Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 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 | ' | 83,471,205 |
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-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investment properties, at cost | $3,673,832 | $1,877,057 |
Less: accumulated depreciation | -282,693 | -232,580 |
3,391,139 | 1,644,477 | |
Cash and cash equivalents | 31,213 | 18,134 |
Tenant receivables, including accrued straight-line rent of $17,304 and $14,490, respectively, net of allowance for uncollectible accounts | 38,623 | 24,768 |
Other receivables | 4,891 | 4,567 |
Restricted cash and escrow deposits | 17,442 | 11,046 |
Deferred costs, net | 168,237 | 56,388 |
Prepaid and other assets | 12,073 | 4,547 |
Assets held for sale (see Note 10) | 344,466 | ' |
Total Assets | 4,008,084 | 1,763,927 |
Liabilities and Equity: | ' | ' |
Mortgage and other indebtedness | 1,556,496 | 857,144 |
Accounts payable and accrued expenses | 87,823 | 61,437 |
Deferred revenue and other liabilities | 141,865 | 44,313 |
Liabilities held for sale (see Note 10) | 176,636 | ' |
Total Liabilities | 1,962,820 | 962,894 |
Commitments and contingencies | ' | ' |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 109,554 | 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 September 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, 83,459,618 shares and 32,706,554 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 835 | 327 |
Additional paid in capital and other | 2,059,063 | 822,507 |
Accumulated other comprehensive income | 1,151 | 1,353 |
Accumulated deficit | -231,203 | -173,130 |
Total Kite Realty Group Trust Shareholders' Equity | 1,932,346 | 753,557 |
Noncontrolling Interests | 3,364 | 3,548 |
Total Equity | 1,935,710 | 757,105 |
Total Liabilities and Equity | $4,008,084 | $1,763,927 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accrued straight-line rent (in Dollars) | $17,304 | $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 | 83,459,618 | 32,706,554 |
Common Shares, shares outstanding | 83,459,618 | 32,706,554 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Minimum rent | $69,033 | $23,726 | $131,515 | $66,859 |
Tenant reimbursements | 17,605 | 6,258 | 35,083 | 17,351 |
Other property related revenue | 1,938 | 2,569 | 5,481 | 9,300 |
Total revenue | 88,576 | 32,553 | 172,079 | 93,510 |
Expenses: | ' | ' | ' | ' |
Property operating | 11,850 | 5,449 | 26,057 | 15,582 |
Real estate taxes | 10,632 | 3,724 | 20,048 | 10,685 |
General, administrative, and other | 3,939 | 2,115 | 9,358 | 6,069 |
Merger and acquisition costs | 19,088 | 153 | 26,849 | 567 |
Depreciation and amortization | 44,383 | 15,374 | 81,559 | 40,566 |
Total expenses | 89,892 | 26,815 | 163,871 | 73,469 |
Operating (loss) income | -1,316 | 5,738 | 8,208 | 20,041 |
Interest expense | -15,386 | -7,541 | -30,291 | -20,812 |
Income tax expense of taxable REIT subsidiary | -14 | -31 | -37 | -107 |
Other expense | -13 | -47 | -119 | -39 |
Loss from continuing operations | -16,729 | -1,881 | -22,239 | -917 |
Discontinued operations: | ' | ' | ' | ' |
Discontinued operations | ' | 1,394 | ' | 604 |
Impairment charge | ' | ' | ' | -5,371 |
Non-cash gain on debt extinguishment | ' | 1,242 | ' | 1,242 |
Gain on sale of operating property, net | ' | 486 | 3,199 | 486 |
Income (loss) from discontinued operations | ' | 3,122 | 3,199 | -3,039 |
(Loss) income before gain on sale of operating properties, net | -16,729 | 1,241 | -19,040 | -3,956 |
Gain on sale of operating properties, net | 2,749 | ' | 6,336 | ' |
Consolidated net (loss) income | -13,980 | 1,241 | -12,704 | -3,956 |
Change in fair value of derivatives | 2,671 | -1,107 | -249 | 5,469 |
Total comprehensive loss | -11,309 | 134 | -12,953 | 1,513 |
Comprehensive loss attributable to noncontrolling interests | -400 | 89 | -177 | 212 |
Comprehensive (loss) income attributable to Kite Realty Group Trust | -11,709 | 223 | -13,130 | 1,725 |
Net (income) loss attributable to noncontrolling interests | -304 | 15 | -224 | 651 |
Net (loss) income attributable to Kite Realty Group Trust | -14,284 | 1,256 | -12,928 | -3,305 |
Dividends on preferred shares | -2,114 | -2,114 | -6,342 | -6,342 |
Net income (loss) attributable to common shareholders | -16,398 | -858 | -19,270 | -9,647 |
Net loss per common share - basic & diluted: | ' | ' | ' | ' |
Loss from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.20) | ($0.16) | ($0.45) | ($0.31) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0 | $0.12 | $0.06 | ($0.13) |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.20) | ($0.04) | ($0.39) | ($0.44) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 83,455,900 | 23,450,974 | 49,884,469 | 21,906,686 |
Dividends declared per common share (in Dollars per share) | $0.26 | $0.24 | $0.76 | $0.72 |
Net loss attributable to Kite Realty Group Trust common shareholders: | ' | ' | ' | ' |
Loss from continuing operations | -16,398 | -3,772 | -22,366 | -6,824 |
Income (loss) from discontinued operations | ' | $2,914 | $3,096 | ($2,823) |
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 | $327 | $822,507 | $1,353 | ($173,130) | $753,557 |
Balances (in Shares) at Dec. 31, 2013 | 4,100,000 | 32,706,554 | ' | ' | ' | ' |
Common shares issued under employee share purchase plan | ' | ' | 14 | ' | ' | 14 |
Common shares issued under employee share purchase plan (in Shares) | ' | 571 | ' | ' | ' | ' |
Common shares issued as part of merger, net of offering costs | ' | 503 | 1,232,829 | ' | ' | 1,233,332 |
Common shares issued as part of merger, net of offering costs (in Shares) | ' | 50,272,308 | ' | ' | ' | ' |
Common shares retired in connection with reverse share split | ' | ' | -60 | ' | ' | -60 |
Common shares retired in connection with reverse share split (in Shares) | ' | -2,436 | ' | ' | ' | ' |
Stock compensation activity | ' | 5 | 2,110 | ' | ' | 2,120 |
Stock compensation activity (in Shares) | ' | 478,121 | ' | ' | ' | ' |
Other comprehensive loss attributable to Kite Realty Group Trust | ' | ' | ' | -202 | ' | -202 |
Distributions declared to commonshareholders | ' | ' | ' | ' | -38,803 | -38,803 |
Distributions to preferred shareholders | ' | ' | ' | ' | -6,342 | -6,342 |
Net loss attributable to Kite Realty Group Trust | ' | ' | ' | ' | -12,928 | -12,928 |
Exchange of redeemable noncontrolling interests for common shares | ' | ' | 113 | ' | ' | 113 |
Exchange of redeemable noncontrolling interests for common shares (in Shares) | ' | 4,500 | ' | ' | ' | ' |
Adjustment to redeemable noncontrolling interests - Operating Partnership | ' | ' | 1,550 | ' | ' | 1,550 |
Balances at Sep. 30, 2014 | $102,500 | $835 | $2,059,063 | $1,151 | ($231,203) | $1,932,346 |
Balances (in Shares) at Sep. 30, 2014 | 4,100,000 | 83,459,618 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Redeemable Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] | Noncontrolling Interests in Properties [Member] | Noncontrolling Interests in Properties [Member] | |||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' |
Consolidated net loss | ($12,704,000) | ($3,956,000) | ' | ' | ' | ' |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' |
Straight-line rent | -3,351,000 | -2,539,000 | ' | ' | ' | ' |
Depreciation and amortization | 83,472,000 | 43,313,000 | ' | ' | ' | ' |
Impairment charge | ' | 5,371,000 | ' | ' | ' | ' |
Gain on debt extinguishment | ' | -1,242,000 | ' | ' | ' | ' |
Gain on sale of operating properties, net | -9,535,000 | -487,000 | ' | ' | ' | ' |
Provision for credit losses | 1,206,000 | 255,000 | ' | ' | ' | ' |
Compensation expense for equity awards | 1,336,000 | 1,044,000 | ' | ' | ' | ' |
Amortization of debt fair value adjustment | -1,663,000 | -125,000 | ' | ' | ' | ' |
Amortization of in-place lease liabilities, net | -3,582,000 | -1,912,000 | ' | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' |
Tenant receivables and other | -6,811,000 | 542,000 | ' | ' | ' | ' |
Deferred costs and other assets | -5,542,000 | -11,029,000 | ' | ' | ' | ' |
Accounts payable, accrued expenses, deferred revenue and other liabilities | -32,258,000 | 7,784,000 | ' | ' | ' | ' |
Net cash provided by operating activities | 10,568,000 | 37,019,000 | ' | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' |
Acquisitions of interests in properties | ' | -102,685,000 | ' | ' | ' | ' |
Capital expenditures, net | -72,345,000 | -75,077,000 | ' | ' | ' | ' |
Net proceeds from sales of operating properties | 40,771,000 | 7,293,000 | ' | ' | ' | ' |
Net proceeds from sales of marketable securities acquired from merger | 18,601,000 | ' | ' | ' | ' | ' |
Net cash received from merger | 108,666,000 | ' | ' | ' | ' | ' |
Change in construction payables | -7,075,000 | -12,970,000 | ' | ' | ' | ' |
Collection of note receivable | 542,000 | ' | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | 89,160,000 | -183,439,000 | ' | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' |
Common share issuance proceeds, net of issuance costs | -46,000 | 97,185,000 | ' | ' | ' | ' |
Offering costs | -1,819,000 | ' | ' | ' | ' | ' |
Loan proceeds | 84,207,000 | 290,071,000 | ' | ' | ' | ' |
Loan transaction costs | -3,709,000 | -1,942,000 | ' | ' | ' | ' |
Loan payments | -131,786,000 | -216,675,000 | ' | ' | ' | ' |
Distributions paid b common shareholders | -24,953,000 | -14,963,000 | ' | ' | ' | ' |
Distributions paid - preferred shareholders | -6,342,000 | -6,342,000 | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ' | -1,914,000 | -1,185,000 | -287,000 | -82,000 |
Net cash (used in) provided by financing activities | -86,649,000 | 146,067,000 | ' | ' | ' | ' |
Net change in cash and cash equivalents | 13,079,000 | -353,000 | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 18,134,000 | 12,483,000 | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 31,213,000 | 12,130,000 | ' | ' | ' | ' |
Non-cash investing and financing activities | ' | ' | ' | ' | ' | ' |
Extinguishment of mortgage upon transfer of Kedron Village operating property to lender | ' | 29,195,000 | ' | ' | ' | ' |
Assumption of mortgages upon completion of merger including debt premium of $33,298 | 892,909,000 | ' | ' | ' | ' | ' |
Properties and other assets added upon completion of merger | 2,367,600,000 | ' | ' | ' | ' | ' |
Marketable securities added upon completion of merger | $18,602,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) (Inland Diversified Real Estate Trust, Inc [Member], USD $) | Sep. 30, 2014 | Jul. 31, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |||
Inland Diversified Real Estate Trust, Inc [Member] | ' | ' | ' |
Assumption of mortgages upon completion of merger including debt premium | $33,298 | $33,300 | $33,300 |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Sep. 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 office real estate properties in select markets in the United States. | |
On July 1, 2014, we completed a merger with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”), in which Inland Diversified merged with and into a wholly-owned subsidiary of ours 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. See Note 11 for additional details. | |
The retail portfolio we acquired through the merger with Inland Diversified was 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 the Company for each outstanding common share of Inland Diversified, resulting in a total issuance of approximately 201.1 million of our common shares. The transaction had a value of approximately $1.2 billion based on the closing price of our common shares on the day preceding the merger of $6.14. The terms are prior to the one for four reverse share split completed in August 2014. | |
At September 30, 2014, we owned interests in 129 operating properties (consisting of 127 retail properties and two office 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 | 9 Months Ended | ||||||||||||||||
Sep. 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 Securities and Exchange Commission. 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 September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management 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. | |||||||||||||||||
Components of Investment Properties | |||||||||||||||||
The Company's investment properties as of September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Investment properties, at cost: | |||||||||||||||||
Land | $ | 763,563 | $ | 333,458 | |||||||||||||
Buildings and improvements | 2,749,023 | 1,351,642 | |||||||||||||||
Furniture, equipment and other | 6,315 | 4,970 | |||||||||||||||
Land held for development | 54,778 | 56,078 | |||||||||||||||
Construction in progress | 100,153 | 130,909 | |||||||||||||||
$ | 3,673,832 | $ | 1,877,057 | ||||||||||||||
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 September 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 $115.9 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||||||
We consider all relationships between the Company 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 September 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 nine months ended September 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 | 103 | 90 | |||||||||||||||
Distributions to noncontrolling interests | (287 | ) | (82 | ) | |||||||||||||
Noncontrolling interests balance at September 30 | $ | 3,364 | $ | 3,543 | |||||||||||||
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 September 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. | |||||||||||||||||
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 nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 98.10% | 93.30% | 96.80% | 92.90% | |||||||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 1.90% | 6.70% | 3.20% | 7.10% | |||||||||||||
At September 30, 2014, The Company’s interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 98.1% and 1.9%, respectively. At December 31, 2013, the Company’s interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 95.2% and 4.8%, respectively. | |||||||||||||||||
Redeemable Noncontrolling Interests - Subsidiaries | |||||||||||||||||
Prior to the merger, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. The Class B units will become redeemable at our applicable partner’s election at future dates generally beginning in September 2015, March 2017 or October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in June 2018, October 2022 and November 2022, with respect to our Inland Territory, City Center and Crossing at Killingly joint ventures, respectively, the applicable Class B units can be redeemed at either our applicable partner’s or our election. None of the issued units have a maturity date and none are mandatorily redeemable. | |||||||||||||||||
We consolidate each of these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. | |||||||||||||||||
We classify redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of September 30, 2014, the redemption value of the redeemable noncontrolling interests did not exceed the initial book value recorded upon our acquisition of Inland Diversified. | |||||||||||||||||
The redeemable noncontrolling interests in the Operating Partnership and other subsidiaries for the nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | |||||||||||||||
Net income allocable to redeemable noncontrolling interests | 118 | (741 | ) | ||||||||||||||
Distributions declared to redeemable noncontrolling interests | (1,946 | ) | (1,189 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (47 | ) | 440 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (113 | ) | (73 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,742 | ) | 4,007 | ||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
Limited partners' interests in Operating Partnership | 40,198 | 40,114 | |||||||||||||||
Other redeemable noncontrolling interests in certain subsidiaries | 69,356 | — | |||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
____________________ | |||||||||||||||||
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 nine months ended September 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 | (47 | ) | 440 | ||||||||||||||
Accumulated comprehensive (loss) income balance at September 30 | $ | 22 | $ | (16 | ) | ||||||||||||
____________________ | |||||||||||||||||
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). | ||||||||||||||||
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 | 9 Months Ended |
Sep. 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 the conversion of all potentially dilutive shares 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, units under our outperformance plan (see Note 6), potential settlement of redeemable noncontrolling interests in certain joint ventures 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 nine months ended September 30, 2014 and 2013, the potentially dilutive securities were not dilutive for those periods. | |
Approximately 1.0 million and 1.6 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 nine months ended September 30, 2014 and 2013, respectively. | |
On August 11, 2014, we completed a one-for-four reverse share split of our common shares. As a result of the reverse share split, the number of outstanding common shares of the Company was reduced from approximately 332.7 million to approximately 83.2 million. All common share and per share information contained herein has been restated to reflect the reverse share split as if it had occurred as of the beginning of the first period presented. |
Note_4_Mortgage_and_Other_Inde
Note 4 - Mortgage and Other Indebtedness | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 4. Mortgage and Other Indebtedness | |||||||||||||||||
Mortgage and other indebtedness consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unsecured revolving credit facility | $ | 113,000 | $ | 145,000 | |||||||||||||
Unsecured term loan | 230,000 | 230,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 147,041 | 144,389 | |||||||||||||||
Mortgage notes payable - fixed rate | 800,078 | 276,504 | |||||||||||||||
Mortgage notes payable - variable rate | 238,916 | 61,185 | |||||||||||||||
Net premiums on acquired debt | 27,461 | 66 | |||||||||||||||
Total mortgage and other indebtedness | 1,556,496 | 857,144 | |||||||||||||||
Mortgage notes - properties held for sale 1 | 144,316 | — | |||||||||||||||
Total | $ | 1,700,812 | $ | 857,144 | |||||||||||||
1 | Includes net premiums on acquired debt of $4.2 million. | ||||||||||||||||
Consolidated indebtedness (excluding properties held for sale), including weighted average maturities and weighted average interest rates at September 30, 2014, is summarized below: | |||||||||||||||||
Amount | Weighted Average Maturity (Years) | Weighted Average Interest Rate | Percentage of Total | ||||||||||||||
Fixed rate debt | $ | 800,078 | 5.6 | 5.06% | 52% | ||||||||||||
Floating rate debt (hedged to fixed) | 456,275 | 3.6 | 3.25% | 30% | |||||||||||||
Total fixed rate debt, considering hedges | 1,256,353 | 4.9 | 4.40% | 82% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 147,041 | 1 | 2.15% | 10% | |||||||||||||
Other variable rate debt | 238,916 | 4.8 | 2.42% | 16% | |||||||||||||
Corporate unsecured variable rate debt | 343,000 | 5.1 | 1.52% | 22% | |||||||||||||
Floating rate debt (hedged to fixed) | (456,275 | ) | -3.6 | -1.94% | -30% | ||||||||||||
Total variable rate debt, considering hedges | 272,682 | 5.2 | 1.94% | 18% | |||||||||||||
Net premiums on acquired debt | 27,461 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 1,556,496 | 4.9 | 3.96% | 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 135 to 275 basis points. At September 30, 2014, the one-month LIBOR interest rate was 0.15%. Fixed interest rates on mortgage loans range from 3.81% to 6.78%. | |||||||||||||||||
Unsecured Revolving Credit Facility and Unsecured 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 to July 1, 2018, which may be further extended at our option for up to two additional periods of six months, 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. | |||||||||||||||||
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, 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. | |||||||||||||||||
The amount that we may borrow under our amended facility is based on the value of assets in our unencumbered property pool. As of September 30, 2014, the full amount of our amended facility, or $500 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 September 30, 2014, we had $380 million available for future borrowings under our amended facility. In addition, our unencumbered assets could provide approximately $65 million of additional borrowing capacity under our amended facility. As of September 30, 2014, we had 84 unencumbered properties, of which 76 were wholly-owned by subsidiaries which are guarantors under the amended facility and the amended Term Loan. | |||||||||||||||||
As of September 30, 2014, $113 million was outstanding under the amended facility and $230 million was outstanding under the amended Term Loan. Additionally, we had letters of credit outstanding which totaled $7 million, against which no amounts were advanced as of September 30, 2014. | |||||||||||||||||
Our ability to borrow under the amended facility is subject to our compliance with various restrictive covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. The amended facility and the amended Term Loan also require us to satisfy certain financial covenants. As of September 30, 2014, we were in compliance with all such covenants on the amended facility and the amended Term Loan. | |||||||||||||||||
Debt Activity | |||||||||||||||||
For the nine months ended September 30, 2014, we had total loan borrowings of $84.2 million, total loan assumptions of $859.6 million and total loan repayments of $131.8 million. The major components of this activity are as follows: | |||||||||||||||||
● | In January 2014, we paid off the $4.0 million loan secured by the 50th and 12th operating property using a portion of the proceeds from the sale of the property (see Note 10); | ||||||||||||||||
● | In February 2014, we drew $14.7 million on the unsecured revolving credit facility to fund redevelopment and tenant improvement costs; | ||||||||||||||||
● | In March 2014, we paid down $14.7 million on the unsecured revolving credit facility utilizing a portion of proceeds from property sales; | ||||||||||||||||
● | In March 2014, we refinanced the $6.9 million Beacon Hill variable rate loan and extended the maturity of the loan to April 2018; | ||||||||||||||||
● | In May 2014, we paid down $1.2 million on the loan secured by Delray Marketplace operating property; | ||||||||||||||||
● | In July 2014, we retired the $17.7 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 land at 951 and 41 in Naples, Florida using cash acquired as part of the merger; | ||||||||||||||||
● | In July 2014, as a result of the merger with Inland Diversified, we assumed $859.6 million in debt secured by 41 properties. As part of the purchase price allocation, a debt premium of $33.3 million was recorded. The variable interest rates on these mortgage loans are based on LIBOR plus spreads ranging from 175 to 275 basis points. The fixed interest rates on these mortgage loans range from 3.81% to 6.19% and mature over various terms through 2022; | ||||||||||||||||
● | We paid down $32 million on the unsecured revolving credit facility during the third quarter utilizing cash on hand; | ||||||||||||||||
● | In September 2014, we retired the $4.5 million loan secured by the Zionsville Walgreens operating property upon the sale of the asset (see Note 10); | ||||||||||||||||
● | We drew $40.5 million during the period on construction loans related to the Holly Springs – Phase I and Parkside – Phases I and II development projects; and | ||||||||||||||||
● | We made scheduled principal payments on indebtedness totaling $4.7 million. | ||||||||||||||||
Fair Value of Fixed and Variable Rate Debt | |||||||||||||||||
As of September 30, 2014, the fair value of fixed rate debt, including properties held for sale, was $956.6 million compared to the book value of $893.5 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 3.81% to 6.78%. As of September 30, 2014, the fair value of variable rate debt, including properties held for sale, was $811.8 million compared to the book value of $775.6 million. The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 1.50% to 2.90%. |
Note_5_Derivative_Instruments_
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 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 September 30, 2014, we were party to various cash flow hedge agreements with notional amounts totaling $456.3 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 3.25%. | |||||||||||||||||
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. | |||||||||||||||||
In the merger with Inland Diversified we assumed seven interest rate swaps. The notional amount of the instruments was $163.3 million and the fair value was a net liability of $3.7 million on the merger date. Three of these swaps with a combined notional amount of $34.2 million did not meet the requirements for hedge accounting. The change in the fair value of those interest rate agreements of $0.2 million for the three months ending September 30, 2014 was shown as a reduction to interest expense. | |||||||||||||||||
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 September 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 September 30, 2014 the fair value of our interest rate hedges was a net liability of $2.8 million, including accrued interest of $0.5 million. As of September 30, 2014, $2.3 million is recorded in prepaid and other assets and $5.1 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 $4.9 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 nine months ended September 30, 2014 and 2013, $3.6 million and $2.0 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 nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (16,398 | ) | $ | (858 | ) | $ | (19,270 | ) | $ | (9,647 | ) | |||||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 2,576 | (1,033 | ) | (202 | ) | 5,030 | |||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (13,822 | ) | $ | (1,891 | ) | $ | (19,472 | ) | $ | (4,617 | ) | |||||
____________________ | |||||||||||||||||
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 | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 6. Shareholders’ Equity | |
Merger with Inland Diversified | |
In preparation for our merger with Inland Diversified and 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 50.3 million of our common shares to the existing Inland Diversified stockholders as consideration in connection with the merger transaction. For purposes of financial statement presentation, the shares were valued based on the closing price of our common shares immediately prior to the closing date. | |
Share Grants to Employees | |
In July 2014, a total of 0.3 million restricted shares were granted to members of executive management and certain other employees in connection with the successful closing of the merger with Inland Diversified and 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 that were subsequently entered into with members of executive management. These shares will vest ratably over periods of up to four years, and in the case of members of executive management there is generally a three year no-sell restriction after the shares have vested. The restricted shares were granted at fair values ranging from $21.24 to $25.00. | |
In July 2014, the Compensation Committee of the Board of Trustees adopted the Kite Realty Group Trust 2014 Outperformance Plan for members of executive management and certain other employees, pursuant to which grantees are eligible to earn units in the Operating Partnership based on the achievement of certain performance criteria of the Company’s common shares. Participants in the 2014 Outperformance Plan may earn, in the aggregate, up to$7.5 million of share-settled awards based on our total shareholder return (“TSR”) for the three-year period beginning July 1, 2014 and ending June 30, 2017. | |
At the end of the three-year performance period, participants will be paid their percentage interest in the bonus pool as units in the Operating Partnership that vest over an additional two-year service period. The compensation cost of the 2014 Outperformance Plan is fixed as of the grant date and is recognized regardless of whether the units are ultimately earned. | |
The 2014 Outperformance Plan was valued at an aggregate value of $2.4 million utilizing a Monte Carlo simulation. The value of the awards will be amortized to expense through the final vesting date of June 30, 2019 based upon a graded vesting schedule. | |
Reverse Share Split | |
On August 11, 2014, we completed a reverse share split of our common shares at a ratio of one new share for each four shares then outstanding. As a result of the reverse share split, the number of outstanding common shares was reduced from approximately 332.7 million shares to approximately 83.2 million shares. | |
Distribution Payments | |
Our Board of Trustees declared a quarterly cash distribution of $0.515625 per Series A Preferred Share covering the period from June 2, 2014 to September 1, 2014. This distribution was paid on September 1, 2014 to shareholders of record as of August 22, 2014. | |
Our Board of Trustees declared a cash distribution of $0.26 per common share for the third quarter of 2014. This distribution was paid on October 13, 2014 to common shareholders and operating partnership unit holders of record as of October 6, 2014. |
Note_7_Deferred_Costs
Note 7 - Deferred Costs | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
Note 7. Deferred Costs | |||||||||
Deferred costs consist primarily of financing fees incurred to obtain long-term financing, acquired lease intangible assets, and broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred financing costs are amortized on a straight-line basis over the terms of the respective loan agreements. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At September 30, 2014 and December 31, 2013, deferred costs consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Deferred financing costs | $ | 14,341 | $ | 11,293 | |||||
Acquired lease intangible assets | 162,542 | 24,930 | |||||||
Deferred leasing costs and other | 44,449 | 41,626 | |||||||
221,332 | 77,849 | ||||||||
Less—accumulated amortization | (31,139 | ) | (21,461 | ) | |||||
Total | 190,193 | 56,388 | |||||||
Deferred costs – properties held for sale | (21,956 | ) | -- | ||||||
Total | $ | 168,237 | $ | 56,388 | |||||
The accompanying consolidated statements of operations include amortization expense as follows: | |||||||||
Nine months ended September 30, | |||||||||
2014 | 2013 | ||||||||
Amortization of deferred financing costs | $ | 1,912 | $ | 1,923 | |||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 11,501 | $ | 3,891 | |||||
Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense, while the amortization of deferred financing costs is included in interest expense. |
Note_8_Deferred_Revenue_and_Ot
Note 8 - Deferred Revenue and Other Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue Disclosure [Text Block] | ' | ||||||||
Note 8. Deferred Revenue and Other Liabilities | |||||||||
Deferred revenue and other liabilities consist of unamortized fair value of in-place lease liabilities recorded in connection with purchase accounting, earnout components related to property acquisitions, retainage payables for development and redevelopment projects, and tenant rents received in advance. The amortization of in-place lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2036. Tenant rents received in advance are recognized as revenue in the period to which they apply, usually the month following their receipt. | |||||||||
At September 30, 2014 and December 31, 2013, deferred revenue and other liabilities consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Unamortized in-place lease liabilities | $ | 140,830 | $ | 36,173 | |||||
Retainages payable and other | 4,261 | 2,982 | |||||||
Seller earnout (Note 9) | 14,973 | ─ | |||||||
Tenant rents received in advance | 10,364 | 5,158 | |||||||
Total | 170,428 | 44,313 | |||||||
Deferred revenue and other liabilities – liabilities held for sale | 28,563 | ─ | |||||||
Total | $ | 141,865 | $ | 44,313 | |||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 9. Commitments and Contingencies | |||||
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. | |||||
We have guaranteed a loan in the amount of $26.6 million on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC (collectively, the “LC Partners”). Along with our guarantee of the loan the LC Partners pledged their Class B units as collateral for the loan. If payment of the loan is required and the value of the Class B units does not fully service the loan, the Company will be required to retire the remaining amount. | |||||
As of September 30, 2014, we had outstanding letters of credit totaling $7 million. At that date, there were no amounts advanced against these instruments. | |||||
Earnout Liability | |||||
Nine of our properties, which properties were acquired by Inland Diversified prior to the date of the merger, have earnout components whereby the Company is required to pay the seller additional consideration based on subsequent leasing activity of vacant space. The maximum potential earnout payment was $15.0 million at September 30, 2014. The table below presents the change in our earnout liability for the three months ended September 30, 2014. | |||||
For the Three Months Ended September 30, 2014 | |||||
Earnout liability – beginning of period | $ | 16,593 | |||
Decreases: | |||||
Payments to settle earnouts | (1,620 | ) | |||
Earnout liability – end of period | $ | 14,973 | |||
The expiration dates of the remaining earnouts range from October 3, 2014 through December 28, 2015. |
Note_10_Disposal_of_Operating_
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||
Note 10. Disposals of Operating Properties and Investment Properties Held for Sale | |||||||||||
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 and a net gain of $6.7 million. | |||||||||||
During the third quarter of 2014, we sold our Zionsville Walgreens operating property in Zionsville, Indiana for aggregate proceeds of $7.3 million and a net gain of $2.9 million. | |||||||||||
The Red Bank Commons, Ridge Plaza and Zionsville Walgreens operating properties are not included in discontinued operations in the accompanying Statements of Operations for the three and nine months ended September 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 and nine months ended September 30, 2014 and 2013, as the property was classified as held for sale as of December 31, 2013. | |||||||||||
Sale of Properties to Inland Real Estate Income Trust | |||||||||||
On September 16, 2014, we entered into a Purchase and Sale Agreement with Inland Real Estate Income Trust, Inc. (“Inland Real Estate”), which provides for the sale of 15 of our operating properties (the “Portfolio”) to Inland Real Estate with the option for the sale of a 16th property, Village at Bay Park. | |||||||||||
The Purchase and Sale Agreement provides that the Portfolio will be sold to Inland Real Estate in two separate tranches. The sale of the first tranche (“Tranche I”) will consist of nine retail operating properties to be sold for approximately $163.1 million and is expected to occur on or before December 15, 2014. The sale of the second tranche (“Tranche II”) will consist of six retail operating properties to be sold for a sales price of approximately $155.1 million and is expected to occur on or before March 16, 2015. The closing of the Village at Bay Park operating retail property would occur on June 15, 2015, for a sales price of approximately $19.7 million; however, the Company and Inland Real Estate each has the right to opt out of this transaction for any reason. The deadline for the decision to either opt out or irrevocably commit to purchasing the Village at Bay Park property is June 8, 2015. One of the Company’s trustees also serves as a director of Inland Real Estate, and therefore recused himself from any consideration by the Board of Trustees of the transaction. | |||||||||||
The expected timing of the sale of the Portfolio is as follows: | |||||||||||
Transaction | Sale Date | Number of Properties | Aggregate Purchase Price | ||||||||
Tranche I | 15-Dec-14 | 9 | $ | 163,054 | |||||||
Tranche II | 15-Mar-15 | 6 | 155,076 | ||||||||
$ | 318,130 | ||||||||||
The operating properties to be sold are as follows: | |||||||||||
Property Name | MSA | ||||||||||
Tranche I: | |||||||||||
Copps Grocery | Stevens Point, WI | ||||||||||
Eastside Junction1 | Athens, AL | ||||||||||
Fox Point | Neenah, WI | ||||||||||
Harvest Square | Harvest, AL | ||||||||||
Landing at Ocean Isle Beach | Ocean Isle Beach, NC | ||||||||||
Branson Hills Plaza | Branson, MO | ||||||||||
Shoppes at Branson Hills | Branson, MO | ||||||||||
Shoppes at Prairie Ridge | Pleasant Prairie, WI | ||||||||||
Heritage Square | Conyers, GA | ||||||||||
Tranche II: | |||||||||||
Fairgrounds Crossing | Hot Springs, AR | ||||||||||
Hawk Ridge | Saint Louis, MO | ||||||||||
Prattville Town Center | Prattville, AL | ||||||||||
Regal Court | Shreveport, LA | ||||||||||
Whispering Ridge | Omaha, NE | ||||||||||
Walgreens Plaza | Jacksonville, NC | ||||||||||
1 | Subsequent to the signing of the Purchase and Sale Agreement with Inland Real Estate, Publix exercised its right offer to purchase the property. The sale of this property may be delayed from the December 15 closing date. | ||||||||||
The operating properties listed above are not included in discontinued operations in the accompanying Statements of Operations as the disposals neither individually nor in the aggregate represent a strategic shift that has or will have a major effect on our operations or financial results (see Note 2). The Portfolio met the requirements to present as held for sale as of September 30, 2014. The sale of the Village at Bay Park property does not meet the held for sale criteria. Upon meeting the held-for-sale criteria, depreciation and amortization ceased for these operating properties. The assets and liabilities associated with these properties are separately classified as held for sale in the consolidated balance sheets as of September 30, 2014. | |||||||||||
The following table presents the assets and liabilities associated with the held for sale properties: | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 323,571 | |||||||||
Less: accumulated depreciation | (3,050 | ) | |||||||||
320,521 | |||||||||||
Accounts receivable, prepaids and other assets | 1,989 | ||||||||||
Deferred costs, net | 21,956 | ||||||||||
Total assets held for sale | 344,466 | ||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness | $ | 144,316 | |||||||||
Accounts payable and accrued expenses | 3,756 | ||||||||||
Deferred revenue and other liabilities | 28,564 | ||||||||||
Total liabilities held for sale | 176,636 | ||||||||||
The results of operations for the investment properties that are classified as held for sale are presented in the table below: | |||||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Revenue: | |||||||||||
Minimum rent1 | $ | 5,867 | |||||||||
Tenant reimbursements | 1,190 | ||||||||||
Total revenue | 7,057 | ||||||||||
Expenses: | |||||||||||
Property operating | 922 | ||||||||||
Real estate taxes | 746 | ||||||||||
Depreciation and amortization | 3,520 | ||||||||||
Total expenses | 5,188 | ||||||||||
Operating income | 1,869 | ||||||||||
Interest expense | (1,428 | ) | |||||||||
Income from continuing operations | 441 | ||||||||||
1 | Minimum rent includes non-cash $175,000 of straight-line and market rent revenue. | ||||||||||
Note_11_Acquisitions
Note 11 - Acquisitions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||
Note 11. Acquisitions | |||||||||
Upon completion of the merger with Inland Diversified, we acquired 60 operating properties. In the year ended December 31, 2013, we acquired thirteen properties. 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 September 30, 2014 and are subject to revision within the measurement period, not to exceed one year. | |||||||||
We measure identifiable assets acquired, liabilities assumed, and any non-controlling interests in an acquiree at fair value on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. In making estimates of fair values for the purpose of allocating purchase price, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. | |||||||||
A portion of the purchase price is allocated to tangible assets and intangibles, including: | |||||||||
● | the fair value of the building on an as-if-vacant basis and to land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; | ||||||||
● | above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the remaining non-cancelable terms of the respective leases. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; and | ||||||||
● | the value of leases acquired. We utilize independent sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. | ||||||||
We also consider whether a portion of the purchase price should be allocated to in-place leases that have a related customer relationship intangible value. Characteristics we consider in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs. | |||||||||
The Company determined that it was the acquirer for accounting purposes in the merger with Inland Diversified. We considered the continuation of the Company’s existing management and a majority of the existing board members as the most significant considerations in our analysis. Additionally, Inland Diversified had previously announced the transaction as a liquidation event and we believe this transaction was an acquisition of Inland Diversified by the Company. | |||||||||
Following is a summary of our 2013 and 2014 operating property acquisitions. | |||||||||
Property Name | MSA | Acquisition Date | Acquisition Cost (Millions) | ||||||
Shoppes of Eastwood | Orlando, FL | Jan-13 | $11.60 | ||||||
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 | $304.00 | |||||||
Merger with Inland Diversified | Jul-14 | $2,128.60 | |||||||
Since the merger date with Inland Diversified the 60 operating properties acquired generated total revenue of $46.2 million and consolidated net income of $3.3 million for the three months ended September 30, 2014. | |||||||||
The following table presents pro forma combined total revenue and consolidated net (loss) income for the nine months ending September 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 2013 and 2014 property acquisitions 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. The pro forma results exclude merger costs and reflect the termination of management agreements with affiliates of Inland Diversified as neither are expected to have a continuing impact on the results of the operations following the merger. The results also reflect the pay down of certain debt, which was contemplated as part of the merger. | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 266,044 | $ | 265,637 | |||||
Consolidated net (loss) income | 16,009 | 1,330 | |||||||
The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required us to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as previously defined. The ranges of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets of each building acquired during the 2014 merger are as follows: | |||||||||
Low | High | ||||||||
Lease-up period (months) | 6 | 18 | |||||||
Net rental rate per square foot – Anchor (greater than 10,000 square feet) | $ | 5 | $ | 30 | |||||
Net rental rate per square foot – Small Shops | $ | 11 | $ | 53 | |||||
Discount rate | 5.75 | % | 9.25 | % | |||||
The following table summarizes the aggregate purchase price allocation for the properties acquired as part of the merger with Inland Diversified as of July 1, 2014: | |||||||||
Assets: | |||||||||
Investment properties, net | $ | 2,095,567 | |||||||
Deferred costs, net | 143,210 | ||||||||
Investments in marketable securities | 18,602 | ||||||||
Cash and cash equivalents | 108,666 | ||||||||
Accounts receivable, prepaid expenses, and other | 20,157 | ||||||||
Total assets | 2,386,202 | ||||||||
Liabilities: | |||||||||
Mortgage and other indebtedness, including debt premium of $33,300 | $ | 892,909 | |||||||
Deferred revenue and other liabilities | 129,935 | ||||||||
Accounts payable and accrued expenses | 59,314 | ||||||||
Total Liabilities | 1,082,158 | ||||||||
Noncontrolling interests | 69,356 | ||||||||
Common stock issued | 1,234,688 | ||||||||
Total purchase price | $ | 2,386,202 | |||||||
Merger and acquisition costs for the nine months ended September 30, 2014 related to our merger with Inland Diversified totaled $26.8 million compared to $0.6 million of costs for property acquisitions for the nine months ended September 30, 2013. The majority of the $26.8 million related to investment banking, lender, due diligence, legal, and professional expenses. | |||||||||
There were no material adjustments to the purchase price allocations for our 2013 acquisitions during the three months ended September 30, 2014. |
Note_12_Development_and_Redeve
Note 12 - Development and Redevelopment Activities | 9 Months Ended |
Sep. 30, 2014 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
Note 12. Development and Redevelopment Activities | |
Development Activities | |
In 2014, we expect to substantially complete construction on Parkside Town Commons – Phase I near Raleigh, North Carolina, which is anchored by Harris Teeter, Petco and a non-owned Target. Parkside Town Commons – Phase II is under construction as of September 30, 2014. Field & Stream and Golf Galaxy opened in September 2014 and will be joined by Frank Theatres and Toby Keith’s Bar & Grill in the first half of 2015. | |
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. We transitioned this project to the operating portfolio in the third quarter of 2014. | |
In July 2013, we completed plans for a redevelopment project at King’s Lake Square 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, $2.5 million of additional depreciation expense was recognized in 2013. This center is anchored by Publix Supermarkets which opened in April of 2014. We transitioned this project to the operating portfolio in the second quarter of 2014. |
Note_13_Kedron_Village
Note 13 - Kedron Village | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ' |
Note 13. Kedron Village | |
In 2013, foreclosure proceedings were completed by the mortgage lender on the indebtedness secured by the Company’s Kedron Village operating property and the mortgage lender took title to the property in satisfaction of principal and interest due on the loan. | |
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. | |
During the three and nine months ended September 30, 2013, the Company recognized a non-cash gain of $1.2 million resulting from the transfer of the Kedron Village assets to the lender in satisfaction of the debt. Also, in the third quarter, the Company reversed an accrual of unpaid interest (primarily default interest) of approximately $1.1 million. | |
The operations of Kedron Village were classified as Discontinued Operations in the consolidated statement of operations for the three and nine months ended September 30, 2013. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 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 September 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 $115.9 million. The Operating Partnership guarantees the debt of these VIEs. | |||||||||||||||||
We consider all relationships between the Company 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 September 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 nine months ended September 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 | 103 | 90 | |||||||||||||||
Distributions to noncontrolling interests | (287 | ) | (82 | ) | |||||||||||||
Noncontrolling interests balance at September 30 | $ | 3,364 | $ | 3,543 | |||||||||||||
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 September 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. | |||||||||||||||||
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 nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 98.10% | 93.30% | 96.80% | 92.90% | |||||||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 1.90% | 6.70% | 3.20% | 7.10% | |||||||||||||
At September 30, 2014, The Company’s interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 98.1% and 1.9%, respectively. At December 31, 2013, the Company’s interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 95.2% and 4.8%, respectively. | |||||||||||||||||
Redeemable Noncontrolling Interests - Subsidiaries | |||||||||||||||||
Prior to the merger, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. The Class B units will become redeemable at our applicable partner’s election at future dates generally beginning in September 2015, March 2017 or October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in June 2018, October 2022 and November 2022, with respect to our Inland Territory, City Center and Crossing at Killingly joint ventures, respectively, the applicable Class B units can be redeemed at either our applicable partner’s or our election. None of the issued units have a maturity date and none are mandatorily redeemable. | |||||||||||||||||
We consolidate each of these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. | |||||||||||||||||
We classify redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of September 30, 2014, the redemption value of the redeemable noncontrolling interests did not exceed the initial book value recorded upon our acquisition of Inland Diversified. | |||||||||||||||||
The redeemable noncontrolling interests in the Operating Partnership and other subsidiaries for the nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | |||||||||||||||
Net income allocable to redeemable noncontrolling interests | 118 | (741 | ) | ||||||||||||||
Distributions declared to redeemable noncontrolling interests | (1,946 | ) | (1,189 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (47 | ) | 440 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (113 | ) | (73 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,742 | ) | 4,007 | ||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
Limited partners' interests in Operating Partnership | 40,198 | 40,114 | |||||||||||||||
Other redeemable noncontrolling interests in certain subsidiaries | 69,356 | — | |||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
____________________ | |||||||||||||||||
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 nine months ended September 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 | (47 | ) | 440 | ||||||||||||||
Accumulated comprehensive (loss) income balance at September 30 | $ | 22 | $ | (16 | ) | ||||||||||||
____________________ | |||||||||||||||||
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). | ||||||||||||||||
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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Investment Properties [Table Text Block] | ' | ||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Investment properties, at cost: | |||||||||||||||||
Land | $ | 763,563 | $ | 333,458 | |||||||||||||
Buildings and improvements | 2,749,023 | 1,351,642 | |||||||||||||||
Furniture, equipment and other | 6,315 | 4,970 | |||||||||||||||
Land held for development | 54,778 | 56,078 | |||||||||||||||
Construction in progress | 100,153 | 130,909 | |||||||||||||||
$ | 3,673,832 | $ | 1,877,057 | ||||||||||||||
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 | 103 | 90 | |||||||||||||||
Distributions to noncontrolling interests | (287 | ) | (82 | ) | |||||||||||||
Noncontrolling interests balance at September 30 | $ | 3,364 | $ | 3,543 | |||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Company’s weighted average basic interest in Operating Partnership | 98.10% | 93.30% | 96.80% | 92.90% | |||||||||||||
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 1.90% | 6.70% | 3.20% | 7.10% | |||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | |||||||||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | |||||||||||||||
Net income allocable to redeemable noncontrolling interests | 118 | (741 | ) | ||||||||||||||
Distributions declared to redeemable noncontrolling interests | (1,946 | ) | (1,189 | ) | |||||||||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (47 | ) | 440 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | (113 | ) | (73 | ) | |||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | (1,742 | ) | 4,007 | ||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
Limited partners' interests in Operating Partnership | 40,198 | 40,114 | |||||||||||||||
Other redeemable noncontrolling interests in certain subsidiaries | 69,356 | — | |||||||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | $ | 109,554 | $ | 40,114 | |||||||||||||
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 | (47 | ) | 440 | ||||||||||||||
Accumulated comprehensive (loss) income balance at September 30 | $ | 22 | $ | (16 | ) |
Note_4_Mortgage_and_Other_Inde1
Note 4 - Mortgage and Other Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | ' | ||||||||||||||||
Balance at | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unsecured revolving credit facility | $ | 113,000 | $ | 145,000 | |||||||||||||
Unsecured term loan | 230,000 | 230,000 | |||||||||||||||
Notes payable secured by properties under construction - variable rate | 147,041 | 144,389 | |||||||||||||||
Mortgage notes payable - fixed rate | 800,078 | 276,504 | |||||||||||||||
Mortgage notes payable - variable rate | 238,916 | 61,185 | |||||||||||||||
Net premiums on acquired debt | 27,461 | 66 | |||||||||||||||
Total mortgage and other indebtedness | 1,556,496 | 857,144 | |||||||||||||||
Mortgage notes - properties held for sale 1 | 144,316 | — | |||||||||||||||
Total | $ | 1,700,812 | $ | 857,144 | |||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Amount | Weighted Average Maturity (Years) | Weighted Average Interest Rate | Percentage of Total | ||||||||||||||
Fixed rate debt | $ | 800,078 | 5.6 | 5.06% | 52% | ||||||||||||
Floating rate debt (hedged to fixed) | 456,275 | 3.6 | 3.25% | 30% | |||||||||||||
Total fixed rate debt, considering hedges | 1,256,353 | 4.9 | 4.40% | 82% | |||||||||||||
Notes payable secured by properties under construction - variable rate | 147,041 | 1 | 2.15% | 10% | |||||||||||||
Other variable rate debt | 238,916 | 4.8 | 2.42% | 16% | |||||||||||||
Corporate unsecured variable rate debt | 343,000 | 5.1 | 1.52% | 22% | |||||||||||||
Floating rate debt (hedged to fixed) | (456,275 | ) | -3.6 | -1.94% | -30% | ||||||||||||
Total variable rate debt, considering hedges | 272,682 | 5.2 | 1.94% | 18% | |||||||||||||
Net premiums on acquired debt | 27,461 | N/A | N/A | N/A | |||||||||||||
Total debt | $ | 1,556,496 | 4.9 | 3.96% | 100% |
Note_5_Derivative_Instruments_1
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust common shareholders | $ | (16,398 | ) | $ | (858 | ) | $ | (19,270 | ) | $ | (9,647 | ) | |||||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 2,576 | (1,033 | ) | (202 | ) | 5,030 | |||||||||||
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | $ | (13,822 | ) | $ | (1,891 | ) | $ | (19,472 | ) | $ | (4,617 | ) |
Note_7_Deferred_Costs_Tables
Note 7 - Deferred Costs (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Deferred financing costs | $ | 14,341 | $ | 11,293 | |||||
Acquired lease intangible assets | 162,542 | 24,930 | |||||||
Deferred leasing costs and other | 44,449 | 41,626 | |||||||
221,332 | 77,849 | ||||||||
Less—accumulated amortization | (31,139 | ) | (21,461 | ) | |||||
Total | 190,193 | 56,388 | |||||||
Deferred costs – properties held for sale | (21,956 | ) | -- | ||||||
Total | $ | 168,237 | $ | 56,388 | |||||
Deferred Cost Amortization [Table Text Block] | ' | ||||||||
Nine months ended September 30, | |||||||||
2014 | 2013 | ||||||||
Amortization of deferred financing costs | $ | 1,912 | $ | 1,923 | |||||
Amortization of deferred leasing costs, lease intangibles and other | $ | 11,501 | $ | 3,891 |
Note_8_Deferred_Revenue_and_Ot1
Note 8 - Deferred Revenue and Other Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
Unamortized in-place lease liabilities | $ | 140,830 | $ | 36,173 | |||||
Retainages payable and other | 4,261 | 2,982 | |||||||
Seller earnout (Note 9) | 14,973 | ─ | |||||||
Tenant rents received in advance | 10,364 | 5,158 | |||||||
Total | 170,428 | 44,313 | |||||||
Deferred revenue and other liabilities – liabilities held for sale | 28,563 | ─ | |||||||
Total | $ | 141,865 | $ | 44,313 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||
For the Three Months Ended September 30, 2014 | |||||
Earnout liability – beginning of period | $ | 16,593 | |||
Decreases: | |||||
Payments to settle earnouts | (1,620 | ) | |||
Earnout liability – end of period | $ | 14,973 |
Note_10_Disposal_of_Operating_1
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Timing of Disposal Group [Table Text Block] | ' | ||||||||||
Transaction | Sale Date | Number of Properties | Aggregate Purchase Price | ||||||||
Tranche I | 15-Dec-14 | 9 | $ | 163,054 | |||||||
Tranche II | 15-Mar-15 | 6 | 155,076 | ||||||||
$ | 318,130 | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Assets: | |||||||||||
Investment properties, at cost | $ | 323,571 | |||||||||
Less: accumulated depreciation | (3,050 | ) | |||||||||
320,521 | |||||||||||
Accounts receivable, prepaids and other assets | 1,989 | ||||||||||
Deferred costs, net | 21,956 | ||||||||||
Total assets held for sale | 344,466 | ||||||||||
Liabilities: | |||||||||||
Mortgage and other indebtedness | $ | 144,316 | |||||||||
Accounts payable and accrued expenses | 3,756 | ||||||||||
Deferred revenue and other liabilities | 28,564 | ||||||||||
Total liabilities held for sale | 176,636 | ||||||||||
Result of Operations for Disposal Group [Table Text Block] | ' | ||||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Revenue: | |||||||||||
Minimum rent1 | $ | 5,867 | |||||||||
Tenant reimbursements | 1,190 | ||||||||||
Total revenue | 7,057 | ||||||||||
Expenses: | |||||||||||
Property operating | 922 | ||||||||||
Real estate taxes | 746 | ||||||||||
Depreciation and amortization | 3,520 | ||||||||||
Total expenses | 5,188 | ||||||||||
Operating income | 1,869 | ||||||||||
Interest expense | (1,428 | ) | |||||||||
Income from continuing operations | 441 |
Note_11_Acquisitions_Tables
Note 11 - Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 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 | $11.60 | ||||||
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 | $304.00 | |||||||
Merger with Inland Diversified | Jul-14 | $2,128.60 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total Revenue | $ | 266,044 | $ | 265,637 | |||||
Consolidated net (loss) income | 16,009 | 1,330 | |||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | ' | ||||||||
Low | High | ||||||||
Lease-up period (months) | 6 | 18 | |||||||
Net rental rate per square foot – Anchor (greater than 10,000 square feet) | $ | 5 | $ | 30 | |||||
Net rental rate per square foot – Small Shops | $ | 11 | $ | 53 | |||||
Discount rate | 5.75 | % | 9.25 | % | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
Assets: | |||||||||
Investment properties, net | $ | 2,095,567 | |||||||
Deferred costs, net | 143,210 | ||||||||
Investments in marketable securities | 18,602 | ||||||||
Cash and cash equivalents | 108,666 | ||||||||
Accounts receivable, prepaid expenses, and other | 20,157 | ||||||||
Total assets | 2,386,202 | ||||||||
Liabilities: | |||||||||
Mortgage and other indebtedness, including debt premium of $33,300 | $ | 892,909 | |||||||
Deferred revenue and other liabilities | 129,935 | ||||||||
Accounts payable and accrued expenses | 59,314 | ||||||||
Total Liabilities | 1,082,158 | ||||||||
Noncontrolling interests | 69,356 | ||||||||
Common stock issued | 1,234,688 | ||||||||
Total purchase price | $ | 2,386,202 |
Note_1_Organization_Details
Note 1 - Organization (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 11, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 01, 2013 |
In Billions, except Share data in Millions, unless otherwise specified | Retail Operating Properties [Member] | Office Properties [Member] | In-Process Retail Development Properties [Member] | Reverse Stock Split [Member] | Reverse Stock Split [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||
Note 1 - Organization (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $2.10 | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | ' | ' |
Number of Real Estate Properties | 129 | 13 | 127 | 2 | 3 | ' | ' | ' | 60 | ' | ' | 60 |
Number of States in Retail Portfolio | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' |
Business Combination, Shares Issued (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.71 | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | 201.1 | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Net of Liabilities Incurred (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.14 | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' |
Note_2_Basis_of_Presentation_C2
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) (USD $) | Sep. 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) | 115.9 | ' |
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 | 98.10% | 95.20% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.90% | 4.80% |
Note_2_Basis_of_Presentation_C3
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Investment Properties (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Properties [Abstract] | ' | ' |
Land | $763,563 | $333,458 |
Buildings and improvements | 2,749,023 | 1,351,642 |
Furniture, equipment and other | 6,315 | 4,970 |
Land held for development | 54,778 | 56,078 |
Construction in progress | 100,153 | 130,909 |
$3,673,832 | $1,877,057 |
Note_2_Basis_of_Presentation_C4
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Noncontrolling Interests (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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 | 304 | -15 | 224 | -651 |
Distributions to noncontrolling interests | ' | ' | -287 | -82 |
Noncontrolling interests balance at September 30 | 3,364 | 3,543 | 3,364 | 3,543 |
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 | ' | ' | $103 | $90 |
Note_2_Basis_of_Presentation_C5
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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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 | 98.10% | 93.30% | 96.80% | 92.90% |
Limited partners' redeemable noncontrolling weighted average basic interests in Operating Partnership | 1.90% | 6.70% | 3.20% | 7.10% |
Note_2_Basis_of_Presentation_C6
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Redeemable Noncontrolling Interests (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Net income allocable to redeemable noncontrolling interests | $304 | ($15) | $224 | ($651) | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -287 | -82 | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | ' | ' | -47 | [1] | 440 | [1] |
Redeemable Noncontrolling Interests [Member] | Partnership Interest [Member] | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Limited partners' interests in Operating Partnership | 40,198 | 40,114 | 40,198 | 40,114 | ||
Other redeemable noncontrolling interests in certain subsidiaries | 69,356 | ' | 69,356 | ' | ||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | 109,554 | 40,114 | 109,554 | 40,114 | ||
Redeemable noncontrolling interests balance | 109,554 | 40,114 | 109,554 | 40,114 | ||
Redeemable Noncontrolling Interests [Member] | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ||
Redeemable noncontrolling interests balance | ' | ' | 43,928 | 37,670 | ||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at September 30 | 109,554 | 40,114 | 109,554 | 40,114 | ||
Acquired redeemable noncontrolling interests from merger | ' | ' | 69,356 | ' | ||
Net income allocable to redeemable noncontrolling interests | ' | ' | 118 | -741 | ||
Distributions declared to redeemable noncontrolling interests | ' | ' | -1,946 | -1,189 | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | ' | ' | -47 | [1] | 440 | [1] |
Exchange of redeemable noncontrolling interest for common stock | ' | ' | -113 | -73 | ||
Adjustment to redeemable noncontrolling interests - Operating Partnership and other | ' | ' | -1,742 | 4,007 | ||
Redeemable noncontrolling interests balance | $109,554 | $40,114 | $109,554 | $40,114 | ||
[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_C7
Note 2 - Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Details) - Accumulated Other Comprehensive Loss Allocable to Noncontrolling Interests (USD $) | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 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 | ' | $22 | $69 | ($16) | ($456) | ||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | -47 | [1] | 440 | [1] | ' | ' | ' | ' |
Accumulated comprehensive loss balance | $1,151 | ' | $22 | $69 | ($16) | ($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_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 11, 2014 | Aug. 10, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000,000 | 1,600,000 | 1,000,000 | 1,600,000 | ' | ' | ' |
Common Stock, Shares, Outstanding | 83,459,618 | ' | 83,459,618 | ' | 83,200,000 | 332,700,000 | 32,706,554 |
Note_4_Mortgage_and_Other_Inde2
Note 4 - Mortgage and Other Indebtedness (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Mar. 31, 2014 | 31-May-14 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2013 | Sep. 30, 2014 | |
Rangeline Crossing Operating Property [Member] | Four Corner Square Operating Property [Member] | Land [Member] | Zionsville Walgreens [Member] | Unencumbered [Member] | Unencumbered [Member] | Unencumbered [Member] | Line of Credit [Member] | Line of Credit [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] | Mortgage Notes Held-for-sale [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [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] | 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] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Subsequent Event [Member] | Wholly Owned Properties [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Subject to Certain Condition [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4 - Mortgage and Other Indebtedness (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,300,000 | $33,298,000 | $33,300,000 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | 1.90% | ' | ' | ' | 1.75% | ' | 1.40% | 1.65% | 1.35% | ' | ' | 2.75% | ' | 2.00% | 2.50% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.81% | ' | 3.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.81% | 6.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.81% | ' | ' | ' | 6.78% | ' | ' | 6.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,556,496,000 | ' | 1,556,496,000 | ' | ' | 857,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,078,000 | ' | ' | ' | ' | 230,000,000 | 400,000,000 | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000,000 | ' | ' | 145,000,000 | ' | ' | ' | ' | ' |
Decrease in the Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Increase in Term Loan Borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 129 | ' | 129 | ' | ' | 13 | ' | ' | ' | ' | 76 | ' | 84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | 60 | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 7,000,000 | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Loans | ' | ' | 84,207,000 | 290,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 131,786,000 | 216,675,000 | ' | ' | 17,700,000 | 18,900,000 | 5,000,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Assumed | ' | ' | 892,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 859,600,000 | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Construction Loans Payable | 40,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 956,600,000 | 811,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 893,500,000 | ' | 893,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | ' | ' | $775,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_4_Mortgage_and_Other_Inde3
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | $1,556,496 | $857,144 | |
Mortgage notes - properties held for sale 1 | 144,316 | [1] | ' |
Total | 1,700,812 | 857,144 | |
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 | 147,041 | 144,389 | |
Mortgages [Member] | Variable Rate Debt [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | 238,916 | 61,185 | |
Mortgages [Member] | Fixed Rate Debt [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | 800,078 | 276,504 | |
Net Premiums On Acquired Debt [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | 27,461 | 66 | |
Fixed Rate Debt [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | 800,078 | ' | |
Revolving Credit Facility [Member] | ' | ' | |
Participating Mortgage Loans [Line Items] | ' | ' | |
Mortgage and other indebtedness | $113,000 | $145,000 | |
[1] | Includes net premiums on acquired debt of $4.2 million. |
Note_4_Mortgage_and_Other_Inde4
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | $1,556,496 | $857,144 |
Weighted Average Maturity | '4 years 328 days | ' |
Weighted Average Interest Rate | 3.96% | ' |
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) | 456,275 | ' |
Weighted Average Maturity | '3 years 219 days | ' |
Weighted Average Interest Rate | 3.25% | ' |
Percentage of Total | 30.00% | ' |
Fixed Rate Debt [Member] | ' | ' |
Note 4 - Mortgage and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Interest Rate [Line Items] | ' | ' |
Amount (in Dollars) | 800,078 | ' |
Weighted Average Maturity | '5 years 219 days | ' |
Weighted Average Interest Rate | 5.06% | ' |
Percentage of Total | 52.00% | ' |
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) | 1,256,353 | ' |
Weighted Average Maturity | '4 years 328 days | ' |
Weighted Average Interest Rate | 4.40% | ' |
Percentage of Total | 82.00% | ' |
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) | -456,275 | ' |
Weighted Average Maturity | 'minus 3 years 219 days | ' |
Weighted Average Interest Rate | -1.94% | ' |
Percentage of Total | -30.00% | ' |
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) | 147,041 | 144,389 |
Weighted Average Maturity | '1 year | ' |
Weighted Average Interest Rate | 2.15% | ' |
Percentage of Total | 10.00% | ' |
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) | 238,916 | ' |
Weighted Average Maturity | '4 years 292 days | ' |
Weighted Average Interest Rate | 2.42% | ' |
Percentage of Total | 16.00% | ' |
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) | 343,000 | ' |
Weighted Average Maturity | '5 years 36 days | ' |
Weighted Average Interest Rate | 1.52% | ' |
Percentage of Total | 22.00% | ' |
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) | 272,682 | ' |
Weighted Average Maturity | '5 years 73 days | ' |
Weighted Average Interest Rate | 1.94% | ' |
Percentage of Total | 18.00% | ' |
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) | $27,461 | $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 | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Average Cap Interest Rate | 3.25% | ' | 3.25% | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ($3,600,000) | ($2,000,000) | ' |
Interest Rate Fair Value Hedge Liability at Fair Value | 2,800,000 | ' | 2,800,000 | ' | ' |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | ' | ' | ' | ' | 1,100,000 |
Interest Expense | 15,386,000 | 7,541,000 | 30,291,000 | 20,812,000 | ' |
Increase As Hedged Forecasted Interest Payments Occur [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | 4,900,000 | ' | ' |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -200,000 | ' | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 34,200,000 | ' | 34,200,000 | ' | ' |
Derivative, Number of Instruments Held | 3 | ' | 3 | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 456,300,000 | ' | 456,300,000 | ' | ' |
Interest Rate Swap [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ' | ' | ' | ' | ' |
Note 5 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 163,300,000 | ' | 163,300,000 | ' | ' |
Derivative, Number of Instruments Held | 7 | ' | 7 | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 3,700,000 | ' | 3,700,000 | ' | ' |
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 | 500,000 | ' | 500,000 | ' | 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 | 2,300,000 | ' | 2,300,000 | ' | 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 | $5,100,000 | ' | $5,100,000 | ' | $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 | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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 | ($16,398) | ($858) | ($19,270) | ($9,647) | ||
Other comprehensive income (loss) allocable to Kite Realty Group Trust1 | 2,576 | [1] | -1,033 | [1] | -202 | 5,030 |
Comprehensive loss attributable to Kite Realty Group Trust common shareholders | -11,709 | 223 | -13,130 | 1,725 | ||
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 | ($13,822) | ($1,891) | ($19,472) | ($4,617) | ||
[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 $) | Sep. 30, 2014 | Aug. 11, 2014 | Aug. 10, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 13, 2014 | Aug. 11, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2014 |
In Millions, except Share data, unless otherwise specified | Series A Preferred Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | Reverse Stock Split [Member] | Reverse Stock Split [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Maximum [Member] | Management [Member] | 2014 Outperformance Plan [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] | 2014 Outperformance Plan [Member] | ||||||||||||||
Minimum [Member] | Maximum [Member] | Executive Management and Certain Other Employees [Member] | Management [Member] | |||||||||||||||
Management [Member] | Management [Member] | |||||||||||||||||
Note 6 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 450,000,000 | ' | ' | 450,000,000 | 200,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,300,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Length of Employment Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, No Sell Restriction Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | ' | $21.24 | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.40 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 83,459,618 | 83,200,000 | 332,700,000 | ' | ' | 32,706,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.26 | ' | ' | ' | ' | ' | ' |
Note_7_Deferred_Costs_Details_
Note 7 - Deferred Costs (Details) - Deferred Costs (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs [Abstract] | ' | ' |
Deferred financing costs | $14,341 | $11,293 |
Acquired lease intangible assets | 162,542 | 24,930 |
Deferred leasing costs and other | 44,449 | 41,626 |
221,332 | 77,849 | |
Lessbaccumulated amortization | -31,139 | -21,461 |
Total | 190,193 | 56,388 |
Deferred costs b properties held for sale | -21,956 | ' |
Total | $168,237 | $56,388 |
Note_7_Deferred_Costs_Details_1
Note 7 - Deferred Costs (Details) - Amortization Expense (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Amortization Expense [Abstract] | ' | ' |
Amortization of deferred financing costs | $1,912 | $1,923 |
Amortization of deferred leasing costs, lease intangibles and other | $11,501 | $3,891 |
Note_8_Deferred_Revenue_and_Ot2
Note 8 - Deferred Revenue and Other Liabilities (Details) - Deferred Revenue and Other Liabilities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | $170,428 | $44,313 |
Deferred revenue and other liabilities b liabilities held for sale | 28,563 | ' |
Total | 141,865 | 44,313 |
Leasing Arrangement [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 140,830 | 36,173 |
Retainages Payable and Other [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 4,261 | 2,982 |
Seller Earnout [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | 14,973 | ' |
Up-front Payment Arrangement [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue | $10,364 | $5,158 |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2013 |
Earnout [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Special Assessment Bond | $26,600,000 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 7,000,000 | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 129 | ' | 13 | 9 | 60 | 60 |
Business Combination, Contingent Consideration, Liability | $14,973,000 | $16,593,000 | ' | $15,000,000 | ' | ' |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Earnout Liability (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Earnout Liability [Abstract] | ' |
Earnout liability b beginning of period | $16,593 |
Decreases: | ' |
Payments to settle earnouts | -1,620 |
Earnout liability b end of period | $14,973 |
Note_10_Disposal_of_Operating_2
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Disposal Tranche I [Member] | Disposal Tranche II [Member] | Red Bank Commons [Member] | Zionsville Walgreens [Member] | Village at Bay Park [Member] | Portfolio [Member] | ||||
Portfolio [Member] | Portfolio [Member] | Portfolio [Member] | |||||||
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | $40,771,000 | $7,293,000 | ' | ' | ' | $35,200,000 | $7,300,000 | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | ' | ' | ' | 6,700,000 | 2,900,000 | ' | ' |
Number of Real Estate Properties | 129 | ' | 13 | 9 | 6 | ' | ' | ' | 15 |
Disposal Group, Including Discontinued Operation, Assets | 318,130,000 | ' | ' | 163,054,000 | 155,076,000 | ' | ' | 19,700,000 | 344,466,000 |
Straight Line Rent | $6,811,000 | ($542,000) | ' | ' | ' | ' | ' | ' | $175,000 |
Note_10_Disposal_of_Operating_3
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Sale of the Portfolio (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Sale of the Portfolio [Line Items] | ' | ' |
Number of properties | 129 | 13 |
Aggregate purchase price | $318,130 | ' |
Disposal Tranche I [Member] | Portfolio [Member] | ' | ' |
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Sale of the Portfolio [Line Items] | ' | ' |
Number of properties | 9 | ' |
Aggregate purchase price | 163,054 | ' |
Disposal Tranche II [Member] | Portfolio [Member] | ' | ' |
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Sale of the Portfolio [Line Items] | ' | ' |
Number of properties | 6 | ' |
Aggregate purchase price | 155,076 | ' |
Portfolio [Member] | ' | ' |
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Sale of the Portfolio [Line Items] | ' | ' |
Number of properties | 15 | ' |
Aggregate purchase price | $344,466 | ' |
Note_10_Disposal_of_Operating_4
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Assets and Liabilities Associated With the Held for Sale Properties (USD $) | Sep. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Assets: | ' | |
Deferred costs, net | ($21,956) | |
Total assets held for sale | 318,130 | |
Liabilities: | ' | |
Mortgage and other indebtedness | 144,316 | [1] |
Total liabilities held for sale | 176,636 | |
Portfolio [Member] | ' | |
Assets: | ' | |
Investment properties, at cost | 323,571 | |
Less: accumulated depreciation | -3,050 | |
320,521 | ||
Accounts receivable, prepaids and other assets | 1,989 | |
Deferred costs, net | 21,956 | |
Total assets held for sale | 344,466 | |
Liabilities: | ' | |
Mortgage and other indebtedness | 144,316 | |
Accounts payable and accrued expenses | 3,756 | |
Deferred revenue and other liabilities | 28,564 | |
Total liabilities held for sale | $176,636 | |
[1] | Includes net premiums on acquired debt of $4.2 million. |
Note_10_Disposal_of_Operating_5
Note 10 - Disposal of Operating Properties and Investment Properties Held for Sale (Details) - Results of Operations Held for Sale Investment Properties (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Minimum rent1 | $69,033 | $23,726 | $131,515 | $66,859 |
Tenant reimbursements | 17,605 | 6,258 | 35,083 | 17,351 |
Total revenue | 88,576 | 32,553 | 172,079 | 93,510 |
Expenses: | ' | ' | ' | ' |
Property operating | 11,850 | 5,449 | 26,057 | 15,582 |
Real estate taxes | 10,632 | 3,724 | 20,048 | 10,685 |
Depreciation and amortization | 44,383 | 15,374 | 81,559 | 40,566 |
Total expenses | 89,892 | 26,815 | 163,871 | 73,469 |
Operating income | -1,316 | 5,738 | 8,208 | 20,041 |
Interest expense | -15,386 | -7,541 | -30,291 | -20,812 |
Income from continuing operations | -16,729 | -1,881 | -22,239 | -917 |
Portfolio [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Minimum rent1 | 5,867 | ' | ' | ' |
Tenant reimbursements | 1,190 | ' | ' | ' |
Total revenue | 7,057 | ' | ' | ' |
Expenses: | ' | ' | ' | ' |
Property operating | 922 | ' | ' | ' |
Real estate taxes | 746 | ' | ' | ' |
Depreciation and amortization | 3,520 | ' | ' | ' |
Total expenses | 5,188 | ' | ' | ' |
Operating income | 1,869 | ' | ' | ' |
Interest expense | -1,428 | ' | ' | ' |
Income from continuing operations | $441 | ' | ' | ' |
Note_11_Acquisitions_Details
Note 11 - Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2013 |
In Millions, unless otherwise specified | 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 11 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 129 | 13 | 60 | 60 | ' | 60 |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | $46.20 | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | 3.3 | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | $26.80 | $0.60 | ' |
Note_11_Acquisitions_Details_P
Note 11 - Acquisitions (Details) - Property Acquisitions (USD $) | 18 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 |
Inland Diversified Real Estate Trust, Inc [Member] | ' |
Real Estate Properties [Line Items] | ' |
Acquisition Costs | $2,128.60 |
Note_11_Acquisitions_Details_P1
Note 11 - Acquisitions (Details) - Pro Forma Information (Inland Diversified Real Estate Trust, Inc [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Inland Diversified Real Estate Trust, Inc [Member] | ' | ' |
Note 11 - Acquisitions (Details) - Pro Forma Information [Line Items] | ' | ' |
Total Revenue | $266,044 | $265,637 |
Consolidated net (loss) income | $16,009 | $1,330 |
Note_11_Acquisitions_Details_L
Note 11 - Acquisitions (Details) - Level 3 Assumptions (Income Approach Valuation Technique [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Anchor [Member] | Minimum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Net rental rate per square foot | 5 |
Discount rate | 5.75% |
Anchor [Member] | Maximum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Net rental rate per square foot | 30 |
Discount rate | 9.25% |
Small Shops [Member] | Minimum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Net rental rate per square foot | 11 |
Small Shops [Member] | Maximum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Net rental rate per square foot | 53 |
Minimum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Lease-up period (months) | '6 months |
Maximum [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Lease-up period (months) | '18 months |
Note_11_Acquisitions_Details_P2
Note 11 - Acquisitions (Details) - Purchase Price Allocation for Properties Acquired (Inland Diversified Real Estate Trust, Inc [Member], USD $) | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |
Inland Diversified Real Estate Trust, Inc [Member] | ' |
Assets: | ' |
Investment properties, net | $2,095,567 |
Deferred costs, net | 143,210 |
Investments in marketable securities | 18,602 |
Cash and cash equivalents | 108,666 |
Accounts receivable, prepaid expenses, and other | 20,157 |
Total assets | 2,386,202 |
Liabilities: | ' |
Mortgage and other indebtedness, including debt premium of $33,300 | 892,909 |
Deferred revenue and other liabilities | 129,935 |
Accounts payable and accrued expenses | 59,314 |
Total Liabilities | 1,082,158 |
Noncontrolling interests | 69,356 |
Common stock issued | 1,234,688 |
Total purchase price | $2,386,202 |
Note_11_Acquisitions_Details_P3
Note 11 - Acquisitions (Details) - Purchase Price Allocation for Properties Acquired (Parentheticals) (Inland Diversified Real Estate Trust, Inc [Member], USD $) | Sep. 30, 2014 | Jul. 31, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |||
Inland Diversified Real Estate Trust, Inc [Member] | ' | ' | ' |
Note 11 - Acquisitions (Details) - Purchase Price Allocation for Properties Acquired (Parentheticals) [Line Items] | ' | ' | ' |
Mortgage and other indebtedness, debt premium | $33,298 | $33,300 | $33,300 |
Note_12_Development_and_Redeve1
Note 12 - Development and Redevelopment Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 |
Bolton Plaza [Member] | Kings Lake Square [Member] | |
Note 12 - Development and Redevelopment Activities (Details) [Line Items] | ' | ' |
Depreciation | $0.80 | $2.50 |
Note_13_Kedron_Village_Details
Note 13 - Kedron Village (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Note 13 - Kedron Village (Details) [Line Items] | ' | ' | ' |
Asset Impairment Charges | ' | ' | $5,371,000 |
Gains (Losses) on Extinguishment of Debt | 1,242,000 | ' | 1,242,000 |
Debt Instrument, Increase, Accrued Interest | -1,100,000 | ' | ' |
Kedron Village [Member] | ' | ' | ' |
Note 13 - Kedron Village (Details) [Line Items] | ' | ' | ' |
Asset Impairment Charges | ' | 5,400,000 | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | 25,500,000 | ' |
Gains (Losses) on Extinguishment of Debt | $1,200,000 | ' | $1,200,000 |