Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40896 | |
Entity Registrant Name | INVENTRUST PROPERTIES CORP. | |
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 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | IVT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,261,403 | |
Entity Central Index Key | 0001307748 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment properties | ||
Land | $ 598,940 | $ 577,750 |
Building and other improvements | 1,659,494 | 1,640,693 |
Construction in progress | 6,361 | 3,246 |
Total | 2,264,795 | 2,221,689 |
Less accumulated depreciation | (335,086) | (292,248) |
Net investment properties | 1,929,709 | 1,929,441 |
Cash, cash equivalents and restricted cash | 138,341 | 223,770 |
Investment in unconsolidated entities | 104,963 | 109,051 |
Intangible assets, net | 86,266 | 95,722 |
Accounts and rents receivable | 29,013 | 28,983 |
Deferred costs and other assets, net | 26,050 | 20,372 |
Total assets | 2,314,342 | 2,407,339 |
Liabilities | ||
Debt, net | 502,151 | 555,109 |
Accounts payable and accrued expenses | 41,638 | 28,284 |
Distributions payable | 13,933 | 13,642 |
Intangible liabilities, net | 30,436 | 34,872 |
Other liabilities | 31,368 | 36,569 |
Total liabilities | 619,526 | 668,476 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $0.001 par value, 1,460,000,000 shares authorized, 71,261,403 shares issued and outstanding as of September 30, 2021 and 71,998,654 shares issued and outstanding as of December 31, 2020 | 71 | 72 |
Additional paid-in capital | 5,554,596 | 5,566,902 |
Distributions in excess of accumulated net income | (3,852,190) | (3,815,662) |
Accumulated comprehensive loss | (7,661) | (12,449) |
Total stockholders' equity | 1,694,816 | 1,738,863 |
Total liabilities and stockholders' equity | $ 2,314,342 | $ 2,407,339 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,460,000,000 | 1,460,000,000 |
Common stock, shares issued (in shares) | 71,261,403 | 71,998,654 |
Common stock, shares outstanding (in shares) | 71,261,403 | 71,998,654 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income | ||||
Lease income, net | $ 53,965 | $ 51,489 | $ 154,869 | $ 143,491 |
Total income | 55,138 | 52,545 | 158,399 | 146,622 |
Operating expenses | ||||
Depreciation and amortization | 21,318 | 22,170 | 65,000 | 66,697 |
Property operating | 8,143 | 6,677 | 23,926 | 19,969 |
Real estate taxes | 8,490 | 8,940 | 24,781 | 24,647 |
General and administrative | 8,782 | 10,106 | 29,043 | 25,688 |
Direct listing costs | 1,704 | 0 | 1,704 | 0 |
Total operating expenses | 48,437 | 47,893 | 144,454 | 137,001 |
Other (expense) income | ||||
Interest expense, net | (3,999) | (4,594) | (11,956) | (14,327) |
Loss on extinguishment of debt | (400) | 0 | (400) | (2,543) |
Provision for asset impairment | 0 | 0 | 0 | (9,002) |
Gain on sale of investment properties, net | 636 | 424 | 1,516 | 668 |
Equity in earnings of unconsolidated entities | 1,046 | 951 | 2,441 | 1,591 |
Other income and expense, net | 8 | 244 | (155) | 2,572 |
Total other expense income, net | (2,709) | (2,975) | (8,554) | (21,041) |
Net income (loss) | $ 3,992 | $ 1,677 | $ 5,391 | $ (11,420) |
Weighted-average common shares outstanding, basic (in shares) | 71,261,403 | 71,945,847 | 71,731,832 | 72,072,252 |
Weighted-average common shares outstanding, diluted (in shares) | 71,395,625 | 72,009,209 | 71,802,082 | 72,072,252 |
Net income (loss) per common share, basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.08 | $ (0.16) |
Net income (loss) per common share, diluted (in dollars per share) | 0.06 | 0.02 | 0.08 | (0.16) |
Distributions declared per common share outstanding (in dollars per share) | 0.20 | 0.19 | 0.58 | 0.57 |
Distributions paid per common share outstanding (in dollars per share) | $ 0.20 | $ 0.19 | $ 0.58 | $ 0.56 |
Comprehensive income (loss) | ||||
Net income (loss) | $ 3,992 | $ 1,677 | $ 5,391 | $ (11,420) |
Unrealized (loss) gain on derivatives | (195) | (25) | 1,560 | (16,498) |
Reclassification to net income (loss) | 1,102 | 1,043 | 3,228 | 1,643 |
Comprehensive income (loss) | 4,899 | 2,695 | 10,179 | (26,275) |
Other property income | ||||
Income | ||||
Income | 310 | 177 | 760 | 576 |
Other fee income | ||||
Income | ||||
Income | $ 863 | $ 879 | $ 2,770 | $ 2,555 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Income (Loss) |
Balance at the beginning (in shares) at Dec. 31, 2019 | 72,133,163 | ||||
Balance at the beginning, value at Dec. 31, 2019 | $ 1,819,601 | $ 72 | $ 5,569,356 | $ (3,750,884) | $ 1,057 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (3,486) | (3,486) | |||
Unrealized (loss) gain on derivatives | (14,141) | (14,141) | |||
Reclassification to interest expense, net | (145) | (145) | |||
Distributions declared | (13,678) | (13,678) | |||
Stock-based compensation, net | 201 | 201 | |||
Proceeds from distribution reinvestment plan, net (in shares) | 2,125 | ||||
Proceeds from distribution reinvestment plan, net | (229) | (229) | |||
Balance at the end (in shares) at Mar. 31, 2020 | 72,135,288 | ||||
Balance at the end, value at Mar. 31, 2020 | 1,788,123 | $ 72 | 5,569,328 | (3,768,048) | (13,229) |
Balance at the beginning (in shares) at Dec. 31, 2019 | 72,133,163 | ||||
Balance at the beginning, value at Dec. 31, 2019 | 1,819,601 | $ 72 | 5,569,356 | (3,750,884) | 1,057 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (11,420) | ||||
Unrealized (loss) gain on derivatives | (16,498) | ||||
Repurchase of common stock under share repurchase plan, net (in shares) | (213,612) | ||||
Proceeds from distribution reinvestment plan, net (in shares) | 7,904 | ||||
Balance at the end (in shares) at Sep. 30, 2020 | 71,945,847 | ||||
Balance at the end, value at Sep. 30, 2020 | 1,749,428 | $ 72 | 5,566,420 | (3,803,266) | (13,798) |
Balance at the beginning (in shares) at Mar. 31, 2020 | 72,135,288 | ||||
Balance at the beginning, value at Mar. 31, 2020 | 1,788,123 | $ 72 | 5,569,328 | (3,768,048) | (13,229) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (9,611) | (9,611) | |||
Unrealized (loss) gain on derivatives | (2,332) | (2,332) | |||
Reclassification to interest expense, net | 742 | 742 | |||
Reclassification to equity in earnings of unconsolidated entities | 3 | 3 | |||
Distributions declared | (13,642) | (13,642) | |||
Stock-based compensation, net (in shares) | 18,392 | ||||
Stock-based compensation, net | 1,314 | 1,314 | |||
Repurchase of common stock under share repurchase plan, net (in shares) | (213,612) | ||||
Repurchase of common stock under share repurchase plan, net | (5,201) | (5,201) | |||
Proceeds from distribution reinvestment plan, net (in shares) | 5,779 | ||||
Proceeds from distribution reinvestment plan, net | 136 | 136 | |||
Balance at the end (in shares) at Jun. 30, 2020 | 71,945,847 | ||||
Balance at the end, value at Jun. 30, 2020 | 1,759,532 | $ 72 | 5,565,577 | (3,791,301) | (14,816) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,677 | 1,677 | |||
Unrealized (loss) gain on derivatives | (25) | (25) | |||
Reclassification to interest expense, net | 1,016 | 1,016 | |||
Reclassification to equity in earnings of unconsolidated entities | 27 | 27 | |||
Distributions declared | (13,642) | (13,642) | |||
Stock-based compensation, net | 843 | 843 | |||
Proceeds from distribution reinvestment plan, net (in shares) | 5,779 | ||||
Balance at the end (in shares) at Sep. 30, 2020 | 71,945,847 | ||||
Balance at the end, value at Sep. 30, 2020 | 1,749,428 | $ 72 | 5,566,420 | (3,803,266) | (13,798) |
Balance at the beginning (in shares) at Dec. 31, 2020 | 71,998,654 | ||||
Balance at the beginning, value at Dec. 31, 2020 | 1,738,863 | $ 72 | 5,566,902 | (3,815,662) | (12,449) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (100) | (100) | |||
Unrealized (loss) gain on derivatives | 1,893 | 1,893 | |||
Reclassification to interest expense, net | 1,017 | 1,017 | |||
Reclassification to equity in earnings of unconsolidated entities | 31 | 31 | |||
Distributions declared | (14,065) | (14,065) | |||
Stock-based compensation, net | 1,383 | 1,383 | |||
Balance at the end (in shares) at Mar. 31, 2021 | 71,998,654 | ||||
Balance at the end, value at Mar. 31, 2021 | 1,729,022 | $ 72 | 5,568,285 | (3,829,827) | (9,508) |
Balance at the beginning (in shares) at Dec. 31, 2020 | 71,998,654 | ||||
Balance at the beginning, value at Dec. 31, 2020 | 1,738,863 | $ 72 | 5,566,902 | (3,815,662) | (12,449) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 5,391 | ||||
Unrealized (loss) gain on derivatives | 1,560 | ||||
Repurchase of common stock under share repurchase plan, net (in shares) | (755,643) | ||||
Balance at the end (in shares) at Sep. 30, 2021 | 71,261,403 | ||||
Balance at the end, value at Sep. 30, 2021 | 1,694,816 | $ 71 | 5,554,596 | (3,852,190) | (7,661) |
Balance at the beginning (in shares) at Mar. 31, 2021 | 71,998,654 | ||||
Balance at the beginning, value at Mar. 31, 2021 | 1,729,022 | $ 72 | 5,568,285 | (3,829,827) | (9,508) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,499 | 1,499 | |||
Unrealized (loss) gain on derivatives | (138) | (138) | |||
Reclassification to interest expense, net | 1,045 | 1,045 | |||
Reclassification to equity in earnings of unconsolidated entities | 33 | 33 | |||
Distributions declared | (13,921) | (13,921) | |||
Stock-based compensation, net (in shares) | 18,392 | ||||
Stock-based compensation, net | 1,863 | 1,863 | |||
Repurchase of common stock under share repurchase plan, net (in shares) | (755,643) | ||||
Repurchase of common stock under share repurchase plan, net | (16,679) | $ (1) | (16,678) | ||
Balance at the end (in shares) at Jun. 30, 2021 | 71,261,403 | ||||
Balance at the end, value at Jun. 30, 2021 | 1,702,724 | $ 71 | 5,553,470 | (3,842,249) | (8,568) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 3,992 | 3,992 | |||
Unrealized (loss) gain on derivatives | (195) | (195) | |||
Reclassification to interest expense, net | 1,067 | 1,067 | |||
Reclassification to equity in earnings of unconsolidated entities | 35 | 35 | |||
Distributions declared | (13,933) | (13,933) | |||
Stock-based compensation, net | 1,126 | 1,126 | |||
Balance at the end (in shares) at Sep. 30, 2021 | 71,261,403 | ||||
Balance at the end, value at Sep. 30, 2021 | $ 1,694,816 | $ 71 | $ 5,554,596 | $ (3,852,190) | $ (7,661) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 5,391 | $ (11,420) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 65,000 | 66,697 |
Amortization of above and below-market leases and lease inducements, net | (3,404) | (5,763) |
Amortization of debt discounts and financing costs | 1,154 | 1,388 |
Straight-line rent adjustment, net | (2,496) | (1,940) |
(Reversal of) provision for estimated credit losses | (1,778) | 10,770 |
Provision for asset impairment | 0 | 9,002 |
Gain on sale of investment properties, net | (1,516) | (668) |
Loss on extinguishment of debt | 400 | 2,543 |
Equity in earnings of unconsolidated entities | (2,441) | (1,591) |
Distributions from unconsolidated entities | 6,765 | 3,399 |
Stock-based compensation, net | 6,876 | 3,546 |
Changes in operating assets and liabilities: | ||
Accounts and rents receivable | 4,577 | (6,994) |
Deferred costs and other assets, net | (2,211) | (1,116) |
Accounts payable and accrued expenses | 8,423 | 5,109 |
Other liabilities | 981 | (3,056) |
Net cash provided by operating activities | 85,721 | 69,906 |
Cash flows from investing activities: | ||
Purchase of investment properties | (53,078) | (32,377) |
Capital expenditures and tenant improvements | (10,241) | (8,644) |
Investment in development and re-development projects | (2,553) | (1,817) |
Proceeds from sale of investment properties, net | 14,797 | 5,791 |
Lease commissions and other leasing costs | (3,152) | (436) |
Other assets | (80) | 2,738 |
Other liabilities | (1,254) | (1,743) |
Net cash used in investing activities | (55,561) | (36,488) |
Cash flows from financing activities: | ||
Common shares repurchased through share repurchase program | (16,679) | (5,201) |
Proceeds from distribution reinvestment plan | 0 | 185 |
Distributions to shareholders | (41,628) | (40,572) |
Proceeds from debt | 400,000 | 150,000 |
Payoffs of debt | (450,000) | (67,349) |
Debt prepayment penalties | 0 | (2,504) |
Principal payments on mortgage debt | (973) | (1,122) |
Payment of finance lease liabilities | (311) | (283) |
Payment of loan fees and deposits | (5,998) | (75) |
Net cash (used in) provided by financing activities | (115,589) | 33,079 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (85,429) | 66,497 |
Cash, cash equivalents and restricted cash at the beginning of the period | 223,770 | 260,748 |
Cash, cash equivalents and restricted cash at the end of the period | 138,341 | 327,245 |
Cash flow disclosure, including non-cash activities: | ||
Cash paid for interest, net of capitalized interest | 10,980 | 13,290 |
Cash paid for income taxes, net of refunds | 295 | 913 |
Distributions payable to shareholders | 13,933 | 13,642 |
Accrued capital expenditures and tenant improvements | 2,104 | 2,239 |
Capitalized costs placed in service | 5,567 | 6,369 |
Reclassification of registration statement costs incurred to equity issuance costs | 0 | 278 |
Purchase of investment properties: | ||
Net investment properties | 45,791 | 30,515 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 8,734 | 3,770 |
Accounts payable and accrued expenses, lease intangibles, and other liabilities | (1,447) | (1,908) |
Cash outflow for purchase of investment properties, net | 53,078 | 32,377 |
Capitalized acquisition costs | (59) | (63) |
Credits and other changes in cash outflow, net | 1,691 | 890 |
Gross acquisition price of investment properties | 54,710 | 33,204 |
Sale of investment properties: | ||
Net investment properties | 10,949 | 5,618 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 2,332 | (148) |
Accounts payable and accrued expenses, lease intangibles, and other liabilities | 0 | (347) |
Gain on sale of investment properties, net | 1,516 | 668 |
Proceeds from sale of investment properties, net | 14,797 | 5,791 |
Credits and other changes in cash inflow, net | 175 | 810 |
Gross disposition price of investment properties | $ 14,972 | $ 6,601 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization On October 4, 2004, InvenTrust Properties Corp. (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, leasing, redeveloping, acquiring and managing 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, as well as all wholly-owned subsidiaries. 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. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 6. Investment in Unconsolidated Entities" . As of September 30, 2021 and 2020, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities" . The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's retail portfolio as of September 30, 2021 and 2020: Wholly-Owned Unconsolidated 2021 2020 2021 2020 No. of properties 55 55 8 10 Gross Leasable Area (square feet) 8,561 8,329 1,994 2,470 New York Stock Exchange Listing On October 12, 2021, the Company’s common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT". Subsequent to September 30, 2021, the Company incurred approximately $16.6 million of advisory fees for legal, banking, and other advisory services, related to the direct listing. These costs were contingent upon a successful direct listing on the NYSE and will be expensed in fourth quarter 2021. "Dutch Auction" Tender Offer On October 12, 2021, in conjunction with the NYSE listing, and in order to provide liquidity to the stockholders of the Company and help stabilize the share price of the Company's common stock, the Company commenced a modified "Dutch Auction" tender offer (the "Tender Offer") to purchase for cash up to $100.0 million of its shares of the Company's common stock at a price not greater than $28.00 nor less than $25.00 per share, net to the seller in cash, less any applicable withholding of taxes and without interest. The Tender Offer expires at 12:00 midnight, New York City time, at the end of the day on November 8, 2021. Reverse Stock Split On August 5, 2021, the Company effected a 1-for-10 reverse stock split of its common stock. As a result of the reverse stock split, every ten shares of issued and outstanding common stock were changed into one share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after effecting the reverse stock split, the Company decreased the par value of each issued and outstanding share of common stock from $0.01 par value per share to $0.001 par value per share. In addition, equitable adjustments were made to the maximum number of shares of common stock that may be issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan") and the maximum number of shares of common stock that may be issued upon exercise of incentive stock options under the Incentive Award Plan, in each case, to reflect the 1-for-10 reverse stock split. The number of shares of common stock subject to outstanding awards under the Incentive Award Plan, and certain performance goals applicable to such awards, have also been equitably adjusted to reflect the 1-for-10 reverse stock split. Unless otherwise noted, the share information and the Net Asset Value ("NAV") per share of the Company's common stock in this report and accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the 1-for-10 reverse stock split for all periods presented. Impact of the COVID-19 Pandemic on the Company's Financial Statements The impact of the coronavirus disease 2019 ("COVID-19") pandemic has not materially changed from the information included in the Company's Annual Report or other current reports on file with the Securities and Exchange Commission. The primary impact of the pandemic was and continues to be related to the Company's tenants' ability to make their future rental payments in a timely fashion or at all. During the nine months ended September 30, 2021, deferred rental payments of $4,331 became due and the Company has collected $4,234 of such deferred rental payments as of September 30, 2021. As of September 30, 2021, the Company has granted approximately $5,346 on a cumulative basis of rental payment deferrals, with contractual payment terms through the year ending December 31, 2023. |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
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 retail properties, determining the fair value of debt and evaluating the collectibility of accounts 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. Reclassifications Restricted cash of $1,160 as of December 31, 2020 has been reclassified to cash, cash equivalents and restricted cash on the condensed consolidated balance sheets. Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2021 The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges. The Company continues to evaluate the guidance of Topic 848. The Company expects that application of Topic 848 will not change its presentation of derivatives as cash flow hedges. Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Operating Leases 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, by year As of September 30, 2021 Remaining 2021 $ 38,241 2022 145,787 2023 132,686 2024 117,056 2025 99,933 Thereafter 322,458 Total $ 856,161 The table above includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to seventy-seven years. The following table reflects the disaggregation of lease income, net: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Minimum base rent 32,390 $ 31,692 $ 94,997 $ 96,610 Real estate tax recoveries 7,538 8,148 21,813 22,159 Common area maintenance, insurance, and other recoveries 5,937 5,457 17,705 15,762 Ground rent income 3,315 3,259 9,829 9,721 Above and below-market rent and lease inducement amortization, net 1,019 2,915 3,404 5,763 Short-term and other lease income 758 418 2,479 1,762 Termination fee income 173 304 368 544 Straight-line rent adjustment, net 1,005 1,258 2,496 1,940 Provision for uncollectible straight-line rent (372) (929) (594) (2,979) Provision for uncollectible billed rent and recoveries (51) (1,220) (1,633) (8,178) Reversal of uncollectible billed rent and recoveries 2,253 187 4,005 387 Lease income, net $ 53,965 $ 51,489 $ 154,869 $ 143,491 Other Fee Income The following table reflects the disaggregation of other fee income: Timing of Satisfaction of Performance Obligations Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Property management fees Over time $ 471 $ 536 $ 1,546 $ 1,549 Asset management fees Over time 292 271 859 827 Leasing commissions and other fees Point in time 100 72 365 179 Other fee income $ 863 $ 879 $ 2,770 $ 2,555 The Company had receivables of $243 and $327 as of September 30, 2021 and December 31, 2020, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets. |
Acquired Properties
Acquired Properties | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and 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, 2021: Acquisition Date Property Metropolitan Area Gross Square Feet July 12, 2021 Prestonwood Town Center (a) Dallas, TX $ 52,800 233 September 2, 2021 Rio Pinar Plaza - Outparcel (b) Orlando, FL 1,910 7 $ 54,710 240 (a) This retail property was acquired from the Company's unconsolidated joint venture. See "Note 6. Investment in Unconsolidated Entities". (b) The assets, liabilities and operations of the outparcel acquired were combined for presentation purposes with a retail property already owned by the Company. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2020: Acquisition Date Property Metropolitan Area Gross Square Feet February 25, 2020 Trowbridge Crossing Atlanta, GA $ 10,950 63 March 10, 2020 Antoine Town Center (a) Houston, TX 22,254 111 $ 33,204 174 (a) This retail property was acquired from the Company's unconsolidated joint venture. See "Note 6. Investment in Unconsolidated Entities". Transaction costs of $59 were capitalized during the nine months ended September 30, 2021, and $63 were capitalized during the nine months ended September 30, 2020. |
Disposed Properties
Disposed Properties | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed Properties | Disposed Properties The following table reflects the completion of partial condemnations at three retail properties, the sale of one retail property, and the related gain or loss on sale recognized for each during the nine months ended September 30, 2021: Disposition Date Property Metropolitan Area Square Feet Gross Gain (Loss) February 28, 2021 Sonterra Village (a) San Antonio, TX N/A $ 616 $ 436 March 14, 2021 Eldridge Town Center (a) Houston, TX N/A 133 104 March 31, 2021 Windward Commons (a) Alpharetta, GA N/A 150 (21) June 30, 2021 Eldridge Town Center (a) Houston, TX N/A 418 361 July 20, 2021 Kroger Tomball Houston, TX 74 13,655 636 Total 74 $ 14,972 $ 1,516 (a) These dispositions were related to completions of partial condemnations at three retail properties. The following table reflects the completion of partial condemnations at three retail properties, the sale of one retail property, and the related gain or loss on sale recognized for each during the nine months ended September 30, 2020: Disposition Date Property Metropolitan Area Square Feet Gross Gain (Loss) February 10, 2020 University Oaks Shopping Center (a) Round Rock, TX N/A $ 527 $ 357 February 12, 2020 Centerplace of Greeley (a) Greeley, CO N/A 123 100 May 1, 2020 Woodlake Crossing San Antonio, TX 160 5,500 (213) September 30, 2020 Eldridge Town Center (a) Houston, TX N/A 451 424 Total 160 $ 6,601 $ 668 (a) These dispositions were related to completions of partial condemnations at three retail properties. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Partially Owned Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Joint Venture Interests IAGM Retail Fund I, LLC As of September 30, 2021 and December 31, 2020, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of September 30, 2021 and December 31, 2020, the carrying value of the Company's investment in IAGM was $104,963 and $109,051, respectively. During the nine months ended September 30, 2021, the Company purchased Prestonwood Town Center from IAGM for $52,800, a purchase price determined by a third party real estate valuation specialist, which resulted in IAGM recognizing a gain on sale of $12,428. The Company deferred its share of IAGM's gain on sale of $6,835, which is being amortized over 30 years as an increase to equity in earnings of unconsolidated entities. During the nine months ended September 30, 2021, IAGM disposed of Westover Marketplace, a 243 thousand square foot retail property, for a gross disposal price of $28,775 and recognized a gain on sale of $399. The Company's share of IAGM's gain on sale was $219. During the nine months ended September 30, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a purchase price determined by a third party real estate valuation specialist, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 which is being amortized over 30 years as an increase to equity in earnings of unconsolidated entities. Subsequent to purchasing Antoine Town Center, the Company completed a sale of an outparcel at this retail property to an unrelated third party which resulted in recognizing $54 of previously deferred gain. During the nine months ended September 30, 2021 and 2020, IAGM prepaid mortgages payable of $23,150 and $14,872, respectively, with cash on hand. IAGM used cash on hand and proceeds from the sale of Prestonwood Town Center to pay down $54,103 of its mortgage debt during the nine months ended September 30, 2021. During the nine months ended September 30, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on its senior secured term loan facility previously subject to variability in the London Inter-bank Offered Rate ("LIBOR"). Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of September 30, 2021, the interest rate swaps were recorded as a liability with a fair value of $97 on IAGM's condensed consolidated balance sheet, of which the Company's share was $53. Condensed Financial Information The following table presents condensed balance sheet information for IAGM: As of September 30, 2021 December 31, 2020 Assets: Net investment properties $ 316,591 $ 387,394 Other assets 66,107 72,453 Total assets 382,698 459,847 Liabilities and equity: Mortgages debt, net 165,728 242,388 Other liabilities 13,813 19,144 Equity 203,157 198,315 Total liabilities and equity 382,698 459,847 Company's share of equity 112,596 109,928 Outside basis difference, net (a) (7,633) (877) Carrying value of investments in unconsolidated entities $ 104,963 $ 109,051 (a) The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total income $ 10,184 $ 11,911 $ 33,034 $ 34,449 Depreciation and amortization (3,648) (3,837) (11,205) (12,495) Property operating (1,586) (1,984) (5,715) (5,356) Real estate taxes (1,722) (2,267) (6,392) (6,875) Asset management fees (292) (271) (859) (827) Interest expense, net (1,254) (1,744) (4,415) (5,712) Other (expense) and income, net (79) (93) (324) (232) Loss on debt extinguishment (215) — (229) (8) Gain on sale of real estate 12,827 — 12,827 1,741 Net income $ 14,215 $ 1,715 $ 16,722 $ 4,685 Company's share of net income $ 7,817 $ 943 $ 9,197 $ 2,530 Outside basis adjustment for investee's sale of real estate, net (6,771) 8 (6,756) (939) Equity in earnings of unconsolidated entities $ 1,046 $ 951 $ 2,441 $ 1,591 The following table summarizes the scheduled maturities of IAGM's mortgages payable as of September 30, 2021, for the remainder of 2021, each of the next four years and thereafter: Scheduled maturities by year: As of September 30, 2021 2021 $ — 2022 — 2023 126,022 2024 — 2025 22,880 Thereafter 17,800 Total $ 166,702 As of September 30, 2021 and December 31, 2020, 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, 2021 | |
Notes and Loans Payable [Abstract] | |
Debt | Debt As of September 30, 2021, the Company's total debt, net was $502,151, which consists of mortgages payable, net, of $105,868, and unsecured term loans, net, of $396,283. 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. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions, and distribution limitations. As of September 30, 2021 and December 31, 2020, the Company was in compliance with all loan covenants. Mortgages Payable As of September 30, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows: September 30, 2021 December 31, 2020 Mortgages payable (a) $ 106,288 $ 107,261 Discount, net of accumulated amortization (56) (84) Issuance costs, net of accumulated amortization (364) (449) Total mortgages payable, net $ 105,868 $ 106,728 (a) Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of September 30, 2021 and December 31, 2020. The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2021 for the remainder of 2021, each of the next four years and thereafter. Scheduled maturities by year: As of September 30, 2021 2021 $ — 2022 22,511 2023 39,447 2024 15,700 2025 28,630 Thereafter — Total mortgage payable maturities $ 106,288 Credit Agreements Revolving Credit Agreement On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). As of September 30, 2021 and December 31, 2020, the Company had no outstanding borrowings and $50,000 of outstanding borrowings under the Revolving Credit Agreement, respectively, and a facility fee of 0.15%. As of September 30, 2021 and December 31, 2020, $350,000 and $300,000 of the facility was undrawn, respectively. For general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate reflecting 1-Month LIBOR plus 1.05% during the second quarter of 2020. The Company subsequently repaid $100,000 and $50,000 of that draw during the fourth quarter of 2020 and the first quarter of 2021, respectively. On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement, which provides for, among other things, an extension of the maturity of the Company's existing $350,000 unsecured revolving line of credit (the "Amended Revolving Credit Agreement"). The Amended Revolving Credit Agreement has a 4-year term maturing on September 22, 2025 with two six-month extension options. Unsecured term loans On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated the Company's prior unsecured term loan credit agreement in its entirety (the “Term Loan Credit Agreement”). On September 22, 2021, the Company entered into an amendment to the Term Loan Credit Agreement, which provides for, among other things (i) an extension of the maturity of the Company's existing aggregate $400,000 unsecured term loan, and (ii) a reallocation of indebtedness under the two outstanding tranches of term loans thereunder (the "Amended Term Loan Agreement"). The Amended Term Loan Agreement consists of two tranches: a $200,000 5-year tranche maturing on September 22, 2026, and a $200,000 5.5-year As of September 30, 2021, the Company had the following unsecured term loan tranches outstanding under the Amended Term Loan Agreement: Principal Balance Interest Rate Maturity Date $200.0 million 5 year - swapped to fixed rate $ 100,000 2.6795% (a) September 22, 2026 $200.0 million 5 year - swapped to fixed rate 100,000 2.6795% (a) September 22, 2026 $200.0 million 5.5 year - swapped to fixed rate 50,000 2.6915% (a) March 22, 2027 $200.0 million 5.5 year - swapped to fixed rate 50,000 2.6990% (a) March 22, 2027 $200.0 million 5.5 year - variable rate 100,000 1.2860% (b) March 22, 2027 Total unsecured term loans 400,000 Issuance costs, net of accumulated amortization (3,717) Total unsecured term loans, net $ 396,283 (a) As of September 30, 2021, the Company has four interest rate swap agreements, of which two each 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 interest rate swap agreements 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%, respectively. (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective September 1, 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Cash Flow Hedges: (a) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate liabilities (b)(c) $ — $ (7,661) $ — $ — $ (12,449) $ — (a) During the twelve months subsequent to September 30, 2021, an estimated $4,229 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings. (b) The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's condensed consolidated balance sheets. (c) As of September 30, 2021 and December 31, 2020, the Company determined that the credit valuation adjustments associated with nonperformance risk 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. Nonrecurring Measurements Investment Properties During the three and nine months ended September 30, 2021 , the Company had no Level 3 nonrecurring fair value measurements. During the nine months ended September 30, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive income (loss) 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. This property was disposed of on May 1, 2020. During the three months ended September 30, 2020, the Company had no Level 3 recurring fair value measurements. Financial Instruments Not Measured at Fair Value The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 106,288 $ 105,217 $ 107,261 $ 106,494 Term loans $ 400,000 $ 400,038 $ 400,000 $ 400,055 Revolving line of credit $ — $ — $ 50,000 $ 50,032 The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.43% and 4.25% as of September 30, 2021 and December 31, 2020, respectively. The Company estimated the fair value of its term loans and revolving line of credit using a weighted-average interest rate of 2.16% and 1.36% as of September 30, 2021 and December 31, 2020, respectively. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. The fair value estimates of the term loans and line of credit approximate the carrying values. The assumptions reflect the terms currently available on similar borrowings by borrowers with credit profiles similar to the Company's. |
Earnings Per Share and Equity T
Earnings Per Share and Equity Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Equity Transactions | Earnings Per Share and Equity Transactions Basic earnings per share ("EPS") is computed using the two-class method by dividing net income or loss by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards. The following table reconciles the amounts used in calculating basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) attributed to common shareholders $ 3,992 $ 1,677 $ 5,391 $ (11,420) Denominator: Weighted average common shares outstanding - basic 71,261,403 71,945,847 71,731,832 72,072,252 Dilutive effect of unvested restricted shares (a) 134,222 63,362 70,250 — Weighted average common shares outstanding - diluted 71,395,625 72,009,209 71,802,082 72,072,252 Basic and diluted earnings per common share: Net income (loss) per common share, basic and diluted $ 0.06 $ 0.02 $ 0.08 $ (0.16) (a) For the nine months ended September 30, 2020, unvested restricted shares were anti-dilutive. On August 5, 2021, the Company effected a 1-for-10 reverse stock split of its common stock, reducing the number of shares of common stock outstanding from 712,090,283 to 71,261,403 shares on that date. Fractional shares resulted in the issuance of an additional 52,375 shares, which have been included in the total issued and outstanding shares for all periods presented. See "Note 1. Organization" for more information concerning the reverse stock split. On April 6, 2021, the Company adopted the Third Amended and Restated Share Repurchase Program, (as amended, the "SRP"). On April 12, 2021, the Company announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders. The repurchase price per share of $21.70 for eligible stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's board of directors (the "Board"), which was $28.90 per share as of December 1, 2020. During the nine months ended September 30, 2021, 755,643 shares were repurchased in connection with the SRP. On August 5, 2021, the Board suspended the SRP effective September 5, 2021. On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program (the "Original SRP"). During the nine months ended September 30, 2020 , 213,612 shares were repurchased in connection with the Original SRP. Effective July 11, 2020, the Company suspended the Original SRP. On November 1, 2019, the Company began offering shares of its common stock to existing stockholders pursuant to its Amended and Restated Distribution Reinvestment Plan ("DRP"). During the three and nine months ended September 30, 2020 , 5,779 and 7,904 shares, respectively, were issued pursuant to the DRP. Effective July 11, 2020, the Company suspended the DRP. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. Time-based restricted stock unit ("RSU") awards granted to employees vest equally on each of the first three On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $28.90 as of December 1, 2020. On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in accelerated recognition of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved one-time grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $28.90 as of December 1, 2020. The following table summarizes the Company's RSU activity during the nine months ended September 30, 2021: Unvested Time- Unvested Performance- Weighted-Average Grant Outstanding as of January 1, 2021 110,382 332,095 $ 31.40 Shares granted 208,611 218,507 $ 28.90 Shares vested (24,522) — $ 31.40 Shares forfeited (13,880) (79,562) $ 30.73 Outstanding as of September 30, 2021 280,591 471,040 $ 30.06 As of September 30, 2021, there was $6,072 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2023. The Company recognized stock-based compensation expense of $2,069 and $6,876 for the three and nine months ended September 30, 2021, respectively, and $1,598 and $3,546 for the three and nine months ended September 30, 2020, respectively. See "Note 1. Organization" for more information regarding the equitable adjustments made to the Company's shares of common stock that may be issued pursuant to the Incentive Award Plan in connection with the reverse stock split. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 arise 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, based on currently available information, management does not expect 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. Operating and Finance Lease Commitments The Company has non-cancelable operating leases for office space used in its business. In addition, the Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases. Future minimum lease obligations as of September 30, 2021, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2021 $ 176 $ 97 2022 593 279 2023 968 21 2024 1,044 — 2025 502 — Thereafter 2,200 — Total expected minimum lease obligation 5,483 397 Less: Amount representing interest (a) (2,314) (35) Present value of net minimum lease payments $ 3,169 $ 362 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021, through the date the financial statements were issued for recognition and disclosure purposes. The Company's material subsequent events have been disclosed in "Note 1. Organization." |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements Adopted | Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2021 The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges. The Company continues to evaluate the guidance of Topic 848. The Company expects that application of Topic 848 will not change its presentation of derivatives as cash flow hedges. Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Multi-Tenant Retail Portfolio | The following table summarizes the Company's retail portfolio as of September 30, 2021 and 2020: Wholly-Owned Unconsolidated 2021 2020 2021 2020 No. of properties 55 55 8 10 Gross Leasable Area (square feet) 8,561 8,329 1,994 2,470 |
Basis of Presentation and Rec_3
Basis of Presentation and Recently Issued Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Recently Issued Accounting Pronouncements Adopted | Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2021 The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges. The Company continues to evaluate the guidance of Topic 848. The Company expects that application of Topic 848 will not change its presentation of derivatives as cash flow hedges. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Minimum Lease Payments to be Received | 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, by year As of September 30, 2021 Remaining 2021 $ 38,241 2022 145,787 2023 132,686 2024 117,056 2025 99,933 Thereafter 322,458 Total $ 856,161 |
Schedule of Disaggregation of Lease Income, Net | The following table reflects the disaggregation of lease income, net: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Minimum base rent 32,390 $ 31,692 $ 94,997 $ 96,610 Real estate tax recoveries 7,538 8,148 21,813 22,159 Common area maintenance, insurance, and other recoveries 5,937 5,457 17,705 15,762 Ground rent income 3,315 3,259 9,829 9,721 Above and below-market rent and lease inducement amortization, net 1,019 2,915 3,404 5,763 Short-term and other lease income 758 418 2,479 1,762 Termination fee income 173 304 368 544 Straight-line rent adjustment, net 1,005 1,258 2,496 1,940 Provision for uncollectible straight-line rent (372) (929) (594) (2,979) Provision for uncollectible billed rent and recoveries (51) (1,220) (1,633) (8,178) Reversal of uncollectible billed rent and recoveries 2,253 187 4,005 387 Lease income, net $ 53,965 $ 51,489 $ 154,869 $ 143,491 |
Schedule of Disaggregation of Other Fee Income | The following table reflects the disaggregation of other fee income: Timing of Satisfaction of Performance Obligations Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Property management fees Over time $ 471 $ 536 $ 1,546 $ 1,549 Asset management fees Over time 292 271 859 827 Leasing commissions and other fees Point in time 100 72 365 179 Other fee income $ 863 $ 879 $ 2,770 $ 2,555 |
Acquired Properties (Tables)
Acquired Properties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Asset Acquisitions | The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2021: Acquisition Date Property Metropolitan Area Gross Square Feet July 12, 2021 Prestonwood Town Center (a) Dallas, TX $ 52,800 233 September 2, 2021 Rio Pinar Plaza - Outparcel (b) Orlando, FL 1,910 7 $ 54,710 240 (a) This retail property was acquired from the Company's unconsolidated joint venture. See "Note 6. Investment in Unconsolidated Entities". (b) The assets, liabilities and operations of the outparcel acquired were combined for presentation purposes with a retail property already owned by the Company. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2020: Acquisition Date Property Metropolitan Area Gross Square Feet February 25, 2020 Trowbridge Crossing Atlanta, GA $ 10,950 63 March 10, 2020 Antoine Town Center (a) Houston, TX 22,254 111 $ 33,204 174 (a) This retail property was acquired from the Company's unconsolidated joint venture. See "Note 6. Investment in Unconsolidated Entities". |
Disposed Properties (Tables)
Disposed Properties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity | The following table reflects the completion of partial condemnations at three retail properties, the sale of one retail property, and the related gain or loss on sale recognized for each during the nine months ended September 30, 2021: Disposition Date Property Metropolitan Area Square Feet Gross Gain (Loss) February 28, 2021 Sonterra Village (a) San Antonio, TX N/A $ 616 $ 436 March 14, 2021 Eldridge Town Center (a) Houston, TX N/A 133 104 March 31, 2021 Windward Commons (a) Alpharetta, GA N/A 150 (21) June 30, 2021 Eldridge Town Center (a) Houston, TX N/A 418 361 July 20, 2021 Kroger Tomball Houston, TX 74 13,655 636 Total 74 $ 14,972 $ 1,516 (a) These dispositions were related to completions of partial condemnations at three retail properties. The following table reflects the completion of partial condemnations at three retail properties, the sale of one retail property, and the related gain or loss on sale recognized for each during the nine months ended September 30, 2020: Disposition Date Property Metropolitan Area Square Feet Gross Gain (Loss) February 10, 2020 University Oaks Shopping Center (a) Round Rock, TX N/A $ 527 $ 357 February 12, 2020 Centerplace of Greeley (a) Greeley, CO N/A 123 100 May 1, 2020 Woodlake Crossing San Antonio, TX 160 5,500 (213) September 30, 2020 Eldridge Town Center (a) Houston, TX N/A 451 424 Total 160 $ 6,601 $ 668 (a) These dispositions were related to completions of partial condemnations at three retail properties. |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Partially Owned Entities [Abstract] | |
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following table presents condensed balance sheet information for IAGM: As of September 30, 2021 December 31, 2020 Assets: Net investment properties $ 316,591 $ 387,394 Other assets 66,107 72,453 Total assets 382,698 459,847 Liabilities and equity: Mortgages debt, net 165,728 242,388 Other liabilities 13,813 19,144 Equity 203,157 198,315 Total liabilities and equity 382,698 459,847 Company's share of equity 112,596 109,928 Outside basis difference, net (a) (7,633) (877) Carrying value of investments in unconsolidated entities $ 104,963 $ 109,051 (a) The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total income $ 10,184 $ 11,911 $ 33,034 $ 34,449 Depreciation and amortization (3,648) (3,837) (11,205) (12,495) Property operating (1,586) (1,984) (5,715) (5,356) Real estate taxes (1,722) (2,267) (6,392) (6,875) Asset management fees (292) (271) (859) (827) Interest expense, net (1,254) (1,744) (4,415) (5,712) Other (expense) and income, net (79) (93) (324) (232) Loss on debt extinguishment (215) — (229) (8) Gain on sale of real estate 12,827 — 12,827 1,741 Net income $ 14,215 $ 1,715 $ 16,722 $ 4,685 Company's share of net income $ 7,817 $ 943 $ 9,197 $ 2,530 Outside basis adjustment for investee's sale of real estate, net (6,771) 8 (6,756) (939) Equity in earnings of unconsolidated entities $ 1,046 $ 951 $ 2,441 $ 1,591 |
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule | The following table summarizes the scheduled maturities of IAGM's mortgages payable as of September 30, 2021, for the remainder of 2021, each of the next four years and thereafter: Scheduled maturities by year: As of September 30, 2021 2021 $ — 2022 — 2023 126,022 2024 — 2025 22,880 Thereafter 17,800 Total $ 166,702 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes and Loans Payable [Abstract] | |
Schedule of Debt | As of September 30, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows: September 30, 2021 December 31, 2020 Mortgages payable (a) $ 106,288 $ 107,261 Discount, net of accumulated amortization (56) (84) Issuance costs, net of accumulated amortization (364) (449) Total mortgages payable, net $ 105,868 $ 106,728 (a) Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of September 30, 2021 and December 31, 2020. As of September 30, 2021, the Company had the following unsecured term loan tranches outstanding under the Amended Term Loan Agreement: Principal Balance Interest Rate Maturity Date $200.0 million 5 year - swapped to fixed rate $ 100,000 2.6795% (a) September 22, 2026 $200.0 million 5 year - swapped to fixed rate 100,000 2.6795% (a) September 22, 2026 $200.0 million 5.5 year - swapped to fixed rate 50,000 2.6915% (a) March 22, 2027 $200.0 million 5.5 year - swapped to fixed rate 50,000 2.6990% (a) March 22, 2027 $200.0 million 5.5 year - variable rate 100,000 1.2860% (b) March 22, 2027 Total unsecured term loans 400,000 Issuance costs, net of accumulated amortization (3,717) Total unsecured term loans, net $ 396,283 (a) As of September 30, 2021, the Company has four interest rate swap agreements, of which two each 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 interest rate swap agreements 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%, respectively. (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective September 1, 2021. |
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2021 for the remainder of 2021, each of the next four years and thereafter. Scheduled maturities by year: As of September 30, 2021 2021 $ — 2022 22,511 2023 39,447 2024 15,700 2025 28,630 Thereafter — Total mortgage payable maturities $ 106,288 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2021 December 31, 2020 Cash Flow Hedges: (a) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate liabilities (b)(c) $ — $ (7,661) $ — $ — $ (12,449) $ — (a) During the twelve months subsequent to September 30, 2021, an estimated $4,229 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings. (b) The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's condensed consolidated balance sheets. |
Schedule of Fair Value of Financial Instruments Presented at Carrying Values | The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 106,288 $ 105,217 $ 107,261 $ 106,494 Term loans $ 400,000 $ 400,038 $ 400,000 $ 400,055 Revolving line of credit $ — $ — $ 50,000 $ 50,032 |
Earnings Per Share and Equity_2
Earnings Per Share and Equity Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the amounts used in calculating basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) attributed to common shareholders $ 3,992 $ 1,677 $ 5,391 $ (11,420) Denominator: Weighted average common shares outstanding - basic 71,261,403 71,945,847 71,731,832 72,072,252 Dilutive effect of unvested restricted shares (a) 134,222 63,362 70,250 — Weighted average common shares outstanding - diluted 71,395,625 72,009,209 71,802,082 72,072,252 Basic and diluted earnings per common share: Net income (loss) per common share, basic and diluted $ 0.06 $ 0.02 $ 0.08 $ (0.16) (a) For the nine months ended September 30, 2020, unvested restricted shares were anti-dilutive. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Unit Activity | The following table summarizes the Company's RSU activity during the nine months ended September 30, 2021: Unvested Time- Unvested Performance- Weighted-Average Grant Outstanding as of January 1, 2021 110,382 332,095 $ 31.40 Shares granted 208,611 218,507 $ 28.90 Shares vested (24,522) — $ 31.40 Shares forfeited (13,880) (79,562) $ 30.73 Outstanding as of September 30, 2021 280,591 471,040 $ 30.06 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Operating Lease Obligations , Maturity | Future minimum lease obligations as of September 30, 2021, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2021 $ 176 $ 97 2022 593 279 2023 968 21 2024 1,044 — 2025 502 — Thereafter 2,200 — Total expected minimum lease obligation 5,483 397 Less: Amount representing interest (a) (2,314) (35) Present value of net minimum lease payments $ 3,169 $ 362 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate. |
Schedule of Future Financing Lease Obligations , Maturity | Future minimum lease obligations as of September 30, 2021, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2021 $ 176 $ 97 2022 593 279 2023 968 21 2024 1,044 — 2025 502 — Thereafter 2,200 — Total expected minimum lease obligation 5,483 397 Less: Amount representing interest (a) (2,314) (35) Present value of net minimum lease payments $ 3,169 $ 362 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate. |
Organization (Details)
Organization (Details) | Oct. 12, 2021USD ($)$ / shares | Aug. 05, 2021$ / shares | Nov. 02, 2021USD ($) | Sep. 30, 2021USD ($)ft²joint_ventureproperty$ / shares | Sep. 30, 2020USD ($)ft²propertyjoint_venture | Sep. 30, 2021USD ($)ft²joint_ventureproperty$ / shares | Sep. 30, 2020USD ($)ft²propertyjoint_venture | Aug. 06, 2021$ / shares | Dec. 31, 2020USD ($)$ / shares |
Entity Information [Line Items] | |||||||||
Number of joint ventures | joint_venture | 1 | 1 | 1 | 1 | |||||
Direct listing costs | $ 1,704,000 | $ 0 | $ 1,704,000 | $ 0 | |||||
Reverse stock split ratio | 0.1 | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Deferred rental payments | $ 4,331,000 | $ 4,331,000 | |||||||
Proceeds from rents received | $ 4,234,000 | ||||||||
Deferred rental payments receivable | $ 5,346,000 | ||||||||
Subsequent Event | |||||||||
Entity Information [Line Items] | |||||||||
Direct listing costs | $ 16,600,000 | ||||||||
Tender offer, value of shares | $ 100,000,000 | ||||||||
Subsequent Event | Maximum | |||||||||
Entity Information [Line Items] | |||||||||
Common stock price per share (in dollars per share) | $ / shares | $ 28 | ||||||||
Subsequent Event | Minimum | |||||||||
Entity Information [Line Items] | |||||||||
Common stock price per share (in dollars per share) | $ / shares | $ 25 | ||||||||
Unconsolidated Retail Properties at 100% | |||||||||
Entity Information [Line Items] | |||||||||
Number of managed retail properties | property | 8 | 10 | |||||||
Gross leasable area (square feet) | ft² | 1,994,000 | 2,470,000 | 1,994,000 | 2,470,000 | |||||
Wholly-Owned Retail Properties | |||||||||
Entity Information [Line Items] | |||||||||
Number of retail properties | property | 55 | 55 | 55 | 55 | |||||
Gross leasable area (square feet) | ft² | 8,561,000 | 8,329,000 | 8,561,000 | 8,329,000 |
Basis of Presentation and Rec_4
Basis of Presentation and Recently Issued Accounting Pronouncements (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Accounting Policies [Abstract] | |
Restricted cash | $ 1,160 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Minimum Lease Payments: | ||||
Remaining 2021 | $ 38,241 | $ 38,241 | ||
2022 | 145,787 | 145,787 | ||
2023 | 132,686 | 132,686 | ||
2024 | 117,056 | 117,056 | ||
2025 | 99,933 | 99,933 | ||
Thereafter | 322,458 | 322,458 | ||
Total | 856,161 | 856,161 | ||
Property management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 471 | $ 536 | 1,546 | $ 1,549 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 292 | 271 | 859 | 827 |
Leasing commissions and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 100 | 72 | 365 | 179 |
Other fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 863 | $ 879 | $ 2,770 | $ 2,555 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 243 | $ 327 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Remaining lease term | 1 year | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Remaining lease term | 77 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Minimum base rent | $ 32,390 | $ 31,692 | $ 94,997 | $ 96,610 |
Lease income, net | 53,965 | 51,489 | 154,869 | 143,491 |
Provision for uncollectible straight-line rent | (372) | (929) | (594) | (2,979) |
Provision for uncollectible billed rent and recoveries | (51) | (1,220) | (1,633) | (8,178) |
Real estate tax recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 7,538 | 8,148 | 21,813 | 22,159 |
Common area maintenance, insurance, and other recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 5,937 | 5,457 | 17,705 | 15,762 |
Ground rent income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 3,315 | 3,259 | 9,829 | 9,721 |
Above and below-market rent and lease inducement amortization, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 1,019 | 2,915 | 3,404 | 5,763 |
Short-term and other lease income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 758 | 418 | 2,479 | 1,762 |
Termination fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 173 | 304 | 368 | 544 |
Straight-line rent adjustment, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 1,005 | 1,258 | 2,496 | 1,940 |
Reversal of uncollectible billed rent and recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | $ 2,253 | $ 187 | $ 4,005 | $ 387 |
Acquired Properties - Summary o
Acquired Properties - Summary of Retail Properties Acquired (Details) - Retail $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($)ft² | |
Real Estate Properties [Line Items] | ||
Gross Acquisition Price | $ | $ 54,710 | $ 33,204 |
Gross leasable area (square feet) | ft² | 240,000 | 174,000 |
Prestonwood Town Center | ||
Real Estate Properties [Line Items] | ||
Gross Acquisition Price | $ | $ 52,800 | |
Gross leasable area (square feet) | ft² | 233,000 | |
Rio Pinar Plaza - Outparcel | ||
Real Estate Properties [Line Items] | ||
Gross Acquisition Price | $ | $ 1,910 | |
Gross leasable area (square feet) | ft² | 7,000 | |
Trowbridge Crossing | ||
Real Estate Properties [Line Items] | ||
Gross Acquisition Price | $ | $ 10,950 | |
Gross leasable area (square feet) | ft² | 63,000 | |
Antoine Town Center | ||
Real Estate Properties [Line Items] | ||
Gross Acquisition Price | $ | $ 22,254 | |
Gross leasable area (square feet) | ft² | 111,000 |
Acquired Properties - Narrative
Acquired Properties - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Business Combination and Asset Acquisition [Abstract] | ||
Transaction costs capitalized | $ 59 | $ 63 |
Disposed Properties - Schedule
Disposed Properties - Schedule of Disposal Groups (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross Disposition Price | $ 14,972 | $ 6,601 |
Retail | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 240,000 | 174,000 |
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] | ||
Gross leasable area (square feet) | ft² | 74,000 | 160,000 |
Gross Disposition Price | $ 14,972 | $ 6,601 |
Gain (Loss) on Sale | 1,516 | 668 |
Sonterra Village | 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] | ||
Gross Disposition Price | 616 | |
Gain (Loss) on Sale | 436 | |
Eldridge 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] | ||
Gross Disposition Price | 133 | 451 |
Gain (Loss) on Sale | 104 | 424 |
Windward 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] | ||
Gross Disposition Price | 150 | |
Gain (Loss) on Sale | (21) | |
Eldridge Town Center One | 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] | ||
Gross Disposition Price | 418 | |
Gain (Loss) on Sale | $ 361 | |
Kroger Tomball | 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] | ||
Gross leasable area (square feet) | ft² | 74,000 | |
Gross Disposition Price | $ 13,655 | |
Gain (Loss) on Sale | $ 636 | |
University Oaks Shopping Center Round Rock, TX | 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] | ||
Gross Disposition Price | 527 | |
Gain (Loss) on Sale | 357 | |
Centerplace of Greeley Greeley, CO | 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] | ||
Gross Disposition Price | 123 | |
Gain (Loss) on Sale | $ 100 | |
Woodlake Crossing | 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] | ||
Gross leasable area (square feet) | ft² | 160,000 | |
Gross Disposition Price | $ 5,500 | |
Gain (Loss) on Sale | $ (213) |
Disposed Properties - Narrative
Disposed Properties - Narrative (Details) - property | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Number of partial condemnations | 3 | 3 |
Number of retail property sold | 1 | 1 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($)ft²swap | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||
Investment in unconsolidated entities | $ 104,963,000 | $ 109,051,000 | |
Proceeds from sale of investment properties, net | 14,797,000 | $ 5,791,000 | |
Prepaid mortgages payable | 0 | 2,504,000 | |
Interest Rate Swap | |||
Variable Interest Entity [Line Items] | |||
Derivative liability | 53,000 | ||
IAGM Retail Fund I, LLC | |||
Variable Interest Entity [Line Items] | |||
Gain on sale | 12,428,000 | 1,741,000 | |
Deferred gain on sale of property | $ 6,835,000 | $ 958,000 | |
Equity investment basis adjustment, amortization period (in years) | 30 years | 30 years | |
Prepaid mortgages payable | $ 23,150,000 | $ 14,872,000 | |
Repayment of mortgage note payable on one retail property | 54,103,000 | ||
IAGM Retail Fund I, LLC | Interest Rate Swap | |||
Variable Interest Entity [Line Items] | |||
Number of derivatives held | swap | 2 | ||
Derivative liability | 97,000 | ||
IAGM Retail Fund I, LLC | Interest Rate Swap, Effective Date April 1, 2020, 1.979% Fixed Interest | |||
Variable Interest Entity [Line Items] | |||
Notional amount | $ 45,000,000 | ||
Fixed interest rate | 1.979% | ||
IAGM Retail Fund I, LLC | Interest Rate Swap, Effective Date April 1, 2020, 1.956% Fixed Interest | |||
Variable Interest Entity [Line Items] | |||
Notional amount | $ 30,000,000 | ||
Fixed interest rate | 1.956% | ||
Antoine Town Center | |||
Variable Interest Entity [Line Items] | |||
Deferred gain on sale of property | 54,000 | ||
Retail | |||
Variable Interest Entity [Line Items] | |||
Purchase price | $ 54,710,000 | $ 33,204,000 | |
Gross leasable area (square feet) | ft² | 240,000 | 174,000 | |
Retail | Westover Marketplace | |||
Variable Interest Entity [Line Items] | |||
Deferred gain on sale of property | $ 219,000 | ||
Retail | Westover Marketplace | IAGM Retail Fund I, LLC | |||
Variable Interest Entity [Line Items] | |||
Gain on sale | $ 399,000 | ||
Gross leasable area (square feet) | ft² | 243,000 | ||
Proceeds from sale of investment properties, net | $ 28,775,000 | ||
Retail | Antoine Town Center | |||
Variable Interest Entity [Line Items] | |||
Purchase price | $ 22,254,000 | ||
Gross leasable area (square feet) | ft² | 111,000 | ||
Retail | Prestonwood Town Center | |||
Variable Interest Entity [Line Items] | |||
Purchase price | $ 52,800,000 | ||
Gross leasable area (square feet) | ft² | 233,000 | ||
IAGM Retail Fund I, LLC | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 55.00% | 55.00% | |
Investment in unconsolidated entities | $ 104,963,000 | $ 109,051,000 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Combined Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | ||||||||||
Net investment properties | $ 1,929,709 | $ 1,929,709 | $ 1,929,441 | |||||||
Other assets | 26,050 | 26,050 | 20,372 | |||||||
Total assets | 2,314,342 | 2,314,342 | 2,407,339 | |||||||
Liabilities and equity: | ||||||||||
Other liabilities | 31,368 | 31,368 | 36,569 | |||||||
Equity | 1,694,816 | $ 1,702,724 | $ 1,729,022 | $ 1,749,428 | $ 1,759,532 | $ 1,788,123 | 1,694,816 | $ 1,749,428 | 1,738,863 | $ 1,819,601 |
Total liabilities and stockholders' equity | 2,314,342 | 2,314,342 | 2,407,339 | |||||||
Carrying value of investments in unconsolidated entities | 104,963 | 104,963 | 109,051 | |||||||
Operating expenses | ||||||||||
Total income | 55,138 | 52,545 | 158,399 | 146,622 | ||||||
Depreciation and amortization | (21,318) | (22,170) | (65,000) | (66,697) | ||||||
Real estate taxes | (8,490) | (8,940) | (24,781) | (24,647) | ||||||
Interest expense, net | (3,999) | (4,594) | (11,956) | (14,327) | ||||||
Loss on extinguishment of debt | (400) | 0 | (400) | (2,543) | ||||||
Net income (loss) | 3,992 | $ 1,499 | $ (100) | 1,677 | $ (9,611) | $ (3,486) | 5,391 | (11,420) | ||
Equity in earnings of unconsolidated entities | 1,046 | 951 | 2,441 | 1,591 | ||||||
IAGM Retail Fund I, LLC | ||||||||||
Liabilities and equity: | ||||||||||
Carrying value of investments in unconsolidated entities | 104,963 | 104,963 | 109,051 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | IAGM Retail Fund I, LLC | ||||||||||
Assets | ||||||||||
Net investment properties | 316,591 | 316,591 | 387,394 | |||||||
Other assets | 66,107 | 66,107 | 72,453 | |||||||
Total assets | 382,698 | 382,698 | 459,847 | |||||||
Liabilities and equity: | ||||||||||
Mortgages debt, net | 165,728 | 165,728 | 242,388 | |||||||
Other liabilities | 13,813 | 13,813 | 19,144 | |||||||
Equity | 203,157 | 203,157 | 198,315 | |||||||
Total liabilities and stockholders' equity | 382,698 | 382,698 | 459,847 | |||||||
Company's share of equity | 112,596 | 112,596 | 109,928 | |||||||
Outside basis difference, net | (7,633) | (7,633) | (877) | |||||||
Carrying value of investments in unconsolidated entities | 104,963 | 104,963 | $ 109,051 | |||||||
Operating expenses | ||||||||||
Total income | 10,184 | 11,911 | 33,034 | 34,449 | ||||||
Depreciation and amortization | (3,648) | (3,837) | (11,205) | (12,495) | ||||||
Property operating | (1,586) | (1,984) | (5,715) | (5,356) | ||||||
Real estate taxes | (1,722) | (2,267) | (6,392) | (6,875) | ||||||
Asset management fees | (292) | (271) | (859) | (827) | ||||||
Interest expense, net | (1,254) | (1,744) | (4,415) | (5,712) | ||||||
Other (expense) and income, net | (79) | (93) | (324) | (232) | ||||||
Loss on extinguishment of debt | (215) | 0 | (229) | (8) | ||||||
Gain on sale of real estate | 12,827 | 0 | 12,827 | 1,741 | ||||||
Net income (loss) | 14,215 | 1,715 | 16,722 | 4,685 | ||||||
Company's share of net income | 7,817 | 943 | 9,197 | 2,530 | ||||||
Outside basis adjustment for investee's sale of real estate, net | (6,771) | 8 | (6,756) | (939) | ||||||
Equity in earnings of unconsolidated entities | $ 1,046 | $ 951 | $ 2,441 | $ 1,591 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Schedule of Debt Maturities of the Unconsolidated Entities | |
2021 | $ 0 |
2022 | 0 |
2023 | 126,022 |
2024 | 0 |
2025 | 22,880 |
Thereafter | 17,800 |
Total | $ 166,702 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Sep. 22, 2021USD ($)trancheextension | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 21, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Debt, net | $ 555,109,000 | $ 502,151,000 | $ 555,109,000 | ||||
Number of tranches | tranche | 2 | ||||||
Revolving line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of lines of credit | $ 50,000,000 | 100,000,000 | |||||
Mortgages payable | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, net | 106,728,000 | 105,868,000 | 106,728,000 | ||||
Revolving line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding borrowings | 300,000,000 | 350,000,000 | 300,000,000 | ||||
Revolving line of credit | Revolving line of credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | |||||
Long-term line of credit | $ 50,000,000 | $ 0 | $ 50,000,000 | ||||
Unused commitment fee (percent) | 0.15% | 0.15% | |||||
Proceeds from lines of credit | $ 150,000,000 | ||||||
Debt instrument, term | 4 years | ||||||
Number of extension options | extension | 2 | ||||||
Extension option on line of credit, period | 6 months | ||||||
Revolving line of credit | Revolving line of credit | One-month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (percent) | 1.05% | ||||||
Unsecured Debt | Term loans | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, net | $ 396,283,000 | ||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Unsecured Debt | Term Loan, Tranche One | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 5 years | ||||||
Debt instrument, face amount | $ 200,000,000 | ||||||
Unsecured Debt | Term Loan, Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, term | 5 years 6 months | ||||||
Debt instrument, face amount | $ 200,000,000 |
Debt - Mortgages Payable (Detai
Debt - Mortgages Payable (Details) - Mortgages - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Mortgages payable | $ 106,288 | $ 107,261 |
Discount, net of accumulated amortization | (56) | (84) |
Issuance costs, net of accumulated amortization | (364) | (449) |
Total mortgages payable, net | $ 105,868 | $ 106,728 |
Weighted average interest rate (percent) | 4.07% | 4.07% |
Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 3.49% | 3.49% |
Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.58% | 4.58% |
Debt - Mortgage Maturities (Det
Debt - Mortgage Maturities (Details) - Mortgages payable - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of maturities for outstanding mortgage indebtedness | ||
2021 | $ 0 | |
2022 | 22,511 | |
2023 | 39,447 | |
2024 | 15,700 | |
2025 | 28,630 | |
Thereafter | 0 | |
Total mortgage payable maturities | $ 106,288 | $ 107,261 |
Debt - Line of Credit (Details)
Debt - Line of Credit (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)swap | Sep. 22, 2021USD ($) | Sep. 01, 2021 | |
Line of Credit Facility [Line Items] | |||
Number of interest rate swaps | swap | 4 | ||
Number of interest rate swaps to be terminated | swap | 2 | ||
5 year - swapped to fixed rate | Term loans | Interest Rate Swap One | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 200,000,000 | ||
Debt instrument, term | 5 years | ||
Unsecured term loans | $ 100,000,000 | ||
Interest rate (percent) | 2.6795% | ||
5 year - swapped to fixed rate | Term loans | Interest Rate Swap Two | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 200,000,000 | ||
Debt instrument, term | 5 years | ||
Unsecured term loans | $ 100,000,000 | ||
Interest rate (percent) | 2.6795% | ||
5 year - swapped to fixed rate | Term loans | Interest Rate Swap Three | |||
Line of Credit Facility [Line Items] | |||
Interest rate (percent) | 2.68% | ||
Notional amount | $ 100,000,000 | ||
5.5 year - swapped to fixed rate | Term loans | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 200,000,000 | ||
Debt instrument, term | 5 years 6 months | ||
Unsecured term loans | $ 50,000,000 | ||
Interest rate (percent) | 2.6915% | ||
5.5 year - swapped to fixed rate | Term loans | Interest Rate Swap Five | |||
Line of Credit Facility [Line Items] | |||
Interest rate (percent) | 2.69% | ||
Number of interest rate swaps | swap | 2 | ||
Notional amount | $ 50,000,000 | ||
5.5 year - swapped to fixed rate | Term loans | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 200,000,000 | ||
Debt instrument, term | 5 years 6 months | ||
Unsecured term loans | $ 50,000,000 | ||
Interest rate (percent) | 2.699% | ||
5.5 year - swapped to fixed rate | Term loans | Interest Rate Swap Six | |||
Line of Credit Facility [Line Items] | |||
Interest rate (percent) | 2.70% | ||
5.5 year - variable rate | Term loans | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 200,000,000 | ||
Debt instrument, term | 5 years 6 months | ||
Unsecured term loans | $ 100,000,000 | ||
Interest rate (percent) | 1.286% | ||
5.5 year - variable rate | Term loans | Interest Rate Swap One | One-month LIBOR | |||
Line of Credit Facility [Line Items] | |||
Variable rate (percent) | 1.20% | ||
Unsecured Term Loan | Term loans | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | ||
Unsecured term loans | $ 400,000,000 | ||
Issuance costs, net of accumulated amortization | (3,717,000) | ||
Total mortgages payable, net | $ 396,283,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Cash Flow Hedges: | ||
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings | $ (4,229) | |
Fair Value, Measurements, Recurring | Level 1 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | 0 | $ 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | (7,661) | (12,449) |
Fair Value, Measurements, Recurring | Level 3 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)property | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of retail properties impaired | property | 1 | ||||
Provision for asset impairment | $ 0 | $ 0 | $ 0 | $ 9,002,000 | |
Mortgages payable | Weighted Average Effective Market Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (percent) | 0.0443 | 0.0443 | 0.0425 | ||
Line of Credit | Discount Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input (percent) | 0.0216 | 0.0216 | 0.0136 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurements | $ 0 | $ 0 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurements | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Mortgages payable | Carrying Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 106,288 | $ 107,261 |
Mortgages payable | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | 105,217 | 106,494 |
Term loans | Term loans | Carrying Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | 400,000 | 400,000 |
Term loans | Term loans | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | 400,038 | 400,055 |
Revolving line of credit | Revolving line of credit | Carrying Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | 0 | 50,000 |
Revolving line of credit | Revolving line of credit | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | $ 0 | $ 50,032 |
Earnings Per Share and Equity_3
Earnings Per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net income (loss) | $ 3,992 | $ 1,499 | $ (100) | $ 1,677 | $ (9,611) | $ (3,486) | $ 5,391 | $ (11,420) |
Denominator: | ||||||||
Weighted average common shares outstanding - basic (in shares) | 71,261,403 | 71,945,847 | 71,731,832 | 72,072,252 | ||||
Effect of unvested restricted shares (in shares) | 134,222 | 63,362 | 70,250 | 0 | ||||
Weighted average common shares outstanding - diluted (in shares) | 71,395,625 | 72,009,209 | 71,802,082 | 72,072,252 | ||||
Basic and diluted earnings per common share: | ||||||||
Net income (loss) per common share, basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.08 | $ (0.16) | ||||
Net income (loss) per common share, diluted (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.08 | $ (0.16) |
Earnings Per Share and Equity_4
Earnings Per Share and Equity Transactions - Narrative (Details) | Aug. 05, 2021shares | Dec. 01, 2020$ / shares | Jun. 30, 2021shares | Sep. 30, 2020shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Sep. 30, 2021shares | Sep. 30, 2020shares | Dec. 31, 2020shares |
Class of Stock [Line Items] | |||||||||
Reverse stock split ratio | 0.1 | ||||||||
Common stock, shares outstanding (in shares) | 712,090,283 | 71,261,403 | 71,261,403 | 71,998,654 | |||||
Additional shares issued (in shares) | 52,375 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Purchase price (in dollars per share) | $ / shares | $ 21.70 | ||||||||
Stock repurchase program, discount percentage | 25.00% | ||||||||
Net asset value (in dollars per share) | $ / shares | $ 28.90 | ||||||||
Repurchase of common stock under share repurchase plan (in shares) | 755,643 | 213,612 | 755,643 | 213,612 | |||||
Issuance of common stock under dividend reinvestment plan (in shares) | 5,779 | 5,779 | 2,125 | 7,904 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ 6,072 | $ 6,072 | ||||
Stock-based compensation expense | $ 2,069 | $ 1,598 | $ 6,876 | $ 3,546 | ||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Weighted average price per share (in dollars per share) | $ 30.06 | $ 30.06 | $ 31.40 | $ 28.90 | ||
Restricted Stock Units (RSUs) | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Restricted Stock Units (RSUs) | 2015 Incentive Award Plan | 2015 Incentive Award Plan approved on June 19, 2015 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 3,000,000 | 3,000,000 | ||||
Number of shares available for grant (shares) | 1,485,238 | 1,485,238 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2021$ / 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 as beginning (in shares) | 110,382 |
Shares granted (in shares) | 208,611 |
Shares vested (in shares) | (24,522) |
Shares forfeited (in shares) | (13,880) |
Outstanding as ending (in shares) | 280,591 |
Weighted-Average Grant Date Price Per Share | |
Outstanding as beginning (in dollars per share) | $ / shares | $ 31.40 |
Shares granted (in dollars per share) | $ / shares | 28.90 |
Shares vested (in dollars per share) | $ / shares | 31.40 |
Shares forfeited (in dollars per share) | $ / shares | 30.73 |
Outstanding as ending (in dollars per share) | $ / shares | $ 30.06 |
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 as beginning (in shares) | 332,095 |
Shares granted (in shares) | 218,507 |
Shares vested (in shares) | 0 |
Shares forfeited (in shares) | (79,562) |
Outstanding as ending (in shares) | 471,040 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases | |
Remaining 2021 | $ 176 |
2022 | 593 |
2023 | 968 |
2024 | 1,044 |
2025 | 502 |
Thereafter | 2,200 |
Total expected minimum lease obligation | 5,483 |
Less: Amount representing interest | (2,314) |
Present value of net minimum lease payments | 3,169 |
Finance Leases | |
Remaining 2021 | 97 |
2022 | 279 |
2023 | 21 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total expected minimum lease obligation | 397 |
Less: Amount representing interest | (35) |
Present value of net minimum lease payments | $ 362 |