Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.001 par value | |
Trading Symbol | IVT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,531,335 | |
Entity Central Index Key | 0001307748 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investment properties | ||
Land | $ 697,035 | $ 650,764 |
Building and other improvements | 1,949,421 | 1,825,893 |
Construction in progress | 9,488 | 5,005 |
Total | 2,655,944 | 2,481,662 |
Less accumulated depreciation | (425,963) | (389,361) |
Net investment properties | 2,229,981 | 2,092,301 |
Cash, cash equivalents and restricted cash | 80,749 | 137,762 |
Investment in unconsolidated entities | 3,753 | 56,131 |
Intangible assets, net | 132,720 | 101,167 |
Accounts and rents receivable | 31,858 | 34,528 |
Deferred costs and other assets, net | 57,700 | 51,145 |
Total assets | 2,536,761 | 2,473,034 |
Liabilities | ||
Debt, net | 833,661 | 754,551 |
Accounts payable and accrued expenses | 39,063 | 42,792 |
Distributions payable | 14,553 | 13,837 |
Intangible liabilities, net | 33,326 | 29,658 |
Other liabilities | 33,221 | 28,287 |
Total liabilities | 953,824 | 869,125 |
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, 67,531,335 shares issued and outstanding as of June 30, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022 | 68 | 67 |
Additional paid-in capital | 5,461,253 | 5,456,968 |
Distributions in excess of accumulated net income | (3,905,747) | (3,879,847) |
Accumulated comprehensive income | 27,363 | 26,721 |
Total stockholders' equity | 1,582,937 | 1,603,909 |
Total liabilities and stockholders' equity | $ 2,536,761 | $ 2,473,034 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 67,531,335 | 67,472,553 |
Common stock, shares outstanding (in shares) | 67,531,335 | 67,472,553 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income | ||||
Lease income, net | $ 64,268 | $ 58,935 | $ 129,098 | $ 116,703 |
Total income | 64,687 | 59,893 | 129,892 | 118,679 |
Operating expenses | ||||
Depreciation and amortization | 28,263 | 24,205 | 55,021 | 47,034 |
Property operating | 9,756 | 9,184 | 19,986 | 17,469 |
Real estate taxes | 8,952 | 8,615 | 18,580 | 16,658 |
General and administrative | 8,048 | 8,116 | 15,779 | 16,003 |
Total operating expenses | 55,019 | 50,120 | 109,366 | 97,164 |
Other (expense) income | ||||
Interest expense, net | (9,377) | (5,631) | (18,886) | (10,440) |
Loss on extinguishment of debt | 0 | 0 | 0 | (96) |
Gain on sale of investment properties | 984 | 36,856 | 984 | 36,856 |
Equity in earnings (losses) of unconsolidated entities | 149 | 716 | (514) | 3,432 |
Other income and expense, net | 644 | 207 | 1,091 | 155 |
Total other (expense) income, net | (7,600) | 32,148 | (17,325) | 29,907 |
Net income | $ 2,068 | $ 41,921 | $ 3,201 | $ 51,422 |
Weighted-average common shares outstanding - basic (in shares) | 67,523,105 | 67,413,049 | 67,515,913 | 67,384,044 |
Weighted-average common shares outstanding - diluted (in shares) | 67,711,848 | 67,550,846 | 67,683,226 | 67,577,524 |
Net income per common share - basic (in dollars per share) | $ 0.03 | $ 0.62 | $ 0.05 | $ 0.76 |
Net income per common share - diluted (in dollars per share) | 0.03 | 0.62 | 0.05 | 0.76 |
Distributions declared per common share outstanding (in dollars per share) | 0.22 | 0.21 | 0.43 | 0.41 |
Distributions paid per common share outstanding (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.42 | $ 0.41 |
Comprehensive income | ||||
Net income | $ 2,068 | $ 41,921 | $ 3,201 | $ 51,422 |
Unrealized gain on derivatives | 10,835 | 5,514 | 7,518 | 20,920 |
Reclassification (to) from net income | (3,984) | 492 | (6,876) | 1,517 |
Comprehensive income | 8,919 | 47,927 | 3,843 | 73,859 |
Other property income | ||||
Income | ||||
Income | 419 | 318 | 714 | 582 |
Other fee income | ||||
Income | ||||
Income | $ 0 | $ 640 | $ 80 | $ 1,394 |
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, 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 | 9,501 | 9,501 | |||
Unrealized gain (loss) on derivatives | 15,406 | 15,406 | |||
Reclassification to (from) 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 |
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 | 51,422 | ||||
Unrealized gain (loss) on derivatives | 20,920 | ||||
Balance end of period (in shares) at Jun. 30, 2022 | 67,427,571 | ||||
Balance end of period at Jun. 30, 2022 | 1,619,489 | $ 67 | 5,454,292 | (3,852,985) | 18,115 |
Balance beginning of period (in shares) at Mar. 31, 2022 | 67,388,703 | ||||
Balance beginning of period at Mar. 31, 2022 | 1,584,206 | $ 67 | 5,453,100 | (3,881,070) | 12,109 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 41,921 | 41,921 | |||
Unrealized gain (loss) on derivatives | 5,514 | 5,514 | |||
Reclassification to (from) interest expense, net | 547 | 547 | |||
Reclassification to equity in earnings of unconsolidated entities | (55) | (55) | |||
Distributions declared | (13,836) | (13,836) | |||
Stock-based compensation, net (in shares) | 38,868 | ||||
Stock-based compensation, net | 1,192 | 1,192 | |||
Balance end of period (in shares) at Jun. 30, 2022 | 67,427,571 | ||||
Balance end of period at Jun. 30, 2022 | $ 1,619,489 | $ 67 | 5,454,292 | (3,852,985) | 18,115 |
Balance beginning of period (in shares) at Dec. 31, 2022 | 67,472,553 | 67,472,553 | |||
Balance beginning of period at Dec. 31, 2022 | $ 1,603,909 | $ 67 | 5,456,968 | (3,879,847) | 26,721 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 1,133 | 1,133 | |||
Unrealized gain (loss) on derivatives | (3,317) | (3,317) | |||
Reclassification to (from) interest expense, net | (2,892) | (2,892) | |||
Distributions declared | (14,548) | (14,548) | |||
Stock-based compensation, net (in shares) | 36,088 | ||||
Stock-based compensation, net | 2,120 | $ 1 | 2,119 | ||
Balance end of period (in shares) at Mar. 31, 2023 | 67,508,641 | ||||
Balance end of period at Mar. 31, 2023 | $ 1,586,405 | $ 68 | 5,459,087 | (3,893,262) | 20,512 |
Balance beginning of period (in shares) at Dec. 31, 2022 | 67,472,553 | 67,472,553 | |||
Balance beginning of period at Dec. 31, 2022 | $ 1,603,909 | $ 67 | 5,456,968 | (3,879,847) | 26,721 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,201 | ||||
Unrealized gain (loss) on derivatives | $ 7,518 | ||||
Balance end of period (in shares) at Jun. 30, 2023 | 67,531,335 | 67,531,335 | |||
Balance end of period at Jun. 30, 2023 | $ 1,582,937 | $ 68 | 5,461,253 | (3,905,747) | 27,363 |
Balance beginning of period (in shares) at Mar. 31, 2023 | 67,508,641 | ||||
Balance beginning of period at Mar. 31, 2023 | 1,586,405 | $ 68 | 5,459,087 | (3,893,262) | 20,512 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,068 | 2,068 | |||
Unrealized gain (loss) on derivatives | 10,835 | 10,835 | |||
Reclassification to (from) interest expense, net | (3,984) | (3,984) | |||
Distributions declared | (14,553) | (14,553) | |||
Stock-based compensation, net (in shares) | 22,694 | ||||
Stock-based compensation, net | $ 2,166 | 2,166 | |||
Balance end of period (in shares) at Jun. 30, 2023 | 67,531,335 | 67,531,335 | |||
Balance end of period at Jun. 30, 2023 | $ 1,582,937 | $ 68 | $ 5,461,253 | $ (3,905,747) | $ 27,363 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 3,201 | $ 51,422 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 55,021 | 47,034 |
Amortization of market-lease intangibles and inducements, net | (2,088) | (3,609) |
Amortization of debt discounts and financing costs | 2,119 | 1,341 |
Straight-line rent adjustment, net | (1,546) | (1,370) |
Reversal of estimated credit losses | (340) | (1,777) |
Gain on sale of investment properties | (984) | (36,856) |
Loss on extinguishment of debt | 0 | 96 |
Equity in losses (earnings) of unconsolidated entities | 514 | (3,432) |
Distributions from unconsolidated entities | 0 | 7,700 |
Stock-based compensation, net | 4,269 | 2,402 |
Changes in operating assets and liabilities: | ||
Accounts and rents receivable | 6,181 | 5,027 |
Deferred costs and other assets, net | 411 | (3,029) |
Accounts payable and accrued expenses | (4,162) | (433) |
Other liabilities | 889 | (1,024) |
Net cash provided by operating activities | 63,485 | 63,492 |
Cash flows from investing activities: | ||
Purchase of investment properties | (152,047) | (156,139) |
Capital expenditures and tenant improvements | (12,692) | (10,134) |
Investment in development and redevelopment projects | (2,622) | (6,124) |
Proceeds from sale of investment properties, net | 1,581 | 54,276 |
Distributions from unconsolidated entities | 91,355 | 47,355 |
Lease commissions and other leasing costs | (1,840) | (2,061) |
Other investing activities | (1,540) | (954) |
Net cash used in investing activities | (77,805) | (73,781) |
Cash flows from financing activities: | ||
Distributions to shareholders | (28,385) | (27,630) |
Line of credit proceeds | 30,000 | 112,000 |
Line of credit repayments | (30,000) | 0 |
Payoffs of debt | (13,700) | (22,328) |
Principal payments on mortgage debt | (32) | (521) |
Payment of loan fees and deposits | 0 | (179) |
Other financing activities | (576) | (14) |
Net cash (used in) provided by financing activities | (42,693) | 61,328 |
Net decrease (increase) in cash, cash equivalents and restricted cash | (57,013) | 51,039 |
Cash, cash equivalents and restricted cash at the beginning of the period | 137,762 | 44,854 |
Cash, cash equivalents and restricted cash at the end of the period | 80,749 | 95,893 |
Cash flow disclosure, including non-cash activities: | ||
Cash paid for interest, net of capitalized interest | 16,727 | 8,604 |
Cash paid for income taxes, net of refunds | 525 | 471 |
Previously held equity investments in real estate assets acquired | 39,603 | 0 |
Distributions payable to shareholders | 14,553 | 13,836 |
Accrued capital expenditures and tenant improvements | 2,944 | 2,607 |
Capitalized costs placed in service | 5,643 | 2,494 |
Purchase of investment properties: | ||
Net investment properties | 200,085 | 216,750 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 52,871 | 29,759 |
Accounts payable and accrued expenses, lease intangibles, and other liabilities | (9,133) | (10,489) |
Assumption of mortgage debt, at fair value | (91,776) | (79,881) |
Cash outflow for purchase of investment properties, net | 152,047 | 156,139 |
Assumption of mortgage principal | 92,468 | 80,380 |
Capitalized acquisition costs | (150) | (886) |
Credits and other changes in cash outflow, net | (365) | 2,837 |
Gross acquisition price of investment properties | 244,000 | 238,470 |
Sale of investment properties: | ||
Net investment properties | 597 | 17,792 |
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | 0 | 544 |
Accounts payable and accrued expenses, lease intangibles, and other liabilities | 0 | (916) |
Gain on sale of investment properties | 984 | 36,856 |
Proceeds from sale of investment properties, net | 1,581 | 54,276 |
Credits and other changes in cash inflow, net | 111 | 1,174 |
Gross disposition price of investment properties | $ 1,692 | $ 55,450 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and 2022, the Company had an investment in one unconsolidated real estate joint venture, IAGM Retail Fund I, LLC ("IAGM"). On January 18, 2023, the Company acquired the four remaining retail properties from IAGM by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries, 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 June 30, 2023 and 2022: Wholly-Owned Retail Properties Unconsolidated Retail Properties at 100% 2023 2022 2023 2022 No. of properties 63 57 — 5 Gross Leasable Area (square feet) 10,387 9,077 — 1,387 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Remaining 2023 $ 94,140 2024 182,408 2025 164,700 2026 145,058 2027 111,938 Thereafter 380,531 Total $ 1,078,775 The foregoing table 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-six years. The following table reflects the disaggregation of lease income, net: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Minimum base rent $ 41,545 $ 36,726 $ 82,021 $ 71,774 Real estate tax recoveries 7,948 7,739 16,465 15,006 Common area maintenance, insurance, and other recoveries 7,489 7,004 14,438 13,296 Ground rent income 4,797 3,760 9,507 7,370 Amortization of market-lease intangibles and inducements, net 572 1,062 2,088 3,609 Short-term and other lease income 635 1,120 1,949 2,184 Termination fee income 610 149 744 317 Straight-line rent adjustment, net 836 707 1,546 1,370 Reversal of uncollectible straight-line rent 17 504 216 998 Provision for uncollectible billed rent and recoveries (181) (144) (466) (380) Reversal of uncollectible billed rent and recoveries — 308 590 1,159 Lease income, net $ 64,268 $ 58,935 $ 129,098 $ 116,703 |
Acquired Properties
Acquired Properties | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of January 18, 2023 Bay Colony (a) Houston, TX 416 $ 79,100 $ 41,969 January 18, 2023 Blackhawk Town Center (a) Houston, TX 127 26,300 13,008 January 18, 2023 Cyfair Town Center (a) Houston, TX 433 79,200 30,880 January 18, 2023 Stables Town Center (a) Houston, TX 148 37,000 6,611 June 2, 2023 The Shoppes at Davis Lake Charlotte, NC 91 22,400 — 1,215 $ 244,000 $ 92,468 (a) These retail properties were acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $692 related to the pooled mortgage debt on these properties. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2022: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of February 2, 2022 Shops at Arbor Trails Austin, TX 357 $ 112,190 $ 31,500 February 2, 2022 Escarpment Village Austin, TX 170 77,150 26,000 April 21, 2022 The Highlands of Flower Mound (a) Dallas, TX 175 38,000 22,880 May 4, 2022 Bay Landing Fort Myers, FL 63 10,425 — June 10, 2022 Kyle Marketplace - Outparcel (b) Austin, TX — 705 — 765 $ 238,470 $ 80,380 (a) The retail property was acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $499 related to the mortgage payable secured by the property. (b) The Company acquired a parcel of vacant land adjacent to this retail property. |
Disposed Properties
Disposed Properties | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposed Properties | Disposed Properties The following table reflects the real property disposed of during the six months ended June 30, 2023: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 20, 2023 Shops at the Galleria (a) Austin, TX N/A $ 1,692 $ 984 — $ 1,692 $ 984 (a) This disposition was related to the completion of a partial condemnation at one retail property. The following table reflects the real property disposed of during the six months ended June 30, 2022: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 30, 2022 Centerplace of Greeley Denver, CO 152 $ 37,550 $ 25,147 June 30, 2022 Cheyenne Meadows Denver, CO 90 17,900 11,709 242 $ 55,450 $ 36,856 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Joint Venture Interest in IAGM As of June 30, 2023 and December 31, 2022, the Company owned a 55% interest in one unconsolidated entity, IAGM, a joint venture partnership between the Company and PGGM Private Real Estate Fund. 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. On January 18, 2023, the Company acquired the four remaining retail properties from IAGM for an aggregate purchase price of $222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries . The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity. IAGM recognized a gain on sale of $45.2 million, of which the Company's share was approximately $24.9 million. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million . In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. As of June 30, 2023, net assets of IAGM were $6.9 million , inclusive of cash and cash equivalents of $10.4 million. The Company's aggregate deferred gains related to its previously owned equity interest in real estate acquisitions from IAGM of $39.9 million are reflected in the basis of the respective acquired assets. Previously, deferred gains were reflected as a reduction of the Company's investment in IAGM and amortized to equity in earnings of unconsolidated entities. On January 18, 2023, the Company also acquired IAGM's two interest rate swap agreements which achieve fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage priced in a Secured Overnight Financing Rate ("SOFR"), each of which reprice monthly ("1-Month Term SOFR"). IAGM recognized a gain on sale of $2.6 million representing the fair value of the derivatives, of which the Company's share was approximately $1.4 million. The Company deferred its share of IAGM's gain on sale of derivatives, initially reflecting it within accumulated comprehensive income and amortizing it to interest expense, net, through the instruments' maturity date. The following table reflects the real property disposed by IAGM since January 1, 2022. Date Property Square Feet Gross IAGM's The Company's Gain Deferral March 3, 2022 Price Plaza (a) 206 $ 39,100 $ 3,751 $ — April 21, 2022 The Highlands of Flower Mound (b) 175 38,000 1,244 684 December 16, 2022 Stone Ridge Market (b) 219 58,100 12,287 6,758 December 22, 2022 Stables Town Center (c) 43 7,800 (244) — January 18, 2023 Bay Colony (b) 416 79,100 22,327 12,280 January 18, 2023 Blackhawk Town Center (b) 127 26,300 12,632 6,948 January 18, 2023 Cyfair Town Center (b) 433 79,200 4,713 2,592 January 18, 2023 Stables Town Center (b) 148 37,000 5,536 3,045 (a) The buyer assumed a $17,800 mortgage payable secured by the property. (b) The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist. (c) IAGM disposed of 43 square feet out of a total 191 square feet through a partial sale of the property. Condensed Financial Information The following table presents condensed balance sheet information for IAGM: As of June 30, 2023 December 31, 2022 Assets: Net investment properties $ — $ 161,312 Other assets 10,708 65,565 Total assets $ 10,708 $ 226,877 Liabilities and equity: Mortgages debt, net $ — $ 92,186 Other liabilities 3,803 7,392 Equity 6,905 127,299 Total liabilities and equity $ 10,708 $ 226,877 Company's share of equity $ 3,753 $ 70,869 Outside basis differences, net (a) — (14,738) Carrying value of investments in unconsolidated entities $ 3,753 $ 56,131 (a) The outside basis differences reflect unamortized deferred gains on historical property sales from IAGM to the Company. The following table presents condensed income statement information of IAGM: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Total income $ — $ 6,604 $ 952 $ 14,983 Depreciation and amortization — (2,519) (622) (5,424) Property operating — (1,111) (232) (2,441) Real estate taxes — (834) (127) (2,245) Asset management fees — (220) (32) (471) Interest expense, net — (899) (143) (2,058) Other income and expense, net 275 249 474 107 (Loss) gain on debt extinguishment — (91) 444 (202) Gain on sale of real estate — 1,244 45,208 4,995 Gain on sale of derivatives 2,556 — Net income $ 275 $ 2,423 $ 48,478 $ 7,244 Company's share of net income $ 149 $ 1,332 $ 26,661 $ 3,984 Outside basis adjustments for IAGM's sales to the Company — (616) (27,175) (552) Equity in (losses) earnings of unconsolidated entities $ 149 $ 716 $ (514) $ 3,432 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes and Loans Payable [Abstract] | |
Debt | Debt The Company's debt consists of mortgages payable, unsecured term loans, senior notes, 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 June 30, 2023 and December 31, 2022, the Company was in compliance with all loan covenants. On February 6, 2023, the Company extinguished the $13.7 million mortgage payable secured by Renaissance Center with its available liquidity. Credit Agreements 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 of the $350.0 million Revolving Credit Agreement to September 22, 2025, with two six-month extension options. On September 22, 2021, the Company entered into an amendment to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027. On June 3, 2022, in connection with and upon effectiveness of the Note Purchase Agreement (as defined below) and in accordance with the terms of the Amended Term Loan Credit Agreement and Amended Revolving Credit Agreement, each of the administrative agents under such agreements released all of the subsidiary guarantors from their guaranty obligations that were previously made for the benefit of the lenders under such agreements. Interest Rate Swaps The Company is party to four effective interest rate swap agreements and four interest rate forward swap agreements, which address the periods between the maturity dates of the 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. On January 18, 2023, the Company acquired IAGM's two interest rate swap agreements, which achieve fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage, each priced in 1-Month Term SOFR. On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%. As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans were swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement. Senior Notes On August 11, 2022, the Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes") pursuant to a note purchase agreement (the "Note Purchase Agreement"), dated June 3, 2022, between the Company and the various purchasers named therein. The Notes were issued at par in accordance with the Note Purchase Agreement and pay interest semiannually on February 11th and August 11th until their respective maturities. The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes. The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 Maturity Date Rate Type Interest Rate Amount Interest Rate Amount Mortgages Payable Fixed rate mortgages payable Various Fixed 3.12% (a) (b) $ 171,080 3.95% (a) $ 109,812 Variable rate mortgages payable 11/2/2023 Variable 1M SOFR + 1.65% (c) 17,468 — — Total 188,548 109,812 Term Loans $200.0 million 5 years 9/22/2026 Fixed 2.71% (b) 100,000 2.71% (b) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.72% (b) 100,000 2.72% (b) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.77% (b) 50,000 2.77% (b) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.76% (b) 50,000 2.76% (b) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 4.99% (d) 100,000 1M SOFR + 1.30% (c) 100,000 Total 400,000 400,000 Senior Notes $150.0 million 8/11/2029 Fixed 5.07% 150,000 5.07% 150,000 $100.0 million 8/11/2032 Fixed 5.20% 100,000 5.20% 100,000 Total 250,000 250,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 Variable 1M SOFR + 1.14% (c) — 1M SOFR + 1.14% (c) — Total debt 3.88% 838,548 4.08% 759,812 Debt discounts and issuance costs, net (4,887) (5,261) Debt, net $ 833,661 $ 754,551 (a) Interest rates reflect the weighted average of the Company's mortgages payable. (b) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (c) As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively. (d) As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date. The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter. Scheduled maturities by year: As of June 30, 2023 2023 (a) $ 92,468 2024 15,700 2025 22,880 2026 — 2027 26,000 Thereafter 31,500 Total mortgage payable maturities $ 188,548 (a) Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Cash Flow Hedges: (a) (b) Level 1 Level 2 (c) Level 3 Level 1 Level 2 (d) Level 3 Derivative interest rate swap assets $ — $ 27,875 $ — $ — $ 26,721 $ — Derivative interest rate swap liabilities $ — $ — $ — $ — $ — $ — (a) During the twelve months subsequent to June 30, 2023, an estimated $12,290 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b) As of June 30, 2023 and December 31, 2022, 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. (c) The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. (d) 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 were recognized as a part of investment in unconsolidated entities. Nonrecurring Measurements Investment Properties During the three months ended June 30, 2023 and 2022 , 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Carrying Value Estimated Market Carrying Value Estimated Market Mortgages payable $ 188,548 $ 178,999 7.55 % $ 109,812 $ 100,218 6.81 % Senior notes 250,000 236,157 6.09 % 250,000 235,820 6.05 % Term loans 400,000 400,501 5.45 % 400,000 401,170 5.11 % Revolving line of credit — — N/A — — N/A The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, term loans, and revolving line of credit reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Equity Transactions | Earnings Per Share and Equity Transactions Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (the "Incentive Award Plan"). The following table reconciles the amounts used in calculating basic and diluted earnings per share: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Numerator: Net income attributed to common shares $ 2,068 $ 41,921 $ 3,201 $ 51,422 Earnings allocated to unvested restricted shares — (171) — (138) Net income attributed to common shares - basic and diluted 2,068 41,750 3,201 51,284 Denominator: Weighted average common shares outstanding - basic 67,523,105 67,413,049 67,515,913 67,384,044 Dilutive effect of unvested restricted shares (a) 188,743 137,797 167,313 193,480 Weighted average common shares outstanding - diluted 67,711,848 67,550,846 67,683,226 67,577,524 Basic and diluted earnings per common share: Net income per common share - basic $ 0.03 $ 0.62 $ 0.05 $ 0.76 Net income per common share - diluted $ 0.03 $ 0.62 $ 0.05 $ 0.76 (a) For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023. 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. As of June 30, 2023, the Company has not sold any common stock under the ATM Program. Share Repurchase Program |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Incentive Award Plan 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 issue or transfer up to 3,000,000 shares (the "Share Limit") of the Company's common stock pursuant to awards granted under the Incentive Award Plan. As of June 30, 2023, 531,823 shares were available for future issuance under the Incentive Award Plan. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights. 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 following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: Six months ended Six months ended Volatility 34.00% 33.89% Risk free interest rate 4.45% 0.79% - 1.76% Dividend Yield 3.20% 3.24% The following table summarizes the Company's RSU activity during the six months ended June 30, 2023: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2023 123,427 712,051 $ 23.35 Shares granted 152,393 445,828 $ 18.40 Shares vested (30,256) (60,042) $ 30.85 Unearned performance shares added back to Share Limit — (69,803) $ 31.40 Outstanding as of June 30, 2023 245,564 1,028,034 $ 20.03 As of June 30, 2023, there was $14,636 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements which will be recognized through December 2025. The Company recognized stock-based compensation expense of $2,302 and $1,320 for the three months ended June 30, 2023 and 2022, respectively, and $4,269 and $2,402 for the six months ended June 30, 2023 and 2022, respectively. Employee Stock Purchase Plan |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 Lease Commitments The Company has non-cancelable operating leases for office space used in its business. Future minimum operating lease obligations as of June 30, 2023, were as follows: Minimum Lease Payments Remaining 2023 $ 462 2024 628 2025 511 2026 517 2027 529 Thereafter 1,308 Total expected minimum lease obligation 3,955 Less: Amount representing interest (a) (717) Present value of net minimum lease payments $ 3,238 (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 | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn preparing its condensed consolidated financial statements, the Company has evaluated, for recognition and disclosure purposes, events and transactions occurring after June 30, 2023, through the date the financial statements were issued. |
Organization (Tables)
Organization (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and 2022: Wholly-Owned Retail Properties Unconsolidated Retail Properties at 100% 2023 2022 2023 2022 No. of properties 63 57 — 5 Gross Leasable Area (square feet) 10,387 9,077 — 1,387 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Remaining 2023 $ 94,140 2024 182,408 2025 164,700 2026 145,058 2027 111,938 Thereafter 380,531 Total $ 1,078,775 |
Schedule of Disaggregation of Lease Income, Net | The following table reflects the disaggregation of lease income, net: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Minimum base rent $ 41,545 $ 36,726 $ 82,021 $ 71,774 Real estate tax recoveries 7,948 7,739 16,465 15,006 Common area maintenance, insurance, and other recoveries 7,489 7,004 14,438 13,296 Ground rent income 4,797 3,760 9,507 7,370 Amortization of market-lease intangibles and inducements, net 572 1,062 2,088 3,609 Short-term and other lease income 635 1,120 1,949 2,184 Termination fee income 610 149 744 317 Straight-line rent adjustment, net 836 707 1,546 1,370 Reversal of uncollectible straight-line rent 17 504 216 998 Provision for uncollectible billed rent and recoveries (181) (144) (466) (380) Reversal of uncollectible billed rent and recoveries — 308 590 1,159 Lease income, net $ 64,268 $ 58,935 $ 129,098 $ 116,703 |
Acquired Properties (Tables)
Acquired Properties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of January 18, 2023 Bay Colony (a) Houston, TX 416 $ 79,100 $ 41,969 January 18, 2023 Blackhawk Town Center (a) Houston, TX 127 26,300 13,008 January 18, 2023 Cyfair Town Center (a) Houston, TX 433 79,200 30,880 January 18, 2023 Stables Town Center (a) Houston, TX 148 37,000 6,611 June 2, 2023 The Shoppes at Davis Lake Charlotte, NC 91 22,400 — 1,215 $ 244,000 $ 92,468 (a) These retail properties were acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $692 related to the pooled mortgage debt on these properties. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2022: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of February 2, 2022 Shops at Arbor Trails Austin, TX 357 $ 112,190 $ 31,500 February 2, 2022 Escarpment Village Austin, TX 170 77,150 26,000 April 21, 2022 The Highlands of Flower Mound (a) Dallas, TX 175 38,000 22,880 May 4, 2022 Bay Landing Fort Myers, FL 63 10,425 — June 10, 2022 Kyle Marketplace - Outparcel (b) Austin, TX — 705 — 765 $ 238,470 $ 80,380 (a) The retail property was acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $499 related to the mortgage payable secured by the property. (b) The Company acquired a parcel of vacant land adjacent to this retail property. |
Disposed Properties (Tables)
Disposed Properties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Real Property Disposed | The following table reflects the real property disposed of during the six months ended June 30, 2023: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 20, 2023 Shops at the Galleria (a) Austin, TX N/A $ 1,692 $ 984 — $ 1,692 $ 984 (a) This disposition was related to the completion of a partial condemnation at one retail property. The following table reflects the real property disposed of during the six months ended June 30, 2022: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 30, 2022 Centerplace of Greeley Denver, CO 152 $ 37,550 $ 25,147 June 30, 2022 Cheyenne Meadows Denver, CO 90 17,900 11,709 242 $ 55,450 $ 36,856 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The following table reflects the real property disposed by IAGM since January 1, 2022. Date Property Square Feet Gross IAGM's The Company's Gain Deferral March 3, 2022 Price Plaza (a) 206 $ 39,100 $ 3,751 $ — April 21, 2022 The Highlands of Flower Mound (b) 175 38,000 1,244 684 December 16, 2022 Stone Ridge Market (b) 219 58,100 12,287 6,758 December 22, 2022 Stables Town Center (c) 43 7,800 (244) — January 18, 2023 Bay Colony (b) 416 79,100 22,327 12,280 January 18, 2023 Blackhawk Town Center (b) 127 26,300 12,632 6,948 January 18, 2023 Cyfair Town Center (b) 433 79,200 4,713 2,592 January 18, 2023 Stables Town Center (b) 148 37,000 5,536 3,045 (a) The buyer assumed a $17,800 mortgage payable secured by the property. (b) The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist. |
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following table presents condensed balance sheet information for IAGM: As of June 30, 2023 December 31, 2022 Assets: Net investment properties $ — $ 161,312 Other assets 10,708 65,565 Total assets $ 10,708 $ 226,877 Liabilities and equity: Mortgages debt, net $ — $ 92,186 Other liabilities 3,803 7,392 Equity 6,905 127,299 Total liabilities and equity $ 10,708 $ 226,877 Company's share of equity $ 3,753 $ 70,869 Outside basis differences, net (a) — (14,738) Carrying value of investments in unconsolidated entities $ 3,753 $ 56,131 (a) The outside basis differences reflect unamortized deferred gains on historical property sales from IAGM to the Company. The following table presents condensed income statement information of IAGM: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Total income $ — $ 6,604 $ 952 $ 14,983 Depreciation and amortization — (2,519) (622) (5,424) Property operating — (1,111) (232) (2,441) Real estate taxes — (834) (127) (2,245) Asset management fees — (220) (32) (471) Interest expense, net — (899) (143) (2,058) Other income and expense, net 275 249 474 107 (Loss) gain on debt extinguishment — (91) 444 (202) Gain on sale of real estate — 1,244 45,208 4,995 Gain on sale of derivatives 2,556 — Net income $ 275 $ 2,423 $ 48,478 $ 7,244 Company's share of net income $ 149 $ 1,332 $ 26,661 $ 3,984 Outside basis adjustments for IAGM's sales to the Company — (616) (27,175) (552) Equity in (losses) earnings of unconsolidated entities $ 149 $ 716 $ (514) $ 3,432 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes and Loans Payable [Abstract] | |
Schedule of Debt | The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 Maturity Date Rate Type Interest Rate Amount Interest Rate Amount Mortgages Payable Fixed rate mortgages payable Various Fixed 3.12% (a) (b) $ 171,080 3.95% (a) $ 109,812 Variable rate mortgages payable 11/2/2023 Variable 1M SOFR + 1.65% (c) 17,468 — — Total 188,548 109,812 Term Loans $200.0 million 5 years 9/22/2026 Fixed 2.71% (b) 100,000 2.71% (b) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.72% (b) 100,000 2.72% (b) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.77% (b) 50,000 2.77% (b) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.76% (b) 50,000 2.76% (b) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 4.99% (d) 100,000 1M SOFR + 1.30% (c) 100,000 Total 400,000 400,000 Senior Notes $150.0 million 8/11/2029 Fixed 5.07% 150,000 5.07% 150,000 $100.0 million 8/11/2032 Fixed 5.20% 100,000 5.20% 100,000 Total 250,000 250,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 Variable 1M SOFR + 1.14% (c) — 1M SOFR + 1.14% (c) — Total debt 3.88% 838,548 4.08% 759,812 Debt discounts and issuance costs, net (4,887) (5,261) Debt, net $ 833,661 $ 754,551 (a) Interest rates reflect the weighted average of the Company's mortgages payable. (b) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (c) As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively. (d) As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date. |
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter. Scheduled maturities by year: As of June 30, 2023 2023 (a) $ 92,468 2024 15,700 2025 22,880 2026 — 2027 26,000 Thereafter 31,500 Total mortgage payable maturities $ 188,548 (a) Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Cash Flow Hedges: (a) (b) Level 1 Level 2 (c) Level 3 Level 1 Level 2 (d) Level 3 Derivative interest rate swap assets $ — $ 27,875 $ — $ — $ 26,721 $ — Derivative interest rate swap liabilities $ — $ — $ — $ — $ — $ — (a) During the twelve months subsequent to June 30, 2023, an estimated $12,290 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b) As of June 30, 2023 and December 31, 2022, 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. (c) The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. |
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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Carrying Value Estimated Market Carrying Value Estimated Market Mortgages payable $ 188,548 $ 178,999 7.55 % $ 109,812 $ 100,218 6.81 % Senior notes 250,000 236,157 6.09 % 250,000 235,820 6.05 % Term loans 400,000 400,501 5.45 % 400,000 401,170 5.11 % Revolving line of credit — — N/A — — N/A |
Earnings Per Share and Equity_2
Earnings Per Share and Equity Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30 Six months ended June 30 2023 2022 2023 2022 Numerator: Net income attributed to common shares $ 2,068 $ 41,921 $ 3,201 $ 51,422 Earnings allocated to unvested restricted shares — (171) — (138) Net income attributed to common shares - basic and diluted 2,068 41,750 3,201 51,284 Denominator: Weighted average common shares outstanding - basic 67,523,105 67,413,049 67,515,913 67,384,044 Dilutive effect of unvested restricted shares (a) 188,743 137,797 167,313 193,480 Weighted average common shares outstanding - diluted 67,711,848 67,550,846 67,683,226 67,577,524 Basic and diluted earnings per common share: Net income per common share - basic $ 0.03 $ 0.62 $ 0.05 $ 0.76 Net income per common share - diluted $ 0.03 $ 0.62 $ 0.05 $ 0.76 (a) For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: Six months ended Six months ended Volatility 34.00% 33.89% Risk free interest rate 4.45% 0.79% - 1.76% Dividend Yield 3.20% 3.24% |
Schedule of Restricted Stock Unit Activity | The following table summarizes the Company's RSU activity during the six months ended June 30, 2023: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2023 123,427 712,051 $ 23.35 Shares granted 152,393 445,828 $ 18.40 Shares vested (30,256) (60,042) $ 30.85 Unearned performance shares added back to Share Limit — (69,803) $ 31.40 Outstanding as of June 30, 2023 245,564 1,028,034 $ 20.03 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Operating Lease Obligations Maturity | Future minimum operating lease obligations as of June 30, 2023, were as follows: Minimum Lease Payments Remaining 2023 $ 462 2024 628 2025 511 2026 517 2027 529 Thereafter 1,308 Total expected minimum lease obligation 3,955 Less: Amount representing interest (a) (717) Present value of net minimum lease payments $ 3,238 (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) | 6 Months Ended | |||
Jun. 30, 2023 ft² unconsolidated_entity property | Jun. 30, 2022 ft² property unconsolidated_entity | Jan. 18, 2023 property | Dec. 31, 2022 unconsolidated_entity | |
Entity Information [Line Items] | ||||
Number of equity method investments | unconsolidated_entity | 1 | |||
Number of managed retail properties | 0 | 5 | ||
Gross leasable area (square feet) | ft² | 0 | 1,387,000 | ||
Retail | ||||
Entity Information [Line Items] | ||||
Number of retail properties | 63 | 57 | ||
Gross leasable area (square feet) | ft² | 10,387,000 | 9,077,000 | ||
IAGM | ||||
Entity Information [Line Items] | ||||
Number of properties acquired | 4 | |||
IAGM Retail Fund LLC | ||||
Entity Information [Line Items] | ||||
Number of equity method investments | unconsolidated_entity | 1 | 1 | 1 | |
Ownership percentage | 55% | 100% | 55% |
Revenue Recognition - Minimum L
Revenue Recognition - Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Minimum Lease Payments: | |
Remaining 2023 | $ 94,140 |
2024 | 182,408 |
2025 | 164,700 |
2026 | 145,058 |
2027 | 111,938 |
Thereafter | 380,531 |
Total | $ 1,078,775 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | Jun. 30, 2023 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Remaining lease term | 76 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Minimum base rent | $ 41,545 | $ 36,726 | $ 82,021 | $ 71,774 |
Lease income, net | 64,268 | 58,935 | 129,098 | 116,703 |
Reversal of uncollectible straight-line rent | 17 | 504 | 216 | 998 |
Provision for uncollectible billed rent and recoveries | (181) | (144) | (466) | (380) |
Real estate tax recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 7,948 | 7,739 | 16,465 | 15,006 |
Common area maintenance, insurance, and other recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 7,489 | 7,004 | 14,438 | 13,296 |
Ground rent income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 4,797 | 3,760 | 9,507 | 7,370 |
Amortization of market-lease intangibles and inducements, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 572 | 1,062 | 2,088 | 3,609 |
Short-term and other lease income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 635 | 1,120 | 1,949 | 2,184 |
Termination fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 610 | 149 | 744 | 317 |
Straight-line rent adjustment, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 836 | 707 | 1,546 | 1,370 |
Reversal of uncollectible billed rent and recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | $ 0 | $ 308 | $ 590 | $ 1,159 |
Acquired Properties - Summary o
Acquired Properties - Summary of Retail Properties Acquired (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) ft² | |
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 0 | 1,387,000 |
Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 1,215,000 | 765,000 |
Gross Acquisition Price | $ 244,000 | $ 238,470 |
Assumption of Mortgage Debt | 92,468 | 80,380 |
Fair value assumption of mortgage debt | $ 692 | $ 499 |
Bay Colony | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 416,000 | |
Gross Acquisition Price | $ 79,100 | |
Assumption of Mortgage Debt | $ 41,969 | |
Blackhawk Town Center | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 127,000 | |
Gross Acquisition Price | $ 26,300 | |
Assumption of Mortgage Debt | $ 13,008 | |
Cyfair Town Center | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 433,000 | |
Gross Acquisition Price | $ 79,200 | |
Assumption of Mortgage Debt | $ 30,880 | |
Stables Town Center | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 148,000 | |
Gross Acquisition Price | $ 37,000 | |
Assumption of Mortgage Debt | $ 6,611 | |
The Shoppes at Davis Lake | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 91,000 | |
Gross Acquisition Price | $ 22,400 | |
Assumption of Mortgage Debt | $ 0 | |
Shops at Arbor Trails | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 357,000 | |
Gross Acquisition Price | $ 112,190 | |
Assumption of Mortgage Debt | $ 31,500 | |
Escarpment Village | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 170,000 | |
Gross Acquisition Price | $ 77,150 | |
Assumption of Mortgage Debt | $ 26,000 | |
The Highlands of Flower Mound | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 175,000 | |
Gross Acquisition Price | $ 38,000 | |
Assumption of Mortgage Debt | $ 22,880 | |
Bay Landing | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 63,000 | |
Gross Acquisition Price | $ 10,425 | |
Assumption of Mortgage Debt | $ 0 | |
Kyle Marketplace - Outparcel | Retail | ||
Real Estate Properties [Line Items] | ||
Gross leasable area (square feet) | ft² | 0 | |
Gross Acquisition Price | $ 705 | |
Assumption of Mortgage Debt | $ 0 |
Acquired Properties - Narrative
Acquired Properties - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||
Transaction costs capitalized | $ 150 | $ 886 |
Disposed Properties - Schedule
Disposed Properties - Schedule of Disposal Groups (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 0 | 1,387,000 |
Gross Disposition Price | $ 1,692 | $ 55,450 |
Retail Site | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 1,215,000 | 765,000 |
Disposed of by Sale | Retail Site | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 0 | 242,000 |
Gross Disposition Price | $ 1,692 | $ 55,450 |
Gain on Sale | 984 | $ 36,856 |
Disposed of by Sale | Shops at the Galleria | Retail Site | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross Disposition Price | 1,692 | |
Gain on Sale | $ 984 | |
Disposed of by Sale | Centerplace of Greeley | Retail Site | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 152,000 | |
Gross Disposition Price | $ 37,550 | |
Gain on Sale | $ 25,147 | |
Disposed of by Sale | Cheyenne Meadows | Retail Site | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gross leasable area (square feet) | ft² | 90,000 | |
Gross Disposition Price | $ 17,900 | |
Gain on Sale | $ 11,709 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||||||
Jan. 18, 2023 USD ($) derivative_instrument property | Jun. 30, 2023 USD ($) unconsolidated_entity | Jun. 30, 2022 USD ($) unconsolidated_entity | Jun. 30, 2023 USD ($) unconsolidated_entity | Jun. 30, 2023 USD ($) unconsolidated_entity | Jun. 30, 2022 USD ($) unconsolidated_entity | Mar. 31, 2023 USD ($) | Mar. 16, 2023 USD ($) | Dec. 31, 2022 USD ($) unconsolidated_entity | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | |||||||||||
Number of equity method investments | unconsolidated_entity | 1 | 1 | 1 | ||||||||
Gain on sale of real estate | $ 24,900,000 | ||||||||||
Distributions from unconsolidated entities | $ 91,355,000 | $ 47,355,000 | |||||||||
Net assets | $ 1,582,937,000 | $ 1,619,489,000 | $ 1,582,937,000 | 1,582,937,000 | 1,619,489,000 | $ 1,586,405,000 | $ 1,603,909,000 | $ 1,584,206,000 | $ 1,571,552,000 | ||
Gain on sale of derivatives | $ 1,400,000 | ||||||||||
Interest Rate Swap | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Number of instruments acquired | derivative_instrument | 2 | ||||||||||
Notional amount | $ 75,000,000 | $ 100,000,000 | |||||||||
IAGM | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Number of properties acquired | property | 4 | ||||||||||
Purchase price | $ 222,300,000 | ||||||||||
Assumed aggregate mortgage debt | 92,500,000 | ||||||||||
Distributions from unconsolidated entities | 71,400,000 | ||||||||||
IAGM | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Gain on sale of real estate | 0 | $ 1,244,000 | 45,208,000 | 4,995,000 | |||||||
Net assets | 6,905,000 | 6,905,000 | 6,905,000 | $ 127,299,000 | |||||||
Cash and cash equivalents | $ 10,400,000 | $ 10,400,000 | 10,400,000 | ||||||||
Gain on sale of derivatives | $ 2,556,000 | $ 0 | |||||||||
IAGM Retail Fund LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Gain on sale of derivatives | $ 2,600,000 | ||||||||||
IAGM Retail Fund LLC | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Ownership percentage | 100% | 55% | 55% | 55% | 55% | ||||||
Number of equity method investments | unconsolidated_entity | 1 | 1 | 1 | 1 | 1 | 1 | |||||
Gain on sale of real estate | $ 45,200,000 | ||||||||||
Deferred gain on real estates | $ 39,900,000 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Equity Method Investments (Details) $ in Thousands | 6 Months Ended | ||||||
Jan. 18, 2023 USD ($) ft² | Dec. 22, 2022 USD ($) ft² | Dec. 16, 2022 USD ($) ft² | Apr. 21, 2022 USD ($) ft² | Mar. 03, 2022 USD ($) ft² | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) ft² | |
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 0 | 1,387,000 | |||||
Gross Disposition Price | $ 1,692 | $ 55,450 | |||||
Retail Site | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 1,215,000 | 765,000 | |||||
Retail Site | Disposed of by Sale | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 0 | 242,000 | |||||
Gross Disposition Price | $ 1,692 | $ 55,450 | |||||
IAGM's Gain (Loss) on Sale | $ 984 | $ 36,856 | |||||
Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | IAGM Retail Fund LLC | Stables Town Center I | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 191,000 | ||||||
Price Plaza | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 206,000 | ||||||
Gross Disposition Price | $ 39,100 | ||||||
IAGM's Gain (Loss) on Sale | 3,751 | ||||||
The Company's Gain Deferral | 0 | ||||||
Mortgage payable disposed of | $ 17,800 | ||||||
The Highlands of Flower Mound | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 175,000 | ||||||
Gross Disposition Price | $ 38,000 | ||||||
IAGM's Gain (Loss) on Sale | 1,244 | ||||||
The Company's Gain Deferral | $ 684 | ||||||
Stone Ridge Market | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 219,000 | ||||||
Gross Disposition Price | $ 58,100 | ||||||
IAGM's Gain (Loss) on Sale | 12,287 | ||||||
The Company's Gain Deferral | $ 6,758 | ||||||
Stables Town Center | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 148,000 | 43,000 | |||||
Gross Disposition Price | $ 37,000 | $ 7,800 | |||||
IAGM's Gain (Loss) on Sale | 5,536 | (244) | |||||
The Company's Gain Deferral | $ 3,045 | $ 0 | |||||
Bay Colony | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 416,000 | ||||||
Gross Disposition Price | $ 79,100 | ||||||
IAGM's Gain (Loss) on Sale | 22,327 | ||||||
The Company's Gain Deferral | $ 12,280 | ||||||
Blackhawk Town Center | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 127,000 | ||||||
Gross Disposition Price | $ 26,300 | ||||||
IAGM's Gain (Loss) on Sale | 12,632 | ||||||
The Company's Gain Deferral | $ 6,948 | ||||||
Cyfair Town Center | Retail Site | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Disposed of by Sale | IAGM Retail Fund LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Gross leasable area (square feet) | ft² | 433,000 | ||||||
Gross Disposition Price | $ 79,200 | ||||||
IAGM's Gain (Loss) on Sale | 4,713 | ||||||
The Company's Gain Deferral | $ 2,592 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Combined Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jan. 18, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||||||||
Net investment properties | $ 2,229,981 | $ 2,229,981 | $ 2,092,301 | ||||||
Other assets | 57,700 | 57,700 | 51,145 | ||||||
Total assets | 2,536,761 | 2,536,761 | 2,473,034 | ||||||
Liabilities and equity: | |||||||||
Mortgages debt, net | 833,661 | 833,661 | 754,551 | ||||||
Other liabilities | 33,221 | 33,221 | 28,287 | ||||||
Equity | 1,582,937 | $ 1,586,405 | $ 1,619,489 | $ 1,584,206 | 1,582,937 | $ 1,619,489 | 1,603,909 | $ 1,571,552 | |
Total liabilities and stockholders' equity | 2,536,761 | 2,536,761 | 2,473,034 | ||||||
Carrying value of investments in unconsolidated entities | 3,753 | 3,753 | 56,131 | ||||||
Operating expenses | |||||||||
Total income | 64,687 | 59,893 | 129,892 | 118,679 | |||||
Depreciation and amortization | (28,263) | (24,205) | (55,021) | (47,034) | |||||
Real estate taxes | (8,952) | (8,615) | (18,580) | (16,658) | |||||
Interest expense, net | (9,377) | (5,631) | (18,886) | (10,440) | |||||
(Loss) gain on debt extinguishment | 0 | 0 | 0 | (96) | |||||
Gain on sale of real estate | $ 24,900 | ||||||||
Gain on sale of derivatives | $ 1,400 | ||||||||
Net income | 2,068 | $ 1,133 | 41,921 | $ 9,501 | 3,201 | 51,422 | |||
Equity in (losses) earnings of unconsolidated entities | 149 | 716 | (514) | 3,432 | |||||
IAGM | |||||||||
Liabilities and equity: | |||||||||
Outside basis difference, net | 0 | 0 | (14,738) | ||||||
Operating expenses | |||||||||
Equity in (losses) earnings of unconsolidated entities | 149 | 716 | (514) | 3,432 | |||||
IAGM | |||||||||
Assets | |||||||||
Net investment properties | 0 | 0 | 161,312 | ||||||
Other assets | 10,708 | 10,708 | 65,565 | ||||||
Total assets | 10,708 | 10,708 | 226,877 | ||||||
Liabilities and equity: | |||||||||
Mortgages debt, net | 0 | 0 | 92,186 | ||||||
Other liabilities | 3,803 | 3,803 | 7,392 | ||||||
Equity | 6,905 | 6,905 | 127,299 | ||||||
Total liabilities and stockholders' equity | 10,708 | 10,708 | 226,877 | ||||||
Company's share of equity | 3,753 | 3,753 | 70,869 | ||||||
Carrying value of investments in unconsolidated entities | 3,753 | 3,753 | $ 56,131 | ||||||
Operating expenses | |||||||||
Total income | 0 | 6,604 | 952 | 14,983 | |||||
Depreciation and amortization | 0 | (2,519) | (622) | (5,424) | |||||
Property operating | 0 | (1,111) | (232) | (2,441) | |||||
Real estate taxes | 0 | (834) | (127) | (2,245) | |||||
Asset management fees | 0 | (220) | (32) | (471) | |||||
Interest expense, net | 0 | (899) | (143) | (2,058) | |||||
Other income and expense, net | 275 | 249 | 474 | 107 | |||||
(Loss) gain on debt extinguishment | 0 | (91) | 444 | (202) | |||||
Gain on sale of real estate | 0 | 1,244 | 45,208 | 4,995 | |||||
Gain on sale of derivatives | 2,556 | 0 | |||||||
Net income | 275 | 2,423 | 48,478 | 7,244 | |||||
Company's share of net income | 149 | 1,332 | 26,661 | 3,984 | |||||
Outside basis adjustments for IAGM's sales to the Company | $ 0 | $ (616) | $ (27,175) | $ (552) |
Debt - Narrative (Details)
Debt - Narrative (Details) | 6 Months Ended | |||||||
Feb. 06, 2023 USD ($) | Aug. 11, 2022 USD ($) | Sep. 22, 2021 USD ($) tranche extension | Jun. 30, 2023 USD ($) extension interest_rate_swap | Apr. 03, 2023 | Mar. 16, 2023 USD ($) interest_rate_swap | Jan. 18, 2023 USD ($) derivative_instrument | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||
Number of tranches | tranche | 2 | |||||||
Number of interest rate forward swaps | interest_rate_swap | 4 | 1 | ||||||
Interest rate (percent) | 3.88% | 4.08% | ||||||
Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of instruments acquired | derivative_instrument | 2 | |||||||
Notional amount | $ 100,000,000 | $ 75,000,000 | ||||||
Fixed interest rate (percent) | 4.99% | 4.99% | ||||||
Mortgages payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of mortgage payable | $ 13,700,000 | |||||||
Number of extension options | extension | 2 | |||||||
Extension option on line of credit, period | 12 months | |||||||
Revolving line of credit | Revolving line of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 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 | |||||||
Secured Debt | 5.5 year - variable rate | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (percent) | 3.69% | 3.69% | ||||||
Senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 250,000,000 | |||||||
Aggregate principal amount (in percentage) | 5% | |||||||
Debt instrument, redemption price ( in percentage) | 100% | |||||||
Senior notes | 5.07%, Senior Notes, Series A, Due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||
Debt instrument, face amount | $ 150,000,000 | |||||||
Interest rate (percent) | 5.07% | 5.07% | 5.07% | |||||
Senior notes | 5.20%, Senior Notes, Series B, Due 2032 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Interest rate (percent) | 5.20% | 5.20% | 5.20% |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Apr. 03, 2023 | Mar. 16, 2023 | Aug. 11, 2022 | |
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 3.88% | 4.08% | |||
Amount | $ 838,548,000 | $ 759,812,000 | |||
Debt discounts and issuance costs, net | (4,887,000) | (5,261,000) | |||
Debt, net | 833,661,000 | 754,551,000 | |||
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate (percent) | 4.99% | 4.99% | |||
Mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Amount | $ 188,548,000 | $ 109,812,000 | |||
Mortgages payable | Fixed rate mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 3.12% | 3.95% | |||
Amount | $ 171,080,000 | $ 109,812,000 | |||
Mortgages payable | Variable rate mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Amount | $ 17,468,000 | $ 0 | |||
Mortgages payable | Variable rate mortgages payable | One-month SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.65% | 0% | |||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Amount | $ 400,000,000 | $ 400,000,000 | |||
Term Loans | One-month SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate, percent | 5.14% | 4.36% | |||
Term Loans | 5 year - fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 2.71% | 2.71% | |||
Amount | $ 100,000,000 | $ 100,000,000 | |||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, term | 5 years | ||||
Term Loans | 5 year - fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 2.72% | 2.72% | |||
Amount | $ 100,000,000 | $ 100,000,000 | |||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, term | 5 years | ||||
Term Loans | 5.5 year - fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 2.77% | 2.77% | |||
Amount | $ 50,000,000 | $ 50,000,000 | |||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, term | 5 years 6 months | ||||
Term Loans | 5.5 year- fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 2.76% | 2.76% | |||
Amount | $ 50,000,000 | $ 50,000,000 | |||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, term | 5 years 6 months | ||||
Term Loans | 5.5 year- fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 4.99% | ||||
Amount | $ 100,000,000 | $ 100,000,000 | |||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, term | 5 years 6 months | ||||
Term Loans | 5.5 year- fixed rate | One-month SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.30% | ||||
Term Loans | 5.5 year - variable rate | Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 3.69% | 3.69% | |||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Amount | $ 250,000,000 | $ 250,000,000 | |||
Debt instrument, face amount | $ 250,000,000 | ||||
Senior notes | 5.07% - fixed rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 5.07% | 5.07% | 5.07% | ||
Amount | $ 150,000,000 | $ 150,000,000 | |||
Debt instrument, face amount | $ 150,000,000 | ||||
Maximum borrowing capacity | $ 150,000,000 | ||||
Senior notes | 5.20%, Senior Notes, Series B, Due 2032 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (percent) | 5.20% | 5.20% | 5.20% | ||
Amount | $ 100,000,000 | $ 100,000,000 | |||
Debt instrument, face amount | $ 100,000,000 | ||||
Maximum borrowing capacity | 100,000,000 | ||||
Revolving Line of Credit | Revolving line of credit | |||||
Debt Instrument [Line Items] | |||||
Amount | 0 | $ 0 | |||
Maximum borrowing capacity | $ 350,000,000 | ||||
Revolving Line of Credit | One-month SOFR | Revolving line of credit | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.14% | 1.14% |
Debt - Mortgage Maturities (Det
Debt - Mortgage Maturities (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | |
Schedule of maturities for outstanding mortgage indebtedness | ||
Total mortgage payable maturities | $ 838,548 | $ 759,812 |
Mortgages payable | ||
Schedule of maturities for outstanding mortgage indebtedness | ||
2023 | 92,468 | |
2024 | 15,700 | |
2025 | 22,880 | |
2026 | 0 | |
2027 | 26,000 | |
Thereafter | 31,500 | |
Total mortgage payable maturities | $ 188,548 | $ 109,812 |
Number of extension options | extension | 2 | |
Extension option on line of credit, period | 12 months |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Cash Flow Hedges: | ||
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings | $ 12,290 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Cash Flow Hedges: | ||
Derivative interest rate swap assets | 0 | $ 0 |
Derivative interest rate swap liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Cash Flow Hedges: | ||
Derivative interest rate swap assets | 27,875 | 26,721 |
Derivative interest rate swap liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Cash Flow Hedges: | ||
Derivative interest rate swap assets | 0 | 0 |
Derivative interest rate swap liabilities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value measurements | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Mortgages payable | Market Interest Rate | ||
Debt Instrument [Line Items] | ||
Fair value measurement input (percent) | 0.0755 | 0.0681 |
Mortgages payable | Carrying Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 188,548 | $ 109,812 |
Mortgages payable | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 178,999 | $ 100,218 |
Senior notes | Market Interest Rate | ||
Debt Instrument [Line Items] | ||
Fair value measurement input (percent) | 0.0609 | 0.0605 |
Senior notes | Carrying Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 250,000 | $ 250,000 |
Senior notes | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 236,157 | $ 235,820 |
Term loans | Market Interest Rate | ||
Debt Instrument [Line Items] | ||
Fair value measurement input (percent) | 0.0545 | 0.0511 |
Term loans | Carrying Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | $ 400,000 | $ 400,000 |
Term loans | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Debt instrument, fair value disclosure | 400,501 | 401,170 |
Revolving line of credit | Carrying Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | 0 | 0 |
Revolving line of credit | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Line of credit and term loan, estimated fair value | $ 0 | $ 0 |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net income attributed to common shares | $ 2,068 | $ 1,133 | $ 41,921 | $ 9,501 | $ 3,201 | $ 51,422 |
Earnings allocated to unvested restricted shares | 0 | (171) | 0 | (138) | ||
Net income attributed to common shares - basic | 2,068 | 41,750 | 3,201 | 51,284 | ||
Net income attributed to common shares - diluted | $ 2,068 | $ 41,750 | $ 3,201 | $ 51,284 | ||
Denominator: | ||||||
Weighted average common shares outstanding - basic (in shares) | 67,523,105 | 67,413,049 | 67,515,913 | 67,384,044 | ||
Dilutive effect of unvested restricted shares (in shares) | 188,743 | 137,797 | 167,313 | 193,480 | ||
Weighted average common shares outstanding - diluted (in shares) | 67,711,848 | 67,550,846 | 67,683,226 | 67,577,524 | ||
Basic and diluted earnings per common share: | ||||||
Net income per common share - basic (in dollars per share) | $ 0.03 | $ 0.62 | $ 0.05 | $ 0.76 | ||
Net income per common share - diluted (in dollars per share) | $ 0.03 | $ 0.62 | $ 0.05 | $ 0.76 |
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 | 6 Months Ended | |||
May 04, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost not yet recognized | $ 14,636 | $ 14,636 | |||
Stock-based compensation expense | $ 2,302 | $ 1,320 | $ 4,269 | $ 2,402 | |
Restricted Stock Units (RSUs) | 2015 Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (shares) | 3,000,000 | 3,000,000 | |||
Number of shares available for grant (shares) | 531,823 | 531,823 | |||
Market performance thresholds period | 3 years | ||||
Employee Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (shares) | 3,300,000 | ||||
ESPP purchase price, percentage | 85% | ||||
ESPP shares issued (in shares) | 0 |
Stock-Based Compensation - Sign
Stock-Based Compensation - Significant Assumptions Used in the Monte Carlo simulation Models (Details) - Unvested Time- Based RSUs | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate - maximum | 1.76% | |
2015 Incentive Award Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 34% | 33.89% |
Risk-free interest rate - minimum | 0.79% | |
Risk free interest rate | 4.45% | |
Dividend Yield | 3.20% | 3.24% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
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) | 123,427 |
Shares granted (in shares) | 152,393 |
Shares vested (in shares) | (30,256) |
Unearned performance shares added back to share limit (in shares) | 0 |
Outstanding as ending (in shares) | 245,564 |
Weighted-Average Grant Date Value Per Share | |
Outstanding as beginning (in dollars per share) | $ / shares | $ 23.35 |
Shares granted (in dollars per share) | $ / shares | 18.40 |
Shares vested (in dollars per share) | $ / shares | 30.85 |
Unearned performance shares added back to share limit (in dollars per share) | $ / shares | 31.40 |
Outstanding as ending (in dollars per share) | $ / shares | $ 20.03 |
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) | 712,051 |
Shares granted (in shares) | 445,828 |
Shares vested (in shares) | (60,042) |
Unearned performance shares added back to share limit (in shares) | (69,803) |
Outstanding as ending (in shares) | 1,028,034 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Minimum Lease Payments | |
Remaining 2023 | $ 462 |
2024 | 628 |
2025 | 511 |
2026 | 517 |
2027 | 529 |
Thereafter | 1,308 |
Total expected minimum lease obligation | 3,955 |
Less: Amount representing interest | (717) |
Present value of net minimum lease payments | $ 3,238 |