Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | KITE REALTY GROUP TRUST | ||
Entity Central Index Key | 1,286,043 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 83,599,742 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,600,000,000 | ||
Kite Realty Group, LP | |||
Entity Information [Line Items] | |||
Entity Registrant Name | KITE REALTY GROUP, L.P. | ||
Entity Central Index Key | 1,636,315 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Investment properties, at cost | $ 3,957,884,000 | $ 3,996,065,000 |
Less: accumulated depreciation | (664,614,000) | (560,683,000) |
Real estate investment property, net | 3,293,270,000 | 3,435,382,000 |
Cash and cash equivalents | 24,082,000 | 19,874,000 |
Tenant and other receivables | 58,328,000 | 53,087,000 |
Restricted cash and escrow deposits | 8,094,000 | 9,037,000 |
Deferred costs and intangibles, net | 112,359,000 | 129,264,000 |
Prepaid and other assets | 16,365,000 | 9,727,000 |
Total Assets | 3,512,498,000 | 3,656,371,000 |
Liabilities and Equity: | ||
Mortgage and other indebtedness | 1,699,239,000 | 1,731,074,000 |
Accounts payable and accrued expenses | 78,482,000 | 80,664,000 |
Deferred revenue and intangibles, net and other liabilities | 96,564,000 | 112,202,000 |
Total Liabilities | 1,874,285,000 | 1,923,940,000 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 72,104,000 | 88,165,000 |
Kite Realty Group Trust Shareholders’ Equity | ||
Common Shares | 836,000 | 835,000 |
Additional paid in capital and other | 2,071,418,000 | 2,062,360,000 |
Accumulated other comprehensive loss | 2,990,000 | (316,000) |
Accumulated deficit | (509,833,000) | (419,305,000) |
Total Kite Realty Group Trust Shareholders’ Equity | 1,565,411,000 | 1,643,574,000 |
Noncontrolling Interests | 698,000 | 692,000 |
Total Equity | 1,566,109,000 | 1,644,266,000 |
Total Liabilities and Equity | 3,512,498,000 | 3,656,371,000 |
Kite Realty Group, LP | ||
Assets: | ||
Investment properties, at cost | 3,957,884,000 | 3,996,065,000 |
Less: accumulated depreciation | (664,614,000) | (560,683,000) |
Real estate investment property, net | 3,293,270,000 | 3,435,382,000 |
Cash and cash equivalents | 24,082,000 | 19,874,000 |
Tenant and other receivables | 58,328,000 | 53,087,000 |
Restricted cash and escrow deposits | 8,094,000 | 9,037,000 |
Deferred costs and intangibles, net | 112,359,000 | 129,264,000 |
Prepaid and other assets | 16,365,000 | 9,727,000 |
Total Assets | 3,512,498,000 | 3,656,371,000 |
Liabilities and Equity: | ||
Mortgage and other indebtedness | 1,699,239,000 | 1,731,074,000 |
Accounts payable and accrued expenses | 78,482,000 | 80,664,000 |
Deferred revenue and intangibles, net and other liabilities | 96,564,000 | 112,202,000 |
Total Liabilities | 1,874,285,000 | 1,923,940,000 |
Commitments and contingencies | 0 | 0 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 72,104,000 | 88,165,000 |
Kite Realty Group Trust Shareholders’ Equity | ||
Common Shares | 1,562,421,000 | 1,643,890,000 |
Accumulated other comprehensive loss | 2,990,000 | (316,000) |
Total Kite Realty Group Trust Shareholders’ Equity | 1,565,411,000 | 1,643,574,000 |
Noncontrolling Interests | 698,000 | 692,000 |
Total Equity | 1,566,109,000 | 1,644,266,000 |
Total Liabilities and Equity | $ 3,512,498,000 | $ 3,656,371,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued straight-line rent (in Dollars) | $ 31,747 | $ 28,703 |
Common Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 225,000,000 | 225,000,000 |
Common Shares, shares issued | 83,606,068 | 83,545,398 |
Common shares outstanding (in shares) | 83,606,068 | 83,545,398 |
Kite Realty Group, LP | ||
Accrued straight-line rent (in Dollars) | $ 31,747 | $ 28,703 |
Common Shares, shares issued | 83,606,068 | 83,545,398 |
Common shares outstanding (in shares) | 83,606,068 | 83,545,398 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Minimum rent | $ 273,444 | $ 274,059 | $ 263,794 |
Tenant reimbursements | 73,000 | 70,482 | 70,235 |
Other property related revenue | 11,998 | 9,581 | 12,976 |
Management fees revenue | 377 | 0 | 0 |
Total revenue | 358,819 | 354,122 | 347,005 |
Expenses: | |||
Property operating | 49,643 | 47,923 | 49,973 |
Real estate taxes | 43,180 | 42,838 | 40,904 |
General, administrative, and other | 21,749 | 20,603 | 18,709 |
Transaction costs | 0 | 2,771 | 1,550 |
Non-cash gain from release of assumed earnout liability | 0 | 0 | (4,832) |
Impairment charge | 7,411 | 0 | 1,592 |
Depreciation and amortization | 172,091 | 174,564 | 167,312 |
Total expenses | 294,074 | 288,699 | 275,208 |
Operating income | 64,745 | 65,423 | 71,797 |
Interest expense | (65,702) | (65,577) | (56,432) |
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814) | (186) |
Non-cash gain on debt extinguishment | 0 | 0 | 5,645 |
Gain on settlement | 0 | 0 | 4,520 |
Other expense, net | (415) | (169) | (95) |
Loss (income) before gains on sale of operating properties, net | (1,272) | (1,137) | 25,249 |
Gain on sale of operating properties, net | 15,160 | 4,253 | 4,066 |
Consolidated net income | 13,888 | 3,116 | 29,315 |
Net income attributable to noncontrolling interests | (2,014) | (1,933) | (2,198) |
Net income attributable to Kite Realty Group Trust | 11,874 | 1,183 | 27,117 |
Dividends on preferred shares | 0 | 0 | (7,877) |
Non-cash adjustment for redemption of preferred shares | 0 | 0 | (3,797) |
Net income attributable to common shareholders | $ 11,874 | $ 1,183 | $ 15,443 |
Net income per common share – basic: | |||
Net income attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.19 |
Net income per common share – diluted: | |||
Net income attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.18 |
Weighted average common shares outstanding - basic (in shares) | 83,585,333 | 83,436,511 | 83,421,904 |
Weighted average common shares outstanding - diluted (in shares) | 83,690,418 | 83,465,500 | 83,534,381 |
Dividends declared per common share (in dollars per share) | $ 1.225 | $ 1.165 | $ 1.090 |
Change in fair value of derivatives | $ 3,384 | $ 1,871 | $ (995) |
Total comprehensive income | 17,272 | 4,987 | 28,320 |
Comprehensive income attributable to noncontrolling interests | (2,092) | (1,975) | (2,173) |
Comprehensive income attributable to Kite Realty Group Trust | 15,180 | 3,012 | 26,147 |
Kite Realty Group, LP | |||
Revenue: | |||
Minimum rent | 273,444 | 274,059 | 263,794 |
Tenant reimbursements | 73,000 | 70,482 | 70,235 |
Other property related revenue | 11,998 | 9,581 | 12,976 |
Management fees revenue | 377 | 0 | 0 |
Total revenue | 358,819 | 354,122 | 347,005 |
Expenses: | |||
Property operating | 49,643 | 47,923 | 49,973 |
Real estate taxes | 43,180 | 42,838 | 40,904 |
General, administrative, and other | 21,749 | 20,603 | 18,709 |
Transaction costs | 0 | 2,771 | 1,550 |
Non-cash gain from release of assumed earnout liability | 0 | 0 | (4,832) |
Impairment charge | 7,411 | 0 | 1,592 |
Depreciation and amortization | 172,091 | 174,564 | 167,312 |
Total expenses | 294,074 | 288,699 | 275,208 |
Operating income | 64,745 | 65,423 | 71,797 |
Interest expense | (65,702) | (65,577) | (56,432) |
Income tax benefit (expense) of taxable REIT subsidiary | 100 | (814) | (186) |
Non-cash gain on debt extinguishment | 0 | 0 | 5,645 |
Gain on settlement | 0 | 0 | 4,520 |
Other expense, net | (415) | (169) | (95) |
Loss (income) before gains on sale of operating properties, net | (1,272) | (1,137) | 25,249 |
Gain on sale of operating properties, net | 15,160 | 4,253 | 4,066 |
Consolidated net income | 13,888 | 3,116 | 29,315 |
Net income attributable to noncontrolling interests | (1,733) | (1,906) | (1,854) |
Dividends on preferred shares | 0 | 0 | (7,877) |
Non-cash adjustment for redemption of preferred shares | 0 | 0 | (3,797) |
Net income attributable to common shareholders | 12,155 | 1,210 | 15,787 |
Allocation of net income: | |||
Limited Partners | 281 | 27 | 344 |
Parent Company | $ 11,874 | $ 1,183 | $ 15,443 |
Net income per common share – basic: | |||
Net income attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.19 |
Net income per common share – diluted: | |||
Net income attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.18 |
Weighted average common shares outstanding - basic (in shares) | 85,566,272 | 85,374,910 | 85,219,827 |
Weighted average common shares outstanding - diluted (in shares) | 85,671,358 | 85,403,899 | 85,332,303 |
Dividends declared per common share (in dollars per share) | $ 1.225 | $ 1.165 | $ 1.09 |
Change in fair value of derivatives | $ 3,384 | $ 1,871 | $ (995) |
Total comprehensive income | 17,272 | 4,987 | 28,320 |
Comprehensive income attributable to noncontrolling interests | (1,733) | (1,906) | (1,854) |
Comprehensive income attributable to Kite Realty Group Trust | $ 15,539 | $ 3,081 | $ 26,466 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balances (in shares) at Dec. 31, 2014 | 4,100,000 | 83,490,663 | ||||
Beginning balances at Dec. 31, 2014 | $ 1,898,784 | $ 102,500 | $ 835 | $ 2,044,425 | $ (1,175) | $ (247,801) |
Stock compensation activity (in shares) | 173,798 | |||||
Stock compensation activity | (3,742) | $ (2) | (3,744) | |||
Other comprehensive loss attributable to Kite Realty Group Trust | (970) | (970) | ||||
Distributions declared to common shareholders | (90,899) | (90,899) | ||||
Dividends on preferred shares | (7,877) | (7,877) | ||||
Redemption of preferred shares (in shares) | (4,100,000) | |||||
Redemption of preferred shares | 102,500 | $ 102,500 | 3,797 | 3,797 | ||
Net income attributable to Kite Realty Group Trust | 27,117 | 27,117 | ||||
Acquisition of partners' interests in consolidated joint ventures | 1,445 | 1,445 | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 18,000 | |||||
Exchange of redeemable noncontrolling interests for common shares | 487 | 487 | ||||
Noncontrolling Interest, Period Increase (Decrease) | (3,353) | (3,353) | ||||
Ending balances (in shares) at Dec. 31, 2015 | 0 | 83,334,865 | ||||
Ending balances at Dec. 31, 2015 | 1,725,976 | $ 0 | $ 833 | 2,050,545 | (2,145) | (323,257) |
Issuance of common shares, net (in shares) | 137,229 | |||||
Issuance of common shares, net | 3,837 | $ 1 | 3,836 | |||
Stock compensation activity (in shares) | 67,804 | |||||
Stock compensation activity | (5,043) | $ (1) | (5,042) | |||
Other comprehensive loss attributable to Kite Realty Group Trust | 1,829 | 1,829 | ||||
Distributions declared to common shareholders | (97,231) | (97,231) | ||||
Dividends on preferred shares | 0 | |||||
Net income attributable to Kite Realty Group Trust | 1,183 | 1,183 | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 5,500 | |||||
Exchange of redeemable noncontrolling interests for common shares | 149 | 149 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 2,788 | 2,788 | ||||
Ending balances (in shares) at Dec. 31, 2016 | 0 | 83,545,398 | ||||
Ending balances at Dec. 31, 2016 | 1,643,574 | $ 0 | $ 835 | 2,062,360 | (316) | (419,305) |
Stock compensation activity (in shares) | 48,670 | |||||
Stock compensation activity | (5,916) | $ (1) | (5,915) | |||
Other comprehensive loss attributable to Kite Realty Group Trust | 3,306 | 3,306 | ||||
Distributions declared to common shareholders | (102,402) | (102,402) | ||||
Dividends on preferred shares | 0 | |||||
Net income attributable to Kite Realty Group Trust | 11,874 | 11,874 | ||||
Acquisition of partners' interests in consolidated joint ventures | (3,750) | (3,750) | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 12,000 | |||||
Exchange of redeemable noncontrolling interests for common shares | 236 | 236 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 6,657 | 6,657 | ||||
Ending balances (in shares) at Dec. 31, 2017 | 0 | 83,606,068 | ||||
Ending balances at Dec. 31, 2017 | $ 1,565,411 | $ 0 | $ 836 | $ 2,071,418 | $ 2,990 | $ (509,833) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flow from operating activities: | |||
Consolidated net income | $ 13,888 | $ 3,116 | $ 29,315 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Gain on sale of operating properties, net of tax | (15,160) | (4,253) | (4,066) |
Impairment charge | 7,411 | 0 | 1,592 |
Non-cash gain on debt extinguishment | 0 | 0 | (5,645) |
Loss on debt extinguishment | 0 | 1,430 | 0 |
Straight-line rent | (4,696) | (5,453) | (5,638) |
Depreciation and amortization | 174,625 | 179,084 | 170,521 |
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 |
Compensation expense for equity awards | 5,987 | 5,214 | 4,580 |
Amortization of debt fair value adjustment | (2,913) | (4,412) | (5,834) |
Amortization of in-place lease liabilities | (3,677) | (6,863) | (3,347) |
Non-cash gain from release of assumed earnout liability | 0 | 0 | (4,832) |
Changes in assets and liabilities: | |||
Tenant receivables | (5,832) | (519) | (1,510) |
Deferred costs and other assets | (12,533) | (13,509) | (6,646) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (6,228) | (388) | (903) |
Payments on assumed earnout liability | 0 | (1,285) | (2,581) |
Net cash provided by operating activities | 153,658 | 154,933 | 169,337 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | 0 | 0 | (166,411) |
Capital expenditures, net | (70,526) | (94,319) | (92,564) |
Net proceeds from sales of operating properties | 76,076 | 14,186 | 170,016 |
Change in construction payables | (4,276) | (3,024) | 4,562 |
Collection of note receivable | 0 | 500 | 0 |
Payments to acquire equity method investments | (1,400) | 0 | 0 |
Net cash used in investing activities | (126) | (82,657) | (84,397) |
Cash flow from financing activities: | |||
Common share issuance proceeds, net of costs | 0 | 4,402 | 0 |
Payments for redemption of preferred shares | 0 | 0 | (102,500) |
Repurchases of common shares upon the vesting of restricted shares | (808) | (1,125) | (1,002) |
Purchase of redeemable noncontrolling interests | 0 | 0 | (33,998) |
Loan proceeds | 97,700 | 608,301 | 984,303 |
Loan transaction costs | 0 | (8,084) | (4,913) |
Loan payments | (129,156) | (589,501) | (835,019) |
Loss on debt extinguishment | 0 | (1,430) | 0 |
Distributions paid – common shareholders | (101,128) | (94,669) | (89,379) |
Distributions paid – preferred shareholders | 0 | 0 | (8,582) |
Payment for partial redemption of redeemable noncontrolling interest | (8,261) | 0 | 0 |
Net cash used in financing activities | (149,324) | (86,282) | (94,886) |
Increase (decrease) in cash and cash equivalents | 4,208 | (14,006) | (9,946) |
Cash and cash equivalents, beginning of year | 19,874 | 33,880 | 43,826 |
Cash and cash equivalents, end of year | 24,082 | 19,874 | 33,880 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 68,819 | 67,172 | 61,306 |
Cash paid for taxes | 0 | 545 | 281 |
Redeemable Noncontrolling Interests | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | (3,921) | (3,924) | (3,681) |
Payment for partial redemption of redeemable noncontrolling interest | (8,261) | 0 | 0 |
Noncontrolling Interests in Properties | |||
Cash flow from financing activities: | |||
Payments for purchase of noncontrolling interest | (3,750) | 0 | 0 |
Distributions to noncontrolling interests | 0 | (252) | (115) |
Kite Realty Group, LP | |||
Cash flow from operating activities: | |||
Consolidated net income | 13,888 | 3,116 | 29,315 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Gain on sale of operating properties, net of tax | (15,160) | (4,253) | (4,066) |
Impairment charge | 7,411 | 0 | 1,592 |
Non-cash gain on debt extinguishment | 0 | 0 | (5,645) |
Loss on debt extinguishment | 0 | 1,430 | 0 |
Straight-line rent | (4,696) | (5,453) | (5,638) |
Depreciation and amortization | 174,625 | 179,084 | 170,521 |
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 |
Compensation expense for equity awards | 5,987 | 5,214 | 4,580 |
Amortization of debt fair value adjustment | (2,913) | (4,412) | (5,834) |
Amortization of in-place lease liabilities | (3,677) | (6,863) | (3,347) |
Non-cash gain from release of assumed earnout liability | 0 | 0 | (4,832) |
Changes in assets and liabilities: | |||
Tenant receivables | (5,832) | (519) | (1,510) |
Deferred costs and other assets | (12,533) | (13,509) | (6,646) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (6,228) | (388) | (903) |
Payments on assumed earnout liability | 0 | (1,285) | (2,581) |
Net cash provided by operating activities | 153,658 | 154,933 | 169,337 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | 0 | 0 | (166,411) |
Capital expenditures, net | (70,526) | (94,319) | (92,564) |
Net proceeds from sales of operating properties | 76,076 | 14,186 | 170,016 |
Change in construction payables | (4,276) | (3,024) | 4,562 |
Collection of note receivable | 0 | 500 | 0 |
Payments to acquire equity method investments | (1,400) | 0 | 0 |
Net cash used in investing activities | (126) | (82,657) | (84,397) |
Cash flow from financing activities: | |||
Common share issuance proceeds, net of costs | 0 | 4,402 | 0 |
Payments for redemption of preferred shares | 0 | 0 | (102,500) |
Repurchases of common shares upon the vesting of restricted shares | (808) | (1,125) | (1,002) |
Purchase of redeemable noncontrolling interests | 0 | 0 | (33,998) |
Loan proceeds | 97,700 | 608,301 | 984,303 |
Loan transaction costs | 0 | (8,084) | (4,913) |
Loan payments | (129,156) | (589,501) | (835,019) |
Loss on debt extinguishment | 0 | (1,430) | 0 |
Distributions paid – common shareholders | (101,128) | (94,669) | (89,379) |
Distributions paid – preferred shareholders | 0 | 0 | (8,582) |
Payment for partial redemption of redeemable noncontrolling interest | (8,261) | 0 | 0 |
Net cash used in financing activities | (149,324) | (86,282) | (94,886) |
Increase (decrease) in cash and cash equivalents | 4,208 | (14,006) | (9,946) |
Cash and cash equivalents, beginning of year | 19,874 | 33,880 | 43,826 |
Cash and cash equivalents, end of year | 24,082 | 19,874 | 33,880 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 68,819 | 67,172 | 61,306 |
Cash paid for taxes | 0 | 545 | 281 |
Kite Realty Group, LP | Redeemable Noncontrolling Interests | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | (3,921) | (3,924) | (3,681) |
Kite Realty Group, LP | Noncontrolling Interests in Properties | |||
Cash flow from financing activities: | |||
Payments for purchase of noncontrolling interest | (3,750) | 0 | 0 |
Distributions to noncontrolling interests | $ 0 | $ (252) | $ (115) |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity Statement - USD ($) $ in Thousands | Total | Kite Realty Group, LP | Kite Realty Group, LPGeneral PartnerCommon Stock | Kite Realty Group, LPGeneral PartnerPreferred Stock | Kite Realty Group, LPGeneral PartnerAccumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2014 | $ 1,898,784 | $ 1,797,459 | $ 102,500 | $ (1,175) | |
Stock compensation activity | 3,742 | 3,742 | |||
Other comprehensive income attributable to Parent Company | (970) | (970) | |||
Distributions declared to Parent Company | (90,899) | (90,899) | |||
Distributions to preferred unitholders | $ (7,877) | (7,877) | (7,877) | ||
Redemption of preferred units | (102,500) | (98,703) | (3,797) | (102,500) | |
Net income attributable to parent | 27,117 | 15,443 | 7,877 | ||
Net Income (Loss) Attributable to Parent, Excluding Other Preferred Stock Dividends and Adjustments | 23,320 | ||||
Acquisition of partners' interests in consolidated joint ventures | 1,445 | 1,445 | 1,445 | ||
Conversion of Limited Partner Units to shares of the Parent Company | 487 | 487 | |||
Adjustment to redeemable noncontrolling interests | (3,353) | (3,353) | |||
Ending balance at Dec. 31, 2015 | 1,725,976 | 1,728,121 | 0 | (2,145) | |
Stock compensation activity | 5,043 | 5,043 | |||
Capital contribution from Parent Company | 3,837 | 3,837 | |||
Other comprehensive income attributable to Parent Company | 1,829 | 1,829 | |||
Distributions declared to Parent Company | (97,231) | (97,231) | |||
Distributions to preferred unitholders | 0 | 0 | |||
Net income attributable to parent | 1,183 | 1,183 | |||
Net Income (Loss) Attributable to Parent, Excluding Other Preferred Stock Dividends and Adjustments | 1,183 | ||||
Conversion of Limited Partner Units to shares of the Parent Company | 149 | 149 | |||
Adjustment to redeemable noncontrolling interests | (2,788) | (2,788) | |||
Ending balance at Dec. 31, 2016 | 1,643,574 | 1,643,890 | 0 | (316) | |
Stock compensation activity | 5,916 | 5,916 | |||
Other comprehensive income attributable to Parent Company | 3,306 | 3,306 | |||
Distributions declared to Parent Company | (102,402) | (102,402) | |||
Distributions to preferred unitholders | 0 | 0 | |||
Net income attributable to parent | 11,874 | 11,874 | |||
Net Income (Loss) Attributable to Parent, Excluding Other Preferred Stock Dividends and Adjustments | 11,874 | ||||
Acquisition of partners' interests in consolidated joint ventures | $ (3,750) | (3,750) | (3,750) | ||
Conversion of Limited Partner Units to shares of the Parent Company | 236 | 236 | |||
Adjustment to redeemable noncontrolling interests | (6,657) | (6,657) | |||
Ending balance at Dec. 31, 2017 | $ 1,565,411 | $ 1,562,421 | $ 0 | $ 2,990 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in selected markets in the United States. The terms "Company," "we," "us," and "our" refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership. The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (a “REIT”) under provisions of the Internal Revenue Code of 1986, as amended. The Parent Company is the sole general partner of the Operating Partnership, and as of December 31, 2017 owned approximately 97.7% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.3% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. At December 31, 2017 , we owned interests in 117 operating and redevelopment properties totaling approximately 23.3 million square feet. We also owned two development projects under construction as of this date. At December 31, 2016 , we owned interests in 119 operating and redevelopment properties totaling approximately 23.4 million square feet. We also owned two development projects under construction as of this date. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 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 as of December 31, 2017 and December 31, 2016 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,873,149 $ 3,885,223 Furniture, equipment and other 8,453 7,246 Land held for development 31,142 34,171 Construction in progress 45,140 69,425 $ 3,957,884 $ 3,996,065 Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership 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 Operating Partnership accounts for properties that are owned by joint ventures in accordance with the consolidation guidance. The Operating Partnership evaluates each joint venture and determines first whether to follow the VIE or the voting interest entity ("VOE") model. Once the appropriate consolidation model is identified, the Operating Partnership then evaluates whether it should consolidate the joint venture. Under the VIE model, the Operating Partnership consolidates an entity when it 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. Under the VOE model, the Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership. In determining whether to consolidate a VIE with the Operating Partnership, we consider all relationships between the Operating Partnership and the applicable 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. As of December 31, 2017 , we owned investments in three joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of this date, these VIEs had total debt of $238.8 million , which were secured by assets of the VIEs totaling $497.5 million . The Operating Partnership guarantees the debt of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary in accordance with the VIE model. Embassy Suites at the University of Notre Dame In December 2017, we formed a new joint venture with an unrelated third party to develop and own an Embassy Suites full-service hotel next to our Eddy Street Commons operating property at the University of Notre Dame. For the year ended December 31, 2017, we recorded fee income of $0.4 million . We contributed $1.4 million of cash to the joint venture in return for a 35% ownership interest in the venture. The joint venture has entered into a $33.8 million construction loan, against which no amount was drawn as of December 31, 2017. The joint venture is not considered a VIE. We are accounting for the joint venture under the equity method as both members have substantive participating rights and we do not control the activities of the venture. Fishers Station Operating Property In March 2017, we acquired our partner's noncontrolling interest in our Fishers Station operating property for $3.8 million . The transaction increased our controlling interest to 100% and was accounted for through equity in the consolidated statement of shareholders' equity. Cornelius Gateway Operating Property In 2015, we sold our Cornelius Gateway operating property that was owned in a consolidated joint venture. The loss, which was not material and is included in "gains on sale of operating properties, net" in the accompanying consolidated statement of operations, was allocated 80% and 20% between us and our partner in accordance with the joint venture's operating agreement. Beacon Hill Operating Property In 2015, we acquired our partner's interest in our Beacon Hill operating property. The transaction was accounted for as an equity transaction as we retained our controlling financial interest. 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 record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, 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, as defined below. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of 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, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. 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; • the value of having a lease in place at the acquisition date. 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; and • 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 there is any value to in-place leases that have a related customer relationship intangible value. Characteristics we consider in determining 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. We finalize the measurement period of our business combinations when all facts and circumstances are understood, but in no circumstances will the measurement period exceed one year. 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 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. Land is transferred to construction in progress once construction commences on the related project. We also capitalize costs such as land acquisition, building construction, 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 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 and development projects, 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 of the asset 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. Our impairment review for land and development properties assumes we have the intent and the ability to complete the developments or projected uses for the land parcels. If we determine those plans will not be completed or our assumptions with respect to operating assets are not realized, an impairment loss may be appropriate. Held for Sale and Discontinued Operations Operating properties will be classified as held for sale only when those properties are 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 classified as held for sale are carried at the lower of cost or fair value less estimated costs to sell. Depreciation and amortization are suspended during the held-for-sale period. 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 and certain municipalities. 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. Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820 , Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. 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. As discussed in Note 10 to the Financial Statements, we have determined that derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 7 to the Financial Statements includes a discussion of the fair values recorded for assets acquired and liabilities assumed. Note 8 to the Financial Statements includes a discussion of the fair values recorded when we recognized impairment charges in 2017 and 2015. 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 ASC 820, Fair Value Measurements and Disclosures . 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. 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, 2017 and 2016 , all of our derivative instruments qualify for hedge accounting. Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal sources 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 sales targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying consolidated 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 uncollectible 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 or losses from sales of real estate have historically been recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the asset, we have transferred to the buyer the usual risks and rewards of ownership, and we do not have a substantial continuing financial involvement in the property. As part of our ongoing business strategy, we 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 $5.2 million , $3.9 million , and $5.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. Tenant and Other Receivables and Allowance for Uncollectible Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral from its tenants other than corporate or personal guarantees. Other receivables consist primarily of amounts due from municipalities and from tenants for non-rental revenue related activities. An allowance for uncollectible accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. ($ in thousands) 2017 2016 2015 Balance, beginning of year $ 3,998 $ 4,325 $ 2,433 Provision for credit losses, net of recoveries 2,786 2,771 4,331 Accounts written off and other (3,297 ) (3,098 ) (2,439 ) Balance, end of year $ 3,487 $ 3,998 $ 4,325 For the years ended December 31, 2017 , 2016 and 2015 , the provision for credit losses, net of recoveries, represented 0.8% , 0.8% and 1.2% of total revenues, respectively. 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. Total billed receivables due from tenants leasing space in the states of Florida, Indiana, and Texas, consisted of the following as of December 31, 2017 and 2016 : ($ in thousands) As of December 31, 2017 2017 2016 Florida 61 % 53 % Indiana 9 % 7 % Texas 4 % 2 % For the years ended December 31, 2017 , 2016 , and 2015 , the Company's revenue recognized from tenants leasing space in the states of Florida, Indiana, and Texas, were as follows: ($ in thousands) Year Ended December 31, 2017 2016 2015 Florida 24 % 25 % 25 % Indiana 14 % 15 % 14 % Texas 13 % 13 % 12 % Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; units under our Outperformance Incentive Compensation Plan ("Outperformance Plan"); and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding for the years ended December 31, 2017 , 2016 and 2015 were 2.0 million , 1.9 million and 1.8 million , respectively. Approximately 0.1 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit because their impact was not dilutive for each of the twelve months ended December 31, 2017 , 2016 and 2015 . Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring and evaluating financial performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. Income Taxes and REIT Compliance Parent Company The Parent 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 it to maintain its qualification as a REIT for federal income tax purposes. As a result, it generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates 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 the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary of the Operating Partnership, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. 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 tax 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. Operating Partnership The allocated share of income and loss, other than the operations of our taxable REIT subsidiary, is included in the income tax returns of the Operating Partnership's partners. Accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with the taxable REIT subsidiary. 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 non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2017 , 2016 , and 2015 were as follows: ($ in thousands) 2017 2016 2015 Noncontrolling interests balance January 1 $ 692 $ 773 $ 3,364 Net income allocable to noncontrolling interests, 6 171 111 Distributions to noncontrolling interests — (252 ) (115 ) Acquisition of partner's interest in Beacon Hill operating property — — (2,353 ) Partner's share of loss on sale of Cornelius Gateway operating property — — (234 ) Noncontrolling interests balance at December 31 $ 698 $ 692 $ 773 Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the 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 holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. At December 31, 2017 , and 2016 , the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests 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 reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. For the years ended December 31, 2017 , 2016 , and 2015 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2017 2016 2015 Parent Company’s weighted average interest in 97.7 % 97.7 % 97.9 % Limited partners' weighted average interests in 2.3 % 2.3 % 2.1 % At December 31, 2017 and December 31, 2016 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.7% and 2.3% as of the end of each period presented. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 1,974,830 and 1,942,340 Limited Partner Units outstanding as of December 31, 2017 and 2016 , respectively. The increase in Limited Partner Units outstanding from December 31, 2016 is due primarily to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests - Subsidiaries Prior to our merger with Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") in 2014, 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 related to two of these three joint ventures remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. A portion of the Class B units became redeemable at our partner’s election in March 2017, and the remaining Class B units will become redeemable at our partner's election in October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in December 2020 and November 2022, with respect to the applicable joint venture, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. In March 2017, certain Class B unit holders exercised their right to redeem $8.3 million of their Class B units for cash. We funded the redemption using operating cash flows in December 2017. In 2015, we acquired our partner’s redeemable interest in our City Center operating property for $34.0 million and other non-redeemable rights and interests held by our partner for $0.4 million . We funded this acquisition in part with a $30 million draw on our unsecured revolving credit facility with the remainder funded by the issuance of Limited Partner Units in the Operating Partnership. As a result of this transaction, our guarantee of a $26.6 million loan on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC was terminated. We classify the remainder of the r |
Gain on Settlement
Gain on Settlement | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Gain on Settlement | Gain on Settlement In June 2015, we received $4.75 million to settle a dispute related to eminent domain and related damages at one of our operating properties. The settlement agreement did not restrict our use of the proceeds. These proceeds, net of certain costs, are included in gain on settlement within the consolidated statement of operations for the year ended December 31, 2015. We used the net proceeds to pay down the secured loan at this operating property. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Overview The Company's 2013 Equity Incentive Plan (the "Plan") authorizes options to acquire common shares 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 Accounting Standards Codification. The total share-based compensation expense, net of amounts capitalized, included in general and administrative expenses for the years ended December 31, 2017 , 2016 , and 2015 was $5.8 million , $5.1 million , and $4.4 million , respectively. For the years ended December 31, 2017 , 2016 , and 2015 , total share-based compensation cost capitalized for development and leasing activities was $1.7 million , $1.5 million , and $1.0 million , respectively. As of December 31, 2017 , there were 717,053 shares and units available for grant under the Plan. Share Options Pursuant to the Plan, the Company may periodically grant options to purchase common shares at an exercise price equal to the grant date fair value of the Company's common shares. Granted options typically vest over a five year period and expire 10 years from the grant date. The Company issues new common shares upon the exercise of options. A summary of option activity under the Plan as of December 31, 2017 , and changes during the year then ended, is presented below: ($ in thousands, except share and per share data) Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2017 182,462 $ 37.58 Granted — — Exercised — — Expired — — Forfeited (1,250 ) 10.56 Outstanding at December 31, 2017 $ 211,809 0.88 181,212 $ 37.77 Exercisable at December 31, 2017 $ 211,809 0.88 181,212 $ 37.77 Exercisable at December 31, 2016 182,378 $ 37.60 There were no options granted in 2017 , 2016 or 2015 . The aggregate intrinsic value of the 47,591 options exercised during the year ended December 31, 2016 was $0.8 million . 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 three to five years. The Company pays dividends on restricted shares and such dividends 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, 2017 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2017 291,608 $ 26.10 Shares granted 85,150 22.15 Shares forfeited (397 ) 26.24 Shares vested (117,254 ) 26.11 Restricted shares outstanding at December 31, 2017 259,107 $ 24.80 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2017 , 2016 , and 2015 : ($ in thousands, except share and per share data) Number of Restricted Shares Granted Weighted Average Fair Value of Restricted Shares Vested 2017 85,150 $ 22.15 $ 2,529 2016 81,603 26.87 3,313 2015 121,075 28.10 2,948 As of December 31, 2017 , there was $4.2 million of total unrecognized compensation cost related to restricted shares granted under the Plan, which is expected to be recognized in the consolidated statements of operations over a weighted-average period of 1.37 years. We expect to incur $2.1 million of this expense in 2018 , $1.1 million in 2019 , $0.6 million in 2020 , $0.3 million in 2021 , and the remainder in 2022 . Outperformance Plans The Compensation Committee of the Board of Trustees (the “Compensation Committee”) previously adopted outperformance plans to further align the interests of our shareholders and management by encouraging our senior officers and other key employees to “outperform” and to create shareholder value. In 2014, the Compensation Committee adopted the 2014 Kite Realty Group Trust Outperformance Incentive Compensation Plan (the “2014 OPP”) under the Plan and the partnership agreement of our Operating Partnership for members of executive management and certain other employees, pursuant to which participants are eligible to earn profit interests ("LTIP Units") in the Operating Partnership based on the achievement of certain performance criteria related to the Company’s common shares. The 2014 OPP was adopted mid-year and the OPP awards granted at that time were intended to encompass OPP awards for both the 2014 and 2015 fiscal years. As a result, the Compensation Committee did not adopt an outperformance incentive compensation plan in 2015. No awards were granted under the 2014 OPP in the 2015 fiscal year. In 2016, the Compensation Committee adopted the 2016 Kite Realty Group Trust Outperformance Incentive Compensation Plan (the “2016 OPP”) under the Plan and the partnership agreement of our Operating Partnership. Upon the adoption of the 2016 OPP, the Compensation Committee granted individual awards in the form of LTIP units that, subject to vesting and the satisfaction of other conditions, are exchangeable on a par unit value equal to the then trading price of one of our common shares. The terms of the 2016 OPP are similar to the terms of the 2014 OPP. The Compensation Committee did not adopt an outperformance incentive compensation plan in the 2017 fiscal year. In 2014 and 2016, participants in the 2014 OPP and the 2016 OPP were awarded the right to earn, in the aggregate, up to $7.5 million and up to $6.0 million of share-settled awards (the “bonus pool”) if, and only to the extent which, our total shareholder return (“TSR”) performance measures are achieved for the three -year period beginning July 1, 2014 and ending June 30, 2017 and for the three -year period beginning January 4, 2016 and ending December 31, 2018, respectively. Awarded interests not earned based on the TSR measures are forfeited. If the TSR performance measures are achieved at the end of each three -year performance period, participants will receive their percentage interest in the bonus pool as LTIP Units in the Operating Partnership. Such LTIP Units vest over an additional two -year service period. The compensation cost of the 2014 and 2016 Outperformance Plans were fixed as of the grant date and will be recognized regardless of whether the LTIP Units are ultimately earned, assuming the service requirement is met. The TSR performance measures were not achieved for the 2014 OPP and all potential awards were forfeited in 2017. The 2014 and 2016 awards were valued at an aggregate value of $2.3 million and $1.9 million , respectively, utilizing a Monte Carlo model simulation that takes into account various assumptions including the nature and history of the Company, financial and economic conditions affecting the Company, past results, current operations and future prospects of the Company, the historical TSR and total return volatility of the SNL U.S. REIT Index, price return volatility, dividend yields of the Company's common shares and the terms of the awards. We expect to incur $0.8 million of this expense in 2018 , $0.4 million in 2019 and $0.1 million in 2020 . Performance Awards In 2015, the Compensation Committee established overall target values for incentive compensation for each executive officer, with 50% of the target value being granted in the form of time-based restricted share awards and the remaining 50% being granted in the form of three -year performance share awards. Time-based restricted share awards were made on a discretionary basis in 2016 and 2017 based on review of each prior year's performance. In 2015 and 2016, the Compensation Committee awarded each of the four named executive officers a three -year performance award in the form of restricted performance share units ("PSUs"). The 2015 PSUs may be earned over a three -year performance period from January 1, 2015 to December 31, 2017 and the 2016 PSUs may be earned over a three -year performance period from January 1, 2016 to December 31, 2018. The performance criteria will be based on the relative total shareholder return ("TSR") achieved by the Company measured against a peer group over the three -year measurement period. Any PSUs earned at the end of the three -year period will be fully vested at that date. The total number of PSUs issued each year to the executive officers was based on a target value of $1.0 million , but may be earned in a range from 0% to 200% of the target value depending on our TSR over the measurement period in relation to the peer group. Based on the relative TSR over the 2015 PSU measurement period, we do not expect any PSUs to be earned and awarded to our executive officers in 2018. In 2017, the Compensation Committee awarded each of the four named executive officers a three -year performance award in the form of PSUs. The PSUs may be earned over a three -year performance period from January 1, 2017 to December 31, 2019. The performance criteria will be based 50% on the absolute TSR achieved by the Company over the three -year measurement period and 50% on the relative TSR achieved by the Company measured against a peer group over the three -year measurement period. The total number of PSUs issued to the executive officers was based on a target value of $2.0 million , but may be earned in a range from 0% to 200% of the target value depending on our absolute TSR over the measurement period and our relative TSR over the measurement period in relation to the peer group. The 2017, 2016 and 2015 PSUs were valued at an aggregate value of $2.2 million , $1.3 million and $1.1 million , respectively, utilizing a Monte Carlo simulation. We expect to incur $1.2 million of this expense in 2018 , $0.8 million in 2019 and less than $0.1 million in 2020 . The following table summarizes the activity for time-based restricted unit awards for the year ended December 31, 2017 : Number of Restricted Units Weighted Average Grant Date Fair Value per unit Restricted units outstanding at January 1, 2017 183,979 $ 22.57 Restricted units granted 44,490 23.22 Restricted units vested (78,021 ) 21.87 Restricted units outstanding at December 31, 2017 150,448 $ 23.13 The following table summarizes the time-based restricted unit grants and vestings during the years ended December 31, 2017 , 2016 , and 2015 : ($ in thousands, except unit and per unit data) Number of Restricted Units Granted Weighted Average Fair Value of Restricted Units Vested 2017 44,490 $ 23.22 $ 1,516 2016 46,562 26.48 1,929 2015 — — 1,694 As of December 31, 2017 , there was $2.4 million of total unrecognized compensation cost related to restricted units granted under the Plan, which is expected to be recognized in the consolidated statements of operations over a weighted-average period of 1.09 years. We expect to incur $1.4 million of this expense in 2018 , $0.6 million in 2019 , $0.3 million in 2020 , and the remainder in 2021 . |
Deferred Costs and Intangibles,
Deferred Costs and Intangibles, Net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Intangibles, net | Deferred Costs and Intangibles, net Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At December 31, 2017 and 2016 , deferred costs consisted of the following: ($ in thousands) 2017 2016 Acquired lease intangible assets $ 107,668 $ 125,144 Deferred leasing costs and other 68,335 63,810 176,003 188,954 Less—accumulated amortization (63,644 ) (59,690 ) Total $ 112,359 $ 129,264 The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2018 $ 2,485 $ 9,441 $ 11,926 2019 1,251 6,905 8,156 2020 1,070 5,909 6,979 2021 806 4,756 5,562 2022 556 4,152 4,708 Thereafter 2,557 26,412 28,969 Total $ 8,725 $ 57,575 $ 66,300 Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense in the accompanying consolidated statements of operations. The amortization of above market lease intangibles is included as a reduction to revenue. The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of deferred leasing costs, lease intangibles and other $ 22,960 $ 24,898 $ 25,187 Amortization of above market lease intangibles 4,025 6,602 6,860 |
Deferred Revenue, Intangibles,
Deferred Revenue, Intangibles, Net and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, Intangibles, Net and Other Liabilities | Deferred Revenue, Intangibles, Net and Other Liabilities Deferred revenue and other liabilities consist of the unamortized fair value of below market lease liabilities recorded in connection with purchase accounting, retainage payables for development and redevelopment projects, and tenant rent payments received in advance of the month in which they are due. The amortization of below market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2046. Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt. At December 31, 2017 and 2016 , deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) 2017 2016 Unamortized in-place lease liabilities $ 83,117 $ 95,360 Retainages payable and other 3,954 5,437 Tenant rents received in advance 9,493 11,405 Total $ 96,564 $ 112,202 The amortization of below market lease intangibles is included as a component of minimum rent in the accompanying consolidated statements and was $7.7 million , $13.5 million and $10.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2018 $ 6,304 2019 4,953 2020 4,454 2021 4,132 2022 3,957 Thereafter 59,317 Total $ 83,117 |
Acquisitions and Transaction Co
Acquisitions and Transaction Costs | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions and Transaction Costs During the years ended December 31, 2017 and 2016, we did not acquire any operating properties. The results of operations for the properties acquired during the year ended December 31, 2015, have been included in continuing operations within our consolidated financial statements since the respective dates of their acquisition. The fair value of the real estate and other assets acquired by the Company 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 primarily relied upon Level 2 and Level 3 inputs, as previously defined. Historically, transaction costs have been expensed as they are incurred, regardless of whether the transaction was ultimately completed or terminated. Transaction costs generally consist of legal, lender, due diligence, and other expenses for professional services. We did not incur any transaction costs for the year ended December 31, 2017. Transaction costs for the years ended December 31, 2016 and 2015 were $2.8 million and $1.6 million , respectively. In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center Newark, NJ July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2015: ($ in thousands) Investment properties, net $ 176,223 Lease-related intangible assets, net 17,436 Other assets 435 Total acquired assets 194,094 Mortgage and other indebtedness 18,473 Accounts payable and accrued expenses 2,125 Deferred revenue and other liabilities 8,269 Total assumed liabilities 28,867 Fair value of acquired net assets $ 165,227 The leases at the acquired properties had a weighted average remaining term at acquisition of approximately 9.4 years. The operating properties acquired in 2015 generated revenues of $8.8 million and a loss from continuing operations of $1.3 million (inclusive of depreciation and amortization expense of $5.8 million ) since their respective dates of acquisition through December 31, 2015. The revenues and loss from continuing operations are included in the consolidated statement of operations for the year ended December 31, 2015. |
Disposals of Operating Properti
Disposals of Operating Properties and Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals of Operating Properties and Impairment Charge | Disposals of Operating Properties and Impairment Charges During the year ended December 31, 2017, we sold four operating properties for aggregate gross proceeds of $76.1 million and a net gain of $15.2 million . The following summarizes our 2017 operating property dispositions. Property Name MSA Disposition Date Cove Center Stuart, FL March 2017 Clay Marketplace Birmingham, AL June 2017 The Shops at Village Walk Fort Myers, FL June 2017 Wheatland Towne Crossing Dallas, TX June 2017 In connection with the preparation and review of the financial statements for the three months ended March 31, 2017, we evaluated an operating property for impairment including shortening of the intended holding period. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of the asset. The Company estimated the fair value of the property to be $26.0 million using Level 3 inputs within the fair value hierarchy, primarily using the market approach. We compared the fair value measurement to the carrying value, which resulted in the recording of a non-cash impairment charge of $7.4 million . During the year ended December 31, 2016, we sold two operating properties for aggregate gross proceeds of $14.2 million and a net gain of $4.3 million . The following summarizes our 2016 operating property dispositions. Property Name MSA Disposition Date Shops at Otty Portland, OR June 2016 Publix at St. Cloud St. Cloud, FL December 2016 In 2015, we wrote off the book value of our Shops at Otty operating property and recorded a non-cash impairment charge of $1.6 million , as the estimated undiscounted cash flows over the remaining holding period did not exceed the carrying value of the asset. During the year ended December 31, 2015, we sold nine properties for aggregate gross proceeds of $170.0 million and a net gain of $4.1 million . The following summarizes our 2015 operating property dispositions. Property Name MSA Disposition Date Eastside Junction Athens, AL March 2015 Fairgrounds Crossing Hot Springs, AR March 2015 Hawk Ridge Saint Louis, MO March 2015 Prattville Town Center Prattville, AL March 2015 Regal Court Shreveport, LA March 2015 Whispering Ridge Omaha, NE March 2015 Walgreens Plaza Jacksonville, NC March 2015 Cornelius Gateway Portland, OR December 2015 Four Corner Square Seattle, WA December 2015 The results of all the operating properties sold in 2017, 2016 and 2015 are not included in discontinued operations in the accompanying statements of operations as none of the operating properties individually, nor in the aggregate, represent a strategic shift that has had or will have a material effect on our operations or financial results. |
Mortgage Loans and Other Indebt
Mortgage Loans and Other Indebtedness | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Loans and Other Indebtedness | Mortgage and Other Indebtedness Mortgage and other indebtedness consisted of the following as of December 31, 2017 and 2016 : ($ in thousands) As of December 31, 2017 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2017 $ 550,000 $ — $ (5,599 ) $ 544,401 Unsecured Revolving Credit Facility Matures July 2021 1 ; borrowing level up to $373.8 million available at December 31, 2017; interest at LIBOR + 1.35% or 2.91% at December 31, 2017 60,100 — (1,895 ) 58,205 Unsecured Term Loans $200 million matures July 2021; interest at LIBOR + 1.30% or 2.86% at December 31, 2017; $200 million matures October 2022; interest at LIBOR + 1.60% or 3.16% at December 31, 2017 400,000 — (1,759 ) 398,241 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2017 576,927 9,196 (755 ) 585,368 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 3.16% to 3.81% at December 31, 2017 113,623 — (599 ) 113,024 Total mortgage and other indebtedness $ 1,700,650 $ 9,196 $ (10,607 ) $ 1,699,239 ($ in thousands) As of December 31, 2016 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2016 $ 550,000 $ — $ (6,140 ) $ 543,860 Unsecured Revolving Credit Facility Matures July 2021 1 ; borrowing level up to $409.9 million available at December 31, 2016; interest at LIBOR + 1.35% 2 or 2.12% at December 31, 2016 79,600 — (2,723 ) 76,877 Unsecured Term Loans $200 million matures July 2021; interest at LIBOR + 1.30% 2 or 2.07% at December 31, 2016; $200 million matures October 2022; interest at LIBOR + 1.60% or 2.37% at December 31, 2016 400,000 — (2,179 ) 397,821 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2016 587,762 12,109 (994 ) 598,877 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 2.37% to 3.02% at December 31, 2016 114,388 — (749 ) 113,639 Total mortgage and other indebtedness $ 1,731,750 $ 12,109 $ (12,785 ) $ 1,731,074 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity date for two additional periods of six months each, subject to certain conditions. 2 The interest rates 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. The one month LIBOR interest rate was 1.56% and 0.77% as of December 31, 2017 and 2016 , respectively. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis over the terms of the respective loan agreements. The accompanying consolidated statements of operations include the following amounts of amortization of debt issuance costs as a component of interest expense: ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of debt issuance costs $ 2,534 $ 4,521 $ 3,209 Unsecured Revolving Credit Facility and Unsecured Term Loans We have an unsecured revolving credit facility (the "Credit Facility") with a total commitment of $500 million that matures in July 2021 (inclusive of the exercise of our option to extend the maturity date by one year), a $200 million unsecured term loan maturing in July 2021 ("Term Loan") and a $200 million seven -year unsecured term loan maturing in October 2022. The Operating Partnership has the option to increase the borrowing availability of the Credit Facility to $1 billion and, the option to increase the Term Loan to provide for an additional $200 million , in each case subject to certain conditions, including obtaining commitments from one or more lenders. As of December 31, 2017 , $60.1 million was outstanding under the Credit Facility. Additionally, we had letters of credit outstanding which totaled $6.3 million , against which no amounts were advanced as of December 31, 2017 . The amount that we may borrow under our Credit Facility is limited by the value of the assets in our unencumbered asset pool. As of December 31, 2017 , the value of the assets in our unencumbered asset pool, calculated pursuant to the Credit Facility agreement, was $1.4 billion . Taking into account outstanding borrowings on the line of credit, term loans, unsecured notes and letters of credit, we had $373.8 million available under our Credit Facility for future borrowings as of December 31, 2017 . Our ability to borrow under the Credit Facility is subject to our compliance with various restrictive and financial covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. As of December 31, 2017 , we were in compliance with all such covenants. Senior Unsecured Notes The Operating Partnership has $550 million of senior unsecured notes maturing at various dates through September 2027 (the "Notes"). The Notes contain a number of customary financial and restrictive covenants. As of December 31, 2017 , we were in compliance with all such covenants. Mortgage Loans Mortgage loans are secured by certain real estate and in some cases by guarantees from the Operating Partnership, and are generally due in monthly installments of interest and principal and mature over various terms through 2030. Debt Maturities The following table presents maturities of mortgage debt and corporate debt as of December 31, 2017 : ($ in thousands) Scheduled Principal Payments Term Maturities 1 Total 2018 $ 5,635 $ 37,584 $ 43,219 2019 5,975 — 5,975 2020 5,920 42,339 48,259 2021 4,625 419,975 424,600 2022 1,113 405,208 406,321 Thereafter 7,236 765,040 772,276 $ 30,504 $ 1,670,146 $ 1,700,650 Unamortized net debt premiums and issuance costs, net (1,411 ) Total $ 1,699,239 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity date by one year to July 28, 2021 for the Company's unsecured credit facility. Other Debt Activity For the year ended December 31, 2017 , we had total new borrowings of $97.7 million and total repayments of $129.2 million . The components of this activity were as follows: • We retired the $6.7 million loan secured by our Pleasant Hill Commons operating property through a draw on our Credit Facility; • We borrowed $91 million on the Credit Facility to fund redevelopment activities, development activities, and tenant improvement costs; • We used the $76.1 million net proceeds from the sale of four operating properties to pay down the Credit Facility; • We repaid $48.2 million on the Credit Facility using cash flows generated from operations; and • We made scheduled principal payments on indebtedness during the year totaling $4.9 million . The amount of interest capitalized in 2017 , 2016 , and 2015 was $3.1 million , $4.1 million , and $4.6 million , respectively. Fair Value of Fixed and Variable Rate Debt As of December 31, 2017 , the estimated fair value and book value of our fixed rate debt was $1.1 billion . 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 3.78% to 6.78% . As of December 31, 2017 , the estimated fair value of variable rate debt was $574.5 million compared to the book value of $573.7 million . The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 2.86% to 3.81% . |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Hedging Activities and Other Comprehensive Income | Derivative Instruments, Hedging Activities and Other Comprehensive Income In order to manage potential future variable interest rate risk, we enter into interest rate derivative agreements from time to time. We do not use such agreements for trading or speculative purposes nor do we have any that are not designated as cash flow hedges. The agreements with each of our derivative counterparties provide 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, 2017 , we were party to various cash flow derivative agreements with notional amounts totaling $435.5 million . These derivative agreements effectively fix the interest rate underlying certain variable rate debt instruments over expiration dates through 2021 . Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.15% . These interest rate derivative 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. We determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. As of December 31, 2017 and December 31, 2016 , we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined our derivative valuations were classified within Level 2 of the fair value hierarchy. As of December 31, 2017 , the estimated fair value of our interest rate derivatives represented a net asset of $2.4 million , including accrued interest of $0.1 million . As of December 31, 2017 , $3.1 million is reflected in prepaid and other assets and $0.7 million is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. At December 31, 2016 the estimated fair value of our interest rate derivatives was a net liability of $2.2 million , including accrued interest of $0.4 million . As of December 31, 2016 , $0.9 million is reflected in prepaid and other assets and $3.1 million is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. 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. Approximately $2.5 million , $4.8 million and $5.6 million was reclassified as a reduction to earnings during the years ended December 31, 2017 , 2016 and 2015 , respectively. As the interest payments on our derivatives are made over the next 12 months, we estimate the increase to interest expense to be $0.7 million , assuming the current LIBOR curve. Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive loss. |
Lease Information
Lease Information | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Information | Lease Information Minimum Rentals from 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 4.6 years. During the years ended December 31, 2017 , 2016 , and 2015 , the Company earned overage rent of $1.1 million , $1.5 million , and $1.4 million , respectively. As of December 31, 2017 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows: ($ in thousands) 2018 $ 259,365 2019 238,366 2020 215,584 2021 185,805 2022 151,127 Thereafter 635,979 Total $ 1,686,226 Commitments under Ground Leases As of December 31, 2017 , we are obligated under nine ground leases for approximately 47 acres of land. Most of these ground leases require fixed annual rent payments. The expiration dates of the remaining initial terms of these ground leases range from 2023 to 2092. These leases have five - to ten -year extension options ranging in total from 20 to 25 years. Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2017 , 2016 , and 2015 was $1.7 million , $1.8 million , and $1.1 million , respectively. Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2018 $ 1,686 2019 1,694 2020 1,777 2021 1,789 2022 1,815 Thereafter 73,790 Total $ 82,551 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity Common Equity Our Board of Trustees declared a cash distribution of $0.3175 per common share and Common Unit for the fourth quarter of 2017, which represents a 5.0% increase over our previous quarterly distribution. This distribution was paid on January 12, 2018 to common shareholders and Common Unit holders of record as of January 5, 2018. For the years ended December 31, 2017 , 2016 and 2015 , we declared cash distributions of $1.225 , $1.165 , and $1.090 respectively per common share and Common Units. Accrued but unpaid distributions on common shares and units were $27.2 million and $25.9 million as of December 31, 2017 and 2016 , respectively, and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. Preferred Equity In 2015, we redeemed all 4,100,000 of our outstanding 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”). The Series A Preferred Shares were redeemed at a total price of $25.0287 per share, which includes accrued and unpaid dividends or a total of $102.6 million . Prior to redemption the carrying value of these preferred shares, net of the original issuance costs, was reflected in Shareholders' Equity. In conjunction with the redemption, approximately $3.8 million of initial issuance costs were written off as a non-cash charge against income attributable to common shareholders. Dividend Reinvestment and Share Purchase Plan We maintain a Dividend Reinvestment and Share Purchase Plan, which offers investors the option to invest all or a portion of their common share dividends in additional common shares. Participants in this plan are also able to make optional cash investments with certain restrictions. At-the-Market Equity Program During 2016, we issued 137,229 of our common shares at an average price per share of $29.52 pursuant to our at-the-market equity program, generating gross proceeds of approximately $4.1 million and, after deducting commissions and other costs, net proceeds of approximately $3.8 million . The proceeds from these offerings were contributed to the Operating Partnership and used to pay down our unsecured revolving credit facility. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2017 and 2016 . ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 90,112 $ 92,649 $ 87,138 $ 88,919 Operating income 8,118 21,084 16,229 19,312 (Loss) income before gains on sale of operating properties, net (8,433 ) 4,568 (204 ) 2,795 Gain on sale of operating properties, net 8,870 6,290 — — Consolidated net income (loss) 437 10,858 (204 ) 2,795 Net income (loss) attributable to Kite Realty Group Trust common shareholders 5 10,180 (622 ) 2,309 Net income (loss) per common share – basic and diluted — 0.12 (0.01 ) 0.03 Weighted average Common Shares outstanding - basic 83,565,325 83,585,736 83,594,163 83,595,677 Weighted average Common Shares outstanding - diluted 83,643,608 83,652,627 83,594,163 83,705,764 ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 88,550 $ 87,575 $ 89,122 $ 88,874 Operating income 17,692 14,258 15,892 17,580 Income (loss) before gains on sale of operating properties, net 1,975 (1,690 ) (1,262 ) (159 ) Gains on sale of operating properties, net — 194 — 4,059 Consolidated net income (loss) 1,975 (1,496 ) (1,262 ) 3,900 Net income (loss) attributable to Kite Realty Group Trust common shareholders 1,402 (1,895 ) (1,682 ) 3,359 Net income (loss) per common share – basic and diluted 0.02 (0.02 ) (0.02 ) 0.04 Weighted average Common Shares outstanding - basic 83,348,507 83,375,765 83,474,348 83,545,807 Weighted average Common Shares outstanding - diluted 83,490,979 83,375,765 83,474,348 83,571,663 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole. We are obligated under various completion guarantees with 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 our investment in any existing or future projects through cash from operations, borrowings on our unsecured revolving credit facility and through borrowings on the construction loan for the Embassy Suites at University of Notre Dame. In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame consistent with our 35% ownership interest. No amount has been drawn on the loan as of December 31, 2017. As of December 31, 2017 , we had outstanding letters of credit totaling $6.3 million . At that date, there were no amounts advanced against these instruments. |
Supplemental Schedule of Non-Ca
Supplemental Schedule of Non-Cash Financing Activities | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Schedule of Non-Cash Financing Activities | Supplemental Schedule of Non-Cash Financing Activities The following schedule summarizes the non-cash financing activities of the Company for the years ended December 31, 2017 , 2016 and 2015 : ($ in thousands) Year Ended December 31, 2017 2016 2015 Assumption of mortgages by buyer upon sale of operating properties $ — $ — $ 40,303 Assumption of debt in connection with acquisition of Chapel Hill Shopping Center including debt premium of $212 — — 18,462 |
Related Parties and Related Par
Related Parties and Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties and Related Party Transactions | Related Parties and Related Party Transactions Subsidiaries of the Company provide certain management, construction management and other services to certain entities owned by certain members of the Company’s management. During the years ended December 31, 2017 , 2016 and 2015 , we earned less than $0.1 million during each year presented, 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, 2017 , 2016 and 2015 , we paid $0.3 million , $0.4 million and $0.4 million , respectively, to this related entity. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Consolidated Real Estate and Accumulated Depreciation | Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries Schedule III Consolidated Real Estate and Accumulated Depreciation ($ in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties 12th Street Plaza $ 5,000 $ 2,624 $ 13,237 $ — $ 382 $ 2,624 $ 13,619 $ 16,243 $ 3,078 1978/2003 2012 54th & College * — 2,672 — — — 2,672 — 2,672 — 2008 NA Bayonne Crossing 44,505 47,809 44,062 — 1,368 47,809 45,430 93,239 6,715 2011 2014 Bayport Commons 11,906 7,005 20,794 — 1,620 7,005 22,414 29,419 6,161 2008 NA Beacon Hill * — 3,272 13,426 — 996 3,272 14,423 17,695 4,197 2006 NA Bell Oaks Centre 6,548 1,230 12,715 — 162 1,230 12,877 14,107 2,347 2008 2014 Belle Isle Station * — 9,130 41,449 — 376 9,130 41,826 50,956 5,689 2000 2015 Bolton Plaza * — 3,733 18,983 359 5,484 4,093 24,467 28,560 9,385 1986/2014 NA Boulevard Crossing 10,683 4,386 9,175 — 2,099 4,386 11,274 15,660 4,688 2004 NA Bridgewater Marketplace * — 3,407 8,668 — 422 3,407 9,091 12,498 2,693 2008 NA Burlington * — 29 2,773 — — 29 2,773 2,802 1,183 1992/2000 2000 Cannery Corner — 6,267 10,516 — 415 6,267 10,932 17,199 1,862 2008 2014 Castleton Crossing * — 9,761 28,977 — 3,238 9,761 32,215 41,976 7,667 1975 2013 Chapel Hill Shopping Center 18,250 — 35,074 — 409 — 35,483 35,483 4,026 2001 2015 Centennial Center 70,455 58,960 72,756 — 3,345 58,960 76,101 135,061 19,174 2002 2014 Centennial Gateway 44,385 5,305 48,712 — 1,803 5,305 50,515 55,820 9,116 2005 2014 Centre Point Commons 14,410 2,918 22,647 — 257 2,918 22,903 25,821 3,603 2007 2014 Cobblestone Plaza * — 11,221 45,551 — 490 11,221 46,041 57,262 9,585 2011 NA Colonial Square * — 11,743 31,299 — 898 11,743 32,197 43,940 4,220 2010 2014 Colleyville Downs * — 5,446 38,574 — 830 5,446 39,404 44,850 6,053 2014 2015 Cool Creek Commons * — 6,062 13,430 — 1,807 6,062 15,236 21,298 5,405 2005 NA Cool Springs Market * — 12,684 21,454 — 8,262 12,684 29,716 42,400 6,726 1995 2013 Crossing at Killingly Commons 33,000 21,999 35,218 — 132 21,999 35,350 57,349 5,827 2010 2014 Delray Marketplace 56,850 18,750 88,877 1,284 4,818 20,034 93,695 113,729 14,919 2013 NA DePauw University Bookstore and Café — 64 663 — 45 64 708 772 274 2012 NA Draper Crossing * — 9,054 28,485 — 183 9,054 28,668 37,722 5,801 2012 2014 Draper Peaks * — 11,498 46,876 522 2,340 12,020 49,216 61,236 5,912 2012 2014 Eastern Beltway Center 34,100 23,221 45,633 — 801 23,221 46,434 69,655 6,075 1998/2006 2014 Eastgate Plaza — 4,073 20,207 — 164 4,073 20,372 24,445 3,193 2002 2014 Eastgate Pavilion * — 8,026 18,899 — 1,715 8,026 20,614 28,640 8,147 1995 2004 Eddy Street Commons 23,131 1,900 37,739 — 1,249 1,900 38,988 40,888 10,508 2009 NA Estero Town Commons * — 8,973 9,960 — 979 8,973 10,939 19,912 3,033 2006 NA Fox Lake Crossing * — 5,685 9,274 — 347 5,685 9,621 15,306 3,775 2002 2005 Gainesville Plaza * — 5,437 18,237 — 1,515 5,437 19,751 25,188 5,911 2015 2004 Geist Pavilion * — 1,368 8,449 — 1,820 1,368 10,269 11,637 3,752 2006 NA Glendale Town Center * — 1,494 43,838 — 2,247 1,494 46,084 47,578 28,514 1958/2008 1999 Greyhound Commons * — 2,629 794 — 887 2,629 1,681 4,310 696 2005 NA Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Hamilton Crossing - Phase II & III * $ — $ 2,859 $ 23,190 $ — $ 451 $ 2,859 $ 23,641 $ 26,500 $ 3,427 2008 2014 Hitchcock Plaza * — 4,260 21,960 — 2,488 4,260 24,447 28,707 2,893 2006 2014 Holly Springs Towne Center - Phase I * — 12,319 46,689 — 1,458 12,319 48,147 60,466 7,474 2013 NA Holly Springs Towne Center - Phase II * — 11,910 49,212 — — 11,910 49,212 61,122 2,162 2016 NA Hunters Creek Promenade * — 8,335 12,706 — 917 8,335 13,623 21,958 2,241 1994 2013 Indian River Square * — 5,100 6,354 — 584 5,100 6,938 12,038 2,568 1997/2004 2005 International Speedway Square * 19,017 7,769 18,045 — 9,352 7,769 27,397 35,166 15,540 1999 NA Kings Lake Square * — 4,519 15,630 — 492 4,519 16,122 20,641 7,063 1986/2014 2003 Kingwood Commons * — 5,715 30,891 — 143 5,715 31,034 36,749 6,916 1999 2013 Lake City Commons 5,200 3,415 10,242 — 349 3,415 10,591 14,006 1,853 2008 2014 Lake City Commons - Phase II * — 1,277 2,225 — 16 1,277 2,241 3,518 361 2011 2014 Lake Mary Plaza 5,080 1,413 8,719 — 89 1,413 8,807 10,220 1,185 2009 2014 Lakewood Promenade * — 1,783 25,471 — 1,256 1,783 26,728 28,511 6,706 1948/1998 2013 Landstown Commons * — 18,672 92,045 — 2,626 18,672 94,671 113,343 16,404 2007 2014 Lima Marketplace 8,383 4,703 15,706 — 543 4,703 16,249 20,952 2,815 2008 2014 Lithia Crossing * — 3,065 9,962 — 5,605 3,065 15,567 18,632 4,317 1993/2003 2011 Livingston Shopping Center * — 10,372 35,537 — — 10,372 35,537 45,909 3,181 1997 2015 Lowe's Plaza — 2,125 5,976 — 53 2,125 6,029 8,154 997 2007 2014 Market Street Village * — 9,764 16,360 — 2,920 9,764 19,280 29,044 6,533 1970/2004 2005 Memorial Commons * — 1,568 14,628 — 341 1,568 14,969 16,537 2,022 2008 2014 Merrimack Village Center 5,445 1,921 12,777 — 149 1,921 12,927 14,848 2,277 2007 2014 Miramar Square 31,625 26,392 30,889 489 607 26,880 31,496 58,376 5,188 2008 2014 Mullins Crossing * — 10,582 42,031 — 398 10,582 42,429 53,011 8,683 2005 2014 Naperville Marketplace 7,513 5,364 11,475 — 106 5,364 11,580 16,944 3,336 2008 NA Northcrest Shopping Center 15,780 4,044 33,857 — 980 4,044 34,837 38,881 4,509 2008 2014 Northdale Promenade * — 1,718 27,481 — — 1,718 27,481 29,199 7,732 2017 NA Oleander Place * — 863 5,935 — 30 863 5,965 6,828 1,727 2012 2011 Palm Coast Landing 22,274 4,962 37,995 — 769 4,962 38,764 43,726 5,848 2010 2014 Parkside Town Commons - Phase I * — 3,108 43,313 — — 3,108 43,313 46,421 5,848 2015 N/A Parkside Town Commons - Phase II * — 20,722 66,766 — — 20,722 66,766 87,488 6,012 2017 N/A Perimeter Woods 33,330 35,793 27,257 — 706 35,793 27,964 63,757 3,923 2008 2014 Pine Ridge Crossing * — 5,640 17,084 — 3,480 5,640 20,564 26,204 6,122 1993 2006 Plaza at Cedar Hill * — 5,782 36,781 — 9,462 5,782 46,243 52,025 18,486 2000 2004 Plaza Volente * — 4,600 29,074 — 1,042 4,600 30,117 34,717 11,625 2004 2005 Pleasant Hill Commons * — 3,350 10,103 — 323 3,350 10,427 13,777 1,856 2008 2014 Portofino Shopping Center * — 4,754 75,117 — 14,747 4,754 89,864 94,618 17,573 1999 2013 Publix at Acworth 5,557 1,357 7,938 39 1,115 1,395 9,053 10,448 3,490 1996 2004 Publix at Woodruff * — 1,783 6,342 — 303 1,783 6,645 8,428 2,245 1997 2012 Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Rangeline Crossing * $ — $ 2,043 $ 18,414 $ — $ 564 $ 2,043 $ 18,979 $ 21,022 $ 5,782 1986/2013 NA Riverchase Plaza * — 3,889 11,404 — 1,348 3,889 12,752 16,641 4,369 1991/2001 2006 Rivers Edge * — 5,647 31,358 — 1,354 5,647 32,712 38,359 7,695 2011 2008 Saxon Crossing 11,400 3,764 16,791 — 25 3,764 16,815 20,579 2,773 2009 2014 Shoppes at Plaza Green * — 3,749 23,853 — 1,269 3,749 25,122 28,871 6,329 2000 2012 Shoppes of Eastwood * — 1,688 8,926 — 563 1,688 9,489 11,177 2,361 1997 2013 Shops at Eagle Creek * — 4,550 8,844 — 5,000 4,550 13,844 18,394 4,569 1998 2003 Shops at Julington Creek 4,785 2,372 7,976 — 103 2,372 8,079 10,451 1,351 2011 2014 Shops at Moore 21,300 8,030 33,380 — 1,677 8,030 35,057 43,087 7,333 2010 2014 Silver Springs Pointe 8,800 9,685 7,676 — 276 9,685 7,952 17,637 2,388 2001 2014 South Elgin Commons * — 3,916 22,140 — 49 3,916 22,188 26,104 3,629 2011 2014 Stoney Creek Commons * — 628 3,700 — 5,837 628 9,538 10,166 2,645 2000 NA Sunland Towne Centre * — 14,774 22,542 — 5,099 14,774 27,641 42,415 10,823 1996 2004 Tamiami Crossing * — 19,810 29,227 — — 19,810 29,227 49,037 1,567 2016 NA Tarpon Bay Plaza * — 4,273 23,856 — 2,735 4,273 26,592 30,865 7,439 2007 NA Temple Terrace * — 2,245 9,229 — 108 2,245 9,336 11,581 1,212 2012 2014 The Centre at Panola * 1,667 1,986 8,191 — 372 1,986 8,563 10,549 3,727 2001 2004 The Corner 14,750 3,772 24,605 — 80 3,772 24,686 28,458 3,344 2008 2014 The Landing at Tradition * — 18,505 45,821 — 2,109 18,505 47,929 66,434 8,992 2007 2014 Toringdon Market * — 5,448 9,411 — 291 5,448 9,703 15,151 2,084 2004 2013 Traders Point * — 9,443 36,433 — 2,428 9,443 38,861 48,304 14,382 2005 NA Traders Point II * — 2,376 6,441 — 1,138 2,376 7,578 9,954 2,752 2005 NA Tradition Village Center * — 3,140 14,809 — 1,149 3,140 15,958 19,098 2,714 2006 2014 Trussville Promenade * — 9,123 45,359 — 5,234 9,123 50,593 59,716 11,319 1999 2013 University Town Center 18,690 4,125 31,565 — 735 4,125 32,300 36,425 5,024 2009 2014 University Town Center - Phase II 10,500 7,902 24,164 — 765 7,902 24,929 32,831 4,588 2012 2014 Village at Bay Park 9,183 8,248 9,942 — 584 8,248 10,526 18,774 1,452 2005 2014 Waterford Lakes Village * — 2,317 6,382 — 277 2,317 6,659 8,976 2,553 1997 2004 Waxahachie Crossing 7,750 1,411 15,698 — 105 1,411 15,803 17,214 2,010 2010 2014 Westside Market * — 4,194 17,698 — 335 4,194 18,033 22,227 2,000 2013 2014 Whitehall Pike 4,569 3,689 6,109 — 233 3,689 6,341 10,030 4,397 1999 NA Total Operating Properties 645,822 780,260 2,533,127 2,692 159,648 782,952 2,692,774 3,475,726 586,651 Initial Cost C ost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Office Properties Thirty South $ 17,218 $ 1,643 $ 9,669 $ — $ 18,973 $ 1,643 $ 28,642 $ 30,285 $ 14,500 1905/2002 2001 Union Station Parking Garage * — 904 2,650 — 1,268 904 3,918 4,822 1,642 1986 2001 Total Office Properties 17,218 2,547 12,319 — 20,241 2,547 32,560 35,107 16,142 Development and Redevelopment Properties Beechwood Promenade * — 2,734 47,978 — — 2,734 47,978 50,712 9,494 NA NA Burnt Store Promenade * — 5,112 14,910 — — 5,112 14,910 20,022 4,164 NA NA City Center * — 20,565 177,389 — — 20,565 177,389 197,954 23,611 NA NA Courthouse Shadows * — 4,999 17,213 — — 4,999 17,213 22,212 4,979 NA NA Eddy Street Commons - Phase II * — 1,379 — — — 1,379 — 1,379 — NA NA Fishers Station 6,555 3,736 16,297 — — 3,736 16,297 20,033 4,391 NA NA Hamilton Crossing Centre 10,214 5,549 10,289 — — 5,549 10,289 15,838 3,641 NA NA Rampart Commons 10,742 1,136 36,514 — — 1,136 36,514 37,650 4,963 NA NA The Corner * — 304 3,724 — — 304 3,724 4,028 2,100 NA NA Total Development and Redevelopment Properties 27,511 45,514 324,314 — — 45,514 324,314 369,828 57,342 Other ** Bridgewater Marketplace * — 2,110 — — — 2,110 — 2,110 — NA NA Deerwood Lake * — 1,421 25,272 — — 1,421 25,272 26,693 141 NA NA Eddy Street Commons * — 277 — — — 277 — 277 — NA NA Fox Lake Crossing II — 3,458 — — — 3,458 — 3,458 — NA NA KRG Development — — 655 — — — 656 656 — NA NA KRG New Hill * — 5,791 — — — 5,791 — 5,791 — NA NA KRG Peakway — 20,944 — — — 20,944 — 20,944 — NA NA Pan Am Plaza — 8,840 — — — 8,840 — 8,840 — NA NA Total Other — 42,841 25,928 — — 42,841 25,929 68,770 141 Line of credit/Term Loan/Unsecured notes 1,010,100 — — — — — — — — NA NA Grand Total $ 1,700,650 $ 871,161 $ 2,895,688 $ 2,692 $ 179,889 $ 873,854 $ 3,075,577 $ 3,949,431 $ 660,276 ____________________ * This property or a portion of the property is included as an unencumbered asset used in calculating our 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. Reconciliation of Investment Properties The changes in investment properties of the Company for the years ended December 31, 2017 , 2016 , and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 3,988,819 $ 3,926,180 $ 3,897,131 Acquisitions — — 176,068 Improvements 78,947 97,161 92,717 Impairment (10,897 ) — (2,293 ) Disposals (107,438 ) (34,522 ) (237,443 ) Balance, end of year $ 3,949,431 $ 3,988,819 $ 3,926,180 The unaudited aggregate cost of investment properties for federal tax purposes as of December 31, 2017 was $3.0 billion . Reconciliation of Accumulated Depreciation The changes in accumulated depreciation of the Company for the years ended December 31, 2017 , 2016 , and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 556,851 $ 428,930 $ 313,524 Depreciation expense 148,346 148,947 141,516 Impairment (3,494 ) — (833 ) Disposals (41,427 ) (21,026 ) (25,277 ) Balance, end of year $ 660,276 $ 556,851 $ 428,930 Depreciation of investment properties reflected in the statements of operations is calculated over the estimated original lives of the assets as follows: Buildings 20-35 years Building improvements 10-35 years Tenant improvements Term of related lease Furniture and Fixtures 5-10 years 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. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration On February 14, 2018, our Board of Trustees declared a cash distribution of $0.3175 per common share and Common Unit for the first quarter of 2018. This distribution is expected to be paid on or about April 13, 2018 to common shareholders and Common Unit holders of record as of April 6, 2018. Redemption of Redeemable Noncontrolling Interests On February 7, 2018, members in one of our operating subsidiaries provided notice that they were exercising their right to redeem their Class B units in the subsidiary for the cash redemption price, which is equal to $21.9 million . The amount that will be redeemed will be reclassified from temporary equity to accrued expenses in the consolidated balance sheets as of March 31, 2018 as the redemption is certain to occur as of that date. We expect to fund the redemption using cash on hand and borrowings on our unsecured revolving credit facility on or prior to August 7, 2018. For the redemption amount above $10.0 million , we can defer the closing for an additional three months until November 7, 2018. |
Basis of Presentation and Sum26
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation and Investments in Joint Ventures | Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership 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 Operating Partnership accounts for properties that are owned by joint ventures in accordance with the consolidation guidance. The Operating Partnership evaluates each joint venture and determines first whether to follow the VIE or the voting interest entity ("VOE") model. Once the appropriate consolidation model is identified, the Operating Partnership then evaluates whether it should consolidate the joint venture. Under the VIE model, the Operating Partnership consolidates an entity when it 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. Under the VOE model, the Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership. In determining whether to consolidate a VIE with the Operating Partnership, we consider all relationships between the Operating Partnership and the applicable 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. As of December 31, 2017 , we owned investments in three joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of this date, these VIEs had total debt of $238.8 million , which were secured by assets of the VIEs totaling $497.5 million . The Operating Partnership guarantees the debt of these VIEs. |
Acquisition of Real Estate Properties | 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 record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, 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, as defined below. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of 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, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. 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; • the value of having a lease in place at the acquisition date. 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; and • 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 there is any value to in-place leases that have a related customer relationship intangible value. Characteristics we consider in determining 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. We finalize the measurement period of our business combinations when all facts and circumstances are understood, but in no circumstances will the measurement period exceed one year. |
Investment Properties | 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 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. Land is transferred to construction in progress once construction commences on the related project. We also capitalize costs such as land acquisition, building construction, 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 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 | Impairment Management reviews operational and development projects, 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 of the asset 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. Our impairment review for land and development properties assumes we have the intent and the ability to complete the developments or projected uses for the land parcels. If we determine those plans will not be completed or our assumptions with respect to operating assets are not realized, an impairment loss may be appropriate. |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations Operating properties will be classified as held for sale only when those properties are 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 classified as held for sale are carried at the lower of cost or fair value less estimated costs to sell. Depreciation and amortization are suspended during the held-for-sale period. |
Escrow Deposits | 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 and certain municipalities. |
Cash and Cash Equivalents | 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. |
Fair Value Measurements | Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820 , Fair Value Measurements and Disclosures, for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. 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. As discussed in Note 10 to the Financial Statements, we have determined that derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 7 to the Financial Statements includes a discussion of the fair values recorded for assets acquired and liabilities assumed. Note 8 to the Financial Statements includes a discussion of the fair values recorded when we recognized impairment charges in 2017 and 2015. Level 3 inputs to these transactions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for its derivative financial instruments at fair value calculated in accordance with ASC 820, Fair Value Measurements and Disclosures . 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. 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, 2017 and 2016 , all of our derivative instruments qualify for hedge accounting. |
Revenue Recognition | Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal sources 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 sales targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying consolidated 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 uncollectible 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 or losses from sales of real estate have historically been recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the asset, we have transferred to the buyer the usual risks and rewards of ownership, and we do not have a substantial continuing financial involvement in the property. As part of our ongoing business strategy, we 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 $5.2 million , $3.9 million , and $5.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. |
Tenant and Other Receivables and Allowance for Doubtful Accounts | Tenant and Other Receivables and Allowance for Uncollectible Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral from its tenants other than corporate or personal guarantees. Other receivables consist primarily of amounts due from municipalities and from tenants for non-rental revenue related activities. An allowance for uncollectible accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. ($ in thousands) 2017 2016 2015 Balance, beginning of year $ 3,998 $ 4,325 $ 2,433 Provision for credit losses, net of recoveries 2,786 2,771 4,331 Accounts written off and other (3,297 ) (3,098 ) (2,439 ) Balance, end of year $ 3,487 $ 3,998 $ 4,325 For the years ended December 31, 2017 , 2016 and 2015 , the provision for credit losses, net of recoveries, represented 0.8% , 0.8% and 1.2% of total revenues, respectively. |
Concentration of Credit Risk | 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. Total billed receivables due from tenants leasing space in the states of Florida, Indiana, and Texas, consisted of the following as of December 31, 2017 and 2016 : ($ in thousands) As of December 31, 2017 2017 2016 Florida 61 % 53 % Indiana 9 % 7 % Texas 4 % 2 % For the years ended December 31, 2017 , 2016 , and 2015 , the Company's revenue recognized from tenants leasing space in the states of Florida, Indiana, and Texas, were as follows: ($ in thousands) Year Ended December 31, 2017 2016 2015 Florida 24 % 25 % 25 % Indiana 14 % 15 % 14 % Texas 13 % 13 % 12 % |
Earnings Per Share | Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; units under our Outperformance Incentive Compensation Plan ("Outperformance Plan"); and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding for the years ended December 31, 2017 , 2016 and 2015 were 2.0 million , 1.9 million and 1.8 million , respectively. Approximately 0.1 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit because their impact was not dilutive for each of the twelve months ended December 31, 2017 , 2016 and 2015 . |
Segment Reporting | Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring and evaluating financial performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. |
Income Taxes and REIT Compliance | Income Taxes and REIT Compliance Parent Company The Parent 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 it to maintain its qualification as a REIT for federal income tax purposes. As a result, it generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates 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 the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary of the Operating Partnership, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. 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 tax 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. Operating Partnership The allocated share of income and loss, other than the operations of our taxable REIT subsidiary, is included in the income tax returns of the Operating Partnership's partners. Accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with the taxable REIT subsidiary. |
Noncontrolling Interests | 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 non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2017 , 2016 , and 2015 were as follows: ($ in thousands) 2017 2016 2015 Noncontrolling interests balance January 1 $ 692 $ 773 $ 3,364 Net income allocable to noncontrolling interests, 6 171 111 Distributions to noncontrolling interests — (252 ) (115 ) Acquisition of partner's interest in Beacon Hill operating property — — (2,353 ) Partner's share of loss on sale of Cornelius Gateway operating property — — (234 ) Noncontrolling interests balance at December 31 $ 698 $ 692 $ 773 Redeemable Noncontrolling Interests – Limited Partners Limited Partner Units are redeemable noncontrolling interests in the 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 holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. At December 31, 2017 , and 2016 , the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after noncontrolling interests 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 reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. For the years ended December 31, 2017 , 2016 , and 2015 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2017 2016 2015 Parent Company’s weighted average interest in 97.7 % 97.7 % 97.9 % Limited partners' weighted average interests in 2.3 % 2.3 % 2.1 % At December 31, 2017 and December 31, 2016 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.7% and 2.3% as of the end of each period presented. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners have the right to redeem Limited Partner Units for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. There were 1,974,830 and 1,942,340 Limited Partner Units outstanding as of December 31, 2017 and 2016 , respectively. The increase in Limited Partner Units outstanding from December 31, 2016 is due primarily to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests - Subsidiaries Prior to our merger with Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") in 2014, 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 related to two of these three joint ventures remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. A portion of the Class B units became redeemable at our partner’s election in March 2017, and the remaining Class B units will become redeemable at our partner's election in October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in December 2020 and November 2022, with respect to the applicable joint venture, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. In March 2017, certain Class B unit holders exercised their right to redeem $8.3 million of their Class B units for cash. We funded the redemption using operating cash flows in December 2017. In 2015, we acquired our partner’s redeemable interest in our City Center operating property for $34.0 million and other non-redeemable rights and interests held by our partner for $0.4 million . We funded this acquisition in part with a $30 million draw on our unsecured revolving credit facility with the remainder funded by the issuance of Limited Partner Units in the Operating Partnership. As a result of this transaction, our guarantee of a $26.6 million loan on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC was terminated. We classify the remainder of the redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of December 31, 2017 and 2016 , the redemption amounts of these interests did not exceed their fair value, nor did they exceed the initial book value. The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2017 , 2016 , and 2015 were as follows: ($ in thousands) 2017 2016 2015 Redeemable noncontrolling interests balance January 1 $ 88,165 $ 92,315 $ 125,082 Acquisition of partner's interest in City Center operating property — — (33,998 ) Net income allocable to redeemable noncontrolling interests 2,009 1,756 2,087 Distributions declared to redeemable noncontrolling interests (4,155 ) (3,993 ) (3,773 ) Payment for partial redemption of redeemable noncontrolling interests (8,261 ) — — Other, net including adjustments to redemption value (5,654 ) (1,913 ) 2,917 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 72,104 $ 88,165 $ 92,315 Limited partners' interests in Operating Partnership $ 39,573 $ 47,373 $ 50,085 Other redeemable noncontrolling interests in certain subsidiaries 32,531 40,792 42,230 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 72,104 $ 88,165 $ 92,315 |
Recently Issued Accounting Pronouncements | Effects of Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. It will also affect the existing GAAP guidance governing the sale of nonfinancial assets. The new 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. Under this standard, entities will now generally recognize the sale, and any associated gain or loss, of a real estate property when control of the property transfers, as long as collectability of the consideration is probable. We have preliminarily evaluated our revenue streams and estimate that less than 1% of our recurring revenue will be impacted by this new standard upon its initial adoption. Additionally, we have historically disposed of property and land in all-cash transactions with no continuing future involvement in the operations of the property and, therefore, we do not expect the new standard to significantly impact our recognition of property and land sales. For the year ended December 31, 2017, we disposed of several operating properties and land parcels in all-cash transactions with no continuing future involvement. The gains recognized were approximately 6% of our total revenue for the year ended December 31, 2017. As we do not have any continuing involvement in the operations of the operating properties and land sold, the accounting for the transactions would have been the same under ASC 2014-09. ASU 2014-09 is effective for public entities for annual and interim reporting periods beginning after December 15, 2017. 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) as a cumulative effect adjustment as of the date of initial application, with no restatement of comparative periods presented. We expect to adopt ASU 2014-09 using the modified retrospective approach. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making certain changes to lessor accounting, including the accounting for sales-type and direct financing leases. ASU 2016-02 will be effective for annual and interim reporting periods beginning on or after December 15, 2018, with early adoption permitted. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. As a result of the adoption of ASU 2016-02, we expect common area maintenance reimbursements that are of a fixed nature to be recognized on a straight line basis over the term of the lease as these tenant reimbursements will be considered a non-lease component and will be subject to ASU 2014-09. In January 2018, the FASB issued a proposed ASU related to ASC 842. The update would allow lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. This proposal is currently under consideration by regulators. We also expect to recognize right of use assets on our balance sheet related to certain ground leases where we are the lessee. Upon adoption of the standard, we anticipate recognizing a right of use asset currently estimated to be between $35 million and $40 million . In addition to evaluating the impact of adopting the new accounting standard on our consolidated financial statements, we are evaluating our existing lease contracts and compensation structure, as well as our current and future information system capabilities. The new leasing standard also amends ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers. Under ASC 340-40, incremental costs of obtaining a contract are recognized as an asset if the entity expects to recover them, which will reduce the leasing costs currently capitalized. Upon adoption of the new standard, we expect a reduction in certain capitalized costs and a corresponding increase in general, administrative, and other expense and a decrease in amortization expense on our consolidated statement of operations, but the magnitude of that change is dependent upon certain variables currently under evaluation, including the compensation structure in place upon adoption. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 amends the existing accounting standards for business combinations, by providing a screen to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the assets and activities are not a business. This screen reduces the number of transactions that will likely qualify as business combinations. ASU 2017-01 will be effective for annual and interim reporting periods beginning on or after December 15, 2017, with early adoption permitted. We adopted ASU 2017-01 in the first quarter of 2017. We expect that future acquisitions of single investment properties or a portfolio of investment properties will likely not meet the definition of a business and, in such event, direct transaction costs will be capitalized. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . ASU 2017-02 better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 will be effective for annual and interim reporting periods beginning on or after December 15, 2018, with early adoption permitted using a modified retrospective transition method. This adoption method will require us to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While we continue to assess all potential impacts of the standard, we do not expect the adoption of ASU 2017-12 to have a material impact on our consolidated financial statements. |
Basis of Presentation and Sum27
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | The Company’s investment properties as of December 31, 2017 and December 31, 2016 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,873,149 $ 3,885,223 Furniture, equipment and other 8,453 7,246 Land held for development 31,142 34,171 Construction in progress 45,140 69,425 $ 3,957,884 $ 3,996,065 In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center Newark, NJ July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 |
Allowance for Credit Losses on Financing Receivables | Accounts are written off when, in the opinion of management, the balance is uncollectible. ($ in thousands) 2017 2016 2015 Balance, beginning of year $ 3,998 $ 4,325 $ 2,433 Provision for credit losses, net of recoveries 2,786 2,771 4,331 Accounts written off and other (3,297 ) (3,098 ) (2,439 ) Balance, end of year $ 3,487 $ 3,998 $ 4,325 |
Schedule of Concentration by Risk Factor | Total billed receivables due from tenants leasing space in the states of Florida, Indiana, and Texas, consisted of the following as of December 31, 2017 and 2016 : ($ in thousands) As of December 31, 2017 2017 2016 Florida 61 % 53 % Indiana 9 % 7 % Texas 4 % 2 % For the years ended December 31, 2017 , 2016 , and 2015 , the Company's revenue recognized from tenants leasing space in the states of Florida, Indiana, and Texas, were as follows: ($ in thousands) Year Ended December 31, 2017 2016 2015 Florida 24 % 25 % 25 % Indiana 14 % 15 % 14 % Texas 13 % 13 % 12 % |
Schedule of Stockholders Equity | The non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2017 , 2016 , and 2015 were as follows: ($ in thousands) 2017 2016 2015 Noncontrolling interests balance January 1 $ 692 $ 773 $ 3,364 Net income allocable to noncontrolling interests, 6 171 111 Distributions to noncontrolling interests — (252 ) (115 ) Acquisition of partner's interest in Beacon Hill operating property — — (2,353 ) Partner's share of loss on sale of Cornelius Gateway operating property — — (234 ) Noncontrolling interests balance at December 31 $ 698 $ 692 $ 773 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | For the years ended December 31, 2017 , 2016 , and 2015 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2017 2016 2015 Parent Company’s weighted average interest in 97.7 % 97.7 % 97.9 % Limited partners' weighted average interests in 2.3 % 2.3 % 2.1 % |
Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2017 , 2016 , and 2015 were as follows: ($ in thousands) 2017 2016 2015 Redeemable noncontrolling interests balance January 1 $ 88,165 $ 92,315 $ 125,082 Acquisition of partner's interest in City Center operating property — — (33,998 ) Net income allocable to redeemable noncontrolling interests 2,009 1,756 2,087 Distributions declared to redeemable noncontrolling interests (4,155 ) (3,993 ) (3,773 ) Payment for partial redemption of redeemable noncontrolling interests (8,261 ) — — Other, net including adjustments to redemption value (5,654 ) (1,913 ) 2,917 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 72,104 $ 88,165 $ 92,315 Limited partners' interests in Operating Partnership $ 39,573 $ 47,373 $ 50,085 Other redeemable noncontrolling interests in certain subsidiaries 32,531 40,792 42,230 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 72,104 $ 88,165 $ 92,315 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | A summary of option activity under the Plan as of December 31, 2017 , and changes during the year then ended, is presented below: ($ in thousands, except share and per share data) Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2017 182,462 $ 37.58 Granted — — Exercised — — Expired — — Forfeited (1,250 ) 10.56 Outstanding at December 31, 2017 $ 211,809 0.88 181,212 $ 37.77 Exercisable at December 31, 2017 $ 211,809 0.88 181,212 $ 37.77 Exercisable at December 31, 2016 182,378 $ 37.60 |
Schedule of Restricted Stock Activity | The following table summarizes the activity for time-based restricted unit awards for the year ended December 31, 2017 : Number of Restricted Units Weighted Average Grant Date Fair Value per unit Restricted units outstanding at January 1, 2017 183,979 $ 22.57 Restricted units granted 44,490 23.22 Restricted units vested (78,021 ) 21.87 Restricted units outstanding at December 31, 2017 150,448 $ 23.13 The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2017 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2017 291,608 $ 26.10 Shares granted 85,150 22.15 Shares forfeited (397 ) 26.24 Shares vested (117,254 ) 26.11 Restricted shares outstanding at December 31, 2017 259,107 $ 24.80 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2017 , 2016 , and 2015 : ($ in thousands, except share and per share data) Number of Restricted Shares Granted Weighted Average Fair Value of Restricted Shares Vested 2017 85,150 $ 22.15 $ 2,529 2016 81,603 26.87 3,313 2015 121,075 28.10 2,948 The following table summarizes the time-based restricted unit grants and vestings during the years ended December 31, 2017 , 2016 , and 2015 : ($ in thousands, except unit and per unit data) Number of Restricted Units Granted Weighted Average Fair Value of Restricted Units Vested 2017 44,490 $ 23.22 $ 1,516 2016 46,562 26.48 1,929 2015 — — 1,694 |
Deferred Costs and Intangible29
Deferred Costs and Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | At December 31, 2017 and 2016 , deferred costs consisted of the following: ($ in thousands) 2017 2016 Acquired lease intangible assets $ 107,668 $ 125,144 Deferred leasing costs and other 68,335 63,810 176,003 188,954 Less—accumulated amortization (63,644 ) (59,690 ) Total $ 112,359 $ 129,264 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2018 $ 2,485 $ 9,441 $ 11,926 2019 1,251 6,905 8,156 2020 1,070 5,909 6,979 2021 806 4,756 5,562 2022 556 4,152 4,708 Thereafter 2,557 26,412 28,969 Total $ 8,725 $ 57,575 $ 66,300 |
Deferred Cost Amortization | ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of deferred leasing costs, lease intangibles and other $ 22,960 $ 24,898 $ 25,187 Amortization of above market lease intangibles 4,025 6,602 6,860 ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of debt issuance costs $ 2,534 $ 4,521 $ 3,209 |
Deferred Revenue, Intangibles30
Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Deferred Revenue and Other Liabilities | At December 31, 2017 and 2016 , deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) 2017 2016 Unamortized in-place lease liabilities $ 83,117 $ 95,360 Retainages payable and other 3,954 5,437 Tenant rents received in advance 9,493 11,405 Total $ 96,564 $ 112,202 |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2018 $ 2,485 $ 9,441 $ 11,926 2019 1,251 6,905 8,156 2020 1,070 5,909 6,979 2021 806 4,756 5,562 2022 556 4,152 4,708 Thereafter 2,557 26,412 28,969 Total $ 8,725 $ 57,575 $ 66,300 |
Leases, Acquired-in-Place | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2018 $ 6,304 2019 4,953 2020 4,454 2021 4,132 2022 3,957 Thereafter 59,317 Total $ 83,117 |
Acquisitions and Transaction 31
Acquisitions and Transaction Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Real Estate Properties | The Company’s investment properties as of December 31, 2017 and December 31, 2016 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,873,149 $ 3,885,223 Furniture, equipment and other 8,453 7,246 Land held for development 31,142 34,171 Construction in progress 45,140 69,425 $ 3,957,884 $ 3,996,065 In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center Newark, NJ July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2015: ($ in thousands) Investment properties, net $ 176,223 Lease-related intangible assets, net 17,436 Other assets 435 Total acquired assets 194,094 Mortgage and other indebtedness 18,473 Accounts payable and accrued expenses 2,125 Deferred revenue and other liabilities 8,269 Total assumed liabilities 28,867 Fair value of acquired net assets $ 165,227 |
Disposals of Operating Proper32
Disposals of Operating Properties and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Operating Property Dispositions | The following summarizes our 2015 operating property dispositions. Property Name MSA Disposition Date Eastside Junction Athens, AL March 2015 Fairgrounds Crossing Hot Springs, AR March 2015 Hawk Ridge Saint Louis, MO March 2015 Prattville Town Center Prattville, AL March 2015 Regal Court Shreveport, LA March 2015 Whispering Ridge Omaha, NE March 2015 Walgreens Plaza Jacksonville, NC March 2015 Cornelius Gateway Portland, OR December 2015 Four Corner Square Seattle, WA December 2015 The following summarizes our 2017 operating property dispositions. Property Name MSA Disposition Date Cove Center Stuart, FL March 2017 Clay Marketplace Birmingham, AL June 2017 The Shops at Village Walk Fort Myers, FL June 2017 Wheatland Towne Crossing Dallas, TX June 2017 The following summarizes our 2016 operating property dispositions. Property Name MSA Disposition Date Shops at Otty Portland, OR June 2016 Publix at St. Cloud St. Cloud, FL December 2016 |
Mortgage Loans and Other Inde33
Mortgage Loans and Other Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Participating Mortgage Loans | Mortgage and other indebtedness consisted of the following as of December 31, 2017 and 2016 : ($ in thousands) As of December 31, 2017 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2017 $ 550,000 $ — $ (5,599 ) $ 544,401 Unsecured Revolving Credit Facility Matures July 2021 1 ; borrowing level up to $373.8 million available at December 31, 2017; interest at LIBOR + 1.35% or 2.91% at December 31, 2017 60,100 — (1,895 ) 58,205 Unsecured Term Loans $200 million matures July 2021; interest at LIBOR + 1.30% or 2.86% at December 31, 2017; $200 million matures October 2022; interest at LIBOR + 1.60% or 3.16% at December 31, 2017 400,000 — (1,759 ) 398,241 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2017 576,927 9,196 (755 ) 585,368 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 3.16% to 3.81% at December 31, 2017 113,623 — (599 ) 113,024 Total mortgage and other indebtedness $ 1,700,650 $ 9,196 $ (10,607 ) $ 1,699,239 ($ in thousands) As of December 31, 2016 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2016 $ 550,000 $ — $ (6,140 ) $ 543,860 Unsecured Revolving Credit Facility Matures July 2021 1 ; borrowing level up to $409.9 million available at December 31, 2016; interest at LIBOR + 1.35% 2 or 2.12% at December 31, 2016 79,600 — (2,723 ) 76,877 Unsecured Term Loans $200 million matures July 2021; interest at LIBOR + 1.30% 2 or 2.07% at December 31, 2016; $200 million matures October 2022; interest at LIBOR + 1.60% or 2.37% at December 31, 2016 400,000 — (2,179 ) 397,821 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2016 587,762 12,109 (994 ) 598,877 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.60%-2.25%, ranging from 2.37% to 3.02% at December 31, 2016 114,388 — (749 ) 113,639 Total mortgage and other indebtedness $ 1,731,750 $ 12,109 $ (12,785 ) $ 1,731,074 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity date for two additional periods of six months each, subject to certain conditions. 2 The interest rates 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. |
Deferred Cost Amortization | ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of deferred leasing costs, lease intangibles and other $ 22,960 $ 24,898 $ 25,187 Amortization of above market lease intangibles 4,025 6,602 6,860 ($ in thousands) For the year ended December 31, 2017 2016 2015 Amortization of debt issuance costs $ 2,534 $ 4,521 $ 3,209 |
Schedule of Maturities of Long-term Debt | The following table presents maturities of mortgage debt and corporate debt as of December 31, 2017 : ($ in thousands) Scheduled Principal Payments Term Maturities 1 Total 2018 $ 5,635 $ 37,584 $ 43,219 2019 5,975 — 5,975 2020 5,920 42,339 48,259 2021 4,625 419,975 424,600 2022 1,113 405,208 406,321 Thereafter 7,236 765,040 772,276 $ 30,504 $ 1,670,146 $ 1,700,650 Unamortized net debt premiums and issuance costs, net (1,411 ) Total $ 1,699,239 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity date by one year to July 28, 2021 for the Company's unsecured credit facility. |
Lease Information (Tables)
Lease Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received | As of December 31, 2017 , 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: ($ in thousands) 2018 $ 259,365 2019 238,366 2020 215,584 2021 185,805 2022 151,127 Thereafter 635,979 Total $ 1,686,226 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2018 $ 1,686 2019 1,694 2020 1,777 2021 1,789 2022 1,815 Thereafter 73,790 Total $ 82,551 |
Quarterly Financial Data (Una35
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2017 and 2016 . ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 90,112 $ 92,649 $ 87,138 $ 88,919 Operating income 8,118 21,084 16,229 19,312 (Loss) income before gains on sale of operating properties, net (8,433 ) 4,568 (204 ) 2,795 Gain on sale of operating properties, net 8,870 6,290 — — Consolidated net income (loss) 437 10,858 (204 ) 2,795 Net income (loss) attributable to Kite Realty Group Trust common shareholders 5 10,180 (622 ) 2,309 Net income (loss) per common share – basic and diluted — 0.12 (0.01 ) 0.03 Weighted average Common Shares outstanding - basic 83,565,325 83,585,736 83,594,163 83,595,677 Weighted average Common Shares outstanding - diluted 83,643,608 83,652,627 83,594,163 83,705,764 ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 88,550 $ 87,575 $ 89,122 $ 88,874 Operating income 17,692 14,258 15,892 17,580 Income (loss) before gains on sale of operating properties, net 1,975 (1,690 ) (1,262 ) (159 ) Gains on sale of operating properties, net — 194 — 4,059 Consolidated net income (loss) 1,975 (1,496 ) (1,262 ) 3,900 Net income (loss) attributable to Kite Realty Group Trust common shareholders 1,402 (1,895 ) (1,682 ) 3,359 Net income (loss) per common share – basic and diluted 0.02 (0.02 ) (0.02 ) 0.04 Weighted average Common Shares outstanding - basic 83,348,507 83,375,765 83,474,348 83,545,807 Weighted average Common Shares outstanding - diluted 83,490,979 83,375,765 83,474,348 83,571,663 |
Supplemental Schedule of Non-36
Supplemental Schedule of Non-Cash Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Non-Cash Financing Activities | The following schedule summarizes the non-cash financing activities of the Company for the years ended December 31, 2017 , 2016 and 2015 : ($ in thousands) Year Ended December 31, 2017 2016 2015 Assumption of mortgages by buyer upon sale of operating properties $ — $ — $ 40,303 Assumption of debt in connection with acquisition of Chapel Hill Shopping Center including debt premium of $212 — — 18,462 |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2017ft²property | Dec. 31, 2016ft²property | |
Organization [Line Items] | ||
General partner, ownership interest | 97.70% | |
Number of real estate properties (in properties) | 4 | |
Area of Real Estate Property | ft² | 23.3 | 23.4 |
Operating and Redevelopment Properties | ||
Organization [Line Items] | ||
Number of real estate properties (in properties) | 117 | 119 |
Under Construction Development Properties | ||
Organization [Line Items] | ||
Number of real estate properties (in properties) | 2 | 2 |
Kite Realty Group, LP | ||
Organization [Line Items] | ||
Limited partner, ownership interest | 2.30% |
Basis of Presentation and Sum38
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Properties, at Cost [Abstract] | ||
Land, investment building and improvements | $ 3,873,149 | $ 3,885,223 |
Fixtures and Equipment, Gross | 8,453 | 7,246 |
Land Available for Development | 31,142 | 34,171 |
Construction in Progress | 45,140 | 69,425 |
Investment properties, at cost | $ 3,957,884 | $ 3,996,065 |
Basis of Presentation and Sum39
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)joint_ventureshares | Dec. 31, 2017USD ($)segmentjoint_ventureshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Investment [Line Items] | ||||
Variable interest entity, number of entities | joint_venture | 3 | 3 | ||
Variable interest entity, consolidated, carrying amount, liabilities (in dollars) | $ 238,800,000 | $ 238,800,000 | ||
Variable interest entity, consolidated, carrying amount, assets (in dollars) | 497,500,000 | 497,500,000 | ||
Payments to acquire equity method investments | 1,400,000 | $ 0 | $ 0 | |
Long-term debt | $ 1,699,239,000 | 1,699,239,000 | 1,731,074,000 | |
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 0 | $ 0 | $ 2,353,000 | |
Allowance for doubtful accounts, percentage of revenues | 0.80% | 0.80% | 1.20% | |
Limited partners' capital account, units outstanding (in shares) | shares | 1,974,830 | 1,974,830 | 1,942,340 | |
Special assessment bond termination | $ 26,600,000 | |||
Gains on sale of operating properties | $ 5,200,000 | $ 3,900,000 | $ 5,600,000 | |
Weighted average limited partnership units outstanding, basic (in shares) | shares | 2,000,000 | 1,900,000 | 1,800,000 | |
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 100,000 | 100,000 | 100,000 | |
Number of operating segments | segment | 1 | |||
Capital Unit, Class B | ||||
Investment [Line Items] | ||||
Number of joint ventures in which units are issued | joint_venture | 3 | |||
Number of joint ventures in which units are issued, noncontrolling interest | joint_venture | 2 | |||
City Center Operating Property | ||||
Investment [Line Items] | ||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 400,000 | |||
Revolving Credit Facility | ||||
Investment [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | ||
Long-term debt | $ 58,205,000 | $ 58,205,000 | $ 76,877,000 | |
Revolving Credit Facility | City Center Operating Property | ||||
Investment [Line Items] | ||||
Proceeds from lines of credit | 30,000,000 | |||
Noncontrolling Interest | Fishers Station | ||||
Investment [Line Items] | ||||
Ownership percentage in equity method investment | 100.00% | 100.00% | ||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 3,800,000 | |||
Noncontrolling Interest | City Center Operating Property | ||||
Investment [Line Items] | ||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 34,000,000 | |||
Operating Partnership | ||||
Investment [Line Items] | ||||
Noncontrolling interest, ownership percentage by parent | 97.70% | 97.70% | 97.70% | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 2.30% | 2.30% | 2.30% | |
Embassy Suites Joint Venture | ||||
Investment [Line Items] | ||||
Fee income | $ 400,000 | |||
Payments to acquire equity method investments | $ 1,400,000 | |||
Ownership percentage in equity method investment | 35.00% | 35.00% | ||
Cornelius Gateway Operating Property | ||||
Investment [Line Items] | ||||
Loss allocated to parent | 80.00% | 80.00% | ||
Loss allocated to partner | 20.00% | 20.00% | ||
Accounting Standards Update 2014-09 | ||||
Investment [Line Items] | ||||
New accounting pronouncement or change in accounting principle, change in revenue, percent | 1.00% | |||
New accounting pronouncement or change in accounting principle, recognized gains as a percent of revenue | 6.00% | |||
Accounting Standards Update 2016-02 | Minimum | ||||
Investment [Line Items] | ||||
New accounting pronouncement or change in accounting principle, recognized right of use assets | $ 35,000,000 | $ 35,000,000 | ||
Accounting Standards Update 2016-02 | Maximum | ||||
Investment [Line Items] | ||||
New accounting pronouncement or change in accounting principle, recognized right of use assets | 40,000,000 | $ 40,000,000 | ||
Building and Building Improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 10 years | |||
Building and Building Improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 35 years | |||
Furniture and Fixtures | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 5 years | |||
Furniture and Fixtures | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 10 years | |||
Construction Loans | Embassy Suites Joint Venture | ||||
Investment [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 33,800,000 | $ 33,800,000 | ||
Long-term debt | $ 0 | $ 0 |
Basis of Presentation and Sum40
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $ 3,998 | $ 4,325 | $ 2,433 |
Provision for credit losses, net of recoveries | 2,786 | 2,771 | 4,331 |
Accounts written off | (3,297) | (3,098) | (2,439) |
Balance, end of year | $ 3,487 | $ 3,998 | $ 4,325 |
Basis of Presentation and Sum41
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Concentration Risk by Risk Factor (Details) - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Billed Receivables | FLORIDA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 61.00% | 53.00% | |
Billed Receivables | INDIANA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.00% | 7.00% | |
Billed Receivables | TEXAS | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 4.00% | 2.00% | |
Revenues Recognized | FLORIDA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | 25.00% | 25.00% |
Revenues Recognized | INDIANA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | 15.00% | 14.00% |
Revenues Recognized | TEXAS | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 13.00% | 13.00% | 12.00% |
Basis of Presentation and Sum42
Basis of Presentation and Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of year | $ 692 | $ 773 | $ 3,364 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 2,014 | 1,933 | 2,198 |
Distributions to noncontrolling interests | 0 | (252) | (115) |
Acquisition of partner's interest in Beacon Hill operating property | 0 | 0 | (2,353) |
Partner's share of loss on sale of Cornelius Gateway operating property | 0 | 0 | (234) |
Balance, end of year | 698 | 692 | 773 |
Excluding Redeemable Non-Controlling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $ 6 | $ 171 | $ 111 |
Basis of Presentation and Sum43
Basis of Presentation and Summary of Significant Accounting Policies - Weighted Average Interests in Operating Partnership (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Company’s weighted average basic interest in Operating Partnership | 97.70% | 97.70% | 97.90% |
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.30% | 2.30% | 2.10% |
Basis of Presentation and Sum44
Basis of Presentation and Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Acquisition of partner's interest in City Center operating property | $ 0 | $ 0 | $ (2,353) | |||
Net income allocable to redeemable noncontrolling interests | 2,014 | 1,933 | 2,198 | |||
Distributions declared to redeemable noncontrolling interests | 0 | (252) | (115) | |||
Payment for partial redemption of redeemable noncontrolling interest | (8,261) | 0 | 0 | |||
Redeemable Noncontrolling Interests | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 88,165 | 92,315 | 125,082 | |||
Acquisition of partner's interest in City Center operating property | (8,300) | (33,998) | ||||
Net income allocable to redeemable noncontrolling interests | 2,009 | 1,756 | 2,087 | |||
Distributions declared to redeemable noncontrolling interests | (4,155) | (3,993) | (3,773) | |||
Payment for partial redemption of redeemable noncontrolling interest | (8,261) | 0 | 0 | |||
Other, net including adjustments to redemption value | (5,654) | (1,913) | 2,917 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 72,104 | 88,165 | 92,315 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 88,165 | 92,315 | 125,082 | $ 72,104 | $ 88,165 | $ 92,315 |
Redeemable Noncontrolling Interests | Partnership Interest | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 88,165 | 92,315 | ||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 72,104 | 88,165 | 92,315 | |||
Limited partners' interests in Operating Partnership | 39,573 | 47,373 | 50,085 | |||
Other redeemable noncontrolling interests in certain subsidiaries | 32,531 | 40,792 | 42,230 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ 88,165 | $ 92,315 | $ 92,315 | $ 72,104 | $ 88,165 | $ 92,315 |
Gain on Settlement (Details)
Gain on Settlement (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Gain Contingencies [Line Items] | ||||
Gain on settlement | $ | $ 0 | $ 0 | $ 4,520 | |
Number of real estate properties (in properties) | property | 4 | |||
Positive Outcome of Litigation | ||||
Gain Contingencies [Line Items] | ||||
Gain on settlement | $ | $ 4,750 | |||
Number of real estate properties (in properties) | property | 1 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) | 12 Months Ended | |||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)officer$ / sharesshares | Dec. 31, 2016USD ($)officer$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocation of recognized period costs, capitalized amount | $ 1,700,000 | $ 1,500,000 | $ 1,000,000 | |||||
Number of shares available for grant (in shares) | shares | 717,053 | |||||||
Granted (in shares) | shares | 0 | 0 | 0 | |||||
Exercised (in shares) | shares | 0 | 47,591 | ||||||
Exercises in period, intrinsic value | $ 800,000 | |||||||
Percent of compensation in time-based restricted shares | 50.00% | |||||||
Percent of compensation in three-year performance shares | 50.00% | |||||||
Number of executive officers | officer | 4 | 4 | ||||||
Share-based compensation arrangement by share-based payment award, percent of compensation based on relative total shareholder return | 50.00% | |||||||
Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of compensation in three-year performance shares | 0.00% | |||||||
Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of compensation in three-year performance shares | 200.00% | |||||||
Net Of Capitalized Costs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ 5,800,000 | $ 5,100,000 | $ 4,400,000 | |||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 5 years | |||||||
Expiration period (in years) | 10 years | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (in shares) | shares | 85,150 | 81,603 | 121,075 | |||||
Shares granted (in dollars per share) | $ / shares | $ 22.15 | $ 26.87 | $ 28.10 | |||||
Vested in period, fair value | $ 2,529,000 | $ 3,313,000 | $ 2,948,000 | |||||
Compensation cost not yet recognized (less than) | $ 4,200,000 | |||||||
Period for recognition (in years) | 1 year 4 months 13 days | |||||||
Restricted Stock | Scenario, Forecast | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ 300,000 | $ 600,000 | $ 1,100,000 | $ 2,100,000 | ||||
Restricted Stock | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 3 years | |||||||
Restricted Stock | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 5 years | |||||||
Restricted Performance Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 3 years | 3 years | 3 years | |||||
Expiration period (in years) | 3 years | 3 years | 3 years | |||||
Award measurement period (in years) | 3 years | 3 years | ||||||
Award requisite service period (in years) | 3 years | |||||||
Share-based compensation arrangement by share-based payment award, percent of compensation based on absolute total shareholder return | 50.00% | |||||||
Share-based compensation arrangement by share-based payment award, target value of awards granted | $ 2,000,000 | $ 1,000,000 | ||||||
Aggregate intrinsic value, nonvested | $ 2,200,000 | $ 1,300,000 | $ 1,100,000 | |||||
Restricted Performance Stock Units | Scenario, Forecast | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 100,000 | 800,000 | 1,200,000 | |||||
Restricted Performance Stock Units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of compensation in three-year performance shares | 0.00% | |||||||
Restricted Performance Stock Units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of compensation in three-year performance shares | 200.00% | |||||||
Time-Based Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (in shares) | shares | 44,490 | 46,562 | 0 | |||||
Shares granted (in dollars per share) | $ / shares | $ 23.22 | $ 26.48 | $ 0 | |||||
Vested in period, fair value | $ 1,516,000 | $ 1,929,000 | $ 1,694,000 | |||||
Compensation cost not yet recognized (less than) | $ 2,400,000 | |||||||
Period for recognition (in years) | 1 year 1 month 2 days | |||||||
Time-Based Restricted Stock Units | Scenario, Forecast | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 300,000 | 600,000 | 1,400,000 | |||||
The 2013 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of additional shares authorized (in shares) | shares | 1,500,000 | |||||||
Outperformance Plan 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 2 years | |||||||
Award requisite service period (in years) | 3 years | 3 years | ||||||
Aggregate intrinsic value, nonvested | $ 2,300,000 | |||||||
Outperformance Plan 2014 | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred compensation share-based arrangements, liability | $ 7,500,000 | |||||||
Outperformance Plan 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period (in years) | 2 years | |||||||
Award requisite service period (in years) | 3 years | 3 years | ||||||
Aggregate intrinsic value, nonvested | $ 1,900,000 | |||||||
Outperformance Plan 2016 | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred compensation share-based arrangements, liability | $ 6,000,000 | |||||||
Outperformance Plan 2014 and 2016 | Scenario, Forecast | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ 100,000 | $ 400,000 | $ 800,000 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding, aggregate intrinsic value | $ 211,809 | ||
Exercisable, aggregate intrinsic value | $ 211,809 | ||
Outstanding, remaining contractual term (in years) | 10 months 17 days | ||
Exercisable, remaining contractual term (in years) | 10 months 17 days | ||
Options | |||
Outstanding, beginning of period (in shares) | 182,462 | ||
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | (47,591) | |
Expired (in shares) | 0 | ||
Forfeited (in shares) | (1,250) | ||
Outstanding, end of period (in shares) | 181,212 | 182,462 | |
Exercisable (in shares) | 181,212 | 182,378 | |
Weighted-Average Exercise Price | |||
Outstanding, beginning of period (in dollars per share) | $ 37.58 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 0 | ||
Expired (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 10.56 | ||
Outstanding, end of period (in dollars per share) | 37.77 | $ 37.58 | |
Exercisable (in dollars per share) | $ 37.77 | $ 37.60 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Restricted Shares | |||
Outstanding, beginning balance (in shares) | 291,608 | ||
Shares granted (in shares) | 85,150 | 81,603 | 121,075 |
Shares forfeited (in shares) | (397) | ||
Shares vested (in shares) | (117,254) | ||
Outstanding, ending balance (in shares) | 259,107 | 291,608 | |
Weighted Average Grant Date Fair Value per share | |||
Outstanding, beginning balance (in dollars per share) | $ 26.10 | ||
Shares granted (in dollars per share) | 22.15 | $ 26.87 | $ 28.10 |
Shares forfeited (in dollars per share) | 26.24 | ||
Shares vested (in dollars per share) | 26.11 | ||
Outstanding, ending balance (in dollars per share) | $ 24.80 | $ 26.10 | |
Vested in period, fair value | $ 2,529 | $ 3,313 | $ 2,948 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Restricted Unit Activity (Details) - Time-Based Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Restricted Units | |||
Outstanding, beginning balance (in shares) | 183,979 | ||
Restricted units granted (in shares) | 44,490 | 46,562 | 0 |
Restricted units vested (in shares) | (78,021) | ||
Outstanding, ending balance (in shares) | 150,448 | 183,979 | |
Weighted Average Grant Date Fair Value per unit | |||
Outstanding, beginning balance (in dollars per share) | $ 22.57 | ||
Restricted units granted (in dollars per share) | 23.22 | $ 26.48 | $ 0 |
Restricted units vested (in dollars per share) | 21.87 | ||
Outstanding, ending balance (in dollars per share) | $ 23.13 | $ 22.57 | |
Vested in period, fair value | $ 1,516 | $ 1,929 | $ 1,694 |
Deferred Costs and Intangible50
Deferred Costs and Intangibles, Net - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired lease intangible assets | $ 107,668 | $ 125,144 |
Deferred leasing costs and other | 68,335 | 63,810 |
Deferred costs, gross | 176,003 | 188,954 |
Less—accumulated amortization | (63,644) | (59,690) |
Total | $ 112,359 | $ 129,264 |
Deferred Costs and Intangible51
Deferred Costs and Intangibles, Net - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 11,926 |
2,019 | 8,156 |
2,020 | 6,979 |
2,021 | 5,562 |
2,022 | 4,708 |
Thereafter | 28,969 |
Total | 66,300 |
Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 2,485 |
2,019 | 1,251 |
2,020 | 1,070 |
2,021 | 806 |
2,022 | 556 |
Thereafter | 2,557 |
Total | 8,725 |
Deferred Leasing Costs | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 9,441 |
2,019 | 6,905 |
2,020 | 5,909 |
2,021 | 4,756 |
2,022 | 4,152 |
Thereafter | 26,412 |
Total | $ 57,575 |
Deferred Costs and Intangible52
Deferred Costs and Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortization of deferred leasing costs, lease intangibles and other | $ 22,960 | $ 24,898 | $ 25,187 |
Amortization of above market lease intangibles | $ 4,025 | $ 6,602 | $ 6,860 |
Deferred Revenue, Intangibles53
Deferred Revenue, Intangibles, Net and Other Liabilities Deferred Revenue and Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Revenue Arrangement [Line Items] | |||
Amortization of Below Market Lease | $ 7,700 | $ 13,500 | $ 10,200 |
Deferred Revenue | 96,564 | 112,202 | |
Leasing Arrangement | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue | 83,117 | 95,360 | |
Retainages Payable And Other | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue | 3,954 | 5,437 | |
Tenant rents received in advance | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue | $ 9,493 | $ 11,405 |
Deferred Revenue, Intangibles54
Deferred Revenue, Intangibles, Net and Other Liabilities Aggregate Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 11,926 |
2,019 | 8,156 |
2,020 | 6,979 |
2,021 | 5,562 |
2,022 | 4,708 |
Thereafter | 28,969 |
Total | 66,300 |
Leases, Acquired-in-Place | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 6,304 |
2,019 | 4,953 |
2,020 | 4,454 |
2,021 | 4,132 |
2,022 | 3,957 |
Thereafter | 59,317 |
Total | $ 83,117 |
Acquisitions and Transaction 55
Acquisitions and Transaction Costs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | |
Business Acquisition [Line Items] | |||
Acquisition related costs | $ 2,800 | $ 1,600 | |
Number of operating properties acquired (in properties) | property | 4 | ||
Loans assumed | $ 40,303 | ||
Depreciation and amortization | $ 172,091 | $ 174,564 | 167,312 |
Colleyville Downs, Belle Isle Station, Livingston Shopping Center and Chapel Hill Shopping Center | |||
Business Acquisition [Line Items] | |||
Acquisition costs | 185,800 | ||
Chapel Hill Operating Property | |||
Business Acquisition [Line Items] | |||
Loans assumed | 18,300 | ||
The 2015 Operating Property Acquisitions | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | 8,800 | ||
Pro forma earnings (loss) | (1,300) | ||
Depreciation and amortization | $ 5,800 | ||
The 2015 Operating Property Acquisitions | Lease Agreements | |||
Business Acquisition [Line Items] | |||
Weighted average useful life (in years) | 9 years 4 months 24 days |
Acquisitions and Transaction 56
Acquisitions and Transaction Costs Acquisitions and Transaction Costs - Purchase Price Allocation for Properties Acquired (Details) - The 2015 Operating Property Acquisitions $ in Thousands | Dec. 31, 2015USD ($) |
Assets: | |
Investment properties, net | $ 176,223 |
Lease-related intangible assets, net | 17,436 |
Other assets | 435 |
Total acquired assets | 194,094 |
Liabilities: | |
Mortgage and other indebtedness | 18,473 |
Accounts payable and accrued expenses | 2,125 |
Deferred revenue and other liabilities | 8,269 |
Total assumed liabilities | 28,867 |
Fair value of acquired net assets | $ 165,227 |
Disposals of Operating Proper57
Disposals of Operating Properties and Impairment Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property, plant, and equipment, fair value disclosure | $ 26,000 | |||
Impairment charge | 7,411 | $ 0 | $ 1,592 | |
Proceeds from sale of real estate | $ 76,076 | 14,186 | $ 170,016 | |
Number of real estate properties (in properties) | property | 4 | |||
Cove Center, Clay Marketplace, Shops at Village Walk and Wheatland Towne Crossing | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposal | $ 15,200 | |||
Proceeds from sale of real estate | $ 76,100 | |||
Number of real estate properties (in properties) | property | 4 | |||
Publix at St. Cloud and Shops at Otty | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposal | 4,300 | |||
Proceeds from sale of real estate | $ 14,200 | |||
Number of real estate properties (in properties) | property | 2 | |||
Cornelius Gateway, Four Corner Square and Seven Property Disposal | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposal | $ 4,100 | |||
Proceeds from sale of real estate | $ 170,000 | |||
Number of real estate properties (in properties) | property | 9 | 9 | ||
Shops at Otty | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | $ 1,600 |
Mortgage Loans and Other Inde58
Mortgage Loans and Other Indebtedness - Consolidated Indebtedness by Type of Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Participating Mortgage Loans [Line Items] | ||
Unamortized debt premium | $ 9,196,000 | $ 12,109,000 |
Mortgage and other indebtedness | 1,699,239,000 | 1,731,074,000 |
Revolving Credit Facility | ||
Participating Mortgage Loans [Line Items] | ||
Line of credit facility, remaining borrowing capacity | $ 373,800,000 | $ 409,900,000 |
Basis spread on variable rate | 1.35% | 1.35% |
Interest rate, effective percentage | 2.91% | 2.12% |
Unamortized debt premium | $ 0 | $ 0 |
Mortgage and other indebtedness | 58,205,000 | 76,877,000 |
Senior Unsecured Notes | Fixed Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Unamortized debt premium | 0 | 0 |
Mortgage and other indebtedness | $ 544,401,000 | $ 543,860,000 |
Senior Unsecured Notes | Fixed Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 4.00% | 4.00% |
Senior Unsecured Notes | Fixed Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 4.57% | 4.57% |
Unsecured Debt | ||
Participating Mortgage Loans [Line Items] | ||
Unamortized debt premium | $ 0 | $ 0 |
Mortgage and other indebtedness | $ 398,241,000 | $ 397,821,000 |
Unsecured Debt | Unsecured Term Loans, Maturing July 2021 | ||
Participating Mortgage Loans [Line Items] | ||
Basis spread on variable rate | 1.30% | 1.30% |
Interest rate, effective percentage | 2.86% | 2.07% |
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 |
Unsecured Debt | Unsecured Term Loans, Maturing October 2022 | ||
Participating Mortgage Loans [Line Items] | ||
Basis spread on variable rate | 1.60% | 1.60% |
Interest rate, effective percentage | 3.16% | 2.37% |
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 |
Mortgages | Variable Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Unamortized debt premium | 0 | 0 |
Mortgage and other indebtedness | $ 113,024,000 | $ 113,639,000 |
Mortgages | Variable Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 3.16% | 2.37% |
Basis spread on variable rate | 1.60% | 1.60% |
Mortgages | Variable Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 3.81% | 3.02% |
Basis spread on variable rate | 2.25% | 2.25% |
Mortgages | Fixed Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Unamortized debt premium | $ 9,196,000 | $ 12,109,000 |
Mortgage and other indebtedness | $ 585,368,000 | $ 598,877,000 |
Mortgages | Fixed Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 3.78% | 3.78% |
Mortgages | Fixed Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period | 6.78% | 6.78% |
Mortgage Loans and Other Inde59
Mortgage Loans and Other Indebtedness - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | $ 1,700,650,000 | $ 1,731,750,000 | |
Debt premium | 9,196,000 | 12,109,000 | |
Debt issuance costs, net | (10,607,000) | (12,785,000) | |
Long-term debt | 1,699,239,000 | 1,731,074,000 | |
Amortization of debt issuance costs | 2,534,000 | 4,521,000 | $ 3,209,000 |
Loan proceeds | 97,700,000 | 608,301,000 | 984,303,000 |
Letters of credit outstanding | 6,300,000 | ||
Letters of credit outstanding, amount advanced | 0 | ||
Value in unencumbered asset pool | 1,400,000,000 | ||
Repayments of long-term debt | $ 129,156,000 | 589,501,000 | 835,019,000 |
Number of real estate properties (in properties) | property | 4 | ||
Repayments of debt | $ 129,200,000 | ||
Interest costs capitalized | 3,100,000 | 4,100,000 | $ 4,600,000 |
Percentage bearing fixed interest, amount | 1,100,000,000 | ||
Percentage bearing variable interest, amount | $ 573,700,000 | ||
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | 1,100,000,000 | ||
Fixed Rate Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Percentage bearing fixed interest, percentage | 3.78% | ||
Fixed Rate Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Percentage bearing fixed interest, percentage | 6.78% | ||
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 574,500,000 | ||
Variable Rate Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Percentage bearing fixed interest, percentage | 2.86% | ||
Variable Rate Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Percentage bearing fixed interest, percentage | 3.81% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | $ 60,100,000 | 79,600,000 | |
Debt premium | 0 | 0 | |
Debt issuance costs, line of credit arrangements, net | (1,895,000) | (2,723,000) | |
Long-term debt | 58,205,000 | 76,877,000 | |
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | ||
Debt instrument, maturity date, extension | 1 year | ||
Line of credit facility, option to increase max borrowing capacity | $ 1,000,000,000 | ||
Loan proceeds | 91,000,000 | ||
Long-term line of credit | 60,100,000 | ||
Line of credit facility, remaining borrowing capacity | 373,800,000 | 409,900,000 | |
Repayments of long-term debt | 48,200,000 | ||
Revolving Credit Facility | Proceeds from Sale of Operating Properties | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 76,100,000 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Percentage bearing fixed interest, amount | 550,000,000 | ||
Senior Unsecured Notes | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | 550,000,000 | 550,000,000 | |
Debt premium | 0 | 0 | |
Debt issuance costs, net | (5,599,000) | (6,140,000) | |
Long-term debt | 544,401,000 | 543,860,000 | |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | 400,000,000 | 400,000,000 | |
Debt premium | 0 | 0 | |
Debt issuance costs, net | (1,759,000) | (2,179,000) | |
Long-term debt | 398,241,000 | 397,821,000 | |
Mortgages | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | 576,927,000 | 587,762,000 | |
Debt premium | 9,196,000 | 12,109,000 | |
Debt issuance costs, net | (755,000) | (994,000) | |
Long-term debt | 585,368,000 | 598,877,000 | |
Mortgages | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal balance | 113,623,000 | 114,388,000 | |
Debt premium | 0 | 0 | |
Debt issuance costs, net | (599,000) | (749,000) | |
Long-term debt | 113,024,000 | $ 113,639,000 | |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200,000,000 | ||
Term Loan | 7-year unsecured term loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 200,000,000 | ||
Debt instrument, term (in years) | 7 years | ||
Term Loan | Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, option to increase borrowings | $ 200,000,000 | ||
Scheduled Principal Payments | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | $ 4,900,000 | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Percentage bearing variable interest, percentage rate | 1.56% | 0.77% | |
Pleasant Hill Commons | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | $ 6,700,000 |
Mortgage Loans and Other Inde60
Mortgage Loans and Other Indebtedness Mortgage Loans and Other Indebtedness - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Debt issuance costs, net | $ 10,607 | $ 12,785 | |
Amortization of debt issuance costs | $ 2,534 | $ 4,521 | $ 3,209 |
Mortgage Loans and Other Inde61
Mortgage Loans and Other Indebtedness - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Annual Principal Payments | ||
2,018 | $ 5,635 | |
2,019 | 5,975 | |
2,020 | 5,920 | |
2,021 | 4,625 | |
2,022 | 1,113 | |
Thereafter | 7,236 | |
Long-term debt, annual principal payments, gross | 30,504 | |
Term Maturity | ||
2,018 | 37,584 | |
2,019 | 0 | |
2,020 | 42,339 | |
2,021 | 419,975 | |
2,022 | 405,208 | |
Thereafter | 765,040 | |
Long-term debt, term maturity, gross | 1,670,146 | |
Total | ||
2,018 | 43,219 | |
2,019 | 5,975 | |
2,020 | 48,259 | |
2,021 | 424,600 | |
2,022 | 406,321 | |
Thereafter | 772,276 | |
Long-term debt, gross | 1,700,650 | |
Unamortized net debt premiums and issuance costs, net | (1,411) | |
Long-term Debt | $ 1,699,239 | $ 1,731,074 |
Derivative Instruments, Hedgi62
Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Average cap interest rate | 3.15% | ||
Interest rate fair value hedge liability at fair value | $ 2,400 | $ 2,200 | |
Gain (loss) reclassified from AOCI into income, effective portion, net | (2,500) | (4,800) | $ (5,600) |
Interest expense | 65,702 | 65,577 | $ 56,432 |
Increase As Hedged Forecasted Interest Payments Occur | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense | 700 | ||
Prepaid Expenses and Other Current Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge asset at fair value | 3,100 | 900 | |
Accounts Payable and Accrued Liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 700 | 3,100 | |
Accrued Interest | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 100 | $ 400 | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 435,500 |
Lease Information - Additional
Lease Information - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)alease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating lease, term of contract (in years) | 4 years 7 months 6 days | ||
Operating leases, earned overage rent revenue | $ 1.1 | $ 1.5 | $ 1.4 |
Number of properties subject to lease | lease | 9 | ||
Area of land (in acres) | a | 47 | ||
Rent expense | $ 1.7 | $ 1.8 | $ 1.1 |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Extension option (in years) | 5 years | ||
Length of extension option (in years) | 20 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Extension option (in years) | 10 years | ||
Length of extension option (in years) | 25 years |
Lease Information - Future Mini
Lease Information - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 259,365 |
2,019 | 238,366 |
2,020 | 215,584 |
2,021 | 185,805 |
2,022 | 151,127 |
Thereafter | 635,979 |
Total | $ 1,686,226 |
Lease Information - Future Mi65
Lease Information - Future Minimum Lease Payments Due (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 1,686 |
2,019 | 1,694 |
2,020 | 1,777 |
2,021 | 1,789 |
2,022 | 1,815 |
Thereafter | 73,790 |
Total | $ 82,551 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Dividends declared per common share (in dollars per share) | $ 0.3175 | $ 1.225 | $ 1.165 | $ 1.090 |
Dividend distribution increase percentage | 5.00% | |||
Dividends payable | $ 27,200 | $ 27,200 | $ 25,900 | |
Other preferred stock dividends and adjustments | 0 | 0 | $ 3,797 | |
Common share issuance proceeds, net of costs | $ 0 | $ 4,402 | $ 0 | |
At the Market Equity Issuance | ||||
Class of Stock [Line Items] | ||||
Issuance of common shares (in shares) | 137,229 | |||
Sale of stock, price per share (in dollars per share) | $ 29.52 | |||
Proceeds from issuance of common stock, gross | $ 4,100 | |||
Common share issuance proceeds, net of costs | $ 3,800 | |||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred Shares, shares outstanding (in shares) | 4,100,000 | |||
Preferred stock dividend rate | 8.25% | |||
Redemption price per share (in dollars per share) | $ 25.0287 | |||
Preferred stock, redemption amount | $ 102,600 | |||
Other preferred stock dividends and adjustments | $ 3,800 |
Quarterly Financial Data (Una67
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 88,919 | $ 87,138 | $ 92,649 | $ 90,112 | $ 88,874 | $ 89,122 | $ 87,575 | $ 88,550 | |||
Operating income | 19,312 | 16,229 | 21,084 | 8,118 | 17,580 | 15,892 | 14,258 | 17,692 | $ 64,745 | $ 65,423 | $ 71,797 |
Loss (income) before gains on sale of operating properties, net | 2,795 | (204) | 4,568 | (8,433) | (159) | (1,262) | (1,690) | 1,975 | (1,272) | (1,137) | 25,249 |
Gain on sale of operating properties, net | 0 | 0 | 6,290 | 8,870 | 4,059 | 0 | 194 | 0 | 15,160 | 4,253 | 4,066 |
Consolidated net income (loss) | 2,795 | (204) | 10,858 | 437 | 3,900 | (1,262) | (1,496) | 1,975 | $ 13,888 | $ 3,116 | $ 29,315 |
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ 2,309 | $ (622) | $ 10,180 | $ 5 | $ 3,359 | $ (1,682) | $ (1,895) | $ 1,402 | |||
Net income (loss) per common share – basic and diluted: | |||||||||||
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.03 | $ (0.01) | $ 0.12 | $ 0 | $ 0.04 | $ (0.02) | $ (0.02) | $ 0.02 | $ 0.14 | $ 0.01 | $ 0.18 |
Weighted average Common Shares outstanding - basic (in shares) | 83,595,677 | 83,594,163 | 83,585,736 | 83,565,325 | 83,545,807 | 83,474,348 | 83,375,765 | 83,348,507 | 83,585,333 | 83,436,511 | 83,421,904 |
Weighted average Common Shares outstanding - diluted (in shares) | 83,705,764 | 83,594,163 | 83,652,627 | 83,643,608 | 83,571,663 | 83,474,348 | 83,375,765 | 83,490,979 | 83,690,418 | 83,465,500 | 83,534,381 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Long-term debt | $ 1,699,239,000 | $ 1,731,074,000 |
Letters of credit outstanding | 6,300,000 | |
Letters of credit outstanding, amount advanced | $ 0 | |
Embassy Suites Joint Venture | ||
Loss Contingencies [Line Items] | ||
Ownership percentage in equity method investment | 35.00% | |
Construction Loans | Embassy Suites Joint Venture | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 33,800,000 | |
Long-term debt | $ 0 |
Supplemental Schedule of Non-69
Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Debt premium | $ 9,196 | $ 12,109 | |
Loans assumed | $ 40,303 | ||
Chapel Hill Operating Property | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Debt premium | 212 | ||
Assumption of debt | $ 18,462 |
Related Parties and Related P70
Related Parties and Related Party Transactions Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0.3 | $ 0.4 | $ 0.4 |
Entities Owned by Members of Management | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 0.1 | $ 0.1 | $ 0.1 |
Schedule III - Consolidated R71
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 1,700,650 | |||
Initial cost, land | 871,161 | |||
Initial cost, building & improvements | 2,895,688 | |||
Costs capitalized subsequent to acquisition, land | 2,692 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 179,889 | |||
Gross carry amount close of period, land | 873,854 | |||
Gross carry amount close of period, building and improvements | 3,075,577 | |||
Gross carry amount close of period, total | 3,949,431 | $ 3,988,819 | $ 3,926,180 | $ 3,897,131 |
Accumulated depreciation | 660,276 | $ 556,851 | $ 428,930 | $ 313,524 |
Operating Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 645,822 | |||
Initial cost, land | 780,260 | |||
Initial cost, building & improvements | 2,533,127 | |||
Costs capitalized subsequent to acquisition, land | 2,692 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 159,648 | |||
Gross carry amount close of period, land | 782,952 | |||
Gross carry amount close of period, building and improvements | 2,692,774 | |||
Gross carry amount close of period, total | 3,475,726 | |||
Accumulated depreciation | 586,651 | |||
Operating Properties | 12th Street Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,000 | |||
Initial cost, land | 2,624 | |||
Initial cost, building & improvements | 13,237 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 382 | |||
Gross carry amount close of period, land | 2,624 | |||
Gross carry amount close of period, building and improvements | 13,619 | |||
Gross carry amount close of period, total | 16,243 | |||
Accumulated depreciation | 3,078 | |||
Operating Properties | 54th & College | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,672 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,672 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 2,672 | |||
Accumulated depreciation | 0 | |||
Operating Properties | Bayonne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 44,505 | |||
Initial cost, land | 47,809 | |||
Initial cost, building & improvements | 44,062 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,368 | |||
Gross carry amount close of period, land | 47,809 | |||
Gross carry amount close of period, building and improvements | 45,430 | |||
Gross carry amount close of period, total | 93,239 | |||
Accumulated depreciation | 6,715 | |||
Operating Properties | Bayport Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,906 | |||
Initial cost, land | 7,005 | |||
Initial cost, building & improvements | 20,794 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,620 | |||
Gross carry amount close of period, land | 7,005 | |||
Gross carry amount close of period, building and improvements | 22,414 | |||
Gross carry amount close of period, total | 29,419 | |||
Accumulated depreciation | 6,161 | |||
Operating Properties | Beacon Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,272 | |||
Initial cost, building & improvements | 13,426 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 996 | |||
Gross carry amount close of period, land | 3,272 | |||
Gross carry amount close of period, building and improvements | 14,423 | |||
Gross carry amount close of period, total | 17,695 | |||
Accumulated depreciation | 4,197 | |||
Operating Properties | Bell Oaks Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,548 | |||
Initial cost, land | 1,230 | |||
Initial cost, building & improvements | 12,715 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 162 | |||
Gross carry amount close of period, land | 1,230 | |||
Gross carry amount close of period, building and improvements | 12,877 | |||
Gross carry amount close of period, total | 14,107 | |||
Accumulated depreciation | 2,347 | |||
Operating Properties | Belle Isle Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,130 | |||
Initial cost, building & improvements | 41,449 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 376 | |||
Gross carry amount close of period, land | 9,130 | |||
Gross carry amount close of period, building and improvements | 41,826 | |||
Gross carry amount close of period, total | 50,956 | |||
Accumulated depreciation | 5,689 | |||
Operating Properties | Bolton Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,733 | |||
Initial cost, building & improvements | 18,983 | |||
Costs capitalized subsequent to acquisition, land | 359 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,484 | |||
Gross carry amount close of period, land | 4,093 | |||
Gross carry amount close of period, building and improvements | 24,467 | |||
Gross carry amount close of period, total | 28,560 | |||
Accumulated depreciation | 9,385 | |||
Operating Properties | Boulevard Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,683 | |||
Initial cost, land | 4,386 | |||
Initial cost, building & improvements | 9,175 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,099 | |||
Gross carry amount close of period, land | 4,386 | |||
Gross carry amount close of period, building and improvements | 11,274 | |||
Gross carry amount close of period, total | 15,660 | |||
Accumulated depreciation | 4,688 | |||
Operating Properties | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,407 | |||
Initial cost, building & improvements | 8,668 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 422 | |||
Gross carry amount close of period, land | 3,407 | |||
Gross carry amount close of period, building and improvements | 9,091 | |||
Gross carry amount close of period, total | 12,498 | |||
Accumulated depreciation | 2,693 | |||
Operating Properties | Burlington | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 29 | |||
Initial cost, building & improvements | 2,773 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 29 | |||
Gross carry amount close of period, building and improvements | 2,773 | |||
Gross carry amount close of period, total | 2,802 | |||
Accumulated depreciation | 1,183 | |||
Operating Properties | Cannery Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,267 | |||
Initial cost, building & improvements | 10,516 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 415 | |||
Gross carry amount close of period, land | 6,267 | |||
Gross carry amount close of period, building and improvements | 10,932 | |||
Gross carry amount close of period, total | 17,199 | |||
Accumulated depreciation | 1,862 | |||
Operating Properties | Castleton Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,761 | |||
Initial cost, building & improvements | 28,977 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3,238 | |||
Gross carry amount close of period, land | 9,761 | |||
Gross carry amount close of period, building and improvements | 32,215 | |||
Gross carry amount close of period, total | 41,976 | |||
Accumulated depreciation | 7,667 | |||
Operating Properties | Chapel Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,250 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 35,074 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 409 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 35,483 | |||
Gross carry amount close of period, total | 35,483 | |||
Accumulated depreciation | 4,026 | |||
Operating Properties | Centennial Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 70,455 | |||
Initial cost, land | 58,960 | |||
Initial cost, building & improvements | 72,756 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3,345 | |||
Gross carry amount close of period, land | 58,960 | |||
Gross carry amount close of period, building and improvements | 76,101 | |||
Gross carry amount close of period, total | 135,061 | |||
Accumulated depreciation | 19,174 | |||
Operating Properties | Centennial Gateway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 44,385 | |||
Initial cost, land | 5,305 | |||
Initial cost, building & improvements | 48,712 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,803 | |||
Gross carry amount close of period, land | 5,305 | |||
Gross carry amount close of period, building and improvements | 50,515 | |||
Gross carry amount close of period, total | 55,820 | |||
Accumulated depreciation | 9,116 | |||
Operating Properties | Centre Point Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,410 | |||
Initial cost, land | 2,918 | |||
Initial cost, building & improvements | 22,647 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 257 | |||
Gross carry amount close of period, land | 2,918 | |||
Gross carry amount close of period, building and improvements | 22,903 | |||
Gross carry amount close of period, total | 25,821 | |||
Accumulated depreciation | 3,603 | |||
Operating Properties | Cobblestone Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,221 | |||
Initial cost, building & improvements | 45,551 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 490 | |||
Gross carry amount close of period, land | 11,221 | |||
Gross carry amount close of period, building and improvements | 46,041 | |||
Gross carry amount close of period, total | 57,262 | |||
Accumulated depreciation | 9,585 | |||
Operating Properties | Colonial Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,743 | |||
Initial cost, building & improvements | 31,299 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 898 | |||
Gross carry amount close of period, land | 11,743 | |||
Gross carry amount close of period, building and improvements | 32,197 | |||
Gross carry amount close of period, total | 43,940 | |||
Accumulated depreciation | 4,220 | |||
Operating Properties | Colleyville Downs | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,446 | |||
Initial cost, building & improvements | 38,574 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 830 | |||
Gross carry amount close of period, land | 5,446 | |||
Gross carry amount close of period, building and improvements | 39,404 | |||
Gross carry amount close of period, total | 44,850 | |||
Accumulated depreciation | 6,053 | |||
Operating Properties | Cool Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,062 | |||
Initial cost, building & improvements | 13,430 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,807 | |||
Gross carry amount close of period, land | 6,062 | |||
Gross carry amount close of period, building and improvements | 15,236 | |||
Gross carry amount close of period, total | 21,298 | |||
Accumulated depreciation | 5,405 | |||
Operating Properties | Cool Springs Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,684 | |||
Initial cost, building & improvements | 21,454 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 8,262 | |||
Gross carry amount close of period, land | 12,684 | |||
Gross carry amount close of period, building and improvements | 29,716 | |||
Gross carry amount close of period, total | 42,400 | |||
Accumulated depreciation | 6,726 | |||
Operating Properties | Crossing at Killingly Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 33,000 | |||
Initial cost, land | 21,999 | |||
Initial cost, building & improvements | 35,218 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 132 | |||
Gross carry amount close of period, land | 21,999 | |||
Gross carry amount close of period, building and improvements | 35,350 | |||
Gross carry amount close of period, total | 57,349 | |||
Accumulated depreciation | 5,827 | |||
Operating Properties | Delray Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 56,850 | |||
Initial cost, land | 18,750 | |||
Initial cost, building & improvements | 88,877 | |||
Costs capitalized subsequent to acquisition, land | 1,284 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 4,818 | |||
Gross carry amount close of period, land | 20,034 | |||
Gross carry amount close of period, building and improvements | 93,695 | |||
Gross carry amount close of period, total | 113,729 | |||
Accumulated depreciation | 14,919 | |||
Operating Properties | DePauw University Bookstore and Cafe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 64 | |||
Initial cost, building & improvements | 663 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 45 | |||
Gross carry amount close of period, land | 64 | |||
Gross carry amount close of period, building and improvements | 708 | |||
Gross carry amount close of period, total | 772 | |||
Accumulated depreciation | 274 | |||
Operating Properties | Draper Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,054 | |||
Initial cost, building & improvements | 28,485 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 183 | |||
Gross carry amount close of period, land | 9,054 | |||
Gross carry amount close of period, building and improvements | 28,668 | |||
Gross carry amount close of period, total | 37,722 | |||
Accumulated depreciation | 5,801 | |||
Operating Properties | Draper Peaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,498 | |||
Initial cost, building & improvements | 46,876 | |||
Costs capitalized subsequent to acquisition, land | 522 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,340 | |||
Gross carry amount close of period, land | 12,020 | |||
Gross carry amount close of period, building and improvements | 49,216 | |||
Gross carry amount close of period, total | 61,236 | |||
Accumulated depreciation | 5,912 | |||
Operating Properties | Eastern Beltway Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 34,100 | |||
Initial cost, land | 23,221 | |||
Initial cost, building & improvements | 45,633 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 801 | |||
Gross carry amount close of period, land | 23,221 | |||
Gross carry amount close of period, building and improvements | 46,434 | |||
Gross carry amount close of period, total | 69,655 | |||
Accumulated depreciation | 6,075 | |||
Operating Properties | Eastgate Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,073 | |||
Initial cost, building & improvements | 20,207 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 164 | |||
Gross carry amount close of period, land | 4,073 | |||
Gross carry amount close of period, building and improvements | 20,372 | |||
Gross carry amount close of period, total | 24,445 | |||
Accumulated depreciation | 3,193 | |||
Operating Properties | Eastgate Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,026 | |||
Initial cost, building & improvements | 18,899 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,715 | |||
Gross carry amount close of period, land | 8,026 | |||
Gross carry amount close of period, building and improvements | 20,614 | |||
Gross carry amount close of period, total | 28,640 | |||
Accumulated depreciation | 8,147 | |||
Operating Properties | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 23,131 | |||
Initial cost, land | 1,900 | |||
Initial cost, building & improvements | 37,739 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,249 | |||
Gross carry amount close of period, land | 1,900 | |||
Gross carry amount close of period, building and improvements | 38,988 | |||
Gross carry amount close of period, total | 40,888 | |||
Accumulated depreciation | 10,508 | |||
Operating Properties | Estero Town Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,973 | |||
Initial cost, building & improvements | 9,960 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 979 | |||
Gross carry amount close of period, land | 8,973 | |||
Gross carry amount close of period, building and improvements | 10,939 | |||
Gross carry amount close of period, total | 19,912 | |||
Accumulated depreciation | 3,033 | |||
Operating Properties | Fox Lake Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,685 | |||
Initial cost, building & improvements | 9,274 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 347 | |||
Gross carry amount close of period, land | 5,685 | |||
Gross carry amount close of period, building and improvements | 9,621 | |||
Gross carry amount close of period, total | 15,306 | |||
Accumulated depreciation | 3,775 | |||
Operating Properties | Gainesville Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,437 | |||
Initial cost, building & improvements | 18,237 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,515 | |||
Gross carry amount close of period, land | 5,437 | |||
Gross carry amount close of period, building and improvements | 19,751 | |||
Gross carry amount close of period, total | 25,188 | |||
Accumulated depreciation | 5,911 | |||
Operating Properties | Geist Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,368 | |||
Initial cost, building & improvements | 8,449 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,820 | |||
Gross carry amount close of period, land | 1,368 | |||
Gross carry amount close of period, building and improvements | 10,269 | |||
Gross carry amount close of period, total | 11,637 | |||
Accumulated depreciation | 3,752 | |||
Operating Properties | Glendale Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,494 | |||
Initial cost, building & improvements | 43,838 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,247 | |||
Gross carry amount close of period, land | 1,494 | |||
Gross carry amount close of period, building and improvements | 46,084 | |||
Gross carry amount close of period, total | 47,578 | |||
Accumulated depreciation | 28,514 | |||
Operating Properties | Greyhound Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,629 | |||
Initial cost, building & improvements | 794 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 887 | |||
Gross carry amount close of period, land | 2,629 | |||
Gross carry amount close of period, building and improvements | 1,681 | |||
Gross carry amount close of period, total | 4,310 | |||
Accumulated depreciation | 696 | |||
Operating Properties | Hamilton Crossing - Phase II & III | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,859 | |||
Initial cost, building & improvements | 23,190 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 451 | |||
Gross carry amount close of period, land | 2,859 | |||
Gross carry amount close of period, building and improvements | 23,641 | |||
Gross carry amount close of period, total | 26,500 | |||
Accumulated depreciation | 3,427 | |||
Operating Properties | Hitchcock Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,260 | |||
Initial cost, building & improvements | 21,960 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,488 | |||
Gross carry amount close of period, land | 4,260 | |||
Gross carry amount close of period, building and improvements | 24,447 | |||
Gross carry amount close of period, total | 28,707 | |||
Accumulated depreciation | 2,893 | |||
Operating Properties | Holly Springs Towne Center - Phase I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,319 | |||
Initial cost, building & improvements | 46,689 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,458 | |||
Gross carry amount close of period, land | 12,319 | |||
Gross carry amount close of period, building and improvements | 48,147 | |||
Gross carry amount close of period, total | 60,466 | |||
Accumulated depreciation | 7,474 | |||
Operating Properties | Holly Springs Towne Center - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,910 | |||
Initial cost, building & improvements | 49,212 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 11,910 | |||
Gross carry amount close of period, building and improvements | 49,212 | |||
Gross carry amount close of period, total | 61,122 | |||
Accumulated depreciation | 2,162 | |||
Operating Properties | Hunters Creak Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,335 | |||
Initial cost, building & improvements | 12,706 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 917 | |||
Gross carry amount close of period, land | 8,335 | |||
Gross carry amount close of period, building and improvements | 13,623 | |||
Gross carry amount close of period, total | 21,958 | |||
Accumulated depreciation | 2,241 | |||
Operating Properties | Indian River Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,100 | |||
Initial cost, building & improvements | 6,354 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 584 | |||
Gross carry amount close of period, land | 5,100 | |||
Gross carry amount close of period, building and improvements | 6,938 | |||
Gross carry amount close of period, total | 12,038 | |||
Accumulated depreciation | 2,568 | |||
Operating Properties | International Speedway Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 19,017 | |||
Initial cost, land | 7,769 | |||
Initial cost, building & improvements | 18,045 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 9,352 | |||
Gross carry amount close of period, land | 7,769 | |||
Gross carry amount close of period, building and improvements | 27,397 | |||
Gross carry amount close of period, total | 35,166 | |||
Accumulated depreciation | 15,540 | |||
Operating Properties | Kings Lake Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,519 | |||
Initial cost, building & improvements | 15,630 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 492 | |||
Gross carry amount close of period, land | 4,519 | |||
Gross carry amount close of period, building and improvements | 16,122 | |||
Gross carry amount close of period, total | 20,641 | |||
Accumulated depreciation | 7,063 | |||
Operating Properties | Kingwood Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,715 | |||
Initial cost, building & improvements | 30,891 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 143 | |||
Gross carry amount close of period, land | 5,715 | |||
Gross carry amount close of period, building and improvements | 31,034 | |||
Gross carry amount close of period, total | 36,749 | |||
Accumulated depreciation | 6,916 | |||
Operating Properties | Lake City Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,200 | |||
Initial cost, land | 3,415 | |||
Initial cost, building & improvements | 10,242 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 349 | |||
Gross carry amount close of period, land | 3,415 | |||
Gross carry amount close of period, building and improvements | 10,591 | |||
Gross carry amount close of period, total | 14,006 | |||
Accumulated depreciation | 1,853 | |||
Operating Properties | Lake City Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,277 | |||
Initial cost, building & improvements | 2,225 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 16 | |||
Gross carry amount close of period, land | 1,277 | |||
Gross carry amount close of period, building and improvements | 2,241 | |||
Gross carry amount close of period, total | 3,518 | |||
Accumulated depreciation | 361 | |||
Operating Properties | Lake Mary Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,080 | |||
Initial cost, land | 1,413 | |||
Initial cost, building & improvements | 8,719 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 89 | |||
Gross carry amount close of period, land | 1,413 | |||
Gross carry amount close of period, building and improvements | 8,807 | |||
Gross carry amount close of period, total | 10,220 | |||
Accumulated depreciation | 1,185 | |||
Operating Properties | Lakewood Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,783 | |||
Initial cost, building & improvements | 25,471 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,256 | |||
Gross carry amount close of period, land | 1,783 | |||
Gross carry amount close of period, building and improvements | 26,728 | |||
Gross carry amount close of period, total | 28,511 | |||
Accumulated depreciation | 6,706 | |||
Operating Properties | Landstown Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,672 | |||
Initial cost, building & improvements | 92,045 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,626 | |||
Gross carry amount close of period, land | 18,672 | |||
Gross carry amount close of period, building and improvements | 94,671 | |||
Gross carry amount close of period, total | 113,343 | |||
Accumulated depreciation | 16,404 | |||
Operating Properties | Lima Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,383 | |||
Initial cost, land | 4,703 | |||
Initial cost, building & improvements | 15,706 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 543 | |||
Gross carry amount close of period, land | 4,703 | |||
Gross carry amount close of period, building and improvements | 16,249 | |||
Gross carry amount close of period, total | 20,952 | |||
Accumulated depreciation | 2,815 | |||
Operating Properties | Lithia Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,065 | |||
Initial cost, building & improvements | 9,962 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,605 | |||
Gross carry amount close of period, land | 3,065 | |||
Gross carry amount close of period, building and improvements | 15,567 | |||
Gross carry amount close of period, total | 18,632 | |||
Accumulated depreciation | 4,317 | |||
Operating Properties | Livingston Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,372 | |||
Initial cost, building & improvements | 35,537 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 10,372 | |||
Gross carry amount close of period, building and improvements | 35,537 | |||
Gross carry amount close of period, total | 45,909 | |||
Accumulated depreciation | 3,181 | |||
Operating Properties | Lowe's Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,125 | |||
Initial cost, building & improvements | 5,976 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 53 | |||
Gross carry amount close of period, land | 2,125 | |||
Gross carry amount close of period, building and improvements | 6,029 | |||
Gross carry amount close of period, total | 8,154 | |||
Accumulated depreciation | 997 | |||
Operating Properties | Market Street Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,764 | |||
Initial cost, building & improvements | 16,360 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,920 | |||
Gross carry amount close of period, land | 9,764 | |||
Gross carry amount close of period, building and improvements | 19,280 | |||
Gross carry amount close of period, total | 29,044 | |||
Accumulated depreciation | 6,533 | |||
Operating Properties | Memorial Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,568 | |||
Initial cost, building & improvements | 14,628 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 341 | |||
Gross carry amount close of period, land | 1,568 | |||
Gross carry amount close of period, building and improvements | 14,969 | |||
Gross carry amount close of period, total | 16,537 | |||
Accumulated depreciation | 2,022 | |||
Operating Properties | Merrimack Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,445 | |||
Initial cost, land | 1,921 | |||
Initial cost, building & improvements | 12,777 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 149 | |||
Gross carry amount close of period, land | 1,921 | |||
Gross carry amount close of period, building and improvements | 12,927 | |||
Gross carry amount close of period, total | 14,848 | |||
Accumulated depreciation | 2,277 | |||
Operating Properties | Miramar Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 31,625 | |||
Initial cost, land | 26,392 | |||
Initial cost, building & improvements | 30,889 | |||
Costs capitalized subsequent to acquisition, land | 489 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 607 | |||
Gross carry amount close of period, land | 26,880 | |||
Gross carry amount close of period, building and improvements | 31,496 | |||
Gross carry amount close of period, total | 58,376 | |||
Accumulated depreciation | 5,188 | |||
Operating Properties | Mullins Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,582 | |||
Initial cost, building & improvements | 42,031 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 398 | |||
Gross carry amount close of period, land | 10,582 | |||
Gross carry amount close of period, building and improvements | 42,429 | |||
Gross carry amount close of period, total | 53,011 | |||
Accumulated depreciation | 8,683 | |||
Operating Properties | Naperville Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 7,513 | |||
Initial cost, land | 5,364 | |||
Initial cost, building & improvements | 11,475 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 106 | |||
Gross carry amount close of period, land | 5,364 | |||
Gross carry amount close of period, building and improvements | 11,580 | |||
Gross carry amount close of period, total | 16,944 | |||
Accumulated depreciation | 3,336 | |||
Operating Properties | Northcrest Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 15,780 | |||
Initial cost, land | 4,044 | |||
Initial cost, building & improvements | 33,857 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 980 | |||
Gross carry amount close of period, land | 4,044 | |||
Gross carry amount close of period, building and improvements | 34,837 | |||
Gross carry amount close of period, total | 38,881 | |||
Accumulated depreciation | 4,509 | |||
Operating Properties | Northdale Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,718 | |||
Initial cost, building & improvements | 27,481 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 1,718 | |||
Gross carry amount close of period, building and improvements | 27,481 | |||
Gross carry amount close of period, total | 29,199 | |||
Accumulated depreciation | 7,732 | |||
Operating Properties | Oleander Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 863 | |||
Initial cost, building & improvements | 5,935 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 30 | |||
Gross carry amount close of period, land | 863 | |||
Gross carry amount close of period, building and improvements | 5,965 | |||
Gross carry amount close of period, total | 6,828 | |||
Accumulated depreciation | 1,727 | |||
Operating Properties | Palm Coast Landing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 22,274 | |||
Initial cost, land | 4,962 | |||
Initial cost, building & improvements | 37,995 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 769 | |||
Gross carry amount close of period, land | 4,962 | |||
Gross carry amount close of period, building and improvements | 38,764 | |||
Gross carry amount close of period, total | 43,726 | |||
Accumulated depreciation | 5,848 | |||
Operating Properties | Parkside Town Commons - Phase I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,108 | |||
Initial cost, building & improvements | 43,313 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 3,108 | |||
Gross carry amount close of period, building and improvements | 43,313 | |||
Gross carry amount close of period, total | 46,421 | |||
Accumulated depreciation | 5,848 | |||
Operating Properties | Parkside Town Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,722 | |||
Initial cost, building & improvements | 66,766 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 20,722 | |||
Gross carry amount close of period, building and improvements | 66,766 | |||
Gross carry amount close of period, total | 87,488 | |||
Accumulated depreciation | 6,012 | |||
Operating Properties | Perimeter Woods | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 33,330 | |||
Initial cost, land | 35,793 | |||
Initial cost, building & improvements | 27,257 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 706 | |||
Gross carry amount close of period, land | 35,793 | |||
Gross carry amount close of period, building and improvements | 27,964 | |||
Gross carry amount close of period, total | 63,757 | |||
Accumulated depreciation | 3,923 | |||
Operating Properties | Pine Ridge Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,640 | |||
Initial cost, building & improvements | 17,084 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 3,480 | |||
Gross carry amount close of period, land | 5,640 | |||
Gross carry amount close of period, building and improvements | 20,564 | |||
Gross carry amount close of period, total | 26,204 | |||
Accumulated depreciation | 6,122 | |||
Operating Properties | Plaza at Cedar Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,782 | |||
Initial cost, building & improvements | 36,781 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 9,462 | |||
Gross carry amount close of period, land | 5,782 | |||
Gross carry amount close of period, building and improvements | 46,243 | |||
Gross carry amount close of period, total | 52,025 | |||
Accumulated depreciation | 18,486 | |||
Operating Properties | Plaza Volente | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,600 | |||
Initial cost, building & improvements | 29,074 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,042 | |||
Gross carry amount close of period, land | 4,600 | |||
Gross carry amount close of period, building and improvements | 30,117 | |||
Gross carry amount close of period, total | 34,717 | |||
Accumulated depreciation | 11,625 | |||
Operating Properties | Pleasant Hill Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,350 | |||
Initial cost, building & improvements | 10,103 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 323 | |||
Gross carry amount close of period, land | 3,350 | |||
Gross carry amount close of period, building and improvements | 10,427 | |||
Gross carry amount close of period, total | 13,777 | |||
Accumulated depreciation | 1,856 | |||
Operating Properties | Portofino Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,754 | |||
Initial cost, building & improvements | 75,117 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 14,747 | |||
Gross carry amount close of period, land | 4,754 | |||
Gross carry amount close of period, building and improvements | 89,864 | |||
Gross carry amount close of period, total | 94,618 | |||
Accumulated depreciation | 17,573 | |||
Operating Properties | Publix at Acworth | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,557 | |||
Initial cost, land | 1,357 | |||
Initial cost, building & improvements | 7,938 | |||
Costs capitalized subsequent to acquisition, land | 39 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,115 | |||
Gross carry amount close of period, land | 1,395 | |||
Gross carry amount close of period, building and improvements | 9,053 | |||
Gross carry amount close of period, total | 10,448 | |||
Accumulated depreciation | 3,490 | |||
Operating Properties | Publix at Woodruff | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,783 | |||
Initial cost, building & improvements | 6,342 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 303 | |||
Gross carry amount close of period, land | 1,783 | |||
Gross carry amount close of period, building and improvements | 6,645 | |||
Gross carry amount close of period, total | 8,428 | |||
Accumulated depreciation | 2,245 | |||
Operating Properties | Rangeline Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,043 | |||
Initial cost, building & improvements | 18,414 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 564 | |||
Gross carry amount close of period, land | 2,043 | |||
Gross carry amount close of period, building and improvements | 18,979 | |||
Gross carry amount close of period, total | 21,022 | |||
Accumulated depreciation | 5,782 | |||
Operating Properties | Riverchase Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,889 | |||
Initial cost, building & improvements | 11,404 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,348 | |||
Gross carry amount close of period, land | 3,889 | |||
Gross carry amount close of period, building and improvements | 12,752 | |||
Gross carry amount close of period, total | 16,641 | |||
Accumulated depreciation | 4,369 | |||
Operating Properties | Rivers Edge | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,647 | |||
Initial cost, building & improvements | 31,358 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,354 | |||
Gross carry amount close of period, land | 5,647 | |||
Gross carry amount close of period, building and improvements | 32,712 | |||
Gross carry amount close of period, total | 38,359 | |||
Accumulated depreciation | 7,695 | |||
Operating Properties | Saxon Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,400 | |||
Initial cost, land | 3,764 | |||
Initial cost, building & improvements | 16,791 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 25 | |||
Gross carry amount close of period, land | 3,764 | |||
Gross carry amount close of period, building and improvements | 16,815 | |||
Gross carry amount close of period, total | 20,579 | |||
Accumulated depreciation | 2,773 | |||
Operating Properties | Shoppes at Plaza Green | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,749 | |||
Initial cost, building & improvements | 23,853 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,269 | |||
Gross carry amount close of period, land | 3,749 | |||
Gross carry amount close of period, building and improvements | 25,122 | |||
Gross carry amount close of period, total | 28,871 | |||
Accumulated depreciation | 6,329 | |||
Operating Properties | Shoppes of Eastwood | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,688 | |||
Initial cost, building & improvements | 8,926 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 563 | |||
Gross carry amount close of period, land | 1,688 | |||
Gross carry amount close of period, building and improvements | 9,489 | |||
Gross carry amount close of period, total | 11,177 | |||
Accumulated depreciation | 2,361 | |||
Operating Properties | Shops at Eagle Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,550 | |||
Initial cost, building & improvements | 8,844 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,000 | |||
Gross carry amount close of period, land | 4,550 | |||
Gross carry amount close of period, building and improvements | 13,844 | |||
Gross carry amount close of period, total | 18,394 | |||
Accumulated depreciation | 4,569 | |||
Operating Properties | Shops at Julington Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 4,785 | |||
Initial cost, land | 2,372 | |||
Initial cost, building & improvements | 7,976 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 103 | |||
Gross carry amount close of period, land | 2,372 | |||
Gross carry amount close of period, building and improvements | 8,079 | |||
Gross carry amount close of period, total | 10,451 | |||
Accumulated depreciation | 1,351 | |||
Operating Properties | Shops at Moore | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 21,300 | |||
Initial cost, land | 8,030 | |||
Initial cost, building & improvements | 33,380 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,677 | |||
Gross carry amount close of period, land | 8,030 | |||
Gross carry amount close of period, building and improvements | 35,057 | |||
Gross carry amount close of period, total | 43,087 | |||
Accumulated depreciation | 7,333 | |||
Operating Properties | Silver Springs Pointe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,800 | |||
Initial cost, land | 9,685 | |||
Initial cost, building & improvements | 7,676 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 276 | |||
Gross carry amount close of period, land | 9,685 | |||
Gross carry amount close of period, building and improvements | 7,952 | |||
Gross carry amount close of period, total | 17,637 | |||
Accumulated depreciation | 2,388 | |||
Operating Properties | South Elgin Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,916 | |||
Initial cost, building & improvements | 22,140 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 49 | |||
Gross carry amount close of period, land | 3,916 | |||
Gross carry amount close of period, building and improvements | 22,188 | |||
Gross carry amount close of period, total | 26,104 | |||
Accumulated depreciation | 3,629 | |||
Operating Properties | Stoney Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 628 | |||
Initial cost, building & improvements | 3,700 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,837 | |||
Gross carry amount close of period, land | 628 | |||
Gross carry amount close of period, building and improvements | 9,538 | |||
Gross carry amount close of period, total | 10,166 | |||
Accumulated depreciation | 2,645 | |||
Operating Properties | Sunland Towne Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,774 | |||
Initial cost, building & improvements | 22,542 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,099 | |||
Gross carry amount close of period, land | 14,774 | |||
Gross carry amount close of period, building and improvements | 27,641 | |||
Gross carry amount close of period, total | 42,415 | |||
Accumulated depreciation | 10,823 | |||
Operating Properties | Tamiami Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 19,810 | |||
Initial cost, building & improvements | 29,227 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 19,810 | |||
Gross carry amount close of period, building and improvements | 29,227 | |||
Gross carry amount close of period, total | 49,037 | |||
Accumulated depreciation | 1,567 | |||
Operating Properties | Tarpon Bay Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,273 | |||
Initial cost, building & improvements | 23,856 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,735 | |||
Gross carry amount close of period, land | 4,273 | |||
Gross carry amount close of period, building and improvements | 26,592 | |||
Gross carry amount close of period, total | 30,865 | |||
Accumulated depreciation | 7,439 | |||
Operating Properties | Temple Terrace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,245 | |||
Initial cost, building & improvements | 9,229 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 108 | |||
Gross carry amount close of period, land | 2,245 | |||
Gross carry amount close of period, building and improvements | 9,336 | |||
Gross carry amount close of period, total | 11,581 | |||
Accumulated depreciation | 1,212 | |||
Operating Properties | The Centre at Panola | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 1,667 | |||
Initial cost, land | 1,986 | |||
Initial cost, building & improvements | 8,191 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 372 | |||
Gross carry amount close of period, land | 1,986 | |||
Gross carry amount close of period, building and improvements | 8,563 | |||
Gross carry amount close of period, total | 10,549 | |||
Accumulated depreciation | 3,727 | |||
Operating Properties | The Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,750 | |||
Initial cost, land | 3,772 | |||
Initial cost, building & improvements | 24,605 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 80 | |||
Gross carry amount close of period, land | 3,772 | |||
Gross carry amount close of period, building and improvements | 24,686 | |||
Gross carry amount close of period, total | 28,458 | |||
Accumulated depreciation | 3,344 | |||
Operating Properties | The Landing at Tradition | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,505 | |||
Initial cost, building & improvements | 45,821 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,109 | |||
Gross carry amount close of period, land | 18,505 | |||
Gross carry amount close of period, building and improvements | 47,929 | |||
Gross carry amount close of period, total | 66,434 | |||
Accumulated depreciation | 8,992 | |||
Operating Properties | Toringdon Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,448 | |||
Initial cost, building & improvements | 9,411 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 291 | |||
Gross carry amount close of period, land | 5,448 | |||
Gross carry amount close of period, building and improvements | 9,703 | |||
Gross carry amount close of period, total | 15,151 | |||
Accumulated depreciation | 2,084 | |||
Operating Properties | Traders Point | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,443 | |||
Initial cost, building & improvements | 36,433 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,428 | |||
Gross carry amount close of period, land | 9,443 | |||
Gross carry amount close of period, building and improvements | 38,861 | |||
Gross carry amount close of period, total | 48,304 | |||
Accumulated depreciation | 14,382 | |||
Operating Properties | Traders Point II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,376 | |||
Initial cost, building & improvements | 6,441 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,138 | |||
Gross carry amount close of period, land | 2,376 | |||
Gross carry amount close of period, building and improvements | 7,578 | |||
Gross carry amount close of period, total | 9,954 | |||
Accumulated depreciation | 2,752 | |||
Operating Properties | Tradition Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,140 | |||
Initial cost, building & improvements | 14,809 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,149 | |||
Gross carry amount close of period, land | 3,140 | |||
Gross carry amount close of period, building and improvements | 15,958 | |||
Gross carry amount close of period, total | 19,098 | |||
Accumulated depreciation | 2,714 | |||
Operating Properties | Trussville Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,123 | |||
Initial cost, building & improvements | 45,359 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 5,234 | |||
Gross carry amount close of period, land | 9,123 | |||
Gross carry amount close of period, building and improvements | 50,593 | |||
Gross carry amount close of period, total | 59,716 | |||
Accumulated depreciation | 11,319 | |||
Operating Properties | University Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,690 | |||
Initial cost, land | 4,125 | |||
Initial cost, building & improvements | 31,565 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 735 | |||
Gross carry amount close of period, land | 4,125 | |||
Gross carry amount close of period, building and improvements | 32,300 | |||
Gross carry amount close of period, total | 36,425 | |||
Accumulated depreciation | 5,024 | |||
Operating Properties | University Town Center - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,500 | |||
Initial cost, land | 7,902 | |||
Initial cost, building & improvements | 24,164 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 765 | |||
Gross carry amount close of period, land | 7,902 | |||
Gross carry amount close of period, building and improvements | 24,929 | |||
Gross carry amount close of period, total | 32,831 | |||
Accumulated depreciation | 4,588 | |||
Operating Properties | Village at Bay Park | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 9,183 | |||
Initial cost, land | 8,248 | |||
Initial cost, building & improvements | 9,942 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 584 | |||
Gross carry amount close of period, land | 8,248 | |||
Gross carry amount close of period, building and improvements | 10,526 | |||
Gross carry amount close of period, total | 18,774 | |||
Accumulated depreciation | 1,452 | |||
Operating Properties | Waterford Lakes Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,317 | |||
Initial cost, building & improvements | 6,382 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 277 | |||
Gross carry amount close of period, land | 2,317 | |||
Gross carry amount close of period, building and improvements | 6,659 | |||
Gross carry amount close of period, total | 8,976 | |||
Accumulated depreciation | 2,553 | |||
Operating Properties | Waxahachie Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 7,750 | |||
Initial cost, land | 1,411 | |||
Initial cost, building & improvements | 15,698 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 105 | |||
Gross carry amount close of period, land | 1,411 | |||
Gross carry amount close of period, building and improvements | 15,803 | |||
Gross carry amount close of period, total | 17,214 | |||
Accumulated depreciation | 2,010 | |||
Operating Properties | Westside Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,194 | |||
Initial cost, building & improvements | 17,698 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 335 | |||
Gross carry amount close of period, land | 4,194 | |||
Gross carry amount close of period, building and improvements | 18,033 | |||
Gross carry amount close of period, total | 22,227 | |||
Accumulated depreciation | 2,000 | |||
Operating Properties | Whitehall Pike | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 4,569 | |||
Initial cost, land | 3,689 | |||
Initial cost, building & improvements | 6,109 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 233 | |||
Gross carry amount close of period, land | 3,689 | |||
Gross carry amount close of period, building and improvements | 6,341 | |||
Gross carry amount close of period, total | 10,030 | |||
Accumulated depreciation | 4,397 | |||
Office Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 17,218 | |||
Initial cost, land | 2,547 | |||
Initial cost, building & improvements | 12,319 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 20,241 | |||
Gross carry amount close of period, land | 2,547 | |||
Gross carry amount close of period, building and improvements | 32,560 | |||
Gross carry amount close of period, total | 35,107 | |||
Accumulated depreciation | 16,142 | |||
Office Properties | Thirty South | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 17,218 | |||
Initial cost, land | 1,643 | |||
Initial cost, building & improvements | 9,669 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 18,973 | |||
Gross carry amount close of period, land | 1,643 | |||
Gross carry amount close of period, building and improvements | 28,642 | |||
Gross carry amount close of period, total | 30,285 | |||
Accumulated depreciation | 14,500 | |||
Office Properties | Union Station Parking Garage | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 904 | |||
Initial cost, building & improvements | 2,650 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,268 | |||
Gross carry amount close of period, land | 904 | |||
Gross carry amount close of period, building and improvements | 3,918 | |||
Gross carry amount close of period, total | 4,822 | |||
Accumulated depreciation | 1,642 | |||
Development And Redevelopment Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 27,511 | |||
Initial cost, land | 45,514 | |||
Initial cost, building & improvements | 324,314 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 45,514 | |||
Gross carry amount close of period, building and improvements | 324,314 | |||
Gross carry amount close of period, total | 369,828 | |||
Accumulated depreciation | 57,342 | |||
Development And Redevelopment Properties | Beechwood Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,734 | |||
Initial cost, building & improvements | 47,978 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,734 | |||
Gross carry amount close of period, building and improvements | 47,978 | |||
Gross carry amount close of period, total | 50,712 | |||
Accumulated depreciation | 9,494 | |||
Development And Redevelopment Properties | Burnt Store Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,112 | |||
Initial cost, building & improvements | 14,910 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 5,112 | |||
Gross carry amount close of period, building and improvements | 14,910 | |||
Gross carry amount close of period, total | 20,022 | |||
Accumulated depreciation | 4,164 | |||
Development And Redevelopment Properties | City Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,565 | |||
Initial cost, building & improvements | 177,389 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 20,565 | |||
Gross carry amount close of period, building and improvements | 177,389 | |||
Gross carry amount close of period, total | 197,954 | |||
Accumulated depreciation | 23,611 | |||
Development And Redevelopment Properties | Courthouse Shadows | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,999 | |||
Initial cost, building & improvements | 17,213 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 4,999 | |||
Gross carry amount close of period, building and improvements | 17,213 | |||
Gross carry amount close of period, total | 22,212 | |||
Accumulated depreciation | 4,979 | |||
Development And Redevelopment Properties | Eddy Street Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,379 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 1,379 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 1,379 | |||
Accumulated depreciation | 0 | |||
Development And Redevelopment Properties | Fishers Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,555 | |||
Initial cost, land | 3,736 | |||
Initial cost, building & improvements | 16,297 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 3,736 | |||
Gross carry amount close of period, building and improvements | 16,297 | |||
Gross carry amount close of period, total | 20,033 | |||
Accumulated depreciation | 4,391 | |||
Development And Redevelopment Properties | Hamilton Crossing Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,214 | |||
Initial cost, land | 5,549 | |||
Initial cost, building & improvements | 10,289 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 5,549 | |||
Gross carry amount close of period, building and improvements | 10,289 | |||
Gross carry amount close of period, total | 15,838 | |||
Accumulated depreciation | 3,641 | |||
Development And Redevelopment Properties | Rampart Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,742 | |||
Initial cost, land | 1,136 | |||
Initial cost, building & improvements | 36,514 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 1,136 | |||
Gross carry amount close of period, building and improvements | 36,514 | |||
Gross carry amount close of period, total | 37,650 | |||
Accumulated depreciation | 4,963 | |||
Development And Redevelopment Properties | The Corner II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 304 | |||
Initial cost, building & improvements | 3,724 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 304 | |||
Gross carry amount close of period, building and improvements | 3,724 | |||
Gross carry amount close of period, total | 4,028 | |||
Accumulated depreciation | 2,100 | |||
Other Property | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 42,841 | |||
Initial cost, building & improvements | 25,928 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 42,841 | |||
Gross carry amount close of period, building and improvements | 25,929 | |||
Gross carry amount close of period, total | 68,770 | |||
Accumulated depreciation | 141 | |||
Other Property | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,110 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,110 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 2,110 | |||
Accumulated depreciation | 0 | |||
Other Property | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 277 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 277 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 277 | |||
Accumulated depreciation | 0 | |||
Other Property | Deerwood Lake | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,421 | |||
Initial cost, building & improvements | 25,272 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 1,421 | |||
Gross carry amount close of period, building and improvements | 25,272 | |||
Gross carry amount close of period, total | 26,693 | |||
Accumulated depreciation | 141 | |||
Other Property | Fox Lake Crossing II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,458 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 3,458 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 3,458 | |||
Accumulated depreciation | 0 | |||
Other Property | KRG Development | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 655 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 656 | |||
Gross carry amount close of period, total | 656 | |||
Accumulated depreciation | 0 | |||
Other Property | KRG New Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,791 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 5,791 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 5,791 | |||
Accumulated depreciation | 0 | |||
Other Property | KRG Peakway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,944 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 20,944 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 20,944 | |||
Accumulated depreciation | 0 | |||
Other Property | Pan Am Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,840 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 8,840 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 8,840 | |||
Accumulated depreciation | 0 | |||
Line of Credit/Term Loans/Unsecured Notes | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 1,010,100 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 0 | |||
Accumulated depreciation | $ 0 |
Schedule III - Consolidated R72
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Changes in Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, start of year | $ 3,988,819 | $ 3,926,180 | $ 3,897,131 |
Acquisitions | 0 | 0 | 176,068 |
Improvements | 78,947 | 97,161 | 92,717 |
Impairment | (10,897) | 0 | (2,293) |
Disposals | (107,438) | (34,522) | (237,443) |
Balance, end of year | 3,949,431 | $ 3,988,819 | $ 3,926,180 |
Federal income tax basis | $ 3,000,000 |
Schedule III - Consolidated R73
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 556,851 | $ 428,930 | $ 313,524 |
Depreciation expense | 148,346 | 148,947 | 141,516 |
Impairment | (3,494) | 0 | (833) |
Disposals | (41,427) | (21,026) | (25,277) |
Balance, end of year | $ 660,276 | $ 556,851 | $ 428,930 |
Building | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 20 years | ||
Building | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 35 years | ||
Building Improvements | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 10 years | ||
Building Improvements | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 35 years | ||
Furniture and Fixtures | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 5 years | ||
Furniture and Fixtures | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 10 years |
Subsequent Events Subsequent 74
Subsequent Events Subsequent Events (Details) | Feb. 14, 2018$ / shares | Feb. 07, 2018USD ($)property | Dec. 31, 2017property$ / shares | Dec. 31, 2017USD ($)property$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Subsequent Event [Line Items] | ||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.3175 | $ 1.225 | $ 1.165 | $ 1.090 | ||
Number of real estate properties (in properties) | property | 4 | 4 | ||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 0 | $ 0 | $ 2,353,000 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.3175 | |||||
Number of real estate properties (in properties) | property | 1 | |||||
Redeemable Noncontrolling Interests | ||||||
Subsequent Event [Line Items] | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 8,300,000 | $ 33,998,000 | ||||
Redeemable Noncontrolling Interests | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 21,900,000 | |||||
Noncontrolling interest, redemption of redeemable noncontrolling interest, threshold for deferral of closing | $ 10,000,000 | |||||
Noncontrolling Interest, Redemption of Redeemable Noncontrolling Interest, Deferral Period | 3 months |