Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'KITE REALTY GROUP TRUST | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 332,664,553 |
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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Land | $343,373 | $333,458 |
Land held for development | 55,944 | 56,078 |
Buildings and improvements | 1,384,323 | 1,351,642 |
Furniture, equipment and other | 5,889 | 4,970 |
Construction in progress | 88,111 | 130,909 |
1,877,640 | 1,877,057 | |
Less: accumulated depreciation | -251,415 | -232,580 |
1,626,225 | 1,644,477 | |
Cash and cash equivalents | 22,628 | 18,134 |
Tenant receivables, including accrued straight-line rent of $15,673 and $14,490, respectively, net of allowance for uncollectible accounts | 27,609 | 24,768 |
Other receivables | 3,807 | 4,567 |
Escrow deposits | 9,925 | 11,046 |
Deferred costs, net | 53,580 | 56,388 |
Prepaid and other assets | 3,705 | 4,547 |
Total Assets | 1,747,479 | 1,763,927 |
Liabilities and Equity: | ' | ' |
Mortgage and other indebtedness | 874,517 | 857,144 |
Accounts payable and accrued expenses | 54,996 | 61,437 |
Deferred revenue and other liabilities | 40,462 | 44,313 |
Total Liabilities | 969,975 | 962,894 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in Operating Partnership | 40,782 | 43,928 |
Kite Realty Group Trust Shareholders' Equity: | ' | ' |
Preferred Shares, $.01 par value, 40,000,000 shares authorized, 4,100,000 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively, with a liquidation value of $102,500 | 102,500 | 102,500 |
Common Shares, $.01 par value, 450,000,000 shares authorized, 131,547,538 shares and 130,826,217 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,316 | 1,308 |
Additional paid in capital and other | 824,073 | 821,526 |
Accumulated other comprehensive (loss) income | -1,425 | 1,353 |
Accumulated deficit | -193,105 | -173,130 |
Total Kite Realty Group Trust Shareholders' Equity | 733,359 | 753,557 |
Noncontrolling Interests | 3,363 | 3,548 |
Total Equity | 736,722 | 757,105 |
Total Liabilities and Equity | $1,747,479 | $1,763,927 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accrued straight-line rent (in Dollars) | $15,673 | $14,490 |
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 | $102,500 |
Common Shares, par value (in Dollars per share) | $0.01 | $0.01 |
Common Shares, shares authorized | 450,000,000 | 450,000,000 |
Common Shares, shares issued | 131,547,538 | 130,826,217 |
Common Shares, shares outstanding | 131,547,538 | 130,826,217 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Minimum rent | $31,222 | $22,652 | $62,482 | $43,132 |
Tenant reimbursements | 8,315 | 5,537 | 17,478 | 11,093 |
Other property related revenue | 1,306 | 1,727 | 3,543 | 6,732 |
Total revenue | 40,843 | 29,916 | 83,503 | 60,957 |
Expenses: | ' | ' | ' | ' |
Property operating | 6,891 | 5,033 | 14,206 | 10,134 |
Real estate taxes | 4,303 | 3,450 | 9,416 | 6,961 |
General, administrative, and other | 2,313 | 1,814 | 5,420 | 3,954 |
Merger and acquisition costs | 3,280 | 237 | 7,760 | 414 |
Impairment charge | ' | 5,371 | ' | 5,371 |
Depreciation and amortization | 19,737 | 13,807 | 37,177 | 25,192 |
Total expenses | 36,524 | 29,712 | 73,979 | 52,026 |
Operating income | 4,319 | 204 | 9,524 | 8,931 |
Interest expense | -7,522 | -6,943 | -14,905 | -13,271 |
Income tax expense of taxable REIT subsidiary | -76 | -105 | -22 | -76 |
Other income (expense), net | 83 | -39 | -10 | 8 |
Loss from continuing operations | -3,196 | -6,883 | -5,413 | -4,408 |
Discontinued operations: | ' | ' | ' | ' |
Discontinued operations | ' | -371 | ' | -789 |
Gain on sale of operating property, net | ' | ' | 3,199 | ' |
(Loss) income from discontinued operations | ' | -371 | 3,199 | -789 |
Loss before gain on sale of operating properties, net | -3,196 | -7,254 | -2,214 | -5,197 |
Gain on sale of operating properties, net | ' | ' | 3,489 | ' |
Consolidated net (loss) income | -3,196 | -7,254 | 1,275 | -5,197 |
Change in fair value of derivatives | -2,217 | 5,922 | -2,920 | 6,577 |
Total comprehensive loss | -5,413 | -1,332 | -1,645 | 1,380 |
Comprehensive loss attributable to noncontrolling interests | 327 | 201 | 223 | 122 |
Comprehensive (loss) income attributable to Kite Realty Group Trust | -5,086 | -1,131 | -1,422 | 1,502 |
Net loss attributable to noncontrolling interests | 220 | 661 | 81 | 636 |
Net (loss) income attributable to Kite Realty Group Trust | -2,976 | -6,593 | 1,356 | -4,561 |
Dividends on preferred shares | -2,114 | -2,114 | -4,228 | -4,228 |
Net income (loss) attributable to common shareholders | -5,090 | -8,707 | -2,872 | -8,789 |
Net loss per common share - basic & diluted: | ' | ' | ' | ' |
Loss from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.04) | ($0.09) | ($0.04) | ($0.10) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0 | ($0.01) | $0.02 | $0 |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.04) | ($0.10) | ($0.02) | ($0.10) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 131,537,866 | 91,066,817 | 131,282,150 | 84,486,979 |
Dividends declared per common share (in Dollars per share) | $0.07 | $0.06 | $0.13 | $0.12 |
Net loss attributable to Kite Realty Group Trust common shareholders: | ' | ' | ' | ' |
Loss from continuing operations | -5,090 | -8,362 | -5,917 | -8,058 |
(Loss) income from discontinued operations | ' | ($345) | $3,045 | ($731) |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||||
Balances at Dec. 31, 2013 | $102,500 | $1,308 | $821,526 | $1,353 | ($173,130) | $753,557 |
Balances (in Shares) at Dec. 31, 2013 | 4,100,000 | 130,826,217 | ' | ' | ' | ' |
Common shares issued under employee share purchase plan | ' | ' | 10 | ' | ' | 10 |
Common shares issued under employee share purchase plan (in Shares) | ' | 1,689 | ' | ' | ' | ' |
Stock compensation activity | ' | 8 | 741 | ' | ' | 749 |
Stock compensation activity (in Shares) | ' | 709,632 | ' | ' | ' | ' |
Other comprehensive income attributable to Kite Realty Group Trust | ' | ' | ' | -2,778 | ' | -2,778 |
Distributions declared to common shareholders | ' | ' | ' | ' | -17,103 | -17,103 |
Distributions to preferred shareholders | ' | ' | ' | ' | -4,228 | -4,228 |
Net income attributable to Kite Realty Group Trust | ' | ' | ' | ' | 1,356 | 1,356 |
Exchange of redeemable noncontrolling interests for common shares | ' | ' | 63 | ' | ' | 63 |
Exchange of redeemable noncontrolling interests for common shares (in Shares) | ' | 10,000 | ' | ' | ' | ' |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | 1,733 | ' | ' | 1,733 |
Balances at Jun. 30, 2014 | $102,500 | $1,316 | $824,073 | ($1,425) | ($193,105) | $733,359 |
Balances (in Shares) at Jun. 30, 2014 | 4,100,000 | 131,547,538 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Consolidated net income (loss) | $1,275 | ($5,197) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | ' | ' |
Straight-line rent | -1,753 | -1,687 |
Depreciation and amortization | 38,236 | 27,043 |
Impairment charge | ' | 5,371 |
Gain on sale of operating properties, net | -6,688 | ' |
Provision for credit losses | 427 | 174 |
Compensation expense for equity awards | 352 | 465 |
Amortization of debt fair value adjustment | -4 | -123 |
Amortization of in-place lease liabilities | -1,961 | -1,271 |
Changes in assets and liabilities: | ' | ' |
Tenant receivables and other | -2,441 | 1,194 |
Deferred costs and other assets | -4,943 | -6,895 |
Accounts payable, accrued expenses, deferred revenue and other liabilities | 314 | 5,976 |
Net cash provided by operating activities | 22,814 | 25,050 |
Cash flows from investing activities: | ' | ' |
Acquisitions of interests in properties | ' | -86,961 |
Capital expenditures, net | -38,952 | -53,423 |
Net proceeds from sales of operating properties | 33,423 | ' |
Change in construction payables | -8,501 | -13,740 |
Collection of note receivable | 542 | ' |
Net cash used in investing activities | -13,488 | -154,124 |
Cash flows from financing activities: | ' | ' |
Common share issuance proceeds, net of issuance costs | -450 | 97,196 |
Loan proceeds | 47,208 | 135,764 |
Loan transaction costs | -37 | -807 |
Loan payments | -29,831 | -88,060 |
Distributions paid b common shareholders | -16,403 | -9,338 |
Distributions paid - preferred shareholders | -4,228 | -4,228 |
Net cash (used in) provided by financing activities | -4,832 | 129,690 |
Net change in cash and cash equivalents | 4,494 | 616 |
Cash and cash equivalents, beginning of period | 18,134 | 12,483 |
Cash and cash equivalents, end of period | 22,628 | 13,099 |
Redeemable Noncontrolling Interests [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Distributions to noncontrolling interests | -830 | -782 |
Noncontrolling Interests in Properties [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Distributions to noncontrolling interests | ($261) | ($55) |
Note_1_Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1. Organization | |
Kite Realty Group Trust (the “Company”, “we”, “us” and “our”), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), is engaged in the ownership, operation, management, leasing, acquisition, redevelopment and development of neighborhood and community shopping centers and certain commercial real estate properties in selected markets in the United States. At June 30, 2014, we owned interests in 70 operating properties (consisting of 68 retail properties and two commercial properties) and three development properties under construction. | |
On July 1, 2014, we completed a merger with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) (see Note 12), upon which we now own interests in 130 operating properties (consisting of 128 retail properties and two commercial operating properties) and three development properties under construction. |
Note_2_Basis_of_Presentation_C
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
Note 2. Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | |||||||||||||||||
We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of June 30, 2014 and for the three and six months ended June 30, 2014 and 2013 include, in the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s 2013 Annual Report on Form 10-K. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis. | |||||||||||||||||
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: | |||||||||||||||||
● | our 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 June 30, 2014, we had investments in two joint ventures that are VIEs in which we are 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 $117.2 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||||||
We consider all relationships between ourself and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIE’s performance. We also continuously reassess primary beneficiary status. During the three months ended June 30, 2014, there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
We report the noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to the noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | |||||||||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 76 | 62 | |||||||||||||||
Distributions to noncontrolling interests | (261 | ) | (55 | ) | |||||||||||||
Noncontrolling interests balance at June 30 | $ | 3,363 | $ | 3,542 | |||||||||||||
We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to unitholders upon redemption of their interests in the Operating Partnership under certain circumstances, such as the delivery of registered shares upon conversion. 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 June 30, 2014 and December 31, 2013, the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. | |||||||||||||||||
The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Net loss allocable to redeemable noncontrolling interests | (157 | ) | (698 | ) | |||||||||||||
Distributions declared to redeemable noncontrolling interests | (863 | ) | (785 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (63 | ) | (38 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,921 | ) | 4,150 | ||||||||||||||
Redeemable noncontrolling interests balance at June 30 | $ | 40,782 | $ | 40,813 | |||||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). | ||||||||||||||||
The following sets forth accumulated other comprehensive (loss) income allocable to noncontrolling interests for the six months ended June 30, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | ||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Accumulated comprehensive (loss) income balance at June 30 | $ | (73 | ) | $ | 58 | ||||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). | ||||||||||||||||
We allocate 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. We adjust 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 our shareholders’ equity. The Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 95.2 | % | 93.1 | % | 95.2 | % | 92.6 | % | |||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 4.8 | % | 6.9 | % | 4.8 | % | 7.4 | % | |||||||||
At both June 30, 2014 and December 31, 2013, the Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership were 95.2% and 4.8%, respectively. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (the “Update”). The Update changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity or assets that meet the criteria to be classified as held for sale and that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The Update also requires expanded disclosures for discontinued operations and requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting in the period in which it is disposed of or is classified as held for sale and for all prior periods that are presented in the statement where net income is reported. The Update is effective for annual periods beginning on or after December 15, 2014, with early adoption permitted for disposals of assets that were not held for sale as of December 31, 2013. The Company adopted the Update in the first quarter of 2014. In March 2014, the Company disposed of its 50th and 12th operating property which had been classified as held for sale at December 31, 2013. Accordingly, the revenues and expenses of this property and the associated gain on sale have been classified in discontinued operations in the 2014 consolidated statements of operations. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of nonfinancial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. | |||||||||||||||||
ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. ASU 2014-09 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) at the date of initial application, with no restatement of comparative periods presented. | |||||||||||||||||
We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our ongoing financial reporting. |
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note 3. 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 options to acquire common shares, units in the Operating Partnership, which may be exchanged for either cash or common shares, at the Company’s option, under certain circumstances, and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due to our net loss attributable to common shareholders for the three and six months ended June 30, 2014 and 2013, the potentially dilutive securities were not dilutive for those periods. | |
Approximately 1.5 million and 1.7 million outstanding options to acquire common shares were excluded from the computation of diluted earnings per share because their impact was not dilutive for the three and six months ended June 30, 2014 and 2013, respectively. |
Note_4_Mortgage_and_Other_Inde
Note 4 - Mortgage and Other Indebtedness | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 4. Mortgage and Other Indebtedness | |||||||||||||||||
Mortgage and other indebtedness consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
Balance at | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unsecured revolving credit facility | $ | 145,000 | $ | 145,000 | |||||||||||||
Unsecured term loan | 230,000 | 230,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 168,821 | 144,389 | |||||||||||||||
Mortgage notes payable - fixed rate | 270,079 | 276,504 | |||||||||||||||
Mortgage notes payable - variable rate | 60,556 | 61,185 | |||||||||||||||
Net premiums on acquired debt | 61 | 66 | |||||||||||||||
Total mortgage and other indebtedness | $ | 874,517 | $ | 857,144 | |||||||||||||
Consolidated indebtedness, including weighted average maturities and weighted average interest rates at June 30, 2014, is summarized below: | |||||||||||||||||
Amount | Weighted Average | Weighted Average | Percentage of | ||||||||||||||
Maturity (Years) | Interest Rate | Total | |||||||||||||||
Fixed rate debt | $ | 270,079 | 3.9 | 5.76% | 31% | ||||||||||||
Floating rate debt (hedged to fixed) | 327,294 | 3.7 | 3.13% | 37% | |||||||||||||
Total fixed rate debt, considering hedges | 597,373 | 3.8 | 4.32% | 68% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 168,821 | 1.1 | 2.20% | 19% | |||||||||||||
Other variable rate debt | 60,556 | 4.2 | 2.31% | 7% | |||||||||||||
Corporate unsecured variable rate debt | 375,000 | 4.3 | 1.84% | 43% | |||||||||||||
Floating rate debt (hedged to fixed) | (327,294 | ) | -3.7 | -1.99% | -37% | ||||||||||||
Total variable rate debt, considering hedges | 277,083 | 3 | 1.99% | 32% | |||||||||||||
Net premiums on acquired debt | 61 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 874,517 | 3.5 | 3.58% | 100% | ||||||||||||
Mortgage and construction loans are collateralized by certain real estate properties and leases. Mortgage loans are generally due in monthly installments of interest and principal and mature over various terms through 2022. | |||||||||||||||||
Variable interest rates on mortgage and construction loans are based on LIBOR plus spreads ranging from 175 to 225 basis points. At June 30, 2014, the one-month LIBOR interest rate was 0.16%. Fixed interest rates on mortgage loans range from 5.42% to 6.78%. | |||||||||||||||||
Unsecured Revolving Credit Facility and Unsecured Term Loan | |||||||||||||||||
The amount that we may borrow under our unsecured revolving credit facility is based on the value of assets in our unencumbered property pool. As of June 30, 2014, the full amount of the unsecured revolving credit facility, or $200 million, was available for draw based on the unencumbered property pool allocated to the facility. Taking into account outstanding draws and letters of credit, as of June 30, 2014, we had $49.8 million available for future borrowings under the unsecured revolving credit facility. As of June 30, 2014, we had 62 unencumbered properties, of which 56 were wholly-owned by subsidiaries which are guarantors under the unsecured revolving credit facility and the unsecured term loan (the “Term Loan”). | |||||||||||||||||
As of June 30, 2014, $145 million was outstanding under the unsecured revolving credit facility and $230 million was outstanding under the Term Loan. Additionally, we had letters of credit outstanding which totaled $5.2 million, against which no amounts were advanced as of June 30, 2014. | |||||||||||||||||
Our ability to borrow under the unsecured revolving credit facility is subject to our compliance with various restrictive covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. The unsecured revolving credit facility and the Term Loan also require us to satisfy certain financial covenants. As of June 30, 2014, we were in compliance with all such covenants on the unsecured revolving credit facility and the Term Loan. | |||||||||||||||||
On July 1, 2014, we amended the terms of our unsecured revolving credit facility (the “amended facility”) and increased the total borrowing capacity from $200 million to $500 million. The amended terms also include an extension of the maturity date from February 26, 2017 to July 1, 2018, which may be further extended for up to two additional periods of six months at our option, subject to certain conditions, and a reduction in the interest rate to LIBOR plus 140 to 200 basis points, depending on our leverage, from LIBOR plus 165 to 250 basis points. The amended facility has a fee of 15 to 25 basis points on unused borrowings. We may increase our borrowings under the amended facility up to $750 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the amended facility, to provide such increased amounts. | |||||||||||||||||
Upon the closing of the amended facility and a $20 million paydown of the outstanding balance, we had approximately $370 million available for future borrowings. In addition, our unencumbered assets could provide approximately $64 million of additional borrowing capacity under the unsecured revolving credit facility. | |||||||||||||||||
On July 1, 2014, we also amended the terms of our $230 million Term Loan (the “amended Term Loan”). The amended Term Loan has a maturity date of July 1, 2019 from 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 135 to 190 basis points, depending on the Company’s leverage, a decrease of between 10 and 55 basis points across the leverage grid. The amended Term Loan also provides for an increase in total borrowing of up to an additional $170 million ($400 million in total), subject to certain conditions, including obtaining commitments from any one or more lenders. | |||||||||||||||||
Debt Activity | |||||||||||||||||
For the six months ended June 30, 2014, we had total loan borrowings of $47.2 million and total loan repayments of $29.8 million. The major components of this activity are as follows: | |||||||||||||||||
● | In January 2014, a pay-off of the $4.0 million loan secured by the 50th and 12th operating property was made using a portion of the proceeds from the sale of the property (see Note 8); | ||||||||||||||||
● | In February 2014, a draw of $14.7 million was made on the unsecured revolving credit facility to fund redevelopment and tenant improvement costs; | ||||||||||||||||
● | In March 2014, pay downs totaling $14.7 million were made on the unsecured revolving credit facility utilizing a portion of proceeds from property sales; | ||||||||||||||||
● | In March 2014, the $6.9 million Beacon Hill variable rate loan was refinanced and the maturity of the loan was extended to April 2018; | ||||||||||||||||
● | In May 2014, a pay down totaling $1.2 million was made on the loan secured by Delray Marketplace operating property; and | ||||||||||||||||
● | Draws totaling $25.6 million were made during the period on construction loans related to the Rangeline Crossing, Holly Springs – Phase I and Parkside – Phases I and II development projects; and | ||||||||||||||||
● | Scheduled principal payments were made on indebtedness totaling $3.0 million. | ||||||||||||||||
In July 2014, we retired the $17.5 million loan secured by our Rangeline Crossing operating property, the $18.9 million loan secured by our Four Corner Square operating property, and the $5.0 million loan secured by the land at 951 and 41 in Naples, Florida using cash on hand. | |||||||||||||||||
Also in July, we paid down the unsecured revolving credit facility by $20 million, which reduced the outstanding balance to $125 million. | |||||||||||||||||
Fair Value of Fixed and Variable Rate Debt | |||||||||||||||||
As of June 30, 2014, the fair value of fixed rate debt was $285.7 million compared to the book value of $270.1 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 2.78% to 4.68%. As of June 30, 2014, the fair value of variable rate debt was $603.1 million compared to the book value of $604.4 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 1.80% to 3.58%. |
Note_5_Derivative_Instruments_
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Note 5. Derivative Instruments, Hedging Activities and Other Comprehensive Income | |||||||||||||||||
In order to manage volatility relating to variable interest rate risk, we enter into interest rate hedging agreements from time to time. We do not use derivatives for trading or speculative purposes nor do we have any derivatives that are not designated as cash flow hedges. We have agreements with each of our derivative counterparties that contain a provision that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations. As of June 30, 2014, we were party to various cash flow hedge agreements with notional amounts totaling $327.3 million. These hedge agreements effectively fix the interest rate indices underlying certain variable rate debt instruments over terms ranging from 2014 through 2020. Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.13%. | |||||||||||||||||
These interest rate hedge agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties. | |||||||||||||||||
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. Our 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 we have 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 our counterparties. However, as of June 30, 2014 and December 31, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||
As of June 30, 2014 the fair value of our interest rate hedges was a net liability of $1.8 million, including accrued interest of $0.3 million. As of June 30, 2014, $0.5 million is recorded in prepaid and other assets and $2.3 million is recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheet. At December 31, 2013 the net fair value of our interest rate hedge assets 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 on the accompanying consolidated balance sheet. | |||||||||||||||||
We currently expect the impact to interest expense over the next 12 months as the hedged forecasted interest payments occur to be $3.7 million. 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 the six months ended June 30, 2014 and 2013, $1.9 million and $1.3 million, respectively, were reclassified as a reduction to earnings. | |||||||||||||||||
Our share of net unrealized gains and losses on our interest rate hedge agreements are the only components of the change in accumulated other comprehensive loss. The following sets forth comprehensive loss allocable to us for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (5,090 | ) | $ | (8,707 | ) | $ | (2,872 | ) | $ | (8,789 | ) | |||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (2,111 | ) | 5,461 | (2,778 | ) | 6,063 | |||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (7,201 | ) | $ | (3,246 | ) | $ | (5,650 | ) | $ | (2,726 | ) | |||||
____________________ | |||||||||||||||||
1 | Reflects our share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. | ||||||||||||||||
Note_6_Shareholders_Equity
Note 6 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 6. Shareholders’ Equity | |
In February and March 2014, a total of 679,714 restricted shares were granted to members of executive management and certain other employees. The restricted shares were granted at fair values ranging from $5.92 to $6.14 and will vest ratably over periods ranging from three to five years. | |
In June 2014, upon approval from shareholders we filed an amendment to our Articles of Amendment and Restatement of Declaration of Trust, as amended, with the State of Maryland State Department of Assessments and Taxation to increase the total number of authorized common shares of beneficial interest from 200,000,000 to 450,000,000. On July 1, 2014, we issued approximately 201 million common shares to the existing Inland Diversified stockholders as consideration in connection with the merger transaction. | |
In July 2014, a total of 1,175,075 restricted shares were granted to members of executive management and certain other employees upon the successful closing of the merger with Inland Diversified. These shares will vest ratably over periods up to four years. | |
Our Board of Trustees declared a quarterly cash distribution of $0.515625 per Series A Preferred Share covering the period from March 2, 2014 to June 1, 2014. This distribution was paid on June 1, 2014 to shareholders of record as of May 21, 2014. | |
Our Board of Trustees declared a cash distribution of $0.065 per common share for the second quarter of 2014. This distribution was paid on July 1, 2014 to common shareholders and operating partnership unit holders of record as of June 24, 2014. | |
In 2012, we entered into Equity Distribution Agreements with certain sales agents pursuant to which we may sell, from time to time, up to an aggregate amount of $50 million of our common shares. During the six months ended June 30, 2014, no common shares were issued under these Equity Distribution Agreements. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 7. Commitments and Contingencies | |
Eddy Street Commons at Notre Dame | |
Phase I of Eddy Street Commons at the University of Notre Dame is a multi-phase project located adjacent to the university in South Bend, Indiana. Eddy Street Commons includes retail, office, a limited service hotel, a parking garage, apartment and residential units and is expected to include a full service hotel. | |
The City of South Bend, Indiana 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 are expected to be funded by real estate tax payments made by us and subject to reimbursement from the tenants of the property; however, we have no obligation to repay or guarantee the bonds. If there are delays in the development, we are obligated to pay certain fees. However, we have 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, we will not be in default concerning other obligations under the agreement with the City of South Bend as long as we commence and diligently pursue the completion of our obligations under that agreement. | |
Other Commitments and Contingencies | |
We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us 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 our consolidated financial statements. | |
We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of the development and redevelopment projects. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through existing construction loans. In addition, if necessary, we may make draws on our unsecured revolving credit facility. | |
As of June 30, 2014, we had outstanding letters of credit totaling $5.2 million. At that date, there were no amounts advanced against these instruments. |
Note_8_Disposal_of_Operating_P
Note 8 - Disposal of Operating Properties | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
Note 8. Disposals of Operating Properties | |
During the first quarter of 2014, we sold our Red Bank Commons operating property in Evansville, Indiana, our Ridge Plaza operating property in Oak Ridge, New Jersey, and our 50th and 12th operating property in Seattle, Washington for aggregate proceeds of $35.2 million for a net gain of $6.7 million. | |
The Red Bank Commons and Ridge Plaza operating properties are not included in discontinued operations in the accompanying Statements of Operations for the three and six months ended June 30, 2014 and 2013, as the disposals individually or in the aggregate did not represent a strategic shift that has or will have a major effect on our operations and financial results (see Note 2). | |
The 50th and 12th operating property is included in discontinued operations for the three months ended June 30, 2014 and the three and six months ended June 30, 2013, as the property was classified as held for sale as of December 31, 2013. |
Note_9_Property_Acquisition
Note 9 - Property Acquisition | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||
Note 9. Property Acquisitions | |||||||||
During the six months ended June 30, 2014, we did not acquire any operating properties or land for development. In the year ended December 31, 2013, we acquired thirteen properties. The majority of these operating properties were acquired with the net proceeds of our $314 million in common share equity offerings in 2013. Preliminary purchase price allocations were made at the date of acquisition, primarily to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. The estimated purchase price allocations remain preliminary at June 30, 2014 and are subject to revision within the measurement period, not to exceed one year. Following is a summary of our 2013 operating property acquisitions. | |||||||||
Property Name | MSA | Acquisition Date | Acquisition Cost (Millions) | ||||||
Shoppes of Eastwood | Orlando, FL | Jan-13 | $ | 11.6 | |||||
Cool Springs Market | Nashville, TN | Apr-13 | 37.6 | ||||||
Castleton Crossing | Indianapolis, IN | May-13 | 39 | ||||||
Toringdon Market | Charlotte, NC | Aug-13 | 15.9 | ||||||
Nine Property Portfolio: | Nov-13 | $ | 304 | ||||||
Beechwood Promenade | Athens, GA | ||||||||
Burnt Store Promenade | Punta Gorda, FL | ||||||||
Hunter’s Creek Promenade | Orlando, FL | ||||||||
Lakewood Promenade | Jacksonville, FL | ||||||||
Northdale Promenade | Tampa, FL | ||||||||
Kingwood Commons | Houston, TX | ||||||||
Portofino Shopping Center | Houston, TX | ||||||||
Clay Marketplace | Birmingham, AL | ||||||||
Trussville Promenade | Birmingham, AL | ||||||||
Note_10_Development_and_Redeve
Note 10 - Development and Redevelopment Activities | 6 Months Ended |
Jun. 30, 2014 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
Note 10. Development and Redevelopment Activities | |
Development Activities | |
In the first quarter of 2014, we substantially completed construction on Delray Marketplace in Delray Beach, Florida and transferred the property to the operating portfolio. 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. | |
In 2013, we substantially completed construction on Phase I of Holly Springs Towne Center 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, Petco, and Ulta. In the first quarter of 2014, we signed leases with Bed Bath and Beyond and DSW to join Frank Theatres as the anchor tenants for Phase II, which is currently underconstruction. | |
In 2013, we commenced construction on both phases of Parkside Town Commons near Raleigh, North Carolina and transitioned the project to an under-construction development status. Phase I is anchored by Harris Teeter under a 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. | |
Redevelopment Activities | |
In January 2013, we completed plans for a redevelopment project at Bolton Plaza and reduced the estimated useful lives of certain assets that were demolished as part of this project. As a result of this change in estimate, $0.8 million of additional depreciation expense was recognized in the three months ended March 31, 2013. The center is anchored by Academy Sports and Outdoors, LA Fitness, and Panera Bread. | |
In 2013, we commenced construction on both phases of Parkside Town Commons near Raleigh, North Carolina. Phase I is anchored by Harris Teeter under a 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. |
Note_11_Kedron_Village
Note 11 - Kedron Village | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ' |
Note 11. Kedron Village | |
In June 2013, we received notice that the representatives of the lender intended to initiate foreclosure proceedings on Kedron Village. 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. | |
We reevaluated the Kedron Village property for impairment as of June 30, 2013 and determined that, based on the developments, the carrying value of the property was no longer fully recoverable considering the reduced holding period that considers the foreclosure proceedings. Accordingly, we recorded a non-cash impairment charge of $5.4 million for the three months ended June 30, 2013 based upon the estimated fair value of the asset of $25.5 million. | |
The operations of Kedron Village were classified as Discontinued Operations in the consolidated statement of operations for the three and six months ended June 30, 2013. |
Note_12_Subsequent_Event
Note 12 - Subsequent Event | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Subsequent Events [Abstract] | ' | ||||||||
Subsequent Events [Text Block] | ' | ||||||||
Note 12. Subsequent Events | |||||||||
Merger with Inland Diversified | |||||||||
On July 1, 2014, we completed the previously announced merger with Inland Diversified, in accordance with the merger agreement dated as of February 9, 2014. Inland Diversified merged with and into our wholly-owned subsidiary in a stock-for-stock exchange with a transaction value of approximately $2.1 billion, including the assumption of approximately $0.9 billion of debt. | |||||||||
The retail portfolio acquired by us through the merger with Inland Diversified is comprised of 60 properties in 23 states. The properties are located in a number of our existing markets and in various 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 shareholders received 1.707 newly issued common shares of beneficial interest of ours for each outstanding common share of Inland Diversified with a market value of approximately $1.2 billion based on the closing price of our common shares on the day preceding the merger of $6.14. On the merger date, we issued approximately 201 million common shares to the existing Inland Diversified shareholders. The purchase price allocation to tangible assets, intangibles and liabilities assumed is not complete as of the filing date. | |||||||||
We recorded merger expense of $3.3 million and $7.8 million of merger costs for the three and six months ended June 30, 2014, respectively, which are included in “Merger and acquisition costs” in the accompanying consolidated statements of operations. These costs primarily consist of fairness opinion, legal, professional, and data migration costs. We anticipate the total merger related costs to be approximately $27 million. | |||||||||
The following table presents pro forma combined total revenue and consolidated net income (loss) for the six months ending June 30, 2014 and 2013 as if the merger had been consummated on January 1, 2013. Adjustments have been made to the Kite Realty Group Trust results to reflect the effects of property acquisitions for the six months ending June 30, 2013 as if they had occurred on January 1, 2013 . The pro forma results have been calculated under our accounting policies and adjusted to reflect the results of Inland Diversified’s additional depreciation and amortization that would have been recorded assuming the allocation of the purchase price to investment properties, intangible assets and indebtedness had been applied on January 1, 2013. | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 176,705 | $ | 170,836 | |||||
Consolidated net income (loss) | 1,584 | (4,963 | ) | ||||||
In July 2014, a total of 1,175,075 restricted shares were granted to members of executive management and certain other employees in connection with upon the successful closing of the merger with Inland Diversified, in recognition of the increase in the size of the Company and the scale of its operations, and in anticipation of new three year employment agreements. These shares will vest ratably over periods up to four years, and in the case of executive management a three year no-sell provision is added after the shares have vested. | |||||||||
Reverse Share Split | |||||||||
On July 22, 2014, the Board of Trustees approved a reverse share split of our common shares at a ratio of 1-for-4. The reverse share split is expected to take effect on August 11, 2014. As a result of the reverse share split, the number of outstanding common shares will be reduced from approximately 332.7 million to approximately 83.2 million. The financial statements have not been adjusted because the reverse share split was not effective as of our filing date. The reverse share split will be applied retrospectively. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Consolidation, 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: | |||||||||||||||||
● | our 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 June 30, 2014, we had investments in two joint ventures that are VIEs in which we are 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 $117.2 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||||||
We consider all relationships between ourself and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIE’s performance. We also continuously reassess primary beneficiary status. During the three months ended June 30, 2014, there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. | |||||||||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
We report the noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to the noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | |||||||||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 76 | 62 | |||||||||||||||
Distributions to noncontrolling interests | (261 | ) | (55 | ) | |||||||||||||
Noncontrolling interests balance at June 30 | $ | 3,363 | $ | 3,542 | |||||||||||||
We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to unitholders upon redemption of their interests in the Operating Partnership under certain circumstances, such as the delivery of registered shares upon conversion. 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 June 30, 2014 and December 31, 2013, the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. | |||||||||||||||||
The redeemable noncontrolling interests in the Operating Partnership for the six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Net loss allocable to redeemable noncontrolling interests | (157 | ) | (698 | ) | |||||||||||||
Distributions declared to redeemable noncontrolling interests | (863 | ) | (785 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (63 | ) | (38 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,921 | ) | 4,150 | ||||||||||||||
Redeemable noncontrolling interests balance at June 30 | $ | 40,782 | $ | 40,813 | |||||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). | ||||||||||||||||
The following sets forth accumulated other comprehensive (loss) income allocable to noncontrolling interests for the six months ended June 30, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | ||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Accumulated comprehensive (loss) income balance at June 30 | $ | (73 | ) | $ | 58 | ||||||||||||
____________________ | |||||||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). | ||||||||||||||||
We allocate 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. We adjust 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 our shareholders’ equity. The Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 95.2 | % | 93.1 | % | 95.2 | % | 92.6 | % | |||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 4.8 | % | 6.9 | % | 4.8 | % | 7.4 | % | |||||||||
At both June 30, 2014 and December 31, 2013, the Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership were 95.2% and 4.8%, respectively. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (the “Update”). The Update changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity or assets that meet the criteria to be classified as held for sale and that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The Update also requires expanded disclosures for discontinued operations and requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting in the period in which it is disposed of or is classified as held for sale and for all prior periods that are presented in the statement where net income is reported. The Update is effective for annual periods beginning on or after December 15, 2014, with early adoption permitted for disposals of assets that were not held for sale as of December 31, 2013. The Company adopted the Update in the first quarter of 2014. In March 2014, the Company disposed of its 50th and 12th operating property which had been classified as held for sale at December 31, 2013. Accordingly, the revenues and expenses of this property and the associated gain on sale have been classified in discontinued operations in the 2014 consolidated statements of operations. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of nonfinancial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. | |||||||||||||||||
ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. ASU 2014-09 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) at the date of initial application, with no restatement of comparative periods presented. | |||||||||||||||||
We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our ongoing financial reporting. |
Note_2_Basis_of_Presentation_C1
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) [Line Items] | ' | ||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Net loss allocable to redeemable noncontrolling interests | (157 | ) | (698 | ) | |||||||||||||
Distributions declared to redeemable noncontrolling interests | (863 | ) | (785 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (63 | ) | (38 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,921 | ) | 4,150 | ||||||||||||||
Redeemable noncontrolling interests balance at June 30 | $ | 40,782 | $ | 40,813 | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 95.2 | % | 93.1 | % | 95.2 | % | 92.6 | % | |||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 4.8 | % | 6.9 | % | 4.8 | % | 7.4 | % | |||||||||
Noncontrolling Interest [Member] | ' | ||||||||||||||||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | |||||||||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 76 | 62 | |||||||||||||||
Distributions to noncontrolling interests | (261 | ) | (55 | ) | |||||||||||||
Noncontrolling interests balance at June 30 | $ | 3,363 | $ | 3,542 | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | ||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (142 | ) | 514 | ||||||||||||||
Accumulated comprehensive (loss) income balance at June 30 | $ | (73 | ) | $ | 58 |
Note_4_Mortgage_and_Other_Inde1
Note 4 - Mortgage and Other Indebtedness (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | ' | ||||||||||||||||
Balance at | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unsecured revolving credit facility | $ | 145,000 | $ | 145,000 | |||||||||||||
Unsecured term loan | 230,000 | 230,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 168,821 | 144,389 | |||||||||||||||
Mortgage notes payable - fixed rate | 270,079 | 276,504 | |||||||||||||||
Mortgage notes payable - variable rate | 60,556 | 61,185 | |||||||||||||||
Net premiums on acquired debt | 61 | 66 | |||||||||||||||
Total mortgage and other indebtedness | $ | 874,517 | $ | 857,144 | |||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Amount | Weighted Average | Weighted Average | Percentage of | ||||||||||||||
Maturity (Years) | Interest Rate | Total | |||||||||||||||
Fixed rate debt | $ | 270,079 | 3.9 | 5.76% | 31% | ||||||||||||
Floating rate debt (hedged to fixed) | 327,294 | 3.7 | 3.13% | 37% | |||||||||||||
Total fixed rate debt, considering hedges | 597,373 | 3.8 | 4.32% | 68% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 168,821 | 1.1 | 2.20% | 19% | |||||||||||||
Other variable rate debt | 60,556 | 4.2 | 2.31% | 7% | |||||||||||||
Corporate unsecured variable rate debt | 375,000 | 4.3 | 1.84% | 43% | |||||||||||||
Floating rate debt (hedged to fixed) | (327,294 | ) | -3.7 | -1.99% | -37% | ||||||||||||
Total variable rate debt, considering hedges | 277,083 | 3 | 1.99% | 32% | |||||||||||||
Net premiums on acquired debt | 61 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 874,517 | 3.5 | 3.58% | 100% |
Note_5_Derivative_Instruments_1
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (5,090 | ) | $ | (8,707 | ) | $ | (2,872 | ) | $ | (8,789 | ) | |||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (2,111 | ) | 5,461 | (2,778 | ) | 6,063 | |||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (7,201 | ) | $ | (3,246 | ) | $ | (5,650 | ) | $ | (2,726 | ) |
Note_9_Property_Acquisition_Ta
Note 9 - Property Acquisition (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||
Property Name | MSA | Acquisition Date | Acquisition Cost (Millions) | ||||||
Shoppes of Eastwood | Orlando, FL | Jan-13 | $ | 11.6 | |||||
Cool Springs Market | Nashville, TN | Apr-13 | 37.6 | ||||||
Castleton Crossing | Indianapolis, IN | May-13 | 39 | ||||||
Toringdon Market | Charlotte, NC | Aug-13 | 15.9 | ||||||
Nine Property Portfolio: | Nov-13 | $ | 304 | ||||||
Beechwood Promenade | Athens, GA | ||||||||
Burnt Store Promenade | Punta Gorda, FL | ||||||||
Hunter’s Creek Promenade | Orlando, FL | ||||||||
Lakewood Promenade | Jacksonville, FL | ||||||||
Northdale Promenade | Tampa, FL | ||||||||
Kingwood Commons | Houston, TX | ||||||||
Portofino Shopping Center | Houston, TX | ||||||||
Clay Marketplace | Birmingham, AL | ||||||||
Trussville Promenade | Birmingham, AL |
Note_12_Subsequent_Event_Table
Note 12 - Subsequent Event (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Subsequent Events [Abstract] | ' | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 176,705 | $ | 170,836 | |||||
Consolidated net income (loss) | 1,584 | (4,963 | ) |
Note_1_Organization_Details
Note 1 - Organization (Details) | Jun. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 01, 2014 |
Retail Operating Properties [Member] | Retail Operating Properties [Member] | Commercial Operating Properties [Member] | Commercial Operating Properties [Member] | In-Process Retail Development Properties [Member] | In-Process Retail Development Properties [Member] | Subsequent Event [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [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 1 - Organization (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 70 | 128 | 68 | 2 | 2 | 3 | 3 | 130 |
Note_2_Basis_of_Presentation_C2
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) [Line Items] | ' | ' |
Variable Interest Entity, Number of Entities | 2 | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars) | 65.9 | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in Dollars) | 117.2 | ' |
Operating Partnership [Member] | ' | ' |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 95.20% | 4.80% |
Note_2_Basis_of_Presentation_C3
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' | ' |
Noncontrolling interests balance January 1 | ' | ' | $3,548 | $3,535 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | -220 | -661 | -81 | -636 |
Distributions to noncontrolling interests | ' | ' | -261 | -55 |
Noncontrolling interests balance at June 30 | 3,363 | 3,542 | 3,363 | 3,542 |
Excluding Redeemable Non-Controlling Interests [Member] | ' | ' | ' | ' |
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests [Line Items] | ' | ' | ' | ' |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | ' | ' | $76 | $62 |
Note_2_Basis_of_Presentation_C4
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Redeemable Noncontrolling Interests (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Net loss allocable to redeemable noncontrolling interests | ($220) | ($661) | ($81) | ($636) | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -261 | -55 | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | ' | ' | -142 | [1] | 514 | [1] |
Redeemable Noncontrolling Interests [Member] | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Redeemable noncontrolling interests balance | ' | ' | 43,928 | 37,670 | ||
Net loss allocable to redeemable noncontrolling interests | ' | ' | -157 | -698 | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -863 | -785 | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | ' | ' | -142 | [1] | 514 | [1] |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | -63 | -38 | ||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | ' | ' | -1,921 | 4,150 | ||
Redeemable noncontrolling interests balance | $40,782 | $40,813 | $40,782 | $40,813 | ||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). |
Note_2_Basis_of_Presentation_C5
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Accumulated Other Comprehensive Loss Allocable to Noncontrolling Interests (USD $) | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ||
Accumulated comprehensive loss balance | $1,353 | ' | ($73) | $69 | $58 | ($456) | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | -142 | [1] | 514 | [1] | ' | ' | ' | ' |
Accumulated comprehensive loss balance | ($1,425) | ' | ($73) | $69 | $58 | ($456) | ||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). |
Note_2_Basis_of_Presentation_C6
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Weighted Average Interests in Operating Partnership (Operating Partnership [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Partnership [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Companybs weighted average basic interest in Operating Partnership | 95.20% | 93.10% | 95.20% | 92.60% |
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 4.80% | 6.90% | 4.80% | 7.40% |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.5 | 1.7 | 1.5 | 1.7 |
Note_4_Mortgage_and_Other_Inde2
Note 4 - Mortgage and Other Indebtedness (Details) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 31, 2017 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Mar. 31, 2014 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Unencumbered [Member] | Unencumbered [Member] | Unencumbered [Member] | Rangeline Crossing Operating Property [Member] | Four Corner Square Operating Property [Member] | Land [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Beacon Hill [Member] | Delray Marketplace Operating Property [Member] | Scheduled Principal Payments [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | |||||||
Subsequent Event [Member] | Wholly Owned Properties [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | Subject to Certain Condition [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||
Note 4 - Mortgage and Other Indebtedness (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | 1.90% | 1.40% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 2.50% | ' | 1.75% | 2.25% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | 0.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | 3.58% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.42% | 6.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.78% | 4.68% |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $750,000,000 | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,800,000 | ' | ' |
Number of Real Estate Properties | ' | ' | ' | 70 | ' | ' | ' | 56 | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | ' |
Long-term Debt | ' | ' | ' | 874,517,000 | ' | 857,144,000 | ' | ' | 230,000,000 | ' | ' | ' | 145,000,000 | 145,000,000 | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,079,000 | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Unsecured Debt | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in the Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Increase in Term Loan Borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Loans | ' | ' | ' | 47,208,000 | 135,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | 29,831,000 | 88,060,000 | ' | ' | ' | ' | 17,500,000 | 18,900,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Construction Loans Payable | ' | ' | ' | 25,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,700,000 | 603,100,000 | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | ' | ' | ' | 270,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | ' | $604,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_4_Mortgage_and_Other_Inde3
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | $874,517 | $857,144 |
Line of Credit [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 145,000 | 145,000 |
Unsecured Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 230,000 | 230,000 |
Construction Loans [Member] | Variable Rate Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 168,821 | 144,389 |
Mortgages [Member] | Variable Rate Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 60,556 | 61,185 |
Mortgages [Member] | Fixed Rate Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 270,079 | 276,504 |
Net Premiums On Acquired Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | 61 | 66 |
Fixed Rate Debt [Member] | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage and other indebtedness | $270,079 | ' |
Note_4_Mortgage_and_Other_Inde4
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | $874,517 | $857,144 |
Weighted Average Maturity | '3 years 6 months | ' |
Weighted Average Interest Rate | 3.58% | ' |
Percentage of Total | 100.00% | ' |
Fixed Rate Debt [Member] | Floating Rate Debt (Hedged) [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 327,294 | ' |
Weighted Average Maturity | '3 years 255 days | ' |
Weighted Average Interest Rate | 3.13% | ' |
Percentage of Total | 37.00% | ' |
Fixed Rate Debt [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 270,079 | ' |
Weighted Average Maturity | '3 years 328 days | ' |
Weighted Average Interest Rate | 5.76% | ' |
Percentage of Total | 31.00% | ' |
Fixed Rate Debt, Considering Hedges [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 597,373 | ' |
Weighted Average Maturity | '3 years 292 days | ' |
Weighted Average Interest Rate | 4.32% | ' |
Percentage of Total | 68.00% | ' |
Variable Rate Debt [Member] | Floating Rate Debt (Hedged) [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | -327,294 | ' |
Weighted Average Maturity | 'minus 3 years 255 days | ' |
Weighted Average Interest Rate | -1.99% | ' |
Percentage of Total | -37.00% | ' |
Variable Rate Debt [Member] | Construction Loans [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 168,821 | 144,389 |
Weighted Average Maturity | '1 year 36 days | ' |
Weighted Average Interest Rate | 2.20% | ' |
Percentage of Total | 19.00% | ' |
Variable Rate Debt [Member] | Notes Payable, Other Payables [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 60,556 | ' |
Weighted Average Maturity | '4 years 73 days | ' |
Weighted Average Interest Rate | 2.31% | ' |
Percentage of Total | 7.00% | ' |
Variable Rate Debt [Member] | Corporate Debt Securities [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 375,000 | ' |
Weighted Average Maturity | '4 years 109 days | ' |
Weighted Average Interest Rate | 1.84% | ' |
Percentage of Total | 43.00% | ' |
Variable Rate Debt, Considering Hedges [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 277,083 | ' |
Weighted Average Maturity | '3 years | ' |
Weighted Average Interest Rate | 1.99% | ' |
Percentage of Total | 32.00% | ' |
Net Premiums On Acquired Debt [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | $61 | $66 |
Weighted Average Maturity | ' | ' |
Weighted Average Interest Rate | ' | ' |
Percentage of Total | ' | ' |
Note_5_Derivative_Instruments_2
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Average Cap Interest Rate | 3.13% | ' | 3.13% | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | $1,800,000 | ' | $1,800,000 | ' | $1,100,000 |
Interest Expense | 7,522,000 | 6,943,000 | 14,905,000 | 13,271,000 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -3,196,000 | -7,254,000 | 1,275,000 | -5,197,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | 1,900,000 | 1,300,000 | ' |
Increase As Hedged Forecasted Interest Payments Occur [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | 3,700,000 | ' | ' |
Cash Flow Hedge [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 327,300,000 | ' | 327,300,000 | ' | ' |
Accrued Interest [Member] | ' | ' | ' | ' | ' |
Note 5 - 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 | ' | 300,000 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Asset at Fair Value | 500,000 | ' | 500,000 | ' | 2,800,000 |
Accounts Payable and Accrued Liabilities [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | $2,300,000 | ' | $2,300,000 | ' | $1,700,000 |
Note_5_Derivative_Instruments_3
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | ' | ||
Net loss attributable to Kite Realty Group Trust common shareholders | ($5,090) | ($8,707) | ($2,872) | ($8,789) | ||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | -2,111 | [1] | 5,461 | [1] | -2,778 | 6,063 |
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | -5,086 | -1,131 | -1,422 | 1,502 | ||
Attributable to Common Shareholders [Member] | ' | ' | ' | ' | ||
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income (Loss) Allocable to the Company [Line Items] | ' | ' | ' | ' | ||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | ($7,201) | ($3,246) | ($5,650) | ($2,726) | ||
[1] | Reflects our share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Note_6_Shareholders_Equity_Det
Note 6 - Shareholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Series A Preferred Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | Scenario, Previously Reported [Member] | Equity Distribution Agreement [Member] | ||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||||||||||
Inland Diversified Real Estate Trust, Inc [Member] | Executive Management and Certain Other Employees [Member] | ||||||||||||||
Executive Management and Certain Other Employees [Member] | |||||||||||||||
Note 6 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | 1,175,075 | 1,175,075 | ' | 679,714 | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.92 | $6.14 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | '3 years | '5 years | ' | ' | ' |
Common Stock, Shares Authorized | 450,000,000 | ' | 450,000,000 | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,000,000 | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $0.07 | $0.06 | $0.13 | $0.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Capital Shares Reserved For Future Issuance, Value (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,000,000 | ' | 0 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 |
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 | $5.20 |
Note_8_Disposal_of_Operating_P1
Note 8 - Disposal of Operating Properties (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Proceeds from Divestiture of Businesses | $35.20 |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $6.70 |
Note_9_Property_Acquisition_De
Note 9 - Property Acquisition (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Note 9 - Property Acquisition (Details) [Line Items] | ' |
Proceeds from Issuance or Sale of Equity | $314 |
Texas, Florida, Georgia, and Alabama [Member] | ' |
Note 9 - Property Acquisition (Details) [Line Items] | ' |
Operating Properties Acquired | 13 |
Note_9_Property_Acquisition_De1
Note 9 - Property Acquisition (Details) - Property Acquisitions (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Shoppes Of Eastwood [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | $11.60 |
Cool Springs Market [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | 37.6 |
Castleton Crossing [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | 39 |
Toringdon Market [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | 15.9 |
Nine Property Portfolio [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | $304 |
Note_10_Development_and_Redeve1
Note 10 - Development and Redevelopment Activities (Details) (Bolton Plaza [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Bolton Plaza [Member] | ' |
Note 10 - Development and Redevelopment Activities (Details) [Line Items] | ' |
Depreciation | $0.80 |
Note_11_Kedron_Village_Details
Note 11 - Kedron Village (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2013 | Jun. 30, 2013 | |
Note 11 - Kedron Village (Details) [Line Items] | ' | ' |
Asset Impairment Charges | $5,371,000 | $5,371,000 |
Kedron Village [Member] | ' | ' |
Note 11 - Kedron Village (Details) [Line Items] | ' | ' |
Asset Impairment Charges | 5,400,000 | ' |
Property, Plant, and Equipment, Fair Value Disclosure | $25,500,000 | $25,500,000 |
Note_12_Subsequent_Event_Detai
Note 12 - Subsequent Event (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 22, 2014 | Jul. 01, 2014 | Jul. 22, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||||||||||
Inland Diversified Real Estate Trust, Inc [Member] | Executive Management and Certain Other Employees [Member] | |||||||||||||
Executive Management and Certain Other Employees [Member] | ||||||||||||||
Note 12 - Subsequent Event (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | $2,100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 70 | ' | ' | ' | ' | ' | ' | 130 | ' | ' | ' | ' | ' | ' |
Business Combination, Shares Issued in Exchange, Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.71 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.14 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | 201,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 7,800,000 |
Anticipated Merger Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | 1,175,075 | 1,175,075 | ' | 679,714 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding (in Shares) | 131,547,538 | 130,826,217 | ' | ' | ' | ' | ' | ' | ' | ' | 83,200,000 | 332,700,000 | ' | ' |
Note_12_Subsequent_Event_Detai1
Note 12 - Subsequent Event (Details) - Proforma Combined Total Revenue and Consolidated Net Income (Loss) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Proforma Combined Total Revenue and Consolidated Net Income (Loss) [Abstract] | ' | ' |
Total Revenue | $176,705 | $170,836 |
Consolidated net income (loss) | $1,584 | ($4,963) |