Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33268 | ||
Entity Registrant Name | KITE REALTY GROUP TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 11-3715772 | ||
Entity Address, Address Line One | 30 S. Meridian Street | ||
Entity Address, Address Line Two | Suite 1100 | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 577-5600 | ||
Title of 12(b) Security | Common Shares, $0.01 par value per share | ||
Trading Symbol | KRG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.9 | ||
Entity Common Stock, Shares Outstanding | 219,448,429 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement related to the Registrant’s Annual Meeting of Shareholders, scheduled to be held on May 7, 2024, to be filed with the Securities and Exchange Commission, are incorporated by reference into Part III, Items 10–14 of this Annual Report on Form 10-K as indicated herein. | ||
Entity Central Index Key | 0001286043 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Kite Realty Group, L.P. | |||
Entity Information [Line Items] | |||
Entity File Number | 333-202666-01 | ||
Entity Registrant Name | KITE REALTY GROUP, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-1453863 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001636315 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Item] | |
Auditor Firm ID | 238 |
Auditor Name | KPMG LLP |
Auditor Location | Indianapolis, Indiana |
Kite Realty Group, L.P. | |
Auditor [Line Item] | |
Auditor Firm ID | 238 |
Auditor Name | KPMG LLP |
Auditor Location | Indianapolis, Indiana |
Consolidated Balance Sheets - K
Consolidated Balance Sheets - KRG Trust - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment properties, at cost: | $ 7,740,061 | $ 7,732,573 |
Less: accumulated depreciation | (1,381,770) | (1,161,148) |
Net investment properties | 6,358,291 | 6,571,425 |
Cash and cash equivalents | 36,413 | 115,799 |
Tenant and other receivables, including accrued straight-line rent of $55,482 and $44,460, respectively | 113,290 | 101,301 |
Restricted cash and escrow deposits | 5,017 | 6,171 |
Deferred costs, net | 304,171 | 409,828 |
Prepaid and other assets | 117,834 | 127,044 |
Investments in unconsolidated subsidiaries | 9,062 | 10,414 |
Total assets | 6,944,078 | 7,341,982 |
Liabilities: | ||
Mortgage and other indebtedness, net | 2,829,202 | 3,010,299 |
Accounts payable and accrued expenses | 198,079 | 207,792 |
Deferred revenue and other liabilities | 272,942 | 298,039 |
Total liabilities | 3,300,223 | 3,516,130 |
Commitments and contingencies | ||
Limited Partners’ interests in the Operating Partnership | 73,287 | 53,967 |
Equity: | ||
Common shares, $0.01 par value, 490,000,000 shares authorized, 219,448,429 and 219,185,658 shares issued and outstanding at December 31, 2023 and 2022, respectively | 2,194 | 2,192 |
Additional paid-in capital | 4,886,592 | 4,897,736 |
Accumulated other comprehensive income | 52,435 | 74,344 |
Accumulated deficit | (1,373,083) | (1,207,757) |
Total shareholders’ equity/Partners’ equity | 3,568,138 | 3,766,515 |
Noncontrolling interests | 2,430 | 5,370 |
Total equity | 3,570,568 | 3,771,885 |
Total liabilities and equity | $ 6,944,078 | $ 7,341,982 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - KRG Trust - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accrued straight-line rent | $ 55,482 | $ 44,460 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 490,000,000 | 490,000,000 |
Common shares, shares issued (in shares) | 219,448,429 | 219,185,658 |
Common shares, shares outstanding (in shares) | 219,448,429 | 219,185,658 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - KRG Trust - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Rental income | $ 810,146 | $ 782,349 | $ 367,399 |
Total revenue | 823,004 | 801,996 | 373,324 |
Expenses: | |||
Property operating | 107,958 | 107,217 | 55,561 |
Real estate taxes | 102,426 | 104,589 | 49,530 |
General, administrative and other | 56,142 | 54,860 | 33,984 |
Merger and acquisition costs | 0 | 925 | 86,522 |
Depreciation and amortization | 426,361 | 469,805 | 200,460 |
Impairment charges | 477 | 0 | 0 |
Total expenses | 693,364 | 737,396 | 426,057 |
Gain on sales of operating properties, net | 22,601 | 27,069 | 31,209 |
Operating income (loss) | 152,241 | 91,669 | (21,524) |
Interest expense | (105,349) | (104,276) | (60,447) |
Income tax (expense) benefit of taxable REIT subsidiary | (533) | (43) | 310 |
Equity in earnings (loss) of unconsolidated subsidiaries | 33 | 256 | (416) |
Other income, net | 1,991 | 240 | 355 |
Net income (loss) | 48,383 | (12,154) | (81,722) |
Net (income) loss attributable to noncontrolling interests | (885) | (482) | 916 |
Net income (loss) attributable to common shareholders/unitholders | $ 47,498 | $ (12,636) | $ (80,806) |
Net income (loss) per common share | |||
Net income (loss) per common share – basic (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Net income (loss) per common share – diluted (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Weighted average common shares outstanding - basic (in shares) | 219,344,832 | 219,074,448 | 110,637,562 |
Weighted average common shares outstanding - diluted (in shares) | 219,728,283 | 219,074,448 | 110,637,562 |
Net income (loss) | $ 48,383 | $ (12,154) | $ (81,722) |
Change in fair value of derivatives | (22,008) | 91,271 | 15,670 |
Total comprehensive income (loss) | 26,375 | 79,117 | (66,052) |
Comprehensive (income) loss attributable to noncontrolling interests | (786) | (1,507) | 229 |
Comprehensive income (loss) attributable to the Company/common unitholders | 25,589 | 77,610 | (65,823) |
Other property-related revenue | |||
Revenue: | |||
Other revenue | 8,492 | 11,108 | 4,683 |
Fee income | |||
Revenue: | |||
Other revenue | $ 4,366 | $ 8,539 | $ 1,242 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - KRG Trust - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 84,187,999 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 1,230,654 | $ 842 | $ 2,085,003 | $ (30,885) | $ (824,306) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation activity (in shares) | 245,333 | ||||
Stock compensation activity | 6,795 | $ 2 | 6,793 | ||
Shares withheld for employee taxes (in shares) | (714,569) | ||||
Shares withheld for employee taxes | (15,038) | $ (7) | (15,031) | ||
Issuance of common stock – RPAI merger (in shares) | 134,931,465 | ||||
Issuance of common stock – RPAI merger | 2,847,369 | $ 1,349 | 2,846,020 | ||
Other comprehensive income (loss) | 14,983 | 14,983 | |||
Distributions to common shareholders | (57,801) | (57,801) | |||
Net income (loss) attributable to common shareholders | (80,806) | (80,806) | |||
Purchase of capped calls | (9,800) | (9,800) | |||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 299,341 | ||||
Exchange of redeemable noncontrolling interests for common shares | 4,238 | $ 3 | 4,235 | ||
Adjustment to redeemable noncontrolling interests | (18,547) | (18,547) | |||
Balance at end of period (in shares) at Dec. 31, 2021 | 218,949,569 | ||||
Balance at end of period at Dec. 31, 2021 | 3,922,047 | $ 2,189 | 4,898,673 | (15,902) | (962,913) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation activity (in shares) | 151,089 | ||||
Stock compensation activity | 9,546 | $ 2 | 9,544 | ||
Other comprehensive income (loss) | 90,246 | 90,246 | |||
Distributions to common shareholders | (232,208) | (232,208) | |||
Net income (loss) attributable to common shareholders | (12,636) | (12,636) | |||
Acquisition of partner’s noncontrolling interest in Killingly Commons | 416 | 416 | |||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 85,000 | ||||
Exchange of redeemable noncontrolling interests for common shares | 1,670 | $ 1 | 1,669 | ||
Adjustment to redeemable noncontrolling interests | $ (12,566) | (12,566) | |||
Balance at end of period (in shares) at Dec. 31, 2022 | 219,185,658 | 219,185,658 | |||
Balance at end of period at Dec. 31, 2022 | $ 3,766,515 | $ 2,192 | 4,897,736 | 74,344 | (1,207,757) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation activity (in shares) | 189,610 | ||||
Stock compensation activity | 10,791 | $ 2 | 10,789 | ||
Other comprehensive income (loss) | (21,909) | (21,909) | |||
Distributions to common shareholders | (212,824) | (212,824) | |||
Net income (loss) attributable to common shareholders | 47,498 | 47,498 | |||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 73,161 | ||||
Exchange of redeemable noncontrolling interests for common shares | 1,568 | 1,568 | |||
Adjustment to redeemable noncontrolling interests | $ (23,501) | (23,501) | |||
Balance at end of period (in shares) at Dec. 31, 2023 | 219,448,429 | 219,448,429 | |||
Balance at end of period at Dec. 31, 2023 | $ 3,568,138 | $ 2,194 | $ 4,886,592 | $ 52,435 | $ (1,373,083) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - KRG Trust - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 48,383 | $ (12,154) | $ (81,722) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 429,970 | 472,969 | 203,142 |
Gain on sales of operating properties, net | (22,601) | (27,069) | (31,209) |
Impairment charges | 477 | 0 | 0 |
Straight-line rent | (11,812) | (16,632) | (5,391) |
Compensation expense for equity awards | 10,116 | 10,280 | 6,697 |
Amortization of debt fair value adjustments | (13,366) | (13,521) | (2,993) |
Amortization of in-place lease assets and liabilities | (12,025) | (4,821) | (2,611) |
Changes in assets and liabilities: | |||
Tenant receivables | (940) | (16,763) | (3,102) |
Deferred costs and other assets | (29,912) | 7,522 | 6,857 |
Accounts payable, accrued expenses, deferred revenue and other liabilities | (3,642) | (20,528) | 10,683 |
Net cash provided by operating activities | 394,648 | 379,283 | 100,351 |
Cash flows from investing activities: | |||
Cash and restricted cash acquired in the RPAI merger | 0 | 0 | 14,992 |
Acquisitions of interests in properties | (78,274) | (100,142) | (10,445) |
Capital expenditures | (142,578) | (158,540) | (57,313) |
Net proceeds from sales of land | 3,166 | 4,716 | 54,157 |
Net proceeds from sales of operating properties | 137,687 | 75,699 | 26,556 |
Investment in short-term deposits | 0 | 125,000 | (125,000) |
Small business loan repayments | 346 | 657 | 712 |
Change in construction payables | (2,078) | 6,341 | 4,413 |
Distribution from unconsolidated joint venture | 0 | 1,245 | 1,029 |
Capital contribution to unconsolidated joint venture | 0 | (125) | (134) |
Net cash used in investing activities | (81,731) | (45,149) | (91,033) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares, net | 86 | 30 | 31 |
Repurchases of common shares upon the vesting of restricted shares | (767) | (1,535) | (15,031) |
Purchase of capped calls | 0 | 0 | (9,800) |
Debt and equity issuance costs | (767) | (5,159) | (8,141) |
Loan proceeds | 369,095 | 455,000 | 215,000 |
Loan payments | (544,410) | (568,963) | (77,591) |
Distributions paid – common shareholders | (210,546) | (179,624) | (57,801) |
Distributions paid – redeemable noncontrolling interests | (2,952) | (2,622) | (2,208) |
Distributions to noncontrolling interests | (3,196) | 0 | 0 |
Acquisition of partner’s noncontrolling interest in Killingly Commons joint venture | 0 | (9,654) | 0 |
Net cash (used in) provided by financing activities | (393,457) | (312,527) | 44,459 |
Net change in cash, cash equivalents and restricted cash | (80,540) | 21,607 | 53,777 |
Cash, cash equivalents and restricted cash, beginning of year | 121,970 | 100,363 | 46,586 |
Cash, cash equivalents and restricted cash, end of year | 41,430 | 121,970 | 100,363 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 120,870 | 113,744 | 59,552 |
Non-cash investing and financing activities | |||
Exchange of redeemable noncontrolling interests for common shares | $ 1,568 | $ 1,670 | $ 4,236 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - KRG, LP - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment properties, at cost: | $ 7,740,061 | $ 7,732,573 |
Less: accumulated depreciation | (1,381,770) | (1,161,148) |
Net investment properties | 6,358,291 | 6,571,425 |
Cash and cash equivalents | 36,413 | 115,799 |
Tenant and other receivables, including accrued straight-line rent of $55,482 and $44,460, respectively | 113,290 | 101,301 |
Restricted cash and escrow deposits | 5,017 | 6,171 |
Deferred costs, net | 304,171 | 409,828 |
Prepaid and other assets | 117,834 | 127,044 |
Investments in unconsolidated subsidiaries | 9,062 | 10,414 |
Total assets | 6,944,078 | 7,341,982 |
Liabilities: | ||
Mortgage and other indebtedness, net | 2,829,202 | 3,010,299 |
Accounts payable and accrued expenses | 198,079 | 207,792 |
Deferred revenue and other liabilities | 272,942 | 298,039 |
Total liabilities | 3,300,223 | 3,516,130 |
Commitments and contingencies | ||
Limited Partners’ interests in the Operating Partnership | 73,287 | 53,967 |
Partners’ Equity: | ||
Common equity, 219,448,429 and 219,185,658 units issued and outstanding at December 31, 2023 and 2022, respectively | 2,194 | 2,192 |
Accumulated other comprehensive income | 52,435 | 74,344 |
Total shareholders’ equity/Partners’ equity | 3,568,138 | 3,766,515 |
Noncontrolling interests | 2,430 | 5,370 |
Total equity | 3,570,568 | 3,771,885 |
Total liabilities and equity | 6,944,078 | 7,341,982 |
Kite Realty Group, L.P. | ||
Assets: | ||
Investment properties, at cost: | 7,740,061 | 7,732,573 |
Less: accumulated depreciation | (1,381,770) | (1,161,148) |
Net investment properties | 6,358,291 | 6,571,425 |
Cash and cash equivalents | 36,413 | 115,799 |
Tenant and other receivables, including accrued straight-line rent of $55,482 and $44,460, respectively | 113,290 | 101,301 |
Restricted cash and escrow deposits | 5,017 | 6,171 |
Deferred costs, net | 304,171 | 409,828 |
Prepaid and other assets | 117,834 | 127,044 |
Investments in unconsolidated subsidiaries | 9,062 | 10,414 |
Total assets | 6,944,078 | 7,341,982 |
Liabilities: | ||
Mortgage and other indebtedness, net | 2,829,202 | 3,010,299 |
Accounts payable and accrued expenses | 198,079 | 207,792 |
Deferred revenue and other liabilities | 272,942 | 298,039 |
Total liabilities | 3,300,223 | 3,516,130 |
Commitments and contingencies | ||
Limited Partners’ interests in the Operating Partnership | 73,287 | 53,967 |
Partners’ Equity: | ||
Common equity, 219,448,429 and 219,185,658 units issued and outstanding at December 31, 2023 and 2022, respectively | 3,515,703 | 3,692,171 |
Accumulated other comprehensive income | 52,435 | 74,344 |
Total shareholders’ equity/Partners’ equity | 3,568,138 | 3,766,515 |
Noncontrolling interests | 2,430 | 5,370 |
Total equity | 3,570,568 | 3,771,885 |
Total liabilities and equity | $ 6,944,078 | $ 7,341,982 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Parentheticals) - KRG, LP - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued straight-line rent | $ 55,482 | $ 44,460 |
Common shares, shares issued (in shares) | 219,448,429 | 219,185,658 |
Common shares, shares outstanding (in shares) | 219,448,429 | 219,185,658 |
Kite Realty Group, L.P. | ||
Accrued straight-line rent | $ 55,482 | $ 44,460 |
Common shares, shares issued (in shares) | 219,448,429 | 219,185,658 |
Common shares, shares outstanding (in shares) | 219,448,429 | 219,185,658 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income - KRG, LP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Rental income | $ 810,146 | $ 782,349 | $ 367,399 |
Total revenue | 823,004 | 801,996 | 373,324 |
Expenses: | |||
Property operating | 107,958 | 107,217 | 55,561 |
Real estate taxes | 102,426 | 104,589 | 49,530 |
General, administrative and other | 56,142 | 54,860 | 33,984 |
Merger and acquisition costs | 0 | 925 | 86,522 |
Depreciation and amortization | 426,361 | 469,805 | 200,460 |
Impairment charges | 477 | 0 | 0 |
Total expenses | 693,364 | 737,396 | 426,057 |
Gain on sales of operating properties, net | 22,601 | 27,069 | 31,209 |
Operating income (loss) | 152,241 | 91,669 | (21,524) |
Interest expense | (105,349) | (104,276) | (60,447) |
Income tax (expense) benefit of taxable REIT subsidiary | (533) | (43) | 310 |
Equity in earnings (loss) of unconsolidated subsidiaries | 33 | 256 | (416) |
Other income, net | 1,991 | 240 | 355 |
Net income (loss) | 48,383 | (12,154) | (81,722) |
Net income attributable to noncontrolling interests | (885) | (482) | 916 |
Net income (loss) attributable to common shareholders/unitholders | $ 47,498 | $ (12,636) | $ (80,806) |
Net income (loss) per common share | |||
Net income (loss) per unit – basic (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Net income (loss) per unit – diluted (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Weighted average common units outstanding - basic (in shares) | 219,344,832 | 219,074,448 | 110,637,562 |
Weighted average common units outstanding - diluted (in shares) | 219,728,283 | 219,074,448 | 110,637,562 |
Net income (loss) | $ 48,383 | $ (12,154) | $ (81,722) |
Change in fair value of derivatives | (22,008) | 91,271 | 15,670 |
Total comprehensive income (loss) | 26,375 | 79,117 | (66,052) |
Comprehensive (income) loss attributable to noncontrolling interests | (786) | (1,507) | 229 |
Comprehensive income (loss) attributable to the Company/common unitholders | 25,589 | 77,610 | (65,823) |
Other property-related revenue | |||
Revenue: | |||
Other revenue | 8,492 | 11,108 | 4,683 |
Fee income | |||
Revenue: | |||
Other revenue | 4,366 | 8,539 | 1,242 |
Kite Realty Group, L.P. | |||
Revenue: | |||
Rental income | 810,146 | 782,349 | 367,399 |
Total revenue | 823,004 | 801,996 | 373,324 |
Expenses: | |||
Property operating | 107,958 | 107,217 | 55,561 |
Real estate taxes | 102,426 | 104,589 | 49,530 |
General, administrative and other | 56,142 | 54,860 | 33,984 |
Merger and acquisition costs | 0 | 925 | 86,522 |
Depreciation and amortization | 426,361 | 469,805 | 200,460 |
Impairment charges | 477 | 0 | 0 |
Total expenses | 693,364 | 737,396 | 426,057 |
Gain on sales of operating properties, net | 22,601 | 27,069 | 31,209 |
Operating income (loss) | 152,241 | 91,669 | (21,524) |
Interest expense | (105,349) | (104,276) | (60,447) |
Income tax (expense) benefit of taxable REIT subsidiary | (533) | (43) | 310 |
Equity in earnings (loss) of unconsolidated subsidiaries | 33 | 256 | (416) |
Other income, net | 1,991 | 240 | 355 |
Net income (loss) | 48,383 | (12,154) | (81,722) |
Net income attributable to noncontrolling interests | (257) | (623) | (514) |
Net income (loss) attributable to common shareholders/unitholders | 48,126 | (12,777) | (82,236) |
Allocation of net income (loss): | |||
Limited Partners | 628 | (141) | (1,430) |
Parent Company | $ 47,498 | $ (12,636) | $ (80,806) |
Net income (loss) per common share | |||
Net income (loss) per unit – basic (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Net income (loss) per unit – diluted (in dollars per share) | $ 0.22 | $ (0.06) | $ (0.73) |
Weighted average common units outstanding - basic (in shares) | 222,514,956 | 221,858,084 | 113,103,177 |
Weighted average common units outstanding - diluted (in shares) | 222,898,407 | 221,858,084 | 113,103,177 |
Net income (loss) | $ 48,383 | $ (12,154) | $ (81,722) |
Change in fair value of derivatives | (22,008) | 91,271 | 15,670 |
Total comprehensive income (loss) | 26,375 | 79,117 | (66,052) |
Comprehensive (income) loss attributable to noncontrolling interests | (257) | (623) | (514) |
Comprehensive income (loss) attributable to the Company/common unitholders | 26,118 | 78,494 | (66,566) |
Kite Realty Group, L.P. | Other property-related revenue | |||
Revenue: | |||
Other revenue | 8,492 | 11,108 | 4,683 |
Kite Realty Group, L.P. | Fee income | |||
Revenue: | |||
Other revenue | $ 4,366 | $ 8,539 | $ 1,242 |
Consolidated Statements of Part
Consolidated Statements of Partner's Equity - KRG, LP - USD ($) $ in Thousands | Total | Kite Realty Group, L.P. | Kite Realty Group, L.P. General Partner Common Equity | Kite Realty Group, L.P. General Partner Accumulated Other Comprehensive (Loss) Income |
Partners' capital, balance at beginning of period at Dec. 31, 2020 | $ 1,230,654 | $ 1,261,539 | $ (30,885) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Stock compensation activity | 6,795 | 6,795 | ||
Shares withheld for employee taxes | $ (15,038) | (15,038) | (15,038) | |
Issuance of General Partner Units to the Parent Company – RPAI merger | 2,847,369 | 2,847,369 | ||
Other comprehensive income (loss) attributable to Parent Company | 14,983 | 14,983 | 14,983 | |
Distributions to Parent Company | (57,801) | (57,801) | ||
Net income (loss) attributable to Parent Company | (80,806) | (80,806) | (80,806) | |
Purchase of capped calls | (9,800) | (9,800) | (9,800) | |
Conversion of Limited Partner Units to shares of the Parent Company | 4,238 | 4,238 | ||
Adjustment to redeemable noncontrolling interests | (18,547) | (18,547) | ||
Partners' capital, balance at end of period at Dec. 31, 2021 | 3,922,047 | 3,937,949 | (15,902) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Stock compensation activity | 9,546 | 9,546 | ||
Other comprehensive income (loss) attributable to Parent Company | 90,246 | 90,246 | 90,246 | |
Distributions to Parent Company | (232,208) | (232,208) | ||
Net income (loss) attributable to Parent Company | (12,636) | (12,636) | (12,636) | |
Acquisition of partner’s noncontrolling interest in Killingly Commons | 416 | 416 | ||
Conversion of Limited Partner Units to shares of the Parent Company | 1,670 | 1,670 | ||
Adjustment to redeemable noncontrolling interests | (12,566) | (12,566) | ||
Partners' capital, balance at end of period at Dec. 31, 2022 | 3,766,515 | 3,692,171 | 74,344 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Stock compensation activity | 10,791 | 10,791 | ||
Other comprehensive income (loss) attributable to Parent Company | (21,909) | (21,909) | (21,909) | |
Distributions to Parent Company | (212,824) | (212,824) | ||
Net income (loss) attributable to Parent Company | $ 47,498 | 47,498 | 47,498 | |
Conversion of Limited Partner Units to shares of the Parent Company | 1,568 | 1,568 | ||
Adjustment to redeemable noncontrolling interests | (23,501) | (23,501) | ||
Partners' capital, balance at end of period at Dec. 31, 2023 | $ 3,568,138 | $ 3,515,703 | $ 52,435 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - KRG, LP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 48,383 | $ (12,154) | $ (81,722) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 429,970 | 472,969 | 203,142 |
Gain on sales of operating properties, net | (22,601) | (27,069) | (31,209) |
Impairment charges | 477 | 0 | 0 |
Straight-line rent | (11,812) | (16,632) | (5,391) |
Compensation expense for equity awards | 10,116 | 10,280 | 6,697 |
Amortization of debt fair value adjustments | (13,366) | (13,521) | (2,993) |
Amortization of in-place lease assets and liabilities | (12,025) | (4,821) | (2,611) |
Changes in assets and liabilities: | |||
Tenant receivables | (940) | (16,763) | (3,102) |
Deferred costs and other assets | (29,912) | 7,522 | 6,857 |
Accounts payable, accrued expenses, deferred revenue and other liabilities | (3,642) | (20,528) | 10,683 |
Net cash provided by operating activities | 394,648 | 379,283 | 100,351 |
Cash flows from investing activities: | |||
Cash and restricted cash acquired in the RPAI merger | 0 | 0 | 14,992 |
Acquisitions of interests in properties | (78,274) | (100,142) | (10,445) |
Capital expenditures | (142,578) | (158,540) | (57,313) |
Net proceeds from sales of land | 3,166 | 4,716 | 54,157 |
Net proceeds from sales of operating properties | 137,687 | 75,699 | 26,556 |
Investment in short-term deposits | 0 | 125,000 | (125,000) |
Small business loan repayments | 346 | 657 | 712 |
Change in construction payables | (2,078) | 6,341 | 4,413 |
Distribution from unconsolidated joint venture | 0 | 1,245 | 1,029 |
Capital contribution to unconsolidated joint venture | 0 | (125) | (134) |
Net cash used in investing activities | (81,731) | (45,149) | (91,033) |
Cash flows from financing activities: | |||
Contributions from the General Partner | 86 | 30 | 31 |
Repurchases of common shares upon the vesting of restricted shares | (767) | (1,535) | (15,031) |
Purchase of capped calls | 0 | 0 | (9,800) |
Debt and equity issuance costs | (767) | (5,159) | (8,141) |
Loan proceeds | 369,095 | 455,000 | 215,000 |
Loan payments | (544,410) | (568,963) | (77,591) |
Distributions paid – common unitholders | (210,546) | (179,624) | (57,801) |
Distributions paid – redeemable noncontrolling interests | (2,952) | (2,622) | (2,208) |
Distributions to noncontrolling interests | (3,196) | 0 | 0 |
Acquisition of partner’s noncontrolling interest in Killingly Commons joint venture | 0 | (9,654) | 0 |
Net cash (used in) provided by financing activities | (393,457) | (312,527) | 44,459 |
Net change in cash, cash equivalents and restricted cash | (80,540) | 21,607 | 53,777 |
Cash, cash equivalents and restricted cash, beginning of year | 121,970 | 100,363 | 46,586 |
Cash, cash equivalents and restricted cash, end of year | 41,430 | 121,970 | 100,363 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 120,870 | 113,744 | 59,552 |
Non-cash investing and financing activities | |||
Exchange of redeemable noncontrolling interests for common shares | 1,568 | 1,670 | 4,236 |
Kite Realty Group, L.P. | |||
Cash flows from operating activities: | |||
Net income (loss) | 48,383 | (12,154) | (81,722) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 429,970 | 472,969 | 203,142 |
Gain on sales of operating properties, net | (22,601) | (27,069) | (31,209) |
Impairment charges | 477 | 0 | 0 |
Straight-line rent | (11,812) | (16,632) | (5,391) |
Compensation expense for equity awards | 10,116 | 10,280 | 6,697 |
Amortization of debt fair value adjustments | (13,366) | (13,521) | (2,993) |
Amortization of in-place lease assets and liabilities | (12,025) | (4,821) | (2,611) |
Changes in assets and liabilities: | |||
Tenant receivables | (940) | (16,763) | (3,102) |
Deferred costs and other assets | (29,912) | 7,522 | 6,857 |
Accounts payable, accrued expenses, deferred revenue and other liabilities | (3,642) | (20,528) | 10,683 |
Net cash provided by operating activities | 394,648 | 379,283 | 100,351 |
Cash flows from investing activities: | |||
Cash and restricted cash acquired in the RPAI merger | 0 | 0 | 14,992 |
Acquisitions of interests in properties | (78,274) | (100,142) | (10,445) |
Capital expenditures | (142,578) | (158,540) | (57,313) |
Net proceeds from sales of land | 3,166 | 4,716 | 54,157 |
Net proceeds from sales of operating properties | 137,687 | 75,699 | 26,556 |
Investment in short-term deposits | 0 | 125,000 | (125,000) |
Small business loan repayments | 346 | 657 | 712 |
Change in construction payables | (2,078) | 6,341 | 4,413 |
Distribution from unconsolidated joint venture | 0 | 1,245 | 1,029 |
Capital contribution to unconsolidated joint venture | 0 | (125) | (134) |
Net cash used in investing activities | (81,731) | (45,149) | (91,033) |
Cash flows from financing activities: | |||
Contributions from the General Partner | 86 | 30 | 31 |
Repurchases of common shares upon the vesting of restricted shares | (767) | (1,535) | (15,031) |
Purchase of capped calls | 0 | 0 | (9,800) |
Debt and equity issuance costs | (767) | (5,159) | (8,141) |
Loan proceeds | 369,095 | 455,000 | 215,000 |
Loan payments | (544,410) | (568,963) | (77,591) |
Distributions paid – common unitholders | (210,546) | (179,624) | (57,801) |
Distributions paid – redeemable noncontrolling interests | (2,952) | (2,622) | (2,208) |
Distributions to noncontrolling interests | (3,196) | 0 | 0 |
Acquisition of partner’s noncontrolling interest in Killingly Commons joint venture | 0 | (9,654) | 0 |
Net cash (used in) provided by financing activities | (393,457) | (312,527) | 44,459 |
Net change in cash, cash equivalents and restricted cash | (80,540) | 21,607 | 53,777 |
Cash, cash equivalents and restricted cash, beginning of year | 121,970 | 100,363 | 46,586 |
Cash, cash equivalents and restricted cash, end of year | 41,430 | 121,970 | 100,363 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 120,870 | 113,744 | 59,552 |
Non-cash investing and financing activities | |||
Exchange of redeemable noncontrolling interests for common shares | $ 1,568 | $ 1,670 | $ 4,236 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION 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, open-air shopping centers and mixed-used assets that are primarily grocery-anchored and located in high-growth Sun Belt markets and select strategic gateway 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 (“IPO”) 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 (“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, 2023 owned approximately 98.4% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.6% 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. 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. As of December 31, 2023, the Company’s portfolio consisted of the following: Properties Square Footage Operating retail properties (1) 180 28,108,490 Office properties 1 287,291 Development and redevelopment projects: Carillon medical office building 1 126,000 The Corner – IN 1 24,000 Hamilton Crossing Centre 1 92,283 Edwards Multiplex – Ontario 1 124,614 (1) Included within operating retail properties are 10 properties that contain an office component. Of the 180 operating retail properties, 177 are consolidated in these financial statements and the remaining three are accounted for under the equity method. On October 22, 2021, we completed a merger with Retail Properties of America, Inc. (“RPAI”) pursuant to which RPAI merged with and into a wholly owned subsidiary of the Company, with such subsidiary continuing as a wholly owned subsidiary of the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Ordinary repairs and maintenance that do not extend the useful lives of the respective assets are expensed as incurred and included within “Property operating” expense in the accompanying consolidated statements of operations and comprehensive income. 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 within “Investment properties, at cost” 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 project becomes operational, we expense a pro rata amount of the related costs. Depreciation expense is computed using the straight-line method. Buildings and improvements are depreciated over estimated original useful lives ranging from 10 to 35 years. Tenant improvements and allowances are depreciated over the term of the related lease. Equipment and fixtures are depreciated over five The following table summarizes the composition of the Company’s investment properties as of December 31, 2023 and 2022 (in thousands) : Balance as of December 31, 2023 2022 Land, buildings and improvements $ 7,684,066 $ 7,656,765 Construction in progress 55,995 75,808 Investment properties, at cost $ 7,740,061 $ 7,732,573 Valuation of Investment Properties Management reviews our operating and development projects, land parcels and intangible assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. This review for possible impairment requires certain assumptions, estimates, and significant judgment. Examples of situations considered to be impairment indicators for both operating properties and development projects include, but are not limited to: • a substantial decline in or continued low occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant concentration of financially troubled tenants; • a reduction in the anticipated holding period; • a cost accumulation or delay in the project completion date significantly above and beyond the original development or redevelopment estimate; • a significant decrease in the market price not in line with general market trends; and • any other quantitative or qualitative events or factors deemed significant by the Company’s management or Board of Trustees. 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. The evaluation of impairment is subject to certain management assumptions, including projected net operating income, anticipated holding period, expected capital expenditures and the capitalization rate used to estimate the property’s residual value. 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 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. Assets Held for Sale The Company classifies an operating property as held for sale only when the property is available for immediate sale in its 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. An operating property classified as held for sale is 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. No properties qualified for held-for-sale accounting treatment as of December 31, 2023 and 2022. Acquisition of Investment Properties Real estate assets are recognized on our consolidated balance sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets (consisting of land, buildings and improvements) and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition based on an evaluation of information and estimates available at the acquisition date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair value, a number of sources are used, 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 that 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 leases. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income as applicable; • the value of having a lease in place at the acquisition date. We use independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value use 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 related to the reimbursement of property operating expenses, and fair market rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to depreciation and amortization 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 use third party and independent sources for our estimates to determine the respective fair value of each mortgage and other indebtedness, including related derivative instruments, assumed. The fair market value of each is amortized to interest expense over the remaining initial terms of the respective instruments. 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, we have not developed a tenant relationship that we consider to have a current intangible value. 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 subsidiaries (“TRSs”) 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 by evaluating each joint venture and determining 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 and 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, 2023, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of December 31, 2023, these consolidated VIEs had mortgage debt totaling $112.1 million, which was secured by assets of the VIEs totaling $216.5 million. The Operating Partnership guarantees the mortgage 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. As of December 31, 2023, the Company also owned investments in four unconsolidated joint ventures accounted for under the equity method, which are not considered VIEs, as follows: Three Property Retail Portfolio Joint Venture On June 29, 2018, the Company formed a joint venture with Nuveen Real Estate, formerly known as TH Real Estate. The Company sold three properties (Livingston Shopping Center, Plaza Volente and Tamiami Crossing) to the joint venture valued at $99.8 million in the aggregate and, after considering third-party debt obtained by the joint venture upon formation, the Company contributed $10.0 million for a 20% noncontrolling ownership interest in the joint venture. The Company is the operating member responsible for the day-to-day management of the properties and receives property management and leasing fees. Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture. The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture. Embassy Suites at Eddy Street Commons In December 2017, we formed a joint venture with an unrelated third party to develop and own an Embassy Suites hotel next to Eddy Street Commons, our operating retail property at the University of Notre Dame. We contributed $1.4 million of cash to the joint venture in return for a 35% ownership interest in the joint venture. The joint venture entered into a $33.8 million construction loan, of which $32.7 million was outstanding as of December 31, 2023. The Company accounts for the joint venture under the equity method as both members have substantive participating rights and we do not control the activities of the joint venture. Glendale Multifamily Joint Venture In May 2020, the Company formed a joint venture for the planned development of a multifamily project adjacent to our Glendale Town Center operating retail property in the Indianapolis metropolitan statistical area (“MSA”). The Company contributed land valued at $1.6 million to the joint venture and retained a 12% ownership interest in the joint venture. The Company’s partner is the operating member responsible for the day-to-day management of the property. Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture. The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture. Buckingham Mixed-Use Joint Venture In September 2021, the Company formed a joint venture for the planned redevelopment of The Corner (Carmel, IN) into a mixed-use, multifamily and retail project. The Company contributed land valued at $4.0 million to the joint venture and retained a 50% ownership interest in the joint venture. The Company’s partner is the operating member responsible for the day-to-day management of the property. Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture. The Company accounts for the joint venture under the equity method as it has the ability to exercise influence but not control over the operating and financial policies of the joint venture. 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 exceed the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insurance limits. The Company periodically assesses the credit risk associated with these financial institutions and believes the risk of loss is minimal. The following is a summary of our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Cash and cash equivalents $ 36,413 $ 115,799 $ 93,241 Restricted cash and escrow deposits 5,017 6,171 7,122 Cash, cash equivalents and restricted cash $ 41,430 $ 121,970 $ 100,363 Restricted Cash and 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, certain municipalities or other agreements. Fair Value Measurements We follow the framework established under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 an 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 valuation. • 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 9 to the accompanying consolidated financial statements, we have determined that derivative valuations are classified within Level 2 of the fair value hierarchy. Note 8 to the accompanying consolidated financial statements includes a discussion of the estimated fair value of fixed and variable rate debt, which are estimated using Level 2 and Level 3 inputs. N ote 3 to the accompanying consolidated financial statements includes a discussion of the fair values recorded for asset acquisitions. Level 3 inputs to these transactions include our estimations of net rental rates of retail anchor and small shop space, capitalization rates, and disposal values. Note 4 to the accompanying consolidated financial statements includes a discussion of the fair value recorded when we recognized an impairment charge during the year ended December 31, 2023. Level 2 inputs to this transaction include the expected sales price from an executed sales contract. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. 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 and losses resulting from changes in the fair value of the 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 value of derivatives that qualify as cash flow hedges are recorded in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and amortized over the underlying term of the hedged transaction while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. For derivative contracts designated as fair value hedges, the gain or loss on the derivative is included within “Mortgage and other indebtedness, net” in the accompanying consolidated balance sheets. We include the gain or loss on the hedged item in the same account as the offsetting gain or loss on the related derivative contract. As of December 31, 2023 and 2022, all of our derivative financial 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 minimum base 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 provide for 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 and is included within “Rental income” in the accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that collectibility is not probable, we recognize income only to the extent that cash has been received from the tenant. We have accounts receivable due from tenants and are subject to the risk of tenant defaults and bankruptcies, which may affect the collection of outstanding receivables. These receivables are reduced for credit loss, which is recognized as a reduction to rental income. We regularly evaluate the collectibility of these lease-related receivables by analyzing past due account balances and consider such factors as the credit quality of the tenant, historical write-off experience, tenant creditworthiness and current economic trends when evaluating the collectibility of rental income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. We recognize the sale of real estate when control transfers to the buyer. As part of our ongoing business strategy, we will, from time to time, sell properties, land parcels and outlots, some of which are ground-leased to tenants. Net gains realized on such sales were $1.7 million, $4.5 million, and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included within “Other property-related revenue” in the accompanying consolidated statements of operations and comprehensive income. 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, including future credit losses of the accrued straight-line rent receivables, is maintained for estimated losses resulting from the inability of certain tenants to meet contractual obligations under their lease agreements. Accounts are written off when, in the opinion of management, the balance is deemed uncollectible. The provision for revenues deemed uncollectible represented 0.3%, 0.7%, and 0.9% of total revenues in each of the years ended December 31, 2023, 2022 and 2021, 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 leases with tenants potentially subject us to a concentration of credit risk related to our accounts receivable and revenue. For the year ended December 31, 2023, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, New York, and Indiana, was as follows: Texas 26.2 % Florida 10.6 % Virginia 7.4 % New York 6.9 % Indiana 6.3 % Earnings Per Share Basic earnings per share/unit is calculated based on the weighted average number of common shares/units outstanding during the period. Diluted earnings per share/unit is determined based on the weighted average number of common shares/units outstanding during the period combined with the incremental average common shares/units that would have been outstanding assuming the conversion of all potentially dilutive common shares/units into common shares/units as of the earliest date possible. Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) appreciation-only Long-Term Incentive Plan (“AO LTIP”) units; and (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash 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 those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 3.2 million, 2.8 million, and 2.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. These potentially dilutive securities are excluded from the computation of diluted earnings per share due to the net loss position for the years ended December 31, 2022 and 2021. Segment Reporting Our primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets. The Company’s chief operating decision maker (“CODM”), which is its Chief Executive Officer, reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The CODM measures and evaluates the financial performance of our portfolio of properties using net operating income, which consists of rental income less property operating expenses and real estate taxes, and does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance. Accordingly, we have aggregated our properties into one reportable segment for disclosure purposes in accordance with GAAP, as each property has similar economic characteristics, the Company provides similar services to its tenants and the Company’s CODM evaluates the collective performance of our properties. Income Taxes and REIT Compliance Parent Company The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. 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 U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. 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 U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. 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 TRS of the Operating Partnership. In addition, in connection with the October 2021 merger with RPAI, we assumed RPAI’s existing TRS, IWR Protective Corporation, as a TRS of the Operating Partnership, and we may elect to treat other subsidiaries as TRSs 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits within “Interest expense” and penalties within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income. Our tax return for the year ended December 31, 2023 has not been filed as of the filing date of this Annual Report on Form 10-K of the Parent Company and the Operating Partnership. The taxability information presented for our dividends paid in 2023 is based upon management’s estimate. Consequently, the taxability of dividends is subject to change. The following table summarizes the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Ordinary income 90.6 % 86.1 % 0.0 % Return of capital 0.0 % 0.0 % 13.4 % Capital gains 9.4 % 13.9 % 86.6 % 100.0 % 100.0 % 100.0 % Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs. 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 accompanying consolidated financial statements. The follo |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Asset Acquisitions The Company closed on the following asset acquisitions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands) : Date Property Name MSA Property Type Square Acquisition September 22, 2023 Prestonwood Place Dallas/Ft. Worth Multi-tenant retail 155,975 $ 81,000 February 16, 2022 Pebble Marketplace Las Vegas Multi-tenant retail 85,796 $ 44,100 April 13, 2022 MacArthur Crossing Dallas/Ft. Worth Two-tenant building 56,077 21,920 July 15, 2022 Palms Plaza Miami Multi-tenant retail 68,976 35,750 210,849 $ 101,770 December 22, 2021 Nora Plaza Shops Indianapolis, IN Multi-tenant 23,722 $ 13,500 The above acquisitions were funded using a combination of available cash on hand and borrowings on the Company’s unsecured revolving line of credit. The fair value of the real estate and other assets acquired were primarily determined using the income approach, which required us to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal rates. The estimates of fair value primarily relied upon Level 2 and Level 3 inputs, as previously defined. The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Investment properties, net $ 75,506 $ 99,096 $ 13,488 Lease-related intangible assets, net (1) 6,971 5,223 304 Other assets — 11 — Total acquired assets 82,477 104,330 13,792 Mortgage payable — — 3,578 Accounts payable and accrued expenses 2,823 1,140 100 Deferred revenue and other liabilities 1,556 2,855 189 Total assumed liabilities 4,379 3,995 3,867 Fair value of net assets acquired $ 78,098 $ 100,335 $ 9,925 (1) The weighted average remaining life of leases at the acquired properties is approximately 6.2 years, 6.7 years, and 5.3 years for asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021, respectively. The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows: 2023 2022 2021 Net rental rate per square foot – Retail Anchors N/A $20.50 to $40.00 N/A Net rental rate per square foot – Small Shops $30.00 to $65.00 $24.00 to $65.00 $31.50 to $45.00 Discount rate 8.5% 5.75% to 7.25% 9.0% The results of operations for each of the properties acquired through asset acquisitions during the years ended December 31, 2023, 2022 and 2021 have been included in operations since their respective dates of acquisition. RPAI Merger On October 22, 2021, we completed a merger with RPAI pursuant to which RPAI merged with and into a wholly owned subsidiary of the Company, with such subsidiary continuing as a wholly owned subsidiary of the Company. Under the terms of the merger agreement, each share of RPAI common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive 0.623 newly issued Company common shares, resulting in approximately 133.8 million Company common shares being issued to effect the merger with a total purchase price of approximately $2.8 billion. As a result of the merger, the Company acquired 100 operating retail properties and five development projects under construction along with multiple parcels of entitled land for future value creation. During the years ended December 31, 2022 and 2021, the Company incurred $0.9 million and $86.5 million of merger and acquisition costs, respectively, consisting primarily of professional fees and technology costs in 2022 and fairness opinion, severance charges, and legal, professional and data migration costs in 2021, which are recorded within “Merger and acquisition costs” in the accompanying consolidated statements of operations and comprehensive income. For the year ended December 31, 2021, “Rental income” and “Net income (loss) attributable to common shareholders” in the accompanying consolidated statements of operations and comprehensive income include revenues from the RPAI portfolio of $94.9 million and net loss of $22.8 million for the period from October 22, 2021 through December 31, 2021, which includes $74.7 million of depreciation and amortization, as a result of the merger. Pro Forma Financial Information (unaudited) The following unaudited pro forma financial information is based upon the Company’s historical consolidated statements of operations for the year ended December 31, 2021, adjusted to give effect for the properties assumed through the merger as if they were acquired as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods (in thousands, except per share data) . Year Ended December 31, 2021 Rental income $ 740,954 Net income $ 21,283 Net income attributable to common shareholders $ 20,535 Net income attributable to common shareholders per common share: Basic (1) $ 0.09 Diluted (1) $ 0.09 (1) The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $86.5 million of merger costs incurred. Supplemental Schedule of Non-Cash Investing and Financing Activities Related to the RPAI merger The following table summarizes the merger-related non-cash investing and financing activities for the year ended December 31, 2021 (in thousands) : Year Ended December 31, 2021 Investment properties $ 4,439,387 Acquired lease intangible assets $ 524,058 Mortgage and other indebtedness, net $ (1,848,476) In-place lease liabilities $ (171,378) Noncontrolling interests $ (4,463) Other assets and liabilities, net (1) $ (106,751) Company common shares issued in exchange for RPAI common stock $ (2,847,369) (1) Includes lease liabilities arising from obtaining right-of-use assets of $41,086, which was determined using an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset with a weighted average incremental borrowing rate of 5.4%. |
DISPOSITIONS AND IMPAIRMENT CHA
DISPOSITIONS AND IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND IMPAIRMENT CHARGES | DISPOSITIONS AND IMPAIRMENT CHARGES The Company closed on the following dispositions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands) : Date Property Name MSA Property Type Square Sales Price Gain (Loss) May 8, 2023 Kingwood Commons Houston Multi-tenant retail 158,172 $ 27,350 $ 4,736 June 8, 2023 Pan Am Plaza & Garage Indianapolis Land & garage — 52,025 23,638 September 11, 2023 Reisterstown Road Plaza Dallas/Ft. Worth Multi-tenant retail & office 376,683 48,250 (5,773) October 24, 2023 Eastside Dallas/Ft. Worth Multi-tenant retail & office 43,640 14,425 — 578,495 $ 142,050 $ 22,601 January 26, 2022 Hamilton Crossing Centre Indianapolis Redevelopment (1) — $ 6,900 $ 3,168 June 16, 2022 Plaza Del Lago Chicago Multi-tenant retail (2) 100,016 58,650 23,958 October 27, 2022 Lincoln Plaza – Lowe’s Worcester, MA Ground lease interest (3) — 10,000 (57) 100,016 $ 75,550 $ 27,069 October 26, 2021 Westside Market Dallas/Ft. Worth Multi-tenant retail 93,377 $ 24,775 $ 4,323 (1) The Company sold a portion of the redevelopment at Hamilton Crossing Centre. The total number of properties in our portfolio was not affected by this transaction. (2) Plaza Del Lago also contains 8,800 square feet of residential space comprised of 18 multifamily rental units. (3) The Company sold the ground lease interest in one tenant at Lincoln Plaza, an existing multi-tenant operating retail property. The total number of properties in our portfolio was not affected by this transaction. During the year ended December 31, 2023, the Company recorded a $0.5 million impairment charge in connection with the sale of Eastside, a 43,640 square foot multi-tenant retail property in the Dallas/Ft. Worth MSA, as a result of a change in the expected hold period. The Company recorded the asset at the lower of cost or fair value less estimated costs to sell, which was approximately $14.1 million. The estimated fair value of Eastside was based upon the expected sales price from an executed sales contract and determined to be a Level 3 input within the fair value hierarchy. Eastside was sold on October 24, 2023 for a gross sales price of $14.4 million. During the year ended December 31, 2021, the Company also sold 17 ground leases for gross proceeds of $42.0 million and a net gain on sale There were no discontinued operations for the years ended December 31, 2023, 2022 and 2021 as none of the dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Overview The Company’s 2013 Equity Incentive Plan was amended and restated as of May 11, 2022 (the “Equity Plan”) to, among other things, provide for the issuance of up to an additional 3,000,000 common share equivalents of the Company. The Equity Plan authorizes the issuance of share options, share appreciation rights, restricted shares and units, long-term incentive plan units (“LTIP Units”), “appreciation only” LTIP Units (“AO LTIP Units”), performance awards and other share-based awards to employees and trustees. As of December 31, 2023, there were 5,564,715 common share equivalents available for grant under the Equity Plan. The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided in ASC 718, Stock Compensation . During the years ended December 31, 2023, 2022 and 2021, the Company recognized $10.1 million, $10.3 million, and $7.2 million of share-based compensation expense, net of amounts capitalized, respectively, which is included within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income. During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $1.4 million, $1.3 million, and $1.0 million of share-based compensation for development activities, respectively. The Company recognizes forfeitures as they occur. Share Options Pursuant to the Equity 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. Options granted 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. There was no option activity during the year ended December 31, 2023 as all outstanding options were exercised during 2022. In addition, no options were granted during the years ended December 31, 2023, 2022 or 2021. The aggregate intrinsic value of the 1,250 options exercised during each of the years ended December 31, 2022 and 2021 was $3,300 and $6,550, respectively. Restricted Shares The Equity Plan authorizes the grant of restricted common shares, which are considered outstanding shares from the date of grant and typically vest over a period ranging from three The following table summarizes the activity for the restricted shares that were granted to the Company’s employees and Board of Trustees for the year ended December 31, 2023: Number of Weighted Average Restricted shares outstanding as of January 1, 2023 300,833 $ 19.98 Shares granted 229,551 21.45 Shares forfeited (9,238) 21.64 Shares vested (184,069) 19.38 Restricted shares outstanding as of December 31, 2023 337,077 $ 21.28 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share data) : Number of Weighted Average Fair Value of 2023 229,551 $ 21.45 $ 3,936 2022 206,855 $ 21.15 $ 4,459 2021 194,411 $ 19.85 $ 3,763 As of December 31, 2023, there was $3.9 million of total unrecognized compensation expense related to restricted shares, which is expected to be recognized over a weighted average period of one year. We expect to incur $2.3 million of this expense in 2024, $1.4 million in 2025, and the remainder in 2026. Restricted Units Time-based restricted unit awards were granted on a discretionary basis to the Company’s named executive officers in 2023, 2022 and 2021 based on a review of the prior year’s performance. The following table summarizes the activity for the restricted unit awards for the year ended December 31, 2023: Number of Weighted Average Restricted units outstanding as of January 1, 2023 407,138 $ 14.41 Restricted units granted 163,515 17.45 Restricted units vested (167,783) 14.48 Restricted units outstanding as of December 31, 2023 402,870 $ 15.61 The following table summarizes the restricted unit grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except unit and per unit data) : Number of Weighted Average Fair Value of 2023 163,515 $ 17.45 $ 3,740 2022 138,505 $ 17.07 $ 3,173 2021 72,689 $ 14.26 $ 2,956 As of December 31, 2023, there was $4.6 million of total unrecognized compensation expense related to restricted units, which is expected to be recognized over a weighted average period of 1.1 years. We expect to incur $2.6 million of this expense in 2024, $1.8 million in 2025, and the remainder in 2026. AO LTIP Units – 2021 Awards During the year ended December 31, 2021, in connection with its annual review of executive compensation and as described in the table below, the Compensation Committee approved an aggregate grant of AO LTIP Units to the Company’s executive officers under the Equity Plan. Number of Participation Threshold John A. Kite 477,612 $ 16.69 Thomas K. McGowan 149,254 $ 16.69 Heath R. Fear 119,403 $ 16.69 The Company entered into award agreements with each executive officer with respect to his awards, which provide terms of vesting, conversion, distribution, and other terms. AO LTIP Units are designed to have economics similar to stock options and allow the recipient, subject to vesting requirements, to realize value above a threshold level set as of the grant date of the award (the “Participation Threshold”). The value of vested AO LTIP Units is realized through conversion into a number of vested Long-Term Incentive Plan (“LTIP”) Units in the Operating Partnership determined on the basis of how much the value of a common share of the Company has increased over the Participation Threshold. The AO LTIP Units are only exercisable and convertible into vested LTIP Units of the Operating Partnership to the extent that they become vested AO LTIP Units. The awards of AO LTIP Units are subject to both time-based and stock price performance-based vesting requirements. Subject to the terms of the award agreement, the AO LTIP Units shall vest and become fully exercisable as of the date that both of the following requirements have been met: (i) the grantee remains in continuous service from the grant date through the third anniversary of the grant date; and (ii) at any time during the period beginning in the second year and ending at the end of the fifth year following the grant date, the reported closing price per common share of the Company appreciates at least 15% over the applicable Participation Threshold per AO LTIP Unit (as set forth in the table above) for a minimum of 20 consecutive trading days. Any AO LTIP Units that do not become vested will be forfeited and become null and void as of the fifth anniversary of the grant date, but AO LTIP Units may also be forfeited earlier in connection with a corporate transaction or with the executive’s termination of service. The AO LTIP Units were valued using a Monte Carlo simulation and the resulting compensation expense is being amortized over three years awards. Compensation expense for the awards granted in 2021 totaled $3.0 million, of which we recognized $0.9 million, $1.0 million and $1.0 million of compensation expense during the years ended December 31, 2021, 2022 and 2023, respectively, and expect to incur the remainder in 2024. Special Long-Term Equity Award In January 2022, the Compensation Committee of the Company’s Board of Trustees granted a total of 363,883 LTIP Units to the Company’s named executive officers as a special long-term equity award related to the October 2021 merger with RPAI, which are subject to both performance and service conditions. The LTIP Units granted are subject to an approximate three-year performance and service period, from October 23, 2021 through December 31, 2024, and the performance components are as follows: (i) cumulative annualized net operating income for executed new leases from October 1, 2021 to December 31, 2024, which will be weighted at 60%; (ii) post-merger cash general and administrative expense synergies achieved as of the end of the performance period, which will be weighted at 20%; and (iii) same property net operating income margin improvement over the performance period, which will be weighted at 20%. Overall performance is further subject to an absolute total shareholder return modifier that has the ability to increase (or decrease) the total number of LTIP Units eligible to vest by 25% (not to exceed the maximum number of LTIP Units). Distributions will accrue during the performance period and be paid only on LTIP Units that vest at the conclusion of the performance period, and any accrued distributions on vested LTIP Units will be settled in cash at such time. |
DEFERRED COSTS AND INTANGIBLES,
DEFERRED COSTS AND INTANGIBLES, NET | 12 Months Ended |
Dec. 31, 2023 | |
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 internal commissions 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. As of December 31, 2023 and 2022, deferred costs consisted of the following (in thousands) : December 31, 2023 2022 Acquired lease intangible assets $ 433,771 $ 522,152 Deferred leasing costs and other 74,662 66,842 508,433 588,994 Less: accumulated amortization (204,262) (179,166) Deferred costs, net $ 304,171 $ 409,828 The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : Amortization of Amortization of Total 2024 $ 8,935 $ 66,000 $ 74,935 2025 6,822 42,293 49,115 2026 4,865 28,974 33,839 2027 3,505 19,460 22,965 2028 2,432 15,376 17,808 Thereafter 2,644 39,806 42,450 Total $ 29,203 $ 211,909 $ 241,112 The amortization of deferred leasing costs, lease intangibles and other is included within “Depreciation and amortization” in the accompanying consolidated statements of operations and comprehensive income. The amortization of above-market lease intangibles is included as a reduction to “Rental income” in the accompanying consolidated statements of operations and comprehensive income. The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 107,542 $ 150,245 $ 45,423 Amortization of above-market lease intangibles $ 12,007 $ 13,562 $ 3,483 |
DEFERRED REVENUE, INTANGIBLES,
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES | DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES Deferred revenue and other liabilities consist of (i) the unamortized fair value of below-market lease liabilities recorded in connection with purchase accounting, (ii) retainage payables for development and redevelopment projects, (iii) tenant rent payments received in advance of the month in which they are due, and (iv) lease liabilities recorded upon adoption of ASU 2016-02, Leases (Topic 842) . 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 2085. 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. As of December 31, 2023 and 2022, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) : December 31, 2023 2022 Unamortized in-place lease liabilities $ 159,449 $ 188,815 Retainages payable and other 9,229 12,110 Tenant rents received in advance 35,339 29,947 Lease liabilities 68,925 67,167 Deferred revenue and other liabilities $ 272,942 $ 298,039 The amortization of below-market lease intangibles is included as a component of “Rental income” in the accompanying consolidated statements of operations and comprehensive income and totaled $24.0 million, $18.4 million, and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : 2024 $ 19,346 2025 13,186 2026 12,149 2027 10,274 2028 9,665 Thereafter 94,829 Total $ 159,449 |
MORTGAGE AND OTHER INDEBTEDNESS
MORTGAGE AND OTHER INDEBTEDNESS | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
MORTGAGE AND OTHER INDEBTEDNESS | MORTGAGE AND OTHER INDEBTEDNESS The following table summarizes the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Mortgages payable $ 153,306 $ 233,621 Senior unsecured notes 1,829,635 1,924,635 Unsecured term loans 820,000 820,000 Unsecured revolving line of credit — — 2,802,941 2,978,256 Unamortized discounts and premiums, net 35,765 44,362 Unamortized debt issuance costs, net (9,504) (12,319) Mortgage and other indebtedness, net $ 2,829,202 $ 3,010,299 Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of December 31, 2023, considering the impact of interest rate swaps, is summarized below (dollars in thousands) : Amount Ratio Weighted Average Weighted Fixed rate debt (1) $ 2,630,941 94 % 3.98 % 3.6 Variable rate debt (2) 172,000 6 % 9.15 % 2.7 Debt discounts, premiums and issuance costs, net 26,261 N/A N/A N/A Mortgage and other indebtedness, net $ 2,829,202 100 % 4.30 % 3.6 (1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.7 years. (2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.7 years. Mortgages Payable The following table summarizes the Company’s mortgages payable (dollars in thousands) : December 31, 2023 December 31, 2022 Balance Weighted Average Weighted Average Years Balance Weighted Average Weighted Average Years Fixed rate mortgages payable (1) $ 136,306 5.09 % 8.1 $ 205,328 3.98 % 1.4 Variable rate mortgage payable (2) 17,000 7.59 % 2.6 28,293 5.96 % 0.6 Total mortgages payable $ 153,306 $ 233,621 (1) The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of December 31, 2023 and 2022. (2) In July 2023, the interest rate on the variable rate mortgage increased to Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points from BSBY plus 160 basis points in conjunction with the July 2023 amendment of the loan agreement. The one-month BSBY rate was 5.44% and 4.36% as of December 31, 2023 and 2022, respectively. Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033. During the year ended December 31, 2023, we (i) originated a 10-year $95.1 million mortgage payable at a fixed interest rate of 5.36% secured by the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H, (ii) amended the loan agreement on the variable rate mortgage secured by Delray Marketplace to extend the maturity date to August 4, 2026, with a one-year extension option, and made a $9.9 million paydown of the principal balance using available cash on hand, (iii) repaid mortgages payable totaling $161.5 million that had a weighted average fixed interest rate of 3.85%, and (iv) made scheduled principal payments of $4.0 million related to amortizing loans. Unsecured Notes The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands) : December 31, 2023 December 31, 2022 Maturity Date Balance Interest Rate Balance Interest Rate Senior notes – 4.23% due 2023 September 10, 2023 $ — — % $ 95,000 4.23 % Senior notes – 4.58% due 2024 June 30, 2024 149,635 4.58 % 149,635 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 350,000 4.00 % 350,000 4.00 % Senior notes – SOFR + 3.65% due 2025 (1) September 10, 2025 80,000 9.27 % 80,000 8.41 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.00% due 2026 October 1, 2026 300,000 4.00 % 300,000 4.00 % Senior exchangeable notes – 0.75% due 2027 April 1, 2027 175,000 0.75 % 175,000 0.75 % Senior notes – SOFR + 3.75% due 2027 (2) September 10, 2027 75,000 9.37 % 75,000 8.51 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % 100,000 4.82 % Senior notes – 4.75% due 2030 September 15, 2030 400,000 4.75 % 400,000 4.75 % Total senior unsecured notes $ 1,829,635 $ 1,924,635 (1) On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025. As of December 31, 2022, $80,000 of 4.47% senior unsecured notes due 2025 had been swapped to a variable rate of three-month London Interbank Offered Rate (“LIBOR”) plus 3.65%. (2) On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025. As of December 31, 2022, $75,000 of 4.57% senior unsecured notes due 2027 had been swapped to a variable rate of three-month LIBOR plus 3.75%. During the year ended December 31, 2023, the Company repaid the $95.0 million principal balance of the 4.23% senior unsecured notes due 2023 using available cash on hand. Subsequent to December 31, 2023, the Company completed a public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (“Notes Due 2034”), which we expect will be used to satisfy all 2024 debt maturities. See Note 14 for further details. Private Placement Senior Unsecured Notes In October 2021, in connection with the merger with RPAI, the Operating Partnership entered into a number of assumption agreements pursuant to which the Operating Partnership assumed all of RPAI’s obligations under RPAI’s existing note purchase agreements related to an aggregate of $450.0 million in principal of privately placed senior unsecured notes. In addition, in August 2015, the Operating Partnership entered into a note purchase agreement in connection with the issuance of $250.0 million of senior unsecured notes at a blended rate of 4.41% and an average maturity of 9.8 years (collectively, the “Private Placement Notes”). Each series of Private Placement Notes require semi-annual interest payments each year until maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, any series of the Private Placement Notes in an amount not less than 5% of the aggregate principal amount of such series of the Private Placement Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a make-whole amount (as defined in the applicable note purchase agreement). The make-whole amount is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the Private Placement Notes being prepaid over the amount of such Private Placement Notes. Each note purchase agreement contains customary financial maintenance covenants, including a maximum total leverage ratio, secured and unsecured leverage ratios and a minimum interest coverage ratio. Each note purchase agreement also contains restrictive covenants that restrict the ability of the Operating Partnership and its subsidiaries to, among other things, enter into transactions with affiliates, merge or consolidate, transfer assets or incur liens. Further, each note purchase agreement contains customary events of default, including in relation to non-payment, breach of covenants, defaults under certain other indebtedness, judgment defaults and bankruptcy events. In the case of an event of default, the holders of the Private Placement Notes may, among other remedies, accelerate the payment of all obligations. Publicly Placed Senior Unsecured Notes In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed all of RPAI’s outstanding $750.0 million aggregate principal of publicly placed senior unsecured notes. In addition, the Operating Partnership completed a $300.0 million public offering of 4.00% senior unsecured notes in September 2016 (collectively, the “Public Placement Notes”). The Public Placement Notes require semi-annual interest payments each year until maturity. The Public Placement Notes are the direct, senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the Public Placement Notes at its option and in its sole discretion, at any time or from time to time, prior to three months prior to the respective maturity date (such date, the “Par Call Date”), at a redemption price equal to 100% of the principal amount of the applicable Public Placement Notes being redeemed, plus accrued and unpaid interest and a “make-whole” premium calculated in accordance with the indenture. Redemptions on or after the respective Par Call Date are not subject to the addition of a “make-whole” premium. Exchangeable Senior Notes In March 2021, the Operating Partnership issued $175.0 million aggregate principal amount of 0.75% exchangeable senior notes maturing in April 2027 (the “Exchangeable Notes”). The Exchangeable Notes are governed by an indenture between the Operating Partnership, the Company and U.S. Bank National Association, as trustee. The Exchangeable Notes were sold in the U.S. only to accredited investors pursuant to an exemption from the Securities Act of 1933, as amended (the “Securities Act”), and subsequently resold to qualified institutional investors pursuant to Rule 144A under the Securities Act. The net proceeds from the offering of the Exchangeable Notes were approximately $169.7 million after deducting the underwriting fees and other expenses paid by the Company. The Exchangeable Notes bear interest at a rate of 0.75% per annum, payable semi-annually in arrears, and will mature on April 1, 2027. During the years ended December 31, 2023, 2022 and 2021, we recognized approximately $1.3 million, $1.3 million, and $1.6 million, respectively, of interest expense for the Exchangeable Notes. Prior to January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods. On or after January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date. The exchange rate will initially equal 39.6628 common shares per $1,000 principal amount of Exchangeable Notes (equivalent to an exchange price of approximately $25.21 per common share and an exchange premium of approximately 25% based upon the closing price of $20.17 per common share on March 17, 2021). The exchange rate will be subject to adjustment upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. The Operating Partnership may redeem the Exchangeable Notes, at its option, in whole or in part, on any business day on or after April 5, 2025, if the last reported sale price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the issuer provides notice of redemption at a redemption price equal to 100% of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In connection with the Exchangeable Notes, the Operating Partnership entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers of the Exchangeable Notes or their respective affiliates. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the number of common shares underlying the Exchangeable Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon exchange of the Exchangeable Notes. The cap price of the Capped Call Transactions was initially approximately $30.26, which represents a premium of approximately 50% over the last reported sale price of common shares on March 17, 2021 and is subject to anti-dilution adjustments under the terms of the Capped Call Transactions. We incurred $9.8 million of costs related to the Capped Call Transactions, which are included within “Additional paid-in capital” in the accompanying consolidated balance sheets. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands) : December 31, 2023 December 31, 2022 Maturity Date Balance Interest Rate Balance Interest Rate Unsecured term loan due 2024 – fixed rate (1) July 17, 2024 $ 120,000 2.68 % $ 120,000 2.68 % Unsecured term loan due 2025 – fixed rate (2) October 24, 2025 250,000 5.09 % 250,000 5.09 % Unsecured term loan due 2026 – fixed rate (3) July 17, 2026 150,000 2.73 % 150,000 2.73 % Unsecured term loan due 2029 – fixed rate (4) July 29, 2029 300,000 3.82 % 300,000 4.05 % Total unsecured term loans $ 820,000 $ 820,000 Unsecured credit facility revolving line of credit – variable rate (5) January 8, 2026 $ — 6.58 % $ — 5.56 % (1) $120,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of December 31, 2023 and 2022. (2) $250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. The maturity date of the term loan may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions. (3) $150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of December 31, 2023 and 2022. (4) As of December 31, 2023, $300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. As of December 31, 2022, $300,000 of SOFR-based variable rate debt had been swapped to a fixed rate of 2.70% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through November 22, 2023. The applicable credit spread was 1.35% as of December 31, 2023 and 2022. (5) The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. Unsecured Revolving Credit Facility In July 2022, the Operating Partnership, as borrower, and the Company entered into the Second Amendment (the “Second Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”) with a syndicate of financial institutions to provide for an unsecured revolving credit facility aggregating $1.1 billion (the “Revolving Facility”) and a seven-year $300.0 million unsecured term loan (the “$300M Term Loan”). Under the Second Amendment, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans in an aggregate amount for all such increases and additional loans of up to $600.0 million, for a total facility amount of up to $2.0 billion. The Revolving Facility has a scheduled maturity date of January 8, 2026, which maturity date may be extended for up to two additional periods of six months at the Operating Partnership’s option, subject to certain conditions. Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The SOFR rate is also subject to an additional 0.10% spread adjustment as specified in the Second Amendment. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of December 31, 2023, making such an election would have resulted in a lower interest rate; however, the Company had not made the election to convert to the ratings-based pricing grid. The Credit Agreement includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. The following table summarizes the key terms of the Revolving Facility as of December 31, 2023 (dollars in thousands) : Leverage-Based Pricing Investment Grade Pricing Credit Agreement Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee SOFR Adjustment $1,100,000 unsecured revolving line of credit 1/8/2026 2 six 0.075% 1.05%–1.50% 0.15%–0.30% 0.725%–1.40% 0.125%–0.30% 0.10% The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of December 31, 2023, we were in compliance with all such covenants. The Credit Agreement includes customary representations and warranties, which must continue to be true and correct in all material respects as a condition to future draws under the Revolving Facility. The Credit Agreement also contains customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations under the Credit Agreement to be immediately due and payable. Unsecured Term Loans In July 2022, in conjunction with the Second Amendment, the Operating Partnership obtained a $300M Term Loan that is priced on a ratings-based pricing grid at a rate of SOFR plus a credit spread ranging from 1.15% to 2.20%. The SOFR rate is also subject to an additional 0.10% spread adjustment as specified in the Second Amendment. Proceeds from the $300M Term Loan were used to repay outstanding indebtedness and for general corporate purposes. The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before July 29, 2024. The agreement related to the $300M Term Loan includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed RPAI’s $120.0 million (the “$120M Term Loan”) and $150.0 million (the “$150M Term Loan”) unsecured term loans, which were originally priced on a leverage-based pricing grid with the credit spread set forth in the leverage grid resetting quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company had the option to irrevocably elect to convert to a ratings-based pricing grid at any time. On August 2, 2022, the Company made the election to convert to the ratings-based pricing grid. The agreement related to the $150M Term Loan includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. Under the agreement related to the $120M Term Loan and the $150M Term Loan, the Operating Partnership has the option to increase each of the term loans to $250.0 million upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay each of the $120M Term Loan and $150M Term Loan, in whole or in part, at any time without being subject to a prepayment fee. In October 2018, the Operating Partnership entered into a term loan agreement with a group of financial institutions providing for an unsecured term loan facility of up to $250.0 million (the “$250M Term Loan”). The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before October 25, 2023. The unsecured term loan agreements contain representations, financial and other affirmative and negative covenants and events of default that are substantially similar to those contained in the Credit Agreement. The unsecured term loan agreements all rank pari passu with the Operating Partnership’s Revolving Facility and other unsecured indebtedness of the Operating Partnership. The following table summarizes the key terms of the unsecured term loans as of December 31, 2023 (dollars in thousands) : Unsecured Term Loans Maturity Date Leverage-Based Pricing Investment Grade Pricing SOFR Adjustment $120,000 unsecured term loan due 2024 7/17/2024 1.20% – 1.70% 0.80% – 1.65% 0.10% $250,000 unsecured term loan due 2025 10/24/2025 (1) 2.00% – 2.55% 2.00% – 2.50% 0.10% $150,000 unsecured term loan due 2026 7/17/2026 1.20% – 1.70% 0.75% – 1.60% 0.10% $300,000 unsecured term loan due 2029 7/29/2029 N/A 1.15% – 2.20% 0.10% (1) The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions. Debt Issuance Costs Debt issuance costs are amortized over the terms of the respective loan agreements. The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of debt issuance costs $ 3,609 $ 3,163 $ 2,681 Debt Maturities The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2023 (in thousands) : Secured Debt Scheduled Term Unsecured Debt Total 2024 $ 5,121 $ — $ 269,635 $ 274,756 2025 5,248 — 680,000 685,248 2026 4,581 10,600 550,000 565,181 2027 3,120 — 250,000 253,120 2028 3,757 — 100,000 103,757 Thereafter 28,091 92,788 800,000 920,879 $ 49,918 $ 103,388 $ 2,649,635 $ 2,802,941 Debt discounts, premiums and issuance costs, net 26,261 Mortgage and other indebtedness, net $ 2,829,202 Other Debt Activity During the years ended December 31, 2023, 2022 and 2021, we capitalized interest totaling $3.7 million, $2.4 million and $1.6 million, respectively. Fair Value of Fixed and Variable Rate Debt As of December 31, 2023, the estimated fair value of fixed rate debt was $1.9 billion compared to the book value of $2.0 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 5.53% to 7.48%. As of December 31, 2023, the estimated fair value of variable rate debt was $841.1 million compared to the book value of $837.0 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 6.50% to 7.45%. |
DERIVATIVE INSTRUMENTS, HEDGING
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2023 | |
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 interest rate derivative agreements for trading or speculative purposes. 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. In December 2023, we entered into three forward-starting interest rate swap agreements with notional amounts totaling $150.0 million that swap a floating rate of compound SOFR for a fixed rate of 3.44% with an effective date of June 28, 2024 and a maturity date of June 28, 2034. These interest rate swaps fixed the interest rate on a portion of the Notes Due 2034, which were issued in January 2024, and were subsequently terminated upon issuance of the Notes Due 2034. We received $0.7 million upon termination, which will be included as a component of “Accumulated other comprehensive income” in the consolidated balance sheets and reclassified as an increase to earnings over the term of the debt. The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of December 31, 2023 and 2022 (dollars in thousands) : Fair Value Assets (Liabilities) (1) Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date December 31, 2023 December 31, 2022 Cash Flow Four $ 250,000 SOFR 2.99 % 12/1/2022 10/24/2025 $ 4,952 $ 7,134 Cash Flow Two 100,000 SOFR 2.66 % 8/1/2022 8/1/2025 2,415 3,616 Cash Flow Two — SOFR 2.72 % 8/3/2022 11/22/2023 — 3,663 Cash Flow Two 200,000 SOFR 2.37 % 11/22/2023 8/1/2025 5,716 4,370 Cash Flow Three 120,000 SOFR 1.58 % 8/15/2022 7/17/2024 2,236 5,461 Cash Flow Three 150,000 SOFR 1.68 % 8/15/2022 7/17/2026 7,744 10,896 $ 820,000 $ 23,063 $ 35,140 Fair Value (2) Two $ 155,000 SOFR SOFR + 3.70% 4/23/2021 9/10/2025 $ (9,408) $ (14,177) Forward-Starting Cash Flow (3) Three $ 150,000 SOFR 3.44 % 6/28/2024 6/28/2034 $ (700) $ — (1) Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. (2) On July 1, 2023, the fallback rate in the derivative agreements went into effect. The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70% as of December 31, 2023 and three-month LIBOR plus 3.70% as of December 31, 2022. (3) Subsequent to December 31, 2023, the forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034. In October 2022, we terminated two forward-starting interest rate swaps with notional amounts totaling $150.0 million and a maturity date of June 1, 2032 and received $30.9 million upon termination. This settlement is included as a component of “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and is being reclassified to earnings over time as the hedged items are recognized in earnings. During the year ended December 31, 2023, we accelerated the reclassification of $3.1 million in accumulated other comprehensive income as a reduction to interest expense as a result of the hedged forecasted transaction becoming probable not to occur. Subsequent to December 31, 2023, we completed a public offering of the Notes Due 2034. See Note 14 for further details. 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 have 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 use 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, 2023 and 2022, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations are classified within Level 2 of the fair value hierarchy. 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 $17.4 million was reclassified as an increase to earnings during the year ended December 31, 2023. Approximately $7.3 million and $7.7 million was reclassified as a decrease to earnings during the years ended December 31, 2022 and 2021, respectively. As interest payments on our derivatives are made over the next 12 months, we estimate the decrease to interest expense to be approximately $18.8 million, assuming the current SOFR curve. Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive income. |
LEASE INFORMATION
LEASE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASE INFORMATION | LEASE INFORMATION Rental Income The Company receives rental income from the leasing of retail and office space. The lease agreements generally provide for certain increases in base rent, reimbursement for certain operating expenses, and may require tenants to pay contingent rent to the extent their sales exceed a defined threshold. Certain tenants have the option in their lease agreement to extend their lease upon the expiration of the contractual term. Variable lease payments are based upon tenant sales information and are recognized once a tenant’s sales volume exceeds a defined threshold. Variable lease payments for reimbursement of operating expenses are based upon the operating expense activity for the period. In connection with the October 2021 merger with RPAI, the Company assumed all leases in place at legacy RPAI properties and began recognizing rental income under the respective leases upon completion of the merger on October 22, 2021. Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Fixed contractual lease payments – operating leases $ 637,915 $ 615,773 $ 292,873 Variable lease payments – operating leases 151,853 151,304 69,422 Bad debt reserve (3,459) (6,027) (2,897) Straight-line rent adjustments 13,186 17,031 4,674 Straight-line rent (reserve) recovery for uncollectibility (1,374) (553) 716 Amortization of in-place lease liabilities, net 12,025 4,821 2,611 Rental income $ 810,146 $ 782,349 $ 367,399 The weighted average remaining term of the lease agreements is approximately 5.1 years. During the years ended December 31, 2023, 2022 and 2021, the Company earned overage rent totaling $7.5 million, $5.9 million, and $0.8 million, respectively. As of December 31, 2023, future minimum rentals to be received under non-cancelable operating leases, excluding variable lease payments and amounts deferred under lease concession agreements, for each of the next five years and thereafter are as follows (in thousands) : Lease Payments 2024 $ 615,479 2025 566,314 2026 503,985 2027 432,467 2028 342,810 Thereafter 1,105,808 Total $ 3,566,863 Commitments under Ground Leases As of December 31, 2023, we are obligated under 12 ground leases for approximately 98 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 2025 to 2092 with a weighted average remaining term of 34.0 years. Certain of these leases have five Right-of-use assets are included within “Prepaid and other assets” and lease liabilities are included within “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, the Company incurred ground lease expense on these operating leases of $3.9 million, $3.9 million, and $2.8 million, respectively. The Company made payments of $5.2 million, $5.1 million, and $2.6 million during the years ended December 31, 2023, 2022 and 2021, respectively, which are included within operating cash flows. As of December 31, 2023, future minimum lease payments due under ground leases for each of the next five years and thereafter are as follows (in thousands) : Lease Obligations 2024 $ 5,101 2025 5,306 2026 5,413 2027 5,586 2028 5,044 Thereafter 105,644 $ 132,094 Adjustment for discounting (63,169) Lease liabilities as of December 31, 2023 $ 68,925 |
LEASE INFORMATION | LEASE INFORMATION Rental Income The Company receives rental income from the leasing of retail and office space. The lease agreements generally provide for certain increases in base rent, reimbursement for certain operating expenses, and may require tenants to pay contingent rent to the extent their sales exceed a defined threshold. Certain tenants have the option in their lease agreement to extend their lease upon the expiration of the contractual term. Variable lease payments are based upon tenant sales information and are recognized once a tenant’s sales volume exceeds a defined threshold. Variable lease payments for reimbursement of operating expenses are based upon the operating expense activity for the period. In connection with the October 2021 merger with RPAI, the Company assumed all leases in place at legacy RPAI properties and began recognizing rental income under the respective leases upon completion of the merger on October 22, 2021. Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Fixed contractual lease payments – operating leases $ 637,915 $ 615,773 $ 292,873 Variable lease payments – operating leases 151,853 151,304 69,422 Bad debt reserve (3,459) (6,027) (2,897) Straight-line rent adjustments 13,186 17,031 4,674 Straight-line rent (reserve) recovery for uncollectibility (1,374) (553) 716 Amortization of in-place lease liabilities, net 12,025 4,821 2,611 Rental income $ 810,146 $ 782,349 $ 367,399 The weighted average remaining term of the lease agreements is approximately 5.1 years. During the years ended December 31, 2023, 2022 and 2021, the Company earned overage rent totaling $7.5 million, $5.9 million, and $0.8 million, respectively. As of December 31, 2023, future minimum rentals to be received under non-cancelable operating leases, excluding variable lease payments and amounts deferred under lease concession agreements, for each of the next five years and thereafter are as follows (in thousands) : Lease Payments 2024 $ 615,479 2025 566,314 2026 503,985 2027 432,467 2028 342,810 Thereafter 1,105,808 Total $ 3,566,863 Commitments under Ground Leases As of December 31, 2023, we are obligated under 12 ground leases for approximately 98 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 2025 to 2092 with a weighted average remaining term of 34.0 years. Certain of these leases have five Right-of-use assets are included within “Prepaid and other assets” and lease liabilities are included within “Deferred revenue and other liabilities” in the accompanying consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, the Company incurred ground lease expense on these operating leases of $3.9 million, $3.9 million, and $2.8 million, respectively. The Company made payments of $5.2 million, $5.1 million, and $2.6 million during the years ended December 31, 2023, 2022 and 2021, respectively, which are included within operating cash flows. As of December 31, 2023, future minimum lease payments due under ground leases for each of the next five years and thereafter are as follows (in thousands) : Lease Obligations 2024 $ 5,101 2025 5,306 2026 5,413 2027 5,586 2028 5,044 Thereafter 105,644 $ 132,094 Adjustment for discounting (63,169) Lease liabilities as of December 31, 2023 $ 68,925 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY Distributions Our Board of Trustees declared a cash distribution of $0.25 per common share and Common Unit for the fourth quarter of 2023. This distribution was paid on January 12, 2024 to common shareholders and common unitholders of record as of January 5, 2024. For the years ended December 31, 2023, 2022 and 2021, we declared cash distributions totaling $0.97, $0.87, and $0.72, respectively, per common share and Common Unit. At-The-Market Offering Program On February 23, 2021, the Company and the Operating Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with each of BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc., pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $150.0 million of its common shares of beneficial interest, $0.01 par value per share, under an at-the-market offering program (the “ATM Program”). On November 30, 2021, the Company and the Operating Partnership amended the Equity Distribution Agreement to reflect their filing of a shelf registration statement on November 16, 2021 with the SEC. The Operating Partnership intends to use the net proceeds, if any, to repay borrowings under its Revolving Facility and other indebtedness and for working capital and other general corporate purposes. The Operating Partnership may also use the net proceeds for acquisitions of operating properties and the development or redevelopment of properties, although there are currently no understandings, commitments or agreements to do so. As of December 31, 2023, the Company has not sold any common shares under the ATM Program. Share Repurchase Program In February 2021, our Board of Trustees approved a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $150.0 million of its common shares. In April 2022, our Board of Trustees authorized a $150.0 million increase to the size of the share repurchase program, authorizing share repurchases up to an aggregate of $300.0 million of its common shares (the “Share Repurchase Program”). The Company intends to fund any future repurchases under the Share Purchase Program with cash on hand or availability under the Revolving Facility, subject to any applicable restrictions. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon prevailing market conditions, regulatory requirements, and other factors. In February 2024, the Company extended the Share Repurchase Program for an additional year to February 28, 2025, if not terminated or extended prior to that date. As of December 31, 2023, the Company has not repurchased any shares under the Share Repurchase Program. Dividend Reinvestment and Share Purchase Plan We maintain a dividend reinvestment and share purchase plan that offers shareholders and new 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Other Commitments and Contingencies We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of a development project and tenant-specific space currently under construction. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through free cash flow or borrowings on the Revolving Facility. 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. Our portion of the repayment guaranty is limited to $5.9 million, and the guaranty’s term is through July 1, 2024, the maturity date of the construction loan. As of December 31, 2023, the outstanding loan balance was $32.7 million, of which our share was $11.4 million. The loan is secured by the hotel. In 2021, we provided repayment and completion guaranties on loans totaling $66.2 million associated with the development of The Corner mixed-use project in the Indianapolis MSA. As of December 31, 2023, the outstanding balance of the loans was $61.0 million, of which our share was $30.5 million. Legal Proceedings 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. |
RELATED PARTIES AND RELATED PAR
RELATED PARTIES AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
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 a number of entities owned by several members of the Company’s management. During each of the years ended December 31, 2023, 2022 and 2021, we earned less than $0.1 million from entities owned by certain members of management. We reimburse entities owned by certain members of the Company’s management for certain travel and related services. During each of the years ended December 31, 2023, 2022 and 2021, we paid $0.3 million to this related entity. On August 7, 2023, a wholly owned subsidiary of the Company (“KRG Development”) assigned to Pan Am Development Partners, LLC (“Assignee”) certain rights and obligations related to the development of a hotel on the Pan Am Plaza site across from the Indiana Convention Center in Indianapolis, IN, including certain future development rights and a right of first offer involving the project (collectively, the “Project Rights and Obligations”). Assignee is a wholly owned subsidiary of Circle Block Investors, LLC, the parent company that owns the Conrad Indianapolis hotel, of which Mr. Alvin E. Kite, our Chairman Emeritus and the father of Mr. John A. Kite, is the majority owner, and Mr. John A. Kite, our Chief Executive Officer and Chairman of the Board, and Mr. Thomas K. McGowan, our President and Chief Operating Officer, are minority owners. In connection with the transaction, Assignee assumed all Project Rights and Obligations from and after August 7, 2023 and agreed to pay KRG Development an assignment fee of up to $3.5 million (the “Assignment Fee”), which is due and payable upon the completion of certain development activities that are expected to occur in 2024. In connection with the transactions, Mr. Kite and Mr. McGowan expressly acknowledged and agreed that they remain subject to their executive employment agreements with the Company, including, without limitation, the obligation of each executive to devote substantially all his business time and effort to the performance of his duties for the Company. Assignee will engage a team of full-time professionals to perform the Project Rights and Obligations. The transaction was approved by a special transaction committee of the independent trustees of the Company (the “Transaction Committee”) as well as the Company’s independent trustees. The Transaction Committee engaged a third-party financial advisor to assist in determining the net value of the Project Rights and Obligations and establishing the Assignment Fee. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to December 31, 2023, we completed a public offering of $350.0 million aggregate principal amount of 5.50% senior unsecured notes due 2034 (“Notes Due 2034”). The Notes Due 2034 were priced at 98.670% of the principal amount to yield 5.673% to maturity and will mature on March 1, 2034, unless earlier redeemed. The proceeds will be used to repay outstanding indebtedness and for general corporate purposes. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 December 31, 2023 (in thousands) Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Operating Properties 12th Street Plaza $ — $ 2,624 $ 10,633 $ — $ 1,321 $ 2,624 $ 11,954 $ 14,578 $ 3,685 1978/2003 2012 54th & College — 2,672 — — — 2,672 — 2,672 — 2008 NA Arcadia Village — 8,487 11,707 — 105 8,487 11,812 20,299 1,823 1957 2021 Ashland & Roosevelt — 9,806 25,523 — 45 9,806 25,568 35,374 3,691 2002 2021 Avondale Plaza — 6,723 10,066 — 74 6,723 10,140 16,863 1,278 2005 2021 Bayonne Crossing — 47,809 38,362 — 2,304 47,809 40,666 88,475 11,880 2011 2014 Bayport Commons — 7,005 20,666 — 4,681 7,005 25,347 32,352 10,839 2008 NA Belle Isle Station — 9,130 41,082 — 7,843 9,130 48,925 58,055 20,180 2000 2015 Bridgewater Marketplace — 3,407 8,595 — 1,662 3,407 10,257 13,664 4,878 2008 NA Burlington* — — 2,773 — 29 — 2,802 2,802 2,802 1992/2000 2000 Castleton Crossing — 9,761 24,467 — 1,006 9,761 25,474 35,235 7,826 1975 2013 Cedar Park Town Center — 9,032 25,909 — 198 9,032 26,107 35,139 2,499 2013 2021 Centennial Center — 58,960 72,121 — 9,091 58,960 81,212 140,172 38,893 2002 2014 Centennial Gateway — 5,305 48,432 — 1,317 5,305 49,749 55,054 18,288 2005 2014 Central Texas Marketplace — 15,711 30,021 — 2,527 15,711 32,548 48,259 5,051 2004 2021 Centre at Laurel — 6,122 34,655 — 400 6,122 35,055 41,177 4,503 2005 2021 Centre Point Commons* — 2,918 22,285 — 494 2,918 22,779 25,697 8,507 2007 2014 Chantilly Crossing — 12,309 17,604 — 760 12,309 18,365 30,674 2,420 2004 2021 Chapel Hill Shopping Center* — — 34,828 — 2,603 — 37,431 37,431 14,803 2001 2015 Circle East — 1,188 27,077 — — 1,188 27,077 28,265 1,932 1998/2022 2021 City Center — 20,565 178,892 — 5,626 20,565 184,517 205,082 68,429 2018 2014 Clearlake Shores Shopping Center — 3,845 6,612 — 565 3,845 7,177 11,022 1,018 2003 2021 Coal Creek Marketplace — 9,397 11,650 — 162 9,397 11,811 21,208 1,836 1991 2021 Cobblestone Plaza — 10,374 44,270 — 3,637 10,374 47,907 58,281 17,911 2011 NA Colleyville Downs — 5,446 38,307 — 2,921 5,446 41,228 46,674 19,894 2014 2015 Colonial Square — 7,521 18,507 — 3,093 7,521 21,600 29,121 7,345 2010 2014 Colony Square — 20,300 18,784 — 711 20,300 19,495 39,795 3,552 1997 2021 Commons at Temecula — 18,966 44,255 — 319 18,966 44,575 63,541 7,233 1999 2021 Cool Creek Commons — 6,062 12,514 — 7,662 6,062 20,176 26,238 8,759 2005 NA Cool Springs Market — 12,444 22,621 40 7,312 12,484 29,933 42,417 14,961 1995 2013 Coppell Town Center — 5,052 11,252 — 555 5,052 11,807 16,859 1,794 1999 2021 Coram Plaza — 6,992 22,995 — 295 6,992 23,290 30,282 3,106 2004 2021 Crossing at Killingly Commons — 21,999 29,722 — 1,140 21,999 30,862 52,861 9,494 2010 2014 Cypress Mill Plaza — 6,320 10,064 — 339 6,320 10,403 16,723 1,466 2004 2021 Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Operating Properties (continued) Davis Towne Crossing $ — $ 995 $ 8,951 $ — $ 129 $ 995 $ 9,079 $ 10,074 $ 1,204 2003 2021 Delray Marketplace 17,000 18,750 85,093 1,284 9,543 20,034 94,636 114,670 32,525 2013 NA Denton Crossing — 8,257 38,963 — 4,345 8,257 43,308 51,565 5,967 2003 2021 DePauw University Bookstore & Café* — 64 663 — 45 64 708 772 559 2012 NA Downtown Crown — 25,759 77,035 — 3,081 25,759 80,116 105,875 7,173 2014 2021 Draper Crossing — 9,054 27,063 — 2,240 9,054 29,304 38,358 12,001 2012 2014 Draper Peaks — 11,498 46,845 522 6,569 12,020 53,415 65,435 17,304 2012 2014 East Stone Commons* — 3,766 21,634 — 149 3,766 21,784 25,550 3,045 2005 2021 Eastern Beltway — 23,221 45,569 — 8,728 23,221 54,297 77,518 17,900 1998/2006 2014 Eastgate Crossing — 4,244 58,669 — 5,613 4,244 64,282 68,526 7,007 1958/2007 2020 Eastgate Pavilion — 8,026 18,269 — 2,245 8,026 20,514 28,540 10,088 1995 2004 Eastwood Towne Center — 3,242 55,945 — 4,322 3,242 60,268 63,510 8,602 2002 2021 Eddy Street Commons* — 1,956 48,285 — 4,946 1,956 53,230 55,186 17,347 2009/2022 NA Edwards Multiplex — 22,583 28,710 — 23 22,583 28,734 51,317 4,794 1997 2021 Estero Town Commons — 8,458 9,927 — 992 8,458 10,919 19,377 5,141 2006 NA Fairgrounds Plaza — 12,690 15,249 — 94 12,690 15,343 28,033 2,077 2002 2021 Fishers Station — 4,008 13,028 — 302 4,008 13,330 17,338 4,756 2018 NA Fordham Place — 41,993 102,435 — 637 41,993 103,072 145,065 11,163 1920/2009 2021 Fort Evans Plaza II — 14,110 39,197 — 3,506 14,110 42,703 56,813 4,817 2008 2021 Fullerton Metrocenter — 55,794 42,865 — 3,628 55,794 46,493 102,287 7,171 1988 2021 Galvez Shopping Center — 494 4,962 — 250 494 5,212 5,706 688 2004 2021 Gardiner Manor Mall — 29,521 20,049 — 628 29,521 20,677 50,198 3,562 2000 2021 Gateway Pavillions — 44,167 10,282 — 1,089 44,167 11,371 55,538 2,735 2003 2021 Gateway Plaza — 15,608 22,055 — 1,464 15,608 23,520 39,128 4,308 2000 2021 Gateway Station — 10,679 10,533 — 413 10,679 10,947 21,626 1,489 2003 2021 Gateway Village — 32,045 33,365 — 416 32,045 33,781 65,826 5,396 1996 2021 Geist Pavilion — 1,368 7,219 — 2,825 1,368 10,044 11,412 5,098 2006 NA Gerry Centennial Plaza — 3,448 9,721 — 211 3,448 9,932 13,380 1,368 2006 2021 Glendale Town Center — 1,494 41,779 (187) 20,108 1,307 61,887 63,194 35,467 1958/2021 1999 Grapevine Crossing — 7,021 11,928 — 738 7,021 12,666 19,687 1,956 2001 2021 Green's Corner — 4,716 13,739 — 145 4,716 13,884 18,600 2,152 1997 2021 Greyhound Commons — 2,629 794 — 2,619 2,629 3,413 6,042 1,189 2005 NA Gurnee Town Center — 7,348 20,575 — 346 7,348 20,922 28,270 3,247 2000 2021 Henry Town Center — 9,446 49,690 — 950 9,446 50,639 60,085 7,979 2002 2021 Heritage Square — 11,373 16,167 — 489 11,373 16,656 28,029 2,582 1985 2021 Heritage Towne Crossing — 5,720 14,753 — 333 5,720 15,086 20,806 2,176 2002 2021 Holly Springs Towne Center — 22,324 93,387 — 7,962 22,324 101,350 123,674 29,599 2013 NA Home Depot Center* — — 20,122 — 444 — 20,566 20,566 3,021 1996 2021 Huebner Oaks — 19,423 35,847 — 666 19,423 36,513 55,936 4,875 1996 2021 Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Operating Properties (continued) Humblewood Shopping Center $ — $ 3,921 $ 10,873 $ — $ 460 $ 3,921 $ 11,332 $ 15,253 $ 1,592 1979/2005 2021 Hunter's Creek Promenade — 8,017 12,610 179 1,935 8,196 14,545 22,741 5,402 1994 2013 Indian River Square — 4,000 5,971 1,100 5,859 5,100 11,830 16,930 4,216 1997/2004 2005 International Speedway Square — 7,157 12,021 — 8,816 7,157 20,837 27,994 12,933 1999 NA Jefferson Commons — 23,356 19,977 — 2,094 23,356 22,071 45,427 3,611 2005 2021 John's Creek Village — 7,668 39,592 — 1,099 7,668 40,691 48,359 5,511 2004 2021 King's Lake Square — 4,519 12,322 — 1,893 4,519 14,216 18,735 7,392 1986/2014 2003 La Plaza Del Norte — 18,113 32,729 — 420 18,113 33,149 51,262 5,256 1996 2021 Lake City Commons — 4,693 11,372 — 220 4,693 11,593 16,286 3,843 2008 2014 Lake Mary Plaza — 1,413 8,537 — 291 1,413 8,828 10,241 2,782 2009 2014 Lake Worth Towne Crossing — 6,228 28,752 — 180 6,228 28,932 35,160 3,826 2005 2021 Lakewood Towne Center — 32,864 30,955 — 1,616 32,864 32,572 65,436 5,218 2002 2021 Lincoln Park — 14,757 40,069 — 1,210 14,757 41,279 56,036 6,292 1997 2021 Lincoln Plaza — 6,239 38,288 — 5,669 6,239 43,957 50,196 6,657 2001 2021 Lithia Crossing — 3,065 9,830 — 3,622 3,065 13,452 16,517 6,585 1994/2003 2011 Lowe's Center — 19,894 — — 41 19,894 41 19,935 — 2005 2021 MacArthur Crossing — 11,190 31,262 — 1,848 11,190 33,110 44,300 3,629 1995 2021 Main Street Promenade — 2,630 60,806 — 921 2,630 61,727 64,357 5,629 2003 2021 Manchester Meadows — 10,788 30,402 — 135 10,788 30,537 41,325 5,906 1994 2021 Mansfield Towne Crossing — 2,966 14,286 — 713 2,966 14,998 17,964 2,066 2003 2021 Market Street Village — 9,764 16,360 — 4,515 9,764 20,875 30,639 10,799 1970/2004 2005 Merrifield Town Center — 5,186 41,073 — 1,529 5,186 42,602 47,788 4,396 2008 2021 Merrifield Town Center II — 19,614 23,042 — 159 19,614 23,201 42,815 2,552 1972/2007 2021 Miramar Square — 26,492 30,696 389 10,134 26,880 40,830 67,710 12,265 2008 2014 Mullins Crossing* — 10,582 38,715 — 6,965 10,582 45,681 56,263 16,344 2005 2014 Naperville Marketplace — 5,364 11,377 — 270 5,364 11,647 17,011 5,277 2008 NA New Forest Crossing — 7,175 11,976 — 315 7,175 12,291 19,466 1,826 2003 2021 New Hyde Park Shopping Center — 10,792 9,766 — 606 10,792 10,373 21,165 1,197 1964/2011 2021 Newnan Crossing — 6,616 41,017 — 1,118 6,616 42,135 48,751 7,045 1999 2021 Newton Crossroads — 1,004 10,758 — 116 1,004 10,874 11,878 1,663 1997 2021 Nora Plaza 3,333 3,790 19,938 5,002 20,680 8,792 40,618 49,410 5,997 2004 2019 North Benson Center — 16,632 9,847 — 397 16,632 10,244 26,876 1,753 1988 2021 Northcrest Shopping Center — 4,044 33,920 — 1,215 4,044 35,136 39,180 12,212 2008 2014 Northdale Promenade — 1,718 27,481 — (203) 1,718 27,278 28,996 17,284 2017 NA Northgate North 22,361 20,063 48,698 — 2,609 20,063 51,307 71,370 8,062 1999 2021 Northpointe Plaza — 15,964 35,447 — 889 15,964 36,336 52,300 5,412 1991 2021 Oak Brook Promenade — 6,753 48,640 — 3,744 6,753 52,383 59,136 6,493 2006 2021 Oleander Place* — 847 5,546 — 239 847 5,785 6,632 3,069 2012 2011 One Loudoun Downtown 95,095 74,400 235,487 — 4,415 74,400 239,902 314,302 23,341 2013/2022 2021 Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Operating Properties (continued) Oswego Commons $ — $ 5,746 $ 8,220 $ — $ 1,824 $ 5,746 $ 10,044 $ 15,790 1,519 2002 2021 Palms Plaza — 12,049 24,389 — 676 12,049 25,065 37,114 2,673 1988/2004 2022 Paradise Valley Marketplace — 6,889 35,794 — 178 6,889 35,971 42,860 5,101 2002 2021 Parkside Town Commons — 21,796 107,887 (60) 11,043 21,736 118,930 140,666 39,826 2015 N/A Parkway Towne Crossing — 15,099 28,436 — 461 15,099 28,897 43,996 3,300 2010 2021 Pavilion at King's Grant — 5,086 39,781 — 1,918 5,086 41,700 46,786 6,674 2002 2021 Pebble Marketplace — 7,504 34,448 — 572 7,504 35,020 42,524 2,361 1997 2022 Pelham Manor Shopping Plaza* — — 42,224 — 238 — 42,462 42,462 4,726 2008 2021 Peoria Crossing — 18,879 16,215 — 1,214 18,879 17,429 36,308 3,039 2002 2021 Perimeter Woods — 6,893 27,245 — 1,948 6,893 29,193 36,086 10,143 2008 2014 Pine Ridge Crossing — 5,640 16,326 — 5,643 5,640 21,969 27,609 10,329 1994 2006 Plaza at Cedar Hill — 5,782 33,810 — 17,621 5,782 51,431 57,213 25,381 2000 2004 Plaza at Marysville — 6,710 18,444 — 205 6,710 18,649 25,359 2,966 1995 2021 Pleasant Hill Commons — 3,350 10,064 — (376) 3,350 9,687 13,037 3,236 2008 2014 Pleasant Run Towne Crossing — 4,465 24,889 — 1,402 4,465 26,291 30,756 3,817 2004 2021 Portofino Shopping Center — 4,721 75,005 — 20,490 4,721 95,494 100,215 40,569 1999 2013 Prestonwood Place — 14,282 61,305 — — 14,282 61,305 75,587 772 1979/2020 2023 Publix at Woodruff — 1,783 6,346 — 1,009 1,783 7,355 9,138 5,038 1997 2012 Rampart Commons 6,529 1,136 42,174 — 1,066 1,136 43,239 44,375 17,875 2018 2014 Rangeline Crossing — 1,981 17,459 — 3,688 1,981 21,147 23,128 8,106 1986/2013 NA Riverchase Plaza — 3,889 11,226 — 1,252 3,889 12,478 16,367 6,391 1991/2001 2006 Rivers Edge — 5,647 28,778 — 1,993 5,647 30,771 36,418 11,361 2011 2008 Rivery Towne Crossing — 5,230 2,291 — 1,020 5,230 3,311 8,541 566 2005 2021 Royal Oaks Village II — 3,462 9,092 — 762 3,462 9,854 13,316 1,425 2004 2021 Sawyer Heights Village — 18,720 19,565 — 62 18,720 19,627 38,347 2,381 2007 2021 Saxon Crossing — 3,764 15,430 — 912 3,764 16,342 20,106 5,551 2009 2014 Shoppes at Hagerstown — 6,796 15,899 — 641 6,796 16,540 23,336 1,871 2008 2021 Shoppes at Plaza Green — 3,749 20,889 — 2,586 3,749 23,475 27,224 9,828 2000 2012 Shoppes at Quarterfield — 4,105 8,708 — 645 4,105 9,352 13,457 688 1999/2022 2021 Shoppes of Eastwood — 1,688 8,911 — 1,050 1,688 9,961 11,649 5,162 1997 2013 Shoppes of New Hope — 2,107 10,750 — 34 2,107 10,784 12,891 1,485 2004 2021 Shoppes of Prominence Point — 2,945 11,408 — 164 2,945 11,572 14,517 1,772 2004 2021 Shops at Eagle Creek — 2,121 8,093 — 4,456 2,121 12,549 14,670 6,430 1998 2003 Shops at Forest Commons — 1,616 9,345 — 553 1,616 9,898 11,514 1,411 2002 2021 Shops at Julington Creek — 2,372 7,300 — 346 2,372 7,646 10,018 2,296 2011 2014 Shops at Moore — 6,284 23,659 — 3,085 6,284 26,744 33,028 8,271 2010 2014 Shops at Park Place — 8,042 18,358 — 50 8,042 18,408 26,450 2,862 2001 2021 Silver Springs Pointe — 7,580 4,947 — 554 7,580 5,501 13,081 2,359 2001 2014 Southlake Corners — 7,998 16,576 — 296 7,998 16,873 24,871 2,788 2004 2021 Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Operating Properties (continued) Southlake Town Square $ — $ 19,534 $ 322,105 $ — $ 15,694 $ 19,534 $ 337,798 $ 357,332 $ 50,640 1998 2021 Stilesboro Oaks — 3,712 11,353 — 63 3,712 11,416 15,128 1,799 1997 2021 Stonebridge Plaza — 1,923 7,923 — 18 1,923 7,941 9,864 1,199 1997 2021 Stoney Creek Commons — 628 3,700 — 5,913 628 9,613 10,241 5,579 2000 NA Sunland Towne Centre — 14,774 22,247 — 4,734 14,774 26,981 41,755 13,769 1996 2004 Tacoma South — 30,058 3,334 — 1,245 30,058 4,579 34,637 581 1984 2021 Target South Center — 2,581 9,553 — 108 2,581 9,661 12,242 1,467 1999 2021 Tarpon Bay Plaza — 3,855 23,796 — 3,161 3,855 26,957 30,812 10,968 2007 NA The Brickyard — 29,389 19,595 — 4,550 29,389 24,145 53,534 3,602 1977/2004 2021 The Corner — 3,772 23,437 — 271 3,772 23,708 27,480 6,723 2008 2014 The Landing at Tradition — 17,605 45,912 — 21,690 17,605 67,602 85,207 17,125 2007 2014 The Shoppes at Union Hill 8,988 9,876 46,328 — 1,192 9,876 47,519 57,395 6,373 2003 2021 The Shops at Legacy — 14,864 119,439 — 9,700 14,864 129,139 144,003 17,638 2002 2021 Tollgate Marketplace — 11,963 65,450 — 13,715 11,963 79,165 91,128 10,759 1979/1994 2021 Toringdon Market — 5,448 9,325 — 601 5,448 9,926 15,374 3,890 2004 2013 Towson Square — 1,412 27,173 — 38 1,412 27,211 28,623 2,939 2014 2021 Traders Point — 11,135 42,153 — 2,997 11,135 45,150 56,285 26,481 2005 NA Tradition Village Center — 3,140 14,741 — 1,314 3,140 16,055 19,195 5,919 2006 2014 Tysons Corner — 13,334 10,483 — 141 13,334 10,623 23,957 1,079 1980/2013 2021 Village Shoppes at Simonton — 1,627 11,928 — 92 1,627 12,020 13,647 1,734 2004 2021 Walter's Crossing — 13,056 20,699 — 4,258 13,056 24,957 38,013 2,962 2005 2021 Watauga Pavilion — 5,511 24,145 — 247 5,511 24,392 29,903 3,422 2003 2021 Waterford Lakes Village — 2,317 1,873 — 11,158 2,317 13,031 15,348 1,554 1997 2004 Waxahachie Crossing — 1,411 15,698 — (257) 1,411 15,441 16,852 4,703 2010 2014 Westbury Center — 4,540 12,866 — 131 4,540 12,998 17,538 1,850 2000 2021 Winchester Commons — 2,119 9,560 — 37 2,119 9,597 11,716 1,632 1999 2021 Woodinville Plaza — 24,722 30,048 — 1,146 24,722 31,194 55,916 4,825 1981 2021 Total Operating Properties 153,306 1,824,044 5,225,599 8,267 468,021 1,832,311 5,693,620 7,525,931 1,361,001 Initial Cost Cost Capitalized Gross Carrying Amount Name Encumbrances Land Building & Land Building & Land Building & Total Accumulated Year Built / Year Office and Other Properties Thirty South Meridian $ — $ 1,643 $ 8,131 $ — $ 26,303 $ 1,643 $ 34,435 $ 36,078 $ 17,911 1905/2002 2001 Union Station Parking Garage — 904 2,310 — 2,281 904 4,591 5,495 2,227 1986 2001 Total Office Properties — 2,547 10,441 — 28,585 2,547 39,026 41,573 20,138 Development and Redevelopment Projects Carillon — 28,239 39,737 — — 28,239 39,737 67,976 631 2004 2021 Hamilton Crossing Centre — 3,514 2,017 (19) 490 3,495 2,507 6,002 — N/A N/A One Loudoun – Uptown — 92,452 — (88) 111 92,363 111 92,474 — N/A 2021 The Corner – IN — — — — 250 — 250 250 — N/A N/A Total Development and Redevelopment Projects — 124,205 41,754 (107) 851 124,098 42,605 166,703 631 Other ** Bridgewater Marketplace — 855 — — — 855 — 855 — N/A N/A KRG Development — — — — — — — — — N/A N/A KRG New Hill — 1,092 — 74 — 1,166 — 1,166 — N/A N/A KRG Peakway — 3,833 — — — 3,833 — 3,833 — N/A N/A Total Other — 5,780 — 74 — 5,854 — 5,854 — Line of credit/Term loans/Unsecured notes 2,649,635 — — — — — — — — N/A N/A Grand Total $ 2,802,941 $ 1,956,576 $ 5,277,794 $ 8,233 $ 497,457 $ 1,964,809 $ 5,775,251 $ 7,740,061 $ 1,381,770 * This property or a portion of the property is subject to a ground lease for the land. ** 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. The changes in investment properties for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Balance as of January 1, $ 7,732,573 $ 7,584,735 $ 3,136,982 Acquisitions related to the RPAI merger — (16,672) 4,440,768 Acquisitions 75,587 99,064 15,263 Improvements 140,654 152,165 54,323 Disposals (208,753) (86,719) (62,601) Balance as of December 31, $ 7,740,061 $ 7,732,573 $ 7,584,735 The unaudited aggregate cost of investment properties for U.S. federal income tax purposes as of December 31, 2023 was approximately $8.0 billion. The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Balance as of January 1, $ 1,161,148 $ 879,306 $ 750,119 Depreciation expense 317,593 318,809 154,519 Disposals (96,971) (36,967) (25,332) Balance as of December 31, $ 1,381,770 $ 1,161,148 $ 879,306 Depreciation of investment properties reflected in the accompanying consolidated statements of operations and comprehensive income 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 accompanying consolidated financial statements or notes thereto. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) attributable to common shareholders | $ 47,498 | $ (12,636) | $ (80,806) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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. Ordinary repairs and maintenance that do not extend the useful lives of the respective assets are expensed as incurred and included within “Property operating” expense in the accompanying consolidated statements of operations and comprehensive income. 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 within “Investment properties, at cost” 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 project becomes operational, we expense a pro rata amount of the related costs. Depreciation expense is computed using the straight-line method. Buildings and improvements are depreciated over estimated original useful lives ranging from 10 to 35 years. Tenant improvements and allowances are depreciated over the term of the related lease. Equipment and fixtures are depreciated over five |
Valuation of Investment Properties | Valuation of Investment Properties Management reviews our operating and development projects, land parcels and intangible assets for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. This review for possible impairment requires certain assumptions, estimates, and significant judgment. Examples of situations considered to be impairment indicators for both operating properties and development projects include, but are not limited to: • a substantial decline in or continued low occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant concentration of financially troubled tenants; • a reduction in the anticipated holding period; • a cost accumulation or delay in the project completion date significantly above and beyond the original development or redevelopment estimate; • a significant decrease in the market price not in line with general market trends; and • any other quantitative or qualitative events or factors deemed significant by the Company’s management or Board of Trustees. 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. The evaluation of impairment is subject to certain management assumptions, including projected net operating income, anticipated holding period, expected capital expenditures and the capitalization rate used to estimate the property’s residual value. 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 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. |
Assets Held for Sale | Assets Held for Sale The Company classifies an operating property as held for sale only when the property is available for immediate sale in its 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. An operating property classified as held for sale is 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. No properties qualified for held-for-sale accounting treatment as of December 31, 2023 and 2022. |
Acquisition of Investment Properties | Acquisition of Investment Properties Real estate assets are recognized on our consolidated balance sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets (consisting of land, buildings and improvements) and identified intangible assets and liabilities (consisting of above-market and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition based on an evaluation of information and estimates available at the acquisition date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair value, a number of sources are used, 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 that 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 leases. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income as applicable; • the value of having a lease in place at the acquisition date. We use independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value use 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 related to the reimbursement of property operating expenses, and fair market rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to depreciation and amortization 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 use third party and independent sources for our estimates to determine the respective fair value of each mortgage and other indebtedness, including related derivative instruments, assumed. The fair market value of each is amortized to interest expense over the remaining initial terms of the respective instruments. 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, we have not developed a tenant relationship that we consider to have a current intangible value. |
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 subsidiaries (“TRSs”) 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 by evaluating each joint venture and determining 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 and 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, 2023, we owned investments in two consolidated joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of December 31, 2023, these consolidated VIEs had mortgage debt totaling $112.1 million, which was secured by assets of the VIEs totaling $216.5 million. The Operating Partnership guarantees the mortgage 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. |
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 exceed the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insurance limits. The Company periodically assesses the credit risk associated with these financial institutions and believes the risk of loss is minimal. |
Restricted Cash and Escrow Deposits | Restricted Cash and 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, certain municipalities or other agreements. |
Fair Value Measurements | Fair Value Measurements We follow the framework established under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 an 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 valuation. • 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 9 to the accompanying consolidated financial statements, we have determined that derivative valuations are classified within Level 2 of the fair value hierarchy. Note 8 to the accompanying consolidated financial statements includes a discussion of the estimated fair value of fixed and variable rate debt, which are estimated using Level 2 and Level 3 inputs. N ote 3 to the accompanying consolidated financial statements includes a discussion of the fair values recorded for asset acquisitions. Level 3 inputs to these transactions include our estimations of net rental rates of retail anchor and small shop space, capitalization rates, and disposal values. Note 4 to the accompanying consolidated financial statements includes a discussion of the fair value recorded when we recognized an impairment charge during the year ended December 31, 2023. Level 2 inputs to this transaction include the expected sales price from an executed sales contract. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. |
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 and losses resulting from changes in the fair value of the 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 value of derivatives that qualify as cash flow hedges are recorded in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets and amortized over the underlying term of the hedged transaction while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. For derivative contracts designated as fair value hedges, the gain or loss on the derivative is included within “Mortgage and other indebtedness, net” in the accompanying consolidated balance sheets. We include the gain or loss on the hedged item in the same account as the offsetting gain or loss on the related derivative contract. As of December 31, 2023 and 2022, all of our derivative financial 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 minimum base 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 provide for 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 and is included within “Rental income” in the accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that collectibility is not probable, we recognize income only to the extent that cash has been received from the tenant. We have accounts receivable due from tenants and are subject to the risk of tenant defaults and bankruptcies, which may affect the collection of outstanding receivables. These receivables are reduced for credit loss, which is recognized as a reduction to rental income. We regularly evaluate the collectibility of these lease-related receivables by analyzing past due account balances and consider such factors as the credit quality of the tenant, historical write-off experience, tenant creditworthiness and current economic trends when evaluating the collectibility of rental income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. |
Tenant and Other Receivables and Allowance for Uncollectible 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. |
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 leases with tenants potentially subject us to a concentration of credit risk related to our accounts receivable and revenue. |
Earnings Per Share | Earnings Per Share Basic earnings per share/unit is calculated based on the weighted average number of common shares/units outstanding during the period. Diluted earnings per share/unit is determined based on the weighted average number of common shares/units outstanding during the period combined with the incremental average common shares/units that would have been outstanding assuming the conversion of all potentially dilutive common shares/units into common shares/units as of the earliest date possible. |
Segment Reporting | Segment Reporting Our primary business is the ownership and operation of high-quality, open-air shopping centers and mixed-use assets. The Company’s chief operating decision maker (“CODM”), which is its Chief Executive Officer, reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The CODM measures and evaluates the financial performance of our portfolio of properties using net operating income, which consists of rental income less property operating expenses and real estate taxes, and does not distinguish or group our operations on a geographical or any other basis for purposes of measuring performance. Accordingly, we have aggregated our properties into one reportable segment for disclosure purposes in accordance with GAAP, as each property has similar economic characteristics, the Company provides similar services to its tenants and the Company’s CODM evaluates the collective performance of our properties. |
Income Taxes and REIT Compliance | Income Taxes and REIT Compliance Parent Company The Parent Company has been organized and operated, and intends to continue to operate, in a manner that will enable it to maintain its qualification as a REIT for U.S. federal income tax purposes. As a result, it generally will not be subject to U.S. 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 U.S. federal income tax on its undistributed REIT taxable income at regular corporate income tax rates. 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 U.S. federal income tax on its taxable income at regular corporate income tax rates for a period of four years following the year in which qualification is lost. Additionally, we may also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. We may also be subject to certain U.S. federal, state and local taxes on our income and property and to U.S. 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 TRS of the Operating Partnership. In addition, in connection with the October 2021 merger with RPAI, we assumed RPAI’s existing TRS, IWR Protective Corporation, as a TRS of the Operating Partnership, and we may elect to treat other subsidiaries as TRSs 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits within “Interest expense” and penalties within “General, administrative and other” expenses in the accompanying consolidated statements of operations and comprehensive income. Operating Partnership The allocated share of income and loss, other than the operations of our TRSs, is included in the income tax returns of the Operating Partnership’s partners. Accordingly, the only U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the TRSs. |
Noncontrolling Interests | Noncontrolling Interests Prior to the October 2021 merger, RPAI entered into a joint venture related to the development, ownership and operation of the multifamily rental portion of the expansion project at One Loudoun Downtown – Pads G & H. The Company owns 90% of the joint venture. During the year ended December 31, 2023, the Company originated a 10-year $95.1 million mortgage payable at a fixed interest rate of 5.36% secured by the joint venture project. In conjunction with the loan origination, the joint venture’s construction loan was repaid. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project (as defined in the joint venture agreement), the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. As of December 31, 2023, the conditions for exercising the put and call options have been met but neither the Company nor the joint venture partner has exercised their respective options. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated this joint venture and presented the joint venture partners’ interests as noncontrolling interests. 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. As of December 31, 2023 and 2022, the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balances were accordingly adjusted to redemption value. As of December 31, 2023, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.4% and 1.6%. As of December 31, 2022, the Parent Company’s interest and the limited partners’ redeemable noncontrolling ownership interests in the Operating Partnership were 98.7% and 1.3%. Concurrent with the Parent Company’s IPO 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 3,512,868 and 2,870,697 Limited Partner Units outstanding as of December 31, 2023 and 2022, respectively. The increase in Limited Partner Units outstanding from December 31, 2022 is due to non-cash compensation awards made to our executive officers in the form of Limited Partner Units and the exercise of previously granted “appreciation only” long-term incentive plan nits (“AO LTIP Units”) in exchange for Limited Partner Units. Redeemable Noncontrolling Interests – Subsidiaries Prior to the 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. As of December 31, 2021, the Class B units related to one of these joint ventures that owned Crossing at Killingly Commons, our multi-tenant retail property in Dayville, Connecticut, were outstanding and accounted for as noncontrolling interests in the remaining venture. In October 2022, the remaining Class B units became redeemable at the partner’s election and the fulfillment of certain redemption criteria for cash or Limited Partner Units in the Operating Partnership. In October 2022, we received notice from our joint venture partner of its exercise of their right to redeem the remaining Class B units for cash in the amount of $9.7 million, which redemption was funded using cash on October 3, 2022. Prior to the redemption, the Class B units did not have a maturity date and were not mandatorily redeemable unless either party had elected for the units to be redeemed. Prior to the redemption, we consolidated this joint venture because we controlled the decision-making and our joint venture partner had limited protective rights. Prior to the redemption, we classified the redeemable noncontrolling interests related to the remaining Class B units in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we could have been required to pay cash to the Class B unitholders in this subsidiary 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, 2021, the redemption amounts of these interests did not exceed their fair value nor did they exceed the initial book value. |
Effects of Accounting Pronouncements | Effects of Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures . This new guidance is effective January 1, 2024, with early adoption permitted, and provides new disclosure requirements on significant segment expenses. Public entities will now be required to disclose, on an annual and interim basis, (i) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”) and (ii) an amount for ‘other segment items’ (which is defined as the difference between segment revenue less the significant segment expenses disclosed less reported segment profit or loss) by reportable segment and a description of its composition. In addition, all existing annual disclosures about segment profit or loss must be provided on an interim basis. Public entities may disclose more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP. Lastly, disclosure of the CODM’s title and position is required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s) and other disclosures. Public entities with a single reportable segment such as the Company must apply all of the new disclosure requirements as well as all existing segment disclosure and reconciliation requirements in Topic 280 on an annual and interim basis. The Company expects to adopt the new disclosures retrospectively as of January 1, 2024. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Investment Properties | As of December 31, 2023, the Company’s portfolio consisted of the following: Properties Square Footage Operating retail properties (1) 180 28,108,490 Office properties 1 287,291 Development and redevelopment projects: Carillon medical office building 1 126,000 The Corner – IN 1 24,000 Hamilton Crossing Centre 1 92,283 Edwards Multiplex – Ontario 1 124,614 (1) Included within operating retail properties are 10 properties that contain an office component. Of the 180 operating retail properties, 177 are consolidated in these financial statements and the remaining three are accounted for under the equity method. The following table summarizes the composition of the Company’s investment properties as of December 31, 2023 and 2022 (in thousands) : Balance as of December 31, 2023 2022 Land, buildings and improvements $ 7,684,066 $ 7,656,765 Construction in progress 55,995 75,808 Investment properties, at cost $ 7,740,061 $ 7,732,573 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Investment Properties | As of December 31, 2023, the Company’s portfolio consisted of the following: Properties Square Footage Operating retail properties (1) 180 28,108,490 Office properties 1 287,291 Development and redevelopment projects: Carillon medical office building 1 126,000 The Corner – IN 1 24,000 Hamilton Crossing Centre 1 92,283 Edwards Multiplex – Ontario 1 124,614 (1) Included within operating retail properties are 10 properties that contain an office component. Of the 180 operating retail properties, 177 are consolidated in these financial statements and the remaining three are accounted for under the equity method. The following table summarizes the composition of the Company’s investment properties as of December 31, 2023 and 2022 (in thousands) : Balance as of December 31, 2023 2022 Land, buildings and improvements $ 7,684,066 $ 7,656,765 Construction in progress 55,995 75,808 Investment properties, at cost $ 7,740,061 $ 7,732,573 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following is a summary of our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Cash and cash equivalents $ 36,413 $ 115,799 $ 93,241 Restricted cash and escrow deposits 5,017 6,171 7,122 Cash, cash equivalents and restricted cash $ 41,430 $ 121,970 $ 100,363 |
Schedule of Revenue Concentration | For the year ended December 31, 2023, the percentage of the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, Virginia, New York, and Indiana, was as follows: Texas 26.2 % Florida 10.6 % Virginia 7.4 % New York 6.9 % Indiana 6.3 % |
Schedule of Tax Characterization of Dividends Paid | The following table summarizes the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Ordinary income 90.6 % 86.1 % 0.0 % Return of capital 0.0 % 0.0 % 13.4 % Capital gains 9.4 % 13.9 % 86.6 % 100.0 % 100.0 % 100.0 % |
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2023, 2022 and 2021 (in thousands) : 2023 2022 2021 Noncontrolling interests balance as of January 1, $ 5,370 $ 5,146 $ 698 Noncontrolling interests acquired in the RPAI merger — — 4,463 Net income (loss) allocable to noncontrolling interests, excluding redeemable noncontrolling interests 256 224 (15) Distributions to noncontrolling interests (3,196) — — Noncontrolling interests balance as of December 31, $ 2,430 $ 5,370 $ 5,146 |
Schedule of Ownership Interests of the Parent Company and Limited Partners | For the years ended December 31, 2023, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2023 2022 2021 Parent Company’s weighted average interest in the Operating Partnership 98.6 % 98.7 % 97.8 % Limited partners’ weighted average interests in the Operating Partnership 1.4 % 1.3 % 2.2 % |
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands) : 2023 2022 2021 Redeemable noncontrolling interests balance as of January 1, $ 53,967 $ 55,173 $ 43,275 Net income (loss) allocable to redeemable noncontrolling interests 629 258 (901) Distributions declared to redeemable noncontrolling interests (3,159) (2,622) (2,208) Payment for redemption of redeemable noncontrolling interests — (10,070) — Other, net including adjustments to redemption value 21,850 11,228 15,007 Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, $ 73,287 $ 53,967 $ 55,173 Limited partners’ interests in the Operating Partnership $ 73,287 $ 53,967 $ 45,103 Other redeemable noncontrolling interests in certain subsidiaries — — 10,070 Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, $ 73,287 $ 53,967 $ 55,173 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Asset Acquisitions | The Company closed on the following asset acquisitions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands) : Date Property Name MSA Property Type Square Acquisition September 22, 2023 Prestonwood Place Dallas/Ft. Worth Multi-tenant retail 155,975 $ 81,000 February 16, 2022 Pebble Marketplace Las Vegas Multi-tenant retail 85,796 $ 44,100 April 13, 2022 MacArthur Crossing Dallas/Ft. Worth Two-tenant building 56,077 21,920 July 15, 2022 Palms Plaza Miami Multi-tenant retail 68,976 35,750 210,849 $ 101,770 December 22, 2021 Nora Plaza Shops Indianapolis, IN Multi-tenant 23,722 $ 13,500 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Investment properties, net $ 75,506 $ 99,096 $ 13,488 Lease-related intangible assets, net (1) 6,971 5,223 304 Other assets — 11 — Total acquired assets 82,477 104,330 13,792 Mortgage payable — — 3,578 Accounts payable and accrued expenses 2,823 1,140 100 Deferred revenue and other liabilities 1,556 2,855 189 Total assumed liabilities 4,379 3,995 3,867 Fair value of net assets acquired $ 78,098 $ 100,335 $ 9,925 (1) The weighted average remaining life of leases at the acquired properties is approximately 6.2 years, 6.7 years, and 5.3 years for asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021, respectively. |
Schedule of Level 3 Assumptions Used in Determining Value of Acquired Assets | The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows: 2023 2022 2021 Net rental rate per square foot – Retail Anchors N/A $20.50 to $40.00 N/A Net rental rate per square foot – Small Shops $30.00 to $65.00 $24.00 to $65.00 $31.50 to $45.00 Discount rate 8.5% 5.75% to 7.25% 9.0% |
Business Combination, Pro Forma Information | The following unaudited pro forma financial information is based upon the Company’s historical consolidated statements of operations for the year ended December 31, 2021, adjusted to give effect for the properties assumed through the merger as if they were acquired as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods (in thousands, except per share data) . Year Ended December 31, 2021 Rental income $ 740,954 Net income $ 21,283 Net income attributable to common shareholders $ 20,535 Net income attributable to common shareholders per common share: Basic (1) $ 0.09 Diluted (1) $ 0.09 (1) The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $86.5 million of merger costs incurred. |
Supplemental Schedule of Non-Cash Investing and Financing Activities | The following table summarizes the merger-related non-cash investing and financing activities for the year ended December 31, 2021 (in thousands) : Year Ended December 31, 2021 Investment properties $ 4,439,387 Acquired lease intangible assets $ 524,058 Mortgage and other indebtedness, net $ (1,848,476) In-place lease liabilities $ (171,378) Noncontrolling interests $ (4,463) Other assets and liabilities, net (1) $ (106,751) Company common shares issued in exchange for RPAI common stock $ (2,847,369) (1) Includes lease liabilities arising from obtaining right-of-use assets of $41,086, which was determined using an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset with a weighted average incremental borrowing rate of 5.4%. |
DISPOSITIONS AND IMPAIRMENT C_2
DISPOSITIONS AND IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Property Dispositions | The Company closed on the following dispositions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands) : Date Property Name MSA Property Type Square Sales Price Gain (Loss) May 8, 2023 Kingwood Commons Houston Multi-tenant retail 158,172 $ 27,350 $ 4,736 June 8, 2023 Pan Am Plaza & Garage Indianapolis Land & garage — 52,025 23,638 September 11, 2023 Reisterstown Road Plaza Dallas/Ft. Worth Multi-tenant retail & office 376,683 48,250 (5,773) October 24, 2023 Eastside Dallas/Ft. Worth Multi-tenant retail & office 43,640 14,425 — 578,495 $ 142,050 $ 22,601 January 26, 2022 Hamilton Crossing Centre Indianapolis Redevelopment (1) — $ 6,900 $ 3,168 June 16, 2022 Plaza Del Lago Chicago Multi-tenant retail (2) 100,016 58,650 23,958 October 27, 2022 Lincoln Plaza – Lowe’s Worcester, MA Ground lease interest (3) — 10,000 (57) 100,016 $ 75,550 $ 27,069 October 26, 2021 Westside Market Dallas/Ft. Worth Multi-tenant retail 93,377 $ 24,775 $ 4,323 (1) The Company sold a portion of the redevelopment at Hamilton Crossing Centre. The total number of properties in our portfolio was not affected by this transaction. (2) Plaza Del Lago also contains 8,800 square feet of residential space comprised of 18 multifamily rental units. (3) The Company sold the ground lease interest in one tenant at Lincoln Plaza, an existing multi-tenant operating retail property. The total number of properties in our portfolio was not affected by this transaction. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Share Activity | The following table summarizes the activity for the restricted shares that were granted to the Company’s employees and Board of Trustees for the year ended December 31, 2023: Number of Weighted Average Restricted shares outstanding as of January 1, 2023 300,833 $ 19.98 Shares granted 229,551 21.45 Shares forfeited (9,238) 21.64 Shares vested (184,069) 19.38 Restricted shares outstanding as of December 31, 2023 337,077 $ 21.28 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share data) : Number of Weighted Average Fair Value of 2023 229,551 $ 21.45 $ 3,936 2022 206,855 $ 21.15 $ 4,459 2021 194,411 $ 19.85 $ 3,763 The following table summarizes the activity for the restricted unit awards for the year ended December 31, 2023: Number of Weighted Average Restricted units outstanding as of January 1, 2023 407,138 $ 14.41 Restricted units granted 163,515 17.45 Restricted units vested (167,783) 14.48 Restricted units outstanding as of December 31, 2023 402,870 $ 15.61 The following table summarizes the restricted unit grants and vestings during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except unit and per unit data) : Number of Weighted Average Fair Value of 2023 163,515 $ 17.45 $ 3,740 2022 138,505 $ 17.07 $ 3,173 2021 72,689 $ 14.26 $ 2,956 |
Schedule of AO LTIP Units | During the year ended December 31, 2021, in connection with its annual review of executive compensation and as described in the table below, the Compensation Committee approved an aggregate grant of AO LTIP Units to the Company’s executive officers under the Equity Plan. Number of Participation Threshold John A. Kite 477,612 $ 16.69 Thomas K. McGowan 149,254 $ 16.69 Heath R. Fear 119,403 $ 16.69 |
DEFERRED COSTS AND INTANGIBLE_2
DEFERRED COSTS AND INTANGIBLES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Costs | As of December 31, 2023 and 2022, deferred costs consisted of the following (in thousands) : December 31, 2023 2022 Acquired lease intangible assets $ 433,771 $ 522,152 Deferred leasing costs and other 74,662 66,842 508,433 588,994 Less: accumulated amortization (204,262) (179,166) Deferred costs, net $ 304,171 $ 409,828 |
Schedule of Amortization from Acquired Lease Intangible Assets | The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : Amortization of Amortization of Total 2024 $ 8,935 $ 66,000 $ 74,935 2025 6,822 42,293 49,115 2026 4,865 28,974 33,839 2027 3,505 19,460 22,965 2028 2,432 15,376 17,808 Thereafter 2,644 39,806 42,450 Total $ 29,203 $ 211,909 $ 241,112 The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : 2024 $ 19,346 2025 13,186 2026 12,149 2027 10,274 2028 9,665 Thereafter 94,829 Total $ 159,449 |
Schedule of Deferred Cost Amortization | The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 107,542 $ 150,245 $ 45,423 Amortization of above-market lease intangibles $ 12,007 $ 13,562 $ 3,483 (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of debt issuance costs $ 3,609 $ 3,163 $ 2,681 |
DEFERRED REVENUE, INTANGIBLES_2
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Deferred Revenue and Other Liabilities | As of December 31, 2023 and 2022, deferred revenue, intangibles, net and other liabilities consisted of the following (in thousands) : December 31, 2023 2022 Unamortized in-place lease liabilities $ 159,449 $ 188,815 Retainages payable and other 9,229 12,110 Tenant rents received in advance 35,339 29,947 Lease liabilities 68,925 67,167 Deferred revenue and other liabilities $ 272,942 $ 298,039 |
Schedule of Amortization of In-Place Lease Liabilities | The estimated net amounts of amortization of acquired lease intangible assets for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : Amortization of Amortization of Total 2024 $ 8,935 $ 66,000 $ 74,935 2025 6,822 42,293 49,115 2026 4,865 28,974 33,839 2027 3,505 19,460 22,965 2028 2,432 15,376 17,808 Thereafter 2,644 39,806 42,450 Total $ 29,203 $ 211,909 $ 241,112 The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for properties owned as of December 31, 2023 for each of the next five years and thereafter are as follows (in thousands) : 2024 $ 19,346 2025 13,186 2026 12,149 2027 10,274 2028 9,665 Thereafter 94,829 Total $ 159,449 |
MORTGAGE AND OTHER INDEBTEDNE_2
MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Indebtedness | The following table summarizes the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands) : December 31, 2023 2022 Mortgages payable $ 153,306 $ 233,621 Senior unsecured notes 1,829,635 1,924,635 Unsecured term loans 820,000 820,000 Unsecured revolving line of credit — — 2,802,941 2,978,256 Unamortized discounts and premiums, net 35,765 44,362 Unamortized debt issuance costs, net (9,504) (12,319) Mortgage and other indebtedness, net $ 2,829,202 $ 3,010,299 The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands) : December 31, 2023 December 31, 2022 Maturity Date Balance Interest Rate Balance Interest Rate Senior notes – 4.23% due 2023 September 10, 2023 $ — — % $ 95,000 4.23 % Senior notes – 4.58% due 2024 June 30, 2024 149,635 4.58 % 149,635 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 350,000 4.00 % 350,000 4.00 % Senior notes – SOFR + 3.65% due 2025 (1) September 10, 2025 80,000 9.27 % 80,000 8.41 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.00% due 2026 October 1, 2026 300,000 4.00 % 300,000 4.00 % Senior exchangeable notes – 0.75% due 2027 April 1, 2027 175,000 0.75 % 175,000 0.75 % Senior notes – SOFR + 3.75% due 2027 (2) September 10, 2027 75,000 9.37 % 75,000 8.51 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % 100,000 4.82 % Senior notes – 4.75% due 2030 September 15, 2030 400,000 4.75 % 400,000 4.75 % Total senior unsecured notes $ 1,829,635 $ 1,924,635 (1) On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025. As of December 31, 2022, $80,000 of 4.47% senior unsecured notes due 2025 had been swapped to a variable rate of three-month London Interbank Offered Rate (“LIBOR”) plus 3.65%. (2) On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025. As of December 31, 2022, $75,000 of 4.57% senior unsecured notes due 2027 had been swapped to a variable rate of three-month LIBOR plus 3.75%. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands) : December 31, 2023 December 31, 2022 Maturity Date Balance Interest Rate Balance Interest Rate Unsecured term loan due 2024 – fixed rate (1) July 17, 2024 $ 120,000 2.68 % $ 120,000 2.68 % Unsecured term loan due 2025 – fixed rate (2) October 24, 2025 250,000 5.09 % 250,000 5.09 % Unsecured term loan due 2026 – fixed rate (3) July 17, 2026 150,000 2.73 % 150,000 2.73 % Unsecured term loan due 2029 – fixed rate (4) July 29, 2029 300,000 3.82 % 300,000 4.05 % Total unsecured term loans $ 820,000 $ 820,000 Unsecured credit facility revolving line of credit – variable rate (5) January 8, 2026 $ — 6.58 % $ — 5.56 % (1) $120,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of December 31, 2023 and 2022. (2) $250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. The maturity date of the term loan may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions. (3) $150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of December 31, 2023 and 2022. (4) As of December 31, 2023, $300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. As of December 31, 2022, $300,000 of SOFR-based variable rate debt had been swapped to a fixed rate of 2.70% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through November 22, 2023. The applicable credit spread was 1.35% as of December 31, 2023 and 2022. (5) The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. |
Schedule of Weighted Average Interest Rates and Maturities | Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of December 31, 2023, considering the impact of interest rate swaps, is summarized below (dollars in thousands) : Amount Ratio Weighted Average Weighted Fixed rate debt (1) $ 2,630,941 94 % 3.98 % 3.6 Variable rate debt (2) 172,000 6 % 9.15 % 2.7 Debt discounts, premiums and issuance costs, net 26,261 N/A N/A N/A Mortgage and other indebtedness, net $ 2,829,202 100 % 4.30 % 3.6 (1) Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.7 years. (2) Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.7 years. |
Schedule of Mortgages Payable | The following table summarizes the Company’s mortgages payable (dollars in thousands) : December 31, 2023 December 31, 2022 Balance Weighted Average Weighted Average Years Balance Weighted Average Weighted Average Years Fixed rate mortgages payable (1) $ 136,306 5.09 % 8.1 $ 205,328 3.98 % 1.4 Variable rate mortgage payable (2) 17,000 7.59 % 2.6 28,293 5.96 % 0.6 Total mortgages payable $ 153,306 $ 233,621 (1) The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of December 31, 2023 and 2022. (2) In July 2023, the interest rate on the variable rate mortgage increased to Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points from BSBY plus 160 basis points in conjunction with the July 2023 amendment of the loan agreement. The one-month BSBY rate was 5.44% and 4.36% as of December 31, 2023 and 2022, respectively. |
Schedule of Revolving Credit Facility and Term Loans | The following table summarizes the key terms of the Revolving Facility as of December 31, 2023 (dollars in thousands) : Leverage-Based Pricing Investment Grade Pricing Credit Agreement Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee SOFR Adjustment $1,100,000 unsecured revolving line of credit 1/8/2026 2 six 0.075% 1.05%–1.50% 0.15%–0.30% 0.725%–1.40% 0.125%–0.30% 0.10% The following table summarizes the key terms of the unsecured term loans as of December 31, 2023 (dollars in thousands) : Unsecured Term Loans Maturity Date Leverage-Based Pricing Investment Grade Pricing SOFR Adjustment $120,000 unsecured term loan due 2024 7/17/2024 1.20% – 1.70% 0.80% – 1.65% 0.10% $250,000 unsecured term loan due 2025 10/24/2025 (1) 2.00% – 2.55% 2.00% – 2.50% 0.10% $150,000 unsecured term loan due 2026 7/17/2026 1.20% – 1.70% 0.75% – 1.60% 0.10% $300,000 unsecured term loan due 2029 7/29/2029 N/A 1.15% – 2.20% 0.10% (1) The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions. |
Schedule of Deferred Cost Amortization | The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of deferred leasing costs, lease intangibles and other $ 107,542 $ 150,245 $ 45,423 Amortization of above-market lease intangibles $ 12,007 $ 13,562 $ 3,483 (in thousands) : Year Ended December 31, 2023 2022 2021 Amortization of debt issuance costs $ 3,609 $ 3,163 $ 2,681 |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2023 (in thousands) : Secured Debt Scheduled Term Unsecured Debt Total 2024 $ 5,121 $ — $ 269,635 $ 274,756 2025 5,248 — 680,000 685,248 2026 4,581 10,600 550,000 565,181 2027 3,120 — 250,000 253,120 2028 3,757 — 100,000 103,757 Thereafter 28,091 92,788 800,000 920,879 $ 49,918 $ 103,388 $ 2,649,635 $ 2,802,941 Debt discounts, premiums and issuance costs, net 26,261 Mortgage and other indebtedness, net $ 2,829,202 |
DERIVATIVE INSTRUMENTS, HEDGI_2
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Terms and Fair Values of Derivative Instruments | The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of December 31, 2023 and 2022 (dollars in thousands) : Fair Value Assets (Liabilities) (1) Type of Hedge Number of Instruments Aggregate Notional Reference Rate Interest Rate Effective Date Maturity Date December 31, 2023 December 31, 2022 Cash Flow Four $ 250,000 SOFR 2.99 % 12/1/2022 10/24/2025 $ 4,952 $ 7,134 Cash Flow Two 100,000 SOFR 2.66 % 8/1/2022 8/1/2025 2,415 3,616 Cash Flow Two — SOFR 2.72 % 8/3/2022 11/22/2023 — 3,663 Cash Flow Two 200,000 SOFR 2.37 % 11/22/2023 8/1/2025 5,716 4,370 Cash Flow Three 120,000 SOFR 1.58 % 8/15/2022 7/17/2024 2,236 5,461 Cash Flow Three 150,000 SOFR 1.68 % 8/15/2022 7/17/2026 7,744 10,896 $ 820,000 $ 23,063 $ 35,140 Fair Value (2) Two $ 155,000 SOFR SOFR + 3.70% 4/23/2021 9/10/2025 $ (9,408) $ (14,177) Forward-Starting Cash Flow (3) Three $ 150,000 SOFR 3.44 % 6/28/2024 6/28/2034 $ (700) $ — (1) Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. (2) On July 1, 2023, the fallback rate in the derivative agreements went into effect. The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70% as of December 31, 2023 and three-month LIBOR plus 3.70% as of December 31, 2022. (3) Subsequent to December 31, 2023, the forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034. |
LEASE INFORMATION (Tables)
LEASE INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Rental Income Related to Operating Leases | Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands) : Year Ended December 31, 2023 2022 2021 Fixed contractual lease payments – operating leases $ 637,915 $ 615,773 $ 292,873 Variable lease payments – operating leases 151,853 151,304 69,422 Bad debt reserve (3,459) (6,027) (2,897) Straight-line rent adjustments 13,186 17,031 4,674 Straight-line rent (reserve) recovery for uncollectibility (1,374) (553) 716 Amortization of in-place lease liabilities, net 12,025 4,821 2,611 Rental income $ 810,146 $ 782,349 $ 367,399 |
Schedule of Future Minimum Lease Payments to be Received | As of December 31, 2023, future minimum rentals to be received under non-cancelable operating leases, excluding variable lease payments and amounts deferred under lease concession agreements, for each of the next five years and thereafter are as follows (in thousands) : Lease Payments 2024 $ 615,479 2025 566,314 2026 503,985 2027 432,467 2028 342,810 Thereafter 1,105,808 Total $ 3,566,863 |
Schedule of Future Minimum Lease Payments under Ground Leases | As of December 31, 2023, future minimum lease payments due under ground leases for each of the next five years and thereafter are as follows (in thousands) : Lease Obligations 2024 $ 5,101 2025 5,306 2026 5,413 2027 5,586 2028 5,044 Thereafter 105,644 $ 132,094 Adjustment for discounting (63,169) Lease liabilities as of December 31, 2023 $ 68,925 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
General Partner Units | |
Organization [Line Items] | |
General partner, ownership interest (as a percent) | 98.40% |
Kite Realty Group, L.P. | |
Organization [Line Items] | |
Limited partner, ownership interest (as a percent) | 1.60% |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION - Real Estate Properties (Details) | Dec. 31, 2023 ft² property |
Operating retail properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 180 |
Square footage | ft² | 28,108,490 |
Operating retail properties | Consolidated Entities | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 177 |
Operating retail properties | Equity Method Investee | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 3 |
Office properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Square footage | ft² | 287,291 |
Development and redevelopment projects | Carillon medical office building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Square footage | ft² | 126,000 |
Development and redevelopment projects | The Corner – IN | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Square footage | ft² | 24,000 |
Development and redevelopment projects | Hamilton Crossing Centre | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Square footage | ft² | 92,283 |
Development and redevelopment projects | Edwards Multiplex – Ontario | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Square footage | ft² | 124,614 |
Operating retail properties with office components | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 10 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Life (Details) | Dec. 31, 2023 |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 35 years |
Fixtures and leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Fixtures and leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Land, buildings and improvements | $ 7,684,066 | $ 7,656,765 |
Construction in progress | 55,995 | 75,808 |
Investment properties, at cost | $ 7,740,061 | $ 7,732,573 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 31, 2020 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2023 USD ($) jointVenture segment shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) jointVenture shares | Dec. 31, 2014 jointVenture | Jun. 29, 2018 USD ($) property | |
Accounting Policies [Line Items] | |||||||||
Variable interest entity, number of entities | jointVenture | 2 | ||||||||
Assets of VIEs | $ 6,944,078,000 | $ 7,341,982,000 | |||||||
Number of investments in unconsolidated joint ventures | jointVenture | 4 | ||||||||
Payments to acquire equity method investments | $ 0 | $ 125,000 | $ 134,000 | ||||||
Provision for credit losses, net of recoveries as percent of revenue (as a percent) | 0.30% | 0.70% | 0.90% | ||||||
Weighted average limited partnership units outstanding, basic (in shares) | shares | 3,200,000 | 2,800,000 | 2,500,000 | ||||||
Number of reportable segments | segment | 1 | ||||||||
Gross debt | $ 2,802,941,000 | $ 2,978,256,000 | |||||||
Limited partners' capital account, units outstanding (in shares) | shares | 3,512,868 | 2,870,697 | |||||||
Other property-related revenue | |||||||||
Accounting Policies [Line Items] | |||||||||
Gain on sales of land | $ 1,700,000 | $ 4,500,000 | $ 500,000 | ||||||
Capital Unit, Class B | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of joint ventures in which units are issued | jointVenture | 3 | ||||||||
Number of joint ventures in which units are issued, noncontrolling interest | jointVenture | 1 | ||||||||
Amount of joint venture redemption | $ 9,700,000 | ||||||||
Operating Partnership | |||||||||
Accounting Policies [Line Items] | |||||||||
Noncontrolling interest, ownership percentage by parent (as a percent) | 98.40% | 98.70% | |||||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 1.60% | 1.30% | |||||||
One Loudoun Downtown - Pads G & H Joint Venture | |||||||||
Accounting Policies [Line Items] | |||||||||
Noncontrolling interest, ownership percentage by parent (as a percent) | 90% | ||||||||
Mortgages payable | |||||||||
Accounting Policies [Line Items] | |||||||||
Gross debt | $ 153,306,000 | $ 233,621,000 | |||||||
Mortgages payable | Fixed rate debt | |||||||||
Accounting Policies [Line Items] | |||||||||
Gross debt | $ 136,306,000 | $ 205,328,000 | |||||||
Mortgages payable | One Loudoun Downtown - Pads G & H Joint Venture | Fixed rate debt | |||||||||
Accounting Policies [Line Items] | |||||||||
Debt instrument, term | 10 years | ||||||||
Gross debt | $ 95,100,000 | ||||||||
Percentage bearing fixed interest (as a percent) | 5.36% | ||||||||
Three Property Retail Portfolio Joint Venture | |||||||||
Accounting Policies [Line Items] | |||||||||
Ownership percentage in equity method investment (as a percent) | 20% | ||||||||
Three Property Retail Portfolio Joint Venture | Livingston Shopping Center, Plaza Volente, and Tamiami Crossing | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of real estate properties | property | 3 | ||||||||
Consideration received | $ 99,800,000 | ||||||||
Equity method investment | $ 10,000,000 | ||||||||
Embassy Suites at Eddy St. Commons Joint Venture | |||||||||
Accounting Policies [Line Items] | |||||||||
Ownership percentage in equity method investment (as a percent) | 35% | ||||||||
Payments to acquire equity method investments | $ 1,400,000 | ||||||||
Construction loan payable | $ 32,700,000 | ||||||||
Embassy Suites at Eddy St. Commons Joint Venture | Co-venturer | |||||||||
Accounting Policies [Line Items] | |||||||||
Construction loan payable | 32,700,000 | ||||||||
Embassy Suites at Eddy St. Commons Joint Venture | Co-venturer | Construction loan | |||||||||
Accounting Policies [Line Items] | |||||||||
Debt instrument, face amount | 33,800,000 | ||||||||
Glendale Multifamily Joint Venture | |||||||||
Accounting Policies [Line Items] | |||||||||
Ownership percentage in equity method investment (as a percent) | 12% | ||||||||
Glendale Multifamily Joint Venture | Land | |||||||||
Accounting Policies [Line Items] | |||||||||
Contribution of property | $ 1,600,000 | ||||||||
Buckingham Mixed-Use Joint Venture | |||||||||
Accounting Policies [Line Items] | |||||||||
Ownership percentage in equity method investment (as a percent) | 50% | ||||||||
Buckingham Mixed-Use Joint Venture | Land | |||||||||
Accounting Policies [Line Items] | |||||||||
Contribution of property | $ 4,000,000 | ||||||||
VIE | |||||||||
Accounting Policies [Line Items] | |||||||||
Mortgage debt of VIEs | 112,100,000 | ||||||||
Assets of VIEs | $ 216,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 36,413 | $ 115,799 | $ 93,241 | |
Restricted cash and escrow deposits | 5,017 | 6,171 | 7,122 | |
Cash, cash equivalents and restricted cash | $ 41,430 | $ 121,970 | $ 100,363 | $ 46,586 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenue Concentration (Details) - Geographic Concentration Risk - Tenant, Lease Income | 12 Months Ended |
Dec. 31, 2023 | |
Texas | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (as a percent) | 26.20% |
Florida | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (as a percent) | 10.60% |
Virginia | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (as a percent) | 7.40% |
New York | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (as a percent) | 6.90% |
Indiana | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (as a percent) | 6.30% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Tax Characterizations of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 100% | 100% | 100% |
Ordinary income | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 90.60% | 86.10% | 0% |
Return of capital | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 0% | 0% | 13.40% |
Capital gains | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 9.40% | 13.90% | 86.60% |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Noncontrolling interests balance as of January 1, | $ 5,370 | $ 5,146 | $ 698 |
Noncontrolling interests acquired in the RPAI merger | 0 | 0 | 4,463 |
Net income (loss) allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 256 | 224 | (15) |
Distributions to noncontrolling interests | (3,196) | 0 | 0 |
Noncontrolling interests balance as of December 31, | $ 2,430 | $ 5,370 | $ 5,146 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | |||
Parent Company’s weighted average interest in the Operating Partnership (as a percent) | 98.60% | 98.70% | 97.80% |
Limited partners’ weighted average interests in the Operating Partnership (as a percent) | 1.40% | 1.30% | 2.20% |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Net income (loss) allocable to redeemable noncontrolling interests | $ 885 | $ 482 | $ (916) |
Distributions declared to redeemable noncontrolling interests | (3,196) | 0 | 0 |
Payment for redemption of redeemable noncontrolling interests | 0 | (9,654) | 0 |
Redeemable Noncontrolling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Redeemable noncontrolling interests balance as of January 1, | 53,967 | 55,173 | 43,275 |
Net income (loss) allocable to redeemable noncontrolling interests | 629 | 258 | (901) |
Distributions declared to redeemable noncontrolling interests | (3,159) | (2,622) | (2,208) |
Payment for redemption of redeemable noncontrolling interests | 0 | (10,070) | 0 |
Other, net including adjustments to redemption value | 21,850 | 11,228 | 15,007 |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | 73,287 | 53,967 | 55,173 |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | 73,287 | 53,967 | 55,173 |
Redeemable Noncontrolling Interests | Partnership Interest | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Redeemable noncontrolling interests balance as of January 1, | 53,967 | 55,173 | |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | 73,287 | 53,967 | 55,173 |
Limited partners’ interests in the Operating Partnership | 73,287 | 53,967 | 45,103 |
Other redeemable noncontrolling interests in certain subsidiaries | 0 | 0 | 10,070 |
Total limited partners’ interests in the Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | $ 73,287 | $ 53,967 | $ 55,173 |
ACQUISITIONS - Schedule of Asse
ACQUISITIONS - Schedule of Asset Acquisitions (Details) $ in Thousands | 12 Months Ended | |||||
Sep. 22, 2023 USD ($) ft² | Jul. 15, 2022 USD ($) ft² | Apr. 13, 2022 USD ($) ft² | Feb. 16, 2022 USD ($) ft² | Dec. 22, 2021 USD ($) ft² | Dec. 31, 2022 USD ($) ft² | |
Prestonwood Place | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 155,975 | |||||
Acquisition price | $ | $ 81,000 | |||||
2022 Asset Acquisitions | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 210,849 | |||||
Acquisition price | $ | $ 101,770 | |||||
Pebble Marketplace | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 85,796 | |||||
Acquisition price | $ | $ 44,100 | |||||
MacArthur Crossing | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 56,077 | |||||
Acquisition price | $ | $ 21,920 | |||||
Palms Plaza | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 68,976 | |||||
Acquisition price | $ | $ 35,750 | |||||
Nora Plaza Shops | ||||||
Asset Acquisition [Line Items] | ||||||
Square footage | ft² | 23,722 | |||||
Acquisition price | $ | $ 13,500 |
ACQUISITIONS - Schedule of As_2
ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - Asset Acquisitions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Acquisition [Line Items] | |||
Investment properties, net | $ 75,506 | $ 99,096 | $ 13,488 |
Lease-related intangible assets, net | 6,971 | 5,223 | 304 |
Other assets | 0 | 11 | 0 |
Total acquired assets | 82,477 | 104,330 | 13,792 |
Mortgage payable | 0 | 0 | 3,578 |
Accounts payable and accrued expenses | 2,823 | 1,140 | 100 |
Deferred revenue and other liabilities | 1,556 | 2,855 | 189 |
Total assumed liabilities | 4,379 | 3,995 | 3,867 |
Fair value of net assets acquired | $ 78,098 | $ 100,335 | $ 9,925 |
Lease Agreements | |||
Asset Acquisition [Line Items] | |||
Weighted average amortization period (in years) | 6 years 2 months 12 days | 6 years 8 months 12 days | 5 years 3 months 18 days |
ACQUISITIONS - Level 3 Assumpti
ACQUISITIONS - Level 3 Assumptions Used in Determining Value of Acquired Assets (Details) - Valuation, Income Approach - Asset Acquisitions | 12 Months Ended | ||
Dec. 31, 2023 $ / ft² | Dec. 31, 2022 $ / ft² | Dec. 31, 2021 $ / ft² | |
Net rental rate per square foot – Retail Anchors | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 20.50 | ||
Net rental rate per square foot – Retail Anchors | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 40 | ||
Net rental rate per square foot – Small Shops | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 30 | 24 | 31.50 |
Net rental rate per square foot – Small Shops | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 65 | 65 | 45 |
Discount rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.085 | 0.090 | |
Discount rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.0575 | ||
Discount rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.0725 |
ACQUISITIONS - Additional Infor
ACQUISITIONS - Additional Information (Details) $ in Thousands, shares in Millions | 2 Months Ended | 12 Months Ended | |||
Oct. 22, 2021 USD ($) property shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Merger and acquisition costs | $ 0 | $ 925 | $ 86,522 | ||
Depreciation and amortization | $ 429,970 | 472,969 | 203,142 | ||
Retail Properties of America, Inc. | |||||
Business Acquisition [Line Items] | |||||
Conversion rate of acquiree common shares | 0.623 | ||||
Company common shares issued (in shares) | shares | 133.8 | ||||
Purchase price of shares issued in merger | $ 2,800,000 | ||||
Merger and acquisition costs | $ 900 | $ 86,500 | |||
Revenue since acquisition date | $ 94,900 | ||||
Net loss since acquisition date | 22,800 | ||||
Depreciation and amortization | $ 74,700 | ||||
Retail Properties of America, Inc. | Retail operating properties | |||||
Business Acquisition [Line Items] | |||||
Number of real estate properties | property | 100 | ||||
Retail Properties of America, Inc. | Development projects | |||||
Business Acquisition [Line Items] | |||||
Number of real estate properties | property | 5 |
ACQUISITIONS - Schedule of Pro
ACQUISITIONS - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Merger and acquisition costs | $ 0 | $ 925 | $ 86,522 |
Retail Properties of America, Inc. | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Rental income | 740,954,000 | ||
Net income | 21,283,000 | ||
Net income attributable to common shareholders | $ 20,535,000 | ||
Net income attributable to common shareholders per common share, basic (in dollars per share) | $ 0.09 | ||
Net income attributable to common shareholders per common share, diluted (in dollars per share) | $ 0.09 | ||
Merger and acquisition costs | $ 900 | $ 86,500 |
ACQUISITIONS - Schedule Supplem
ACQUISITIONS - Schedule Supplemental Non-Cash Investing and Financing Activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |
Weighted average incremental borrowing rate (as a percent) | 0.054 |
Retail Properties of America, Inc. | |
Business Acquisition [Line Items] | |
Investment properties | $ 4,439,387 |
Acquired lease intangible assets | 524,058 |
Mortgage and other indebtedness, net | (1,848,476) |
In-place lease liabilities | (171,378) |
Noncontrolling interests | (4,463) |
Other assets and liabilities, net | (106,751) |
Company common shares issued in exchange for RPAI common stock | (2,847,369) |
Lease liabilities arising from obtaining right-of-use assets of | $ 41,086 |
DISPOSITIONS AND IMPAIRMENT C_3
DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Dispositions (Details) - Disposed of by sale $ in Thousands | 12 Months Ended | ||||||||||
Oct. 24, 2023 USD ($) ft² | Sep. 11, 2023 USD ($) ft² | Jun. 08, 2023 USD ($) ft² | May 08, 2023 USD ($) ft² | Oct. 27, 2022 USD ($) ft² tenant | Jun. 16, 2022 USD ($) ft² rental | Jan. 26, 2022 USD ($) ft² | Oct. 26, 2021 USD ($) ft² | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 578,495 | 100,016 | |||||||||
Sales price | $ 142,050 | $ 75,550 | |||||||||
Gain (loss) | $ 22,601 | $ 27,069 | $ 27,600 | ||||||||
Kingwood Commons | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 158,172 | ||||||||||
Sales price | $ 27,350 | ||||||||||
Gain (loss) | $ 4,736 | ||||||||||
Pan Am Plaza & Garage | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 0 | ||||||||||
Sales price | $ 52,025 | ||||||||||
Gain (loss) | $ 23,638 | ||||||||||
Reisterstown Road Plaza | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 376,683 | ||||||||||
Sales price | $ 48,250 | ||||||||||
Gain (loss) | $ (5,773) | ||||||||||
Eastside | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 43,640 | ||||||||||
Sales price | $ 14,425 | ||||||||||
Gain (loss) | $ 0 | ||||||||||
Hamilton Crossing Centre | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 0 | ||||||||||
Sales price | $ 6,900 | ||||||||||
Gain (loss) | $ 3,168 | ||||||||||
Plaza Del Lago | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 100,016 | ||||||||||
Sales price | $ 58,650 | ||||||||||
Gain (loss) | $ 23,958 | ||||||||||
Plaza Del Lago | Residential | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 8,800 | ||||||||||
Plaza Del Lago | Multifamily | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of multifamily rental units | rental | 18 | ||||||||||
Lincoln Plaza – Lowe’s | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 0 | ||||||||||
Sales price | $ 10,000 | ||||||||||
Gain (loss) | $ (57) | ||||||||||
Lincoln Plaza – Lowe’s | Multi-Tenant | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of tenants subject to a ground lease | tenant | 1 | ||||||||||
Westside Market | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Square footage | ft² | 93,377 | ||||||||||
Sales price | $ 24,775 | ||||||||||
Gain (loss) | $ 4,323 |
DISPOSITIONS AND IMPAIRMENT C_4
DISPOSITIONS AND IMPAIRMENT CHARGES - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Oct. 24, 2023 USD ($) ft² | Dec. 31, 2023 USD ($) ft² lease | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) groundLease | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges | $ 477 | $ 0 | $ 0 | |
Number of properties subject to ground leases | lease | 12 | |||
Net proceeds from sales of operating properties | $ 137,687 | $ 75,699 | $ 26,556 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on sales of operating properties, net | |||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Eastside | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges | $ 500 | |||
Square footage | ft² | 43,640 | |||
Real estate investment, fair value | $ 14,100 | |||
Disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Square footage | ft² | 578,495 | 100,016 | ||
Sales price | $ 142,050 | $ 75,550 | ||
Number of properties subject to ground leases | groundLease | 17 | |||
Net proceeds from sales of operating properties | $ 42,000 | |||
Gain on disposal | $ 22,601 | $ 27,069 | $ 27,600 | |
Disposed of by sale | Eastside | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Square footage | ft² | 43,640 | |||
Sales price | $ 14,425 | |||
Gain on disposal | $ 0 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
May 11, 2022 shares | Jan. 31, 2022 shares | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 10,100,000 | $ 10,300,000 | $ 7,200,000 | ||||
Allocation of share-based compensation, amount capitalized | $ 1,400,000 | $ 1,300,000 | $ 1,000,000 | ||||
Options granted (in shares) | shares | 0 | 0 | 0 | ||||
Options exercised (in shares) | shares | 1,250 | 1,250 | |||||
Intrinsic value of options exercised | $ 3,300 | $ 6,550 | |||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Expiration period | 10 years | ||||||
Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 3,900,000 | ||||||
Period for recognition | 1 year | ||||||
Restricted shares/units granted (in shares) | shares | 229,551 | 206,855 | 194,411 | ||||
Restricted Shares | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 1,400,000 | $ 2,300,000 | |||||
Restricted Shares | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Restricted Shares | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 4,600,000 | ||||||
Period for recognition | 1 year 1 month 6 days | ||||||
Restricted shares/units granted (in shares) | shares | 163,515 | 138,505 | 72,689 | ||||
Restricted Stock Units | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 1,800,000 | $ 2,600,000 | |||||
AO LTIP Units - 2021 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 1,000,000 | $ 1,000,000 | $ 900,000 | ||||
Compensation cost not yet recognized | $ 3,000,000 | ||||||
Period for recognition | 3 years | ||||||
Minimum appreciation threshold for vesting (as a percent) | 15% | ||||||
Consecutive trading days for appreciation threshold | 20 days | ||||||
LTIP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares/units granted (in shares) | shares | 363,883 | ||||||
Service period | 3 years | ||||||
Performance component, cumulative annualized net operating income for executed new leases (as a percent) | 0.60 | ||||||
Performance component, post-merger cash general and administrative expense synergies (as a percent) | 0.20 | ||||||
Performance component, same property net operating income margin improvement (as a percent) | 0.20 | ||||||
Vesting percentage (as a percent) | 25% | ||||||
2013 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of additional shares authorized (in shares) | shares | 3,000,000 | ||||||
Number of shares available for grant (in shares) | shares | 5,564,715 |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Shares - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Restricted Shares | |||
Outstanding, beginning balance (in shares) | 300,833 | ||
Restricted shares/units granted (in shares) | 229,551 | 206,855 | 194,411 |
Shares forfeited (in shares) | (9,238) | ||
Shares vested (in shares) | (184,069) | ||
Outstanding, ending balance (in shares) | 337,077 | 300,833 | |
Weighted Average Grant Date Fair Value per Share | |||
Outstanding, beginning balance (in dollars per share) | $ 19.98 | ||
Shares granted (in dollars per share) | 21.45 | $ 21.15 | $ 19.85 |
Shares forfeited (in dollars per share) | 21.64 | ||
Shares vested (in dollars per share) | 19.38 | ||
Outstanding, ending balance (in dollars per share) | $ 21.28 | $ 19.98 | |
Fair value of restricted shares vested | $ 3,936 | $ 4,459 | $ 3,763 |
SHARE-BASED COMPENSATION - Re_2
SHARE-BASED COMPENSATION - Restricted Unit Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Restricted Units | |||
Outstanding, beginning balance (in shares) | 407,138 | ||
Restricted shares/units granted (in shares) | 163,515 | 138,505 | 72,689 |
Restricted units vested (in shares) | (167,783) | ||
Outstanding, ending balance (in shares) | 402,870 | 407,138 | |
Weighted Average Grant Date Fair Value per Unit | |||
Outstanding, beginning balance (in dollars per share) | $ 14.41 | ||
Restricted units granted (in dollars per share) | 17.45 | $ 17.07 | $ 14.26 |
Restricted units vested (in dollars per share) | 14.48 | ||
Outstanding, ending balance (in dollars per share) | $ 15.61 | $ 14.41 | |
Vested in period, fair value | $ 3,740 | $ 3,173 | $ 2,956 |
SHARE-BASED COMPENSATION - AO L
SHARE-BASED COMPENSATION - AO LTIP Units (Details) - AO LTIP Units - 2021 Awards | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
John A. Kite | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of AO LTIP Units (in shares) | shares | 477,612 |
Participation threshold per AO LTIP Unit (in dollars per share) | $ / shares | $ 16.69 |
Thomas K. McGowan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of AO LTIP Units (in shares) | shares | 149,254 |
Participation threshold per AO LTIP Unit (in dollars per share) | $ / shares | $ 16.69 |
Heath R. Fear | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of AO LTIP Units (in shares) | shares | 119,403 |
Participation threshold per AO LTIP Unit (in dollars per share) | $ / shares | $ 16.69 |
DEFERRED COSTS AND INTANGIBLE_3
DEFERRED COSTS AND INTANGIBLES, NET - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired lease intangible assets | $ 433,771 | $ 522,152 |
Deferred leasing costs and other | 74,662 | 66,842 |
Deferred costs, gross | 508,433 | 588,994 |
Less: accumulated amortization | (204,262) | (179,166) |
Deferred costs, net | $ 304,171 | $ 409,828 |
DEFERRED COSTS AND INTANGIBLE_4
DEFERRED COSTS AND INTANGIBLES, NET - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 74,935 |
2025 | 49,115 |
2026 | 33,839 |
2027 | 22,965 |
2028 | 17,808 |
Thereafter | 42,450 |
Total | 241,112 |
Amortization of above-market leases | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 8,935 |
2025 | 6,822 |
2026 | 4,865 |
2027 | 3,505 |
2028 | 2,432 |
Thereafter | 2,644 |
Total | 29,203 |
Amortization of acquired lease intangible assets | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 66,000 |
2025 | 42,293 |
2026 | 28,974 |
2027 | 19,460 |
2028 | 15,376 |
Thereafter | 39,806 |
Total | $ 211,909 |
DEFERRED COSTS AND INTANGIBLE_5
DEFERRED COSTS AND INTANGIBLES, NET - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortization of deferred leasing costs, lease intangibles and other | $ 107,542 | $ 150,245 | $ 45,423 |
Amortization of above-market lease intangibles | $ 12,007 | $ 13,562 | $ 3,483 |
DEFERRED REVENUE, INTANGIBLES_3
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES - Deferred Revenue and Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |||
Unamortized in-place lease liabilities | $ 159,449 | $ 188,815 | |
Retainages payable and other | 9,229 | 12,110 | |
Tenant rents received in advance | 35,339 | 29,947 | |
Lease liabilities | $ 68,925 | $ 67,167 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Deferred revenue and other liabilities | Deferred revenue and other liabilities | |
Deferred revenue and other liabilities | $ 272,942 | $ 298,039 | |
Amortization of below market lease intangibles | $ 24,000 | $ 18,400 | $ 6,100 |
DEFERRED REVENUE, INTANGIBLES_4
DEFERRED REVENUE, INTANGIBLES, NET AND OTHER LIABILITIES - Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Total | $ 241,112 |
In-place lease liabilities | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 19,346 |
2025 | 13,186 |
2026 | 12,149 |
2027 | 10,274 |
2028 | 9,665 |
Thereafter | 94,829 |
Total | $ 159,449 |
MORTGAGE AND OTHER INDEBTEDNE_3
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Gross debt | $ 2,802,941 | $ 2,978,256 |
Unamortized discounts and premiums, net | 35,765 | 44,362 |
Unamortized debt issuance costs, net | (9,504) | (12,319) |
Mortgage and other indebtedness, net | 2,829,202 | 3,010,299 |
Unsecured revolving line of credit | ||
Debt Instrument [Line Items] | ||
Gross debt | 0 | 0 |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Gross debt | 153,306 | 233,621 |
Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Gross debt | 1,829,635 | 1,924,635 |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 820,000 | $ 820,000 |
MORTGAGE AND OTHER INDEBTEDNE_4
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Weighted Average Interest Rates and Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Gross debt | $ 2,802,941 | $ 2,978,256 |
Debt discounts, premiums and issuance costs, net | 26,261 | |
Mortgage and other indebtedness, net | $ 2,829,202 | $ 3,010,299 |
Ratio (as a percent) | 100% | |
Weighted average interest rate (as a percent) | 4.30% | |
Weighted average years to maturity | 3 years 7 months 6 days | |
Fixed rate debt considering hedges | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 2,630,941 | |
Ratio (as a percent) | 94% | |
Weighted average interest rate (as a percent) | 3.98% | |
Weighted average years to maturity | 3 years 7 months 6 days | |
Fixed rate debt considering hedges | Variable rate debt | ||
Debt Instrument [Line Items] | ||
Mortgage and other indebtedness, net | $ 820,000 | |
Weighted average years to maturity | 1 year 8 months 12 days | |
Variable rate debt considering hedges | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 172,000 | |
Ratio (as a percent) | 6% | |
Weighted average interest rate (as a percent) | 9.15% | |
Weighted average years to maturity | 2 years 8 months 12 days | |
Variable rate debt considering hedges | Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Mortgage and other indebtedness, net | $ 155,000 | |
Weighted average years to maturity | 1 year 8 months 12 days |
MORTGAGE AND OTHER INDEBTEDNE_5
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Mortgages Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Gross debt | $ 2,802,941 | $ 2,978,256 | |
Weighted average interest rate (as a percent) | 4.30% | ||
Weighted average years to maturity | 3 years 7 months 6 days | ||
Variable rate debt | Minimum | |||
Debt Instrument [Line Items] | |||
Variable interest rate (as a percent) | 6.50% | ||
Variable rate debt | Maximum | |||
Debt Instrument [Line Items] | |||
Variable interest rate (as a percent) | 7.45% | ||
Mortgages payable | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 153,306 | 233,621 | |
Mortgages payable | Fixed rate debt | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 136,306 | $ 205,328 | |
Weighted average interest rate (as a percent) | 5.09% | 3.98% | |
Weighted average years to maturity | 8 years 1 month 6 days | 1 year 4 months 24 days | |
Mortgages payable | Fixed rate debt | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.75% | 3.75% | |
Mortgages payable | Fixed rate debt | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.73% | 5.73% | |
Mortgages payable | Variable rate debt | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 17,000 | $ 28,293 | |
Weighted average interest rate (as a percent) | 7.59% | 5.96% | |
Weighted average years to maturity | 2 years 7 months 6 days | 7 months 6 days | |
Mortgages payable | Variable rate debt | BSBY | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 1.60% | 2.15% | |
Variable interest rate (as a percent) | 5.44% | 4.36% |
MORTGAGE AND OTHER INDEBTEDNE_6
MORTGAGE AND OTHER INDEBTEDNESS - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 17, 2021 $ / shares | Jul. 31, 2022 USD ($) extension | Oct. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) day $ / shares | Aug. 31, 2015 USD ($) | Dec. 31, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 20, 2024 USD ($) | Oct. 31, 2018 USD ($) | Sep. 30, 2016 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 2,802,941,000 | $ 2,978,256,000 | |||||||||
Repayments of long-term debt | $ 544,410,000 | 568,963,000 | $ 77,591,000 | ||||||||
Weighted average years to maturity | 3 years 7 months 6 days | ||||||||||
Loan proceeds | $ 369,095,000 | 455,000,000 | 215,000,000 | ||||||||
Purchase of capped calls | 9,800,000 | ||||||||||
Interest costs capitalized | 3,700,000 | 2,400,000 | 1,600,000 | ||||||||
Percentage bearing fixed interest, amount | 2,000,000,000 | ||||||||||
Percentage bearing variable interest, amount | 837,000,000 | ||||||||||
Unsecured revolving line of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 0 | $ 0 | |||||||||
Extension period | 6 months | ||||||||||
Interest rate, stated percentage (as a percent) | 6.58% | 5.56% | |||||||||
Number of extension options | extension | 2 | ||||||||||
Reduction of interest rate margin upon achievement of sustainability metric | 0.0001 | ||||||||||
Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of long-term debt | $ 544,410,000 | $ 568,963,000 | 77,591,000 | ||||||||
Loan proceeds | $ 369,095,000 | 455,000,000 | 215,000,000 | ||||||||
Purchase of capped calls | 9,800,000 | ||||||||||
Kite Realty Group, L.P. | Unsecured revolving line of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extension period | 6 months | 6 months | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | |||||||||
Increase in line of credit or term loan limit | 600,000,000 | ||||||||||
Line of credit facility, maximum borrowing capacity option | $ 2,000,000,000 | ||||||||||
Number of extension options | extension | 2 | 2 | |||||||||
Kite Realty Group, L.P. | Unsecured revolving line of credit | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.10% | 0.10% | |||||||||
Mortgages payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 153,306,000 | 233,621,000 | |||||||||
Repayments of debt | 161,500,000 | ||||||||||
Scheduled principal payments | $ 4,000,000 | ||||||||||
Mortgages payable | Weighted Average | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 3.85% | ||||||||||
Senior unsecured notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 1,829,635,000 | 1,924,635,000 | |||||||||
Senior exchangeable notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 0.75% | ||||||||||
Loan proceeds | $ 169,700,000 | ||||||||||
Interest expense | 1,300,000 | 1,300,000 | $ 1,600,000 | ||||||||
Exchangeable conversion ratio | 0.0396628 | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 25.21 | ||||||||||
Exchange premium, percent of closing price (as a percent) | 25% | ||||||||||
Senior exchangeable notes | Common Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common stock closing price (in dollars per share) | $ / shares | $ 20.17 | ||||||||||
Senior exchangeable notes | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 0.75% | ||||||||||
Debt instrument, face amount | $ 175,000,000 | ||||||||||
Redemption price, percentage (as a percent) | 100% | ||||||||||
Percentage of exchange price (as a percent) | 130% | ||||||||||
Trading days | day | 20 | ||||||||||
Consecutive trading days | day | 30 | ||||||||||
Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | 820,000,000 | 820,000,000 | |||||||||
Fixed rate debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, fair value | $ 1,900,000,000 | ||||||||||
Fixed rate debt | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage bearing fixed interest (as a percent) | 5.53% | ||||||||||
Fixed rate debt | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage bearing fixed interest (as a percent) | 7.48% | ||||||||||
Fixed rate debt | Mortgages payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 136,306,000 | $ 205,328,000 | |||||||||
Weighted average years to maturity | 8 years 1 month 6 days | 1 year 4 months 24 days | |||||||||
Fixed rate debt | Mortgages payable | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 3.75% | 3.75% | |||||||||
Fixed rate debt | Mortgages payable | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 5.73% | 5.73% | |||||||||
Variable rate debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, fair value | $ 841,100,000 | ||||||||||
Variable rate debt | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage bearing variable interest (as a percent) | 6.50% | ||||||||||
Variable rate debt | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage bearing variable interest (as a percent) | 7.45% | ||||||||||
Variable rate debt | Mortgages payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 17,000,000 | $ 28,293,000 | |||||||||
Extension period | 1 year | ||||||||||
Repayments of debt | $ 9,900,000 | ||||||||||
Weighted average years to maturity | 2 years 7 months 6 days | 7 months 6 days | |||||||||
Senior notes – 4.23% due 2023 | Senior unsecured notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 95,000,000 | ||||||||||
Interest rate, stated percentage (as a percent) | 4.23% | ||||||||||
Repayments of long-term debt | $ 95,000,000 | ||||||||||
Senior notes – 5.50% due 2034 | Senior unsecured notes | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 5.50% | ||||||||||
Debt instrument, face amount | $ 350,000,000 | ||||||||||
Private Placement Notes | Senior unsecured notes | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 250,000,000 | ||||||||||
Interest rate, stated percentage (as a percent) | 4.41% | ||||||||||
Weighted average years to maturity | 9 years 9 months 18 days | ||||||||||
Redemption price, percentage (as a percent) | 100% | ||||||||||
Private Placement Notes | Senior unsecured notes | Kite Realty Group, L.P. | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum percentage of principal amount available to be redeemed (as a percent) | 5% | ||||||||||
Private Placement Notes | Senior unsecured notes | Retail Properties of America, Inc. | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt assumed in the RPAI merger | $ 450,000,000 | ||||||||||
Public Placement Notes | Senior unsecured notes | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage (as a percent) | 100% | ||||||||||
Redemption period, prior to maturity date | 3 months | ||||||||||
Public Placement Notes | Senior unsecured notes | Retail Properties of America, Inc. | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt assumed in the RPAI merger | $ 750,000,000 | ||||||||||
Senior notes – 4.00% due 2026 | Senior unsecured notes | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage (as a percent) | 4% | ||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Capped Call | Senior exchangeable notes | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange premium, percent of closing price (as a percent) | 50% | ||||||||||
Exchange price (in dollars per share) | $ / shares | $ 30.26 | ||||||||||
Purchase of capped calls | $ 9,800,000 | ||||||||||
$300M unsecured term loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 300,000,000 | $ 300,000,000 | |||||||||
Interest rate, stated percentage (as a percent) | 3.82% | 4.05% | |||||||||
$300M unsecured term loan | Unsecured term loans | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 300,000,000 | $ 300,000,000 | |||||||||
Percentage bearing fixed interest (as a percent) | 2.47% | 2.70% | |||||||||
Percentage bearing variable interest (as a percent) | 1.35% | 1.35% | |||||||||
$300M unsecured term loan | Unsecured term loans | Minimum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 1.15% | 1.15% | |||||||||
$300M unsecured term loan | Unsecured term loans | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 2.20% | 2.20% | |||||||||
$300M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, term | 7 years | ||||||||||
Gross debt | $ 300,000,000 | $ 300,000,000 | |||||||||
Reduction of interest rate margin upon achievement of sustainability metric | 0.0001 | 0.0001 | |||||||||
$300M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.10% | 0.10% | |||||||||
$300M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | Minimum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 1.15% | ||||||||||
$300M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 2.20% | ||||||||||
$120M unsecured term loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 120,000,000 | $ 120,000,000 | |||||||||
Interest rate, stated percentage (as a percent) | 2.68% | 2.68% | |||||||||
$120M unsecured term loan | Unsecured term loans | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 120,000,000 | ||||||||||
Percentage bearing fixed interest (as a percent) | 1.58% | ||||||||||
Percentage bearing variable interest (as a percent) | 1.10% | 1.10% | |||||||||
$120M unsecured term loan | Unsecured term loans | Minimum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 0.80% | ||||||||||
$120M unsecured term loan | Unsecured term loans | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 1.65% | ||||||||||
$120M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 120,000,000 | $ 120,000,000 | |||||||||
Line of credit facility, maximum borrowing capacity | 250,000,000 | ||||||||||
$120M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.10% | ||||||||||
$150M unsecured term loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 150,000,000 | $ 150,000,000 | |||||||||
Interest rate, stated percentage (as a percent) | 2.73% | 2.73% | |||||||||
$150M unsecured term loan | Unsecured term loans | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 150,000,000 | ||||||||||
Percentage bearing fixed interest (as a percent) | 1.68% | ||||||||||
Percentage bearing variable interest (as a percent) | 1.05% | 1.05% | |||||||||
$150M unsecured term loan | Unsecured term loans | Minimum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 0.75% | ||||||||||
$150M unsecured term loan | Unsecured term loans | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread (as a percent) | 1.60% | ||||||||||
$150M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 150,000,000 | $ 150,000,000 | |||||||||
$150M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.10% | ||||||||||
$250M unsecured term loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 250,000,000 | $ 250,000,000 | |||||||||
Extension period | 1 year | ||||||||||
Interest rate, stated percentage (as a percent) | 5.09% | 5.09% | |||||||||
Number of extension options | extension | 3 | ||||||||||
$250M unsecured term loan | Unsecured term loans | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 250,000,000 | ||||||||||
Percentage bearing fixed interest (as a percent) | 5.09% | ||||||||||
$250M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross debt | $ 250,000,000 | $ 250,000,000 | |||||||||
Extension period | 1 year | ||||||||||
Line of credit facility, maximum borrowing capacity | 250,000,000 | ||||||||||
Number of extension options | extension | 3 | ||||||||||
Term loan, option to increase maximum borrowing capacity | $ 300,000,000 | ||||||||||
$250M unsecured term loan | Unsecured term loans | Kite Realty Group, L.P. | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.10% | ||||||||||
One Loudoun Downtown - Pads G & H Joint Venture | Fixed rate debt | Mortgages payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, term | 10 years | ||||||||||
Gross debt | $ 95,100,000 | ||||||||||
Percentage bearing fixed interest (as a percent) | 5.36% |
MORTGAGE AND OTHER INDEBTEDNE_7
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||
Gross debt | $ 2,802,941 | $ 2,978,256 | |
Senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 1,829,635 | 1,924,635 | |
Senior unsecured notes | Senior notes – 4.23% due 2023 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 95,000 | ||
Interest rate (as a percent) | 4.23% | 4.23% | |
Interest rate, stated percentage (as a percent) | 4.23% | ||
Senior unsecured notes | Senior notes - 4.58% due 2024 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 149,635 | $ 149,635 | |
Interest rate (as a percent) | 4.58% | 4.58% | |
Senior unsecured notes | Senior notes - 4.00% due 2025 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 350,000 | $ 350,000 | |
Interest rate (as a percent) | 4% | 4% | |
Senior unsecured notes | Senior notes - SOFR + 3.65% due 2025 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 80,000 | $ 80,000 | |
Interest rate (as a percent) | 9.27% | 8.41% | |
Senior unsecured notes | Senior notes - SOFR + 3.65% due 2025 | SOFR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.65% | ||
Senior unsecured notes | Senior notes - 4.47% due 2025 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 80,000 | $ 80,000 | |
Interest rate, stated percentage (as a percent) | 4.47% | 4.47% | |
Senior unsecured notes | Senior notes - 4.47% due 2025 | SOFR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.65% | ||
Senior unsecured notes | Senior notes - 4.47% due 2025 | LIBOR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.65% | ||
Senior unsecured notes | Senior notes - 4.08% due 2026 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 100,000 | $ 100,000 | |
Interest rate (as a percent) | 4.08% | 4.08% | |
Senior unsecured notes | Senior notes – 4.00% due 2026 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 300,000 | $ 300,000 | |
Interest rate (as a percent) | 4% | 4% | |
Senior unsecured notes | Senior notes - SOFR + 3.75% due 2027 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 75,000 | $ 75,000 | |
Interest rate (as a percent) | 9.37% | 8.51% | |
Senior unsecured notes | Senior notes - SOFR + 3.75% due 2027 | SOFR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.75% | ||
Senior unsecured notes | Senior notes - 4.57% due 2027 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 75,000 | $ 75,000 | |
Interest rate, stated percentage (as a percent) | 4.57% | 4.57% | |
Senior unsecured notes | Senior notes - 4.57% due 2027 | SOFR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.75% | ||
Senior unsecured notes | Senior notes - 4.57% due 2027 | LIBOR | |||
Debt Instrument [Line Items] | |||
Credit spread (as a percent) | 3.75% | ||
Senior unsecured notes | Senior notes - 4.24% due 2028 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 100,000 | $ 100,000 | |
Interest rate (as a percent) | 4.24% | 4.24% | |
Senior unsecured notes | Senior notes - 4.82% due 2029 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 100,000 | $ 100,000 | |
Interest rate (as a percent) | 4.82% | 4.82% | |
Senior unsecured notes | Senior notes - 4.75% due 2030 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 400,000 | $ 400,000 | |
Interest rate (as a percent) | 4.75% | 4.75% | |
Senior exchangeable notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage (as a percent) | 0.75% | ||
Senior exchangeable notes | Senior exchangeable notes – 0.75% due 2027 | |||
Debt Instrument [Line Items] | |||
Gross debt | $ 175,000 | $ 175,000 | |
Interest rate (as a percent) | 0.75% | 0.75% |
MORTGAGE AND OTHER INDEBTEDNE_8
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Term Loans and Revolving Line of Credit (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Gross debt | $ 2,802,941 | $ 2,978,256 |
Unsecured credit facility revolving line of credit - variable rate | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 0 | $ 0 |
Interest rate (as a percent) | 6.58% | 5.56% |
Number of extension options | extension | 2 | |
Extension period | 6 months | |
Extension fee percentage (as a percent) | 0.00075 | |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 820,000 | $ 820,000 |
Unsecured term loans | Unsecured term loan due 2024 - fixed rate | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 120,000 | $ 120,000 |
Interest rate (as a percent) | 2.68% | 2.68% |
Unsecured term loans | Unsecured term loan due 2024 - fixed rate | SOFR | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 120,000 | |
Percentage bearing fixed interest (as a percent) | 1.58% | |
Variable interest rate (as a percent) | 1.10% | 1.10% |
Unsecured term loans | Unsecured term loan due 2024 - fixed rate | SOFR | Minimum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 0.80% | |
Unsecured term loans | Unsecured term loan due 2024 - fixed rate | SOFR | Maximum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 1.65% | |
Unsecured term loans | Unsecured term loan due 2025 - fixed rate | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 250,000 | $ 250,000 |
Interest rate (as a percent) | 5.09% | 5.09% |
Number of extension options | extension | 3 | |
Extension period | 1 year | |
Unsecured term loans | Unsecured term loan due 2025 - fixed rate | SOFR | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 250,000 | |
Percentage bearing fixed interest (as a percent) | 5.09% | |
Unsecured term loans | Unsecured term loan due 2026 - fixed rate | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 150,000 | $ 150,000 |
Interest rate (as a percent) | 2.73% | 2.73% |
Unsecured term loans | Unsecured term loan due 2026 - fixed rate | SOFR | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 150,000 | |
Percentage bearing fixed interest (as a percent) | 1.68% | |
Variable interest rate (as a percent) | 1.05% | 1.05% |
Unsecured term loans | Unsecured term loan due 2026 - fixed rate | SOFR | Minimum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 0.75% | |
Unsecured term loans | Unsecured term loan due 2026 - fixed rate | SOFR | Maximum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 1.60% | |
Unsecured term loans | Unsecured term loan due 2029 - fixed rate | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 300,000 | $ 300,000 |
Interest rate (as a percent) | 3.82% | 4.05% |
Unsecured term loans | Unsecured term loan due 2029 - fixed rate | SOFR | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 300,000 | $ 300,000 |
Percentage bearing fixed interest (as a percent) | 2.47% | 2.70% |
Variable interest rate (as a percent) | 1.35% | 1.35% |
Unsecured term loans | Unsecured term loan due 2029 - fixed rate | SOFR | Minimum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 1.15% | 1.15% |
Unsecured term loans | Unsecured term loan due 2029 - fixed rate | SOFR | Maximum | ||
Debt Instrument [Line Items] | ||
Credit spread (as a percent) | 2.20% | 2.20% |
MORTGAGE AND OTHER INDEBTEDNE_9
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Revolving Facility Key Terms (Details) - Unsecured revolving line of credit | 1 Months Ended | 12 Months Ended |
Jul. 31, 2022 USD ($) extension | Dec. 31, 2023 USD ($) extension | |
Line of Credit Facility [Line Items] | ||
Number of extension options | 2 | |
Extension period | 6 months | |
Extension fee percentage (as a percent) | 0.00075 | |
Kite Realty Group, L.P. | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ | $ 1,100,000,000 | $ 1,100,000,000 |
Number of extension options | 2 | 2 |
Extension period | 6 months | 6 months |
Extension fee percentage (as a percent) | 0.00075 | |
Kite Realty Group, L.P. | SOFR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.10% | 0.10% |
Kite Realty Group, L.P. | Minimum | Leverage-based pricing | ||
Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.15% | |
Kite Realty Group, L.P. | Minimum | Investment grade pricing | ||
Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.125% | |
Kite Realty Group, L.P. | Minimum | SOFR | Leverage-based pricing | ||
Line of Credit Facility [Line Items] | ||
Credit spread (as a percent) | 1.05% | |
Kite Realty Group, L.P. | Minimum | SOFR | Investment grade pricing | ||
Line of Credit Facility [Line Items] | ||
Credit spread (as a percent) | 0.725% | |
Kite Realty Group, L.P. | Maximum | Leverage-based pricing | ||
Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.30% | |
Kite Realty Group, L.P. | Maximum | Investment grade pricing | ||
Line of Credit Facility [Line Items] | ||
Facility fee (as a percent) | 0.30% | |
Kite Realty Group, L.P. | Maximum | SOFR | Leverage-based pricing | ||
Line of Credit Facility [Line Items] | ||
Credit spread (as a percent) | 1.50% | |
Kite Realty Group, L.P. | Maximum | SOFR | Investment grade pricing | ||
Line of Credit Facility [Line Items] | ||
Credit spread (as a percent) | 1.40% |
MORTGAGE AND OTHER INDEBTEDN_10
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Unsecured Term Loans Key Terms (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||
Gross debt | $ 2,802,941,000 | $ 2,978,256,000 | |||
Unsecured term loans | |||||
Debt Instrument [Line Items] | |||||
Gross debt | 820,000,000 | 820,000,000 | |||
Unsecured term loans | $120M unsecured term loan | |||||
Debt Instrument [Line Items] | |||||
Gross debt | 120,000,000 | 120,000,000 | |||
Unsecured term loans | $120M unsecured term loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 120,000,000 | ||||
Unsecured term loans | $120M unsecured term loan | Minimum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 0.80% | ||||
Unsecured term loans | $120M unsecured term loan | Maximum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.65% | ||||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 120,000,000 | $ 120,000,000 | |||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.10% | ||||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.20% | ||||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 0.80% | ||||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.70% | ||||
Unsecured term loans | $120M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.65% | ||||
Unsecured term loans | $250M unsecured term loan | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 250,000,000 | 250,000,000 | |||
Number of extension options | extension | 3 | ||||
Extension period | 1 year | ||||
Unsecured term loans | $250M unsecured term loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 250,000,000 | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 250,000,000 | $ 250,000,000 | |||
Number of extension options | extension | 3 | ||||
Extension period | 1 year | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.10% | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2% | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2% | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2.55% | ||||
Unsecured term loans | $250M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2.50% | ||||
Unsecured term loans | $150M unsecured term loan | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 150,000,000 | 150,000,000 | |||
Unsecured term loans | $150M unsecured term loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 150,000,000 | ||||
Unsecured term loans | $150M unsecured term loan | Minimum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 0.75% | ||||
Unsecured term loans | $150M unsecured term loan | Maximum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.60% | ||||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 150,000,000 | $ 150,000,000 | |||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.10% | ||||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.20% | ||||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 0.75% | ||||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Leverage-based pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.70% | ||||
Unsecured term loans | $150M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.60% | ||||
Unsecured term loans | $300M unsecured term loan | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 300,000,000 | 300,000,000 | |||
Unsecured term loans | $300M unsecured term loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 300,000,000 | $ 300,000,000 | |||
Unsecured term loans | $300M unsecured term loan | Minimum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.15% | 1.15% | |||
Unsecured term loans | $300M unsecured term loan | Maximum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2.20% | 2.20% | |||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | |||||
Debt Instrument [Line Items] | |||||
Gross debt | $ 300,000,000 | $ 300,000,000 | |||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.10% | 0.10% | |||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.15% | ||||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | Minimum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 1.15% | ||||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2.20% | ||||
Unsecured term loans | $300M unsecured term loan | Kite Realty Group, L.P. | Maximum | SOFR | Investment grade pricing | |||||
Debt Instrument [Line Items] | |||||
Credit spread (as a percent) | 2.20% |
MORTGAGE AND OTHER INDEBTEDN_11
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Debt Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Amortization of debt issuance costs | $ 3,609 | $ 3,163 | $ 2,681 |
MORTGAGE AND OTHER INDEBTEDN_12
MORTGAGE AND OTHER INDEBTEDNESS - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Scheduled Principal Payments | ||
2024 | $ 5,121 | |
2025 | 5,248 | |
2026 | 4,581 | |
2027 | 3,120 | |
2028 | 3,757 | |
Thereafter | 28,091 | |
Scheduled Principal Payments | 49,918 | |
Term Maturities | ||
2024 | 0 | |
2025 | 0 | |
2026 | 10,600 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 92,788 | |
Term Maturities | 103,388 | |
Unsecured Debt | ||
2024 | 269,635 | |
2025 | 680,000 | |
2026 | 550,000 | |
2027 | 250,000 | |
2028 | 100,000 | |
Thereafter | 800,000 | |
Unsecured Debt | 2,649,635 | |
Total | ||
2024 | 274,756 | |
2025 | 685,248 | |
2026 | 565,181 | |
2027 | 253,120 | |
2028 | 103,757 | |
Thereafter | 920,879 | |
Gross debt | 2,802,941 | $ 2,978,256 |
Debt discounts, premiums and issuance costs, net | 26,261 | |
Mortgage and other indebtedness, net | $ 2,829,202 | $ 3,010,299 |
DERIVATIVE INSTRUMENTS, HEDGI_3
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 USD ($) derivativeContract | Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2024 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Accumulated other comprehensive income | $ 52,435 | $ 74,344 | |||
Gain (loss) reclassified from AOCI into income, effective portion, net | 17,400 | (7,300) | $ (7,700) | ||
Kite Realty Group, L.P. | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Accumulated other comprehensive income | $ 52,435 | $ 74,344 | |||
$150M forward-starting interest rate swap maturing in 2034 | Subsequent Event | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Accumulated other comprehensive income | $ 700 | ||||
$150M forward-starting interest rate swap maturing in 2034 | Kite Realty Group, L.P. | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of instruments | instrument | 3 | ||||
Aggregate notional | $ 150,000 | ||||
Fixed interest rate (as a percent) | 3.44% | ||||
$150M forward-starting interest rate swap maturing in 2032 | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount reclassified from terminated interest rate swap contracts | $ 3,100 | ||||
$150M forward-starting interest rate swap maturing in 2032 | Kite Realty Group, L.P. | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Aggregate notional | $ 150,000 | ||||
Number of instruments terminated | derivativeContract | 2 | ||||
Proceeds received upon termination | $ 30,900 | ||||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount expected to be reclassified to interest expense over the next 12 months | $ 18,800 |
DERIVATIVE INSTRUMENTS, HEDGI_4
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME - Summary of Terms and Fair Value of Derivative Instruments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) | |
Interest Rate Swap | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate notional | $ 820,000 | |
Fair value of assets (liabilities) | $ 23,063 | $ 35,140 |
$250M interest rate swap maturing in 2025 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 4 | |
Aggregate notional | $ 250,000 | |
Fair value of assets (liabilities) | $ 4,952 | 7,134 |
$250M interest rate swap maturing in 2025 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 2.99% | |
$100M interest rate swap maturing in 2025 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 2 | |
Aggregate notional | $ 100,000 | |
Fair value of assets (liabilities) | $ 2,415 | 3,616 |
$100M interest rate swap maturing in 2025 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 2.66% | |
$200M Interest Rate Swap Maturing in 2023 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 2 | |
Aggregate notional | $ 0 | |
Fair value of assets (liabilities) | $ 0 | 3,663 |
$200M Interest Rate Swap Maturing in 2023 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 2.72% | |
$200M interest rate swap maturing in 2025 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 2 | |
Aggregate notional | $ 200,000 | |
Fair value of assets (liabilities) | $ 5,716 | 4,370 |
$200M interest rate swap maturing in 2025 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 2.37% | |
$120M interest rate swap maturing in 2024 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 3 | |
Aggregate notional | $ 120,000 | |
Fair value of assets (liabilities) | $ 2,236 | 5,461 |
$120M interest rate swap maturing in 2024 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 1.58% | |
$150M interest rate swap maturing in 2026 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 3 | |
Aggregate notional | $ 150,000 | |
Fair value of assets (liabilities) | $ 7,744 | $ 10,896 |
$150M interest rate swap maturing in 2026 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 1.68% | |
$155M interest rate swap maturing in 2025 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Blended fixed interest rate (as a percent) | 4.52% | |
$155M interest rate swap maturing in 2025 | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Blending floating interest rate (as a percent) | 3.70% | |
$155M interest rate swap maturing in 2025 | LIBOR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Blending floating interest rate (as a percent) | 3.70% | |
$155M interest rate swap maturing in 2025 | Fair Value | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 2 | |
Aggregate notional | $ 155,000 | |
Fair value of assets (liabilities) | $ (9,408) | $ (14,177) |
$155M interest rate swap maturing in 2025 | Fair Value | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit spread (as a percent) | 3.70% | |
$150M forward-starting interest rate swap maturing in 2034 | Cash Flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of instruments | instrument | 3 | |
Aggregate notional | $ 150,000 | |
Fair value of assets (liabilities) | $ (700) | $ 0 |
$150M forward-starting interest rate swap maturing in 2034 | Cash Flow | SOFR | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate (as a percent) | 3.44% |
LEASE INFORMATION - Rental Inco
LEASE INFORMATION - Rental Income From Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed contractual lease payments – operating leases | $ 637,915 | $ 615,773 | $ 292,873 |
Variable lease payments – operating leases | 151,853 | 151,304 | 69,422 |
Bad debt reserve | (3,459) | (6,027) | (2,897) |
Straight-line rent adjustments | 13,186 | 17,031 | 4,674 |
Straight-line rent (reserve) recovery for uncollectibility | (1,374) | (553) | 716 |
Amortization of in-place lease liabilities, net | 12,025 | 4,821 | 2,611 |
Rental income | $ 810,146 | $ 782,349 | $ 367,399 |
LEASE INFORMATION - Additional
LEASE INFORMATION - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) a lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating leases, term of contract | 5 years 1 month 6 days | ||
Operating leases, overage rent | $ 7.5 | $ 5.9 | $ 0.8 |
Number of properties subject to ground leases | lease | 12 | ||
Area of land (in acres) | a | 98 | ||
Weighted average remaining term of ground leases | 34 years | ||
Ground lease expense | $ 3.9 | 3.9 | 2.8 |
Ground lease payments | $ 5.2 | $ 5.1 | $ 2.6 |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Extension options for ground leases | 5 years | ||
Length of extension options for ground leases | 20 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Extension options for ground leases | 10 years | ||
Length of extension options for ground leases | 25 years |
LEASE INFORMATION - Future Mini
LEASE INFORMATION - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 615,479 |
2025 | 566,314 |
2026 | 503,985 |
2027 | 432,467 |
2028 | 342,810 |
Thereafter | 1,105,808 |
Total | $ 3,566,863 |
LEASE INFORMATION - Future Mi_2
LEASE INFORMATION - Future Minimum Lease Payments Due (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 5,101 | |
2025 | 5,306 | |
2026 | 5,413 | |
2027 | 5,586 | |
2028 | 5,044 | |
Thereafter | 105,644 | |
Total | 132,094 | |
Adjustment for discounting | (63,169) | |
Lease liabilities | $ 68,925 | $ 67,167 |
SHAREHOLDERS_ EQUITY (Details)
SHAREHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2021 | Feb. 23, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.97 | $ 0.87 | $ 0.72 | |||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Aggregate value of shares authorized to be repurchased | $ 300 | $ 150 | |||||
Increase to value of shares authorized to be repurchased | $ 150 | ||||||
Number of shares repurchased (in shares) | 0 | ||||||
ATM Offering Program | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Aggregate sales price of shares authorized to be sold under ATM program | $ 150 | ||||||
Common shares, par value (in dollars per share) | $ 0.01 | ||||||
Number of common shares issued under ATM Program (in shares) | 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2017 |
Embassy Suites at Eddy St. Commons Joint Venture | |||
Loss Contingencies [Line Items] | |||
Ownership percentage in equity method investment (as a percent) | 35% | ||
Construction loan payable | $ 32,700,000 | ||
Embassy Suites at Eddy St. Commons Joint Venture | Payment guarantee | |||
Loss Contingencies [Line Items] | |||
Current amount of obligation | $ 5,900,000 | ||
Embassy Suites at Eddy St. Commons Joint Venture | Payment guarantee | Construction contracts | |||
Loss Contingencies [Line Items] | |||
Current amount of obligation | 11,400,000 | ||
Embassy Suites at Eddy St. Commons Joint Venture | Construction loans | |||
Loss Contingencies [Line Items] | |||
Repayment guaranties | $ 33,800,000 | ||
Buckingham Joint Venture at The Corner | |||
Loss Contingencies [Line Items] | |||
Construction loan payable | 61,000,000 | ||
Buckingham Joint Venture at The Corner | Payment guarantee | Construction contracts | |||
Loss Contingencies [Line Items] | |||
Current amount of obligation | $ 30,500,000 | ||
Buckingham Joint Venture at The Corner | Construction loans | |||
Loss Contingencies [Line Items] | |||
Repayment guaranties | $ 66,200,000 |
RELATED PARTIES AND RELATED P_2
RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Details) - Related Party - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Management, construction management and other services | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | $ 0.1 | $ 0.1 | $ 0.1 | |
Travel and related services | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | $ 0.3 | $ 0.3 | $ 0.3 | |
Sale of Project Rights and Obligations | KRG Development, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | $ 3.5 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Senior notes – 5.50% due 2034 - Senior unsecured notes - Subsequent Event | Feb. 20, 2024 USD ($) |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 350,000,000 |
Interest rate, stated percentage (as a percent) | 5.50% |
Interest rate, percentage of principal amount (as a percent) | 0.98670 |
Effective interest rate (as a percent) | 5.673% |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 2,802,941 | |||
Initial cost, land | 1,956,576 | |||
Initial cost, building & improvements | 5,277,794 | |||
Cost capitalized subsequent to acquisition/development, land | 8,233 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 497,457 | |||
Gross carrying amount close of period, land | 1,964,809 | |||
Gross carrying amount close of period, building and improvements | 5,775,251 | |||
Total | 7,740,061 | $ 7,732,573 | $ 7,584,735 | $ 3,136,982 |
Accumulated Depreciation | 1,381,770 | $ 1,161,148 | $ 879,306 | $ 750,119 |
Operating Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 153,306 | |||
Initial cost, land | 1,824,044 | |||
Initial cost, building & improvements | 5,225,599 | |||
Cost capitalized subsequent to acquisition/development, land | 8,267 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 468,021 | |||
Gross carrying amount close of period, land | 1,832,311 | |||
Gross carrying amount close of period, building and improvements | 5,693,620 | |||
Total | 7,525,931 | |||
Accumulated Depreciation | 1,361,001 | |||
Operating Properties | 12th Street Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,624 | |||
Initial cost, building & improvements | 10,633 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,321 | |||
Gross carrying amount close of period, land | 2,624 | |||
Gross carrying amount close of period, building and improvements | 11,954 | |||
Total | 14,578 | |||
Accumulated Depreciation | 3,685 | |||
Operating Properties | 54th & College | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,672 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 2,672 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 2,672 | |||
Accumulated Depreciation | 0 | |||
Operating Properties | Arcadia Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,487 | |||
Initial cost, building & improvements | 11,707 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 105 | |||
Gross carrying amount close of period, land | 8,487 | |||
Gross carrying amount close of period, building and improvements | 11,812 | |||
Total | 20,299 | |||
Accumulated Depreciation | 1,823 | |||
Operating Properties | Ashland & Roosevelt | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,806 | |||
Initial cost, building & improvements | 25,523 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 45 | |||
Gross carrying amount close of period, land | 9,806 | |||
Gross carrying amount close of period, building and improvements | 25,568 | |||
Total | 35,374 | |||
Accumulated Depreciation | 3,691 | |||
Operating Properties | Avondale Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,723 | |||
Initial cost, building & improvements | 10,066 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 74 | |||
Gross carrying amount close of period, land | 6,723 | |||
Gross carrying amount close of period, building and improvements | 10,140 | |||
Total | 16,863 | |||
Accumulated Depreciation | 1,278 | |||
Operating Properties | Bayonne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 47,809 | |||
Initial cost, building & improvements | 38,362 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,304 | |||
Gross carrying amount close of period, land | 47,809 | |||
Gross carrying amount close of period, building and improvements | 40,666 | |||
Total | 88,475 | |||
Accumulated Depreciation | 11,880 | |||
Operating Properties | Bayport Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,005 | |||
Initial cost, building & improvements | 20,666 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,681 | |||
Gross carrying amount close of period, land | 7,005 | |||
Gross carrying amount close of period, building and improvements | 25,347 | |||
Total | 32,352 | |||
Accumulated Depreciation | 10,839 | |||
Operating Properties | Belle Isle Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,130 | |||
Initial cost, building & improvements | 41,082 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 7,843 | |||
Gross carrying amount close of period, land | 9,130 | |||
Gross carrying amount close of period, building and improvements | 48,925 | |||
Total | 58,055 | |||
Accumulated Depreciation | 20,180 | |||
Operating Properties | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,407 | |||
Initial cost, building & improvements | 8,595 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,662 | |||
Gross carrying amount close of period, land | 3,407 | |||
Gross carrying amount close of period, building and improvements | 10,257 | |||
Total | 13,664 | |||
Accumulated Depreciation | 4,878 | |||
Operating Properties | Burlington | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 2,773 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 29 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 2,802 | |||
Total | 2,802 | |||
Accumulated Depreciation | 2,802 | |||
Operating Properties | Castleton Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,761 | |||
Initial cost, building & improvements | 24,467 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,006 | |||
Gross carrying amount close of period, land | 9,761 | |||
Gross carrying amount close of period, building and improvements | 25,474 | |||
Total | 35,235 | |||
Accumulated Depreciation | 7,826 | |||
Operating Properties | Cedar Park Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,032 | |||
Initial cost, building & improvements | 25,909 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 198 | |||
Gross carrying amount close of period, land | 9,032 | |||
Gross carrying amount close of period, building and improvements | 26,107 | |||
Total | 35,139 | |||
Accumulated Depreciation | 2,499 | |||
Operating Properties | Centennial Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 58,960 | |||
Initial cost, building & improvements | 72,121 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 9,091 | |||
Gross carrying amount close of period, land | 58,960 | |||
Gross carrying amount close of period, building and improvements | 81,212 | |||
Total | 140,172 | |||
Accumulated Depreciation | 38,893 | |||
Operating Properties | Centennial Gateway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,305 | |||
Initial cost, building & improvements | 48,432 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,317 | |||
Gross carrying amount close of period, land | 5,305 | |||
Gross carrying amount close of period, building and improvements | 49,749 | |||
Total | 55,054 | |||
Accumulated Depreciation | 18,288 | |||
Operating Properties | Central Texas Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 15,711 | |||
Initial cost, building & improvements | 30,021 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,527 | |||
Gross carrying amount close of period, land | 15,711 | |||
Gross carrying amount close of period, building and improvements | 32,548 | |||
Total | 48,259 | |||
Accumulated Depreciation | 5,051 | |||
Operating Properties | Centre at Laurel | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,122 | |||
Initial cost, building & improvements | 34,655 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 400 | |||
Gross carrying amount close of period, land | 6,122 | |||
Gross carrying amount close of period, building and improvements | 35,055 | |||
Total | 41,177 | |||
Accumulated Depreciation | 4,503 | |||
Operating Properties | Centre Point Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,918 | |||
Initial cost, building & improvements | 22,285 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 494 | |||
Gross carrying amount close of period, land | 2,918 | |||
Gross carrying amount close of period, building and improvements | 22,779 | |||
Total | 25,697 | |||
Accumulated Depreciation | 8,507 | |||
Operating Properties | Chantilly Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,309 | |||
Initial cost, building & improvements | 17,604 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 760 | |||
Gross carrying amount close of period, land | 12,309 | |||
Gross carrying amount close of period, building and improvements | 18,365 | |||
Total | 30,674 | |||
Accumulated Depreciation | 2,420 | |||
Operating Properties | Chapel Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 34,828 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,603 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 37,431 | |||
Total | 37,431 | |||
Accumulated Depreciation | 14,803 | |||
Operating Properties | Circle East | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,188 | |||
Initial cost, building & improvements | 27,077 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 1,188 | |||
Gross carrying amount close of period, building and improvements | 27,077 | |||
Total | 28,265 | |||
Accumulated Depreciation | 1,932 | |||
Operating Properties | City Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,565 | |||
Initial cost, building & improvements | 178,892 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,626 | |||
Gross carrying amount close of period, land | 20,565 | |||
Gross carrying amount close of period, building and improvements | 184,517 | |||
Total | 205,082 | |||
Accumulated Depreciation | 68,429 | |||
Operating Properties | Clearlake Shores Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,845 | |||
Initial cost, building & improvements | 6,612 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 565 | |||
Gross carrying amount close of period, land | 3,845 | |||
Gross carrying amount close of period, building and improvements | 7,177 | |||
Total | 11,022 | |||
Accumulated Depreciation | 1,018 | |||
Operating Properties | Coal Creek Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,397 | |||
Initial cost, building & improvements | 11,650 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 162 | |||
Gross carrying amount close of period, land | 9,397 | |||
Gross carrying amount close of period, building and improvements | 11,811 | |||
Total | 21,208 | |||
Accumulated Depreciation | 1,836 | |||
Operating Properties | Cobblestone Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,374 | |||
Initial cost, building & improvements | 44,270 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,637 | |||
Gross carrying amount close of period, land | 10,374 | |||
Gross carrying amount close of period, building and improvements | 47,907 | |||
Total | 58,281 | |||
Accumulated Depreciation | 17,911 | |||
Operating Properties | Colleyville Downs | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,446 | |||
Initial cost, building & improvements | 38,307 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,921 | |||
Gross carrying amount close of period, land | 5,446 | |||
Gross carrying amount close of period, building and improvements | 41,228 | |||
Total | 46,674 | |||
Accumulated Depreciation | 19,894 | |||
Operating Properties | Colonial Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,521 | |||
Initial cost, building & improvements | 18,507 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,093 | |||
Gross carrying amount close of period, land | 7,521 | |||
Gross carrying amount close of period, building and improvements | 21,600 | |||
Total | 29,121 | |||
Accumulated Depreciation | 7,345 | |||
Operating Properties | Colony Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,300 | |||
Initial cost, building & improvements | 18,784 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 711 | |||
Gross carrying amount close of period, land | 20,300 | |||
Gross carrying amount close of period, building and improvements | 19,495 | |||
Total | 39,795 | |||
Accumulated Depreciation | 3,552 | |||
Operating Properties | Commons at Temecula | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,966 | |||
Initial cost, building & improvements | 44,255 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 319 | |||
Gross carrying amount close of period, land | 18,966 | |||
Gross carrying amount close of period, building and improvements | 44,575 | |||
Total | 63,541 | |||
Accumulated Depreciation | 7,233 | |||
Operating Properties | Cool Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,062 | |||
Initial cost, building & improvements | 12,514 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 7,662 | |||
Gross carrying amount close of period, land | 6,062 | |||
Gross carrying amount close of period, building and improvements | 20,176 | |||
Total | 26,238 | |||
Accumulated Depreciation | 8,759 | |||
Operating Properties | Cool Springs Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,444 | |||
Initial cost, building & improvements | 22,621 | |||
Cost capitalized subsequent to acquisition/development, land | 40 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 7,312 | |||
Gross carrying amount close of period, land | 12,484 | |||
Gross carrying amount close of period, building and improvements | 29,933 | |||
Total | 42,417 | |||
Accumulated Depreciation | 14,961 | |||
Operating Properties | Coppell Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,052 | |||
Initial cost, building & improvements | 11,252 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 555 | |||
Gross carrying amount close of period, land | 5,052 | |||
Gross carrying amount close of period, building and improvements | 11,807 | |||
Total | 16,859 | |||
Accumulated Depreciation | 1,794 | |||
Operating Properties | Coram Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,992 | |||
Initial cost, building & improvements | 22,995 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 295 | |||
Gross carrying amount close of period, land | 6,992 | |||
Gross carrying amount close of period, building and improvements | 23,290 | |||
Total | 30,282 | |||
Accumulated Depreciation | 3,106 | |||
Operating Properties | Crossing at Killingly Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 21,999 | |||
Initial cost, building & improvements | 29,722 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,140 | |||
Gross carrying amount close of period, land | 21,999 | |||
Gross carrying amount close of period, building and improvements | 30,862 | |||
Total | 52,861 | |||
Accumulated Depreciation | 9,494 | |||
Operating Properties | Cypress Mill Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,320 | |||
Initial cost, building & improvements | 10,064 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 339 | |||
Gross carrying amount close of period, land | 6,320 | |||
Gross carrying amount close of period, building and improvements | 10,403 | |||
Total | 16,723 | |||
Accumulated Depreciation | 1,466 | |||
Operating Properties | Davis Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 995 | |||
Initial cost, building & improvements | 8,951 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 129 | |||
Gross carrying amount close of period, land | 995 | |||
Gross carrying amount close of period, building and improvements | 9,079 | |||
Total | 10,074 | |||
Accumulated Depreciation | 1,204 | |||
Operating Properties | Delray Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 17,000 | |||
Initial cost, land | 18,750 | |||
Initial cost, building & improvements | 85,093 | |||
Cost capitalized subsequent to acquisition/development, land | 1,284 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 9,543 | |||
Gross carrying amount close of period, land | 20,034 | |||
Gross carrying amount close of period, building and improvements | 94,636 | |||
Total | 114,670 | |||
Accumulated Depreciation | 32,525 | |||
Operating Properties | Denton Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,257 | |||
Initial cost, building & improvements | 38,963 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,345 | |||
Gross carrying amount close of period, land | 8,257 | |||
Gross carrying amount close of period, building and improvements | 43,308 | |||
Total | 51,565 | |||
Accumulated Depreciation | 5,967 | |||
Operating Properties | De Pauw University Bookstore & Cafe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 64 | |||
Initial cost, building & improvements | 663 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 45 | |||
Gross carrying amount close of period, land | 64 | |||
Gross carrying amount close of period, building and improvements | 708 | |||
Total | 772 | |||
Accumulated Depreciation | 559 | |||
Operating Properties | Downtown Crown | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 25,759 | |||
Initial cost, building & improvements | 77,035 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,081 | |||
Gross carrying amount close of period, land | 25,759 | |||
Gross carrying amount close of period, building and improvements | 80,116 | |||
Total | 105,875 | |||
Accumulated Depreciation | 7,173 | |||
Operating Properties | Draper Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,054 | |||
Initial cost, building & improvements | 27,063 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,240 | |||
Gross carrying amount close of period, land | 9,054 | |||
Gross carrying amount close of period, building and improvements | 29,304 | |||
Total | 38,358 | |||
Accumulated Depreciation | 12,001 | |||
Operating Properties | Draper Peaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,498 | |||
Initial cost, building & improvements | 46,845 | |||
Cost capitalized subsequent to acquisition/development, land | 522 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 6,569 | |||
Gross carrying amount close of period, land | 12,020 | |||
Gross carrying amount close of period, building and improvements | 53,415 | |||
Total | 65,435 | |||
Accumulated Depreciation | 17,304 | |||
Operating Properties | East Stone Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,766 | |||
Initial cost, building & improvements | 21,634 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 149 | |||
Gross carrying amount close of period, land | 3,766 | |||
Gross carrying amount close of period, building and improvements | 21,784 | |||
Total | 25,550 | |||
Accumulated Depreciation | 3,045 | |||
Operating Properties | Eastern Beltway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 23,221 | |||
Initial cost, building & improvements | 45,569 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 8,728 | |||
Gross carrying amount close of period, land | 23,221 | |||
Gross carrying amount close of period, building and improvements | 54,297 | |||
Total | 77,518 | |||
Accumulated Depreciation | 17,900 | |||
Operating Properties | Eastgate Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,244 | |||
Initial cost, building & improvements | 58,669 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,613 | |||
Gross carrying amount close of period, land | 4,244 | |||
Gross carrying amount close of period, building and improvements | 64,282 | |||
Total | 68,526 | |||
Accumulated Depreciation | 7,007 | |||
Operating Properties | Eastgate Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,026 | |||
Initial cost, building & improvements | 18,269 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,245 | |||
Gross carrying amount close of period, land | 8,026 | |||
Gross carrying amount close of period, building and improvements | 20,514 | |||
Total | 28,540 | |||
Accumulated Depreciation | 10,088 | |||
Operating Properties | Eastwood Towne Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,242 | |||
Initial cost, building & improvements | 55,945 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,322 | |||
Gross carrying amount close of period, land | 3,242 | |||
Gross carrying amount close of period, building and improvements | 60,268 | |||
Total | 63,510 | |||
Accumulated Depreciation | 8,602 | |||
Operating Properties | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,956 | |||
Initial cost, building & improvements | 48,285 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,946 | |||
Gross carrying amount close of period, land | 1,956 | |||
Gross carrying amount close of period, building and improvements | 53,230 | |||
Total | 55,186 | |||
Accumulated Depreciation | 17,347 | |||
Operating Properties | Edwards Multiplex | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 22,583 | |||
Initial cost, building & improvements | 28,710 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 23 | |||
Gross carrying amount close of period, land | 22,583 | |||
Gross carrying amount close of period, building and improvements | 28,734 | |||
Total | 51,317 | |||
Accumulated Depreciation | 4,794 | |||
Operating Properties | Estero Town Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,458 | |||
Initial cost, building & improvements | 9,927 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 992 | |||
Gross carrying amount close of period, land | 8,458 | |||
Gross carrying amount close of period, building and improvements | 10,919 | |||
Total | 19,377 | |||
Accumulated Depreciation | 5,141 | |||
Operating Properties | Fairgrounds Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,690 | |||
Initial cost, building & improvements | 15,249 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 94 | |||
Gross carrying amount close of period, land | 12,690 | |||
Gross carrying amount close of period, building and improvements | 15,343 | |||
Total | 28,033 | |||
Accumulated Depreciation | 2,077 | |||
Operating Properties | Fishers Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,008 | |||
Initial cost, building & improvements | 13,028 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 302 | |||
Gross carrying amount close of period, land | 4,008 | |||
Gross carrying amount close of period, building and improvements | 13,330 | |||
Total | 17,338 | |||
Accumulated Depreciation | 4,756 | |||
Operating Properties | Fordham Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 41,993 | |||
Initial cost, building & improvements | 102,435 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 637 | |||
Gross carrying amount close of period, land | 41,993 | |||
Gross carrying amount close of period, building and improvements | 103,072 | |||
Total | 145,065 | |||
Accumulated Depreciation | 11,163 | |||
Operating Properties | Fort Evans Plaza II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,110 | |||
Initial cost, building & improvements | 39,197 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,506 | |||
Gross carrying amount close of period, land | 14,110 | |||
Gross carrying amount close of period, building and improvements | 42,703 | |||
Total | 56,813 | |||
Accumulated Depreciation | 4,817 | |||
Operating Properties | Fullerton Metrocenter | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 55,794 | |||
Initial cost, building & improvements | 42,865 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,628 | |||
Gross carrying amount close of period, land | 55,794 | |||
Gross carrying amount close of period, building and improvements | 46,493 | |||
Total | 102,287 | |||
Accumulated Depreciation | 7,171 | |||
Operating Properties | Galvez Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 494 | |||
Initial cost, building & improvements | 4,962 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 250 | |||
Gross carrying amount close of period, land | 494 | |||
Gross carrying amount close of period, building and improvements | 5,212 | |||
Total | 5,706 | |||
Accumulated Depreciation | 688 | |||
Operating Properties | Gardiner Manor Mall | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 29,521 | |||
Initial cost, building & improvements | 20,049 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 628 | |||
Gross carrying amount close of period, land | 29,521 | |||
Gross carrying amount close of period, building and improvements | 20,677 | |||
Total | 50,198 | |||
Accumulated Depreciation | 3,562 | |||
Operating Properties | Gateway Pavillions | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 44,167 | |||
Initial cost, building & improvements | 10,282 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,089 | |||
Gross carrying amount close of period, land | 44,167 | |||
Gross carrying amount close of period, building and improvements | 11,371 | |||
Total | 55,538 | |||
Accumulated Depreciation | 2,735 | |||
Operating Properties | Gateway Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 15,608 | |||
Initial cost, building & improvements | 22,055 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,464 | |||
Gross carrying amount close of period, land | 15,608 | |||
Gross carrying amount close of period, building and improvements | 23,520 | |||
Total | 39,128 | |||
Accumulated Depreciation | 4,308 | |||
Operating Properties | Gateway Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,679 | |||
Initial cost, building & improvements | 10,533 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 413 | |||
Gross carrying amount close of period, land | 10,679 | |||
Gross carrying amount close of period, building and improvements | 10,947 | |||
Total | 21,626 | |||
Accumulated Depreciation | 1,489 | |||
Operating Properties | Gateway Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 32,045 | |||
Initial cost, building & improvements | 33,365 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 416 | |||
Gross carrying amount close of period, land | 32,045 | |||
Gross carrying amount close of period, building and improvements | 33,781 | |||
Total | 65,826 | |||
Accumulated Depreciation | 5,396 | |||
Operating Properties | Geist Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,368 | |||
Initial cost, building & improvements | 7,219 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,825 | |||
Gross carrying amount close of period, land | 1,368 | |||
Gross carrying amount close of period, building and improvements | 10,044 | |||
Total | 11,412 | |||
Accumulated Depreciation | 5,098 | |||
Operating Properties | Gerry Centennial Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,448 | |||
Initial cost, building & improvements | 9,721 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 211 | |||
Gross carrying amount close of period, land | 3,448 | |||
Gross carrying amount close of period, building and improvements | 9,932 | |||
Total | 13,380 | |||
Accumulated Depreciation | 1,368 | |||
Operating Properties | Glendale Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,494 | |||
Initial cost, building & improvements | 41,779 | |||
Cost capitalized subsequent to acquisition/development, land | (187) | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 20,108 | |||
Gross carrying amount close of period, land | 1,307 | |||
Gross carrying amount close of period, building and improvements | 61,887 | |||
Total | 63,194 | |||
Accumulated Depreciation | 35,467 | |||
Operating Properties | Grapevine Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,021 | |||
Initial cost, building & improvements | 11,928 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 738 | |||
Gross carrying amount close of period, land | 7,021 | |||
Gross carrying amount close of period, building and improvements | 12,666 | |||
Total | 19,687 | |||
Accumulated Depreciation | 1,956 | |||
Operating Properties | Green's Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,716 | |||
Initial cost, building & improvements | 13,739 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 145 | |||
Gross carrying amount close of period, land | 4,716 | |||
Gross carrying amount close of period, building and improvements | 13,884 | |||
Total | 18,600 | |||
Accumulated Depreciation | 2,152 | |||
Operating Properties | Greyhound Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,629 | |||
Initial cost, building & improvements | 794 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,619 | |||
Gross carrying amount close of period, land | 2,629 | |||
Gross carrying amount close of period, building and improvements | 3,413 | |||
Total | 6,042 | |||
Accumulated Depreciation | 1,189 | |||
Operating Properties | Gurnee Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,348 | |||
Initial cost, building & improvements | 20,575 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 346 | |||
Gross carrying amount close of period, land | 7,348 | |||
Gross carrying amount close of period, building and improvements | 20,922 | |||
Total | 28,270 | |||
Accumulated Depreciation | 3,247 | |||
Operating Properties | Henry Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,446 | |||
Initial cost, building & improvements | 49,690 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 950 | |||
Gross carrying amount close of period, land | 9,446 | |||
Gross carrying amount close of period, building and improvements | 50,639 | |||
Total | 60,085 | |||
Accumulated Depreciation | 7,979 | |||
Operating Properties | Heritage Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,373 | |||
Initial cost, building & improvements | 16,167 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 489 | |||
Gross carrying amount close of period, land | 11,373 | |||
Gross carrying amount close of period, building and improvements | 16,656 | |||
Total | 28,029 | |||
Accumulated Depreciation | 2,582 | |||
Operating Properties | Heritage Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,720 | |||
Initial cost, building & improvements | 14,753 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 333 | |||
Gross carrying amount close of period, land | 5,720 | |||
Gross carrying amount close of period, building and improvements | 15,086 | |||
Total | 20,806 | |||
Accumulated Depreciation | 2,176 | |||
Operating Properties | Holly Springs Towne Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 22,324 | |||
Initial cost, building & improvements | 93,387 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 7,962 | |||
Gross carrying amount close of period, land | 22,324 | |||
Gross carrying amount close of period, building and improvements | 101,350 | |||
Total | 123,674 | |||
Accumulated Depreciation | 29,599 | |||
Operating Properties | Home Depot Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 20,122 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 444 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 20,566 | |||
Total | 20,566 | |||
Accumulated Depreciation | 3,021 | |||
Operating Properties | Huebner Oaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 19,423 | |||
Initial cost, building & improvements | 35,847 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 666 | |||
Gross carrying amount close of period, land | 19,423 | |||
Gross carrying amount close of period, building and improvements | 36,513 | |||
Total | 55,936 | |||
Accumulated Depreciation | 4,875 | |||
Operating Properties | Humblewood Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,921 | |||
Initial cost, building & improvements | 10,873 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 460 | |||
Gross carrying amount close of period, land | 3,921 | |||
Gross carrying amount close of period, building and improvements | 11,332 | |||
Total | 15,253 | |||
Accumulated Depreciation | 1,592 | |||
Operating Properties | Hunter's Creek Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,017 | |||
Initial cost, building & improvements | 12,610 | |||
Cost capitalized subsequent to acquisition/development, land | 179 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,935 | |||
Gross carrying amount close of period, land | 8,196 | |||
Gross carrying amount close of period, building and improvements | 14,545 | |||
Total | 22,741 | |||
Accumulated Depreciation | 5,402 | |||
Operating Properties | Indian River Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,000 | |||
Initial cost, building & improvements | 5,971 | |||
Cost capitalized subsequent to acquisition/development, land | 1,100 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,859 | |||
Gross carrying amount close of period, land | 5,100 | |||
Gross carrying amount close of period, building and improvements | 11,830 | |||
Total | 16,930 | |||
Accumulated Depreciation | 4,216 | |||
Operating Properties | International Speedway Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,157 | |||
Initial cost, building & improvements | 12,021 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 8,816 | |||
Gross carrying amount close of period, land | 7,157 | |||
Gross carrying amount close of period, building and improvements | 20,837 | |||
Total | 27,994 | |||
Accumulated Depreciation | 12,933 | |||
Operating Properties | Jefferson Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 23,356 | |||
Initial cost, building & improvements | 19,977 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,094 | |||
Gross carrying amount close of period, land | 23,356 | |||
Gross carrying amount close of period, building and improvements | 22,071 | |||
Total | 45,427 | |||
Accumulated Depreciation | 3,611 | |||
Operating Properties | John's Creek Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,668 | |||
Initial cost, building & improvements | 39,592 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,099 | |||
Gross carrying amount close of period, land | 7,668 | |||
Gross carrying amount close of period, building and improvements | 40,691 | |||
Total | 48,359 | |||
Accumulated Depreciation | 5,511 | |||
Operating Properties | King's Lake Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,519 | |||
Initial cost, building & improvements | 12,322 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,893 | |||
Gross carrying amount close of period, land | 4,519 | |||
Gross carrying amount close of period, building and improvements | 14,216 | |||
Total | 18,735 | |||
Accumulated Depreciation | 7,392 | |||
Operating Properties | La Plaza Del Norte | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,113 | |||
Initial cost, building & improvements | 32,729 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 420 | |||
Gross carrying amount close of period, land | 18,113 | |||
Gross carrying amount close of period, building and improvements | 33,149 | |||
Total | 51,262 | |||
Accumulated Depreciation | 5,256 | |||
Operating Properties | Lake City Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,693 | |||
Initial cost, building & improvements | 11,372 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 220 | |||
Gross carrying amount close of period, land | 4,693 | |||
Gross carrying amount close of period, building and improvements | 11,593 | |||
Total | 16,286 | |||
Accumulated Depreciation | 3,843 | |||
Operating Properties | Lake Mary Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,413 | |||
Initial cost, building & improvements | 8,537 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 291 | |||
Gross carrying amount close of period, land | 1,413 | |||
Gross carrying amount close of period, building and improvements | 8,828 | |||
Total | 10,241 | |||
Accumulated Depreciation | 2,782 | |||
Operating Properties | Lake Worth Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,228 | |||
Initial cost, building & improvements | 28,752 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 180 | |||
Gross carrying amount close of period, land | 6,228 | |||
Gross carrying amount close of period, building and improvements | 28,932 | |||
Total | 35,160 | |||
Accumulated Depreciation | 3,826 | |||
Operating Properties | Lakewood Towne Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 32,864 | |||
Initial cost, building & improvements | 30,955 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,616 | |||
Gross carrying amount close of period, land | 32,864 | |||
Gross carrying amount close of period, building and improvements | 32,572 | |||
Total | 65,436 | |||
Accumulated Depreciation | 5,218 | |||
Operating Properties | Lincoln Park | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,757 | |||
Initial cost, building & improvements | 40,069 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,210 | |||
Gross carrying amount close of period, land | 14,757 | |||
Gross carrying amount close of period, building and improvements | 41,279 | |||
Total | 56,036 | |||
Accumulated Depreciation | 6,292 | |||
Operating Properties | Lincoln Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,239 | |||
Initial cost, building & improvements | 38,288 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,669 | |||
Gross carrying amount close of period, land | 6,239 | |||
Gross carrying amount close of period, building and improvements | 43,957 | |||
Total | 50,196 | |||
Accumulated Depreciation | 6,657 | |||
Operating Properties | Lithia Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,065 | |||
Initial cost, building & improvements | 9,830 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,622 | |||
Gross carrying amount close of period, land | 3,065 | |||
Gross carrying amount close of period, building and improvements | 13,452 | |||
Total | 16,517 | |||
Accumulated Depreciation | 6,585 | |||
Operating Properties | Lowe's Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 19,894 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 41 | |||
Gross carrying amount close of period, land | 19,894 | |||
Gross carrying amount close of period, building and improvements | 41 | |||
Total | 19,935 | |||
Accumulated Depreciation | 0 | |||
Operating Properties | MacArthur Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,190 | |||
Initial cost, building & improvements | 31,262 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,848 | |||
Gross carrying amount close of period, land | 11,190 | |||
Gross carrying amount close of period, building and improvements | 33,110 | |||
Total | 44,300 | |||
Accumulated Depreciation | 3,629 | |||
Operating Properties | Main Street Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,630 | |||
Initial cost, building & improvements | 60,806 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 921 | |||
Gross carrying amount close of period, land | 2,630 | |||
Gross carrying amount close of period, building and improvements | 61,727 | |||
Total | 64,357 | |||
Accumulated Depreciation | 5,629 | |||
Operating Properties | Manchester Meadows | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,788 | |||
Initial cost, building & improvements | 30,402 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 135 | |||
Gross carrying amount close of period, land | 10,788 | |||
Gross carrying amount close of period, building and improvements | 30,537 | |||
Total | 41,325 | |||
Accumulated Depreciation | 5,906 | |||
Operating Properties | Mansfield Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,966 | |||
Initial cost, building & improvements | 14,286 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 713 | |||
Gross carrying amount close of period, land | 2,966 | |||
Gross carrying amount close of period, building and improvements | 14,998 | |||
Total | 17,964 | |||
Accumulated Depreciation | 2,066 | |||
Operating Properties | Market Street Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,764 | |||
Initial cost, building & improvements | 16,360 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,515 | |||
Gross carrying amount close of period, land | 9,764 | |||
Gross carrying amount close of period, building and improvements | 20,875 | |||
Total | 30,639 | |||
Accumulated Depreciation | 10,799 | |||
Operating Properties | Merrifield Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,186 | |||
Initial cost, building & improvements | 41,073 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,529 | |||
Gross carrying amount close of period, land | 5,186 | |||
Gross carrying amount close of period, building and improvements | 42,602 | |||
Total | 47,788 | |||
Accumulated Depreciation | 4,396 | |||
Operating Properties | Merrifield Town Center II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 19,614 | |||
Initial cost, building & improvements | 23,042 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 159 | |||
Gross carrying amount close of period, land | 19,614 | |||
Gross carrying amount close of period, building and improvements | 23,201 | |||
Total | 42,815 | |||
Accumulated Depreciation | 2,552 | |||
Operating Properties | Miramar Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 26,492 | |||
Initial cost, building & improvements | 30,696 | |||
Cost capitalized subsequent to acquisition/development, land | 389 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 10,134 | |||
Gross carrying amount close of period, land | 26,880 | |||
Gross carrying amount close of period, building and improvements | 40,830 | |||
Total | 67,710 | |||
Accumulated Depreciation | 12,265 | |||
Operating Properties | Mullins Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,582 | |||
Initial cost, building & improvements | 38,715 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 6,965 | |||
Gross carrying amount close of period, land | 10,582 | |||
Gross carrying amount close of period, building and improvements | 45,681 | |||
Total | 56,263 | |||
Accumulated Depreciation | 16,344 | |||
Operating Properties | Naperville Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,364 | |||
Initial cost, building & improvements | 11,377 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 270 | |||
Gross carrying amount close of period, land | 5,364 | |||
Gross carrying amount close of period, building and improvements | 11,647 | |||
Total | 17,011 | |||
Accumulated Depreciation | 5,277 | |||
Operating Properties | New Forest Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,175 | |||
Initial cost, building & improvements | 11,976 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 315 | |||
Gross carrying amount close of period, land | 7,175 | |||
Gross carrying amount close of period, building and improvements | 12,291 | |||
Total | 19,466 | |||
Accumulated Depreciation | 1,826 | |||
Operating Properties | New Hyde Park Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,792 | |||
Initial cost, building & improvements | 9,766 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 606 | |||
Gross carrying amount close of period, land | 10,792 | |||
Gross carrying amount close of period, building and improvements | 10,373 | |||
Total | 21,165 | |||
Accumulated Depreciation | 1,197 | |||
Operating Properties | Newnan Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,616 | |||
Initial cost, building & improvements | 41,017 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,118 | |||
Gross carrying amount close of period, land | 6,616 | |||
Gross carrying amount close of period, building and improvements | 42,135 | |||
Total | 48,751 | |||
Accumulated Depreciation | 7,045 | |||
Operating Properties | Newton Crossroads | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,004 | |||
Initial cost, building & improvements | 10,758 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 116 | |||
Gross carrying amount close of period, land | 1,004 | |||
Gross carrying amount close of period, building and improvements | 10,874 | |||
Total | 11,878 | |||
Accumulated Depreciation | 1,663 | |||
Operating Properties | Nora Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 3,333 | |||
Initial cost, land | 3,790 | |||
Initial cost, building & improvements | 19,938 | |||
Cost capitalized subsequent to acquisition/development, land | 5,002 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 20,680 | |||
Gross carrying amount close of period, land | 8,792 | |||
Gross carrying amount close of period, building and improvements | 40,618 | |||
Total | 49,410 | |||
Accumulated Depreciation | 5,997 | |||
Operating Properties | North Benson Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 16,632 | |||
Initial cost, building & improvements | 9,847 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 397 | |||
Gross carrying amount close of period, land | 16,632 | |||
Gross carrying amount close of period, building and improvements | 10,244 | |||
Total | 26,876 | |||
Accumulated Depreciation | 1,753 | |||
Operating Properties | Northcrest Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,044 | |||
Initial cost, building & improvements | 33,920 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,215 | |||
Gross carrying amount close of period, land | 4,044 | |||
Gross carrying amount close of period, building and improvements | 35,136 | |||
Total | 39,180 | |||
Accumulated Depreciation | 12,212 | |||
Operating Properties | Northdale Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,718 | |||
Initial cost, building & improvements | 27,481 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | (203) | |||
Gross carrying amount close of period, land | 1,718 | |||
Gross carrying amount close of period, building and improvements | 27,278 | |||
Total | 28,996 | |||
Accumulated Depreciation | 17,284 | |||
Operating Properties | Northgate North | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 22,361 | |||
Initial cost, land | 20,063 | |||
Initial cost, building & improvements | 48,698 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,609 | |||
Gross carrying amount close of period, land | 20,063 | |||
Gross carrying amount close of period, building and improvements | 51,307 | |||
Total | 71,370 | |||
Accumulated Depreciation | 8,062 | |||
Operating Properties | Northpointe Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 15,964 | |||
Initial cost, building & improvements | 35,447 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 889 | |||
Gross carrying amount close of period, land | 15,964 | |||
Gross carrying amount close of period, building and improvements | 36,336 | |||
Total | 52,300 | |||
Accumulated Depreciation | 5,412 | |||
Operating Properties | Oak Brook Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,753 | |||
Initial cost, building & improvements | 48,640 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,744 | |||
Gross carrying amount close of period, land | 6,753 | |||
Gross carrying amount close of period, building and improvements | 52,383 | |||
Total | 59,136 | |||
Accumulated Depreciation | 6,493 | |||
Operating Properties | Oleander Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 847 | |||
Initial cost, building & improvements | 5,546 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 239 | |||
Gross carrying amount close of period, land | 847 | |||
Gross carrying amount close of period, building and improvements | 5,785 | |||
Total | 6,632 | |||
Accumulated Depreciation | 3,069 | |||
Operating Properties | One Loudoun Downtown | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 95,095 | |||
Initial cost, land | 74,400 | |||
Initial cost, building & improvements | 235,487 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,415 | |||
Gross carrying amount close of period, land | 74,400 | |||
Gross carrying amount close of period, building and improvements | 239,902 | |||
Total | 314,302 | |||
Accumulated Depreciation | 23,341 | |||
Operating Properties | Oswego Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,746 | |||
Initial cost, building & improvements | 8,220 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,824 | |||
Gross carrying amount close of period, land | 5,746 | |||
Gross carrying amount close of period, building and improvements | 10,044 | |||
Total | 15,790 | |||
Accumulated Depreciation | 1,519 | |||
Operating Properties | Palms Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,049 | |||
Initial cost, building & improvements | 24,389 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 676 | |||
Gross carrying amount close of period, land | 12,049 | |||
Gross carrying amount close of period, building and improvements | 25,065 | |||
Total | 37,114 | |||
Accumulated Depreciation | 2,673 | |||
Operating Properties | Paradise Valley Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,889 | |||
Initial cost, building & improvements | 35,794 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 178 | |||
Gross carrying amount close of period, land | 6,889 | |||
Gross carrying amount close of period, building and improvements | 35,971 | |||
Total | 42,860 | |||
Accumulated Depreciation | 5,101 | |||
Operating Properties | Parkside Town Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 21,796 | |||
Initial cost, building & improvements | 107,887 | |||
Cost capitalized subsequent to acquisition/development, land | (60) | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 11,043 | |||
Gross carrying amount close of period, land | 21,736 | |||
Gross carrying amount close of period, building and improvements | 118,930 | |||
Total | 140,666 | |||
Accumulated Depreciation | 39,826 | |||
Operating Properties | Parkway Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 15,099 | |||
Initial cost, building & improvements | 28,436 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 461 | |||
Gross carrying amount close of period, land | 15,099 | |||
Gross carrying amount close of period, building and improvements | 28,897 | |||
Total | 43,996 | |||
Accumulated Depreciation | 3,300 | |||
Operating Properties | Pavilion at King's Grant | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,086 | |||
Initial cost, building & improvements | 39,781 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,918 | |||
Gross carrying amount close of period, land | 5,086 | |||
Gross carrying amount close of period, building and improvements | 41,700 | |||
Total | 46,786 | |||
Accumulated Depreciation | 6,674 | |||
Operating Properties | Pebble Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,504 | |||
Initial cost, building & improvements | 34,448 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 572 | |||
Gross carrying amount close of period, land | 7,504 | |||
Gross carrying amount close of period, building and improvements | 35,020 | |||
Total | 42,524 | |||
Accumulated Depreciation | 2,361 | |||
Operating Properties | Pelham Manor Shopping Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 42,224 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 238 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 42,462 | |||
Total | 42,462 | |||
Accumulated Depreciation | 4,726 | |||
Operating Properties | Peoria Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,879 | |||
Initial cost, building & improvements | 16,215 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,214 | |||
Gross carrying amount close of period, land | 18,879 | |||
Gross carrying amount close of period, building and improvements | 17,429 | |||
Total | 36,308 | |||
Accumulated Depreciation | 3,039 | |||
Operating Properties | Perimeter Woods | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,893 | |||
Initial cost, building & improvements | 27,245 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,948 | |||
Gross carrying amount close of period, land | 6,893 | |||
Gross carrying amount close of period, building and improvements | 29,193 | |||
Total | 36,086 | |||
Accumulated Depreciation | 10,143 | |||
Operating Properties | Pine Ridge Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,640 | |||
Initial cost, building & improvements | 16,326 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,643 | |||
Gross carrying amount close of period, land | 5,640 | |||
Gross carrying amount close of period, building and improvements | 21,969 | |||
Total | 27,609 | |||
Accumulated Depreciation | 10,329 | |||
Operating Properties | Plaza at Cedar Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,782 | |||
Initial cost, building & improvements | 33,810 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 17,621 | |||
Gross carrying amount close of period, land | 5,782 | |||
Gross carrying amount close of period, building and improvements | 51,431 | |||
Total | 57,213 | |||
Accumulated Depreciation | 25,381 | |||
Operating Properties | Plaza at Marysville | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,710 | |||
Initial cost, building & improvements | 18,444 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 205 | |||
Gross carrying amount close of period, land | 6,710 | |||
Gross carrying amount close of period, building and improvements | 18,649 | |||
Total | 25,359 | |||
Accumulated Depreciation | 2,966 | |||
Operating Properties | Pleasant Hill Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,350 | |||
Initial cost, building & improvements | 10,064 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | (376) | |||
Gross carrying amount close of period, land | 3,350 | |||
Gross carrying amount close of period, building and improvements | 9,687 | |||
Total | 13,037 | |||
Accumulated Depreciation | 3,236 | |||
Operating Properties | Pleasant Run Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,465 | |||
Initial cost, building & improvements | 24,889 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,402 | |||
Gross carrying amount close of period, land | 4,465 | |||
Gross carrying amount close of period, building and improvements | 26,291 | |||
Total | 30,756 | |||
Accumulated Depreciation | 3,817 | |||
Operating Properties | Portofino Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,721 | |||
Initial cost, building & improvements | 75,005 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 20,490 | |||
Gross carrying amount close of period, land | 4,721 | |||
Gross carrying amount close of period, building and improvements | 95,494 | |||
Total | 100,215 | |||
Accumulated Depreciation | 40,569 | |||
Operating Properties | Prestonwood Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,282 | |||
Initial cost, building & improvements | 61,305 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 14,282 | |||
Gross carrying amount close of period, building and improvements | 61,305 | |||
Total | 75,587 | |||
Accumulated Depreciation | 772 | |||
Operating Properties | Publix at Woodruff | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,783 | |||
Initial cost, building & improvements | 6,346 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,009 | |||
Gross carrying amount close of period, land | 1,783 | |||
Gross carrying amount close of period, building and improvements | 7,355 | |||
Total | 9,138 | |||
Accumulated Depreciation | 5,038 | |||
Operating Properties | Rampart Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,529 | |||
Initial cost, land | 1,136 | |||
Initial cost, building & improvements | 42,174 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,066 | |||
Gross carrying amount close of period, land | 1,136 | |||
Gross carrying amount close of period, building and improvements | 43,239 | |||
Total | 44,375 | |||
Accumulated Depreciation | 17,875 | |||
Operating Properties | Rangeline Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,981 | |||
Initial cost, building & improvements | 17,459 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,688 | |||
Gross carrying amount close of period, land | 1,981 | |||
Gross carrying amount close of period, building and improvements | 21,147 | |||
Total | 23,128 | |||
Accumulated Depreciation | 8,106 | |||
Operating Properties | Riverchase Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,889 | |||
Initial cost, building & improvements | 11,226 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,252 | |||
Gross carrying amount close of period, land | 3,889 | |||
Gross carrying amount close of period, building and improvements | 12,478 | |||
Total | 16,367 | |||
Accumulated Depreciation | 6,391 | |||
Operating Properties | Rivers Edge | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,647 | |||
Initial cost, building & improvements | 28,778 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,993 | |||
Gross carrying amount close of period, land | 5,647 | |||
Gross carrying amount close of period, building and improvements | 30,771 | |||
Total | 36,418 | |||
Accumulated Depreciation | 11,361 | |||
Operating Properties | Rivery Towne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,230 | |||
Initial cost, building & improvements | 2,291 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,020 | |||
Gross carrying amount close of period, land | 5,230 | |||
Gross carrying amount close of period, building and improvements | 3,311 | |||
Total | 8,541 | |||
Accumulated Depreciation | 566 | |||
Operating Properties | Royal Oaks Village II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,462 | |||
Initial cost, building & improvements | 9,092 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 762 | |||
Gross carrying amount close of period, land | 3,462 | |||
Gross carrying amount close of period, building and improvements | 9,854 | |||
Total | 13,316 | |||
Accumulated Depreciation | 1,425 | |||
Operating Properties | Sawyer Heights Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,720 | |||
Initial cost, building & improvements | 19,565 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 62 | |||
Gross carrying amount close of period, land | 18,720 | |||
Gross carrying amount close of period, building and improvements | 19,627 | |||
Total | 38,347 | |||
Accumulated Depreciation | 2,381 | |||
Operating Properties | Saxon Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,764 | |||
Initial cost, building & improvements | 15,430 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 912 | |||
Gross carrying amount close of period, land | 3,764 | |||
Gross carrying amount close of period, building and improvements | 16,342 | |||
Total | 20,106 | |||
Accumulated Depreciation | 5,551 | |||
Operating Properties | Shoppes at Hagerstown | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,796 | |||
Initial cost, building & improvements | 15,899 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 641 | |||
Gross carrying amount close of period, land | 6,796 | |||
Gross carrying amount close of period, building and improvements | 16,540 | |||
Total | 23,336 | |||
Accumulated Depreciation | 1,871 | |||
Operating Properties | Shoppes at Plaza Green | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,749 | |||
Initial cost, building & improvements | 20,889 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,586 | |||
Gross carrying amount close of period, land | 3,749 | |||
Gross carrying amount close of period, building and improvements | 23,475 | |||
Total | 27,224 | |||
Accumulated Depreciation | 9,828 | |||
Operating Properties | Shoppes at Quarterfield | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,105 | |||
Initial cost, building & improvements | 8,708 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 645 | |||
Gross carrying amount close of period, land | 4,105 | |||
Gross carrying amount close of period, building and improvements | 9,352 | |||
Total | 13,457 | |||
Accumulated Depreciation | 688 | |||
Operating Properties | Shoppes of Eastwood | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,688 | |||
Initial cost, building & improvements | 8,911 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,050 | |||
Gross carrying amount close of period, land | 1,688 | |||
Gross carrying amount close of period, building and improvements | 9,961 | |||
Total | 11,649 | |||
Accumulated Depreciation | 5,162 | |||
Operating Properties | Shoppes of New Hope | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,107 | |||
Initial cost, building & improvements | 10,750 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 34 | |||
Gross carrying amount close of period, land | 2,107 | |||
Gross carrying amount close of period, building and improvements | 10,784 | |||
Total | 12,891 | |||
Accumulated Depreciation | 1,485 | |||
Operating Properties | Shoppes of Prominence Point | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,945 | |||
Initial cost, building & improvements | 11,408 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 164 | |||
Gross carrying amount close of period, land | 2,945 | |||
Gross carrying amount close of period, building and improvements | 11,572 | |||
Total | 14,517 | |||
Accumulated Depreciation | 1,772 | |||
Operating Properties | Shops at Eagle Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,121 | |||
Initial cost, building & improvements | 8,093 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,456 | |||
Gross carrying amount close of period, land | 2,121 | |||
Gross carrying amount close of period, building and improvements | 12,549 | |||
Total | 14,670 | |||
Accumulated Depreciation | 6,430 | |||
Operating Properties | Shops at Forest Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,616 | |||
Initial cost, building & improvements | 9,345 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 553 | |||
Gross carrying amount close of period, land | 1,616 | |||
Gross carrying amount close of period, building and improvements | 9,898 | |||
Total | 11,514 | |||
Accumulated Depreciation | 1,411 | |||
Operating Properties | Shops at Julington Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,372 | |||
Initial cost, building & improvements | 7,300 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 346 | |||
Gross carrying amount close of period, land | 2,372 | |||
Gross carrying amount close of period, building and improvements | 7,646 | |||
Total | 10,018 | |||
Accumulated Depreciation | 2,296 | |||
Operating Properties | Shops at Moore | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,284 | |||
Initial cost, building & improvements | 23,659 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,085 | |||
Gross carrying amount close of period, land | 6,284 | |||
Gross carrying amount close of period, building and improvements | 26,744 | |||
Total | 33,028 | |||
Accumulated Depreciation | 8,271 | |||
Operating Properties | Shops at Park Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,042 | |||
Initial cost, building & improvements | 18,358 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 50 | |||
Gross carrying amount close of period, land | 8,042 | |||
Gross carrying amount close of period, building and improvements | 18,408 | |||
Total | 26,450 | |||
Accumulated Depreciation | 2,862 | |||
Operating Properties | Silver Springs Pointe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,580 | |||
Initial cost, building & improvements | 4,947 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 554 | |||
Gross carrying amount close of period, land | 7,580 | |||
Gross carrying amount close of period, building and improvements | 5,501 | |||
Total | 13,081 | |||
Accumulated Depreciation | 2,359 | |||
Operating Properties | Southlake Corners | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,998 | |||
Initial cost, building & improvements | 16,576 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 296 | |||
Gross carrying amount close of period, land | 7,998 | |||
Gross carrying amount close of period, building and improvements | 16,873 | |||
Total | 24,871 | |||
Accumulated Depreciation | 2,788 | |||
Operating Properties | Southlake Town Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 19,534 | |||
Initial cost, building & improvements | 322,105 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 15,694 | |||
Gross carrying amount close of period, land | 19,534 | |||
Gross carrying amount close of period, building and improvements | 337,798 | |||
Total | 357,332 | |||
Accumulated Depreciation | 50,640 | |||
Operating Properties | Stilesboro Oaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,712 | |||
Initial cost, building & improvements | 11,353 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 63 | |||
Gross carrying amount close of period, land | 3,712 | |||
Gross carrying amount close of period, building and improvements | 11,416 | |||
Total | 15,128 | |||
Accumulated Depreciation | 1,799 | |||
Operating Properties | Stonebridge Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,923 | |||
Initial cost, building & improvements | 7,923 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 18 | |||
Gross carrying amount close of period, land | 1,923 | |||
Gross carrying amount close of period, building and improvements | 7,941 | |||
Total | 9,864 | |||
Accumulated Depreciation | 1,199 | |||
Operating Properties | Stoney Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 628 | |||
Initial cost, building & improvements | 3,700 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 5,913 | |||
Gross carrying amount close of period, land | 628 | |||
Gross carrying amount close of period, building and improvements | 9,613 | |||
Total | 10,241 | |||
Accumulated Depreciation | 5,579 | |||
Operating Properties | Sunland Towne Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,774 | |||
Initial cost, building & improvements | 22,247 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,734 | |||
Gross carrying amount close of period, land | 14,774 | |||
Gross carrying amount close of period, building and improvements | 26,981 | |||
Total | 41,755 | |||
Accumulated Depreciation | 13,769 | |||
Operating Properties | Tacoma South | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 30,058 | |||
Initial cost, building & improvements | 3,334 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,245 | |||
Gross carrying amount close of period, land | 30,058 | |||
Gross carrying amount close of period, building and improvements | 4,579 | |||
Total | 34,637 | |||
Accumulated Depreciation | 581 | |||
Operating Properties | Target South Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,581 | |||
Initial cost, building & improvements | 9,553 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 108 | |||
Gross carrying amount close of period, land | 2,581 | |||
Gross carrying amount close of period, building and improvements | 9,661 | |||
Total | 12,242 | |||
Accumulated Depreciation | 1,467 | |||
Operating Properties | Tarpon Bay Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,855 | |||
Initial cost, building & improvements | 23,796 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 3,161 | |||
Gross carrying amount close of period, land | 3,855 | |||
Gross carrying amount close of period, building and improvements | 26,957 | |||
Total | 30,812 | |||
Accumulated Depreciation | 10,968 | |||
Operating Properties | The Brickyard | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 29,389 | |||
Initial cost, building & improvements | 19,595 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,550 | |||
Gross carrying amount close of period, land | 29,389 | |||
Gross carrying amount close of period, building and improvements | 24,145 | |||
Total | 53,534 | |||
Accumulated Depreciation | 3,602 | |||
Operating Properties | The Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,772 | |||
Initial cost, building & improvements | 23,437 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 271 | |||
Gross carrying amount close of period, land | 3,772 | |||
Gross carrying amount close of period, building and improvements | 23,708 | |||
Total | 27,480 | |||
Accumulated Depreciation | 6,723 | |||
Operating Properties | The Landing at Tradition | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 17,605 | |||
Initial cost, building & improvements | 45,912 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 21,690 | |||
Gross carrying amount close of period, land | 17,605 | |||
Gross carrying amount close of period, building and improvements | 67,602 | |||
Total | 85,207 | |||
Accumulated Depreciation | 17,125 | |||
Operating Properties | The Shoppes at Union Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,988 | |||
Initial cost, land | 9,876 | |||
Initial cost, building & improvements | 46,328 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,192 | |||
Gross carrying amount close of period, land | 9,876 | |||
Gross carrying amount close of period, building and improvements | 47,519 | |||
Total | 57,395 | |||
Accumulated Depreciation | 6,373 | |||
Operating Properties | The Shops at Legacy | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,864 | |||
Initial cost, building & improvements | 119,439 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 9,700 | |||
Gross carrying amount close of period, land | 14,864 | |||
Gross carrying amount close of period, building and improvements | 129,139 | |||
Total | 144,003 | |||
Accumulated Depreciation | 17,638 | |||
Operating Properties | Tollgate Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,963 | |||
Initial cost, building & improvements | 65,450 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 13,715 | |||
Gross carrying amount close of period, land | 11,963 | |||
Gross carrying amount close of period, building and improvements | 79,165 | |||
Total | 91,128 | |||
Accumulated Depreciation | 10,759 | |||
Operating Properties | Toringdon Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,448 | |||
Initial cost, building & improvements | 9,325 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 601 | |||
Gross carrying amount close of period, land | 5,448 | |||
Gross carrying amount close of period, building and improvements | 9,926 | |||
Total | 15,374 | |||
Accumulated Depreciation | 3,890 | |||
Operating Properties | Towson Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,412 | |||
Initial cost, building & improvements | 27,173 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 38 | |||
Gross carrying amount close of period, land | 1,412 | |||
Gross carrying amount close of period, building and improvements | 27,211 | |||
Total | 28,623 | |||
Accumulated Depreciation | 2,939 | |||
Operating Properties | Traders Point | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,135 | |||
Initial cost, building & improvements | 42,153 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,997 | |||
Gross carrying amount close of period, land | 11,135 | |||
Gross carrying amount close of period, building and improvements | 45,150 | |||
Total | 56,285 | |||
Accumulated Depreciation | 26,481 | |||
Operating Properties | Tradition Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,140 | |||
Initial cost, building & improvements | 14,741 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,314 | |||
Gross carrying amount close of period, land | 3,140 | |||
Gross carrying amount close of period, building and improvements | 16,055 | |||
Total | 19,195 | |||
Accumulated Depreciation | 5,919 | |||
Operating Properties | Tysons Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 13,334 | |||
Initial cost, building & improvements | 10,483 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 141 | |||
Gross carrying amount close of period, land | 13,334 | |||
Gross carrying amount close of period, building and improvements | 10,623 | |||
Total | 23,957 | |||
Accumulated Depreciation | 1,079 | |||
Operating Properties | Village Shoppes at Simonton | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,627 | |||
Initial cost, building & improvements | 11,928 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 92 | |||
Gross carrying amount close of period, land | 1,627 | |||
Gross carrying amount close of period, building and improvements | 12,020 | |||
Total | 13,647 | |||
Accumulated Depreciation | 1,734 | |||
Operating Properties | Walter's Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 13,056 | |||
Initial cost, building & improvements | 20,699 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 4,258 | |||
Gross carrying amount close of period, land | 13,056 | |||
Gross carrying amount close of period, building and improvements | 24,957 | |||
Total | 38,013 | |||
Accumulated Depreciation | 2,962 | |||
Operating Properties | Watauga Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,511 | |||
Initial cost, building & improvements | 24,145 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 247 | |||
Gross carrying amount close of period, land | 5,511 | |||
Gross carrying amount close of period, building and improvements | 24,392 | |||
Total | 29,903 | |||
Accumulated Depreciation | 3,422 | |||
Operating Properties | Waterford Lakes Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,317 | |||
Initial cost, building & improvements | 1,873 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 11,158 | |||
Gross carrying amount close of period, land | 2,317 | |||
Gross carrying amount close of period, building and improvements | 13,031 | |||
Total | 15,348 | |||
Accumulated Depreciation | 1,554 | |||
Operating Properties | Waxahachie Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,411 | |||
Initial cost, building & improvements | 15,698 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | (257) | |||
Gross carrying amount close of period, land | 1,411 | |||
Gross carrying amount close of period, building and improvements | 15,441 | |||
Total | 16,852 | |||
Accumulated Depreciation | 4,703 | |||
Operating Properties | Westbury Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,540 | |||
Initial cost, building & improvements | 12,866 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 131 | |||
Gross carrying amount close of period, land | 4,540 | |||
Gross carrying amount close of period, building and improvements | 12,998 | |||
Total | 17,538 | |||
Accumulated Depreciation | 1,850 | |||
Operating Properties | Winchester Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,119 | |||
Initial cost, building & improvements | 9,560 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 37 | |||
Gross carrying amount close of period, land | 2,119 | |||
Gross carrying amount close of period, building and improvements | 9,597 | |||
Total | 11,716 | |||
Accumulated Depreciation | 1,632 | |||
Operating Properties | Woodinville Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 24,722 | |||
Initial cost, building & improvements | 30,048 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 1,146 | |||
Gross carrying amount close of period, land | 24,722 | |||
Gross carrying amount close of period, building and improvements | 31,194 | |||
Total | 55,916 | |||
Accumulated Depreciation | 4,825 | |||
Office and Other Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,547 | |||
Initial cost, building & improvements | 10,441 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 28,585 | |||
Gross carrying amount close of period, land | 2,547 | |||
Gross carrying amount close of period, building and improvements | 39,026 | |||
Total | 41,573 | |||
Accumulated Depreciation | 20,138 | |||
Office and Other Properties | Thirty South Meridian | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,643 | |||
Initial cost, building & improvements | 8,131 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 26,303 | |||
Gross carrying amount close of period, land | 1,643 | |||
Gross carrying amount close of period, building and improvements | 34,435 | |||
Total | 36,078 | |||
Accumulated Depreciation | 17,911 | |||
Office and Other Properties | Union Station Parking Garage | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 904 | |||
Initial cost, building & improvements | 2,310 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 2,281 | |||
Gross carrying amount close of period, land | 904 | |||
Gross carrying amount close of period, building and improvements | 4,591 | |||
Total | 5,495 | |||
Accumulated Depreciation | 2,227 | |||
Development and Redevelopment Projects | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 124,205 | |||
Initial cost, building & improvements | 41,754 | |||
Cost capitalized subsequent to acquisition/development, land | (107) | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 851 | |||
Gross carrying amount close of period, land | 124,098 | |||
Gross carrying amount close of period, building and improvements | 42,605 | |||
Total | 166,703 | |||
Accumulated Depreciation | 631 | |||
Development and Redevelopment Projects | Carillon | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 28,239 | |||
Initial cost, building & improvements | 39,737 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 28,239 | |||
Gross carrying amount close of period, building and improvements | 39,737 | |||
Total | 67,976 | |||
Accumulated Depreciation | 631 | |||
Development and Redevelopment Projects | Hamilton Crossing Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,514 | |||
Initial cost, building & improvements | 2,017 | |||
Cost capitalized subsequent to acquisition/development, land | (19) | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 490 | |||
Gross carrying amount close of period, land | 3,495 | |||
Gross carrying amount close of period, building and improvements | 2,507 | |||
Total | 6,002 | |||
Accumulated Depreciation | 0 | |||
Development and Redevelopment Projects | One Loudoun – Uptown | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 92,452 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | (88) | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 111 | |||
Gross carrying amount close of period, land | 92,363 | |||
Gross carrying amount close of period, building and improvements | 111 | |||
Total | 92,474 | |||
Accumulated Depreciation | 0 | |||
Development and Redevelopment Projects | The Corner – IN | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 250 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 250 | |||
Total | 250 | |||
Accumulated Depreciation | 0 | |||
Other | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,780 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 74 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 5,854 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 5,854 | |||
Accumulated Depreciation | 0 | |||
Other | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 855 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 855 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 855 | |||
Accumulated Depreciation | 0 | |||
Other | KRG Development | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
Other | KRG New Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,092 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 74 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 1,166 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 1,166 | |||
Accumulated Depreciation | 0 | |||
Other | KRG Peakway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,833 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 3,833 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 3,833 | |||
Accumulated Depreciation | 0 | |||
Line of credit/Term loans/Unsecured notes | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 2,649,635 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 0 | |||
Cost capitalized subsequent to acquisition/development, land | 0 | |||
Cost capitalized subsequent to acquisition/development, building and improvements | 0 | |||
Gross carrying amount close of period, land | 0 | |||
Gross carrying amount close of period, building and improvements | 0 | |||
Total | 0 | |||
Accumulated Depreciation | $ 0 |
Schedule III - Changes in Inves
Schedule III - Changes in Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance as of January 1 | $ 7,732,573 | $ 7,584,735 | $ 3,136,982 |
Acquisitions | 75,587 | 99,064 | 15,263 |
Improvements | 140,654 | 152,165 | 54,323 |
Disposals | (208,753) | (86,719) | (62,601) |
Balance as of December 31 | 7,740,061 | 7,732,573 | 7,584,735 |
Federal income tax basis | 8,000,000 | ||
Retail Properties of America, Inc. | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Acquisitions related to the RPAI merger | $ 0 | $ (16,672) | $ 4,440,768 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance as of January 1 | $ 1,161,148 | $ 879,306 | $ 750,119 |
Depreciation expense | 317,593 | 318,809 | 154,519 |
Disposals | (96,971) | (36,967) | (25,332) |
Balance as of December 31 | $ 1,381,770 | $ 1,161,148 | $ 879,306 |
Buildings | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 20 years | ||
Buildings | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 35 years | ||
Building improvements | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 10 years | ||
Building improvements | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 35 years | ||
Furniture and fixtures | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 5 years | ||
Furniture and fixtures | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Estimated useful life (in years) | 10 years |