Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 15, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | KITE REALTY GROUP TRUST | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 83,506,246 | ||
Entity Public Float | $558,000,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1286043 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Investment properties, at cost | $3,732,748 | $1,877,058 |
Less: accumulated depreciation | -315,093 | -232,580 |
3,417,655 | 1,644,478 | |
Cash and cash equivalents | 43,826 | 18,134 |
Tenant and other receivables, including accrued straight-line rent of $18,630 and $14,490, respectively, net of allowance for uncollectible accounts | 48,097 | 29,334 |
Restricted cash and escrow deposits | 16,171 | 11,046 |
Deferred costs and intangibles, net | 159,978 | 56,388 |
Prepaid and other assets | 8,847 | 4,547 |
Assets held for sale (see Note 11) | 179,642 | |
Total Assets | 3,874,216 | 1,763,927 |
Liabilities and Equity: | ||
Mortgage and other indebtedness | 1,554,263 | 857,144 |
Accounts payable and accrued expenses | 75,150 | 61,437 |
Deferred revenue and intangibles, net, and other liabilities | 136,409 | 44,313 |
Liabilities held for sale (see Note 11) | 81,164 | |
Total Liabilities | 1,846,986 | 962,894 |
Commitments and contingencies | ||
Limited Partners’ interests in the Operating Partnership and other redeemable noncontrolling interests | 125,082 | 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 December 31, 2014 and 2013, with a liquidation value of $102,500 | 102,500 | 102,500 |
Common Shares, $.01 par value, 450,000,000 shares authorized, 83,490,663 shares and 32,706,554 shares issued and outstanding at December 31, 2014 and 2013, respectively | 835 | 327 |
Additional paid in capital and other | 2,044,425 | 822,507 |
Accumulated other comprehensive (loss) income | -1,175 | 1,353 |
Accumulated deficit | -247,801 | -173,130 |
Total Kite Realty Group Trust Shareholders’ Equity | 1,898,784 | 753,557 |
Noncontrolling Interests | 3,364 | 3,548 |
Total Equity | 1,902,148 | 757,105 |
Total Liabilities and Equity | $3,874,216 | $1,763,927 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accrued straight-line rent (in Dollars) | $18,630 | $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 | 83,490,663 | 32,706,554 |
Common Shares, shares outstanding | 83,490,663 | 32,706,554 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Minimum rent | $199,455 | $93,637 | $73,000 |
Tenant reimbursements | 52,773 | 24,422 | 19,495 |
Other property related revenue | 7,300 | 11,429 | 4,044 |
Total revenue | 259,528 | 129,488 | 96,539 |
Expenses: | |||
Property operating | 38,703 | 21,729 | 16,756 |
Real estate taxes | 29,947 | 15,263 | 12,858 |
General, administrative, and other | 13,043 | 8,211 | 7,117 |
Merger and acquisition costs | 27,508 | 2,214 | 364 |
Litigation charge, net | 1,007 | ||
Depreciation and amortization | 120,998 | 54,479 | 38,835 |
Total expenses | 230,199 | 101,896 | 76,937 |
Operating income | 29,329 | 27,592 | 19,602 |
Interest expense | -45,513 | -27,994 | -23,392 |
Income tax (expense) benefit of taxable REIT subsidiary | -24 | -262 | 106 |
Remeasurement loss on consolidation of Parkside Town Commons, net | -7,980 | ||
Other (expense) income, net | -244 | -62 | 209 |
Loss from continuing operations | -16,452 | -726 | -11,455 |
Discontinued operations: | |||
Operating income from discontinued operations | 834 | 656 | |
Impairment charge | -5,372 | ||
Non-cash gain on debt extinguishment | 1,242 | ||
Gain on sales of operating properties, net | 3,198 | 487 | 7,094 |
Income (loss) from discontinued operations | 3,198 | -2,809 | 7,750 |
(Loss) income before gain on sale of operating properties | -13,254 | -3,535 | -3,705 |
Gain on sale of operating properties, net | 8,578 | ||
Consolidated net (loss) income | -4,676 | -3,535 | -3,705 |
Change in fair value of derivatives | -2,621 | 7,136 | -4,002 |
Total comprehensive (loss) income | -7,297 | 3,601 | -7,707 |
Comprehensive loss (income) attributable to noncontrolling interests | -932 | 161 | -361 |
Comprehensive (loss) income attributable to Kite Realty Group Trust | -8,229 | 3,762 | -8,068 |
Net (income) loss attributable to noncontrolling interests | -1,025 | 685 | -629 |
Net loss attributable to Kite Realty Group Trust | -5,701 | -2,850 | -4,334 |
Dividends on preferred shares | -8,456 | -8,456 | -7,920 |
Net income (loss) attributable to common shareholders | -14,157 | -11,306 | -12,254 |
Net loss per common share – basic & diluted: | |||
Loss from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.29) | ($0.37) | ($1.04) |
(Loss) income from discontinued operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0.05 | ($0.11) | $0.32 |
Net loss attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | ($0.24) | ($0.48) | ($0.72) |
Weighted average common shares outstanding – basic and diluted (in Shares) | 58,353,448 | 23,535,434 | 16,721,315 |
Dividends declared per common share (in Dollars per share) | $1.02 | $0.96 | $0.96 |
Net loss attributable to Kite Realty Group Trust common shareholders: | |||
Loss from continuing operations | -17,268 | -8,686 | -17,571 |
Income (loss) from discontinued operations | $3,111 | ($2,620) | $5,317 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Preferred Stock 1 [Member] | Preferred Stock 1 [Member] | Preferred Stock 1 [Member] | Common Stock 1 [Member] | Common Stock 1 [Member] | Common Stock 1 [Member] | Common Stock at the Market Plan [Member] | Common Stock at the Market Plan [Member] | Common Stock at the Market Plan [Member] | 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 | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | ||||||||||
Balances at Dec. 31, 2011 | $70,000 | $159 | $450,745 | ($1,525) | ($109,504) | $409,875 | ||||||||||
Balances (in Shares) at Dec. 31, 2011 | 2,800,000 | 15,904,255 | ||||||||||||||
Stock compensation activity | 982 | 982 | ||||||||||||||
Stock compensation activity (in Shares) | 66,647 | |||||||||||||||
Issuance of stock | 32,500 | -1,180 | 31,320 | 30 | 59,549 | 59,579 | 2 | 3,182 | 3,184 | |||||||
Issuance of stock (in Shares) | 1,300,000 | 3,018,750 | 165,397 | |||||||||||||
Proceeds from employee share purchase plan | 23 | 23 | ||||||||||||||
Proceeds from employee share purchase plan (in Shares) | 1,196 | |||||||||||||||
Other comprehensive income (loss) attributable to Kite Realty Group Trust | -3,734 | -3,734 | [1] | |||||||||||||
Distributions declared to common shareholders | -16,286 | -16,286 | ||||||||||||||
Distributions to preferred shareholders | -7,920 | -7,920 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust | -4,334 | -4,334 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | 3 | 5,823 | 5,826 | |||||||||||||
Exchange of redeemable noncontrolling interest for common stock (in Shares) | 275,929 | |||||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership | -5,031 | -5,031 | ||||||||||||||
Balances at Dec. 31, 2012 | 102,500 | 194 | 514,093 | -5,259 | -138,044 | 473,484 | ||||||||||
Balances (in Shares) at Dec. 31, 2012 | 4,100,000 | 19,432,174 | ||||||||||||||
Stock compensation activity | 2 | 2,508 | 2,510 | |||||||||||||
Stock compensation activity (in Shares) | 169,696 | |||||||||||||||
Issuance of stock | 131 | 313,767 | 313,898 | |||||||||||||
Issuance of stock (in Shares) | 13,081,250 | |||||||||||||||
Proceeds from employee share purchase plan | 22 | 22 | ||||||||||||||
Proceeds from employee share purchase plan (in Shares) | 934 | |||||||||||||||
Other comprehensive income (loss) attributable to Kite Realty Group Trust | 6,612 | 6,612 | [1] | |||||||||||||
Distributions declared to common shareholders | -23,780 | -23,780 | ||||||||||||||
Distributions to preferred shareholders | -8,456 | -8,456 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust | -2,850 | -2,850 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | 582 | 582 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock (in Shares) | 22,500 | |||||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership | -8,465 | -8,465 | ||||||||||||||
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 | ||||||||||||||
Stock compensation activity | 5 | 3,294 | 3,299 | |||||||||||||
Stock compensation activity (in Shares) | 490,425 | |||||||||||||||
Proceeds from employee share purchase plan | 46 | 46 | ||||||||||||||
Proceeds from employee share purchase plan (in Shares) | 1,812 | |||||||||||||||
Common shares issued as part of Merger, net of offering costs | 503 | 1,232,684 | 1,233,187 | |||||||||||||
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 | |||||||||||||||
Other comprehensive income (loss) attributable to Kite Realty Group Trust | -2,528 | -2,528 | [1] | |||||||||||||
Distributions declared to common shareholders | -60,514 | -60,514 | ||||||||||||||
Distributions to preferred shareholders | -8,456 | -8,456 | ||||||||||||||
Net loss attributable to Kite Realty Group Trust | -5,701 | -5,701 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock | 567 | 567 | ||||||||||||||
Exchange of redeemable noncontrolling interest for common stock (in Shares) | 22,000 | |||||||||||||||
Adjustment to redeemable noncontrolling interests - Operating Partnership | -14,613 | -14,613 | ||||||||||||||
Balances at Dec. 31, 2014 | $102,500 | $835 | $2,044,425 | ($1,175) | ($247,801) | $1,898,784 | ||||||||||
Balances (in Shares) at Dec. 31, 2014 | 4,100,000 | 83,490,663 | ||||||||||||||
[1] | Reflects our share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flow from operating activities: | |||
Consolidated net loss | ($4,676) | ($3,535) | ($3,705) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | |||
Remeasurement loss on consolidation of Parkside Town Commons, net | 7,980 | ||
Gain on sale of operating properties, net of tax | -11,776 | -487 | -7,094 |
Impairment charge | 5,372 | ||
Gain on debt extinguishment | -1,242 | ||
Straight-line rent | -4,744 | -3,496 | -2,362 |
Depreciation and amortization | 123,862 | 57,757 | 43,769 |
Provision for credit losses, net of recoveries | 1,740 | 922 | 859 |
Compensation expense for equity awards | 2,536 | 1,671 | 602 |
Amortization of debt fair value adjustment | -3,468 | -127 | -118 |
Amortization of in-place lease liabilities | -4,521 | -2,674 | -1,986 |
Distributions of income from unconsolidated entities | 91 | ||
Changes in assets and liabilities: | |||
Tenant receivables | -10,044 | -1,690 | -508 |
Deferred costs and other assets | -5,355 | -9,062 | -7,066 |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | -41,375 | 8,688 | -7,190 |
Net cash provided by operating activities | 42,179 | 52,097 | 23,272 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | -19,744 | -407,215 | -65,909 |
Capital expenditures, net | -94,553 | -112,581 | -114,153 |
Net proceeds from sales of operating properties | 191,126 | 7,293 | 87,385 |
Net proceeds from sales of marketable securities acquired from Merger | 18,601 | ||
Net cash received from Merger | 108,666 | ||
Change in construction payables | -14,950 | -2,396 | 20,830 |
Payment on seller earnouts | -2,762 | ||
Collection of note receivable | 542 | ||
Contributions to unconsolidated entities | -150 | ||
Distributions of capital from unconsolidated entities | 372 | ||
Net cash provided by (used in) investing activities | 186,926 | -514,899 | -71,625 |
Cash flow from financing activities: | |||
Common share issuance proceeds, net of costs | -14 | 314,771 | 63,038 |
Offering costs | -1,966 | ||
Preferred share issuance proceeds, net of costs | 31,320 | ||
Loan proceeds | 146,495 | 528,590 | 308,955 |
Loan transaction costs | -4,256 | -2,138 | -2,234 |
Loan payments and related financing escrow | -285,244 | -342,033 | -322,647 |
Distributions paid – common shareholders | -46,656 | -20,594 | -15,440 |
Distributions paid – preferred shareholders | -8,456 | -8,456 | -7,696 |
Net cash (used in) provided by financing activities | -203,413 | 468,453 | 50,793 |
Increase in cash and cash equivalents | 25,692 | 5,651 | 2,440 |
Cash and cash equivalents, beginning of year | 18,134 | 12,483 | 10,043 |
Cash and cash equivalents, end of year | 43,826 | 18,134 | 12,483 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 48,526 | 31,577 | 24,789 |
Cash paid for taxes | 87 | 45 | 150 |
Redeemable Noncontrolling Interests [Member] | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | -2,992 | -1,579 | -1,811 |
Noncontrolling Interests in Properties [Member] | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | ($324) | ($108) | ($2,692) |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1. Organization |
Kite Realty Group Trust (the “Company” or “REIT”) was organized in Maryland in 2004 to succeed the development, acquisition, construction and real estate businesses of our predecessor. The Company began operations in 2004 when it completed its initial public offering of common shares and concurrently consummated certain other formation transactions. | |
The Company, through Kite Realty Group, L.P. (“the Operating Partnership”), is engaged in the ownership, operation, acquisition, development and redevelopment of neighborhood and community shopping centers 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 10 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 shares issued 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. The terms were prior to the one for four reverse share split completed in August 2014. | |
At December 31, 2014, the Company owned interests in 120 operating properties, which seven were classified as held for sale, three redevelopment properties and four under-construction development projects. In addition, as of December 31, 2014, we owned interests in other land parcels comprising 105 acres that are expected to be used for future expansion of existing properties or development of new retail or office properties. We may also elect to sell such land to third parties under certain circumstances. These land parcels are classified as “Land held for development” in investment properties in the accompanying consolidated balance sheets. | |
At December 31, 2013, we owned interests in 72 operating and redevelopment properties, two under-construction development projects, and 131 acres of land held for development. |
Note_2_Basis_of_Presentation_a
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 2. Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. | |||||||||||||
Components of Investment Properties | |||||||||||||
The Company’s investment properties, excluding properties held for sale, as of December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||
Balance at | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Investment properties, at cost: | |||||||||||||
Land | $ | 778,780 | $ | 333,458 | |||||||||
Buildings and improvements | 2,785,780 | 1,351,642 | |||||||||||
Furniture, equipment and other | 6,398 | 4,970 | |||||||||||
Land held for development | 35,907 | 56,079 | |||||||||||
Construction in progress | 125,883 | 130,909 | |||||||||||
$ | 3,732,748 | $ | 1,877,058 | ||||||||||
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 December 31, 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 $62.0 million which is secured by assets of the VIEs totaling $115.3 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 twelve months ended December 31, 2014, 2013 and 2012 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. | |||||||||||||
Acquisition of Real Estate Properties | |||||||||||||
Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. 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. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs. | |||||||||||||
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 are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income. 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 and internal 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. | ||||||||||||
● | the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. | ||||||||||||
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 the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. | |||||||||||||
Certain properties we acquired from the Merger included earnout components to the purchase price, meaning the previous owner did not pay a portion of the purchase price of the property at closing, although they owned the entire property. We are not obligated to pay the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have an obligation period remaining of one year or less as of December 31, 2014. If at the end of the time period certain space has not been leased, occupied and rent producing, we will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on our best estimate, we have recorded a liability for the potential future earnout payments using estimated fair value measurements at the end of the period which include the lease-up periods, market rents and probability of occupancy. We have recorded this earnout amount as additional purchase price of the related properties and as a liability included in deferred revenue and intangibles, net and other liabilities on the accompanying consolidated balance sheets. | |||||||||||||
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. See Note 10 for additional discussion. | |||||||||||||
Investment Properties | |||||||||||||
Capitalization and Depreciation | |||||||||||||
Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. | |||||||||||||
Pre-development costs are incurred prior to vertical construction and for certain land held for development acquisitions during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. | |||||||||||||
We also capitalize costs such as acquisition of land, construction of buildings, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. | |||||||||||||
Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances, tenant inducements, and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. | |||||||||||||
Impairment | |||||||||||||
Management reviews operational properties, development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. | |||||||||||||
Held for Sale and Discontinued Operations | |||||||||||||
Operating properties held for sale include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. We classified seven operating properties as held for sale and one operating property as held for sale as of December 31, 2014, and 2013, respectively. 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 December 31, 2014. | |||||||||||||
Our operating properties have operations and cash flows that can be clearly distinguished from the rest of our activities. The operations reported in discontinued operations include those operating properties that were sold or were considered held-for-sale and for which operations and cash flows can be clearly distinguished. The operations from these properties are eliminated from ongoing operations, and we will not have a continuing involvement after disposition. In the first quarter of 2014, we adopted the provisions of 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 and as a result the seven operating properties that are classified as held for sale as of December 31, 2014 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. However, the 50th and 12th operating property is included in discontinued operations for the year ended December 31, 2014 and 2013, as the property was classified as held for sale as of December 31, 2013 and is reported under the former rules. | |||||||||||||
Escrow Deposits | |||||||||||||
Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. As of December 31, 2014, cash and cash equivalents included $16.1 million of funds set aside by the Company to affect a tax deferred purchase of real estate. Such funds are not currently considered available for general corporate purposes. | |||||||||||||
Fair Value Measurements | |||||||||||||
Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. | |||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). As further discussed in Note 13, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||
Note 3 includes a discussion of fair values recorded when we acquired a controlling interest in Parkside Town Commons development project. Note 5 includes a discussion of fair values recorded when we transferred the Kedron Village property to the loan servicer. Note 10 includes a discussion of the fair values recorded in purchase accounting. Level 3 inputs to these transactions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. | |||||||||||||
Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2014 and 2013, all of our derivative instruments qualify for hedge accounting. | |||||||||||||
Revenue Recognition | |||||||||||||
As lessor, the Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. | |||||||||||||
Minimum rent, percentage rent, and expense recoveries from tenants for common area maintenance costs, insurance and real estate taxes are our principal source of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying statements of operations. As a result of generating this revenue, we will routinely have accounts receivable due from tenants. We are subject to tenant defaults and bankruptcies that may affect the collection of outstanding receivables. To address the collectability of these receivables, we analyze historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts and straight line rent reserve. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. | |||||||||||||
Gains from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $1.5 million, $6.2 million, and $0.8 million for the years ended December 31, 2014, 2013, and 2012, respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Tenant Receivables and Allowance for Doubtful Accounts | |||||||||||||
Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. | |||||||||||||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 1,328 | $ | 755 | $ | 1,335 | |||||||
Provision for credit losses, net of recoveries | 1,740 | 922 | 858 | ||||||||||
Accounts written off | (635 | ) | (349 | ) | (1,438 | ) | |||||||
Balance, end of year | $ | 2,433 | $ | 1,328 | $ | 755 | |||||||
For the years ended December 31, 2014, 2013 and 2012, allowance for doubtful accounts represented 0.9%, 1.0% and 0.8% of total revenues, respectively. | |||||||||||||
Other Receivables | |||||||||||||
Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. At December 31, 2014, 28%, 23% and 12% of total billed receivables were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 40%, 25%, and 13% in 2013. For the year ended December 31, 2014, 19%, 25% and 13% of the Company’s revenue recognized was from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 30%, 36%, and 14% in 2013. There were no significant changes in the concentration percentages for the year ended December 31, 2012 compared to 2013. | |||||||||||||
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 personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due in part to our net loss attributable to common shareholders for the years ended December 31, 2014, 2013 and 2012, the potentially dilutive securities were not dilutive for these periods. | |||||||||||||
Approximately 1.0 million, 1.5 million and 1.7 million outstanding options to acquire common shares were excluded from the computation of diluted earnings per share because their impact was not dilutive for the twelve months ended December 31, 2014, 2013 and 2012, 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. Unless otherwise noted, 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. | |||||||||||||
Income Taxes and REIT Compliance | |||||||||||||
The Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable us to maintain our qualification as a REIT for federal income tax purposes. As a result, we generally will not be subject to federal income tax on the earnings that we distribute to the extent we distribute our “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders and meet certain other requirements on a recurring basis. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain federal, state and local taxes on our income and property and to federal income and excise taxes on our undistributed taxable income even if we do qualify as a REIT. | |||||||||||||
We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This enables us to receive income and provide services that would otherwise be impermissible for REITs. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||
Income tax benefit for the year ended December 31, 2014 was $0.2 million. For the year ended December 31, 2013 the income tax provision was $0.3 million and for the year ended December 31, 2012, there was an insignificant amount of income tax benefit recorded. | |||||||||||||
Other state and local income taxes were not significant in any of the periods presented. | |||||||||||||
Noncontrolling Interests | |||||||||||||
We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | $ | 4,250 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 140 | 121 | 1,977 | ||||||||||
Distributions to noncontrolling interests | (324 | ) | (108 | ) | (2,692 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,364 | $ | 3,548 | $ | 3,535 | |||||||
Redeemable Noncontrolling Interests – Operating Partnership | |||||||||||||
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 December 31, 2014 and 2013, the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value through additional paid in capital. | |||||||||||||
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 redeemable noncontrolling weighted average interests in the Operating Partnership for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Company’s weighted average basic interest in Operating Partnership | 97.2 | % | 93.3 | % | 90.1 | % | |||||||
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.8 | % | 6.7 | % | 9.9 | % | |||||||
The Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership at December 31, 2014 and 2013 were as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Company’s interest in Operating Partnership | 98.1 | % | 95.2 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 1.9 | % | 4.8 | % | |||||||||
Concurrent with the Company’s IPO and related formation transactions, certain individuals received units of the Operating Partnership in exchange for their interests in certain properties. These limited partners were granted the right to redeem Operating Partnership units on or after August 16, 2005 for cash or, at our election, common shares in an amount equal to the market value of an equivalent number of common shares at the time of redemption. Such common shares must be registered, which is not fully in the Company’s control. Therefore, the redeemable noncontrolling interest is not reflected in permanent equity. The Company also has the right to redeem the Operating Partnership units directly from the limited partner in exchange for either cash in the amount specified above or a number of common shares equal to the number of units being redeemed. For the years ended December 31, 2014, 2013 and 2012, respectively, 22,000, 22,500, and 275,928 Operating Partnership units were exchanged for the same number of common shares. | |||||||||||||
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 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 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 for cash or units in the Operating Partnership. None of the issued units have a maturity date and none are mandatorily redeemable. | |||||||||||||
On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property for $34.4 million that was paid in a combination of cash and Operating Partnership units. We funded the majority of the cash portion with a $30 million draw on our unsecured revolving credit facility. | |||||||||||||
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, because the fair value of the interests approximates the redemption value at December 31, 2014. As of December 31, 2014, the redemption value of the redeemable noncontrolling interests exceeded the initial book value recorded upon our acquisition of Inland Diversified and as a result we have adjusted additional paid-in capital for the increase in redemption value. As of December 31, 2014, the redemption amounts of these interests did not exceed the fair values of each interest. | |||||||||||||
The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | $ | 41,837 | |||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | — | ||||||||||
Net income (loss) allocable to redeemable noncontrolling interests | 891 | (806 | ) | (1,348 | ) | ||||||||
Distributions declared to redeemable noncontrolling interests | (3,021 | ) | (1,587 | ) | (1,748 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Exchange of redeemable noncontrolling interest for common stock | (567 | ) | (584 | ) | (5,834 | ) | |||||||
Adjustment to redeemable noncontrolling interests | 14,588 | 8,710 | 5,031 | ||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
Limited partners' interests in Operating Partnership | $ | 47,320 | $ | 43,928 | $ | 37,670 | |||||||
Other redeemable noncontrolling interests in certain subsidiaries | 77,762 | — | — | ||||||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 13). | ||||||||||||
The following sets forth accumulated other comprehensive income (loss) allocable to noncontrolling interests for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | $ | (188 | ) | |||||
Other comprehensive (loss) income allocable to noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Accumulated comprehensive (loss) income balance at December 31 | $ | (24 | ) | $ | 69 | $ | (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 13). | ||||||||||||
Reclassifications | |||||||||||||
Certain amounts in the accompanying consolidated financial statements for 2013 and 2012 have been reclassified to conform to the 2014 consolidated financial statement presentation. The reclassifications had no impact on net (loss) income previously reported. | |||||||||||||
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. We 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_Parkside_Town_Commons
Note 3 - Parkside Town Commons | 12 Months Ended |
Dec. 31, 2014 | |
Note 3 - Parkside Town Commons [Line Items] | |
Real Estate Disclosure [Text Block] | Note 9. Development and Redevelopment Activities |
Development Activities | |
In the first quarter of 2014, we substantially completed construction on Delray Marketplace in Delray Beach, Florida and transitioned the project to the operating portfolio. The project is anchored by Publix, Frank Theatres, Burt & Max’s Grille, Charming Charlie, Chico’s, White House | Black Market, Ann Taylor Loft, and Jos. A. Bank. | |
In 2014, we substantially completed 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 December 31, 2014. Field & Stream and Golf Galaxy opened in September 2014 and will be joined by Frank Theatres in the first half of 2015. | |
Holly Springs Towne Center Phase II is located in Raleigh, North Carolina and is adjacent to Phase I of Holly Springs Towne Center. Construction commenced on Phase II of the development in the third quarter of 2014. We have signed leases with Carmike Theatres, DSW and Bed Bath & Beyond. | |
In the fourth quarter of 2014, we began site work on Tamiami Crossing in Naples, Florida. We have a signed lease with Stein Mart and are negotiating leases with four national junior anchors for the development. | |
Redevelopment Activities | |
In the first quarter of 2014, we began redevelopment of Gainesville Plaza in Gainesville, Florida. The project is anchored by Burlington Coat Factory which opened in September 2014 and Ross Dress for Less which is expected to open in March 2015. | |
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 2013. The center is anchored by Academy Sports and Outdoors, LA Fitness, and Panera Bread. We transitioned this project back 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 back to the operating portfolio in the second quarter of 2014. | |
Parkside Town Commons [Member] | |
Note 3 - Parkside Town Commons [Line Items] | |
Real Estate Disclosure [Text Block] | Note 3. Parkside Town Commons |
On December 31, 2012, we acquired a controlling interest in a development project called Parkside Town Commons (“Parkside”), which was historically accounted for under the equity method. Parkside was owned in a joint venture with Prudential Real Estate Investors (“PREI”). | |
We acquired PREI’s 60% interest in the project for $13.3 million, including assumption of PREI’s $8.7 million share of indebtedness on the project. We recorded a non-cash remeasurement loss upon consolidation of Parkside of $8.0 million, net, consisting of a $14.9 million loss on remeasurement of our equity investment and a $6.9 million gain on the acquisition of PREI’s interest at a discount. | |
Upon consolidation, we measured the acquired assets and assumed liabilities at fair value. The fair value of the real estate and related assets acquired were estimated primarily using the market approach with the assistance of a third party appraisal. The most significant assumption in the fair value estimated was the comparable sales value. The estimate of fair value was determined to have primarily relied upon Level 3 inputs, as previously defined. | |
In November 2013, we sold 12.8 acres of adjacent land for a sales price of approximately $5.3 million for no gain or loss. |
Note_4_Litigation_Charge
Note 4 - Litigation Charge | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | Note 4. Litigation Charge |
In 2012, we paid $1.3 million to settle a claim by a former tenant. In the fourth quarter of 2012, we partially recovered costs associated with the claim. The net amount is reflected in the consolidated statement of operations for the year ended December 31, 2012 and has been paid, releasing us from the claim. |
Note_5_Kedron_Village
Note 5 - Kedron Village | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Note 5. Kedron Village |
In July 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 considered 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 using level 3 inputs. | |
During the year ended December 31, 2013, we 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, we 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 year ended December 31, 2013. |
Note_6_ShareBased_Compensation
Note 6 - Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 6. Share-Based Compensation | ||||||||||||
Overview | |||||||||||||
The Company's 2013 Equity Incentive Plan (the "Plan") amended and restated the Company’s 2004 Equity Incentive Plan and authorized options and other share-based compensation awards to be granted to employees and trustees for up to an additional 1,500,000 common shares of the Company. The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided under Topic 718—“Stock Compensation” in the ASC. | |||||||||||||
The total share-based compensation expense, net of amounts capitalized, included in general and administrative expenses for the years ended December 31, 2014, 2013, and 2012 was $2.9 million, $1.1 million, and $0.9 million, respectively. Total share-based compensation cost capitalized for the years ended December 31, 2014, 2013, and 2012 was $0.8 million, $0.5 million, and $0.4 million, respectively, related to development and leasing activities. | |||||||||||||
As of December 31, 2014, there were 1,070,259 shares available for grant under the Plan. | |||||||||||||
Share Options | |||||||||||||
Pursuant to the Plan, the Company periodically grants options to purchase common shares at an exercise price equal to the grant date per-share fair value of the Company's common shares. Granted options typically vest over a five year period and expire ten years from the grant date. The Company issues new common shares upon the exercise of options. | |||||||||||||
For the Company's share option plan, the grant date fair value of each grant was estimated using the Black-Scholes option pricing model. The Black-Scholes model utilizes assumptions related to the dividend yield, expected life and volatility of the Company’s common shares, and the risk-free interest rate. The dividend yield is based on the Company's historical dividend rate. The expected life of the grants is derived from expected employee duration, which is based on Company history, industry information, and other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. Expected volatilities utilized in the model are based on the historical volatility of the Company's share price and other factors. | |||||||||||||
A summary of option activity under the Plan as of December 31, 2014, and changes during the year then ended, is presented below: | |||||||||||||
Weighted-Average | |||||||||||||
Options | Exercise Price | ||||||||||||
Outstanding at January 1, 2014 | 386,803 | $ | 40 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (3,313 | ) | 14.4 | ||||||||||
Expired | (134,287 | ) | 52 | ||||||||||
Forfeited | (212 | ) | 20.76 | ||||||||||
Outstanding at December 31, 2014 | 248,991 | $ | 33.88 | ||||||||||
Exercisable at December 31, 2014 | 243,686 | $ | 34.16 | ||||||||||
Exercisable at December 31, 2013 | 369,617 | $ | 41 | ||||||||||
The fair value on the respective grant dates of the 1,250 options granted for the year ended December 31, 2012 was $20.08 per option. There were no options granted in 2013 and 2014. | |||||||||||||
The aggregate intrinsic value of the 3,313, 40,639, and 4,631 options exercised during the years ended December 31, 2014, 2013 and 2012 was $40,196, $445,346, and $16,112, respectively. | |||||||||||||
The aggregate intrinsic value and weighted average remaining contractual term of the outstanding and exercisable options at December 31, 2014 were as follows: | |||||||||||||
Weighted-Average Remaining | |||||||||||||
Options | Aggregate Intrinsic Value | Contractual Term (in years) | |||||||||||
Outstanding at December 31, 2014 | 248,991 | $ | 1,626,483 | 3.7 | |||||||||
Exercisable at December 31, 2014 | 243,686 | $ | 1,583,398 | 3.68 | |||||||||
As of December 31, 2014 there was less than $0.1 million of total unrecognized compensation cost related to outstanding unvested share option awards. | |||||||||||||
Restricted Shares | |||||||||||||
In addition to share option grants, the Plan also authorizes the grant of share-based compensation awards in the form of restricted common shares. Under the terms of the Plan, these restricted shares, which are considered to be outstanding shares from the date of grant, typically vest over a period ranging from one to five years. In addition, the Company pays dividends on restricted shares that are charged directly to shareholders’ equity. | |||||||||||||
The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2014 and changes during the year then ended: | |||||||||||||
Weighted Average | |||||||||||||
Restricted | Grant Date Fair | ||||||||||||
Shares | Value per share | ||||||||||||
Restricted shares outstanding at January 1, 2014 | 181,397 | $ | 23.79 | ||||||||||
Shares granted | 499,436 | 22.62 | |||||||||||
Shares forfeited | (2,388 | ) | 22.82 | ||||||||||
Shares vested | (62,992 | ) | 23.5 | ||||||||||
Restricted shares outstanding at December 31, 2014 | 615,453 | $ | 22.87 | ||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company granted 499,436, 103,685, and 67,667 restricted shares to employees and non-employee members of the Board of Trustees with weighted average grant date fair values of $22.62, $25.80, and $21.44, respectively. The total fair value of shares vested during the years ended December 31, 2014, 2013, and 2012 was $1.6 million, $1.1 million, and $0.6 million, respectively. | |||||||||||||
As of December 31, 2013, there was $11.9 million of total unrecognized compensation cost related to restricted shares granted under the Plan, which is expected to be recognized over a weighted-average period of 2.1 years. We expect to incur $3.3 million of this expense in fiscal year 2015, $2.9 million in fiscal year 2016, $2.6 million in fiscal year 2017, $2.3 million in fiscal year 2018, and the remainder in fiscal year 2019. | |||||||||||||
Outperformance Plan | |||||||||||||
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 were awarded the right to earn, in the aggregate, up to $7.5 million of share-settled awards (the “bonus pool”) if, and only to the extent of which, based on our total shareholder return (“TSR”) performance measures are achieved for the three-year period beginning July 1, 2014 and ending June 30, 2017. Awarded interests not earned based on the TSR measures are forfeited. | |||||||||||||
At the end of the three-year performance period, participants will receive 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 if the required service is determined. | |||||||||||||
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. We expect to incur $0.7 million of this expense in fiscal year 2015, $0.7 million in fiscal year 2016, $0.6 million in fiscal year 2017, $0.3 million in fiscal year 2018, $0.1 million in fiscal year 2019. |
Note_7_Deferred_Costs_and_Inta
Note 7 - Deferred Costs and Intangibles, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Other Assets Disclosure [Text Block] | Note 7. Deferred Costs and Intangibles, net | ||||||||||||
Deferred costs and intangibles consist primarily of financing fees incurred to obtain long-term financing, acquired lease intangible assets, and broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred financing costs are amortized on a straight-line basis over the terms of the respective loan agreements. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At December 31, 2014 and 2013, deferred costs consisted of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred financing costs | $ | 14,575 | $ | 11,293 | |||||||||
Acquired lease intangible assets | 142,823 | 24,930 | |||||||||||
Deferred leasing costs and other | 48,149 | 41,626 | |||||||||||
205,547 | 77,849 | ||||||||||||
Less—accumulated amortization | (36,583 | ) | (21,461 | ) | |||||||||
Total | 168,964 | 56,388 | |||||||||||
Deferred costs, net – properties held for sale | (8,986 | ) | ─ | ||||||||||
Total | $ | 159,978 | $ | 56,388 | |||||||||
The estimated aggregate amortization amounts from net unamortized acquired lease intangible assets for each of the next five years and thereafter are as follows: | |||||||||||||
2015 | $ | 22,554 | |||||||||||
2016 | 19,874 | ||||||||||||
2017 | 16,463 | ||||||||||||
2018 | 11,576 | ||||||||||||
2019 | 7,920 | ||||||||||||
Thereafter | 41,255 | ||||||||||||
Total (1) | $ | 119,642 | |||||||||||
____________________ | |||||||||||||
1 | Total excludes deferred costs and intangibles, net related to properties held for sale. | ||||||||||||
The accompanying consolidated statements of operations include amortization expense as follows: | |||||||||||||
For the year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Amortization of deferred financing costs | $ | 2,864 | $ | 2,434 | $ | 1,971 | |||||||
Amortization of deferred leasing costs, lease intangibles and other, excluding amortization of above market leases | $ | 17,291 | $ | 5,605 | $ | 3,927 | |||||||
Amortization of deferred leasing costs, leasing intangibles and other, excluding amortization of above market leases is included in depreciation and amortization expense, while the amortization of deferred financing costs is included in interest expense. |
Note_8_Deferred_Revenue_Intang
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||
Deferred Revenue Disclosure [Text Block] | Note 8. Deferred Revenue, Intangibles, net and Other Liabilities | ||||||||
Deferred revenue, intangibles, net and other liabilities consist of unamortized fair value of in-place lease liabilities recorded in connection with purchase accounting, retainages payable for development and redevelopment projects, tenant rents received in advance and seller earnouts. The amortization of in-place lease liabilities is recognized as revenue over the remaining life of the leases. Tenant rents received in advance are recognized as revenue in the period to which they apply, usually the month following their receipt. | |||||||||
At December 31, 2014 and 2013, deferred revenue and other liabilities consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Unamortized in-place lease liabilities | $ | 125,336 | $ | 36,173 | |||||
Retainages payable and other | 2,852 | 2,983 | |||||||
Seller earnout (Note 17) | 9,664 | ─ | |||||||
Tenant rents received in advance | 10,841 | 5,158 | |||||||
Total | 148,693 | 44,314 | |||||||
Deferred revenue, intangibles, net and other liabilities – liabilities held for sale | (12,284 | ) | ─ | ||||||
Total | $ | 136,409 | $ | 44,314 | |||||
The estimated aggregate amortization of acquired lease intangibles (unamortized fair value of in-place lease liabilities) for each of the next five years and thereafter is as follows: | |||||||||
2015 | $ | 8,212 | |||||||
2016 | 7,527 | ||||||||
2017 | 6,838 | ||||||||
2018 | 6,254 | ||||||||
2019 | 5,796 | ||||||||
Thereafter | 78,784 | ||||||||
Total | $ | 113,411 | |||||||
____________________ | |||||||||
1 | Total excludes deferred revenue, intangibles, net and other liabilities related to properties held for sale. | ||||||||
Note_10_Merger_and_Acquisition
Note 10 - Merger and Acquisition Activities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 10. Merger and Acquisition Activities | ||||||||
The results of operations for all acquired properties during the years ended December 31, 2014, 2013, and 2012, respectively, have been included in continuing operations within our consolidated financial statements since their respective dates of acquisition. | |||||||||
Acquisition costs include transactions costs for completed and prospective acquisitions, which are expensed as incurred. As part of the Merger, we incurred significant costs in 2014 related to investment banking, lender, due diligence, legal, and professional fees. Merger and acquisition costs for the years ended December 31, 2014, 2013 and 2012 were $27.5 million, $2.2 million and $0.4 million, respectively. | |||||||||
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 for the 2014 acquisitions remain preliminary at December 31, 2014 and are subject to revision within the measurement period, not to exceed one year. | |||||||||
2014 Merger and Acquisition Activities | |||||||||
In 2014, we acquired a total of 61 operating properties. Upon completion of the Merger in July, we acquired 60 operating properties and in December we acquired an operating property in Las Vegas, Nevada. The total merger purchase price was $2.4 billion. As part of the Merger, we assumed $860 million of debt, maturing at various stages through March 2023. In addition, we assumed a $12.4 million mortgage with a fixed interest rate of 5.73%, maturing in June 2030, as part of the Las Vegas acquisition. | |||||||||
The Company determined that it was the acquirer for accounting purposes in the Merger. 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. | |||||||||
The following is a summary of our 2014 operating property acquisitions. | |||||||||
Property Name | MSA | Acquisition Date | Acquisition Cost (Millions) | ||||||
Merger with Inland Diversified | Various | Jul-14 | $ | 2,128.60 | |||||
Rampart Commons | Las Vegas, NV | Dec-14 | 32.3 | ||||||
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 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 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 allocated purchase price | $ | 2,386,202 | |||||||
The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 5.8 years. | |||||||||
The Company allocated the purchase price for Rampart Commons to the fair value of tangible assets and intangibles. | |||||||||
The following table summarizes the revenue and earnings of the acquired properties since the respective acquisition dates, which are included in the consolidated statements of operations for the year ended December 31, 2014: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | |||||||||
Revenue | $ | 92,212 | |||||||
Expenses: | |||||||||
Property operating | 14,262 | ||||||||
Real estate taxes and other | 11,254 | ||||||||
Depreciation and amortization | 43,257 | ||||||||
Interest expense | 14,845 | ||||||||
Total expenses | 83,618 | ||||||||
Gain on sale and other (1) | 2,153 | ||||||||
Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests | 10,747 | ||||||||
Income allocable to noncontrolling interests | (1,284 | ) | |||||||
Impact from 2014 acquisitions on income attributable to Kite Realty Trust | $ | 9,463 | |||||||
____________________ | |||||||||
1 | We sold eight properties that were acquired through the Merger in November and December 2014. | ||||||||
The following table presents unaudited pro forma information for the year ended December 31, 2014 and 2013 as if the Merger and the 2013 and 2014 property acquisitions had been consummated 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. | |||||||||
Twelve Months Ended | |||||||||
December 31, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 355,716 | $ | 357,506 | |||||
Consolidated net income | 26,911 | 2,219 | |||||||
2013 Acquisition Activities | |||||||||
In 2013, we acquired thirteen operating properties. The following is a summary of our 2013 operating property acquisitions. | |||||||||
Property Name | MSA | Acquisition Date | Contract Purchase Price (Millions) | ||||||
Shoppes of Eastwood | Orlando, FL | Jan-13 | $ | 11.6 | |||||
Cool Springs Market | Nashville, TN | Apr-13 | 37.6 | ||||||
Castleton Crossing | Indianapolis, IN | May-13 | 39 | ||||||
Toringdon Market | Charlotte, NC | Aug-13 | 15.9 | ||||||
Nine Property Portfolio | Various | Nov-13 | 304 | ||||||
The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required the Company to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as previously defined. | |||||||||
The following table summarizes our final allocation of the fair value of amounts recognized for each major class of asset and liability for these acquisitions: | |||||||||
Allocation to | |||||||||
opening | |||||||||
balance sheet | |||||||||
Investment properties, net | $ | 419,080 | |||||||
Lease-related intangible assets | 19,537 | ||||||||
Other assets | 293 | ||||||||
Total acquired assets | 438,910 | ||||||||
Accounts payable and accrued expenses | 2,204 | ||||||||
Deferred revenue and other liabilities | 29,291 | ||||||||
Total assumed liabilities | 31,495 | ||||||||
Fair value of acquired net assets | $ | 407,415 | |||||||
The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 4.6 years. | |||||||||
There were no material adjustments to the purchase price allocations for our 2013 acquisitions during the year ended December 31, 2014. | |||||||||
2012 Acquisition Activities | |||||||||
In 2012, we acquired four operating properties. In connection with these acquisitions, the Company allocated the purchase price to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. The following is a summary of our 2012 operating property acquisitions. | |||||||||
Property Name | MSA | Acquisition Date | Contract Purchase Price (Millions) | ||||||
Cove Center | Stuart, FL | Jun-12 | $ | 22.1 | |||||
12th Street Plaza | Vero Beach, FL | Jul-12 | 15.2 | ||||||
Plaza Green | Greenville, SC | Dec-12 | 28.8 | ||||||
Publix at Woodruff | Greenville, SC | Dec-12 | 9.1 | ||||||
The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required the Company to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as previously defined. | |||||||||
The following table summarizes our final allocation of the fair value of amounts recognized for each major class of asset and liability for these acquisitions. This allocation does not differ materially from the initial allocation. | |||||||||
Allocation to | |||||||||
opening | |||||||||
balance sheet | |||||||||
Investment properties, net | $ | 76,531 | |||||||
Lease-related intangible assets | 2,209 | ||||||||
Other assets | 8 | ||||||||
Total acquired assets | 78,748 | ||||||||
Secured debt | 8,086 | ||||||||
Deferred revenue and other liabilities | 4,952 | ||||||||
Total assumed liabilities | 13,038 | ||||||||
Fair value of acquired net assets | $ | 65,710 | |||||||
Note_11_Disposals_Discontinued
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 11. Disposals, Discontinued Operations 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. | |||||||||||||
During the fourth quarter of 2014, we completed the sale of the first tranche (“Tranche I”) to Inland Real Estate Income Trust, Inc. (“Inland Real Estate”) for aggregate proceeds of $151 million and a net gain of $1.4 million. See below. | |||||||||||||
Further, we have $16.1 million classified as cash and cash equivalents that we received in connection with the sale of Tranche I for which we intend to utilize for future acquisitions. | |||||||||||||
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, which provides for the sale of 15 of our operating properties acquired in the Merger (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 Tranche I consisted of eight retail operating properties that were sold in November and December. The sale of the second tranche (“Tranche II”) will consist of seven retail operating properties to be sold for a sales price of approximately $167.4 million, including debt to be assumed of $64.2 million, and is expected to occur on or before March 16, 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 operating properties sold in Tranche I and to be sold in Tranche II are as follows: | |||||||||||||
Property Name | MSA | ||||||||||||
Tranche I: | |||||||||||||
Copps Grocery | Stevens Point, WI | ||||||||||||
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: | |||||||||||||
Eastside Junction1 | Athens, AL | ||||||||||||
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 | The anchor tenant exercised its right of first offer to purchase the property. Subsequent to this exercise, the anchor tenant decided not to purchase the property and Inland Real Estate will instead acquire the property as part of Tranche II. | ||||||||||||
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 properties in Tranche II met the requirements to be presented as held for sale as of December 31, 2014. The Village at Bay Park property does not meet the held for sale criteria as this property is subject only to Inland Real Estate’s option to purchase. 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 sheet as of December 31, 2014. | |||||||||||||
The following table presents the assets and liabilities associated with the held for sale properties: | |||||||||||||
December 31, | |||||||||||||
2014 | |||||||||||||
Assets: | |||||||||||||
Investment properties, at cost | $ | 170,782 | |||||||||||
Less: accumulated depreciation | (1,313 | ) | |||||||||||
169,469 | |||||||||||||
Accounts receivable, prepaids and other assets | 1,187 | ||||||||||||
Deferred costs and intangibles, net | 8,986 | ||||||||||||
Total assets held for sale | $ | 179,642 | |||||||||||
Liabilities: | |||||||||||||
Mortgage and other indebtedness, including net premium | $ | 67,452 | |||||||||||
Accounts payable and accrued expenses | 1,428 | ||||||||||||
Deferred revenue, intangibles and other liabilities | 12,284 | ||||||||||||
Total liabilities held for sale | $ | 81,164 | |||||||||||
The results of operations for the investment properties that are classified as held for sale or sold as part of Tranche I are presented in the table below: | |||||||||||||
Six Months Ended | |||||||||||||
December 31, | |||||||||||||
2014 | |||||||||||||
Revenue: | |||||||||||||
Minimum rent1 | $ | 11,320 | |||||||||||
Tenant reimbursements | 2,279 | ||||||||||||
Total revenue | 13,599 | ||||||||||||
Expenses: | |||||||||||||
Property operating | 1,958 | ||||||||||||
Real estate taxes | 1,372 | ||||||||||||
Depreciation and amortization | 2,365 | ||||||||||||
Total expenses | 5,695 | ||||||||||||
Operating income | 7,904 | ||||||||||||
Interest expense | (2,703 | ) | |||||||||||
Income from continuing operations | $ | 5,201 | |||||||||||
1 | Minimum rent includes $0.3 million of non-cash straight-line and market rent revenue. | ||||||||||||
Other Disposals | |||||||||||||
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 year ended December 31, 2014, 2013 and 2012, as the disposals individually and 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 years ended December 31, 2014, 2013 and 2012, as the property was classified as held for sale as of December 31, 2013. | |||||||||||||
In September 2013, the Company sold its Cedar Hill Village property in Dallas, Texas. In July 2013, foreclosure proceedings were completed on the Kedron Village property and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage (see Note 5). | |||||||||||||
In 2012, the Company sold the following properties for net proceeds of $87.4 million (inclusive of our partners’ share) and a net gain of $7.1 million: | |||||||||||||
● | Gateway Shopping Center in Marysville, Washington in February 2012; | ||||||||||||
● | South Elgin Commons in South Elgin, Illinois in June 2012; | ||||||||||||
● | 50 S. Morton near Indianapolis, Indiana in July 2012; | ||||||||||||
● | Coral Springs Plaza in Fort Lauderdale, Florida in September 2012; | ||||||||||||
● | Pen Products in Indianapolis, Indiana in October 2012; | ||||||||||||
● | Indiana State Motor Pool in Indianapolis, Indiana in October 2012; | ||||||||||||
● | Sandifur Plaza in Pasco, Washington in November 2012; | ||||||||||||
● | Zionsville Shops near Indianapolis, Indiana in November 2012; and | ||||||||||||
● | Preston Commons in Dallas, Texas in December 2012. | ||||||||||||
The activities of these properties sold in 2013 and 2012, and the 50th & 12th operating property sold in 2014, are reflected as discontinued operations in the accompanying consolidated statements of operations. | |||||||||||||
The results of the discontinued operations related to these properties were comprised of the following for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | — | $ | 2,565 | $ | 8,839 | |||||||
Expenses: | |||||||||||||
Property operating | — | 117 | 1,081 | ||||||||||
Real estate taxes and other | — | 199 | 1,230 | ||||||||||
Depreciation and amortization | — | 844 | 2,963 | ||||||||||
Impairment charge | — | 5,372 | — | ||||||||||
Total expenses | — | 6,532 | 5,274 | ||||||||||
Operating income (loss) | — | (3,967 | ) | 3,565 | |||||||||
Interest expense | — | (571 | ) | (2,909 | ) | ||||||||
Income (loss) from discontinued operations | — | (4,538 | ) | 656 | |||||||||
Gain on debt extinguishment | — | 1,242 | — | ||||||||||
Gain on sale of operating properties, net | 3,198 | 487 | 7,094 | ||||||||||
Total income (loss) from discontinued operations | $ | 3,198 | $ | (2,809 | ) | $ | 7,750 | ||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | 3,111 | $ | (2,620 | ) | $ | 5,317 | ||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | 87 | (189 | ) | 2,433 | |||||||||
Total income (loss) from discontinued operations | $ | 3,198 | $ | (2,809 | ) | $ | 7,750 | ||||||
Note_12_Mortgage_Loans_and_Oth
Note 12 - Mortgage Loans and Other Indebtedness | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt Disclosure [Text Block] | Note 12. Mortgage Loans and Other Indebtedness | |||||||||||||
Mortgage and other indebtedness, excluding mortgages related to assets held for sale (see Note 11), consist of the following at December 31, 2014 and 2013: | ||||||||||||||
Balance at December 31, | ||||||||||||||
Description | 2014 | 2013 | ||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||
Matures July 20181; maximum borrowing level of $500 million and $200 million available at December 31, 2014 and 2013, respectively; interest at LIBOR + 1.40%2 or 1.57% at December 31, 2014 and interest at LIBOR + 1.95%2 or 2.12% at December 31, 2013 | $ | 160,000 | $ | 145,000 | ||||||||||
Unsecured Term Loan | ||||||||||||||
Matures July 20193; interest at LIBOR + 1.35%2 or 1.52% at December 31, 2014 and interest at LIBOR + 1.80%2 or 1.97% at December 31, 2013 | 230,000 | 230,000 | ||||||||||||
Construction Loans—Variable Rate | ||||||||||||||
Generally interest only; maturing at various dates through 2016; interest at LIBOR+1.75%-2.10%, ranging from 1.92% to 2.27% at December 31, 2014 and interest at LIBOR+2.00%- 2.50%, ranging from 2.17% to 2.67% at December 31, 2013 | 119,347 | 144,389 | ||||||||||||
Mortgage Notes Payable—Fixed Rate | ||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.81% to 6.78% at December 31, 2014 and interest rates ranging from 5.42% to 6.78% at December 31, 2013 | 810,959 | 276,504 | ||||||||||||
Mortgage Notes Payable—Variable Rate | ||||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2022; interest at LIBOR + 1.75%-2.75%, ranging from 1.92% to 2.92% at December 31, 2014 and interest at LIBOR + 1.25%-2.94%, ranging from 1.42 % to 3.11% at December 31, 2013 | 205,798 | 61,186 | ||||||||||||
Net premium on acquired indebtedness | 28,159 | 65 | ||||||||||||
Total mortgage and other indebtedness | $ | 1,554,263 | $ | 857,144 | ||||||||||
____________________ | ||||||||||||||
1 | The maturity date may be extended at the Company’s option for up to two additional periods of six months each, subject to certain conditions. | |||||||||||||
2 | The rate on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. | |||||||||||||
3 | The maturity date may be extended for an additional six months at the Company’s option subject to certain conditions. | |||||||||||||
The one month LIBOR interest rate was 0.17% as of December 31, 2014 and 2013. | ||||||||||||||
Unsecured Revolving Credit Facility and Unsecured Term Loan | ||||||||||||||
On July 1, 2014, in conjunction with the Merger, 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 each, subject to certain conditions, and a reduction in the interest rate to LIBOR plus 140 to 200 basis points, from LIBOR plus 165 to 250 basis points, depending on our leverage. 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 our leverage, a decrease of between 10 and 55 basis points. 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 December 31, 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 December 31, 2014, we had $333.2 million available for future borrowings under our amended facility. In addition, our unencumbered assets could provide approximately $120 million of additional borrowing capacity under our amended facility if the expansion feature was exercised. As of December 31, 2014, we had 88 unencumbered properties, of which 80 were wholly-owned by subsidiaries which are guarantors under the amended facility and the amended Term Loan. | ||||||||||||||
As of December 31, 2014, $160 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 $6.8 million, against which no amounts were advanced as of December 31, 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 December 31, 2014, we were in compliance with all such covenants on the amended facility and the amended Term Loan. | ||||||||||||||
For the year ended December 31, 2014, we had total loan borrowings of $146.5 million, total loan assumptions of $859.6 million and total loan repayments of $285.2 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 11); | |||||||||||||
● | 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 July 2014, as a result of the Merger, 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 and mature over various terms through 2022. The fixed interest rates on these mortgage loans range from 3.81% to 6.19% and mature over various terms through 2022; | |||||||||||||
● | 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 September 2014, we retired the $4.5 million loan secured by the Zionsville Walgreens operating property upon the sale of the asset (see Note 11); | |||||||||||||
● | In December 2014, in connection with the sale of Tranche I, Inland Real Estate assumed $75.8 million of our secured loans associated with Shoppes at Prairie Ridge, Fox Point, Harvest Square, Heritage Square, The Shoppes at Branson Hills and Copp’s Grocery; | |||||||||||||
● | In December 2014, we paid down $4.0 million on the loan secured by Delray Marketplace operating property and refinanced the remaining $55.3 million variable rate loan and extended the maturity of the loan to November 2016; | |||||||||||||
● | In December 2014, we retired the $15.8 million loan secured by our Eastgate Pavilion operating property, the $1.9 million loan secured by our Bridgewater Marketplace operating property, the $34.0 million loan secured by our Holly Springs – Phase I development property and the $15.2 million loan secured by Wheatland Town Crossing utilizing a portion of proceeds from property sales; | |||||||||||||
● | In December 2014, in connection with the acquisition of Rampart Commons, we assumed a $12.4 million fixed rate mortgage. As part of the purchase price allocation, a debt premium of $2.2 million was recorded; | |||||||||||||
● | In 2014, we drew $66.7 million on the unsecured revolving credit facility to fund the acquisition of Rampart Commons, redevelopment and tenant improvement costs; | |||||||||||||
● | In 2014, we paid down $51.7 million on the unsecured revolving credit facility utilizing a portion of proceeds from property sales and cash on hand; | |||||||||||||
● | In 2014, we drew $50.8 million on construction loans related to development projects; and | |||||||||||||
● | We made scheduled principal payments on indebtedness totaling $6.5 million. | |||||||||||||
Mortgage and Construction Loans | ||||||||||||||
Mortgage and construction loans are secured by certain real estate, are generally due in monthly installments of interest and principal and mature over various terms through 2030. | ||||||||||||||
The following table presents maturities of mortgage debt, corporate debt, and construction loans as of December 31, 2014: | ||||||||||||||
Annual | ||||||||||||||
Principal | ||||||||||||||
Payments | Term Maturity | Total | ||||||||||||
2015 | $ | 6,558 | $ | 112,347 | $ | 118,905 | ||||||||
2016 | 5,708 | 247,613 | 253,321 | |||||||||||
2017 | 4,998 | 50,026 | 55,024 | |||||||||||
20181 | 5,060 | 68,694 | 73,754 | |||||||||||
20192 | 4,932 | 160,000 | 164,932 | |||||||||||
Thereafter | 16,678 | 843,490 | 860,168 | |||||||||||
$ | 43,934 | $ | 1,482,170 | $ | 1,526,104 | |||||||||
Unamortized Premiums | 28,159 | |||||||||||||
Total | $ | 1,554,263 | ||||||||||||
1 | Includes our unsecured revolving credit facility. We have the option to extend the maturity date by one year to July 1, 2019, subject to certain conditions. | |||||||||||||
2 | Includes our unsecured Term Loan. We have the option to extend the maturity date by six months to January 1, 2020, subject to certain conditions. | |||||||||||||
The amount of interest capitalized in 2014, 2013, and 2012 was $4.8 million, $5.1 million, and $7.4 million, respectively. | ||||||||||||||
Fair Value of Fixed and Variable Rate Debt | ||||||||||||||
As of December 31, 2014, the fair value of fixed rate debt, including properties held for sale, was $945.9 million compared to the book value of $875.3 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 December 31, 2014, the fair value of variable rate debt, including properties held for sale, was $751.5 million compared to the book value of $715.2 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 1.52% to 2.92%. |
Note_13_Derivative_Instruments
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 13. 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 December 31, 2014, we were party to various cash flow hedge agreements with notional amounts totaling $373.3 million. These hedge agreements effectively fix the interest rate indices underlying certain variable rate debt instruments over terms ranging from 2017 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 3.39%. | |||||||||||||
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 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 were not designated as cash flow hedges. The change in the fair value of those interest rate agreements of $0.2 million for the six months ending December 31, 2014 was shown as a reduction to interest expense. These three swaps were assumed by Inland Real Estate as part of the sale of Tranche I. | |||||||||||||
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 December 31, 2014 and 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 December 31, 2014 the fair value of our interest rate hedges was a net liability of $4.4 million, including accrued interest of $0.5 million. As of December 31, 2014, $0.7 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 $4.4 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 years ended December 31, 2014, 2013 and 2012, $5.1 million, $2.8 million and $1.5 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 years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss attributable to Kite Realty Group Trust | $ | (5,701 | ) | $ | (2,850 | ) | $ | (4,334 | ) | ||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (2,528 | ) | 6,612 | (3,734 | ) | ||||||||
Comprehensive (loss) income attributable to Kite Realty Group Trust | $ | (8,229 | ) | $ | 3,762 | $ | (8,068 | ) | |||||
____________________ | |||||||||||||
1 | Reflects our share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. | ||||||||||||
Note_14_Lease_Information
Note 14 - Lease Information | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessor Disclosure [Text Block] | Note 14. Lease Information | ||||
Tenant Leases | |||||
The Company receives rental income from the leasing of retail and office space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average remaining term of the lease agreements is approximately 5.8 years. During the periods ended December 31, 2014, 2013, and 2012, the Company earned overage rent of $1.1 million, $0.6 million, and $0.5 million, respectively. | |||||
As of December 31, 2014, future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows: | |||||
2015 | $ | 244,346 | |||
2016 | 227,745 | ||||
2017 | 206,650 | ||||
2018 | 172,285 | ||||
2019 | 142,950 | ||||
Thereafter | 805,224 | ||||
Total | $ | 1,799,200 | |||
Lease Commitments | |||||
As of December 31, 2014, we are obligated under six ground leases for approximately 20 acres of land with five landowners, all of which require fixed annual rent payments. The expiration dates of the initial terms of these ground leases range from 2015 to 2083. These leases have five to ten year extension options ranging in total from 20 to 50 years. Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2014, 2013 and 2012 was $0.7 million, $0.7 million, and $0.6 million, respectively. | |||||
We are obligated under a ground lease for one of our operating properties, Eddy Street Commons at the University of Notre Dame. The Company makes ground lease payments to the University of Notre Dame for the land beneath the initial phase of the development. This lease agreement is for a 75-year term at a fixed payment for the first two years, after which payments are based on a percentage of certain gross revenues. Contingent amounts are not readily estimable and are not reflected in the table below for fiscal years 2015 and beyond. | |||||
Future minimum lease payments due under such leases for the next five years ending December 31 and thereafter are as follows: | |||||
2015 | $ | 543 | |||
2016 | 511 | ||||
2017 | 511 | ||||
2018 | 149 | ||||
2019 | 121 | ||||
Thereafter | 7,893 | ||||
Total | $ | 9,728 | |||
Note_15_Shareholders_Equity
Note 15 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 15. 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. 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. | |
Common Equity | |
In November 2013, we completed an equity offering of 9.2 million common shares at an offering price of $24.64 per share for net offering proceeds of $217 million. We initially used the proceeds to repay borrowings under our unsecured revolving credit facility and subsequently redeployed the proceeds to fund a portion of the purchase price of the portfolio of nine unencumbered retail properties (see Note 10). | |
In April and May of 2013, we completed an equity offering of 3.9 million common shares at an offering price of $26.20 per share for net offering proceeds of $97 million. We initially used the proceeds to repay borrowings under our unsecured revolving credit facility and subsequently redeployed the proceeds to acquire Cool Springs Market, Castleton Crossing, and Toringdon Market (see Note 10). | |
Accrued but unpaid distributions on common shares and units were $22.1 million and $8.2 million as of December 31, 2014 and 2013, respectively, and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. These distributions were paid in January of the following year. | |
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. In addition, the reverse share split had the same impact on the number of outstanding operating partnership units. | |
Preferred Equity | |
Accrued but unpaid distributions on the Series A preferred shares were $0.7 million as of December 31, 2014 and 2013, respectively and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. | |
Dividend Reinvestment and Share Purchase Plan | |
We maintain a Dividend Reinvestment and Share Purchase Plan (the “Dividend Reinvestment Plan”) which offers investors a dividend reinvestment component to invest all or a portion of the dividends on their common shares, or cash distributions on their units in the Operating Partnership, in additional common shares. In addition, the direct share purchase component permits Dividend Reinvestment Plan participants and new investors to purchase common shares by making optional cash investments with certain restrictions. |
Note_16_Quarterly_Financial_Da
Note 16 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 16. Quarterly Financial Data (Unaudited) | ||||||||||||||||
Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenue | $ | 42,660 | $ | 40,843 | $ | 88,576 | $ | 87,448 | |||||||||
Operating income | 5,206 | 4,319 | (1,316 | ) | 21,120 | ||||||||||||
(Loss) income from continuing operations | (2,217 | ) | (3,196 | ) | (16,729 | ) | 5,786 | ||||||||||
Income (loss) from discontinued operations | 3,198 | — | — | — | |||||||||||||
Gain on sale of operation properties, net | 3,490 | — | 2,749 | 2,243 | |||||||||||||
Consolidated net income (loss) | 4,471 | (3,196 | ) | (13,980 | ) | 8,029 | |||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 4,332 | (2,976 | ) | (14,284 | ) | 7,227 | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 2,218 | (5,090 | ) | (16,398 | ) | 5,113 | |||||||||||
Net (loss) income per common share – basic and diluted: | |||||||||||||||||
Net (loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.16 | ) | (0.20 | ) | 0.06 | ||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 0.08 | (0.16 | ) | (0.20 | ) | 0.06 | |||||||||||
Weighted average Common Shares outstanding - basic | 32,755,898 | 32,884,467 | 83,455,900 | 83,478,680 | |||||||||||||
Weighted average Common Shares outstanding - diluted | 32,755,898 | 32,884,467 | 83,455,900 | 83,727,400 | |||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenue | $ | 31,041 | $ | 29,916 | $ | 32,553 | $ | 35,978 | |||||||||
Operating income | 8,727 | 204 | 5,738 | 7,551 | |||||||||||||
(Loss) income from continuing operations | 2,475 | (6,883 | ) | (1,881 | ) | 191 | |||||||||||
Income (loss) from discontinued operations | (418 | ) | (371 | ) | 3,122 | 230 | |||||||||||
Gain on sale of operating properties, net | — | — | — | — | |||||||||||||
Consolidated net income (loss) | 2,057 | (7,254 | ) | 1,241 | 421 | ||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 2,032 | (6,593 | ) | 1,256 | (34 | ) | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | (82 | ) | (8,707 | ) | (858 | ) | (1,659 | ) | |||||||||
Net loss (income) per common share – basic and diluted: | |||||||||||||||||
Net loss (income) from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.36 | ) | (0.16 | ) | (0.07 | ) | |||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.40 | ) | (0.04 | ) | (0.06 | ) | |||||||||
Weighted average Common Shares outstanding - basic | 19,458,125 | 22,766,704 | 23,450,974 | 28,368,568 | |||||||||||||
Weighted average Common Shares outstanding - diluted | 19,458,125 | 22,766,704 | 23,450,974 | 28,368,568 | |||||||||||||
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note 17. 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”) who own a noncontrolling interest in our City Center operating property. Along with our guarantee of the loan the LC Partners pledged their Class B units in one of our consolidated joint ventures 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, we will be required to retire the remaining amount. On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property for $34.4 million that was paid in a combination of cash and Operating Partnership units. As a result of this transaction the guarantee was terminated. | |||||
As of December 31, 2014, we had outstanding letters of credit totaling $6.8 million. At that date, there were no amounts advanced against these instruments. | |||||
Earnout Liability | |||||
Six of our properties, which are properties acquired by Inland Diversified prior to the date of the Merger, have earnout components whereby we are required to pay the seller additional consideration based on subsequent leasing activity of vacant space. The maximum potential earnout payment was $9.7 million at December 31, 2014. The table below presents the change in our earnout liability for the six months ended December 31, 2014. | |||||
Six Months Ended | |||||
31-Dec-14 | |||||
Earnout liability – beginning of period | $ | 16,593 | |||
Decreases: | |||||
Payments to settle earnouts | (6,929 | ) | |||
Earnout liability – end of period | $ | 9,664 | |||
The expiration dates of the remaining earnouts range from January 31, 2015 through December 28, 2015. |
Note_18_Supplemental_Schedule_
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | Note 18. Supplemental Schedule of Non-Cash Investing/Financing Activities | ||||||||||||
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assumption of mortgages upon completion of Merger including debt premium of $33,298 | $ | 892,909 | $ | — | $ | — | |||||||
Properties and other assets acquired upon completion of Merger | 2,367,600 | — | — | ||||||||||
Marketable securities acquired upon completion of Merger | 18,602 | — | — | ||||||||||
Assumption of debt in connection with acquisition of Rampart Commons including debt premium of $2,221 | 14,586 | — | — | ||||||||||
Accrued distribution to preferred shareholders | 705 | 705 | 705 | ||||||||||
Extinguishment of mortgages upon transfer of Tranche I operating properties | 75,800 | — | — | ||||||||||
Payable due to PREI in connection with consolidation of Parkside Town Commons | — | — | 4,925 | ||||||||||
Assumption of debt in connection with consolidation of Parkside Town Commons | — | — | 14,440 | ||||||||||
Assumption of debt in connection with acquisition of 12th Street Plaza | — | — | 8,086 | ||||||||||
Extinguishment of mortgage upon transfer of Kedron Village operating property | — | 29,195 | — | ||||||||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | — | 27,953 | — | ||||||||||
Note_19_Related_Parties
Note 19 - Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 19. Related Parties |
Subsidiaries of the Company provide certain management, construction management and other services to certain unconsolidated entities and to entities owned by certain members of the Company’s management. During the years ended December 31, 2014, 2013 and 2012, we earned $65,000, $0, and $20,000, respectively from unconsolidated entities, and $20,000, $40,000 and $40,000, respectively from entities owned by certain members of management. | |
We reimburse an entity owned by certain members of our management for travel and related services. During the years ended December 31, 2014, 2013 and 2012, amounts paid by the Company to this related entity were $0.3 million, $0.3 million, and $0.3 million, respectively. |
Note_20_Subsequent_Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 20. Subsequent Events |
Dividend Declaration | |
Our Board of Trustees declared a cash distribution of $0.26 per common share for the fourth quarter of 2014. This distribution was paid on January 13, 2015 to common shareholders and operating partnership unit holders of record as of January 6, 2015. | |
On February 5, 2015, the Board of Trustees declared a cash distribution of $0.2725 for the first quarter of 2015 to common shareholders and operating partnership unit holders of record as of April 6, 2015, which represents a 4.8% increase. | |
On February 5, 2015, the Board of Trustees declared a quarterly preferred share cash distribution of $0.515625 per Series A Preferred Share covering the distribution period from December 2, 2014 to March 1, 2015 payable to shareholders of record as of February 17, 2015. | |
City Center | |
On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property for $34.4 million that was paid in a combination of cash and Operating Partnership units. We funded the majority of the cash portion with a $30 million draw on our unsecured revolving credit facility. |
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||||||||||||||||
12th Street Plaza * | $ | - | $ | 2,624,000 | $ | 13,792,742 | $ | - | $ | 156,305 | $ | 2,624,000 | $ | 13,949,047 | $ | 16,573,047 | $ | 1,769,519 | 1978/2003 | 2012 | |||||||||||||||||||||||||
54th & College * | - | 2,671,501 | - | - | - | 2,671,501 | - | 2,671,501 | - | 2008 | NA | ||||||||||||||||||||||||||||||||||
Bayonne Crossing | 45,000,000 | 47,809,419 | 44,297,012 | - | - | 47,809,419 | 44,297,012 | 92,106,431 | 971,800 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||
Bayport Commons | 12,543,013 | 7,868,354 | 21,904,423 | - | 1,325,220 | 7,868,354 | 23,229,643 | 31,097,997 | 4,215,310 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Beacon Hill Shopping Center | 6,691,350 | 3,293,393 | 13,528,339 | - | 500,121 | 3,293,393 | 14,028,460 | 17,321,853 | 2,755,575 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Beechwood Promenade * | - | 2,733,793 | 45,024,812 | - | 463,166 | 2,733,793 | 45,487,978 | 48,221,771 | 2,658,329 | 1961 | 2013 | ||||||||||||||||||||||||||||||||||
Bell Oaks Centre | 6,547,500 | 1,230,349 | 12,746,077 | - | - | 1,230,349 | 12,746,077 | 13,976,426 | 323,659 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Bolton Plaza * | - | 3,733,426 | 18,994,585 | - | - | 3,733,426 | 18,994,585 | 22,728,011 | 5,598,193 | 1986/2014 | NA | ||||||||||||||||||||||||||||||||||
Boulevard Crossing | 13,028,887 | 4,385,525 | 9,733,163 | - | 1,860,882 | 4,385,525 | 11,594,045 | 15,979,570 | 3,802,071 | 2004 | NA | ||||||||||||||||||||||||||||||||||
Bridgewater Marketplace * | - | 3,406,641 | 8,694,181 | - | 21,811 | 3,406,641 | 8,715,992 | 12,122,633 | 1,803,858 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Burlington Coat Factory * | - | 29,000 | 2,772,992 | - | - | 29,000 | 2,772,992 | 2,801,992 | 943,945 | 1992/2000 | 2000 | ||||||||||||||||||||||||||||||||||
Burnt Store Promenade * | - | 5,112,244 | 6,242,900 | - | 34,508 | 5,112,244 | 6,277,408 | 11,389,652 | 671,798 | 1989 | 2013 | ||||||||||||||||||||||||||||||||||
Cannery Corner | - | 6,266,907 | 10,558,916 | - | - | 6,266,907 | 10,558,916 | 16,825,823 | 264,218 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Castleton Crossing * | - | 9,750,000 | 29,399,817 | 10,951 | 70,039 | 9,760,951 | 29,469,856 | 39,230,807 | 2,893,638 | 1975 | 2013 | ||||||||||||||||||||||||||||||||||
Centennial Center | 70,455,000 | 58,960,380 | 73,083,777 | - | 159,056 | 58,960,380 | 73,242,834 | 132,203,214 | 2,827,887 | 2002 | 2014 | ||||||||||||||||||||||||||||||||||
Centennial Gateway | 29,975,000 | 5,305,419 | 49,401,592 | - | - | 5,305,419 | 49,401,592 | 54,707,011 | 1,363,228 | 2005 | 2014 | ||||||||||||||||||||||||||||||||||
Centre at Panola * | 2,608,165 | 1,985,975 | 8,203,018 | - | 108,126 | 1,985,975 | 8,311,144 | 10,297,119 | 2,839,757 | 2001 | 2004 | ||||||||||||||||||||||||||||||||||
Centre Point Commons | 14,410,000 | 2,918,234 | 22,812,928 | - | - | 2,918,234 | 22,812,928 | 25,731,162 | 552,692 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
City Center | 90,000,000 | 20,564,529 | 161,746,271 | - | 34,878 | 20,564,529 | 161,781,149 | 182,345,678 | 3,523,700 | 2004 | 2014 | ||||||||||||||||||||||||||||||||||
Clay Marketplace * | - | 1,398,101 | 8,769,762 | - | 220 | 1,398,101 | 8,769,982 | 10,168,083 | 534,536 | 1966/2003 | 2013 | ||||||||||||||||||||||||||||||||||
Cobblestone Plaza * | - | 11,221,414 | 46,580,145 | - | - | 11,221,414 | 46,580,145 | 57,801,559 | 5,802,914 | 2011 | NA | ||||||||||||||||||||||||||||||||||
Colonial Square | 18,140,000 | 11,743,004 | 31,584,200 | - | - | 11,743,004 | 31,584,200 | 43,327,204 | 629,951 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Cool Creek Commons | 16,625,704 | 6,062,351 | 14,830,282 | - | 850,965 | 6,062,351 | 15,681,247 | 21,743,598 | 5,198,510 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Cool Springs Market * | - | 12,684,400 | 23,694,836 | - | 141,569 | 12,684,400 | 23,836,405 | 36,520,805 | 3,051,082 | 1995 | 2013 | ||||||||||||||||||||||||||||||||||
Cornelius Gateway | - | 1,249,447 | 3,655,222 | - | - | 1,249,447 | 3,655,222 | 4,904,669 | 773,032 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Cove Center * | - | 2,035,770 | 19,884,204 | - | 419,658 | 2,035,770 | 20,303,862 | 22,339,632 | 5,230,117 | 1984/2008 | 2012 | ||||||||||||||||||||||||||||||||||
Crossing at Killingly Commons | 33,000,000 | 21,999,344 | 35,264,186 | - | - | 21,999,344 | 35,264,186 | 57,263,530 | 876,522 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Delray Marketplace | 55,320,215 | 18,750,210 | 90,523,611 | - | - | 18,750,210 | 90,523,611 | 109,273,821 | 5,073,760 | 2013 | NA | ||||||||||||||||||||||||||||||||||
DePauw University Bookstore & Café | - | 63,765 | 663,010 | - | 44,602 | 63,765 | 707,612 | 771,377 | 131,444 | 2012 | NA | ||||||||||||||||||||||||||||||||||
Draper Crossing * | - | 9,054,258 | 28,542,019 | - | - | 9,054,258 | 28,542,019 | 37,596,277 | 864,216 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||
Draper Peaks | 23,905,106 | 11,998,150 | 48,933,199 | - | - | 11,998,150 | 48,933,199 | 60,931,349 | 1,245,576 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||
Eastern Beltway | 34,100,000 | 23,221,314 | 49,659,575 | - | - | 23,221,314 | 49,659,575 | 72,880,889 | 1,559,362 | 1998/2006 | 2014 | ||||||||||||||||||||||||||||||||||
Eastgate | 14,410,000 | 4,073,392 | 21,362,521 | - | - | 4,073,392 | 21,362,521 | 25,435,913 | 695,391 | 2002 | 2014 | ||||||||||||||||||||||||||||||||||
Eastgate Pavilion * | - | 8,122,283 | 19,806,778 | - | 656,751 | 8,122,283 | 20,463,529 | 28,585,812 | 6,974,254 | 1995 | 2004 | ||||||||||||||||||||||||||||||||||
Eddy Street Commons | 24,339,621 | 1,900,000 | 38,029,845 | - | 216,883 | 1,900,000 | 38,246,728 | 40,146,728 | 6,301,727 | 2009 | NA | ||||||||||||||||||||||||||||||||||
Estero Town Commons * | - | 8,973,290 | 9,968,125 | - | 11,242 | 8,973,290 | 9,979,367 | 18,952,657 | 2,060,246 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Fishers Station | 7,456,520 | 3,735,807 | 11,822,475 | - | 488,515 | 3,735,807 | 12,310,990 | 16,046,797 | 5,522,347 | 1989 | 2004 | ||||||||||||||||||||||||||||||||||
Four Corner Square * | - | 8,599,045 | 34,161,996 | - | - | 8,599,045 | 34,161,996 | 42,761,041 | 5,090,074 | 1985/2013 | NA | ||||||||||||||||||||||||||||||||||
Fox Lake Crossing * | - | 5,684,724 | 9,324,308 | - | 239,828 | 5,684,724 | 9,564,136 | 15,248,860 | 2,895,305 | 2002 | 2005 | ||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||||||||||||||||
Geist Pavilion | 10,714,445 | 1,367,816 | 9,754,130 | - | 1,662,796 | 1,367,816 | 11,416,926 | 12,784,742 | 3,664,678 | 2006 | NA | ||||||||||||||||||||||||||||||||||
Glendale Town Center * | - | 1,494,469 | 45,314,295 | - | 840,517 | 1,494,469 | 46,154,812 | 47,649,281 | 22,960,740 | 1958/2008 | 1999 | ||||||||||||||||||||||||||||||||||
Greyhound Commons * | - | 2,629,064 | 794,093 | - | 886,962 | 2,629,064 | 1,681,055 | 4,310,119 | 449,658 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Hamilton Crossing - Phase II & III * | - | 2,858,650 | 23,709,379 | - | - | 2,858,650 | 23,709,379 | 26,568,029 | 518,254 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Hitchcock Plaza * | - | 4,259,641 | 22,181,088 | - | - | 4,259,641 | 22,181,088 | 26,440,729 | 426,096 | 2006 | 2014 | ||||||||||||||||||||||||||||||||||
Holly Springs Towne Center - Phase I * | - | 12,318,891 | 46,896,716 | - | - | 12,318,891 | 46,896,716 | 59,215,607 | 2,451,489 | 2013 | NA | ||||||||||||||||||||||||||||||||||
Hunters Creek Promenade * | - | 8,335,007 | 12,880,296 | - | 327,379 | 8,335,007 | 13,207,675 | 21,542,682 | 614,335 | 1994 | 2013 | ||||||||||||||||||||||||||||||||||
Indian River Square | 12,231,757 | 5,180,000 | 9,702,002 | - | 610,173 | 5,180,000 | 10,312,175 | 15,492,175 | 5,106,624 | 1997/2004 | 2005 | ||||||||||||||||||||||||||||||||||
International Speedway Square * | 20,006,070 | 7,769,277 | 19,493,924 | - | 9,043,526 | 7,769,277 | 28,537,450 | 36,306,727 | 12,624,543 | 1999 | NA | ||||||||||||||||||||||||||||||||||
King's Lake Square * | - | 4,519,000 | 16,073,425 | - | - | 4,519,000 | 16,073,425 | 20,592,425 | 5,656,821 | 1986/2014 | 2003 | ||||||||||||||||||||||||||||||||||
Kingwood Commons * | - | 5,715,450 | 31,035,180 | - | - | 5,715,450 | 31,035,180 | 36,750,630 | 1,841,705 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
Lake City Commons | 5,200,000 | 4,692,804 | 12,491,009 | - | - | 4,692,804 | 12,491,009 | 17,183,813 | 309,892 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Lake Mary Plaza | 5,080,000 | 1,412,864 | 8,727,313 | - | - | 1,412,864 | 8,727,313 | 10,140,177 | 168,600 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
Lakewood Promenade * | - | 1,783,240 | 25,804,668 | - | 192,099 | 1,783,240 | 25,996,767 | 27,780,007 | 1,824,600 | 1948/1998 | 2013 | ||||||||||||||||||||||||||||||||||
Landstown Commons | 50,140,000 | 19,329,133 | 92,201,197 | - | - | 19,329,133 | 92,201,197 | 111,530,330 | 2,357,843 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
Lima Marketplace | 8,383,000 | 4,702,753 | 15,737,999 | - | - | 4,702,753 | 15,737,999 | 20,440,752 | 402,365 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Lithia Crossing * | - | 3,064,698 | 10,074,676 | - | 4,860,083 | 3,064,698 | 14,934,759 | 17,999,457 | 2,195,618 | 1993/2003 | 2011 | ||||||||||||||||||||||||||||||||||
Lowe's Plaza | - | 2,124,802 | 6,120,067 | - | - | 2,124,802 | 6,120,067 | 8,244,869 | 180,280 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
Market Street Village * | - | 9,764,381 | 18,745,417 | - | 2,031,839 | 9,764,381 | 20,777,256 | 30,541,637 | 6,933,912 | 1970/2004 | 2005 | ||||||||||||||||||||||||||||||||||
Memorial Commons * | - | 1,567,816 | 14,656,445 | - | - | 1,567,816 | 14,656,445 | 16,224,261 | 281,065 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Merrimack Village Center | 5,445,000 | 1,921,079 | 12,798,403 | - | - | 1,921,079 | 12,798,403 | 14,719,482 | 324,353 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
Miramar Square | 31,625,000 | 26,391,652 | 31,070,986 | - | - | 26,391,652 | 31,070,986 | 57,462,638 | 771,260 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Mullins Crossing | 20,917,206 | 10,582,161 | 42,410,267 | - | - | 10,582,161 | 42,410,267 | 52,992,428 | 1,469,274 | 2005 | 2014 | ||||||||||||||||||||||||||||||||||
Naperville Marketplace | 9,163,148 | 5,364,101 | 12,187,580 | - | - | 5,364,101 | 12,187,580 | 17,551,681 | 2,711,342 | 2008 | NA | ||||||||||||||||||||||||||||||||||
Northcrest Shopping Center | 15,780,000 | 4,043,847 | 34,060,143 | - | - | 4,043,847 | 34,060,143 | 38,103,990 | 667,603 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Northdale Promenade * | - | 1,718,254 | 23,155,139 | - | 133,548 | 1,718,254 | 23,288,687 | 25,006,941 | 1,902,783 | 1985/2002 | 2013 | ||||||||||||||||||||||||||||||||||
Oleander Place * | - | 862,500 | 6,159,176 | - | - | 862,500 | 6,159,176 | 7,021,676 | 854,695 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Palm Coast Landing | 22,550,000 | 4,962,496 | 38,025,203 | - | - | 4,962,496 | 38,025,203 | 42,987,699 | 822,804 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Perimeter Woods | 33,330,000 | 35,793,431 | 27,292,148 | - | - | 35,793,431 | 27,292,148 | 63,085,579 | 560,097 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Pine Ridge Crossing | 16,872,920 | 5,639,675 | 17,209,720 | - | 962,058 | 5,639,675 | 18,171,778 | 23,811,453 | 4,328,935 | 1993 | 2006 | ||||||||||||||||||||||||||||||||||
Plaza at Cedar Hill * | - | 5,782,304 | 37,855,288 | - | 9,031,285 | 5,782,304 | 46,886,573 | 52,668,877 | 14,192,182 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||
Plaza Volente | 26,376,449 | 4,600,000 | 29,284,060 | - | 746,278 | 4,600,000 | 30,030,338 | 34,630,338 | 8,852,121 | 2004 | 2005 | ||||||||||||||||||||||||||||||||||
Pleasant Hill Commons | 6,800,000 | 3,349,517 | 10,132,158 | - | - | 3,349,517 | 10,132,158 | 13,481,675 | 264,916 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Portofino Shopping Center * | - | 4,754,341 | 75,856,723 | - | 85,388 | 4,754,341 | 75,942,111 | 80,696,452 | 4,666,985 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
Publix at Acworth | 6,776,903 | 1,356,601 | 8,240,778 | 38,778 | 1,080,514 | 1,395,379 | 9,321,292 | 10,716,671 | 2,772,544 | 1996 | 2004 | ||||||||||||||||||||||||||||||||||
Publix at St. Cloud * | - | 2,734,813 | 11,826,104 | - | - | 2,734,813 | 11,826,104 | 14,560,917 | 382,600 | 2003 | 2014 | ||||||||||||||||||||||||||||||||||
Publix at Woodruff * | - | 1,783,100 | 7,344,028 | - | 151,724 | 1,783,100 | 7,495,752 | 9,278,852 | 1,659,870 | 1997 | 2012 | ||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||||||||||||||||
Rampart Commons | 12,323,789 | 1,136,133 | 31,574,624 | - | - | 1,136,133 | 31,574,624 | 32,710,757 | 189,052 | 1998 | 2014 | ||||||||||||||||||||||||||||||||||
Rangeline Crossing * | - | 2,042,885 | 18,542,550 | - | - | 2,042,885 | 18,542,550 | 20,585,435 | 3,872,111 | 1986/2013 | NA | ||||||||||||||||||||||||||||||||||
Riverchase | 10,123,752 | 3,888,945 | 11,821,085 | - | 1,197,296 | 3,888,945 | 13,018,381 | 16,907,326 | 3,175,556 | 1991/2001 | 2006 | ||||||||||||||||||||||||||||||||||
Rivers Edge * | - | 5,646,522 | 31,572,937 | - | - | 5,646,522 | 31,572,937 | 37,219,459 | 4,466,040 | 2011 | 2008 | ||||||||||||||||||||||||||||||||||
Saxon Crossing | 11,400,000 | 3,764,455 | 16,832,833 | - | - | 3,764,455 | 16,832,833 | 20,597,288 | 407,450 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
Shoppes at Plaza Green * | - | 3,748,801 | 24,934,758 | - | 105,126 | 3,748,801 | 25,039,884 | 28,788,685 | 3,044,024 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||
Shoppes of Eastwood * | - | 1,687,734 | 10,797,276 | - | 2,850 | 1,687,734 | 10,800,126 | 12,487,860 | 1,670,446 | 1997 | 2013 | ||||||||||||||||||||||||||||||||||
Shops at Eagle Creek | - | 2,802,426 | 8,016,208 | 200,087 | 4,696,325 | 3,002,513 | 12,712,533 | 15,715,046 | 3,042,020 | 1998 | 2003 | ||||||||||||||||||||||||||||||||||
Shops at Julington Creek | 4,785,000 | 2,371,633 | 8,022,651 | - | - | 2,371,633 | 8,022,651 | 10,394,284 | 217,868 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||
Shops at Moore | 21,300,000 | 8,030,227 | 33,547,186 | - | - | 8,030,227 | 33,547,186 | 41,577,413 | 1,044,278 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Silver Springs Pointe | 8,800,000 | 9,685,265 | 7,768,253 | - | - | 9,685,265 | 7,768,253 | 17,453,518 | 363,507 | 2001 | 2014 | ||||||||||||||||||||||||||||||||||
South Elgin Commons * | - | 3,916,059 | 22,139,837 | - | - | 3,916,059 | 22,139,837 | 26,055,896 | 518,429 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||
Stoney Creek Commons * | - | 627,964 | 4,599,186 | - | 5,789,740 | 627,964 | 10,388,926 | 11,016,890 | 1,706,975 | 2000 | NA | ||||||||||||||||||||||||||||||||||
Sunland Towne Centre * | 23,959,377 | 14,773,536 | 22,973,090 | - | 4,877,672 | 14,773,536 | 27,850,762 | 42,624,298 | 8,168,225 | 1996 | 2004 | ||||||||||||||||||||||||||||||||||
Tarpon Bay Plaza * | - | 4,273,217 | 24,483,027 | - | 162,780 | 4,273,217 | 24,645,807 | 28,919,024 | 5,556,819 | 2007 | NA | ||||||||||||||||||||||||||||||||||
Temple Terrace * | - | 2,245,346 | 9,323,151 | - | - | 2,245,346 | 9,323,151 | 11,568,497 | 186,208 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||
The Corner | 14,750,000 | 3,772,219 | 24,641,588 | - | - | 3,772,219 | 24,641,588 | 28,413,807 | 483,812 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
The Corner * | - | 303,916 | 3,926,794 | - | 1,485,456 | 303,916 | 5,412,250 | 5,716,166 | 3,144,277 | 1984/2003 | 1984 | ||||||||||||||||||||||||||||||||||
The Landing at Tradition * | - | 18,504,693 | 46,412,092 | - | - | 18,504,693 | 46,412,092 | 64,916,785 | 1,365,733 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
The Shops at Otty * | - | 26,000 | 2,064,100 | - | 200,092 | 26,000 | 2,264,192 | 2,290,192 | 759,400 | 2004 | NA | ||||||||||||||||||||||||||||||||||
Toringdon Market * | - | 5,448,400 | 9,749,864 | - | 16,220 | 5,448,400 | 9,766,084 | 15,214,484 | 770,591 | 2004 | 2013 | ||||||||||||||||||||||||||||||||||
Traders Point | 43,560,181 | 9,443,449 | 37,312,837 | - | 532,207 | 9,443,449 | 37,845,044 | 47,288,493 | 11,646,613 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Traders Point II * | - | 2,375,797 | 7,202,988 | - | 864,244 | 2,375,797 | 8,067,232 | 10,443,029 | 2,289,351 | 2005 | NA | ||||||||||||||||||||||||||||||||||
Tradition Village Center * | - | 3,140,267 | 14,905,280 | - | - | 3,140,267 | 14,905,280 | 18,045,547 | 395,006 | 2006 | 2014 | ||||||||||||||||||||||||||||||||||
Trussville Promenade * | - | 9,122,992 | 45,569,568 | - | 144,161 | 9,122,992 | 45,713,729 | 54,836,721 | 3,059,238 | 1999 | 2013 | ||||||||||||||||||||||||||||||||||
University Town Center | 29,190,000 | 12,027,230 | 56,933,231 | - | - | 12,027,230 | 56,933,231 | 68,960,461 | 1,429,826 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
Village at Bay Park | 9,183,298 | 8,247,510 | 11,053,037 | - | - | 8,247,510 | 11,053,037 | 19,300,547 | 435,581 | 2005 | 2014 | ||||||||||||||||||||||||||||||||||
Village Walk | 6,860,000 | 2,554,140 | 12,435,511 | - | - | 2,554,140 | 12,435,511 | 14,989,651 | 244,898 | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
Waterford Lakes Village * | - | 2,316,674 | 7,435,244 | - | 166,471 | 2,316,674 | 7,601,715 | 9,918,389 | 2,800,336 | 1997 | 2004 | ||||||||||||||||||||||||||||||||||
Waxahachie Crossing | 7,750,000 | 1,411,007 | 16,344,635 | - | - | 1,411,007 | 16,344,635 | 17,755,642 | 393,439 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Westside Market * | - | 4,194,013 | 17,722,628 | - | - | 4,194,013 | 17,722,628 | 21,916,641 | 270,878 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||
Wheatland Towne Crossing * | - | 6,621,661 | 31,414,297 | - | - | 6,621,661 | 31,414,297 | 38,035,958 | 668,523 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||
Whitehall Pike | 6,256,979 | 3,688,857 | 6,109,115 | - | 120,742 | 3,688,857 | 6,229,857 | 9,918,714 | 3,998,607 | 1999 | NA | ||||||||||||||||||||||||||||||||||
Total Operating Properties | 1,036,190,352 | 753,588,759 | 2,605,480,528 | 249,816 | 60,811,897 | 753,838,575 | 2,666,292,425 | 3,420,131,000 | 290,248,142 | ||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||
Office Properties | |||||||||||||||||||||||||||||||||||||||||||||
Thirty South | 18,510,000 | 1,643,415 | 9,847,631 | - | 18,068,069 | 1,643,415 | 27,915,700 | 29,559,115 | 10,307,094 | 1905/2002 | 2001 | ||||||||||||||||||||||||||||||||||
Union Station Parking Garage * | - | 903,627 | 2,649,798 | - | 611,974 | 903,627 | 3,261,772 | 4,165,399 | 1,301,017 | 1986 | 2001 | ||||||||||||||||||||||||||||||||||
Total Office Properties | 18,510,000 | 2,547,042 | 12,497,429 | - | 18,680,043 | 2,547,042 | 31,177,472 | 33,724,514 | 11,608,111 | ||||||||||||||||||||||||||||||||||||
Development and Redevelopment Properties | |||||||||||||||||||||||||||||||||||||||||||||
Courthouse Shadows * | - | 4,998,974 | 14,543,800 | - | 1,020,151 | 4,998,974 | 15,563,951 | 20,562,925 | 3,605,028 | NA | NA | ||||||||||||||||||||||||||||||||||
Gainesville Plaza * | - | 5,437,373 | 18,236,531 | - | 5,778 | 5,437,373 | 18,242,309 | 23,679,682 | 2,864,432 | NA | NA | ||||||||||||||||||||||||||||||||||
Hamilton Crossing | 12,456,141 | 5,672,477 | 9,381,772 | - | 839,563 | 5,672,477 | 10,221,335 | 15,893,812 | 3,240,104 | NA | NA | ||||||||||||||||||||||||||||||||||
Holly Springs - Phase II * | - | 10,567,043 | 7,315,162 | - | - | 10,567,043 | 7,315,162 | 17,882,205 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase I | 17,962,145 | 2,567,764 | 39,719,903 | - | - | 2,567,764 | 39,719,903 | 42,287,667 | 487,470 | NA | NA | ||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase II | 46,064,943 | 6,957,266 | 58,091,357 | - | - | 6,957,266 | 58,091,357 | 65,048,623 | 205,891 | NA | NA | ||||||||||||||||||||||||||||||||||
Tamiami Crossing * | - | 16,014,064 | 4,350,065 | - | - | 16,014,064 | 4,350,065 | 20,364,129 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Total Development and Redevelopment Properties | 76,483,229 | 52,214,961 | 151,638,590 | - | 1,865,492 | 52,214,961 | 153,504,082 | 205,719,043 | 10,402,925 | ||||||||||||||||||||||||||||||||||||
Other ** | |||||||||||||||||||||||||||||||||||||||||||||
Beacon Hill Shopping Center | - | 3,657,515 | - | - | - | 3,657,515 | - | 3,657,515 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Bridgewater Marketplace | - | 1,971,211 | - | - | - | 1,971,211 | - | 1,971,211 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Deerwood Lake * | - | - | 15,656,487 | - | - | - | 15,656,487 | 15,656,487 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Eagle Creek IV * | - | 2,105,444 | - | - | - | 2,105,444 | - | 2,105,444 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Eddy Street Commons * | - | 2,403,713 | - | - | - | 2,403,713 | - | 2,403,713 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Fox Lake Crossing II | - | 3,458,414 | - | - | - | 3,458,414 | - | 3,458,414 | - | NA | NA | ||||||||||||||||||||||||||||||||||
KRG Development | - | - | 609,207 | - | - | - | 609,207 | 609,207 | - | NA | NA | ||||||||||||||||||||||||||||||||||
KRG New Hill * | - | 5,593,657 | - | - | - | 5,593,657 | - | 5,593,657 | - | NA | NA | ||||||||||||||||||||||||||||||||||
KR Peakway | - | 6,032,552 | - | - | - | 6,032,552 | - | 6,032,552 | - | NA | NA | ||||||||||||||||||||||||||||||||||
KRG Peakway | - | 16,321,834 | - | - | - | 16,321,834 | - | 16,321,834 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Pan Am Plaza | - | 8,901,806 | - | - | - | 8,901,806 | - | 8,901,806 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Parkside Town Commons - Phase III | - | 46,920 | - | - | - | 46,920 | - | 46,920 | - | NA | NA | ||||||||||||||||||||||||||||||||||
Total Other | - | 50,493,066 | 16,265,694 | - | - | 50,493,066 | 16,265,694 | 66,758,760 | - | ||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Carry Amount Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition/Development | |||||||||||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Year Built / | Year | ||||||||||||||||||||||||||||||||||||||||
Name, Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation | Renovated | Acquired | ||||||||||||||||||||||||||||||||||
Held for Sale Properties | |||||||||||||||||||||||||||||||||||||||||||||
Eastside Junction | 6,270,000 | 2,042,196 | 11,943,001 | - | - | 2,042,196 | 11,943,001 | 13,985,197 | 124,266 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Fairgrounds Crossing | 13,453,000 | 6,450,613 | 23,770,721 | - | - | 6,450,613 | 23,770,721 | 30,221,334 | 250,076 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||
Hawk Ridge * | - | 1,212,022 | 11,634,576 | - | - | 1,212,022 | 11,634,576 | 12,846,598 | 134,843 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Prattville Town Center | 15,930,000 | 4,068,900 | 29,000,302 | - | - | 4,068,900 | 29,000,302 | 33,069,202 | 271,597 | 2007 | 2014 | ||||||||||||||||||||||||||||||||||
Regal Court | 23,900,000 | 21,103,656 | 29,331,584 | - | - | 21,103,656 | 29,331,584 | 50,435,240 | 305,858 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Walgreens Plaza | 4,650,000 | 1,517,283 | 13,516,751 | - | - | 1,517,283 | 13,516,751 | 15,034,034 | 77,926 | 2010 | 2014 | ||||||||||||||||||||||||||||||||||
Whispering Ridge | 5,000,000 | 2,827,498 | 12,378,794 | - | - | 2,827,498 | 12,378,794 | 15,206,292 | 100,363 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||
Total Held for Sale Properties | 69,203,000 | 39,222,168 | 131,575,729 | - | - | 39,222,168 | 131,575,729 | 170,797,897 | 1,264,929 | ||||||||||||||||||||||||||||||||||||
Line of credit/Term Loan * | 390,000,000 | - | - | - | - | - | - | - | - | NA | NA | ||||||||||||||||||||||||||||||||||
Grand Total | $ | 1,590,386,581 | $ | 898,065,997 | $ | 2,917,457,970 | $ | 249,816 | $ | 81,357,432 | $ | 898,315,812 | $ | 2,998,815,402 | $ | 3,897,131,214 | $ | 313,524,107 | |||||||||||||||||||||||||||
____________________ | |||||||||||||||||||||||||||||||||||||||||||||
* | This property or a portion of the property is included as an Unencumbered Pool Property used in calculating the Company’s line of credit borrowing base. | ||||||||||||||||||||||||||||||||||||||||||||
** | This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table. | ||||||||||||||||||||||||||||||||||||||||||||
Note 1. Reconciliation of Investment Properties | |||||||||||||||||||||||||||||||||||||||||||||
The changes in investment properties of the Company for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,872,088 | $ | 1,390,213 | $ | 1,268,254 | |||||||||||||||||||||||||||||||||||||||
Merger and Acquisitions | 2,128,278 | 419,080 | 76,531 | ||||||||||||||||||||||||||||||||||||||||||
Consolidation of subsidiary | — | — | 33,701 | ||||||||||||||||||||||||||||||||||||||||||
Improvements | 103,688 | 111,968 | 106,307 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | (206,923 | ) | (49,173 | ) | (94,580 | ) | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,897,131 | $ | 1,872,088 | $ | 1,390,213 | |||||||||||||||||||||||||||||||||||||||
The unaudited aggregate cost of investment properties for federal tax purposes as of December 31, 2014 was $2.9 billion. | |||||||||||||||||||||||||||||||||||||||||||||
Note 2. Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation of the Company for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 229,286 | $ | 190,972 | $ | 174,167 | |||||||||||||||||||||||||||||||||||||||
Depreciation expense | 103,155 | 49,392 | 37,429 | ||||||||||||||||||||||||||||||||||||||||||
Disposals | (18,917 | ) | (11,078 | ) | (20,624 | ) | |||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 313,524 | $ | 229,286 | $ | 190,972 | |||||||||||||||||||||||||||||||||||||||
Depreciation of investment properties reflected in the statements of operations is calculated over the estimated original lives of the assets as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Buildings (years) | 20-35 | ||||||||||||||||||||||||||||||||||||||||||||
Building improvements (years) | Oct-35 | ||||||||||||||||||||||||||||||||||||||||||||
Tenant improvements | Term of related lease | ||||||||||||||||||||||||||||||||||||||||||||
Furniture and Fixtures (years) | 10-May | ||||||||||||||||||||||||||||||||||||||||||||
All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | |||||||||||||
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 December 31, 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 $62.0 million which is secured by assets of the VIEs totaling $115.3 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 twelve months ended December 31, 2014, 2013 and 2012 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. | |||||||||||||
Business Combinations Policy [Policy Text Block] | Acquisition of Real Estate Properties | ||||||||||||
Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. 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. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs. | |||||||||||||
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 are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income. 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 and internal 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. | ||||||||||||
● | the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. | ||||||||||||
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 the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. | |||||||||||||
Certain properties we acquired from the Merger included earnout components to the purchase price, meaning the previous owner did not pay a portion of the purchase price of the property at closing, although they owned the entire property. We are not obligated to pay the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have an obligation period remaining of one year or less as of December 31, 2014. If at the end of the time period certain space has not been leased, occupied and rent producing, we will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on our best estimate, we have recorded a liability for the potential future earnout payments using estimated fair value measurements at the end of the period which include the lease-up periods, market rents and probability of occupancy. We have recorded this earnout amount as additional purchase price of the related properties and as a liability included in deferred revenue and intangibles, net and other liabilities on the accompanying consolidated balance sheets. | |||||||||||||
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. See Note 10 for additional discussion. | |||||||||||||
Real Estate, Policy [Policy Text Block] | Investment Properties | ||||||||||||
Capitalization and Depreciation | |||||||||||||
Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. | |||||||||||||
Pre-development costs are incurred prior to vertical construction and for certain land held for development acquisitions during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. | |||||||||||||
We also capitalize costs such as acquisition of land, construction of buildings, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. | |||||||||||||
Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances, tenant inducements, and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment | ||||||||||||
Management reviews operational properties, development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. | |||||||||||||
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Held for Sale and Discontinued Operations | ||||||||||||
Operating properties held for sale include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. We classified seven operating properties as held for sale and one operating property as held for sale as of December 31, 2014, and 2013, respectively. 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 December 31, 2014. | |||||||||||||
Our operating properties have operations and cash flows that can be clearly distinguished from the rest of our activities. The operations reported in discontinued operations include those operating properties that were sold or were considered held-for-sale and for which operations and cash flows can be clearly distinguished. The operations from these properties are eliminated from ongoing operations, and we will not have a continuing involvement after disposition. In the first quarter of 2014, we adopted the provisions of 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 and as a result the seven operating properties that are classified as held for sale as of December 31, 2014 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. However, the 50th and 12th operating property is included in discontinued operations for the year ended December 31, 2014 and 2013, as the property was classified as held for sale as of December 31, 2013 and is reported under the former rules. | |||||||||||||
Deposit Contracts, Policy [Policy Text Block] | Escrow Deposits | ||||||||||||
Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||
We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. As of December 31, 2014, cash and cash equivalents included $16.1 million of funds set aside by the Company to affect a tax deferred purchase of real estate. Such funds are not currently considered available for general corporate purposes. | |||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | ||||||||||||
Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. | |||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). As further discussed in Note 13, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. | |||||||||||||
Note 3 includes a discussion of fair values recorded when we acquired a controlling interest in Parkside Town Commons development project. Note 5 includes a discussion of fair values recorded when we transferred the Kedron Village property to the loan servicer. Note 10 includes a discussion of the fair values recorded in purchase accounting. Level 3 inputs to these transactions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. | |||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments | ||||||||||||
The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. | |||||||||||||
Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2014 and 2013, all of our derivative instruments qualify for hedge accounting. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||
As lessor, the Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. | |||||||||||||
Minimum rent, percentage rent, and expense recoveries from tenants for common area maintenance costs, insurance and real estate taxes are our principal source of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying statements of operations. As a result of generating this revenue, we will routinely have accounts receivable due from tenants. We are subject to tenant defaults and bankruptcies that may affect the collection of outstanding receivables. To address the collectability of these receivables, we analyze historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts and straight line rent reserve. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. | |||||||||||||
Gains from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $1.5 million, $6.2 million, and $0.8 million for the years ended December 31, 2014, 2013, and 2012, respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. | |||||||||||||
Receivables, Policy [Policy Text Block] | Tenant Receivables and Allowance for Doubtful Accounts | ||||||||||||
Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. | |||||||||||||
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 1,328 | $ | 755 | $ | 1,335 | |||||||
Provision for credit losses, net of recoveries | 1,740 | 922 | 858 | ||||||||||
Accounts written off | (635 | ) | (349 | ) | (1,438 | ) | |||||||
Balance, end of year | $ | 2,433 | $ | 1,328 | $ | 755 | |||||||
For the years ended December 31, 2014, 2013 and 2012, allowance for doubtful accounts represented 0.9%, 1.0% and 0.8% of total revenues, respectively. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk | ||||||||||||
We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. At December 31, 2014, 28%, 23% and 12% of total billed receivables were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 40%, 25%, and 13% in 2013. For the year ended December 31, 2014, 19%, 25% and 13% of the Company’s revenue recognized was from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 30%, 36%, and 14% in 2013. There were no significant changes in the concentration percentages for the year ended December 31, 2012 compared to 2013. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share | ||||||||||||
Basic earnings per share is calculated based on the weighted average number of shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding combined with the incremental average shares that would have been outstanding assuming 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 personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Due in part to our net loss attributable to common shareholders for the years ended December 31, 2014, 2013 and 2012, the potentially dilutive securities were not dilutive for these periods. | |||||||||||||
Approximately 1.0 million, 1.5 million and 1.7 million outstanding options to acquire common shares were excluded from the computation of diluted earnings per share because their impact was not dilutive for the twelve months ended December 31, 2014, 2013 and 2012, 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. Unless otherwise noted, 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. | |||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes and REIT Compliance | ||||||||||||
The Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable us to maintain our qualification as a REIT for federal income tax purposes. As a result, we generally will not be subject to federal income tax on the earnings that we distribute to the extent we distribute our “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders and meet certain other requirements on a recurring basis. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain federal, state and local taxes on our income and property and to federal income and excise taxes on our undistributed taxable income even if we do qualify as a REIT. | |||||||||||||
We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This enables us to receive income and provide services that would otherwise be impermissible for REITs. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||
Income tax benefit for the year ended December 31, 2014 was $0.2 million. For the year ended December 31, 2013 the income tax provision was $0.3 million and for the year ended December 31, 2012, there was an insignificant amount of income tax benefit recorded. | |||||||||||||
Other state and local income taxes were not significant in any of the periods presented. | |||||||||||||
Investment, Policy [Policy Text Block] | Noncontrolling Interests | ||||||||||||
We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | $ | 4,250 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 140 | 121 | 1,977 | ||||||||||
Distributions to noncontrolling interests | (324 | ) | (108 | ) | (2,692 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,364 | $ | 3,548 | $ | 3,535 | |||||||
Redeemable Noncontrolling Interests – Operating Partnership | |||||||||||||
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 December 31, 2014 and 2013, the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value through additional paid in capital. | |||||||||||||
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 redeemable noncontrolling weighted average interests in the Operating Partnership for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Company’s weighted average basic interest in Operating Partnership | 97.2 | % | 93.3 | % | 90.1 | % | |||||||
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.8 | % | 6.7 | % | 9.9 | % | |||||||
The Company’s and the redeemable noncontrolling ownership interests in the Operating Partnership at December 31, 2014 and 2013 were as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Company’s interest in Operating Partnership | 98.1 | % | 95.2 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 1.9 | % | 4.8 | % | |||||||||
Concurrent with the Company’s IPO and related formation transactions, certain individuals received units of the Operating Partnership in exchange for their interests in certain properties. These limited partners were granted the right to redeem Operating Partnership units on or after August 16, 2005 for cash or, at our election, common shares in an amount equal to the market value of an equivalent number of common shares at the time of redemption. Such common shares must be registered, which is not fully in the Company’s control. Therefore, the redeemable noncontrolling interest is not reflected in permanent equity. The Company also has the right to redeem the Operating Partnership units directly from the limited partner in exchange for either cash in the amount specified above or a number of common shares equal to the number of units being redeemed. For the years ended December 31, 2014, 2013 and 2012, respectively, 22,000, 22,500, and 275,928 Operating Partnership units were exchanged for the same number of common shares. | |||||||||||||
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 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 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 for cash or units in the Operating Partnership. None of the issued units have a maturity date and none are mandatorily redeemable. | |||||||||||||
On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property for $34.4 million that was paid in a combination of cash and Operating Partnership units. We funded the majority of the cash portion with a $30 million draw on our unsecured revolving credit facility. | |||||||||||||
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, because the fair value of the interests approximates the redemption value at December 31, 2014. As of December 31, 2014, the redemption value of the redeemable noncontrolling interests exceeded the initial book value recorded upon our acquisition of Inland Diversified and as a result we have adjusted additional paid-in capital for the increase in redemption value. As of December 31, 2014, the redemption amounts of these interests did not exceed the fair values of each interest. | |||||||||||||
The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | $ | 41,837 | |||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | — | ||||||||||
Net income (loss) allocable to redeemable noncontrolling interests | 891 | (806 | ) | (1,348 | ) | ||||||||
Distributions declared to redeemable noncontrolling interests | (3,021 | ) | (1,587 | ) | (1,748 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Exchange of redeemable noncontrolling interest for common stock | (567 | ) | (584 | ) | (5,834 | ) | |||||||
Adjustment to redeemable noncontrolling interests | 14,588 | 8,710 | 5,031 | ||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
Limited partners' interests in Operating Partnership | $ | 47,320 | $ | 43,928 | $ | 37,670 | |||||||
Other redeemable noncontrolling interests in certain subsidiaries | 77,762 | — | — | ||||||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
____________________ | |||||||||||||
1 | Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 13). | ||||||||||||
The following sets forth accumulated other comprehensive income (loss) allocable to noncontrolling interests for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | $ | (188 | ) | |||||
Other comprehensive (loss) income allocable to noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Accumulated comprehensive (loss) income balance at December 31 | $ | (24 | ) | $ | 69 | $ | (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 13). | ||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | ||||||||||||
Certain amounts in the accompanying consolidated financial statements for 2013 and 2012 have been reclassified to conform to the 2014 consolidated financial statement presentation. The reclassifications had no impact on net (loss) income previously reported. | |||||||||||||
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. We 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. | |||||||||||||
Other Receivables [Member] | |||||||||||||
Accounting Policies, by Policy (Policies) [Line Items] | |||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Other Receivables | ||||||||||||
Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. |
Note_2_Basis_of_Presentation_a1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | |||||||||||||
Investment Properties [Table Text Block] | Balance at | ||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Investment properties, at cost: | |||||||||||||
Land | $ | 778,780 | $ | 333,458 | |||||||||
Buildings and improvements | 2,785,780 | 1,351,642 | |||||||||||
Furniture, equipment and other | 6,398 | 4,970 | |||||||||||
Land held for development | 35,907 | 56,079 | |||||||||||
Construction in progress | 125,883 | 130,909 | |||||||||||
$ | 3,732,748 | $ | 1,877,058 | ||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 1,328 | $ | 755 | $ | 1,335 | |||||||
Provision for credit losses, net of recoveries | 1,740 | 922 | 858 | ||||||||||
Accounts written off | (635 | ) | (349 | ) | (1,438 | ) | |||||||
Balance, end of year | $ | 2,433 | $ | 1,328 | $ | 755 | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Company’s weighted average basic interest in Operating Partnership | 97.2 | % | 93.3 | % | 90.1 | % | |||||||
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.8 | % | 6.7 | % | 9.9 | % | |||||||
Noncontrolling Interest in Operating Partnership [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Company’s interest in Operating Partnership | 98.1 | % | 95.2 | % | |||||||||
Redeemable noncontrolling interests in Operating Partnership | 1.9 | % | 4.8 | % | |||||||||
Redeemable Noncontrolling Interest [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Redeemable noncontrolling interests balance January 1 | $ | 43,928 | $ | 37,670 | $ | 41,837 | |||||||
Acquired redeemable noncontrolling interests from merger | 69,356 | — | — | ||||||||||
Net income (loss) allocable to redeemable noncontrolling interests | 891 | (806 | ) | (1,348 | ) | ||||||||
Distributions declared to redeemable noncontrolling interests | (3,021 | ) | (1,587 | ) | (1,748 | ) | |||||||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Exchange of redeemable noncontrolling interest for common stock | (567 | ) | (584 | ) | (5,834 | ) | |||||||
Adjustment to redeemable noncontrolling interests | 14,588 | 8,710 | 5,031 | ||||||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
Limited partners' interests in Operating Partnership | $ | 47,320 | $ | 43,928 | $ | 37,670 | |||||||
Other redeemable noncontrolling interests in certain subsidiaries | 77,762 | — | — | ||||||||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ | 125,082 | $ | 43,928 | $ | 37,670 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Accumulated comprehensive income (loss) balance at January 1 | $ | 69 | $ | (456 | ) | $ | (188 | ) | |||||
Other comprehensive (loss) income allocable to noncontrolling interests 1 | (93 | ) | 525 | (268 | ) | ||||||||
Accumulated comprehensive (loss) income balance at December 31 | $ | (24 | ) | $ | 69 | $ | (456 | ) | |||||
Noncontrolling Interest [Member] | |||||||||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | |||||||||||||
Schedule of Stockholders Equity [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Noncontrolling interests balance January 1 | $ | 3,548 | $ | 3,535 | $ | 4,250 | |||||||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 140 | 121 | 1,977 | ||||||||||
Distributions to noncontrolling interests | (324 | ) | (108 | ) | (2,692 | ) | |||||||
Noncontrolling interests balance at December 31 | $ | 3,364 | $ | 3,548 | $ | 3,535 |
Note_6_ShareBased_Compensation1
Note 6 - Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted-Average | ||||||||||||
Options | Exercise Price | ||||||||||||
Outstanding at January 1, 2014 | 386,803 | $ | 40 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (3,313 | ) | 14.4 | ||||||||||
Expired | (134,287 | ) | 52 | ||||||||||
Forfeited | (212 | ) | 20.76 | ||||||||||
Outstanding at December 31, 2014 | 248,991 | $ | 33.88 | ||||||||||
Exercisable at December 31, 2014 | 243,686 | $ | 34.16 | ||||||||||
Exercisable at December 31, 2013 | 369,617 | $ | 41 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Weighted-Average Remaining | ||||||||||||
Options | Aggregate Intrinsic Value | Contractual Term (in years) | |||||||||||
Outstanding at December 31, 2014 | 248,991 | $ | 1,626,483 | 3.7 | |||||||||
Exercisable at December 31, 2014 | 243,686 | $ | 1,583,398 | 3.68 | |||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average | ||||||||||||
Restricted | Grant Date Fair | ||||||||||||
Shares | Value per share | ||||||||||||
Restricted shares outstanding at January 1, 2014 | 181,397 | $ | 23.79 | ||||||||||
Shares granted | 499,436 | 22.62 | |||||||||||
Shares forfeited | (2,388 | ) | 22.82 | ||||||||||
Shares vested | (62,992 | ) | 23.5 | ||||||||||
Restricted shares outstanding at December 31, 2014 | 615,453 | $ | 22.87 |
Note_7_Deferred_Costs_and_Inta1
Note 7 - Deferred Costs and Intangibles, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2014 | 2013 | |||||||||||
Deferred financing costs | $ | 14,575 | $ | 11,293 | |||||||||
Acquired lease intangible assets | 142,823 | 24,930 | |||||||||||
Deferred leasing costs and other | 48,149 | 41,626 | |||||||||||
205,547 | 77,849 | ||||||||||||
Less—accumulated amortization | (36,583 | ) | (21,461 | ) | |||||||||
Total | 168,964 | 56,388 | |||||||||||
Deferred costs, net – properties held for sale | (8,986 | ) | ─ | ||||||||||
Total | $ | 159,978 | $ | 56,388 | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 22,554 | ||||||||||
2016 | 19,874 | ||||||||||||
2017 | 16,463 | ||||||||||||
2018 | 11,576 | ||||||||||||
2019 | 7,920 | ||||||||||||
Thereafter | 41,255 | ||||||||||||
Total (1) | $ | 119,642 | |||||||||||
Deferred Cost Amortization [Table Text Block] | For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Amortization of deferred financing costs | $ | 2,864 | $ | 2,434 | $ | 1,971 | |||||||
Amortization of deferred leasing costs, lease intangibles and other, excluding amortization of above market leases | $ | 17,291 | $ | 5,605 | $ | 3,927 |
Note_8_Deferred_Revenue_Intang1
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) [Line Items] | |||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 2014 | 2013 | |||||||
Unamortized in-place lease liabilities | $ | 125,336 | $ | 36,173 | |||||
Retainages payable and other | 2,852 | 2,983 | |||||||
Seller earnout (Note 17) | 9,664 | ─ | |||||||
Tenant rents received in advance | 10,841 | 5,158 | |||||||
Total | 148,693 | 44,314 | |||||||
Deferred revenue, intangibles, net and other liabilities – liabilities held for sale | (12,284 | ) | ─ | ||||||
Total | $ | 136,409 | $ | 44,314 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 22,554 | ||||||
2016 | 19,874 | ||||||||
2017 | 16,463 | ||||||||
2018 | 11,576 | ||||||||
2019 | 7,920 | ||||||||
Thereafter | 41,255 | ||||||||
Total (1) | $ | 119,642 | |||||||
Leases, Acquired-in-Place [Member] | |||||||||
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) [Line Items] | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 8,212 | ||||||
2016 | 7,527 | ||||||||
2017 | 6,838 | ||||||||
2018 | 6,254 | ||||||||
2019 | 5,796 | ||||||||
Thereafter | 78,784 | ||||||||
Total | $ | 113,411 |
Note_10_Merger_and_Acquisition1
Note 10 - Merger and Acquisition Activities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Note 10 - Merger and Acquisition Activities (Tables) [Line Items] | |||||||||
Schedule of Real Estate Properties [Table Text Block] | Property Name | MSA | Acquisition Date | Acquisition Cost (Millions) | |||||
Merger with Inland Diversified | Various | Jul-14 | $ | 2,128.60 | |||||
Rampart Commons | Las Vegas, NV | Dec-14 | 32.3 | ||||||
Property Name | MSA | Acquisition Date | Contract Purchase Price (Millions) | ||||||
Shoppes of Eastwood | Orlando, FL | Jan-13 | $ | 11.6 | |||||
Cool Springs Market | Nashville, TN | Apr-13 | 37.6 | ||||||
Castleton Crossing | Indianapolis, IN | May-13 | 39 | ||||||
Toringdon Market | Charlotte, NC | Aug-13 | 15.9 | ||||||
Nine Property Portfolio | Various | Nov-13 | 304 | ||||||
Property Name | MSA | Acquisition Date | Contract Purchase Price (Millions) | ||||||
Cove Center | Stuart, FL | Jun-12 | $ | 22.1 | |||||
12th Street Plaza | Vero Beach, FL | Jul-12 | 15.2 | ||||||
Plaza Green | Greenville, SC | Dec-12 | 28.8 | ||||||
Publix at Woodruff | Greenville, SC | Dec-12 | 9.1 | ||||||
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 allocated purchase price | $ | 2,386,202 | |||||||
Allocation to | |||||||||
opening | |||||||||
balance sheet | |||||||||
Investment properties, net | $ | 419,080 | |||||||
Lease-related intangible assets | 19,537 | ||||||||
Other assets | 293 | ||||||||
Total acquired assets | 438,910 | ||||||||
Accounts payable and accrued expenses | 2,204 | ||||||||
Deferred revenue and other liabilities | 29,291 | ||||||||
Total assumed liabilities | 31,495 | ||||||||
Fair value of acquired net assets | $ | 407,415 | |||||||
Allocation to | |||||||||
opening | |||||||||
balance sheet | |||||||||
Investment properties, net | $ | 76,531 | |||||||
Lease-related intangible assets | 2,209 | ||||||||
Other assets | 8 | ||||||||
Total acquired assets | 78,748 | ||||||||
Secured debt | 8,086 | ||||||||
Deferred revenue and other liabilities | 4,952 | ||||||||
Total assumed liabilities | 13,038 | ||||||||
Fair value of acquired net assets | $ | 65,710 | |||||||
Scenario, Actual [Member] | |||||||||
Note 10 - Merger and Acquisition Activities (Tables) [Line Items] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended | ||||||||
December 31, | |||||||||
2014 | |||||||||
Revenue | $ | 92,212 | |||||||
Expenses: | |||||||||
Property operating | 14,262 | ||||||||
Real estate taxes and other | 11,254 | ||||||||
Depreciation and amortization | 43,257 | ||||||||
Interest expense | 14,845 | ||||||||
Total expenses | 83,618 | ||||||||
Gain on sale and other (1) | 2,153 | ||||||||
Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests | 10,747 | ||||||||
Income allocable to noncontrolling interests | (1,284 | ) | |||||||
Impact from 2014 acquisitions on income attributable to Kite Realty Trust | $ | 9,463 | |||||||
Pro Forma [Member] | |||||||||
Note 10 - Merger and Acquisition Activities (Tables) [Line Items] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve Months Ended | ||||||||
December 31, | |||||||||
(unaudited) | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 355,716 | $ | 357,506 | |||||
Consolidated net income | 26,911 | 2,219 |
Note_11_Disposals_Discontinued1
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Assets and Liabilities Associated with Held for Sale Properties, Table [Table Text Block] | December 31, | ||||||||||||
2014 | |||||||||||||
Assets: | |||||||||||||
Investment properties, at cost | $ | 170,782 | |||||||||||
Less: accumulated depreciation | (1,313 | ) | |||||||||||
169,469 | |||||||||||||
Accounts receivable, prepaids and other assets | 1,187 | ||||||||||||
Deferred costs and intangibles, net | 8,986 | ||||||||||||
Total assets held for sale | $ | 179,642 | |||||||||||
Liabilities: | |||||||||||||
Mortgage and other indebtedness, including net premium | $ | 67,452 | |||||||||||
Accounts payable and accrued expenses | 1,428 | ||||||||||||
Deferred revenue, intangibles and other liabilities | 12,284 | ||||||||||||
Total liabilities held for sale | $ | 81,164 | |||||||||||
Result of Operations for Disposal Group [Table Text Block] | Six Months Ended | ||||||||||||
December 31, | |||||||||||||
2014 | |||||||||||||
Revenue: | |||||||||||||
Minimum rent1 | $ | 11,320 | |||||||||||
Tenant reimbursements | 2,279 | ||||||||||||
Total revenue | 13,599 | ||||||||||||
Expenses: | |||||||||||||
Property operating | 1,958 | ||||||||||||
Real estate taxes | 1,372 | ||||||||||||
Depreciation and amortization | 2,365 | ||||||||||||
Total expenses | 5,695 | ||||||||||||
Operating income | 7,904 | ||||||||||||
Interest expense | (2,703 | ) | |||||||||||
Income from continuing operations | $ | 5,201 | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | — | $ | 2,565 | $ | 8,839 | |||||||
Expenses: | |||||||||||||
Property operating | — | 117 | 1,081 | ||||||||||
Real estate taxes and other | — | 199 | 1,230 | ||||||||||
Depreciation and amortization | — | 844 | 2,963 | ||||||||||
Impairment charge | — | 5,372 | — | ||||||||||
Total expenses | — | 6,532 | 5,274 | ||||||||||
Operating income (loss) | — | (3,967 | ) | 3,565 | |||||||||
Interest expense | — | (571 | ) | (2,909 | ) | ||||||||
Income (loss) from discontinued operations | — | (4,538 | ) | 656 | |||||||||
Gain on debt extinguishment | — | 1,242 | — | ||||||||||
Gain on sale of operating properties, net | 3,198 | 487 | 7,094 | ||||||||||
Total income (loss) from discontinued operations | $ | 3,198 | $ | (2,809 | ) | $ | 7,750 | ||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ | 3,111 | $ | (2,620 | ) | $ | 5,317 | ||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | 87 | (189 | ) | 2,433 | |||||||||
Total income (loss) from discontinued operations | $ | 3,198 | $ | (2,809 | ) | $ | 7,750 |
Note_12_Mortgage_Loans_and_Oth1
Note 12 - Mortgage Loans and Other Indebtedness (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | Balance at December 31, | |||||||||||||
Description | 2014 | 2013 | ||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||
Matures July 20181; maximum borrowing level of $500 million and $200 million available at December 31, 2014 and 2013, respectively; interest at LIBOR + 1.40%2 or 1.57% at December 31, 2014 and interest at LIBOR + 1.95%2 or 2.12% at December 31, 2013 | $ | 160,000 | $ | 145,000 | ||||||||||
Unsecured Term Loan | ||||||||||||||
Matures July 20193; interest at LIBOR + 1.35%2 or 1.52% at December 31, 2014 and interest at LIBOR + 1.80%2 or 1.97% at December 31, 2013 | 230,000 | 230,000 | ||||||||||||
Construction Loans—Variable Rate | ||||||||||||||
Generally interest only; maturing at various dates through 2016; interest at LIBOR+1.75%-2.10%, ranging from 1.92% to 2.27% at December 31, 2014 and interest at LIBOR+2.00%- 2.50%, ranging from 2.17% to 2.67% at December 31, 2013 | 119,347 | 144,389 | ||||||||||||
Mortgage Notes Payable—Fixed Rate | ||||||||||||||
Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.81% to 6.78% at December 31, 2014 and interest rates ranging from 5.42% to 6.78% at December 31, 2013 | 810,959 | 276,504 | ||||||||||||
Mortgage Notes Payable—Variable Rate | ||||||||||||||
Due in monthly installments of principal and interest; maturing at various dates through 2022; interest at LIBOR + 1.75%-2.75%, ranging from 1.92% to 2.92% at December 31, 2014 and interest at LIBOR + 1.25%-2.94%, ranging from 1.42 % to 3.11% at December 31, 2013 | 205,798 | 61,186 | ||||||||||||
Net premium on acquired indebtedness | 28,159 | 65 | ||||||||||||
Total mortgage and other indebtedness | $ | 1,554,263 | $ | 857,144 | ||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual | |||||||||||||
Principal | ||||||||||||||
Payments | Term Maturity | Total | ||||||||||||
2015 | $ | 6,558 | $ | 112,347 | $ | 118,905 | ||||||||
2016 | 5,708 | 247,613 | 253,321 | |||||||||||
2017 | 4,998 | 50,026 | 55,024 | |||||||||||
20181 | 5,060 | 68,694 | 73,754 | |||||||||||
20192 | 4,932 | 160,000 | 164,932 | |||||||||||
Thereafter | 16,678 | 843,490 | 860,168 | |||||||||||
$ | 43,934 | $ | 1,482,170 | $ | 1,526,104 | |||||||||
Unamortized Premiums | 28,159 | |||||||||||||
Total | $ | 1,554,263 |
Note_13_Derivative_Instruments1
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Comprehensive Income (Loss) [Table Text Block] | Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss attributable to Kite Realty Group Trust | $ | (5,701 | ) | $ | (2,850 | ) | $ | (4,334 | ) | ||||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | (2,528 | ) | 6,612 | (3,734 | ) | ||||||||
Comprehensive (loss) income attributable to Kite Realty Group Trust | $ | (8,229 | ) | $ | 3,762 | $ | (8,068 | ) |
Note_14_Lease_Information_Tabl
Note 14 - Lease Information (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Lease Payments to be Received [Table Text Block] | 2015 | $ | 244,346 | ||
2016 | 227,745 | ||||
2017 | 206,650 | ||||
2018 | 172,285 | ||||
2019 | 142,950 | ||||
Thereafter | 805,224 | ||||
Total | $ | 1,799,200 | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | $ | 543 | ||
2016 | 511 | ||||
2017 | 511 | ||||
2018 | 149 | ||||
2019 | 121 | ||||
Thereafter | 7,893 | ||||
Total | $ | 9,728 |
Note_16_Quarterly_Financial_Da1
Note 16 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenue | $ | 42,660 | $ | 40,843 | $ | 88,576 | $ | 87,448 | |||||||||
Operating income | 5,206 | 4,319 | (1,316 | ) | 21,120 | ||||||||||||
(Loss) income from continuing operations | (2,217 | ) | (3,196 | ) | (16,729 | ) | 5,786 | ||||||||||
Income (loss) from discontinued operations | 3,198 | — | — | — | |||||||||||||
Gain on sale of operation properties, net | 3,490 | — | 2,749 | 2,243 | |||||||||||||
Consolidated net income (loss) | 4,471 | (3,196 | ) | (13,980 | ) | 8,029 | |||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 4,332 | (2,976 | ) | (14,284 | ) | 7,227 | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 2,218 | (5,090 | ) | (16,398 | ) | 5,113 | |||||||||||
Net (loss) income per common share – basic and diluted: | |||||||||||||||||
Net (loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.16 | ) | (0.20 | ) | 0.06 | ||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | 0.08 | (0.16 | ) | (0.20 | ) | 0.06 | |||||||||||
Weighted average Common Shares outstanding - basic | 32,755,898 | 32,884,467 | 83,455,900 | 83,478,680 | |||||||||||||
Weighted average Common Shares outstanding - diluted | 32,755,898 | 32,884,467 | 83,455,900 | 83,727,400 | |||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenue | $ | 31,041 | $ | 29,916 | $ | 32,553 | $ | 35,978 | |||||||||
Operating income | 8,727 | 204 | 5,738 | 7,551 | |||||||||||||
(Loss) income from continuing operations | 2,475 | (6,883 | ) | (1,881 | ) | 191 | |||||||||||
Income (loss) from discontinued operations | (418 | ) | (371 | ) | 3,122 | 230 | |||||||||||
Gain on sale of operating properties, net | — | — | — | — | |||||||||||||
Consolidated net income (loss) | 2,057 | (7,254 | ) | 1,241 | 421 | ||||||||||||
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 2,032 | (6,593 | ) | 1,256 | (34 | ) | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | (82 | ) | (8,707 | ) | (858 | ) | (1,659 | ) | |||||||||
Net loss (income) per common share – basic and diluted: | |||||||||||||||||
Net loss (income) from continuing operations attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.36 | ) | (0.16 | ) | (0.07 | ) | |||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders | (0.00 | ) | (0.40 | ) | (0.04 | ) | (0.06 | ) | |||||||||
Weighted average Common Shares outstanding - basic | 19,458,125 | 22,766,704 | 23,450,974 | 28,368,568 | |||||||||||||
Weighted average Common Shares outstanding - diluted | 19,458,125 | 22,766,704 | 23,450,974 | 28,368,568 |
Note_17_Commitments_and_Contin1
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Six Months Ended | ||||
31-Dec-14 | |||||
Earnout liability – beginning of period | $ | 16,593 | |||
Decreases: | |||||
Payments to settle earnouts | (6,929 | ) | |||
Earnout liability – end of period | $ | 9,664 |
Note_18_Supplemental_Schedule_1
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assumption of mortgages upon completion of Merger including debt premium of $33,298 | $ | 892,909 | $ | — | $ | — | |||||||
Properties and other assets acquired upon completion of Merger | 2,367,600 | — | — | ||||||||||
Marketable securities acquired upon completion of Merger | 18,602 | — | — | ||||||||||
Assumption of debt in connection with acquisition of Rampart Commons including debt premium of $2,221 | 14,586 | — | — | ||||||||||
Accrued distribution to preferred shareholders | 705 | 705 | 705 | ||||||||||
Extinguishment of mortgages upon transfer of Tranche I operating properties | 75,800 | — | — | ||||||||||
Payable due to PREI in connection with consolidation of Parkside Town Commons | — | — | 4,925 | ||||||||||
Assumption of debt in connection with consolidation of Parkside Town Commons | — | — | 14,440 | ||||||||||
Assumption of debt in connection with acquisition of 12th Street Plaza | — | — | 8,086 | ||||||||||
Extinguishment of mortgage upon transfer of Kedron Village operating property | — | 29,195 | — | ||||||||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | — | 27,953 | — |
Note_1_Organization_Details
Note 1 - Organization (Details) (USD $) | 0 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Aug. 11, 2014 | Jul. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Jun. 30, 2014 |
acre | acre | |||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 61 | 13 | 4 | |||||
Area of Land (in Acres) | 20 | 12.8 | ||||||
Operating Properties [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 120 | |||||||
Held-for-Sale Operating Properties [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 7 | 1 | ||||||
Redevelopment Properties [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 3 | |||||||
In-Process Retail Development Properties [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 4 | |||||||
Future Developments and Redevelopments [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Area of Land (in Acres) | 105 | 131 | ||||||
Operating and Redevelopment Properties [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 72 | |||||||
Under Construction Development Projects [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Number of Real Estate Properties | 2 | |||||||
Reverse Stock Split [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4 | 4 | ||||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||||
Note 1 - Organization (Details) [Line Items] | ||||||||
Business Combination, Consideration Transferred (in Dollars) | 2,100,000,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred (in Dollars) | 900,000,000 | |||||||
Number of Real Estate Properties | 60 | 60 | ||||||
Number of States in Retail Portfolio | 23 | |||||||
Business Combination, Shares Issued (in Dollars per share) | 1.707 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 201.1 | |||||||
Business Combination, Consideration Transferred, Net of Liabilities Incurred (in Dollars) | 1,200,000,000 | |||||||
Business Acquisition, Share Price (in Dollars per share) | $6.14 |
Note_2_Basis_of_Presentation_a2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 | Aug. 11, 2014 | Aug. 10, 2014 | |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Variable Interest Entity, Number of Entities | 2 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars) | $62,000,000 | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in Dollars) | 115,300,000 | |||||
Number of Real Estate Properties | 61 | 13 | 4 | |||
Restricted Cash and Cash Equivalents (in Dollars) | 16,171,000 | 11,046,000 | ||||
Gain (Loss) on Sale of Properties (in Dollars) | 1,500,000 | 6,200,000 | 800,000 | |||
Allowance for Doubtful Accounts, Percentage of Accounts Receivable | 0.90% | 1.00% | 0.80% | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,000,000 | 1,500,000 | 1,700,000 | |||
Common Stock, Shares, Outstanding (in Shares) | 83,490,663 | 32,706,554 | 83,200,000 | 332,700,000 | ||
Income Tax Expense (Benefit) (in Dollars) | 24,000 | 262,000 | -106,000 | |||
Units of Operating Partnership Units Exchanged for Common Shares (in Shares) | 22,000 | 22,500 | 275,928 | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Held-for-Sale Operating Properties [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Number of Real Estate Properties | 7 | 1 | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | City Center [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Proceeds from Lines of Credit (in Dollars) | 30,000,000 | |||||
Subsequent Event [Member] | City Center [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Business Combination, Consideration Transferred (in Dollars) | 34,400,000 | |||||
Approximation [Member] | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Income Tax Expense (Benefit) (in Dollars) | ($200,000) | $300,000 | ||||
Billed Receivables [Member] | FLORIDA | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 28.00% | 40.00% | ||||
Billed Receivables [Member] | INDIANA | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 23.00% | 25.00% | ||||
Billed Receivables [Member] | TEXAS | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 12.00% | 13.00% | ||||
Revenues Recognized [Member] | FLORIDA | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 19.00% | 30.00% | ||||
Revenues Recognized [Member] | INDIANA | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 25.00% | 36.00% | ||||
Revenues Recognized [Member] | TEXAS | ||||||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 13.00% | 14.00% |
Note_2_Basis_of_Presentation_a3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Investment Properties (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Properties [Abstract] | ||
Land | $778,780 | $333,458 |
Buildings and improvements | 2,785,780 | 1,351,642 |
Furniture, equipment and other | 6,398 | 4,970 |
Land held for development | 35,907 | 56,079 |
Construction in progress | 125,883 | 130,909 |
$3,732,748 | $1,877,058 |
Note_2_Basis_of_Presentation_a4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Abstract] | |||
Balance, beginning of year | $1,328 | $755 | $1,335 |
Provision for credit losses, net of recoveries | 1,740 | 922 | 858 |
Accounts written off | -635 | -349 | -1,438 |
Balance, end of year | $2,433 | $1,328 | $755 |
Note_2_Basis_of_Presentation_a5
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests [Line Items] | |||
Noncontrolling interests balance January 1 | $3,548 | $3,535 | $4,250 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 1,025 | -685 | 629 |
Distributions to noncontrolling interests | -324 | -108 | -2,692 |
Noncontrolling interests balance at December 31 | 3,364 | 3,548 | 3,535 |
Excluding Redeemable Non-Controlling Interests [Member] | |||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Interests [Line Items] | |||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $140 | $121 | $1,977 |
Note_2_Basis_of_Presentation_a6
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Weighted Average Interests in Operating Partnership (Operating Partnership [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Partnership [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Company’s weighted average basic interest in Operating Partnership | 97.20% | 93.30% | 90.10% |
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.80% | 6.70% | 9.90% |
Note_2_Basis_of_Presentation_a7
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Ownership Interests in the Operating Partnership (Operating Partnership [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Partnership [Member] | ||
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Noncontrolling Ownership Interests in the Operating Partnership [Line Items] | ||
Company’s interest in Operating Partnership | 98.10% | 95.20% |
Redeemable noncontrolling interests in Operating Partnership | 1.90% | 4.80% |
Note_2_Basis_of_Presentation_a8
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Redeemable Noncontrolling Interests (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Net income (loss) allocable to redeemable noncontrolling interests | $1,025 | ($685) | $629 | |||
Distributions declared to redeemable noncontrolling interests | -324 | -108 | -2,692 | |||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | -93 | [1] | 525 | [1] | -268 | [1] |
Redeemable Noncontrolling Interests [Member] | Partnership Interest [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 125,082 | 43,928 | 37,670 | |||
Limited partners' interests in Operating Partnership | 47,320 | 43,928 | 37,670 | |||
Other redeemable noncontrolling interests in certain subsidiaries | 77,762 | |||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 125,082 | 43,928 | 37,670 | |||
Redeemable Noncontrolling Interests [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interests balance January 1 | 43,928 | 37,670 | 41,837 | |||
Acquired redeemable noncontrolling interests from merger | 69,356 | |||||
Net income (loss) allocable to redeemable noncontrolling interests | 891 | -806 | -1,348 | |||
Distributions declared to redeemable noncontrolling interests | -3,021 | -1,587 | -1,748 | |||
Other comprehensive (loss) income allocable to redeemable noncontrolling interests 1 | -93 | [1] | 525 | [1] | -268 | [1] |
Exchange of redeemable noncontrolling interest for common stock | -567 | -584 | -5,834 | |||
Adjustment to redeemable noncontrolling interests | 14,588 | 8,710 | 5,031 | |||
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 125,082 | 43,928 | 37,670 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $125,082 | $43,928 | $37,670 | |||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 13). |
Note_2_Basis_of_Presentation_a9
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Accumulated Other Comprehensive Income (Loss) Allocable to Noncontrolling Interests (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated comprehensive income (loss) balance at January 1 | $1,353 | ||||||
Other comprehensive (loss) income allocable to noncontrolling interests 1 | -93 | [1] | 525 | [1] | -268 | [1] | |
Accumulated comprehensive (loss) income balance at December 31 | -1,175 | 1,353 | |||||
Noncontrolling Interest [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated comprehensive income (loss) balance at January 1 | -188 | ||||||
Accumulated comprehensive (loss) income balance at December 31 | ($24) | $69 | ($456) | ($188) | |||
[1] | Represents the noncontrolling interests' share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 13). |
Note_3_Parkside_Town_Commons_D
Note 3 - Parkside Town Commons (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
acre | acre | |||
Note 3 - Parkside Town Commons (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $8,700,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | -7,980,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 14,900,000 | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 6,900,000 | |||
Area of Land (in Acres) | 12.8 | 20 | ||
Sales of Real Estate | 5,300,000 | |||
Parkside Town Commons [Member] | ||||
Note 3 - Parkside Town Commons (Details) [Line Items] | ||||
Business Combination, Consideration Transferred | 13,300,000 | |||
Bolton Plaza [Member] | ||||
Note 3 - Parkside Town Commons (Details) [Line Items] | ||||
Depreciation | 800,000 | |||
Kings Lake Square [Member] | ||||
Note 3 - Parkside Town Commons (Details) [Line Items] | ||||
Depreciation | $2,500,000 |
Note_4_Litigation_Charge_Detai
Note 4 - Litigation Charge (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | |
Loss Contingency, Damages Awarded, Value | $1.30 |
Note_5_Kedron_Village_Details
Note 5 - Kedron Village (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Kedron Village (Details) [Line Items] | |||
Asset Impairment Charges | $5,372,000 | ||
Gains (Losses) on Extinguishment of Debt | 1,242,000 | ||
Kedron Village [Member] | |||
Note 5 - 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 | ||
Debt Instrument, Reversal of Accrual of Unpaid Interest | $1,100,000 |
Note_6_ShareBased_Compensation2
Note 6 - Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2019 | Jul. 31, 2014 | |
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $800,000 | $500,000 | $400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,070,259 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | 1,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $20.08 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 3,313 | 40,639 | 4,631 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 40,196 | 445,346 | 16,112 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 100,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 499,436 | ||||||||
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) | $22.62 | ||||||||
Net of Capitalized Costs [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Allocated Share-based Compensation Expense | 2,900,000 | 1,100,000 | 900,000 | ||||||
Restricted Stock [Member] | Scenario, Forecast [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Allocated Share-based Compensation Expense | 2,300,000 | 2,600,000 | 2,900,000 | 3,300,000 | |||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Restricted Stock [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 11,900,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 499,436 | 103,685 | 67,667 | ||||||
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) | $22.62 | $25.80 | $21.44 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,600,000 | 1,100,000 | 600,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||||||||
Scenario, Forecast [Member] | 2014 Outperformance Plan [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Allocated Share-based Compensation Expense | 300,000 | 600,000 | 0.7 | 700,000 | 100,000 | ||||
Maximum [Member] | 2014 Outperformance Plan [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 7,500,000 | ||||||||
The 2013 Equity Incentive Plan [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 1,500,000 | ||||||||
2014 Outperformance Plan [Member] | |||||||||
Note 6 - Share-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $2,400,000 |
Note_6_ShareBased_Compensation3
Note 6 - Share-Based Compensation (Details) - Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Option Activity [Abstract] | |||
Outstanding | 386,803 | ||
Outstanding | $40 | ||
Exercisable | 243,686 | 369,617 | |
Exercisable | $34.16 | $41 | |
Exercised | -3,313 | -40,639 | -4,631 |
Exercised | $14.40 | ||
Expired | -134,287 | ||
Expired | $52 | ||
Forfeited | -212 | ||
Forfeited | $20.76 | ||
Outstanding | 248,991 | 386,803 | |
Outstanding | $33.88 | $40 |
Note_6_ShareBased_Compensation4
Note 6 - Share-Based Compensation (Details) - Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term of the Outstanding and Exercisable Options (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term of the Outstanding and Exercisable Options [Abstract] | ||
Outstanding at December 31, 2014 | 248,991 | 386,803 |
Outstanding at December 31, 2014 | $1,626,483 | |
Outstanding at December 31, 2014 | 3 years 255 days | |
Exercisable at December 31, 2014 | 243,686 | 369,617 |
Exercisable at December 31, 2014 | $1,583,398 | |
Exercisable at December 31, 2014 | 3 years 248 days |
Note_6_ShareBased_Compensation5
Note 6 - Share-Based Compensation (Details) - Restricted Share Activity (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Share Activity [Abstract] | |
Restricted shares outstanding at | 181,397 |
Restricted shares outstanding at | $23.79 |
Shares granted | 499,436 |
Shares granted | $22.62 |
Shares forfeited | -2,388 |
Shares forfeited | $22.82 |
Shares vested | -62,992 |
Shares vested | $23.50 |
Restricted shares outstanding at | 615,453 |
Restricted shares outstanding at | $22.87 |
Note_7_Deferred_Costs_and_Inta2
Note 7 - Deferred Costs and Intangibles, Net (Details) - Deferred Costs (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs [Abstract] | ||
Deferred financing costs | $14,575 | $11,293 |
Acquired lease intangible assets | 142,823 | 24,930 |
Deferred leasing costs and other | 48,149 | 41,626 |
205,547 | 77,849 | |
Less—accumulated amortization | -36,583 | -21,461 |
Total | 168,964 | 56,388 |
Deferred costs, net – properties held for sale | -8,986 | |
Total | $159,978 | $56,388 |
Note_7_Deferred_Costs_and_Inta3
Note 7 - Deferred Costs and Intangibles, Net (Details) - Future Amortization Expense (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Future Amortization Expense [Abstract] | ||
2015 | $22,554 | |
2016 | 19,874 | |
2017 | 16,463 | |
2018 | 11,576 | |
2019 | 7,920 | |
Thereafter | 41,255 | |
Total (1) | $119,642 | [1] |
[1] | Total excludes deferred costs and intangibles, net related to properties held for sale. |
Note_7_Deferred_Costs_and_Inta4
Note 7 - Deferred Costs and Intangibles, Net (Details) - Amortization Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization Expense [Abstract] | |||
Amortization of deferred financing costs | $2,864 | $2,434 | $1,971 |
Amortization of deferred leasing costs, lease intangibles and other, excluding amortization of above market leases | $17,291 | $5,605 | $3,927 |
Note_8_Deferred_Revenue_Intang2
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - Deferred Revenue and Other Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $148,693 | $44,314 |
Deferred revenue, intangibles, net and other liabilities – liabilities held for sale | -12,284 | |
Total | 136,409 | 44,314 |
Leasing Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 125,336 | 36,173 |
Retainages Payable and Other [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 2,852 | 2,983 |
Seller Earnout [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 9,664 | |
Up-front Payment Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $10,841 | $5,158 |
Note_8_Deferred_Revenue_Intang3
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles [Line Items] | ||
2015 | $22,554 | |
2016 | 19,874 | |
2017 | 16,463 | |
2018 | 11,576 | |
2019 | 7,920 | |
Thereafter | 41,255 | |
Total | 119,642 | [1] |
Leases, Acquired-in-Place [Member] | ||
Note 8 - Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - Aggregate Amortization of Acquired Lease Intangibles [Line Items] | ||
2015 | 8,212 | |
2016 | 7,527 | |
2017 | 6,838 | |
2018 | 6,254 | |
2019 | 5,796 | |
Thereafter | 78,784 | |
Total | $113,411 | [2] |
[1] | Total excludes deferred costs and intangibles, net related to properties held for sale. | |
[2] | Total excludes deferred revenue, intangibles, net and other liabilities related to properties held for sale. |
Note_10_Merger_and_Acquisition2
Note 10 - Merger and Acquisition Activities (Details) (USD $) | 2 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2014 | Jul. 31, 2014 | |
Note 10 - Merger and Acquisition Activities (Details) [Line Items] | ||||||
Business Combination, Acquisition Related Costs | $27,500,000 | $2,200,000 | $400,000 | |||
Number of Real Estate Properties | 61 | 61 | 13 | 4 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 219 days | |||||
Number of Properties Sold | 8 | |||||
Lease Agreements [Member] | Inland Diversified Real Estate Trust, Inc [Member] | ||||||
Note 10 - Merger and Acquisition Activities (Details) [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 292 days | |||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||
Note 10 - Merger and Acquisition Activities (Details) [Line Items] | ||||||
Number of Real Estate Properties | 60 | 60 | 60 | |||
Business Combination, Consideration Transferred | 2,100,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,082,158,000 | |||||
The 2014 Operating Property Acquisitions [Member] | ||||||
Note 10 - Merger and Acquisition Activities (Details) [Line Items] | ||||||
Business Combination, Consideration Transferred | 2,400,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 860,000,000 | 860,000,000 | ||||
Rampart Commons [Member] | ||||||
Note 10 - Merger and Acquisition Activities (Details) [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 12,400,000 | $12,400,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.73% | 5.73% |
Note_10_Merger_and_Acquisition3
Note 10 - Merger and Acquisition Activities (Details) - Property Acquisitions (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inland Diversified Real Estate Trust, Inc [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | $2,128.60 | ||
Rampart Commons [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | 32.3 | ||
Shoppes Of Eastwood [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | 11.6 | ||
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 | ||
Cove Center [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | 22.1 | ||
The 12th Street Plaza [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | 15.2 | ||
Plaza Green [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | 28.8 | ||
Publix at Woodruff [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition Costs | $9.10 |
Note_10_Merger_and_Acquisition4
Note 10 - Merger and Acquisition Activities (Details) - Level 3 Assumptions (Income Approach Valuation Technique [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Anchor [Member] | Minimum [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 5 |
Anchor [Member] | Maximum [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 30 |
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 |
Discount rate | 5.75% |
Maximum [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Lease-up period (months) | 18 months |
Discount rate | 9.25% |
Note_10_Merger_and_Acquisition5
Note 10 - Merger and Acquisition Activities (Details) - Purchase Price Allocation for Properties Acquired (USD $) | Jul. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 acquired 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 assumed liabilities | 1,082,158 | ||
Noncontrolling interests | 69,356 | ||
Common stock issued | 1,234,688 | ||
Total allocated purchase price | 2,386,202 | ||
The 2013 Operating Property Acquisitions [Member] | |||
Assets: | |||
Investment properties, net | 419,080 | ||
Total acquired assets | 438,910 | ||
Liabilities: | |||
Deferred revenue and other liabilities | 29,291 | ||
Accounts payable and accrued expenses | 2,204 | ||
Total assumed liabilities | 31,495 | ||
Fair value of acquired net assets | 407,415 | ||
Lease-related intangible assets | 19,537 | ||
Other assets | 293 | ||
The 2012 Operating Property Acquisitions [Member] | |||
Assets: | |||
Investment properties, net | 76,531 | ||
Total acquired assets | 78,748 | ||
Secured debt | 8,086 | ||
Liabilities: | |||
Deferred revenue and other liabilities | 4,952 | ||
Total assumed liabilities | 13,038 | ||
Fair value of acquired net assets | 65,710 | ||
Lease-related intangible assets | 2,209 | ||
Other assets | $8 |
Note_10_Merger_and_Acquisition6
Note 10 - Merger and Acquisition Activities (Details) - Purchase Price Allocation for Properties Acquired (Parentheticals) (Inland Diversified Real Estate Trust, Inc [Member], USD $) | Dec. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |||
Inland Diversified Real Estate Trust, Inc [Member] | |||
Note 10 - Merger and Acquisition Activities (Details) - Purchase Price Allocation for Properties Acquired (Parentheticals) [Line Items] | |||
Mortgage and other indebtedness, debt premium | $33,298 | $33,300 | $33,300 |
Note_10_Merger_and_Acquisition7
Note 10 - Merger and Acquisition Activities (Details) - Revenue and Earnings of Acquired Properties (The 2014 Operating Property Acquisitions [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
The 2014 Operating Property Acquisitions [Member] | ||
Note 10 - Merger and Acquisition Activities (Details) - Revenue and Earnings of Acquired Properties [Line Items] | ||
Revenue | $92,212 | |
Expenses: | ||
Property operating | 14,262 | |
Real estate taxes and other | 11,254 | |
Depreciation and amortization | 43,257 | |
Interest expense | 14,845 | |
Total expenses | 83,618 | |
Gain on sale and other (1) | 2,153 | [1] |
Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests | 10,747 | |
Income allocable to noncontrolling interests | -1,284 | |
Impact from 2014 acquisitions on income attributable to Kite Realty Trust | $9,463 | |
[1] | We sold eight properties that were acquired through the merger in November and December 2014. |
Note_10_Merger_and_Acquisition8
Note 10 - Merger and Acquisition Activities (Details) - Pro Forma Information (Inland Diversified Real Estate Trust, Inc [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Inland Diversified Real Estate Trust, Inc [Member] | ||
Note 10 - Merger and Acquisition Activities (Details) - Pro Forma Information [Line Items] | ||
Total revenue | $355,716 | $357,506 |
Consolidated net income | $26,911 | $2,219 |
Note_11_Disposals_Discontinued2
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 16, 2015 | Sep. 16, 2014 | |
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Proceeds from Sale of Real Estate | $191,126,000 | $7,293,000 | $87,385,000 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 7,100,000 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 2,243,000 | 2,749,000 | 3,490,000 | 3,198,000 | 487,000 | 7,094,000 | |||
Restricted Cash and Cash Equivalents | 16,171,000 | 16,171,000 | 11,046,000 | 16,171,000 | |||||
Number of Real Estate Properties | 61 | 61 | 13 | 4 | 61 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 81,164,000 | 81,164,000 | 81,164,000 | ||||||
Straight Line Rent | 10,044,000 | 1,690,000 | 508,000 | ||||||
Disposal Tranche I [Member] | Inland Real Estate Income Trust, Inc. [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Proceeds from Sale of Real Estate | 151,000,000 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 1,400,000 | ||||||||
Disposal Tranche I [Member] | Portfolio [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 8 | 8 | 8 | ||||||
Disposal Tranche II [Member] | Scenario, Forecast [Member] | Portfolio [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 7 | ||||||||
Disposal Group, Including Discontinued Operation, Assets | 167,400,000 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 64,200,000 | ||||||||
Red Bank Commons [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Proceeds from Sale of Real Estate | 35,200,000 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 6,700,000 | ||||||||
Zionsville Walgreens [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Proceeds from Sale of Real Estate | 7,300,000 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 2,900,000 | ||||||||
Portfolio [Member] | |||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 15 | ||||||||
Disposal Group, Including Discontinued Operation, Assets | 179,642,000 | 179,642,000 | 179,642,000 | ||||||
Disposal Group, Including Discontinued Operation, Liabilities | 81,164,000 | 81,164,000 | 81,164,000 | ||||||
Straight Line Rent | $300,000 |
Note_11_Disposals_Discontinued3
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) - Assets and Liabilities Associated with the Held for Sale Properties (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets: | |
Deferred costs and intangibles, net | $8,986 |
Liabilities: | |
Total liabilities held for sale | 81,164 |
Portfolio [Member] | |
Assets: | |
Investment properties, at cost | 170,782 |
Less: accumulated depreciation | -1,313 |
169,469 | |
Accounts receivable, prepaids and other assets | 1,187 |
Deferred costs and intangibles, net | 8,986 |
Total assets held for sale | 179,642 |
Liabilities: | |
Mortgage and other indebtedness, including net premium | 67,452 |
Accounts payable and accrued expenses | 1,428 |
Deferred revenue, intangibles and other liabilities | 12,284 |
Total liabilities held for sale | $81,164 |
Note_11_Disposals_Discontinued4
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) - Results of Operations Held for Sale Investment Properties (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) - Results of Operations Held for Sale Investment Properties [Line Items] | |||||||||||||
Minimum rent1 | $199,455 | $93,637 | $73,000 | ||||||||||
Tenant reimbursements | 52,773 | 24,422 | 19,495 | ||||||||||
Total revenue | 259,528 | 129,488 | 96,539 | ||||||||||
Property operating | 38,703 | 21,729 | 16,756 | ||||||||||
Real estate taxes | 29,947 | 15,263 | 12,858 | ||||||||||
Depreciation and amortization | 120,998 | 54,479 | 38,835 | ||||||||||
Total expenses | 230,199 | 101,896 | 76,937 | ||||||||||
Operating income | 21,120 | -1,316 | 4,319 | 5,206 | 7,551 | 5,738 | 204 | 8,727 | 29,329 | 27,592 | 19,602 | ||
Interest expense | -45,513 | -27,994 | -23,392 | ||||||||||
Income from continuing operations | -16,452 | -726 | -11,455 | ||||||||||
Portfolio [Member] | |||||||||||||
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) - Results of Operations Held for Sale Investment Properties [Line Items] | |||||||||||||
Minimum rent1 | 11,320 | [1] | |||||||||||
Tenant reimbursements | 2,279 | ||||||||||||
Total revenue | 13,599 | ||||||||||||
Property operating | 1,958 | ||||||||||||
Real estate taxes | 1,372 | ||||||||||||
Depreciation and amortization | 2,365 | ||||||||||||
Total expenses | 5,695 | ||||||||||||
Operating income | 7,904 | ||||||||||||
Interest expense | -2,703 | ||||||||||||
Income from continuing operations | $5,201 | ||||||||||||
[1] | Minimum rent includes $0.3 million of non-cash straight-line and market rent revenue. |
Note_11_Disposals_Discontinued5
Note 11 - Disposals, Discontinued Operations and Investment Properties Held for Sale (Details) - Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Expenses: | ||||||||||
Income (loss) from discontinued operations | $834 | $656 | ||||||||
Gain on debt extinguishment | 1,242 | |||||||||
Gain on sale of operating properties, net | 2,243 | 2,749 | 3,490 | 3,198 | 487 | 7,094 | ||||
Total (loss) income from discontinued operations | 3,198 | 230 | 3,122 | -371 | -418 | 3,198 | -2,809 | 7,750 | ||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | 3,111 | -2,620 | 5,317 | |||||||
Property Operating [Member] | Other Disposals [Member] | ||||||||||
Expenses: | ||||||||||
Expenses | 117 | 1,081 | ||||||||
Real Estate Taxes 1 [Member] | Other Disposals [Member] | ||||||||||
Expenses: | ||||||||||
Expenses | 199 | 1,230 | ||||||||
Depreciation and Amortization [Member] | Other Disposals [Member] | ||||||||||
Expenses: | ||||||||||
Expenses | 844 | 2,963 | ||||||||
Impairment Charge [Member] | Other Disposals [Member] | ||||||||||
Expenses: | ||||||||||
Expenses | 5,372 | |||||||||
Other Disposals [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Revenue | 2,565 | 8,839 | ||||||||
Expenses: | ||||||||||
Expenses | 6,532 | 5,274 | ||||||||
Operating income (loss) | -3,967 | 3,565 | ||||||||
Interest expense | -571 | -2,909 | ||||||||
Income (loss) from discontinued operations | -4,538 | 656 | ||||||||
Gain on debt extinguishment | 1,242 | |||||||||
Gain on sale of operating properties, net | 3,198 | 487 | 7,094 | |||||||
Total (loss) income from discontinued operations | 3,198 | -2,809 | 7,750 | |||||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | 3,111 | -2,620 | 5,317 | |||||||
Income (loss) from discontinued operations attributable to noncontrolling interests | $87 | ($189) | $2,433 |
Note_12_Mortgage_Loans_and_Oth2
Note 12 - Mortgage Loans and Other Indebtedness (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Nov. 30, 2013 | Mar. 31, 2014 | ||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt | $1,554,263,000 | $857,144,000 | $1,554,263,000 | |||||||||||
Number of Real Estate Properties | 61 | 13 | 4 | 61 | ||||||||||
Letters of Credit Outstanding, Amount | 6,800,000 | 6,800,000 | ||||||||||||
Proceeds from Loans | 146,495,000 | 528,590,000 | 308,955,000 | |||||||||||
Loans Assumed | 859,600,000 | |||||||||||||
Repayments of Debt | 4,000,000 | 285,200,000 | ||||||||||||
Repayments of Long-term Debt | 285,244,000 | 342,033,000 | 322,647,000 | |||||||||||
Proceeds from Unsecured Lines of Credit | 66,700,000 | |||||||||||||
Interest Costs Capitalized | 4,800,000 | 5,100,000 | 7,400,000 | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 875,300,000 | 875,300,000 | ||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | 715,200,000 | 715,200,000 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Inland Diversified Real Estate Trust, Inc [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||
Mortgage Loans on Real Estate [Member] | Inland Diversified Real Estate Trust, Inc [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||
Mortgage Loans on Real Estate [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.81% | |||||||||||||
Mortgage Loans on Real Estate [Member] | Inland Diversified Real Estate Trust, Inc [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.19% | |||||||||||||
Unencumbered [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 120,000,000 | 120,000,000 | ||||||||||||
Unencumbered [Member] | Wholly Owned Properties [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Number of Real Estate Properties | 80 | 80 | ||||||||||||
Unencumbered [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Number of Real Estate Properties | 88 | 88 | 9 | |||||||||||
Rangeline Crossing Operating Property [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 17,700,000 | |||||||||||||
Four Corner Square Operating Property [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 18,900,000 | |||||||||||||
Land [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 5,000,000 | |||||||||||||
Zionsville Walgreens [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 4,500,000 | |||||||||||||
Delray Marketplace Operating Property [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt | 55,300,000 | 55,300,000 | ||||||||||||
Repayments of Long-term Debt | 4,000,000 | |||||||||||||
Eastgate Pavilion [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 15,800,000 | |||||||||||||
Bridgewater Marketplace [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 1,900,000 | |||||||||||||
Holly Springs - Phase I [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 34,000,000 | |||||||||||||
Wheatland Town Crossing [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 15,200,000 | |||||||||||||
Holly Springs Phase I and Parkside Phases I and II Development Projects [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Proceeds from Construction Loans Payable | 50,800,000 | |||||||||||||
Subject to Certain Condition [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | 750,000,000 | ||||||||||||
Beacon Hill [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 6,900,000 | |||||||||||||
Fixed Rate Debt [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.81% | 3.81% | ||||||||||||
Fixed Rate Debt [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.78% | 6.78% | ||||||||||||
Fixed Rate Debt [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Fair Value | 945,900,000 | 945,900,000 | ||||||||||||
Variable Rate Debt [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.52% | |||||||||||||
Variable Rate Debt [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.92% | |||||||||||||
Variable Rate Debt [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Fair Value | 751,500,000 | 751,500,000 | ||||||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||||||||||
Term Loan [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Decrease in the Spread on Variable Rate | 0.10% | |||||||||||||
Term Loan [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Decrease in the Spread on Variable Rate | 0.55% | |||||||||||||
Term Loan [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt | 230,000,000 | 230,000,000 | 400,000,000 | 230,000,000 | ||||||||||
Additional Increase in Term Loan Borrowing | 170,000,000 | |||||||||||||
Scheduled Principal Payments [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Repayments of Long-term Debt | 6,500,000 | |||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | 1.65% | ||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.50% | ||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | 200,000,000 | 500,000,000 | 500,000,000 | 200,000,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | [1] | 1.95% | [1] | ||||||||||
Long-term Debt | 160,000,000 | [2] | 145,000,000 | [2] | 160,000,000 | [2] | ||||||||
Long-term Line of Credit | 160,000,000 | 160,000,000 | ||||||||||||
Repayments of Unsecured Debt | 51,700,000 | |||||||||||||
Letter of Credit [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 333,200,000 | 333,200,000 | ||||||||||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Number of Real Estate Properties | 60 | 60 | 60 | |||||||||||
Loans Assumed | 892,909,000 | 859,600,000 | ||||||||||||
Debt Instrument, Unamortized Premium | 33,298,000 | 33,300,000 | 33,298,000 | 33,300,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,082,158,000 | |||||||||||||
Rampart Commons [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Debt Instrument, Unamortized Premium | 2,200,000 | 2,200,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 12,400,000 | 12,400,000 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.17% | 0.17% | 0.17% | |||||||||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||||||||||
Note 12 - Mortgage Loans and Other Indebtedness (Details) [Line Items] | ||||||||||||||
Loans Assumed | $75,800,000 | |||||||||||||
[1] | The rate on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and theamendment and restatement of the agreement. | |||||||||||||
[2] | The maturity date may be extended at the Company's option for up to two additional periods of six months each, subject to certain conditions. |
Note_12_Mortgage_Loans_and_Oth3
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $1,554,263 | $857,144 | ||
Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | 230,000 | [1] | 230,000 | [1] |
Construction Loans [Member] | Variable Rate Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | 119,347 | 144,389 | ||
Mortgages [Member] | Variable Rate Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | 205,798 | 61,186 | ||
Mortgages [Member] | Fixed Rate Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | 810,959 | 276,504 | ||
Net Premiums On Acquired Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | 28,159 | 65 | ||
Revolving Credit Facility [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $160,000 | [2] | $145,000 | [2] |
[1] | The maturity date may be extended for an additional six months at the Company's option subject to certain conditions. | |||
[2] | The maturity date may be extended at the Company's option for up to two additional periods of six months each, subject to certain conditions. |
Note_12_Mortgage_Loans_and_Oth4
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Consolidated Indebtedness by Type of Debt (Parentheticals) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2014 | Jun. 30, 2014 | ||
Unsecured Debt [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Variablе intеrеst LIBOR + | 1.35% | [1] | 1.80% | [1] | ||
Maximum Intеrеst Ratе | 1.52% | 1.97% | ||||
Construction Loans [Member] | Variable Rate Debt [Member] | Minimum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Variablе intеrеst LIBOR + | 1.75% | 2.00% | ||||
Maximum Intеrеst Ratе | 1.92% | 2.17% | ||||
Construction Loans [Member] | Variable Rate Debt [Member] | Maximum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Variablе intеrеst LIBOR + | 2.10% | 2.50% | ||||
Maximum Intеrеst Ratе | 2.27% | 2.67% | ||||
Mortgages [Member] | Variable Rate Debt [Member] | Minimum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Variablе intеrеst LIBOR + | 1.75% | 1.25% | ||||
Intеrеst ratе | 1.92% | 1.42% | ||||
Mortgages [Member] | Variable Rate Debt [Member] | Maximum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Variablе intеrеst LIBOR + | 2.75% | 2.94% | ||||
Intеrеst ratе | 2.92% | 3.11% | ||||
Mortgages [Member] | Fixed Rate Debt [Member] | Minimum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Intеrеst ratе | 3.81% | 5.42% | ||||
Mortgages [Member] | Fixed Rate Debt [Member] | Maximum [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Intеrеst ratе | 6.78% | 6.78% | ||||
Revolving Credit Facility [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Maximum borrowing lеvеl (in Dollars) | $500 | $200 | $500 | $200 | ||
Variablе intеrеst LIBOR + | 1.40% | [1] | 1.95% | [1] | ||
Maximum Intеrеst Ratе | 1.57% | 2.12% | ||||
[1] | The rate on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and theamendment and restatement of the agreement. |
Note_12_Mortgage_Loans_and_Oth5
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans (USD $) | Dec. 31, 2014 | |
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ||
2015 | $118,905 | |
2016 | 253,321 | |
2017 | 55,024 | |
20181 | 73,754 | [1] |
20192 | 164,932 | [2] |
Thereafter | 860,168 | |
1,526,104 | ||
Unamortized Premiums | 28,159 | |
Total | 1,554,263 | |
Annual Principal Payments [Member] | ||
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ||
2015 | 6,558 | |
2016 | 5,708 | |
2017 | 4,998 | |
20181 | 5,060 | [1] |
20192 | 4,932 | [2] |
Thereafter | 16,678 | |
43,934 | ||
Term Maturity [Member] | ||
Note 12 - Mortgage Loans and Other Indebtedness (Details) - Maturities of Mortgage Debt, Corporate Debt, and Construction Loans [Line Items] | ||
2015 | 112,347 | |
2016 | 247,613 | |
2017 | 50,026 | |
20181 | 68,694 | [1] |
20192 | 160,000 | [2] |
Thereafter | 843,490 | |
$1,482,170 | ||
[1] | Includes our unsecured revolving credit facility. We have the option to extend the maturity date by one year to July 1, 2019, subject to certainconditions. | |
[2] | Includes our unsecured Term Loan. We have the option to extend the maturity date by six months to January 1, 2020, subject to certainconditions. |
Note_13_Derivative_Instruments2
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2014 | |
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Derivative, Average Cap Interest Rate | 3.39% | 3.39% | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($200,000) | ($5,100,000) | ($2,800,000) | ($1,500,000) | |
Interest Rate Fair Value Hedge Liability at Fair Value | 4,400,000 | 4,400,000 | |||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 1,100,000 | ||||
Interest Expense | 45,513,000 | 27,994,000 | 23,392,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Derivative, Number of Instruments Held | 3 | ||||
Derivative Asset, Notional Amount | 34,200,000 | ||||
Cash Flow Hedging [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Derivative, Notional Amount | 373,300,000 | 373,300,000 | |||
Increase As Hedged Forecasted Interest Payments Occur [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Interest Expense | 4,400,000 | ||||
Interest Rate Swap [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Derivative, Notional Amount | 163,300,000 | ||||
Derivative, Number of Instruments Held | 7 | 7 | |||
Derivative Assets (Liabilities), at Fair Value, Net | -3,700,000 | ||||
Accrued Interest [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Interest Rate Fair Value Hedge Liability at Fair Value | 500,000 | 500,000 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) [Line Items] | |||||
Interest Rate Fair Value Hedge Asset at Fair Value | 700,000 | 700,000 | 2,800,000 | ||
Accounts Payable and Accrued Liabilities [Member] | |||||
Note 13 - 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 | ||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | $300,000 |
Note_13_Derivative_Instruments3
Note 13 - Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - Comprehensive Income Allocable to the Company (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Comprehensive Income Allocable to the Company [Abstract] | ||||||
Net loss attributable to Kite Realty Group Trust | ($5,701) | ($2,850) | ($4,334) | |||
Other comprehensive (loss) income allocable to Kite Realty Group Trust1 | -2,528 | [1] | 6,612 | [1] | -3,734 | [1] |
Comprehensive (loss) income attributable to Kite Realty Group Trust | ($8,229) | $3,762 | ($8,068) | |||
[1] | Reflects our share of the net change in the fair value of derivative instruments accounted for as cash flow hedges. |
Note_14_Lease_Information_Deta
Note 14 - Lease Information (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 |
acre | acre | |||
Note 14 - Lease Information (Details) [Line Items] | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years 292 days | |||
Operating Leases, Income Statement, Percentage Revenue | $1.10 | $0.60 | $0.50 | |
Number of Properties Subject to Ground Leases | 6 | |||
Area of Land | 20 | 12.8 | ||
Number of Landowners | 5 | |||
Operating Leases, Rent Expense | $0.70 | $0.70 | $0.60 | |
Eddy Street Commons [Member] | ||||
Note 14 - Lease Information (Details) [Line Items] | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 75 years | |||
Minimum [Member] | ||||
Note 14 - Lease Information (Details) [Line Items] | ||||
Extension Option | 5 years | |||
Length of Extension Option | 20 years | |||
Maximum [Member] | ||||
Note 14 - Lease Information (Details) [Line Items] | ||||
Extension Option | 10 years | |||
Length of Extension Option | 50 years |
Note_14_Lease_Information_Deta1
Note 14 - Lease Information (Details) - Future Minimum Rentals (USD $) | Dec. 31, 2014 |
Future Minimum Rentals [Abstract] | |
2015 | $244,346 |
2016 | 227,745 |
2017 | 206,650 |
2018 | 172,285 |
2019 | 142,950 |
Thereafter | 805,224 |
Total | $1,799,200 |
Note_14_Lease_Information_Deta2
Note 14 - Lease Information (Details) - Future Minimum Lease Payments Due (USD $) | Dec. 31, 2014 |
Future Minimum Lease Payments Due [Abstract] | |
2015 | $543 |
2016 | 511 |
2017 | 511 |
2018 | 149 |
2019 | 121 |
Thereafter | 7,893 |
Total | $9,728 |
Note_15_Shareholders_Equity_De
Note 15 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | 31-May-13 | Aug. 11, 2014 | Jul. 01, 2014 | Aug. 10, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | |
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | 200,000,000 | ||||||
Proceeds from Issuance of Common Stock (in Dollars) | ($14,000) | $314,771,000 | $63,038,000 | |||||||
Number of Real Estate Properties | 61 | 13 | 4 | |||||||
Dividends Payable (in Dollars) | 22,100,000 | 8,200,000 | ||||||||
Common Stock, Shares, Outstanding | 83,490,663 | 32,706,554 | 83,200,000 | 332,700,000 | ||||||
Common Stock 1 [Member] | ||||||||||
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 9,200,000 | 3,900,000 | ||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $24.64 | $26.20 | ||||||||
Proceeds from Issuance of Common Stock (in Dollars) | 217,000,000 | 97,000,000 | ||||||||
Series A Preferred Stock [Member] | ||||||||||
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Preferred Stock, Amount of Preferred Dividends in Arrears (in Dollars) | $700,000 | $700,000 | ||||||||
Unencumbered [Member] | ||||||||||
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Number of Real Estate Properties | 88 | 9 | ||||||||
Reverse Stock Split [Member] | ||||||||||
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4 | 4 | ||||||||
Inland Diversified Real Estate Trust, Inc [Member] | ||||||||||
Note 15 - Shareholders' Equity (Details) [Line Items] | ||||||||||
Stock Issued During Period, Shares, Acquisitions | 50,300,000 | |||||||||
Number of Real Estate Properties | 60 | 60 |
Note_16_Quarterly_Financial_Da2
Note 16 - Quarterly Financial Data (Unaudited) (Details) - Consolidated Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $87,448 | $88,576 | $40,843 | $42,660 | $35,978 | $32,553 | $29,916 | $31,041 | |||
Operating income | 21,120 | -1,316 | 4,319 | 5,206 | 7,551 | 5,738 | 204 | 8,727 | 29,329 | 27,592 | 19,602 |
(Loss) income from continuing operations | 5,786 | -16,729 | -3,196 | -2,217 | 191 | -1,881 | -6,883 | 2,475 | -17,268 | -8,686 | -17,571 |
Income (loss) from discontinued operations | 3,198 | 230 | 3,122 | -371 | -418 | 3,198 | -2,809 | 7,750 | |||
Gain on sale of operation properties, net | 2,243 | 2,749 | 3,490 | 3,198 | 487 | 7,094 | |||||
Consolidated net income (loss) | 8,029 | -13,980 | -3,196 | 4,471 | 421 | 1,241 | -7,254 | 2,057 | -4,676 | -3,535 | -3,705 |
Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders | 7,227 | -14,284 | -2,976 | 4,332 | -34 | 1,256 | -6,593 | 2,032 | -14,157 | -11,306 | -12,254 |
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $5,113 | ($16,398) | ($5,090) | $2,218 | ($1,659) | ($858) | ($8,707) | ($82) | |||
Net (loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0.06 | ($0.20) | ($0.16) | $0 | ($0.07) | ($0.16) | ($0.36) | $0 | |||
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in Dollars per share) | $0.06 | ($0.20) | ($0.16) | $0.08 | ($0.06) | ($0.04) | ($0.40) | $0 | |||
Weighted average Common Shares outstanding - basic (in Shares) | 83,478,680 | 83,455,900 | 32,884,467 | 32,755,898 | 28,368,568 | 23,450,974 | 22,766,704 | 19,458,125 | |||
Weighted average Common Shares outstanding - diluted (in Shares) | 83,727,400 | 83,455,900 | 32,884,467 | 32,755,898 | 28,368,568 | 23,450,974 | 22,766,704 | 19,458,125 | 58,353,448 | 23,535,434 | 16,721,315 |
Note_17_Commitments_and_Contin2
Note 17 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | ||||||
Feb. 13, 2015 | Jul. 01, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | |
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||||
Special Assessment Bond | $26,600,000 | ||||||
Letters of Credit Outstanding, Amount | 6,800,000 | ||||||
Number of Real Estate Properties | 61 | 13 | 4 | ||||
Business Combination, Contingent Consideration, Liability | 9,664,000 | 16,593,000 | |||||
Earnout [Member] | Inland Diversified Real Estate Trust, Inc [Member] | |||||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||||
Number of Real Estate Properties | 6 | ||||||
Business Combination, Contingent Consideration, Liability | 9,700,000 | ||||||
Subsequent Event [Member] | City Center [Member] | |||||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred | 34,400,000 | ||||||
Inland Diversified Real Estate Trust, Inc [Member] | |||||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred | $2,100,000,000 | ||||||
Number of Real Estate Properties | 60 | 60 |
Note_17_Commitments_and_Contin3
Note 17 - Commitments and Contingencies (Details) - Earnout Liability (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Earnout Liability [Abstract] | |
Earnout liability – beginning of period | $16,593 |
Payments to settle earnouts | -6,929 |
Earnout liability – end of period | $9,664 |
Note_18_Supplemental_Schedule_2
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Jul. 01, 2014 |
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
$859,600 | |||||
Accrued distribution to preferred shareholders | 8,456 | 8,456 | 7,920 | ||
Current Year Distribution [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
Accrued distribution to preferred shareholders | 705 | 705 | 705 | ||
Inland Diversified Real Estate Trust, Inc [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
892,909 | 859,600 | ||||
Properties and other assets acquired upon completion of Merger | 2,367,600 | ||||
Marketable securities acquired upon completion of Merger | 18,602 | ||||
Assumption of debt | 1,082,158 | ||||
Rampart Commons [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
Assumption of debt | 14,586 | ||||
Parkside Town Commons [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
Payable due to PREI in connection with consolidation of Parkside Town Commons | 4,925 | ||||
Assumption of debt | 14,440 | ||||
The 12th Street Plaza [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
Assumption of debt | 8,086 | ||||
Kedron Village [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
29,195 | |||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | 27,953 | ||||
Inland Diversified Real Estate Trust, Inc [Member] | |||||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities [Line Items] | |||||
$75,800 |
Note_18_Supplemental_Schedule_3
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities (Parentheticals) (USD $) | Dec. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |||
Inland Diversified Real Estate Trust, Inc [Member] | |||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities (Parentheticals) [Line Items] | |||
Debt premium | $33,298 | $33,300 | $33,300 |
Rampart Commons [Member] | |||
Note 18 - Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - Non-Cash Investing and Financing Activities (Parentheticals) [Line Items] | |||
Debt premium | $2,221 |
Note_19_Related_Parties_Detail
Note 19 - Related Parties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 19 - Related Parties (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $300,000 | $300,000 | $300,000 |
Unconsolidated Entities [Member] | |||
Note 19 - Related Parties (Details) [Line Items] | |||
Revenue from Related Parties | 65,000 | 0 | 20,000 |
Entities Owned by Members of Management [Member] | |||
Note 19 - Related Parties (Details) [Line Items] | |||
Revenue from Related Parties | $20,000 | $40,000 | $40,000 |
Note_20_Subsequent_Events_Deta
Note 20 - Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2015 | Feb. 13, 2015 | Jan. 13, 2015 |
Note 20 - Subsequent Events (Details) [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $0.26 | $1.02 | $0.96 | $0.96 | |||
Series A Preferred Stock [Member] | Subsequent Event [Member] | |||||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $0.52 | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | City Center [Member] | |||||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||||
Proceeds from Lines of Credit (in Dollars) | $30 | ||||||
Subsequent Event [Member] | City Center [Member] | |||||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred (in Dollars) | $34.40 | ||||||
Subsequent Event [Member] | |||||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $0.27 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.26 | ||||||
Dividend Distribution Increase Percentage | 4.80% |
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) [Line Items] | ||||
SEC Schedule III, Real Estate, Gross | $3,897,131,214 | $1,872,088,000 | $1,390,213,000 | $1,268,254,000 |
Federal Tax Purposes [Member] | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) [Line Items] | ||||
SEC Schedule III, Real Estate, Gross | $2,900,000,000 |
Schedule_III_Consolidated_Real2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Consolidated Real Estate and Accumulated Depreciation (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Properties [Line Items] | |||||
Encumbrances | $1,590,386,581 | ||||
Initial Cost, Land | 898,065,997 | ||||
Initial Cost, Building & Improvements | 2,917,457,970 | ||||
Gross Carry Amount Close of Period, Land | 898,315,812 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 2,998,815,402 | ||||
Gross Carry Amount Close of Period, Total | 3,897,131,214 | 1,872,088,000 | 1,390,213,000 | 1,268,254,000 | |
Accumulated Depreciation | 313,524,107 | 229,286,000 | 190,972,000 | 174,167,000 | |
Land [Member] | Operating Properties [Member] | The 12th Street Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | 54th & College [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Beechwood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Bolton Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Burlington Coat [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Burnt Store Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Castleton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 10,951 | [1] | |||
Land [Member] | Operating Properties [Member] | Centre at Panola [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Clay Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Cobblestone Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Cool Springs Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Cove Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Draper Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Eastgate Pavilion [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Estero Town Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Four Corner Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Fox Lake Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Glendale Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Greyhound Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Hamilton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Hitchcock Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Holly Springs Towne Center Phase I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Hunters Creak Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | International Speedway Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Kings Lake Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Kingwood Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Lakewood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Lithia Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Market Street Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Memorial Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Northdale Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Oleander Place [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Cedar Hill Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Portofino Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Publix at Acworth [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 38,778 | ||||
Land [Member] | Operating Properties [Member] | Publix at St. Cloud [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Publix at Woodruff [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Rangeline Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Rivers Edge Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Plaza Green [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Shoppes Of Eastwood [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Shops at Eagle Creek [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 200,087 | ||||
Land [Member] | Operating Properties [Member] | South Elgin Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Stoney Creek Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Sunland Towne Centre [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Tarpon Bay Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Temple Terrace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | The Corner 2 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | The Landing at Tradition [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | The Shops at Otty [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Toringdon Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Traders Point II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Tradition Village Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Trussville Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Waterford Lakes Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Westside Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | Wheatland Town Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Operating Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 249,816 | ||||
Land [Member] | Office Properties [Member] | Union Station Parking Garage [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Development and Redevelopment Properties [Member] | Courthouse Shadows [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Development and Redevelopment Properties [Member] | Gainesville Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Development and Redevelopment Properties [Member] | Holly Springs - Phase II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Development and Redevelopment Properties [Member] | Tamiami Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Other Property [Member] | Beacon Hill Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | Eddy Street Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Land [Member] | Other Property [Member] | Deerwood Lake [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Land [Member] | Other Property [Member] | Eagle Creek IV [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Land [Member] | Other Property [Member] | Fox Lake Crossing II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | KRG Development [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | KRG New Hill [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Land [Member] | Other Property [Member] | KR Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | KRG Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | Pan Am Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | Parkside Town Commons - Phase III [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Other Property [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Land [Member] | Held-for-Sale Operating Properties [Member] | Hawk Ridge [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | Line of Credit/Term Loan [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Land [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 249,816 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | The 12th Street Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 156,305 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | 54th & College [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Bayport Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,325,220 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Beacon Hill Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 500,121 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Beechwood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 463,166 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Bolton Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Boulevard Crossings [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,860,882 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 21,811 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Burlington Coat [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Burnt Store Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 34,508 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Castleton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 70,039 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Centennial Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 159,056 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Centre at Panola [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 108,126 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | City Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 34,878 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Clay Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 220 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Cobblestone Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Cool Creek Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 850,965 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Cool Springs Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 141,569 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Cove Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 419,658 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | DePauw University Bookstore and Cafe [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 44,602 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Draper Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Eastgate Pavilion [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 656,751 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Eddy Street Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 216,883 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Estero Town Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 11,242 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Fishers Station [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 488,515 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Four Corner Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Fox Lake Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 239,828 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Geist Pavilion [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,662,796 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Glendale Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 840,517 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Greyhound Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 886,962 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Hamilton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Hitchcock Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Holly Springs Towne Center Phase I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Hunters Creak Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 327,379 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Indian River Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 610,173 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | International Speedway Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 9,043,526 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Kings Lake Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Kingwood Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Lakewood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 192,099 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Lithia Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 4,860,083 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Market Street Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 2,031,839 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Memorial Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Northdale Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 133,548 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Oleander Place [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Pine Ridge Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 962,058 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Cedar Hill Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 9,031,285 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Plaza Volente [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 746,278 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Portofino Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 85,388 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Publix at Acworth [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,080,514 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Publix at St. Cloud [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Publix at Woodruff [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 151,724 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Rangeline Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Riverchase [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,197,296 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Rivers Edge Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Plaza Green [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 105,126 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Shoppes Of Eastwood [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 2,850 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Shops at Eagle Creek [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 4,696,325 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | South Elgin Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Stoney Creek Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 5,789,740 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Sunland Towne Centre [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 4,877,672 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Tarpon Bay Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 162,780 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Temple Terrace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | The Corner 2 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,485,456 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | The Landing at Tradition [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | The Shops at Otty [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 200,092 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Toringdon Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 16,220 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Traders Point [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 532,207 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Traders Point II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 864,244 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Tradition Village Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Trussville Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 144,161 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Waterford Lakes Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 166,471 | [1] | |||
Building and Building Improvements [Member] | Operating Properties [Member] | Westside Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Wheatland Town Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | Whitehall Pike [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 120,742 | ||||
Building and Building Improvements [Member] | Operating Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 60,811,897 | ||||
Building and Building Improvements [Member] | Office Properties [Member] | Thirty South [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 18,068,069 | ||||
Building and Building Improvements [Member] | Office Properties [Member] | Union Station Parking Garage [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 611,974 | [1] | |||
Building and Building Improvements [Member] | Office Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 18,680,043 | ||||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | Hamilton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 839,563 | ||||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | Courthouse Shadows [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,020,151 | [1] | |||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | Gainesville Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 5,778 | [1] | |||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | Holly Springs - Phase II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | Tamiami Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Development and Redevelopment Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 1,865,492 | ||||
Building and Building Improvements [Member] | Other Property [Member] | Beacon Hill Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Eddy Street Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Deerwood Lake [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Eagle Creek IV [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Fox Lake Crossing II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | KRG Development [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | KRG New Hill [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1],[2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | KR Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | KRG Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Pan Am Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | Parkside Town Commons - Phase III [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Other Property [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [2] | ||||
Building and Building Improvements [Member] | Held-for-Sale Operating Properties [Member] | Hawk Ridge [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | Line of Credit/Term Loan [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | [1] | ||||
Building and Building Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Cost Capitalized, Subsequent to Acquisition/Development | 81,357,432 | ||||
Operating Properties [Member] | The 12th Street Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,624,000 | [1] | |||
Initial Cost, Building & Improvements | 13,792,742 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,624,000 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 13,949,047 | [1] | |||
Gross Carry Amount Close of Period, Total | 16,573,047 | [1] | |||
Accumulated Depreciation | 1,769,519 | [1] | |||
Operating Properties [Member] | 54th & College [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,671,501 | [1] | |||
Initial Cost, Building & Improvements | [1] | ||||
Gross Carry Amount Close of Period, Land | 2,671,501 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | [1] | ||||
Gross Carry Amount Close of Period, Total | 2,671,501 | [1] | |||
Accumulated Depreciation | [1] | ||||
Operating Properties [Member] | Bayonne Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 45,000,000 | ||||
Initial Cost, Land | 47,809,419 | ||||
Initial Cost, Building & Improvements | 44,297,012 | ||||
Gross Carry Amount Close of Period, Land | 47,809,419 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 44,297,012 | ||||
Gross Carry Amount Close of Period, Total | 92,106,431 | ||||
Accumulated Depreciation | 971,800 | ||||
Operating Properties [Member] | Bayport Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 12,543,013 | ||||
Initial Cost, Land | 7,868,354 | ||||
Initial Cost, Building & Improvements | 21,904,423 | ||||
Gross Carry Amount Close of Period, Land | 7,868,354 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 23,229,643 | ||||
Gross Carry Amount Close of Period, Total | 31,097,997 | ||||
Accumulated Depreciation | 4,215,310 | ||||
Operating Properties [Member] | Beacon Hill Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,691,350 | ||||
Initial Cost, Land | 3,293,393 | ||||
Initial Cost, Building & Improvements | 13,528,339 | ||||
Gross Carry Amount Close of Period, Land | 3,293,393 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 14,028,460 | ||||
Gross Carry Amount Close of Period, Total | 17,321,853 | ||||
Accumulated Depreciation | 2,755,575 | ||||
Operating Properties [Member] | Beechwood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,733,793 | [1] | |||
Initial Cost, Building & Improvements | 45,024,812 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,733,793 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 45,487,978 | [1] | |||
Gross Carry Amount Close of Period, Total | 48,221,771 | [1] | |||
Accumulated Depreciation | 2,658,329 | [1] | |||
Operating Properties [Member] | Bell Oaks Centre [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,547,500 | ||||
Initial Cost, Land | 1,230,349 | ||||
Initial Cost, Building & Improvements | 12,746,077 | ||||
Gross Carry Amount Close of Period, Land | 1,230,349 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,746,077 | ||||
Gross Carry Amount Close of Period, Total | 13,976,426 | ||||
Accumulated Depreciation | 323,659 | ||||
Operating Properties [Member] | Bolton Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,733,426 | [1] | |||
Initial Cost, Building & Improvements | 18,994,585 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,733,426 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 18,994,585 | [1] | |||
Gross Carry Amount Close of Period, Total | 22,728,011 | [1] | |||
Accumulated Depreciation | 5,598,193 | [1] | |||
Operating Properties [Member] | Boulevard Crossings [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 13,028,887 | ||||
Initial Cost, Land | 4,385,525 | ||||
Initial Cost, Building & Improvements | 9,733,163 | ||||
Gross Carry Amount Close of Period, Land | 4,385,525 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 11,594,045 | ||||
Gross Carry Amount Close of Period, Total | 15,979,570 | ||||
Accumulated Depreciation | 3,802,071 | ||||
Operating Properties [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,406,641 | [1] | |||
Initial Cost, Building & Improvements | 8,694,181 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,406,641 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,715,992 | [1] | |||
Gross Carry Amount Close of Period, Total | 12,122,633 | [1] | |||
Accumulated Depreciation | 1,803,858 | [1] | |||
Operating Properties [Member] | Burlington Coat [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 29,000 | [1] | |||
Initial Cost, Building & Improvements | 2,772,992 | [1] | |||
Gross Carry Amount Close of Period, Land | 29,000 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 2,772,992 | [1] | |||
Gross Carry Amount Close of Period, Total | 2,801,992 | [1] | |||
Accumulated Depreciation | 943,945 | [1] | |||
Operating Properties [Member] | Burnt Store Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,112,244 | [1] | |||
Initial Cost, Building & Improvements | 6,242,900 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,112,244 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,277,408 | [1] | |||
Gross Carry Amount Close of Period, Total | 11,389,652 | [1] | |||
Accumulated Depreciation | 671,798 | [1] | |||
Operating Properties [Member] | Cannery Corner [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 6,266,907 | ||||
Initial Cost, Building & Improvements | 10,558,916 | ||||
Gross Carry Amount Close of Period, Land | 6,266,907 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 10,558,916 | ||||
Gross Carry Amount Close of Period, Total | 16,825,823 | ||||
Accumulated Depreciation | 264,218 | ||||
Operating Properties [Member] | Castleton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 9,750,000 | [1] | |||
Initial Cost, Building & Improvements | 29,399,817 | [1] | |||
Gross Carry Amount Close of Period, Land | 9,760,951 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 29,469,856 | [1] | |||
Gross Carry Amount Close of Period, Total | 39,230,807 | [1] | |||
Accumulated Depreciation | 2,893,638 | [1] | |||
Operating Properties [Member] | Centennial Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 70,455,000 | ||||
Initial Cost, Land | 58,960,380 | ||||
Initial Cost, Building & Improvements | 73,083,777 | ||||
Gross Carry Amount Close of Period, Land | 58,960,380 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 73,242,834 | ||||
Gross Carry Amount Close of Period, Total | 132,203,214 | ||||
Accumulated Depreciation | 2,827,887 | ||||
Operating Properties [Member] | Centennial Gateway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 29,975,000 | ||||
Initial Cost, Land | 5,305,419 | ||||
Initial Cost, Building & Improvements | 49,401,592 | ||||
Gross Carry Amount Close of Period, Land | 5,305,419 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 49,401,592 | ||||
Gross Carry Amount Close of Period, Total | 54,707,011 | ||||
Accumulated Depreciation | 1,363,228 | ||||
Operating Properties [Member] | Centre at Panola [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 2,608,165 | [1] | |||
Initial Cost, Land | 1,985,975 | [1] | |||
Initial Cost, Building & Improvements | 8,203,018 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,985,975 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,311,144 | [1] | |||
Gross Carry Amount Close of Period, Total | 10,297,119 | [1] | |||
Accumulated Depreciation | 2,839,757 | [1] | |||
Operating Properties [Member] | Centre Point Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 14,410,000 | ||||
Initial Cost, Land | 2,918,234 | ||||
Initial Cost, Building & Improvements | 22,812,928 | ||||
Gross Carry Amount Close of Period, Land | 2,918,234 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 22,812,928 | ||||
Gross Carry Amount Close of Period, Total | 25,731,162 | ||||
Accumulated Depreciation | 552,692 | ||||
Operating Properties [Member] | City Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 90,000,000 | ||||
Initial Cost, Land | 20,564,529 | ||||
Initial Cost, Building & Improvements | 161,746,271 | ||||
Gross Carry Amount Close of Period, Land | 20,564,529 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 161,781,149 | ||||
Gross Carry Amount Close of Period, Total | 182,345,678 | ||||
Accumulated Depreciation | 3,523,700 | ||||
Operating Properties [Member] | Clay Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,398,101 | [1] | |||
Initial Cost, Building & Improvements | 8,769,762 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,398,101 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,769,982 | [1] | |||
Gross Carry Amount Close of Period, Total | 10,168,083 | [1] | |||
Accumulated Depreciation | 534,536 | [1] | |||
Operating Properties [Member] | Cobblestone Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 11,221,414 | [1] | |||
Initial Cost, Building & Improvements | 46,580,145 | [1] | |||
Gross Carry Amount Close of Period, Land | 11,221,414 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,580,145 | [1] | |||
Gross Carry Amount Close of Period, Total | 57,801,559 | [1] | |||
Accumulated Depreciation | 5,802,914 | [1] | |||
Operating Properties [Member] | Colonial Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 18,140,000 | ||||
Initial Cost, Land | 11,743,004 | ||||
Initial Cost, Building & Improvements | 31,584,200 | ||||
Gross Carry Amount Close of Period, Land | 11,743,004 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 31,584,200 | ||||
Gross Carry Amount Close of Period, Total | 43,327,204 | ||||
Accumulated Depreciation | 629,951 | ||||
Operating Properties [Member] | Cool Creek Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 16,625,704 | ||||
Initial Cost, Land | 6,062,351 | ||||
Initial Cost, Building & Improvements | 14,830,282 | ||||
Gross Carry Amount Close of Period, Land | 6,062,351 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 15,681,247 | ||||
Gross Carry Amount Close of Period, Total | 21,743,598 | ||||
Accumulated Depreciation | 5,198,510 | ||||
Operating Properties [Member] | Cool Springs Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 12,684,400 | [1] | |||
Initial Cost, Building & Improvements | 23,694,836 | [1] | |||
Gross Carry Amount Close of Period, Land | 12,684,400 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,836,405 | [1] | |||
Gross Carry Amount Close of Period, Total | 36,520,805 | [1] | |||
Accumulated Depreciation | 3,051,082 | [1] | |||
Operating Properties [Member] | Cornelius Gateway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,249,447 | ||||
Initial Cost, Building & Improvements | 3,655,222 | ||||
Gross Carry Amount Close of Period, Land | 1,249,447 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 3,655,222 | ||||
Gross Carry Amount Close of Period, Total | 4,904,669 | ||||
Accumulated Depreciation | 773,032 | ||||
Operating Properties [Member] | Cove Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,035,770 | [1] | |||
Initial Cost, Building & Improvements | 19,884,204 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,035,770 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 20,303,862 | [1] | |||
Gross Carry Amount Close of Period, Total | 22,339,632 | [1] | |||
Accumulated Depreciation | 5,230,117 | [1] | |||
Operating Properties [Member] | Crossing at Killingly Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 33,000,000 | ||||
Initial Cost, Land | 21,999,344 | ||||
Initial Cost, Building & Improvements | 35,264,186 | ||||
Gross Carry Amount Close of Period, Land | 21,999,344 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 35,264,186 | ||||
Gross Carry Amount Close of Period, Total | 57,263,530 | ||||
Accumulated Depreciation | 876,522 | ||||
Operating Properties [Member] | Delray Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 55,320,215 | ||||
Initial Cost, Land | 18,750,210 | ||||
Initial Cost, Building & Improvements | 90,523,611 | ||||
Gross Carry Amount Close of Period, Land | 18,750,210 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 90,523,611 | ||||
Gross Carry Amount Close of Period, Total | 109,273,821 | ||||
Accumulated Depreciation | 5,073,760 | ||||
Operating Properties [Member] | DePauw University Bookstore and Cafe [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 63,765 | ||||
Initial Cost, Building & Improvements | 663,010 | ||||
Gross Carry Amount Close of Period, Land | 63,765 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 707,612 | ||||
Gross Carry Amount Close of Period, Total | 771,377 | ||||
Accumulated Depreciation | 131,444 | ||||
Operating Properties [Member] | Draper Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 9,054,258 | [1] | |||
Initial Cost, Building & Improvements | 28,542,019 | [1] | |||
Gross Carry Amount Close of Period, Land | 9,054,258 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 28,542,019 | [1] | |||
Gross Carry Amount Close of Period, Total | 37,596,277 | [1] | |||
Accumulated Depreciation | 864,216 | [1] | |||
Operating Properties [Member] | Draper Peaks [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 23,905,106 | ||||
Initial Cost, Land | 11,998,150 | ||||
Initial Cost, Building & Improvements | 48,933,199 | ||||
Gross Carry Amount Close of Period, Land | 11,998,150 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 48,933,199 | ||||
Gross Carry Amount Close of Period, Total | 60,931,349 | ||||
Accumulated Depreciation | 1,245,576 | ||||
Operating Properties [Member] | Eastern Beltway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 34,100,000 | ||||
Initial Cost, Land | 23,221,314 | ||||
Initial Cost, Building & Improvements | 49,659,575 | ||||
Gross Carry Amount Close of Period, Land | 23,221,314 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 49,659,575 | ||||
Gross Carry Amount Close of Period, Total | 72,880,889 | ||||
Accumulated Depreciation | 1,559,362 | ||||
Operating Properties [Member] | Eastgate [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 14,410,000 | ||||
Initial Cost, Land | 4,073,392 | ||||
Initial Cost, Building & Improvements | 21,362,521 | ||||
Gross Carry Amount Close of Period, Land | 4,073,392 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 21,362,521 | ||||
Gross Carry Amount Close of Period, Total | 25,435,913 | ||||
Accumulated Depreciation | 695,391 | ||||
Operating Properties [Member] | Eastgate Pavilion [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 8,122,283 | [1] | |||
Initial Cost, Building & Improvements | 19,806,778 | [1] | |||
Gross Carry Amount Close of Period, Land | 8,122,283 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 20,463,529 | [1] | |||
Gross Carry Amount Close of Period, Total | 28,585,812 | [1] | |||
Accumulated Depreciation | 6,974,254 | [1] | |||
Operating Properties [Member] | Eddy Street Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 24,339,621 | ||||
Initial Cost, Land | 1,900,000 | ||||
Initial Cost, Building & Improvements | 38,029,845 | ||||
Gross Carry Amount Close of Period, Land | 1,900,000 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 38,246,728 | ||||
Gross Carry Amount Close of Period, Total | 40,146,728 | ||||
Accumulated Depreciation | 6,301,727 | ||||
Operating Properties [Member] | Estero Town Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 8,973,290 | [1] | |||
Initial Cost, Building & Improvements | 9,968,125 | [1] | |||
Gross Carry Amount Close of Period, Land | 8,973,290 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,979,367 | [1] | |||
Gross Carry Amount Close of Period, Total | 18,952,657 | [1] | |||
Accumulated Depreciation | 2,060,246 | [1] | |||
Operating Properties [Member] | Fishers Station [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 7,456,520 | ||||
Initial Cost, Land | 3,735,807 | ||||
Initial Cost, Building & Improvements | 11,822,475 | ||||
Gross Carry Amount Close of Period, Land | 3,735,807 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,310,990 | ||||
Gross Carry Amount Close of Period, Total | 16,046,797 | ||||
Accumulated Depreciation | 5,522,347 | ||||
Operating Properties [Member] | Four Corner Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 8,599,045 | [1] | |||
Initial Cost, Building & Improvements | 34,161,996 | [1] | |||
Gross Carry Amount Close of Period, Land | 8,599,045 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 34,161,996 | [1] | |||
Gross Carry Amount Close of Period, Total | 42,761,041 | [1] | |||
Accumulated Depreciation | 5,090,074 | [1] | |||
Operating Properties [Member] | Fox Lake Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,684,724 | [1] | |||
Initial Cost, Building & Improvements | 9,324,308 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,684,724 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,564,136 | [1] | |||
Gross Carry Amount Close of Period, Total | 15,248,860 | [1] | |||
Accumulated Depreciation | 2,895,305 | [1] | |||
Operating Properties [Member] | Geist Pavilion [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 10,714,445 | ||||
Initial Cost, Land | 1,367,816 | ||||
Initial Cost, Building & Improvements | 9,754,130 | ||||
Gross Carry Amount Close of Period, Land | 1,367,816 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 11,416,926 | ||||
Gross Carry Amount Close of Period, Total | 12,784,742 | ||||
Accumulated Depreciation | 3,664,678 | ||||
Operating Properties [Member] | Glendale Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,494,469 | [1] | |||
Initial Cost, Building & Improvements | 45,314,295 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,494,469 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,154,812 | [1] | |||
Gross Carry Amount Close of Period, Total | 47,649,281 | [1] | |||
Accumulated Depreciation | 22,960,740 | [1] | |||
Operating Properties [Member] | Greyhound Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,629,064 | [1] | |||
Initial Cost, Building & Improvements | 794,093 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,629,064 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 1,681,055 | [1] | |||
Gross Carry Amount Close of Period, Total | 4,310,119 | [1] | |||
Accumulated Depreciation | 449,658 | [1] | |||
Operating Properties [Member] | Hamilton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,858,650 | [1] | |||
Initial Cost, Building & Improvements | 23,709,379 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,858,650 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,709,379 | [1] | |||
Gross Carry Amount Close of Period, Total | 26,568,029 | [1] | |||
Accumulated Depreciation | 518,254 | [1] | |||
Operating Properties [Member] | Hitchcock Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,259,641 | [1] | |||
Initial Cost, Building & Improvements | 22,181,088 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,259,641 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 22,181,088 | [1] | |||
Gross Carry Amount Close of Period, Total | 26,440,729 | [1] | |||
Accumulated Depreciation | 426,096 | [1] | |||
Operating Properties [Member] | Holly Springs Towne Center Phase I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 12,318,891 | [1] | |||
Initial Cost, Building & Improvements | 46,896,716 | [1] | |||
Gross Carry Amount Close of Period, Land | 12,318,891 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,896,716 | [1] | |||
Gross Carry Amount Close of Period, Total | 59,215,607 | [1] | |||
Accumulated Depreciation | 2,451,489 | [1] | |||
Operating Properties [Member] | Hunters Creak Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 8,335,007 | [1] | |||
Initial Cost, Building & Improvements | 12,880,296 | [1] | |||
Gross Carry Amount Close of Period, Land | 8,335,007 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 13,207,675 | [1] | |||
Gross Carry Amount Close of Period, Total | 21,542,682 | [1] | |||
Accumulated Depreciation | 614,335 | [1] | |||
Operating Properties [Member] | Indian River Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 12,231,757 | ||||
Initial Cost, Land | 5,180,000 | ||||
Initial Cost, Building & Improvements | 9,702,002 | ||||
Gross Carry Amount Close of Period, Land | 5,180,000 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 10,312,175 | ||||
Gross Carry Amount Close of Period, Total | 15,492,175 | ||||
Accumulated Depreciation | 5,106,624 | ||||
Operating Properties [Member] | International Speedway Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 20,006,070 | [1] | |||
Initial Cost, Land | 7,769,277 | [1] | |||
Initial Cost, Building & Improvements | 19,493,924 | [1] | |||
Gross Carry Amount Close of Period, Land | 7,769,277 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 28,537,450 | [1] | |||
Gross Carry Amount Close of Period, Total | 36,306,727 | [1] | |||
Accumulated Depreciation | 12,624,543 | [1] | |||
Operating Properties [Member] | Kings Lake Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,519,000 | [1] | |||
Initial Cost, Building & Improvements | 16,073,425 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,519,000 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,073,425 | [1] | |||
Gross Carry Amount Close of Period, Total | 20,592,425 | [1] | |||
Accumulated Depreciation | 5,656,821 | [1] | |||
Operating Properties [Member] | Kingwood Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,715,450 | [1] | |||
Initial Cost, Building & Improvements | 31,035,180 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,715,450 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,035,180 | [1] | |||
Gross Carry Amount Close of Period, Total | 36,750,630 | [1] | |||
Accumulated Depreciation | 1,841,705 | [1] | |||
Operating Properties [Member] | Lake City Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 5,200,000 | ||||
Initial Cost, Land | 4,692,804 | ||||
Initial Cost, Building & Improvements | 12,491,009 | ||||
Gross Carry Amount Close of Period, Land | 4,692,804 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,491,009 | ||||
Gross Carry Amount Close of Period, Total | 17,183,813 | ||||
Accumulated Depreciation | 309,892 | ||||
Operating Properties [Member] | Lake Mary Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 5,080,000 | ||||
Initial Cost, Land | 1,412,864 | ||||
Initial Cost, Building & Improvements | 8,727,313 | ||||
Gross Carry Amount Close of Period, Land | 1,412,864 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 8,727,313 | ||||
Gross Carry Amount Close of Period, Total | 10,140,177 | ||||
Accumulated Depreciation | 168,600 | ||||
Operating Properties [Member] | Lakewood Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,783,240 | [1] | |||
Initial Cost, Building & Improvements | 25,804,668 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,783,240 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 25,996,767 | [1] | |||
Gross Carry Amount Close of Period, Total | 27,780,007 | [1] | |||
Accumulated Depreciation | 1,824,600 | [1] | |||
Operating Properties [Member] | Landstown Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 50,140,000 | ||||
Initial Cost, Land | 19,329,133 | ||||
Initial Cost, Building & Improvements | 92,201,197 | ||||
Gross Carry Amount Close of Period, Land | 19,329,133 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 92,201,197 | ||||
Gross Carry Amount Close of Period, Total | 111,530,330 | ||||
Accumulated Depreciation | 2,357,843 | ||||
Operating Properties [Member] | Lima Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 8,383,000 | ||||
Initial Cost, Land | 4,702,753 | ||||
Initial Cost, Building & Improvements | 15,737,999 | ||||
Gross Carry Amount Close of Period, Land | 4,702,753 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 15,737,999 | ||||
Gross Carry Amount Close of Period, Total | 20,440,752 | ||||
Accumulated Depreciation | 402,365 | ||||
Operating Properties [Member] | Lithia Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,064,698 | [1] | |||
Initial Cost, Building & Improvements | 10,074,676 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,064,698 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,934,759 | [1] | |||
Gross Carry Amount Close of Period, Total | 17,999,457 | [1] | |||
Accumulated Depreciation | 2,195,618 | [1] | |||
Operating Properties [Member] | Lowe's Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 2,124,802 | ||||
Initial Cost, Building & Improvements | 6,120,067 | ||||
Gross Carry Amount Close of Period, Land | 2,124,802 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 6,120,067 | ||||
Gross Carry Amount Close of Period, Total | 8,244,869 | ||||
Accumulated Depreciation | 180,280 | ||||
Operating Properties [Member] | Market Street Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 9,764,381 | [1] | |||
Initial Cost, Building & Improvements | 18,745,417 | [1] | |||
Gross Carry Amount Close of Period, Land | 9,764,381 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 20,777,256 | [1] | |||
Gross Carry Amount Close of Period, Total | 30,541,637 | [1] | |||
Accumulated Depreciation | 6,933,912 | [1] | |||
Operating Properties [Member] | Memorial Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,567,816 | [1] | |||
Initial Cost, Building & Improvements | 14,656,445 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,567,816 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,656,445 | [1] | |||
Gross Carry Amount Close of Period, Total | 16,224,261 | [1] | |||
Accumulated Depreciation | 281,065 | [1] | |||
Operating Properties [Member] | Merrimack Village Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 5,445,000 | ||||
Initial Cost, Land | 1,921,079 | ||||
Initial Cost, Building & Improvements | 12,798,403 | ||||
Gross Carry Amount Close of Period, Land | 1,921,079 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,798,403 | ||||
Gross Carry Amount Close of Period, Total | 14,719,482 | ||||
Accumulated Depreciation | 324,353 | ||||
Operating Properties [Member] | Miramar Square [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 31,625,000 | ||||
Initial Cost, Land | 26,391,652 | ||||
Initial Cost, Building & Improvements | 31,070,986 | ||||
Gross Carry Amount Close of Period, Land | 26,391,652 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 31,070,986 | ||||
Gross Carry Amount Close of Period, Total | 57,462,638 | ||||
Accumulated Depreciation | 771,260 | ||||
Operating Properties [Member] | Mullins Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 20,917,206 | ||||
Initial Cost, Land | 10,582,161 | ||||
Initial Cost, Building & Improvements | 42,410,267 | ||||
Gross Carry Amount Close of Period, Land | 10,582,161 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 42,410,267 | ||||
Gross Carry Amount Close of Period, Total | 52,992,428 | ||||
Accumulated Depreciation | 1,469,274 | ||||
Operating Properties [Member] | Naperville Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 9,163,148 | ||||
Initial Cost, Land | 5,364,101 | ||||
Initial Cost, Building & Improvements | 12,187,580 | ||||
Gross Carry Amount Close of Period, Land | 5,364,101 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,187,580 | ||||
Gross Carry Amount Close of Period, Total | 17,551,681 | ||||
Accumulated Depreciation | 2,711,342 | ||||
Operating Properties [Member] | Northcrest Shoping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 15,780,000 | ||||
Initial Cost, Land | 4,043,847 | ||||
Initial Cost, Building & Improvements | 34,060,143 | ||||
Gross Carry Amount Close of Period, Land | 4,043,847 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 34,060,143 | ||||
Gross Carry Amount Close of Period, Total | 38,103,990 | ||||
Accumulated Depreciation | 667,603 | ||||
Operating Properties [Member] | Northdale Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,718,254 | [1] | |||
Initial Cost, Building & Improvements | 23,155,139 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,718,254 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,288,687 | [1] | |||
Gross Carry Amount Close of Period, Total | 25,006,941 | [1] | |||
Accumulated Depreciation | 1,902,783 | [1] | |||
Operating Properties [Member] | Oleander Place [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 862,500 | [1] | |||
Initial Cost, Building & Improvements | 6,159,176 | [1] | |||
Gross Carry Amount Close of Period, Land | 862,500 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,159,176 | [1] | |||
Gross Carry Amount Close of Period, Total | 7,021,676 | [1] | |||
Accumulated Depreciation | 854,695 | [1] | |||
Operating Properties [Member] | Palm Coast Landing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 22,550,000 | ||||
Initial Cost, Land | 4,962,496 | ||||
Initial Cost, Building & Improvements | 38,025,203 | ||||
Gross Carry Amount Close of Period, Land | 4,962,496 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 38,025,203 | ||||
Gross Carry Amount Close of Period, Total | 42,987,699 | ||||
Accumulated Depreciation | 822,804 | ||||
Operating Properties [Member] | Perimeter Woods [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 33,330,000 | ||||
Initial Cost, Land | 35,793,431 | ||||
Initial Cost, Building & Improvements | 27,292,148 | ||||
Gross Carry Amount Close of Period, Land | 35,793,431 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 27,292,148 | ||||
Gross Carry Amount Close of Period, Total | 63,085,579 | ||||
Accumulated Depreciation | 560,097 | ||||
Operating Properties [Member] | Pine Ridge Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 16,872,920 | ||||
Initial Cost, Land | 5,639,675 | ||||
Initial Cost, Building & Improvements | 17,209,720 | ||||
Gross Carry Amount Close of Period, Land | 5,639,675 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 18,171,778 | ||||
Gross Carry Amount Close of Period, Total | 23,811,453 | ||||
Accumulated Depreciation | 4,328,935 | ||||
Operating Properties [Member] | Cedar Hill Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,782,304 | [1] | |||
Initial Cost, Building & Improvements | 37,855,288 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,782,304 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,886,573 | [1] | |||
Gross Carry Amount Close of Period, Total | 52,668,877 | [1] | |||
Accumulated Depreciation | 14,192,182 | [1] | |||
Operating Properties [Member] | Plaza Volente [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 26,376,449 | ||||
Initial Cost, Land | 4,600,000 | ||||
Initial Cost, Building & Improvements | 29,284,060 | ||||
Gross Carry Amount Close of Period, Land | 4,600,000 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 30,030,338 | ||||
Gross Carry Amount Close of Period, Total | 34,630,338 | ||||
Accumulated Depreciation | 8,852,121 | ||||
Operating Properties [Member] | Pleasant Hill Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,800,000 | ||||
Initial Cost, Land | 3,349,517 | ||||
Initial Cost, Building & Improvements | 10,132,158 | ||||
Gross Carry Amount Close of Period, Land | 3,349,517 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 10,132,158 | ||||
Gross Carry Amount Close of Period, Total | 13,481,675 | ||||
Accumulated Depreciation | 264,916 | ||||
Operating Properties [Member] | Portofino Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,754,341 | [1] | |||
Initial Cost, Building & Improvements | 75,856,723 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,754,341 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 75,942,111 | [1] | |||
Gross Carry Amount Close of Period, Total | 80,696,452 | [1] | |||
Accumulated Depreciation | 4,666,985 | [1] | |||
Operating Properties [Member] | Publix at Acworth [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,776,903 | ||||
Initial Cost, Land | 1,356,601 | ||||
Initial Cost, Building & Improvements | 8,240,778 | ||||
Gross Carry Amount Close of Period, Land | 1,395,379 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 9,321,292 | ||||
Gross Carry Amount Close of Period, Total | 10,716,671 | ||||
Accumulated Depreciation | 2,772,544 | ||||
Operating Properties [Member] | Publix at St. Cloud [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,734,813 | [1] | |||
Initial Cost, Building & Improvements | 11,826,104 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,734,813 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,826,104 | [1] | |||
Gross Carry Amount Close of Period, Total | 14,560,917 | [1] | |||
Accumulated Depreciation | 382,600 | [1] | |||
Operating Properties [Member] | Publix at Woodruff [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,783,100 | [1] | |||
Initial Cost, Building & Improvements | 7,344,028 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,783,100 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,495,752 | [1] | |||
Gross Carry Amount Close of Period, Total | 9,278,852 | [1] | |||
Accumulated Depreciation | 1,659,870 | [1] | |||
Operating Properties [Member] | Rampart Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 12,323,789 | ||||
Initial Cost, Land | 1,136,133 | ||||
Initial Cost, Building & Improvements | 31,574,624 | ||||
Gross Carry Amount Close of Period, Land | 1,136,133 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 31,574,624 | ||||
Gross Carry Amount Close of Period, Total | 32,710,757 | ||||
Accumulated Depreciation | 189,052 | ||||
Operating Properties [Member] | Rangeline Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,042,885 | [1] | |||
Initial Cost, Building & Improvements | 18,542,550 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,042,885 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 18,542,550 | [1] | |||
Gross Carry Amount Close of Period, Total | 20,585,435 | [1] | |||
Accumulated Depreciation | 3,872,111 | [1] | |||
Operating Properties [Member] | Riverchase [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 10,123,752 | ||||
Initial Cost, Land | 3,888,945 | ||||
Initial Cost, Building & Improvements | 11,821,085 | ||||
Gross Carry Amount Close of Period, Land | 3,888,945 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 13,018,381 | ||||
Gross Carry Amount Close of Period, Total | 16,907,326 | ||||
Accumulated Depreciation | 3,175,556 | ||||
Operating Properties [Member] | Rivers Edge Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,646,522 | [1] | |||
Initial Cost, Building & Improvements | 31,572,937 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,646,522 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,572,937 | [1] | |||
Gross Carry Amount Close of Period, Total | 37,219,459 | [1] | |||
Accumulated Depreciation | 4,466,040 | [1] | |||
Operating Properties [Member] | Saxon Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 11,400,000 | ||||
Initial Cost, Land | 3,764,455 | ||||
Initial Cost, Building & Improvements | 16,832,833 | ||||
Gross Carry Amount Close of Period, Land | 3,764,455 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 16,832,833 | ||||
Gross Carry Amount Close of Period, Total | 20,597,288 | ||||
Accumulated Depreciation | 407,450 | ||||
Operating Properties [Member] | Plaza Green [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,748,801 | [1] | |||
Initial Cost, Building & Improvements | 24,934,758 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,748,801 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 25,039,884 | [1] | |||
Gross Carry Amount Close of Period, Total | 28,788,685 | [1] | |||
Accumulated Depreciation | 3,044,024 | [1] | |||
Operating Properties [Member] | Shoppes Of Eastwood [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,687,734 | [1] | |||
Initial Cost, Building & Improvements | 10,797,276 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,687,734 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,800,126 | [1] | |||
Gross Carry Amount Close of Period, Total | 12,487,860 | [1] | |||
Accumulated Depreciation | 1,670,446 | [1] | |||
Operating Properties [Member] | Shops at Eagle Creek [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 2,802,426 | ||||
Initial Cost, Building & Improvements | 8,016,208 | ||||
Gross Carry Amount Close of Period, Land | 3,002,513 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,712,533 | ||||
Gross Carry Amount Close of Period, Total | 15,715,046 | ||||
Accumulated Depreciation | 3,042,020 | ||||
Operating Properties [Member] | Shops at Julington Creek [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 4,785,000 | ||||
Initial Cost, Land | 2,371,633 | ||||
Initial Cost, Building & Improvements | 8,022,651 | ||||
Gross Carry Amount Close of Period, Land | 2,371,633 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 8,022,651 | ||||
Gross Carry Amount Close of Period, Total | 10,394,284 | ||||
Accumulated Depreciation | 217,868 | ||||
Operating Properties [Member] | Shops at Moore [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 21,300,000 | ||||
Initial Cost, Land | 8,030,227 | ||||
Initial Cost, Building & Improvements | 33,547,186 | ||||
Gross Carry Amount Close of Period, Land | 8,030,227 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 33,547,186 | ||||
Gross Carry Amount Close of Period, Total | 41,577,413 | ||||
Accumulated Depreciation | 1,044,278 | ||||
Operating Properties [Member] | Silver Springs Pointe [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 8,800,000 | ||||
Initial Cost, Land | 9,685,265 | ||||
Initial Cost, Building & Improvements | 7,768,253 | ||||
Gross Carry Amount Close of Period, Land | 9,685,265 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 7,768,253 | ||||
Gross Carry Amount Close of Period, Total | 17,453,518 | ||||
Accumulated Depreciation | 363,507 | ||||
Operating Properties [Member] | South Elgin Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,916,059 | [1] | |||
Initial Cost, Building & Improvements | 22,139,837 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,916,059 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 22,139,837 | [1] | |||
Gross Carry Amount Close of Period, Total | 26,055,896 | [1] | |||
Accumulated Depreciation | 518,429 | [1] | |||
Operating Properties [Member] | Stoney Creek Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 627,964 | [1] | |||
Initial Cost, Building & Improvements | 4,599,186 | [1] | |||
Gross Carry Amount Close of Period, Land | 627,964 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,388,926 | [1] | |||
Gross Carry Amount Close of Period, Total | 11,016,890 | [1] | |||
Accumulated Depreciation | 1,706,975 | [1] | |||
Operating Properties [Member] | Sunland Towne Centre [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 23,959,377 | [1] | |||
Initial Cost, Land | 14,773,536 | [1] | |||
Initial Cost, Building & Improvements | 22,973,090 | [1] | |||
Gross Carry Amount Close of Period, Land | 14,773,536 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 27,850,762 | [1] | |||
Gross Carry Amount Close of Period, Total | 42,624,298 | [1] | |||
Accumulated Depreciation | 8,168,225 | [1] | |||
Operating Properties [Member] | Tarpon Bay Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,273,217 | [1] | |||
Initial Cost, Building & Improvements | 24,483,027 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,273,217 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 24,645,807 | [1] | |||
Gross Carry Amount Close of Period, Total | 28,919,024 | [1] | |||
Accumulated Depreciation | 5,556,819 | [1] | |||
Operating Properties [Member] | Temple Terrace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,245,346 | [1] | |||
Initial Cost, Building & Improvements | 9,323,151 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,245,346 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,323,151 | [1] | |||
Gross Carry Amount Close of Period, Total | 11,568,497 | [1] | |||
Accumulated Depreciation | 186,208 | [1] | |||
Operating Properties [Member] | The Corner [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 14,750,000 | ||||
Initial Cost, Land | 3,772,219 | ||||
Initial Cost, Building & Improvements | 24,641,588 | ||||
Gross Carry Amount Close of Period, Land | 3,772,219 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 24,641,588 | ||||
Gross Carry Amount Close of Period, Total | 28,413,807 | ||||
Accumulated Depreciation | 483,812 | ||||
Operating Properties [Member] | The Corner 2 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 303,916 | [1] | |||
Initial Cost, Building & Improvements | 3,926,794 | [1] | |||
Gross Carry Amount Close of Period, Land | 303,916 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 5,412,250 | [1] | |||
Gross Carry Amount Close of Period, Total | 5,716,166 | [1] | |||
Accumulated Depreciation | 3,144,277 | [1] | |||
Operating Properties [Member] | The Landing at Tradition [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 18,504,693 | [1] | |||
Initial Cost, Building & Improvements | 46,412,092 | [1] | |||
Gross Carry Amount Close of Period, Land | 18,504,693 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,412,092 | [1] | |||
Gross Carry Amount Close of Period, Total | 64,916,785 | [1] | |||
Accumulated Depreciation | 1,365,733 | [1] | |||
Operating Properties [Member] | The Shops at Otty [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 26,000 | [1] | |||
Initial Cost, Building & Improvements | 2,064,100 | [1] | |||
Gross Carry Amount Close of Period, Land | 26,000 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 2,264,192 | [1] | |||
Gross Carry Amount Close of Period, Total | 2,290,192 | [1] | |||
Accumulated Depreciation | 759,400 | [1] | |||
Operating Properties [Member] | Toringdon Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,448,400 | [1] | |||
Initial Cost, Building & Improvements | 9,749,864 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,448,400 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,766,084 | [1] | |||
Gross Carry Amount Close of Period, Total | 15,214,484 | [1] | |||
Accumulated Depreciation | 770,591 | [1] | |||
Operating Properties [Member] | Traders Point [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 43,560,181 | ||||
Initial Cost, Land | 9,443,449 | ||||
Initial Cost, Building & Improvements | 37,312,837 | ||||
Gross Carry Amount Close of Period, Land | 9,443,449 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 37,845,044 | ||||
Gross Carry Amount Close of Period, Total | 47,288,493 | ||||
Accumulated Depreciation | 11,646,613 | ||||
Operating Properties [Member] | Traders Point II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,375,797 | [1] | |||
Initial Cost, Building & Improvements | 7,202,988 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,375,797 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,067,232 | [1] | |||
Gross Carry Amount Close of Period, Total | 10,443,029 | [1] | |||
Accumulated Depreciation | 2,289,351 | [1] | |||
Operating Properties [Member] | Tradition Village Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 3,140,267 | [1] | |||
Initial Cost, Building & Improvements | 14,905,280 | [1] | |||
Gross Carry Amount Close of Period, Land | 3,140,267 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,905,280 | [1] | |||
Gross Carry Amount Close of Period, Total | 18,045,547 | [1] | |||
Accumulated Depreciation | 395,006 | [1] | |||
Operating Properties [Member] | Trussville Promenade [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 9,122,992 | [1] | |||
Initial Cost, Building & Improvements | 45,569,568 | [1] | |||
Gross Carry Amount Close of Period, Land | 9,122,992 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 45,713,729 | [1] | |||
Gross Carry Amount Close of Period, Total | 54,836,721 | [1] | |||
Accumulated Depreciation | 3,059,238 | [1] | |||
Operating Properties [Member] | University Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 29,190,000 | ||||
Initial Cost, Land | 12,027,230 | ||||
Initial Cost, Building & Improvements | 56,933,231 | ||||
Gross Carry Amount Close of Period, Land | 12,027,230 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 56,933,231 | ||||
Gross Carry Amount Close of Period, Total | 68,960,461 | ||||
Accumulated Depreciation | 1,429,826 | ||||
Operating Properties [Member] | Village at Bay Park [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 9,183,298 | ||||
Initial Cost, Land | 8,247,510 | ||||
Initial Cost, Building & Improvements | 11,053,037 | ||||
Gross Carry Amount Close of Period, Land | 8,247,510 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 11,053,037 | ||||
Gross Carry Amount Close of Period, Total | 19,300,547 | ||||
Accumulated Depreciation | 435,581 | ||||
Operating Properties [Member] | Village Walk [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,860,000 | ||||
Initial Cost, Land | 2,554,140 | ||||
Initial Cost, Building & Improvements | 12,435,511 | ||||
Gross Carry Amount Close of Period, Land | 2,554,140 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,435,511 | ||||
Gross Carry Amount Close of Period, Total | 14,989,651 | ||||
Accumulated Depreciation | 244,898 | ||||
Operating Properties [Member] | Waterford Lakes Village [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 2,316,674 | [1] | |||
Initial Cost, Building & Improvements | 7,435,244 | [1] | |||
Gross Carry Amount Close of Period, Land | 2,316,674 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,601,715 | [1] | |||
Gross Carry Amount Close of Period, Total | 9,918,389 | [1] | |||
Accumulated Depreciation | 2,800,336 | [1] | |||
Operating Properties [Member] | Waxahachie Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 7,750,000 | ||||
Initial Cost, Land | 1,411,007 | ||||
Initial Cost, Building & Improvements | 16,344,635 | ||||
Gross Carry Amount Close of Period, Land | 1,411,007 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 16,344,635 | ||||
Gross Carry Amount Close of Period, Total | 17,755,642 | ||||
Accumulated Depreciation | 393,439 | ||||
Operating Properties [Member] | Westside Market [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,194,013 | [1] | |||
Initial Cost, Building & Improvements | 17,722,628 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,194,013 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 17,722,628 | [1] | |||
Gross Carry Amount Close of Period, Total | 21,916,641 | [1] | |||
Accumulated Depreciation | 270,878 | [1] | |||
Operating Properties [Member] | Wheatland Town Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 6,621,661 | [1] | |||
Initial Cost, Building & Improvements | 31,414,297 | [1] | |||
Gross Carry Amount Close of Period, Land | 6,621,661 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,414,297 | [1] | |||
Gross Carry Amount Close of Period, Total | 38,035,958 | [1] | |||
Accumulated Depreciation | 668,523 | [1] | |||
Operating Properties [Member] | Whitehall Pike [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,256,979 | ||||
Initial Cost, Land | 3,688,857 | ||||
Initial Cost, Building & Improvements | 6,109,115 | ||||
Gross Carry Amount Close of Period, Land | 3,688,857 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 6,229,857 | ||||
Gross Carry Amount Close of Period, Total | 9,918,714 | ||||
Accumulated Depreciation | 3,998,607 | ||||
Operating Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 1,036,190,352 | ||||
Initial Cost, Land | 753,588,759 | ||||
Initial Cost, Building & Improvements | 2,605,480,528 | ||||
Gross Carry Amount Close of Period, Land | 753,838,575 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 2,666,292,425 | ||||
Gross Carry Amount Close of Period, Total | 3,420,131,000 | ||||
Accumulated Depreciation | 290,248,142 | ||||
Office Properties [Member] | Thirty South [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 18,510,000 | ||||
Initial Cost, Land | 1,643,415 | ||||
Initial Cost, Building & Improvements | 9,847,631 | ||||
Gross Carry Amount Close of Period, Land | 1,643,415 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 27,915,700 | ||||
Gross Carry Amount Close of Period, Total | 29,559,115 | ||||
Accumulated Depreciation | 10,307,094 | ||||
Office Properties [Member] | Union Station Parking Garage [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 903,627 | [1] | |||
Initial Cost, Building & Improvements | 2,649,798 | [1] | |||
Gross Carry Amount Close of Period, Land | 903,627 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 3,261,772 | [1] | |||
Gross Carry Amount Close of Period, Total | 4,165,399 | [1] | |||
Accumulated Depreciation | 1,301,017 | [1] | |||
Office Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 18,510,000 | ||||
Initial Cost, Land | 2,547,042 | ||||
Initial Cost, Building & Improvements | 12,497,429 | ||||
Gross Carry Amount Close of Period, Land | 2,547,042 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 31,177,472 | ||||
Gross Carry Amount Close of Period, Total | 33,724,514 | ||||
Accumulated Depreciation | 11,608,111 | ||||
Development and Redevelopment Properties [Member] | Hamilton Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 12,456,141 | ||||
Initial Cost, Land | 5,672,477 | ||||
Initial Cost, Building & Improvements | 9,381,772 | ||||
Gross Carry Amount Close of Period, Land | 5,672,477 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 10,221,335 | ||||
Gross Carry Amount Close of Period, Total | 15,893,812 | ||||
Accumulated Depreciation | 3,240,104 | ||||
Development and Redevelopment Properties [Member] | Courthouse Shadows [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 4,998,974 | [1] | |||
Initial Cost, Building & Improvements | 14,543,800 | [1] | |||
Gross Carry Amount Close of Period, Land | 4,998,974 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 15,563,951 | [1] | |||
Gross Carry Amount Close of Period, Total | 20,562,925 | [1] | |||
Accumulated Depreciation | 3,605,028 | [1] | |||
Development and Redevelopment Properties [Member] | Gainesville Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 5,437,373 | [1] | |||
Initial Cost, Building & Improvements | 18,236,531 | [1] | |||
Gross Carry Amount Close of Period, Land | 5,437,373 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 18,242,309 | [1] | |||
Gross Carry Amount Close of Period, Total | 23,679,682 | [1] | |||
Accumulated Depreciation | 2,864,432 | [1] | |||
Development and Redevelopment Properties [Member] | Holly Springs - Phase II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 10,567,043 | [1] | |||
Initial Cost, Building & Improvements | 7,315,162 | [1] | |||
Gross Carry Amount Close of Period, Land | 10,567,043 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,315,162 | [1] | |||
Gross Carry Amount Close of Period, Total | 17,882,205 | [1] | |||
Accumulated Depreciation | [1] | ||||
Development and Redevelopment Properties [Member] | Parkside Town Commons - Phase I [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 17,962,145 | ||||
Initial Cost, Land | 2,567,764 | ||||
Initial Cost, Building & Improvements | 39,719,903 | ||||
Gross Carry Amount Close of Period, Land | 2,567,764 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 39,719,903 | ||||
Gross Carry Amount Close of Period, Total | 42,287,667 | ||||
Accumulated Depreciation | 487,470 | ||||
Development and Redevelopment Properties [Member] | Parkside Town Commons Phase II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 46,064,943 | ||||
Initial Cost, Land | 6,957,266 | ||||
Initial Cost, Building & Improvements | 58,091,357 | ||||
Gross Carry Amount Close of Period, Land | 6,957,266 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 58,091,357 | ||||
Gross Carry Amount Close of Period, Total | 65,048,623 | ||||
Accumulated Depreciation | 205,891 | ||||
Development and Redevelopment Properties [Member] | Tamiami Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 16,014,064 | [1] | |||
Initial Cost, Building & Improvements | 4,350,065 | [1] | |||
Gross Carry Amount Close of Period, Land | 16,014,064 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 4,350,065 | [1] | |||
Gross Carry Amount Close of Period, Total | 20,364,129 | [1] | |||
Accumulated Depreciation | [1] | ||||
Development and Redevelopment Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 76,483,229 | ||||
Initial Cost, Land | 52,214,961 | ||||
Initial Cost, Building & Improvements | 151,638,590 | ||||
Gross Carry Amount Close of Period, Land | 52,214,961 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 153,504,082 | ||||
Gross Carry Amount Close of Period, Total | 205,719,043 | ||||
Accumulated Depreciation | 10,402,925 | ||||
Other Property [Member] | Beacon Hill Shopping Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 3,657,515 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 3,657,515 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 3,657,515 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | Bridgewater Marketplace [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 1,971,211 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 1,971,211 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 1,971,211 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | Eddy Street Commons [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1],[2] | ||||
Initial Cost, Land | 2,403,713 | [1],[2] | |||
Initial Cost, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Land | 2,403,713 | [1],[2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Total | 2,403,713 | [1],[2] | |||
Accumulated Depreciation | [1],[2] | ||||
Other Property [Member] | Deerwood Lake [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1],[2] | ||||
Initial Cost, Land | [1],[2] | ||||
Initial Cost, Building & Improvements | 15,656,487 | [1],[2] | |||
Gross Carry Amount Close of Period, Land | [1],[2] | ||||
Gross Carry Amount Close of Period, Building & Improvements | 15,656,487 | [1],[2] | |||
Gross Carry Amount Close of Period, Total | 15,656,487 | [1],[2] | |||
Accumulated Depreciation | [1],[2] | ||||
Other Property [Member] | Eagle Creek IV [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1],[2] | ||||
Initial Cost, Land | 2,105,444 | [1],[2] | |||
Initial Cost, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Land | 2,105,444 | [1],[2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Total | 2,105,444 | [1],[2] | |||
Accumulated Depreciation | [1],[2] | ||||
Other Property [Member] | Fox Lake Crossing II [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 3,458,414 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 3,458,414 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 3,458,414 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | KRG Development [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | [2] | ||||
Initial Cost, Building & Improvements | 609,207 | [2] | |||
Gross Carry Amount Close of Period, Land | [2] | ||||
Gross Carry Amount Close of Period, Building & Improvements | 609,207 | [2] | |||
Gross Carry Amount Close of Period, Total | 609,207 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | KRG New Hill [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1],[2] | ||||
Initial Cost, Land | 5,593,657 | [1],[2] | |||
Initial Cost, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Land | 5,593,657 | [1],[2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [1],[2] | ||||
Gross Carry Amount Close of Period, Total | 5,593,657 | [1],[2] | |||
Accumulated Depreciation | [1],[2] | ||||
Other Property [Member] | KR Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 6,032,552 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 6,032,552 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 6,032,552 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | KRG Peakway [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 16,321,834 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 16,321,834 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 16,321,834 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | Pan Am Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 8,901,806 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 8,901,806 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 8,901,806 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | Parkside Town Commons - Phase III [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 46,920 | [2] | |||
Initial Cost, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Land | 46,920 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | [2] | ||||
Gross Carry Amount Close of Period, Total | 46,920 | [2] | |||
Accumulated Depreciation | [2] | ||||
Other Property [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [2] | ||||
Initial Cost, Land | 50,493,066 | [2] | |||
Initial Cost, Building & Improvements | 16,265,694 | [2] | |||
Gross Carry Amount Close of Period, Land | 50,493,066 | [2] | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,265,694 | [2] | |||
Gross Carry Amount Close of Period, Total | 66,758,760 | [2] | |||
Accumulated Depreciation | [2] | ||||
Held-for-Sale Operating Properties [Member] | Eastside Junction [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 6,270,000 | ||||
Initial Cost, Land | 2,042,196 | ||||
Initial Cost, Building & Improvements | 11,943,001 | ||||
Gross Carry Amount Close of Period, Land | 2,042,196 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 11,943,001 | ||||
Gross Carry Amount Close of Period, Total | 13,985,197 | ||||
Accumulated Depreciation | 124,266 | ||||
Held-for-Sale Operating Properties [Member] | Fairgrounds Crossing [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 13,453,000 | ||||
Initial Cost, Land | 6,450,613 | ||||
Initial Cost, Building & Improvements | 23,770,721 | ||||
Gross Carry Amount Close of Period, Land | 6,450,613 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 23,770,721 | ||||
Gross Carry Amount Close of Period, Total | 30,221,334 | ||||
Accumulated Depreciation | 250,076 | ||||
Held-for-Sale Operating Properties [Member] | Hawk Ridge [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | [1] | ||||
Initial Cost, Land | 1,212,022 | [1] | |||
Initial Cost, Building & Improvements | 11,634,576 | [1] | |||
Gross Carry Amount Close of Period, Land | 1,212,022 | [1] | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,634,576 | [1] | |||
Gross Carry Amount Close of Period, Total | 12,846,598 | [1] | |||
Accumulated Depreciation | 134,843 | [1] | |||
Held-for-Sale Operating Properties [Member] | Prattville Town Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 15,930,000 | ||||
Initial Cost, Land | 4,068,900 | ||||
Initial Cost, Building & Improvements | 29,000,302 | ||||
Gross Carry Amount Close of Period, Land | 4,068,900 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 29,000,302 | ||||
Gross Carry Amount Close of Period, Total | 33,069,202 | ||||
Accumulated Depreciation | 271,597 | ||||
Held-for-Sale Operating Properties [Member] | Regal Court [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 23,900,000 | ||||
Initial Cost, Land | 21,103,656 | ||||
Initial Cost, Building & Improvements | 29,331,584 | ||||
Gross Carry Amount Close of Period, Land | 21,103,656 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 29,331,584 | ||||
Gross Carry Amount Close of Period, Total | 50,435,240 | ||||
Accumulated Depreciation | 305,858 | ||||
Held-for-Sale Operating Properties [Member] | Walgreens Plaza [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 4,650,000 | ||||
Initial Cost, Land | 1,517,283 | ||||
Initial Cost, Building & Improvements | 13,516,751 | ||||
Gross Carry Amount Close of Period, Land | 1,517,283 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 13,516,751 | ||||
Gross Carry Amount Close of Period, Total | 15,034,034 | ||||
Accumulated Depreciation | 77,926 | ||||
Held-for-Sale Operating Properties [Member] | Whispering Ridge [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 5,000,000 | ||||
Initial Cost, Land | 2,827,498 | ||||
Initial Cost, Building & Improvements | 12,378,794 | ||||
Gross Carry Amount Close of Period, Land | 2,827,498 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 12,378,794 | ||||
Gross Carry Amount Close of Period, Total | 15,206,292 | ||||
Accumulated Depreciation | 100,363 | ||||
Held-for-Sale Operating Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 69,203,000 | ||||
Initial Cost, Land | 39,222,168 | ||||
Initial Cost, Building & Improvements | 131,575,729 | ||||
Gross Carry Amount Close of Period, Land | 39,222,168 | ||||
Gross Carry Amount Close of Period, Building & Improvements | 131,575,729 | ||||
Gross Carry Amount Close of Period, Total | 170,797,897 | ||||
Accumulated Depreciation | 1,264,929 | ||||
Line of Credit/Term Loan [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 390,000,000 | [1] | |||
Initial Cost, Land | [1] | ||||
Initial Cost, Building & Improvements | [1] | ||||
Gross Carry Amount Close of Period, Land | [1] | ||||
Gross Carry Amount Close of Period, Building & Improvements | [1] | ||||
Gross Carry Amount Close of Period, Total | [1] | ||||
Accumulated Depreciation | [1] | ||||
[1] | This property or a portion of the property is included as an Unencumbered Pool Property used in calculating the Company's line of credit borrowing base. | ||||
[2] | This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table. |
Schedule_III_Consolidated_Real3
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Changes in Investment Properties (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in Investment Properties [Abstract] | |||
Balance, beginning of year | $1,872,088,000 | $1,390,213,000 | $1,268,254,000 |
Merger and Acquisitions | 2,128,278,000 | 419,080,000 | 76,531,000 |
Consolidation of subsidiary | 33,701,000 | ||
Improvements | 103,688,000 | 111,968,000 | 106,307,000 |
Disposals | -206,923,000 | -49,173,000 | -94,580,000 |
Balance, end of year | 3,897,131,214 | 1,872,088,000 | 1,390,213,000 |
Balance, beginning of year | 229,286,000 | 190,972,000 | 174,167,000 |
Depreciation expense | 103,155,000 | 49,392,000 | 37,429,000 |
Disposals | -18,917,000 | -11,078,000 | -20,624,000 |
Balance, end of year | $313,524,107 | $229,286,000 | $190,972,000 |
Schedule_III_Consolidated_Real4
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - Assumptions for Depreciation | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |