ' | ' | ' | ' | ' | 22,070 | |
Proceeds from employee share purchase plan (in Shares) | ' | ' | ' | ' | 3,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,611,393 | ' | ' | ' | ' | 6,611,393 | [1] |
Distributions declared to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,779,864 | ' | ' | ' | -23,779,864 | |
Distributions to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,456,250 | ' | ' | ' | -8,456,251 | |
Net income attributable to Kite Realty Group Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,849,735 | ' | ' | ' | -2,849,735 | |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | ' | ' | 900 | ' | ' | ' | 582,150 | ' | ' | ' | ' | ' | 583,050 | |
Exchange of redeemable noncontrolling interest for common stock (in Shares) | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -8,464,794 | ' | ' | ' | ' | ' | -8,464,794 | |
Balances at Dec. 31, 2013 | ' | $102,500,000 | ' | ' | $1,308,262 | ' | ' | ' | $821,526,172 | $1,352,850 | ($173,130,113) | ' | ' | ' | $753,557,171 | |
Balances (in Shares) at Dec. 31, 2013 | ' | 4,100,000 | ' | ' | 130,826,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Reflects the Company's share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flow from operating activities: | ' | ' | ' |
Consolidated net (loss) income | ($3,535,255) | ($3,704,784) | $4,984,740 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Gain on sale of unconsolidated properties | ' | ' | -4,320,155 |
Remeasurement loss on consolidation of Parkside Town Commons, net | ' | 7,979,626 | ' |
(Gain) loss on sale of operating property, net of tax | -486,540 | -7,094,238 | 397,909 |
Impairment charge | 5,371,427 | ' | ' |
Gain on debt extinguishment | -1,241,724 | ' | ' |
Straight-line rent | -3,495,760 | -2,362,360 | -2,690,710 |
Depreciation and amortization | 57,757,063 | 43,768,649 | 38,655,771 |
Provision for credit losses, net of recoveries | 922,495 | 858,771 | 1,364,820 |
Compensation expense for equity awards | 1,670,445 | 602,384 | 519,929 |
Amortization of debt fair value adjustment | -127,031 | -117,625 | -430,858 |
Amortization of in-place lease liabilities | -2,673,885 | -1,986,196 | -2,460,002 |
Distributions of income from unconsolidated entities | ' | 91,452 | 4,432,456 |
Changes in assets and liabilities: | ' | ' | ' |
Tenant receivables | -1,690,492 | -507,368 | 524,137 |
Deferred costs and other assets | -9,061,591 | -7,065,797 | -11,930,493 |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | 8,687,682 | -7,190,161 | 3,179,411 |
Net cash provided by operating activities | 52,096,834 | 23,272,353 | 32,226,955 |
Cash flow from investing activities: | ' | ' | ' |
Acquisitions of interests in properties | -407,215,174 | -65,909,266 | -16,368,190 |
Capital expenditures, net | -112,580,651 | -114,153,351 | -63,559,852 |
Net proceeds from sales of operating properties | 7,292,460 | 87,385,567 | 1,483,941 |
Change in construction payables | -2,395,625 | 20,829,889 | 297,918 |
Note receivable from joint venture partner | ' | ' | 125,780 |
Contributions to unconsolidated entities | ' | -150,000 | -8,518,604 |
Distributions of capital from unconsolidated entities | ' | 372,548 | ' |
Net cash used in investing activities | -514,898,990 | -71,624,613 | -86,539,007 |
Cash flow from financing activities: | ' | ' | ' |
Common share issuance proceeds, net of costs | 314,771,835 | 63,038,208 | -252,221 |
Preferred share issuance proceeds, net of costs | ' | 31,320,296 | ' |
Acquisition of noncontrolling interests in Rangeline Crossing | ' | ' | -1,697,137 |
Loan proceeds | 528,590,339 | 308,954,787 | 211,528,578 |
Loan transaction costs | -2,137,602 | -2,234,504 | -4,370,749 |
Loan payments and related financing escrow | -342,033,168 | -322,646,717 | -132,901,400 |
Distributions paid b common shareholders | -20,593,816 | -15,439,904 | -15,246,825 |
Distributions paid b preferred shareholders | -8,456,251 | -7,696,563 | -5,694,792 |
Net cash provided by financing activities | 468,453,775 | 50,792,511 | 48,959,974 |
Increase (decrease) in cash and cash equivalents | 5,651,619 | 2,440,251 | -5,352,078 |
Cash and cash equivalents, beginning of year | 12,482,701 | 10,042,450 | 15,394,528 |
Cash and cash equivalents, end of year | 18,134,320 | 12,482,701 | 10,042,450 |
Supplemental disclosures | ' | ' | ' |
Cash paid for interest, net of capitalized interest | 31,576,099 | 24,789,487 | 24,286,585 |
Cash paid for taxes | 45,000 | 150,000 | 77,000 |
Redeemable Noncontrolling Interests [Member] | ' | ' | ' |
Cash flow from financing activities: | ' | ' | ' |
Distributions to noncontrolling interests | -1,579,143 | -1,810,993 | -1,884,965 |
Noncontrolling Interests in Properties [Member] | ' | ' | ' |
Cash flow from financing activities: | ' | ' | ' |
Distributions to noncontrolling interests | ($108,419) | ($2,692,099) | ($520,515) |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1. Organization | |
Kite Realty Group Trust (the “Company” or “REIT”) was organized in Maryland in 2004 to succeed the development, acquisition, construction and real estate businesses of our predecessor. The Company began operations in 2004 when it completed its initial public offering of common shares and concurrently consummated certain other formation transactions. | |
The Company, through Kite Realty Group, L.P. (“the Operating Partnership”), is engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. | |
At December 31, 2013, the Company owned interests in 72 operating and redevelopment properties (consisting of 70 retail properties and two commercial operating properties) and two under-construction development projects. In addition, the Company has one development project pending construction commencement, which is undergoing pre-leasing activity and negotiations for third-party financings. Finally, as of December 31, 2013, the Company also owned interests in other land parcels comprising 131 acres that are expected to be used for future expansion of existing properties or development of new retail or commercial properties. The Company may also elect to sell such land to third parties under certain circumstances. These land parcels are classified as “Land held for development” in the accompanying consolidated balance sheets. | |
At December 31, 2012, the Company owned interests in 60 operating and redevelopment properties, three under-construction development projects, and 91 acres of land held for development. |
Note_2_Basis_of_Presentation_a
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||||||
Note 2. Basis of Presentation and Summary of Significant Accounting Policies | |||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. | |||||||||||||
Consolidation and Investments in Joint Ventures | |||||||||||||
The accompanying financial statements of the Company are presented on a consolidated basis and include all accounts of the Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Company or the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. In general, a VIE is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: | |||||||||||||
● | the Company’s ability to refinance debt and sell the property without the consent of any other partner or owner; | ||||||||||||
● | the inability of any other partner or owner to replace the Company as manager of the property; or | ||||||||||||
● | being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||||||||||||
As of December 31, 2013, the Company had investments in three joint ventures that are VIEs in which the Company is the primary beneficiary. As of this date, these VIEs had total debt of $65.9 million which is secured by assets of the VIEs totaling $116.0 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||
The Company considers all relationships between itself and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether it has the power to direct the activities of the VIE that most significantly affect the VIE’s performance. The Company also continuously reassesses primary beneficiary status. Other than with regard to Rangeline Crossing and Parkside Town Commons, there were no changes during the years ended December 31, 2013, 2012 or 2011 to the Company’s conclusions regarding whether an entity qualifies as a VIE or whether the Company is the primary beneficiary of any previously identified VIE. | |||||||||||||
Rangeline Crossing | |||||||||||||
In February 2011, the Company completed the acquisition of the remaining 40% interest in Rangeline Crossing, a consolidated operating property, from its joint venture partners. The purchase price of the 40% interest was $2.2 million, including the settlement of a $0.6 million loan previously made by the Company. The transaction was accounted for as an equity transaction as the Company retained its controlling financial interest. The carrying amount of the non-controlling interest was eliminated, and the difference between the consideration paid and the non-controlling interest balance was recognized in additional paid-in capital. | |||||||||||||
Purchase Accounting | |||||||||||||
In accordance with Topic 805—“Business Combinations” in the Accounting Standards Codification (“ASC”), the Company measures identifiable assets acquired, liabilities assumed, and any non-controlling interests in an acquiree at fair value on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. In making estimates of fair values for the purpose of allocating purchase price, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. | |||||||||||||
A portion of the purchase price is allocated to tangible assets and intangibles, including: | |||||||||||||
● | the fair value of the building on an as-if-vacant basis and to land determined either by comparable market date, real estate tax assessments, independent appraisals or other relevant data; | ||||||||||||
● | above-market and below-market in-place lease values for acquired properties are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the remaining non-cancelable terms of the respective leases. Should a tenant vacate, terminate its lease, or otherwise notify the Company of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; and | ||||||||||||
● | the value of leases acquired. The Company utilizes independent and internal sources for its estimates to determine the respective in-place lease values. The Company’s estimates of value are made using methods similar to those used by independent appraisers. Factors the Company considers in its analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. | ||||||||||||
The Company also considers whether a portion of the purchase price should be allocated to in-place leases that have a related customer relationship intangible value. Characteristics the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. | |||||||||||||
Investment Properties | |||||||||||||
Capitalization and Depreciation | |||||||||||||
Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. | |||||||||||||
The Company incurs costs prior to land acquisition and for certain land held for development including acquisition contract deposits, as well as legal, engineering, cost of internal resources and other external professional fees related to evaluating the feasibility of developing a shopping center or other project. These pre-development costs are included in construction in progress in the accompanying consolidated balance sheets. If the Company determines that the development of a property is no longer probable, any pre-development costs previously incurred are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. | |||||||||||||
The Company also capitalizes costs such as construction, interest, real estate taxes, and salaries and related costs of personnel directly involved with the development of our properties. As portions of the development property become operational, the Company expenses appropriate costs on a pro rata basis. | |||||||||||||
Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. | |||||||||||||
Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances, tenant inducements, and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. | |||||||||||||
Impairment | |||||||||||||
Management reviews both operational and development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. | |||||||||||||
Held for Sale and Discontinued Operations | |||||||||||||
Operating properties held for sale include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. As of December 31, 2013, the Company classified 50th & 12th operating property as held for sale. There were no assets classified as held for sale as of December 31, 2012. | |||||||||||||
The Company’s properties generally have operations and cash flows that can be clearly distinguished from the rest of the Company. The operations reported in discontinued operations include those operating properties that were sold, disposed of or considered held-for-sale and for which operations and cash flows can be clearly distinguished. The operations from these properties are eliminated from ongoing operations and the Company will not have a continuing involvement after disposition. Prior periods have been reclassified to reflect the operations of these properties as discontinued operations to the extent they are material to the results of operations. | |||||||||||||
Escrow Deposits | |||||||||||||
Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. | |||||||||||||
The Company maintains certain compensating balances in several financial institutions in support of borrowings from those institutions. Such compensating balances were not material to the consolidated balance sheets. | |||||||||||||
Fair Value Measurements | |||||||||||||
Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. | |||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). As further discussed in Note 12, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||
Note 3 includes a discussion of fair values recorded when the Company acquired a controlling interest in Parkside Town Commons development project. Note 5 includes a discussion of fair values recorded when the Company transferred the Kedron Village property to the loan servicer. Level 3 inputs to these transactions include our estimations of the fair value of the real estate and related assets acquired. | |||||||||||||
Note 11 includes a discussion of the fair values recorded in purchase accounting. Level 3 inputs to these acquisitions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. The Company uses derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. | |||||||||||||
Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. All of the Company’s derivative instruments qualify for hedge accounting. | |||||||||||||
Revenue Recognition | |||||||||||||
As lessor, the Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. | |||||||||||||
Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on tenants’ sales volume (contingent percentage rent). Percentage rents are recognized when tenants achieve the specified targets as defined in their lease agreements. Percentage rents are included in other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Reimbursements from tenants for real estate taxes and other recoverable operating expenses are estimated and recognized as revenues in the period the applicable expense is incurred. | |||||||||||||
Gains from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $6.2 million, $0.8 million, and $0.2 million for the years ended December 31, 2013, 2012, and 2011, respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Tenant Receivables and Allowance for Doubtful Accounts | |||||||||||||
Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. | |||||||||||||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 754,845 | $ | 1,334,515 | $ | 1,629,883 | |||||||
Provision for credit losses, net of recoveries | 922,495 | 858,771 | 1,364,820 | ||||||||||
Accounts written off | (349,307 | ) | (1,438,441 | ) | (1,660,188 | ) | |||||||
Balance, end of year | $ | 1,328,033 | $ | 754,845 | $ | 1,334,515 | |||||||
Other Receivables | |||||||||||||
Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company may be subject to concentrations of credit risk with regards to its cash and cash equivalents. The Company places its cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, the Company’s accounts receivable from and leases with tenants potentially subjects it to a concentration of credit risk related to its accounts receivable and revenue. At December 31, 2013, 40%, 25% and 13% of total billed receivable were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively. For the year ended December 31, 2013, 36%, 30% and 14% of the Company’s revenue recognized was from tenants leasing space in the states of Indiana, Florida, and Texas, respectively. There were no significant changes in the concentration percentages for the years ended December 31, 2012 and 2011. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share is calculated based on the weighted average number of shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding combined with the incremental average shares that would have been outstanding assuming all potentially dilutive shares were converted into common shares as of the earliest date possible. | |||||||||||||
Potentially dilutive securities include outstanding share options, units in the Operating Partnership, which may be exchanged for either cash or common shares, at our option, under certain circumstances, and deferred share units, which may be credited to the accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due to the Company’s net loss from continuing operations attributable to common shareholders for the years ended December 31, 2013, 2012 and 2011, the potentially dilutive securities were not dilutive for these periods. | |||||||||||||
For the year ended December 31, 2013, 1.5 million of the Company’s outstanding common share options were excluded from the computation of diluted earnings per share because their impact was not dilutive. For each of the years ended December 31, 2012 and 2011, 1.7 million of the Company’s outstanding common share options were excluded from the computation of diluted earnings per share because their impact was not dilutive. | |||||||||||||
Income Taxes and REIT Compliance | |||||||||||||
The Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable the Company to maintain its qualification as a REIT for federal income tax purposes. As a result, the Company generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders and meets certain other requirements on a recurring basis. To the extent that the Company satisfies this distribution requirement, but distributes less than 100% of its taxable income, the Company will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates. The Company may also be subject to certain federal, state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income even if it does qualify as a REIT. | |||||||||||||
The Company has elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||
Income tax provision for the year ended December 31, 2013 was $262,000. For the years ended December 31, 2012 and 2011, there were insignificant amounts of income tax benefits recorded. | |||||||||||||
Other state and local income taxes were not significant in any of the periods presented. | |||||||||||||
Noncontrolling Interests | |||||||||||||
The Company reports its noncontrolling interest in a subsidiary as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest is identified in the consolidated financial statements. | |||||||||||||
The noncontrolling interests in consolidated properties for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Noncontrolling interests balance January 1 | $ | 3,535,304 | $ | 4,250,485 | $ | 6,914,264 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 120,771 | 1,976,918 | 101,069 | ||||||||||
Acquisition of noncontrolling interest in Rangeline Crossing | - | - | (2,244,333 | ) | |||||||||
Distributions to noncontrolling interests | (108,419 | ) | (2,692,099 | ) | (520,515 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,547,656 | $ | 3,535,304 | $ | 4,250,485 | |||||||
The Company classifies redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because the Company may be required to pay cash to unitholders upon redemption of their interests in the limited partnership under certain circumstances. | |||||||||||||
The redeemable noncontrolling interests in the Operating Partnership for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 37,669,803 | $ | 41,836,613 | $ | 44,115,028 | |||||||
Net loss allocable to redeemable noncontrolling interests | (806,292 | ) | (1,347,855 | ) | (97,603 | ) | |||||||
Accrued distributions to redeemable noncontrolling interests | (1,587,424 | ) | (1,747,683 | ) | (1,883,399 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Exchange of redeemable noncontrolling interest for common stock | (583,050 | ) | (5,833,716 | ) | (208,000 | ) | |||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership2 | 8,709,855 | 5,030,455 | (261,326 | ) | |||||||||
Redeemable noncontrolling interests balance at December 31 | $ | 43,927,540 | $ | 37,669,803 | $ | 41,836,613 | |||||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). | ||||||||||||
2 | Includes adjustments to reflect amounts at the greater of historical book value or redemption value. | ||||||||||||
The following sets forth accumulated other comprehensive income (loss) allocable to noncontrolling interests for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accumulated comprehensive loss balance at January 1 | $ | (455,896 | ) | $ | (187,885 | ) | $ | (359,798 | ) | ||||
Other comprehensive income (loss) allocable to noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Accumulated comprehensive income (loss) balance at December 31 | $ | 68,752 | $ | (455,896 | ) | $ | (187,885 | ) | |||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). | ||||||||||||
The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is required to be reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid in capital. As of December 31, 2011, the historical book value of the redeemable noncontrolling interests exceeded the redemption value, so no adjustment was necessary. As of December 31, 2013 and 2012, the redemption value of the redeemable noncontrolling interests did exceed the historical book value, and the balance was adjusted to redemption value based upon Level 2 inputs. | |||||||||||||
The Company allocates net operating results of the Operating Partnership after preferred dividends and noncontrolling interest in the consolidated properties based on the partners’ respective weighted average ownership interest. The Company adjusts the redeemable noncontrolling interests in the Operating Partnership at the end of each period to reflect their interests in the Operating Partnership. This adjustment is reflected in the Company’s shareholders’ equity. The Company’s and the redeemable noncontrolling weighted average interests in the Operating Partnership for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Company’s weighted average diluted interest in Operating Partnership | 93.3 | % | 90.1 | % | 89 | % | |||||||
Redeemable noncontrolling weighted average diluted interests in Operating Partnership | 6.7 | % | 9.9 | % | 11 | % | |||||||
The Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership at December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Company’s interest in Operating Partnership | 95.2 | % | 92 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 4.8 | % | 8 | % | |||||||||
Reclassifications | |||||||||||||
Certain amounts in the accompanying consolidated financial statements for 2012 and 2011 have been reclassified to conform to the 2013 consolidated financial statement presentation. The reclassifications had no impact on net (loss) income previously reported. |
Note_3_Parkside_Town_Commons
Note 3 - Parkside Town Commons | 12 Months Ended |
Dec. 31, 2013 | |
Note 3 - Parkside Town Commons [Line Items] | ' |
Real Estate Disclosure [Text Block] | ' |
Note 10. Development and Redevelopment Activities | |
2013 Development Activities | |
Delray Marketplace | |
In 2013, the Company substantially completed construction on Delray Marketplace in Delray Beach, Florida. The center is anchored by Publix and Frank Theatres along with a number of restaurants and retailers including Burt and Max’s Grille, Charming Charlie’s, Chico’s, White House | Black Market, Ann Taylor Loft, and Jos. A Bank. | |
Holly Springs Towne Center – Phase I | |
In 2013, the Company substantially completed construction on Holly Springs Towne Center – Phase I near Raleigh, North Carolina and transitioned the project to the operating portfolio. The center is anchored by Target (non-owned), Dick’s Sporting Goods, Marshalls, and Petco. | |
Parkside Town Commons – Phases I and II | |
In 2013, the Company commenced construction on both phases of Parkside Town Commons near Raleigh, North Carolina and transitioned the projects to an under-construction development project. Phase I will be anchored by Harris Teeter (ground lease), Petco, and a non-owned Target. Phase II will be anchored by Frank Theatres, Golf Galaxy, Field & Stream, and Toby Keith’s Bar & Grill. In November 2013, the Company closed on a construction loan with a capacity of $87.2 million. | |
2013 Redevelopment Activities | |
Four Corner Square | |
In 2013, the Company substantially completed construction on the redevelopment and expansion of Four Corner Square near Seattle, Washington and transitioned the project to the operating portfolio. The center is anchored by Grocery Outlet, Walgreens, and Do It Best Hardware. As part of finalizing its redevelopment plans, the Company reduced the estimated useful lives of certain assets that were demolished and recognized $2.2 million of accelerated depreciation and amortization in 2012. | |
Rangeline Crossing | |
In 2013, the Company substantially completed construction on the redevelopment of Rangeline Crossing near Indianapolis, Indiana and transitioned the project to the operating portfolio. The center is anchored by Earth Fare and Walgreens. As part of finalizing its redevelopment plans, the Company reduced the estimated useful lives of certain assets that were demolished and recognized $2.0 million of accelerated depreciation and amortization in 2012. | |
Bolton Plaza | |
In 2012, the Company executed a lease with LA Fitness to occupy the remaining vacant anchor space at this property and transitioned the property to an in-process redevelopment. Construction continues as of December 31, 2013, and LA Fitness is expected to open in the first quarter of 2014. As part of finalizing its redevelopment plans, the Company reduced the estimated useful lives of certain assets that were demolished and recognized $2.3 million of accelerated depreciation and amortization in 2013. | |
King’s Lake Square | |
In 2013, the Company transitioned King’s Lake Square to an under construction redevelopment project upon commencement of construction of a new and upgraded Publix grocery store. The Company expects to complete construction in the second quarter of 2014. As part of finalizing its plans, the Company reduced the estimated useful lives of certain assets that were demolished and recognized $2.5 million of accelerated depreciation and amortization in 2013. | |
Parkside Town Commons [Member] | ' |
Note 3 - Parkside Town Commons [Line Items] | ' |
Real Estate Disclosure [Text Block] | ' |
Note 3. Parkside Town Commons | |
On December 31, 2012, the Company acquired a controlling interest in a development project called Parkside Town Commons (“Parkside”), which was historically accounted for under the equity method. Parkside was owned in a joint venture with Prudential Real Estate Investors (“PREI”). | |
The Company acquired PREI’s 60% interest in the project for $13.3 million, including assumption of PREI’s $8.7 million share of indebtedness on the project. The Company recorded a non-cash remeasurement loss upon consolidation of Parkside of $8.0 million, net, consisting of a $14.9 million loss on remeasurement of the Company’s equity investment and a $6.9 million gain on the acquisition of PREI’s interest at a discount. | |
Upon consolidation, the Company measured the acquired assets and assumed liabilities at fair value. The fair value of the real estate and related assets acquired were estimated primarily using the market approach with the assistance of a third party appraisal. The most significant assumption in the fair value estimated was the comparable sales value. The estimate of fair value was determined to have primarily relied upon Level 3 inputs, as previously defined. | |
In November 2013, the Company sold 12.8 acres of land for a sales price of approximately $5.3 million for no gain or loss. |
Note_4_Litigation_Charge
Note 4 - Litigation Charge | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
Note 4. Litigation Charge | |
In 2012, the Company paid $1.3 million to settle a claim by a former tenant. In the fourth quarter of 2012, the Company partially recovered costs associated with the claim. The net amount is reflected in the statement of operations for the year ended December 31, 2012 and has been paid, releasing the Company from the claim. |
Note_5_Kedron_Village
Note 5 - Kedron Village | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ' |
Note 5. Kedron Village | |
Beginning in October 2012, a wholly-owned subsidiary of the Company was in payment default on a $29.5 million non-recourse loan secured by the Company’s Kedron Village property due to insufficient cash flow being generated by the property to fully support the debt service on the loan. The Company had been in negotiations with representatives of the lender with the objective of restructuring the loan and retaining ownership of the Kedron Village property. In June 2013, the Company received notice that the representatives of the lender intended to initiate foreclosure proceedings. | |
The Company evaluated the Kedron Village property for impairment as of June 30, 2013 and determined that, based on recent developments including the reduced holding period that considers the foreclosure proceedings and current market rental rates, the carrying value of the property was no longer fully recoverable. Accordingly, the Company recorded a non-cash impairment charge of $5.4 million based upon the estimated fair value of the asset as of that date of $25.5 million. | |
On July 2, 2013, the foreclosure proceedings were completed and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage. A related $2.2 million escrow balance was also retained by the mortgage lender. The Company recognized a non-cash gain of $1.2 million upon the transfer of the asset to the lender in satisfaction of the debt. Also, the Company reversed an accrual of unpaid interest (primarily default interest) of approximately $1.1 million. The Company reclassified the operations of Kedron Village to discontinued operations for all periods presented. |
Note_6_ShareBased_Compensation
Note 6 - Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
Note 6. Share-Based Compensation | |||||||||||||
Overview | |||||||||||||
The Company's 2013 Equity Incentive Plan (the "Plan") amended and restated the Company’s 2004 Equity Incentive Plan and authorized options and other share-based compensation awards to be granted to employees and trustees for up to an additional 6,000,000 common shares of the Company. The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided under Topic 718—“Stock Compensation” in the ASC. | |||||||||||||
The total share-based compensation expense, net of amounts capitalized, included in general and administrative expenses for the years ended December 31, 2013, 2012, and 2011 was $1.1 million, $0.9 million, and $0.7 million, respectively. Total share-based compensation cost capitalized for the years ended December 31, 2013, 2012, and 2011 was $0.5 million, $0.4 million, and $0.3 million, respectively, related to development and leasing activities. | |||||||||||||
As of December 31, 2013, there were 5,749,890 shares available for grant under the Plan. | |||||||||||||
Share Options | |||||||||||||
Pursuant to the Plan, the Company periodically grants options to purchase common shares at an exercise price equal to the grant date per-share fair value of the Company's common shares. Granted options typically vest over a five year period and expire ten years from the grant date. The Company issues new common shares upon the exercise of options. | |||||||||||||
For the Company's share option plan, the grant date fair value of each grant was estimated using the Black-Scholes option pricing model. The Black-Scholes model utilizes assumptions related to the dividend yield, expected life and volatility of the Company’s common shares, and the risk-free interest rate. The dividend yield is based on the Company's historical dividend rate. The expected life of the grants is derived from expected employee duration, which is based on Company history, industry information, and other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. Expected volatilities utilized in the model are based on the historical volatility of the Company's share price and other factors. | |||||||||||||
A summary of option activity under the Plan as of December 31, 2013, and changes during the year then ended, is presented below: | |||||||||||||
Options | Weighted-Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at January 1, 2013 | 1,711,953 | $ | 9.38 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (162,559 | ) | 3.61 | ||||||||||
Forfeited | (2,183 | ) | 3.5 | ||||||||||
Outstanding at December 31, 2013 | 1,547,211 | $ | 10 | ||||||||||
Exercisable at December 31, 2013 | 1,478,469 | $ | 10.25 | ||||||||||
Exercisable at December 31, 2012 | 1,491,267 | $ | 10.1 | ||||||||||
The fair value on the respective grant dates of the 5,000 and 76,271 options granted during the periods ended December 31, 2012 and 2011 was $1.30 and $1.18 per option, respectively. There were no options granted in 2013. | |||||||||||||
The aggregate intrinsic value of the 162,559, 18,525, and 14,033 options exercised during the years ended December 31, 2013, 2012 and 2011 was $445,346, $16,112, and $27,824, respectively. | |||||||||||||
The aggregate intrinsic value and weighted average remaining contractual term of the outstanding and exercisable options at December 31, 2013 were as follows: | |||||||||||||
Options | Aggregate Intrinsic Value | Weighted-Average Remaining | |||||||||||
Contractual Term (in years) | |||||||||||||
Outstanding at December 31, 2013 | 1,547,211 | $ | 1,382,560 | 3.29 | |||||||||
Exercisable at December 31, 2013 | 1,478,469 | $ | 1,246,656 | 3.16 | |||||||||
As of December 31, 2013 there was $0.1 million of total unrecognized compensation cost related to outstanding unvested share option awards, which is expected to be recognized over a weighted-average period of 1.03 years. We expect to incur this amount over fiscal years 2014 through 2017. | |||||||||||||
Restricted Shares | |||||||||||||
In addition to share option grants, the Plan also authorizes the grant of share-based compensation awards in the form of restricted common shares. Under the terms of the Plan, these restricted shares, which are considered to be outstanding shares from the date of grant, typically vest over a period ranging from one to five years. In addition, the Company pays dividends on restricted shares that are charged directly to shareholders’ equity. | |||||||||||||
The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2013 and changes during the year then ended: | |||||||||||||
Restricted | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value per share | |||||||||||||
Restricted shares outstanding at January 1, 2013 | 489,607 | $ | 5.25 | ||||||||||
Shares granted | 414,743 | 6.45 | |||||||||||
Shares forfeited | (5,265 | ) | 5.34 | ||||||||||
Shares vested | (173,496 | ) | 5.18 | ||||||||||
Restricted shares outstanding at December 31, 2013 | 725,589 | $ | 5.95 | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company granted 414,743, 270,671, and 244,134 restricted shares to employees and non-employee members of the Board of Trustees with weighted average grant date fair values of $6.45, $5.36, and $5.12, respectively. The total fair value of shares vested during the years ended December 31, 2013, 2012, and 2011 was $1.1 million, $0.6 million, and $0.4 million, respectively. | |||||||||||||
As of December 31, 2013, there was $3.4 million of total unrecognized compensation cost related to restricted shares granted under the Plan, which is expected to be recognized over a weighted-average period of 1.7 years. We expect to incur $1.3 million of this expense in fiscal year 2014, $1.0 million in fiscal year 2015, $0.6 million in fiscal year 2016, $0.3 million in fiscal year 2017, and the remainder in fiscal year 2018. | |||||||||||||
Deferred Share Units Granted to Trustees | |||||||||||||
The Plan allows for the deferral of certain equity grants into the Trustee Deferred Compensation Plan. The Trustee Deferred Compensation Plan authorizes the issuance of “deferred share units” to the Company’s non-employee trustees. Each deferred share unit is equivalent to one common share of the Company. Non-employee trustees receive an annual retainer. Except as described below, these fees are paid in cash or common shares of the Company. | |||||||||||||
Under the Plan, at the Trustee’s election, deferred share units may be credited to non-employee trustees in lieu of the payment of compensation in the form of cash or common shares. In addition, beginning on the date on which deferred share units are credited to a non-employee trustee, the number of deferred share units credited is increased by additional deferred share units in an amount equal to the relationship of dividends declared to the value of the Company’s common shares. The deferred share units credited to a non-employee trustee are not settled until he or she ceases to be a member of the Board of Trustees, at which time an equivalent number of common shares will be issued to the Trustee. | |||||||||||||
During the years ended December 31, 2013, 2012, and 2011, three trustees elected to receive at least a portion of their compensation in deferred share units and an aggregate of 11,817, 39,914, and 44,379 deferred share units, respectively, including dividends that were reinvested for additional share units, were credited to those non-employee trustees based on a weighted-average grant date fair value of $6.22, $4.96, and $4.24, respectively. During the years ended December 31, 2013, 2012, and 2011, the Company incurred expense of $0.1 million, $0.2 million, and $0.1 million, respectively, related to deferred share units credited to non-employee trustees in lieu of payment of trustee fees in cash. | |||||||||||||
Other Equity Grants | |||||||||||||
During the years ended 2013, 2012, and 2011 the Company issued 4,088, 7,566, and 7,935 unrestricted common shares, respectively, with weighted average grant date fair values of $6.11, $4.95, and $4.72 per share, respectively, to non-employee members of the Board of Trustees for 50% of their annual retainer compensation. |
Note_7_Deferred_Costs
Note 7 - Deferred Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||||||
Note 7. Deferred Costs | |||||||||||||
Deferred costs consist primarily of financing fees incurred to obtain long-term financing, acquired lease intangible assets, and broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred financing costs are amortized on a straight-line basis over the terms of the respective loan agreements. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At December 31, 2013 and 2012, deferred costs consisted of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred financing costs | $ | 11,293,287 | $ | 9,019,126 | |||||||||
Acquired lease intangible assets | 24,930,140 | 6,292,202 | |||||||||||
Deferred leasing costs and other | 41,625,621 | 36,815,438 | |||||||||||
77,849,048 | 52,126,766 | ||||||||||||
Less—accumulated amortization | (21,461,462 | ) | (16,803,974 | ) | |||||||||
Total | $ | 56,387,586 | $ | 35,322,792 | |||||||||
The estimated aggregate amortization amounts from net unamortized acquired lease intangible assets for each of the next five years and thereafter are as follows: | |||||||||||||
2014 | $ | 4,818,337 | |||||||||||
2015 | 3,822,822 | ||||||||||||
2016 | 2,670,451 | ||||||||||||
2017 | 2,033,654 | ||||||||||||
2018 | 1,575,574 | ||||||||||||
Thereafter | 3,919,488 | ||||||||||||
Total | $ | 18,840,326 | |||||||||||
The accompanying consolidated statements of operations include amortization expense as follows: | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amortization of deferred financing costs | $ | 2,433,795 | $ | 1,970,973 | $ | 1,586,941 | |||||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 5,604,716 | $ | 3,927,200 | $ | 3,965,814 | |||||||
Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense, while the amortization of deferred financing costs is included in interest expense. |
Note_8_Deferred_Revenue_and_Ot
Note 8 - Deferred Revenue and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue Disclosure [Text Block] | ' | ||||||||
Note 8. Deferred Revenue and Other Liabilities | |||||||||
Deferred revenue and other liabilities consist of unamortized fair value of in-place lease liabilities recorded in connection with purchase accounting, retainages payable for development and redevelopment projects, and tenant rents received in advance. The amortization of in-place lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2036. Tenant rents received in advance are recognized as revenue in the period to which they apply, usually the month following their receipt. | |||||||||
At December 31, 2013 and 2012, deferred revenue and other liabilities consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Unamortized in-place lease liabilities | $ | 36,172,867 | $ | 10,766,097 | |||||
Retainages payable and other | 2,925,282 | 5,776,170 | |||||||
Tenant rents received in advance | 5,158,390 | 3,671,668 | |||||||
Deferred income taxes | 56,863 | 55,566 | |||||||
Total | $ | 44,313,402 | $ | 20,269,501 | |||||
The estimated aggregate amortization of acquired lease intangibles (unamortized fair value of in-place lease liabilities) for each of the next five years and thereafter is as follows: | |||||||||
2014 | $ | 3,857,571 | |||||||
2015 | 3,106,572 | ||||||||
2016 | 2,762,265 | ||||||||
2017 | 2,785,566 | ||||||||
2018 | 2,500,600 | ||||||||
Thereafter | 21,160,293 | ||||||||
Total | $ | 36,172,867 | |||||||
Note_9_Investments_in_Unconsol
Note 9 - Investments in Unconsolidated Joint Ventures | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||
Note 9. Investments in Unconsolidated Joint Ventures | |||||
The Company had a 50% noncontrolling interest in an investment that owned a limited service hotel at the Eddy Street Commons property. On November 1, 2011, the hotel was sold by the joint venture resulting in a gain of $8.3 million. A portion of the net proceeds from the sale of this property were utilized to retire the $9.5 million construction loan, and the remaining proceeds were distributed to the partners. The Company’s share of the gain was $4.3 million, including related tax effects. | |||||
Combined summary financial information of entities accounted for using the equity method of accounting and a summary of the Company’s share of income from these entities follows. The operating results for the years ended December 31, 2013 and 2012 were not material. | |||||
Year Ended December 31, 2011 | |||||
Revenue: | |||||
Hotel rental revenue | $ | 4,443,374 | |||
Expenses: | |||||
Property operating | 2,755,467 | ||||
Real estate taxes | 337,701 | ||||
Depreciation and amortization | 194,133 | ||||
Total expenses | 3,287,301 | ||||
Operating income | 1,156,073 | ||||
Interest expense | (340,099 | ) | |||
Income (loss) from continuing operations | 815,974 | ||||
Gain on sale of operating property | 8,286,246 | ||||
Net income (loss) | $ | 9,102,220 | |||
Third-party investors’ share of net income (loss) | (4,551,110 | ) | |||
Company share of net income (loss) | $ | 4,551,110 | |||
Amounts classified as: | |||||
Company’s share of income (loss) from unconsolidated entities | $ | 333,628 | |||
Company’s share of gain on sale of unconsolidated property | 4,217,482 | ||||
Tax effects from sale of unconsolidated property and other parent-level costs | 102,673 | ||||
Income (loss) from unconsolidated entities and gain on sale of unconsolidated property | $ | 4,653,783 | |||
Note_11_Property_Acquisition_A
Note 11 - Property Acquisition Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||
Note 11. Property Acquisition Activities | |||||||||||||
The results of operations for all acquired properties during the years ended December 31, 2013, 2012, and 2011, respectively, have been included in continuing operations within our consolidated financial statements since their respective dates of acquisition. | |||||||||||||
Acquisition costs include transactions costs for completed and prospective acquisitions, which are expensed as incurred. Acquisition costs for the years ended December 31, 2013 and 2012 were $2.2 million and $0.4 million, respectively. Acquisitions costs for the year ended December 31, 2011 were not material. | |||||||||||||
2013 Acquisition Activities | |||||||||||||
In 2013, the Company acquired thirteen properties. In connection with these acquisitions, the Company made preliminary allocations of the purchase price of the properties primarily to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. All of the properties were acquired with cash. Estimated purchase price allocations are subject to revision within the measurement period, not to exceed one year. | |||||||||||||
In January, the Company acquired Shoppes of Eastwood in Orlando, Florida for a purchase price of $11.6 million. | |||||||||||||
In April, the Company acquired Cool Springs Market in Franklin, Tennessee (Nashville MSA) for a purchase price of $37.6 million. | |||||||||||||
In May, the Company acquired Castleton Crossing in Indianapolis, Indiana for a purchase price of $39.0 million. | |||||||||||||
In August, the Company acquired Toringdon Market in Charlotte, North Carolina for a purchase price of $15.9 million. | |||||||||||||
In November, the Company acquired a portfolio of nine retail properties located in Texas, Florida, Georgia, and Alabama for a purchase price of $304.0 million. | |||||||||||||
The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required the Company to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 3 inputs, as previously defined. The ranges of the most significant assumptions utilized in determining the value of the real estate and related assets of each building acquired during 2013 are as follows: | |||||||||||||
Low | High | ||||||||||||
Lease-up period (months) | 9 | 15 | |||||||||||
Net rental rate per square foot – Anchor (greater than 10,000 square feet) | $ | 5.4 | $ | 18.4 | |||||||||
Net rental rate per square foot – Small Shops | $ | 12 | $ | 28 | |||||||||
Discount rate | 8.25 | % | 9.75 | % | |||||||||
The following table summarizes our preliminary allocation of the fair value of amounts recognized for each major class of asset and liability for these acquisitions: | |||||||||||||
Investment properties | $ | 419,079,535 | |||||||||||
Lease-related intangible assets | 19,537,495 | ||||||||||||
Other assets | 292,846 | ||||||||||||
Total acquired assets | 438,909,876 | ||||||||||||
Accounts payable and accrued expenses | 2,203,916 | ||||||||||||
Deferred revenue and other liabilities, including lease intangible liabilities | 29,290,785 | ||||||||||||
Total assumed liabilities | 31,494,701 | ||||||||||||
Fair value of acquired net assets | $ | 407,415,175 | |||||||||||
The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 4.6 years. | |||||||||||||
The following table summarizes the revenue and earnings of the acquired properties since the respective acquisition dates, which are included in the consolidated statements of operations for the year ended December 31, 2013: | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
Rental income | $ | 9,821,419 | |||||||||||
Expenses: | |||||||||||||
Property operating | 1,285,201 | ||||||||||||
Real estate taxes and other | 1,151,190 | ||||||||||||
Depreciation and amortization | 5,556,313 | ||||||||||||
Total expenses | 7,992,704 | ||||||||||||
Net income impact from 2013 acquisitions | $ | 1,828,715 | |||||||||||
The following table summarizes the pro-forma information of the Company for the year ended December 31, 2013 as though all of the properties acquired in 2013 were acquired on January 1, 2013: | |||||||||||||
Kite Realty Group Trust | Acquired Properties (unaudited) | Combined (unaudited) | |||||||||||
Rental income | $ | 129,488,327 | $ | 29,503,235 | $ | 158,991,562 | |||||||
Expenses: | |||||||||||||
Property operating | 21,729,251 | 3,992,839 | 25,722,090 | ||||||||||
Real estate taxes and other | 15,262,928 | 3,264,739 | 18,527,667 | ||||||||||
Depreciation and amortization | 54,479,023 | 20,999,760 | 75,478,783 | ||||||||||
Total expenses | 91,471,202 | 28,257,338 | 119,728,540 | ||||||||||
Operating income | $ | 38,017,125 | $ | 1,245,897 | $ | 39,263,022 | |||||||
Consolidated net loss | $ | (3,535,255 | ) | $ | 1,245,897 | $ | (2,289,358 | ) | |||||
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted | $ | (0.08 | ) | ||||||||||
The following table summarizes the pro-forma information of the Company for the year ended December 31, 2012 as though all of the properties acquired in 2013 were acquired on January 1, 2012: | |||||||||||||
Kite Realty Group Trust | Acquired Properties (unaudited) | Combined (unaudited) | |||||||||||
Rental income | $ | 96,539,443 | $ | 38,346,517 | $ | 134,885,960 | |||||||
Expenses: | |||||||||||||
Property operating | 16,756,287 | 5,026,038 | 21,782,325 | ||||||||||
Real estate taxes and other | 12,857,722 | 4,135,571 | 16,993,293 | ||||||||||
Depreciation and amortization | 38,834,559 | 27,006,667 | 65,841,226 | ||||||||||
Total expenses | 68,448,568 | 36,168,276 | 104,616,844 | ||||||||||
Net earnings | $ | 28,090,875 | $ | 2,178,241 | $ | 30,269,116 | |||||||
Consolidated net loss | $ | (3,704,784 | ) | $ | 2,178,241 | $ | (1,526,543 | ) | |||||
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted | $ | (0.08 | ) | ||||||||||
2012 Acquisition Activities | |||||||||||||
In 2012, the Company acquired four properties. In connection with these acquisitions, the Company allocated the purchase price to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. | |||||||||||||
In June, the Company acquired Cove Center in Stuart, Florida for a purchase price of $22.1 million. | |||||||||||||
In July, the Company acquired 12th Street Plaza in Vero Beach, Florida for a purchase price of $15.2 million. The Company assumed a $7.9 million mortgage with a fixed interest rate of 5.67%, maturing in August 2013, as part of the acquisition. | |||||||||||||
In December, the Company acquired Plaza Green and Publix at Woodruff for $28.8 million and $9.1 million, respectively. Both of these properties are located in Greenville, South Carolina. | |||||||||||||
The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required the Company to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 3 inputs, as previously defined. | |||||||||||||
The following table summarizes our final allocation of the fair value of amounts recognized for each major class of asset and liability for these acquisitions. This allocation does not differ materially from the initial allocation. | |||||||||||||
Real Estate assets | $ | 76,530,776 | |||||||||||
Lease-related intangible assets | 2,209,098 | ||||||||||||
Other assets | 8,072 | ||||||||||||
Total acquired assets | 78,747,946 | ||||||||||||
Secured debt | 8,086,135 | ||||||||||||
Deferred revenue and other liabilities | 4,952,545 | ||||||||||||
Total assumed liabilities | 13,038,680 | ||||||||||||
Fair value of acquired net assets | $ | 65,709,266 | |||||||||||
2011 Acquisition Activities | |||||||||||||
In February, the Company acquired Oleander Pointe, an unencumbered shopping center in Wilmington, North Carolina, for a purchase price of $3.5 million. In June, the Company acquired Lithia Crossing, an unencumbered shopping center in Tampa, Florida for a purchase price of $13.3 million. The Company allocated the purchase price for both acquisitions to the fair value of tangible assets and intangibles. |
Note_12_Discontinued_Operation
Note 12 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
Note 12. Discontinued Operations | |||||||||||||
In September 2013, the Company sold its Cedar Hill Village property in Dallas, Texas. In July 2013, foreclosure proceedings were completed on the Kedron Village property and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage (see Note 5). As of December 31, 2013, the Company has classified its 50th & 12th operating property as held for sale. This property was sold on January 7, 2014 for a gain. | |||||||||||||
In 2012, the Company sold the following properties for net proceeds of $87.4 million (inclusive of our partners’ share) and a net gain of $7.1 million: | |||||||||||||
● | Gateway Shopping Center in Marysville, Washington in February 2012; | ||||||||||||
● | South Elgin Commons in South Elgin, Illinois in June 2012; | ||||||||||||
● | 50 S. Morton near Indianapolis, Indiana in July 2012; | ||||||||||||
● | Coral Springs Plaza in Fort Lauderdale, Florida in September 2012; | ||||||||||||
● | Pen Products in Indianapolis, Indiana in October 2012; | ||||||||||||
● | Indiana State Motor Pool in Indianapolis, Indiana in October 2012; | ||||||||||||
● | Sandifur Plaza in Pasco, Washington in November 2012; | ||||||||||||
● | Zionsville Shops near Indianapolis, Indiana in November 2012; and | ||||||||||||
● | Preston Commons in Dallas, Texas in December 2012. | ||||||||||||
In 2011, the Company sold its Martinsville Shops property for a loss of $0.4 million. | |||||||||||||
The activities of these properties are reflected as discontinued operations in the accompanying consolidated statements of operations. | |||||||||||||
The results of the discontinued operations related to these properties were comprised of the following for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rental income | $ | 2,565,392 | $ | 8,839,352 | $ | 12,420,718 | |||||||
Expenses: | |||||||||||||
Property operating | 117,036 | 1,081,100 | 1,777,931 | ||||||||||
Real estate taxes and other | 198,416 | 1,230,200 | 1,392,234 | ||||||||||
Depreciation and amortization | 844,245 | 2,963,318 | 3,954,273 | ||||||||||
Impairment charge | 5,371,427 | — | — | ||||||||||
Total expenses | 6,531,124 | 5,274,618 | 7,124,438 | ||||||||||
Operating (loss) income | (3,965,732 | ) | 3,564,734 | 5,296,280 | |||||||||
Interest expense | (571,190 | ) | (2,909,087 | ) | (3,666,360 | ) | |||||||
(Loss) income from discontinued operations | (4,536,922 | ) | 655,647 | 1,629,920 | |||||||||
Gain on debt extinguishment | 1,241,724 | — | — | ||||||||||
Gain (loss) on sale of operating property | 486,540 | 7,094,238 | (397,909 | ) | |||||||||
Total (loss) income from discontinued operations | $ | (2,808,658 | ) | $ | 7,749,885 | $ | 1,232,011 | ||||||
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | (2,620,478 | ) | $ | 5,316,744 | $ | 1,097,098 | ||||||
(Loss) income from discontinued operations attributable to noncontrolling interests | (188,180 | ) | 2,433,141 | 134,913 | |||||||||
Total (loss) income from discontinued operations | $ | (2,808,658 | ) | $ | 7,749,885 | $ | 1,232,011 | ||||||
Note_13_Mortgage_and_Other_Ind
Note 13 - Mortgage and Other Indebtedness | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||
Note 13. Mortgage Loans and Other Indebtedness | |||||||||||||
Mortgage and other indebtedness consist of the following at December 31, 2013 and 2012: | |||||||||||||
Balance at December 31, | |||||||||||||
Description | 2013 | 2012 | |||||||||||
Unsecured Revolving Credit Facility | |||||||||||||
Matures February 20171; maximum borrowing level of $200.0 million and $163.5 million available at December 31, 2013 and 2012, respectively; interest at LIBOR + 1.95%2 or 2.12% at December 31, 2013 and interest at LIBOR + 2.40%2 or 2.61% at December 31, 2012 | $ | 145,000,000 | $ | 94,624,200 | |||||||||
Unsecured Term Loan | |||||||||||||
Matures August 20183; interest at LIBOR + 1.80%2 or 1.97% at December 31, 2013 and interest at LIBOR + 2.60%2 or 2.81% at December 31, 2012 | 230,000,000 | 125,000,000 | |||||||||||
Notes Payable Secured by Properties under Construction—Variable Rate | |||||||||||||
Generally interest only; maturing at various dates through 2016; interest at LIBOR+2.00%-2.50%, ranging from 2.17% to 2.67% at December 31, 2013 and interest at LIBOR+2.00%-2.50%, ranging from 2.21% to 2.71% at December 31, 2012 | 144,388,705 | 72,156,149 | |||||||||||
Mortgage Notes Payable—Fixed Rate | |||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2022; interest rates ranging from 5.42% to 6.78% at December 31, 2013 and interest rates ranging from 5.42% to 6.78% at December 31, 2012 | 276,504,111 | 338,765,294 | |||||||||||
Mortgage Notes Payable—Variable Rate | |||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2020; interest at LIBOR + 1.25%-2.94%, ranging from 1.42% to 3.11% at December 31, 2013 and interest at LIBOR + 1.25%-3.25%, ranging from 1.46% to 3.46% at December 31, 2012 | 61,186,570 | 69,171,405 | |||||||||||
Net premium on acquired indebtedness | 64,688 | 191,720 | |||||||||||
Total mortgage and other indebtedness | $ | 857,144,074 | $ | 699,908,768 | |||||||||
____________________ | |||||||||||||
1 | The maturity date may be extended for an additional year at the Company’s option subject to certain conditions. | ||||||||||||
2 | The rate on the Company’s unsecured revolving credit facility and Term Loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. | ||||||||||||
3 | The maturity date may be extended for an additional six months at the Company’s option subject to certain conditions. | ||||||||||||
The one month LIBOR interest rate was 0.17% and 0.21% as of December 31, 2013 and 2012, respectively. | |||||||||||||
For the year ended December 31, 2013, the Company had loan borrowing proceeds of $528.6 million and loan repayments of $342.0 million. The major components of this activity are as follows: | |||||||||||||
● | In January, a draw of $11.6 million was made on the unsecured revolving credit facility to fund the acquisition of Shoppes of Eastwood in Orlando, Florida (see Note 11); | ||||||||||||
● | Pay downs totaling $74.2 million were made on the unsecured revolving credit facility using a portion of the proceeds of the common share offering during the second quarter; | ||||||||||||
● | In the second quarter, draws of $21.0 million and $39.0 million were made on the unsecured revolving credit facility to fund the acquisition of Cool Springs Market and Castleton Crossing (see Note 11); | ||||||||||||
● | In June, a draw of $7.6 million was made on the unsecured revolving credit facility to fund the payoff of the loan secured by 12th Street Plaza; | ||||||||||||
● | In August, a draw of $17.0 million was made on the unsecured revolving credit facility to fund the acquisition of Toringdon Market (see Note 11); | ||||||||||||
● | In August, a draw of $14.0 million was made on the unsecured revolving credit facility to fund the payoff of the loan secured by Ridge Plaza; | ||||||||||||
● | In August, proceeds of $105 million from the expansion of the amended Term Loan were received. The Company utilized $101.9 million to pay down the Company’s unsecured revolving credit facility. The remaining proceeds of $3.1 million were utilized to fund loan costs of the amended Term Loan and redevelopment and development costs; | ||||||||||||
● | In September, a pay down of $7.5 million was made on the unsecured revolving credit facility using the proceeds of the sale of Cedar Hill Village operating property (see Note 12); | ||||||||||||
● | In December, the Company closed on a seven-year variable rate loan for its 30 South Meridian commercial property totaling $18.9 million. This loan replaced a fixed rate loan, which was retired; | ||||||||||||
● | A net draw of $86.9 million on the unsecured revolving credit facility was used to fund a portion of the purchase price of the portfolio of nine unencumbered retail properties; | ||||||||||||
● | Draws totaling $21.0 million were made on the unsecured revolving credit facility to fund redevelopment and tenant improvement costs at various properties throughout the period; | ||||||||||||
● | Draws were made on construction loans related to the Delray Marketplace, Holly Springs Towne Center – Phase I, Parkside Town Commons, Four Corner Square, Rangeline Crossing, and Zionsville Walgreens developments totaling $77.4 million throughout the period; and | ||||||||||||
● | The Company made scheduled principal payments totaling $6.3 million. | ||||||||||||
Unsecured Revolving Credit Facility and Unsecured Term Loan | |||||||||||||
On February 26, 2013, the Company amended the terms of its $200 million unsecured revolving credit facility. The amended terms included an extension of the maturity date to February 26, 2017, which may be extended for an additional year at the Company’s option subject to certain conditions, and a reduction in the interest rate to LIBOR plus 165 to 250 basis points, depending on the Company’s leverage, from LIBOR plus 190 to 290 basis points. The amended unsecured facility has a fee of 25 to 35 basis points on unused borrowings. The amount the Company may borrow under the amended unsecured facility may be increased up to $400 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the credit facility, to provide such increased amounts. | |||||||||||||
On August 21, 2013, the Company amended its existing Unsecured Term Loan (as amended, the “amended Term Loan”) and increased the borrowing thereunder from $125 million to $230 million. The amended Term Loan has a maturity date of August 21, 2018, which may be extended for an additional six months at the Company’s option subject to certain conditions. The interest rate applicable to the amended Term Loan was reduced to LIBOR plus 145 to 245 basis points, depending on the Company’s leverage, a decrease of between 45 and 65 basis points across the leverage grid. The amended Term Loan also provides for an additional increase in total borrowing of up to $300 million, subject to certain conditions, including obtaining commitments from any one or more lender. | |||||||||||||
The amount that the Company may borrow under the unsecured facility is based on the value of assets in its unencumbered property pool. As of December 31, 2013, the Company had 66 unencumbered properties and other assets used to calculate the value of the unencumbered property pool, of which 55 were wholly owned and five of which were owned through joint ventures. The major unencumbered assets include: 12th Street Plaza, Beechwood Promenade, Broadstone Station, Burnt Store Promenade, Castleton Crossing, Clay Marketplace, Cobblestone Plaza, Cool Springs Market, The Corner, Courthouse Shadows, Cove Center, Estero Town Commons, Fox Lake Crossing, Glendale Town Center, Hunter’s Creek Promenade, King's Lake Square, Kingwood Commons, Lakewood Promenade, Lithia Crossing, Market Street Village, Northdale Promenade, Oleander Place, Portofino Shopping Center, Shoppes at Plaza Green, Publix at Woodruff, Ridge Plaza, Rivers Edge, Red Bank Commons, Shops at Eagle Creek, Shoppes of Eastwood, Tarpon Bay Plaza, Traders Point II, Trussville Promenade I, Trussville Promenade II, Toringdon Market, Union Station Parking Garage, Gainesville Plaza, and Waterford Lakes Village. | |||||||||||||
In addition, the Company had letters of credit outstanding which totaled $4.2 million. As of December 31, 2013, there were no amounts advanced against these instruments. | |||||||||||||
The amount that the Company may borrow under the unsecured revolving credit facility is based on the value of assets in its unencumbered property pool. As of December 31, 2013, the maximum amount that may be borrowed under the unsecured revolving credit facility was $200 million. The amount available for future borrowings was approximately $51 million. In addition, there are five unencumbered assets that would provide approximately $135 million (unaudited) of additional borrowing capacity under the unsecured revolving credit if they were contributed to the unencumbered property pool and the accordion feature was exercised. | |||||||||||||
The Company’s ability to borrow under the unsecured facility is subject to ongoing compliance with various restrictive covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. In addition, the unsecured facility requires that the Company satisfy certain financial covenants, including: | |||||||||||||
● | a maximum leverage ratio of 60%, with a surge provision permitting the maximum leverage ratio to increase to 62.5% for one period of up to two consecutive quarters; | ||||||||||||
● | Adjusted EBITDA (as defined in the unsecured facility) to fixed charges coverage ratio of at least 1.50 to 1; | ||||||||||||
● | minimum tangible net worth (defined as Total Asset Value less Total Indebtedness) of $350 million (plus 75% of the net proceeds of any future equity issuances); | ||||||||||||
● | the aggregate amount of unsecured debt of Company, Operating Partnership and their respective subsidiaries not exceeding the lesser of (a) 62.5% of the value of all properties then included in an unencumbered pool of properties that satisfy certain requirements and (b) the maximum principal amount of debt which would not cause the ratio of certain net operating income less capital reserves to debt service under the Credit Agreement to be less than 1.40 to 1; | ||||||||||||
● | ratio of secured indebtedness to total asset value of no more than .55 to 1; | ||||||||||||
● | minimum unencumbered property pool occupancy rate of 80%; | ||||||||||||
● | ratio of floating rate debt to total asset value of no more than 0.35 to 1; and | ||||||||||||
● | ratio of recourse debt to total asset value of no more than 0.30 to 1. | ||||||||||||
The Company was in compliance with all applicable covenants under the unsecured facility and the Term Loan as of December 31, 2013. | |||||||||||||
Under the terms of the unsecured facility and Term Loan, the Company is permitted to make distributions to its shareholders of up to 95% of its funds from operations provided that no event of default exists. If an event of default exists, the Company may only make distributions sufficient to maintain its REIT status. However, the Company may not make any distributions if an event of default resulting from nonpayment or bankruptcy exists, or if its obligations under the credit facility are accelerated. | |||||||||||||
Mortgage and Construction Loans | |||||||||||||
Mortgage and construction loans are secured by certain real estate, are generally due in monthly installments of interest and principal and mature over various terms through 2022. | |||||||||||||
The following table presents maturities of mortgage debt, corporate debt, and construction loans as of December 31, 2013: | |||||||||||||
Annual Principal Payments | Term Maturity | Total | |||||||||||
2014 | $ | 6,044,747 | $ | 86,301,666 | $ | 92,346,413 | |||||||
2015 | 5,849,432 | 95,199,144 | 101,048,576 | ||||||||||
2016 | 4,997,512 | 144,709,305 | 149,706,817 | ||||||||||
20171 | 3,510,299 | 155,390,814 | 158,901,113 | ||||||||||
20182 | 3,387,165 | 234,253,649 | 237,640,814 | ||||||||||
Thereafter | 7,815,649 | 109,620,004 | 117,435,653 | ||||||||||
$ | 31,604,804 | $ | 825,474,582 | $ | 857,079,386 | ||||||||
Unamortized Premiums | 64,688 | ||||||||||||
Total | $ | 857,144,074 | |||||||||||
____________________ | |||||||||||||
1 | Includes the Company’s unsecured revolving credit facility. The Company has the option to extend the maturity date by one year to February 26, 2018, subject to certain conditions. | ||||||||||||
2 | Includes the Company’s unsecured Term Loan. The Company has the option to extend the maturity date by six months to February 21, 2019, subject to certain conditions. | ||||||||||||
The amount of interest capitalized in 2013, 2012, and 2011 was $5.1 million, $7.4 million, and $8.5 million, respectively. | |||||||||||||
Fair Value of Fixed and Variable Rate Debt | |||||||||||||
As of December 31, 2013, the fair value of fixed rate debt was approximately $289.9 million compared to the book value of $276.5 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 2.79% to 5.45%. As of December 31, 2013, the fair value of variable rate debt was approximately $565 million compared to the book value of approximately $581 million. The fair value was estimated using cash flows discounted at current borrowing rates for similar instruments which ranged from 1.80% to 3.58%. | |||||||||||||
As of December 31, 2012, the fair value of fixed rate debt was approximately $369.4 million compared to the book value of $338.6 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 2.83% to 4.25%. As of December 31, 2012, the fair value of variable rate debt was approximately $369 million compared to the book value of approximately $361 million. The fair value was estimated using cash flows discounted at current borrowing rates for similar instruments which ranged from 2.16% to 3.92%. |
Note_14_Derivative_Instruments
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||
Note 14. Derivative Instruments, Hedging Activities and Other Comprehensive Income | ||||||||||||||
The Company is exposed to capital market risk, including changes in interest rates. In order to manage volatility relating to variable interest rate risk, the Company enters into interest rate hedging transactions from time to time. The Company does not use derivatives for trading or speculative purposes nor does the Company currently have any derivatives that are not designated as cash flow hedges. The Company has agreements with each of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of December 31, 2013, the Company was party to various consolidated cash flow hedge agreements totaling $326.8 million, which effectively fix certain variable rate debt over various terms through 2020. Utilizing a weighted average spread over LIBOR on all variable rate debt resulted in a weighted average interest rate of 3.27%. | ||||||||||||||
These interest rate hedge agreements are the only assets or liabilities that the Company records at fair value on a recurring basis. The valuation is determined using widely accepted techniques including discounted cash flow analysis, which considers the contractual terms of the derivatives (including the period to maturity) and uses observable market-based inputs such as interest rate curves and implied volatilities. 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. | ||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, accounting guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2013 and 2012, 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 of its derivatives. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | ||||||||||||||
The fair value of the Company’s interest rate hedge assets, net as of December 31, 2013 was $1.1 million including accrued interest of $0.3 million. As of December 31, 2013, $2.8 million is recorded in prepaid and other assets and $1.7 million is recorded in accounts payable and accrued expenses. The fair values of the Company’s interest rate hedge liabilities as of December 31, 2012 were $5.9 million, including accrued interest of $0.2 million as of December 31, 2012, and are recorded in accounts payable and accrued expenses. | ||||||||||||||
The Company currently expects an increase to interest expense of approximately $3.5 million as the hedged forecasted interest payments occur over the next twelve months. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings during 2013. During the years ended December 31, 2013, 2012 and 2011, $2.8 million, $1.5 million and $3.1 million, respectively, were reclassified as a reduction to earnings. | ||||||||||||||
The Company’s share of net unrealized (losses) gains on its interest rate hedge agreements are the only components of its accumulated comprehensive (loss) income. The following sets forth comprehensive income allocable to the Company for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net (loss) income attributable to Kite Realty Group Trust | $ | (2,849,735 | ) | $ | (4,333,847 | ) | $ | 4,981,274 | ||||||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 6,611,393 | (3,734,448 | ) | 1,376,005 | ||||||||||
Comprehensive income (loss) attributable to Kite Realty Group Trust | $ | 3,761,658 | $ | (8,068,295 | ) | $ | 6,357,279 | |||||||
____________________ | ||||||||||||||
1 | Reflects the Company’s share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. | |||||||||||||
Note_15_Lease_Information
Note 15 - Lease Information | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessor Disclosure [Text Block] | ' | ||||
Note 15. Lease Information | |||||
Tenant Leases | |||||
The Company receives rental income from the leasing of retail and commercial space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average remaining term of the lease agreements is approximately 6.6 years. During the periods ended December 31, 2013, 2012, and 2011, the Company earned percentage rent of $0.6 million, $0.5 million, and $0.4 million, respectively. | |||||
As of December 31, 2013, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows: | |||||
2014 | $ | 115,724,152 | |||
2015 | 107,531,418 | ||||
2016 | 93,740,887 | ||||
2017 | 82,430,618 | ||||
2018 | 68,756,231 | ||||
Thereafter | 342,448,581 | ||||
Total | $ | 810,631,887 | |||
Lease Commitments | |||||
As of December 31, 2013, the Company was obligated under five ground leases for approximately 19 acres of land with four landowners, all of which require fixed annual rent payments. The expiration dates of the initial terms of these ground leases range from 2015 to 2083. These leases have five to ten year extension options ranging in total from 20 to 30 years. Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2013, 2012, and 2011 was $0.7 million, $0.6 million, and $0.7 million, respectively. | |||||
As further discussed in Note 17, the Company is obligated under a ground lease for one of its operating properties, Eddy Street Commons at the University of Notre Dame. The Company makes ground lease payments to the University of Notre Dame for the land beneath the initial phase of the development. This lease agreement is for a 75-year term at a fixed payment for the first two years, after which payments are based on a percentage of certain gross revenues. Contingent amounts are not readily estimable and are not reflected in the table below for fiscal years 2014 and beyond. | |||||
Future minimum lease payments due under such leases for the next five years ending December 31 and thereafter are as follows: | |||||
2014 | $ | 461,040 | |||
2015 | 443,083 | ||||
2016 | 406,881 | ||||
2017 | 407,187 | ||||
2018 | 44,499 | ||||
Thereafter | 66,839 | ||||
Total | $ | 1,829,529 | |||
Note_16_Shareholders_Equity_an
Note 16 - Shareholders' Equity and Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 16. Shareholders’ Equity and Redeemable Noncontrolling Interests | |
Common Equity | |
In November 2013, the Company completed an equity offering of 36,800,000 common shares at an offering price of $6.16 per share for net offering proceeds of $217 million. The Company initially used the proceeds to repay borrowings under its unsecured revolving credit facility and subsequently redeployed the proceeds to fund a portion of the purchase price of the portfolio of nine unencumbered retail properties (see Note 11). | |
In April and May of 2013, the Company completed an equity offering of 15,525,000 common shares at an offering price of $6.55 per share for net offering proceeds of $97 million. The Company initially used the proceeds to repay borrowings under its unsecured revolving credit facility and subsequently redeployed the proceeds to acquire Cool Springs Market, Castleton Crossing, and Toringdon Market (see Note 11). | |
In October 2012, the Company completed an equity offering of 12,075,000 common shares at an offering price of $5.20 per share for net offering proceeds of $59.7 million. These net proceeds initially were used to reduce the outstanding balance on the Company’s unsecured revolving credit facility, and subsequently were redeployed to acquire Publix at Woodruff and Shoppes at Plaza Green in Greenville, South Carolina and Shoppes at Eastwood in Orlando, Florida (see Note 11) and to fund redevelopment activities. | |
Accrued but unpaid distributions on common shares and units were $8.2 million and $5.1 million as of December 31, 2013 and 2012, respectively, and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. These distributions were paid in January of the following year. | |
The Company has entered into Equity Distribution Agreements with certain sales agents pursuant to which it may sell, from time to time, up to an agreement amount of $50 million of its common shares. During the year ended December 31, 2013, no common shares were issued under these Equity Distribution Agreements. | |
Preferred Equity | |
In March 2012, the Company completed an offering of 1,300,000 shares of 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares at an offering price of $25.12 per share for net offering proceeds of $31.3 million. These net proceeds were utilized to reduce the outstanding balance on the Company’s unsecured revolving credit facility. | |
The Series A preferred shares have no stated maturity date although they may be redeemed, at the Company’s option, beginning in December 2015. | |
Accrued but unpaid distributions on the Series A preferred shares were $0.7 million as of December 31, 2013 and 2012, respectively and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. These distributions were paid in March of the following year. | |
Dividend Reinvestment and Share Purchase Plan | |
The Company maintains a Dividend Reinvestment and Share Purchase Plan (the “Dividend Reinvestment Plan”) which offers investors a dividend reinvestment component to invest all or a portion of the dividends on their common shares, or cash distributions on their units in the Operating Partnership, in additional common shares. In addition, the direct share purchase component permits Dividend Reinvestment Plan participants and new investors to purchase common shares by making optional cash investments with certain restrictions. | |
Redeemable Noncontrolling Interests | |
Concurrent with the Company’s IPO and related formation transactions, certain individuals received units of the Operating Partnership in exchange for their interests in certain properties. These limited partners were granted the right to redeem Operating Partnership units on or after August 16, 2005 for cash or, at our election, common shares in an amount equal to the market value of an equivalent number of common shares at the time of redemption. Such common shares must be registered, which is not fully in the Company’s control. Therefore, the redeemable noncontrolling interest is not reflected in shareholder’s equity. The Company also has the right to redeem the Operating Partnership units directly from the limited partner in exchange for either cash in the amount specified above or a number of common shares equal to the number of units being redeemed. For the years ended December 31, 2013, 2012, and 2011, respectively, 90,000, 1,103,714, and 16,000 Operating Partnership units were exchanged for the same number of common shares. |
Note_17_Quarterly_Financial_Da
Note 17 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Note 17. Quarterly Financial Data (Unaudited) | |||||||||||||||||
Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2013 and 2012. This presentation includes reclassifications of properties disposed of in 2012 and 2013 as discontinued operations for all periods presented. | |||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenue | $ | 31,035,859 | $ | 29,921,115 | $ | 32,552,873 | $ | 35,978,480 | |||||||||
Operating income | 8,727,382 | 5,575,107 | 5,738,338 | 7,550,938 | |||||||||||||
Income (loss) from continuing operations | 2,475,132 | (1,511,589 | ) | (1,880,804 | ) | 190,664 | |||||||||||
(Loss) income from discontinued operations | (418,363 | ) | (5,742,224 | ) | 3,121,881 | 230,048 | |||||||||||
Consolidated net income (loss) | 2,056,769 | (7,253,813 | ) | 1,241,077 | 420,712 | ||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 319,970 | (3,358,627 | ) | (3,770,528 | ) | (1,876,323 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (82,148 | ) | (8,706,867 | ) | (857,813 | ) | (1,659,158 | ) | |||||||||
Net loss per common share – basic and diluted: | |||||||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 0 | (0.04 | ) | (0.04 | ) | (0.02 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.10 | ) | (0.01 | ) | (0.01 | ) | |||||||||
Weighted average Common Shares outstanding - basic and diliuted | 77,834,032 | 91,066,817 | 93,803,896 | 113,474,270 | |||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Total revenue | $ | 23,669,498 | $ | 23,137,244 | $ | 24,208,298 | $ | 25,524,403 | |||||||||
Operating income | 4,140,769 | 4,572,623 | 4,466,140 | 6,422,333 | |||||||||||||
Loss from continuing operations | (1,807,342 | ) | (1,190,492 | ) | (1,409,186 | ) | (7,047,649 | ) | |||||||||
Income from discontinued operations | 5,451,101 | 315,634 | 172,881 | 1,810,269 | |||||||||||||
Consolidated net income (loss) | 3,643,758 | (874,858 | ) | (1,236,305 | ) | (5,237,380 | ) | ||||||||||
Net loss from continuing operations attributable to Kite Realty Group Trust common shareholders | (3,032,685 | ) | (2,999,086 | ) | (3,193,882 | ) | (8,344,940 | ) | |||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (31,074 | ) | (2,717,700 | ) | (3,038,160 | ) | (6,466,915 | ) | |||||||||
Net loss per common share – basic and diluted: | |||||||||||||||||
Net loss from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.12 | ) | |||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.04 | ) | (0.05 | ) | (0.09 | ) | |||||||||
Weighted average Common Shares outstanding - basic and diluted | 63,713,893 | 64,014,187 | 64,780,540 | 74,966,736 | |||||||||||||
Note_18_Commitments_and_Contin
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 18. Commitments and Contingencies | |
Eddy Street Commons at Notre Dame | |
Phase I of Eddy Street Commons at the University of Notre Dame, located adjacent to the university in South Bend, Indiana, was substantially completed and moved to the operating portfolio in the fourth quarter of 2010. This multi-phase project includes retail, office, a limited service hotel, a parking garage, apartments, and residential units and is expected to include a full service hotel. | |
The City of South Bend has contributed $35 million to the development, funded by tax increment financing (TIF) bonds issued by the City and a cash commitment from the City, both of which were used for the construction of the parking garage and infrastructure improvements to this project. The majority of the bonds will be funded by real estate tax payments made by the Company and subject to reimbursement from the tenants of the property; however, the Company has no obligations to repay or guarantee the bonds. If there are delays in the development, the Company is obligated to pay certain fees. However, it has an agreement with the City of South Bend to limit its exposure to a maximum of $0.4 million as to such fees. In addition, the Company will not be in default concerning other obligations under the agreement with the City of South Bend and its completion guarantee with the University of Notre Dame so long as it commences and diligently pursues the completion of its obligations under that agreement. | |
Other Commitments and Contingencies | |
The Company is not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation, claims and administrative proceedings arising in the ordinary course of business. Management believes that such routine litigation, claims and administrative proceedings will not have a material adverse impact on the Company’s consolidated financial statements. | |
The Company is obligated under various completion guarantees with lenders and lease agreements with tenants to complete all or portions of its development and redevelopment projects. The Company believes it currently has sufficient financing in place to fund these projects and expect to do so primarily through existing or new construction loans. In addition, if necessary, it may make draws on its unsecured facility. | |
As of December 31, 2013, the Company had outstanding letters of credit totaling $4.2 million. At that date, there were no amounts advanced against these instruments. |
Note_19_Employee_401k_Plan
Note 19 - Employee 401(k) Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 19. Employee 401(k) Plan | |
The Company maintains a 401(k) plan for employees under which it matches 100% of the employee’s contribution up to 3% of the employee’s salary and 50% of the employee’s contribution over 3% and up to 5% of the employee’s salary, not to exceed an annual maximum of $17,500, except in certain limited circumstances. The Company contributed $0.2 million to this plan for each of the years ended December 31, 2013, 2012, and 2011. |
Note_20_Supplemental_Schedule_
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
Note 20. Supplemental Schedule of Non-Cash Investing/Financing Activities | |||||||||||||
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
2013 | |||||||||||||
Settlement of loan in acquisition of noncontrolling interest in Rangeline Crossing | $ | — | $ | — | $ | 578,200 | |||||||
Accrued distribution to preferred shareholders | 704,688 | 704,688 | 481,250 | ||||||||||
Payable due to PREI in connection with consolidation of Parkside Town Commons | — | 4,924,994 | — | ||||||||||
Assumption of debt in connection with consolidation of Parkside Town Commons | — | 14,440,000 | — | ||||||||||
Assumption of debt in connection with acquisition of 12th Street Plaza | — | 8,086,135 | — | ||||||||||
Non-recourse debt related to Kedron Village foreclosure | 29,194,834 | — | — | ||||||||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | 27,953,110 | — | — | ||||||||||
Note_21_Related_Parties
Note 21 - Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 21. Related Parties | |
Subsidiaries of the Company provide certain management, construction management and other services to certain unconsolidated entities and to entities owned by certain members of the Company’s management. During the years ended December 31, 2013, 2012 and 2011, the Company earned $0, $20,000, and $30,000, respectively from unconsolidated entities, and $40,000, $40,000 and $40,000, respectively from entities owned by certain members of management. | |
The Company reimburses an entity owned by certain members of the Company’s management for travel and related services. During the years ended December 31, 2013, 2012 and 2011, amounts paid by the Company to this related entity were $0.3 million, $0.3 million, and $0.2 million, respectively. |
Note_22_Subsequent_Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 22. Subsequent Events | |
Agreement and Plan of Merger | |
On February 9, 2014, the Company signed a definitive merger agreement with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”), pursuant to which Inland Diversified will merge with and into a wholly-owned subsidiary of the Company in a stock-for-stock exchange with a transaction value of approximately $2.1 billion (unaudited), which includes the assumption of approximately $0.9 billion (unaudited) of debt. | |
Inland Diversified’s portfolio is comprised of 57 retail properties that are 95.3% (unaudited) leased as of December 31, 2013. The properties are located in existing markets of the Company and new markets including Westchester, New York, Bayonne, New Jersey, Las Vegas, Nevada, Virginia Beach, Virginia, and Salt Lake City, Utah. | |
Under the terms of the merger agreement, Inland Diversified’s stockholders will receive newly issued common shares of beneficial interest of the Company in exchange for each share of Inland Diversified common stock based on the following: | |
● 1.707 shares of the Company for each share of Inland Diversified common stock, so long as the reference price for the Company’s shares (defined below) is equal to or less than $6.36; | |
● A floating ratio if the Company’s reference price is more than $6.36 or less than $6.58; such ratio determined by dividing $10.85 by the Company’s reference price; | |
● 1.650 shares of the Company for each share of Inland Diversified common stock if the Company’s reference price is $6.58 or greater; | |
● The reference price is the volume-weighted average trading price of the Company’s common shares for the ten consecutive trading days ending on the third trading day preceding Inland Diversified’s stockholder meeting. | |
The merger is expected to close late in the second quarter or in the third quarter of 2014, subject to the approval of shareholders of both companies and the satisfaction of other customary closing conditions. | |
Property Sale | |
On March 7, 2014, the Company closed on the sale of its Red Bank Commons operating property for a sales price of $5.3 million. There was a minor loss on the sale. | |
Dividend Declaration | |
On February 7, 2014, the Board of Trustees declared a quarterly preferred share cash distribution of $0.515625 per Series A Preferred Share covering the distribution period from December 2, 2013 to March 1, 2014 payable to shareholders of record as of February 21, 2014. This distribution was paid on February 28, 2014. |
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Building & Improvements | Land | Building & | Land | Building & | Total | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Renovated | Acquired | |||||||||||||||||||||||||||||||||||||||||
Shopping Centers | |||||||||||||||||||||||||||||||||||||||||||||
12th Street Plaza * | $ | - | $ | 2,624,000 | $ | 13,792,742 | $ | - | $ | 144,224 | $ | 2,624,000 | $ | 13,936,966 | $ | 16,560,966 | $ | 1,041,057 | 1978/2003 | 2012 | |||||||||||||||||||||||||
50th & 12th | 4,034,174 | 2,995,931 | 2,810,145 | - | - | 2,995,931 | 2,810,145 | 5,806,076 | 754,862 | 2004 | NA | ||||||||||||||||||||||||||||||||||
54th & College * | - | 2,671,501 | - | - | - | 2,671,501 | - | 2,671,501 | - | 2008 | NA | ||||||||||||||||||||||||||||||||||
Bayport Commons | 12,733,766 | 7,868,354 | 21,980,423 | - | 79,338 | 7,868,354 | 22,059,761 | 29,928,115 | 3,539,812 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Beacon Hill Shopping Center | 6,859,650 | 3,293,393 | 13,398,047 | - | 645,261 | 3,293,393 | 14,043,308 | 17,336,701 | 2,310,122 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Beechwood Promenade | - | 2,733,793 | 45,041,890 | - | - | 2,733,793 | 45,041,890 | 47,775,683 | 175,284 | 1961 | 2013 | ||||||||||||||||||||||||||||||||||
Boulevard Crossing | 13,243,138 | 4,385,525 | 10,015,940 | - | 1,811,466 | 4,385,525 | 11,827,406 | 16,212,931 | 3,517,572 | 2004 | NA | ||||||||||||||||||||||||||||||||||
Bridgewater Marketplace | 1,935,200 | 3,406,641 | 8,703,084 | - | - | 3,406,641 | 8,703,084 | 12,109,725 | 1,506,954 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Burlington Coat * | - | 29,000 | 2,772,992 | - | - | 29,000 | 2,772,992 | 2,801,992 | 864,386 | 1992/2000 | 2000 | ||||||||||||||||||||||||||||||||||
Burnt Store Promenade * | - | 5,112,244 | 6,240,668 | - | - | 5,112,244 | 6,240,668 | 11,352,912 | 35,335 | 1989 | 2013 | ||||||||||||||||||||||||||||||||||
Castleton Crossing * | - | 9,750,000 | 29,653,752 | - | - | 9,750,000 | 29,653,752 | 39,403,752 | 1,255,994 | 1975 | 2013 | ||||||||||||||||||||||||||||||||||
Centre at Panola * | 2,864,780 | 1,985,975 | 8,208,503 | - | 56,996 | 1,985,975 | 8,265,499 | 10,251,474 | 2,556,279 | 2001 | 2004 | ||||||||||||||||||||||||||||||||||
Clay Marketplace * | - | 1,398,101 | 8,771,579 | - | - | 1,398,101 | 8,771,579 | 10,169,680 | 34,635 | 1966/2003 | 2013 | ||||||||||||||||||||||||||||||||||
Cobblestone Plaza * | - | 11,221,414 | 46,455,859 | - | - | 11,221,414 | 46,455,859 | 57,677,273 | 4,190,675 | 2011 | NA | ||||||||||||||||||||||||||||||||||
Cool Creek Commons * | 16,903,926 | 6,062,351 | 15,109,012 | - | 791,808 | 6,062,351 | 15,900,820 | 21,963,171 | 4,906,842 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Cool Springs Market * | - | 12,684,400 | 23,866,531 | - | - | 12,684,400 | 23,866,531 | 36,550,931 | 1,317,492 | 1995 | 2013 | ||||||||||||||||||||||||||||||||||
Cornelius Gateway | - | 1,249,447 | 3,530,854 | - | - | 1,249,447 | 3,530,854 | 4,780,301 | 660,176 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Courthouse Shadows * | - | 4,998,974 | 16,744,986 | - | 427,426 | 4,998,974 | 17,172,412 | 22,171,386 | 5,269,541 | 1987/1999 | 2006 | ||||||||||||||||||||||||||||||||||
Cove Center * | - | 2,035,770 | 19,986,463 | - | 343,055 | 2,035,770 | 20,329,518 | 22,365,288 | 3,324,313 | 1984/2008 | 2012 | ||||||||||||||||||||||||||||||||||
DePauw University Bookstore & Café | - | 63,765 | 667,460 | - | - | 63,765 | 667,460 | 731,225 | 84,447 | 2012 | NA | ||||||||||||||||||||||||||||||||||
Eastgate Pavilion | 16,164,000 | 8,122,283 | 19,806,779 | - | 509,937 | 8,122,283 | 20,316,716 | 28,438,999 | 6,247,755 | 1995 | 2004 | ||||||||||||||||||||||||||||||||||
Eddy Street Commons | 24,739,889 | 1,900,000 | 38,220,037 | - | 94,245 | 1,900,000 | 38,314,282 | 40,214,282 | 4,983,468 | 2009 | NA | ||||||||||||||||||||||||||||||||||
Estero Town Commons * | - | 8,973,290 | 9,968,125 | - | - | 8,973,290 | 9,968,125 | 18,941,415 | 1,770,163 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Fishers Station | 7,733,720 | 3,735,807 | 11,831,378 | - | 439,612 | 3,735,807 | 12,270,990 | 16,006,797 | 5,043,672 | 1989 | 2004 | ||||||||||||||||||||||||||||||||||
Four Corner Square | - | 9,231,259 | 21,750,854 | - | 901,643 | 9,231,259 | 22,652,497 | 31,883,756 | 4,034,696 | 1985 | 2004 | ||||||||||||||||||||||||||||||||||
Fox Lake Crossing * | - | 5,684,724 | 9,324,308 | - | 244,326 | 5,684,724 | 9,568,634 | 15,253,358 | 2,586,507 | 2002 | 2005 | ||||||||||||||||||||||||||||||||||
Gainesville Plaza * | - | 5,437,373 | 9,998,346 | - | 5,778 | 5,437,373 | 10,004,124 | 15,441,497 | 2,512,451 | 1970 | 2004 | ||||||||||||||||||||||||||||||||||
Geist Pavilion | 10,863,420 | 1,367,816 | 9,788,966 | - | 1,700,969 | 1,367,816 | 11,489,935 | 12,857,751 | 3,274,778 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Glendale Town Center * | - | 1,494,469 | 45,947,464 | - | 542,631 | 1,494,469 | 46,490,095 | 47,984,564 | 21,085,947 | 1958/2008 | 1999 | ||||||||||||||||||||||||||||||||||
Greyhound Commons * | - | 2,641,246 | 866,993 | - | - | 2,641,246 | 866,993 | 3,508,239 | 377,385 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Hamilton Crossing | 12,660,991 | 5,672,477 | 9,918,492 | - | 734,423 | 5,672,477 | 10,652,915 | 16,325,392 | 3,506,811 | 1999 | 2004 | ||||||||||||||||||||||||||||||||||
Holly Springs Towne Center - Phase I | 33,537,912 | 12,035,316 | 46,085,657 | - | - | 12,035,316 | 46,085,657 | 58,120,973 | 893,462 | 2013 | NA | ||||||||||||||||||||||||||||||||||
Hunters Creek Promenade | - | 8,335,007 | 12,831,340 | - | - | 8,335,007 | 12,831,340 | 21,166,347 | 39,418 | 1994 | 2013 | ||||||||||||||||||||||||||||||||||
Indian River Square | 12,451,226 | 5,180,000 | 9,650,940 | - | 544,711 | 5,180,000 | 10,195,651 | 15,375,651 | 4,530,956 | 1997/2004 | 2005 | ||||||||||||||||||||||||||||||||||
International Speedway Square * | 20,300,144 | 7,769,277 | 19,493,923 | - | 7,709,081 | 7,769,277 | 27,203,004 | 34,972,281 | 10,925,583 | 1999 | NA | ||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | Close of Period | ||||||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Building & | Land | Building & | Land | Building & | Total | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||||||||
Shopping Centers (continued) | |||||||||||||||||||||||||||||||||||||||||||||
Kingwood Commons | - | 5,715,450 | 31,057,937 | - | - | 5,715,450 | 31,057,937 | 36,773,387 | 105,349 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
Lakewood Promenade | - | 1,783,240 | 25,833,519 | - | - | 1,783,240 | 25,833,519 | 27,616,759 | 83,304 | 1948/1998 | 2013 | ||||||||||||||||||||||||||||||||||
Lithia Crossing * | - | 3,064,698 | 10,106,252 | - | 3,604,569 | 3,064,698 | 13,710,821 | 16,775,519 | 1,632,326 | 1993/2003 | 2011 | ||||||||||||||||||||||||||||||||||
Market Street Village * | - | 9,764,381 | 18,745,417 | - | 2,024,869 | 9,764,381 | 20,770,286 | 30,534,667 | 6,087,352 | 1970/2004 | 2005 | ||||||||||||||||||||||||||||||||||
Naperville Marketplace | 9,313,838 | 5,364,101 | 12,187,580 | - | - | 5,364,101 | 12,187,580 | 17,551,681 | 2,293,144 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Northdale Promenade * | - | 1,718,254 | 23,187,048 | - | - | 1,718,254 | 23,187,048 | 24,905,302 | 83,079 | 1985/2002 | 2013 | ||||||||||||||||||||||||||||||||||
Oleander Place * | - | 862,500 | 6,178,838 | - | - | 862,500 | 6,178,838 | 7,041,338 | 477,330 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Pine Ridge Crossing | 17,086,058 | 5,639,675 | 18,659,718 | - | 655,263 | 5,639,675 | 19,314,981 | 24,954,656 | 5,121,759 | 1993 | 2006 | ||||||||||||||||||||||||||||||||||
Plaza at Cedar Hill * | - | 5,782,304 | 37,855,288 | - | 9,030,157 | 5,782,304 | 46,885,445 | 52,667,749 | 12,308,099 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||
Plaza Volente | 26,849,712 | 4,600,000 | 29,387,611 | - | 745,476 | 4,600,000 | 30,133,087 | 34,733,087 | 8,001,719 | 2004 | 2005 | ||||||||||||||||||||||||||||||||||
Portofino Shopping Center | - | 4,754,341 | 75,897,119 | - | - | 4,754,341 | 75,897,119 | 80,651,460 | 268,264 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
Publix at Acworth | 6,888,354 | 1,356,601 | 8,273,959 | 38,778 | 775,549 | 1,395,379 | 9,049,508 | 10,444,887 | 2,482,013 | 1996 | 2004 | ||||||||||||||||||||||||||||||||||
Publix at Woodruff * | - | 1,783,100 | 7,520,346 | - | 50,500 | 1,783,100 | 7,570,846 | 9,353,946 | 992,736 | 1997 | 2012 | ||||||||||||||||||||||||||||||||||
Rangeline Crossing | 16,459,032 | 2,042,885 | 16,221,509 | - | - | 2,042,885 | 16,221,509 | 18,264,394 | 3,247,678 | 1986/2013 | NA | ||||||||||||||||||||||||||||||||||
Red Bank Commons * | - | 1,408,328 | 4,764,511 | - | 236,195 | 1,408,328 | 5,000,706 | 6,409,034 | 1,369,165 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Ridge Plaza * | - | 4,664,000 | 17,484,274 | - | 743,346 | 4,664,000 | 18,227,620 | 22,891,620 | 6,147,577 | 2002 | 2003 | ||||||||||||||||||||||||||||||||||
Riverchase | 10,251,635 | 3,888,945 | 11,860,003 | - | 1,157,770 | 3,888,945 | 13,017,773 | 16,906,718 | 2,714,060 | 1991/2001 | 2006 | ||||||||||||||||||||||||||||||||||
Rivers Edge Shopping Center * | - | 5,646,522 | 31,385,832 | - | - | 5,646,522 | 31,385,832 | 37,032,354 | 3,358,045 | 2011 | 2008 | ||||||||||||||||||||||||||||||||||
Shoppes at Plaza Green * | - | 3,748,801 | 25,201,172 | - | 50,953 | 3,748,801 | 25,252,125 | 29,000,926 | 1,644,604 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||
Shoppes of Eastwood * | - | 1,687,734 | 10,821,385 | - | - | 1,687,734 | 10,821,385 | 12,509,119 | 803,476 | 1997 | 2013 | ||||||||||||||||||||||||||||||||||
Shops at Eagle Creek * | - | 2,877,727 | 8,018,387 | 200,087 | 4,081,983 | 3,077,814 | 12,100,370 | 15,178,184 | 2,642,849 | 1998 | 2003 | ||||||||||||||||||||||||||||||||||
Stoney Creek Commons * | - | 627,964 | 4,599,185 | - | 4,712,289 | 627,964 | 9,311,474 | 9,939,438 | 1,236,209 | 2000 | NA | ||||||||||||||||||||||||||||||||||
Sunland Towne Centre * | 24,289,082 | 14,773,536 | 22,973,090 | - | 4,357,999 | 14,773,536 | 27,331,089 | 42,104,625 | 7,107,812 | 1996 | 2004 | ||||||||||||||||||||||||||||||||||
Tarpon Bay Plaza * | - | 5,370,399 | 24,520,177 | - | 158,502 | 5,370,399 | 24,678,679 | 30,049,078 | 4,794,590 | 2007 | NA | ||||||||||||||||||||||||||||||||||
The Corner * | - | 303,916 | 3,995,132 | - | 1,466,543 | 303,916 | 5,461,675 | 5,765,591 | 2,978,731 | 1984/2003 | 1984 | ||||||||||||||||||||||||||||||||||
The Shops at Otty * | - | 26,000 | 2,150,737 | - | 200,092 | 26,000 | 2,350,829 | 2,376,829 | 757,972 | 2004 | NA | ||||||||||||||||||||||||||||||||||
Toringdon Market * | - | 5,448,400 | 9,904,419 | - | - | 5,448,400 | 9,904,419 | 15,352,819 | 226,895 | 2004 | 2013 | ||||||||||||||||||||||||||||||||||
Traders Point | 44,348,363 | 9,443,449 | 37,348,157 | - | 526,502 | 9,443,449 | 37,874,659 | 47,318,108 | 10,446,566 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Traders Point II * | - | 2,375,797 | 7,202,988 | - | 309,837 | 2,375,797 | 7,512,825 | 9,888,622 | 1,972,816 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Trussville Promenade | - | 9,122,992 | 45,615,194 | - | - | 9,122,992 | 45,615,194 | 54,738,186 | 196,588 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
Waterford Lakes Village * | - | 2,316,674 | 7,435,244 | - | 206,178 | 2,316,674 | 7,641,422 | 9,958,096 | 2,556,408 | 1997 | 2004 | ||||||||||||||||||||||||||||||||||
Whitehall Pike | 6,748,326 | 3,688,857 | 6,109,115 | - | 120,742 | 3,688,857 | 6,229,857 | 9,918,714 | 3,877,778 | 1999 | NA | ||||||||||||||||||||||||||||||||||
Zionsville Walgreen's | 4,594,000 | 2,055,035 | 2,480,313 | - | - | 2,055,035 | 2,480,313 | 4,535,348 | 79,741 | 2012 | NA | ||||||||||||||||||||||||||||||||||
Total Shopping Centers | 363,854,334 | 307,857,529 | 1,178,215,987 | 238,865 | 52,942,245 | 308,096,394 | 1,231,158,232 | 1,539,254,626 | 207,254,864 | ||||||||||||||||||||||||||||||||||||
Commercial Properties | |||||||||||||||||||||||||||||||||||||||||||||
Thirty South | 18,900,000 | 1,643,415 | 10,017,768 | - | 17,339,030 | 1,643,415 | 27,356,798 | 29,000,213 | 8,944,809 | 1905/2002 | 2001 | ||||||||||||||||||||||||||||||||||
Union Station Parking Garage * | - | 903,627 | 2,642,598 | - | 599,174 | 903,627 | 3,241,772 | 4,145,399 | 1,181,026 | 1986 | 2001 | ||||||||||||||||||||||||||||||||||
Total Commercial Properties | 18,900,000 | 2,547,042 | 12,660,366 | - | 17,938,204 | 2,547,042 | 30,598,570 | 33,145,612 | 10,125,835 | ||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition/Development | Gross Carrying Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Built/Renovated | Year Acquired | ||||||||||||||||||||||||||||||||||
Under Construction Development and Redevelopment Properties | |||||||||||||||||||||||||||||||||||||||||||||
Bolton Plaza * | - | $ | 3,733,426 | $ | 15,690,410 | - | - | $ | 3,733,426 | $ | 15,690,410 | $ | 19,423,836 | $ | 4,889,325 | - | - | ||||||||||||||||||||||||||||
Courthouse Shadows * | - | 471,006 | - | - | - | 471,006 | - | 471,006 | - | ||||||||||||||||||||||||||||||||||||
Delray Marketplace | 59,044,577 | 22,202,495 | 86,511,480 | - | - | 22,202,495 | 86,511,480 | 108,713,975 | 1,755,858 | ||||||||||||||||||||||||||||||||||||
Four Corner Square | 18,885,990 | 696,722 | 6,997,298 | - | - | 696,722 | 6,997,298 | 7,694,020 | - | ||||||||||||||||||||||||||||||||||||
Gainesville Plaza * | 210,344 | - | - | - | 210,344 | 210,344 | - | ||||||||||||||||||||||||||||||||||||||
King's Lake Square * | - | 4,519,000 | 13,431,973 | - | - | 4,519,000 | 13,431,973 | 17,950,973 | 5,260,123 | ||||||||||||||||||||||||||||||||||||
KRG Development | - | - | 7,003 | - | - | - | 7,003 | 7,003 | - | ||||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase I | 3,181,997 | 2,567,764 | 31,552,685 | - | - | 2,567,764 | 31,552,685 | 34,120,449 | - | ||||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase II | 13,279,198 | 6,957,266 | 18,049,798 | - | - | 6,957,266 | 18,049,798 | 25,007,064 | - | ||||||||||||||||||||||||||||||||||||
Rangeline Crossing | - | - | 2,092,112 | - | - | - | 2,092,112 | 2,092,112 | - | ||||||||||||||||||||||||||||||||||||
Total Development Properties | 94,391,761 | 41,147,679 | 174,543,103 | - | - | 41,147,679 | 174,543,103 | 215,690,782 | 11,905,306 | ||||||||||||||||||||||||||||||||||||
Other ** | |||||||||||||||||||||||||||||||||||||||||||||
951 & 41 | 5,000,000 | 19,013,566 | - | - | - | 19,013,566 | - | 19,013,566 | - | ||||||||||||||||||||||||||||||||||||
Beacon Hill Shopping Center | - | 3,590,703 | - | - | - | 3,590,703 | - | 3,590,703 | - | ||||||||||||||||||||||||||||||||||||
Bridgewater Marketplace | - | 1,892,909 | - | - | - | 1,892,909 | - | 1,892,909 | - | ||||||||||||||||||||||||||||||||||||
Eagle Creek IV * | - | 1,905,999 | - | - | - | 1,905,999 | - | 1,905,999 | - | ||||||||||||||||||||||||||||||||||||
Eddy Street Commons * | - | 1,924,820 | - | - | - | 1,924,820 | - | 1,924,820 | - | ||||||||||||||||||||||||||||||||||||
Fox Lake Crossing II | - | 3,458,414 | - | - | - | 3,458,414 | - | 3,458,414 | - | ||||||||||||||||||||||||||||||||||||
Gateway Shopping Center | - | 408,000 | - | - | - | 408,000 | - | 408,000 | - | ||||||||||||||||||||||||||||||||||||
Holly Springs - Phase II * | - | 16,353,662 | - | - | - | 16,353,662 | - | 16,353,662 | - | ||||||||||||||||||||||||||||||||||||
KR New Hill * | - | 4,362,362 | - | - | - | 4,362,362 | - | 4,362,362 | - | ||||||||||||||||||||||||||||||||||||
KR Peakway | - | 6,032,105 | - | - | - | 6,032,105 | - | 6,032,105 | - | ||||||||||||||||||||||||||||||||||||
KRG Peakway | - | 16,215,375 | - | - | - | 16,215,375 | - | 16,215,375 | - | ||||||||||||||||||||||||||||||||||||
Pan Am Plaza | - | 8,797,837 | - | - | - | 8,797,837 | - | 8,797,837 | - | ||||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase III | - | 41,189 | - | - | - | 41,189 | - | 41,189 | - | ||||||||||||||||||||||||||||||||||||
Total Other | 5,000,000 | 83,996,941 | - | - | - | 83,996,941 | - | 83,996,941 | - | ||||||||||||||||||||||||||||||||||||
Line of credit/Term Loan - see * | 375,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 857,146,095 | $ | 435,549,191 | $ | 1,365,419,456 | $ | 238,865 | $ | 70,880,449 | $ | 435,788,056 | $ | 1,436,299,905 | $ | 1,872,087,961 | $ | 229,286,005 | |||||||||||||||||||||||||||
____________________ | |||||||||||||||||||||||||||||||||||||||||||||
* | This property or a portion of the property is included as an Unencumbered Pool Property used in calculating the Company’s line of credit borrowing base. | ||||||||||||||||||||||||||||||||||||||||||||
** | This category generally includes land held for development. The Company also has certain additional land parcels at its development and operating properties, which amounts are included elsewhere in this table. | ||||||||||||||||||||||||||||||||||||||||||||
Note 1. Reconciliation of Investment Properties | |||||||||||||||||||||||||||||||||||||||||||||
The changes in investment properties of the Company for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,390,213,220 | $ | 1,268,253,652 | $ | 1,194,766,485 | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 419,079,535 | 76,530,776 | 17,383,640 | ||||||||||||||||||||||||||||||||||||||||||
Consolidation of subsidiary | — | 33,701,408 | — | ||||||||||||||||||||||||||||||||||||||||||
Improvements | 101,682,554 | 106,307,456 | 67,626,743 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | (38,887,348 | ) | (94,580,072 | ) | (11,523,216 | ) | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,872,087,961 | $ | 1,390,213,220 | $ | 1,268,253,652 | |||||||||||||||||||||||||||||||||||||||
The unaudited aggregate cost of investment properties for federal tax purposes as of December 31, 2013 was $1.6 billion. | |||||||||||||||||||||||||||||||||||||||||||||
Note 2. Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation of the Company for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 190,972,644 | $ | 174,167,146 | $ | 147,889,371 | |||||||||||||||||||||||||||||||||||||||
Depreciation expense | 49,391,709 | 37,429,281 | 32,706,686 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | (11,078,348 | ) | (20,623,783 | ) | (6,428,911 | ) | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 229,286,005 | $ | 190,972,644 | $ | 174,167,146 | |||||||||||||||||||||||||||||||||||||||
Depreciation of investment properties reflected in the statements of operations is calculated over the estimated original lives of the assets as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Buildings (years) | 20 | - | 35 | ||||||||||||||||||||||||||||||||||||||||||
Building improvements (years) | 10 | - | 35 | ||||||||||||||||||||||||||||||||||||||||||
Tenant improvements | Term of related lease | ||||||||||||||||||||||||||||||||||||||||||||
Furniture and Fixtures (years) | 5 | - | 10 | ||||||||||||||||||||||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | ' | ||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||||
Consolidation and Investments in Joint Ventures | |||||||||||||
The accompanying financial statements of the Company are presented on a consolidated basis and include all accounts of the Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Company or the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. In general, a VIE is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: | |||||||||||||
● | the Company’s ability to refinance debt and sell the property without the consent of any other partner or owner; | ||||||||||||
● | the inability of any other partner or owner to replace the Company as manager of the property; or | ||||||||||||
● | being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | ||||||||||||
As of December 31, 2013, the Company had investments in three joint ventures that are VIEs in which the Company is the primary beneficiary. As of this date, these VIEs had total debt of $65.9 million which is secured by assets of the VIEs totaling $116.0 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||
The Company considers all relationships between itself and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether it has the power to direct the activities of the VIE that most significantly affect the VIE’s performance. The Company also continuously reassesses primary beneficiary status. Other than with regard to Rangeline Crossing and Parkside Town Commons, there were no changes during the years ended December 31, 2013, 2012 or 2011 to the Company’s conclusions regarding whether an entity qualifies as a VIE or whether the Company is the primary beneficiary of any previously identified VIE. | |||||||||||||
Rangeline Crossing | |||||||||||||
In February 2011, the Company completed the acquisition of the remaining 40% interest in Rangeline Crossing, a consolidated operating property, from its joint venture partners. The purchase price of the 40% interest was $2.2 million, including the settlement of a $0.6 million loan previously made by the Company. The transaction was accounted for as an equity transaction as the Company retained its controlling financial interest. The carrying amount of the non-controlling interest was eliminated, and the difference between the consideration paid and the non-controlling interest balance was recognized in additional paid-in capital. | |||||||||||||
Business Combinations Policy [Policy Text Block] | ' | ||||||||||||
Purchase Accounting | |||||||||||||
In accordance with Topic 805—“Business Combinations” in the Accounting Standards Codification (“ASC”), the Company measures identifiable assets acquired, liabilities assumed, and any non-controlling interests in an acquiree at fair value on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. In making estimates of fair values for the purpose of allocating purchase price, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. | |||||||||||||
A portion of the purchase price is allocated to tangible assets and intangibles, including: | |||||||||||||
● | the fair value of the building on an as-if-vacant basis and to land determined either by comparable market date, real estate tax assessments, independent appraisals or other relevant data; | ||||||||||||
● | above-market and below-market in-place lease values for acquired properties are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the remaining non-cancelable terms of the respective leases. Should a tenant vacate, terminate its lease, or otherwise notify the Company of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; and | ||||||||||||
● | the value of leases acquired. The Company utilizes independent and internal sources for its estimates to determine the respective in-place lease values. The Company’s estimates of value are made using methods similar to those used by independent appraisers. Factors the Company considers in its analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. | ||||||||||||
The Company also considers whether a portion of the purchase price should be allocated to in-place leases that have a related customer relationship intangible value. Characteristics the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. | |||||||||||||
Real Estate, Policy [Policy Text Block] | ' | ||||||||||||
Investment Properties | |||||||||||||
Capitalization and Depreciation | |||||||||||||
Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. | |||||||||||||
The Company incurs costs prior to land acquisition and for certain land held for development including acquisition contract deposits, as well as legal, engineering, cost of internal resources and other external professional fees related to evaluating the feasibility of developing a shopping center or other project. These pre-development costs are included in construction in progress in the accompanying consolidated balance sheets. If the Company determines that the development of a property is no longer probable, any pre-development costs previously incurred are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. | |||||||||||||
The Company also capitalizes costs such as construction, interest, real estate taxes, and salaries and related costs of personnel directly involved with the development of our properties. As portions of the development property become operational, the Company expenses appropriate costs on a pro rata basis. | |||||||||||||
Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. | |||||||||||||
Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances, tenant inducements, and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment | |||||||||||||
Management reviews both operational and development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. | |||||||||||||
Real Estate Held for Development and Sale, Policy [Policy Text Block] | ' | ||||||||||||
Held for Sale and Discontinued Operations | |||||||||||||
Operating properties held for sale include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. As of December 31, 2013, the Company classified 50th & 12th operating property as held for sale. There were no assets classified as held for sale as of December 31, 2012. | |||||||||||||
The Company’s properties generally have operations and cash flows that can be clearly distinguished from the rest of the Company. The operations reported in discontinued operations include those operating properties that were sold, disposed of or considered held-for-sale and for which operations and cash flows can be clearly distinguished. The operations from these properties are eliminated from ongoing operations and the Company will not have a continuing involvement after disposition. Prior periods have been reclassified to reflect the operations of these properties as discontinued operations to the extent they are material to the results of operations. | |||||||||||||
Deposit Contracts, Policy [Policy Text Block] | ' | ||||||||||||
Escrow Deposits | |||||||||||||
Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. | |||||||||||||
The Company maintains certain compensating balances in several financial institutions in support of borrowings from those institutions. Such compensating balances were not material to the consolidated balance sheets. | |||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. | |||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). As further discussed in Note 12, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||
Note 3 includes a discussion of fair values recorded when the Company acquired a controlling interest in Parkside Town Commons development project. Note 5 includes a discussion of fair values recorded when the Company transferred the Kedron Village property to the loan servicer. Level 3 inputs to these transactions include our estimations of the fair value of the real estate and related assets acquired. | |||||||||||||
Note 11 includes a discussion of the fair values recorded in purchase accounting. Level 3 inputs to these acquisitions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. The Company uses derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. | |||||||||||||
Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. All of the Company’s derivative instruments qualify for hedge accounting. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
As lessor, the Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. | |||||||||||||
Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on tenants’ sales volume (contingent percentage rent). Percentage rents are recognized when tenants achieve the specified targets as defined in their lease agreements. Percentage rents are included in other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Reimbursements from tenants for real estate taxes and other recoverable operating expenses are estimated and recognized as revenues in the period the applicable expense is incurred. | |||||||||||||
Gains from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $6.2 million, $0.8 million, and $0.2 million for the years ended December 31, 2013, 2012, and 2011, respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Tenant Receivables and Allowance for Doubtful Accounts | |||||||||||||
Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. | |||||||||||||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 754,845 | $ | 1,334,515 | $ | 1,629,883 | |||||||
Provision for credit losses, net of recoveries | 922,495 | 858,771 | 1,364,820 | ||||||||||
Accounts written off | (349,307 | ) | (1,438,441 | ) | (1,660,188 | ) | |||||||
Balance, end of year | $ | 1,328,033 | $ | 754,845 | $ | 1,334,515 | |||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company may be subject to concentrations of credit risk with regards to its cash and cash equivalents. The Company places its cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, the Company’s accounts receivable from and leases with tenants potentially subjects it to a concentration of credit risk related to its accounts receivable and revenue. At December 31, 2013, 40%, 25% and 13% of total billed receivable were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively. For the year ended December 31, 2013, 36%, 30% and 14% of the Company’s revenue recognized was from tenants leasing space in the states of Indiana, Florida, and Texas, respectively. There were no significant changes in the concentration percentages for the years ended December 31, 2012 and 2011. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share is calculated based on the weighted average number of shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding combined with the incremental average shares that would have been outstanding assuming all potentially dilutive shares were converted into common shares as of the earliest date possible. | |||||||||||||
Potentially dilutive securities include outstanding share options, units in the Operating Partnership, which may be exchanged for either cash or common shares, at our option, under certain circumstances, and deferred share units, which may be credited to the accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due to the Company’s net loss from continuing operations attributable to common shareholders for the years ended December 31, 2013, 2012 and 2011, the potentially dilutive securities were not dilutive for these periods. | |||||||||||||
For the year ended December 31, 2013, 1.5 million of the Company’s outstanding common share options were excluded from the computation of diluted earnings per share because their impact was not dilutive. For each of the years ended December 31, 2012 and 2011, 1.7 million of the Company’s outstanding common share options were excluded from the computation of diluted earnings per share because their impact was not dilutive. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes and REIT Compliance | |||||||||||||
The Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable the Company to maintain its qualification as a REIT for federal income tax purposes. As a result, the Company generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders and meets certain other requirements on a recurring basis. To the extent that the Company satisfies this distribution requirement, but distributes less than 100% of its taxable income, the Company will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates. The Company may also be subject to certain federal, state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income even if it does qualify as a REIT. | |||||||||||||
The Company has elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||
Income tax provision for the year ended December 31, 2013 was $262,000. For the years ended December 31, 2012 and 2011, there were insignificant amounts of income tax benefits recorded. | |||||||||||||
Other state and local income taxes were not significant in any of the periods presented. | |||||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||||
Noncontrolling Interests | |||||||||||||
The Company reports its noncontrolling interest in a subsidiary as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest is identified in the consolidated financial statements. | |||||||||||||
The noncontrolling interests in consolidated properties for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Noncontrolling interests balance January 1 | $ | 3,535,304 | $ | 4,250,485 | $ | 6,914,264 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 120,771 | 1,976,918 | 101,069 | ||||||||||
Acquisition of noncontrolling interest in Rangeline Crossing | - | - | (2,244,333 | ) | |||||||||
Distributions to noncontrolling interests | (108,419 | ) | (2,692,099 | ) | (520,515 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,547,656 | $ | 3,535,304 | $ | 4,250,485 | |||||||
The Company classifies redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because the Company may be required to pay cash to unitholders upon redemption of their interests in the limited partnership under certain circumstances. | |||||||||||||
The redeemable noncontrolling interests in the Operating Partnership for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 37,669,803 | $ | 41,836,613 | $ | 44,115,028 | |||||||
Net loss allocable to redeemable noncontrolling interests | (806,292 | ) | (1,347,855 | ) | (97,603 | ) | |||||||
Accrued distributions to redeemable noncontrolling interests | (1,587,424 | ) | (1,747,683 | ) | (1,883,399 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Exchange of redeemable noncontrolling interest for common stock | (583,050 | ) | (5,833,716 | ) | (208,000 | ) | |||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership2 | 8,709,855 | 5,030,455 | (261,326 | ) | |||||||||
Redeemable noncontrolling interests balance at December 31 | $ | 43,927,540 | $ | 37,669,803 | $ | 41,836,613 | |||||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). | ||||||||||||
2 | Includes adjustments to reflect amounts at the greater of historical book value or redemption value. | ||||||||||||
The following sets forth accumulated other comprehensive income (loss) allocable to noncontrolling interests for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accumulated comprehensive loss balance at January 1 | $ | (455,896 | ) | $ | (187,885 | ) | $ | (359,798 | ) | ||||
Other comprehensive income (loss) allocable to noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Accumulated comprehensive income (loss) balance at December 31 | $ | 68,752 | $ | (455,896 | ) | $ | (187,885 | ) | |||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). | ||||||||||||
The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is required to be reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid in capital. As of December 31, 2011, the historical book value of the redeemable noncontrolling interests exceeded the redemption value, so no adjustment was necessary. As of December 31, 2013 and 2012, the redemption value of the redeemable noncontrolling interests did exceed the historical book value, and the balance was adjusted to redemption value based upon Level 2 inputs. | |||||||||||||
The Company allocates net operating results of the Operating Partnership after preferred dividends and noncontrolling interest in the consolidated properties based on the partners’ respective weighted average ownership interest. The Company adjusts the redeemable noncontrolling interests in the Operating Partnership at the end of each period to reflect their interests in the Operating Partnership. This adjustment is reflected in the Company’s shareholders’ equity. The Company’s and the redeemable noncontrolling weighted average interests in the Operating Partnership for the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Company’s weighted average diluted interest in Operating Partnership | 93.3 | % | 90.1 | % | 89 | % | |||||||
Redeemable noncontrolling weighted average diluted interests in Operating Partnership | 6.7 | % | 9.9 | % | 11 | % | |||||||
The Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership at December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Company’s interest in Operating Partnership | 95.2 | % | 92 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 4.8 | % | 8 | % | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain amounts in the accompanying consolidated financial statements for 2012 and 2011 have been reclassified to conform to the 2013 consolidated financial statement presentation. The reclassifications had no impact on net (loss) income previously reported. | |||||||||||||
Other Receivables [Member] | ' | ||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | ' | ||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. |
Note_2_Basis_of_Presentation_a1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 754,845 | $ | 1,334,515 | $ | 1,629,883 | |||||||
Provision for credit losses, net of recoveries | 922,495 | 858,771 | 1,364,820 | ||||||||||
Accounts written off | (349,307 | ) | (1,438,441 | ) | (1,660,188 | ) | |||||||
Balance, end of year | $ | 1,328,033 | $ | 754,845 | $ | 1,334,515 | |||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 37,669,803 | $ | 41,836,613 | $ | 44,115,028 | |||||||
Net loss allocable to redeemable noncontrolling interests | (806,292 | ) | (1,347,855 | ) | (97,603 | ) | |||||||
Accrued distributions to redeemable noncontrolling interests | (1,587,424 | ) | (1,747,683 | ) | (1,883,399 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Exchange of redeemable noncontrolling interest for common stock | (583,050 | ) | (5,833,716 | ) | (208,000 | ) | |||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership2 | 8,709,855 | 5,030,455 | (261,326 | ) | |||||||||
Redeemable noncontrolling interests balance at December 31 | $ | 43,927,540 | $ | 37,669,803 | $ | 41,836,613 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Company’s weighted average diluted interest in Operating Partnership | 93.3 | % | 90.1 | % | 89 | % | |||||||
Redeemable noncontrolling weighted average diluted interests in Operating Partnership | 6.7 | % | 9.9 | % | 11 | % | |||||||
Noncontrolling Interest In Operating Partnership [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Company’s interest in Operating Partnership | 95.2 | % | 92 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 4.8 | % | 8 | % | |||||||||
Noncontrolling Interest [Member] | ' | ||||||||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Noncontrolling interests balance January 1 | $ | 3,535,304 | $ | 4,250,485 | $ | 6,914,264 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 120,771 | 1,976,918 | 101,069 | ||||||||||
Acquisition of noncontrolling interest in Rangeline Crossing | - | - | (2,244,333 | ) | |||||||||
Distributions to noncontrolling interests | (108,419 | ) | (2,692,099 | ) | (520,515 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,547,656 | $ | 3,535,304 | $ | 4,250,485 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accumulated comprehensive loss balance at January 1 | $ | (455,896 | ) | $ | (187,885 | ) | $ | (359,798 | ) | ||||
Other comprehensive income (loss) allocable to noncontrolling interests 1 | 524,648 | (268,011 | ) | 171,913 | |||||||||
Accumulated comprehensive income (loss) balance at December 31 | $ | 68,752 | $ | (455,896 | ) | $ | (187,885 | ) |
Note_6_ShareBased_Compensation1
Note 6 - Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Options | Weighted-Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at January 1, 2013 | 1,711,953 | $ | 9.38 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (162,559 | ) | 3.61 | ||||||||||
Forfeited | (2,183 | ) | 3.5 | ||||||||||
Outstanding at December 31, 2013 | 1,547,211 | $ | 10 | ||||||||||
Exercisable at December 31, 2013 | 1,478,469 | $ | 10.25 | ||||||||||
Exercisable at December 31, 2012 | 1,491,267 | $ | 10.1 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | ' | ||||||||||||
Options | Aggregate Intrinsic Value | Weighted-Average Remaining | |||||||||||
Contractual Term (in years) | |||||||||||||
Outstanding at December 31, 2013 | 1,547,211 | $ | 1,382,560 | 3.29 | |||||||||
Exercisable at December 31, 2013 | 1,478,469 | $ | 1,246,656 | 3.16 | |||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Restricted | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value per share | |||||||||||||
Restricted shares outstanding at January 1, 2013 | 489,607 | $ | 5.25 | ||||||||||
Shares granted | 414,743 | 6.45 | |||||||||||
Shares forfeited | (5,265 | ) | 5.34 | ||||||||||
Shares vested | (173,496 | ) | 5.18 | ||||||||||
Restricted shares outstanding at December 31, 2013 | 725,589 | $ | 5.95 |
Note_7_Deferred_Costs_Tables
Note 7 - Deferred Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred financing costs | $ | 11,293,287 | $ | 9,019,126 | |||||||||
Acquired lease intangible assets | 24,930,140 | 6,292,202 | |||||||||||
Deferred leasing costs and other | 41,625,621 | 36,815,438 | |||||||||||
77,849,048 | 52,126,766 | ||||||||||||
Less—accumulated amortization | (21,461,462 | ) | (16,803,974 | ) | |||||||||
Total | $ | 56,387,586 | $ | 35,322,792 | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
2014 | $ | 4,818,337 | |||||||||||
2015 | 3,822,822 | ||||||||||||
2016 | 2,670,451 | ||||||||||||
2017 | 2,033,654 | ||||||||||||
2018 | 1,575,574 | ||||||||||||
Thereafter | 3,919,488 | ||||||||||||
Total | $ | 18,840,326 | |||||||||||
Schedule of Amortization Expense [Table Text Block] | ' | ||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Amortization of deferred financing costs | $ | 2,433,795 | $ | 1,970,973 | $ | 1,586,941 | |||||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 5,604,716 | $ | 3,927,200 | $ | 3,965,814 |
Note_8_Deferred_Revenue_and_Ot1
Note 8 - Deferred Revenue and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Note 8 - Deferred Revenue and Other Liabilities (Tables) [Line Items] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Unamortized in-place lease liabilities | $ | 36,172,867 | $ | 10,766,097 | |||||
Retainages payable and other | 2,925,282 | 5,776,170 | |||||||
Tenant rents received in advance | 5,158,390 | 3,671,668 | |||||||
Deferred income taxes | 56,863 | 55,566 | |||||||
Total | $ | 44,313,402 | $ | 20,269,501 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2014 | $ | 4,818,337 | |||||||
2015 | 3,822,822 | ||||||||
2016 | 2,670,451 | ||||||||
2017 | 2,033,654 | ||||||||
2018 | 1,575,574 | ||||||||
Thereafter | 3,919,488 | ||||||||
Total | $ | 18,840,326 | |||||||
Leases, Acquired-in-Place [Member] | ' | ||||||||
Note 8 - Deferred Revenue and Other Liabilities (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2014 | $ | 3,857,571 | |||||||
2015 | 3,106,572 | ||||||||
2016 | 2,762,265 | ||||||||
2017 | 2,785,566 | ||||||||
2018 | 2,500,600 | ||||||||
Thereafter | 21,160,293 | ||||||||
Total | $ | 36,172,867 |
Note_9_Investments_in_Unconsol1
Note 9 - Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||
Condensed Income Statement [Table Text Block] | ' | ||||
Year Ended December 31, 2011 | |||||
Revenue: | |||||
Hotel rental revenue | $ | 4,443,374 | |||
Expenses: | |||||
Property operating | 2,755,467 | ||||
Real estate taxes | 337,701 | ||||
Depreciation and amortization | 194,133 | ||||
Total expenses | 3,287,301 | ||||
Operating income | 1,156,073 | ||||
Interest expense | (340,099 | ) | |||
Income (loss) from continuing operations | 815,974 | ||||
Gain on sale of operating property | 8,286,246 | ||||
Net income (loss) | $ | 9,102,220 | |||
Third-party investors’ share of net income (loss) | (4,551,110 | ) | |||
Company share of net income (loss) | $ | 4,551,110 | |||
Equity Method Investments [Table Text Block] | ' | ||||
Company’s share of income (loss) from unconsolidated entities | $ | 333,628 | |||
Company’s share of gain on sale of unconsolidated property | 4,217,482 | ||||
Tax effects from sale of unconsolidated property and other parent-level costs | 102,673 | ||||
Income (loss) from unconsolidated entities and gain on sale of unconsolidated property | $ | 4,653,783 |
Note_11_Property_Acquisition_A1
Note 11 - Property Acquisition Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 11 - Property Acquisition Activities (Tables) [Line Items] | ' | ||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||
Low | High | ||||||||||||
Lease-up period (months) | 9 | 15 | |||||||||||
Net rental rate per square foot – Anchor (greater than 10,000 square feet) | $ | 5.4 | $ | 18.4 | |||||||||
Net rental rate per square foot – Small Shops | $ | 12 | $ | 28 | |||||||||
Discount rate | 8.25 | % | 9.75 | % | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||
Investment properties | $ | 419,079,535 | |||||||||||
Lease-related intangible assets | 19,537,495 | ||||||||||||
Other assets | 292,846 | ||||||||||||
Total acquired assets | 438,909,876 | ||||||||||||
Accounts payable and accrued expenses | 2,203,916 | ||||||||||||
Deferred revenue and other liabilities, including lease intangible liabilities | 29,290,785 | ||||||||||||
Total assumed liabilities | 31,494,701 | ||||||||||||
Fair value of acquired net assets | $ | 407,415,175 | |||||||||||
Real Estate assets | $ | 76,530,776 | |||||||||||
Lease-related intangible assets | 2,209,098 | ||||||||||||
Other assets | 8,072 | ||||||||||||
Total acquired assets | 78,747,946 | ||||||||||||
Secured debt | 8,086,135 | ||||||||||||
Deferred revenue and other liabilities | 4,952,545 | ||||||||||||
Total assumed liabilities | 13,038,680 | ||||||||||||
Fair value of acquired net assets | $ | 65,709,266 | |||||||||||
Scenario, Actual [Member] | ' | ||||||||||||
Note 11 - Property Acquisition Activities (Tables) [Line Items] | ' | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
Year ended December 31, 2013 | |||||||||||||
Rental income | $ | 9,821,419 | |||||||||||
Expenses: | |||||||||||||
Property operating | 1,285,201 | ||||||||||||
Real estate taxes and other | 1,151,190 | ||||||||||||
Depreciation and amortization | 5,556,313 | ||||||||||||
Total expenses | 7,992,704 | ||||||||||||
Net income impact from 2013 acquisitions | $ | 1,828,715 | |||||||||||
Pro Forma [Member] | ' | ||||||||||||
Note 11 - Property Acquisition Activities (Tables) [Line Items] | ' | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
Kite Realty Group Trust | Acquired Properties (unaudited) | Combined (unaudited) | |||||||||||
Rental income | $ | 129,488,327 | $ | 29,503,235 | $ | 158,991,562 | |||||||
Expenses: | |||||||||||||
Property operating | 21,729,251 | 3,992,839 | 25,722,090 | ||||||||||
Real estate taxes and other | 15,262,928 | 3,264,739 | 18,527,667 | ||||||||||
Depreciation and amortization | 54,479,023 | 20,999,760 | 75,478,783 | ||||||||||
Total expenses | 91,471,202 | 28,257,338 | 119,728,540 | ||||||||||
Operating income | $ | 38,017,125 | $ | 1,245,897 | $ | 39,263,022 | |||||||
Consolidated net loss | $ | (3,535,255 | ) | $ | 1,245,897 | $ | (2,289,358 | ) | |||||
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted | $ | (0.08 | ) | ||||||||||
Kite Realty Group Trust | Acquired Properties (unaudited) | Combined (unaudited) | |||||||||||
Rental income | $ | 96,539,443 | $ | 38,346,517 | $ | 134,885,960 | |||||||
Expenses: | |||||||||||||
Property operating | 16,756,287 | 5,026,038 | 21,782,325 | ||||||||||
Real estate taxes and other | 12,857,722 | 4,135,571 | 16,993,293 | ||||||||||
Depreciation and amortization | 38,834,559 | 27,006,667 | 65,841,226 | ||||||||||
Total expenses | 68,448,568 | 36,168,276 | 104,616,844 | ||||||||||
Net earnings | $ | 28,090,875 | $ | 2,178,241 | $ | 30,269,116 | |||||||
Consolidated net loss | $ | (3,704,784 | ) | $ | 2,178,241 | $ | (1,526,543 | ) | |||||
Net loss per common share attributable to Kite Realty Group Trust common shareholders – basic and diluted | $ | (0.08 | ) |
Note_12_Discontinued_Operation1
Note 12 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rental income | $ | 2,565,392 | $ | 8,839,352 | $ | 12,420,718 | |||||||
Expenses: | |||||||||||||
Property operating | 117,036 | 1,081,100 | 1,777,931 | ||||||||||
Real estate taxes and other | 198,416 | 1,230,200 | 1,392,234 | ||||||||||
Depreciation and amortization | 844,245 | 2,963,318 | 3,954,273 | ||||||||||
Impairment charge | 5,371,427 | — | — | ||||||||||
Total expenses | 6,531,124 | 5,274,618 | 7,124,438 | ||||||||||
Operating (loss) income | (3,965,732 | ) | 3,564,734 | 5,296,280 | |||||||||
Interest expense | (571,190 | ) | (2,909,087 | ) | (3,666,360 | ) | |||||||
(Loss) income from discontinued operations | (4,536,922 | ) | 655,647 | 1,629,920 | |||||||||
Gain on debt extinguishment | 1,241,724 | — | — | ||||||||||
Gain (loss) on sale of operating property | 486,540 | 7,094,238 | (397,909 | ) | |||||||||
Total (loss) income from discontinued operations | $ | (2,808,658 | ) | $ | 7,749,885 | $ | 1,232,011 | ||||||
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | (2,620,478 | ) | $ | 5,316,744 | $ | 1,097,098 | ||||||
(Loss) income from discontinued operations attributable to noncontrolling interests | (188,180 | ) | 2,433,141 | 134,913 | |||||||||
Total (loss) income from discontinued operations | $ | (2,808,658 | ) | $ | 7,749,885 | $ | 1,232,011 |
Note_13_Mortgage_and_Other_Ind1
Note 13 - Mortgage and Other Indebtedness (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | ' | ||||||||||||
Balance at December 31, | |||||||||||||
Description | 2013 | 2012 | |||||||||||
Unsecured Revolving Credit Facility | |||||||||||||
Matures February 20171; maximum borrowing level of $200.0 million and $163.5 million available at December 31, 2013 and 2012, respectively; interest at LIBOR + 1.95%2 or 2.12% at December 31, 2013 and interest at LIBOR + 2.40%2 or 2.61% at December 31, 2012 | $ | 145,000,000 | $ | 94,624,200 | |||||||||
Unsecured Term Loan | |||||||||||||
Matures August 20183; interest at LIBOR + 1.80%2 or 1.97% at December 31, 2013 and interest at LIBOR + 2.60%2 or 2.81% at December 31, 2012 | 230,000,000 | 125,000,000 | |||||||||||
Notes Payable Secured by Properties under Construction—Variable Rate | |||||||||||||
Generally interest only; maturing at various dates through 2016; interest at LIBOR+2.00%-2.50%, ranging from 2.17% to 2.67% at December 31, 2013 and interest at LIBOR+2.00%-2.50%, ranging from 2.21% to 2.71% at December 31, 2012 | 144,388,705 | 72,156,149 | |||||||||||
Mortgage Notes Payable—Fixed Rate | |||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2022; interest rates ranging from 5.42% to 6.78% at December 31, 2013 and interest rates ranging from 5.42% to 6.78% at December 31, 2012 | 276,504,111 | 338,765,294 | |||||||||||
Mortgage Notes Payable—Variable Rate | |||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2020; interest at LIBOR + 1.25%-2.94%, ranging from 1.42% to 3.11% at December 31, 2013 and interest at LIBOR + 1.25%-3.25%, ranging from 1.46% to 3.46% at December 31, 2012 | 61,186,570 | 69,171,405 | |||||||||||
Net premium on acquired indebtedness | 64,688 | 191,720 | |||||||||||
Total mortgage and other indebtedness | $ | 857,144,074 | $ | 699,908,768 | |||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||
Annual Principal Payments | Term Maturity | Total | |||||||||||
2014 | $ | 6,044,747 | $ | 86,301,666 | $ | 92,346,413 | |||||||
2015 | 5,849,432 | 95,199,144 | 101,048,576 | ||||||||||
2016 | 4,997,512 | 144,709,305 | 149,706,817 | ||||||||||
20171 | 3,510,299 | 155,390,814 | 158,901,113 | ||||||||||
20182 | 3,387,165 | 234,253,649 | 237,640,814 | ||||||||||
Thereafter | 7,815,649 | 109,620,004 | 117,435,653 | ||||||||||
$ | 31,604,804 | $ | 825,474,582 | $ | 857,079,386 | ||||||||
Unamortized Premiums | 64,688 | ||||||||||||
Total | $ | 857,144,074 |
Note_14_Derivative_Instruments1
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net (loss) income attributable to Kite Realty Group Trust | $ | (2,849,735 | ) | $ | (4,333,847 | ) | $ | 4,981,274 | ||||||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 6,611,393 | (3,734,448 | ) | 1,376,005 | ||||||||||
Comprehensive income (loss) attributable to Kite Realty Group Trust | $ | 3,761,658 | $ | (8,068,295 | ) | $ | 6,357,279 |
Note_15_Lease_Information_Tabl
Note 15 - Lease Information (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments To Be Received [Table Text Block] | ' | ||||
2014 | $ | 115,724,152 | |||
2015 | 107,531,418 | ||||
2016 | 93,740,887 | ||||
2017 | 82,430,618 | ||||
2018 | 68,756,231 | ||||
Thereafter | 342,448,581 | ||||
Total | $ | 810,631,887 | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 461,040 | |||
2015 | 443,083 | ||||
2016 | 406,881 | ||||
2017 | 407,187 | ||||
2018 | 44,499 | ||||
Thereafter | 66,839 | ||||
Total | $ | 1,829,529 |
Note_17_Quarterly_Financial_Da1
Note 17 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenue | $ | 31,035,859 | $ | 29,921,115 | $ | 32,552,873 | $ | 35,978,480 | |||||||||
Operating income | 8,727,382 | 5,575,107 | 5,738,338 | 7,550,938 | |||||||||||||
Income (loss) from continuing operations | 2,475,132 | (1,511,589 | ) | (1,880,804 | ) | 190,664 | |||||||||||
(Loss) income from discontinued operations | (418,363 | ) | (5,742,224 | ) | 3,121,881 | 230,048 | |||||||||||
Consolidated net income (loss) | 2,056,769 | (7,253,813 | ) | 1,241,077 | 420,712 | ||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 319,970 | (3,358,627 | ) | (3,770,528 | ) | (1,876,323 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (82,148 | ) | (8,706,867 | ) | (857,813 | ) | (1,659,158 | ) | |||||||||
Net loss per common share – basic and diluted: | |||||||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 0 | (0.04 | ) | (0.04 | ) | (0.02 | ) | ||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.10 | ) | (0.01 | ) | (0.01 | ) | |||||||||
Weighted average Common Shares outstanding - basic and diliuted | 77,834,032 | 91,066,817 | 93,803,896 | 113,474,270 | |||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Total revenue | $ | 23,669,498 | $ | 23,137,244 | $ | 24,208,298 | $ | 25,524,403 | |||||||||
Operating income | 4,140,769 | 4,572,623 | 4,466,140 | 6,422,333 | |||||||||||||
Loss from continuing operations | (1,807,342 | ) | (1,190,492 | ) | (1,409,186 | ) | (7,047,649 | ) | |||||||||
Income from discontinued operations | 5,451,101 | 315,634 | 172,881 | 1,810,269 | |||||||||||||
Consolidated net income (loss) | 3,643,758 | (874,858 | ) | (1,236,305 | ) | (5,237,380 | ) | ||||||||||
Net loss from continuing operations attributable to Kite Realty Group Trust common shareholders | (3,032,685 | ) | (2,999,086 | ) | (3,193,882 | ) | (8,344,940 | ) | |||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (31,074 | ) | (2,717,700 | ) | (3,038,160 | ) | (6,466,915 | ) | |||||||||
Net loss per common share – basic and diluted: | |||||||||||||||||
Net loss from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.12 | ) | |||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.04 | ) | (0.05 | ) | (0.09 | ) | |||||||||
Weighted average Common Shares outstanding - basic and diluted | 63,713,893 | 64,014,187 | 64,780,540 | 74,966,736 |
Note_20_Supplemental_Schedule_1
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
2013 | |||||||||||||
Settlement of loan in acquisition of noncontrolling interest in Rangeline Crossing | $ | — | $ | — | $ | 578,200 | |||||||
Accrued distribution to preferred shareholders | 704,688 | 704,688 | 481,250 | ||||||||||
Payable due to PREI in connection with consolidation of Parkside Town Commons | — | 4,924,994 | — | ||||||||||
Assumption of debt in connection with consolidation of Parkside Town Commons | — | 14,440,000 | — | ||||||||||
Assumption of debt in connection with acquisition of 12th Street Plaza | — | 8,086,135 | — | ||||||||||
Non-recourse debt related to Kedron Village foreclosure | 29,194,834 | — | — | ||||||||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | 27,953,110 | — | — |
Note_1_Organization_Details
Note 1 - Organization (Details) | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
acre | acre | Operating and Redevelopment Properties [Member] | Operating and Redevelopment Properties [Member] | Retail Operating Properties [Member] | Commercial Operating Properties [Member] | Under-Construction Development Projects [Member] | Under-Construction Development Projects [Member] | Future Developments and Redevelopments [Member] | In-Process Retail Development Properties [Member] | |
acre | acre | |||||||||
Note 1 - Organization (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | 72 | 60 | 70 | 2 | 2 | 3 | 1 | ' |
Area of Land (in Acres) | 19 | 12.8 | ' | ' | ' | ' | ' | ' | 131 | 91 |
Note_2_Basis_of_Presentation_a2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 |
Building and Building Improvements [Member] | Building and Building Improvements [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Billed Receivables [Member] | Billed Receivables [Member] | Billed Receivables [Member] | Revenues Recognized [Member] | Revenues Recognized [Member] | Revenues Recognized [Member] | The Centre [Member] | Approximation [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Florida [Member] | Indiana [Member] | Texas [Member] | Florida [Member] | Indiana [Member] | Texas [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Number of Entities | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars) | $65,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in Dollars) | 116,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' |
Business Combination, Consideration Transferred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' |
Proceeds from Collection of Loans Receivable (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '10 years | '35 years | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Properties (in Dollars) | 6,200,000 | 800,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | 40.00% | 25.00% | 13.00% | 30.00% | 36.00% | 14.00% | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1.5 | 1.7 | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) (in Dollars) | $262,404 | ($105,984) | ($1,294) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $262,000 |
Note_2_Basis_of_Presentation_a3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Doubtful Accounts [Abstract] | ' | ' | ' |
Balance, beginning of year | $754,845 | $1,334,515 | $1,629,883 |
Provision for credit losses, net of recoveries | 922,495 | 858,771 | 1,364,820 |
Accounts written off | -349,307 | -1,438,441 | -1,660,188 |
Balance, end of year | $1,328,033 | $754,845 | $1,334,515 |
Note_2_Basis_of_Presentation_a4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' |
Noncontrolling interests balance January 1 | $3,535,304 | $4,250,485 | $6,914,264 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | -685,520 | 629,063 | 3,466 |
Acquisition of noncontrolling interest in Rangeline Crossing | ' | ' | -2,244,333 |
Distributions to noncontrolling interests | -108,419 | -2,692,099 | -520,515 |
Noncontrolling interests balance at December 31 | 3,547,656 | 3,535,304 | 4,250,485 |
Excluding Redeemable Non-Controlling Interests [Member] | ' | ' | ' |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $120,771 | $1,976,918 | $101,069 |
Note_2_Basis_of_Presentation_a5
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Redeemable Noncontrolling Interests (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | |||
Net loss allocable to redeemable noncontrolling interests | ($685,520) | $629,063 | $3,466 | |||
Accrued distributions to redeemable noncontrolling interests | -108,419 | -2,692,099 | -520,515 | |||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | 524,648 | [1] | -268,011 | [1] | 171,913 | [1] |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | -2,244,333 | |||
Redeemable Noncontrolling Interests [Member] | ' | ' | ' | |||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | |||
Redeemable noncontrolling interests balance | 37,669,803 | 41,836,613 | 44,115,028 | |||
Net loss allocable to redeemable noncontrolling interests | -806,292 | -1,347,855 | -97,603 | |||
Accrued distributions to redeemable noncontrolling interests | -1,587,424 | -1,747,683 | -1,883,399 | |||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | 524,648 | [1] | -268,011 | [1] | 171,913 | [1] |
Exchange of redeemable noncontrolling interest for common stock | -583,050 | -5,833,716 | -208,000 | |||
Adjustment to redeemable noncontrolling interests - Operating Partnership2 | 8,709,855 | [2] | 5,030,455 | [2] | -261,326 | [2] |
Redeemable noncontrolling interests balance | $43,927,540 | $37,669,803 | $41,836,613 | |||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). | |||||
[2] | Includes adjustments to reflect amounts at the greater of historical book value or redemption value. |
Note_2_Basis_of_Presentation_a6
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Accumulated Other Comprehensive Loss Allocable to Noncontrolling Interests (USD $) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated comprehensive loss balance | ($5,258,543) | ' | ' | $68,752 | ($455,896) | ($187,885) | ($359,798) | |||
Other comprehensive income (loss) allocable to noncontrolling interests 1 | 524,648 | [1] | -268,011 | [1] | 171,913 | [1] | ' | ' | ' | ' |
Accumulated comprehensive loss balance | $1,352,850 | ($5,258,543) | ' | $68,752 | ($455,896) | ($187,885) | ($359,798) | |||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 10). |
Note_2_Basis_of_Presentation_a7
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Weighted Average Interests in Operating Partnership (Operating Partnership [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Partnership [Member] | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' |
Companybs weighted average diluted interest in Operating Partnership | 93.30% | 90.10% | 89.00% |
Redeemable noncontrolling weighted average diluted interests in Operating Partnership | 6.70% | 9.90% | 11.00% |
Note_2_Basis_of_Presentation_a8
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Ownership Interests in the Operating Partnership (Operating Partnership [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Partnership [Member] | ' | ' |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Ownership Interests in the Operating Partnership [Line Items] | ' | ' |
Companybs interest in Operating Partnership | 95.20% | 92.00% |
Redeemable noncontrolling interests in Operating Partnership | 4.80% | 8.00% |
Note_3_Parkside_Town_Commons_D
Note 3 - Parkside Town Commons (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
acre | acre | Parkside Town Commons [Member] | Parkside Town Commons [Member] | Four Corner Square [Member] | Rangeline Crossing [Member] | Bolton Plaza [Member] | Kings Lake Square [Member] | |||
Note 3 - Parkside Town Commons (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $13,300,000 | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | 8,700,000 | 578,200 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | ' | -7,979,626 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land (in Acres) | 12.8 | ' | ' | 19 | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | 5,300,000 | 87,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 87,200,000 | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | $2,200,000 | $2,000,000 | $2,300,000 | $2,500,000 |
Note_4_Litigation_Charge_Detai
Note 4 - Litigation Charge (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | ' |
Loss Contingency, Damages Awarded, Value | $1.30 |
Note_5_Kedron_Village_Details
Note 5 - Kedron Village (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Jun. 30, 2013 | Oct. 31, 2012 | |
Kedron Village [Member] | Kedron Village [Member] | Kedron Village [Member] | |||
Note 5 - Kedron Village (Details) [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Debt Default, Amount | ' | ' | ' | ' | $29,500,000 |
Asset Impairment Charges | 5,371,427 | ' | ' | 5,400,000 | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | ' | ' | 25,500,000 | ' |
Escrow Deposit | 11,046,133 | 12,960,488 | 2,200,000 | ' | ' |
Gains (Losses) on Extinguishment of Debt | 1,241,724 | ' | 1,200,000 | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | $1,100,000 | ' | ' |
Note_6_ShareBased_Compensation2
Note 6 - Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | 6,000,000 | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ' | ' | ' | ' | $500,000 | $400,000 | $300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | 5,749,890 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | ' | ' | ' | ' | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | ' | ' | 0 | 5,000 | 76,271 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | $1.30 | $1.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | ' | ' | ' | ' | 162,559 | 18,525 | 14,033 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | ' | 445,346 | 16,112 | 27,824 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | 100,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '1 year 10 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | 414,743 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | $6.45 | $270,671 | ' |
Net of Capitalized Costs [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 1,100,000 | 900,000 | 700,000 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 300,000 | 600,000 | 1,000,000 | 1,300,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | 3,400,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '1 year 255 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | 414,743 | 6.45 | 244,134 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | $5.36 | $5.12 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | 1,100,000 | 600,000 | 400,000 |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '1 year | ' | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | ' | ' |
Deferred Share Units [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | $100,000 | $200,000 | $100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | 11,817 | 39,914 | 44,379 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | $6.22 | $4.96 | $4.24 |
Other Equity Grants [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | 4,088 | 7,566 | 7,935 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | $6.11 | $4.95 | $4.72 |
Note_6_ShareBased_Compensation3
Note 6 - Share-Based Compensation (Details) - Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Option Activity [Abstract] | ' | ' | ' |
Outstanding at January 1, 2013 | 1,711,953 | ' | ' |
Outstanding at January 1, 2013 (in Dollars per share) | $9.38 | ' | ' |
Exercised | -162,559 | -18,525 | -14,033 |
Exercised (in Dollars per share) | $3.61 | ' | ' |
Forfeited | -2,183 | ' | ' |
Forfeited (in Dollars per share) | $3.50 | ' | ' |
Outstanding at December 31, 2013 | 1,547,211 | 1,711,953 | ' |
Outstanding at December 31, 2013 (in Dollars per share) | $10 | $9.38 | ' |
Options | 1,478,469 | 1,491,267 | ' |
Weighted-Average Exercise Price (in Dollars per share) | $10.25 | $10.10 | ' |
Note_6_ShareBased_Compensation4
Note 6 - Share-Based Compensation (Details) - Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term of the Outstanding and Exercisable Options (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term of the Outstanding and Exercisable Options [Abstract] | ' | ' |
Outstanding at December 31, 2013 | 1,547,211 | 1,711,953 |
Outstanding at December 31, 2013 (in Dollars) | $1,382,560 | ' |
Outstanding at December 31, 2013 | '3 years 105 days | ' |
Exercisable at December 31, 2013 | 1,478,469 | 1,491,267 |
Exercisable at December 31, 2013 (in Dollars) | $1,246,656 | ' |
Exercisable at December 31, 2013 | '3 years 58 days | ' |
Note_6_ShareBased_Compensation5
Note 6 - Share-Based Compensation (Details) - Restricted Share Activity (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Share Activity [Abstract] | ' | ' |
Restricted shares outstanding at January 1, 2013 | 489,607 | ' |
Restricted shares outstanding at January 1, 2013 (in Dollars per share) | $5.25 | ' |
Shares granted | 414,743 | ' |
Shares granted (in Dollars per share) | $6.45 | $270,671 |
Shares forfeited | -5,265 | ' |
Shares forfeited (in Dollars per share) | $5.34 | ' |
Shares vested | -173,496 | ' |
Shares vested (in Dollars per share) | $5.18 | ' |
Restricted shares outstanding at December 31, 2013 | 725,589 | 489,607 |
Restricted shares outstanding at December 31, 2013 (in Dollars per share) | $5.95 | $5.25 |
Note_7_Deferred_Costs_Details_
Note 7 - Deferred Costs (Details) - Deferred Costs (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs [Abstract] | ' | ' |
Deferred financing costs | $11,293,287 | $9,019,126 |
Acquired lease intangible assets | 24,930,140 | 6,292,202 |
Deferred leasing costs and other | 41,625,621 | 36,815,438 |
77,849,048 | 52,126,766 | |
Lessbaccumulated amortization | -21,461,462 | -16,803,974 |
Total | $56,387,586 | $35,322,792 |
Note_7_Deferred_Costs_Details_1
Note 7 - Deferred Costs (Details) - Future Amortization Expense (USD $) | Dec. 31, 2013 |
Future Amortization Expense [Abstract] | ' |
2014 | $4,818,337 |
2015 | 3,822,822 |
2016 | 2,670,451 |
2017 | 2,033,654 |
2018 | 1,575,574 |
Thereafter | 3,919,488 |
Total | $18,840,326 |
Note_7_Deferred_Costs_Details_2
Note 7 - Deferred Costs (Details) - Amortization Expense (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amortization Expense [Abstract] | ' | ' | ' |
Amortization of deferred financing costs | $2,433,795 | $1,970,973 | $1,586,941 |
Amortization of deferred leasing costs, lease intangibles and other | $5,604,716 | $3,927,200 | $3,965,814 |
Note_8_Deferred_Revenue_and_Ot2
Note 8 - Deferred Revenue and Other Liabilities (Details) - Deferred Revenue and Other Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred income taxes | $56,863 | $55,566 |
Total | 44,313,402 | 20,269,501 |
Unamortized In-Place Lease Liabilities [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 36,172,867 | 10,766,097 |
Retainage Payables and Other [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 2,925,282 | 5,776,170 |
Tenant Rents Received In Advance [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | $5,158,390 | $3,671,668 |
Note_8_Deferred_Revenue_and_Ot3
Note 8 - Deferred Revenue and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles (USD $) | Dec. 31, 2013 |
Note 8 - Deferred Revenue and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles [Line Items] | ' |
2014 | $4,818,337 |
2015 | 3,822,822 |
2016 | 2,670,451 |
2017 | 2,033,654 |
2018 | 1,575,574 |
Thereafter | 3,919,488 |
Total | 18,840,326 |
Leases, Acquired-in-Place [Member] | ' |
Note 8 - Deferred Revenue and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles [Line Items] | ' |
2014 | 3,857,571 |
2015 | 3,106,572 |
2016 | 2,762,265 |
2017 | 2,785,566 |
2018 | 2,500,600 |
Thereafter | 21,160,293 |
Total | $36,172,867 |
Note_9_Investments_in_Unconsol2
Note 9 - Investments in Unconsolidated Joint Ventures (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |
Dec. 31, 2011 | Nov. 02, 2011 | Jun. 30, 2010 | Nov. 02, 2011 | |
Eddy Street Commons [Member] | Eddy Street Commons [Member] | Eddy Street Commons [Member] | ||
Note 9 - Investments in Unconsolidated Joint Ventures (Details) [Line Items] | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | 50.00% | ' |
Gain (Loss) on Disposition of Oil and Gas and Timber Property | $4,320,155 | $8,300,000 | ' | $4,300,000 |
Repayments of Debt | ' | $9,500,000 | ' | ' |
Note_9_Investments_in_Unconsol3
Note 9 - Investments in Unconsolidated Joint Ventures (Details) - Combined Summary Income Statement Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | $21,729,251 | $16,756,287 | $16,829,934 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 15,262,928 | 12,857,722 | 12,447,517 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 54,479,023 | 38,834,559 | 33,114,557 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 101,896,562 | 76,937,578 | 68,665,649 |
Operating income | 7,550,938 | 5,738,338 | 5,575,107 | 8,727,382 | 6,422,333 | 4,466,140 | 4,572,623 | 4,140,769 | 27,591,765 | 19,601,865 | 20,449,904 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27,993,577 | -23,391,937 | -21,624,992 |
Income (loss) from continuing operations | 190,664 | -1,880,804 | -1,511,589 | 2,475,132 | -7,047,649 | -1,409,186 | -1,190,492 | -1,807,342 | -8,685,508 | -17,570,593 | -1,890,824 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -2,849,735 | -4,333,847 | 4,981,274 |
Company share of net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,628 |
Unconsolidated Joint Ventures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,443,374 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,755,467 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,701 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,133 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,287,301 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,156,073 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -340,099 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 815,974 |
Gain on sale of operating property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,286,246 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,102,220 |
Third-party investorsb share of net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,551,110 |
Company share of net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,551,110 |
Note_9_Investments_in_Unconsol4
Note 9 - Investments in Unconsolidated Joint Ventures (Details) - Equity Method Investments (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Equity Method Investments [Abstract] | ' |
Companybs share of income (loss) from unconsolidated entities | $333,628 |
Companybs share of gain on sale of unconsolidated property | 4,217,482 |
Tax effects from sale of unconsolidated property and other parent-level costs | 102,673 |
Income (loss) from unconsolidated entities and gain on sale of unconsolidated property | $4,653,783 |
Note_11_Property_Acquisition_A2
Note 11 - Property Acquisition Activities (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | 31-May-13 | Aug. 31, 2013 | Nov. 30, 2013 | Jun. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 28, 2011 | Jun. 30, 2011 | |
Texas, Florida, Georgia, and Alabama [Member] | Shoppes Of Eastwood [Member] | Cool Springs Market [Member] | Castleton Crossing [Member] | Toringdon Market [Member] | Properties located in Texas, Florida, Georgia, and Alabama [Member] | Cove Center [Member] | 12th Street Plaza [Member] | Plaza Green [Member] | Publix at Woodruff [Member] | Oleander Point [Member] | Lithia Crossing [Member] | ||||
Note 11 - Property Acquisition Activities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | $2,200,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Properties Acquired | 13 | ' | 4 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | 11,600,000 | 37,600,000 | 39,000,000 | 15,900,000 | 304,000,000 | 22,100,000 | 15,200,000 | 28,800,000 | 9,100,000 | 3,500,000 | 13,300,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '4 years 219 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $31,494,701 | $31,494,701 | $13,038,680 | ' | ' | ' | ' | ' | ' | ' | $7,900,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.67% | ' | ' | ' | ' |
Note_11_Property_Acquisition_A3
Note 11 - Property Acquisition Activities (Details) - Ranges of the Most Significant Assumptions Utilized in Determining the Value of the Real Estate and Related Assets | 12 Months Ended |
Dec. 31, 2013 | |
Anchor [Member] | Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Net rental rate per square foot b | 5.4 |
Anchor [Member] | Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Net rental rate per square foot b | 18.4 |
Small Shops [Member] | Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Net rental rate per square foot b | 12 |
Small Shops [Member] | Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Net rental rate per square foot b | 28 |
Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Lease-up period (months) | '9 months |
Discount rate | 8.25% |
Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Lease-up period (months) | '15 months |
Discount rate | 9.75% |
Note_11_Property_Acquisition_A4
Note 11 - Property Acquisition Activities (Details) - Allocation of Acquired Fair Value Amounts Recognized for Each Major Class of Asset and Liability (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allocation of Acquired Fair Value Amounts Recognized for Each Major Class of Asset and Liability [Abstract] | ' | ' |
Investment properties | $419,079,535 | ' |
Lease-related intangible assets | 19,537,495 | 2,209,098 |
Other assets | 292,846 | 8,072 |
Total acquired assets | 438,909,876 | 78,747,946 |
Accounts payable and accrued expenses | 2,203,916 | ' |
Secured debt | ' | 8,086,135 |
Deferred revenue and other liabilities | 29,290,785 | 4,952,545 |
Total assumed liabilities | 31,494,701 | 13,038,680 |
Fair value of acquired net assets | 407,415,175 | 65,709,266 |
Real Estate assets | ' | $76,530,776 |
Note_11_Property_Acquisition_A5
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of Acquired Properties (Property Acquired in Current Year [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Property Acquired in Current Year [Member] | ' |
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of Acquired Properties [Line Items] | ' |
Rental income | $9,821,419 |
Expenses: | ' |
Property operating | 1,285,201 |
Real estate taxes and other | 1,151,190 |
Depreciation and amortization | 5,556,313 |
Total expenses | 7,992,704 |
Net income impact from 2013 acquisitions | $1,828,715 |
Note_11_Property_Acquisition_A6
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of the Company Including Acquired Properties (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of the Company Including Acquired Properties [Line Items] | ' | ' |
Rental income | $158,991,562 | $134,885,960 |
Expenses: | ' | ' |
Property operating | 25,722,090 | 21,782,325 |
Real estate taxes and other | 18,527,667 | 16,993,293 |
Depreciation and amortization | 75,478,783 | 65,841,226 |
Total expenses | 119,728,540 | 104,616,844 |
Operating income | 39,263,022 | 30,269,116 |
Consolidated Net Loss | -2,289,358 | -1,526,543 |
Net Loss Per Common Share - basic and diluted (in Dollars per share) | ($0.08) | ($0.08) |
Not including Acquired Properties [Member] | ' | ' |
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of the Company Including Acquired Properties [Line Items] | ' | ' |
Rental income | 129,488,327 | 96,539,443 |
Expenses: | ' | ' |
Property operating | 21,729,251 | 16,756,287 |
Real estate taxes and other | 15,262,928 | 12,857,722 |
Depreciation and amortization | 54,479,023 | 38,834,559 |
Total expenses | 91,471,202 | 68,448,568 |
Operating income | 38,017,125 | 28,090,875 |
Consolidated Net Loss | -3,535,255 | -3,704,784 |
Property Acquired in Current Year [Member] | ' | ' |
Note 11 - Property Acquisition Activities (Details) - Revenue and Earnings of the Company Including Acquired Properties [Line Items] | ' | ' |
Rental income | 29,503,235 | 38,346,517 |
Expenses: | ' | ' |
Property operating | 3,992,839 | 5,026,038 |
Real estate taxes and other | 3,264,739 | 4,135,571 |
Depreciation and amortization | 20,999,760 | 27,006,667 |
Total expenses | 28,257,338 | 36,168,276 |
Operating income | 1,245,897 | 2,178,241 |
Consolidated Net Loss | $1,245,897 | $2,178,241 |
Note_12_Discontinued_Operation2
Note 12 - Discontinued Operations (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Martinsville Shops [Member] | |||
Note 12 - Discontinued Operations (Details) [Line Items] | ' | ' | ' |
Sales of Real Estate | $5.30 | $87.40 | ' |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | ' | $7.10 | $0.40 |
Note_12_Discontinued_Operation3
Note 12 - Discontinued Operations (Details) - Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,839,352 | $12,420,718 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,274,618 | 7,124,438 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,564,734 | 5,296,280 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,909,087 | -3,666,360 |
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 834,505 | 655,647 | 1,629,920 |
Gain on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 1,241,724 | ' | ' |
Gain (loss) on sale of operating property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,094,238 | -397,909 |
Total (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,808,658 | 7,749,885 | 1,232,011 |
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders | 230,048 | 3,121,881 | -5,742,224 | -418,363 | 1,810,269 | 172,881 | 315,634 | 5,451,101 | -2,620,478 | 5,316,744 | 1,097,098 |
(Loss) income from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,433,141 | 134,913 |
Total (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,808,658 | 7,749,885 | 1,232,011 |
Property Operating [Member] | Galleria Plaza [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 117,036 | ' | ' |
Property Operating [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,081,100 | 1,777,931 |
Real Estate Taxes [Member] | Galleria Plaza [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 198,416 | ' | ' |
Real Estate Taxes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,230,200 | 1,392,234 |
Depreciation and Amortization [Member] | Galleria Plaza [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 844,245 | ' | ' |
Depreciation and Amortization [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,963,318 | 3,954,273 |
Impairment Charge [Member] | Galleria Plaza [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,371,427 | ' | ' |
Galleria Plaza [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 2,565,392 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,531,124 | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,965,732 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -571,190 | ' | ' |
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,922 | ' | ' |
Gain on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 1,241,724 | ' | ' |
Gain (loss) on sale of operating property | ' | ' | ' | ' | ' | ' | ' | ' | 486,540 | ' | ' |
Total (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,808,658 | ' | ' |
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -2,620,478 | ' | ' |
(Loss) income from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -188,180 | ' | ' |
Total (loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($2,808,658) | ' | ' |
Note_13_Mortgage_and_Other_Ind2
Note 13 - Mortgage and Other Indebtedness (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | Feb. 26, 2013 | Feb. 26, 2013 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 21, 2013 | Aug. 31, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2012 | Aug. 21, 2013 | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2012 | |||
Scheduled Principal Payments [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Reference Rate [Member] | Reference Rate [Member] | Cedar Hill Village [Member] | 30 South Meridian [Member] | Delray Marketplace, Holly Springs Towne Center, Parkside Town Commons, Four Square, Rangeline Crossing, Zionsville Walgreens [Member] | Shoppes Of Eastwood [Member] | Cool Springs Market [Member] | Castleton Crossing [Member] | 12th Street Plaza [Member] | Toringdon Market [Member] | Unsecured Revolving Credit Facility [Member] | Original Borrowings [Member] | Borrowing Increase - Amended Term Loan [Member] | In addition [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Unencumbered Retail Properties [Member] | Unencumbered [Member] | Unencumbered [Member] | Unencumbered [Member] | Unencumbered [Member] | Term Loan [Member] | Term Loan [Member] | Loan Secured Ridge Plaza [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||||||
Mortgage and Construction Loans [Member] | Mortgage and Construction Loans [Member] | Variable Rate Debt [Member] | Term Loan [Member] | Term Loan [Member] | Unencumbered [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Wholly Owned Properties [Member] | Unconsolidated Joint Ventures [Member] | Term Loan [Member] | Term Loan [Member] | |||||||||||||||||||||||||||||||||||
Leverage [Member] | Leverage [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Note 13 - Mortgage and Other Indebtedness (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | 0.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | 2.16% | ' | 3.58% | ' | 3.92% | ||
Proceeds from Loans | ' | $528,590,339 | $308,954,787 | $211,528,578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of Long-term Debt | ' | 342,033,168 | 322,646,717 | 132,901,400 | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Unsecured Lines of Credit | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | 21,000,000 | 39,000,000 | 7,600,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,900,000 | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of Unsecured Debt | 74,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments of Loan Costs | ' | 2,137,602 | 2,234,504 | 4,370,749 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | 9 | 55 | 5 | 66 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Construction Loans Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | 200,000,000 | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 230,000,000 | ' | 200,000,000 | [1] | 163,500,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.95% | [2] | 2.40% | [2] | 1.90% | 1.65% | 2.90% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | 1.45% | ' | ' | ' | 2.45% | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee, Basis Points (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | 0.35% | ' | ||
Debt Instrument Basis Spread on Variable Rate Increase Decrease (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | ' | ' | ' | 0.65% | ' | ' | ' | ||
Letters of Credit Outstanding, Amount | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Additional Borrowing Capacity | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | 62.50% | ' | ' | ||
Adjusted EBITDA to Fixed Charges Ratio | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum Tangible Net Worth | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of Net Proceeds of Future Equity Issuances | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Value of Properties, Percent Included in Unencumbered Pool | ' | 62.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital Reserves to Debt Service Ratio | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ratio of Indebtedness to Net Capital | ' | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum Property Pool Occupancy Rate | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Floating Rate Debt to Total Asset Value Ratio | ' | 0.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Recourse Debt to Total Asset Value Ratio | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of Funds from Operations Available from Shareholder Distribution | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest Costs Capitalized | ' | 5,100,000 | 7,400,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | 289,900,000 | 369,400,000 | 565,000,000 | 369,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | ' | 276,500,000 | 338,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.79% | ' | 2.83% | ' | 5.45% | ' | 4.25% | ||
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | $581,000,000 | $361,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The maturity date may be extended for an additional year at the Company's option subject to certain conditions. | |||||||||||||||||||||||||||||||||||||||||||||||
[2] | The rate on the Company's unsecured revolving credit facility and Term Loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. |
Note_13_Mortgage_and_Other_Ind3
Note 13 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | $857,144,074 | $699,908,768 |
Variable Rate Debt [Member] | Construction Loans [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | 144,388,705 | 72,156,149 |
Variable Rate Debt [Member] | Mortgages [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | 61,186,570 | 69,171,405 |
Variable Rate Debt [Member] | Net Premiums On Acquired Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | 64,688 | 191,720 |
Fixed Rate Debt [Member] | Mortgages [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | 276,504,111 | 338,765,294 |
Line of Credit [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | 145,000,000 | 94,624,200 |
Unsecured Term Loan [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Long-term debt | $230,000,000 | $125,000,000 |
Note_13_Mortgage_and_Other_Ind4
Note 13 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (Parentheticals) (USD $) | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | ||||
In Millions, unless otherwise specified | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Maximum [Member] | ||||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Construction Loans [Member] | Construction Loans [Member] | Mortgages [Member] | Mortgages [Member] | Construction Loans [Member] | Construction Loans [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | ||||||||||||||
Participating Mortgage Loans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Maximum borrowing level (in Dollars) | $200 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200 | [1] | $163.50 | [1] | ' | ' | ' | ' | $400 | ||
Variable interest LIBOR + | ' | ' | 2.00% | 2.00% | 1.25% | 1.25% | 2.50% | 2.50% | 2.94% | 3.25% | ' | ' | ' | ' | 1.95% | [2] | 2.40% | [2] | 1.65% | 2.50% | 1.80% | [2] | 2.60% | [2] | ' |
Maximum Interest Rate | ' | ' | 2.17% | 2.21% | ' | ' | 2.67% | 2.71% | ' | ' | ' | ' | ' | ' | 2.12% | 2.61% | ' | ' | 1.97% | 2.81% | ' | ||||
Interest rate | ' | ' | ' | ' | 1.42% | 1.46% | ' | ' | 3.11% | 3.46% | 5.42% | 5.42% | 6.78% | 6.78% | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The maturity date may be extended for an additional year at the Company's option subject to certain conditions. | ||||||||||||||||||||||||
[2] | The rate on the Company's unsecured revolving credit facility and Term Loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. |
Note_13_Mortgage_and_Other_Ind5
Note 13 - Mortgage and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans (USD $) | Dec. 31, 2013 | |
Note 13 - Mortgage and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ' | |
$92,346,413 | ||
101,048,576 | ||
149,706,817 | ||
158,901,113 | [1] | |
237,640,814 | [2] | |
117,435,653 | ||
857,079,386 | ||
64,688 | ||
857,144,074 | ||
Annual Principal Payments [Member] | ' | |
Note 13 - Mortgage and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ' | |
6,044,747 | ||
5,849,432 | ||
4,997,512 | ||
3,510,299 | [1] | |
3,387,165 | [2] | |
7,815,649 | ||
31,604,804 | ||
Term Maturity [Member] | ' | |
Note 13 - Mortgage and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ' | |
86,301,666 | ||
95,199,144 | ||
144,709,305 | ||
155,390,814 | [1] | |
234,253,649 | [2] | |
109,620,004 | ||
$825,474,582 | ||
[1] | Includes the Company's unsecured revolving credit facility. The Company has the option to extend the maturity date by one year to February 26, 2018, subject to certain conditions. | |
[2] | Includes the Company's unsecured Term Loan. The Company has the option to extend the maturity date by six months to February 21, 2019, subject to certain conditions. |
Note_14_Derivative_Instruments2
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Cap Interest Rate | 3.27% | ' | ' | ' | ' | ' | ' | ' | 3.27% | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | 5,900,000 | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,993,577 | 23,391,937 | 21,624,992 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 420,712 | 1,241,077 | -7,253,813 | 2,056,769 | -5,237,380 | -1,236,305 | -874,858 | 3,643,758 | -3,535,255 | -3,704,784 | 4,984,740 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | 1,500,000 | 3,100,000 |
Accrued Interest [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 300,000 | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 200,000 | ' |
Prepaid Expenses and Other Current Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Asset at Fair Value | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' |
Increase As Hedged Forecasted Interest Payments Occur [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Cash Flow Hedge [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $326,800,000 | ' | ' | ' | ' | ' | ' | ' | $326,800,000 | ' | ' |
Note_14_Derivative_Instruments3
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | |||
Net (loss) income attributable to Kite Realty Group Trust | ($2,849,735) | ($4,333,847) | $4,981,274 | |||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 6,611,393 | [1] | -3,734,448 | [1] | 1,376,005 | [1] |
Comprehensive income (loss) attributable to Kite Realty Group Trust | 3,761,658 | -8,068,295 | 6,357,279 | |||
Attributable to Common Shareholders [Member] | ' | ' | ' | |||
Note 14 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | |||
Comprehensive income (loss) attributable to Kite Realty Group Trust | $3,761,658 | ($8,068,295) | $6,357,279 | |||
[1] | Reflects the Company's share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Note_15_Lease_Information_Deta
Note 15 - Lease Information (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 |
acre | acre | |||
Note 15 - Lease Information (Details) [Line Items] | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Term of Contract | '6 years 219 days | ' | ' | ' |
Operating Leases, Income Statement, Percentage Revenue | $0.60 | $0.50 | $0.40 | ' |
Number of Properties Subject to Ground Leases | 5 | ' | ' | ' |
Area of Land (in Acres) | 19 | ' | ' | 12.8 |
Number of Landowners | 4 | ' | ' | ' |
Operating Leases, Rent Expense | $0.70 | $0.60 | $0.70 | ' |
Minimum [Member] | ' | ' | ' | ' |
Note 15 - Lease Information (Details) [Line Items] | ' | ' | ' | ' |
Number Of Extension Options | 5 | ' | ' | ' |
Length of Extension Option | '20 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 15 - Lease Information (Details) [Line Items] | ' | ' | ' | ' |
Number Of Extension Options | 10 | ' | ' | ' |
Length of Extension Option | '30 years | ' | ' | ' |
Note_15_Lease_Information_Deta1
Note 15 - Lease Information (Details) - Future Minimum Rentals (USD $) | Dec. 31, 2013 |
Future Minimum Rentals [Abstract] | ' |
2014 | $115,724,152 |
2015 | 107,531,418 |
2016 | 93,740,887 |
2017 | 82,430,618 |
2018 | 68,756,231 |
Thereafter | 342,448,581 |
Total | $810,631,887 |
Note_15_Lease_Information_Deta2
Note 15 - Lease Information (Details) - Future Minimum Lease Payments Due (USD $) | Dec. 31, 2013 |
Future Minimum Lease Payments Due [Abstract] | ' |
2014 | $461,040 |
2015 | 443,083 |
2016 | 406,881 |
2017 | 407,187 |
2018 | 44,499 |
Thereafter | 66,839 |
Total | $1,829,529 |
Note_16_Shareholders_Equity_an1
Note 16 - Shareholders' Equity and Redeemable Noncontrolling Interests (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Oct. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | |
Unencumbered [Member] | Unencumbered [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Note 16 - Shareholders' Equity and Redeemable Noncontrolling Interests (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | 36,800,000 | 12,075,000 | 15,525,000 | 0 | 1,300,000 | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | $6.16 | $5.20 | $6.55 | ' | $25.12 | ' |
Proceeds from Issuance of Common Stock | $314,771,835 | $63,038,208 | ($252,221) | ' | ' | $217,000,000 | $59,700,000 | $97,000,000 | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | 66 | 9 | ' | ' | ' | ' | ' | ' |
Dividends Payable | 8,200,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Distribution Agreements Maximum Common Shares Value | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' |
Proceeds from Issuance of Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,300,000 | ' |
Preferred Stock, Amount of Preferred Dividends in Arrears | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 |
Units of Partnership Interest, Amount (in Shares) | 90,000 | 1,103,714 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_17_Quarterly_Financial_Da2
Note 17 - Quarterly Financial Data (Unaudited) (Details) - Consolidated Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $35,978,480 | $32,552,873 | $29,921,115 | $31,035,859 | $25,524,403 | $24,208,298 | $23,137,244 | $23,669,498 | ' | ' | ' |
Operating income | 7,550,938 | 5,738,338 | 5,575,107 | 8,727,382 | 6,422,333 | 4,466,140 | 4,572,623 | 4,140,769 | 27,591,765 | 19,601,865 | 20,449,904 |
Income (loss) from continuing operations | 190,664 | -1,880,804 | -1,511,589 | 2,475,132 | -7,047,649 | -1,409,186 | -1,190,492 | -1,807,342 | -8,685,508 | -17,570,593 | -1,890,824 |
(Loss) income from discontinued operations | 230,048 | 3,121,881 | -5,742,224 | -418,363 | 1,810,269 | 172,881 | 315,634 | 5,451,101 | -2,620,478 | 5,316,744 | 1,097,098 |
Consolidated net income (loss) | 420,712 | 1,241,077 | -7,253,813 | 2,056,769 | -5,237,380 | -1,236,305 | -874,858 | 3,643,758 | -3,535,255 | -3,704,784 | 4,984,740 |
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | -1,876,323 | -3,770,528 | -3,358,627 | 319,970 | -8,344,940 | -3,193,882 | -2,999,086 | -3,032,685 | -11,305,986 | -12,253,849 | -793,726 |
Net loss attributable to Kite Realty Group Trust common shareholders | ($1,659,158) | ($857,813) | ($8,706,867) | ($82,148) | ($6,466,915) | ($3,038,160) | ($2,717,700) | ($31,074) | ' | ' | ' |
Net loss per common share b basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.02) | ($0.04) | ($0.04) | $0 | ($0.12) | ($0.05) | ($0.05) | ($0.05) | ' | ' | ' |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.01) | ($0.01) | ($0.10) | $0 | ($0.09) | ($0.05) | ($0.04) | $0 | ' | ' | ' |
Weighted average Common Shares outstanding - basic and diliuted (in Shares) | 113,474,270 | 93,803,896 | 91,066,817 | 77,834,032 | 74,966,736 | 64,780,540 | 64,014,187 | 63,713,893 | 94,141,738 | 66,885,259 | 63,557,322 |
Note_18_Commitments_and_Contin1
Note 18 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Special Assessment Bond | $35 |
Loss Contingency, Range of Possible Loss, Maximum | 0.4 |
Letters of Credit Outstanding, Amount | $4.20 |
Note_19_Employee_401k_Plan_Det
Note 19 - Employee 401(k) Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount (in Dollars) | $17,500 | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $200,000 | $200,000 | $200,000 |
First Three Percent of Contribution [Member] | ' | ' | ' |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ' | ' |
Matched at 100% [Member] | ' | ' | ' |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ' | ' |
Between Three and Five Percent [Member] | ' | ' | ' |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ' | ' |
Matched at 50% [Member] | Minimum [Member] | ' | ' | ' |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ' | ' |
Matched at 50% [Member] | Maximum [Member] | ' | ' | ' |
Note 19 - Employee 401(k) Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ' | ' |
Note_20_Supplemental_Schedule_2
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Settlement of loan in acquisition of noncontrolling interest in Rangeline Crossing | ' | $8,700,000 | $578,200 |
Accrued distribution to preferred shareholders | 8,456,251 | 7,920,002 | 5,775,000 |
Payable due to PREI in connection with consolidation of Parkside Town Commons | ' | 4,924,994 | ' |
Assumption of debt | 31,494,701 | 13,038,680 | ' |
Parkside Town Commons [Member] | ' | ' | ' |
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Assumption of debt | ' | 14,440,000 | ' |
12th Street Plaza [Member] | ' | ' | ' |
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Assumption of debt | ' | 8,086,135 | ' |
Kedron Village [Member] | ' | ' | ' |
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Non-recourse debt related to Kedron Village foreclosure | 29,194,834 | ' | ' |
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | 27,953,110 | ' | ' |
Current Year Distribution [Member] | ' | ' | ' |
Note 20 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | ' | ' | ' |
Accrued distribution to preferred shareholders | $704,688 | $704,688 | $481,250 |
Note_21_Related_Parties_Detail
Note 21 - Related Parties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 21 - Related Parties (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $300,000 | $300,000 | $200,000 |
Unconsolidated Entities [Member] | ' | ' | ' |
Note 21 - Related Parties (Details) [Line Items] | ' | ' | ' |
Revenue from Related Parties | 0 | 20,000 | 30,000 |
Entities Owned By Members of Management [Member] | ' | ' | ' |
Note 21 - Related Parties (Details) [Line Items] | ' | ' | ' |
Revenue from Related Parties | $40,000 | $40,000 | $40,000 |
Note_22_Subsequent_Events_Deta
Note 22 - Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2014 | Feb. 09, 2014 | Feb. 09, 2014 | Feb. 07, 2014 | Feb. 09, 2014 | Mar. 07, 2014 | Dec. 31, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Red Bank Commons [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||
Reference Price Equal to or Less Than $6.36 [Member] | Reference Price, Between 3.36 and 6.58 [Member] | Reference Price Greater Than $6.58 [Member] | Series A Preferred Stock [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||||
Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||||||
Note 22 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred (in Dollars) | ' | ' | ' | ' | ' | ' | $2,100,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities (in Dollars) | 31,494,701 | 13,038,680 | ' | ' | ' | ' | 900,000,000 | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | 57 |
Real Estate Properties, Percent Leased | ' | ' | ' | ' | ' | ' | ' | ' | 95.30% |
Business Combination, Shares Issued in Exchange, Per Share | ' | ' | $1.71 | ' | $1.65 | ' | ' | ' | ' |
Reference Price Threshold, Lower | ' | ' | ' | ' | ' | ' | $6.36 | ' | ' |
Reference Price Threshold, Higher | ' | ' | ' | ' | ' | ' | $6.58 | ' | ' |
Numerator for Stock Exchange Ratio | ' | ' | ' | $10.85 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Disposals (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $5,300,000 | ' |
Preferred Stock, Dividends Per Share, Declared | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' |
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) [Line Items] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Gross | $1,872,087,961 | $1,390,213,220 | $1,268,253,652 | $1,194,766,485 |
Federal Tax Purposes [Member] | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) [Line Items] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Gross | $1,600,000,000 | ' | ' | ' |
Schedule_III_Consolidated_Real2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Consolidated Real Estate and Accumulated Depreciation (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | $857,146,095 | ' | ' | ' | |
Initial Cost - Land | 435,549,191 | ' | ' | ' | |
Initial Cost - Building & Improvements | 1,365,419,456 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 435,788,056 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 1,436,299,905 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 1,872,087,961 | 1,390,213,220 | 1,268,253,652 | 1,194,766,485 | |
Accumulated Depreciation | 229,286,005 | 190,972,644 | 174,167,146 | 147,889,371 | |
Shopping Centers [Member] | Land [Member] | 12th Street Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | 54th & College [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Burlington Coat [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Burnt Store Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Castleton Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Centre at Panola [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Clay Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Cobblestone Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Cool Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Cool Springs Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Cove Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Estero Town Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Fox Lake Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Glendale Town Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Greyhound Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | International Speedway Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Lithia Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Market Street Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Northdale Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Oleander Place [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Cedar Hill Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Publix at Acworth [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 38,778 | ' | ' | ' | |
Shopping Centers [Member] | Land [Member] | Publix at Woodruff [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Red Bank Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Ridge Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Rivers Edge Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Shoppes at Plaza Green [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Shoppes Of Eastwood [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Shops at Eagle Creek [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 200,087 | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Stoney Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Sunland Towne Centre [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Tarpon Bay Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | The Corner [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | The Shops at Otty [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Toringdon Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Traders Point II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | Waterford Lakes Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Land [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 238,865 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | 12th Street Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 144,224 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | 54th & College [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Bayport Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 79,338 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Beacon Hill Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 645,261 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Boulevard Crossings [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 1,811,466 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Burlington Coat [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Burnt Store Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Castleton Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Centre at Panola [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 56,996 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Clay Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Cobblestone Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Cool Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 791,808 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Cool Springs Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 427,426 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Cove Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 343,055 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Eastgate Pavilion [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 509,937 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Eddy Street Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 94,245 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Estero Town Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Fishers Station [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 439,612 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Four Corner Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 901,643 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Fox Lake Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 244,326 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 5,778 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Geist Pavilion [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 1,700,969 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Glendale Town Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 542,631 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Greyhound Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Hamilton Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 734,423 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Indian River Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 544,711 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | International Speedway Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 7,709,081 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Lithia Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 3,604,569 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Market Street Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 2,024,869 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Northdale Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Oleander Place [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Pine Ridge Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 655,263 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Cedar Hill Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 9,030,157 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Plaza Volente [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 745,476 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Publix at Acworth [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 775,549 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Publix at Woodruff [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 50,500 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Red Bank Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 236,195 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Ridge Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 743,346 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Riverchase [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 1,157,770 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Rivers Edge Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Shoppes at Plaza Green [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 50,953 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Shoppes Of Eastwood [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Shops at Eagle Creek [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 4,081,983 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Stoney Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 4,712,289 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Sunland Towne Centre [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 4,357,999 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Tarpon Bay Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 158,502 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | The Corner [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 1,466,543 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | The Shops at Otty [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 200,092 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Toringdon Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Traders Point [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 526,502 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | Traders Point II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 309,837 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Waterford Lakes Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 206,178 | [1] | ' | ' | ' |
Shopping Centers [Member] | Building and Building Improvements [Member] | Whitehall Pike [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 120,742 | ' | ' | ' | |
Shopping Centers [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 52,942,245 | ' | ' | ' | |
Shopping Centers [Member] | 12th Street Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,624,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 13,792,742 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,624,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 13,936,966 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 16,560,966 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,041,057 | [1] | ' | ' | ' |
Shopping Centers [Member] | 50th & 12th [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 4,034,174 | ' | ' | ' | |
Initial Cost - Land | 2,995,931 | ' | ' | ' | |
Initial Cost - Building & Improvements | 2,810,145 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,995,931 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 2,810,145 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 5,806,076 | ' | ' | ' | |
Accumulated Depreciation | 754,862 | ' | ' | ' | |
Shopping Centers [Member] | 54th & College [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,671,501 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,671,501 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 2,671,501 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Shopping Centers [Member] | Bayport Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 12,733,766 | ' | ' | ' | |
Initial Cost - Land | 7,868,354 | ' | ' | ' | |
Initial Cost - Building & Improvements | 21,980,423 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 7,868,354 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 22,059,761 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 29,928,115 | ' | ' | ' | |
Accumulated Depreciation | 3,539,812 | ' | ' | ' | |
Shopping Centers [Member] | Beacon Hill Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 6,859,650 | ' | ' | ' | |
Initial Cost - Land | 3,293,393 | ' | ' | ' | |
Initial Cost - Building & Improvements | 13,398,047 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,293,393 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 14,043,308 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 17,336,701 | ' | ' | ' | |
Accumulated Depreciation | 2,310,122 | ' | ' | ' | |
Shopping Centers [Member] | Beechwood Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 2,733,793 | ' | ' | ' | |
Initial Cost - Building & Improvements | 45,041,890 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,733,793 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 45,041,890 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 47,775,683 | ' | ' | ' | |
Accumulated Depreciation | 175,284 | ' | ' | ' | |
Shopping Centers [Member] | Boulevard Crossings [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 13,243,138 | ' | ' | ' | |
Initial Cost - Land | 4,385,525 | ' | ' | ' | |
Initial Cost - Building & Improvements | 10,015,940 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 4,385,525 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 11,827,406 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 16,212,931 | ' | ' | ' | |
Accumulated Depreciation | 3,517,572 | ' | ' | ' | |
Shopping Centers [Member] | Bridgewater Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 1,935,200 | ' | ' | ' | |
Initial Cost - Land | 3,406,641 | ' | ' | ' | |
Initial Cost - Building & Improvements | 8,703,084 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,406,641 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 8,703,084 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 12,109,725 | ' | ' | ' | |
Accumulated Depreciation | 1,506,954 | ' | ' | ' | |
Shopping Centers [Member] | Burlington Coat [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 29,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 2,772,992 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 29,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 2,772,992 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 2,801,992 | [1] | ' | ' | ' |
Accumulated Depreciation | 864,386 | [1] | ' | ' | ' |
Shopping Centers [Member] | Burnt Store Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,112,244 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 6,240,668 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,112,244 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 6,240,668 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 11,352,912 | [1] | ' | ' | ' |
Accumulated Depreciation | 35,335 | [1] | ' | ' | ' |
Shopping Centers [Member] | Castleton Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 9,750,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 29,653,752 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 9,750,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 29,653,752 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 39,403,752 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,255,994 | [1] | ' | ' | ' |
Shopping Centers [Member] | Centre at Panola [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 2,864,780 | [1] | ' | ' | ' |
Initial Cost - Land | 1,985,975 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 8,208,503 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,985,975 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 8,265,499 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 10,251,474 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,556,279 | [1] | ' | ' | ' |
Shopping Centers [Member] | Clay Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,398,101 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 8,771,579 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,398,101 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 8,771,579 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 10,169,680 | [1] | ' | ' | ' |
Accumulated Depreciation | 34,635 | [1] | ' | ' | ' |
Shopping Centers [Member] | Cobblestone Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 11,221,414 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 46,455,859 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 11,221,414 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 46,455,859 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 57,677,273 | [1] | ' | ' | ' |
Accumulated Depreciation | 4,190,675 | [1] | ' | ' | ' |
Shopping Centers [Member] | Cool Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 16,903,926 | [1] | ' | ' | ' |
Initial Cost - Land | 6,062,351 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 15,109,012 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 6,062,351 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 15,900,820 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 21,963,171 | [1] | ' | ' | ' |
Accumulated Depreciation | 4,906,842 | [1] | ' | ' | ' |
Shopping Centers [Member] | Cool Springs Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 12,684,400 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 23,866,531 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 12,684,400 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 23,866,531 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 36,550,931 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,317,492 | [1] | ' | ' | ' |
Shopping Centers [Member] | Cornelius Gateway [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 1,249,447 | ' | ' | ' | |
Initial Cost - Building & Improvements | 3,530,854 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,249,447 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 3,530,854 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 4,780,301 | ' | ' | ' | |
Accumulated Depreciation | 660,176 | ' | ' | ' | |
Shopping Centers [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 4,998,974 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 16,744,986 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 4,998,974 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 17,172,412 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 22,171,386 | [1] | ' | ' | ' |
Accumulated Depreciation | 5,269,541 | [1] | ' | ' | ' |
Shopping Centers [Member] | Cove Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,035,770 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 19,986,463 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,035,770 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 20,329,518 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 22,365,288 | [1] | ' | ' | ' |
Accumulated Depreciation | 3,324,313 | [1] | ' | ' | ' |
Shopping Centers [Member] | DePauw University Bookstore & Cafe [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 63,765 | ' | ' | ' | |
Initial Cost - Building & Improvements | 667,460 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 63,765 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 667,460 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 731,225 | ' | ' | ' | |
Accumulated Depreciation | 84,447 | ' | ' | ' | |
Shopping Centers [Member] | Eastgate Pavilion [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 16,164,000 | ' | ' | ' | |
Initial Cost - Land | 8,122,283 | ' | ' | ' | |
Initial Cost - Building & Improvements | 19,806,779 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 8,122,283 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 20,316,716 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 28,438,999 | ' | ' | ' | |
Accumulated Depreciation | 6,247,755 | ' | ' | ' | |
Shopping Centers [Member] | Eddy Street Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 24,739,889 | ' | ' | ' | |
Initial Cost - Land | 1,900,000 | ' | ' | ' | |
Initial Cost - Building & Improvements | 38,220,037 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,900,000 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 38,314,282 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 40,214,282 | ' | ' | ' | |
Accumulated Depreciation | 4,983,468 | ' | ' | ' | |
Shopping Centers [Member] | Estero Town Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 8,973,290 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 9,968,125 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 8,973,290 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 9,968,125 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 18,941,415 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,770,163 | [1] | ' | ' | ' |
Shopping Centers [Member] | Fishers Station [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 7,733,720 | ' | ' | ' | |
Initial Cost - Land | 3,735,807 | ' | ' | ' | |
Initial Cost - Building & Improvements | 11,831,378 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,735,807 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 12,270,990 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 16,006,797 | ' | ' | ' | |
Accumulated Depreciation | 5,043,672 | ' | ' | ' | |
Shopping Centers [Member] | Four Corner Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 9,231,259 | ' | ' | ' | |
Initial Cost - Building & Improvements | 21,750,854 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 9,231,259 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 22,652,497 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 31,883,756 | ' | ' | ' | |
Accumulated Depreciation | 4,034,696 | ' | ' | ' | |
Shopping Centers [Member] | Fox Lake Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,684,724 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 9,324,308 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,684,724 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 9,568,634 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 15,253,358 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,586,507 | [1] | ' | ' | ' |
Shopping Centers [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,437,373 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 9,998,346 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,437,373 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 10,004,124 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 15,441,497 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,512,451 | [1] | ' | ' | ' |
Shopping Centers [Member] | Geist Pavilion [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 10,863,420 | ' | ' | ' | |
Initial Cost - Land | 1,367,816 | ' | ' | ' | |
Initial Cost - Building & Improvements | 9,788,966 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,367,816 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 11,489,935 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 12,857,751 | ' | ' | ' | |
Accumulated Depreciation | 3,274,778 | ' | ' | ' | |
Shopping Centers [Member] | Glendale Town Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,494,469 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 45,947,464 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,494,469 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 46,490,095 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 47,984,564 | [1] | ' | ' | ' |
Accumulated Depreciation | 21,085,947 | [1] | ' | ' | ' |
Shopping Centers [Member] | Greyhound Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,641,246 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 866,993 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,641,246 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 866,993 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 3,508,239 | [1] | ' | ' | ' |
Accumulated Depreciation | 377,385 | [1] | ' | ' | ' |
Shopping Centers [Member] | Hamilton Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 12,660,991 | ' | ' | ' | |
Initial Cost - Land | 5,672,477 | ' | ' | ' | |
Initial Cost - Building & Improvements | 9,918,492 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 5,672,477 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 10,652,915 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 16,325,392 | ' | ' | ' | |
Accumulated Depreciation | 3,506,811 | ' | ' | ' | |
Shopping Centers [Member] | Holly Springs Towne Center - Phase I [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 33,537,912 | ' | ' | ' | |
Initial Cost - Land | 12,035,316 | ' | ' | ' | |
Initial Cost - Building & Improvements | 46,085,657 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 12,035,316 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 46,085,657 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 58,120,973 | ' | ' | ' | |
Accumulated Depreciation | 893,462 | ' | ' | ' | |
Shopping Centers [Member] | Hunters Creak Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 8,335,007 | ' | ' | ' | |
Initial Cost - Building & Improvements | 12,831,340 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 8,335,007 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 12,831,340 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 21,166,347 | ' | ' | ' | |
Accumulated Depreciation | 39,418 | ' | ' | ' | |
Shopping Centers [Member] | Indian River Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 12,451,226 | ' | ' | ' | |
Initial Cost - Land | 5,180,000 | ' | ' | ' | |
Initial Cost - Building & Improvements | 9,650,940 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 5,180,000 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 10,195,651 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 15,375,651 | ' | ' | ' | |
Accumulated Depreciation | 4,530,956 | ' | ' | ' | |
Shopping Centers [Member] | International Speedway Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 20,300,144 | [1] | ' | ' | ' |
Initial Cost - Land | 7,769,277 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 19,493,923 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 7,769,277 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 27,203,004 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 34,972,281 | [1] | ' | ' | ' |
Accumulated Depreciation | 10,925,583 | [1] | ' | ' | ' |
Shopping Centers [Member] | Kingwood Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 5,715,450 | ' | ' | ' | |
Initial Cost - Building & Improvements | 31,057,937 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 5,715,450 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 31,057,937 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 36,773,387 | ' | ' | ' | |
Accumulated Depreciation | 105,349 | ' | ' | ' | |
Shopping Centers [Member] | Lakewood Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 1,783,240 | ' | ' | ' | |
Initial Cost - Building & Improvements | 25,833,519 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,783,240 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 25,833,519 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 27,616,759 | ' | ' | ' | |
Accumulated Depreciation | 83,304 | ' | ' | ' | |
Shopping Centers [Member] | Lithia Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 3,064,698 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 10,106,252 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 3,064,698 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 13,710,821 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 16,775,519 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,632,326 | [1] | ' | ' | ' |
Shopping Centers [Member] | Market Street Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 9,764,381 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 18,745,417 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 9,764,381 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 20,770,286 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 30,534,667 | [1] | ' | ' | ' |
Accumulated Depreciation | 6,087,352 | [1] | ' | ' | ' |
Shopping Centers [Member] | Naperville Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 9,313,838 | ' | ' | ' | |
Initial Cost - Land | 5,364,101 | ' | ' | ' | |
Initial Cost - Building & Improvements | 12,187,580 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 5,364,101 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 12,187,580 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 17,551,681 | ' | ' | ' | |
Accumulated Depreciation | 2,293,144 | ' | ' | ' | |
Shopping Centers [Member] | Northdale Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,718,254 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 23,187,048 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,718,254 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 23,187,048 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 24,905,302 | [1] | ' | ' | ' |
Accumulated Depreciation | 83,079 | [1] | ' | ' | ' |
Shopping Centers [Member] | Oleander Place [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 862,500 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 6,178,838 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 862,500 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 6,178,838 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 7,041,338 | [1] | ' | ' | ' |
Accumulated Depreciation | 477,330 | [1] | ' | ' | ' |
Shopping Centers [Member] | Pine Ridge Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 17,086,058 | ' | ' | ' | |
Initial Cost - Land | 5,639,675 | ' | ' | ' | |
Initial Cost - Building & Improvements | 18,659,718 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 5,639,675 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 19,314,981 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 24,954,656 | ' | ' | ' | |
Accumulated Depreciation | 5,121,759 | ' | ' | ' | |
Shopping Centers [Member] | Cedar Hill Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,782,304 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 37,855,288 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,782,304 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 46,885,445 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 52,667,749 | [1] | ' | ' | ' |
Accumulated Depreciation | 12,308,099 | [1] | ' | ' | ' |
Shopping Centers [Member] | Plaza Volente [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 26,849,712 | ' | ' | ' | |
Initial Cost - Land | 4,600,000 | ' | ' | ' | |
Initial Cost - Building & Improvements | 29,387,611 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 4,600,000 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 30,133,087 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 34,733,087 | ' | ' | ' | |
Accumulated Depreciation | 8,001,719 | ' | ' | ' | |
Shopping Centers [Member] | Portofino Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 4,754,341 | ' | ' | ' | |
Initial Cost - Building & Improvements | 75,897,119 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 4,754,341 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 75,897,119 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 80,651,460 | ' | ' | ' | |
Accumulated Depreciation | 268,264 | ' | ' | ' | |
Shopping Centers [Member] | Publix at Acworth [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 6,888,354 | ' | ' | ' | |
Initial Cost - Land | 1,356,601 | ' | ' | ' | |
Initial Cost - Building & Improvements | 8,273,959 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,395,379 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 9,049,508 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 10,444,887 | ' | ' | ' | |
Accumulated Depreciation | 2,482,013 | ' | ' | ' | |
Shopping Centers [Member] | Publix at Woodruff [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,783,100 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 7,520,346 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,783,100 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 7,570,846 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 9,353,946 | [1] | ' | ' | ' |
Accumulated Depreciation | 992,736 | [1] | ' | ' | ' |
Shopping Centers [Member] | Rangeline Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 16,459,032 | ' | ' | ' | |
Initial Cost - Land | 2,042,885 | ' | ' | ' | |
Initial Cost - Building & Improvements | 16,221,509 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,042,885 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 16,221,509 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 18,264,394 | ' | ' | ' | |
Accumulated Depreciation | 3,247,678 | ' | ' | ' | |
Shopping Centers [Member] | Red Bank Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,408,328 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 4,764,511 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,408,328 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 5,000,706 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 6,409,034 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,369,165 | [1] | ' | ' | ' |
Shopping Centers [Member] | Ridge Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 4,664,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 17,484,274 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 4,664,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 18,227,620 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 22,891,620 | [1] | ' | ' | ' |
Accumulated Depreciation | 6,147,577 | [1] | ' | ' | ' |
Shopping Centers [Member] | Riverchase [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 10,251,635 | ' | ' | ' | |
Initial Cost - Land | 3,888,945 | ' | ' | ' | |
Initial Cost - Building & Improvements | 11,860,003 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,888,945 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 13,017,773 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 16,906,718 | ' | ' | ' | |
Accumulated Depreciation | 2,714,060 | ' | ' | ' | |
Shopping Centers [Member] | Rivers Edge Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,646,522 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 31,385,832 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,646,522 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 31,385,832 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 37,032,354 | [1] | ' | ' | ' |
Accumulated Depreciation | 3,358,045 | [1] | ' | ' | ' |
Shopping Centers [Member] | Shoppes at Plaza Green [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 3,748,801 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 25,201,172 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 3,748,801 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 25,252,125 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 29,000,926 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,644,604 | [1] | ' | ' | ' |
Shopping Centers [Member] | Shoppes Of Eastwood [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,687,734 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 10,821,385 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,687,734 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 10,821,385 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 12,509,119 | [1] | ' | ' | ' |
Accumulated Depreciation | 803,476 | [1] | ' | ' | ' |
Shopping Centers [Member] | Shops at Eagle Creek [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,877,727 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 8,018,387 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 3,077,814 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 12,100,370 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 15,178,184 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,642,849 | [1] | ' | ' | ' |
Shopping Centers [Member] | Stoney Creek Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 627,964 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 4,599,185 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 627,964 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 9,311,474 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 9,939,438 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,236,209 | [1] | ' | ' | ' |
Shopping Centers [Member] | Sunland Towne Centre [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 24,289,082 | [1] | ' | ' | ' |
Initial Cost - Land | 14,773,536 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 22,973,090 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 14,773,536 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 27,331,089 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 42,104,625 | [1] | ' | ' | ' |
Accumulated Depreciation | 7,107,812 | [1] | ' | ' | ' |
Shopping Centers [Member] | Tarpon Bay Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,370,399 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 24,520,177 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,370,399 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 24,678,679 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 30,049,078 | [1] | ' | ' | ' |
Accumulated Depreciation | 4,794,590 | [1] | ' | ' | ' |
Shopping Centers [Member] | The Corner [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 303,916 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 3,995,132 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 303,916 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 5,461,675 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 5,765,591 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,978,731 | [1] | ' | ' | ' |
Shopping Centers [Member] | The Shops at Otty [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 26,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 2,150,737 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 26,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 2,350,829 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 2,376,829 | [1] | ' | ' | ' |
Accumulated Depreciation | 757,972 | [1] | ' | ' | ' |
Shopping Centers [Member] | Toringdon Market [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 5,448,400 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 9,904,419 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 5,448,400 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 9,904,419 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 15,352,819 | [1] | ' | ' | ' |
Accumulated Depreciation | 226,895 | [1] | ' | ' | ' |
Shopping Centers [Member] | Traders Point [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 44,348,363 | ' | ' | ' | |
Initial Cost - Land | 9,443,449 | ' | ' | ' | |
Initial Cost - Building & Improvements | 37,348,157 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 9,443,449 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 37,874,659 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 47,318,108 | ' | ' | ' | |
Accumulated Depreciation | 10,446,566 | ' | ' | ' | |
Shopping Centers [Member] | Traders Point II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,375,797 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 7,202,988 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,375,797 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 7,512,825 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 9,888,622 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,972,816 | [1] | ' | ' | ' |
Shopping Centers [Member] | Trussville Promenade [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 9,122,992 | ' | ' | ' | |
Initial Cost - Building & Improvements | 45,615,194 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 9,122,992 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 45,615,194 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 54,738,186 | ' | ' | ' | |
Accumulated Depreciation | 196,588 | ' | ' | ' | |
Shopping Centers [Member] | Waterford Lakes Village [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 2,316,674 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 7,435,244 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 2,316,674 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 7,641,422 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 9,958,096 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,556,408 | [1] | ' | ' | ' |
Shopping Centers [Member] | Whitehall Pike [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 6,748,326 | ' | ' | ' | |
Initial Cost - Land | 3,688,857 | ' | ' | ' | |
Initial Cost - Building & Improvements | 6,109,115 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,688,857 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 6,229,857 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 9,918,714 | ' | ' | ' | |
Accumulated Depreciation | 3,877,778 | ' | ' | ' | |
Shopping Centers [Member] | Zionsville Walgreens [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 4,594,000 | ' | ' | ' | |
Initial Cost - Land | 2,055,035 | ' | ' | ' | |
Initial Cost - Building & Improvements | 2,480,313 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,055,035 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 2,480,313 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 4,535,348 | ' | ' | ' | |
Accumulated Depreciation | 79,741 | ' | ' | ' | |
Shopping Centers [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 363,854,334 | ' | ' | ' | |
Initial Cost - Land | 307,857,529 | ' | ' | ' | |
Initial Cost - Building & Improvements | 1,178,215,987 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 308,096,394 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 1,231,158,232 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 1,539,254,626 | ' | ' | ' | |
Accumulated Depreciation | 207,254,864 | ' | ' | ' | |
Commercial Properties [Member] | Land [Member] | Union Station Parking Garage [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Commercial Properties [Member] | Building and Building Improvements [Member] | Thirty South [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 17,339,030 | ' | ' | ' | |
Commercial Properties [Member] | Building and Building Improvements [Member] | Union Station Parking Garage [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 599,174 | [1] | ' | ' | ' |
Commercial Properties [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 17,938,204 | ' | ' | ' | |
Commercial Properties [Member] | Thirty South [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 18,900,000 | ' | ' | ' | |
Initial Cost - Land | 1,643,415 | ' | ' | ' | |
Initial Cost - Building & Improvements | 10,017,768 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,643,415 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 27,356,798 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 29,000,213 | ' | ' | ' | |
Accumulated Depreciation | 8,944,809 | ' | ' | ' | |
Commercial Properties [Member] | Union Station Parking Garage [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 903,627 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 2,642,598 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 903,627 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 3,241,772 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 4,145,399 | [1] | ' | ' | ' |
Accumulated Depreciation | 1,181,026 | [1] | ' | ' | ' |
Commercial Properties [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 18,900,000 | ' | ' | ' | |
Initial Cost - Land | 2,547,042 | ' | ' | ' | |
Initial Cost - Building & Improvements | 12,660,366 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,547,042 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 30,598,570 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 33,145,612 | ' | ' | ' | |
Accumulated Depreciation | 10,125,835 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Land [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Land [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Land [Member] | Bolton Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Land [Member] | Kings Lake Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Building and Building Improvements [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Building and Building Improvements [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Building and Building Improvements [Member] | Bolton Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Building and Building Improvements [Member] | Kings Lake Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Courthouse Shadows [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 471,006 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 471,006 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 471,006 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Four Corner Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 18,885,990 | ' | ' | ' | |
Initial Cost - Land | 696,722 | ' | ' | ' | |
Initial Cost - Building & Improvements | 6,997,298 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 696,722 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 6,997,298 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 7,694,020 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Gainesville Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Building & Improvements | 210,344 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 210,344 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 210,344 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Rangeline Crossing [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Building & Improvements | 2,092,112 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 2,092,112 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 2,092,112 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Bolton Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 3,733,426 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 15,690,410 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 3,733,426 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 15,690,410 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 19,423,836 | [1] | ' | ' | ' |
Accumulated Depreciation | 4,889,325 | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | Delray Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 59,044,577 | ' | ' | ' | |
Initial Cost - Land | 22,202,495 | ' | ' | ' | |
Initial Cost - Building & Improvements | 86,511,480 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 22,202,495 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 86,511,480 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 108,713,975 | ' | ' | ' | |
Accumulated Depreciation | 1,755,858 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Kings Lake Square [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 4,519,000 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | 13,431,973 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 4,519,000 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | 13,431,973 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 17,950,973 | [1] | ' | ' | ' |
Accumulated Depreciation | 5,260,123 | [1] | ' | ' | ' |
Under Construction Development and Redevelopment Properties [Member] | KRG Development [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Building & Improvements | 7,003 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 7,003 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 7,003 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Parkside Town Commons - Phase I [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 3,181,997 | ' | ' | ' | |
Initial Cost - Land | 2,567,764 | ' | ' | ' | |
Initial Cost - Building & Improvements | 31,552,685 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 2,567,764 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 31,552,685 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 34,120,449 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | Parkside Town Commons - Phase II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 13,279,198 | ' | ' | ' | |
Initial Cost - Land | 6,957,266 | ' | ' | ' | |
Initial Cost - Building & Improvements | 18,049,798 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 6,957,266 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 18,049,798 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 25,007,064 | ' | ' | ' | |
Under Construction Development and Redevelopment Properties [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 94,391,761 | ' | ' | ' | |
Initial Cost - Land | 41,147,679 | ' | ' | ' | |
Initial Cost - Building & Improvements | 174,543,103 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 41,147,679 | ' | ' | ' | |
Gross Carry Amount Close of Period - Building & Improvements | 174,543,103 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 215,690,782 | ' | ' | ' | |
Accumulated Depreciation | 11,905,306 | ' | ' | ' | |
Other Property [Member] | Land [Member] | Eddy Street Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Land [Member] | Eagle Creek IV [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Land [Member] | Holly Springs - Phase II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Land [Member] | KR New Hill [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Building and Building Improvements [Member] | Eddy Street Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Building and Building Improvements [Member] | Eagle Creek IV [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Building and Building Improvements [Member] | Holly Springs - Phase II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Building and Building Improvements [Member] | KR New Hill [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | ' | [1] | ' | ' | ' |
Other Property [Member] | Beacon Hill Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 3,590,703 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,590,703 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 3,590,703 | ' | ' | ' | |
Other Property [Member] | Bridgewater Marketplace [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 1,892,909 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 1,892,909 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 1,892,909 | ' | ' | ' | |
Other Property [Member] | Eddy Street Commons [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,924,820 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,924,820 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 1,924,820 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Other Property [Member] | 951 & 41 [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 5,000,000 | ' | ' | ' | |
Initial Cost - Land | 19,013,566 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 19,013,566 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 19,013,566 | ' | ' | ' | |
Other Property [Member] | Eagle Creek IV [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 1,905,999 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 1,905,999 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 1,905,999 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Other Property [Member] | Fox Lake Crossing II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 3,458,414 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 3,458,414 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 3,458,414 | ' | ' | ' | |
Other Property [Member] | Gateway Shopping Center [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 408,000 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 408,000 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 408,000 | ' | ' | ' | |
Other Property [Member] | Holly Springs - Phase II [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 16,353,662 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 16,353,662 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 16,353,662 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Other Property [Member] | KR New Hill [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | ' | [1] | ' | ' | ' |
Initial Cost - Land | 4,362,362 | [1] | ' | ' | ' |
Initial Cost - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Land | 4,362,362 | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Building & Improvements | ' | [1] | ' | ' | ' |
Gross Carry Amount Close of Period - Total | 4,362,362 | [1] | ' | ' | ' |
Accumulated Depreciation | ' | [1] | ' | ' | ' |
Other Property [Member] | KR Peakway [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 6,032,105 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 6,032,105 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 6,032,105 | ' | ' | ' | |
Other Property [Member] | KRG Peakway [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 16,215,375 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 16,215,375 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 16,215,375 | ' | ' | ' | |
Other Property [Member] | Pan Am Plaza [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 8,797,837 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 8,797,837 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 8,797,837 | ' | ' | ' | |
Other Property [Member] | Parkside Town Commons - Phase III [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Initial Cost - Land | 41,189 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 41,189 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 41,189 | ' | ' | ' | |
Other Property [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 5,000,000 | ' | ' | ' | |
Initial Cost - Land | 83,996,941 | ' | ' | ' | |
Gross Carry Amount Close of Period - Land | 83,996,941 | ' | ' | ' | |
Gross Carry Amount Close of Period - Total | 83,996,941 | ' | ' | ' | |
line of credit/term loan [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Encumbrances | 375,000,000 | [1] | ' | ' | ' |
Land [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | 238,865 | ' | ' | ' | |
Building and Building Improvements [Member] | ' | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | ' | |
Cost Capitalized Subsequent to Acquisition/Development - Land, Building, & Improvements | $70,880,449 | ' | ' | ' | |
[1] | This property or a portion of the property is included as an Unencumbered Pool Property used in calculating the Company's line of credit borrowing base. |
Schedule_III_Consolidated_Real3
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Changes in Investment Properties (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in Investment Properties [Abstract] | ' | ' | ' |
Balance, beginning of year | $1,390,213,220 | $1,268,253,652 | $1,194,766,485 |
Acquisitions | 419,079,535 | 76,530,776 | 17,383,640 |
Consolidation of subsidiary | ' | 33,701,408 | ' |
Improvements | 101,682,554 | 106,307,456 | 67,626,743 |
Disposals | -38,887,348 | -94,580,072 | -11,523,216 |
Balance, end of year | 1,872,087,961 | 1,390,213,220 | 1,268,253,652 |
Balance, beginning of year | 190,972,644 | 174,167,146 | 147,889,371 |
Depreciation expense | 49,391,709 | 37,429,281 | 32,706,686 |
Disposals | -11,078,348 | -20,623,783 | -6,428,911 |
Balance, end of year | $229,286,005 | $190,972,644 | $174,167,146 |
Schedule_III_Consolidated_Real4
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Assumptions for Depreciation | 12 Months Ended |
Dec. 31, 2013 | |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '20 years |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '35 years |
Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '35 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |