InvenTrust Properties (IVT) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		67,388,703
Entity Central Index Key	0001307748
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment properties
Land	$ 647,180	$ 598,936
Building and other improvements	1,794,138	1,664,525
Construction in progress	13,156	9,642
Total	2,454,474	2,273,103
Less accumulated depreciation	(366,394)	(350,256)
Net investment properties	2,088,080	1,922,847
Cash, cash equivalents and restricted cash	25,723	44,854
Investment in unconsolidated entities	81,337	107,944
Intangible assets, net	92,652	81,026
Accounts and rents receivable	25,941	30,059
Deferred costs and other assets, net	40,419	25,685
Total assets	2,354,152	2,212,415
Liabilities
Debt, net	673,336	533,082
Accounts payable and accrued expenses	27,830	36,208
Distributions payable	13,828	13,802
Intangible liabilities, net	30,109	28,995
Other liabilities	24,843	28,776
Total liabilities	769,946	640,863
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, 146,000,000 shares authorized, 67,388,703 shares issued and outstanding as of March 31, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021	67	67
Additional paid-in capital	5,453,100	5,452,550
Distributions in excess of accumulated net income	(3,881,070)	(3,876,743)
Accumulated comprehensive income (loss)	12,109	(4,322)
Total stockholders' equity	1,584,206	1,571,552
Total liabilities and stockholders' equity	$ 2,354,152	$ 2,212,415

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	146,000,000	146,000,000
Common stock, shares issued (in shares)	67,388,703	67,344,374
Common stock, shares outstanding (in shares)	67,388,703	67,344,374

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income
Lease income, net	$ 57,768	$ 49,926
Total income	58,786	51,121
Operating expenses
Depreciation and amortization	22,829	21,687
Property operating	8,285	8,009
Real estate taxes	8,043	8,133
General and administrative	7,887	10,351
Total operating expenses	47,044	48,180
Other (expense) income
Interest expense, net	(4,809)	(3,985)
Loss on extinguishment of debt	(96)	0
Gain on sale of investment properties, net	0	519
Equity in earnings of unconsolidated entities	2,716	620
Other income and expense, net	(52)	(195)
Total other (expense) income, net	(2,241)	(3,041)
Net income (loss)	$ 9,501	$ (100)
Weighted-average common shares outstanding, basic (in shares)	67,354,717	71,998,654
Weighted-average common shares outstanding, diluted (in shares)	67,576,038	71,998,654
Net income (loss) per common share, basic (in dollars per share)	$ 0.14	$ 0
Net income (loss) per common share, diluted (in dollars per share)	0.14	0
Distributions declared per common share outstanding (in dollars per share)	0.21	0.20
Distributions paid per common share outstanding (in dollars per share)	$ 0.20	$ 0.19
Comprehensive income
Net income (loss)	$ 9,501	$ (100)
Unrealized gain on derivatives	15,406	1,893
Reclassification to net income (loss)	1,025	1,048
Comprehensive income	25,932	2,841
Other property income
Income
Income	264	182
Other fee income
Income
Income	$ 754	$ 1,013

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 beginning of period (in shares) at Dec. 31, 2020		71,998,654
Balance beginning of period 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 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 end of period (in shares) at Mar. 31, 2021		71,998,654
Balance end of period at Mar. 31, 2021	1,729,022	$ 72	5,568,285	(3,829,827)	(9,508)
Balance beginning of period (in shares) at Dec. 31, 2021		67,344,374
Balance beginning of period at Dec. 31, 2021	1,571,552	$ 67	5,452,550	(3,876,743)	(4,322)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,501			9,501
Unrealized gain on derivatives	15,406				15,406
Reclassification to interest expense, net	1,003				1,003
Reclassification to equity in earnings of unconsolidated entities	22				22
Distributions declared	(13,828)			(13,828)
Stock-based compensation, net (in shares)		44,329
Stock-based compensation, net	550		550
Balance end of period (in shares) at Mar. 31, 2022		67,388,703
Balance end of period at Mar. 31, 2022	$ 1,584,206	$ 67	$ 5,453,100	$ (3,881,070)	$ 12,109

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 9,501	$ (100)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,829	21,687
Amortization of above and below-market leases and lease inducements, net	(2,547)	(1,243)
Amortization of debt discounts and financing costs	664	383
Straight-line rent adjustment, net	(663)	(640)
(Reversal of) provision for estimated credit losses	(1,109)	191
Gain on sale of investment properties, net	0	(519)
Loss on extinguishment of debt	96	0
Equity in earnings of unconsolidated entities	(2,716)	(620)
Distributions from unconsolidated entities	4,950	3,300
Stock-based compensation, net	1,082	2,496
Changes in operating assets and liabilities:
Accounts and rents receivable	5,890	4,006
Deferred costs and other assets, net	(3,487)	(2,263)
Accounts payable and accrued expenses	(8,610)	(5,562)
Other liabilities	897	(270)
Net cash provided by operating activities	26,777	20,846
Cash flows from investing activities:
Purchase of investment properties	(130,918)	0
Capital expenditures and tenant improvements	(4,303)	(2,953)
Investment in development and redevelopment projects	(2,363)	(544)
Proceeds from sale of investment properties, net	0	899
Distributions from unconsolidated entities	25,300	0
Lease commissions and other leasing costs	(1,067)	(1,037)
Other assets	(7)	(90)
Other liabilities	(923)	(765)
Net cash used in investing activities	(114,281)	(4,490)
Cash flows from financing activities:
Distributions to shareholders	(13,802)	(13,642)
Line of credit proceeds	105,000	0
Line of credit repayments	0	(50,000)
Payoffs of debt	(22,328)	0
Principal payments on mortgage debt	(298)	(329)
Payment of finance lease liabilities	(109)	(116)
Payment of loan fees and deposits	(90)	0
Net cash provided by (used in) financing activities	68,373	(64,087)
Net decrease in cash, cash equivalents and restricted cash	(19,131)	(47,731)
Cash, cash equivalents and restricted cash at the beginning of the period	44,854	223,770
Cash, cash equivalents and restricted cash at the end of the period	25,723	176,039
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	3,930	3,732
Cash paid for income taxes, net of refunds	0	107
Distributions payable to shareholders	13,828	14,065
Accrued capital expenditures and tenant improvements	1,459	1,682
Capitalized costs placed in service	1,391	1,287
Purchase of investment properties:
Net investment properties	176,623	0
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	17,022	0
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(5,227)	0
Assumption of mortgage debt	(57,500)	0
Cash outflow for purchase of investment properties, net	130,918	0
Assumption of mortgage principal	57,500	0
Capitalized acquisition costs	(814)	0
Credits and other changes in cash outflow, net	1,736	0
Gross acquisition price of investment properties	189,340	0
Sale of investment properties:
Net investment properties	0	380
Gain on sale of investment properties, net	0	519
Proceeds from sale of investment properties, net	0	899
Credits and other changes in cash inflow, net	0	0
Gross Disposition Price	$ 0	$ 899

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization On October 4, 2004, InvenTrust Properties Corp. (the "Company" or "InvenTrust") was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and has elected and operates in a manner to be taxed 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. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. 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 March 31, 2022 and 2021, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities" . Reduction of Authorized Shares On April 28, 2022, the Company filed an amendment to its charter to decrease the number of authorized shares of common stock from 1,460,000,000 to 146,000,000, in proportion with the one-for-ten reverse stock split effected by the Company on August 5, 2021. The authorized shares of preferred stock remain at 40,000,000. The authorized shares of common stock have been retroactively adjusted within the accompanying condensed consolidated financial statements to give effect to the reduction as of March 31, 2022. 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 March 31, 2022 and 2021: Wholly-Owned Retail Properties Unconsolidated Retail Properties at 100% 2022 2021 2022 2021 No. of properties 57 55 6 10 Gross Leasable Area (square feet) 9,081 8,394 1,562 2,470

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements Estimates, Risks, and Uncertainties 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Remaining 2022 $ 121,973 2023 151,108 2024 134,798 2025 116,967 2026 100,053 Thereafter 285,221 Total $ 910,120 The table above includes payments from tenants who have taken possession of their space, including 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 March 31, 2022 2021 Minimum base rent $ 35,048 $ 30,990 Real estate tax recoveries 7,267 6,994 Common area maintenance, insurance, and other recoveries 6,292 5,938 Ground rent income 3,610 3,256 Above and below-market rent and lease inducement amortization, net 2,547 1,243 Short-term and other lease income 1,064 935 Termination fee income 168 121 Straight-line rent adjustment, net 663 640 Reversal of (provision for) uncollectible straight-line rent 494 (123) Provision for uncollectible billed rent and recoveries (236) (909) Reversal of uncollectible billed rent and recoveries 851 841 Lease income, net $ 57,768 $ 49,926 Other Fee Income The following table reflects the disaggregation of other fee income: Timing of Satisfaction of Performance Obligations Three months ended March 31, 2022 2021 Property management fees Over time $ 412 $ 587 Asset management fees Over time 251 271 Leasing commissions and other fees Point in time 91 155 Other fee income $ 754 $ 1,013 The Company had receivables of $228 and $215 as of March 31, 2022 and December 31, 2021, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.

Acquired Properties

Acquired Properties	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022: Acquisition Date Property Metropolitan Area Gross Square Feet February 2, 2022 Shops at Arbor Trails Austin, TX $ 112,190 357 February 2, 2022 Escarpment Village Austin, TX 77,150 170 $ 189,340 527 Transaction costs of $814 were capitalized during the three months ended March 31, 2022. There were no retail properties acquired during the three months ended March 31, 2021.

Disposed Properties

Disposed Properties	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposed Properties	Disposed Properties There was no real property disposed of during the three months ended March 31, 2022. The following table reflects the real property disposed of during the three months ended March 31, 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) $ 899 $ 519 (a) These were partial condemnations at three retail properties.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Joint Venture Interest in IAGM As of March 31, 2022 and December 31, 2021, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. During the three months ended March 31, 2022, IAGM disposed of Price Plaza, a 206 thousand square foot retail property, for a gross disposition price of $39,100 and recognized a gain on sale of $3,751. The Company's share of IAGM's gain on sale was $2,063. The buyer assumed a $17,800 mortgage payable secured by the property. During the three months ended March 31, 2021, IAGM prepaid mortgages payable of $23,150. IAGM is party to 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"). As of March 31, 2022, and December 31, 2021 the interest rate swaps were recorded as assets with fair values of $2,213 and $530, respectively, on IAGM's condensed consolidated balance sheet, of which the Company's share was $1,217 and $291, respectively. 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. Condensed Financial Information The following table presents condensed balance sheet information for IAGM: As of March 31, 2022 December 31, 2021 Assets: Net investment properties $ 251,685 $ 288,014 Other assets 64,037 98,696 Total assets $ 315,722 $ 386,710 Liabilities and equity: Mortgages debt, net $ 148,242 $ 165,831 Other liabilities 7,506 12,409 Equity 159,974 208,470 Total liabilities and equity 315,722 386,710 Company's share of equity 88,841 115,513 Outside basis difference, net (a) (7,504) (7,569) Carrying value of investments in unconsolidated entities $ 81,337 $ 107,944 (a) The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM: Three months ended March 31, 2022 2021 Total income $ 8,379 $ 11,429 Depreciation and amortization (2,905) (3,764) Property operating (1,330) (2,073) Real estate taxes (1,411) (2,372) Asset management fees (251) (271) Interest expense, net (1,159) (1,692) Other (expense) and income, net (142) (129) Loss on debt extinguishment (111) (14) Gain on sale of real estate 3,751 — Net income $ 4,821 $ 1,114 Company's share of net income $ 2,652 $ 612 Outside basis adjustment for investee's sale of real estate, net 64 8 Equity in earnings of unconsolidated entities $ 2,716 $ 620 The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter: Scheduled maturities by year: As of March 31, 2022 2022 $ — 2023 126,022 2024 — 2025 22,880 2026 — Thereafter — Total $ 148,902 As of March 31, 2022 and December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
Notes and Loans Payable [Abstract]
Debt	Debt The Company's debt consists of mortgages payable, unsecured term loans, and an unsecured revolving line of credit. 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. 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 March 31, 2022 and December 31, 2021, the Company was in compliance with all loan covenants. Credit Agreements On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated its prior unsecured revolving credit agreement in its entirety, and provided for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity the $350,000 Revolving Credit Agreement to September 22, 2025, with two six-month extension options. On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated its 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 its $400,000 Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200,000 5-year tranche maturing on September 22, 2026, and a $200,000 5.5-year tranche maturing on March 22, 2027. Interest Rate Swaps The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement. The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021: Interest As of March 31, 2022 As of December 31, 2021 Maturity Date Interest Rate Amount Interest Rate Amount Mortgages Payable Total mortgages payable Various Fixed 3.9600% $ 140,829 4.0700% $ 105,955 Term loans $200.0 million 5 years 9/22/2026 Fixed 2.6795% (a) 100,000 2.6795% (a) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.6795% (a) 100,000 2.6795% (a) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.6915% (a) 50,000 2.6915% (a) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.6990% (a) 50,000 2.6990% (a) 50,000 $200.0 million 5.5 years 3/22/2027 Variable 1M LIBOR + 1.20% (b) 100,000 1M LIBOR + 1.20% (b) 100,000 Total 400,000 400,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 (d) Variable 1M LIBOR + 1.04% (b) (c) 136,000 1M LIBOR + 1.05% (b) 31,000 Total debt 2.5587% 676,829 2.6122% 536,955 Debt discounts and issuance costs, net of accumulated amortization (3,493) (3,873) Debt, net $ 673,336 $ 533,082 (a) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (b) As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively. (c) For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment. (d) Maturity date is not inclusive of two six-month extension options. The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2022 2022 $ — 2023 38,999 2024 15,700 2025 28,630 2026 — Thereafter 57,500 Total mortgage payable maturities $ 140,829

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Cash Flow Hedges: (a) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate swaps (b)(c) $ — $ 12,109 $ — $ — $ (4,322) $ — (a) During the twelve months subsequent to March 31, 2022, an estimated $1,503 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings. (b) The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities. (c) As of March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022 and 2021 , the Company had no Level 3 nonrecurring 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 March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 140,829 $ 135,024 $ 105,955 $ 104,938 Term loans $ 400,000 $ 400,644 $ 400,000 $ 400,470 Revolving line of credit $ 136,000 $ 136,329 $ 31,000 $ 31,062 The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 5.21% and 4.44% as of March 31, 2022 and December 31, 2021, respectively. The Company estimated the fair value of its term loans using a weighted-average effective market interest rate of 3.53% and 2.39% as of March 31, 2022 and December 31, 2021, respectively. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.

Earnings Per Share and Equity T

Earnings Per Share and Equity Transactions	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator: Net income (loss) attributed to common shareholders $ 9,501 $ (100) Denominator: Weighted average common shares outstanding - basic 67,354,717 71,998,654 Dilutive effect of unvested restricted shares (a) 221,321 — Weighted average common shares outstanding - diluted 67,576,038 71,998,654 Basic and diluted earnings per common share: Net income (loss) per common share, basic and diluted $ 0.14 $ — (a) For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares. Share Repurchase Program On February 23, 2022, the Company established a new share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. The SRP replaced the Company's prior share repurchase program (the "Prior SRP"), which the Board previously suspended effective September 5, 2021. As of March 31, 2022, the Company has not repurchased any common stock under the SRP. ATM Program On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. When the Company enters into a forward sale agreement, it expects that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of its common stock to hedge the forward purchaser's exposure under the forward sale agreement. As of March 31, 2022, the Company has not sold any common stock under the ATM Program.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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. The Company is authorized to grant up to 3,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2022, 1,065,232 shares were available for future issuance under the Incentive Award Plan. Awards granted can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Time-based restricted stock unit ("RSU") awards are generally measured at grant date fair value and not subsequently re-measured. Time-based awards granted to employees vest equally on each of the first three Performance-based awards are measured at grant date fair value and each grantee is eligible to vest in a number of RSUs ranging from 0% to 100% of the total number granted based on specified performance levels. Performance-based awards vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The number of common shares ultimately issued is based on the Company's total shareholder return ("TSR") relative to that of the FTSE NAREIT Shopping Index peer group on a percentile basis. The resulting compensation expense is recorded over the service period regardless of whether the TSR performance measures are achieved. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: Three months ended Volatility 33.89% Risk free interest rate 0.79 % - 1.76% Dividend Yield 3.24% The following table summarizes the Company's RSU activity during the three months ended March 31, 2022: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2022 138,235 471,368 $ 30.12 Shares granted 97,606 396,338 $ 18.27 Shares vested — (76,520) $ 31.40 Shares forfeited — (61,102) $ 31.40 Outstanding as of March 31, 2022 235,841 730,084 $ 22.97 As of March 31, 2022, there was $10,292 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2024. The Company recognized stock-based compensation expense of $1,082 and $2,496 for the three months ended March 31, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2022 $ 114 $ 173 2023 513 21 2024 575 — 2025 456 — 2026 460 — Thereafter 1,740 — Total expected minimum lease obligation 3,858 194 Less: Amount representing interest (a) (672) (20) Present value of net minimum lease payments $ 3,186 $ 174 (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	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after March 31, 2022, through the date the financial statements were issued for recognition and disclosure purposes. On April 21, 2022, the Company acquired Highlands of Flower Mound, a 175,000 square foot power center shadow anchored by Target, located in Flower Mound, Texas, from IAGM for $38.0 million. The Company assumed $22.9 million of existing mortgage debt to partially finance the acquisition.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and 2021: Wholly-Owned Retail Properties Unconsolidated Retail Properties at 100% 2022 2021 2022 2021 No. of properties 57 55 6 10 Gross Leasable Area (square feet) 9,081 8,394 1,562 2,470

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Remaining 2022 $ 121,973 2023 151,108 2024 134,798 2025 116,967 2026 100,053 Thereafter 285,221 Total $ 910,120
Schedule of Disaggregation of Lease Income, Net	The following table reflects the disaggregation of lease income, net: Three months ended March 31, 2022 2021 Minimum base rent $ 35,048 $ 30,990 Real estate tax recoveries 7,267 6,994 Common area maintenance, insurance, and other recoveries 6,292 5,938 Ground rent income 3,610 3,256 Above and below-market rent and lease inducement amortization, net 2,547 1,243 Short-term and other lease income 1,064 935 Termination fee income 168 121 Straight-line rent adjustment, net 663 640 Reversal of (provision for) uncollectible straight-line rent 494 (123) Provision for uncollectible billed rent and recoveries (236) (909) Reversal of uncollectible billed rent and recoveries 851 841 Lease income, net $ 57,768 $ 49,926
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 March 31, 2022 2021 Property management fees Over time $ 412 $ 587 Asset management fees Over time 251 271 Leasing commissions and other fees Point in time 91 155 Other fee income $ 754 $ 1,013

Acquired Properties (Tables)

Acquired Properties (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022: Acquisition Date Property Metropolitan Area Gross Square Feet February 2, 2022 Shops at Arbor Trails Austin, TX $ 112,190 357 February 2, 2022 Escarpment Village Austin, TX 77,150 170 $ 189,340 527

Disposed Properties (Tables)

Disposed Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity	The following table reflects the real property disposed of during the three months ended March 31, 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) $ 899 $ 519 (a) These were partial condemnations at three retail properties.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Combined Financial Information of Investment in Unconsolidated Entities	The following table presents condensed balance sheet information for IAGM: As of March 31, 2022 December 31, 2021 Assets: Net investment properties $ 251,685 $ 288,014 Other assets 64,037 98,696 Total assets $ 315,722 $ 386,710 Liabilities and equity: Mortgages debt, net $ 148,242 $ 165,831 Other liabilities 7,506 12,409 Equity 159,974 208,470 Total liabilities and equity 315,722 386,710 Company's share of equity 88,841 115,513 Outside basis difference, net (a) (7,504) (7,569) Carrying value of investments in unconsolidated entities $ 81,337 $ 107,944 (a) The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM: Three months ended March 31, 2022 2021 Total income $ 8,379 $ 11,429 Depreciation and amortization (2,905) (3,764) Property operating (1,330) (2,073) Real estate taxes (1,411) (2,372) Asset management fees (251) (271) Interest expense, net (1,159) (1,692) Other (expense) and income, net (142) (129) Loss on debt extinguishment (111) (14) Gain on sale of real estate 3,751 — Net income $ 4,821 $ 1,114 Company's share of net income $ 2,652 $ 612 Outside basis adjustment for investee's sale of real estate, net 64 8 Equity in earnings of unconsolidated entities $ 2,716 $ 620
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule	The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter: Scheduled maturities by year: As of March 31, 2022 2022 $ — 2023 126,022 2024 — 2025 22,880 2026 — Thereafter — Total $ 148,902

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Notes and Loans Payable [Abstract]
Schedule of Debt	The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021: Interest As of March 31, 2022 As of December 31, 2021 Maturity Date Interest Rate Amount Interest Rate Amount Mortgages Payable Total mortgages payable Various Fixed 3.9600% $ 140,829 4.0700% $ 105,955 Term loans $200.0 million 5 years 9/22/2026 Fixed 2.6795% (a) 100,000 2.6795% (a) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.6795% (a) 100,000 2.6795% (a) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.6915% (a) 50,000 2.6915% (a) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.6990% (a) 50,000 2.6990% (a) 50,000 $200.0 million 5.5 years 3/22/2027 Variable 1M LIBOR + 1.20% (b) 100,000 1M LIBOR + 1.20% (b) 100,000 Total 400,000 400,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 (d) Variable 1M LIBOR + 1.04% (b) (c) 136,000 1M LIBOR + 1.05% (b) 31,000 Total debt 2.5587% 676,829 2.6122% 536,955 Debt discounts and issuance costs, net of accumulated amortization (3,493) (3,873) Debt, net $ 673,336 $ 533,082 (a) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (b) As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively. (c) For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment. (d) Maturity date is not inclusive of two six-month extension options.
Schedule of Maturities for Outstanding Mortgage Indebtedness	The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2022 2022 $ — 2023 38,999 2024 15,700 2025 28,630 2026 — Thereafter 57,500 Total mortgage payable maturities $ 140,829

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Cash Flow Hedges: (a) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate swaps (b)(c) $ — $ 12,109 $ — $ — $ (4,322) $ — (a) During the twelve months subsequent to March 31, 2022, an estimated $1,503 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings. (b) The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities.
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 March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 140,829 $ 135,024 $ 105,955 $ 104,938 Term loans $ 400,000 $ 400,644 $ 400,000 $ 400,470 Revolving line of credit $ 136,000 $ 136,329 $ 31,000 $ 31,062

Earnings Per Share and Equity_2

Earnings Per Share and Equity Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator: Net income (loss) attributed to common shareholders $ 9,501 $ (100) Denominator: Weighted average common shares outstanding - basic 67,354,717 71,998,654 Dilutive effect of unvested restricted shares (a) 221,321 — Weighted average common shares outstanding - diluted 67,576,038 71,998,654 Basic and diluted earnings per common share: Net income (loss) per common share, basic and diluted $ 0.14 $ — (a) For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Valuation Assumptions	The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: Three months ended Volatility 33.89% Risk free interest rate 0.79 % - 1.76% Dividend Yield 3.24%
Schedule of Restricted Stock Unit Activity	The following table summarizes the Company's RSU activity during the three months ended March 31, 2022: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2022 138,235 471,368 $ 30.12 Shares granted 97,606 396,338 $ 18.27 Shares vested — (76,520) $ 31.40 Shares forfeited — (61,102) $ 31.40 Outstanding as of March 31, 2022 235,841 730,084 $ 22.97

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Operating Lease Obligations , Maturity	Future minimum lease obligations as of March 31, 2022, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2022 $ 114 $ 173 2023 513 21 2024 575 — 2025 456 — 2026 460 — Thereafter 1,740 — Total expected minimum lease obligation 3,858 194 Less: Amount representing interest (a) (672) (20) Present value of net minimum lease payments $ 3,186 $ 174 (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 March 31, 2022, were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2022 $ 114 $ 173 2023 513 21 2024 575 — 2025 456 — 2026 460 — Thereafter 1,740 — Total expected minimum lease obligation 3,858 194 Less: Amount representing interest (a) (672) (20) Present value of net minimum lease payments $ 3,186 $ 174 (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)	Apr. 28, 2022shares	Mar. 31, 2022ft²propertyjoint_ventureshares	Mar. 31, 2021ft²propertyjoint_venture	Apr. 27, 2022shares	Dec. 31, 2021shares
Entity Information [Line Items]
Number of joint ventures | joint_venture		1	1
Common stock, shares authorized (in shares)		146,000,000			146,000,000
Preferred stock, shares authorized (in shares)		40,000,000			40,000,000
Subsequent Event
Entity Information [Line Items]
Common stock, shares authorized (in shares)	146,000,000			1,460,000,000
Reverse stock split ratio	0.1
Preferred stock, shares authorized (in shares)	40,000,000
Unconsolidated Retail Properties at 100%
Entity Information [Line Items]
Number of managed retail properties | property		6	10
Gross leasable area (square feet) | ft²		1,562,000	2,470,000
Wholly-Owned Retail Properties
Entity Information [Line Items]
Number of retail properties | property		57	55
Gross leasable area (square feet) | ft²		9,081,000	8,394,000

Revenue Recognition - Minimum L

Revenue Recognition - Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Minimum Lease Payments:
Remaining 2022	$ 121,973
2023	151,108
2024	134,798
2025	116,967
2026	100,053
Thereafter	285,221
Total	$ 910,120

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Minimum base rent	$ 35,048	$ 30,990
Lease income, net	57,768	49,926
Reversal of (provision for) uncollectible straight-line rent	494	(123)
Provision for uncollectible billed rent and recoveries	(236)	(909)
Real estate tax recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	7,267	6,994
Common area maintenance, insurance, and other recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	6,292	5,938
Ground rent income
Disaggregation of Revenue [Line Items]
Lease income, net	3,610	3,256
Above and below-market rent and lease inducement amortization, net
Disaggregation of Revenue [Line Items]
Lease income, net	2,547	1,243
Short-term and other lease income
Disaggregation of Revenue [Line Items]
Lease income, net	1,064	935
Termination fee income
Disaggregation of Revenue [Line Items]
Lease income, net	168	121
Straight-line rent adjustment, net
Disaggregation of Revenue [Line Items]
Lease income, net	663	640
Reversal of uncollectible billed rent and recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	$ 851	$ 841

Revenue Recognition - Disaggr_2

Revenue Recognition - Disaggregation of Other Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property management fees
Disaggregation of Revenue [Line Items]
Other fee income	$ 412	$ 587
Asset management fees
Disaggregation of Revenue [Line Items]
Other fee income	251	271
Leasing commissions and other fees
Disaggregation of Revenue [Line Items]
Other fee income	91	155
Other fee income
Disaggregation of Revenue [Line Items]
Other fee income	$ 754	$ 1,013

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Receivables	$ 228	$ 215
Minimum
Disaggregation of Revenue [Line Items]
Remaining lease term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Remaining lease term	77 years

Acquired Properties - Summary o

Acquired Properties - Summary of Retail Properties Acquired (Details) - Retail ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 189,340
Gross leasable area (square feet) | ft²	527
Shops at Arbor Trails
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 112,190
Gross leasable area (square feet) | ft²	357
Escarpment Village
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 77,150
Gross leasable area (square feet) | ft²	170

Acquired Properties - Narrative

Acquired Properties - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)property
Business Combination and Asset Acquisition [Abstract]
Transaction costs capitalized | $	$ 814	$ 0
Number of retail properties acquired | property		0

Disposed Properties - Narrative

Disposed Properties - Narrative (Details) - property	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Number of retail property disposed	0
Number of partial condemnations		3

Disposed Properties - Schedule

Disposed Properties - Schedule of Disposal Groups (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	$ 0	$ 899
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		899
Gain (Loss) on Sale, net		519
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, net		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
Gain (Loss) on Sale, net		104
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, net		$ (21)

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²interest_rate_swapunconsolidated_entity	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)unconsolidated_entity
Variable Interest Entity [Line Items]
Proceeds from sale of investment properties, net	$ 0	$ 899
Interest Rate Swap
Variable Interest Entity [Line Items]
Derivative asset	1,217		$ 291
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Prepaid mortgages payable	$ 23,150
IAGM Retail Fund LLC | Interest Rate Swap
Variable Interest Entity [Line Items]
Number of derivatives held | interest_rate_swap	2
Derivative asset	$ 2,213		$ 530
Retail
Variable Interest Entity [Line Items]
Gross leasable area (square feet) | ft²	527
Retail | Price Plaza
Variable Interest Entity [Line Items]
Deferred gain on sale of property	$ 2,063
Mortgage payable assumed by buyer	$ 17,800
Retail | Price Plaza | IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) | ft²	206
Proceeds from sale of investment properties, net	$ 39,100
Gain on sale	$ 3,751
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Ownership percentage	55.00%		55.00%
Number of equity method investments | unconsolidated_entity	1		1

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Assets
Net investment properties	$ 2,088,080		$ 1,922,847
Other assets	40,419		25,685
Total assets	2,354,152		2,212,415
Liabilities and equity:
Mortgages debt, net	673,336		533,082
Other liabilities	24,843		28,776
Equity	1,584,206	$ 1,729,022	1,571,552	$ 1,738,863
Total liabilities and stockholders' equity	2,354,152		2,212,415
Carrying value of investments in unconsolidated entities	81,337		107,944
Operating expenses
Total income	58,786	51,121
Depreciation and amortization	(22,829)	(21,687)
Real estate taxes	(8,043)	(8,133)
Interest expense, net	(4,809)	(3,985)
Loss on extinguishment of debt	(96)	0
Net income (loss)	9,501	(100)
Equity in earnings of unconsolidated entities	2,716	620
Equity Method Investment, Nonconsolidated Investee or Group of Investees | IAGM Retail Fund LLC
Assets
Net investment properties	251,685		288,014
Other assets	64,037		98,696
Total assets	315,722		386,710
Liabilities and equity:
Mortgages debt, net	148,242		165,831
Other liabilities	7,506		12,409
Equity	159,974		208,470
Total liabilities and stockholders' equity	315,722		386,710
Company's share of equity	88,841		115,513
Outside basis difference, net	(7,504)		(7,569)
Carrying value of investments in unconsolidated entities	81,337		$ 107,944
Operating expenses
Total income	8,379	11,429
Depreciation and amortization	(2,905)	(3,764)
Property operating	(1,330)	(2,073)
Real estate taxes	(1,411)	(2,372)
Asset management fees	(251)	(271)
Interest expense, net	(1,159)	(1,692)
Other (expense) and income, net	(142)	(129)
Loss on extinguishment of debt	(111)	(14)
Gain on sale of real estate	3,751	0
Net income (loss)	4,821	1,114
Company's share of net income	2,652	612
Outside basis adjustment for investee's sale of real estate, net	64	8
Equity in earnings of unconsolidated entities	$ 2,716	$ 620

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Schedule of Debt Maturities of the Unconsolidated Entities
2022	$ 0
2023	126,022
2024	0
2025	22,880
2026	0
Thereafter	0
Total	$ 148,902

Debt - Narrative (Details)

Debt - Narrative (Details)	Sep. 22, 2021USD ($)extensiontranche	Dec. 31, 2021interest_rate_swap	Dec. 21, 2018USD ($)
Debt Instrument [Line Items]
Number of tranches | tranche	2
Number of interest rate swaps | interest_rate_swap		4
Revolving line of credit | Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000		$ 350,000,000
Number of extension options | extension	2
Extension option on line of credit, period	6 months
Unsecured Debt | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Unsecured Debt | Term Loan, Tranche One
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Unsecured Debt | Term Loan, Tranche Two
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)extension	Dec. 31, 2021USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Interest rate (percent)	2.5587%	2.6122%
Amount	$ 676,829,000	$ 536,955,000
Debt discounts and issuance costs, net of accumulated amortization	(3,493,000)	(3,873,000)
Debt, net	$ 673,336,000	$ 533,082,000
Mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.96%	4.07%
Amount	$ 140,829,000	$ 105,955,000
Secured Debt
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000
Secured Debt | One-month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate, percent	0.452%	0.1013%
Secured Debt | 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.6795%	2.6795%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Secured Debt | 5.5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.6915%	2.6915%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.699%	2.699%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year - variable rate
Debt Instrument [Line Items]
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year - variable rate | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%	1.20%
Revolving Line of Credit | Revolving line of credit
Debt Instrument [Line Items]
Amount	$ 136,000,000	$ 31,000,000
Maximum borrowing capacity	$ 350,000,000
Number of extension options | extension	2
Extension option on line of credit, period	6 months
Revolving Line of Credit | One-month LIBOR | Revolving line of credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.04%	1.05%
Revolving Line of Credit | One-month LIBOR | Revolving line of credit | Forecast
Debt Instrument [Line Items]
Debt instrument, sustainability adjustment, percent			0.01%

Debt - Mortgage Maturities (Det

Debt - Mortgage Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of maturities for outstanding mortgage indebtedness
Total mortgage payable maturities	$ 676,829	$ 536,955
Mortgages payable
Schedule of maturities for outstanding mortgage indebtedness
2022	0
2023	38,999
2024	15,700
2025	28,630
2026	0
Thereafter	57,500
Total mortgage payable maturities	$ 140,829	$ 105,955

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Cash Flow Hedges:
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings	$ (1,503)
Fair Value, Measurements, Recurring | Level 1
Cash Flow Hedges:
Derivative interest rate swaps	0
Derivative interest rate swaps		$ 0
Fair Value, Measurements, Recurring | Level 2
Cash Flow Hedges:
Derivative interest rate swaps	12,109
Derivative interest rate swaps		4,322
Fair Value, Measurements, Recurring | Level 3
Cash Flow Hedges:
Derivative interest rate swaps	$ 0
Derivative interest rate swaps		$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2022USD ($)	Dec. 31, 2021	Mar. 31, 2021USD ($)
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)	0.0521	0.0444
Revolving Line of Credit | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input (percent)	0.0353	0.0239
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 - Finan

Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgages payable | Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 140,829	$ 105,955
Mortgages payable | Estimated Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	135,024	104,938
Unsecured Debt | Term loans | Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	400,000	400,000
Unsecured Debt | Term loans | Estimated Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	400,644	400,470
Revolving line of credit | Revolving line of credit | Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	136,000	31,000
Revolving line of credit | Revolving line of credit | Estimated Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	$ 136,329	$ 31,062

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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 9,501	$ (100)
Denominator:
Weighted average common shares outstanding - basic (in shares)	67,354,717	71,998,654
Dilutive effect of unvested restricted shares (in shares)	221,321	0
Weighted-average common shares outstanding, diluted (in shares)	67,576,038	71,998,654
Basic and diluted earnings per common share:
Net income (loss) per common share, basic (in dollars per share)	$ 0.14	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.14	$ 0

Earnings Per Share and Equity_4

Earnings Per Share and Equity Transactions - Narrative (Details) - USD ($)	Mar. 07, 2022	Feb. 23, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 150,000,000
Private Placement
Class of Stock [Line Items]
Sale of stock consideration received on transaction	$ 250,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 10,292
Stock-based compensation expense	$ 1,082	$ 2,496
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target, percentage	0.00%
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target, percentage	100.00%
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
Number of shares available for grant (shares)	1,065,232

Stock-Based Compensation - Sign

Stock-Based Compensation - Significant Assumptions Used in the Monte Carlo simulation Models (Details)	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate - minimum	0.79%
Risk-free interest rate - maximum	1.76%
2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.89%
Dividend Yield	3.24%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / 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)	138,235
Shares granted (in shares)	97,606
Shares vested (in shares)	0
Shares forfeited (in shares)	0
Outstanding as ending (in shares)	235,841
Weighted-Average Grant Date Price Per Share
Outstanding as beginning (in dollars per share) | $ / shares	$ 30.12
Shares granted (in dollars per share) | $ / shares	18.27
Shares vested (in dollars per share) | $ / shares	31.40
Shares forfeited (in dollars per share) | $ / shares	31.40
Outstanding as ending (in dollars per share) | $ / shares	$ 22.97
Unvested Performance and Market-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)	471,368
Shares granted (in shares)	396,338
Shares vested (in shares)	(76,520)
Shares forfeited (in shares)	(61,102)
Outstanding as ending (in shares)	730,084

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
Remaining 2022	$ 114
2023	513
2024	575
2025	456
2026	460
Thereafter	1,740
Total expected minimum lease obligation	3,858
Less: Amount representing interest	(672)
Present value of net minimum lease payments	3,186
Finance Leases
Remaining 2022	173
2023	21
2024	0
2025	0
2026	0
Thereafter	0
Total expected minimum lease obligation	194
Less: Amount representing interest	(20)
Present value of net minimum lease payments	$ 174

Subsequent Events (Details)

Subsequent Events (Details) - Highlands of Flower Mound - Subsequent Event ft² in Thousands, $ in Millions	Apr. 21, 2022USD ($)ft²
Subsequent Event [Line Items]
Gross leasable area (square feet) | ft²	175
Asset acquisition, consideration transferred	$ 38
Asset acquisition liabilities mortgage debt	$ 22.9