Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-51609 | |
Entity Registrant Name | INVENTRUST PROPERTIES CORP. | |
Entity Central Index Key | 0001307748 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
No Trading Symbol Flag | true | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 34-2019608 | |
Entity Address, Address Line One | 3025 Highland Parkway, | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Downers Grove, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60515 | |
City Area Code | (855) | |
Local Phone Number | 377-0510 | |
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 | |
Title of 12(b) Security | Common Stock | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 728,722,763 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment properties | ||
Land | $ 603,730 | $ 558,817 |
Building and other improvements | 1,778,436 | 1,670,678 |
Construction in progress | 4,238 | 12,788 |
Total | 2,386,404 | 2,242,283 |
Less accumulated depreciation | (280,483) | (286,330) |
Net investment properties | 2,105,921 | 1,955,953 |
Cash and cash equivalents | 113,785 | 260,131 |
Restricted cash | 5,032 | 4,722 |
Investment in unconsolidated entities | 120,050 | 156,132 |
Intangible assets, net | 124,040 | 108,005 |
Accounts and rents receivable, net | 28,181 | 27,087 |
Deferred costs and other assets, net | 23,105 | 23,976 |
Total assets | 2,520,114 | 2,536,006 |
Liabilities | ||
Debt, net | 573,097 | 561,782 |
Accounts payable and accrued expenses | 37,972 | 32,784 |
Distributions payable | 13,408 | 13,029 |
Intangible liabilities, net | 45,676 | 46,985 |
Other liabilities | 29,018 | 29,112 |
Total liabilities | 699,171 | 683,692 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $.001 par value, 1,460,000,000 shares authorized, 728,722,763 shares issued and outstanding as of September 30, 2019 and 728,558,989 shares issued and outstanding as of December 31, 2018. | 729 | 729 |
Additional paid-in capital | 5,588,008 | 5,585,758 |
Distributions in excess of accumulated net income | (3,766,326) | (3,735,810) |
Accumulated comprehensive (loss) income | (1,468) | 1,637 |
Total stockholders' equity | 1,820,943 | 1,852,314 |
Total liabilities and stockholders' equity | $ 2,520,114 | $ 2,536,006 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,460,000,000 | 1,460,000,000 |
Common stock, shares issued | 728,722,763 | 728,558,989 |
Common stock, shares outstanding | 728,722,763 | 728,558,989 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income | ||||
Lease income, net | $ 56,768 | $ 58,766 | $ 167,312 | $ 181,139 |
Total income | 58,169 | 60,094 | 171,750 | 185,418 |
Operating expenses | ||||
Depreciation and amortization | 24,253 | 29,684 | 71,807 | 77,768 |
Property operating expenses | 8,460 | 8,216 | 22,969 | 25,864 |
Real estate taxes | 9,000 | 8,712 | 27,009 | 27,742 |
General and administrative expenses | 8,379 | 9,628 | 25,788 | 26,617 |
Total operating expenses | 50,092 | 56,240 | 147,573 | 157,991 |
Interest, dividend and other income | 124 | 361 | 1,434 | 2,004 |
Interest expense, net | (6,077) | (5,954) | (17,182) | (19,047) |
(Loss) gain on extinguishment of debt, net | (2,092) | (4) | (2,901) | 10,693 |
Provision for asset impairment | (2,359) | (2,713) | (2,359) | (3,510) |
Gain on sale and transfer of investment properties, net | 26,781 | 13,476 | 32,443 | 51,741 |
Equity in earnings (losses) of unconsolidated entities | 572 | (43) | (48) | (2,795) |
Realized and unrealized investment gains | 0 | 13 | 0 | 236 |
Total other income | 16,949 | 5,136 | 11,387 | 39,322 |
Income before income taxes | 25,026 | 8,990 | 35,564 | 66,749 |
Income tax expense | (100) | (43) | (359) | (407) |
Net income from continuing operations | 24,926 | 8,947 | 35,205 | 66,342 |
Net loss from discontinued operations | 0 | 0 | (25,500) | 0 |
Net income | $ 24,926 | $ 8,947 | $ 9,705 | $ 66,342 |
Weighted-average number of common shares outstanding, basic | 728,722,763 | 768,385,770 | 728,645,975 | 772,341,263 |
Weighted-average number of common shares outstanding, diluted | 729,456,722 | 769,306,859 | 729,221,226 | 772,971,787 |
Net income per common share, from continuing operations, basic and diluted (in dollars per share) | $ 0.03 | $ 0.01 | $ 0.05 | $ 0.09 |
Net loss per common share, from discontinued operations, basic and diluted (in dollars per share) | 0 | 0 | (0.03) | 0 |
Net income per common share, basic and diluted (in dollars per share) | 0.03 | 0.01 | 0.02 | 0.09 |
Distributions declared per common share outstanding (in dollars per share) | 0.02 | 0.01 | 0.06 | 0.05 |
Distributions paid per common share outstanding (in dollars per share) | $ 0.02 | $ 0.01 | $ 0.05 | $ 0.05 |
Comprehensive income | ||||
Net income | $ 24,926 | $ 8,947 | $ 9,705 | $ 66,342 |
Unrealized (loss) gain on derivatives | (1,587) | 142 | (1,903) | 1,218 |
Reclassification to interest expense, net | (343) | (284) | (1,202) | (593) |
Comprehensive income | 22,996 | 8,805 | 6,600 | 66,967 |
Other property income | ||||
Income | ||||
Income | 333 | 363 | 1,605 | 1,314 |
Other fee income | ||||
Income | ||||
Income | $ 1,068 | $ 965 | $ 2,833 | $ 2,965 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions in excess of accumulated net income | Accumulated Comprehensive Income |
Balance at the beginning (in shares) at Dec. 31, 2017 | 774,293,197 | ||||
Balance at the beginning, value at Dec. 31, 2017 | $ 1,905,722 | $ 773 | $ 5,681,912 | $ (3,778,908) | $ 1,945 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 34,232 | 34,232 | |||
Unrealized gain on derivatives | 760 | 760 | |||
Reclassification to interest expense, net | (93) | (93) | |||
Distributions declared | (13,860) | (13,860) | |||
Share-based compensation, net (in shares) | 18,057 | ||||
Stock-based compensation, net | 545 | 545 | |||
Balance at the end (in shares) at Mar. 31, 2018 | 774,311,254 | ||||
Balance at the end, value at Mar. 31, 2018 | 1,940,062 | $ 773 | 5,682,457 | (3,745,505) | 2,337 |
Balance at the beginning (in shares) at Dec. 31, 2017 | 774,293,197 | ||||
Balance at the beginning, value at Dec. 31, 2017 | 1,905,722 | $ 773 | 5,681,912 | (3,778,908) | 1,945 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 66,342 | ||||
Unrealized gain on derivatives | 1,218 | ||||
Reclassification to interest expense, net | (593) | ||||
Balance at the end (in shares) at Sep. 30, 2018 | 727,949,198 | ||||
Balance at the end, value at Sep. 30, 2018 | 1,847,273 | $ 728 | 5,584,538 | (3,740,288) | 2,295 |
Balance at the beginning (in shares) at Mar. 31, 2018 | 774,311,254 | ||||
Balance at the beginning, value at Mar. 31, 2018 | 1,940,062 | $ 773 | 5,682,457 | (3,745,505) | 2,337 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 23,163 | 23,163 | |||
Unrealized gain on derivatives | 316 | 316 | |||
Reclassification to interest expense, net | (216) | (216) | |||
Distributions declared | (13,863) | (13,863) | |||
Share-based compensation, net (in shares) | 137,893 | ||||
Stock-based compensation, net | 751 | 751 | |||
Balance at the end (in shares) at Jun. 30, 2018 | 774,449,147 | ||||
Balance at the end, value at Jun. 30, 2018 | 1,950,213 | $ 773 | 5,683,208 | (3,736,205) | 2,437 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 8,947 | 8,947 | |||
Unrealized gain on derivatives | 142 | 142 | |||
Reclassification to interest expense, net | (284) | (284) | |||
Distributions declared | (13,030) | (13,030) | |||
Share-based compensation, net (in shares) | 3,590 | ||||
Stock-based compensation, net | 516 | 516 | |||
Repurchase of common stock (in shares) | (46,503,539) | ||||
Repurchase of common stock | (99,231) | $ (45) | (99,186) | 0 | 0 |
Balance at the end (in shares) at Sep. 30, 2018 | 727,949,198 | ||||
Balance at the end, value at Sep. 30, 2018 | 1,847,273 | $ 728 | 5,584,538 | (3,740,288) | 2,295 |
Balance at the beginning (in shares) at Dec. 31, 2018 | 728,558,989 | ||||
Balance at the beginning, value at Dec. 31, 2018 | 1,852,314 | $ 729 | 5,585,758 | (3,735,810) | 1,637 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (9,499) | (9,499) | |||
Unrealized gain on derivatives | (112) | (112) | |||
Reclassification to interest expense, net | (432) | (432) | |||
Distributions declared | (13,405) | (13,405) | |||
Stock-based compensation, net | 397 | 397 | |||
Balance at the end (in shares) at Mar. 31, 2019 | 728,558,989 | ||||
Balance at the end, value at Mar. 31, 2019 | 1,829,263 | $ 729 | 5,586,155 | (3,758,714) | 1,093 |
Balance at the beginning (in shares) at Dec. 31, 2018 | 728,558,989 | ||||
Balance at the beginning, value at Dec. 31, 2018 | 1,852,314 | $ 729 | 5,585,758 | (3,735,810) | 1,637 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 9,705 | ||||
Unrealized gain on derivatives | (1,903) | ||||
Reclassification to interest expense, net | (1,202) | ||||
Balance at the end (in shares) at Sep. 30, 2019 | 728,722,763 | ||||
Balance at the end, value at Sep. 30, 2019 | 1,820,943 | $ 729 | 5,588,008 | (3,766,326) | (1,468) |
Balance at the beginning (in shares) at Mar. 31, 2019 | 728,558,989 | ||||
Balance at the beginning, value at Mar. 31, 2019 | 1,829,263 | $ 729 | 5,586,155 | (3,758,714) | 1,093 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (5,722) | (5,722) | |||
Unrealized gain on derivatives | (204) | (204) | |||
Reclassification to interest expense, net | (427) | (427) | |||
Distributions declared | (13,408) | (13,408) | |||
Share-based compensation, net (in shares) | 163,774 | ||||
Stock-based compensation, net | 1,195 | 1,195 | |||
Balance at the end (in shares) at Jun. 30, 2019 | 728,722,763 | ||||
Balance at the end, value at Jun. 30, 2019 | 1,810,697 | $ 729 | 5,587,350 | (3,777,844) | 462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 24,926 | 24,926 | |||
Unrealized gain on derivatives | (1,587) | (1,587) | |||
Reclassification to interest expense, net | (343) | (343) | |||
Distributions declared | (13,408) | (13,408) | |||
Stock-based compensation, net | 658 | 658 | |||
Balance at the end (in shares) at Sep. 30, 2019 | 728,722,763 | ||||
Balance at the end, value at Sep. 30, 2019 | $ 1,820,943 | $ 729 | $ 5,588,008 | $ (3,766,326) | $ (1,468) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 9,705 | $ 66,342 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,807 | 77,768 |
Amortization of above and below-market leases and lease inducements, net | (4,546) | (3,852) |
Amortization of debt premiums, discounts and financing costs, net | 1,279 | 797 |
Straight-line rent adjustment, net | (2,823) | (3,237) |
Provision for asset impairment | 2,359 | 3,510 |
Gain on sale and transfer of investment properties, net | (32,443) | (51,741) |
Loss (gain) on extinguishment of debt, net | 2,901 | (10,693) |
Equity in losses of unconsolidated entities | 48 | 2,795 |
Distributions from unconsolidated entities | 6,034 | 5,069 |
Stock-based compensation, net | 3,454 | 3,187 |
Realized and unrealized investment gains | 0 | (236) |
Provision for indemnification claims | 25,500 | 0 |
Changes in assets and liabilities: | ||
Accounts and rents receivable, net | (686) | 400 |
Deferred costs and other assets | (2,175) | 3,742 |
Accounts payable and accrued expenses | 5,636 | 7,862 |
Other liabilities | 139 | (22) |
Net cash provided by operating activities | 86,189 | 101,691 |
Cash flows from investing activities: | ||
Purchase of investment properties | (329,493) | (149,781) |
Acquired in-place and market lease intangibles, net | (29,602) | (8,935) |
Capital expenditures and tenant improvements | (14,861) | (17,636) |
Investment in development projects | (5,658) | (2,028) |
Proceeds from sale and transfer of investment properties, net | 183,588 | 254,424 |
Indemnification payment related to the sale of investment properties | (30,000) | 0 |
Proceeds from the sale of marketable securities, net | 0 | 3,609 |
Proceeds from the sale of unconsolidated entity | 30,000 | 0 |
Contributions to unconsolidated entities | 0 | (2,761) |
Distributions from unconsolidated entities | 0 | 282 |
Lease commissions and other leasing costs | (3,864) | (5,353) |
Other assets | 477 | (89) |
Other liabilities | (239) | (330) |
Net cash (used in) provided by investing activities | (199,652) | 71,402 |
Cash flows from financing activities: | ||
Shares repurchased | 0 | (98,666) |
Distributions | (39,842) | (41,164) |
Proceeds from debt | 118,000 | 52,000 |
Pay-off of debt | (106,041) | (68,096) |
Debt prepayment penalties | (2,692) | (1,617) |
Principal payments of debt | (1,382) | (1,423) |
Payment of finance lease liabilities | (343) | 0 |
Payment of loan fees and deposits | (273) | (619) |
Net cash used in financing activities | (32,573) | (159,585) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (146,036) | 13,508 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 264,853 | 171,878 |
Cash, cash equivalents, and restricted cash at the end of the period | 118,817 | 185,386 |
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets: | ||
Cash, cash equivalents, and restricted cash at the end of the period | 264,853 | 171,878 |
Cash flow disclosure, including non-cash activities: | ||
Cash paid for interest, net of capitalized interest of $89 and $0 | 16,089 | 18,504 |
Cash paid for income taxes, net of refunds of $438 and $138 | 504 | 1,040 |
Cash paid for operating lease liabilities | 568 | 0 |
Right-of-use assets obtained in exchange for operating lease liabilities | 2,890 | 0 |
Lease liabilities arising from obtaining right-of-use assets | 3,114 | 0 |
Distributions payable | 13,408 | 13,030 |
Accrued investment in re-development projects | 300 | 362 |
Accrued lease commissions and other leasing costs | 232 | 410 |
Tenant building construction placed into service | 7,950 | 0 |
Accrued common stock repurchase costs | 0 | 565 |
Purchase of investment properties: | ||
Net investment properties | 332,449 | 150,477 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 37,103 | 14,121 |
Accounts payable and accrued expenses, lease intangibles, and other liabilities | (10,457) | (5,882) |
Cash outflow for purchase of investment properties, net | 359,095 | 158,716 |
Capitalized acquisition costs | (2,334) | (260) |
Construction escrow accounts | 0 | 467 |
Credits and other changes in cash outflow, net | 9,003 | 877 |
Gross acquisition price of investment properties | 365,764 | 159,800 |
Sale and transfer of investment properties: | ||
Net investment properties | 153,081 | 251,383 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 5,683 | 10,077 |
Debt extinguished through the transfer of properties | 0 | (44,331) |
Debt assumed by the buyer through the disposition of properties | 0 | (14,854) |
Gain on sale and transfer of investment properties, net | 32,443 | 51,741 |
(Loss) gain on extinguishment of debt | (2,092) | 10,697 |
Proceeds from sale and transfer of investment properties, net | 183,588 | 254,424 |
Transfer of mortgage principal to buyer | 0 | 16,600 |
Surrender of mortgage escrows for transferred properties | 0 | 2,160 |
Credits and other changes in cash inflow, net | 6,612 | 9,766 |
Gross disposition price of investment properties | $ 190,200 | $ 282,950 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Interest Paid, Capitalized, Investing Activities | $ 89 | $ 0 |
Income tax refunds | $ 438 | $ 138 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization On October 4, 2004, the Company was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring and developing a multi-tenant retail platform. The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure. The accompanying condensed consolidated financial statements include the accounts of the Company and all wholly-owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated. Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in " Note 7. Debt ." As of September 30, 2019 , the Company's wholly-owned investment properties consisted of 57 retail properties with a gross leasable area ("GLA") of approximately 9.3 million square feet. As of September 30, 2018 , the Company's wholly-owned or consolidated investment properties consisted of 63 retail properties, with a GLA of approximately 10.5 million square feet. In addition, as of September 30, 2019 and 2018, the Company had an investment in one unconsolidated real estate joint venture which owns an interest in 11 and 14 retail properties, respectively, with GLA of approximately 2.6 million and 3.0 million square feet, respectively, managed by the Company. As of September 30, 2018, the Company had an investment in a separate unconsolidated real estate joint venture which owned land being developed in Sacramento, California. The Company has since liquidated its interest in that venture as disclosed in " Note 6. Investment in Consolidated and Unconsolidated Entities |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Recently Issued Accounting Pronouncements | Basis of Presentation and Recently Issued Accounting Pronouncements The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired assets, determining the fair value of debt and evaluating the collectability of accounts and rents receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2016-02, Leases, (Topic 842) and related updates ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e., lessees and lessors). The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available. January 2019 The Company adopted ASU No. 2016-02 and the related updates on a modified retrospective basis and applied the effective date method in which the elected practical expedients were applied consistently to all leases commenced before the ASU effective date of January 1, 2019. Recently Issued Accounting Pronouncements Not Yet Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. The guidance is effective for all entities for fiscal years beginning after December 15, 2019, and early adoption is permitted. January 2020 The Company is continuing to evaluate this guidance, but expects the standard to only impact fair value measurement disclosures, and therefore should have no impact on the Company's condensed consolidated financial position, results of operations, or cash flows. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties consists of minimum lease payments received from tenants under long-term operating leases with varying terms. In addition to minimum lease payments, some leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord as recoveries, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company. In conjunction with the adoption of Topic 842, Leases ("Topic 842") on January 1, 2019, the Company elected the package of practical expedients that permits the Company to not reassess: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) any initial direct costs for existing leases as of the effective date. Except as described below, the Company's accounting policies and resulting recognition of lease income remained substantially consistent with previous guidance. As a result of the narrowed definition of initial direct costs under Topic 842, the Company expenses as incurred certain lease origination costs previously capitalized and amortized to expense over the lease term. The Company has elected the practical expedient of not separating lease and non-lease components for all qualifying leases. In effect, this will generally relieve the Company from the requirement to account for certain consideration under the new revenue standard. As a result of the accounting policy election, all income arising from leases is presented on a combined basis as lease income, net on the condensed consolidated statements of operations and comprehensive income. Beginning on January 1, 2019, the provision for estimated credit losses resulting from changes in the collectability of lease payments will be recognized as a direct reduction to lease income on the condensed consolidated statements of operations and comprehensive income and a direct write-off of the operating lease receivable on the condensed consolidated balance sheets. Changes in collectability occur when the Company no longer believes it is probable that substantially all of the lease payments will be collected. If collection is not probable, the lease payments will be accounted for on a cash basis, and revenue will be recorded as received. When reassessed and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition will be reestablished. Consistent with previous guidance, unless there is a change in the minimum lease payment credit risk, changes in the collectability of billed and unbilled recoveries will continue to be recognized as bad debt expense in property operating expenses on the condensed consolidated statements of operations and comprehensive income and an allowance for doubtful accounts established on the condensed consolidated balance sheets. As of September 30, 2019 , minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments Remaining 2019 $ 40,463 2020 154,921 2021 142,373 2022 121,061 2023 104,764 Thereafter 377,833 Total $ 941,415 As of December 31, 2018 , minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments 2019 $ 151,874 2020 139,290 2021 124,366 2022 103,204 2023 83,744 Thereafter 282,629 Total $ 885,107 Topic 842 Reclassifications The Company has chosen to apply the combined presentation of lease income, net, required by Topic 842 retrospectively to the three and nine months ended September 30, 2018, by combining amounts previously reported as rental income and tenant recovery income, and making certain other reclassifications to the condensed consolidated statements of operations and comprehensive income. The following table reflects the disaggregation of lease income, net: Three months ended Nine months ended 2019 2018 2019 2018 Minimum lease payments $ 40,664 $ 42,990 $ 119,130 $ 131,173 Billed and unbilled tax and insurance recoveries 8,520 7,613 25,495 25,788 Billed and unbilled common area maintenance and other recoveries 5,627 6,000 16,752 18,602 Amortization of above and below-market leases and lease inducements, net 1,628 1,104 4,546 3,852 Short-term, termination fee and other lease income 505 1,458 2,654 2,489 Estimated credit losses (176 ) (399 ) (1,265 ) (765 ) Lease income, net $ 56,768 $ 58,766 $ 167,312 $ 181,139 Contracts with Customers The Company earned other fee income of $1,068 and $2,833 for the three and nine months ended September 30, 2019 , respectively, and $965 and $2,965 for the three and nine months ended September 30, 2018 , respectively, which is comprised of fees derived from services provided to IAGM Retail Fund I, LLC ("IAGM"), an unconsolidated retail joint venture partnership between the Company as 55% owner and PGGM Private Real Estate Fund ("PGGM"), as disclosed in " Note 6. Investment in Consolidated and Unconsolidated Entities ", and therefore deemed to be related party transactions. The property management, asset management, leasing and other services are provided over the term of the contract, which has a remaining original duration through 2023. The Company has receivables of $473 and $778 as of September 30, 2019 and December 31, 2018, respectively, from services provided to IAGM which are included in deferred costs and other assets, net, on the condensed consolidated balance sheets. The following table reflects the disaggregation of other fee income: Three months ended Nine months ended 2019 2018 2019 2018 Property management fees $ 592 $ 631 $ 1,818 $ 1,996 Asset management fees 278 269 795 831 Leasing commissions and other fees 198 65 220 138 Other fee income $ 1,068 $ 965 $ 2,833 $ 2,965 |
Acquired Properties
Acquired Properties | 9 Months Ended |
Sep. 30, 2019 | |
Asset Acquisition [Abstract] | |
Acquired Properties | Acquired Properties The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2019 : Acquisition Date Property Metropolitan Statistical Area ("MSA")(a) Gross Square Feet January 31, 2019 Commons at University Place Raleigh-Cary, NC $ 23,250 92,000 March 20, 2019 Lakeside Winter Park Orlando-Kissimmee-Sanford, FL 63,500 76,000 April 30, 2019 Scofield Crossing (b) Austin-Round Rock, TX 3,000 64,000 May 7, 2019 Tomball Town Center Kroger Houston-The Woodlands-Sugar Land, TX 13,992 74,000 June 14, 2019 Sandy Plains Outparcel (c) Atlanta-Sandy Springs-Roswell, GA 2,900 6,000 June 28, 2019 Shoppes at Fairview Dallas-Fort Worth-Arlington, TX 36,000 67,500 July 11, 2019 Southern Palm Crossing (d) Miami-Fort Lauderdale-West Palm Beach, FL 96,750 346,200 September 9, 2019 Travilah Square Washington-Arlington-Alexandria, DC-VA-MD-WV 52,272 58,300 September 13, 2019 Eldorado Marketplace Dallas-Fort Worth-Arlington, TX 70,850 189,500 September 27, 2019 Garden Village Outparcel (c) Los Angeles-Long Beach-Anaheim, CA 3,250 3,900 $ 365,764 977,400 (a) As defined by the United States Office of Management and Budget. (b) The building and tenant improvements were acquired subject to an existing ground lease at the property. (c) The assets, liabilities and operations of the adjacent outparcels acquired are included as part of existing retail properties owned by the Company. (d) This acquisition was made through a consolidated VIE and was used to facilitate a reverse like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended ("Reverse 1031 Exchanges"). During the third quarter of 2019, the title of Southern Palm Crossing transferred to the Company through the completion of an exchange with the dispositions of West Creek and Boynton Commons. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2018 : Acquisition Date Property MSA Gross Square Feet May 16, 2018 PGA Plaza (a) Miami-Fort Lauderdale-West Palm Beach, FL $ 88,000 120,000 May 30, 2018 Kennesaw Marketplace (a) Atlanta-Sandy Springs-Roswell, GA 64,300 117,000 September 13, 2018 Kennesaw Marketplace, Phase 3 (b) Atlanta-Sandy Springs-Roswell, GA 7,500 13,000 $ 159,800 250,000 (a) These acquisitions were made through two consolidated VIEs and were used to facilitate Reverse 1031 Exchanges. During the last quarter of 2018, the title of PGA Plaza and Kennesaw Marketplace transferred to the Company through the completion of an exchange and expiration of the 180-day waiting period, respectively. (b) The assets, liabilities and operations of Kennesaw Marketplace, Phase 3, acquired are included as part of an existing retail property owned by the Company. The Company incurred transaction costs of $1,416 and $2,334 during the three and nine months ended September 30, 2019 , respectively, and $60 and $260 during the three and nine months ended September 30, 2018 |
Disposed Properties
Disposed Properties | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed Properties | Disposed Properties The following table reflects the retail properties disposed of during the nine months ended September 30, 2019 : Disposition Date Property Square Gross Gain (loss) on sale of investment properties, net Loss on extinguishment April 3, 2019 Brooks Corner 173,000 $ 26,300 $ 5,531 $ (809 ) May 31, 2019 Silverlake 101,000 6,650 131 — August 15, 2019 Promenade Fultondale 207,600 23,200 1,861 — August 21, 2019 Crossroads at Chesapeake Square 198,700 23,100 1,353 — September 10, 2019 West Creek 53,300 18,700 5,962 — September 13, 2019 Boynton Commons 210,300 50,000 18,405 — September 25, 2019 Quebec Square 207,600 42,250 (800 ) (2,092 ) 1,151,500 $ 190,200 $ 32,443 $ (2,901 ) In aggregate, the Company recognized net proceeds of $183,588 from the sales of these properties on the condensed consolidated statement of cash flows during the nine months ended September 30, 2019. The following table reflects the retail properties disposed of during the nine months ended September 30, 2018 : Disposition Date Property Square Gross Gain (loss) on sale and transfer of investment properties, net Gain (loss) on extinguishment January 9, 2018 Sherman Town Center I & II 485,000 $ 63,000 $ 12,382 $ — January 25, 2018 Grafton Commons 239,000 33,500 6,564 — March 8, 2018 Lakeport Commons 283,000 31,000 (666 ) — March 21, 2018 Stonecrest Marketplace (a) 265,000 — 1,777 10,752 March 31, 2018 Northwest Marketplace (b) — — 248 — April 17, 2018 Market at Morse/Hamilton 45,000 10,000 1,592 — May 24, 2018 Siegen Plaza 156,000 29,000 3,849 (54 ) June 20, 2018 Tomball Town Center 67,000 22,750 7,184 — June 26, 2018 Bellerive Plaza (c) 76,000 — (22 ) 1,694 June 28, 2018 Parkway Centre North 143,000 23,700 5,357 (1,695 ) September 14, 2018 Tulsa Hills 473,000 70,000 13,476 — 2,232,000 $ 282,950 $ 51,741 $ 10,697 (a) On March 21, 2018, the Company surrendered Stonecrest Marketplace, with a carrying value of $23,932 , to the lender in satisfaction of non-recourse debt with an initial maturity date of March 1, 2017, and recognized a gain on transfer of assets, net, of $1,777 . The Company is not aware of any material outstanding commitments and contingencies related to Stonecrest Marketplace. (b) The Company recognized a gain on sale of $248 related to the completion of a partial condemnation at this retail property. (c) On June 26, 2018, the Company surrendered Bellerive Plaza, with a carrying value of $4,771 , to the lender in satisfaction of non-recourse debt with an initial maturity date of June 1, 2017. The Company recognized a loss on transfer of assets, net, of $22 . The Company is not aware of any material outstanding commitments and contingencies related to Bellerive Plaza. (d) In addition to the gain or loss recognized as a result of the disposition of retail properties, the Company extinguished an additional loan on a retained retail property resulting in a loss on debt extinguishment of $4 . In aggregate, the Company recognized net proceeds of $254,424 from the sales and condemnation of these properties on the condensed consolidated statement of cash flows during the nine months ended September 30, 2018 . |
Investment in Consolidated and
Investment in Consolidated and Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2019 | |
Investment in Partially Owned Entities [Abstract] | |
Investment in Consolidated and Unconsolidated Entities | Investment in Consolidated and Unconsolidated Entities Consolidated Entities As of September 30, 2019 , the Company has no VIEs. During the fourth quarter of 2018, the Company entered into purchase agreements structured as Reverse 1031 Exchanges to acquire Sandy Plains Centre, which was the Company's only consolidated VIE as of December 31, 2018 . Due to the expiration of the 180-day waiting period subsequent to December 31, 2018 , the Reverse 1031 Exchange was terminated and the title of Sandy Plains Centre transferred to the Company. The liabilities of the VIE are non-recourse to the Company, and the assets must first be used to settle obligations of the VIE. The following table presents the net assets of the VIE: December 31, 2018 Net investment properties $ 39,634 Other assets 4,457 Total assets 44,091 Liabilities (385 ) Net assets $ 43,706 Unconsolidated Entities The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these entities are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements. Current Ownership % Carrying Value of Investment as of Entity Description September 30, 2019 December 31, 2018 IAGM Retail Fund I, LLC Multi-tenant retail shopping centers 55% $ 120,050 $ 126,195 Downtown Railyard Venture, LLC Land development —% — 30,049 Other unconsolidated entities Various real estate investments Various — (112 ) $ 120,050 $ 156,132 IAGM On April 17, 2013, the Company entered into a joint venture, IAGM, with PGGM for the purpose of acquiring, owning, managing, supervising and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. The Company contributed 14 properties to IAGM during the year ended December 31, 2013, and treated the contribution as a partial sale under Topic 360-20, " Property, Plant and Equipment - Real Estate Sales, " and deferred an aggregate gain of $15,625 as a result of the property sales into the joint venture. Through December 31, 2017, the Company was amortizing the basis adjustment over 30 years, consistent with the depreciation period of the investee's underlying assets. In accordance with the provisions of ASU No. 2017-05, full gain recognition may be required for property sales in which the Company has continuing involvement, when those gains may have been deferred under prior GAAP. As of January 1, 2018, with the adoption of ASU No. 2017-05, the Company's remaining $12,756 of the aforementioned deferred gain had been recognized through beginning distributions in excess of accumulated net income. During the nine months ended September 30, 2019, IAGM disposed of Rockwell Plaza, a 255,000 square foot retail property, for a gross disposition price of $20,500 and recognized a provision for asset impairment of $1,443 and a loss on sale of $559 . The Company's share of IAGM's provision for asset impairment was $794 and its share of the loss on sale was $307 . Proceeds from the sale were used to extinguish the related $16,250 non-recourse mortgage loan. During the three months ended September 30, 2018 , IAGM recognized a provision for asset impairment of $1,405 on one retail property. During the nine months ended September 30, 2018 , IAGM recognized a provision for asset impairment of $3,673 on three retail properties. During the nine months ended September 30, 2018 , IAGM disposed of one retail property and recognized a loss on sale of $3,905 . For the three and nine months ended September 30, 2018, the Company's share of IAGM's provision for asset impairment was $773 and $2,020 , respectively, and its share of the loss on sale for the nine months ended September 30, 2018 was $2,148 . Downtown Railyard Ventures, LLC On September 30, 2015, the Company was admitted as a member of Downtown Railyard Venture, LLC ("DRV"), which was a joint venture established for the purpose of developing and selling a land development in Sacramento, California. On June 24, 2019, the Company liquidated all interests in DRV in exchange for $30,000 of cash consideration. During the year ended December 31, 2018, the Company recorded an other-than-temporary impairment of $29,933 on DRV due to a reduction in the expected hold period, thereby reducing the investment to an estimated fair value that the Company believed would be most probable of realization if the investment was liquidated. As a result of the other-than-temporary impairment, the liquidation of interests resulted in no gain or loss being recognized on the transaction. Upon liquidation, the Company has no continuing involvement with DRV. Combined Financial Information The following tables present the combined condensed financial information for the Company's unconsolidated entities. As of September 30, 2019 December 31, 2018 Assets: Real estate assets, net of accumulated depreciation $ 427,652 $ 494,583 Other assets 64,705 103,565 Total assets $ 492,357 $ 598,148 Liabilities and equity: Mortgages payable, net 256,593 272,629 Other liabilities 19,068 42,569 Equity 216,696 282,950 Total liabilities and equity $ 492,357 $ 598,148 Company's share of equity $ 120,050 $ 185,814 Outside basis difference (a) — (29,682 ) Carrying value of investments in unconsolidated entities $ 120,050 $ 156,132 (a) The outside basis difference is principally related to other-than-temporary impairment recorded in 2018 on DRV. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenues $ 13,277 $ 15,087 $ 40,024 $ 44,951 Expenses: Interest expense and loan cost amortization 2,630 3,434 8,418 10,240 Depreciation and amortization 4,687 5,124 15,626 16,401 Operating and general and administrative expenses 4,919 4,766 14,030 15,774 Provision for asset impairment — 1,405 1,443 3,673 Total expenses 12,236 14,729 39,517 46,088 Net income (loss) before sale of real estate 1,041 358 507 (1,137 ) Gain (loss) on sale of real estate — 13 (5,540 ) (3,892 ) Net income (loss) $ 1,041 $ 371 $ (5,033 ) $ (5,029 ) Company's share of net income (loss) $ 572 $ (93 ) $ (4,451 ) $ (3,069 ) Distributions from unconsolidated entities in excess of the investments' carrying value — 50 — 274 Outside basis adjustment for investee's sale of real estate — — 4,403 — Equity in earnings (losses) of unconsolidated entities $ 572 $ (43 ) $ (48 ) $ (2,795 ) The following table shows the scheduled maturities of IAGM's mortgages payable as of September 30, 2019 , for the remainder of 2019, each of the next four years and thereafter. Maturities during the year ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Mortgages payable $ — 14,872 23,150 — 180,125 40,680 $ 258,827 On June 30, 2019, IAGM entered into a one year extension on a $15,103 non-recourse mortgage loan related to one retail property. The original maturity date of June 30, 2019 was extended to June 30, 2020 and a partial paydown resulted in a new balance of $14,872 . As of September 30, 2019 and December 31, 2018, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes and Loans Payable [Abstract] | |
Debt | Debt As of September 30, 2019 , the Company's total debt, net, was $573,097 , which consists of mortgages payable, net, of $175,764 and credit agreements, net, of $397,333 . The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. Mortgages Payable As of September 30, 2019 and December 31, 2018 , the Company had the following mortgages payable outstanding: September 30, 2019 December 31, 2018 Mortgages payable (a) $ 176,502 $ 213,925 Premium, net of accumulated amortization 60 239 Discount, net of accumulated amortization (130 ) (158 ) Issuance costs, net of accumulated amortization (668 ) (1,079 ) Total mortgages payable, net $ 175,764 $ 212,927 (a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of September 30, 2019 and December 31, 2018 , with a weighted-average interest rate of 4.34% and 4.33% as of September 30, 2019 and December 31, 2018 , respectively. Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of September 30, 2019 and December 31, 2018 , the Company was in compliance with all mortgage loan requirements. The following table shows the scheduled maturities of the Company's mortgages payable as of September 30, 2019 for the remainder of 2019, each of the next four years and thereafter. Maturities during the year ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Mortgages payable $ — $ 41,000 $ — $ 50,034 $ 41,138 $ 44,330 $ 176,502 Credit Agreements Unsecured revolving line of credit On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amends and restates the Company’s prior revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). The Revolving Credit Agreement has a 4 -year term maturing on December 21, 2022, with two six months extension options. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. A facility fee accrues on the aggregate commitments at a rate ranging from 0.15% to 0.30% depending on the Company’s total leverage ratio, and as of September 30, 2019 and December 31, 2018 , the facility fee was 0.15% . As of September 30, 2019 and December 31, 2018, the Company had no outstanding borrowings under the Revolving Credit Agreement. Unsecured term loans On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amends and restates the Company’s prior term loan agreement in its entirety, and provides for $400,000 in unsecured term loans (the "Term Loan Agreement"). The Term Loan Agreement consists of two tranches: a $250,000 5 -year tranche maturing on December 21, 2023, and a $150,000 5.5 -year tranche maturing on June 21, 2024. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. As of September 30, 2019 and December 31, 2018 , the Company had the following borrowings outstanding under its unsecured term loans: September 30, 2019 December 31, 2018 Principal Balance Interest Rate Principal Balance Interest Rate Maturity Date $250.0 million 5 year - swapped to fixed rate $ 90,000 2.5510% (a) $ 90,000 2.5510% (a) December 21, 2023 $250.0 million 5 year - swapped to fixed rate 60,000 2.5525% (a) 60,000 2.5525% (a) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 3.3003% (b) 50,000 3.5493% (c) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 3.3003% (b) 26,000 3.6794% (d) December 21, 2023 $150.0 million 5.5 year - variable-rate 100,000 3.3003% (b) 100,000 3.5493% (c) June 21, 2024 $150.0 million 5.5 year - variable-rate 50,000 3.3003% (b) 26,000 3.6794% (d) June 21, 2024 Total unsecured term loans 400,000 352,000 Issuance costs, net of accumulated amortization (2,667 ) (3,145 ) Total unsecured term loans, net $ 397,333 $ 348,855 (a) The Company swapped $90,000 (notional amount of $90,000 ) and $60,000 (notional amount of $60,000 ) of variable-rate debt at an interest rate of 1-Month LIBOR plus 1.20% to a fixed rate of 2.5510% and 2.5525% , respectively. The swaps have an effective date of December 10, 2015 and a termination date of December 1, 2019 . As a result, all net deferred amounts in accumulated comprehensive income related to these swaps will be reclassified into earnings during 2019. (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective September 3, 2019. (c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 3, 2018. (d) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 21, 2018. During the quarter ended September 30, 2019, the Company entered into four interest rate swap agreements which will effectively replace the two interest rate swaps terminating on December 1, 2019. Of the four interest rate swap agreements, two have a notional amount of $100,000 , an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68% . The other two each have a notional amount of $50,000 , an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70% . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2019 December 31, 2018 Cash Flow Hedges: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate assets (a) $ — $ 161 $ — $ — $ 1,637 $ — Derivative interest rate liabilities (b) — (1,629 ) — — — — (a) Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets. Level 1 At September 30, 2019 and December 31, 2018 , the Company had no Level 1 recurring fair value measurements. Level 2 To calculate the fair value of the derivative interest rate instruments, the Company primarily uses quoted prices for similar contracts and inputs based on data that are observed in the forward yield curve that is widely observable in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements that utilize Level 3 inputs, such as estimates of current credit spreads. As of September 30, 2019 and December 31, 2018 , the Company determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Level 3 At September 30, 2019 and December 31, 2018 , the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements During the three and nine months ended September 30, 2019 , the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $2,359 on the condensed consolidated statement of operations and comprehensive income as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. During the three months ended September 30, 2018, the Company identified two retail properties that had reductions in the expected holding periods and recorded an aggregate provision for asset impairment of $2,713 on the condensed consolidated statement of operations and comprehensive income as a result of the fair values being lower than the properties' carrying value. The Company's fair values were based on executed sales contracts. During the nine months ended September 30, 2018, the Company identified three retail properties that had reductions in the expected holding periods and recorded an aggregate provision for asset impairment of $3,510 on the condensed consolidated statement of operations and comprehensive income as a result of the fair values being lower than the properties' carrying value. The Company's fair values were based on executed sales contracts. The following table summarizes activity for the Company's assets measured at fair value on a nonrecurring basis and the related impairment charges for the three and nine months ended September 30, 2019 and 2018: For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Level 3 Impairment Losses Level 3 Impairment Losses Level 3 Impairment Losses Level 3 Impairment Losses Investment properties $ 42,250 $ 2,359 $ 33,075 $ 2,713 $ 42,250 $ 2,359 $ 64,075 $ 3,510 Financial Instruments Not Measured at Fair Value The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 176,502 $ 180,671 $ 213,925 $ 212,572 Term loans $ 400,000 $ 400,004 $ 352,000 $ 352,006 The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 3.39% and 4.38% as of September 30, 2019 and December 31, 2018 , respectively. The fair value estimate of the term loans approximate the carrying value due to limited market volatility in pricing. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 2.57% and 3.63% as of September 30, 2019 and December 31, 2018 , respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table summarizes the calculation of the basic and diluted earnings per share: Three months ended Nine months ended 2019 2018 2019 2018 Numerator: Net income from continuing operations $ 24,926 $ 8,947 $ 35,205 $ 66,342 Earnings allocated to unvested restricted shares (50 ) — — (77 ) Net income from continuing operations attributable to common stockholders - basic and diluted $ 24,876 $ 8,947 $ 35,205 $ 66,265 Net loss from discontinued operations attributable to common stockholders - basic and diluted $ — $ — $ (25,500 ) $ — Denominator: Weighted-average number of common shares outstanding - basic 728,722,763 768,385,770 728,645,975 772,341,263 Effect of unvested restricted shares 733,959 921,089 575,251 630,524 Weighted-average number of common shares outstanding - diluted 729,456,722 769,306,859 729,221,226 772,971,787 Income per common share: Net income from continuing operations per share - basic and diluted $ 0.03 $ 0.01 $ 0.05 $ 0.09 Net loss from discontinued operations per share - basic and diluted — — (0.03 ) — Net income per share - basic and diluted $ 0.03 $ 0.01 $ 0.02 $ 0.09 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the Company's restricted stock unit ("RSU") activity for the nine months ended September 30, 2019 : Unvested Time-Based RSUs Unvested Performance-Based RSUs Weighted-Average Grant Date Price Per Share (a) Outstanding as of January 1, 2019 1,548,150 — $3.18 Shares granted 1,225,170 967,201 $3.14 Shares vested (227,707 ) — $3.14 Shares forfeited (202,441 ) (40,779 ) $3.17 Outstanding at September 30, 2019 2,343,172 926,422 $3.15 (a) On an annual basis, the Company engages an independent third-party valuation advisory firm to estimate the per share value of the Company's common stock. On May 8, 2019, the board of directors approved the grant of time-based and performance-based RSUs under the Company's 2015 Incentive Award Plan. Stock-based compensation expense is recognized on a straight-line basis over the vesting period for time-based RSUs and recognized, when achievement of the performance condition is deemed probable, on a straight-line basis over the vesting period for performance-based RSUs. Forfeitures of all stock-based awards are recognized as they occur. As of September 30, 2019 , there was $7,161 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2019, 2020 and 2021, as applicable. The Company recognized stock-based compensation expense of $1,289 and $3,454 for the three and nine months ended September 30, 2019 , respectively, and $1,103 and $3,187 for the three and nine months ended September 30, 2018 , respectively, as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive income. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject, from time to time, to various types of third-party legal claims or litigation that arises in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company’s properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, management does not expect, based on currently available information, that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. University House Communities Group, Inc., Indemnity Claims The Company received an indemnity notice from UHC Acquisition Sub LLC ("UHC") regarding certain matters under the Stock Purchase Agreement, dated January 3, 2016, for University House Communities Group, Inc., which was sold in June 2016. The notice sets forth various items for which UHC believes they are entitled to indemnification from the Company. In the normal course of property dispositions, pursuant to the purchase and sale agreements, certain indemnification claims can be made against the Company by the purchaser, and the Company will continue to adjust the financial statements, as necessary, based on those claims. Based on the facts and circumstances of the indemnification claims made, guidance provided by third-party specialists and external counsel, and management’s ongoing assessment of the UHC claims, in 2017 the Company accrued a potential loss contingency representing their best estimate of the potential loss related to these claims. Since 2017, the Company has increased the accrual, when appropriate, based on changes to those facts and circumstances of the indemnification claims made, guidance provided by third-party specialists and external counsel, and management’s ongoing assessment of the UHC claims. On June 14, 2019, UHC and the Company, through various negotiations, reached a final settlement for the claims in the amount of $30,000 , which was paid by the Company on June 24, 2019. During the nine months ended September 30, 2019 , the Company recognized losses from discontinued operations of $25,500 related to these claims. Operating and Finance Lease Commitments The Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases that, prior to the adoption of Topic 842, were previously classified as capital leases. In addition, the Company has non-cancelable operating leases for office space used in its business and upon the adoption of Topic 842, the Company recognized operating lease right-of-use ("ROU") assets of $2,890 and lease liabilities of $3,114 . In conjunction with the adoption of Topic 842, the Company elected the following practical expedients and accounting policies: • to combine the lease and non-lease components related to the leases described above and apply Topic 842 to the combined component; • to utilize a portfolio approach for determining a discount rate for groups of leases which are similar in nature and have similar contract provisions; • to not recognize assets and liabilities related to leases with terms of 12 months or less and which otherwise qualify as short-term leases; and • to exclude variable lease payments from initial recognition of the lease liabilities and all lease options from the determination of minimum lease terms. The following table reflects the Company's operating, finance and capital lease arrangements: As of September 30, 2019 December 31, 2018 Operating lease ROU assets (a) $ 2,493 $ — Operating lease ROU accumulated amortization (a) $ (407 ) $ — Operating lease liabilities (b) $ 2,290 $ — Finance lease ROU assets (c) $ 1,925 $ — Finance lease ROU accumulated amortization (d) $ (195 ) $ — Finance lease liabilities (b) $ 1,310 $ — Capital lease assets (c) $ — $ 2,097 Capital lease accumulated amortization (d) $ — $ (104 ) Capital lease liabilities (b) $ — $ 1,789 (a) Recognized as a part of deferred costs and other assets, net on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets. (c) Recognized as a part of building and other improvements on the condensed consolidated balance sheets. (d) Recognized as a part of accumulated depreciation on the condensed consolidated balance sheets. The following table reflects the Company's total lease cost, weighted-average lease terms and weighted-average discount rates for the three and nine months ended September 30, 2019 : Three months ended September 30, 2019 Nine months ended September 30, 2019 Minimum operating lease payments (a) $ 166 $ 506 Variable operating lease payments (a) 30 92 Short-term operating lease payments (a) 84 228 ROU amortization of finance leases (b) 34 104 Interest expense of finance leases (c) 15 46 Total lease cost $ 329 $ 976 Weighted-average remaining lease term of operating leases 4.9 years Weighted-average remaining lease term of finance leases 2.9 years Weighted-average discount rate of operating leases 4.44 % Weighted-average discount rate of finance leases 3.50 % (a) Recognized as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive income. (b) Recognized as a part of depreciation and amortization on the condensed consolidated statements of operations and comprehensive income. (c) Recognized as a part of interest expense, net, on the condensed consolidated statements of operations and comprehensive income. Future minimum lease obligations as of September 30, 2019 , were as follows: Future Minimum Lease Payments Operating Leases Finance Leases Remaining 2019 $ 125 $ 150 2020 587 493 2021 471 480 2022 443 279 2023 455 21 Thereafter 470 — Total expected minimum lease obligation 2,551 1,423 Less: Amount representing interest (a) (261 ) (113 ) Present value of net minimum lease payments $ 2,290 $ 1,310 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. Future minimum lease obligations as of December 31, 2018 , were as follows: Future Minimum Lease Payments Operating Leases Capital Leases 2019 $ 717 $ 532 2020 611 532 2021 494 519 2022 466 317 2023 479 40 Thereafter 1,041 — Total expected minimum lease obligation $ 3,808 1,940 Less: Amount representing interest (a) (151 ) Present value of net minimum lease payments $ 1,789 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after September 30, 2019 , through the date the financial statements were issued for recognition and disclosure purposes. On October 11, 2019, the Company disposed of Northwest Marketplace, a 185,000 square foot power center located in the Houston-The Woodlands-Sugar Land, TX MSA, for a gross disposition price of $29,500 . |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2016-02, Leases, (Topic 842) and related updates ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e., lessees and lessors). The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available. January 2019 The Company adopted ASU No. 2016-02 and the related updates on a modified retrospective basis and applied the effective date method in which the elected practical expedients were applied consistently to all leases commenced before the ASU effective date of January 1, 2019. Recently Issued Accounting Pronouncements Not Yet Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. The guidance is effective for all entities for fiscal years beginning after December 15, 2019, and early adoption is permitted. January 2020 The Company is continuing to evaluate this guidance, but expects the standard to only impact fair value measurement disclosures, and therefore should have no impact on the Company's condensed consolidated financial position, results of operations, or cash flows. |
Basis of Presentation and Rec_3
Basis of Presentation and Recently Issued Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Recently Issued Accounting Pronouncements Adopted/Not Yet Adopted | Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2016-02, Leases, (Topic 842) and related updates ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e., lessees and lessors). The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available. January 2019 The Company adopted ASU No. 2016-02 and the related updates on a modified retrospective basis and applied the effective date method in which the elected practical expedients were applied consistently to all leases commenced before the ASU effective date of January 1, 2019. Recently Issued Accounting Pronouncements Not Yet Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. The guidance is effective for all entities for fiscal years beginning after December 15, 2019, and early adoption is permitted. January 2020 The Company is continuing to evaluate this guidance, but expects the standard to only impact fair value measurement disclosures, and therefore should have no impact on the Company's condensed consolidated financial position, results of operations, or cash flows. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Minimum Lease Payments to be Received | As of September 30, 2019 , minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments Remaining 2019 $ 40,463 2020 154,921 2021 142,373 2022 121,061 2023 104,764 Thereafter 377,833 Total $ 941,415 |
Schedule of Minimum Lease Payments to be Received | As of December 31, 2018 , minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments 2019 $ 151,874 2020 139,290 2021 124,366 2022 103,204 2023 83,744 Thereafter 282,629 Total $ 885,107 Future minimum lease obligations as of December 31, 2018 , were as follows: Future Minimum Lease Payments Operating Leases Capital Leases 2019 $ 717 $ 532 2020 611 532 2021 494 519 2022 466 317 2023 479 40 Thereafter 1,041 — Total expected minimum lease obligation $ 3,808 1,940 Less: Amount representing interest (a) (151 ) Present value of net minimum lease payments $ 1,789 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Disaggregation of Lease Income, Net | The following table reflects the disaggregation of lease income, net: Three months ended Nine months ended 2019 2018 2019 2018 Minimum lease payments $ 40,664 $ 42,990 $ 119,130 $ 131,173 Billed and unbilled tax and insurance recoveries 8,520 7,613 25,495 25,788 Billed and unbilled common area maintenance and other recoveries 5,627 6,000 16,752 18,602 Amortization of above and below-market leases and lease inducements, net 1,628 1,104 4,546 3,852 Short-term, termination fee and other lease income 505 1,458 2,654 2,489 Estimated credit losses (176 ) (399 ) (1,265 ) (765 ) Lease income, net $ 56,768 $ 58,766 $ 167,312 $ 181,139 |
Disaggregation of Other Fee Income | The following table reflects the disaggregation of other fee income: Three months ended Nine months ended 2019 2018 2019 2018 Property management fees $ 592 $ 631 $ 1,818 $ 1,996 Asset management fees 278 269 795 831 Leasing commissions and other fees 198 65 220 138 Other fee income $ 1,068 $ 965 $ 2,833 $ 2,965 |
Acquired Properties (Tables)
Acquired Properties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Acquisition [Abstract] | |
Schedule of acquisitions | The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2019 : Acquisition Date Property Metropolitan Statistical Area ("MSA")(a) Gross Square Feet January 31, 2019 Commons at University Place Raleigh-Cary, NC $ 23,250 92,000 March 20, 2019 Lakeside Winter Park Orlando-Kissimmee-Sanford, FL 63,500 76,000 April 30, 2019 Scofield Crossing (b) Austin-Round Rock, TX 3,000 64,000 May 7, 2019 Tomball Town Center Kroger Houston-The Woodlands-Sugar Land, TX 13,992 74,000 June 14, 2019 Sandy Plains Outparcel (c) Atlanta-Sandy Springs-Roswell, GA 2,900 6,000 June 28, 2019 Shoppes at Fairview Dallas-Fort Worth-Arlington, TX 36,000 67,500 July 11, 2019 Southern Palm Crossing (d) Miami-Fort Lauderdale-West Palm Beach, FL 96,750 346,200 September 9, 2019 Travilah Square Washington-Arlington-Alexandria, DC-VA-MD-WV 52,272 58,300 September 13, 2019 Eldorado Marketplace Dallas-Fort Worth-Arlington, TX 70,850 189,500 September 27, 2019 Garden Village Outparcel (c) Los Angeles-Long Beach-Anaheim, CA 3,250 3,900 $ 365,764 977,400 (a) As defined by the United States Office of Management and Budget. (b) The building and tenant improvements were acquired subject to an existing ground lease at the property. (c) The assets, liabilities and operations of the adjacent outparcels acquired are included as part of existing retail properties owned by the Company. (d) This acquisition was made through a consolidated VIE and was used to facilitate a reverse like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended ("Reverse 1031 Exchanges"). During the third quarter of 2019, the title of Southern Palm Crossing transferred to the Company through the completion of an exchange with the dispositions of West Creek and Boynton Commons. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2018 : Acquisition Date Property MSA Gross Square Feet May 16, 2018 PGA Plaza (a) Miami-Fort Lauderdale-West Palm Beach, FL $ 88,000 120,000 May 30, 2018 Kennesaw Marketplace (a) Atlanta-Sandy Springs-Roswell, GA 64,300 117,000 September 13, 2018 Kennesaw Marketplace, Phase 3 (b) Atlanta-Sandy Springs-Roswell, GA 7,500 13,000 $ 159,800 250,000 (a) These acquisitions were made through two consolidated VIEs and were used to facilitate Reverse 1031 Exchanges. During the last quarter of 2018, the title of PGA Plaza and Kennesaw Marketplace transferred to the Company through the completion of an exchange and expiration of the 180-day waiting period, respectively. (b) The assets, liabilities and operations of Kennesaw Marketplace, Phase 3, acquired are included as part of an existing retail property owned by the Company. |
Disposed Properties (Tables)
Disposed Properties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity | The following table reflects the retail properties disposed of during the nine months ended September 30, 2019 : Disposition Date Property Square Gross Gain (loss) on sale of investment properties, net Loss on extinguishment April 3, 2019 Brooks Corner 173,000 $ 26,300 $ 5,531 $ (809 ) May 31, 2019 Silverlake 101,000 6,650 131 — August 15, 2019 Promenade Fultondale 207,600 23,200 1,861 — August 21, 2019 Crossroads at Chesapeake Square 198,700 23,100 1,353 — September 10, 2019 West Creek 53,300 18,700 5,962 — September 13, 2019 Boynton Commons 210,300 50,000 18,405 — September 25, 2019 Quebec Square 207,600 42,250 (800 ) (2,092 ) 1,151,500 $ 190,200 $ 32,443 $ (2,901 ) In aggregate, the Company recognized net proceeds of $183,588 from the sales of these properties on the condensed consolidated statement of cash flows during the nine months ended September 30, 2019. The following table reflects the retail properties disposed of during the nine months ended September 30, 2018 : Disposition Date Property Square Gross Gain (loss) on sale and transfer of investment properties, net Gain (loss) on extinguishment January 9, 2018 Sherman Town Center I & II 485,000 $ 63,000 $ 12,382 $ — January 25, 2018 Grafton Commons 239,000 33,500 6,564 — March 8, 2018 Lakeport Commons 283,000 31,000 (666 ) — March 21, 2018 Stonecrest Marketplace (a) 265,000 — 1,777 10,752 March 31, 2018 Northwest Marketplace (b) — — 248 — April 17, 2018 Market at Morse/Hamilton 45,000 10,000 1,592 — May 24, 2018 Siegen Plaza 156,000 29,000 3,849 (54 ) June 20, 2018 Tomball Town Center 67,000 22,750 7,184 — June 26, 2018 Bellerive Plaza (c) 76,000 — (22 ) 1,694 June 28, 2018 Parkway Centre North 143,000 23,700 5,357 (1,695 ) September 14, 2018 Tulsa Hills 473,000 70,000 13,476 — 2,232,000 $ 282,950 $ 51,741 $ 10,697 (a) On March 21, 2018, the Company surrendered Stonecrest Marketplace, with a carrying value of $23,932 , to the lender in satisfaction of non-recourse debt with an initial maturity date of March 1, 2017, and recognized a gain on transfer of assets, net, of $1,777 . The Company is not aware of any material outstanding commitments and contingencies related to Stonecrest Marketplace. (b) The Company recognized a gain on sale of $248 related to the completion of a partial condemnation at this retail property. (c) On June 26, 2018, the Company surrendered Bellerive Plaza, with a carrying value of $4,771 , to the lender in satisfaction of non-recourse debt with an initial maturity date of June 1, 2017. The Company recognized a loss on transfer of assets, net, of $22 . The Company is not aware of any material outstanding commitments and contingencies related to Bellerive Plaza. (d) In addition to the gain or loss recognized as a result of the disposition of retail properties, the Company extinguished an additional loan on a retained retail property resulting in a loss on debt extinguishment of $4 . |
Investment in Consolidated an_2
Investment in Consolidated and Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investment in Partially Owned Entities [Abstract] | |
Schedule of Consolidated Variable Interest Entities | The following table presents the net assets of the VIE: December 31, 2018 Net investment properties $ 39,634 Other assets 4,457 Total assets 44,091 Liabilities (385 ) Net assets $ 43,706 |
Schedule of Net Equity Investment and Share of Net Income or Loss | The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these entities are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements. Current Ownership % Carrying Value of Investment as of Entity Description September 30, 2019 December 31, 2018 IAGM Retail Fund I, LLC Multi-tenant retail shopping centers 55% $ 120,050 $ 126,195 Downtown Railyard Venture, LLC Land development —% — 30,049 Other unconsolidated entities Various real estate investments Various — (112 ) $ 120,050 $ 156,132 |
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following tables present the combined condensed financial information for the Company's unconsolidated entities. As of September 30, 2019 December 31, 2018 Assets: Real estate assets, net of accumulated depreciation $ 427,652 $ 494,583 Other assets 64,705 103,565 Total assets $ 492,357 $ 598,148 Liabilities and equity: Mortgages payable, net 256,593 272,629 Other liabilities 19,068 42,569 Equity 216,696 282,950 Total liabilities and equity $ 492,357 $ 598,148 Company's share of equity $ 120,050 $ 185,814 Outside basis difference (a) — (29,682 ) Carrying value of investments in unconsolidated entities $ 120,050 $ 156,132 (a) The outside basis difference is principally related to other-than-temporary impairment recorded in 2018 on DRV. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenues $ 13,277 $ 15,087 $ 40,024 $ 44,951 Expenses: Interest expense and loan cost amortization 2,630 3,434 8,418 10,240 Depreciation and amortization 4,687 5,124 15,626 16,401 Operating and general and administrative expenses 4,919 4,766 14,030 15,774 Provision for asset impairment — 1,405 1,443 3,673 Total expenses 12,236 14,729 39,517 46,088 Net income (loss) before sale of real estate 1,041 358 507 (1,137 ) Gain (loss) on sale of real estate — 13 (5,540 ) (3,892 ) Net income (loss) $ 1,041 $ 371 $ (5,033 ) $ (5,029 ) Company's share of net income (loss) $ 572 $ (93 ) $ (4,451 ) $ (3,069 ) Distributions from unconsolidated entities in excess of the investments' carrying value — 50 — 274 Outside basis adjustment for investee's sale of real estate — — 4,403 — Equity in earnings (losses) of unconsolidated entities $ 572 $ (43 ) $ (48 ) $ (2,795 ) |
Contractual Obligation, Fiscal Year Maturity Schedule | The following table shows the scheduled maturities of IAGM's mortgages payable as of September 30, 2019 , for the remainder of 2019, each of the next four years and thereafter. Maturities during the year ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Mortgages payable $ — 14,872 23,150 — 180,125 40,680 $ 258,827 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes and Loans Payable [Abstract] | |
Schedule of Outstanding Debt | As of September 30, 2019 and December 31, 2018 , the Company had the following mortgages payable outstanding: September 30, 2019 December 31, 2018 Mortgages payable (a) $ 176,502 $ 213,925 Premium, net of accumulated amortization 60 239 Discount, net of accumulated amortization (130 ) (158 ) Issuance costs, net of accumulated amortization (668 ) (1,079 ) Total mortgages payable, net $ 175,764 $ 212,927 (a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of September 30, 2019 and December 31, 2018 , with a weighted-average interest rate of 4.34% and 4.33% as of September 30, 2019 and December 31, 2018 , respectively. As of September 30, 2019 and December 31, 2018 , the Company had the following borrowings outstanding under its unsecured term loans: September 30, 2019 December 31, 2018 Principal Balance Interest Rate Principal Balance Interest Rate Maturity Date $250.0 million 5 year - swapped to fixed rate $ 90,000 2.5510% (a) $ 90,000 2.5510% (a) December 21, 2023 $250.0 million 5 year - swapped to fixed rate 60,000 2.5525% (a) 60,000 2.5525% (a) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 3.3003% (b) 50,000 3.5493% (c) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 3.3003% (b) 26,000 3.6794% (d) December 21, 2023 $150.0 million 5.5 year - variable-rate 100,000 3.3003% (b) 100,000 3.5493% (c) June 21, 2024 $150.0 million 5.5 year - variable-rate 50,000 3.3003% (b) 26,000 3.6794% (d) June 21, 2024 Total unsecured term loans 400,000 352,000 Issuance costs, net of accumulated amortization (2,667 ) (3,145 ) Total unsecured term loans, net $ 397,333 $ 348,855 (a) The Company swapped $90,000 (notional amount of $90,000 ) and $60,000 (notional amount of $60,000 ) of variable-rate debt at an interest rate of 1-Month LIBOR plus 1.20% to a fixed rate of 2.5510% and 2.5525% , respectively. The swaps have an effective date of December 10, 2015 and a termination date of December 1, 2019 . As a result, all net deferred amounts in accumulated comprehensive income related to these swaps will be reclassified into earnings during 2019. (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective September 3, 2019. (c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 3, 2018. (d) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 21, 2018. |
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table shows the scheduled maturities of the Company's mortgages payable as of September 30, 2019 for the remainder of 2019, each of the next four years and thereafter. Maturities during the year ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Mortgages payable $ — $ 41,000 $ — $ 50,034 $ 41,138 $ 44,330 $ 176,502 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities | The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2019 December 31, 2018 Cash Flow Hedges: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate assets (a) $ — $ 161 $ — $ — $ 1,637 $ — Derivative interest rate liabilities (b) — (1,629 ) — — — — (a) Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets. |
Assets Measured at Fair Value on Non-Recurring Basis | The following table summarizes activity for the Company's assets measured at fair value on a nonrecurring basis and the related impairment charges for the three and nine months ended September 30, 2019 and 2018: For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Level 3 Impairment Losses Level 3 Impairment Losses Level 3 Impairment Losses Level 3 Impairment Losses Investment properties $ 42,250 $ 2,359 $ 33,075 $ 2,713 $ 42,250 $ 2,359 $ 64,075 $ 3,510 |
Fair Value of Financial Instruments Presented at Carrying Values | The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 176,502 $ 180,671 $ 213,925 $ 212,572 Term loans $ 400,000 $ 400,004 $ 352,000 $ 352,006 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the calculation of the basic and diluted earnings per share: Three months ended Nine months ended 2019 2018 2019 2018 Numerator: Net income from continuing operations $ 24,926 $ 8,947 $ 35,205 $ 66,342 Earnings allocated to unvested restricted shares (50 ) — — (77 ) Net income from continuing operations attributable to common stockholders - basic and diluted $ 24,876 $ 8,947 $ 35,205 $ 66,265 Net loss from discontinued operations attributable to common stockholders - basic and diluted $ — $ — $ (25,500 ) $ — Denominator: Weighted-average number of common shares outstanding - basic 728,722,763 768,385,770 728,645,975 772,341,263 Effect of unvested restricted shares 733,959 921,089 575,251 630,524 Weighted-average number of common shares outstanding - diluted 729,456,722 769,306,859 729,221,226 772,971,787 Income per common share: Net income from continuing operations per share - basic and diluted $ 0.03 $ 0.01 $ 0.05 $ 0.09 Net loss from discontinued operations per share - basic and diluted — — (0.03 ) — Net income per share - basic and diluted $ 0.03 $ 0.01 $ 0.02 $ 0.09 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the Company's restricted stock unit ("RSU") activity for the nine months ended September 30, 2019 : Unvested Time-Based RSUs Unvested Performance-Based RSUs Weighted-Average Grant Date Price Per Share (a) Outstanding as of January 1, 2019 1,548,150 — $3.18 Shares granted 1,225,170 967,201 $3.14 Shares vested (227,707 ) — $3.14 Shares forfeited (202,441 ) (40,779 ) $3.17 Outstanding at September 30, 2019 2,343,172 926,422 $3.15 (a) On an annual basis, the Company engages an independent third-party valuation advisory firm to estimate the per share value of the Company's common stock. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating, Finance, and Capital Lease Arrangements | The following table reflects the Company's operating, finance and capital lease arrangements: As of September 30, 2019 December 31, 2018 Operating lease ROU assets (a) $ 2,493 $ — Operating lease ROU accumulated amortization (a) $ (407 ) $ — Operating lease liabilities (b) $ 2,290 $ — Finance lease ROU assets (c) $ 1,925 $ — Finance lease ROU accumulated amortization (d) $ (195 ) $ — Finance lease liabilities (b) $ 1,310 $ — Capital lease assets (c) $ — $ 2,097 Capital lease accumulated amortization (d) $ — $ (104 ) Capital lease liabilities (b) $ — $ 1,789 (a) Recognized as a part of deferred costs and other assets, net on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets. (c) Recognized as a part of building and other improvements on the condensed consolidated balance sheets. (d) Recognized as a part of accumulated depreciation on the condensed consolidated balance sheets. |
Schedule of Lease Cost, Weighted Average Lease Term and Weighted Average Discount Rate | The following table reflects the Company's total lease cost, weighted-average lease terms and weighted-average discount rates for the three and nine months ended September 30, 2019 : Three months ended September 30, 2019 Nine months ended September 30, 2019 Minimum operating lease payments (a) $ 166 $ 506 Variable operating lease payments (a) 30 92 Short-term operating lease payments (a) 84 228 ROU amortization of finance leases (b) 34 104 Interest expense of finance leases (c) 15 46 Total lease cost $ 329 $ 976 Weighted-average remaining lease term of operating leases 4.9 years Weighted-average remaining lease term of finance leases 2.9 years Weighted-average discount rate of operating leases 4.44 % Weighted-average discount rate of finance leases 3.50 % (a) Recognized as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive income. (b) Recognized as a part of depreciation and amortization on the condensed consolidated statements of operations and comprehensive income. (c) Recognized as a part of interest expense, net, on the condensed consolidated statements of operations and comprehensive income. |
Schedule of Future Minimum Operating Lease Obligations | Future minimum lease obligations as of September 30, 2019 , were as follows: Future Minimum Lease Payments Operating Leases Finance Leases Remaining 2019 $ 125 $ 150 2020 587 493 2021 471 480 2022 443 279 2023 455 21 Thereafter 470 — Total expected minimum lease obligation 2,551 1,423 Less: Amount representing interest (a) (261 ) (113 ) Present value of net minimum lease payments $ 2,290 $ 1,310 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Schedule of Future Minimum Finance Lease Obligations | Future minimum lease obligations as of September 30, 2019 , were as follows: Future Minimum Lease Payments Operating Leases Finance Leases Remaining 2019 $ 125 $ 150 2020 587 493 2021 471 480 2022 443 279 2023 455 21 Thereafter 470 — Total expected minimum lease obligation 2,551 1,423 Less: Amount representing interest (a) (261 ) (113 ) Present value of net minimum lease payments $ 2,290 $ 1,310 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Schedule of Minimum Lease Payments to be Received | As of December 31, 2018 , minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum Lease Payments 2019 $ 151,874 2020 139,290 2021 124,366 2022 103,204 2023 83,744 Thereafter 282,629 Total $ 885,107 Future minimum lease obligations as of December 31, 2018 , were as follows: Future Minimum Lease Payments Operating Leases Capital Leases 2019 $ 717 $ 532 2020 611 532 2021 494 519 2022 466 317 2023 479 40 Thereafter 1,041 — Total expected minimum lease obligation $ 3,808 1,940 Less: Amount representing interest (a) (151 ) Present value of net minimum lease payments $ 1,789 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Schedule of Minimum Capital Lease Obligations Under Non-Cancelable Ground Leases | Future minimum lease obligations as of December 31, 2018 , were as follows: Future Minimum Lease Payments Operating Leases Capital Leases 2019 $ 717 $ 532 2020 611 532 2021 494 519 2022 466 317 2023 479 40 Thereafter 1,041 — Total expected minimum lease obligation $ 3,808 1,940 Less: Amount representing interest (a) (151 ) Present value of net minimum lease payments $ 1,789 (a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Organization (Details)
Organization (Details) ft² in Millions | 9 Months Ended | |
Sep. 30, 2019ft²joint_ventureproperty | Sep. 30, 2018ft²joint_ventureproperty | |
Entity Information [Line Items] | ||
Number of operating real estate joint ventures | joint_venture | 1 | |
Corporate Joint Venture | ||
Entity Information [Line Items] | ||
Number of retail properties | joint_venture | 1 | |
Area of real estate | ft² | 2.6 | 3 |
Number of managed assets | property | 11 | 14 |
Retail | ||
Entity Information [Line Items] | ||
Area of real estate | ft² | 9.3 | 10.5 |
Retail | ||
Entity Information [Line Items] | ||
Number of retail properties | property | 57 | 63 |
Revenue Recognition - Minimum L
Revenue Recognition - Minimum Lease Payments to be Received (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Minimum Lease Payments | ||
Remaining 2019 | $ 40,463 | |
2020 | 154,921 | |
2021 | 142,373 | |
2022 | 121,061 | |
2023 | 104,764 | |
Thereafter | 377,833 | |
Total | $ 941,415 | |
Minimum Lease Payments | ||
2019 | $ 151,874 | |
2020 | 139,290 | |
2021 | 124,366 | |
2022 | 103,204 | |
2023 | 83,744 | |
Thereafter | 282,629 | |
Total | $ 885,107 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Minimum lease payments | $ 40,664 | $ 42,990 | $ 119,130 | $ 131,173 |
Lease income, net | 56,768 | 58,766 | 167,312 | 181,139 |
Estimated credit losses | (176) | (399) | (1,265) | (765) |
Billed and unbilled tax and insurance recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 8,520 | 7,613 | 25,495 | 25,788 |
Billed and unbilled common area maintenance and other recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 5,627 | 6,000 | 16,752 | 18,602 |
Amortization of above and below-market leases and lease inducements, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 1,628 | 1,104 | 4,546 | 3,852 |
Short-term, termination fee and other lease income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | $ 505 | $ 1,458 | $ 2,654 | $ 2,489 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Receivables from customers | $ 473 | $ 473 | $ 778 | ||
Affiliated entity | |||||
Disaggregation of Revenue [Line Items] | |||||
Joint venture partnership percentage | 55.00% | 55.00% | |||
Other fee income | |||||
Disaggregation of Revenue [Line Items] | |||||
Income | $ 1,068 | $ 965 | $ 2,833 | $ 2,965 |
Revenue Recognition - Disaggr_2
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 592 | $ 631 | $ 1,818 | $ 1,996 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 278 | 269 | 795 | 831 |
Leasing commissions and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 198 | 65 | 220 | 138 |
Other fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 1,068 | $ 965 | $ 2,833 | $ 2,965 |
Acquired Properties - Summary o
Acquired Properties - Summary of Retail Properties Acquired (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($)ft² | Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($)ft² | |
Real Estate Properties [Line Items] | ||||
Capitalized acquisition costs | $ 1,416 | $ 60 | $ 2,334 | $ 260 |
Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 365,764 | $ 159,800 | ||
Square Feet | ft² | 977,400 | 250,000 | 977,400 | 250,000 |
Commons at University Place | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 23,250 | |||
Square Feet | ft² | 92,000 | 92,000 | ||
Lakeside Winter Park and Lakeside Crossings | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 63,500 | |||
Square Feet | ft² | 76,000 | 76,000 | ||
Scofield Crossing | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 3,000 | |||
Square Feet | ft² | 64,000 | 64,000 | ||
Tomball Town Center Kroger | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 13,992 | |||
Square Feet | ft² | 74,000 | 74,000 | ||
Sandy Plains Outparcel | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 2,900 | |||
Square Feet | ft² | 6,000 | 6,000 | ||
Shoppes at Fairview | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 36,000 | |||
Square Feet | ft² | 67,500 | 67,500 | ||
Southern Palm Crossing | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 96,750 | |||
Square Feet | ft² | 346,200 | 346,200 | ||
Travilah Square | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 52,272 | |||
Square Feet | ft² | 58,300 | 58,300 | ||
Eldorado Marketplace | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 70,850 | |||
Square Feet | ft² | 189,500 | 189,500 | ||
Garden Village Outparcel | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 3,250 | |||
Square Feet | ft² | 3,900 | 3,900 | ||
PGA Plaza, Miami-Fort Lauderdale-West Palm Beach, FL | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 88,000 | |||
Square Feet | ft² | 120,000 | 120,000 | ||
Kennesaw Marketplace, Atlanta-Sandy Springs-Roswell, GA | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 64,300 | |||
Square Feet | ft² | 117,000 | 117,000 | ||
Kennesaw Marketplace, Phase 3 | Retail | ||||
Real Estate Properties [Line Items] | ||||
Gross Acquisition Price | $ 7,500 | |||
Square Feet | ft² | 13,000 | 13,000 |
Disposed Properties - Schedule
Disposed Properties - Schedule of Disposal Groups (Details) $ in Thousands | Jun. 26, 2018USD ($) | Mar. 21, 2018USD ($) | Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($)ft² | Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($)ft² |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross Disposition Price | $ 190,200 | $ 282,950 | ||||
Gain (loss) on extinguishment of debt, net (d) | $ (2,092) | $ (4) | $ (2,901) | $ 10,693 | ||
Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 1,151,500 | 2,232,000 | 1,151,500 | 2,232,000 | ||
Gross Disposition Price | $ 190,200 | $ 282,950 | ||||
Gain (loss) on sale and transfer of investment properties, net | 32,443 | 51,741 | ||||
Gain (loss) on extinguishment of debt, net (d) | $ (2,901) | $ 10,697 | ||||
Brooks Corner | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 173,000 | 173,000 | ||||
Gross Disposition Price | $ 26,300 | |||||
Gain (loss) on sale and transfer of investment properties, net | 5,531 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ (809) | |||||
Silverlake | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 101,000 | 101,000 | ||||
Gross Disposition Price | $ 6,650 | |||||
Gain (loss) on sale and transfer of investment properties, net | 131 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Promenade Fultondale | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 207,600 | 207,600 | ||||
Gross Disposition Price | $ 23,200 | |||||
Gain (loss) on sale and transfer of investment properties, net | 1,861 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Crossroads at Chesapeake Square and Chesapeake Commons | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 198,700 | 198,700 | ||||
Gross Disposition Price | $ 23,100 | |||||
Gain (loss) on sale and transfer of investment properties, net | 1,353 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
West Creek | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 53,300 | 53,300 | ||||
Gross Disposition Price | $ 18,700 | |||||
Gain (loss) on sale and transfer of investment properties, net | 5,962 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Boynton Commons | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 210,300 | 210,300 | ||||
Gross Disposition Price | $ 50,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | 18,405 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Quebec Square | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 207,600 | 207,600 | ||||
Gross Disposition Price | $ 42,250 | |||||
Gain (loss) on sale and transfer of investment properties, net | (800) | |||||
Gain (loss) on extinguishment of debt, net (d) | $ (2,092) | |||||
Sherman Town Center I & II | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 485,000 | 485,000 | ||||
Gross Disposition Price | $ 63,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | 12,382 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Grafton Commons | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 239,000 | 239,000 | ||||
Gross Disposition Price | $ 33,500 | |||||
Gain (loss) on sale and transfer of investment properties, net | 6,564 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Lakeport Commons | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 283,000 | 283,000 | ||||
Gross Disposition Price | $ 31,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | (666) | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Stonecrest Marketplace | Retail | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Transfer | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 265,000 | 265,000 | ||||
Gross Disposition Price | $ 0 | |||||
Gain (loss) on sale and transfer of investment properties, net | $ 1,777 | 1,777 | ||||
Gain (loss) on extinguishment of debt, net (d) | $ 10,752 | |||||
Carrying value, surrendered properties | $ 23,932 | |||||
Northwest Marketplace | Retail | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Condemnation | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 0 | 0 | ||||
Gross Disposition Price | $ 0 | |||||
Gain (loss) on sale and transfer of investment properties, net | 248 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Market at Morse/Hamilton | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 45,000 | 45,000 | ||||
Gross Disposition Price | $ 10,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | 1,592 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Siegen Plaza | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 156,000 | 156,000 | ||||
Gross Disposition Price | $ 29,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | 3,849 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ (54) | |||||
Tomball Town Center | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 67,000 | 67,000 | ||||
Gross Disposition Price | $ 22,750 | |||||
Gain (loss) on sale and transfer of investment properties, net | 7,184 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ 0 | |||||
Bellerive Plaza | Retail | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Transfer | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 76,000 | 76,000 | ||||
Gross Disposition Price | $ 0 | |||||
Gain (loss) on sale and transfer of investment properties, net | $ 22 | (22) | ||||
Gain (loss) on extinguishment of debt, net (d) | $ 1,694 | |||||
Carrying value, surrendered properties | $ 4,771 | |||||
Parkway Centre North | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 143,000 | 143,000 | ||||
Gross Disposition Price | $ 23,700 | |||||
Gain (loss) on sale and transfer of investment properties, net | 5,357 | |||||
Gain (loss) on extinguishment of debt, net (d) | $ (1,695) | |||||
Tulsa Hills | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 473,000 | 473,000 | ||||
Gross Disposition Price | $ 70,000 | |||||
Gain (loss) on sale and transfer of investment properties, net | 13,476 | |||||
Gain (loss) on extinguishment of debt, net (d) | 0 | |||||
Additional Loan | Retail | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on extinguishment of debt, net (d) | $ (4) |
Disposed Properties - Narrative
Disposed Properties - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from sale and transfer of investment properties, net | $ 183,588 | $ 254,424 |
Investment in Consolidated an_3
Investment in Consolidated and Unconsolidated Entities - Schedule of Consolidated Variable interest Entities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |
Total assets | $ 44,091 |
Liabilities | (385) |
Net assets | 43,706 |
Net investment properties | |
Variable Interest Entity [Line Items] | |
Total assets | 39,634 |
Other assets | |
Variable Interest Entity [Line Items] | |
Total assets | $ 4,457 |
Investment in Consolidated an_4
Investment in Consolidated and Unconsolidated Entities - Net Equity Investment and Share of Net Income (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of net equity investment and share of net income or loss | ||
Carrying value of investment | $ 120,050 | $ 156,132 |
IAGM Retail Fund I, LLC | ||
Schedule of net equity investment and share of net income or loss | ||
Ownership % | 55.00% | |
Carrying value of investment | $ 120,050 | 126,195 |
Downtown Railyard Venture, LLC | ||
Schedule of net equity investment and share of net income or loss | ||
Ownership % | 0.00% | |
Carrying value of investment | $ 0 | 30,049 |
Other unconsolidated entities | ||
Schedule of net equity investment and share of net income or loss | ||
Carrying value of investment | $ 0 | $ (112) |
Investment in Consolidated an_5
Investment in Consolidated and Unconsolidated Entities - Narrative (Details) ft² in Thousands | Jun. 30, 2019USD ($) | Jun. 24, 2019USD ($) | Apr. 17, 2013USD ($) | Sep. 30, 2019USD ($)ft²VIE | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ft²VIE | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Jan. 01, 2018USD ($) | Dec. 31, 2013property |
Variable Interest Entity [Line Items] | |||||||||||
Number of variable interest entities | VIE | 0 | 0 | |||||||||
Proceeds from sale and transfer of investment properties, net | $ 183,588,000 | $ 254,424,000 | |||||||||
Provision for asset impairment | $ 0 | $ 1,405,000 | 1,443,000 | 3,673,000 | |||||||
Proceeds from liquidation of unconsolidated entity | 30,000,000 | 0 | |||||||||
Retail | Rockwell Plaza | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for asset impairment | 794,000 | ||||||||||
Loss on sale | 307,000 | ||||||||||
Retail | Bryant Square | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for asset impairment | 773,000 | 2,020,000 | |||||||||
Loss on sale | 2,148,000 | ||||||||||
IAGM Retail Fund I, LLC | Retail | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Provision for asset impairment | $ 1,405,000 | 3,673,000 | |||||||||
IAGM Retail Fund I, LLC | Retail | Rockwell Plaza | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Proceeds from sale and transfer of investment properties, net | $ 20,500,000 | ||||||||||
Area of real estate | ft² | 255 | 255 | |||||||||
Provision for asset impairment | $ 1,443,000 | ||||||||||
Loss on sale | 559,000 | ||||||||||
IAGM Retail Fund I, LLC | Retail | Bryant Square | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Loss on sale | $ 3,905,000 | ||||||||||
Unconsolidated Entities | IAGM Retail Fund I, LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Number of retail properties contributed | property | 14 | ||||||||||
Proceeds from sale and transfer of investment properties, net | $ 15,625,000 | ||||||||||
Equity investment basis adjustment, amortization period | 30 years | ||||||||||
Deferred gain on sale of property | $ 12,756,000 | ||||||||||
Unconsolidated Entities | Downtown Railyard Venture, LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Proceeds from liquidation of unconsolidated entity | $ 30,000,000 | ||||||||||
Other-than-temporary-impairment on unconsolidated entity | $ 29,933,000 | ||||||||||
Gain (loss) on transaction | $ 0 | ||||||||||
Mortgages | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Extinguishment mortgage payable | $ 16,250,000 | ||||||||||
Extended Maturity | IAGM Retail Fund I, LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Extension period | 1 year | ||||||||||
Non Recourse, Mortgage Loan | IAGM Retail Fund I, LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Carrying value of loans payable | $ 14,872,000 | ||||||||||
Loans Payable | Non Recourse, Mortgage Loan | IAGM Retail Fund I, LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Debt instrument, face amount | $ 15,103,000 |
Investment in Consolidated an_6
Investment in Consolidated and Unconsolidated Entities - Schedule Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Assets | |||||
Real estate assets, net of accumulated depreciation | $ 427,652 | $ 427,652 | $ 494,583 | ||
Other assets | 64,705 | 64,705 | 103,565 | ||
Total assets | 492,357 | 492,357 | 598,148 | ||
Liabilities and equity: | |||||
Mortgages payable, net | 256,593 | 256,593 | 272,629 | ||
Other liabilities | 19,068 | 19,068 | 42,569 | ||
Equity | 216,696 | 216,696 | 282,950 | ||
Total liabilities and equity | 492,357 | 492,357 | 598,148 | ||
Company's share of equity | 120,050 | 120,050 | 185,814 | ||
Outside basis difference | 0 | 0 | (29,682) | ||
Carrying value of investments in unconsolidated entities | 120,050 | 120,050 | $ 156,132 | ||
Statements of Operations: | |||||
Revenues | 13,277 | $ 15,087 | 40,024 | $ 44,951 | |
Operating expenses | |||||
Interest expense and loan cost amortization | 2,630 | 3,434 | 8,418 | 10,240 | |
Depreciation and amortization | 4,687 | 5,124 | 15,626 | 16,401 | |
Operating and general and administrative expenses | 4,919 | 4,766 | 14,030 | 15,774 | |
Provision for asset impairment | 0 | 1,405 | 1,443 | 3,673 | |
Total expenses | 12,236 | 14,729 | 39,517 | 46,088 | |
Net income (loss) before sale of real estate | 1,041 | 358 | 507 | (1,137) | |
Gain (loss) on sale of real estate | 0 | 13 | (5,540) | (3,892) | |
Net income (loss) | 1,041 | 371 | (5,033) | (5,029) | |
Company's share of net income (loss) | 572 | (93) | (4,451) | (3,069) | |
Distributions from unconsolidated entities in excess of the investments' carrying value | 0 | 50 | 0 | 274 | |
Outside basis adjustment for investee's sale of real estate | 0 | 0 | 4,403 | 0 | |
Equity in earnings (losses) of unconsolidated entities | $ 572 | $ (43) | $ (48) | $ (2,795) |
Investment in Consolidated an_7
Investment in Consolidated and Unconsolidated Entities - Unconsolidated Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Debt Maturities of the Unconsolidated Entities | ||
Mortgage debt | $ 256,593 | $ 272,629 |
IAGM Retail Fund I, LLC | ||
Schedule of Debt Maturities of the Unconsolidated Entities | ||
2019 | 0 | |
2020 | 14,872 | |
2021 | 23,150 | |
2022 | 0 | |
2023 | 180,125 | |
Thereafter | 40,680 | |
Mortgage debt | $ 258,827 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Dec. 21, 2018USD ($)trancheoption | Sep. 30, 2019USD ($)swap | Sep. 30, 2019USD ($)swap | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Debt, net | $ 573,097,000 | $ 573,097,000 | $ 561,782,000 | |
Number of interest rate swaps | swap | 4 | 4 | ||
Number of interest rate swaps to be terminated | swap | 2 | |||
Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Total mortgages payable, net | $ 175,764,000 | $ 175,764,000 | $ 212,927,000 | |
Mortgages Payable | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate (percent) | 3.49% | 3.49% | 3.49% | |
Mortgages Payable | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate (percent) | 5.49% | 5.49% | 5.49% | |
Line of Credit | Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total mortgages payable, net | $ 397,333,000 | $ 397,333,000 | $ 348,855,000 | |
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | |||
Debt instrument, term | 4 years | |||
Number of extension options | option | 2 | |||
Extension option on line of credit, period | 6 months | |||
Unused commitment fee | 0.15% | 0.15% | ||
Line of credit facility, remaining borrowing capacity | 0 | $ 0 | $ 0 | |
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.15% | |||
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.30% | |||
Unsecured Debt | Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 400,000,000 | |||
Number of tranches | tranche | 2 | |||
Unsecured Debt | Term Loan, Tranche One | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Debt instrument, face amount | $ 250,000,000 | |||
Unsecured Debt | Term Loan, Tranche Two | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years 6 months | |||
Debt instrument, face amount | $ 150,000,000 | |||
Interest Rate Swap Three | Unsecured Debt | Term Loan, 5 year, Swapped to Fixed Rate, 2.68% | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 100,000,000 | $ 100,000,000 | ||
Interest rate (percent) | 2.68% | 2.68% | ||
Interest Rate Swap Four | Unsecured Debt | Term Loan, 5 year, Swapped to Fixed Rate, 2.68% | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 100,000,000 | $ 100,000,000 | ||
Interest rate (percent) | 2.68% | 2.68% | ||
Interest Rate Swap Five | Unsecured Debt | Term Loan, 5 year, Swapped to Fixed Rate, 2.69% | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Interest rate (percent) | 2.69% | 2.69% | ||
Interest Rate Swap Six | Unsecured Debt | Term Loan, 5 year, Swapped to Fixed Rate, 2.70% | ||||
Debt Instrument [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Interest rate (percent) | 2.70% | 2.70% |
Debt - Mortgages Payable (Detai
Debt - Mortgages Payable (Details) - Mortgages Payable - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Mortgages payable | $ 176,502 | $ 213,925 |
Premium, net of accumulated amortization | 60 | 239 |
Discount, net of accumulated amortization | (130) | (158) |
Issuance costs, net of accumulated amortization | (668) | (1,079) |
Total debt, net | $ 175,764 | $ 212,927 |
Weighted average interest rate (percent) | 4.34% | 4.33% |
Minimum | ||
Debt Instrument [Line Items] | ||
Fixed interest rate (percent) | 3.49% | 3.49% |
Maximum | ||
Debt Instrument [Line Items] | ||
Fixed interest rate (percent) | 5.49% | 5.49% |
Debt - Mortgage Maturities (Det
Debt - Mortgage Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of maturities for outstanding mortgage indebtedness | ||
2019 | $ 0 | |
2020 | 41,000 | |
2021 | 0 | |
2022 | 50,034 | |
2023 | 41,138 | |
Thereafter | 44,330 | |
Total | $ 176,502 | $ 213,925 |
Debt - Line of Credit (Details)
Debt - Line of Credit (Details) | 9 Months Ended | ||||
Sep. 30, 2019USD ($)swap | Sep. 03, 2019 | Dec. 31, 2018USD ($) | Dec. 21, 2018USD ($) | Dec. 03, 2018 | |
Line of Credit Facility [Line Items] | |||||
Number of interest rate swaps | swap | 4 | ||||
$250.0 million 5 year - swapped to fixed rate | Unsecured Debt | Interest Rate Swap One | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Debt instrument, term | 5 years | ||||
Unsecured term loans | $ 90,000,000 | $ 90,000,000 | |||
Interest rate (percent) | 2.551% | 2.551% | |||
Notional amount | $ 90,000,000 | ||||
$250.0 million 5 year - swapped to fixed rate | Unsecured Debt | Interest Rate Swap Two | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Debt instrument, term | 5 years | ||||
Unsecured term loans | $ 60,000,000 | $ 60,000,000 | |||
Interest rate (percent) | 2.5525% | 2.5525% | |||
Notional amount | $ 60,000,000 | ||||
$250.0 million 5 year - variable-rate | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Debt instrument, term | 5 years | ||||
Unsecured term loans | $ 50,000,000 | $ 50,000,000 | |||
Interest rate (percent) | 3.3003% | 3.5493% | |||
$250.0 million 5 year - variable-rate | Unsecured Debt | Interest Rate Swap One | One-month LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.20% | 1.20% | |||
$250.0 million 5 year - variable-rate | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Debt instrument, term | 5 years | ||||
Unsecured term loans | $ 50,000,000 | $ 26,000,000 | |||
Interest rate (percent) | 3.3003% | 3.6794% | |||
$250.0 million 5 year - variable-rate | Unsecured Debt | Interest Rate Swap One | One-month LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.20% | ||||
$150.0 million 5.5 year - variable-rate | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
Debt instrument, term | 5 years 6 months | ||||
Unsecured term loans | $ 100,000,000 | $ 100,000,000 | |||
Interest rate (percent) | 3.3003% | 3.5493% | |||
$150.0 million 5.5 year - variable-rate | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
Debt instrument, term | 5 years 6 months | ||||
Unsecured term loans | $ 50,000,000 | $ 26,000,000 | |||
Interest rate (percent) | 3.3003% | 3.6794% | |||
Unsecured Term Loan | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | ||||
Unsecured term loans | $ 400,000,000 | $ 352,000,000 | |||
Issuance costs, net of accumulated amortization | $ (2,667,000) | (3,145,000) | |||
Unsecured Term Loan | Unsecured Debt | Interest Rate Swap One | One-month LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate | 1.20% | ||||
Unsecured Term Loan | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Total debt, net | $ 397,333,000 | $ 348,855,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Level 1 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | $ 0 | $ 0 |
Derivative interest rate liabilities | 0 | 0 |
Level 2 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | 161 | 1,637 |
Derivative interest rate liabilities | (1,629) | 0 |
Level 3 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | 0 | 0 |
Derivative interest rate liabilities | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairment Losses | ||||
Investment properties | $ 2,359 | $ 2,713 | $ 2,359 | $ 3,510 |
Nonrecurring | ||||
Impairment Losses | ||||
Investment properties | 2,359 | 2,713 | 2,359 | 3,510 |
Nonrecurring | Level 3 | ||||
Impairment Losses | ||||
Investment properties | $ 42,250 | $ 33,075 | $ 42,250 | $ 64,075 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments Presented at Carrying Values (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | $ 176,502 | $ 213,925 |
Term loans | 400,000 | 352,000 |
Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 180,671 | 212,572 |
Term loans | $ 400,004 | $ 352,006 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)property | Sep. 30, 2019USD ($)property | Sep. 30, 2018USD ($)property | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of properties impaired | property | 2 | 1 | 3 | ||
Interest expense, net | $ | $ 2,359 | $ 2,713 | $ 2,359 | $ 3,510 | |
Mortgages Payable | Weighted Average Effective Market Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.0339 | 0.0339 | 0.0438 | ||
Line of Credit | Discount Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.0257 | 0.0257 | 0.0363 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income from continuing operations | $ 24,926 | $ 8,947 | $ 35,205 | $ 66,342 |
Earnings allocated to unvested restricted shares | (50) | 0 | 0 | (77) |
Net income from continuing operations attributable to common stockholders - basic and diluted | 24,876 | 8,947 | 35,205 | 66,265 |
Net loss from discontinued operations attributable to common stockholders - basic and diluted | $ 0 | $ 0 | $ (25,500) | $ 0 |
Denominator: | ||||
Weighted-average number of common shares outstanding - basic | 728,722,763 | 768,385,770 | 728,645,975 | 772,341,263 |
Effect of unvested restricted shares (in shares) | 733,959 | 921,089 | 575,251 | 630,524 |
Weighted-average number of common shares outstanding - diluted | 729,456,722 | 769,306,859 | 729,221,226 | 772,971,787 |
Income per common share: | ||||
Net income from continuing operations per share - basic and diluted (in dollars per share) | $ 0.03 | $ 0.01 | $ 0.05 | $ 0.09 |
Net loss from discontinued operations per share - basic and diluted (in dollars per share) | 0 | 0 | (0.03) | 0 |
Net income per common share, basic and diluted (in dollars per share) | $ 0.03 | $ 0.01 | $ 0.02 | $ 0.09 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Award Activity (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Unvested Time-Based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of year (in shares) | 1,548,150 |
Shares granted (in shares) | 1,225,170 |
Shares vested (in shares) | (227,707) |
Shares forfeited (in shares) | (202,441) |
Outstanding at end of year (in shares) | 2,343,172 |
Weighted Average Grant Date Price Per Share | |
Weighted average price per share at beginning of year (in dollars per share) | $ / shares | $ 3.18 |
Weighted average price per share, shares granted (in dollars per share) | $ / shares | 3.14 |
Weighted average price per share, shares vested (in dollars per share) | $ / shares | 3.14 |
Weighted average price per share, shares forfeited (in dollars per share) | $ / shares | 3.17 |
Weighted average price per share at end of year (in dollars per share) | $ / shares | $ 3.15 |
Unvested Performance-Based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of year (in shares) | 0 |
Shares granted (in shares) | 967,201 |
Shares vested (in shares) | 0 |
Shares forfeited (in shares) | (40,779) |
Outstanding at end of year (in shares) | 926,422 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense not yet recognized | $ 7,161 | $ 7,161 | ||
Stock-based compensation expense recognized | $ 1,289 | $ 1,103 | $ 3,454 | $ 3,187 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Jun. 14, 2019 | Sep. 30, 2019 | Jan. 01, 2019 |
Loss Contingencies [Line Items] | |||
Loss contingency accrual, period increase (decrease) | $ 25,500 | ||
Operating lease right-of-use asset | 2,493 | ||
Lease liabilities | $ 2,290 | ||
Accounting Standards Update 2016-02 | |||
Loss Contingencies [Line Items] | |||
Operating lease right-of-use asset | $ 2,890 | ||
Lease liabilities | $ 3,114 | ||
Settled Litigation | University House Communities Group, Inc | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, amount awarded to other party | $ 30,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Operating, Finance, and Capital Lease Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 2,493 | |
Operating lease ROU accumulated amortization | (407) | |
Operating lease liabilities | 2,290 | |
Finance lease ROU assets | 1,925 | |
Finance lease ROU accumulated amortization | (195) | |
Finance lease liabilities | $ 1,310 | |
Capital lease assets | $ 2,097 | |
Capital lease accumulated amortization | (104) | |
Capital lease liabilities | $ 1,789 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Cost, Weighted Average Lease Term and Weighted Average Discount Rate (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Minimum operating lease payments | $ 166 | $ 506 |
Variable operating lease payments | 30 | 92 |
Short-term operating lease payments | 84 | 228 |
ROU amortization of finance leases | 34 | 104 |
Interest expense of finance leases | 15 | 46 |
Total lease cost | $ 329 | $ 976 |
Weighted-average remaining lease term of operating leases | 4 years 10 months 24 days | 4 years 10 months 24 days |
Weighted-average remaining lease term of finance leases | 2 years 10 months 24 days | 2 years 10 months 24 days |
Weighted-average discount rate of operating leases | 4.44% | 4.44% |
Weighted-average discount rate of finance leases | 3.50% | 3.50% |
Commitments and Contingencies_4
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Remaining 2019 | $ 125 | |
2020 | 587 | |
2021 | 471 | |
2022 | 443 | |
2023 | 455 | |
Thereafter | 470 | |
Total expected minimum lease obligation | 2,551 | |
Less: Amount representing interest | (261) | |
Operating lease liabilities | 2,290 | |
Finance Leases | ||
Remaining 2019 | 150 | |
2020 | 493 | |
2021 | 480 | |
2022 | 279 | |
2023 | 21 | |
Thereafter | 0 | |
Total expected minimum lease obligation | 1,423 | |
Less: Amount representing interest | (113) | |
Present value of net minimum lease payments | $ 1,310 | |
Operating Leases | ||
2019 | $ 717 | |
2020 | 611 | |
2021 | 494 | |
2022 | 466 | |
2023 | 479 | |
Thereafter | 1,041 | |
Total expected minimum lease obligation | 3,808 | |
Capital Leases | ||
2019 | 532 | |
2020 | 532 | |
2021 | 519 | |
2022 | 317 | |
2023 | 40 | |
Thereafter | 0 | |
Total expected minimum lease obligation | 1,940 | |
Less: Amount representing interest | (151) | |
Present value of net minimum lease payments | $ 1,789 |
Subsequent Events - (Details)
Subsequent Events - (Details) - Retail - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands | Oct. 11, 2019USD ($)ft² | Sep. 30, 2019ft² | Sep. 30, 2018ft² |
Subsequent Event [Line Items] | |||
Square Feet | 1,151,500 | 2,232,000 | |
Northwest Marketplace | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Square Feet | 185,000 | ||
Gross Disposition Price | $ | $ 29,500 |
Uncategorized Items - ivtpsepte
Label | Element | Value | |
Business Combination, Contingent Consideration, Liability | us-gaap_BusinessCombinationContingentConsiderationLiability | $ 5,207,000 | |
Business Combination, Contingent Consideration, Liability | us-gaap_BusinessCombinationContingentConsiderationLiability | 732,000 | |
Disposition, Accounts Payable, Acquired Lease Intangibles, and Other Liabilities | ivtp_DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities | (5,527,000) | |
Disposition, Accounts Payable, Acquired Lease Intangibles, and Other Liabilities | ivtp_DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities | (10,289,000) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,918,478,000 | |
Recognition of Partially Deferred Gains on Property Sales | ivtp_RecognitionofPartiallyDeferredGainsonPropertySales | 12,756,000 | |
Recognition of Partially Deferred Gains on Property Sales | ivtp_RecognitionofPartiallyDeferredGainsonPropertySales | 0 | |
AOCI Attributable to Parent [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,670,000 | |
Accumulated Distributions in Excess of Net Income [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ (3,765,877,000) | |
Common Stock [Member] | |||
Shares, Issued | us-gaap_SharesIssued | 774,293,197 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 773,000 | |
Additional Paid-in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 5,681,912,000 | |
Accounting Standards Update 2017-05 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,756,000 | [1] |
Accounting Standards Update 2017-05 [Member] | Accumulated Distributions in Excess of Net Income [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,756,000 | [1] |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (275,000) | |
Accounting Standards Update 2016-01 [Member] | Accumulated Distributions in Excess of Net Income [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 275,000 | |
[1] | See Note 6. Investments in Consolidated and Unconsolidated Entities. |