Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | S-4 |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Entity Registrant Name | Phillips Edison & Company, Inc. |
Entity Central Index Key | 0001476204 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Consolidated Balance Sheets (FY
Consolidated Balance Sheets (FY) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investment in real estate: | ||||||||||
Land and improvements | $ 1,595,005 | $ 1,598,063 | $ 1,121,590 | |||||||
Building and improvements | 3,241,923 | 3,250,420 | 2,263,381 | |||||||
In-place lease assets | 460,994 | 464,721 | 313,432 | |||||||
Above-market lease assets | 66,740 | 67,140 | 53,524 | |||||||
Total investment in real estate assets | 5,364,662 | 5,380,344 | 3,751,927 | |||||||
Accumulated depreciation and amortization | (667,037) | (565,507) | (462,025) | |||||||
Net investment in real estate assets | 4,697,625 | 4,814,837 | 3,289,902 | |||||||
Investment in unconsolidated joint ventures | 42,418 | 45,651 | 0 | |||||||
Total investment in real estate assets, net | 4,740,043 | 4,860,488 | 3,289,902 | |||||||
Cash and cash equivalents | 17,772 | 16,791 | $ 8,310 | 5,716 | $ 8,224 | |||||
Restricted cash | 34,784 | 67,513 | 16,728 | 21,729 | 41,722 | |||||
Accounts receivable – affiliates | 5,125 | 6,102 | ||||||||
Corporate intangible assets, net | 4,401 | 14,054 | 55,100 | |||||||
Goodwill | 29,066 | 29,066 | 29,085 | |||||||
Other assets, net | 131,101 | 153,076 | 118,448 | |||||||
Real estate investment and other assets held for sale | 15,877 | 17,364 | 0 | |||||||
Total assets | 4,976,453 | 5,163,477 | 3,526,082 | |||||||
Liabilities: | ||||||||||
Debt obligations, net | 2,423,405 | 2,438,826 | 1,806,998 | |||||||
Earn-out liability | 32,000 | 39,500 | 38,000 | |||||||
Deferred income | 14,899 | 14,025 | 9,137 | |||||||
Accounts payable and other liabilities | 138,780 | 126,074 | 102,641 | |||||||
Liabilities of real estate investment held for sale | 302 | 596 | 0 | |||||||
Total liabilities | 2,734,427 | 2,750,580 | 2,047,400 | |||||||
Commitments and contingencies (Note 10) | 0 | 0 | 0 | |||||||
Equity: | ||||||||||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2018 and 2017 | 0 | 0 | 0 | |||||||
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 279,803 and 185,233 shares issued and outstanding at December 31, 2018 and 2017, respectively | 2,838 | 2,798 | 1,852 | |||||||
Additional paid-in capital | 2,718,871 | 2,674,871 | 1,629,130 | |||||||
Accumulated other comprehensive income (“AOCI”) | (20,538) | 12,362 | 16,496 | |||||||
Accumulated deficit | (830,358) | (692,045) | (601,238) | |||||||
Total stockholders’ equity | 1,870,813 | 1,997,986 | 1,046,240 | |||||||
Noncontrolling interests | 371,213 | 414,911 | 432,442 | |||||||
Total equity | 2,242,026 | $ 2,349,185 | $ 2,412,369 | 2,412,897 | $ 1,385,272 | $ 1,461,272 | 1,478,682 | $ 1,224,787 | $ 1,224,787 | $ 1,291,792 |
Total liabilities and equity | 4,976,453 | 5,163,477 | 3,526,082 | |||||||
Below-market lease liabilities, net | $ 125,041 | $ 131,559 | $ 90,624 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (FY) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued and outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 283,770,000 | 279,803,000 | 185,233,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Income (FY) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rental income | $ 301,112 | $ 228,201 | $ 193,561 |
Tenant recovery income | 94,678 | 73,700 | 63,131 |
Other property income | 1,676 | 1,486 | 1,038 |
Fees and management income | 32,926 | 8,156 | 0 |
Revenues | 430,392 | 311,543 | 257,730 |
Expenses: | |||
Property operating | 77,209 | 53,824 | 41,890 |
Real estate taxes | 55,335 | 43,456 | 36,627 |
General and administrative | 50,412 | 36,878 | 37,607 |
Vesting of Class B units | 0 | 24,037 | 0 |
Termination of affiliate arrangements | 0 | 5,454 | 0 |
Depreciation and amortization | 191,283 | 130,671 | 106,095 |
Impairment of real estate assets | 40,782 | 0 | 0 |
Total expenses | 415,021 | 294,320 | 222,219 |
Other: | |||
Interest expense, net | (72,642) | (45,661) | (32,458) |
Gain on sale or contribution of property, net | 109,300 | 1,760 | 4,732 |
Transaction expenses | (3,331) | (15,713) | 0 |
Other (expense) income, net | (1,723) | 673 | 1,258 |
Net income (loss) | 46,975 | (41,718) | 9,043 |
Net (income) loss attributable to noncontrolling interests | (7,837) | 3,327 | (111) |
Net income (loss) attributable to stockholders | $ 39,138 | $ (38,391) | $ 8,932 |
Earnings per common share: | |||
Net income (loss) per share - basic and diluted | $ 0.20 | $ (0.21) | $ 0.05 |
Comprehensive income (loss): | |||
Net income (loss) | $ 46,975 | $ (41,718) | $ 9,043 |
Other comprehensive income (loss): | |||
Change in unrealized value on interest rate swaps | (4,156) | 4,580 | 10,565 |
Comprehensive income (loss) | 42,819 | (37,138) | 19,608 |
Comprehensive (income) loss attributable to noncontrolling interests | (7,815) | 3,327 | (111) |
Comprehensive income (loss) attributable to stockholders | $ 35,004 | $ (33,811) | $ 19,497 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity (FY) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | AOCI | Accumulated Deficit | Total Stockholders’ Equity | Noncontrolling Interest |
Balance, shares at Dec. 31, 2015 | 181,308 | ||||||
Balance, value at Dec. 31, 2015 | $ 1,291,792 | $ 1,813 | $ 1,588,541 | $ 22 | $ (323,761) | $ 1,266,615 | $ 25,177 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (2,019) | ||||||
Share repurchases, value | (20,301) | $ (20) | (20,281) | (20,301) | |||
Dividend reinvestment plan (DRIP), shares | 5,773 | ||||||
Dividend reinvestment plan (DRIP), value | 58,872 | $ 58 | 58,814 | 58,872 | |||
Change in unrealized gain on interest swaps | 10,565 | ||||||
Common distributions declared, $0.67 per share | (123,326) | (123,326) | (123,326) | ||||
Distributions to noncontrolling interests | (1,882) | (1,882) | |||||
Change in unrealized value on interest rate swaps | 10,565 | 10,565 | 0 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 0 | ||||||
Share-based compensation expense | 24 | $ 0 | 24 | 24 | |||
Net income (loss) | 9,043 | 8,932 | 8,932 | 111 | |||
Balance, shares at Dec. 31, 2016 | 185,062 | ||||||
Balance, value at Dec. 31, 2016 | 1,224,787 | $ 1,851 | 1,627,098 | 10,587 | (438,155) | 1,201,381 | 23,406 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting pronouncement | 1,329 | (1,329) | |||||
Balance, shares at Jan. 01, 2017 | 185,062 | ||||||
Balance, value at Jan. 01, 2017 | 1,224,787 | $ 1,851 | 1,627,098 | 11,916 | (439,484) | 1,201,381 | 23,406 |
Balance, shares at Dec. 31, 2016 | 185,062 | ||||||
Balance, value at Dec. 31, 2016 | 1,224,787 | $ 1,851 | 1,627,098 | 10,587 | (438,155) | 1,201,381 | 23,406 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,617) | ||||||
Share repurchases, value | (47,157) | $ (46) | (47,111) | (47,157) | |||
Dividend reinvestment plan (DRIP), shares | 4,785 | ||||||
Dividend reinvestment plan (DRIP), value | 49,126 | $ 47 | 49,079 | 49,126 | |||
Change in unrealized gain on interest swaps | 4,580 | ||||||
Common distributions declared, $0.67 per share | (123,363) | (123,363) | (123,363) | ||||
Distributions to noncontrolling interests | (9,125) | (9,125) | |||||
Change in unrealized value on interest rate swaps | 4,580 | 4,580 | 0 | ||||
Reclassification of affiliate distributions | 3,610 | 3,610 | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 3 | ||||||
Share-based compensation expense | 64 | $ 0 | 64 | 64 | |||
Redemption of noncontrolling interest | (4,179) | (4,179) | |||||
Issuance of partnership units for asset management services | 27,647 | 27,647 | |||||
Fair value of Operating Partnership units (“OP units”) issued | 401,630 | 401,630 | |||||
Net income (loss) | (41,718) | (38,391) | (38,391) | (3,327) | |||
Balance, shares at Dec. 31, 2017 | 185,233 | ||||||
Balance, value at Dec. 31, 2017 | 1,478,682 | $ 1,852 | 1,629,130 | 16,496 | (601,238) | 1,046,240 | 432,442 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,196) | ||||||
Share repurchases, value | (46,152) | $ (42) | (46,110) | (46,152) | |||
Dividend reinvestment plan (DRIP), shares | 2,262 | ||||||
Dividend reinvestment plan (DRIP), value | 24,899 | $ 23 | 24,876 | 24,899 | |||
Common distributions declared, $0.67 per share | (62,484) | (62,484) | (62,484) | ||||
Distributions to noncontrolling interests | (14,097) | (14,097) | |||||
Change in unrealized value on interest rate swaps | 18,343 | 14,797 | 14,797 | 3,546 | |||
Share-based compensation expense | 2,019 | 719 | 719 | 1,300 | |||
Other | 25 | 25 | 25 | ||||
Net income (loss) | (15,913) | (12,951) | (12,951) | (2,962) | |||
Balance, shares at Jun. 30, 2018 | 183,304 | ||||||
Balance, value at Jun. 30, 2018 | 1,385,272 | $ 1,833 | 1,608,590 | 31,293 | (676,673) | 965,043 | 420,229 |
Balance, shares at Dec. 31, 2017 | 185,233 | ||||||
Balance, value at Dec. 31, 2017 | $ 1,478,682 | $ 1,852 | 1,629,130 | 16,496 | (601,238) | 1,046,240 | 432,442 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,900) | (4,884) | |||||
Share repurchases, value | $ (53,758) | $ (49) | (53,709) | (53,758) | |||
Dividend reinvestment plan (DRIP), shares | 3,997 | ||||||
Dividend reinvestment plan (DRIP), value | 44,071 | $ 40 | 44,031 | 44,071 | |||
Change in unrealized gain on interest swaps | (4,134) | ||||||
Common distributions declared, $0.67 per share | (129,945) | (129,945) | (129,945) | ||||
Distributions to noncontrolling interests | (28,700) | ||||||
Change in unrealized value on interest rate swaps | (4,156) | (4,134) | (22) | ||||
Reclassification of affiliate distributions | 28,661 | 28,661 | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 5 | ||||||
Share-based compensation expense | $ 5,098 | $ 0 | 1,783 | 1,783 | 3,315 | ||
Issuance of common stock for acquisition, shares | 95,452 | ||||||
Issuance of common stock for acquisition, value | $ 1,054,745 | $ 955 | 1,053,790 | 1,054,745 | |||
Other | (154) | (154) | (154) | ||||
Net income (loss) | 46,975 | 39,138 | 39,138 | 7,837 | |||
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Balance, shares at Mar. 31, 2018 | 186,027 | ||||||
Balance, value at Mar. 31, 2018 | 1,461,272 | $ 1,860 | 1,638,176 | 27,381 | (634,164) | 1,033,253 | 428,019 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (3,830) | ||||||
Share repurchases, value | (42,137) | $ (38) | (42,099) | (42,137) | |||
Dividend reinvestment plan (DRIP), shares | 1,102 | ||||||
Dividend reinvestment plan (DRIP), value | 12,135 | $ 11 | 12,124 | 12,135 | |||
Common distributions declared, $0.67 per share | (31,158) | (31,158) | (31,158) | ||||
Distributions to noncontrolling interests | (7,308) | (7,308) | |||||
Change in unrealized value on interest rate swaps | 4,855 | 3,912 | 3,912 | 943 | |||
Share-based compensation expense | 1,701 | 401 | 401 | 1,300 | |||
Other | 12 | 12 | 12 | ||||
Net income (loss) | (14,076) | (11,351) | (11,351) | (2,725) | |||
Balance, shares at Jun. 30, 2018 | 183,304 | ||||||
Balance, value at Jun. 30, 2018 | 1,385,272 | $ 1,833 | 1,608,590 | 31,293 | (676,673) | 965,043 | 420,229 |
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting pronouncement | (528) | (528) | (528) | ||||
Balance, shares at Jan. 01, 2019 | 279,803 | ||||||
Balance, value at Jan. 01, 2019 | 2,412,369 | $ 2,798 | 2,674,871 | 12,362 | (692,573) | 1,997,458 | 414,911 |
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (1,146) | ||||||
Share repurchases, value | (12,674) | $ (11) | (12,663) | (12,674) | |||
Dividend reinvestment plan (DRIP), shares | 3,161 | ||||||
Dividend reinvestment plan (DRIP), value | 34,958 | $ 31 | 34,927 | 34,958 | |||
Common distributions declared, $0.67 per share | (96,020) | (96,020) | (96,020) | ||||
Distributions to noncontrolling interests | (14,228) | (14,228) | |||||
Change in unrealized value on interest rate swaps | (38,006) | (32,900) | (32,900) | (5,106) | |||
Share-based compensation expense | 3,793 | 1,063 | 1,063 | 2,730 | |||
Issuance of partnership units for asset management services | 0 | $ 1 | (1) | 0 | |||
Net income (loss) | (47,960) | (41,765) | (41,765) | (6,195) | |||
Balance, shares at Jun. 30, 2019 | 283,770 | ||||||
Balance, value at Jun. 30, 2019 | 2,242,026 | $ 2,838 | 2,718,871 | (20,538) | (830,358) | 1,870,813 | 371,213 |
Balance, shares at Mar. 31, 2019 | 281,549 | ||||||
Balance, value at Mar. 31, 2019 | 2,349,185 | $ 2,815 | 2,693,946 | (61) | (745,740) | 1,950,960 | 398,225 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (541) | ||||||
Share repurchases, value | (5,994) | $ (5) | (5,989) | (5,994) | |||
Dividend reinvestment plan (DRIP), shares | 1,558 | ||||||
Dividend reinvestment plan (DRIP), value | 17,240 | $ 15 | 17,225 | 17,240 | |||
Common distributions declared, $0.67 per share | (48,048) | (48,048) | (48,048) | ||||
Distributions to noncontrolling interests | (7,061) | (7,061) | |||||
Change in unrealized value on interest rate swaps | (23,645) | (20,477) | (20,477) | (3,168) | |||
Share-based compensation expense | 2,521 | 630 | 630 | 1,891 | |||
Issuance of partnership units for asset management services | 0 | $ 1 | (1) | 0 | |||
Net income (loss) | (42,172) | (36,570) | (36,570) | (5,602) | |||
Balance, shares at Jun. 30, 2019 | 283,770 | ||||||
Balance, value at Jun. 30, 2019 | $ 2,242,026 | $ 2,838 | $ 2,718,871 | $ (20,538) | $ (830,358) | $ 1,870,813 | $ 371,213 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (FY) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Common distributions declared, per share | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 | $ 0.67 | $ 0.67 | $ 0.67 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (FY) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 46,975 | $ (41,718) | $ 9,043 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization of real estate assets | 177,504 | 126,043 | 103,282 |
Impairment of real estate assets | 40,782 | 0 | 0 |
Net amortization of above- and below-market leases | (3,949) | (1,984) | (1,208) |
Amortization of deferred financing expenses | 4,682 | 5,162 | 4,936 |
Vesting of Class B units | 0 | 24,037 | 0 |
Depreciation and amortization of corporate assets | 13,779 | 2,900 | 0 |
Gain on sale or contribution of property, net | (109,300) | (2,502) | (4,356) |
Straight-line rent | (5,112) | (3,729) | (3,512) |
Share-based compensation expense | 5,098 | 0 | 0 |
Other | 2,714 | (374) | (1,168) |
Changes in operating assets and liabilities: | |||
Other assets, net | (7,334) | (4,400) | (9,916) |
Accounts payable, affiliates | (2,580) | (4,350) | (865) |
Accounts payable and other liabilities | (9,968) | 9,776 | 6,840 |
Net cash provided by operating activities | 153,291 | 108,861 | 103,076 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions | (87,068) | (159,698) | (165,211) |
Acquisition of REIT II, net of cash acquired | (363,519) | 0 | 0 |
Acquisition of PELP, net of cash acquired | 0 | (446,249) | 0 |
Distributions and proceeds from unconsolidated joint venture | 161,846 | 0 | 0 |
Capital expenditures | (48,980) | (42,146) | (26,117) |
Proceeds from sale of real estate | 78,654 | 7,351 | 0 |
Other | 200 | 0 | 0 |
Net cash used in investing activities | (258,867) | (640,742) | (191,328) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net change in credit facility | 11,790 | (115,400) | 35,969 |
Proceeds from mortgages and loans payable | 622,500 | 855,000 | 255,000 |
Payments on mortgages and loans payable | (301,669) | (83,387) | (110,875) |
Payments of deferred financing expenses | (7,655) | (14,892) | (3,115) |
Distributions paid, net of DRIP | (80,728) | (74,198) | (64,269) |
Distributions to noncontrolling interests | (28,650) | (7,025) | (1,724) |
Repurchases of common stock | (53,153) | (46,539) | (20,301) |
Redemption of noncontrolling interest | 0 | (4,179) | 0 |
Net cash provided by (used in) financing activities | 162,435 | 509,380 | 90,685 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||
Beginning of period | 27,445 | 49,946 | 47,513 |
End of period | 84,304 | 27,445 | 49,946 |
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS | |||
Cash, cash equivalents, and restricted cash at end of the period | 27,445 | 49,946 | 47,513 |
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Cash paid for interest | 67,556 | 39,487 | 29,709 |
Accrued capital expenditures | 2,798 | 2,496 | 3,256 |
Change in distributions payable | 5,146 | 39 | 185 |
Change in distributions payable - noncontrolling interests | 11 | 2,100 | 158 |
Change in accrued share repurchase obligation | 605 | 618 | 0 |
Distributions reinvested | 44,071 | 49,126 | 58,872 |
Fair value of assumed debt from individual real estate acquisitions | 11,877 | 30,831 | 33,326 |
Debt contributed to joint venture | 175,000 | 0 | 0 |
Property contributed to joint venture, net | 273,790 | 0 | 0 |
Liabilities assumed and equity issued from the acquisition of REIT II and PELP: | |||
Fair value of assumed debt | 464,462 | 504,740 | 0 |
Fair value of equity issued | 1,054,745 | 401,630 | 0 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $ 56,859 | $ (22,501) | $ 2,433 |
Consolidated Balance Sheets (Q2
Consolidated Balance Sheets (Q2) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investment in real estate: | ||||||||||
Land and improvements | $ 1,595,005 | $ 1,598,063 | $ 1,121,590 | |||||||
Building and improvements | 3,241,923 | 3,250,420 | 2,263,381 | |||||||
In-place lease assets | 460,994 | 464,721 | 313,432 | |||||||
Above-market lease assets | 66,740 | 67,140 | 53,524 | |||||||
Total investment in real estate assets | 5,364,662 | 5,380,344 | 3,751,927 | |||||||
Accumulated depreciation and amortization | (667,037) | (565,507) | (462,025) | |||||||
Net investment in real estate assets | 4,697,625 | 4,814,837 | 3,289,902 | |||||||
Investment in unconsolidated joint ventures | 42,418 | 45,651 | 0 | |||||||
Total investment in real estate assets, net | 4,740,043 | 4,860,488 | 3,289,902 | |||||||
Cash and cash equivalents | 17,772 | 16,791 | $ 8,310 | 5,716 | $ 8,224 | |||||
Restricted cash | 34,784 | 67,513 | 16,728 | 21,729 | 41,722 | |||||
Accounts receivable - affiliates | 3,409 | 5,125 | ||||||||
Corporate intangible assets, net | 4,401 | 14,054 | 55,100 | |||||||
Goodwill | 29,066 | 29,066 | 29,085 | |||||||
Other assets, net | 131,101 | 153,076 | 118,448 | |||||||
Real estate investment and other assets held for sale | 15,877 | 17,364 | 0 | |||||||
Total assets | 4,976,453 | 5,163,477 | 3,526,082 | |||||||
Liabilities: | ||||||||||
Debt obligations, net | 2,423,405 | 2,438,826 | 1,806,998 | |||||||
Below-market lease liabilities, net | 125,041 | 131,559 | 90,624 | |||||||
Earn-out liability | 32,000 | 39,500 | 38,000 | |||||||
Deferred income | 14,899 | 14,025 | 9,137 | |||||||
Accounts payable and other liabilities | 138,780 | 126,074 | 102,641 | |||||||
Liabilities of real estate investment held for sale | 302 | 596 | 0 | |||||||
Total liabilities | 2,734,427 | 2,750,580 | 2,047,400 | |||||||
Commitments and contingencies (Note 10) | 0 | 0 | 0 | |||||||
Equity: | ||||||||||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 0 | 0 | 0 | |||||||
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 283,770 and 279,803 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 2,838 | 2,798 | 1,852 | |||||||
Additional paid-in capital | 2,718,871 | 2,674,871 | 1,629,130 | |||||||
Accumulated other comprehensive (loss) income (“AOCI”) | (20,538) | 12,362 | 16,496 | |||||||
Accumulated deficit | (830,358) | (692,045) | (601,238) | |||||||
Total stockholders’ equity | 1,870,813 | 1,997,986 | 1,046,240 | |||||||
Noncontrolling interests | 371,213 | 414,911 | 432,442 | |||||||
Total equity | 2,242,026 | $ 2,349,185 | $ 2,412,369 | 2,412,897 | $ 1,385,272 | $ 1,461,272 | 1,478,682 | $ 1,224,787 | $ 1,224,787 | $ 1,291,792 |
Total liabilities and equity | $ 4,976,453 | $ 5,163,477 | $ 3,526,082 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Q2) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Rental income | $ 129,030 | $ 94,410 | $ 257,890 | $ 188,296 |
Fees and management income | 3,051 | 9,137 | 6,312 | 17,849 |
Other property income | 500 | 626 | 1,148 | 1,227 |
Revenues | 132,581 | 104,173 | 265,350 | 207,372 |
Expenses: | ||||
Property operating | 20,933 | 16,901 | 43,799 | 35,016 |
Real estate taxes | 17,930 | 13,326 | 35,278 | 26,473 |
General and administrative | 13,540 | 13,450 | 26,750 | 23,911 |
Depreciation and amortization | 59,554 | 46,385 | 120,543 | 92,812 |
Impairment of real estate assets | 25,199 | 10,939 | 38,916 | 10,939 |
Total expenses | 137,156 | 101,001 | 265,286 | 189,151 |
Other: | ||||
Interest expense, net | (25,758) | (17,051) | (50,842) | (33,830) |
(Loss) gain on disposal of property, net | (1,266) | 985 | 5,855 | 985 |
Other impairment charges | (9,661) | 0 | (9,661) | 0 |
Other (expense) income, net | (912) | (1,182) | 6,624 | (1,289) |
Net income (loss) | (42,172) | (14,076) | (47,960) | (15,913) |
Net (income) loss attributable to noncontrolling interests | 5,602 | 2,725 | 6,195 | 2,962 |
Net income (loss) attributable to stockholders | $ (36,570) | $ (11,351) | $ (41,765) | $ (12,951) |
Earnings per common share: | ||||
Net income (loss) per share - basic and diluted | $ (0.13) | $ (0.06) | $ (0.15) | $ (0.07) |
Comprehensive income (loss): | ||||
Net income (loss) | $ (42,172) | $ (14,076) | $ (47,960) | $ (15,913) |
Other comprehensive income (loss): | ||||
Change in unrealized value on interest rate swaps | (23,645) | 4,855 | (38,006) | 18,343 |
Comprehensive income (loss) | (65,817) | (9,221) | (85,966) | 2,430 |
Net (income) loss attributable to noncontrolling interests | 5,602 | 2,725 | 6,195 | 2,962 |
Comprehensive loss (income) attributable to noncontrolling interests | 3,168 | 1,782 | 5,106 | (584) |
Comprehensive income (loss) attributable to stockholders | $ (57,047) | $ (4,714) | $ (74,665) | $ 4,808 |
Weighted Average Number of Shares Outstanding, Basic | 283,010 | 184,450 | 282,148 | 185,171 |
Weighted Average Number of Shares Outstanding, Diluted | 326,298 | 228,903 | 325,788 | 229,624 |
Consolidated Balance Sheets (_3
Consolidated Balance Sheets (Q2) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued and outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued and outstanding | 283,770,000 | 279,803,000 | 185,233,000 |
Consolidated Statements of Eq_3
Consolidated Statements of Equity (Q2) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | AOCI | Accumulated Deficit | Total Stockholders’ Equity | Noncontrolling Interest |
Balance, shares at Dec. 31, 2015 | 181,308 | ||||||
Balance, value at Dec. 31, 2015 | $ 1,291,792 | $ 1,813 | $ 1,588,541 | $ 22 | $ (323,761) | $ 1,266,615 | $ 25,177 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (2,019) | ||||||
Share repurchases, value | (20,301) | $ (20) | (20,281) | (20,301) | |||
Dividend reinvestment plan (DRIP), shares | 5,773 | ||||||
Dividend reinvestment plan (DRIP), value | 58,872 | $ 58 | 58,814 | 58,872 | |||
Change in unrealized value on interest rate swaps | 10,565 | 10,565 | 0 | ||||
Common distributions declared | (123,326) | (123,326) | (123,326) | ||||
Distributions to noncontrolling interests | (1,882) | (1,882) | |||||
Share-based compensation expense | 24 | $ 0 | 24 | 24 | |||
Net income (loss) | 9,043 | 8,932 | 8,932 | 111 | |||
Balance, shares at Dec. 31, 2016 | 185,062 | ||||||
Balance, value at Dec. 31, 2016 | 1,224,787 | $ 1,851 | 1,627,098 | 10,587 | (438,155) | 1,201,381 | 23,406 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting pronouncement | 1,329 | (1,329) | |||||
Balance, shares at Jan. 01, 2017 | 185,062 | ||||||
Balance, value at Jan. 01, 2017 | 1,224,787 | $ 1,851 | 1,627,098 | 11,916 | (439,484) | 1,201,381 | 23,406 |
Balance, shares at Dec. 31, 2016 | 185,062 | ||||||
Balance, value at Dec. 31, 2016 | 1,224,787 | $ 1,851 | 1,627,098 | 10,587 | (438,155) | 1,201,381 | 23,406 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,617) | ||||||
Share repurchases, value | (47,157) | $ (46) | (47,111) | (47,157) | |||
Dividend reinvestment plan (DRIP), shares | 4,785 | ||||||
Dividend reinvestment plan (DRIP), value | 49,126 | $ 47 | 49,079 | 49,126 | |||
Change in unrealized value on interest rate swaps | 4,580 | 4,580 | 0 | ||||
Common distributions declared | (123,363) | (123,363) | (123,363) | ||||
Distributions to noncontrolling interests | (9,125) | (9,125) | |||||
Share-based compensation expense | 64 | $ 0 | 64 | 64 | |||
Share-based awards vesting, value | 27,647 | 27,647 | |||||
Net income (loss) | (41,718) | (38,391) | (38,391) | (3,327) | |||
Balance, shares at Dec. 31, 2017 | 185,233 | ||||||
Balance, value at Dec. 31, 2017 | 1,478,682 | $ 1,852 | 1,629,130 | 16,496 | (601,238) | 1,046,240 | 432,442 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,196) | ||||||
Share repurchases, value | (46,152) | $ (42) | (46,110) | (46,152) | |||
Dividend reinvestment plan (DRIP), shares | 2,262 | ||||||
Dividend reinvestment plan (DRIP), value | 24,899 | $ 23 | 24,876 | 24,899 | |||
Change in unrealized value on interest rate swaps | 18,343 | 14,797 | 14,797 | 3,546 | |||
Common distributions declared | (62,484) | (62,484) | (62,484) | ||||
Distributions to noncontrolling interests | (14,097) | (14,097) | |||||
Share-based compensation expense | 2,019 | 719 | 719 | 1,300 | |||
Share-based awards vesting, shares | 5 | ||||||
Other | (25) | (25) | (25) | ||||
Net income (loss) | (15,913) | (12,951) | (12,951) | (2,962) | |||
Balance, shares at Jun. 30, 2018 | 183,304 | ||||||
Balance, value at Jun. 30, 2018 | 1,385,272 | $ 1,833 | 1,608,590 | 31,293 | (676,673) | 965,043 | 420,229 |
Balance, shares at Dec. 31, 2017 | 185,233 | ||||||
Balance, value at Dec. 31, 2017 | $ 1,478,682 | $ 1,852 | 1,629,130 | 16,496 | (601,238) | 1,046,240 | 432,442 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (4,900) | (4,884) | |||||
Share repurchases, value | $ (53,758) | $ (49) | (53,709) | (53,758) | |||
Dividend reinvestment plan (DRIP), shares | 3,997 | ||||||
Dividend reinvestment plan (DRIP), value | 44,071 | $ 40 | 44,031 | 44,071 | |||
Change in unrealized value on interest rate swaps | (4,156) | (4,134) | (22) | ||||
Common distributions declared | (129,945) | (129,945) | (129,945) | ||||
Distributions to noncontrolling interests | (28,700) | ||||||
Share-based compensation expense | 5,098 | $ 0 | 1,783 | 1,783 | 3,315 | ||
Other | 154 | 154 | 154 | ||||
Net income (loss) | 46,975 | 39,138 | 39,138 | 7,837 | |||
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Balance, shares at Mar. 31, 2018 | 186,027 | ||||||
Balance, value at Mar. 31, 2018 | 1,461,272 | $ 1,860 | 1,638,176 | 27,381 | (634,164) | 1,033,253 | 428,019 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (3,830) | ||||||
Share repurchases, value | (42,137) | $ (38) | (42,099) | (42,137) | |||
Dividend reinvestment plan (DRIP), shares | 1,102 | ||||||
Dividend reinvestment plan (DRIP), value | 12,135 | $ 11 | 12,124 | 12,135 | |||
Change in unrealized value on interest rate swaps | 4,855 | 3,912 | 3,912 | 943 | |||
Common distributions declared | (31,158) | (31,158) | (31,158) | ||||
Distributions to noncontrolling interests | (7,308) | (7,308) | |||||
Share-based compensation expense | 1,701 | 401 | 401 | 1,300 | |||
Share-based awards vesting, shares | 5 | ||||||
Other | (12) | (12) | (12) | ||||
Net income (loss) | (14,076) | (11,351) | (11,351) | (2,725) | |||
Balance, shares at Jun. 30, 2018 | 183,304 | ||||||
Balance, value at Jun. 30, 2018 | 1,385,272 | $ 1,833 | 1,608,590 | 31,293 | (676,673) | 965,043 | 420,229 |
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting pronouncement | (528) | (528) | (528) | ||||
Balance, shares at Jan. 01, 2019 | 279,803 | ||||||
Balance, value at Jan. 01, 2019 | 2,412,369 | $ 2,798 | 2,674,871 | 12,362 | (692,573) | 1,997,458 | 414,911 |
Balance, shares at Dec. 31, 2018 | 279,803 | ||||||
Balance, value at Dec. 31, 2018 | 2,412,897 | $ 2,798 | 2,674,871 | 12,362 | (692,045) | 1,997,986 | 414,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (1,146) | ||||||
Share repurchases, value | (12,674) | $ (11) | (12,663) | (12,674) | |||
Dividend reinvestment plan (DRIP), shares | 3,161 | ||||||
Dividend reinvestment plan (DRIP), value | 34,958 | $ 31 | 34,927 | 34,958 | |||
Change in unrealized value on interest rate swaps | (38,006) | (32,900) | (32,900) | (5,106) | |||
Common distributions declared | (96,020) | (96,020) | (96,020) | ||||
Distributions to noncontrolling interests | (14,228) | (14,228) | |||||
Share-based compensation expense | 3,793 | 1,063 | 1,063 | 2,730 | |||
Share-based awards vesting, shares | 82 | ||||||
Share-based awards vesting, value | 0 | $ 1 | (1) | 0 | |||
Shares-based awards retained for taxes, shares | (18) | ||||||
Share-based awards retained for taxes, value | (206) | (206) | (206) | ||||
Conversion of noncontrolling interests, shares | 1,888 | ||||||
Conversion of noncontrolling interests, value | 0 | $ (19) | (20,880) | (20,899) | (20,899) | ||
Net income (loss) | (47,960) | (41,765) | (41,765) | (6,195) | |||
Balance, shares at Jun. 30, 2019 | 283,770 | ||||||
Balance, value at Jun. 30, 2019 | 2,242,026 | $ 2,838 | 2,718,871 | (20,538) | (830,358) | 1,870,813 | 371,213 |
Balance, shares at Mar. 31, 2019 | 281,549 | ||||||
Balance, value at Mar. 31, 2019 | 2,349,185 | $ 2,815 | 2,693,946 | (61) | (745,740) | 1,950,960 | 398,225 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share repurchases, shares | (541) | ||||||
Share repurchases, value | (5,994) | $ (5) | (5,989) | (5,994) | |||
Dividend reinvestment plan (DRIP), shares | 1,558 | ||||||
Dividend reinvestment plan (DRIP), value | 17,240 | $ 15 | 17,225 | 17,240 | |||
Change in unrealized value on interest rate swaps | (23,645) | (20,477) | (20,477) | (3,168) | |||
Common distributions declared | (48,048) | (48,048) | (48,048) | ||||
Distributions to noncontrolling interests | (7,061) | (7,061) | |||||
Share-based compensation expense | 2,521 | 630 | 630 | 1,891 | |||
Share-based awards vesting, shares | 24 | ||||||
Share-based awards vesting, value | 0 | $ 1 | (1) | 0 | |||
Conversion of noncontrolling interests, shares | 1,180 | ||||||
Conversion of noncontrolling interests, value | 0 | $ (12) | (13,060) | (13,072) | (13,072) | ||
Net income (loss) | (42,172) | (36,570) | (36,570) | (5,602) | |||
Balance, shares at Jun. 30, 2019 | 283,770 | ||||||
Balance, value at Jun. 30, 2019 | $ 2,242,026 | $ 2,838 | $ 2,718,871 | $ (20,538) | $ (830,358) | $ 1,870,813 | $ 371,213 |
Consolidated Statements of Eq_4
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Common distributions declared, per share | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 | $ 0.67 | $ 0.67 | $ 0.67 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Q2) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (47,960) | $ (15,913) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization of real estate assets | 117,170 | 84,216 |
Impairment of real estate assets | 38,916 | 10,939 |
Depreciation and amortization of corporate assets | 3,373 | 7,672 |
Amortization of deferred financing expenses | 2,522 | 2,401 |
Net amortization of above- and below-market leases | (2,224) | (1,990) |
Gain on disposal of property, net | 5,855 | 877 |
Change in fair value of earn-out liability | (7,500) | 1,500 |
Straight-line rent | (4,456) | (2,471) |
Share-based compensation expense | 3,793 | 1,994 |
Equity in net loss of unconsolidated joint ventures | 976 | 0 |
Other impairment charges | 9,661 | 0 |
Other | 5,211 | 229 |
Changes in operating assets and liabilities: | ||
Other assets, net | (1,553) | (702) |
Accounts payable and other liabilities | (12,005) | (9,186) |
Net cash provided by operating activities | 100,069 | 77,812 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Real estate acquisitions | (49,880) | (9,222) |
Capital expenditures | (27,221) | (17,346) |
Proceeds from sale of real estate | 47,857 | 13,300 |
Return of investment in unconsolidated joint ventures | 2,257 | 0 |
Net cash used in investing activities | (26,987) | (13,268) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in credit facility | (73,359) | (15,000) |
Proceeds from mortgages and loans payable | 60,000 | 65,000 |
Payments on mortgages and loans payable | (4,835) | (20,542) |
Distributions paid, net of DRIP | (60,787) | (37,819) |
Distributions to noncontrolling interests | (13,841) | (14,096) |
Repurchases of common stock | (11,802) | (44,494) |
Other | (206) | 0 |
Net cash provided by (used in) financing activities | (104,830) | (66,951) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (31,748) | (2,407) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||
Beginning of period | 84,304 | 27,445 |
End of period | 52,556 | 25,038 |
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS | ||
Cash, cash equivalents, and restricted cash at end of the period | 84,304 | 27,445 |
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Cash paid for interest | 44,169 | 32,422 |
Accrued capital expenditures | 2,960 | 2,428 |
Change in distributions payable | 275 | (235) |
Change in distributions payable - noncontrolling interests | 387 | 2 |
Change in accrued share repurchase obligation | 872 | 1,658 |
Distributions reinvested | $ 34,958 | $ 24,899 |
Organization (FY)
Organization (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own properties, our third-party investment management business provides comprehensive real estate and asset management services to (i) Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), a non-traded publicly registered REIT; (ii) three institutional joint ventures; and (iii) one private fund (collectively, the “Managed Funds”). In November 2018 , we completed a merger (the “Merger”) with Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), a public non-traded REIT that was advised and managed by us, in a 100% stock-for-stock transaction valued at approximately $1.9 billion . As a result of the Merger, we acquired 86 properties and a 20% equity interest in Necessity Retail Partners (“NRP” or the “NRP joint venture”), a joint venture that owned 13 properties. For a more detailed discussion, see Note 4 . In November 2018 , through our direct or indirect subsidiaries, we entered into a joint venture with The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”). At formation, we contributed or sold 17 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, Grocery Retail Partners I LLC (“GRP I” or the “GRP I joint venture”). GRP I also assumed a portfolio loan from us as part of this transaction. In exchange, we received a 15% ownership interest in GRP I and cash of $161.8 million . For a more detailed discussion, see Note 6 . As of June 30, 2019 , we wholly-owned fee simple interests in 298 real estate properties. In addition, we owned a 20% equity interest in NRP and a 15% interest in GRP I, as described previously. | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to (i) Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), a non-traded publicly registered REIT; (ii) three institutional joint ventures, and (iii) one private fund (collectively, the “Managed Funds”). On November 16, 2018, we completed a merger (the “Merger”) with Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), a public non-traded REIT that was advised and managed by us, in a 100% stock-for-stock transaction valued at approximately $1.9 billion . We issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock. For a more detailed discussion, see Note 3. On November 9, 2018, through our direct or indirect subsidiaries, we entered into a joint venture with The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) and we contributed or sold 17 grocery-anchored shopping centers with a fair value of approximately $359 million at formation to the new joint venture, Grocery Retail Partners I LLC (“GRP I” or the “GRP I joint venture”), in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the contribution or sale of the properties to GRP I joint venture, GRP I distributed or paid cash of $161.8 million to us as well as assuming an existing mortgage loan with a book value of $175 million . For a more detailed discussion, see Note 6. On October 4, 2017, we completed a transaction valued at approximately $1 billion to acquire certain real estate assets and the third-party investment management business of Phillips Edison Limited Partnership (“PELP”) in exchange for stock and cash (the “PELP transaction”). See Note 4 for more detail. As of December 31, 2018, we wholly-owned fee simple interests in 303 real estate properties. In addition, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned 13 properties, and we owned a 15% interest in GRP I, which owned 17 properties, as of December 31, 2018. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated financial statements. As a result, these estimates are subject to a degree of uncertainty. Other than those noted below, there have been no changes to our significant accounting policies during the six months ended June 30, 2019 . For a full summary of our accounting policies, refer to our 2018 Annual Report on Form 10-K filed with the SEC on March 13, 2019. Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2018 , which are included in our 2018 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2019 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. Leases —We are party to a number of lease agreements, both as a lessor as well as a lessee of various types of assets. Lessor —The majority of our revenue is lease revenue derived from our real estate assets, which is accounted for under Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). We adopted the accounting guidance contained within ASC 842 on January 1, 2019, the effective date of the standard for public companies. We record lease and lease-related revenue as Rental Income on the consolidated statements of operations and comprehensive (loss) income , also referred to herein as our “consolidated statements of operations”, in accordance with ASC 842. We enter into leases primarily as a lessor as part of our real estate operations, and leases represent the majority of our revenue. We lease space in our properties generally in the form of operating leases. Our leases typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expenses. Common area maintenance reimbursements can be fixed, with revenue earned on a straight-line basis over the term of the lease, or variable, with revenue recognized as services are performed for which we will be reimbursed. The terms and expirations of our operating leases with our tenants are generally similar. The majority of leases for inline (non-anchor) tenants have terms that range from 2 to 10 years, and the majority of leases for anchor tenants range from 3 to 13 years. In both cases, the full term of the lease prior to our acquisition or assumption of the lease will generally be longer, however, we are measuring the commencement date for these purposes as being the date that we acquired or assumed the lease, excluding option periods. The lease agreements frequently contain fixed-price renewal options to extend the terms of leases and other terms and conditions as negotiated. In calculating the term of our leases, we consider whether these options are reasonably certain to be exercised. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Currently, our tenants have no options to purchase at the end of the lease term, although in a small number of leases, a tenant, usually the anchor tenant, may have the right of first refusal to purchase one of our properties if we elect to sell the center. Beginning January 1, 2019, we evaluate whether a lease is an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met: • if the lease transfers ownership of the underlying asset to the lessee by the end of the term; • if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised; • if the lease term is for the major part of the remaining economic life of the underlying asset; or • if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. We utilize substantial judgment in determining the fair value of the leased asset, the economic life of the leased asset, and the relevant borrowing rate in performing our lease classification analysis. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently all of our leases are classified as operating leases, and we expect that the majority, if not all, of our leases will continue to be classified as operating leases based upon our typical lease terms. We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of when revenue recognition under a lease begins, as well as the nature of the leased asset, is dependent upon our assessment of who is the owner, for accounting purposes, of any related tenant improvements. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (i.e., the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether the lessee or we are the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. The majority of our leases provide for fixed rental escalations, and we recognize rental income on a straight-line basis over the term of each lease in such instances. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis, as described above. The majority of our lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. In certain cases, the lease agreement may stipulate that a tenant make a direct payment for real estate taxes to the relevant taxing authorities. In these cases, beginning on January 1, 2019, we no longer record any revenue or expense related to these tenant expenditures. Although we expect such cases to be rare, in the event that a direct-paying tenant failed to make their required payment to the taxing authorities, we would potentially be liable for such amounts, although they are not recorded as a liability in our consolidated balance sheets per the requirements of ASC 842. We have made a policy election to exclude amounts collected from customers for all sales tax and other similar taxes from the transaction price in our recognition of lease revenue. Additionally, we record an immaterial amount of variable revenue in the form of percentage rental income. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e., breakpoint) that triggers the contingent rental income is achieved. In some instances, as part of our negotiations, we may offer lease incentives to our tenants. These incentives usually take the form of payments made to or on behalf of the tenant, and such incentives will be deducted from the lease payment and recorded on a straight-line basis over the term of the new lease. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. We record lease termination income as Rental Income in the consolidated statements of operations. Historically, we periodically reviewed the collectability of outstanding receivables. Following the adoption of ASC 842, as of January 1, 2019, lease receivables are reviewed continually to determine whether or not it is likely that we will realize all amounts receivable for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). If we determine that the tenant is not a credit risk, no reserve or reduction of revenue is recorded, except in the case of disputed charges. If we determine that the tenant is a credit risk, revenue for that tenant is recorded on a cash basis, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income rather than in Property Operating, where our reserves were previously recorded, on the consolidated statements of operations. Lessee —We enter into leases as a lessee as part of our real estate operations in the form of ground leases of land for certain properties, and as part of our corporate operations in the form of office space and office equipment leases. Ground leases typically have initial terms of 15 - 40 years with one or more options to renew for additional terms of 3 - 5 years, and may include options that grant us, as the lessee, the right to terminate the lease, without penalty, in advance of the full lease term. Our office space leases generally have terms of less than ten years with no renewal options. Office equipment leases typically have terms ranging from 3 - 5 years with options to extend the term for a year or less, but contain minimal termination rights. In calculating the term of our leases, we consider whether we are reasonably certain to exercise renewal and/or termination options. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. Currently, neither our operating leases nor our finance leases have residual value guarantees or other restrictions or covenants, but a small number may contain nonlease components which have been deemed not material. Beginning January 1, 2019, we evaluate whether a lease is a finance or operating lease using the criteria established in ASC 842. The criteria we use to determine whether a lease is a finance lease are the same as those we use to determine whether a lease is sales-type lease as a lessor. If none of the finance lease criteria is met, we classify the lease as an operating lease. We record right-of-use (“ROU”) assets and liabilities in the consolidated balance sheets based upon the terms and conditions of the applicable lease agreement. We use discount rates to calculate the present value of lease payments when determining lease classification and measuring our lease liability. We use the rate implicit in the lease as our discount rate unless that rate cannot be readily determined, in which case we consider various factors to select an appropriate discount rate. This requires the application of judgment, and we consider the length of the lease as well as the length and securitization of our outstanding debt agreements in selecting an appropriate rate. Refer to Note 3 for further detail. Revenue Recognition —In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset Management Over time In cash and/or ownership units, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a project) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition/Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we calculate the amount earned at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, sales or transfers to non-customers of non-financial assets or in substance non-financial assets that do not meet the definition of a business are accounted for within the scope of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through an Internal Revenue Code (the “Code”) Section 1031 like-kind exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5 . Income Taxes —Our consolidated financial statements include the operations of wholly owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries (“TRS”) and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. During the three and six months ended June 30, 2019 and 2018 , no federal income tax expense or benefit was reported, and we recorded a full valuation allowance for our net deferred tax asset. We recognized an immaterial amount of state and local income tax expense, which is included in Other (Expense) Income, Net on the consolidated statements of operations. Recently Issued and Newly Adopted Accounting Pronouncements —The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. Reclassifications —The following line items on our consolidated statements of operations for the three and six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Tenant Recovery was combined with Rental Income, and • Other Expense, Net previously included activity from property disposals, and this is now presented as (Loss) Gain on Disposal of Property, Net. The following line items on our consolidated statements of cash flows for the six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Accounts Receivable - Affiliates was combined with Other Assets, Net; • Accounts Payable - Affiliates was combined with Accounts Payable and Other Liabilities; and • Net Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates. Partially-Owned Entities —If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary. Noncontrolling Interests —Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations and comprehensive income (loss), also referred to herein as our “consolidated statements of operations”. For additional information regarding noncontrolling interests, refer to Note 13. Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceed the Federal Depository Insurance Corporation coverage. Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. As of December 31, 2018, we had four properties sold as part of facilitating a 1031 exchange. The net proceeds of these sales held as restricted cash with a qualified intermediary totaled $44.3 million . Investment in Property and Lease Intangibles —Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption are now capitalized and will be amortized over the life of the related assets, and there is no recognition of goodwill. Excluding the PELP transaction, none of our real estate acquisitions in 2018 and 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of below-market debt was $3.8 million and $3.7 million as of December 31, 2018 and 2017, respectively. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. For additional information regarding real estate asset impairments, refer to Note 18. Goodwill and Other Intangibles —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30. We adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, as of January 1, 2018. Therefore, when we perform a quantitative test of goodwill for impairment, we compare the carrying value of net assets to the fair value of the reporting unit. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Based on the results of our analysis, we concluded that goodwill was not impaired for the years ended December 31, 2018 and 2017. Held for Sale Assets —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. For additional information regarding assets held for sale, refer to Note 5. Deferred Financing Expenses —Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. The accumulated amortization of deferred financing expenses in Debt Obligations, Net was $8.3 million and $5.4 million as of December 31, 2018 and 2017, respectively. Fair Value Measurement —Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) , defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held. Investment in Unconsolidated Joint Ventures —We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or loss from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint ventures, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates. For additional information regarding our unconsolidated joint ventures, refer to Note 6. Revenue Recognition —The majority of our revenue is lease revenue derived from our real estate assets. We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are accounted for under ASC Topic 840, Leases . We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be recorded for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2018 and 2017, the bad debt reserve for uncollectible amounts was $6.0 million and $3.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We began accounting for our non-lease revenue under ASC 606 upon our adoption of ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), e ffective January 1, 2018, using the modified retrospective approach. Our adoption of ASU 2014-09 did not result in any retrospective adjustments to prior periods as our previous revenue recognition policies aligned with the updated guidance. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Timing of Payment Description Asset Management Over time Monthly, in cash and/or ownership units Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price of the property acquired. Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the disposition price of the property sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we determined that we are unable to estimate our revenue until receipt at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, we adopted the guidance of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to non-customers of non-financial assets, or in substance, nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a 1031 exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5. Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation , which requires that all share based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Fair value at issuance is determined using the grant date published price of the our stock. For those share-based awards that are settled in cash and recorded as a liability, the fair value and associated expense is adjusted when the published price of our stock changes. Share-based compensation expense for all awards is included in General and Administrative expenses in the our consolidated statements of operations. For more information about our stock based compensation program, see Note 14. Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions. Under our SRP, the maximum amount of common stock that we may redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date, of which the company may use all or a portion, is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period. The availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion. The Board of Directors (“Board”) reserves the right at any time to reject any request for repurchase or to further limit the amount repurchased below the DRIP threshold. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings. Segments —As of December 31, 2017, we determined we had two reportable segments: Owned Real Estate and Investment Management. However, based upon the changes in our operations as a result of the Merger, we have determined we have a single reportable segment as of December 31, 2018. Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. For more information regarding our income taxes, see Note 11. Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the te |
Merger with REIT II (FY)
Merger with REIT II (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
REIT II Merger | 4. MERGER WITH REIT II In November 2018 , we acquired 86 properties as part of the Merger with REIT II. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”), as of the date of the transaction, of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we concluded that the Merger qualified as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain REIT II management contracts. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018 , we capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. | 4. PELP ACQUISITION On October 4, 2017, we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of OP units issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP Units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13. The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million . As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity). Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company. Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP. Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . Goodwill —In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds. Results of Operations —The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations. Pro Forma Results (Unaudited) —The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 ) 3. MERGER WITH REIT II On November 16, 2018, we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger qualifies as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018, we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 |
PELP Acquisition (FY)
PELP Acquisition (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
PELP Acquisition | 4. MERGER WITH REIT II In November 2018 , we acquired 86 properties as part of the Merger with REIT II. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”), as of the date of the transaction, of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we concluded that the Merger qualified as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain REIT II management contracts. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018 , we capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. | 4. PELP ACQUISITION On October 4, 2017, we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of OP units issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP Units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13. The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million . As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity). Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company. Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP. Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . Goodwill —In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds. Results of Operations —The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations. Pro Forma Results (Unaudited) —The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 ) 3. MERGER WITH REIT II On November 16, 2018, we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger qualifies as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018, we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | ||
Real Estate Acquisitions and Dispositions | 5. REAL ESTATE ACTIVITY Acquisitions —The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years): Six Months Ended June 30, 2019 June 30, 2018 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place lease assets $ 4,736 11 $ 946 6 Above-market lease assets 825 8 74 3 Below-market lease liabilities (2,097 ) 16 (457 ) 16 Property Sales —The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. Property Held for Sale —As of June 30, 2019 , two properties were classified as held for sale. For information regarding the disposition of held for sale property, refer to Note 16 . As of December 31, 2018 , we had two properties that were classified as held for sale, and both were sold in the first quarter of 2019 . Properties classified as held for sale as of June 30, 2019 and December 31, 2018 , were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk as of the respective reporting date. A summary of assets and liabilities for the properties held for sale as of June 30, 2019 and December 31, 2018 , is below (in thousands): June 30, 2019 December 31, 2018 ASSETS Total investment in real estate assets, net $ 15,555 $ 16,889 Other assets, net 322 475 Total assets $ 15,877 $ 17,364 LIABILITIES Below-market lease liabilities, net $ 117 $ 208 Accounts payable and other liabilities 185 388 Total liabilities $ 302 $ 596 Impairment of Real Estate Assets —During the three and six months ended June 30, 2019 , we recognized impairment charges totaling $25.2 million and $38.9 million , respectively. During the three and six months ended June 30, 2018 , we recognized an impairment charge totaling $10.9 million . The impairments were associated with certain anticipated property dispositions where the net book value exceeded the estimated fair value. Our estimated fair value was based upon the contracted price to sell or the marketed price for disposition, less costs to sell. We have applied reasonable estimates and judgments in determining the amount of impairment recognized. | 5. REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions —During the year ended December 31, 2018, we acquired 91 grocery-anchored shopping centers, including 86 shopping centers through the Merger (see Note 3 for more detail) and five grocery-anchored shopping centers outside of the Merger. We also acquired two land parcels adjacent to properties we currently own for approximately $1.0 million during the year ended December 31, 2018. During the year ended December 31, 2017, we acquired 84 shopping centers, including 76 shopping centers through the PELP transaction (see Note 4 for more detail) and eight grocery-anchored shopping centers outside of the PELP transaction. All of the 2018 and 2017 acquisitions, excluding those acquired in the PELP transaction in 2017, were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and have been included in the total purchase prices shown below. The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 Property Held for Sale —As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in Unconsolidated Joint Ventures | 6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We co-invest with third parties in joint ventures that own multiple properties. As a result of the Merger in November 2018, we acquired a 20% interest in the NRP joint venture. In November 2018, we also entered into an agreement (the “Joint Venture Agreement”) with Northwestern Mutual to create the GRP I joint venture. Under the terms of the Joint Venture Agreement, we contributed or sold all of our ownership interests in 17 grocery-anchored shopping centers to the GRP I joint venture. The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 NRP GRP I NRP GRP I Ownership percentage 20 % 15 % 20 % 15 % Number of properties 13 17 13 17 Investment balance $ 14,454 $ 27,964 $ 16,198 $ 29,453 Unamortized basis adjustments (1) 5,317 — 6,026 — (1) Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value. The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and six months ended June 30, 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 NRP GRP I NRP GRP I Loss from unconsolidated joint ventures, net $ 114 $ 52 $ 202 $ 65 Amortization of basis adjustments (1) 354 — 709 — Distributions 551 509 833 1,424 (1) These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. | 6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES Grocery Retail Partners I —On November 9, 2018, through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual, pursuant to which we contributed 14 and sold 3 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, GRP I, in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the transaction, GRP I distributed or paid cash of $161.8 million to us as well as assumed an existing portfolio mortgage loan of $175 million with a fair value of $165.0 million to which we are the non-recourse carveout guarantor and environmental indemnitor (see Note 16 for more detail). We recognized a gain of $92.5 million on the transaction which is recorded as Gain on Sale or Contribution of Property, Net on the statement of operations. Necessity Retail Partners —In connection with the Merger, we assumed a 20% equity interest in NRP. NRP was initially formed in March 2016 between REIT II and an affiliate of TPG Real Estate and is set to expire seven years after the date of the joint venture contribution agreement (the “NRP Joint Venture Agreement”) unless otherwise extended by the members. The NRP Joint Venture Agreement requires a contribution of up to $50 million to the joint venture. Of the maximum $50 million contribution, approximately $17.5 million was previously contributed by REIT II prior to the Merger. Our investment in NRP differs from our proportionate share of the entities' underlying net assets due to basis differences of $6.2 million arising from the Merger and recording the investment at fair value. These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the joint venture in Other (Expense) Income, Net on our consolidated statements of operations. The remaining unamortized balance as of December 31, 2018 was $6.0 million . The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250 |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities (FY) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles Assets and Liabilities and Goodwill | 7. INTANGIBLE ASSETS AND LIABILITIES Intangible Assets and Liabilities —Intangible assets and liabilities consisted of the following as of December 31, 2018 and 2017, excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands): 2018 2017 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Management contracts $ 18,739 $ (4,685 ) $ 58,000 $ (2,900 ) In-place leases 464,721 (142,525 ) 313,432 (123,314 ) Above-market leases 67,140 (28,979 ) 53,524 (24,631 ) Below-market lease liabilities (164,839 ) 33,280 (118,012 ) 27,388 Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Management contracts $ 10,618 $ 2,900 $ — In-place leases 37,101 30,966 28,812 Above-market leases 6,112 5,188 5,228 Below-market lease liabilities (10,061 ) (7,133 ) (6,436 ) Estimated future amortization of the respective intangible assets and liabilities as of December 31, 2018, excluding estimated amounts related to intangible assets and liabilities classified as held for sale, for each of the next five years is as follow (in thousands): Management Contracts In-Place Leases Above-Market Leases Below-Market Leases 2019 $ 3,748 $ 43,286 $ 7,515 $ (11,959 ) 2020 3,748 38,104 7,039 (11,415 ) 2021 3,748 34,129 6,205 (10,652 ) 2022 2,810 31,012 5,189 (9,951 ) 2023 — 26,752 4,366 (9,133 ) Goodwill —In connection with the PELP transaction, we recorded goodwill of approximately $29.1 million . During the year ended December 31, 2018, we did not record any impairments to goodwill. For more information regarding goodwill from the PELP transaction, see Note 4. |
Other Assets, Net (FY)
Other Assets, Net (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other Assets, Net | 7. OTHER ASSETS, NET The following is a summary of Other Assets, Net as of June 30, 2019 and December 31, 2018 , excluding amounts related to assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Other assets, net: Deferred leasing commissions and costs $ 35,518 $ 32,957 Deferred financing expenses 13,971 13,971 Office equipment, ROU assets, and other 18,016 14,315 Total depreciable and amortizable assets 67,505 61,243 Accumulated depreciation and amortization (28,603 ) (24,382 ) Net depreciable and amortizable assets 38,902 36,861 Accounts receivable, net 50,681 56,104 Deferred rent receivable, net 25,778 21,261 Derivative asset 5,324 29,708 Investment in affiliates 700 700 Prepaids and other 9,716 8,442 Total other assets, net $ 131,101 $ 153,076 | 8. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448 |
Debt Obligations (FY)
Debt Obligations (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt Obligations | 8. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2019 and December 31, 2018 (dollars in thousands): Interest Rate (1) June 30, 2019 December 31, 2018 Revolving credit facility (2) LIBOR + 1.40% $ — $ 73,359 Term loans 2.06%-4.59% 1,918,410 1,858,410 Secured portfolio loan facility 3.52% 195,000 195,000 Mortgages 3.45%-7.91% 329,404 334,117 Finance lease liability 581 552 Assumed market debt adjustments, net (3,841 ) (4,571 ) Deferred financing expenses, net (16,149 ) (18,041 ) Total $ 2,423,405 $ 2,438,826 (1) Interest rates are as of June 30, 2019 . (2) The gross borrowings and payments under our revolving credit facility were $105.6 million and $179.0 million , respectively, during the six months ended June 30, 2019 . The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . In May 2019, we executed a $60 million delayed draw feature on one of our term loans. We used the proceeds from this draw to pay down our revolver balance. As of June 30, 2019 and December 31, 2018 , the weighted-average interest rate, including the effect of derivative financial instruments, for all of our debt obligations was 3.5% . The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of June 30, 2019 and December 31, 2018 , is summarized below (in thousands): June 30, 2019 December 31, 2018 As to interest rate: (1) Fixed-rate debt $ 2,111,985 $ 2,216,669 Variable-rate debt 331,410 244,769 Total $ 2,443,395 $ 2,461,438 As to collateralization: Unsecured debt $ 1,918,410 $ 1,931,769 Secured debt 524,985 529,669 Total $ 2,443,395 $ 2,461,438 (1) Includes the effects of derivative financial instruments (see Notes 9 and 15 ). | 9. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018. Revolving Credit Facility —We have a revolving credit facility of $500 million with availability of $426.2 million , which is net of current issued letters of credit, as of December 31, 2018. The revolving credit facility has an interest rate of LIBOR plus a spread of 1.4% . The maturity date is October 2021, with additional options to extend the maturity to October 2022. The gross borrowings under our revolving credit facility were $475.4 million , $437.0 million , and $590.8 million during the years ended December 31, 2018, 2017, and 2016, respectively. The gross payments were $463.6 million , $552.4 million , and $554.8 million during the years ended December 31, 2018, 2017, and 2016, respectively. Term Loans —We have eight unsecured term loans with maturities ranging from 2020 to 2025. Our term loans have interest rates of LIBOR plus interest rate spreads based on our leverage ratios. With the exception of $245.5 million , all of these rates have been fixed through the use of interest rate swaps. Of the eight term loans, we assumed three as part of the Merger with a fair value of $361.7 million . Additionally, at the closing of the Merger, we established two term loans for $300 million and $100 million maturing in November 2023 and May 2024, respectively. We also exercised an accordion feature on an existing term loan maturing in May 2025, adding $157.5 million in new debt, with an additional $60 million available. As of December 31, 2018 and 2017 the weighted-average interest rate on our term loans was 3.5% and 3.0% , respectively. Secured Debt —Our secured debt includes a facility secured by 14 properties, mortgage loans secured by individual properties, and capital leases. At the closing of the Merger, we assumed $102.3 million in mortgage loans. We contributed $175 million of our secured debt to GRP I in November 2018. In connection with the debt contributed to GRP I, we wrote-off deferred financing expenses of $2.1 million . The interest rates on our secured debt are fixed. As of December 31, 2018 and 2017 our weighted average interest rate for our secured debt was 4.4% and 4.1% , respectively. As of December 31, 2018 and 2017, the weighted-average interest rate for our debt obligations was 3.5% and 3.4% , respectively. The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017, is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 10 and 18). Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing expenses (in thousands): 2019 2020 2021 2022 2023 Thereafter Total Revolving credit facility $ — $ — $ 73,359 $ — $ — $ — $ 73,359 Term loans — 170,910 125,000 375,000 300,000 887,500 1,858,410 Secured debt 9,523 9,999 87,688 61,903 79,570 280,986 529,669 Total $ 9,523 $ 180,909 $ 286,047 $ 436,903 $ 379,570 $ 1,168,486 $ 2,461,438 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives and Hedging Activities | 9. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2019 and 2018 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $3.5 million will be reclassified from AOCI as an increase to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of June 30, 2019 and December 31, 2018 (notional amounts in thousands): June 30, 2019 December 31, 2018 Count 11 12 Notional amount $ 1,587,000 $ 1,687,000 Fixed LIBOR 0.7% - 2.9% 0.7% - 2.9% Maturity date 2019 - 2025 2019 - 2025 The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of (loss) gain recognized in other comprehensive income on derivatives (1) $ (22,348 ) $ 5,608 $ (35,205 ) $ 19,047 Amount of gain reclassified from AOCI into interest expense (1) (1,297 ) (753 ) (2,801 ) (704 ) (1) Changes in value are solely driven from changes in LIBOR futures as a result of various economic factors. Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of June 30, 2019 , the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $21.0 million . As of June 30, 2019 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $21.0 million . | 10. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $6.2 million will be reclassified from Other Comprehensive Income (Loss) as a decrease to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2018 and 2017 (notional amounts in thousands): 2018 2017 Count 12 6 Notional amount $ 1,687,000 $ 992,000 Fixed LIBOR 0.7% - 2.9% 1.2% - 2.2% Maturity date 2019 - 2025 2019 - 2024 We assumed five hedges with a notional amount of $570 million as a part of the Merger, and also entered into one new hedge in November 2018 with a notional amount of $125 million . The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives and recorded in interest expense, net. The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586 Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of December 31, 2018, the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $3.6 million . As of December 31, 2018, we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.6 million . |
Income Taxes (FY)
Income Taxes (FY) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year following the year of disqualification. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of certain wholly owned subsidiaries that have jointly elected to be treated as a TRS and are subject to U.S. federal, state and local incomes taxes at regular corporate tax rates. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income and tax planning strategies. We believe, based on available evidence, it is not more likely than not that our net deferred tax assets will be realized in future periods and, therefore, have recorded a valuation allowance equal to the net deferred tax asset balance. The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands): 2018 2017 Deferred tax assets: Accrued compensation $ 5,338 $ 4,264 Accrued expenses 210 12 Net operating loss (“NOL”) carryforward 1,239 667 Other 566 106 Gross deferred tax assets 7,353 5,049 Less: valuation allowance (3,822 ) (3,277 ) Total deferred tax asset 3,531 1,772 Deferred tax liabilities: Depreciation and amortization (3,292 ) (1,638 ) Prepaid expenses (239 ) (134 ) Total deferred tax liabilities (3,531 ) (1,772 ) Net deferred tax asset $ — $ — Our deferred tax assets and liabilities result from the activities of the TRS. The TRS have a federal net operating loss carryforward of $5.4 million . Of this amount, $4.8 million was generated in 2017 and will expire in 2037 if the net operating loss is not utilized. The net operating loss of $0.6 million generated in 2018 can be carried forward indefinitely. As of December 31, 2018, the TRS have state net operating loss carryforwards of $2.2 million , which will expire as determined under each state's statute. Differences between the net income presented on the consolidated statements of operations and taxable income primarily related to the timing of the recognition of gain or loss on the sale of investment properties for financial reporting purposes and tax reporting and the differences in recognition of revenues and expenses for both financial reporting and tax reporting. The following table reconciles Net Income (Loss) Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Net income (loss) attributable to stockholders $ 39,138 $ (38,391 ) $ 8,932 Net (income) loss from TRS (1,171 ) 4,248 — Net income (loss) attributable to REIT operations 37,967 (34,143 ) 8,932 Book/tax differences 33,858 72,824 24,771 REIT taxable income subject to 90% dividend requirement $ 71,825 $ 38,681 $ 33,703 The Company's distributions to its stockholders for the years ended December 31, 2018, 2017 and 2016, respectively, have exceeded 100% of the REIT taxable income. The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows: 2018 2017 Common stock Ordinary dividends 27.7 % 28.6 % Non-dividend distributions 45.5 % 70.9 % Capital gain distributions 26.8 % 0.5 % Total distributions per share 100.0 % 100.0 % Income tax benefits from uncertain tax positions are recognized in the financial statements only if we believe it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority's widely understood administrative practices and precedents. We do not believe that we have any uncertain tax positions at December 31, 2018 and 2017. The statute of limitations for the federal income tax returns remain open for the 2015 through 2017 tax years. The statute of limitations for state income tax returns remain open in accordance with each state's statute. Interest and penalties related to income taxes are immaterial to the consolidated financial statements. Our accounting policy is to classify interest and penalties as a component of income tax expense. No interest and penalties were accrued by the Company at December 31, 2018 and 2017. |
Commitments And Contingencies (
Commitments And Contingencies (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements. | 12. COMMITMENTS AND CONTINGENCIES Leases —Our leases primarily consist of short- and long-term operating leases for office space and equipment, as well as long-term ground leases at certain of our properties. Total rental expense for long-term operating leases was approximately $1.3 million for the year ended December 31, 2018. Minimum rental commitments under noncancelable operating leases as of December 31, 2018, were as follows (dollars in thousands): Year Amount 2019 $ 1,450 2020 969 2021 537 2022 510 2023 352 Thereafter 391 Total $ 4,209 Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements. Captive Insurance —As part of the PELP transaction, we acquired a captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), from PELP. Silver Rock provides general liability insurance, wind, reinsurance, and other coverage to us, PECO III, PELP, and certain related party joint ventures. We capitalize Silver Rock in accordance with applicable regulatory requirements. Silver Rock established annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate. Premiums paid to Silver Rock may be reimbursed by tenants pursuant to specific lease terms. As of December 31, 2018, we had three cash collateralized letters of credit outstanding totaling approximately $6.7 million to provide security for our obligations under our insurance and reinsurance contracts. The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 (1) Beginning balances $ 4,883 $ 4,339 Incurred related to: Current year 156 452 Prior years 948 898 Total incurred 1,104 1,350 Paid related to: Current year 13 81 Prior years 516 725 Total paid 529 806 Liabilities for unpaid losses as of December 31 $ 5,458 $ 4,883 (1) Balance for 2017 began on October 4, 2017, the date of PELP transaction |
Equity (FY)
Equity (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Equity | 11. EQUITY General —The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including one vote per nominee in the election of our board of directors (“Board”). Our charter does not provide for cumulative voting in the election of directors. On May 8, 2019, our Board increased the EVPS of our common stock to $11.10 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2019. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2019, which reflected certain balance sheet assets and liabilities as of that date. Previously, on May 9, 2018, our Board increased the EVPS of our common stock to $11.05 from $11.00 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. Shares of our common stock are issued under the DRIP, as discussed below, at the same price as the EVPS in effect at the time of issuance. Dividend Reinvestment Plan —The DRIP allows stockholders to invest distributions in additional shares of our common stock, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock at a price equal to our most recent estimated value per share. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. Share Repurchase Program (“SRP”) —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The Board reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase. Due to the funding limits, no proceeds were available for standard share repurchases during the six months ended June 30, 2019 . Repurchase requests in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” were completed in full. In July 2019, approximately 1.2 million shares of our common stock were repurchased under the SRP. On August 7, 2019, the Board suspended the SRP with respect to standard repurchases. We will continue to fulfill repurchases sought upon a stockholder's death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the amended SRP, adopted on August 7, 2019. Convertible Noncontrolling Interests —Under the terms of the Partnership Agreement, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year. As the form of redemption for OP units is within our control, the OP units outstanding as of June 30, 2019 and December 31, 2018 , are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The distributions that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. During the six months ended June 30, 2019 , OP units were converted into shares of our common stock at a 1:1 ratio. There were approximately 42.7 million and 44.5 million OP units outstanding as of June 30, 2019 and December 31, 2018 , respectively. Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% ownership share of one of our subsidiaries who provides advisory services, which was not significant to our results. | 13. EQUITY General — The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors. On May 9, 2018, our Board increased the EVPS of our common stock to $11.05 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2018, which reflected certain balance sheet assets and liabilities as of that date. Previously, on November 8, 2017, our Board increased the EVPS of our common stock to $11.00 from $10.20 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of October 5, 2017, the first full business day after the closing of the PELP transaction. Shares of our common stock are issued under the DRIP and redeemed under the SRP, as discussed below, at the same price as the EVPS in effect at the time of issuance or redemption. Dividend Reinvestment Plan —The DRIP allows stockholders to invest distributions in additional shares of our common stock, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock at a price equal to our most recent estimated value per share. In connection with the Merger (see Note 3), the DRIP was temporarily suspended for the month of July 2018; therefore, all DRIP participants received their July 2018 distribution in cash rather than in stock. The DRIP resumed in August 2018, with the distribution paid in September 2018. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. Share Repurchase Program —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to our most recent estimated value per share. In connection with the Merger, the SRP was also temporarily suspended for the month of July 2018, and resumed in August 2018. In 2018 and 2017, repurchase requests surpassed the funding limits under the SRP. Approximately 4.9 million shares of our common stock were repurchased under the SRP during the year ended December 31, 2018. Repurchase requests in connection with a stockholder’s death, “qualifying disability”, or “determination of incompetence” were completed in full. The remaining repurchase requests that were in good order were fulfilled on a pro rata basis. As of December 31, 2018, we had 2.4 million shares of unfulfilled repurchase requests. Due to the program’s funding limits, no funds will be available for the first quarter of 2019. The next availability is expected to be at the end of July 2019. Under the terms of the SRP, the availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion of the proceeds available. The next standard repurchase of the Company is expected to be in July 2019. At that time, should the demand for standard redemptions exceed the funding the Company makes available for repurchases, for which the Company may use all or a portion, the Company is expected to make pro-rata redemptions. Following that standard repurchase, standard repurchase requests that are on file with the Company and in good order that have not been fully executed (due to pro-rata redemptions) will remain on file for future redemptions. Convertible Noncontrolling Interests —As of December 31, 2018 and 2017, we have approximately 44.5 million units of outstanding OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. These are included in the outstanding unvested award totals disclosed in Note 14. As part of the PELP transaction, we issued 39.4 million OP units that are classified as noncontrolling interests. Prior to the PELP transaction, the Operating Partnership also issued limited partnership units that were designated as Class B units for asset management services provided by an affiliate of PELP. In connection with the PELP transaction, Class B units were no longer issued for asset management services subsequent to September 2017. Upon closing of the PELP transaction and termination of the advisory agreement, we determined the economic hurdle required for vesting had been met, and all outstanding Class B units vested and were converted to OP units. As such, we recorded a $24.0 million expense on our consolidated statements of operations as Vesting of Class B Units, which included the $27.6 million vesting of Class B units previously issued for asset management services and the reclassification of historical distributions on those units to Noncontrolling Interests. Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of December 31, 2018 and 2017, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The $28.7 million and $9.1 million of distributions for the years ended December 31, 2018 and 2017, respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. In September 2017, we entered into an agreement with American Realty Capital II Advisors, LLC (“ARC”) to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $9.6 million , ARC sold their OP units, unvested Class B Units, and their special limited partnership interests back to us, terminating all fee-sharing arrangements between ARC and PELP affiliates. The 0.4 million OP unit repurchase was recorded at a value of $4.2 million on the consolidated statements of equity. The $5.4 million value of the unvested Class B units, special limited partnership interests, and value of fee-sharing arrangements is recorded on the consolidated statement of operations. Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% minority-owned interest held by a third party in a consolidated partnership, which was not significant to our results. |
Compensation (FY)
Compensation (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Compensation | 12. COMPENSATION Awards to employees under our Amended and Restated 2010 Long-Term Incentive Plan are typically granted and vest during the first quarter of each year. We also grant restricted stock to our independent directors under our Amended and Restated 2010 Independent Director Stock Plan, which vest based upon the completion of a service period. Certain of our executives have made the election to receive OP units in lieu of shares of common stock upon vesting of their award grants. All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands): Six Months Ended June 30, 2019 Restricted Stock Awards Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at December 31, 2018 808 199 998 $ 10.60 Granted 464 1,275 — 11.05 Vested (196 ) — — 10.99 Forfeited (26 ) — (12 ) 10.76 Nonvested at June 30, 2019 1,050 1,474 986 $ 10.80 (1) Certain performance-based awards granted during the period contain terms which dictate that the number of award units to be issued will vary based upon actual performance compared to target performance. The number of shares deemed to be issued per this table reflect our probability-weighted estimate of the number of shares that will vest based upon current and expected company performance. The maximum number of award units to be issued under all outstanding grants, excluding phantom stock units as they are settled in cash, was 4.0 million and 1.2 million as of June 30, 2019 and December 31, 2018 , respectively. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. On March 12, 2019, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to certain of our executives. Any amounts earned under the Performance LTIP Unit award agreements will be issued in the form of LTIP Units, which represent OP units that are structured as a profits interest in the Operating Partnership. Dividends will accrue on the Performance LTIP Units until the measurement date, subject to a quarterly distribution of 10% of the regular quarterly distributions. During the three months ended June 30, 2019 and 2018 , the expense for all stock-based awards, including phantom stock units, was $3.3 million and $3.1 million , respectively. During the six months ended June 30, 2019 and 2018 , the expense was $5.3 million and $4.7 million , respectively. We had $22.6 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 4.3 years . The fair value at the vesting date for stock-based awards that vested during the six months ended June 30, 2019 was $2.2 million . | 14. COMPENSATION Independent Director Stock Plan— The Board approves restricted stock awards pursuant to our Amended and Restated 2010 Independent Director Stock Plan. The awards are granted to our independent directors and vest based upon the completion of a service period (“service-based awards”). As of December 31, 2018 and 2017, there were approximately 32,000 and 18,000 outstanding unvested awards granted to independent directors, respectively. Employee Long Term Incentive Plan— Beginning in 2018, service-based restricted stock awards and performance-based awards are granted to employees under our Amended and Restated 2010 Long-Term Incentive Plan. Service-based awards typically follow a four-year graded vesting schedule and will vest in the form of common stock or OP units. For performance-based awards, the number of shares that vest depends on whether certain financial metrics are met, as calculated over a three-year performance period. For each annual performance-based award, 50% of the shares earned vest at the end of the three-year period and 50% of the shares earned vest following an additional year of service. Vesting of these performance awards is in the form of common stock, or certain awards may vest in the form of OP Units at the election of the recipient. In connection with the PELP transaction, we assumed employee awards of phantom stock units. Substantially all phantom stock awards granted by PELP contained either a five-year cliff vesting provision or a four-year graded vesting provision. The value of the awards changes in direct relation to the change in estimated value per share of our common stock, but the value is paid in cash rather than in common stock. We recognize expense for awards with graded vesting under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. Expense amounts are recorded in General and Administrative or Property Operating on our consolidated statements of operations. The awards are valued according to the EVPS for our common stock at the date of grant. Holders of unvested service-based and performance-based awards that are not phantom stock units are entitled to dividend and distribution rights, but are not entitled to voting rights. Holders of phantom stock units are entitled to receive distributions, which are recorded as expense when declared, but are not entitled to voting rights. The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60 The expense for all stock-based awards, including phantom stock units, during the years ended December 31, 2018 and 2017 was $10.4 million and $3.4 million , respectively. The expense during the year ended December 31, 2016, was immaterial. We had $9.0 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 1.3 years . The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2018 was $15.4 million . Because the phantom stock units are settled in cash rather than shares, we record a liability in Accounts Payable and Other Liabilities in the consolidated balance sheets for these awards. The amount of this liability, including related payroll tax accruals, was $8.7 million as of December 31, 2018. Subsequent to December 31, 2018, approximately 2.1 million performance-based award units were granted to certain of our executives. The total number of performance-based stock units that will vest depends on whether certain financial metrics are met over the performance periods. 401(k) Plan —We sponsor a 401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and has a five-year vesting schedule. The cash contributions to the plan for the years ended December 31, 2018 and 2017 were approximately $1.0 million and $0.2 million , respectively. All employees who have attained the age of 21 are eligible to participate starting the first day of the month following their date of hire. Employees are vested immediately with respect to employee contributions. |
Earnings Per Share (FY)
Earnings Per Share (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share | 13. EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Loss Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of June 30, 2019 and 2018 . The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to stockholders - basic $ (36,570 ) $ (11,351 ) $ (41,765 ) $ (12,951 ) Net loss attributable to convertible OP units (1) (5,643 ) (2,756 ) (6,426 ) (3,090 ) Net loss - diluted $ (42,213 ) $ (14,107 ) $ (48,191 ) $ (16,041 ) Denominator: Weighted-average shares - basic 283,010 184,450 282,148 185,171 OP units (1) 43,288 44,453 43,640 44,453 Adjusted weighted-average shares - diluted 326,298 228,903 325,788 229,624 Earnings per common share: Basic and diluted $ (0.13 ) $ (0.06 ) $ (0.15 ) $ (0.07 ) (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. Approximately 2.5 million and 1.0 million unvested restricted stock awards were outstanding as of June 30, 2019 and 2018 , respectively. These securities were anti-dilutive, and, as a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS. | 15. EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of December 31, 2018, 2017, and 2016. The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method. As of December 31, 2017, approximately 18,000 restricted stock awards were outstanding. These securities were anti-dilutive and, as a result, were excluded from the weighted-average common shares used to calculate diluted EPS. |
Revenue Recognition and Related
Revenue Recognition and Related Party Transactions (FY) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Revenue Recognition | 16. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS Revenue —Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017, and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers , but are included in this table for the purpose of disclosing all related party revenues (in thousands): For the year ended December 31, 2018 REIT II (1) PECO III Joint Ventures Other Parties (2) Total Recurring fees (3) $ 17,937 $ 870 $ 1,948 $ 281 $ 21,036 Transactional revenue and reimbursements (4) 6,965 1,278 1,442 132 9,817 Insurance premiums 367 — — 1,706 2,073 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018. (3) Recurring fees include asset management fees and property management fees. (4) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. For the year ended December 31, 2017 REIT II PECO III Joint Ventures Other Parties (1) Total Recurring fees $ 4,396 $ 74 $ 335 $ 187 $ 4,992 Transactional revenue and reimbursements 1,846 679 297 136 2,958 Insurance premiums 206 — — — 206 (1) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.2 million for the year ended December 31, 2017. Our fees and management income come from the management company acquired as part of the PELP transaction in 2017. As a result, we have no related party revenue amounts for the year ended December 31, 2016. Related Party Expenses —Prior to October 2017, a PELP affiliate and ARC were entitled to specified fees and expenditure reimbursements for certain services, including managing our day-to-day activities and implementing our investment strategy under advisory agreements, as follows: • Asset management and subordinated participation fees paid out monthly in cash and/or Class B units; • Acquisition fee based on the cost of investments acquired/originated; • Acquisition expenses reimbursed related to selecting, evaluating, and acquiring assets; and • Disposition fee paid for substantial assistance in connection with the sale of property. As we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018, summarized below are the fees incurred and the expenses reimbursable for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Acquisition fees (1) $ 1,344 $ 2,342 Acquisition expenses (1) 583 464 Asset management fees (2) 15,573 19,239 OP units distribution (3) 1,373 1,866 Class B unit distribution (4) 1,409 1,576 Disposition fees (5) 19 745 Total $ 20,301 $ 26,232 (1) The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) Distributions are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity. (4) The distributions paid to holders of unvested Class B units are presented in General and Administrative on the consolidated statements of operations. (5) Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations. Prior to the completion of the PELP transaction in October 2017, all of our real properties were managed and leased by a PELP affiliate and Phillips Edison & Company Ltd. (the “Property Manager”), which was wholly-owned by PELP. The Property Manager was entitled to the following specified fees and expenditure reimbursements: • Property management fee based on monthly gross cash receipts from the properties managed; • Leasing commissions paid for leasing services rendered with respect to a particular property; • Construction management costs paid for construction management services rendered with respect to a particular property; and • Other expenses and reimbursement incurred by the Property Manager on our behalf. We no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018. Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Property management fees (1) $ 8,360 $ 9,929 Leasing commissions (2) 6,670 7,701 Construction management fees (2) 1,367 1,127 Other fees and reimbursements (3) 6,234 5,627 Total $ 22,631 $ 24,384 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year were expensed immediately and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year and construction management fees were capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense. Organization and Offering Costs —Under the terms of one of our Management Agreements, we have incurred organization and offering costs related to PECO III during 2018 and 2017. We have incurred organization and offering costs related to PECO III’s private placement and public offering, which were approximately $2.3 million and $2.2 million , respectively, and were recorded in Accounts Receivable - Affiliates on the consolidated balance sheets. The amounts recognized in Accounts Receivable - Affiliates were $4.5 million and $2.0 million as of December 31, 2018 and 2017, respectively. During the public offering period for PECO III, we will receive a contingent fee of 2.15% of the contract price of each property or other real estate investment it acquires. This reimbursement is intended to allow us to recoup a portion of the dealer manager fees and organization and offering costs advanced by PECO III’s advisor, in which we have a 75% interest. Therefore, this reimbursement shall not exceed the amount of organization and offering costs and dealer manager fees outstanding at the time of closing for the acquired property. The initial $4.5 million we may incur to fund organization and offering costs related to the PECO III public offering will be retained by PECO III until the termination of its public offering, at which time such amount will be paid. In addition to organization and offering costs, we have receivables related to Management Agreements from related parties of $0.6 million and $4.1 million as of December 31, 2018 and 2017, respectively. These amounts are recorded on the consolidated balance sheets in Accounts Receivable – Affiliates. Other Related Party Matters —Under the terms of the advisory agreement, we have incurred organization and offering costs related to PECO III. A portion of those costs were incurred by Griffin Capital Company, LLC (“Griffin sponsor”), a co-sponsor of PECO III. The Griffin sponsor owns a 25% interest and we own a 75% interest in the PECO III Advisor. As such, of the receivable we have from PECO III, $1.2 million and $1.4 million were reimbursable to the Griffin sponsor as of December 31, 2018 and 2017, respectively, and are recorded in Accounts Payable and Other Liabilities on the consolidated balance sheets. PECO Air L.L.C. (“PECO Air”), an entity in which Mr. Edison, our Chairman and Chief Executive Officer, owns a 50% interest, owns an airplane that we use for business purposes in the course of our operations. We paid approximately $0.8 million and $0.1 million to PECO Air for use of its airplane for the years ended December 31, 2018 and 2017, respectively. Upon completion of the PELP transaction, we assumed PELP’s obligation as the limited guarantor for up to $200 million , capped at $50 million in most instances, of NRP’s debt. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. As a part of the GRP I Joint Venture, GRP I assumed from us a $175 million mortgage loan for which we assumed the obligation of limited guarantor. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. We entered into a separate agreement with Northwestern Mutual in which we agree to apportion any potential liability under this guaranty between us and them based on our ownership percentage. |
Operating Leases (FY)
Operating Leases (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Leases, Operating [Abstract] | ||
Leases of Lessor Disclosure | 3. LEASES Standard Adoption —Effective January 1, 2019, we adopted ASU 2016-02, Leases . This standard was adopted in conjunction with the related updates, ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ; ASU 2018-10, C odification Improvements to Topic 842, Leases ; ASU 2018-11, Leases (Topic 842): Targeted Improvements ; and ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors , collectively “ASC 842,” using a modified-retrospective approach, as required. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The adoption of ASC 842 resulted in a $0.5 million adjustment to the current year’s opening balance in Accumulated Deficit on the consolidated balance sheets as a result of recognizing ROU assets and lease liabilities as well as adjustments to our collectability reserve. Beginning in January 1, 2019, due to the new standard’s narrowed definition of initial direct costs, we now expense significant lease origination costs as incurred, which were previously capitalized as initial direct costs and amortized to expense over the lease term. We capitalized $6.2 million of internal costs for the year ended December 31, 2018 , some of which we will continue to capitalize in accordance with the standard. During the six months ended June 30, 2019 , the amounts capitalized were $1.9 million , compared to $2.9 million during the six months ended June 30, 2018 . Amounts that were capitalized prior to the adoption of ASC 842 will continue to be amortized over their remaining lives. Additionally, ASC 842 requires that lessors exclude from variable payments all costs paid by a lessee directly to a third party. For the year ended December 31, 2018 , $8.0 million in real estate tax payments made by tenants directly to third parties was recorded by us as both Tenant Recovery Income and Real Estate Taxes. This amount was approximately $1.3 million and $2.7 million for the three and six months ended June 30, 2018 , respectively. Beginning January 1, 2019, such amounts are no longer recognized by us. As the recorded expense was completely offset by the tenant recovery income recorded, this has no net impact to earnings. Beginning January 1, 2019, operating lease receivables are accounted for under ASC 842, which requires us to recognize changes in the collectability assessment for an operating lease as an adjustment to lease income. For the year ended December 31, 2018 , $2.9 million of expense was recorded as Property Operating on our consolidated statements of operations, which would have been recorded as a reduction to Rental Income under the new standard. For the three and six months ended June 30, 2019 , the total amount recorded as a reduction to Rental Income as a result of collectability reserves was $0.1 million and $0.7 million , respectively. Lessor —The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2019 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount Remaining 2019 $ 191,571 2020 360,997 2021 316,521 2022 274,713 2023 223,940 2024 and thereafter 636,772 Total $ 2,004,514 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of June 30, 2019 . As of June 30, 2019 , our real estate investments in Florida and California represented 12.3% and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the Florida and California real estate markets. Lessee —As a lessee, we recognized additional operating lease liabilities of $6.2 million with corresponding ROU assets of $6.0 million , and the difference between them was recorded as an adjustment to Accumulated Deficit on the consolidated balance sheets. On adoption of ASC 842, these asset and liability amounts represented the present value of the remaining fixed minimum rental payments under current leasing standards for existing leases, adjusted as appropriate for amounts written off in transition to the new guidance. The initial measurement of a ROU asset may differ from the initial measurement of the corresponding lease liability due to initial direct costs, prepaid lease payments, and lease incentives. Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of June 30, 2019 (in thousands): June 30, 2019 Assets Investment in Real Estate: ROU asset - operating leases $ 4,707 Less: accumulated amortization (217 ) Total in Investment in Real Estate 4,490 Other Assets: ROU asset - operating leases 2,540 ROU asset - finance leases 705 Less: accumulated amortization (595 ) Total in Other Assets 2,650 Total ROU lease assets (1) $ 7,140 Liabilities Accounts Payable and Other Liabilities: Operating lease liability $ 6,790 Debt Obligations, Net: Finance lease liability 581 Total lease liabilities (1) $ 7,371 (1) As of June 30, 2019 , the weighted average remaining lease term was approximately 2.4 years for finance leases and 18.3 years for operating leases. The weighted average discount rate was 3.54% for finance leases and 4.07% for operating leases. Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Statements of operations information: Finance lease cost: Amortization of ROU assets $ 64 $ 128 Interest on lease liabilities 4 9 Operating lease costs 449 797 Short term lease expense 376 767 Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands): Six Months Ended June 30, 2019 Statements of cash flows information: Operating cash flows used for operating leases $ (620 ) Financing cash flows used for finance leases (122 ) ROU assets obtained in exchange for new lease liabilities 1,444 Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 | 17. OPERATING LEASES The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Approximate future rental income to be received under noncancelable operating leases in effect as of December 31, 2018, assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands): Year Amount 2019 $ 372,632 2020 340,028 2021 292,887 2022 247,915 2023 196,152 2024 and thereafter 555,282 Total $ 2,004,896 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2018. As of December 31, 2018, our real estate investments in Florida and California represented 12.0% and 10.1% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the real estate markets of Florida or California. |
Fair Value Measurements (FY)
Fair Value Measurements (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Real Estate Investments —The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management. Debt Obligations —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. The following is a summary of borrowings as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Fair value $ 2,467,023 $ 2,467,317 Recorded value (1) 2,439,554 2,456,867 (1) Recorded value does not include net deferred financing expenses of $16.1 million and $18.0 million as of June 30, 2019 and December 31, 2018 , respectively. Recurring and Nonrecurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain assets and liabilities are measured and recognized at fair value as needed. The fair value measurements that occurred during the six months ended June 30, 2019 , and during the year ended December 31, 2018 , were as follows (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 5,324 $ — $ — $ 29,708 $ — Derivative liability (1) — (21,007 ) — — (3,633 ) — Earn-out liability — — (32,000 ) — — (39,500 ) Nonrecurring Impaired real estate assets, net (2) — 120,510 — — 71,991 — Impaired corporate intangible asset, net — — 4,401 — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale. Derivative Instruments— As of June 30, 2019 and December 31, 2018 , we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC Topic 820, Fair Value Measurement , we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2019 and December 31, 2018 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Earn-out —In connection with the PELP transaction, the Company entered into a contribution agreement (the “Contribution Agreement”), dated as of May 18, 2017, with the Operating Partnership and the contributors listed therein. The Contribution Agreement established an earn-out structure by which PELP was given the opportunity to earn a maximum of 12.5 million additional OP units if certain milestones related to (i) fundraising in the investment management business, and (ii) the timing and valuation related to a liquidity event for PECO, were achieved by certain dates. The liquidity event earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of three million and a maximum of five million OP units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019. On March 12, 2019, the Company entered into an amendment to the Contribution Agreement (“Amendment”). Pursuant to the terms of the Amendment, the initial liquidity earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of five million OP units has been raised to $11.20 per share from $10.20 per share. We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the most likely range of potential outcomes includes a possibility of no additional OP units issued as well as up to five million out of the maximum 12.5 million units being issued. The following table presents a reconciliation of the change in the earn-out liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2018 $ 39,500 Change in fair value recognized in Other Income (Expense), Net (7,500 ) Balance at June 30, 2019 $ 32,000 Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value less costs to sell on a nonrecurring basis dependent upon when we determine an impairment has occurred. During the three and six months ended June 30, 2019 and 2018 , we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We recorded the following expense as a result of the impaired real estate assets (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Impairment of real estate assets $ 25,199 $ 10,939 $ 38,916 $ 10,939 Corporate Intangible Asset Impairment —In connection with the PELP transaction, we acquired a corporate intangible asset consisting of in-place management contracts. We evaluate our corporate intangible asset for impairment when a triggering event occurs, or circumstances change, that indicate the carrying value may not be recoverable. For the three months ended June 30, 2019, the suspension of the PECO III public offering constituted a triggering event for further review of the corporate intangible asset’s fair value compared to its carrying value. We estimate the fair value of the corporate intangible asset using a discounted cash flow model, leveraging certain Level 3 inputs. The evaluation of corporate intangible assets for potential impairment requires management to exercise significant judgment and to make certain assumptions. The assumptions utilized in the evaluation include future cash flows and a discount rate. For our most recent impairment test for the corporate intangible asset during the three months ended June 30, 2019, we used a discount rate of 19% in our discounted cash flow model. Based on this analysis, we concluded the carrying value exceeded the estimated fair value of the corporate intangible asset, and an impairment charge of $7.8 million was recorded in Other Impairment Charges on the consolidated statements of operations. As a result of this impairment, the estimated remaining future amortization of the management contracts is as follows: $0.7 million in 2019, $1.4 million in 2020, $1.4 million in 2021, and $0.9 million in 2022. | 18. FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Real Estate Investments —The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management. Debt Obligations —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively. Recurring and Nonrecurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 29,708 $ — $ — $ 16,496 $ — Derivative liability (1) — (3,633 ) — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) Nonrecurring Impaired real estate assets — 71,991 — — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500 Derivative Instruments —As of December 31, 2018 and 2017, we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2018 and 2017, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Earn-out —The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued to PELP as additional consideration if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in PECO III, of which PELP was a co-sponsor. We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the range of potential outcomes still includes a possibility of no additional OP units issued as well as up to 8.0 million out of the maximum 12.5 million units being issued. Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value on a nonrecurring basis dependent upon when we determine an impairment has occurred. In 2018, we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. During the year ended December 31, 2018, we recorded impairments of $40.8 million . Two of the impaired real estate assets were disposed of before year end. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We did not have any impaired real estate assets during the year ended December 31, 2017. |
Quarterly Financial Data (FY)
Quarterly Financial Data (FY) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 19. QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2018 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (1) Total revenue $ 103,199 $ 104,173 $ 104,899 $ 118,121 Net (loss) income attributable to stockholders (1,600 ) (11,351 ) (13,228 ) 65,317 Net (loss) income per share - basic and diluted (0.01 ) (0.06 ) (0.07 ) 0.34 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenue $ 68,303 $ 69,851 $ 70,624 $ 102,765 Net income (loss) attributable to stockholders 1,106 (1,193 ) (8,232 ) (30,072 ) Net income (loss) per share - basic and diluted 0.01 (0.01 ) (0.04 ) (0.17 ) (1) The increase in net income for the fourth quarter was primarily associated with the gain as a result of the contribution of properties to GRP I. Net income and revenue were also impacted by the Merger. (2) The net loss in the third quarter was primarily due to expenses related to the PELP transaction and the termination of our relationship with ARC. (3) The increases in revenue and net loss in the fourth quarter were primarily associated with the PELP transaction. |
Subsequent Events (FY)
Subsequent Events (FY) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 16. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2019 , were as follows (in thousands, except distribution rate): Month Date of Record Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution June 6/15/2019 $0.05583344 7/1/2019 $ 18,101 $ 5,571 $ 12,530 July 7/15/2019 $0.05583344 8/1/2019 18,118 5,412 12,706 In August 2019, our Board authorized distributions for September, October, and November 2019 to the stockholders of record at the close of business on September 16, 2019 , October 15, 2019 , and November 15, 2019 , respectively, equal to a monthly amount of $0.05583344 per share of common stock. The distributions for August 2019 were previously authorized by our Board and are expected to be paid on September 3, 2019. OP unit holders will receive distributions at the same rate as common stockholders. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month. Property Sales —Subsequent to June 30, 2019 , we sold the following real estate property, which was classified as held for sale as of June 30, 2019 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price Winery Square Fairfield, CA Food Maxx 118,370 7/19/2019 $ 14,250 | 20. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018, were as follows (in thousands): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/17/2018 $0.05583344 1/2/2019 $ 18,055 $ 5,951 $ 12,104 January 1/15/2019 $0.05583344 2/1/2019 18,077 5,899 12,178 February 2/15/2019 $0.05583344 3/1/2019 18,018 5,868 12,150 In March 2019 our Board authorized distributions for March, April, and May 2019 to the stockholders of record at the close of business on March 15, 2019, April 15, 2019, and May 15, 2019, respectively, equal to a monthly amount of $0.05583344 per share of common stock. OP unit holders will receive distributions at the same rate as common stockholders. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month. Dispositions —Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Amendment to PELP Transaction Contribution Agreement —On March 12, 2019, the Company entered into an amendment (the “Amendment”) to the terms of the earn-out provisions set forth in the Contribution Agreement, dated as of May 18, 2017, between the Company, the Operating Partnership and the contributors listed therein (the “Contribution Agreement”), originally entered into in connection with the PELP transaction. The earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of 3 million and a maximum of 5 million OP Units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019, with reduced amounts payable if a liquidity event was achieved in 2020 or 2021 . Pursuant to the terms of the amendment, the initial earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of 5 million units has been raised to $11.20 per share from $10.20 per share. Performance LTIP Units —On March 12, 2019, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to each of Jeffrey S. Edison, the Company’s Chief Executive Officer and President, and Devin Murphy, the Company’s Chief Financial Officer and Treasurer. Mr. Edison’s award is for a maximum grant of approximately 1.4 million units based on performance conditions over a 7 year period. Mr. Murphy’s award is for a maximum grant of approximately 0.7 million units based on performance conditions over a 5 year period. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation (FY) Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate Assets and Accumulated Depreciation | SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Lakeside Plaza Salem, VA $ — $ 3,344 $ 5,247 $ 371 $ 3,473 $ 5,489 $ 8,962 $ 2,299 1988 12/10/2010 Snow View Plaza Parma, OH — 4,104 6,432 568 4,305 6,799 11,104 3,183 1981 12/15/2010 St. Charles Plaza Davenport, FL — 4,090 4,398 303 4,169 4,623 8,792 2,317 2007 6/10/2011 Centerpoint Easley, SC — 2,404 4,361 1,184 2,789 5,161 7,950 1,930 2002 10/14/2011 Southampton Village Tyrone, GA — 2,670 5,176 926 2,826 5,945 8,771 2,193 2003 10/14/2011 Burwood Village Center Glen Burnie, MD — 5,448 10,167 421 5,605 10,431 16,036 4,073 1971 11/9/2011 Cureton Town Center Waxhaw, NC — 6,569 6,197 2,592 5,916 9,442 15,358 3,156 2006 12/29/2011 Tramway Crossing Sanford, NC — 2,016 3,071 652 2,314 3,425 5,739 1,554 1996 2/23/2012 Westin Centre Fayetteville, NC — 2,190 3,499 555 2,438 3,806 6,244 1,643 1996/1999 2/23/2012 Village At Glynn Place Brunswick, GA — 5,202 6,095 392 5,270 6,419 11,689 3,244 1992 4/27/2012 Meadowthorpe Manor Shoppes Lexington, KY — 4,093 4,185 523 4,411 4,390 8,801 1,921 1989/2008 5/9/2012 New Windsor Marketplace Windsor, CO — 3,867 1,330 464 4,053 1,607 5,660 981 2003 5/9/2012 Brentwood Commons Bensenville, IL — 6,105 8,018 1,475 6,174 9,425 15,599 3,107 1981/2001 7/5/2012 Sidney Towne Center Sidney, OH — 1,429 3,802 1,289 2,028 4,491 6,519 2,101 1981/2007 8/2/2012 Broadway Plaza Tucson, AZ 6,015 4,979 7,169 1,207 5,607 7,748 13,355 3,038 1982/1995 8/13/2012 Baker Hill Center Glen Ellyn, IL — 7,068 13,738 3,937 7,725 17,017 24,742 4,644 1998 9/6/2012 New Prague Commons New Prague, MN — 3,248 6,604 154 3,367 6,639 10,006 2,214 2008 10/12/2012 Brook Park Plaza Brook Park, OH — 2,545 7,594 741 2,789 8,091 10,880 2,747 2001 10/23/2012 Heron Creek Towne Center North Port, FL — 4,062 4,082 192 4,126 4,210 8,336 1,674 2001 12/17/2012 Quartz Hill Towne Centre Lancaster, CA — 6,352 13,529 561 6,616 13,826 20,442 3,936 1991/2012 12/27/2012 Village One Plaza Modesto, CA — 5,166 18,752 546 5,247 19,218 24,465 4,708 2007 12/28/2012 Hilfiker Shopping Center Salem, OR — 2,455 4,750 66 2,511 4,761 7,272 1,309 1984/2011 12/28/2012 Butler Creek Acworth, GA — 3,925 6,107 1,027 4,251 6,807 11,058 2,215 1989 1/15/2013 Fairview Oaks Ellenwood, GA — 3,563 5,266 897 4,070 5,656 9,726 1,763 1996 1/15/2013 Grassland Crossing Alpharetta, GA — 3,680 5,791 628 3,801 6,298 10,099 2,103 1996 1/15/2013 Hamilton Ridge Buford, GA — 4,054 7,168 581 4,177 7,625 11,802 2,497 2002 1/15/2013 Mableton Crossing Mableton, GA — 4,426 6,413 1,265 4,917 7,187 12,104 2,303 1997 1/15/2013 Shops at Westridge McDonough, GA — 2,788 3,901 498 2,807 4,380 7,187 1,513 2006 1/15/2013 Fairlawn Town Centre Fairlawn, OH — 10,398 29,005 2,729 11,528 30,603 42,131 9,998 1962/1996 1/30/2013 Macland Pointe Marietta, GA — 3,493 5,364 770 3,720 5,906 9,626 2,015 1992 2/13/2013 Kleinwood Center Spring, TX — 11,478 18,954 858 11,610 19,680 31,290 5,808 2003 3/21/2013 Murray Landing Columbia, SC — 2,927 6,856 1,421 3,191 8,012 11,203 2,120 2003 3/21/2013 Vineyard Shopping Center Tallahassee, FL — 2,761 4,175 384 2,889 4,432 7,321 1,363 2002 3/21/2013 Lutz Lake Crossing Lutz, FL — 2,636 6,600 438 2,870 6,804 9,674 1,741 2002 4/4/2013 Publix at Seven Hills Spring Hill, FL — 2,126 5,642 658 2,409 6,017 8,426 1,620 1991/2006 4/4/2013 Hartville Centre Hartville, OH — 2,069 3,691 1,382 2,383 4,760 7,143 1,462 1988/2008 4/23/2013 Sunset Shopping Center Corvallis, OR — 7,933 14,925 663 8,008 15,512 23,520 4,116 1998 5/31/2013 Savage Town Square Savage, MN — 4,106 9,409 228 4,232 9,511 13,743 2,633 2003 6/19/2013 Northcross Austin, TX — 30,724 25,627 949 31,010 26,290 57,300 6,889 1975/2010 6/24/2013 Glenwood Crossings Kenosha, WI — 1,872 9,914 615 2,111 10,290 12,401 2,350 1992 6/27/2013 Shiloh Square Shopping Center Kennesaw, GA — 4,685 8,729 1,103 4,813 9,703 14,516 2,519 1996/2003 6/27/2013 Pavilions at San Mateo Albuquerque, NM — 6,470 18,726 755 6,679 19,272 25,951 4,731 1997 6/27/2013 Boronda Plaza Salinas, CA — 9,027 11,870 560 9,144 12,313 21,457 3,008 2003/2006 7/3/2013 Westwoods Shopping Center Arvada, CO — 3,706 11,115 555 4,098 11,277 15,375 2,824 2003 8/8/2013 Paradise Crossing Lithia Springs, GA — 2,204 6,064 624 2,372 6,520 8,892 1,667 2000 8/13/2013 Contra Loma Plaza Antioch, CA — 3,243 3,926 1,566 3,838 4,897 8,735 1,131 1989 8/19/2013 South Oaks Plaza St. Louis, MO — 1,938 6,634 428 2,085 6,915 9,000 1,654 1969/1987 8/21/2013 Yorktown Centre Millcreek Township, PA — 3,736 15,396 1,421 4,020 16,532 20,552 4,716 1989/2013 8/30/2013 Dyer Town Center Dyer, IN 9,564 6,017 10,214 446 6,188 10,488 16,676 2,709 2004/2005 9/4/2013 East Burnside Plaza Portland, OR — 2,484 5,422 116 2,554 5,468 8,022 1,092 1955/1999 9/12/2013 Red Maple Village Tracy, CA — 9,250 19,466 343 9,392 19,668 29,060 4,026 2009 9/18/2013 Crystal Beach Plaza Palm Harbor, FL — 2,334 7,918 424 2,400 8,276 10,676 1,946 2010 9/25/2013 CitiCentre Plaza Carroll, IA — 770 2,530 278 982 2,597 3,579 723 1991/1995 10/2/2013 Duck Creek Plaza Bettendorf, IA — 4,612 13,007 1,229 5,144 13,703 18,847 3,219 2005/2006 10/8/2013 Cahill Plaza Inver Grove Heights, MN — 2,587 5,114 634 2,945 5,389 8,334 1,374 1995 10/9/2013 Pioneer Plaza Springfield, OR — 4,948 5,679 556 5,117 6,066 11,183 1,573 1989/2008 10/18/2013 Fresh Market Shopping Center Normal, IL — 4,460 17,772 1,529 5,100 18,660 23,760 2,999 1983/1999 10/22/2013 Courthouse Marketplace Virginia Beach, VA — 6,130 8,061 884 6,366 8,709 15,075 2,111 2005 10/25/2013 Hastings Marketplace Hastings, MN — 3,980 10,045 386 4,218 10,193 14,411 2,503 2002 11/6/2013 Coquina Plaza Southwest Ranches, FL 6,547 9,458 11,770 508 9,512 12,224 21,736 2,798 1998 11/7/2013 Shoppes of Paradise Lakes Miami, FL 5,347 5,805 6,011 445 6,027 6,235 12,262 1,737 1999 11/7/2013 Collington Plaza Bowie, MD — 12,207 15,142 545 12,384 15,510 27,894 3,433 1996 11/21/2013 Golden Town Center Golden, CO — 7,065 10,113 1,481 7,422 11,237 18,659 2,842 1993/2003 11/22/2013 Northstar Marketplace Ramsey, MN — 2,810 9,204 478 2,864 9,629 12,493 2,388 2004 11/27/2013 Bear Creek Plaza Petoskey, MI — 5,677 17,611 1,541 5,737 19,092 24,829 4,266 1998/2009 12/18/2013 East Side Square Springfield, OH — 394 963 62 407 1,014 1,421 287 2007 12/18/2013 Flag City Station Findlay, OH — 4,685 9,630 492 4,817 9,991 14,808 2,618 1992 12/18/2013 Hoke Crossing Clayton, OH — 481 1,060 232 509 1,264 1,773 305 2006 12/18/2013 Southern Hills Crossing Kettering, OH — 778 1,481 59 801 1,517 2,318 439 2002 12/18/2013 Town & Country Shopping Center Noblesville, IN — 7,361 16,269 293 7,399 16,524 23,923 4,327 1998 12/18/2013 Sulphur Grove Huber Heights, OH — 553 2,142 130 605 2,219 2,824 498 2004 12/18/2013 Southgate Shopping Center Des Moines, IA — 2,434 8,358 688 2,797 8,683 11,480 2,188 1972/2013 12/20/2013 Sterling Pointe Center Lincoln, CA — 7,039 20,822 1,267 7,332 21,795 29,127 4,260 2004 12/20/2013 Arcadia Plaza Phoenix, AZ — 5,774 6,904 2,477 5,922 9,233 15,155 1,827 1980 12/30/2013 Stop & Shop Plaza Enfield, CT 12,100 8,892 15,028 1,048 9,262 15,706 24,968 3,690 1988/1998 12/30/2013 Fairacres Shopping Center Oshkosh, WI — 3,543 5,189 496 3,863 5,365 9,228 1,619 1992/2013 1/21/2014 Savoy Plaza Savoy, IL — 4,304 10,895 653 4,577 11,274 15,851 2,875 1999/2007 1/31/2014 The Shops of Uptown Park Ridge, IL — 7,744 16,884 775 7,871 17,532 25,403 3,441 2006 2/25/2014 Chapel Hill North Center Chapel Hill, NC 6,990 4,776 10,189 1,134 5,009 11,091 16,100 2,614 1998 2/28/2014 Coppell Market Center Coppell, TX 12,117 4,870 12,236 89 4,917 12,278 17,195 2,572 2008 3/5/2014 Winchester Gateway Winchester, VA — 9,342 23,468 1,561 9,561 24,811 34,372 5,129 2006 3/5/2014 Stonewall Plaza Winchester, VA — 7,929 16,642 706 7,971 17,307 25,278 3,707 2007 3/5/2014 Town Fair Center Louisville, KY — 8,108 14,411 2,749 8,339 16,929 25,268 4,000 1988/1994 3/12/2014 Villages at Eagles Landing Stockbridge, GA 1,810 2,824 5,515 943 3,281 6,002 9,283 1,624 1995 3/13/2014 Champions Gate Village Davenport, FL — 1,814 6,060 210 1,880 6,204 8,084 1,553 2001 3/14/2014 Towne Centre at Wesley Chapel Wesley Chapel, FL — 2,466 5,553 226 2,574 5,671 8,245 1,348 2000 3/14/2014 Statler Square Staunton, VA 7,463 4,108 9,072 773 4,523 9,430 13,953 2,326 1989 3/21/2014 Burbank Plaza Burbank, IL — 2,972 4,546 3,354 3,492 7,380 10,872 1,467 1972/1995 3/25/2014 Hamilton Village Chattanooga, TN — 12,682 19,103 425 12,234 19,976 32,210 5,066 1989 4/3/2014 Waynesboro Plaza Waynesboro, VA — 5,597 8,334 117 5,642 8,406 14,048 2,028 2005 4/30/2014 Southwest Marketplace Las Vegas, NV — 16,019 11,270 2,729 16,080 13,939 30,019 3,077 2008 5/5/2014 Hampton Village Taylors, SC — 5,456 7,254 2,742 5,791 9,661 15,452 2,308 1959/1998 5/21/2014 Central Station Louisville, KY — 6,143 6,932 2,060 6,422 8,713 15,135 1,902 2005/2007 5/23/2014 Kirkwood Market Place Houston, TX — 5,786 9,697 417 5,914 9,986 15,900 2,079 1979/2008 5/23/2014 Fairview Plaza New Cumberland, PA — 2,786 8,500 223 2,916 8,594 11,510 1,665 1992/1999 5/27/2014 Broadway Promenade Sarasota, FL — 3,831 6,795 150 3,863 6,913 10,776 1,370 2007 5/28/2014 Townfair Center Indiana, PA — 7,007 13,233 927 7,196 13,972 21,168 3,182 1995/2010 5/29/2014 St. Johns Commons Jacksonville, FL — 1,599 10,384 565 1,742 10,806 12,548 2,082 2003 5/30/2014 Heath Brook Commons Ocala, FL — 3,470 8,352 437 3,528 8,731 12,259 1,798 2002 5/30/2014 Park View Square Miramar, FL — 5,700 9,304 470 5,785 9,689 15,474 1,987 2003 5/30/2014 The Orchards Yakima, WA — 5,425 8,743 389 5,636 8,921 14,557 1,910 2002 6/3/2014 Hannaford Plaza Waltham, MA — 4,614 7,903 228 4,715 8,030 12,745 1,470 1950/1993 6/23/2014 Shaw's Plaza Hanover Hanover, MA — 2,826 5,314 10 2,826 5,324 8,150 1,099 1994/2000 6/23/2014 Shaw's Plaza Easton Easton, MA — 5,520 7,173 466 5,766 7,394 13,160 1,721 1984/2004 6/23/2014 Lynnwood Place Jackson, TN — 3,341 4,826 1,221 3,542 5,845 9,387 1,514 1986/2013 7/28/2014 Thompson Valley Towne Center Loveland, CO 5,383 5,758 17,387 1,020 6,066 18,099 24,165 3,588 1999 8/1/2014 Lumina Commons Wilmington, NC 7,942 1,896 11,249 634 2,063 11,716 13,779 1,998 1974/2007 8/4/2014 Driftwood Village Ontario, CA — 6,811 12,993 1,053 7,189 13,668 20,857 2,636 1985 8/7/2014 French Golden Gate Bartow, FL — 2,505 12,877 1,404 2,688 14,097 16,785 2,519 1960/2011 8/28/2014 Orchard Square Washington Township, MI 6,339 1,361 11,550 389 1,548 11,752 13,300 2,260 1999 9/8/2014 Trader Joe's Center Dublin, OH — 2,338 7,922 1,191 2,655 8,796 11,451 1,751 1986 9/11/2014 Palmetto Pavilion North Charleston, SC — 2,509 8,526 861 3,228 8,668 11,896 1,622 2003 9/11/2014 Five Town Plaza Springfield, MA — 8,912 19,635 6,224 9,988 24,782 34,770 5,468 1970/2013 9/24/2014 Fairfield Crossing Beavercreek, OH — 3,572 10,026 99 3,605 10,091 13,696 1,956 1994 10/24/2014 Beavercreek Towne Center Beavercreek, OH — 14,055 30,799 615 14,537 30,932 45,469 6,613 1994 10/24/2014 Grayson Village Loganville, GA — 3,952 5,620 1,182 4,017 6,737 10,754 1,788 2002 10/24/2014 The Fresh Market Commons Pawleys Island, SC — 2,442 4,941 81 2,442 5,023 7,465 1,021 2011 10/28/2014 Claremont Village Everett, WA — 5,635 10,495 877 5,806 11,202 17,008 2,157 1994/2012 11/6/2014 Juan Tabo Plaza Albuquerque, NM — 2,466 4,568 584 2,592 5,027 7,619 1,324 1975/1989 11/12/2014 Cherry Hill Marketplace Westland, MI — 4,627 10,137 2,117 5,015 11,866 16,881 2,513 1992/2000 12/17/2014 Nor'Wood Shopping Center Colorado Springs, CO — 5,358 6,684 459 5,435 7,066 12,501 1,655 2003 1/8/2015 Sunburst Plaza Glendale, AZ — 3,435 6,041 592 3,578 6,490 10,068 1,634 1970 2/11/2015 Rivermont Station Johns Creek, GA — 6,876 8,916 795 7,105 9,482 16,587 2,698 1996/2003 2/27/2015 Breakfast Point Marketplace Panama City Beach, FL — 5,578 12,052 562 5,819 12,373 18,192 2,265 2009/2010 3/13/2015 Falcon Valley Lenexa, KS — 3,131 6,873 273 3,370 6,908 10,278 1,397 2008/2009 3/13/2015 Kohl's Onalaska Onalaska, WI — 2,670 5,648 — 2,670 5,648 8,318 1,269 1992/1993 3/13/2015 Coronado Center Santa Fe, NM — 4,396 16,460 2,351 4,534 18,673 23,207 2,681 1964 5/1/2015 Westcreek Plaza Coconut Creek, FL 5,905 3,459 6,131 116 3,483 6,222 9,705 1,023 2006/13 7/10/2015 Northwoods Crossing Taunton, MA — 10,092 14,437 201 10,235 14,495 24,730 2,983 2003/2010 5/24/2016 Murphy Marketplace Murphy, TX — 28,652 33,122 426 28,868 33,333 62,201 4,005 2008/2015 6/24/2016 Harbour Village Jacksonville, FL — 5,612 16,702 640 5,945 17,009 22,954 1,826 2006 9/22/2016 Oak Mill Plaza Niles, IL 1,184 6,843 13,692 775 7,353 13,956 21,309 2,196 1977 10/3/2016 Southern Palms Tempe, AZ 24,076 10,025 24,332 1,382 10,320 25,420 35,740 3,171 1982 10/26/2016 Golden Eagle Village Clermont, FL 7,340 3,735 7,735 276 3,796 7,950 11,746 891 2011 10/27/2016 Atwater Marketplace Atwater, CA — 6,116 7,597 504 6,293 7,924 14,217 934 2008 2/10/2017 Rocky Ridge Town Center Roseville, CA 21,614 5,449 29,207 411 5,599 29,468 35,067 1,923 1996 4/18/2017 Greentree Centre Racine, WI — 2,955 8,718 580 3,347 8,906 12,253 737 1989/1994 5/5/2017 Sierra Del Oro Towne Centre Corona, CA 7,362 9,011 17,989 775 9,188 18,587 27,775 1,310 1991 6/20/2017 Vaughn's at East North Greenville, SC — 1,182 1,812 (311 ) 948 1,736 2,684 46 1979 10/4/2017 Ashland Junction Ashland, VA — 4,987 6,050 424 5,125 6,335 11,460 745 1989 10/4/2017 Barclay Place Shopping Center Lakeland, FL — 1,948 7,174 477 2,038 7,562 9,600 602 1989 10/4/2017 Barnwell Plaza Barnwell, SC — 1,190 1,883 1 1,190 1,884 3,074 343 1985 10/4/2017 Birdneck Shopping Center Virginia Beach, VA — 1,900 3,253 204 1,957 3,400 5,357 317 1987 10/4/2017 Cactus Village Phoenix, AZ — 4,313 5,934 132 4,313 6,066 10,379 431 1986 10/4/2017 Centre Stage Shopping Center Springfield, TN — 4,746 9,533 176 4,919 9,535 14,454 806 1989 10/4/2017 Civic Center Cincinnati, OH — 2,448 1,961 114 2,448 2,076 4,524 546 1986 10/4/2017 Countryside Shopping Center Port Orange, FL — 2,923 12,315 171 2,973 12,436 15,409 850 1983 10/4/2017 Crossroads Plaza Asheboro, NC — 1,722 2,545 582 2,084 2,766 4,850 313 1984 10/4/2017 Dunlop Village Colonial Heights, VA — 2,420 4,892 373 2,493 5,191 7,684 398 1987 10/4/2017 Edgecombe Square Tarboro, NC — 1,412 2,258 305 1,478 2,497 3,975 418 1990 10/4/2017 Emporia West Plaza Emporia, KS — 872 3,409 179 872 3,588 4,460 324 1980/2000 10/4/2017 Forest Park Square Cincinnati, OH — 4,007 5,877 112 4,013 5,984 9,997 605 1988 10/4/2017 Geist Centre Indianapolis, IN — 3,873 6,779 303 3,943 7,012 10,955 509 1989 10/4/2017 Goshen Station Goshen, OH — 1,555 4,621 30 1,585 4,621 6,206 489 1973/2003 10/4/2017 Governors Square Montgomery, AL — 6,460 9,786 283 6,493 10,035 16,528 932 1960/2000 10/4/2017 Guadalupe Plaza Albuquerque, NM — 2,920 7,695 280 2,933 7,962 10,895 485 1985 10/4/2017 The Village Shopping Center Mooresville, IN — 2,089 6,970 392 2,055 7,396 9,451 185 1965/1997 10/4/2017 Heritage Oaks Gridley, CA 5,078 2,390 7,404 77 2,390 7,482 9,872 723 1979 10/4/2017 Hickory Plaza Nashville, TN 5,022 2,927 5,099 94 2,955 5,165 8,120 412 1974/1986 10/4/2017 Highland Fair Gresham, OR 7,173 3,263 7,979 145 3,288 8,099 11,387 497 1984/1999 10/4/2017 High Point Village Bellefontaine, OH — 3,386 7,485 88 3,420 7,540 10,960 861 1988 10/4/2017 Jackson Village Jackson, KY — 1,606 6,992 225 1,644 7,179 8,823 750 1985/1996 10/4/2017 Mayfair Village Hurst, TX — 15,343 16,522 278 15,512 16,631 32,143 1,229 1981/2004 10/4/2017 LaPlata Plaza La Plata, MD — 8,434 22,855 317 8,533 23,072 31,605 1,308 2003 10/4/2017 Lafayette Square Lafayette, IN 7,536 5,387 5,636 129 5,460 5,691 11,151 1,195 1963/2001 10/4/2017 Landen Square Maineville, OH — 2,081 3,467 309 2,222 3,635 5,857 403 1981/2003 10/4/2017 Marion City Square Marion, NC — 2,811 6,304 119 2,853 6,381 9,234 800 1987 10/4/2017 Melbourne Village Plaza Melbourne, FL — 5,418 7,280 490 5,518 7,671 13,189 976 1987 10/4/2017 Commerce Square Brownwood, TX — 6,027 8,341 188 6,035 8,521 14,556 810 1969/2007 10/4/2017 Upper Deerfield Plaza Bridgeton, NJ — 5,073 5,882 716 5,278 6,392 11,670 1,025 1977/1994 10/4/2017 Monfort Heights Cincinnati, OH — 2,357 3,545 9 2,357 3,554 5,911 296 1987 10/4/2017 Mountain Park Plaza Roswell, GA 6,663 6,118 6,652 59 6,118 6,711 12,829 460 1988/2003 10/4/2017 Nordan Shopping Center Danville, VA — 1,911 6,751 141 1,927 6,875 8,802 570 1961/2002 10/4/2017 Northside Plaza Clinton, NC — 1,406 5,471 134 1,416 5,594 7,010 462 1982 10/4/2017 Page Plaza Page, AZ — 2,553 4,411 75 2,628 4,411 7,039 498 1982/1990 10/4/2017 Palmetto Plaza Sumter, SC — 2,732 7,387 269 2,842 7,546 10,388 518 1964/2002 10/4/2017 Park Place Plaza Port Orange, FL — 2,347 8,453 211 2,455 8,557 11,012 628 1984 10/4/2017 Parkway Station Warner Robins, GA — 3,416 5,309 316 3,416 5,626 9,042 544 1982 10/4/2017 Parsons Village Seffner, FL 4,952 3,465 10,864 76 3,470 10,935 14,405 767 1983/1994 10/4/2017 Portland Village Portland, TN — 1,408 5,235 141 1,450 5,334 6,784 421 1984 10/4/2017 Promenade Shopping Center Jacksonville, FL — 6,507 6,149 283 6,559 6,380 12,939 1,037 1990 10/4/2017 Quail Valley Shopping Center Missouri City, TX — 2,452 11,501 622 2,480 12,093 14,573 831 1983 10/4/2017 Hillside West Hillside, UT — 691 1,739 — 691 1,739 2,430 90 2006 10/4/2017 Rolling Hills Shopping Center Tucson, AZ 8,747 5,398 11,792 69 5,398 11,862 17,260 829 1980/1997 10/4/2017 South Oaks Shopping Center Live Oak, FL 3,355 1,742 5,119 10 1,746 5,126 6,872 697 1976/2000 10/4/2017 East Pointe Plaza Columbia, SC — 7,492 11,752 402 7,764 11,882 19,646 1,338 1990 10/4/2017 Southgate Center Heath, OH — 4,246 22,752 88 4,261 22,825 27,086 1,541 1960/1997 10/4/2017 Country Club Center Rio Rancho, NM — 1,866 2,612 (688 ) 1,341 2,449 3,790 44 1977 10/4/2017 Summerville Galleria Summerville, SC — 4,104 8,668 219 4,310 8,680 12,990 649 1989/2003 10/4/2017 The Oaks Hudson, FL — 3,535 5,527 (140 ) 3,443 5,479 8,922 48 1981 10/4/2017 Riverplace Centre Noblesville, IN — 3,890 4,044 190 3,934 4,190 8,124 503 1992 10/4/2017 Timberlake Station Lynchburg, VA — 2,427 1,970 67 2,441 2,022 4,463 309 1950/1996 10/4/2017 Town & Country Center Hamilton, OH 2,158 2,268 4,372 22 2,279 4,382 6,661 396 1950 10/4/2017 Powell Villa Portland, OR — 3,364 7,318 2,719 3,396 10,006 13,402 452 1959/1991 10/4/2017 Towne Crossing Shopping Center Mesquite, TX — 5,358 15,537 707 5,379 16,223 21,602 1,074 1984 10/4/2017 Village at Waterford Midlothian, VA 4,378 2,702 5,194 138 2,768 5,266 8,034 382 1991 10/4/2017 Buckingham Square Richardson, TX — 2,087 6,392 480 2,120 6,839 8,959 462 1978 10/4/2017 Western Square Shopping Center Laurens, SC — 1,013 3,333 103 1,045 3,403 4,448 515 1978/1991 10/4/2017 White Oaks Plaza Spindale, NC — 2,568 3,350 (542 ) 2,124 3,252 5,376 56 1988 10/4/2017 Windsor Center Dallas, NC — 2,488 5,186 29 2,488 5,214 7,702 531 1974/1996 10/4/2017 Winery Square Fairfield, CA — 4,288 14,333 169 4,433 14,357 18,790 898 1987 10/4/2017 12 West Marketplace Litchfield, MN — 835 3,538 105 940 3,538 4,478 475 1989 10/4/2017 Orchard Plaza Altoona, PA 1,388 2,537 5,366 4 2,537 5,370 7,907 516 1987 10/4/2017 Willowbrook Commons Nashville, TN — 5,384 6,002 169 5,462 6,093 11,555 496 2005 10/4/2017 Edgewood Towne Center Edgewood, PA — 10,029 22,535 3,075 10,219 25,421 35,640 1,829 1990 10/4/2017 Everson Pointe Snellville, GA — 4,222 8,421 62 4,233 8,472 12,705 670 1999 10/4/2017 Gleneagles Court Memphis, TN — 2,935 5,540 (516 ) 2,590 5,369 7,959 26 1988 10/4/2017 Village Square of Delafield Delafield, WI — 6,206 6,864 141 6,325 6,886 13,211 560 2007 10/4/2017 Jasper Manor Jasper, IN — 2,311 4,968 (593 ) 1,912 4,774 6,686 170 1990 10/4/2017 Pipestone Plaza Benton Harbor, MI — 1,432 5,715 (750 ) 941 5,456 6,397 34 1978 10/4/2017 Shoppes of Lake Village Leesburg, FL — 4,065 3,786 100 4,097 3,854 7,951 563 1987/1998 2/26/2018 Sierra Vista Plaza Murrieta, CA — 9,824 11,669 11 9,831 11,673 21,504 142 1991 9/28/2018 Wheat Ridge Marketplace Wheat Ridge, CO 11,987 7,926 8,393 18 7,944 8,393 16,337 126 1996 10/3/2018 Atlantic Plaza North Reading, MA — 12,341 12,699 7 12,341 12,706 25,047 138 1959/1973 11/9/2018 Staunton Plaza Staunton, VA — 4,818 14,380 — 4,818 14,380 19,198 79 2006 11/16/2018 Bethany Village Alpharetta, GA — 6,138 8,355 — 6,138 8,355 14,493 58 2001 11/16/2018 Northpark Village Lubbock, TX — 3,087 6,047 — 3,087 6,047 9,134 40 1990 11/16/2018 Kings Crossing Sun City Center, FL — 5,654 11,225 21 5,654 11,247 16,901 70 2000/2018 11/16/2018 Lake Washington Crossing Melbourne, FL — 4,222 13,553 67 4,222 13,620 17,842 101 1987/2012 11/16/2018 Kipling Marketplace Littleton, CO — 4,020 10,405 48 4,020 10,452 14,472 73 1983/2009 11/16/2018 MetroWest Village Orlando, FL — 6,841 15,333 — 6,841 15,333 22,174 93 1990 11/16/2018 Spring Cypress Village Houston, TX — 9,579 14,567 — 9,579 14,567 24,146 91 1982/2007 11/16/2018 Commonwealth Square Folsom, CA 6,370 9,955 12,586 61 9,955 12,647 22,602 116 1987 11/16/2018 Point Loomis Milwaukee, WI — 4,171 4,901 — 4,171 4,901 9,072 69 1965/1991 11/16/2018 Shasta Crossroads Redding, CA — 9,598 18,643 2 9,598 18,645 28,243 119 1989/2016 11/16/2018 Milan Plaza Milan, MI — 925 1,974 20 925 1,993 2,918 45 1960/1975 11/16/2018 Hilander Village Roscoe, IL — 2,581 7,461 — 2,581 7,461 10,042 80 1994 11/16/2018 Laguna 99 Plaza Elk Grove, CA — 5,422 16,952 10 5,422 16,962 22,384 96 1992 11/16/2018 Southfield Center St. Louis, MO — 5,612 13,643 12 5,618 13,650 19,268 88 1987 11/16/2018 Waterford Park Plaza Plymouth, MN — 4,935 19,543 — 4,935 19,543 24,478 120 1989 11/16/2018 Colonial Promenade Winter Haven, FL — 12,403 22,097 15 12,403 22,112 34,515 162 1986/2008 11/16/2018 Willimantic Plaza Willimantic, CT — 3,596 8,859 — 3,596 8,859 12,455 83 1968/1990 11/16/2018 Quivira Crossings Overland Park, KS — 7,512 10,729 13 7,512 10,742 18,254 85 1996 11/16/2018 Spivey Junction Stockbridge, GA — 4,083 10,414 — 4,083 10,414 14,497 68 1998 11/16/2018 Plaza Farmington Farmington, NM — 6,322 9,619 10 6,322 9,630 15,952 69 2004 11/16/2018 Harvest Plaza Akron, OH — 2,693 6,083 — 2,693 6,083 8,776 43 1974/2000 11/16/2018 Oakhurst Plaza Seminole, FL — 2,782 4,506 — 2,782 4,506 7,288 38 1974/2001 11/16/2018 Old Alabama Square Johns Creek, GA — 10,782 17,359 205 10,782 17,564 28,346 99 2000 11/16/2018 North Point Landing Modesto, CA — 8,040 28,422 14 8,040 28,436 36,476 152 1964/2008 11/16/2018 Glenwood Crossing Cincinnati, OH — 4,581 3,922 — 4,581 3,922 8,503 43 1999 11/16/2018 Rosewick Crossing La Plata, MD — 8,252 23,507 — 8,252 23,507 31,759 134 2008 11/16/2018 Alameda Crossing Avondale, AZ 13,403 6,692 19,046 — 6,692 19,046 25,738 123 2006 11/16/2018 Vineyard Center Templeton, CA 5,428 1,753 6,406 — 1,753 6,406 8,159 36 2007 11/16/2018 Ocean Breeze Plaza Jensen Beach, FL — 6,416 9,986 27 6,416 10,012 16,428 68 1993/2010 11/16/2018 Central Valley Marketplace Ceres, CA — 6,163 17,535 — 6,163 17,535 23,698 98 2005 11/16/2018 51st & Olive Square Glendale, AZ — 2,236 9,038 4 2,236 9,042 11,278 58 1975/2007 11/16/2018 West Acres Shopping Center Fresno, CA — 4,866 5,627 — 4,866 5,627 10,493 60 1990 11/16/2018 Meadows on the Parkway Boulder, CO — 23,954 32,744 15 23,954 32,759 56,713 181 1989 11/16/2018 Wyandotte Plaza Kansas City, KS — 5,204 17,566 — 5,204 17,566 22,770 102 1961/2015 11/16/2018 Broadlands Marketplace Broomfield, CO — 7,434 9,459 — 7,434 9,459 16,893 66 2002 11/16/2018 Village Center Racine, WI — 6,051 26,473 — 6,051 26,473 32,524 171 2002/2003 11/16/2018 Shoregate Town Center Willowick, OH — 7,152 16,282 94 7,152 16,376 23,528 191 1958/2005 11/16/2018 Plano Market Street Plano, TX — 14,837 33,178 68 14,837 33,246 48,083 175 2009 11/16/2018 Island Walk Shopping Center Fernandina Beach, FL — 8,190 19,992 1 8,190 19,992 28,182 135 1987/2012 11/16/2018 Normandale Village Bloomington, MN 12,150 8,390 11,407 16 8,390 11,423 19,813 110 1973 11/16/2018 North Pointe Plaza North Charleston, SC — 10,232 26,348 1 10,232 26,349 36,581 197 1989 11/16/2018 Palmer Town Center Easton, PA — 7,331 23,525 — 7,331 23,525 30,856 139 2005 11/16/2018 Alico Commons Fort Myers, FL — 4,670 16,557 3 4,670 16,560 21,230 93 2009 11/16/2018 Windover Square Melbourne, FL — 4,115 13,309 8 4,115 13,317 17,432 76 1984/2010 11/16/2018 Rockledge Square Rockledge, FL — 3,477 4,469 — 3,477 4,469 7,946 53 1985 11/16/2018 Port St. John Plaza Port St. John, FL — 3,305 5,636 24 3,305 5,660 8,965 52 1986 11/16/2018 Fairfield Commons Lakewood, CO — 8,802 29,946 13 8,802 29,959 38,761 158 1985 11/16/2018 Cocoa Commons Cocoa, FL — 4,838 8,247 — 4,838 8,247 13,085 73 1986 11/16/2018 Hamilton Mill Village Dacula, GA — 7,059 9,678 — 7,059 9,678 16,737 69 1996 11/16/2018 Amherst Marketplace Amherst, OH — 4,297 6,946 — 4,297 6,946 11,243 58 1996 11/16/2018 Sheffield Crossing Sheffield Village, OH — 8,841 10,232 8 8,841 10,240 19,081 82 1989 11/16/2018 The Shoppes at Windmill Place Batavia, IL — 8,186 16,005 — 8,186 16,005 24,191 108 1991/1997 11/16/2018 Stone Gate Plaza Crowley, TX 7,478 5,261 7,007 16 5,261 7,023 12,284 46 2003 11/16/2018 Everybody's Plaza Cheshire, CT — 2,520 10,096 250 2,520 10,346 12,866 56 1960/2005 11/16/2018 Lakewood City Center Lakewood, OH — 1,593 10,308 8 1,593 10,316 11,909 54 1991 11/16/2018 Carriagetown Marketplace Amesbury, MA — 7,084 15,492 69 7,115 15,530 22,645 103 2000 11/16/2018 Crossroads of Shakopee Shakopee, MN — 8,869 20,320 13 8,869 20,332 29,201 145 1998 11/16/2018 Broadway Pavilion Santa Maria, CA — 8,512 20,427 2 8,512 20,429 28,941 125 1987 11/16/2018 Sanibel Beach Place Fort Myers, FL — 3,918 7,043 — 3,918 7,043 10,961 55 2003 11/16/2018 Shoppes at Glen Lakes Weeki Wachee, FL — 3,118 7,473 74 3,118 7,548 10,666 48 2008 11/16/2018 Bartow Marketplace Cartersville, GA — 11,944 24,610 — 11,944 24,610 36,554 216 1995 11/16/2018 Bloomingdale Hills Riverview, FL — 4,384 5,179 — 4,384 5,179 9,563 49 2002/2012 11/16/2018 University Plaza Amherst, NY — 2,778 9,800 13 2,778 9,814 12,592 46 1980/1999 11/16/2018 McKinney Market Street McKinney, TX 3,379 10,941 16,061 553 10,941 16,614 27,555 109 2003 11/16/2018 Montville Commons Montville, CT 9,282 12,417 11,091 — 12,417 11,091 23,508 96 2007 11/16/2018 Shaw's Plaza Raynham Raynham, MA — 7,769 26,829 15 7,769 26,843 34,612 176 1965/1998 11/16/2018 Suntree Square Southlake, TX 9,374 6,335 15,642 5 6,335 15,647 21,982 95 2000 11/16/2018 Green Valley Plaza Henderson, NV — 7,284 16,879 — 7,284 16,879 24,163 103 1978/1982 11/16/2018 Crosscreek Village St. Cloud, FL — 3,821 9,604 — 3,821 9,604 13,425 61 2008 11/16/2018 Market Walk Savannah, GA — 20,679 31,836 2 20,679 31,838 52,517 196 2014/2015 11/16/2018 Livonia Plaza Livonia, MI — 4,118 17,037 — 4,118 17,037 21,155 109 1988 11/16/2018 Franklin Centre Franklin, WI 7,579 6,353 5,482 — 6,353 5,482 11,835 85 1994/2009 11/16/2018 Plaza 23 Pompton Plains, NJ — 11,412 40,144 160 11,424 40,292 51,716 216 1963/1997 11/16/2018 Shorewood Crossing Shorewood, IL — 9,497 20,993 3 9,497 20,996 30,493 133 2001 11/16/2018 Herndon Place Fresno, CA — 7,148 10,071 13 7,148 10,084 17,232 83 2005 11/16/2018 Windmill Marketplace Clovis, CA — 2,775 7,299 — 2,775 7,299 10,074 40 2001 11/16/2018 Riverlakes Village Bakersfield, CA 13,827 8,567 15,242 57 8,567 15,299 23,866 89 1997 11/16/2018 Bells Fork Greenville, NC — 2,846 6,455 18 2,846 6,473 9,319 39 2006 11/16/2018 Evans Towne Centre Evans, GA — 4,018 7,013 7 4,018 7,020 11,038 53 1995 11/16/2018 Mansfield Market Center Mansfield, TX — 4,672 13,154 — 4,672 13,154 17,826 73 2015 11/16/2018 Ormond Beach Mall Ormond Beach, FL — 4,954 7,006 — 4,954 7,006 11,960 56 1967/2010 11/16/2018 Heritage Plaza Carol Stream, IL 9,510 6,205 16,507 11 6,205 16,518 22,723 100 1988 11/16/2018 Mountain Crossing Dacula, GA 4,312 6,602 6,835 1 6,618 6,820 13,438 51 1997 11/16/2018 Seville Commons Arlington, TX — 4,689 12,602 9 4,689 12,611 17,300 76 1987 11/16/2018 Loganville Town Center Loganville, GA — 4,922 6,625 — 4,922 6,625 11,547 53 1997 11/16/2018 Cinco Ranch at Market Center Katy, TX — 5,553 14,053 6 5,553 14,059 19,612 52 2007/2008 12/12/2018 Northlake (5) 8,490 2,327 11,806 228 2,367 11,995 14,362 671 1985 10/4/2017 Corporate Adjustments (6) — 6 2,751 (4,107 ) (669 ) (681 ) (1,350 ) (12 ) Totals $ 334,117 $ 1,567,538 $ 3,149,739 $ 131,206 $ 1,598,063 $ 3,250,420 $ 4,848,483 $ 393,970 (1) Assets held for sale are not included in our Schedule III report. (2) Encumbrances do not include our capital leases. (3) The reduction to costs capitalized subsequent to acquisition could include parcels/out-parcels sold, and assets held-for-sale. (4) The aggregate cost of properties for Federal income tax purposes is approximately $4.8 billion at December 31, 2018. (5) Amounts consist of corporate building and land. (6) Amounts consist of elimination of intercompany construction management fees charged by the property manager to the owned real estate. Reconciliation of real estate owned: 2018 2017 Balance at January 1 $ 3,384,971 $ 2,329,080 Additions during the year: Real estate acquisitions 1,850,294 1,021,204 Net additions to/improvements of real estate 12,936 40,192 Deductions during the year: Real estate dispositions (353,492 ) (5,505 ) Impairment of real estate (46,226 ) — Balance at December 31 $ 4,848,483 $ 3,384,971 Reconciliation of accumulated depreciation: 2018 2017 Balance at January 1 $ 314,080 $ 222,557 Additions during the year: Depreciation expense 96,788 92,156 Deductions during the year: Accumulated depreciation of real estate dispositions (9,355 ) (633 ) Accumulated depreciation of impaired real estate (7,543 ) — Balance at December 31 $ 393,970 $ 314,080 * * * * * |
Organization (Q2)
Organization (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own properties, our third-party investment management business provides comprehensive real estate and asset management services to (i) Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), a non-traded publicly registered REIT; (ii) three institutional joint ventures; and (iii) one private fund (collectively, the “Managed Funds”). In November 2018 , we completed a merger (the “Merger”) with Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), a public non-traded REIT that was advised and managed by us, in a 100% stock-for-stock transaction valued at approximately $1.9 billion . As a result of the Merger, we acquired 86 properties and a 20% equity interest in Necessity Retail Partners (“NRP” or the “NRP joint venture”), a joint venture that owned 13 properties. For a more detailed discussion, see Note 4 . In November 2018 , through our direct or indirect subsidiaries, we entered into a joint venture with The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”). At formation, we contributed or sold 17 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, Grocery Retail Partners I LLC (“GRP I” or the “GRP I joint venture”). GRP I also assumed a portfolio loan from us as part of this transaction. In exchange, we received a 15% ownership interest in GRP I and cash of $161.8 million . For a more detailed discussion, see Note 6 . As of June 30, 2019 , we wholly-owned fee simple interests in 298 real estate properties. In addition, we owned a 20% equity interest in NRP and a 15% interest in GRP I, as described previously. | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to (i) Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), a non-traded publicly registered REIT; (ii) three institutional joint ventures, and (iii) one private fund (collectively, the “Managed Funds”). On November 16, 2018, we completed a merger (the “Merger”) with Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), a public non-traded REIT that was advised and managed by us, in a 100% stock-for-stock transaction valued at approximately $1.9 billion . We issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock. For a more detailed discussion, see Note 3. On November 9, 2018, through our direct or indirect subsidiaries, we entered into a joint venture with The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) and we contributed or sold 17 grocery-anchored shopping centers with a fair value of approximately $359 million at formation to the new joint venture, Grocery Retail Partners I LLC (“GRP I” or the “GRP I joint venture”), in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the contribution or sale of the properties to GRP I joint venture, GRP I distributed or paid cash of $161.8 million to us as well as assuming an existing mortgage loan with a book value of $175 million . For a more detailed discussion, see Note 6. On October 4, 2017, we completed a transaction valued at approximately $1 billion to acquire certain real estate assets and the third-party investment management business of Phillips Edison Limited Partnership (“PELP”) in exchange for stock and cash (the “PELP transaction”). See Note 4 for more detail. As of December 31, 2018, we wholly-owned fee simple interests in 303 real estate properties. In addition, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned 13 properties, and we owned a 15% interest in GRP I, which owned 17 properties, as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated financial statements. As a result, these estimates are subject to a degree of uncertainty. Other than those noted below, there have been no changes to our significant accounting policies during the six months ended June 30, 2019 . For a full summary of our accounting policies, refer to our 2018 Annual Report on Form 10-K filed with the SEC on March 13, 2019. Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2018 , which are included in our 2018 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2019 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. Leases —We are party to a number of lease agreements, both as a lessor as well as a lessee of various types of assets. Lessor —The majority of our revenue is lease revenue derived from our real estate assets, which is accounted for under Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). We adopted the accounting guidance contained within ASC 842 on January 1, 2019, the effective date of the standard for public companies. We record lease and lease-related revenue as Rental Income on the consolidated statements of operations and comprehensive (loss) income , also referred to herein as our “consolidated statements of operations”, in accordance with ASC 842. We enter into leases primarily as a lessor as part of our real estate operations, and leases represent the majority of our revenue. We lease space in our properties generally in the form of operating leases. Our leases typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expenses. Common area maintenance reimbursements can be fixed, with revenue earned on a straight-line basis over the term of the lease, or variable, with revenue recognized as services are performed for which we will be reimbursed. The terms and expirations of our operating leases with our tenants are generally similar. The majority of leases for inline (non-anchor) tenants have terms that range from 2 to 10 years, and the majority of leases for anchor tenants range from 3 to 13 years. In both cases, the full term of the lease prior to our acquisition or assumption of the lease will generally be longer, however, we are measuring the commencement date for these purposes as being the date that we acquired or assumed the lease, excluding option periods. The lease agreements frequently contain fixed-price renewal options to extend the terms of leases and other terms and conditions as negotiated. In calculating the term of our leases, we consider whether these options are reasonably certain to be exercised. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Currently, our tenants have no options to purchase at the end of the lease term, although in a small number of leases, a tenant, usually the anchor tenant, may have the right of first refusal to purchase one of our properties if we elect to sell the center. Beginning January 1, 2019, we evaluate whether a lease is an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met: • if the lease transfers ownership of the underlying asset to the lessee by the end of the term; • if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised; • if the lease term is for the major part of the remaining economic life of the underlying asset; or • if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. We utilize substantial judgment in determining the fair value of the leased asset, the economic life of the leased asset, and the relevant borrowing rate in performing our lease classification analysis. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently all of our leases are classified as operating leases, and we expect that the majority, if not all, of our leases will continue to be classified as operating leases based upon our typical lease terms. We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of when revenue recognition under a lease begins, as well as the nature of the leased asset, is dependent upon our assessment of who is the owner, for accounting purposes, of any related tenant improvements. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (i.e., the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether the lessee or we are the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. The majority of our leases provide for fixed rental escalations, and we recognize rental income on a straight-line basis over the term of each lease in such instances. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis, as described above. The majority of our lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. In certain cases, the lease agreement may stipulate that a tenant make a direct payment for real estate taxes to the relevant taxing authorities. In these cases, beginning on January 1, 2019, we no longer record any revenue or expense related to these tenant expenditures. Although we expect such cases to be rare, in the event that a direct-paying tenant failed to make their required payment to the taxing authorities, we would potentially be liable for such amounts, although they are not recorded as a liability in our consolidated balance sheets per the requirements of ASC 842. We have made a policy election to exclude amounts collected from customers for all sales tax and other similar taxes from the transaction price in our recognition of lease revenue. Additionally, we record an immaterial amount of variable revenue in the form of percentage rental income. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e., breakpoint) that triggers the contingent rental income is achieved. In some instances, as part of our negotiations, we may offer lease incentives to our tenants. These incentives usually take the form of payments made to or on behalf of the tenant, and such incentives will be deducted from the lease payment and recorded on a straight-line basis over the term of the new lease. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. We record lease termination income as Rental Income in the consolidated statements of operations. Historically, we periodically reviewed the collectability of outstanding receivables. Following the adoption of ASC 842, as of January 1, 2019, lease receivables are reviewed continually to determine whether or not it is likely that we will realize all amounts receivable for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). If we determine that the tenant is not a credit risk, no reserve or reduction of revenue is recorded, except in the case of disputed charges. If we determine that the tenant is a credit risk, revenue for that tenant is recorded on a cash basis, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income rather than in Property Operating, where our reserves were previously recorded, on the consolidated statements of operations. Lessee —We enter into leases as a lessee as part of our real estate operations in the form of ground leases of land for certain properties, and as part of our corporate operations in the form of office space and office equipment leases. Ground leases typically have initial terms of 15 - 40 years with one or more options to renew for additional terms of 3 - 5 years, and may include options that grant us, as the lessee, the right to terminate the lease, without penalty, in advance of the full lease term. Our office space leases generally have terms of less than ten years with no renewal options. Office equipment leases typically have terms ranging from 3 - 5 years with options to extend the term for a year or less, but contain minimal termination rights. In calculating the term of our leases, we consider whether we are reasonably certain to exercise renewal and/or termination options. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. Currently, neither our operating leases nor our finance leases have residual value guarantees or other restrictions or covenants, but a small number may contain nonlease components which have been deemed not material. Beginning January 1, 2019, we evaluate whether a lease is a finance or operating lease using the criteria established in ASC 842. The criteria we use to determine whether a lease is a finance lease are the same as those we use to determine whether a lease is sales-type lease as a lessor. If none of the finance lease criteria is met, we classify the lease as an operating lease. We record right-of-use (“ROU”) assets and liabilities in the consolidated balance sheets based upon the terms and conditions of the applicable lease agreement. We use discount rates to calculate the present value of lease payments when determining lease classification and measuring our lease liability. We use the rate implicit in the lease as our discount rate unless that rate cannot be readily determined, in which case we consider various factors to select an appropriate discount rate. This requires the application of judgment, and we consider the length of the lease as well as the length and securitization of our outstanding debt agreements in selecting an appropriate rate. Refer to Note 3 for further detail. Revenue Recognition —In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset Management Over time In cash and/or ownership units, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a project) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition/Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we calculate the amount earned at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, sales or transfers to non-customers of non-financial assets or in substance non-financial assets that do not meet the definition of a business are accounted for within the scope of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through an Internal Revenue Code (the “Code”) Section 1031 like-kind exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5 . Income Taxes —Our consolidated financial statements include the operations of wholly owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries (“TRS”) and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. During the three and six months ended June 30, 2019 and 2018 , no federal income tax expense or benefit was reported, and we recorded a full valuation allowance for our net deferred tax asset. We recognized an immaterial amount of state and local income tax expense, which is included in Other (Expense) Income, Net on the consolidated statements of operations. Recently Issued and Newly Adopted Accounting Pronouncements —The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. Reclassifications —The following line items on our consolidated statements of operations for the three and six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Tenant Recovery was combined with Rental Income, and • Other Expense, Net previously included activity from property disposals, and this is now presented as (Loss) Gain on Disposal of Property, Net. The following line items on our consolidated statements of cash flows for the six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Accounts Receivable - Affiliates was combined with Other Assets, Net; • Accounts Payable - Affiliates was combined with Accounts Payable and Other Liabilities; and • Net Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates. Partially-Owned Entities —If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary. Noncontrolling Interests —Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations and comprehensive income (loss), also referred to herein as our “consolidated statements of operations”. For additional information regarding noncontrolling interests, refer to Note 13. Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceed the Federal Depository Insurance Corporation coverage. Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. As of December 31, 2018, we had four properties sold as part of facilitating a 1031 exchange. The net proceeds of these sales held as restricted cash with a qualified intermediary totaled $44.3 million . Investment in Property and Lease Intangibles —Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption are now capitalized and will be amortized over the life of the related assets, and there is no recognition of goodwill. Excluding the PELP transaction, none of our real estate acquisitions in 2018 and 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of below-market debt was $3.8 million and $3.7 million as of December 31, 2018 and 2017, respectively. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. For additional information regarding real estate asset impairments, refer to Note 18. Goodwill and Other Intangibles —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30. We adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, as of January 1, 2018. Therefore, when we perform a quantitative test of goodwill for impairment, we compare the carrying value of net assets to the fair value of the reporting unit. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Based on the results of our analysis, we concluded that goodwill was not impaired for the years ended December 31, 2018 and 2017. Held for Sale Assets —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. For additional information regarding assets held for sale, refer to Note 5. Deferred Financing Expenses —Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. The accumulated amortization of deferred financing expenses in Debt Obligations, Net was $8.3 million and $5.4 million as of December 31, 2018 and 2017, respectively. Fair Value Measurement —Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) , defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held. Investment in Unconsolidated Joint Ventures —We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or loss from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint ventures, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates. For additional information regarding our unconsolidated joint ventures, refer to Note 6. Revenue Recognition —The majority of our revenue is lease revenue derived from our real estate assets. We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are accounted for under ASC Topic 840, Leases . We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be recorded for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2018 and 2017, the bad debt reserve for uncollectible amounts was $6.0 million and $3.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We began accounting for our non-lease revenue under ASC 606 upon our adoption of ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), e ffective January 1, 2018, using the modified retrospective approach. Our adoption of ASU 2014-09 did not result in any retrospective adjustments to prior periods as our previous revenue recognition policies aligned with the updated guidance. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Timing of Payment Description Asset Management Over time Monthly, in cash and/or ownership units Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price of the property acquired. Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the disposition price of the property sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we determined that we are unable to estimate our revenue until receipt at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, we adopted the guidance of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to non-customers of non-financial assets, or in substance, nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a 1031 exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5. Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation , which requires that all share based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Fair value at issuance is determined using the grant date published price of the our stock. For those share-based awards that are settled in cash and recorded as a liability, the fair value and associated expense is adjusted when the published price of our stock changes. Share-based compensation expense for all awards is included in General and Administrative expenses in the our consolidated statements of operations. For more information about our stock based compensation program, see Note 14. Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions. Under our SRP, the maximum amount of common stock that we may redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date, of which the company may use all or a portion, is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period. The availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion. The Board of Directors (“Board”) reserves the right at any time to reject any request for repurchase or to further limit the amount repurchased below the DRIP threshold. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings. Segments —As of December 31, 2017, we determined we had two reportable segments: Owned Real Estate and Investment Management. However, based upon the changes in our operations as a result of the Merger, we have determined we have a single reportable segment as of December 31, 2018. Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. For more information regarding our income taxes, see Note 11. Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the te |
Leases (Q2) (Notes)
Leases (Q2) (Notes) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lessor - Operating Lease, Payments to be Received, Maturity | Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2019 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount Remaining 2019 $ 191,571 2020 360,997 2021 316,521 2022 274,713 2023 223,940 2024 and thereafter 636,772 Total $ 2,004,514 | |
Schedule of Capital Leased Assets | Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of June 30, 2019 (in thousands): June 30, 2019 Assets Investment in Real Estate: ROU asset - operating leases $ 4,707 Less: accumulated amortization (217 ) Total in Investment in Real Estate 4,490 Other Assets: ROU asset - operating leases 2,540 ROU asset - finance leases 705 Less: accumulated amortization (595 ) Total in Other Assets 2,650 Total ROU lease assets (1) $ 7,140 Liabilities Accounts Payable and Other Liabilities: Operating lease liability $ 6,790 Debt Obligations, Net: Finance lease liability 581 Total lease liabilities (1) $ 7,371 (1) As of June 30, 2019 , the weighted average remaining lease term was approximately 2.4 years for finance leases and 18.3 years for operating leases. The weighted average discount rate was 3.54% for finance leases and 4.07% for operating leases. | |
Schedule of Right-of-Use Lease Cost and Amortization | Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Statements of operations information: Finance lease cost: Amortization of ROU assets $ 64 $ 128 Interest on lease liabilities 4 9 Operating lease costs 449 797 Short term lease expense 376 767 | |
Schedule of Cash Flow, Leases | Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands): Six Months Ended June 30, 2019 Statements of cash flows information: Operating cash flows used for operating leases $ (620 ) Financing cash flows used for finance leases (122 ) ROU assets obtained in exchange for new lease liabilities 1,444 | |
Lessee, Finance Lease, Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 | |
Lessee, Operating Lease Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 | |
Leases of Lessor Disclosure | 3. LEASES Standard Adoption —Effective January 1, 2019, we adopted ASU 2016-02, Leases . This standard was adopted in conjunction with the related updates, ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ; ASU 2018-10, C odification Improvements to Topic 842, Leases ; ASU 2018-11, Leases (Topic 842): Targeted Improvements ; and ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors , collectively “ASC 842,” using a modified-retrospective approach, as required. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The adoption of ASC 842 resulted in a $0.5 million adjustment to the current year’s opening balance in Accumulated Deficit on the consolidated balance sheets as a result of recognizing ROU assets and lease liabilities as well as adjustments to our collectability reserve. Beginning in January 1, 2019, due to the new standard’s narrowed definition of initial direct costs, we now expense significant lease origination costs as incurred, which were previously capitalized as initial direct costs and amortized to expense over the lease term. We capitalized $6.2 million of internal costs for the year ended December 31, 2018 , some of which we will continue to capitalize in accordance with the standard. During the six months ended June 30, 2019 , the amounts capitalized were $1.9 million , compared to $2.9 million during the six months ended June 30, 2018 . Amounts that were capitalized prior to the adoption of ASC 842 will continue to be amortized over their remaining lives. Additionally, ASC 842 requires that lessors exclude from variable payments all costs paid by a lessee directly to a third party. For the year ended December 31, 2018 , $8.0 million in real estate tax payments made by tenants directly to third parties was recorded by us as both Tenant Recovery Income and Real Estate Taxes. This amount was approximately $1.3 million and $2.7 million for the three and six months ended June 30, 2018 , respectively. Beginning January 1, 2019, such amounts are no longer recognized by us. As the recorded expense was completely offset by the tenant recovery income recorded, this has no net impact to earnings. Beginning January 1, 2019, operating lease receivables are accounted for under ASC 842, which requires us to recognize changes in the collectability assessment for an operating lease as an adjustment to lease income. For the year ended December 31, 2018 , $2.9 million of expense was recorded as Property Operating on our consolidated statements of operations, which would have been recorded as a reduction to Rental Income under the new standard. For the three and six months ended June 30, 2019 , the total amount recorded as a reduction to Rental Income as a result of collectability reserves was $0.1 million and $0.7 million , respectively. Lessor —The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2019 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount Remaining 2019 $ 191,571 2020 360,997 2021 316,521 2022 274,713 2023 223,940 2024 and thereafter 636,772 Total $ 2,004,514 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of June 30, 2019 . As of June 30, 2019 , our real estate investments in Florida and California represented 12.3% and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the Florida and California real estate markets. Lessee —As a lessee, we recognized additional operating lease liabilities of $6.2 million with corresponding ROU assets of $6.0 million , and the difference between them was recorded as an adjustment to Accumulated Deficit on the consolidated balance sheets. On adoption of ASC 842, these asset and liability amounts represented the present value of the remaining fixed minimum rental payments under current leasing standards for existing leases, adjusted as appropriate for amounts written off in transition to the new guidance. The initial measurement of a ROU asset may differ from the initial measurement of the corresponding lease liability due to initial direct costs, prepaid lease payments, and lease incentives. Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of June 30, 2019 (in thousands): June 30, 2019 Assets Investment in Real Estate: ROU asset - operating leases $ 4,707 Less: accumulated amortization (217 ) Total in Investment in Real Estate 4,490 Other Assets: ROU asset - operating leases 2,540 ROU asset - finance leases 705 Less: accumulated amortization (595 ) Total in Other Assets 2,650 Total ROU lease assets (1) $ 7,140 Liabilities Accounts Payable and Other Liabilities: Operating lease liability $ 6,790 Debt Obligations, Net: Finance lease liability 581 Total lease liabilities (1) $ 7,371 (1) As of June 30, 2019 , the weighted average remaining lease term was approximately 2.4 years for finance leases and 18.3 years for operating leases. The weighted average discount rate was 3.54% for finance leases and 4.07% for operating leases. Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Statements of operations information: Finance lease cost: Amortization of ROU assets $ 64 $ 128 Interest on lease liabilities 4 9 Operating lease costs 449 797 Short term lease expense 376 767 Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands): Six Months Ended June 30, 2019 Statements of cash flows information: Operating cash flows used for operating leases $ (620 ) Financing cash flows used for finance leases (122 ) ROU assets obtained in exchange for new lease liabilities 1,444 Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 | 17. OPERATING LEASES The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Approximate future rental income to be received under noncancelable operating leases in effect as of December 31, 2018, assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands): Year Amount 2019 $ 372,632 2020 340,028 2021 292,887 2022 247,915 2023 196,152 2024 and thereafter 555,282 Total $ 2,004,896 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2018. As of December 31, 2018, our real estate investments in Florida and California represented 12.0% and 10.1% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the real estate markets of Florida or California. |
Leases of Lessee Disclosure | 3. LEASES Standard Adoption —Effective January 1, 2019, we adopted ASU 2016-02, Leases . This standard was adopted in conjunction with the related updates, ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ; ASU 2018-10, C odification Improvements to Topic 842, Leases ; ASU 2018-11, Leases (Topic 842): Targeted Improvements ; and ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors , collectively “ASC 842,” using a modified-retrospective approach, as required. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The adoption of ASC 842 resulted in a $0.5 million adjustment to the current year’s opening balance in Accumulated Deficit on the consolidated balance sheets as a result of recognizing ROU assets and lease liabilities as well as adjustments to our collectability reserve. Beginning in January 1, 2019, due to the new standard’s narrowed definition of initial direct costs, we now expense significant lease origination costs as incurred, which were previously capitalized as initial direct costs and amortized to expense over the lease term. We capitalized $6.2 million of internal costs for the year ended December 31, 2018 , some of which we will continue to capitalize in accordance with the standard. During the six months ended June 30, 2019 , the amounts capitalized were $1.9 million , compared to $2.9 million during the six months ended June 30, 2018 . Amounts that were capitalized prior to the adoption of ASC 842 will continue to be amortized over their remaining lives. Additionally, ASC 842 requires that lessors exclude from variable payments all costs paid by a lessee directly to a third party. For the year ended December 31, 2018 , $8.0 million in real estate tax payments made by tenants directly to third parties was recorded by us as both Tenant Recovery Income and Real Estate Taxes. This amount was approximately $1.3 million and $2.7 million for the three and six months ended June 30, 2018 , respectively. Beginning January 1, 2019, such amounts are no longer recognized by us. As the recorded expense was completely offset by the tenant recovery income recorded, this has no net impact to earnings. Beginning January 1, 2019, operating lease receivables are accounted for under ASC 842, which requires us to recognize changes in the collectability assessment for an operating lease as an adjustment to lease income. For the year ended December 31, 2018 , $2.9 million of expense was recorded as Property Operating on our consolidated statements of operations, which would have been recorded as a reduction to Rental Income under the new standard. For the three and six months ended June 30, 2019 , the total amount recorded as a reduction to Rental Income as a result of collectability reserves was $0.1 million and $0.7 million , respectively. Lessor —The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2019 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount Remaining 2019 $ 191,571 2020 360,997 2021 316,521 2022 274,713 2023 223,940 2024 and thereafter 636,772 Total $ 2,004,514 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of June 30, 2019 . As of June 30, 2019 , our real estate investments in Florida and California represented 12.3% and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the Florida and California real estate markets. Lessee —As a lessee, we recognized additional operating lease liabilities of $6.2 million with corresponding ROU assets of $6.0 million , and the difference between them was recorded as an adjustment to Accumulated Deficit on the consolidated balance sheets. On adoption of ASC 842, these asset and liability amounts represented the present value of the remaining fixed minimum rental payments under current leasing standards for existing leases, adjusted as appropriate for amounts written off in transition to the new guidance. The initial measurement of a ROU asset may differ from the initial measurement of the corresponding lease liability due to initial direct costs, prepaid lease payments, and lease incentives. Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of June 30, 2019 (in thousands): June 30, 2019 Assets Investment in Real Estate: ROU asset - operating leases $ 4,707 Less: accumulated amortization (217 ) Total in Investment in Real Estate 4,490 Other Assets: ROU asset - operating leases 2,540 ROU asset - finance leases 705 Less: accumulated amortization (595 ) Total in Other Assets 2,650 Total ROU lease assets (1) $ 7,140 Liabilities Accounts Payable and Other Liabilities: Operating lease liability $ 6,790 Debt Obligations, Net: Finance lease liability 581 Total lease liabilities (1) $ 7,371 (1) As of June 30, 2019 , the weighted average remaining lease term was approximately 2.4 years for finance leases and 18.3 years for operating leases. The weighted average discount rate was 3.54% for finance leases and 4.07% for operating leases. Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Statements of operations information: Finance lease cost: Amortization of ROU assets $ 64 $ 128 Interest on lease liabilities 4 9 Operating lease costs 449 797 Short term lease expense 376 767 Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands): Six Months Ended June 30, 2019 Statements of cash flows information: Operating cash flows used for operating leases $ (620 ) Financing cash flows used for finance leases (122 ) ROU assets obtained in exchange for new lease liabilities 1,444 Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 |
REIT II Merger (Q2)
REIT II Merger (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule of Real Estate Held-for-sale | A summary of assets and liabilities for the properties held for sale as of June 30, 2019 and December 31, 2018 , is below (in thousands): June 30, 2019 December 31, 2018 ASSETS Total investment in real estate assets, net $ 15,555 $ 16,889 Other assets, net 322 475 Total assets $ 15,877 $ 17,364 LIABILITIES Below-market lease liabilities, net $ 117 $ 208 Accounts payable and other liabilities 185 388 Total liabilities $ 302 $ 596 | Property Held for Sale —As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Schedule Of Consideration, Merger With REIT II | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. |
REIT II Merger | 4. MERGER WITH REIT II In November 2018 , we acquired 86 properties as part of the Merger with REIT II. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”), as of the date of the transaction, of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we concluded that the Merger qualified as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain REIT II management contracts. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018 , we capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. | 4. PELP ACQUISITION On October 4, 2017, we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of OP units issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP Units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13. The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million . As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity). Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company. Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP. Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . Goodwill —In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds. Results of Operations —The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations. Pro Forma Results (Unaudited) —The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 ) 3. MERGER WITH REIT II On November 16, 2018, we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger qualifies as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018, we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 |
Real Estate Activity (Q2)
Real Estate Activity (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | ||
Schedule of Acquired Intangible Leases | The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years): Six Months Ended June 30, 2019 June 30, 2018 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place lease assets $ 4,736 11 $ 946 6 Above-market lease assets 825 8 74 3 Below-market lease liabilities (2,097 ) 16 (457 ) 16 | The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 |
Schedule of Real Estate Dispositions | The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. | Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 |
Real Estate Acquisitions | 5. REAL ESTATE ACTIVITY Acquisitions —The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years): Six Months Ended June 30, 2019 June 30, 2018 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place lease assets $ 4,736 11 $ 946 6 Above-market lease assets 825 8 74 3 Below-market lease liabilities (2,097 ) 16 (457 ) 16 Property Sales —The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. Property Held for Sale —As of June 30, 2019 , two properties were classified as held for sale. For information regarding the disposition of held for sale property, refer to Note 16 . As of December 31, 2018 , we had two properties that were classified as held for sale, and both were sold in the first quarter of 2019 . Properties classified as held for sale as of June 30, 2019 and December 31, 2018 , were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk as of the respective reporting date. A summary of assets and liabilities for the properties held for sale as of June 30, 2019 and December 31, 2018 , is below (in thousands): June 30, 2019 December 31, 2018 ASSETS Total investment in real estate assets, net $ 15,555 $ 16,889 Other assets, net 322 475 Total assets $ 15,877 $ 17,364 LIABILITIES Below-market lease liabilities, net $ 117 $ 208 Accounts payable and other liabilities 185 388 Total liabilities $ 302 $ 596 Impairment of Real Estate Assets —During the three and six months ended June 30, 2019 , we recognized impairment charges totaling $25.2 million and $38.9 million , respectively. During the three and six months ended June 30, 2018 , we recognized an impairment charge totaling $10.9 million . The impairments were associated with certain anticipated property dispositions where the net book value exceeded the estimated fair value. Our estimated fair value was based upon the contracted price to sell or the marketed price for disposition, less costs to sell. We have applied reasonable estimates and judgments in determining the amount of impairment recognized. | 5. REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions —During the year ended December 31, 2018, we acquired 91 grocery-anchored shopping centers, including 86 shopping centers through the Merger (see Note 3 for more detail) and five grocery-anchored shopping centers outside of the Merger. We also acquired two land parcels adjacent to properties we currently own for approximately $1.0 million during the year ended December 31, 2018. During the year ended December 31, 2017, we acquired 84 shopping centers, including 76 shopping centers through the PELP transaction (see Note 4 for more detail) and eight grocery-anchored shopping centers outside of the PELP transaction. All of the 2018 and 2017 acquisitions, excluding those acquired in the PELP transaction in 2017, were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and have been included in the total purchase prices shown below. The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 Property Held for Sale —As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596 |
Schedule of Real Estate Acquisition | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in Unconsolidated Joint Ventures | 6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We co-invest with third parties in joint ventures that own multiple properties. As a result of the Merger in November 2018, we acquired a 20% interest in the NRP joint venture. In November 2018, we also entered into an agreement (the “Joint Venture Agreement”) with Northwestern Mutual to create the GRP I joint venture. Under the terms of the Joint Venture Agreement, we contributed or sold all of our ownership interests in 17 grocery-anchored shopping centers to the GRP I joint venture. The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 NRP GRP I NRP GRP I Ownership percentage 20 % 15 % 20 % 15 % Number of properties 13 17 13 17 Investment balance $ 14,454 $ 27,964 $ 16,198 $ 29,453 Unamortized basis adjustments (1) 5,317 — 6,026 — (1) Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value. The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and six months ended June 30, 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 NRP GRP I NRP GRP I Loss from unconsolidated joint ventures, net $ 114 $ 52 $ 202 $ 65 Amortization of basis adjustments (1) 354 — 709 — Distributions 551 509 833 1,424 (1) These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. | 6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES Grocery Retail Partners I —On November 9, 2018, through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual, pursuant to which we contributed 14 and sold 3 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, GRP I, in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the transaction, GRP I distributed or paid cash of $161.8 million to us as well as assumed an existing portfolio mortgage loan of $175 million with a fair value of $165.0 million to which we are the non-recourse carveout guarantor and environmental indemnitor (see Note 16 for more detail). We recognized a gain of $92.5 million on the transaction which is recorded as Gain on Sale or Contribution of Property, Net on the statement of operations. Necessity Retail Partners —In connection with the Merger, we assumed a 20% equity interest in NRP. NRP was initially formed in March 2016 between REIT II and an affiliate of TPG Real Estate and is set to expire seven years after the date of the joint venture contribution agreement (the “NRP Joint Venture Agreement”) unless otherwise extended by the members. The NRP Joint Venture Agreement requires a contribution of up to $50 million to the joint venture. Of the maximum $50 million contribution, approximately $17.5 million was previously contributed by REIT II prior to the Merger. Our investment in NRP differs from our proportionate share of the entities' underlying net assets due to basis differences of $6.2 million arising from the Merger and recording the investment at fair value. These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the joint venture in Other (Expense) Income, Net on our consolidated statements of operations. The remaining unamortized balance as of December 31, 2018 was $6.0 million . The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250 |
Other Assets, Net (Q2)
Other Assets, Net (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other Assets, Net | 7. OTHER ASSETS, NET The following is a summary of Other Assets, Net as of June 30, 2019 and December 31, 2018 , excluding amounts related to assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Other assets, net: Deferred leasing commissions and costs $ 35,518 $ 32,957 Deferred financing expenses 13,971 13,971 Office equipment, ROU assets, and other 18,016 14,315 Total depreciable and amortizable assets 67,505 61,243 Accumulated depreciation and amortization (28,603 ) (24,382 ) Net depreciable and amortizable assets 38,902 36,861 Accounts receivable, net 50,681 56,104 Deferred rent receivable, net 25,778 21,261 Derivative asset 5,324 29,708 Investment in affiliates 700 700 Prepaids and other 9,716 8,442 Total other assets, net $ 131,101 $ 153,076 | 8. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448 |
Debt Obligations (Q2)
Debt Obligations (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt Obligations | 8. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2019 and December 31, 2018 (dollars in thousands): Interest Rate (1) June 30, 2019 December 31, 2018 Revolving credit facility (2) LIBOR + 1.40% $ — $ 73,359 Term loans 2.06%-4.59% 1,918,410 1,858,410 Secured portfolio loan facility 3.52% 195,000 195,000 Mortgages 3.45%-7.91% 329,404 334,117 Finance lease liability 581 552 Assumed market debt adjustments, net (3,841 ) (4,571 ) Deferred financing expenses, net (16,149 ) (18,041 ) Total $ 2,423,405 $ 2,438,826 (1) Interest rates are as of June 30, 2019 . (2) The gross borrowings and payments under our revolving credit facility were $105.6 million and $179.0 million , respectively, during the six months ended June 30, 2019 . The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . In May 2019, we executed a $60 million delayed draw feature on one of our term loans. We used the proceeds from this draw to pay down our revolver balance. As of June 30, 2019 and December 31, 2018 , the weighted-average interest rate, including the effect of derivative financial instruments, for all of our debt obligations was 3.5% . The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of June 30, 2019 and December 31, 2018 , is summarized below (in thousands): June 30, 2019 December 31, 2018 As to interest rate: (1) Fixed-rate debt $ 2,111,985 $ 2,216,669 Variable-rate debt 331,410 244,769 Total $ 2,443,395 $ 2,461,438 As to collateralization: Unsecured debt $ 1,918,410 $ 1,931,769 Secured debt 524,985 529,669 Total $ 2,443,395 $ 2,461,438 (1) Includes the effects of derivative financial instruments (see Notes 9 and 15 ). | 9. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018. Revolving Credit Facility —We have a revolving credit facility of $500 million with availability of $426.2 million , which is net of current issued letters of credit, as of December 31, 2018. The revolving credit facility has an interest rate of LIBOR plus a spread of 1.4% . The maturity date is October 2021, with additional options to extend the maturity to October 2022. The gross borrowings under our revolving credit facility were $475.4 million , $437.0 million , and $590.8 million during the years ended December 31, 2018, 2017, and 2016, respectively. The gross payments were $463.6 million , $552.4 million , and $554.8 million during the years ended December 31, 2018, 2017, and 2016, respectively. Term Loans —We have eight unsecured term loans with maturities ranging from 2020 to 2025. Our term loans have interest rates of LIBOR plus interest rate spreads based on our leverage ratios. With the exception of $245.5 million , all of these rates have been fixed through the use of interest rate swaps. Of the eight term loans, we assumed three as part of the Merger with a fair value of $361.7 million . Additionally, at the closing of the Merger, we established two term loans for $300 million and $100 million maturing in November 2023 and May 2024, respectively. We also exercised an accordion feature on an existing term loan maturing in May 2025, adding $157.5 million in new debt, with an additional $60 million available. As of December 31, 2018 and 2017 the weighted-average interest rate on our term loans was 3.5% and 3.0% , respectively. Secured Debt —Our secured debt includes a facility secured by 14 properties, mortgage loans secured by individual properties, and capital leases. At the closing of the Merger, we assumed $102.3 million in mortgage loans. We contributed $175 million of our secured debt to GRP I in November 2018. In connection with the debt contributed to GRP I, we wrote-off deferred financing expenses of $2.1 million . The interest rates on our secured debt are fixed. As of December 31, 2018 and 2017 our weighted average interest rate for our secured debt was 4.4% and 4.1% , respectively. As of December 31, 2018 and 2017, the weighted-average interest rate for our debt obligations was 3.5% and 3.4% , respectively. The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017, is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 10 and 18). Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing expenses (in thousands): 2019 2020 2021 2022 2023 Thereafter Total Revolving credit facility $ — $ — $ 73,359 $ — $ — $ — $ 73,359 Term loans — 170,910 125,000 375,000 300,000 887,500 1,858,410 Secured debt 9,523 9,999 87,688 61,903 79,570 280,986 529,669 Total $ 9,523 $ 180,909 $ 286,047 $ 436,903 $ 379,570 $ 1,168,486 $ 2,461,438 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives and Hedging Activities | 9. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2019 and 2018 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $3.5 million will be reclassified from AOCI as an increase to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of June 30, 2019 and December 31, 2018 (notional amounts in thousands): June 30, 2019 December 31, 2018 Count 11 12 Notional amount $ 1,587,000 $ 1,687,000 Fixed LIBOR 0.7% - 2.9% 0.7% - 2.9% Maturity date 2019 - 2025 2019 - 2025 The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of (loss) gain recognized in other comprehensive income on derivatives (1) $ (22,348 ) $ 5,608 $ (35,205 ) $ 19,047 Amount of gain reclassified from AOCI into interest expense (1) (1,297 ) (753 ) (2,801 ) (704 ) (1) Changes in value are solely driven from changes in LIBOR futures as a result of various economic factors. Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of June 30, 2019 , the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $21.0 million . As of June 30, 2019 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $21.0 million . | 10. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $6.2 million will be reclassified from Other Comprehensive Income (Loss) as a decrease to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2018 and 2017 (notional amounts in thousands): 2018 2017 Count 12 6 Notional amount $ 1,687,000 $ 992,000 Fixed LIBOR 0.7% - 2.9% 1.2% - 2.2% Maturity date 2019 - 2025 2019 - 2024 We assumed five hedges with a notional amount of $570 million as a part of the Merger, and also entered into one new hedge in November 2018 with a notional amount of $125 million . The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives and recorded in interest expense, net. The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586 Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of December 31, 2018, the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $3.6 million . As of December 31, 2018, we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.6 million . |
Commitments and Contingencies_2
Commitments and Contingencies (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements. | 12. COMMITMENTS AND CONTINGENCIES Leases —Our leases primarily consist of short- and long-term operating leases for office space and equipment, as well as long-term ground leases at certain of our properties. Total rental expense for long-term operating leases was approximately $1.3 million for the year ended December 31, 2018. Minimum rental commitments under noncancelable operating leases as of December 31, 2018, were as follows (dollars in thousands): Year Amount 2019 $ 1,450 2020 969 2021 537 2022 510 2023 352 Thereafter 391 Total $ 4,209 Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements. Captive Insurance —As part of the PELP transaction, we acquired a captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), from PELP. Silver Rock provides general liability insurance, wind, reinsurance, and other coverage to us, PECO III, PELP, and certain related party joint ventures. We capitalize Silver Rock in accordance with applicable regulatory requirements. Silver Rock established annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate. Premiums paid to Silver Rock may be reimbursed by tenants pursuant to specific lease terms. As of December 31, 2018, we had three cash collateralized letters of credit outstanding totaling approximately $6.7 million to provide security for our obligations under our insurance and reinsurance contracts. The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 (1) Beginning balances $ 4,883 $ 4,339 Incurred related to: Current year 156 452 Prior years 948 898 Total incurred 1,104 1,350 Paid related to: Current year 13 81 Prior years 516 725 Total paid 529 806 Liabilities for unpaid losses as of December 31 $ 5,458 $ 4,883 (1) Balance for 2017 began on October 4, 2017, the date of PELP transaction |
Equity (Q2)
Equity (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Equity | 11. EQUITY General —The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including one vote per nominee in the election of our board of directors (“Board”). Our charter does not provide for cumulative voting in the election of directors. On May 8, 2019, our Board increased the EVPS of our common stock to $11.10 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2019. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2019, which reflected certain balance sheet assets and liabilities as of that date. Previously, on May 9, 2018, our Board increased the EVPS of our common stock to $11.05 from $11.00 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. Shares of our common stock are issued under the DRIP, as discussed below, at the same price as the EVPS in effect at the time of issuance. Dividend Reinvestment Plan —The DRIP allows stockholders to invest distributions in additional shares of our common stock, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock at a price equal to our most recent estimated value per share. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. Share Repurchase Program (“SRP”) —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The Board reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase. Due to the funding limits, no proceeds were available for standard share repurchases during the six months ended June 30, 2019 . Repurchase requests in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” were completed in full. In July 2019, approximately 1.2 million shares of our common stock were repurchased under the SRP. On August 7, 2019, the Board suspended the SRP with respect to standard repurchases. We will continue to fulfill repurchases sought upon a stockholder's death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the amended SRP, adopted on August 7, 2019. Convertible Noncontrolling Interests —Under the terms of the Partnership Agreement, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year. As the form of redemption for OP units is within our control, the OP units outstanding as of June 30, 2019 and December 31, 2018 , are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The distributions that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. During the six months ended June 30, 2019 , OP units were converted into shares of our common stock at a 1:1 ratio. There were approximately 42.7 million and 44.5 million OP units outstanding as of June 30, 2019 and December 31, 2018 , respectively. Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% ownership share of one of our subsidiaries who provides advisory services, which was not significant to our results. | 13. EQUITY General — The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors. On May 9, 2018, our Board increased the EVPS of our common stock to $11.05 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2018, which reflected certain balance sheet assets and liabilities as of that date. Previously, on November 8, 2017, our Board increased the EVPS of our common stock to $11.00 from $10.20 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of October 5, 2017, the first full business day after the closing of the PELP transaction. Shares of our common stock are issued under the DRIP and redeemed under the SRP, as discussed below, at the same price as the EVPS in effect at the time of issuance or redemption. Dividend Reinvestment Plan —The DRIP allows stockholders to invest distributions in additional shares of our common stock, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock at a price equal to our most recent estimated value per share. In connection with the Merger (see Note 3), the DRIP was temporarily suspended for the month of July 2018; therefore, all DRIP participants received their July 2018 distribution in cash rather than in stock. The DRIP resumed in August 2018, with the distribution paid in September 2018. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. Share Repurchase Program —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to our most recent estimated value per share. In connection with the Merger, the SRP was also temporarily suspended for the month of July 2018, and resumed in August 2018. In 2018 and 2017, repurchase requests surpassed the funding limits under the SRP. Approximately 4.9 million shares of our common stock were repurchased under the SRP during the year ended December 31, 2018. Repurchase requests in connection with a stockholder’s death, “qualifying disability”, or “determination of incompetence” were completed in full. The remaining repurchase requests that were in good order were fulfilled on a pro rata basis. As of December 31, 2018, we had 2.4 million shares of unfulfilled repurchase requests. Due to the program’s funding limits, no funds will be available for the first quarter of 2019. The next availability is expected to be at the end of July 2019. Under the terms of the SRP, the availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion of the proceeds available. The next standard repurchase of the Company is expected to be in July 2019. At that time, should the demand for standard redemptions exceed the funding the Company makes available for repurchases, for which the Company may use all or a portion, the Company is expected to make pro-rata redemptions. Following that standard repurchase, standard repurchase requests that are on file with the Company and in good order that have not been fully executed (due to pro-rata redemptions) will remain on file for future redemptions. Convertible Noncontrolling Interests —As of December 31, 2018 and 2017, we have approximately 44.5 million units of outstanding OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. These are included in the outstanding unvested award totals disclosed in Note 14. As part of the PELP transaction, we issued 39.4 million OP units that are classified as noncontrolling interests. Prior to the PELP transaction, the Operating Partnership also issued limited partnership units that were designated as Class B units for asset management services provided by an affiliate of PELP. In connection with the PELP transaction, Class B units were no longer issued for asset management services subsequent to September 2017. Upon closing of the PELP transaction and termination of the advisory agreement, we determined the economic hurdle required for vesting had been met, and all outstanding Class B units vested and were converted to OP units. As such, we recorded a $24.0 million expense on our consolidated statements of operations as Vesting of Class B Units, which included the $27.6 million vesting of Class B units previously issued for asset management services and the reclassification of historical distributions on those units to Noncontrolling Interests. Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of December 31, 2018 and 2017, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The $28.7 million and $9.1 million of distributions for the years ended December 31, 2018 and 2017, respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. In September 2017, we entered into an agreement with American Realty Capital II Advisors, LLC (“ARC”) to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $9.6 million , ARC sold their OP units, unvested Class B Units, and their special limited partnership interests back to us, terminating all fee-sharing arrangements between ARC and PELP affiliates. The 0.4 million OP unit repurchase was recorded at a value of $4.2 million on the consolidated statements of equity. The $5.4 million value of the unvested Class B units, special limited partnership interests, and value of fee-sharing arrangements is recorded on the consolidated statement of operations. Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% minority-owned interest held by a third party in a consolidated partnership, which was not significant to our results. |
Compensation (Q2)
Compensation (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Compensation | 12. COMPENSATION Awards to employees under our Amended and Restated 2010 Long-Term Incentive Plan are typically granted and vest during the first quarter of each year. We also grant restricted stock to our independent directors under our Amended and Restated 2010 Independent Director Stock Plan, which vest based upon the completion of a service period. Certain of our executives have made the election to receive OP units in lieu of shares of common stock upon vesting of their award grants. All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands): Six Months Ended June 30, 2019 Restricted Stock Awards Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at December 31, 2018 808 199 998 $ 10.60 Granted 464 1,275 — 11.05 Vested (196 ) — — 10.99 Forfeited (26 ) — (12 ) 10.76 Nonvested at June 30, 2019 1,050 1,474 986 $ 10.80 (1) Certain performance-based awards granted during the period contain terms which dictate that the number of award units to be issued will vary based upon actual performance compared to target performance. The number of shares deemed to be issued per this table reflect our probability-weighted estimate of the number of shares that will vest based upon current and expected company performance. The maximum number of award units to be issued under all outstanding grants, excluding phantom stock units as they are settled in cash, was 4.0 million and 1.2 million as of June 30, 2019 and December 31, 2018 , respectively. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. On March 12, 2019, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to certain of our executives. Any amounts earned under the Performance LTIP Unit award agreements will be issued in the form of LTIP Units, which represent OP units that are structured as a profits interest in the Operating Partnership. Dividends will accrue on the Performance LTIP Units until the measurement date, subject to a quarterly distribution of 10% of the regular quarterly distributions. During the three months ended June 30, 2019 and 2018 , the expense for all stock-based awards, including phantom stock units, was $3.3 million and $3.1 million , respectively. During the six months ended June 30, 2019 and 2018 , the expense was $5.3 million and $4.7 million , respectively. We had $22.6 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 4.3 years . The fair value at the vesting date for stock-based awards that vested during the six months ended June 30, 2019 was $2.2 million . | 14. COMPENSATION Independent Director Stock Plan— The Board approves restricted stock awards pursuant to our Amended and Restated 2010 Independent Director Stock Plan. The awards are granted to our independent directors and vest based upon the completion of a service period (“service-based awards”). As of December 31, 2018 and 2017, there were approximately 32,000 and 18,000 outstanding unvested awards granted to independent directors, respectively. Employee Long Term Incentive Plan— Beginning in 2018, service-based restricted stock awards and performance-based awards are granted to employees under our Amended and Restated 2010 Long-Term Incentive Plan. Service-based awards typically follow a four-year graded vesting schedule and will vest in the form of common stock or OP units. For performance-based awards, the number of shares that vest depends on whether certain financial metrics are met, as calculated over a three-year performance period. For each annual performance-based award, 50% of the shares earned vest at the end of the three-year period and 50% of the shares earned vest following an additional year of service. Vesting of these performance awards is in the form of common stock, or certain awards may vest in the form of OP Units at the election of the recipient. In connection with the PELP transaction, we assumed employee awards of phantom stock units. Substantially all phantom stock awards granted by PELP contained either a five-year cliff vesting provision or a four-year graded vesting provision. The value of the awards changes in direct relation to the change in estimated value per share of our common stock, but the value is paid in cash rather than in common stock. We recognize expense for awards with graded vesting under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. Expense amounts are recorded in General and Administrative or Property Operating on our consolidated statements of operations. The awards are valued according to the EVPS for our common stock at the date of grant. Holders of unvested service-based and performance-based awards that are not phantom stock units are entitled to dividend and distribution rights, but are not entitled to voting rights. Holders of phantom stock units are entitled to receive distributions, which are recorded as expense when declared, but are not entitled to voting rights. The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60 The expense for all stock-based awards, including phantom stock units, during the years ended December 31, 2018 and 2017 was $10.4 million and $3.4 million , respectively. The expense during the year ended December 31, 2016, was immaterial. We had $9.0 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 1.3 years . The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2018 was $15.4 million . Because the phantom stock units are settled in cash rather than shares, we record a liability in Accounts Payable and Other Liabilities in the consolidated balance sheets for these awards. The amount of this liability, including related payroll tax accruals, was $8.7 million as of December 31, 2018. Subsequent to December 31, 2018, approximately 2.1 million performance-based award units were granted to certain of our executives. The total number of performance-based stock units that will vest depends on whether certain financial metrics are met over the performance periods. 401(k) Plan —We sponsor a 401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and has a five-year vesting schedule. The cash contributions to the plan for the years ended December 31, 2018 and 2017 were approximately $1.0 million and $0.2 million , respectively. All employees who have attained the age of 21 are eligible to participate starting the first day of the month following their date of hire. Employees are vested immediately with respect to employee contributions. |
Earnings Per Share (Q2)
Earnings Per Share (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share | 13. EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Loss Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of June 30, 2019 and 2018 . The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to stockholders - basic $ (36,570 ) $ (11,351 ) $ (41,765 ) $ (12,951 ) Net loss attributable to convertible OP units (1) (5,643 ) (2,756 ) (6,426 ) (3,090 ) Net loss - diluted $ (42,213 ) $ (14,107 ) $ (48,191 ) $ (16,041 ) Denominator: Weighted-average shares - basic 283,010 184,450 282,148 185,171 OP units (1) 43,288 44,453 43,640 44,453 Adjusted weighted-average shares - diluted 326,298 228,903 325,788 229,624 Earnings per common share: Basic and diluted $ (0.13 ) $ (0.06 ) $ (0.15 ) $ (0.07 ) (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. Approximately 2.5 million and 1.0 million unvested restricted stock awards were outstanding as of June 30, 2019 and 2018 , respectively. These securities were anti-dilutive, and, as a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS. | 15. EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of December 31, 2018, 2017, and 2016. The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method. As of December 31, 2017, approximately 18,000 restricted stock awards were outstanding. These securities were anti-dilutive and, as a result, were excluded from the weighted-average common shares used to calculate diluted EPS. |
Revenue Recognition and Relat_2
Revenue Recognition and Related Party Revenue (Q2) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Revenue Recognition and Related Party Revenue | 14. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS Revenue —Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds, and other revenues that are not in the scope of ASC 606 but are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 PECO III Joint Ventures Other Parties (1) Total PECO III Joint Ventures Other Parties (1) Total Recurring fees (2) $ 228 $ 1,352 $ 59 $ 1,639 $ 422 $ 2,681 $ 118 $ 3,221 Transactional revenue and reimbursements (3) 204 621 2 827 1,016 1,026 7 2,049 Insurance premiums 21 72 492 585 24 72 946 1,042 Total fees and management income $ 453 $ 2,045 $ 553 $ 3,051 $ 1,462 $ 3,779 $ 1,071 $ 6,312 (1) Insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $1.0 million for the three and six months ended June 30, 2019 . (2) Recurring fees include asset management fees and property management fees. (3) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 REIT II (1) PECO III and Joint Ventures Other Parties (2) Total REIT II (1) PECO III and Joint Ventures Other Parties (2) Total Recurring fees $ 5,189 $ 581 $ 77 $ 5,847 $ 10,333 $ 1,139 $ 152 $ 11,624 Transactional revenue and reimbursements 2,240 515 (11 ) 2,744 3,951 1,184 20 5,155 Insurance premiums 109 — 437 546 189 — 881 1,070 Total fees and management income $ 7,538 $ 1,096 $ 503 $ 9,137 $ 14,473 $ 2,323 $ 1,053 $ 17,849 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees and other revenue from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $0.9 million for the three and six months ended June 30, 2018 . Organization and Offering Costs —Under the terms of one of our Management Agreements, we have incurred organization and offering costs related to PECO III’s private placement and public offering since 2017. In June 2019, PECO III’s Board of Directors approved the suspension of the public offering, effective June 14, 2019. In connection with the suspension, we reduced our organization and offering cost receivable to the contractually obligated amount a s of June 30, 2019 , which resulted in a reduction of $2.3 million to Accounts Receivable - Affiliates on our consolidated balance sheets. As of June 30, 2019 and December 31, 2018 , we had receivables for organization and offering costs of $2.5 million and $4.5 million , respectively, which were recorded in Accounts Receivable - Affiliates on our consolidated balance sheets. In addition to organization and offering costs, we have receivables related to Management Agreements from related parties of $0.9 million and $0.6 million as of June 30, 2019 and December 31, 2018 , respectively. These amounts were recorded in Accounts Receivable - Affiliates on the consolidated balance sheets. Other Related Party Matters —Griffin Capital Company, LLC (“Griffin sponsor”) owns a 25% interest, and we own a 75% interest, in the PECO III advisor. A portion of organization and offering costs was incurred by the Griffin sponsor. In connection with the suspension of PECO III’s public offering, we have reduced our organization and offering cost payable to the contractually obligated amount as of June 30, 2019 , which resulted in a $0.4 million reduction to Accounts Payable and Other Liabilities on our consolidated balance sheets. This reduction, coupled with the $2.3 million reduction to Accounts Receivable - Affiliates, resulted in a net increase in expense of $1.9 million recorded in Other Impairment Charges in our consolidated statements of operations. As such, of the receivable we have from PECO III, $0.9 million and $1.2 million were reimbursable to the Griffin sponsor as of June 30, 2019 and December 31, 2018 , respectively, and were recorded in Accounts Payable and Other Liabilities on the consolidated balance sheets. PECO Air L.L.C. (“PECO Air”), an entity in which Mr. Edison, our Chairman, Chief Executive Officer, and President, owns a 50% interest, owns an airplane that we use for business purposes in the course of our operations. We paid approximately $0.2 million to PECO Air for use of its airplane for the three months ended June 30, 2019 and 2018 . For the six months ended June 30, 2019 and 2018 , we paid $0.5 million and $0.4 million , respectively. We are the limited guarantor for up to $200 million , capped at $50 million in most instances, of debt for our NRP joint venture. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. Additionally, as a part of the GRP I joint venture, GRP I assumed from us a $175 million mortgage loan for which we assumed the obligation of limited guarantor. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. We entered into a separate agreement with Northwestern Mutual in which we agree to apportion any potential liability under this guaranty between us and them based on our respective ownership percentages. |
Fair Value Measurements (Q2)
Fair Value Measurements (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Real Estate Investments —The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management. Debt Obligations —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. The following is a summary of borrowings as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Fair value $ 2,467,023 $ 2,467,317 Recorded value (1) 2,439,554 2,456,867 (1) Recorded value does not include net deferred financing expenses of $16.1 million and $18.0 million as of June 30, 2019 and December 31, 2018 , respectively. Recurring and Nonrecurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain assets and liabilities are measured and recognized at fair value as needed. The fair value measurements that occurred during the six months ended June 30, 2019 , and during the year ended December 31, 2018 , were as follows (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 5,324 $ — $ — $ 29,708 $ — Derivative liability (1) — (21,007 ) — — (3,633 ) — Earn-out liability — — (32,000 ) — — (39,500 ) Nonrecurring Impaired real estate assets, net (2) — 120,510 — — 71,991 — Impaired corporate intangible asset, net — — 4,401 — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale. Derivative Instruments— As of June 30, 2019 and December 31, 2018 , we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC Topic 820, Fair Value Measurement , we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2019 and December 31, 2018 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Earn-out —In connection with the PELP transaction, the Company entered into a contribution agreement (the “Contribution Agreement”), dated as of May 18, 2017, with the Operating Partnership and the contributors listed therein. The Contribution Agreement established an earn-out structure by which PELP was given the opportunity to earn a maximum of 12.5 million additional OP units if certain milestones related to (i) fundraising in the investment management business, and (ii) the timing and valuation related to a liquidity event for PECO, were achieved by certain dates. The liquidity event earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of three million and a maximum of five million OP units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019. On March 12, 2019, the Company entered into an amendment to the Contribution Agreement (“Amendment”). Pursuant to the terms of the Amendment, the initial liquidity earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of five million OP units has been raised to $11.20 per share from $10.20 per share. We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the most likely range of potential outcomes includes a possibility of no additional OP units issued as well as up to five million out of the maximum 12.5 million units being issued. The following table presents a reconciliation of the change in the earn-out liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2018 $ 39,500 Change in fair value recognized in Other Income (Expense), Net (7,500 ) Balance at June 30, 2019 $ 32,000 Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value less costs to sell on a nonrecurring basis dependent upon when we determine an impairment has occurred. During the three and six months ended June 30, 2019 and 2018 , we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We recorded the following expense as a result of the impaired real estate assets (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Impairment of real estate assets $ 25,199 $ 10,939 $ 38,916 $ 10,939 Corporate Intangible Asset Impairment —In connection with the PELP transaction, we acquired a corporate intangible asset consisting of in-place management contracts. We evaluate our corporate intangible asset for impairment when a triggering event occurs, or circumstances change, that indicate the carrying value may not be recoverable. For the three months ended June 30, 2019, the suspension of the PECO III public offering constituted a triggering event for further review of the corporate intangible asset’s fair value compared to its carrying value. We estimate the fair value of the corporate intangible asset using a discounted cash flow model, leveraging certain Level 3 inputs. The evaluation of corporate intangible assets for potential impairment requires management to exercise significant judgment and to make certain assumptions. The assumptions utilized in the evaluation include future cash flows and a discount rate. For our most recent impairment test for the corporate intangible asset during the three months ended June 30, 2019, we used a discount rate of 19% in our discounted cash flow model. Based on this analysis, we concluded the carrying value exceeded the estimated fair value of the corporate intangible asset, and an impairment charge of $7.8 million was recorded in Other Impairment Charges on the consolidated statements of operations. As a result of this impairment, the estimated remaining future amortization of the management contracts is as follows: $0.7 million in 2019, $1.4 million in 2020, $1.4 million in 2021, and $0.9 million in 2022. | 18. FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Real Estate Investments —The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management. Debt Obligations —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively. Recurring and Nonrecurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 29,708 $ — $ — $ 16,496 $ — Derivative liability (1) — (3,633 ) — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) Nonrecurring Impaired real estate assets — 71,991 — — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500 Derivative Instruments —As of December 31, 2018 and 2017, we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2018 and 2017, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Earn-out —The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued to PELP as additional consideration if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in PECO III, of which PELP was a co-sponsor. We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the range of potential outcomes still includes a possibility of no additional OP units issued as well as up to 8.0 million out of the maximum 12.5 million units being issued. Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value on a nonrecurring basis dependent upon when we determine an impairment has occurred. In 2018, we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. During the year ended December 31, 2018, we recorded impairments of $40.8 million . Two of the impaired real estate assets were disposed of before year end. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We did not have any impaired real estate assets during the year ended December 31, 2017. |
Subsequent Events (Q2)
Subsequent Events (Q2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 16. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2019 , were as follows (in thousands, except distribution rate): Month Date of Record Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution June 6/15/2019 $0.05583344 7/1/2019 $ 18,101 $ 5,571 $ 12,530 July 7/15/2019 $0.05583344 8/1/2019 18,118 5,412 12,706 In August 2019, our Board authorized distributions for September, October, and November 2019 to the stockholders of record at the close of business on September 16, 2019 , October 15, 2019 , and November 15, 2019 , respectively, equal to a monthly amount of $0.05583344 per share of common stock. The distributions for August 2019 were previously authorized by our Board and are expected to be paid on September 3, 2019. OP unit holders will receive distributions at the same rate as common stockholders. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month. Property Sales —Subsequent to June 30, 2019 , we sold the following real estate property, which was classified as held for sale as of June 30, 2019 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price Winery Square Fairfield, CA Food Maxx 118,370 7/19/2019 $ 14,250 | 20. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018, were as follows (in thousands): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/17/2018 $0.05583344 1/2/2019 $ 18,055 $ 5,951 $ 12,104 January 1/15/2019 $0.05583344 2/1/2019 18,077 5,899 12,178 February 2/15/2019 $0.05583344 3/1/2019 18,018 5,868 12,150 In March 2019 our Board authorized distributions for March, April, and May 2019 to the stockholders of record at the close of business on March 15, 2019, April 15, 2019, and May 15, 2019, respectively, equal to a monthly amount of $0.05583344 per share of common stock. OP unit holders will receive distributions at the same rate as common stockholders. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month. Dispositions —Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Amendment to PELP Transaction Contribution Agreement —On March 12, 2019, the Company entered into an amendment (the “Amendment”) to the terms of the earn-out provisions set forth in the Contribution Agreement, dated as of May 18, 2017, between the Company, the Operating Partnership and the contributors listed therein (the “Contribution Agreement”), originally entered into in connection with the PELP transaction. The earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of 3 million and a maximum of 5 million OP Units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019, with reduced amounts payable if a liquidity event was achieved in 2020 or 2021 . Pursuant to the terms of the amendment, the initial earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of 5 million units has been raised to $11.20 per share from $10.20 per share. Performance LTIP Units —On March 12, 2019, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to each of Jeffrey S. Edison, the Company’s Chief Executive Officer and President, and Devin Murphy, the Company’s Chief Financial Officer and Treasurer. Mr. Edison’s award is for a maximum grant of approximately 1.4 million units based on performance conditions over a 7 year period. Mr. Murphy’s award is for a maximum grant of approximately 0.7 million units based on performance conditions over a 5 year period. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (FY) (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2018 , which are included in our 2018 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2019 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. | Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. |
Use of Estimates | Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates. | |
Partially-Owned Entities | Partially-Owned Entities —If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary. | |
Noncontrolling Interests | Noncontrolling Interests —Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations and comprehensive income (loss), also referred to herein as our “consolidated statements of operations”. | |
Cash and Cash Equivalents | Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceed the Federal Depository Insurance Corporation coverage. | |
Restricted Cash | Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. | |
Investment in Property and Lease Intangibles | Investment in Property and Lease Intangibles —Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption are now capitalized and will be amortized over the life of the related assets, and there is no recognition of goodwill. Excluding the PELP transaction, none of our real estate acquisitions in 2018 and 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of below-market debt was $3.8 million and $3.7 million as of December 31, 2018 and 2017, respectively. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. For additional information regarding real estate asset impairments, refer to Note 18. | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30. We adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, as of January 1, 2018. Therefore, when we perform a quantitative test of goodwill for impairment, we compare the carrying value of net assets to the fair value of the reporting unit. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Based on the results of our analysis, we concluded that goodwill was not impaired for the years ended December 31, 2018 and 2017. | |
Held for Sale Entities | Held for Sale Assets —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. | |
Deferred Financing Expenses | Deferred Financing Expenses —Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. | |
Fair Value Measurement | Fair Value Measurement —Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) , defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held. | |
Investment in Unincorporated Joint Ventures | Investment in Unconsolidated Joint Ventures —We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or loss from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint ventures, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates. | |
Lease Revenue Recognition | Revenue Recognition —The majority of our revenue is lease revenue derived from our real estate assets. We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are accounted for under ASC Topic 840, Leases . We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be recorded for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2018 and 2017, the bad debt reserve for uncollectible amounts was $6.0 million and $3.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. | |
Revenue from Contract with Customers | In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We began accounting for our non-lease revenue under ASC 606 upon our adoption of ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), e ffective January 1, 2018, using the modified retrospective approach. Our adoption of ASU 2014-09 did not result in any retrospective adjustments to prior periods as our previous revenue recognition policies aligned with the updated guidance. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Timing of Payment Description Asset Management Over time Monthly, in cash and/or ownership units Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price of the property acquired. Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the disposition price of the property sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we determined that we are unable to estimate our revenue until receipt at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, we adopted the guidance of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to non-customers of non-financial assets, or in substance, nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a 1031 exchange by purchasing another property within a specified time period. | |
Share-Based Compensation | Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation , which requires that all share based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Fair value at issuance is determined using the grant date published price of the our stock. For those share-based awards that are settled in cash and recorded as a liability, the fair value and associated expense is adjusted when the published price of our stock changes. Share-based compensation expense for all awards is included in General and Administrative expenses in the our consolidated statements of operations. For more information about our stock based compensation program, | |
Repurchase of Common Stock | Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions. Under our SRP, the maximum amount of common stock that we may redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date, of which the company may use all or a portion, is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period. The availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion. The Board of Directors (“Board”) reserves the right at any time to reject any request for repurchase or to further limit the amount repurchased below the DRIP threshold. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings. | |
Segments | Segments —As of December 31, 2017, we determined we had two reportable segments: Owned Real Estate and Investment Management. However, based upon the changes in our operations as a result of the Merger, we have determined we have a single reportable segment as of December 31, 2018. | |
Income Tax | Income Taxes —Our consolidated financial statements include the operations of wholly owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries (“TRS”) and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. | Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. |
Newly Adopted and Recently Issued Accounting Pronouncements | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. | Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to early adopt this standard and we applied it for our annual impairment test. ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. |
Reclassifications | Reclassifications —The following line items on our consolidated statements of operations for the three and six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Tenant Recovery was combined with Rental Income, and • Other Expense, Net previously included activity from property disposals, and this is now presented as (Loss) Gain on Disposal of Property, Net. The following line items on our consolidated statements of cash flows for the six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Accounts Receivable - Affiliates was combined with Other Assets, Net; • Accounts Payable - Affiliates was combined with Accounts Payable and Other Liabilities; and • Net Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. | Reclassifications —The following line items on our consolidated balance sheets for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Earn-out Liability was reclassified from Accounts Payable and Other Liabilities, and included as Earn-out Liability. • Deferred Income was reclassified from Accounts Payable and Other Liabilities, and included as Deferred Income. The following line items on our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Unrealized (Loss) Gain on Derivatives and Reclassification of Derivative Loss to Interest Expense were reclassified to Change in Unrealized Gain (Loss) on Interest Rate Swaps. • Acquisition Expenses was reclassified to General and Administrative. • Gain on the Sale of Property, Net was reclassified from Other (Expense) Income, Net and presented as Gain on Sale or Contribution of Property, Net. The following line items on our consolidated statements of cash flows for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Net Loss (Gain) on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. |
Earnings Per Share (FY) (Polici
Earnings Per Share (FY) (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Policy | We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Loss Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. | We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Q2) (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2018 , which are included in our 2018 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and six months ended June 30, 2019 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. | Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. |
Leases, Lessor | Leases —We are party to a number of lease agreements, both as a lessor as well as a lessee of various types of assets. Lessor —The majority of our revenue is lease revenue derived from our real estate assets, which is accounted for under Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). We adopted the accounting guidance contained within ASC 842 on January 1, 2019, the effective date of the standard for public companies. We record lease and lease-related revenue as Rental Income on the consolidated statements of operations and comprehensive (loss) income , also referred to herein as our “consolidated statements of operations”, in accordance with ASC 842. We enter into leases primarily as a lessor as part of our real estate operations, and leases represent the majority of our revenue. We lease space in our properties generally in the form of operating leases. Our leases typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expenses. Common area maintenance reimbursements can be fixed, with revenue earned on a straight-line basis over the term of the lease, or variable, with revenue recognized as services are performed for which we will be reimbursed. The terms and expirations of our operating leases with our tenants are generally similar. The majority of leases for inline (non-anchor) tenants have terms that range from 2 to 10 years, and the majority of leases for anchor tenants range from 3 to 13 years. In both cases, the full term of the lease prior to our acquisition or assumption of the lease will generally be longer, however, we are measuring the commencement date for these purposes as being the date that we acquired or assumed the lease, excluding option periods. The lease agreements frequently contain fixed-price renewal options to extend the terms of leases and other terms and conditions as negotiated. In calculating the term of our leases, we consider whether these options are reasonably certain to be exercised. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Currently, our tenants have no options to purchase at the end of the lease term, although in a small number of leases, a tenant, usually the anchor tenant, may have the right of first refusal to purchase one of our properties if we elect to sell the center. Beginning January 1, 2019, we evaluate whether a lease is an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met: • if the lease transfers ownership of the underlying asset to the lessee by the end of the term; • if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised; • if the lease term is for the major part of the remaining economic life of the underlying asset; or • if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. We utilize substantial judgment in determining the fair value of the leased asset, the economic life of the leased asset, and the relevant borrowing rate in performing our lease classification analysis. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently all of our leases are classified as operating leases, and we expect that the majority, if not all, of our leases will continue to be classified as operating leases based upon our typical lease terms. We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of when revenue recognition under a lease begins, as well as the nature of the leased asset, is dependent upon our assessment of who is the owner, for accounting purposes, of any related tenant improvements. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (i.e., the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether the lessee or we are the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. The majority of our leases provide for fixed rental escalations, and we recognize rental income on a straight-line basis over the term of each lease in such instances. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis, as described above. The majority of our lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. In certain cases, the lease agreement may stipulate that a tenant make a direct payment for real estate taxes to the relevant taxing authorities. In these cases, beginning on January 1, 2019, we no longer record any revenue or expense related to these tenant expenditures. Although we expect such cases to be rare, in the event that a direct-paying tenant failed to make their required payment to the taxing authorities, we would potentially be liable for such amounts, although they are not recorded as a liability in our consolidated balance sheets per the requirements of ASC 842. We have made a policy election to exclude amounts collected from customers for all sales tax and other similar taxes from the transaction price in our recognition of lease revenue. Additionally, we record an immaterial amount of variable revenue in the form of percentage rental income. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e., breakpoint) that triggers the contingent rental income is achieved. In some instances, as part of our negotiations, we may offer lease incentives to our tenants. These incentives usually take the form of payments made to or on behalf of the tenant, and such incentives will be deducted from the lease payment and recorded on a straight-line basis over the term of the new lease. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. We record lease termination income as Rental Income in the consolidated statements of operations. Historically, we periodically reviewed the collectability of outstanding receivables. Following the adoption of ASC 842, as of January 1, 2019, lease receivables are reviewed continually to determine whether or not it is likely that we will realize all amounts receivable for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). If we determine that the tenant is not a credit risk, no reserve or reduction of revenue is recorded, except in the case of disputed charges. If we determine that the tenant is a credit risk, revenue for that tenant is recorded on a cash basis, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income rather than in Property Operating, where our reserves were previously recorded, on the consolidated statements of operations. | |
Leases, Lessee | Lessee —We enter into leases as a lessee as part of our real estate operations in the form of ground leases of land for certain properties, and as part of our corporate operations in the form of office space and office equipment leases. Ground leases typically have initial terms of 15 - 40 years with one or more options to renew for additional terms of 3 - 5 years, and may include options that grant us, as the lessee, the right to terminate the lease, without penalty, in advance of the full lease term. Our office space leases generally have terms of less than ten years with no renewal options. Office equipment leases typically have terms ranging from 3 - 5 years with options to extend the term for a year or less, but contain minimal termination rights. In calculating the term of our leases, we consider whether we are reasonably certain to exercise renewal and/or termination options. Our determination involves a combination of contract-, asset-, entity-, and market-based factors and involves considerable judgment. Currently, neither our operating leases nor our finance leases have residual value guarantees or other restrictions or covenants, but a small number may contain nonlease components which have been deemed not material. Beginning January 1, 2019, we evaluate whether a lease is a finance or operating lease using the criteria established in ASC 842. The criteria we use to determine whether a lease is a finance lease are the same as those we use to determine whether a lease is sales-type lease as a lessor. If none of the finance lease criteria is met, we classify the lease as an operating lease. We record right-of-use (“ROU”) assets and liabilities in the consolidated balance sheets based upon the terms and conditions of the applicable lease agreement. We use discount rates to calculate the present value of lease payments when determining lease classification and measuring our lease liability. We use the rate implicit in the lease as our discount rate unless that rate cannot be readily determined, in which case we consider various factors to select an appropriate discount rate. This requires the application of judgment, and we consider the length of the lease as well as the length and securitization of our outstanding debt agreements in selecting an appropriate rate. Refer to Note 3 for further detail. | |
Revenue Recognition | Revenue Recognition —In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We provide services to the Managed Funds, all of which are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset Management Over time In cash and/or ownership units, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a project) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition/Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we calculate the amount earned at the end of each month. In addition to the fees listed above, certain of our Management Agreements include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Additionally, effective January 1, 2018, sales or transfers to non-customers of non-financial assets or in substance non-financial assets that do not meet the definition of a business are accounted for within the scope of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through an Internal Revenue Code (the “Code”) Section 1031 like-kind exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5 . | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset Management Over time In cash and/or ownership units, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a project) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition/Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold. | |
Income Tax | Income Taxes —Our consolidated financial statements include the operations of wholly owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries (“TRS”) and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. | Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. |
Newly Adopted and Recently Issued Accounting Pronouncements | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. | Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to early adopt this standard and we applied it for our annual impairment test. ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. | The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to early adopt this standard and we applied it for our annual impairment test. ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. |
Reclassifications | Reclassifications —The following line items on our consolidated statements of operations for the three and six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Tenant Recovery was combined with Rental Income, and • Other Expense, Net previously included activity from property disposals, and this is now presented as (Loss) Gain on Disposal of Property, Net. The following line items on our consolidated statements of cash flows for the six months ended June 30, 2018 , were reclassified to conform to current year presentation: • Accounts Receivable - Affiliates was combined with Other Assets, Net; • Accounts Payable - Affiliates was combined with Accounts Payable and Other Liabilities; and • Net Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. | Reclassifications —The following line items on our consolidated balance sheets for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Earn-out Liability was reclassified from Accounts Payable and Other Liabilities, and included as Earn-out Liability. • Deferred Income was reclassified from Accounts Payable and Other Liabilities, and included as Deferred Income. The following line items on our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Unrealized (Loss) Gain on Derivatives and Reclassification of Derivative Loss to Interest Expense were reclassified to Change in Unrealized Gain (Loss) on Interest Rate Swaps. • Acquisition Expenses was reclassified to General and Administrative. • Gain on the Sale of Property, Net was reclassified from Other (Expense) Income, Net and presented as Gain on Sale or Contribution of Property, Net. The following line items on our consolidated statements of cash flows for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation: • Net Loss (Gain) on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Q2) (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Policy | We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Loss Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. | We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset Management Over time In cash and/or ownership units, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a project) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition/Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold. | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. | The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to early adopt this standard and we applied it for our annual impairment test. ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. |
Merger with REIT II Merger with
Merger with REIT II Merger with REIT II (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule Of Consideration, Merger With REIT II | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Schedule of Finite-Lived Intangible Leases, Merger With REIT II | The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . |
PELP Acquisition (FY) (Tables)
PELP Acquisition (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition | Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of OP units issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . | |
Business Combination, Results of Operations | The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 | |
Business Acquisition, Pro Forma Information | This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 ) |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | ||
Schedule of Real Estate Acquisition | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Schedule of Acquired Intangible Leases | The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years): Six Months Ended June 30, 2019 June 30, 2018 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place lease assets $ 4,736 11 $ 946 6 Above-market lease assets 825 8 74 3 Below-market lease liabilities (2,097 ) 16 (457 ) 16 | The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 |
Schedule of Real Estate Dispositions | The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. | Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 |
Schedule of Real Estate Held-for-sale | A summary of assets and liabilities for the properties held for sale as of June 30, 2019 and December 31, 2018 , is below (in thousands): June 30, 2019 December 31, 2018 ASSETS Total investment in real estate assets, net $ 15,555 $ 16,889 Other assets, net 322 475 Total assets $ 15,877 $ 17,364 LIABILITIES Below-market lease liabilities, net $ 117 $ 208 Accounts payable and other liabilities 185 388 Total liabilities $ 302 $ 596 | Property Held for Sale —As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in Unconsolidated Joint Ventures | The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 NRP GRP I NRP GRP I Ownership percentage 20 % 15 % 20 % 15 % Number of properties 13 17 13 17 Investment balance $ 14,454 $ 27,964 $ 16,198 $ 29,453 Unamortized basis adjustments (1) 5,317 — 6,026 — (1) Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value. The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and six months ended June 30, 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 NRP GRP I NRP GRP I Loss from unconsolidated joint ventures, net $ 114 $ 52 $ 202 $ 65 Amortization of basis adjustments (1) 354 — 709 — Distributions 551 509 833 1,424 (1) These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. | The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250 |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (FY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Acquired Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following as of December 31, 2018 and 2017, excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands): 2018 2017 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Management contracts $ 18,739 $ (4,685 ) $ 58,000 $ (2,900 ) In-place leases 464,721 (142,525 ) 313,432 (123,314 ) Above-market leases 67,140 (28,979 ) 53,524 (24,631 ) Below-market lease liabilities (164,839 ) 33,280 (118,012 ) 27,388 |
Finite-lived Intangible Assets Amortization Expense | Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Management contracts $ 10,618 $ 2,900 $ — In-place leases 37,101 30,966 28,812 Above-market leases 6,112 5,188 5,228 Below-market lease liabilities (10,061 ) (7,133 ) (6,436 ) |
Schedule of Acquired Intangible Assets, Future Amortization Expense | Estimated future amortization of the respective intangible assets and liabilities as of December 31, 2018, excluding estimated amounts related to intangible assets and liabilities classified as held for sale, for each of the next five years is as follow (in thousands): Management Contracts In-Place Leases Above-Market Leases Below-Market Leases 2019 $ 3,748 $ 43,286 $ 7,515 $ (11,959 ) 2020 3,748 38,104 7,039 (11,415 ) 2021 3,748 34,129 6,205 (10,652 ) 2022 2,810 31,012 5,189 (9,951 ) 2023 — 26,752 4,366 (9,133 ) |
Other Assets, Net (FY) (Tables)
Other Assets, Net (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Schedule of Other Assets | The following is a summary of Other Assets, Net as of June 30, 2019 and December 31, 2018 , excluding amounts related to assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Other assets, net: Deferred leasing commissions and costs $ 35,518 $ 32,957 Deferred financing expenses 13,971 13,971 Office equipment, ROU assets, and other 18,016 14,315 Total depreciable and amortizable assets 67,505 61,243 Accumulated depreciation and amortization (28,603 ) (24,382 ) Net depreciable and amortizable assets 38,902 36,861 Accounts receivable, net 50,681 56,104 Deferred rent receivable, net 25,778 21,261 Derivative asset 5,324 29,708 Investment in affiliates 700 700 Prepaids and other 9,716 8,442 Total other assets, net $ 131,101 $ 153,076 | The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448 |
Debt Obligations (FY) (Tables)
Debt Obligations (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Schedule of Debt Obligations | The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of June 30, 2019 and December 31, 2018 , is summarized below (in thousands): June 30, 2019 December 31, 2018 As to interest rate: (1) Fixed-rate debt $ 2,111,985 $ 2,216,669 Variable-rate debt 331,410 244,769 Total $ 2,443,395 $ 2,461,438 As to collateralization: Unsecured debt $ 1,918,410 $ 1,931,769 Secured debt 524,985 529,669 Total $ 2,443,395 $ 2,461,438 (1) Includes the effects of derivative financial instruments (see Notes 9 and 15 ). | The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018. |
Schedule of Long-term Debt Instruments, Alternative | The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2019 and December 31, 2018 (dollars in thousands): Interest Rate (1) June 30, 2019 December 31, 2018 Revolving credit facility (2) LIBOR + 1.40% $ — $ 73,359 Term loans 2.06%-4.59% 1,918,410 1,858,410 Secured portfolio loan facility 3.52% 195,000 195,000 Mortgages 3.45%-7.91% 329,404 334,117 Finance lease liability 581 552 Assumed market debt adjustments, net (3,841 ) (4,571 ) Deferred financing expenses, net (16,149 ) (18,041 ) Total $ 2,423,405 $ 2,438,826 (1) Interest rates are as of June 30, 2019 . (2) The gross borrowings and payments under our revolving credit facility were $105.6 million and $179.0 million , respectively, during the six months ended June 30, 2019 . The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . | The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017, is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 |
Schedule of Maturities of Long-Term Debt | Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing expenses (in thousands): 2019 2020 2021 2022 2023 Thereafter Total Revolving credit facility $ — $ — $ 73,359 $ — $ — $ — $ 73,359 Term loans — 170,910 125,000 375,000 300,000 887,500 1,858,410 Secured debt 9,523 9,999 87,688 61,903 79,570 280,986 529,669 Total $ 9,523 $ 180,909 $ 286,047 $ 436,903 $ 379,570 $ 1,168,486 $ 2,461,438 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of Derivative Instruments | The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2018 and 2017 (notional amounts in thousands): 2018 2017 Count 12 6 Notional amount $ 1,687,000 $ 992,000 Fixed LIBOR 0.7% - 2.9% 1.2% - 2.2% Maturity date 2019 - 2025 2019 - 2024 | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of (loss) gain recognized in other comprehensive income on derivatives (1) $ (22,348 ) $ 5,608 $ (35,205 ) $ 19,047 Amount of gain reclassified from AOCI into interest expense (1) (1,297 ) (753 ) (2,801 ) (704 ) (1) Changes in value are solely driven from changes in LIBOR futures as a result of various economic factors. | The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586 |
Income Taxes (FY) (Tables)
Income Taxes (FY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands): 2018 2017 Deferred tax assets: Accrued compensation $ 5,338 $ 4,264 Accrued expenses 210 12 Net operating loss (“NOL”) carryforward 1,239 667 Other 566 106 Gross deferred tax assets 7,353 5,049 Less: valuation allowance (3,822 ) (3,277 ) Total deferred tax asset 3,531 1,772 Deferred tax liabilities: Depreciation and amortization (3,292 ) (1,638 ) Prepaid expenses (239 ) (134 ) Total deferred tax liabilities (3,531 ) (1,772 ) Net deferred tax asset $ — $ — |
Summary of REIT Taxable Income Subject to Dividend Distribution | The following table reconciles Net Income (Loss) Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Net income (loss) attributable to stockholders $ 39,138 $ (38,391 ) $ 8,932 Net (income) loss from TRS (1,171 ) 4,248 — Net income (loss) attributable to REIT operations 37,967 (34,143 ) 8,932 Book/tax differences 33,858 72,824 24,771 REIT taxable income subject to 90% dividend requirement $ 71,825 $ 38,681 $ 33,703 |
Schedule of Effective Income Tax Rate Reconciliation | The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows: 2018 2017 Common stock Ordinary dividends 27.7 % 28.6 % Non-dividend distributions 45.5 % 70.9 % Capital gain distributions 26.8 % 0.5 % Total distributions per share 100.0 % 100.0 % |
Commitments And Contingencies_3
Commitments And Contingencies (FY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum rental commitments under noncancelable operating leases as of December 31, 2018, were as follows (dollars in thousands): Year Amount 2019 $ 1,450 2020 969 2021 537 2022 510 2023 352 Thereafter 391 Total $ 4,209 |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 (1) Beginning balances $ 4,883 $ 4,339 Incurred related to: Current year 156 452 Prior years 948 898 Total incurred 1,104 1,350 Paid related to: Current year 13 81 Prior years 516 725 Total paid 529 806 Liabilities for unpaid losses as of December 31 $ 5,458 $ 4,883 (1) Balance for 2017 began on October 4, 2017, the date of PELP transaction. |
Compensation (FY) (Tables)
Compensation (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of Share-based Compensation, Restricted Stock Units, Roll Forward | All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands): Six Months Ended June 30, 2019 Restricted Stock Awards Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at December 31, 2018 808 199 998 $ 10.60 Granted 464 1,275 — 11.05 Vested (196 ) — — 10.99 Forfeited (26 ) — (12 ) 10.76 Nonvested at June 30, 2019 1,050 1,474 986 $ 10.80 (1) Certain performance-based awards granted during the period contain terms which dictate that the number of award units to be issued will vary based upon actual performance compared to target performance. The number of shares deemed to be issued per this table reflect our probability-weighted estimate of the number of shares that will vest based upon current and expected company performance. The maximum number of award units to be issued under all outstanding grants, excluding phantom stock units as they are settled in cash, was 4.0 million and 1.2 million as of June 30, 2019 and December 31, 2018 , respectively. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. | The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60 |
Earnings Per Share (FY) (Tables
Earnings Per Share (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to stockholders - basic $ (36,570 ) $ (11,351 ) $ (41,765 ) $ (12,951 ) Net loss attributable to convertible OP units (1) (5,643 ) (2,756 ) (6,426 ) (3,090 ) Net loss - diluted $ (42,213 ) $ (14,107 ) $ (48,191 ) $ (16,041 ) Denominator: Weighted-average shares - basic 283,010 184,450 282,148 185,171 OP units (1) 43,288 44,453 43,640 44,453 Adjusted weighted-average shares - diluted 326,298 228,903 325,788 229,624 Earnings per common share: Basic and diluted $ (0.13 ) $ (0.06 ) $ (0.15 ) $ (0.07 ) (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. | The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method. |
Revenue Recognition and Relat_3
Revenue Recognition and Related Party Transactions (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Fee and Management Income | Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds, and other revenues that are not in the scope of ASC 606 but are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 PECO III Joint Ventures Other Parties (1) Total PECO III Joint Ventures Other Parties (1) Total Recurring fees (2) $ 228 $ 1,352 $ 59 $ 1,639 $ 422 $ 2,681 $ 118 $ 3,221 Transactional revenue and reimbursements (3) 204 621 2 827 1,016 1,026 7 2,049 Insurance premiums 21 72 492 585 24 72 946 1,042 Total fees and management income $ 453 $ 2,045 $ 553 $ 3,051 $ 1,462 $ 3,779 $ 1,071 $ 6,312 (1) Insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $1.0 million for the three and six months ended June 30, 2019 . (2) Recurring fees include asset management fees and property management fees. (3) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 REIT II (1) PECO III and Joint Ventures Other Parties (2) Total REIT II (1) PECO III and Joint Ventures Other Parties (2) Total Recurring fees $ 5,189 $ 581 $ 77 $ 5,847 $ 10,333 $ 1,139 $ 152 $ 11,624 Transactional revenue and reimbursements 2,240 515 (11 ) 2,744 3,951 1,184 20 5,155 Insurance premiums 109 — 437 546 189 — 881 1,070 Total fees and management income $ 7,538 $ 1,096 $ 503 $ 9,137 $ 14,473 $ 2,323 $ 1,053 $ 17,849 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees and other revenue from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $0.9 million for the three and six months ended June 30, 2018 . | Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017, and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers , but are included in this table for the purpose of disclosing all related party revenues (in thousands): For the year ended December 31, 2018 REIT II (1) PECO III Joint Ventures Other Parties (2) Total Recurring fees (3) $ 17,937 $ 870 $ 1,948 $ 281 $ 21,036 Transactional revenue and reimbursements (4) 6,965 1,278 1,442 132 9,817 Insurance premiums 367 — — 1,706 2,073 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018. (3) Recurring fees include asset management fees and property management fees. (4) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. For the year ended December 31, 2017 REIT II PECO III Joint Ventures Other Parties (1) Total Recurring fees $ 4,396 $ 74 $ 335 $ 187 $ 4,992 Transactional revenue and reimbursements 1,846 679 297 136 2,958 Insurance premiums 206 — — — 206 (1) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.2 million for the year ended December 31, 2017. |
Advisory Transactions | As we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018, summarized below are the fees incurred and the expenses reimbursable for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Acquisition fees (1) $ 1,344 $ 2,342 Acquisition expenses (1) 583 464 Asset management fees (2) 15,573 19,239 OP units distribution (3) 1,373 1,866 Class B unit distribution (4) 1,409 1,576 Disposition fees (5) 19 745 Total $ 20,301 $ 26,232 (1) The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) Distributions are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity. (4) The distributions paid to holders of unvested Class B units are presented in General and Administrative on the consolidated statements of operations. (5) Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations. | |
Property Management Transactions | Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Property management fees (1) $ 8,360 $ 9,929 Leasing commissions (2) 6,670 7,701 Construction management fees (2) 1,367 1,127 Other fees and reimbursements (3) 6,234 5,627 Total $ 22,631 $ 24,384 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year were expensed immediately and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year and construction management fees were capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense. |
Operating Leases (FY) (Tables)
Operating Leases (FY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Approximate future rental income to be received under noncancelable operating leases in effect as of December 31, 2018, assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands): Year Amount 2019 $ 372,632 2020 340,028 2021 292,887 2022 247,915 2023 196,152 2024 and thereafter 555,282 Total $ 2,004,896 |
Fair Value Measurements (FY) (T
Fair Value Measurements (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of borrowings as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Fair value $ 2,467,023 $ 2,467,317 Recorded value (1) 2,439,554 2,456,867 (1) Recorded value does not include net deferred financing expenses of $16.1 million and $18.0 million as of June 30, 2019 and December 31, 2018 , respectively. | The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively. |
Fair Value, Liabilities Measured on Recurring Basis | Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 29,708 $ — $ — $ 16,496 $ — Derivative liability (1) — (3,633 ) — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) Nonrecurring Impaired real estate assets — 71,991 — — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation of the change in the earn-out liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2018 $ 39,500 Change in fair value recognized in Other Income (Expense), Net (7,500 ) Balance at June 30, 2019 $ 32,000 | The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) (FY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2018 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (1) Total revenue $ 103,199 $ 104,173 $ 104,899 $ 118,121 Net (loss) income attributable to stockholders (1,600 ) (11,351 ) (13,228 ) 65,317 Net (loss) income per share - basic and diluted (0.01 ) (0.06 ) (0.07 ) 0.34 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenue $ 68,303 $ 69,851 $ 70,624 $ 102,765 Net income (loss) attributable to stockholders 1,106 (1,193 ) (8,232 ) (30,072 ) Net income (loss) per share - basic and diluted 0.01 (0.01 ) (0.04 ) (0.17 ) (1) The increase in net income for the fourth quarter was primarily associated with the gain as a result of the contribution of properties to GRP I. Net income and revenue were also impacted by the Merger. (2) The net loss in the third quarter was primarily due to expenses related to the PELP transaction and the termination of our relationship with ARC. (3) The increases in revenue and net loss in the fourth quarter were primarily associated with the PELP transaction. |
Subsequent Events (FY) (Tables)
Subsequent Events (FY) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subsequent Events [Abstract] | ||
Dividends Declared | Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018, were as follows (in thousands): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/17/2018 $0.05583344 1/2/2019 $ 18,055 $ 5,951 $ 12,104 January 1/15/2019 $0.05583344 2/1/2019 18,077 5,899 12,178 February 2/15/2019 $0.05583344 3/1/2019 18,018 5,868 12,150 | |
Schedule of Real Estate Dispositions, Subsequent Events | The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. | Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation (FY) Schedule III - Real Estate Assets and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate Assets and Accumulated Depreciation | SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Lakeside Plaza Salem, VA $ — $ 3,344 $ 5,247 $ 371 $ 3,473 $ 5,489 $ 8,962 $ 2,299 1988 12/10/2010 Snow View Plaza Parma, OH — 4,104 6,432 568 4,305 6,799 11,104 3,183 1981 12/15/2010 St. Charles Plaza Davenport, FL — 4,090 4,398 303 4,169 4,623 8,792 2,317 2007 6/10/2011 Centerpoint Easley, SC — 2,404 4,361 1,184 2,789 5,161 7,950 1,930 2002 10/14/2011 Southampton Village Tyrone, GA — 2,670 5,176 926 2,826 5,945 8,771 2,193 2003 10/14/2011 Burwood Village Center Glen Burnie, MD — 5,448 10,167 421 5,605 10,431 16,036 4,073 1971 11/9/2011 Cureton Town Center Waxhaw, NC — 6,569 6,197 2,592 5,916 9,442 15,358 3,156 2006 12/29/2011 Tramway Crossing Sanford, NC — 2,016 3,071 652 2,314 3,425 5,739 1,554 1996 2/23/2012 Westin Centre Fayetteville, NC — 2,190 3,499 555 2,438 3,806 6,244 1,643 1996/1999 2/23/2012 Village At Glynn Place Brunswick, GA — 5,202 6,095 392 5,270 6,419 11,689 3,244 1992 4/27/2012 Meadowthorpe Manor Shoppes Lexington, KY — 4,093 4,185 523 4,411 4,390 8,801 1,921 1989/2008 5/9/2012 New Windsor Marketplace Windsor, CO — 3,867 1,330 464 4,053 1,607 5,660 981 2003 5/9/2012 Brentwood Commons Bensenville, IL — 6,105 8,018 1,475 6,174 9,425 15,599 3,107 1981/2001 7/5/2012 Sidney Towne Center Sidney, OH — 1,429 3,802 1,289 2,028 4,491 6,519 2,101 1981/2007 8/2/2012 Broadway Plaza Tucson, AZ 6,015 4,979 7,169 1,207 5,607 7,748 13,355 3,038 1982/1995 8/13/2012 Baker Hill Center Glen Ellyn, IL — 7,068 13,738 3,937 7,725 17,017 24,742 4,644 1998 9/6/2012 New Prague Commons New Prague, MN — 3,248 6,604 154 3,367 6,639 10,006 2,214 2008 10/12/2012 Brook Park Plaza Brook Park, OH — 2,545 7,594 741 2,789 8,091 10,880 2,747 2001 10/23/2012 Heron Creek Towne Center North Port, FL — 4,062 4,082 192 4,126 4,210 8,336 1,674 2001 12/17/2012 Quartz Hill Towne Centre Lancaster, CA — 6,352 13,529 561 6,616 13,826 20,442 3,936 1991/2012 12/27/2012 Village One Plaza Modesto, CA — 5,166 18,752 546 5,247 19,218 24,465 4,708 2007 12/28/2012 Hilfiker Shopping Center Salem, OR — 2,455 4,750 66 2,511 4,761 7,272 1,309 1984/2011 12/28/2012 Butler Creek Acworth, GA — 3,925 6,107 1,027 4,251 6,807 11,058 2,215 1989 1/15/2013 Fairview Oaks Ellenwood, GA — 3,563 5,266 897 4,070 5,656 9,726 1,763 1996 1/15/2013 Grassland Crossing Alpharetta, GA — 3,680 5,791 628 3,801 6,298 10,099 2,103 1996 1/15/2013 Hamilton Ridge Buford, GA — 4,054 7,168 581 4,177 7,625 11,802 2,497 2002 1/15/2013 Mableton Crossing Mableton, GA — 4,426 6,413 1,265 4,917 7,187 12,104 2,303 1997 1/15/2013 Shops at Westridge McDonough, GA — 2,788 3,901 498 2,807 4,380 7,187 1,513 2006 1/15/2013 Fairlawn Town Centre Fairlawn, OH — 10,398 29,005 2,729 11,528 30,603 42,131 9,998 1962/1996 1/30/2013 Macland Pointe Marietta, GA — 3,493 5,364 770 3,720 5,906 9,626 2,015 1992 2/13/2013 Kleinwood Center Spring, TX — 11,478 18,954 858 11,610 19,680 31,290 5,808 2003 3/21/2013 Murray Landing Columbia, SC — 2,927 6,856 1,421 3,191 8,012 11,203 2,120 2003 3/21/2013 Vineyard Shopping Center Tallahassee, FL — 2,761 4,175 384 2,889 4,432 7,321 1,363 2002 3/21/2013 Lutz Lake Crossing Lutz, FL — 2,636 6,600 438 2,870 6,804 9,674 1,741 2002 4/4/2013 Publix at Seven Hills Spring Hill, FL — 2,126 5,642 658 2,409 6,017 8,426 1,620 1991/2006 4/4/2013 Hartville Centre Hartville, OH — 2,069 3,691 1,382 2,383 4,760 7,143 1,462 1988/2008 4/23/2013 Sunset Shopping Center Corvallis, OR — 7,933 14,925 663 8,008 15,512 23,520 4,116 1998 5/31/2013 Savage Town Square Savage, MN — 4,106 9,409 228 4,232 9,511 13,743 2,633 2003 6/19/2013 Northcross Austin, TX — 30,724 25,627 949 31,010 26,290 57,300 6,889 1975/2010 6/24/2013 Glenwood Crossings Kenosha, WI — 1,872 9,914 615 2,111 10,290 12,401 2,350 1992 6/27/2013 Shiloh Square Shopping Center Kennesaw, GA — 4,685 8,729 1,103 4,813 9,703 14,516 2,519 1996/2003 6/27/2013 Pavilions at San Mateo Albuquerque, NM — 6,470 18,726 755 6,679 19,272 25,951 4,731 1997 6/27/2013 Boronda Plaza Salinas, CA — 9,027 11,870 560 9,144 12,313 21,457 3,008 2003/2006 7/3/2013 Westwoods Shopping Center Arvada, CO — 3,706 11,115 555 4,098 11,277 15,375 2,824 2003 8/8/2013 Paradise Crossing Lithia Springs, GA — 2,204 6,064 624 2,372 6,520 8,892 1,667 2000 8/13/2013 Contra Loma Plaza Antioch, CA — 3,243 3,926 1,566 3,838 4,897 8,735 1,131 1989 8/19/2013 South Oaks Plaza St. Louis, MO — 1,938 6,634 428 2,085 6,915 9,000 1,654 1969/1987 8/21/2013 Yorktown Centre Millcreek Township, PA — 3,736 15,396 1,421 4,020 16,532 20,552 4,716 1989/2013 8/30/2013 Dyer Town Center Dyer, IN 9,564 6,017 10,214 446 6,188 10,488 16,676 2,709 2004/2005 9/4/2013 East Burnside Plaza Portland, OR — 2,484 5,422 116 2,554 5,468 8,022 1,092 1955/1999 9/12/2013 Red Maple Village Tracy, CA — 9,250 19,466 343 9,392 19,668 29,060 4,026 2009 9/18/2013 Crystal Beach Plaza Palm Harbor, FL — 2,334 7,918 424 2,400 8,276 10,676 1,946 2010 9/25/2013 CitiCentre Plaza Carroll, IA — 770 2,530 278 982 2,597 3,579 723 1991/1995 10/2/2013 Duck Creek Plaza Bettendorf, IA — 4,612 13,007 1,229 5,144 13,703 18,847 3,219 2005/2006 10/8/2013 Cahill Plaza Inver Grove Heights, MN — 2,587 5,114 634 2,945 5,389 8,334 1,374 1995 10/9/2013 Pioneer Plaza Springfield, OR — 4,948 5,679 556 5,117 6,066 11,183 1,573 1989/2008 10/18/2013 Fresh Market Shopping Center Normal, IL — 4,460 17,772 1,529 5,100 18,660 23,760 2,999 1983/1999 10/22/2013 Courthouse Marketplace Virginia Beach, VA — 6,130 8,061 884 6,366 8,709 15,075 2,111 2005 10/25/2013 Hastings Marketplace Hastings, MN — 3,980 10,045 386 4,218 10,193 14,411 2,503 2002 11/6/2013 Coquina Plaza Southwest Ranches, FL 6,547 9,458 11,770 508 9,512 12,224 21,736 2,798 1998 11/7/2013 Shoppes of Paradise Lakes Miami, FL 5,347 5,805 6,011 445 6,027 6,235 12,262 1,737 1999 11/7/2013 Collington Plaza Bowie, MD — 12,207 15,142 545 12,384 15,510 27,894 3,433 1996 11/21/2013 Golden Town Center Golden, CO — 7,065 10,113 1,481 7,422 11,237 18,659 2,842 1993/2003 11/22/2013 Northstar Marketplace Ramsey, MN — 2,810 9,204 478 2,864 9,629 12,493 2,388 2004 11/27/2013 Bear Creek Plaza Petoskey, MI — 5,677 17,611 1,541 5,737 19,092 24,829 4,266 1998/2009 12/18/2013 East Side Square Springfield, OH — 394 963 62 407 1,014 1,421 287 2007 12/18/2013 Flag City Station Findlay, OH — 4,685 9,630 492 4,817 9,991 14,808 2,618 1992 12/18/2013 Hoke Crossing Clayton, OH — 481 1,060 232 509 1,264 1,773 305 2006 12/18/2013 Southern Hills Crossing Kettering, OH — 778 1,481 59 801 1,517 2,318 439 2002 12/18/2013 Town & Country Shopping Center Noblesville, IN — 7,361 16,269 293 7,399 16,524 23,923 4,327 1998 12/18/2013 Sulphur Grove Huber Heights, OH — 553 2,142 130 605 2,219 2,824 498 2004 12/18/2013 Southgate Shopping Center Des Moines, IA — 2,434 8,358 688 2,797 8,683 11,480 2,188 1972/2013 12/20/2013 Sterling Pointe Center Lincoln, CA — 7,039 20,822 1,267 7,332 21,795 29,127 4,260 2004 12/20/2013 Arcadia Plaza Phoenix, AZ — 5,774 6,904 2,477 5,922 9,233 15,155 1,827 1980 12/30/2013 Stop & Shop Plaza Enfield, CT 12,100 8,892 15,028 1,048 9,262 15,706 24,968 3,690 1988/1998 12/30/2013 Fairacres Shopping Center Oshkosh, WI — 3,543 5,189 496 3,863 5,365 9,228 1,619 1992/2013 1/21/2014 Savoy Plaza Savoy, IL — 4,304 10,895 653 4,577 11,274 15,851 2,875 1999/2007 1/31/2014 The Shops of Uptown Park Ridge, IL — 7,744 16,884 775 7,871 17,532 25,403 3,441 2006 2/25/2014 Chapel Hill North Center Chapel Hill, NC 6,990 4,776 10,189 1,134 5,009 11,091 16,100 2,614 1998 2/28/2014 Coppell Market Center Coppell, TX 12,117 4,870 12,236 89 4,917 12,278 17,195 2,572 2008 3/5/2014 Winchester Gateway Winchester, VA — 9,342 23,468 1,561 9,561 24,811 34,372 5,129 2006 3/5/2014 Stonewall Plaza Winchester, VA — 7,929 16,642 706 7,971 17,307 25,278 3,707 2007 3/5/2014 Town Fair Center Louisville, KY — 8,108 14,411 2,749 8,339 16,929 25,268 4,000 1988/1994 3/12/2014 Villages at Eagles Landing Stockbridge, GA 1,810 2,824 5,515 943 3,281 6,002 9,283 1,624 1995 3/13/2014 Champions Gate Village Davenport, FL — 1,814 6,060 210 1,880 6,204 8,084 1,553 2001 3/14/2014 Towne Centre at Wesley Chapel Wesley Chapel, FL — 2,466 5,553 226 2,574 5,671 8,245 1,348 2000 3/14/2014 Statler Square Staunton, VA 7,463 4,108 9,072 773 4,523 9,430 13,953 2,326 1989 3/21/2014 Burbank Plaza Burbank, IL — 2,972 4,546 3,354 3,492 7,380 10,872 1,467 1972/1995 3/25/2014 Hamilton Village Chattanooga, TN — 12,682 19,103 425 12,234 19,976 32,210 5,066 1989 4/3/2014 Waynesboro Plaza Waynesboro, VA — 5,597 8,334 117 5,642 8,406 14,048 2,028 2005 4/30/2014 Southwest Marketplace Las Vegas, NV — 16,019 11,270 2,729 16,080 13,939 30,019 3,077 2008 5/5/2014 Hampton Village Taylors, SC — 5,456 7,254 2,742 5,791 9,661 15,452 2,308 1959/1998 5/21/2014 Central Station Louisville, KY — 6,143 6,932 2,060 6,422 8,713 15,135 1,902 2005/2007 5/23/2014 Kirkwood Market Place Houston, TX — 5,786 9,697 417 5,914 9,986 15,900 2,079 1979/2008 5/23/2014 Fairview Plaza New Cumberland, PA — 2,786 8,500 223 2,916 8,594 11,510 1,665 1992/1999 5/27/2014 Broadway Promenade Sarasota, FL — 3,831 6,795 150 3,863 6,913 10,776 1,370 2007 5/28/2014 Townfair Center Indiana, PA — 7,007 13,233 927 7,196 13,972 21,168 3,182 1995/2010 5/29/2014 St. Johns Commons Jacksonville, FL — 1,599 10,384 565 1,742 10,806 12,548 2,082 2003 5/30/2014 Heath Brook Commons Ocala, FL — 3,470 8,352 437 3,528 8,731 12,259 1,798 2002 5/30/2014 Park View Square Miramar, FL — 5,700 9,304 470 5,785 9,689 15,474 1,987 2003 5/30/2014 The Orchards Yakima, WA — 5,425 8,743 389 5,636 8,921 14,557 1,910 2002 6/3/2014 Hannaford Plaza Waltham, MA — 4,614 7,903 228 4,715 8,030 12,745 1,470 1950/1993 6/23/2014 Shaw's Plaza Hanover Hanover, MA — 2,826 5,314 10 2,826 5,324 8,150 1,099 1994/2000 6/23/2014 Shaw's Plaza Easton Easton, MA — 5,520 7,173 466 5,766 7,394 13,160 1,721 1984/2004 6/23/2014 Lynnwood Place Jackson, TN — 3,341 4,826 1,221 3,542 5,845 9,387 1,514 1986/2013 7/28/2014 Thompson Valley Towne Center Loveland, CO 5,383 5,758 17,387 1,020 6,066 18,099 24,165 3,588 1999 8/1/2014 Lumina Commons Wilmington, NC 7,942 1,896 11,249 634 2,063 11,716 13,779 1,998 1974/2007 8/4/2014 Driftwood Village Ontario, CA — 6,811 12,993 1,053 7,189 13,668 20,857 2,636 1985 8/7/2014 French Golden Gate Bartow, FL — 2,505 12,877 1,404 2,688 14,097 16,785 2,519 1960/2011 8/28/2014 Orchard Square Washington Township, MI 6,339 1,361 11,550 389 1,548 11,752 13,300 2,260 1999 9/8/2014 Trader Joe's Center Dublin, OH — 2,338 7,922 1,191 2,655 8,796 11,451 1,751 1986 9/11/2014 Palmetto Pavilion North Charleston, SC — 2,509 8,526 861 3,228 8,668 11,896 1,622 2003 9/11/2014 Five Town Plaza Springfield, MA — 8,912 19,635 6,224 9,988 24,782 34,770 5,468 1970/2013 9/24/2014 Fairfield Crossing Beavercreek, OH — 3,572 10,026 99 3,605 10,091 13,696 1,956 1994 10/24/2014 Beavercreek Towne Center Beavercreek, OH — 14,055 30,799 615 14,537 30,932 45,469 6,613 1994 10/24/2014 Grayson Village Loganville, GA — 3,952 5,620 1,182 4,017 6,737 10,754 1,788 2002 10/24/2014 The Fresh Market Commons Pawleys Island, SC — 2,442 4,941 81 2,442 5,023 7,465 1,021 2011 10/28/2014 Claremont Village Everett, WA — 5,635 10,495 877 5,806 11,202 17,008 2,157 1994/2012 11/6/2014 Juan Tabo Plaza Albuquerque, NM — 2,466 4,568 584 2,592 5,027 7,619 1,324 1975/1989 11/12/2014 Cherry Hill Marketplace Westland, MI — 4,627 10,137 2,117 5,015 11,866 16,881 2,513 1992/2000 12/17/2014 Nor'Wood Shopping Center Colorado Springs, CO — 5,358 6,684 459 5,435 7,066 12,501 1,655 2003 1/8/2015 Sunburst Plaza Glendale, AZ — 3,435 6,041 592 3,578 6,490 10,068 1,634 1970 2/11/2015 Rivermont Station Johns Creek, GA — 6,876 8,916 795 7,105 9,482 16,587 2,698 1996/2003 2/27/2015 Breakfast Point Marketplace Panama City Beach, FL — 5,578 12,052 562 5,819 12,373 18,192 2,265 2009/2010 3/13/2015 Falcon Valley Lenexa, KS — 3,131 6,873 273 3,370 6,908 10,278 1,397 2008/2009 3/13/2015 Kohl's Onalaska Onalaska, WI — 2,670 5,648 — 2,670 5,648 8,318 1,269 1992/1993 3/13/2015 Coronado Center Santa Fe, NM — 4,396 16,460 2,351 4,534 18,673 23,207 2,681 1964 5/1/2015 Westcreek Plaza Coconut Creek, FL 5,905 3,459 6,131 116 3,483 6,222 9,705 1,023 2006/13 7/10/2015 Northwoods Crossing Taunton, MA — 10,092 14,437 201 10,235 14,495 24,730 2,983 2003/2010 5/24/2016 Murphy Marketplace Murphy, TX — 28,652 33,122 426 28,868 33,333 62,201 4,005 2008/2015 6/24/2016 Harbour Village Jacksonville, FL — 5,612 16,702 640 5,945 17,009 22,954 1,826 2006 9/22/2016 Oak Mill Plaza Niles, IL 1,184 6,843 13,692 775 7,353 13,956 21,309 2,196 1977 10/3/2016 Southern Palms Tempe, AZ 24,076 10,025 24,332 1,382 10,320 25,420 35,740 3,171 1982 10/26/2016 Golden Eagle Village Clermont, FL 7,340 3,735 7,735 276 3,796 7,950 11,746 891 2011 10/27/2016 Atwater Marketplace Atwater, CA — 6,116 7,597 504 6,293 7,924 14,217 934 2008 2/10/2017 Rocky Ridge Town Center Roseville, CA 21,614 5,449 29,207 411 5,599 29,468 35,067 1,923 1996 4/18/2017 Greentree Centre Racine, WI — 2,955 8,718 580 3,347 8,906 12,253 737 1989/1994 5/5/2017 Sierra Del Oro Towne Centre Corona, CA 7,362 9,011 17,989 775 9,188 18,587 27,775 1,310 1991 6/20/2017 Vaughn's at East North Greenville, SC — 1,182 1,812 (311 ) 948 1,736 2,684 46 1979 10/4/2017 Ashland Junction Ashland, VA — 4,987 6,050 424 5,125 6,335 11,460 745 1989 10/4/2017 Barclay Place Shopping Center Lakeland, FL — 1,948 7,174 477 2,038 7,562 9,600 602 1989 10/4/2017 Barnwell Plaza Barnwell, SC — 1,190 1,883 1 1,190 1,884 3,074 343 1985 10/4/2017 Birdneck Shopping Center Virginia Beach, VA — 1,900 3,253 204 1,957 3,400 5,357 317 1987 10/4/2017 Cactus Village Phoenix, AZ — 4,313 5,934 132 4,313 6,066 10,379 431 1986 10/4/2017 Centre Stage Shopping Center Springfield, TN — 4,746 9,533 176 4,919 9,535 14,454 806 1989 10/4/2017 Civic Center Cincinnati, OH — 2,448 1,961 114 2,448 2,076 4,524 546 1986 10/4/2017 Countryside Shopping Center Port Orange, FL — 2,923 12,315 171 2,973 12,436 15,409 850 1983 10/4/2017 Crossroads Plaza Asheboro, NC — 1,722 2,545 582 2,084 2,766 4,850 313 1984 10/4/2017 Dunlop Village Colonial Heights, VA — 2,420 4,892 373 2,493 5,191 7,684 398 1987 10/4/2017 Edgecombe Square Tarboro, NC — 1,412 2,258 305 1,478 2,497 3,975 418 1990 10/4/2017 Emporia West Plaza Emporia, KS — 872 3,409 179 872 3,588 4,460 324 1980/2000 10/4/2017 Forest Park Square Cincinnati, OH — 4,007 5,877 112 4,013 5,984 9,997 605 1988 10/4/2017 Geist Centre Indianapolis, IN — 3,873 6,779 303 3,943 7,012 10,955 509 1989 10/4/2017 Goshen Station Goshen, OH — 1,555 4,621 30 1,585 4,621 6,206 489 1973/2003 10/4/2017 Governors Square Montgomery, AL — 6,460 9,786 283 6,493 10,035 16,528 932 1960/2000 10/4/2017 Guadalupe Plaza Albuquerque, NM — 2,920 7,695 280 2,933 7,962 10,895 485 1985 10/4/2017 The Village Shopping Center Mooresville, IN — 2,089 6,970 392 2,055 7,396 9,451 185 1965/1997 10/4/2017 Heritage Oaks Gridley, CA 5,078 2,390 7,404 77 2,390 7,482 9,872 723 1979 10/4/2017 Hickory Plaza Nashville, TN 5,022 2,927 5,099 94 2,955 5,165 8,120 412 1974/1986 10/4/2017 Highland Fair Gresham, OR 7,173 3,263 7,979 145 3,288 8,099 11,387 497 1984/1999 10/4/2017 High Point Village Bellefontaine, OH — 3,386 7,485 88 3,420 7,540 10,960 861 1988 10/4/2017 Jackson Village Jackson, KY — 1,606 6,992 225 1,644 7,179 8,823 750 1985/1996 10/4/2017 Mayfair Village Hurst, TX — 15,343 16,522 278 15,512 16,631 32,143 1,229 1981/2004 10/4/2017 LaPlata Plaza La Plata, MD — 8,434 22,855 317 8,533 23,072 31,605 1,308 2003 10/4/2017 Lafayette Square Lafayette, IN 7,536 5,387 5,636 129 5,460 5,691 11,151 1,195 1963/2001 10/4/2017 Landen Square Maineville, OH — 2,081 3,467 309 2,222 3,635 5,857 403 1981/2003 10/4/2017 Marion City Square Marion, NC — 2,811 6,304 119 2,853 6,381 9,234 800 1987 10/4/2017 Melbourne Village Plaza Melbourne, FL — 5,418 7,280 490 5,518 7,671 13,189 976 1987 10/4/2017 Commerce Square Brownwood, TX — 6,027 8,341 188 6,035 8,521 14,556 810 1969/2007 10/4/2017 Upper Deerfield Plaza Bridgeton, NJ — 5,073 5,882 716 5,278 6,392 11,670 1,025 1977/1994 10/4/2017 Monfort Heights Cincinnati, OH — 2,357 3,545 9 2,357 3,554 5,911 296 1987 10/4/2017 Mountain Park Plaza Roswell, GA 6,663 6,118 6,652 59 6,118 6,711 12,829 460 1988/2003 10/4/2017 Nordan Shopping Center Danville, VA — 1,911 6,751 141 1,927 6,875 8,802 570 1961/2002 10/4/2017 Northside Plaza Clinton, NC — 1,406 5,471 134 1,416 5,594 7,010 462 1982 10/4/2017 Page Plaza Page, AZ — 2,553 4,411 75 2,628 4,411 7,039 498 1982/1990 10/4/2017 Palmetto Plaza Sumter, SC — 2,732 7,387 269 2,842 7,546 10,388 518 1964/2002 10/4/2017 Park Place Plaza Port Orange, FL — 2,347 8,453 211 2,455 8,557 11,012 628 1984 10/4/2017 Parkway Station Warner Robins, GA — 3,416 5,309 316 3,416 5,626 9,042 544 1982 10/4/2017 Parsons Village Seffner, FL 4,952 3,465 10,864 76 3,470 10,935 14,405 767 1983/1994 10/4/2017 Portland Village Portland, TN — 1,408 5,235 141 1,450 5,334 6,784 421 1984 10/4/2017 Promenade Shopping Center Jacksonville, FL — 6,507 6,149 283 6,559 6,380 12,939 1,037 1990 10/4/2017 Quail Valley Shopping Center Missouri City, TX — 2,452 11,501 622 2,480 12,093 14,573 831 1983 10/4/2017 Hillside West Hillside, UT — 691 1,739 — 691 1,739 2,430 90 2006 10/4/2017 Rolling Hills Shopping Center Tucson, AZ 8,747 5,398 11,792 69 5,398 11,862 17,260 829 1980/1997 10/4/2017 South Oaks Shopping Center Live Oak, FL 3,355 1,742 5,119 10 1,746 5,126 6,872 697 1976/2000 10/4/2017 East Pointe Plaza Columbia, SC — 7,492 11,752 402 7,764 11,882 19,646 1,338 1990 10/4/2017 Southgate Center Heath, OH — 4,246 22,752 88 4,261 22,825 27,086 1,541 1960/1997 10/4/2017 Country Club Center Rio Rancho, NM — 1,866 2,612 (688 ) 1,341 2,449 3,790 44 1977 10/4/2017 Summerville Galleria Summerville, SC — 4,104 8,668 219 4,310 8,680 12,990 649 1989/2003 10/4/2017 The Oaks Hudson, FL — 3,535 5,527 (140 ) 3,443 5,479 8,922 48 1981 10/4/2017 Riverplace Centre Noblesville, IN — 3,890 4,044 190 3,934 4,190 8,124 503 1992 10/4/2017 Timberlake Station Lynchburg, VA — 2,427 1,970 67 2,441 2,022 4,463 309 1950/1996 10/4/2017 Town & Country Center Hamilton, OH 2,158 2,268 4,372 22 2,279 4,382 6,661 396 1950 10/4/2017 Powell Villa Portland, OR — 3,364 7,318 2,719 3,396 10,006 13,402 452 1959/1991 10/4/2017 Towne Crossing Shopping Center Mesquite, TX — 5,358 15,537 707 5,379 16,223 21,602 1,074 1984 10/4/2017 Village at Waterford Midlothian, VA 4,378 2,702 5,194 138 2,768 5,266 8,034 382 1991 10/4/2017 Buckingham Square Richardson, TX — 2,087 6,392 480 2,120 6,839 8,959 462 1978 10/4/2017 Western Square Shopping Center Laurens, SC — 1,013 3,333 103 1,045 3,403 4,448 515 1978/1991 10/4/2017 White Oaks Plaza Spindale, NC — 2,568 3,350 (542 ) 2,124 3,252 5,376 56 1988 10/4/2017 Windsor Center Dallas, NC — 2,488 5,186 29 2,488 5,214 7,702 531 1974/1996 10/4/2017 Winery Square Fairfield, CA — 4,288 14,333 169 4,433 14,357 18,790 898 1987 10/4/2017 12 West Marketplace Litchfield, MN — 835 3,538 105 940 3,538 4,478 475 1989 10/4/2017 Orchard Plaza Altoona, PA 1,388 2,537 5,366 4 2,537 5,370 7,907 516 1987 10/4/2017 Willowbrook Commons Nashville, TN — 5,384 6,002 169 5,462 6,093 11,555 496 2005 10/4/2017 Edgewood Towne Center Edgewood, PA — 10,029 22,535 3,075 10,219 25,421 35,640 1,829 1990 10/4/2017 Everson Pointe Snellville, GA — 4,222 8,421 62 4,233 8,472 12,705 670 1999 10/4/2017 Gleneagles Court Memphis, TN — 2,935 5,540 (516 ) 2,590 5,369 7,959 26 1988 10/4/2017 Village Square of Delafield Delafield, WI — 6,206 6,864 141 6,325 6,886 13,211 560 2007 10/4/2017 Jasper Manor Jasper, IN — 2,311 4,968 (593 ) 1,912 4,774 6,686 170 1990 10/4/2017 Pipestone Plaza Benton Harbor, MI — 1,432 5,715 (750 ) 941 5,456 6,397 34 1978 10/4/2017 Shoppes of Lake Village Leesburg, FL — 4,065 3,786 100 4,097 3,854 7,951 563 1987/1998 2/26/2018 Sierra Vista Plaza Murrieta, CA — 9,824 11,669 11 9,831 11,673 21,504 142 1991 9/28/2018 Wheat Ridge Marketplace Wheat Ridge, CO 11,987 7,926 8,393 18 7,944 8,393 16,337 126 1996 10/3/2018 Atlantic Plaza North Reading, MA — 12,341 12,699 7 12,341 12,706 25,047 138 1959/1973 11/9/2018 Staunton Plaza Staunton, VA — 4,818 14,380 — 4,818 14,380 19,198 79 2006 11/16/2018 Bethany Village Alpharetta, GA — 6,138 8,355 — 6,138 8,355 14,493 58 2001 11/16/2018 Northpark Village Lubbock, TX — 3,087 6,047 — 3,087 6,047 9,134 40 1990 11/16/2018 Kings Crossing Sun City Center, FL — 5,654 11,225 21 5,654 11,247 16,901 70 2000/2018 11/16/2018 Lake Washington Crossing Melbourne, FL — 4,222 13,553 67 4,222 13,620 17,842 101 1987/2012 11/16/2018 Kipling Marketplace Littleton, CO — 4,020 10,405 48 4,020 10,452 14,472 73 1983/2009 11/16/2018 MetroWest Village Orlando, FL — 6,841 15,333 — 6,841 15,333 22,174 93 1990 11/16/2018 Spring Cypress Village Houston, TX — 9,579 14,567 — 9,579 14,567 24,146 91 1982/2007 11/16/2018 Commonwealth Square Folsom, CA 6,370 9,955 12,586 61 9,955 12,647 22,602 116 1987 11/16/2018 Point Loomis Milwaukee, WI — 4,171 4,901 — 4,171 4,901 9,072 69 1965/1991 11/16/2018 Shasta Crossroads Redding, CA — 9,598 18,643 2 9,598 18,645 28,243 119 1989/2016 11/16/2018 Milan Plaza Milan, MI — 925 1,974 20 925 1,993 2,918 45 1960/1975 11/16/2018 Hilander Village Roscoe, IL — 2,581 7,461 — 2,581 7,461 10,042 80 1994 11/16/2018 Laguna 99 Plaza Elk Grove, CA — 5,422 16,952 10 5,422 16,962 22,384 96 1992 11/16/2018 Southfield Center St. Louis, MO — 5,612 13,643 12 5,618 13,650 19,268 88 1987 11/16/2018 Waterford Park Plaza Plymouth, MN — 4,935 19,543 — 4,935 19,543 24,478 120 1989 11/16/2018 Colonial Promenade Winter Haven, FL — 12,403 22,097 15 12,403 22,112 34,515 162 1986/2008 11/16/2018 Willimantic Plaza Willimantic, CT — 3,596 8,859 — 3,596 8,859 12,455 83 1968/1990 11/16/2018 Quivira Crossings Overland Park, KS — 7,512 10,729 13 7,512 10,742 18,254 85 1996 11/16/2018 Spivey Junction Stockbridge, GA — 4,083 10,414 — 4,083 10,414 14,497 68 1998 11/16/2018 Plaza Farmington Farmington, NM — 6,322 9,619 10 6,322 9,630 15,952 69 2004 11/16/2018 Harvest Plaza Akron, OH — 2,693 6,083 — 2,693 6,083 8,776 43 1974/2000 11/16/2018 Oakhurst Plaza Seminole, FL — 2,782 4,506 — 2,782 4,506 7,288 38 1974/2001 11/16/2018 Old Alabama Square Johns Creek, GA — 10,782 17,359 205 10,782 17,564 28,346 99 2000 11/16/2018 North Point Landing Modesto, CA — 8,040 28,422 14 8,040 28,436 36,476 152 1964/2008 11/16/2018 Glenwood Crossing Cincinnati, OH — 4,581 3,922 — 4,581 3,922 8,503 43 1999 11/16/2018 Rosewick Crossing La Plata, MD — 8,252 23,507 — 8,252 23,507 31,759 134 2008 11/16/2018 Alameda Crossing Avondale, AZ 13,403 6,692 19,046 — 6,692 19,046 25,738 123 2006 11/16/2018 Vineyard Center Templeton, CA 5,428 1,753 6,406 — 1,753 6,406 8,159 36 2007 11/16/2018 Ocean Breeze Plaza Jensen Beach, FL — 6,416 9,986 27 6,416 10,012 16,428 68 1993/2010 11/16/2018 Central Valley Marketplace Ceres, CA — 6,163 17,535 — 6,163 17,535 23,698 98 2005 11/16/2018 51st & Olive Square Glendale, AZ — 2,236 9,038 4 2,236 9,042 11,278 58 1975/2007 11/16/2018 West Acres Shopping Center Fresno, CA — 4,866 5,627 — 4,866 5,627 10,493 60 1990 11/16/2018 Meadows on the Parkway Boulder, CO — 23,954 32,744 15 23,954 32,759 56,713 181 1989 11/16/2018 Wyandotte Plaza Kansas City, KS — 5,204 17,566 — 5,204 17,566 22,770 102 1961/2015 11/16/2018 Broadlands Marketplace Broomfield, CO — 7,434 9,459 — 7,434 9,459 16,893 66 2002 11/16/2018 Village Center Racine, WI — 6,051 26,473 — 6,051 26,473 32,524 171 2002/2003 11/16/2018 Shoregate Town Center Willowick, OH — 7,152 16,282 94 7,152 16,376 23,528 191 1958/2005 11/16/2018 Plano Market Street Plano, TX — 14,837 33,178 68 14,837 33,246 48,083 175 2009 11/16/2018 Island Walk Shopping Center Fernandina Beach, FL — 8,190 19,992 1 8,190 19,992 28,182 135 1987/2012 11/16/2018 Normandale Village Bloomington, MN 12,150 8,390 11,407 16 8,390 11,423 19,813 110 1973 11/16/2018 North Pointe Plaza North Charleston, SC — 10,232 26,348 1 10,232 26,349 36,581 197 1989 11/16/2018 Palmer Town Center Easton, PA — 7,331 23,525 — 7,331 23,525 30,856 139 2005 11/16/2018 Alico Commons Fort Myers, FL — 4,670 16,557 3 4,670 16,560 21,230 93 2009 11/16/2018 Windover Square Melbourne, FL — 4,115 13,309 8 4,115 13,317 17,432 76 1984/2010 11/16/2018 Rockledge Square Rockledge, FL — 3,477 4,469 — 3,477 4,469 7,946 53 1985 11/16/2018 Port St. John Plaza Port St. John, FL — 3,305 5,636 24 3,305 5,660 8,965 52 1986 11/16/2018 Fairfield Commons Lakewood, CO — 8,802 29,946 13 8,802 29,959 38,761 158 1985 11/16/2018 Cocoa Commons Cocoa, FL — 4,838 8,247 — 4,838 8,247 13,085 73 1986 11/16/2018 Hamilton Mill Village Dacula, GA — 7,059 9,678 — 7,059 9,678 16,737 69 1996 11/16/2018 Amherst Marketplace Amherst, OH — 4,297 6,946 — 4,297 6,946 11,243 58 1996 11/16/2018 Sheffield Crossing Sheffield Village, OH — 8,841 10,232 8 8,841 10,240 19,081 82 1989 11/16/2018 The Shoppes at Windmill Place Batavia, IL — 8,186 16,005 — 8,186 16,005 24,191 108 1991/1997 11/16/2018 Stone Gate Plaza Crowley, TX 7,478 5,261 7,007 16 5,261 7,023 12,284 46 2003 11/16/2018 Everybody's Plaza Cheshire, CT — 2,520 10,096 250 2,520 10,346 12,866 56 1960/2005 11/16/2018 Lakewood City Center Lakewood, OH — 1,593 10,308 8 1,593 10,316 11,909 54 1991 11/16/2018 Carriagetown Marketplace Amesbury, MA — 7,084 15,492 69 7,115 15,530 22,645 103 2000 11/16/2018 Crossroads of Shakopee Shakopee, MN — 8,869 20,320 13 8,869 20,332 29,201 145 1998 11/16/2018 Broadway Pavilion Santa Maria, CA — 8,512 20,427 2 8,512 20,429 28,941 125 1987 11/16/2018 Sanibel Beach Place Fort Myers, FL — 3,918 7,043 — 3,918 7,043 10,961 55 2003 11/16/2018 Shoppes at Glen Lakes Weeki Wachee, FL — 3,118 7,473 74 3,118 7,548 10,666 48 2008 11/16/2018 Bartow Marketplace Cartersville, GA — 11,944 24,610 — 11,944 24,610 36,554 216 1995 11/16/2018 Bloomingdale Hills Riverview, FL — 4,384 5,179 — 4,384 5,179 9,563 49 2002/2012 11/16/2018 University Plaza Amherst, NY — 2,778 9,800 13 2,778 9,814 12,592 46 1980/1999 11/16/2018 McKinney Market Street McKinney, TX 3,379 10,941 16,061 553 10,941 16,614 27,555 109 2003 11/16/2018 Montville Commons Montville, CT 9,282 12,417 11,091 — 12,417 11,091 23,508 96 2007 11/16/2018 Shaw's Plaza Raynham Raynham, MA — 7,769 26,829 15 7,769 26,843 34,612 176 1965/1998 11/16/2018 Suntree Square Southlake, TX 9,374 6,335 15,642 5 6,335 15,647 21,982 95 2000 11/16/2018 Green Valley Plaza Henderson, NV — 7,284 16,879 — 7,284 16,879 24,163 103 1978/1982 11/16/2018 Crosscreek Village St. Cloud, FL — 3,821 9,604 — 3,821 9,604 13,425 61 2008 11/16/2018 Market Walk Savannah, GA — 20,679 31,836 2 20,679 31,838 52,517 196 2014/2015 11/16/2018 Livonia Plaza Livonia, MI — 4,118 17,037 — 4,118 17,037 21,155 109 1988 11/16/2018 Franklin Centre Franklin, WI 7,579 6,353 5,482 — 6,353 5,482 11,835 85 1994/2009 11/16/2018 Plaza 23 Pompton Plains, NJ — 11,412 40,144 160 11,424 40,292 51,716 216 1963/1997 11/16/2018 Shorewood Crossing Shorewood, IL — 9,497 20,993 3 9,497 20,996 30,493 133 2001 11/16/2018 Herndon Place Fresno, CA — 7,148 10,071 13 7,148 10,084 17,232 83 2005 11/16/2018 Windmill Marketplace Clovis, CA — 2,775 7,299 — 2,775 7,299 10,074 40 2001 11/16/2018 Riverlakes Village Bakersfield, CA 13,827 8,567 15,242 57 8,567 15,299 23,866 89 1997 11/16/2018 Bells Fork Greenville, NC — 2,846 6,455 18 2,846 6,473 9,319 39 2006 11/16/2018 Evans Towne Centre Evans, GA — 4,018 7,013 7 4,018 7,020 11,038 53 1995 11/16/2018 Mansfield Market Center Mansfield, TX — 4,672 13,154 — 4,672 13,154 17,826 73 2015 11/16/2018 Ormond Beach Mall Ormond Beach, FL — 4,954 7,006 — 4,954 7,006 11,960 56 1967/2010 11/16/2018 Heritage Plaza Carol Stream, IL 9,510 6,205 16,507 11 6,205 16,518 22,723 100 1988 11/16/2018 Mountain Crossing Dacula, GA 4,312 6,602 6,835 1 6,618 6,820 13,438 51 1997 11/16/2018 Seville Commons Arlington, TX — 4,689 12,602 9 4,689 12,611 17,300 76 1987 11/16/2018 Loganville Town Center Loganville, GA — 4,922 6,625 — 4,922 6,625 11,547 53 1997 11/16/2018 Cinco Ranch at Market Center Katy, TX — 5,553 14,053 6 5,553 14,059 19,612 52 2007/2008 12/12/2018 Northlake (5) 8,490 2,327 11,806 228 2,367 11,995 14,362 671 1985 10/4/2017 Corporate Adjustments (6) — 6 2,751 (4,107 ) (669 ) (681 ) (1,350 ) (12 ) Totals $ 334,117 $ 1,567,538 $ 3,149,739 $ 131,206 $ 1,598,063 $ 3,250,420 $ 4,848,483 $ 393,970 (1) Assets held for sale are not included in our Schedule III report. (2) Encumbrances do not include our capital leases. (3) The reduction to costs capitalized subsequent to acquisition could include parcels/out-parcels sold, and assets held-for-sale. (4) The aggregate cost of properties for Federal income tax purposes is approximately $4.8 billion at December 31, 2018. (5) Amounts consist of corporate building and land. (6) Amounts consist of elimination of intercompany construction management fees charged by the property manager to the owned real estate. Reconciliation of real estate owned: 2018 2017 Balance at January 1 $ 3,384,971 $ 2,329,080 Additions during the year: Real estate acquisitions 1,850,294 1,021,204 Net additions to/improvements of real estate 12,936 40,192 Deductions during the year: Real estate dispositions (353,492 ) (5,505 ) Impairment of real estate (46,226 ) — Balance at December 31 $ 4,848,483 $ 3,384,971 Reconciliation of accumulated depreciation: 2018 2017 Balance at January 1 $ 314,080 $ 222,557 Additions during the year: Depreciation expense 96,788 92,156 Deductions during the year: Accumulated depreciation of real estate dispositions (9,355 ) (633 ) Accumulated depreciation of impaired real estate (7,543 ) — Balance at December 31 $ 393,970 $ 314,080 * * * * * |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Consolidated Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842. It also allows election of the fair value option on certain financial instruments. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The majority of our financial instruments result from operating leasing transactions, which are not within the scope of this standard. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the Financial Accounting Standards Board’s disclosure framework project. It is effective for annual and interim reporting periods beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements, which is expected to only impact fair value measurement disclosures. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amends two aspects of the related-party guidance in ASC 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU amends a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendment is effective for fiscal years beginning after December 15, 2019, but early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases (Topic 842) ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors ASU 2019-01, Leases (Topic 842): Codification Improvements These updates amended existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. January 1, 2019 We adopted this standard on January 1, 2019 and a modified retrospective transition approach was required. We determined that the adoption had a material impact on our consolidated financial statements; please refer to Note 3 for additional details. We elected to utilize the following optional practical expedients upon adoption: - Package of practical expedients which permits us not to reassess our prior conclusions about lease identification, lease classification, and initial direct costs. - Practical expedient permitting us not to assess whether existing, expired, or current land easements either are or contain a lease. - Practical expedient which permits us as a lessor not to separate non-lease components, such as common area maintenance reimbursements, from the associated lease component, provided that the timing and pattern of transfer of the services are substantially the same. Because of our decision to elect this practical expedient, we will no longer present our Rental Income and Tenant Recovery Income amounts separately on our consolidated statements of operations, and have reclassified Tenant Recovery Income amounts to Rental Income for all periods presented on the consolidated statements of operations. - Practical expedient which permits us not to record a right of use asset or lease liability related to leases of twelve months or fewer, but instead allows us to record expense related to any such leases as it is incurred. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expanded the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permitted use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this was to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. January 1, 2019 The adoption of this standard did not have a material impact on our consolidated financial statements. | The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to early adopt this standard and we applied it for our annual impairment test. ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. |
Leases (Q2) (Tables)
Leases (Q2) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessor - Operating Lease, Payments to be Received, Maturity | Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June 30, 2019 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount Remaining 2019 $ 191,571 2020 360,997 2021 316,521 2022 274,713 2023 223,940 2024 and thereafter 636,772 Total $ 2,004,514 |
Schedule of Capital Leased Assets | Lease assets, grouped by balance sheet line where they are recorded, consisted of the following as of June 30, 2019 (in thousands): June 30, 2019 Assets Investment in Real Estate: ROU asset - operating leases $ 4,707 Less: accumulated amortization (217 ) Total in Investment in Real Estate 4,490 Other Assets: ROU asset - operating leases 2,540 ROU asset - finance leases 705 Less: accumulated amortization (595 ) Total in Other Assets 2,650 Total ROU lease assets (1) $ 7,140 Liabilities Accounts Payable and Other Liabilities: Operating lease liability $ 6,790 Debt Obligations, Net: Finance lease liability 581 Total lease liabilities (1) $ 7,371 (1) As of June 30, 2019 , the weighted average remaining lease term was approximately 2.4 years for finance leases and 18.3 years for operating leases. The weighted average discount rate was 3.54% for finance leases and 4.07% for operating leases. |
Schedule of Right-of-Use Lease Cost and Amortization | Below are the amounts recorded in our consolidated statements of operations related to our ROU assets and lease liabilities by lease type (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Statements of operations information: Finance lease cost: Amortization of ROU assets $ 64 $ 128 Interest on lease liabilities 4 9 Operating lease costs 449 797 Short term lease expense 376 767 |
Schedule of Cash Flow, Leases | Below are the amounts recorded in our consolidated statements of cash flows related to our leases by type (in thousands): Six Months Ended June 30, 2019 Statements of cash flows information: Operating cash flows used for operating leases $ (620 ) Financing cash flows used for finance leases (122 ) ROU assets obtained in exchange for new lease liabilities 1,444 |
Lessee, Operating Lease Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 |
Lessee, Finance Lease, Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type as of June 30, 2019 , are as follows (in thousands): Undiscounted Operating Finance Remaining 2019 $ 745 $ 148 2020 1,174 295 2021 723 98 2022 684 26 2023 529 20 Thereafter 6,419 15 Total undiscounted cash flows from leases 10,274 602 Total lease liabilities recorded at present value 6,790 581 Difference between undiscounted cash flows and present value of lease liabilities $ 3,484 $ 21 |
REIT II Merger (Q2) (Tables)
REIT II Merger (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule Of Consideration, Merger With REIT II | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Real Estate Activity (Q2) (Tabl
Real Estate Activity (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Real Estate Investments, Net [Abstract] | ||
Schedule of Real Estate Acquisition | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table summarizes our real estate acquisitions during the six months ended June 30, 2019 and 2018 (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Murray Landing Outparcel Columbia, SC N/A 5/16/2019 $ 295 N/A Naperville Crossings Naperville, IL ALDI 4/26/2019 49,585 88.0% Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 8,423 71.3% | The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 |
Schedule of Acquired Intangible Leases | The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years): Six Months Ended June 30, 2019 June 30, 2018 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place lease assets $ 4,736 11 $ 946 6 Above-market lease assets 825 8 74 3 Below-market lease liabilities (2,097 ) 16 (457 ) 16 | The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 |
Schedule of Real Estate Dispositions | The following table summarizes our property sales activity (dollars in thousands): Six Months Ended June 30, 2019 2018 Number of properties sold 6 2 Number of outparcels sold 1 — Proceeds from sale of real estate $ 47,857 $ 13,300 Gain on sale of properties, net (1) 6,627 985 (1) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations. | Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 |
Schedule of Real Estate Held-for-sale | A summary of assets and liabilities for the properties held for sale as of June 30, 2019 and December 31, 2018 , is below (in thousands): June 30, 2019 December 31, 2018 ASSETS Total investment in real estate assets, net $ 15,555 $ 16,889 Other assets, net 322 475 Total assets $ 15,877 $ 17,364 LIABILITIES Below-market lease liabilities, net $ 117 $ 208 Accounts payable and other liabilities 185 388 Total liabilities $ 302 $ 596 | Property Held for Sale —As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in Unconsolidated Joint Ventures | The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 NRP GRP I NRP GRP I Ownership percentage 20 % 15 % 20 % 15 % Number of properties 13 17 13 17 Investment balance $ 14,454 $ 27,964 $ 16,198 $ 29,453 Unamortized basis adjustments (1) 5,317 — 6,026 — (1) Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value. The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and six months ended June 30, 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 NRP GRP I NRP GRP I Loss from unconsolidated joint ventures, net $ 114 $ 52 $ 202 $ 65 Amortization of basis adjustments (1) 354 — 709 — Distributions 551 509 833 1,424 (1) These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. | The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250 |
Other Assets, Net (Q2) (Tables)
Other Assets, Net (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Schedule of Other Assets | The following is a summary of Other Assets, Net as of June 30, 2019 and December 31, 2018 , excluding amounts related to assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Other assets, net: Deferred leasing commissions and costs $ 35,518 $ 32,957 Deferred financing expenses 13,971 13,971 Office equipment, ROU assets, and other 18,016 14,315 Total depreciable and amortizable assets 67,505 61,243 Accumulated depreciation and amortization (28,603 ) (24,382 ) Net depreciable and amortizable assets 38,902 36,861 Accounts receivable, net 50,681 56,104 Deferred rent receivable, net 25,778 21,261 Derivative asset 5,324 29,708 Investment in affiliates 700 700 Prepaids and other 9,716 8,442 Total other assets, net $ 131,101 $ 153,076 | The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448 |
Debt Obligations (Q2) (Tables)
Debt Obligations (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Schedule of Debt Obligations | The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of June 30, 2019 and December 31, 2018 , is summarized below (in thousands): June 30, 2019 December 31, 2018 As to interest rate: (1) Fixed-rate debt $ 2,111,985 $ 2,216,669 Variable-rate debt 331,410 244,769 Total $ 2,443,395 $ 2,461,438 As to collateralization: Unsecured debt $ 1,918,410 $ 1,931,769 Secured debt 524,985 529,669 Total $ 2,443,395 $ 2,461,438 (1) Includes the effects of derivative financial instruments (see Notes 9 and 15 ). | The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018. |
Schedule of Long-term Debt Instruments, Alternative | The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2019 and December 31, 2018 (dollars in thousands): Interest Rate (1) June 30, 2019 December 31, 2018 Revolving credit facility (2) LIBOR + 1.40% $ — $ 73,359 Term loans 2.06%-4.59% 1,918,410 1,858,410 Secured portfolio loan facility 3.52% 195,000 195,000 Mortgages 3.45%-7.91% 329,404 334,117 Finance lease liability 581 552 Assumed market debt adjustments, net (3,841 ) (4,571 ) Deferred financing expenses, net (16,149 ) (18,041 ) Total $ 2,423,405 $ 2,438,826 (1) Interest rates are as of June 30, 2019 . (2) The gross borrowings and payments under our revolving credit facility were $105.6 million and $179.0 million , respectively, during the six months ended June 30, 2019 . The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . | The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017, is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of Interest Rate Derivatives | The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of June 30, 2019 and December 31, 2018 (notional amounts in thousands): June 30, 2019 December 31, 2018 Count 11 12 Notional amount $ 1,587,000 $ 1,687,000 Fixed LIBOR 0.7% - 2.9% 0.7% - 2.9% Maturity date 2019 - 2025 2019 - 2025 | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amount of (loss) gain recognized in other comprehensive income on derivatives (1) $ (22,348 ) $ 5,608 $ (35,205 ) $ 19,047 Amount of gain reclassified from AOCI into interest expense (1) (1,297 ) (753 ) (2,801 ) (704 ) (1) Changes in value are solely driven from changes in LIBOR futures as a result of various economic factors. | The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018, 2017, and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586 |
Compensation (Q2) (Tables)
Compensation (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Schedule of Share-based Compensation, Restricted Stock Units, Roll Forward | All share-based compensation awards, regardless of the form of payout upon vesting, are presented in the following table, which summarizes our stock-based award activity (number of units in thousands): Six Months Ended June 30, 2019 Restricted Stock Awards Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at December 31, 2018 808 199 998 $ 10.60 Granted 464 1,275 — 11.05 Vested (196 ) — — 10.99 Forfeited (26 ) — (12 ) 10.76 Nonvested at June 30, 2019 1,050 1,474 986 $ 10.80 (1) Certain performance-based awards granted during the period contain terms which dictate that the number of award units to be issued will vary based upon actual performance compared to target performance. The number of shares deemed to be issued per this table reflect our probability-weighted estimate of the number of shares that will vest based upon current and expected company performance. The maximum number of award units to be issued under all outstanding grants, excluding phantom stock units as they are settled in cash, was 4.0 million and 1.2 million as of June 30, 2019 and December 31, 2018 , respectively. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. | The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60 |
Earnings Per Share (Q2) (Tables
Earnings Per Share (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net loss attributable to stockholders - basic $ (36,570 ) $ (11,351 ) $ (41,765 ) $ (12,951 ) Net loss attributable to convertible OP units (1) (5,643 ) (2,756 ) (6,426 ) (3,090 ) Net loss - diluted $ (42,213 ) $ (14,107 ) $ (48,191 ) $ (16,041 ) Denominator: Weighted-average shares - basic 283,010 184,450 282,148 185,171 OP units (1) 43,288 44,453 43,640 44,453 Adjusted weighted-average shares - diluted 326,298 228,903 325,788 229,624 Earnings per common share: Basic and diluted $ (0.13 ) $ (0.06 ) $ (0.15 ) $ (0.07 ) (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. | The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method. |
Revenue Recognition and Relat_4
Revenue Recognition and Related Party Revenue (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Fee and Management Income | Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds, and other revenues that are not in the scope of ASC 606 but are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 PECO III Joint Ventures Other Parties (1) Total PECO III Joint Ventures Other Parties (1) Total Recurring fees (2) $ 228 $ 1,352 $ 59 $ 1,639 $ 422 $ 2,681 $ 118 $ 3,221 Transactional revenue and reimbursements (3) 204 621 2 827 1,016 1,026 7 2,049 Insurance premiums 21 72 492 585 24 72 946 1,042 Total fees and management income $ 453 $ 2,045 $ 553 $ 3,051 $ 1,462 $ 3,779 $ 1,071 $ 6,312 (1) Insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $1.0 million for the three and six months ended June 30, 2019 . (2) Recurring fees include asset management fees and property management fees. (3) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 REIT II (1) PECO III and Joint Ventures Other Parties (2) Total REIT II (1) PECO III and Joint Ventures Other Parties (2) Total Recurring fees $ 5,189 $ 581 $ 77 $ 5,847 $ 10,333 $ 1,139 $ 152 $ 11,624 Transactional revenue and reimbursements 2,240 515 (11 ) 2,744 3,951 1,184 20 5,155 Insurance premiums 109 — 437 546 189 — 881 1,070 Total fees and management income $ 7,538 $ 1,096 $ 503 $ 9,137 $ 14,473 $ 2,323 $ 1,053 $ 17,849 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees and other revenue from other parties includes amounts from third parties not affiliated with us in the amount of $0.5 million and $0.9 million for the three and six months ended June 30, 2018 . | Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017, and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers , but are included in this table for the purpose of disclosing all related party revenues (in thousands): For the year ended December 31, 2018 REIT II (1) PECO III Joint Ventures Other Parties (2) Total Recurring fees (3) $ 17,937 $ 870 $ 1,948 $ 281 $ 21,036 Transactional revenue and reimbursements (4) 6,965 1,278 1,442 132 9,817 Insurance premiums 367 — — 1,706 2,073 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018. (3) Recurring fees include asset management fees and property management fees. (4) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. For the year ended December 31, 2017 REIT II PECO III Joint Ventures Other Parties (1) Total Recurring fees $ 4,396 $ 74 $ 335 $ 187 $ 4,992 Transactional revenue and reimbursements 1,846 679 297 136 2,958 Insurance premiums 206 — — — 206 (1) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.2 million for the year ended December 31, 2017. |
Fair Value Measurements (Q2) (T
Fair Value Measurements (Q2) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of borrowings as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Fair value $ 2,467,023 $ 2,467,317 Recorded value (1) 2,439,554 2,456,867 (1) Recorded value does not include net deferred financing expenses of $16.1 million and $18.0 million as of June 30, 2019 and December 31, 2018 , respectively. | The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively. |
Fair Value, Liabilities Measured on Recurring Basis | The fair value measurements that occurred during the six months ended June 30, 2019 , and during the year ended December 31, 2018 , were as follows (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 5,324 $ — $ — $ 29,708 $ — Derivative liability (1) — (21,007 ) — — (3,633 ) — Earn-out liability — — (32,000 ) — — (39,500 ) Nonrecurring Impaired real estate assets, net (2) — 120,510 — — 71,991 — Impaired corporate intangible asset, net — — 4,401 — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The carrying value of impaired real estate assets may have subsequently increased or decreased | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation of the change in the earn-out liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2018 $ 39,500 Change in fair value recognized in Other Income (Expense), Net (7,500 ) Balance at June 30, 2019 $ 32,000 | The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500 |
Fair Value Measurements, Nonrecurring | We recorded the following expense as a result of the impaired real estate assets (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Impairment of real estate assets $ 25,199 $ 10,939 $ 38,916 $ 10,939 |
Subsequent Events (Q2) (Tables)
Subsequent Events (Q2) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Distributions to Stockholders and OP Unit Holders | Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2019 , were as follows (in thousands, except distribution rate): Month Date of Record Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution June 6/15/2019 $0.05583344 7/1/2019 $ 18,101 $ 5,571 $ 12,530 July 7/15/2019 $0.05583344 8/1/2019 18,118 5,412 12,706 |
Schedule of Other Subsequent Events | Subsequent to June 30, 2019 , we sold the following real estate property, which was classified as held for sale as of June 30, 2019 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price Winery Square Fairfield, CA Food Maxx 118,370 7/19/2019 $ 14,250 |
Organization (FY) (Details)
Organization (FY) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2018USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2018property | Jun. 30, 2019property | Jun. 30, 2018 | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018 | Nov. 16, 2018 | Nov. 09, 2018 | Oct. 04, 2017 | |
Real Estate Properties [Line Items] | ||||||||||||
Share exchange ratio for asset acquisition | 2.04 | |||||||||||
Number of properties sold | 6 | 2 | 8 | 1 | ||||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,846 | $ 0 | $ 0 | |||||||||
Debt contributed to joint venture | $ 175,000 | $ 0 | $ 0 | |||||||||
Number of real estate properties | property | 303 | 298 | 303 | |||||||||
Grocery Retail Partners I | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of properties sold | 17 | |||||||||||
Fair value of property contributed or sold | $ 359,000 | $ 359,000 | ||||||||||
Equity method investment, ownership percentage | 15.00% | 15.00% | 15.00% | |||||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,800 | 161,800 | ||||||||||
Debt contributed to joint venture | $ 175,000 | |||||||||||
Number of real estate properties | 17 | 17 | 17 | 17 | 17 | |||||||
Necessity Retail Partners | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | 20.00% | |||||||||
Number of real estate properties | 13 | 13 | 13 | 13 | 13 | |||||||
REIT II | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total consideration | $ 1,900,000 | $ 1,900,000 | ||||||||||
Share exchange ratio for asset acquisition | 2.04 | 2.04 | ||||||||||
Number of real estate properties | 86 | |||||||||||
Phillips Edison Limited Partnership | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total consideration | $ 974,790 | |||||||||||
Number of real estate properties | 76 | |||||||||||
Co-venturer Northwestern Mutual | Grocery Retail Partners I | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 85.00% | |||||||||||
Payments to acquire interest in joint venture | $ 167,100 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (FY) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Payments for Deposits on Real Estate Acquisitions | $ 44.3 | |
Accumulated amortization, assumed below-market debt adjustment | 3.8 | $ 3.7 |
Accumulated amortization, deferred financing expenses | 8.3 | 5.4 |
Bad debt reserve | $ 6 | $ 3.3 |
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares | 5.00% | |
Furniture and Fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and Fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 15 years | |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 30 years |
Merger with REIT II Merger wi_2
Merger with REIT II Merger with REIT II - Consideration Given (FY) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)property | Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2019property | May 08, 2019$ / shares | Nov. 16, 2018USD ($)$ / shares | May 09, 2018$ / shares | May 08, 2018$ / shares | Nov. 08, 2017$ / shares | Nov. 07, 2017$ / shares | Oct. 04, 2017$ / shares | |
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Issuance of common stock for acquisition, shares | shares | 95,452 | ||||||||||||
Number of real estate properties | property | 303 | 303 | 298 | ||||||||||
Fair value of PECO common stock issued | $ 401,630 | ||||||||||||
Fair value of assumed debt | $ 464,462 | $ 504,740 | $ 0 | ||||||||||
Share exchange ratio for asset acquisition | 2.04 | ||||||||||||
Business acquisition, share price | $ / shares | $ 22.54 | ||||||||||||
Share price | $ / shares | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | ||||||
Mortgages and Other | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of assumed debt | $ 102,300 | ||||||||||||
REIT II | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Issuance of common stock for acquisition, shares | shares | 95,500 | ||||||||||||
Number of real estate properties | 86 | ||||||||||||
Fair value of PECO common stock issued | $ 1,054,745 | 1,054,745 | |||||||||||
Derecognition of REIT II management contracts, net | 30,428 | $ 30,428 | $ 30,428 | ||||||||||
Transaction costs | 11,587 | ||||||||||||
Total consideration and debt activity | 1,918,668 | 1,918,668 | |||||||||||
Fair value of assumed debt | 464,462 | ||||||||||||
Total consideration | $ 1,454,206 | $ 1,454,206 | |||||||||||
Share exchange ratio for asset acquisition | 2.04 | 2.04 | |||||||||||
Business acquisition, share price | $ / shares | $ 22.54 | ||||||||||||
Business acquisition percentage of voting interests retained by acquirer | 71.00% | 71.00% | |||||||||||
Business combination, post-transaction acquiree ownership percentage | 29.00% | ||||||||||||
REIT II | Corporate Debt | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of debt | $ 719,181 | $ 719,181 | |||||||||||
REIT II | Mortgages and Other | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of debt | $ 102,727 | $ 102,727 |
Merger with REIT II Merger wi_3
Merger with REIT II Merger with REIT II - Price Allocation (FY) (Details) - REIT II - USD ($) $ in Thousands | 2 Months Ended | |
Dec. 31, 2018 | Nov. 16, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||
Derecognition of REIT II management contracts, net | $ 30,428 | $ 30,428 |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | $ 11,587 | |
Land and improvements | 561,100 | |
Building and improvements | 1,198,884 | |
Intangible lease assets | 197,384 | |
Fair value of unconsolidated joint venture | 16,470 | |
Cash and cash equivalents | 354 | |
Restricted cash | 5,159 | |
Accounts receivable and other assets | 33,045 | |
Total assets acquired | 2,012,396 | |
Debt assumed | 464,462 | |
Intangible lease liabilities | 60,421 | |
Accounts payable and other liabilities | 33,307 | |
Total liabilities assumed | 558,190 | |
Net assets acquired | $ 1,454,206 |
Merger with REIT II Merger wi_4
Merger with REIT II Merger with REIT II - Acquired Intangible Leases (FY) (Details) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 16, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Below-market lease liabilities | $ (164,839) | $ (164,839) | $ (118,012) | |||
In-Place Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | 464,721 | $ 464,721 | $ 313,432 | |||
Weighted Average Useful Life | 11 years | 6 years | 8 years | 13 years | ||
Above-Market Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 67,140 | $ 67,140 | $ 53,524 | |||
Weighted Average Useful Life | 8 years | 3 years | 9 years | 6 years | ||
Below-Market Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Useful Life | 16 years | 16 years | 15 years | 18 years | ||
REIT II | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Below-market lease liabilities | $ (60,421) | |||||
REIT II | In-Place Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | 181,916 | |||||
Weighted Average Useful Life | 13 years | |||||
REIT II | Above-Market Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 15,468 | |||||
Weighted Average Useful Life | 7 years | |||||
REIT II | Below-Market Leases | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Useful Life | 17 years |
PELP Acquisition (FY) (Details)
PELP Acquisition (FY) (Details) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($)property$ / shares | May 08, 2019$ / shares | Nov. 16, 2018$ / shares | May 09, 2018$ / shares | May 08, 2018$ / shares | Nov. 08, 2017$ / shares | Nov. 07, 2017$ / shares | Oct. 04, 2017$ / shares | May 18, 2017$ / shares | |
Business Acquisition [Line Items] | |||||||||||||||
Number of real estate properties | property | 303 | 298 | |||||||||||||
Fair value of Operating Partnership units (“OP units”) issued | $ 401,630 | ||||||||||||||
Fair value of assumed debt | $ 464,462 | 504,740 | $ 0 | ||||||||||||
Business Combination, Contingent Consideration, Liability, Current | $ 38,000 | $ 38,000 | 39,500 | 38,000 | $ 38,000 | $ 32,000 | |||||||||
OP units, share price | $ / shares | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | ||||||||
Transaction expenses | (3,331) | (15,713) | 0 | ||||||||||||
OP Units | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
OP units, share price | $ / shares | $ 11.20 | $ 10.20 | |||||||||||||
Phillips Edison Limited Partnership | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of real estate properties | 76 | ||||||||||||||
Fair value of Operating Partnership units (“OP units”) issued | 401,630 | ||||||||||||||
Corporate debt | 432,091 | ||||||||||||||
Fair value of assumed debt | 72,649 | ||||||||||||||
Cash payments | 30,420 | ||||||||||||||
Fair value of earn-out | $ 38,000 | 38,000 | |||||||||||||
Total consideration | 974,790 | ||||||||||||||
Debt repaid on transaction date | (432,091) | ||||||||||||||
Net consideration | $ 542,699 | ||||||||||||||
OP units issued, shares | shares | 39.4 | 39.4 | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 80.60% | ||||||||||||||
Business combination, post-transaction acquiree ownership percentage | 19.40% | ||||||||||||||
Transaction expenses | $ (15,700) | $ (1,300) | $ (17,000) | ||||||||||||
Phillips Edison Limited Partnership | OP Units | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
OP units issued, shares | shares | 12.5 | 12.5 | 12.5 |
PELP Acquisition Assets Acquire
PELP Acquisition Assets Acquired and Liabilities Assumed (FY) (Details) - Phillips Edison Limited Partnership $ in Thousands | Oct. 04, 2017USD ($) |
Business Acquisition [Line Items] | |
Land and improvements | $ 269,140 |
Building and improvements | 574,154 |
Intangible lease assets | 93,506 |
Cash and cash equivalents | 5,930 |
Accounts receivable and other assets | 42,426 |
Management contracts | 58,000 |
Goodwill | 29,085 |
Total assets acquired | 1,072,241 |
Accounts payable and other liabilities | 48,342 |
Intangible lease liabilities | 49,109 |
Total liabilities assumed | 97,451 |
Net assets acquired | $ 974,790 |
PELP Acquisition Finite-Lived I
PELP Acquisition Finite-Lived Intangible Assets and Liabilities Acquired (FY) (Details) - USD ($) $ in Thousands | Oct. 04, 2017 | Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 16, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Below-market lease liabilities | $ (164,839) | $ (164,839) | $ (118,012) | ||||
Management Contracts | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | 18,739 | 18,739 | 58,000 | ||||
In-Place Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | 464,721 | $ 464,721 | $ 313,432 | ||||
Weighted Average Useful Life | 11 years | 6 years | 8 years | 13 years | |||
Above-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | $ 67,140 | $ 67,140 | $ 53,524 | ||||
Weighted Average Useful Life | 8 years | 3 years | 9 years | 6 years | |||
Below-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted Average Useful Life | 16 years | 16 years | 15 years | 18 years | |||
Phillips Edison Limited Partnership | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Below-market lease liabilities | $ (49,109) | ||||||
Goodwill, Gross | 29,085 | ||||||
Phillips Edison Limited Partnership | Management Contracts | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | $ 58,000 | ||||||
Weighted Average Useful Life | 5 years | ||||||
Phillips Edison Limited Partnership | In-Place Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | $ 83,305 | ||||||
Weighted Average Useful Life | 9 years | ||||||
Phillips Edison Limited Partnership | Above-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | $ 10,201 | ||||||
Weighted Average Useful Life | 7 years | ||||||
Phillips Edison Limited Partnership | Below-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted Average Useful Life | 13 years | ||||||
REIT II | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Below-market lease liabilities | $ (60,421) | ||||||
REIT II | In-Place Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | 181,916 | ||||||
Weighted Average Useful Life | 13 years | ||||||
REIT II | Above-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Management contracts, fair value | $ 15,468 | ||||||
Weighted Average Useful Life | 7 years | ||||||
REIT II | Below-Market Leases | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted Average Useful Life | 17 years |
PELP Acquisition Business Combi
PELP Acquisition Business Combination Revenues and Net Income (FY) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenues | $ 85,168 | $ 21,202 |
Net income | $ (37,895) | $ 1,297 |
PELP Acquisition Business Com_2
PELP Acquisition Business Combination Pro Forma Information (FY) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Pro forma revenues | $ 402,898 | $ 400,089 |
Pro forma net income (loss) attributable to stockholders | $ 1,982 | $ (3,956) |
Real Estate Acquisitions and _3
Real Estate Acquisitions and Dispositions Acquisition (FY) (Details) $ in Thousands | Dec. 12, 2018USD ($) | Nov. 09, 2018USD ($) | Oct. 03, 2018USD ($) | Sep. 28, 2018USD ($) | Feb. 26, 2018USD ($) | Oct. 26, 2017USD ($) | Oct. 20, 2017USD ($) | Sep. 05, 2017USD ($) | Jun. 20, 2017USD ($) | Jun. 15, 2017USD ($) | May 05, 2017USD ($) | Apr. 18, 2017USD ($) | Feb. 10, 2017USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2019property | Nov. 16, 2018 | Oct. 04, 2017 |
Real Estate Properties [Line Items] | |||||||||||||||||||
Number of real estate acquisitions | 91 | 84 | |||||||||||||||||
Number of real estate properties | property | 303 | 298 | |||||||||||||||||
Number of real estate acquisitions, excluding those from business combinations | 5 | 8 | |||||||||||||||||
Number of Land Parcels Purchased | 2 | ||||||||||||||||||
Payments to Acquire Land | $ 1,000 | ||||||||||||||||||
Purchase price of real estate property | $ 363,519 | $ 0 | $ 0 | ||||||||||||||||
Shoppes of Lake Village | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 8,423 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 71.30% | ||||||||||||||||||
Sierra Visa Plaza | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 22,151 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 81.00% | ||||||||||||||||||
Wheat Ridge Marketplace | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 18,684 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 90.10% | ||||||||||||||||||
Atlantic Plaza | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 27,250 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 95.90% | ||||||||||||||||||
Cinco Ranch at Market Center | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 21,359 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 96.00% | ||||||||||||||||||
Atwater Marketplace | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 15,047 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 94.60% | ||||||||||||||||||
Rocky Ridge Station | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 37,269 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 96.30% | ||||||||||||||||||
Greentree Station | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 12,330 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 90.30% | ||||||||||||||||||
Titusville Station | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 13,830 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 71.70% | ||||||||||||||||||
Sierra Station | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 29,175 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 94.00% | ||||||||||||||||||
Hoffman Station | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 34,923 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 93.10% | ||||||||||||||||||
Winter Springs | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 24,976 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 91.90% | ||||||||||||||||||
Flynn Crossing | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Purchase price of real estate property | $ 23,806 | ||||||||||||||||||
Leased percentage of rentable SF at acquisition | 96.40% | ||||||||||||||||||
REIT II | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Number of real estate properties | 86 | ||||||||||||||||||
Phillips Edison Limited Partnership | |||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||
Number of real estate properties | 76 |
Real Estate Acquisitions and _4
Real Estate Acquisitions and Dispositions Acquisition of intangible leases (FY) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Below market lease, acquired | $ (2,097) | $ (457) | $ (2,736) | $ (5,736) |
In-Place Leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible lease assets acquired | $ 4,736 | $ 946 | $ 9,239 | $ 17,740 |
Weighted Average Useful Life | 11 years | 6 years | 8 years | 13 years |
Above-Market Leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible lease assets acquired | $ 825 | $ 74 | $ 1,045 | $ 1,314 |
Weighted Average Useful Life | 8 years | 3 years | 9 years | 6 years |
Below-Market Leases | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Useful Life | 16 years | 16 years | 15 years | 18 years |
Real Estate Acquisitions and _5
Real Estate Acquisitions and Dispositions Dispositions (FY) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Investments, Net [Abstract] | ||||||
Number of properties sold | 6 | 2 | 8 | 1 | ||
Proceeds from sale of real estate | $ 47,857 | $ 13,300 | $ 82,145 | $ 6,486 | ||
Gain on sale of properties, net | $ (1,266) | $ 985 | $ 5,855 | $ 985 | $ 16,757 | $ 1,760 |
Real Estate Acquisitions and _6
Real Estate Acquisitions and Dispositions Property Held-For-Sale (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Total investment in real estate assets, net | $ 15,555 | $ 16,889 |
Other assets, net | 322 | 475 |
Total assets | 15,877 | 17,364 |
Below-market lease liabilities, net | 117 | 208 |
Accounts payable and other liabilities | 185 | 388 |
Total liabilities | $ 302 | $ 596 |
Investment in Unconsolidated _5
Investment in Unconsolidated Joint Ventures (FY) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2018USD ($)property | Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2018USD ($) | Nov. 16, 2018USD ($) | Nov. 09, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,846 | $ 0 | $ 0 | |||||||||||
Debt contributed to joint venture | 175,000 | 0 | $ 0 | |||||||||||
Gain on sale of properties, net | $ (1,266) | $ 985 | $ 5,855 | $ 985 | $ 16,757 | 1,760 | ||||||||
Number of real estate properties | property | 303 | 303 | 298 | 298 | 303 | |||||||||
Investment balance | $ 42,418 | $ 42,418 | $ 0 | $ 45,651 | ||||||||||
Return of investment in unconsolidated joint ventures | 2,257 | 0 | ||||||||||||
Loss from unconsolidated joint ventures | $ 976 | $ 0 | ||||||||||||
Grocery Retail Partners I | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Fair value of property contributed or sold | $ 359,000 | $ 359,000 | ||||||||||||
Equity method investment, ownership percentage | 15.00% | 15.00% | 15.00% | 15.00% | ||||||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,800 | 161,800 | ||||||||||||
Debt contributed to joint venture | 175,000 | |||||||||||||
Fair value of debt contributed to joint venture | 165,000 | |||||||||||||
Gain on sale of properties, net | $ 92,500 | |||||||||||||
Number of real estate properties | 17 | 17 | 17 | 17 | 17 | 17 | 17 | |||||||
Investment balance | $ 27,964 | $ 27,964 | 29,453 | |||||||||||
Return of investment in unconsolidated joint ventures | 509 | 1,424 | ||||||||||||
Loss from unconsolidated joint ventures | $ (52) | $ (65) | ||||||||||||
Grocery Retail Partners I | Joint Ventures | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of real estate properties | 17 | |||||||||||||
Investment balance | 29,453 | |||||||||||||
Return of investment in unconsolidated joint ventures | $ 0 | |||||||||||||
Loss from unconsolidated joint ventures | $ 35 | |||||||||||||
Grocery Retail Partners I | Co-venturer Northwestern Mutual | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 85.00% | |||||||||||||
Payments to acquire interest in joint venture | $ 167,100 | |||||||||||||
Necessity Retail Partners | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||
Equity method investment, amount contributed prior to ownership | $ 17,500 | |||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 5,317 | $ 5,317 | 6,026 | $ 6,200 | ||||||||||
Number of real estate properties | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |||||||
Investment balance | $ 14,454 | $ 14,454 | 16,198 | |||||||||||
Return of investment in unconsolidated joint ventures | 551 | 833 | ||||||||||||
Loss from unconsolidated joint ventures | $ (114) | $ (202) | ||||||||||||
Necessity Retail Partners | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to acquire interest in joint venture | $ 50,000 | |||||||||||||
Necessity Retail Partners | Joint Ventures | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of real estate properties | 13 | |||||||||||||
Investment balance | 16,198 | |||||||||||||
Return of investment in unconsolidated joint ventures | $ 200 | |||||||||||||
Loss from unconsolidated joint ventures | $ 250 | |||||||||||||
Necessity Retail Partners | REIT II | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 6,200 | |||||||||||||
Equity Method Investment, Acquisition Costs Unamortized Balance | $ 6,000 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities Intangible Asset and Liabilities Outstanding (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Below-market lease liabilities | $ (164,839) | $ (118,012) | |
Accumulated amortization, intangible liabilities | 33,280 | 27,388 | |
Goodwill | $ 29,066 | 29,066 | 29,085 |
Management Contracts | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 18,739 | 58,000 | |
Accumulated amortization, intangible assets | (4,685) | (2,900) | |
In-Place Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 464,721 | 313,432 | |
Accumulated amortization, intangible assets | (142,525) | (123,314) | |
Above-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 67,140 | 53,524 | |
Accumulated amortization, intangible assets | $ (28,979) | $ (24,631) |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities Intangible Assets and Liabilities Amortization Expense (FY) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible liabilities | $ (10,061) | $ (7,133) | $ (6,436) |
Management Contracts | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 10,618 | 2,900 | 0 |
In-Place Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 37,101 | 30,966 | 28,812 |
Above-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 6,112 | $ 5,188 | $ 5,228 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities Intangible Assets and Liabilities - Future Amortization (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2019 | $ (11,959) | |
2020 | (11,415) | |
2021 | (10,652) | |
2022 | (9,951) | |
2023 | (9,133) | |
Management Contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2019 | 3,748 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 1,400 | 3,748 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,400 | 3,748 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 900 | 2,810 |
2023 | 0 | |
In-Place Leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2019 | 43,286 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 38,104 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 34,129 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 31,012 | |
2023 | 26,752 | |
Above-Market Leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2019 | 7,515 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,039 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,205 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,189 | |
2023 | $ 4,366 |
Other Assets, Net (FY) (Details
Other Assets, Net (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred leasing commissions and costs | $ 35,518 | $ 32,957 | $ 29,055 |
Deferred financing expenses | 13,971 | 13,971 | 13,971 |
Office equipment, including capital lease assets, and other | 18,016 | 14,315 | 10,308 |
Total depreciable and amortizable assets | 67,505 | 61,243 | 53,334 |
Accumulated depreciation and amortization | (28,603) | (24,382) | (17,121) |
Net depreciable and amortizable assets | 38,902 | 36,861 | 36,213 |
Accounts receivable, net | 50,681 | 56,104 | 41,211 |
Deferred rent receivable, net | 25,778 | 21,261 | 18,201 |
Derivative asset | 5,324 | 29,708 | 16,496 |
Investment in affiliates | 700 | 700 | 902 |
Other | 8,442 | 5,425 | |
Other assets, net | $ 131,101 | $ 153,076 | $ 118,448 |
Debt Obligations Schedule of De
Debt Obligations Schedule of Debt Obligations (FY) (Details) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
Debt obligation | $ 2,461,438 | $ 2,461,438 | $ 2,443,395 | $ 2,461,438 | $ 1,817,786 | ||
Assumed market debt adjustments, net | (4,571) | (4,571) | (3,841) | (4,571) | (5,254) | ||
Deferred financing costs, net | (18,041) | (18,041) | (16,149) | (18,041) | (16,042) | ||
Total | 2,438,826 | 2,438,826 | 2,423,405 | 2,438,826 | 1,806,998 | ||
Gross borrowings | 105,600 | $ 151,000 | |||||
Gross payments | 179,000 | $ 166,000 | |||||
Long-term debt with variable interest | 244,769 | $ 244,769 | $ 331,410 | 244,769 | 209,569 | ||
Debt assumed, noncash or part noncash acquisition | 464,462 | 504,740 | $ 0 | ||||
Debt contributed to joint venture | $ 175,000 | $ 0 | 0 | ||||
Write off of deferred financing expenses | $ 2,100 | ||||||
Weighted-average interest rate on debt | 3.50% | 3.50% | 3.50% | 3.50% | 3.40% | ||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.86% | 3.86% | 3.86% | ||||
Debt obligation | $ 73,359 | $ 73,359 | $ 73,359 | $ 61,569 | |||
Revolving credit facility, maximum borrowing capacity | 500,000 | 500,000 | 500,000 | ||||
Revolving credit facility, remaining borrowing capacity | 426,200 | 426,200 | $ 426,200 | ||||
LIne of credit - interest spread | 1.40% | ||||||
Gross borrowings | $ 475,400 | 437,000 | 590,800 | ||||
Gross payments | 463,600 | 552,400 | $ 554,800 | ||||
Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | 1,858,410 | 1,858,410 | 1,858,410 | $ 1,140,000 | |||
Long-term debt with variable interest | 245,500 | 245,500 | 245,500 | ||||
Debt assumed, noncash or part noncash acquisition | 361,700 | ||||||
Debt instrument, unused borrowing capacity, amount | $ 60,000 | $ 60,000 | $ 60,000 | ||||
Weighted-average interest rate on debt | 3.50% | 3.50% | 3.50% | 3.00% | |||
Term Loans | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.06% | 2.06% | 2.06% | ||||
Term Loans | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.59% | 4.59% | 4.59% | ||||
Secured loan facilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | $ 195,000 | $ 195,000 | $ 195,000 | ||||
Term Loan Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | 300,000 | 300,000 | 300,000 | ||||
Term Loan Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | 100,000 | 100,000 | 100,000 | ||||
Term Loan Due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | 157,500 | 157,500 | 157,500 | ||||
Securities Loan Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | $ 370,000 | ||||||
Mortgages and other | |||||||
Debt Instrument [Line Items] | |||||||
Debt obligation | $ 334,669 | $ 334,669 | 334,669 | $ 246,217 | |||
Grocery Retail Partners I | |||||||
Debt Instrument [Line Items] | |||||||
Debt contributed to joint venture | $ 175,000 |
Debt Obligations Debt Allocatio
Debt Obligations Debt Allocation (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, by Type Alternative [Abstract] | |||
Fixed-rate debt | $ 2,111,985 | $ 2,216,669 | $ 1,608,217 |
Variable-rate debt | 331,410 | 244,769 | 209,569 |
Total | 2,443,395 | 2,461,438 | 1,817,786 |
Unsecured debt | 1,918,410 | 1,931,769 | 1,202,476 |
Secured debt | $ 524,985 | $ 529,669 | $ 615,310 |
Debt Obligations Maturities of
Debt Obligations Maturities of Long Term Debt (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
2019 | $ 9,523 | ||
2020 | 180,909 | ||
2021 | 286,047 | ||
2022 | 436,903 | ||
2023 | 379,570 | ||
Thereafter | 1,168,486 | ||
Total | $ 2,443,395 | 2,461,438 | $ 1,817,786 |
Secured Debt | |||
Debt Instrument [Line Items] | |||
2019 | 9,523 | ||
2020 | 9,999 | ||
2021 | 87,688 | ||
2022 | 61,903 | ||
2023 | 79,570 | ||
Thereafter | 280,986 | ||
Total | $ 195,000 | 529,669 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
2019 | 0 | ||
2020 | 0 | ||
2021 | 73,359 | ||
2022 | 0 | ||
2023 | 0 | ||
Thereafter | 0 | ||
Total | 73,359 | 61,569 | |
Term Loans | |||
Debt Instrument [Line Items] | |||
2019 | 0 | ||
2020 | 170,910 | ||
2021 | 125,000 | ||
2022 | 375,000 | ||
2023 | 300,000 | ||
Thereafter | 887,500 | ||
Total | $ 1,858,410 | $ 1,140,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (FY) (Interest Rate Swaps) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019USD ($)Debt_Instrument | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Debt_Instrument | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Debt_Instrument | Dec. 31, 2017USD ($)Debt_Instrument | Dec. 31, 2016USD ($) | Nov. 16, 2018USD ($)Debt_Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 3,600 | |||||||
Amount of (loss) gain recognized in OCI on derivatives | $ (22,348) | $ 5,608 | $ (35,205) | $ 19,047 | (895) | $ 2,770 | $ 6,979 | |
Amount of (gain) loss reclassified from AOCI into interest expense | (1,297) | $ (753) | (2,801) | $ (704) | (3,261) | $ 1,810 | $ 3,586 | |
Derivative liability | $ (21,000) | (21,000) | (3,600) | |||||
Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative instruments, gain (loss) reclassification from AOCI to income, estimated net amount to be transferred | $ 3,500 | $ 6,200 | ||||||
Derivative, count | Debt_Instrument | 11 | 11 | 12 | 6 | 1 | |||
Notional amount | $ 1,587,000 | $ 1,587,000 | $ 1,687,000 | $ 992,000 | $ 125,000 | |||
Interest Rate Swap | Designated as Hedging Instrument | Maximum | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Fixed LIBOR | 2.90% | 2.90% | 2.90% | 1.50% | ||||
Interest Rate Swap | Designated as Hedging Instrument | Minimum | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Fixed LIBOR | 0.70% | 0.70% | 0.70% | 1.20% | ||||
REIT II | Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, count | Debt_Instrument | 5 | |||||||
Notional amount | $ 570,000 | |||||||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 14,700 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (FY) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | $ 1,239 | $ 667 |
Components of Deferred Tax Assets [Abstract] | ||
Accrued compensation | 5,338 | 4,264 |
Accrued expenses | 210 | 12 |
Net operating loss (NOL) carryforward | 1,239 | 667 |
Other | 566 | 106 |
Gross deferred tax assets | 7,353 | 5,049 |
Valuation allowance | (3,822) | (3,277) |
Total deferred tax asset | 3,531 | 1,772 |
Components of Deferred Tax Liabilities [Abstract] | ||
Depreciation and amortization | (3,292) | (1,638) |
Prepaid expenses | (239) | (134) |
Total deferred tax liabilities | (3,531) | (1,772) |
Net deferred tax asset | 0 | $ 0 |
State Tax Authorities | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | 2,200 | |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss (NOL) carryforward | 2,200 | |
Federal Income Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | 5,400 | |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss (NOL) carryforward | 5,400 | |
Tax year 2018 | Federal Income Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | 600 | |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss (NOL) carryforward | 600 | |
Tax year 2017 | Federal Income Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | 4,800 | |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss (NOL) carryforward | $ 4,800 |
Income Taxes REIT Taxable Incom
Income Taxes REIT Taxable Income (FY) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||||||||||||
Net income (loss) attributable to stockholders | $ (36,570) | $ 65,317 | $ (13,228) | $ (11,351) | $ (1,600) | $ (30,072) | $ (8,232) | $ (1,193) | $ 1,106 | $ (41,765) | $ (12,951) | $ 39,138 | $ (38,391) | $ 8,932 |
Net (income) loss from TRS | (1,171) | 4,248 | 0 | |||||||||||
Net income (loss) attributable to REIT operations | 37,967 | (34,143) | 8,932 | |||||||||||
Book/tax differences | 33,858 | 72,824 | 24,771 | |||||||||||
REIT taxable income subject to 90% dividend requirement | $ 71,825 | $ 38,681 | $ 33,703 |
Income Taxes Composition of Tax
Income Taxes Composition of Tax Distributions (FY) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Ordinary income | 27.70% | 28.60% |
Non-dividend distributions | 45.50% | 70.90% |
Capital gain distributions | 26.80% | 0.50% |
Total | 100.00% | 100.00% |
Commitments And Contingencies N
Commitments And Contingencies Narrative (FY) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Total rental expense for long-term operating leases | $ 1.3 |
Collateralized letters of credit outstanding related to insurance and reinsurance contracts | $ 6.7 |
Commitments And Contingencies M
Commitments And Contingencies Minimum Rental Commitments (FY) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 1,450 |
2020 | 969 |
2021 | 537 |
2022 | 510 |
2023 | 352 |
Thereafter | 391 |
Total | $ 4,209 |
Commitments And Contingencies L
Commitments And Contingencies Liability for Unpaid Losses (FY) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Beginning balances | $ 4,883 | |
Current year | $ 452 | 156 |
Prior years | 898 | 948 |
Total incurred | 1,350 | 1,104 |
Current year | 81 | 13 |
Prior years | 725 | 516 |
Total paid | 806 | 529 |
Liability for unpaid losses as of December 31 | $ 4,883 | $ 5,458 |
Equity (FY) (Details)
Equity (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 08, 2019 | Nov. 16, 2018 | May 09, 2018 | May 08, 2018 | Nov. 08, 2017 | Nov. 07, 2017 | Oct. 04, 2017 | |
Class of Stock Disclosures [Abstract] | ||||||||||||||||
Common stock, voting rights | The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors. | |||||||||||||||
Share price | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | |||||||||
Share repurchases, shares | (4.9) | |||||||||||||||
SRP, outstanding requests | 2.4 | |||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock-based awards vested in period, fair value | $ 2,200 | $ 15,400 | ||||||||||||||
OP units outstanding, shares | 42.7 | 44.5 | 44.5 | 42.7 | 44.5 | 44.5 | ||||||||||
Vesting of Class B units, expense | $ 0 | $ 24,037 | $ 0 | |||||||||||||
Issuance of partnership units for asset management services | $ 0 | $ 0 | 27,647 | |||||||||||||
Distributions to noncontrolling interests | $ (7,061) | $ (7,308) | $ (14,228) | $ (14,097) | $ (28,700) | (9,125) | (1,882) | |||||||||
Payments to noncontrolling interests | $ 9,600 | |||||||||||||||
OP units repurchased | 0.4 | |||||||||||||||
Payments for OP units repurchased | $ 4,179 | |||||||||||||||
Payments for repurchase of unvested Class B units, and termination of special limited partnership interest and fee-sharing arrangements | 5,400 | |||||||||||||||
Subsidiaries | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Business combination, post-transaction acquiree ownership percentage | 25.00% | 25.00% | 25.00% | |||||||||||||
Noncontrolling Interest | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of partnership units for asset management services | 27,647 | |||||||||||||||
Distributions to noncontrolling interests | $ (7,061) | $ (7,308) | $ (14,228) | $ (14,097) | (9,125) | $ (1,882) | ||||||||||
Payments for OP units repurchased | $ 4,179 | |||||||||||||||
Phillips Edison Limited Partnership | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
OP units issued, shares | 39.4 | 39.4 | ||||||||||||||
Business combination, post-transaction acquiree ownership percentage | 19.40% |
Compensation Independent Direct
Compensation Independent Director Stock Plan (FY) (Details) - Restricted Stock Awards - shares | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,050,000 | 808,000 | 18,000 |
Amended and Restated 2010 Independent Director Stock Plan | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 32,000 | 17,654 |
Compensation Employee Long Term
Compensation Employee Long Term Incentive Plan (FY) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 13, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Nonvested at Period Start, Weighted Average Grant Date Fair Value | $ 10.60 | $ 10.60 | $ 10.20 | $ 10.20 | |||
Weighted average grant date fair value - granted | 11.05 | 11 | |||||
Weighted average grant date fair value - vested | 10.99 | 10.20 | |||||
Weighted average grant date fair value - forfeited | 10.76 | 10.38 | |||||
Nonvested at Period End, Weighted Average Grant Date Fair Value | $ 10.80 | $ 10.80 | $ 10.60 | $ 10.20 | |||
Share-based compensation, expense recognized in period | $ 3.3 | $ 3.1 | $ 5.3 | $ 4.7 | $ 10.4 | $ 3.4 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 22.6 | $ 22.6 | $ 9 | ||||
Estimated recognition period for not vested shares | 4 years 4 months | 1 year 4 months | |||||
Stock-based awards vested in period, fair value | $ 2.2 | $ 15.4 | |||||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 8.7 | ||||||
Defined contribution plan, employer 401K contribution amounts | $ 1 | $ 0.2 | |||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested at Period Start | 808 | 808 | 18 | 18 | |||
Granted | 464 | 811 | |||||
Vested | (196) | (5) | |||||
Forfeited | (26) | (16) | |||||
Nonvested at Period End | 1,050 | 1,050 | 808 | 18 | |||
Performance Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested at Period Start | 199 | 199 | 0 | 0 | |||
Granted | 1,275 | 199 | |||||
Vested | 0 | 0 | |||||
Forfeited | 0 | 0 | |||||
Nonvested at Period End | 1,474 | 1,474 | 199 | 0 | |||
Performance Stock Awards | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Granted | 2,100 | ||||||
Phantom Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested at Period Start | 998 | 998 | 2,446 | 2,446 | |||
Granted | 0 | 0 | |||||
Vested | 0 | (1,394) | |||||
Forfeited | (12) | (54) | |||||
Nonvested at Period End | 986 | 986 | 998 | 2,446 |
Earnings Per Share (FY) (Detail
Earnings Per Share (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator for basic and diluted earnings per share: | ||||||||||||||
Net loss attributable to stockholders - basic | $ (36,570) | $ 65,317 | $ (13,228) | $ (11,351) | $ (1,600) | $ (30,072) | $ (8,232) | $ (1,193) | $ 1,106 | $ (41,765) | $ (12,951) | $ 39,138 | $ (38,391) | $ 8,932 |
Net income (loss) attributable to convertible OP units | 5,643 | 2,756 | 6,426 | 3,090 | 8,136 | (3,470) | 111 | |||||||
Net income (loss) - diluted | $ (42,213) | $ (14,107) | $ (48,191) | $ (16,041) | $ 47,274 | $ (41,861) | $ 9,043 | |||||||
Denominator: | ||||||||||||||
Weighted-average shares - basic | 283,010,000 | 184,450,000 | 282,148,000 | 185,171,000 | 196,602,000 | 183,784,000 | 183,876,000 | |||||||
Conversion of OP units | 44,453,000 | 12,713,000 | 2,785,000 | |||||||||||
Effect of dilutive restricted stock awards(2) | 312,000 | 0 | 4,000 | |||||||||||
Adjusted weighted-average shares - diluted | 326,298,000 | 228,903,000 | 325,788,000 | 229,624,000 | 241,367,000 | 196,497,000 | 186,665,000 | |||||||
Earnings Per Common Share | ||||||||||||||
Net income (loss) per share attributable to stockholders - basic and diluted (See Note 15) | $ (0.13) | $ 0.34 | $ (0.07) | $ (0.06) | $ (0.01) | $ (0.17) | $ (0.04) | $ (0.01) | $ 0.01 | $ (0.15) | $ (0.07) | $ 0.20 | $ (0.21) | $ 0.05 |
Share-based Payment Arrangement | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,500,000 | 1,000,000 | 2,500,000 | 1,000,000 | ||||||||||
Restricted Stock Awards | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive securities excluded from computation of earnings per share | 18,000 |
Revenue Recognition and Relat_5
Revenue Recognition and Related Party Transactions Revenue (FY) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||
Recurring fees | $ 3,051 | $ 9,137 | $ 6,312 | $ 17,849 | $ 32,926 | $ 8,156 | $ 0 |
Insurance premiums | 2,073 | 206 | |||||
REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 7,538 | 14,473 | |||||
Insurance premiums | 367 | 206 | |||||
PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 453 | 1,462 | |||||
Insurance premiums | 0 | 0 | |||||
Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 2,045 | 3,779 | |||||
Insurance premiums | 0 | 0 | |||||
Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 553 | 503 | 1,071 | 1,053 | |||
Insurance premiums | 1,706 | 0 | |||||
Recurring fees | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 21,036 | 4,992 | |||||
Recurring fees | REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 17,937 | 4,396 | |||||
Recurring fees | PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 870 | 74 | |||||
Recurring fees | Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 1,948 | 335 | |||||
Recurring fees | Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | 281 | 187 | |||||
Transactional Revenue and Reimbursements | |||||||
Related Party Transaction [Line Items] | |||||||
Transactional revenue and reimbursements | 9,817 | 2,958 | |||||
Transactional Revenue and Reimbursements | REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Transactional revenue and reimbursements | 6,965 | 1,846 | |||||
Transactional Revenue and Reimbursements | PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Transactional revenue and reimbursements | 1,278 | 679 | |||||
Transactional Revenue and Reimbursements | Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Transactional revenue and reimbursements | 1,442 | 297 | |||||
Transactional Revenue and Reimbursements | Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Transactional revenue and reimbursements | 132 | 136 | |||||
Non-Affiliate | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees | $ 500 | $ 500 | $ 1,000 | $ 900 | $ 1,700 | $ 200 |
Revenue Recognition and Relat_6
Revenue Recognition and Related Party Transactions Related Party Expenses (FY) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2019 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 5,454 | $ 0 | |
Accounts receivable – affiliates | 5,125 | 6,102 | ||
Accounts receivable - affiliates | 5,125 | $ 3,409 | ||
Management Service | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable – affiliates | 600 | 900 | ||
Accounts receivable - affiliates | 600 | 4,100 | ||
Advisory Agreement | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 20,301 | 26,232 | ||
Advisory Agreement | Acquisition Fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,344 | 2,342 | ||
Advisory Agreement | Acquisition Expenses | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 583 | 464 | ||
Advisory Agreement | Asset Management Fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 15,573 | 19,239 | ||
Advisory Agreement | OP Unit Distribution | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,373 | 1,866 | ||
Advisory Agreement | Class B Distribution | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,409 | 1,576 | ||
Advisory Agreement | Disposition Fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 19 | 745 | ||
Property Manager | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 22,631 | 24,384 | ||
Property Manager | Property Management Fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 8,360 | 9,929 | ||
Property Manager | Leasing Commissions | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 6,670 | 7,701 | ||
Property Manager | Construction Management Fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,367 | 1,127 | ||
Property Manager | Other Fees and Reimbursements | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 6,234 | $ 5,627 | ||
PECO III | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable – affiliates | 4,500 | $ 2,000 | ||
Contingent Advisor Payment Holdback | 4,500 | |||
Accounts receivable - affiliates | 4,500 | $ 2,500 | ||
PECO III | Private Placement | ||||
Related Party Transaction [Line Items] | ||||
Organization and offering costs charged by Advisor and Sub-advisor | 2,300 | |||
PECO III | Public Offering | ||||
Related Party Transaction [Line Items] | ||||
Organization and offering costs charged by Advisor and Sub-advisor | $ 2,200 | |||
PECO III | Contingent Advisor Payment | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, rate | 2.15% |
Revenue Recognition and Relat_7
Revenue Recognition and Related Party Transactions Other Related Party Matters (FY) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||||
Due to Affiliate | $ 900 | $ 900 | $ 1,200 | $ 1,400 | ||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 5,454 | $ 0 | |||
Accounts receivable – affiliates | 5,125 | 6,102 | ||||
Debt contributed to joint venture | 175,000 | 0 | $ 0 | |||
PECO III | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable – affiliates | 4,500 | 2,000 | ||||
PECO Air | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 200 | 500 | $ 400 | 800 | $ 100 | |
Necessity Retail Partners | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 200,000 | 200,000 | 200,000 | |||
Guarantee Obligations Expected Exposure | $ 50,000 | $ 50,000 | ||||
Subsidiaries | ||||||
Related Party Transaction [Line Items] | ||||||
Business combination, post-transaction acquiree ownership percentage | 25.00% | 25.00% | 25.00% | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | 75.00% | |||
Grocery Retail Partners I | ||||||
Related Party Transaction [Line Items] | ||||||
Debt contributed to joint venture | $ 175,000 |
Operating Leases Future Minimum
Operating Leases Future Minimum Rents (FY) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Future rentals to be received under non-cancelable operating leases: | ||
2019 | $ 372,632 | |
2020 | 340,028 | |
2021 | 292,887 | |
2022 | 247,915 | |
2023 | 196,152 | |
2024 and thereafter | 555,282 | |
Total | $ 2,004,896 | |
Geographic Concentration Risk | Florida | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.30% | 12.00% |
Geographic Concentration Risk | California | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.10% |
Fair Value Measurements Summary
Fair Value Measurements Summary of Borrowings (FY) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Recorded value | $ 2,439,554 | $ 2,456,867 | $ 1,823,040 |
Deferred financing costs | 16,149 | 18,041 | 16,042 |
Fair Value Level 3 | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Fair value | $ 2,467,023 | $ 2,467,317 | $ 1,765,151 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (FY) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Derivative liability | $ (21,000) | $ (3,600) | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 8,000 | |||||||||||
Impairment of real estate assets | $ 25,199 | $ 10,939 | $ 38,916 | $ 10,939 | $ 40,782 | $ 0 | $ 0 | |||||
Phillips Edison Limited Partnership | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
OP units issued, shares | 39.4 | 39.4 | ||||||||||
OP Units | Phillips Edison Limited Partnership | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
OP units issued, shares | 12.5 | 12.5 | 12.5 | |||||||||
Fair Value, Recurring | Fair Value Level 3 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Earn-out liability | 32,000 | $ 38,000 | $ 38,000 | 39,500 | 38,000 | $ 38,000 | 38,000 | 32,000 | 39,500 | $ 38,000 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Balance at December 31, 2017 | 39,500 | 38,000 | 38,000 | |||||||||
Balance at December 31, 2018 | 32,000 | 38,000 | 38,000 | 32,000 | 39,500 | 38,000 | ||||||
Fair Value, Recurring | Phillips Edison Limited Partnership | Fair Value Level 3 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Earn-out liability | 32,000 | 38,000 | 38,000 | 39,500 | 38,000 | 38,000 | 38,000 | 32,000 | 39,500 | 38,000 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Balance at December 31, 2017 | 39,500 | $ 38,000 | 38,000 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 1,500 | |||||||||||
Balance at December 31, 2018 | $ 32,000 | $ 38,000 | $ 38,000 | $ 32,000 | $ 39,500 | $ 38,000 | ||||||
Fair Value, Recurring | Interest Rate Swap | Designated as Hedging Instrument | Fair Value Level 2 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Derivative assets | 5,324 | 29,708 | 16,496 | |||||||||
Derivative liability | (21,007) | (3,633) | $ (61) | |||||||||
Fair Value, Nonrecurring | Fair Value Level 2 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired real estate assets, net | $ 120,510 | $ 71,991 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | ||||||||||||||
Revenues | $ 132,581 | $ 118,121 | $ 104,899 | $ 104,173 | $ 103,199 | $ 102,765 | $ 70,624 | $ 69,851 | $ 68,303 | $ 265,350 | $ 207,372 | $ 430,392 | $ 311,543 | $ 257,730 |
Net income (loss) attributable to stockholders | $ (36,570) | $ 65,317 | $ (13,228) | $ (11,351) | $ (1,600) | $ (30,072) | $ (8,232) | $ (1,193) | $ 1,106 | $ (41,765) | $ (12,951) | $ 39,138 | $ (38,391) | $ 8,932 |
Net income (loss) per share - basic and diluted | $ (0.13) | $ 0.34 | $ (0.07) | $ (0.06) | $ (0.01) | $ (0.17) | $ (0.04) | $ (0.01) | $ 0.01 | $ (0.15) | $ (0.07) | $ 0.20 | $ (0.21) | $ 0.05 |
Subsequent Events (FY) (Details
Subsequent Events (FY) (Details) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 01, 2019USD ($)$ / shares | Jul. 01, 2019USD ($)$ / shares | Mar. 12, 2019$ / sharesshares | Mar. 01, 2019USD ($)$ / shares | Feb. 14, 2019USD ($)ft² | Feb. 01, 2019USD ($)$ / shares | Jan. 19, 2019USD ($)ft² | Jan. 02, 2019USD ($)$ / shares | Aug. 31, 2019$ / shares | Mar. 31, 2019$ / shares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares |
Subsequent Event [Line Items] | |||||||||||||||||
Distribution rate | $ / shares | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 | $ 0.67 | $ 0.67 | $ 0.67 | ||||||||||
Distributions reinvested | $ 17,240 | $ 12,135 | $ 34,958 | $ 24,899 | $ 44,071 | $ 49,126 | $ 58,872 | ||||||||||
Net cash distribution | 60,787 | 37,819 | 80,728 | 74,198 | $ 64,269 | ||||||||||||
(Loss) gain on disposal of property, net | $ (1,266) | $ 985 | $ 5,855 | $ 985 | $ 16,757 | $ 1,760 | |||||||||||
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units Low | shares | 3 | ||||||||||||||||
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units High | shares | 5 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | $ / shares | 10.20 | ||||||||||||||||
Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units High | shares | 5 | ||||||||||||||||
Subsequent Event | Maximum | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | $ / shares | 11.20 | ||||||||||||||||
Chief Executive Officer | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 1.4 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||||||||||||||
Chief Financial Officer | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 0.7 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||||
Eastland Station | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Sale price | $ 9,300 | ||||||||||||||||
(Loss) gain on disposal of property, net | $ (97) | ||||||||||||||||
Square footage | ft² | 150,772 | ||||||||||||||||
Lovejoy Village Station | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Sale price | $ 9,125 | ||||||||||||||||
(Loss) gain on disposal of property, net | $ 1,189 | ||||||||||||||||
Square footage | ft² | 84,711 | ||||||||||||||||
Dividend Declared | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Distribution rate | $ / shares | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | ||||||||||
Dividend Paid | Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Gross amount of distribution paid | $ 18,118 | $ 18,101 | $ 18,018 | $ 18,077 | $ 18,055 | ||||||||||||
Distributions reinvested | 5,412 | 5,571 | 5,868 | 5,899 | 5,951 | ||||||||||||
Net cash distribution | $ 12,706 | $ 12,530 | $ 12,150 | $ 12,178 | $ 12,104 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 334,117 | ||
Initial cost, land and improvements | 1,567,538 | ||
Initial cost, buildings and improvements | 3,149,739 | ||
Costs capitalized subsequent to acquisition, carrying costs | 131,206 | ||
Carrying amount, land and improvements | 1,598,063 | ||
Carrying amount, buildings and improvements | 3,250,420 | ||
Carrying amount, total | 4,848,483 | $ 3,384,971 | $ 2,329,080 |
Accumulated depreciation | 393,970 | $ 314,080 | $ 222,557 |
Federal income tax basis | 4,800,000 | ||
Lakeside Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,344 | ||
Initial cost, buildings and improvements | 5,247 | ||
Costs capitalized subsequent to acquisition, carrying costs | 371 | ||
Carrying amount, land and improvements | 3,473 | ||
Carrying amount, buildings and improvements | 5,489 | ||
Carrying amount, total | 8,962 | ||
Accumulated depreciation | 2,299 | ||
Snow View Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,104 | ||
Initial cost, buildings and improvements | 6,432 | ||
Costs capitalized subsequent to acquisition, carrying costs | 568 | ||
Carrying amount, land and improvements | 4,305 | ||
Carrying amount, buildings and improvements | 6,799 | ||
Carrying amount, total | 11,104 | ||
Accumulated depreciation | 3,183 | ||
St. Charles Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,090 | ||
Initial cost, buildings and improvements | 4,398 | ||
Costs capitalized subsequent to acquisition, carrying costs | 303 | ||
Carrying amount, land and improvements | 4,169 | ||
Carrying amount, buildings and improvements | 4,623 | ||
Carrying amount, total | 8,792 | ||
Accumulated depreciation | 2,317 | ||
Centerpoint | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,404 | ||
Initial cost, buildings and improvements | 4,361 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,184 | ||
Carrying amount, land and improvements | 2,789 | ||
Carrying amount, buildings and improvements | 5,161 | ||
Carrying amount, total | 7,950 | ||
Accumulated depreciation | 1,930 | ||
Southampton Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,670 | ||
Initial cost, buildings and improvements | 5,176 | ||
Costs capitalized subsequent to acquisition, carrying costs | 926 | ||
Carrying amount, land and improvements | 2,826 | ||
Carrying amount, buildings and improvements | 5,945 | ||
Carrying amount, total | 8,771 | ||
Accumulated depreciation | 2,193 | ||
Burwood Village Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,448 | ||
Initial cost, buildings and improvements | 10,167 | ||
Costs capitalized subsequent to acquisition, carrying costs | 421 | ||
Carrying amount, land and improvements | 5,605 | ||
Carrying amount, buildings and improvements | 10,431 | ||
Carrying amount, total | 16,036 | ||
Accumulated depreciation | 4,073 | ||
Cureton Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,569 | ||
Initial cost, buildings and improvements | 6,197 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,592 | ||
Carrying amount, land and improvements | 5,916 | ||
Carrying amount, buildings and improvements | 9,442 | ||
Carrying amount, total | 15,358 | ||
Accumulated depreciation | 3,156 | ||
Tramway Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,016 | ||
Initial cost, buildings and improvements | 3,071 | ||
Costs capitalized subsequent to acquisition, carrying costs | 652 | ||
Carrying amount, land and improvements | 2,314 | ||
Carrying amount, buildings and improvements | 3,425 | ||
Carrying amount, total | 5,739 | ||
Accumulated depreciation | 1,554 | ||
Westin Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,190 | ||
Initial cost, buildings and improvements | 3,499 | ||
Costs capitalized subsequent to acquisition, carrying costs | 555 | ||
Carrying amount, land and improvements | 2,438 | ||
Carrying amount, buildings and improvements | 3,806 | ||
Carrying amount, total | 6,244 | ||
Accumulated depreciation | 1,643 | ||
Village At Glynn Place | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,202 | ||
Initial cost, buildings and improvements | 6,095 | ||
Costs capitalized subsequent to acquisition, carrying costs | 392 | ||
Carrying amount, land and improvements | 5,270 | ||
Carrying amount, buildings and improvements | 6,419 | ||
Carrying amount, total | 11,689 | ||
Accumulated depreciation | 3,244 | ||
Meadowthorpe Manor Shoppes | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,093 | ||
Initial cost, buildings and improvements | 4,185 | ||
Costs capitalized subsequent to acquisition, carrying costs | 523 | ||
Carrying amount, land and improvements | 4,411 | ||
Carrying amount, buildings and improvements | 4,390 | ||
Carrying amount, total | 8,801 | ||
Accumulated depreciation | 1,921 | ||
New Windsor Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,867 | ||
Initial cost, buildings and improvements | 1,330 | ||
Costs capitalized subsequent to acquisition, carrying costs | 464 | ||
Carrying amount, land and improvements | 4,053 | ||
Carrying amount, buildings and improvements | 1,607 | ||
Carrying amount, total | 5,660 | ||
Accumulated depreciation | 981 | ||
Broadway Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,105 | ||
Initial cost, buildings and improvements | 8,018 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,475 | ||
Carrying amount, land and improvements | 6,174 | ||
Carrying amount, buildings and improvements | 9,425 | ||
Carrying amount, total | 15,599 | ||
Accumulated depreciation | 3,107 | ||
Baker Hill Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,429 | ||
Initial cost, buildings and improvements | 3,802 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,289 | ||
Carrying amount, land and improvements | 2,028 | ||
Carrying amount, buildings and improvements | 4,491 | ||
Carrying amount, total | 6,519 | ||
Accumulated depreciation | 2,101 | ||
New Prague Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,015 | ||
Initial cost, land and improvements | 4,979 | ||
Initial cost, buildings and improvements | 7,169 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,207 | ||
Carrying amount, land and improvements | 5,607 | ||
Carrying amount, buildings and improvements | 7,748 | ||
Carrying amount, total | 13,355 | ||
Accumulated depreciation | 3,038 | ||
Quartz Hill Towne Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,068 | ||
Initial cost, buildings and improvements | 13,738 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3,937 | ||
Carrying amount, land and improvements | 7,725 | ||
Carrying amount, buildings and improvements | 17,017 | ||
Carrying amount, total | 24,742 | ||
Accumulated depreciation | 4,644 | ||
Village One Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,248 | ||
Initial cost, buildings and improvements | 6,604 | ||
Costs capitalized subsequent to acquisition, carrying costs | 154 | ||
Carrying amount, land and improvements | 3,367 | ||
Carrying amount, buildings and improvements | 6,639 | ||
Carrying amount, total | 10,006 | ||
Accumulated depreciation | 2,214 | ||
Hilfiker Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,545 | ||
Initial cost, buildings and improvements | 7,594 | ||
Costs capitalized subsequent to acquisition, carrying costs | 741 | ||
Carrying amount, land and improvements | 2,789 | ||
Carrying amount, buildings and improvements | 8,091 | ||
Carrying amount, total | 10,880 | ||
Accumulated depreciation | 2,747 | ||
Butler Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,062 | ||
Initial cost, buildings and improvements | 4,082 | ||
Costs capitalized subsequent to acquisition, carrying costs | 192 | ||
Carrying amount, land and improvements | 4,126 | ||
Carrying amount, buildings and improvements | 4,210 | ||
Carrying amount, total | 8,336 | ||
Accumulated depreciation | 1,674 | ||
Fairview Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,352 | ||
Initial cost, buildings and improvements | 13,529 | ||
Costs capitalized subsequent to acquisition, carrying costs | 561 | ||
Carrying amount, land and improvements | 6,616 | ||
Carrying amount, buildings and improvements | 13,826 | ||
Carrying amount, total | 20,442 | ||
Accumulated depreciation | 3,936 | ||
Grassland Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,455 | ||
Initial cost, buildings and improvements | 4,750 | ||
Costs capitalized subsequent to acquisition, carrying costs | 66 | ||
Carrying amount, land and improvements | 2,511 | ||
Carrying amount, buildings and improvements | 4,761 | ||
Carrying amount, total | 7,272 | ||
Accumulated depreciation | 1,309 | ||
Hamilton Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,166 | ||
Initial cost, buildings and improvements | 18,752 | ||
Costs capitalized subsequent to acquisition, carrying costs | 546 | ||
Carrying amount, land and improvements | 5,247 | ||
Carrying amount, buildings and improvements | 19,218 | ||
Carrying amount, total | 24,465 | ||
Accumulated depreciation | 4,708 | ||
Mableton Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,925 | ||
Initial cost, buildings and improvements | 6,107 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,027 | ||
Carrying amount, land and improvements | 4,251 | ||
Carrying amount, buildings and improvements | 6,807 | ||
Carrying amount, total | 11,058 | ||
Accumulated depreciation | 2,215 | ||
Shops at Westridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,563 | ||
Initial cost, buildings and improvements | 5,266 | ||
Costs capitalized subsequent to acquisition, carrying costs | 897 | ||
Carrying amount, land and improvements | 4,070 | ||
Carrying amount, buildings and improvements | 5,656 | ||
Carrying amount, total | 9,726 | ||
Accumulated depreciation | 1,763 | ||
Fairlawn Town Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,680 | ||
Initial cost, buildings and improvements | 5,791 | ||
Costs capitalized subsequent to acquisition, carrying costs | 628 | ||
Carrying amount, land and improvements | 3,801 | ||
Carrying amount, buildings and improvements | 6,298 | ||
Carrying amount, total | 10,099 | ||
Accumulated depreciation | 2,103 | ||
Macland Pointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,054 | ||
Initial cost, buildings and improvements | 7,168 | ||
Costs capitalized subsequent to acquisition, carrying costs | 581 | ||
Carrying amount, land and improvements | 4,177 | ||
Carrying amount, buildings and improvements | 7,625 | ||
Carrying amount, total | 11,802 | ||
Accumulated depreciation | 2,497 | ||
Kleinwood Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,426 | ||
Initial cost, buildings and improvements | 6,413 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,265 | ||
Carrying amount, land and improvements | 4,917 | ||
Carrying amount, buildings and improvements | 7,187 | ||
Carrying amount, total | 12,104 | ||
Accumulated depreciation | 2,303 | ||
Murray Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,788 | ||
Initial cost, buildings and improvements | 3,901 | ||
Costs capitalized subsequent to acquisition, carrying costs | 498 | ||
Carrying amount, land and improvements | 2,807 | ||
Carrying amount, buildings and improvements | 4,380 | ||
Carrying amount, total | 7,187 | ||
Accumulated depreciation | 1,513 | ||
Vineyard Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 10,398 | ||
Initial cost, buildings and improvements | 29,005 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,729 | ||
Carrying amount, land and improvements | 11,528 | ||
Carrying amount, buildings and improvements | 30,603 | ||
Carrying amount, total | 42,131 | ||
Accumulated depreciation | 9,998 | ||
Lutz Lake Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,493 | ||
Initial cost, buildings and improvements | 5,364 | ||
Costs capitalized subsequent to acquisition, carrying costs | 770 | ||
Carrying amount, land and improvements | 3,720 | ||
Carrying amount, buildings and improvements | 5,906 | ||
Carrying amount, total | 9,626 | ||
Accumulated depreciation | 2,015 | ||
Publix at Seven Hills | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,927 | ||
Initial cost, buildings and improvements | 6,856 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,421 | ||
Carrying amount, land and improvements | 3,191 | ||
Carrying amount, buildings and improvements | 8,012 | ||
Carrying amount, total | 11,203 | ||
Accumulated depreciation | 2,120 | ||
Vineyard Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,761 | ||
Initial cost, buildings and improvements | 4,175 | ||
Costs capitalized subsequent to acquisition, carrying costs | 384 | ||
Carrying amount, land and improvements | 2,889 | ||
Carrying amount, buildings and improvements | 4,432 | ||
Carrying amount, total | 7,321 | ||
Accumulated depreciation | 1,363 | ||
Hartville Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,428 | ||
Initial cost, land and improvements | 1,753 | ||
Initial cost, buildings and improvements | 6,406 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 1,753 | ||
Carrying amount, buildings and improvements | 6,406 | ||
Carrying amount, total | 8,159 | ||
Accumulated depreciation | 36 | ||
Ocean Breeze [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,416 | ||
Initial cost, buildings and improvements | 9,986 | ||
Costs capitalized subsequent to acquisition, carrying costs | 27 | ||
Carrying amount, land and improvements | 6,416 | ||
Carrying amount, buildings and improvements | 10,012 | ||
Carrying amount, total | 16,428 | ||
Accumulated depreciation | 68 | ||
Central Valley Market Place [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,163 | ||
Initial cost, buildings and improvements | 17,535 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,163 | ||
Carrying amount, buildings and improvements | 17,535 | ||
Carrying amount, total | 23,698 | ||
Accumulated depreciation | 98 | ||
51st and Olive [Member] [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,236 | ||
Initial cost, buildings and improvements | 9,038 | ||
Costs capitalized subsequent to acquisition, carrying costs | 4 | ||
Carrying amount, land and improvements | 2,236 | ||
Carrying amount, buildings and improvements | 9,042 | ||
Carrying amount, total | 11,278 | ||
Accumulated depreciation | 58 | ||
West Acres Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,866 | ||
Initial cost, buildings and improvements | 5,627 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,866 | ||
Carrying amount, buildings and improvements | 5,627 | ||
Carrying amount, total | 10,493 | ||
Accumulated depreciation | 60 | ||
Meadows on the Parkway [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 23,954 | ||
Initial cost, buildings and improvements | 32,744 | ||
Costs capitalized subsequent to acquisition, carrying costs | 15 | ||
Carrying amount, land and improvements | 23,954 | ||
Carrying amount, buildings and improvements | 32,759 | ||
Carrying amount, total | 56,713 | ||
Accumulated depreciation | 181 | ||
Wyandotte Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,204 | ||
Initial cost, buildings and improvements | 17,566 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 5,204 | ||
Carrying amount, buildings and improvements | 17,566 | ||
Carrying amount, total | 22,770 | ||
Accumulated depreciation | 102 | ||
Broadlands Marketplace [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,434 | ||
Initial cost, buildings and improvements | 9,459 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 7,434 | ||
Carrying amount, buildings and improvements | 9,459 | ||
Carrying amount, total | 16,893 | ||
Accumulated depreciation | 66 | ||
Village Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,051 | ||
Initial cost, buildings and improvements | 26,473 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,051 | ||
Carrying amount, buildings and improvements | 26,473 | ||
Carrying amount, total | 32,524 | ||
Accumulated depreciation | 171 | ||
Shoregate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,152 | ||
Initial cost, buildings and improvements | 16,282 | ||
Costs capitalized subsequent to acquisition, carrying costs | 94 | ||
Carrying amount, land and improvements | 7,152 | ||
Carrying amount, buildings and improvements | 16,376 | ||
Carrying amount, total | 23,528 | ||
Accumulated depreciation | 191 | ||
Plano Market Street [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 14,837 | ||
Initial cost, buildings and improvements | 33,178 | ||
Costs capitalized subsequent to acquisition, carrying costs | 68 | ||
Carrying amount, land and improvements | 14,837 | ||
Carrying amount, buildings and improvements | 33,246 | ||
Carrying amount, total | 48,083 | ||
Accumulated depreciation | 175 | ||
Island Walk Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,190 | ||
Initial cost, buildings and improvements | 19,992 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1 | ||
Carrying amount, land and improvements | 8,190 | ||
Carrying amount, buildings and improvements | 19,992 | ||
Carrying amount, total | 28,182 | ||
Accumulated depreciation | 135 | ||
Normandale Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 12,150 | ||
Initial cost, land and improvements | 8,390 | ||
Initial cost, buildings and improvements | 11,407 | ||
Costs capitalized subsequent to acquisition, carrying costs | 16 | ||
Carrying amount, land and improvements | 8,390 | ||
Carrying amount, buildings and improvements | 11,423 | ||
Carrying amount, total | 19,813 | ||
Accumulated depreciation | 110 | ||
North Pointe Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 10,232 | ||
Initial cost, buildings and improvements | 26,348 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1 | ||
Carrying amount, land and improvements | 10,232 | ||
Carrying amount, buildings and improvements | 26,349 | ||
Carrying amount, total | 36,581 | ||
Accumulated depreciation | 197 | ||
Carriagetown Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,084 | ||
Initial cost, buildings and improvements | 15,492 | ||
Costs capitalized subsequent to acquisition, carrying costs | 69 | ||
Carrying amount, land and improvements | 7,115 | ||
Carrying amount, buildings and improvements | 15,530 | ||
Carrying amount, total | 22,645 | ||
Accumulated depreciation | 103 | ||
Crossroads of Shakopee [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,869 | ||
Initial cost, buildings and improvements | 20,320 | ||
Costs capitalized subsequent to acquisition, carrying costs | 13 | ||
Carrying amount, land and improvements | 8,869 | ||
Carrying amount, buildings and improvements | 20,332 | ||
Carrying amount, total | 29,201 | ||
Accumulated depreciation | 145 | ||
Broadway Pavilion Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,512 | ||
Initial cost, buildings and improvements | 20,427 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2 | ||
Carrying amount, land and improvements | 8,512 | ||
Carrying amount, buildings and improvements | 20,429 | ||
Carrying amount, total | 28,941 | ||
Accumulated depreciation | 125 | ||
Sanibel Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,918 | ||
Initial cost, buildings and improvements | 7,043 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 3,918 | ||
Carrying amount, buildings and improvements | 7,043 | ||
Carrying amount, total | 10,961 | ||
Accumulated depreciation | 55 | ||
Glen Lakes Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,118 | ||
Initial cost, buildings and improvements | 7,473 | ||
Costs capitalized subsequent to acquisition, carrying costs | 74 | ||
Carrying amount, land and improvements | 3,118 | ||
Carrying amount, buildings and improvements | 7,548 | ||
Carrying amount, total | 10,666 | ||
Accumulated depreciation | 48 | ||
Bartow Marketplace [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 11,944 | ||
Initial cost, buildings and improvements | 24,610 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 11,944 | ||
Carrying amount, buildings and improvements | 24,610 | ||
Carrying amount, total | 36,554 | ||
Accumulated depreciation | 216 | ||
Bloomingdale Hills [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,384 | ||
Initial cost, buildings and improvements | 5,179 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,384 | ||
Carrying amount, buildings and improvements | 5,179 | ||
Carrying amount, total | 9,563 | ||
Accumulated depreciation | 49 | ||
University Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,778 | ||
Initial cost, buildings and improvements | 9,800 | ||
Costs capitalized subsequent to acquisition, carrying costs | 13 | ||
Carrying amount, land and improvements | 2,778 | ||
Carrying amount, buildings and improvements | 9,814 | ||
Carrying amount, total | 12,592 | ||
Accumulated depreciation | 46 | ||
Mckinney Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,379 | ||
Initial cost, land and improvements | 10,941 | ||
Initial cost, buildings and improvements | 16,061 | ||
Costs capitalized subsequent to acquisition, carrying costs | 553 | ||
Carrying amount, land and improvements | 10,941 | ||
Carrying amount, buildings and improvements | 16,614 | ||
Carrying amount, total | 27,555 | ||
Accumulated depreciation | 109 | ||
Montville Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 9,282 | ||
Initial cost, land and improvements | 12,417 | ||
Initial cost, buildings and improvements | 11,091 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 12,417 | ||
Carrying amount, buildings and improvements | 11,091 | ||
Carrying amount, total | 23,508 | ||
Accumulated depreciation | 96 | ||
Shaw's Plaza Raynham [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,769 | ||
Initial cost, buildings and improvements | 26,829 | ||
Costs capitalized subsequent to acquisition, carrying costs | 15 | ||
Carrying amount, land and improvements | 7,769 | ||
Carrying amount, buildings and improvements | 26,843 | ||
Carrying amount, total | 34,612 | ||
Accumulated depreciation | 176 | ||
Suntree Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 9,374 | ||
Initial cost, land and improvements | 6,335 | ||
Initial cost, buildings and improvements | 15,642 | ||
Costs capitalized subsequent to acquisition, carrying costs | 5 | ||
Carrying amount, land and improvements | 6,335 | ||
Carrying amount, buildings and improvements | 15,647 | ||
Carrying amount, total | 21,982 | ||
Accumulated depreciation | 95 | ||
Green Valley Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,284 | ||
Initial cost, buildings and improvements | 16,879 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 7,284 | ||
Carrying amount, buildings and improvements | 16,879 | ||
Carrying amount, total | 24,163 | ||
Accumulated depreciation | 103 | ||
Crosscreek Village Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,821 | ||
Initial cost, buildings and improvements | 9,604 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 3,821 | ||
Carrying amount, buildings and improvements | 9,604 | ||
Carrying amount, total | 13,425 | ||
Accumulated depreciation | 61 | ||
Market Walk Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 20,679 | ||
Initial cost, buildings and improvements | 31,836 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2 | ||
Carrying amount, land and improvements | 20,679 | ||
Carrying amount, buildings and improvements | 31,838 | ||
Carrying amount, total | 52,517 | ||
Accumulated depreciation | 196 | ||
Livonia Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,118 | ||
Initial cost, buildings and improvements | 17,037 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,118 | ||
Carrying amount, buildings and improvements | 17,037 | ||
Carrying amount, total | 21,155 | ||
Accumulated depreciation | 109 | ||
Franklin Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,579 | ||
Initial cost, land and improvements | 6,353 | ||
Initial cost, buildings and improvements | 5,482 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,353 | ||
Carrying amount, buildings and improvements | 5,482 | ||
Carrying amount, total | 11,835 | ||
Accumulated depreciation | 85 | ||
Plaza 23 Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 11,412 | ||
Initial cost, buildings and improvements | 40,144 | ||
Costs capitalized subsequent to acquisition, carrying costs | 160 | ||
Carrying amount, land and improvements | 11,424 | ||
Carrying amount, buildings and improvements | 40,292 | ||
Carrying amount, total | 51,716 | ||
Accumulated depreciation | 216 | ||
Shorewood Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,497 | ||
Initial cost, buildings and improvements | 20,993 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3 | ||
Carrying amount, land and improvements | 9,497 | ||
Carrying amount, buildings and improvements | 20,996 | ||
Carrying amount, total | 30,493 | ||
Accumulated depreciation | 133 | ||
Herndon Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,148 | ||
Initial cost, buildings and improvements | 10,071 | ||
Costs capitalized subsequent to acquisition, carrying costs | 13 | ||
Carrying amount, land and improvements | 7,148 | ||
Carrying amount, buildings and improvements | 10,084 | ||
Carrying amount, total | 17,232 | ||
Accumulated depreciation | 83 | ||
Windmill Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,775 | ||
Initial cost, buildings and improvements | 7,299 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 2,775 | ||
Carrying amount, buildings and improvements | 7,299 | ||
Carrying amount, total | 10,074 | ||
Accumulated depreciation | 40 | ||
Riverlakes Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 13,827 | ||
Initial cost, land and improvements | 8,567 | ||
Initial cost, buildings and improvements | 15,242 | ||
Costs capitalized subsequent to acquisition, carrying costs | 57 | ||
Carrying amount, land and improvements | 8,567 | ||
Carrying amount, buildings and improvements | 15,299 | ||
Carrying amount, total | 23,866 | ||
Accumulated depreciation | 89 | ||
Bells Fork Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,846 | ||
Initial cost, buildings and improvements | 6,455 | ||
Costs capitalized subsequent to acquisition, carrying costs | 18 | ||
Carrying amount, land and improvements | 2,846 | ||
Carrying amount, buildings and improvements | 6,473 | ||
Carrying amount, total | 9,319 | ||
Accumulated depreciation | 39 | ||
Evans Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,018 | ||
Initial cost, buildings and improvements | 7,013 | ||
Costs capitalized subsequent to acquisition, carrying costs | 7 | ||
Carrying amount, land and improvements | 4,018 | ||
Carrying amount, buildings and improvements | 7,020 | ||
Carrying amount, total | 11,038 | ||
Accumulated depreciation | 53 | ||
Mansfield Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,672 | ||
Initial cost, buildings and improvements | 13,154 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,672 | ||
Carrying amount, buildings and improvements | 13,154 | ||
Carrying amount, total | 17,826 | ||
Accumulated depreciation | 73 | ||
Ormond Beach Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,954 | ||
Initial cost, buildings and improvements | 7,006 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,954 | ||
Carrying amount, buildings and improvements | 7,006 | ||
Carrying amount, total | 11,960 | ||
Accumulated depreciation | 56 | ||
Heritage Plaza Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 9,510 | ||
Initial cost, land and improvements | 6,205 | ||
Initial cost, buildings and improvements | 16,507 | ||
Costs capitalized subsequent to acquisition, carrying costs | 11 | ||
Carrying amount, land and improvements | 6,205 | ||
Carrying amount, buildings and improvements | 16,518 | ||
Carrying amount, total | 22,723 | ||
Accumulated depreciation | 100 | ||
Mountain Crossing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 4,312 | ||
Initial cost, land and improvements | 6,602 | ||
Initial cost, buildings and improvements | 6,835 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1 | ||
Carrying amount, land and improvements | 6,618 | ||
Carrying amount, buildings and improvements | 6,820 | ||
Carrying amount, total | 13,438 | ||
Accumulated depreciation | 51 | ||
Seville Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,689 | ||
Initial cost, buildings and improvements | 12,602 | ||
Costs capitalized subsequent to acquisition, carrying costs | 9 | ||
Carrying amount, land and improvements | 4,689 | ||
Carrying amount, buildings and improvements | 12,611 | ||
Carrying amount, total | 17,300 | ||
Accumulated depreciation | 76 | ||
Loganville Town Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,922 | ||
Initial cost, buildings and improvements | 6,625 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,922 | ||
Carrying amount, buildings and improvements | 6,625 | ||
Carrying amount, total | 11,547 | ||
Accumulated depreciation | 53 | ||
Cinco Ranch at Market Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,553 | ||
Initial cost, buildings and improvements | 14,053 | ||
Costs capitalized subsequent to acquisition, carrying costs | 6 | ||
Carrying amount, land and improvements | 5,553 | ||
Carrying amount, buildings and improvements | 14,059 | ||
Carrying amount, total | 19,612 | ||
Accumulated depreciation | 52 | ||
Northlake [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 8,490 | ||
Initial cost, land and improvements | 2,327 | ||
Initial cost, buildings and improvements | 11,806 | ||
Costs capitalized subsequent to acquisition, carrying costs | 228 | ||
Carrying amount, land and improvements | 2,367 | ||
Carrying amount, buildings and improvements | 11,995 | ||
Carrying amount, total | 14,362 | ||
Accumulated depreciation | 671 | ||
Palmer Town Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,331 | ||
Initial cost, buildings and improvements | 23,525 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 7,331 | ||
Carrying amount, buildings and improvements | 23,525 | ||
Carrying amount, total | 30,856 | ||
Accumulated depreciation | 139 | ||
Alico Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,670 | ||
Initial cost, buildings and improvements | 16,557 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3 | ||
Carrying amount, land and improvements | 4,670 | ||
Carrying amount, buildings and improvements | 16,560 | ||
Carrying amount, total | 21,230 | ||
Accumulated depreciation | 93 | ||
Windover Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,115 | ||
Initial cost, buildings and improvements | 13,309 | ||
Costs capitalized subsequent to acquisition, carrying costs | 8 | ||
Carrying amount, land and improvements | 4,115 | ||
Carrying amount, buildings and improvements | 13,317 | ||
Carrying amount, total | 17,432 | ||
Accumulated depreciation | 76 | ||
Rockledge Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,477 | ||
Initial cost, buildings and improvements | 4,469 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 3,477 | ||
Carrying amount, buildings and improvements | 4,469 | ||
Carrying amount, total | 7,946 | ||
Accumulated depreciation | 53 | ||
Port St. John Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,305 | ||
Initial cost, buildings and improvements | 5,636 | ||
Costs capitalized subsequent to acquisition, carrying costs | 24 | ||
Carrying amount, land and improvements | 3,305 | ||
Carrying amount, buildings and improvements | 5,660 | ||
Carrying amount, total | 8,965 | ||
Accumulated depreciation | 52 | ||
Fairfield Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,802 | ||
Initial cost, buildings and improvements | 29,946 | ||
Costs capitalized subsequent to acquisition, carrying costs | 13 | ||
Carrying amount, land and improvements | 8,802 | ||
Carrying amount, buildings and improvements | 29,959 | ||
Carrying amount, total | 38,761 | ||
Accumulated depreciation | 158 | ||
Cocoa Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,838 | ||
Initial cost, buildings and improvements | 8,247 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,838 | ||
Carrying amount, buildings and improvements | 8,247 | ||
Carrying amount, total | 13,085 | ||
Accumulated depreciation | 73 | ||
Hamilton Mill Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,059 | ||
Initial cost, buildings and improvements | 9,678 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 7,059 | ||
Carrying amount, buildings and improvements | 9,678 | ||
Carrying amount, total | 16,737 | ||
Accumulated depreciation | 69 | ||
Amherst Marketplace [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,297 | ||
Initial cost, buildings and improvements | 6,946 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,297 | ||
Carrying amount, buildings and improvements | 6,946 | ||
Carrying amount, total | 11,243 | ||
Accumulated depreciation | 58 | ||
Sheffield Crossing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,841 | ||
Initial cost, buildings and improvements | 10,232 | ||
Costs capitalized subsequent to acquisition, carrying costs | 8 | ||
Carrying amount, land and improvements | 8,841 | ||
Carrying amount, buildings and improvements | 10,240 | ||
Carrying amount, total | 19,081 | ||
Accumulated depreciation | 82 | ||
Shoppes at Windmill Place [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,186 | ||
Initial cost, buildings and improvements | 16,005 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 8,186 | ||
Carrying amount, buildings and improvements | 16,005 | ||
Carrying amount, total | 24,191 | ||
Accumulated depreciation | 108 | ||
Stone Gate Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,478 | ||
Initial cost, land and improvements | 5,261 | ||
Initial cost, buildings and improvements | 7,007 | ||
Costs capitalized subsequent to acquisition, carrying costs | 16 | ||
Carrying amount, land and improvements | 5,261 | ||
Carrying amount, buildings and improvements | 7,023 | ||
Carrying amount, total | 12,284 | ||
Accumulated depreciation | 46 | ||
Everybody's Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,520 | ||
Initial cost, buildings and improvements | 10,096 | ||
Costs capitalized subsequent to acquisition, carrying costs | 250 | ||
Carrying amount, land and improvements | 2,520 | ||
Carrying amount, buildings and improvements | 10,346 | ||
Carrying amount, total | 12,866 | ||
Accumulated depreciation | 56 | ||
Lakewood City Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,593 | ||
Initial cost, buildings and improvements | 10,308 | ||
Costs capitalized subsequent to acquisition, carrying costs | 8 | ||
Carrying amount, land and improvements | 1,593 | ||
Carrying amount, buildings and improvements | 10,316 | ||
Carrying amount, total | 11,909 | ||
Accumulated depreciation | 54 | ||
Sunset Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 11,478 | ||
Initial cost, buildings and improvements | 18,954 | ||
Costs capitalized subsequent to acquisition, carrying costs | 858 | ||
Carrying amount, land and improvements | 11,610 | ||
Carrying amount, buildings and improvements | 19,680 | ||
Carrying amount, total | 31,290 | ||
Accumulated depreciation | 5,808 | ||
Savage Town Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,636 | ||
Initial cost, buildings and improvements | 6,600 | ||
Costs capitalized subsequent to acquisition, carrying costs | 438 | ||
Carrying amount, land and improvements | 2,870 | ||
Carrying amount, buildings and improvements | 6,804 | ||
Carrying amount, total | 9,674 | ||
Accumulated depreciation | 1,741 | ||
Northcross | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,126 | ||
Initial cost, buildings and improvements | 5,642 | ||
Costs capitalized subsequent to acquisition, carrying costs | 658 | ||
Carrying amount, land and improvements | 2,409 | ||
Carrying amount, buildings and improvements | 6,017 | ||
Carrying amount, total | 8,426 | ||
Accumulated depreciation | 1,620 | ||
Glenwood Crossings | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,069 | ||
Initial cost, buildings and improvements | 3,691 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,382 | ||
Carrying amount, land and improvements | 2,383 | ||
Carrying amount, buildings and improvements | 4,760 | ||
Carrying amount, total | 7,143 | ||
Accumulated depreciation | 1,462 | ||
Shiloh Square Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,933 | ||
Initial cost, buildings and improvements | 14,925 | ||
Costs capitalized subsequent to acquisition, carrying costs | 663 | ||
Carrying amount, land and improvements | 8,008 | ||
Carrying amount, buildings and improvements | 15,512 | ||
Carrying amount, total | 23,520 | ||
Accumulated depreciation | 4,116 | ||
Pavilions at San Mateo | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,106 | ||
Initial cost, buildings and improvements | 9,409 | ||
Costs capitalized subsequent to acquisition, carrying costs | 228 | ||
Carrying amount, land and improvements | 4,232 | ||
Carrying amount, buildings and improvements | 9,511 | ||
Carrying amount, total | 13,743 | ||
Accumulated depreciation | 2,633 | ||
Boronda Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 30,724 | ||
Initial cost, buildings and improvements | 25,627 | ||
Costs capitalized subsequent to acquisition, carrying costs | 949 | ||
Carrying amount, land and improvements | 31,010 | ||
Carrying amount, buildings and improvements | 26,290 | ||
Carrying amount, total | 57,300 | ||
Accumulated depreciation | 6,889 | ||
Glenwood Crossings [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,872 | ||
Initial cost, buildings and improvements | 9,914 | ||
Costs capitalized subsequent to acquisition, carrying costs | 615 | ||
Carrying amount, land and improvements | 2,111 | ||
Carrying amount, buildings and improvements | 10,290 | ||
Carrying amount, total | 12,401 | ||
Accumulated depreciation | 2,350 | ||
Westwoods Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,581 | ||
Initial cost, buildings and improvements | 3,922 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,581 | ||
Carrying amount, buildings and improvements | 3,922 | ||
Carrying amount, total | 8,503 | ||
Accumulated depreciation | 43 | ||
Rosewick Crossing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,252 | ||
Initial cost, buildings and improvements | 23,507 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 8,252 | ||
Carrying amount, buildings and improvements | 23,507 | ||
Carrying amount, total | 31,759 | ||
Accumulated depreciation | 134 | ||
Alameda Crossing Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 13,403 | ||
Initial cost, land and improvements | 6,692 | ||
Initial cost, buildings and improvements | 19,046 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,692 | ||
Carrying amount, buildings and improvements | 19,046 | ||
Carrying amount, total | 25,738 | ||
Accumulated depreciation | 123 | ||
Paradise Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,470 | ||
Initial cost, buildings and improvements | 18,726 | ||
Costs capitalized subsequent to acquisition, carrying costs | 755 | ||
Carrying amount, land and improvements | 6,679 | ||
Carrying amount, buildings and improvements | 19,272 | ||
Carrying amount, total | 25,951 | ||
Accumulated depreciation | 4,731 | ||
Contra Loma Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,685 | ||
Initial cost, buildings and improvements | 8,729 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,103 | ||
Carrying amount, land and improvements | 4,813 | ||
Carrying amount, buildings and improvements | 9,703 | ||
Carrying amount, total | 14,516 | ||
Accumulated depreciation | 2,519 | ||
South Oaks Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,027 | ||
Initial cost, buildings and improvements | 11,870 | ||
Costs capitalized subsequent to acquisition, carrying costs | 560 | ||
Carrying amount, land and improvements | 9,144 | ||
Carrying amount, buildings and improvements | 12,313 | ||
Carrying amount, total | 21,457 | ||
Accumulated depreciation | 3,008 | ||
Yorktown Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,706 | ||
Initial cost, buildings and improvements | 11,115 | ||
Costs capitalized subsequent to acquisition, carrying costs | 555 | ||
Carrying amount, land and improvements | 4,098 | ||
Carrying amount, buildings and improvements | 11,277 | ||
Carrying amount, total | 15,375 | ||
Accumulated depreciation | 2,824 | ||
Dyer Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,204 | ||
Initial cost, buildings and improvements | 6,064 | ||
Costs capitalized subsequent to acquisition, carrying costs | 624 | ||
Carrying amount, land and improvements | 2,372 | ||
Carrying amount, buildings and improvements | 6,520 | ||
Carrying amount, total | 8,892 | ||
Accumulated depreciation | 1,667 | ||
East Burnside Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,243 | ||
Initial cost, buildings and improvements | 3,926 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,566 | ||
Carrying amount, land and improvements | 3,838 | ||
Carrying amount, buildings and improvements | 4,897 | ||
Carrying amount, total | 8,735 | ||
Accumulated depreciation | 1,131 | ||
Red Maple Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,938 | ||
Initial cost, buildings and improvements | 6,634 | ||
Costs capitalized subsequent to acquisition, carrying costs | 428 | ||
Carrying amount, land and improvements | 2,085 | ||
Carrying amount, buildings and improvements | 6,915 | ||
Carrying amount, total | 9,000 | ||
Accumulated depreciation | 1,654 | ||
Crystal Beach Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,736 | ||
Initial cost, buildings and improvements | 15,396 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,421 | ||
Carrying amount, land and improvements | 4,020 | ||
Carrying amount, buildings and improvements | 16,532 | ||
Carrying amount, total | 20,552 | ||
Accumulated depreciation | 4,716 | ||
Duck Creek Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 9,564 | ||
Initial cost, land and improvements | 6,017 | ||
Initial cost, buildings and improvements | 10,214 | ||
Costs capitalized subsequent to acquisition, carrying costs | 446 | ||
Carrying amount, land and improvements | 6,188 | ||
Carrying amount, buildings and improvements | 10,488 | ||
Carrying amount, total | 16,676 | ||
Accumulated depreciation | 2,709 | ||
Cahill Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,484 | ||
Initial cost, buildings and improvements | 5,422 | ||
Costs capitalized subsequent to acquisition, carrying costs | 116 | ||
Carrying amount, land and improvements | 2,554 | ||
Carrying amount, buildings and improvements | 5,468 | ||
Carrying amount, total | 8,022 | ||
Accumulated depreciation | 1,092 | ||
Pioneer Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,250 | ||
Initial cost, buildings and improvements | 19,466 | ||
Costs capitalized subsequent to acquisition, carrying costs | 343 | ||
Carrying amount, land and improvements | 9,392 | ||
Carrying amount, buildings and improvements | 19,668 | ||
Carrying amount, total | 29,060 | ||
Accumulated depreciation | 4,026 | ||
Fresh Market Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,334 | ||
Initial cost, buildings and improvements | 7,918 | ||
Costs capitalized subsequent to acquisition, carrying costs | 424 | ||
Carrying amount, land and improvements | 2,400 | ||
Carrying amount, buildings and improvements | 8,276 | ||
Carrying amount, total | 10,676 | ||
Accumulated depreciation | 1,946 | ||
Courthouse Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 770 | ||
Initial cost, buildings and improvements | 2,530 | ||
Costs capitalized subsequent to acquisition, carrying costs | 278 | ||
Carrying amount, land and improvements | 982 | ||
Carrying amount, buildings and improvements | 2,597 | ||
Carrying amount, total | 3,579 | ||
Accumulated depreciation | 723 | ||
Hastings Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,612 | ||
Initial cost, buildings and improvements | 13,007 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,229 | ||
Carrying amount, land and improvements | 5,144 | ||
Carrying amount, buildings and improvements | 13,703 | ||
Carrying amount, total | 18,847 | ||
Accumulated depreciation | 3,219 | ||
Coquina Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,587 | ||
Initial cost, buildings and improvements | 5,114 | ||
Costs capitalized subsequent to acquisition, carrying costs | 634 | ||
Carrying amount, land and improvements | 2,945 | ||
Carrying amount, buildings and improvements | 5,389 | ||
Carrying amount, total | 8,334 | ||
Accumulated depreciation | 1,374 | ||
Shoppes of Paradise Lakes | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,948 | ||
Initial cost, buildings and improvements | 5,679 | ||
Costs capitalized subsequent to acquisition, carrying costs | 556 | ||
Carrying amount, land and improvements | 5,117 | ||
Carrying amount, buildings and improvements | 6,066 | ||
Carrying amount, total | 11,183 | ||
Accumulated depreciation | 1,573 | ||
Collington Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,460 | ||
Initial cost, buildings and improvements | 17,772 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,529 | ||
Carrying amount, land and improvements | 5,100 | ||
Carrying amount, buildings and improvements | 18,660 | ||
Carrying amount, total | 23,760 | ||
Accumulated depreciation | 2,999 | ||
Golden Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,130 | ||
Initial cost, buildings and improvements | 8,061 | ||
Costs capitalized subsequent to acquisition, carrying costs | 884 | ||
Carrying amount, land and improvements | 6,366 | ||
Carrying amount, buildings and improvements | 8,709 | ||
Carrying amount, total | 15,075 | ||
Accumulated depreciation | 2,111 | ||
Northstar Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,980 | ||
Initial cost, buildings and improvements | 10,045 | ||
Costs capitalized subsequent to acquisition, carrying costs | 386 | ||
Carrying amount, land and improvements | 4,218 | ||
Carrying amount, buildings and improvements | 10,193 | ||
Carrying amount, total | 14,411 | ||
Accumulated depreciation | 2,503 | ||
Bear Creek Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,347 | ||
Initial cost, land and improvements | 5,805 | ||
Initial cost, buildings and improvements | 6,011 | ||
Costs capitalized subsequent to acquisition, carrying costs | 445 | ||
Carrying amount, land and improvements | 6,027 | ||
Carrying amount, buildings and improvements | 6,235 | ||
Carrying amount, total | 12,262 | ||
Accumulated depreciation | 1,737 | ||
East Side Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,547 | ||
Initial cost, land and improvements | 9,458 | ||
Initial cost, buildings and improvements | 11,770 | ||
Costs capitalized subsequent to acquisition, carrying costs | 508 | ||
Carrying amount, land and improvements | 9,512 | ||
Carrying amount, buildings and improvements | 12,224 | ||
Carrying amount, total | 21,736 | ||
Accumulated depreciation | 2,798 | ||
Southern Hills Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 12,207 | ||
Initial cost, buildings and improvements | 15,142 | ||
Costs capitalized subsequent to acquisition, carrying costs | 545 | ||
Carrying amount, land and improvements | 12,384 | ||
Carrying amount, buildings and improvements | 15,510 | ||
Carrying amount, total | 27,894 | ||
Accumulated depreciation | 3,433 | ||
Town & Country Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,065 | ||
Initial cost, buildings and improvements | 10,113 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,481 | ||
Carrying amount, land and improvements | 7,422 | ||
Carrying amount, buildings and improvements | 11,237 | ||
Carrying amount, total | 18,659 | ||
Accumulated depreciation | 2,842 | ||
Sulphur Grove | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,810 | ||
Initial cost, buildings and improvements | 9,204 | ||
Costs capitalized subsequent to acquisition, carrying costs | 478 | ||
Carrying amount, land and improvements | 2,864 | ||
Carrying amount, buildings and improvements | 9,629 | ||
Carrying amount, total | 12,493 | ||
Accumulated depreciation | 2,388 | ||
Southgate Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,677 | ||
Initial cost, buildings and improvements | 17,611 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,541 | ||
Carrying amount, land and improvements | 5,737 | ||
Carrying amount, buildings and improvements | 19,092 | ||
Carrying amount, total | 24,829 | ||
Accumulated depreciation | 4,266 | ||
Sterling Pointe Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,685 | ||
Initial cost, buildings and improvements | 9,630 | ||
Costs capitalized subsequent to acquisition, carrying costs | 492 | ||
Carrying amount, land and improvements | 4,817 | ||
Carrying amount, buildings and improvements | 9,991 | ||
Carrying amount, total | 14,808 | ||
Accumulated depreciation | 2,618 | ||
Arcadia Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 778 | ||
Initial cost, buildings and improvements | 1,481 | ||
Costs capitalized subsequent to acquisition, carrying costs | 59 | ||
Carrying amount, land and improvements | 801 | ||
Carrying amount, buildings and improvements | 1,517 | ||
Carrying amount, total | 2,318 | ||
Accumulated depreciation | 439 | ||
Stop & Shop Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 553 | ||
Initial cost, buildings and improvements | 2,142 | ||
Costs capitalized subsequent to acquisition, carrying costs | 130 | ||
Carrying amount, land and improvements | 605 | ||
Carrying amount, buildings and improvements | 2,219 | ||
Carrying amount, total | 2,824 | ||
Accumulated depreciation | 498 | ||
Fairacres Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 394 | ||
Initial cost, buildings and improvements | 963 | ||
Costs capitalized subsequent to acquisition, carrying costs | 62 | ||
Carrying amount, land and improvements | 407 | ||
Carrying amount, buildings and improvements | 1,014 | ||
Carrying amount, total | 1,421 | ||
Accumulated depreciation | 287 | ||
Savoy Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 481 | ||
Initial cost, buildings and improvements | 1,060 | ||
Costs capitalized subsequent to acquisition, carrying costs | 232 | ||
Carrying amount, land and improvements | 509 | ||
Carrying amount, buildings and improvements | 1,264 | ||
Carrying amount, total | 1,773 | ||
Accumulated depreciation | 305 | ||
The Shops of Uptown | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,361 | ||
Initial cost, buildings and improvements | 16,269 | ||
Costs capitalized subsequent to acquisition, carrying costs | 293 | ||
Carrying amount, land and improvements | 7,399 | ||
Carrying amount, buildings and improvements | 16,524 | ||
Carrying amount, total | 23,923 | ||
Accumulated depreciation | 4,327 | ||
Chapel Hill North Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,039 | ||
Initial cost, buildings and improvements | 20,822 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,267 | ||
Carrying amount, land and improvements | 7,332 | ||
Carrying amount, buildings and improvements | 21,795 | ||
Carrying amount, total | 29,127 | ||
Accumulated depreciation | 4,260 | ||
Coppell Market Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,434 | ||
Initial cost, buildings and improvements | 8,358 | ||
Costs capitalized subsequent to acquisition, carrying costs | 688 | ||
Carrying amount, land and improvements | 2,797 | ||
Carrying amount, buildings and improvements | 8,683 | ||
Carrying amount, total | 11,480 | ||
Accumulated depreciation | 2,188 | ||
Winchester Gateway | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,774 | ||
Initial cost, buildings and improvements | 6,904 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,477 | ||
Carrying amount, land and improvements | 5,922 | ||
Carrying amount, buildings and improvements | 9,233 | ||
Carrying amount, total | 15,155 | ||
Accumulated depreciation | 1,827 | ||
Stonewall Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 12,100 | ||
Initial cost, land and improvements | 8,892 | ||
Initial cost, buildings and improvements | 15,028 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,048 | ||
Carrying amount, land and improvements | 9,262 | ||
Carrying amount, buildings and improvements | 15,706 | ||
Carrying amount, total | 24,968 | ||
Accumulated depreciation | 3,690 | ||
Town Fair Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,543 | ||
Initial cost, buildings and improvements | 5,189 | ||
Costs capitalized subsequent to acquisition, carrying costs | 496 | ||
Carrying amount, land and improvements | 3,863 | ||
Carrying amount, buildings and improvements | 5,365 | ||
Carrying amount, total | 9,228 | ||
Accumulated depreciation | 1,619 | ||
Villages at Eagles Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,304 | ||
Initial cost, buildings and improvements | 10,895 | ||
Costs capitalized subsequent to acquisition, carrying costs | 653 | ||
Carrying amount, land and improvements | 4,577 | ||
Carrying amount, buildings and improvements | 11,274 | ||
Carrying amount, total | 15,851 | ||
Accumulated depreciation | 2,875 | ||
Champions Gate Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,744 | ||
Initial cost, buildings and improvements | 16,884 | ||
Costs capitalized subsequent to acquisition, carrying costs | 775 | ||
Carrying amount, land and improvements | 7,871 | ||
Carrying amount, buildings and improvements | 17,532 | ||
Carrying amount, total | 25,403 | ||
Accumulated depreciation | 3,441 | ||
Towne Centre at Wesley Chapel | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,990 | ||
Initial cost, land and improvements | 4,776 | ||
Initial cost, buildings and improvements | 10,189 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,134 | ||
Carrying amount, land and improvements | 5,009 | ||
Carrying amount, buildings and improvements | 11,091 | ||
Carrying amount, total | 16,100 | ||
Accumulated depreciation | 2,614 | ||
Statler Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,342 | ||
Initial cost, buildings and improvements | 23,468 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,561 | ||
Carrying amount, land and improvements | 9,561 | ||
Carrying amount, buildings and improvements | 24,811 | ||
Carrying amount, total | 34,372 | ||
Accumulated depreciation | 5,129 | ||
Burbank Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,929 | ||
Initial cost, buildings and improvements | 16,642 | ||
Costs capitalized subsequent to acquisition, carrying costs | 706 | ||
Carrying amount, land and improvements | 7,971 | ||
Carrying amount, buildings and improvements | 17,307 | ||
Carrying amount, total | 25,278 | ||
Accumulated depreciation | 3,707 | ||
Hamilton Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 12,117 | ||
Initial cost, land and improvements | 4,870 | ||
Initial cost, buildings and improvements | 12,236 | ||
Costs capitalized subsequent to acquisition, carrying costs | 89 | ||
Carrying amount, land and improvements | 4,917 | ||
Carrying amount, buildings and improvements | 12,278 | ||
Carrying amount, total | 17,195 | ||
Accumulated depreciation | 2,572 | ||
Southwest Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,108 | ||
Initial cost, buildings and improvements | 14,411 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,749 | ||
Carrying amount, land and improvements | 8,339 | ||
Carrying amount, buildings and improvements | 16,929 | ||
Carrying amount, total | 25,268 | ||
Accumulated depreciation | 4,000 | ||
Hampton Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,810 | ||
Initial cost, land and improvements | 2,824 | ||
Initial cost, buildings and improvements | 5,515 | ||
Costs capitalized subsequent to acquisition, carrying costs | 943 | ||
Carrying amount, land and improvements | 3,281 | ||
Carrying amount, buildings and improvements | 6,002 | ||
Carrying amount, total | 9,283 | ||
Accumulated depreciation | 1,624 | ||
Central Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,466 | ||
Initial cost, buildings and improvements | 5,553 | ||
Costs capitalized subsequent to acquisition, carrying costs | 226 | ||
Carrying amount, land and improvements | 2,574 | ||
Carrying amount, buildings and improvements | 5,671 | ||
Carrying amount, total | 8,245 | ||
Accumulated depreciation | 1,348 | ||
Fairview Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,814 | ||
Initial cost, buildings and improvements | 6,060 | ||
Costs capitalized subsequent to acquisition, carrying costs | 210 | ||
Carrying amount, land and improvements | 1,880 | ||
Carrying amount, buildings and improvements | 6,204 | ||
Carrying amount, total | 8,084 | ||
Accumulated depreciation | 1,553 | ||
Townfair Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,463 | ||
Initial cost, land and improvements | 4,108 | ||
Initial cost, buildings and improvements | 9,072 | ||
Costs capitalized subsequent to acquisition, carrying costs | 773 | ||
Carrying amount, land and improvements | 4,523 | ||
Carrying amount, buildings and improvements | 9,430 | ||
Carrying amount, total | 13,953 | ||
Accumulated depreciation | 2,326 | ||
St. Johns Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,972 | ||
Initial cost, buildings and improvements | 4,546 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3,354 | ||
Carrying amount, land and improvements | 3,492 | ||
Carrying amount, buildings and improvements | 7,380 | ||
Carrying amount, total | 10,872 | ||
Accumulated depreciation | 1,467 | ||
Heath Brook Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 12,682 | ||
Initial cost, buildings and improvements | 19,103 | ||
Costs capitalized subsequent to acquisition, carrying costs | 425 | ||
Carrying amount, land and improvements | 12,234 | ||
Carrying amount, buildings and improvements | 19,976 | ||
Carrying amount, total | 32,210 | ||
Accumulated depreciation | 5,066 | ||
Park View Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,597 | ||
Initial cost, buildings and improvements | 8,334 | ||
Costs capitalized subsequent to acquisition, carrying costs | 117 | ||
Carrying amount, land and improvements | 5,642 | ||
Carrying amount, buildings and improvements | 8,406 | ||
Carrying amount, total | 14,048 | ||
Accumulated depreciation | 2,028 | ||
The Orchards | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 16,019 | ||
Initial cost, buildings and improvements | 11,270 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,729 | ||
Carrying amount, land and improvements | 16,080 | ||
Carrying amount, buildings and improvements | 13,939 | ||
Carrying amount, total | 30,019 | ||
Accumulated depreciation | 3,077 | ||
Hannaford Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,456 | ||
Initial cost, buildings and improvements | 7,254 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,742 | ||
Carrying amount, land and improvements | 5,791 | ||
Carrying amount, buildings and improvements | 9,661 | ||
Carrying amount, total | 15,452 | ||
Accumulated depreciation | 2,308 | ||
Shaw's Plaza Hanover | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,143 | ||
Initial cost, buildings and improvements | 6,932 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,060 | ||
Carrying amount, land and improvements | 6,422 | ||
Carrying amount, buildings and improvements | 8,713 | ||
Carrying amount, total | 15,135 | ||
Accumulated depreciation | 1,902 | ||
Shaw's Plaza Easton | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,786 | ||
Initial cost, buildings and improvements | 9,697 | ||
Costs capitalized subsequent to acquisition, carrying costs | 417 | ||
Carrying amount, land and improvements | 5,914 | ||
Carrying amount, buildings and improvements | 9,986 | ||
Carrying amount, total | 15,900 | ||
Accumulated depreciation | 2,079 | ||
Lynnwood Place | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,786 | ||
Initial cost, buildings and improvements | 8,500 | ||
Costs capitalized subsequent to acquisition, carrying costs | 223 | ||
Carrying amount, land and improvements | 2,916 | ||
Carrying amount, buildings and improvements | 8,594 | ||
Carrying amount, total | 11,510 | ||
Accumulated depreciation | 1,665 | ||
Thompson Valley Towne Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,831 | ||
Initial cost, buildings and improvements | 6,795 | ||
Costs capitalized subsequent to acquisition, carrying costs | 150 | ||
Carrying amount, land and improvements | 3,863 | ||
Carrying amount, buildings and improvements | 6,913 | ||
Carrying amount, total | 10,776 | ||
Accumulated depreciation | 1,370 | ||
Lumina Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,007 | ||
Initial cost, buildings and improvements | 13,233 | ||
Costs capitalized subsequent to acquisition, carrying costs | 927 | ||
Carrying amount, land and improvements | 7,196 | ||
Carrying amount, buildings and improvements | 13,972 | ||
Carrying amount, total | 21,168 | ||
Accumulated depreciation | 3,182 | ||
French Golden Gate | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,470 | ||
Initial cost, buildings and improvements | 8,352 | ||
Costs capitalized subsequent to acquisition, carrying costs | 437 | ||
Carrying amount, land and improvements | 3,528 | ||
Carrying amount, buildings and improvements | 8,731 | ||
Carrying amount, total | 12,259 | ||
Accumulated depreciation | 1,798 | ||
Orchard Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,700 | ||
Initial cost, buildings and improvements | 9,304 | ||
Costs capitalized subsequent to acquisition, carrying costs | 470 | ||
Carrying amount, land and improvements | 5,785 | ||
Carrying amount, buildings and improvements | 9,689 | ||
Carrying amount, total | 15,474 | ||
Accumulated depreciation | 1,987 | ||
Trader Joe's Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,599 | ||
Initial cost, buildings and improvements | 10,384 | ||
Costs capitalized subsequent to acquisition, carrying costs | 565 | ||
Carrying amount, land and improvements | 1,742 | ||
Carrying amount, buildings and improvements | 10,806 | ||
Carrying amount, total | 12,548 | ||
Accumulated depreciation | 2,082 | ||
Fairfield Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,425 | ||
Initial cost, buildings and improvements | 8,743 | ||
Costs capitalized subsequent to acquisition, carrying costs | 389 | ||
Carrying amount, land and improvements | 5,636 | ||
Carrying amount, buildings and improvements | 8,921 | ||
Carrying amount, total | 14,557 | ||
Accumulated depreciation | 1,910 | ||
Beavercreek Towne Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,614 | ||
Initial cost, buildings and improvements | 7,903 | ||
Costs capitalized subsequent to acquisition, carrying costs | 228 | ||
Carrying amount, land and improvements | 4,715 | ||
Carrying amount, buildings and improvements | 8,030 | ||
Carrying amount, total | 12,745 | ||
Accumulated depreciation | 1,470 | ||
Grayson Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,520 | ||
Initial cost, buildings and improvements | 7,173 | ||
Costs capitalized subsequent to acquisition, carrying costs | 466 | ||
Carrying amount, land and improvements | 5,766 | ||
Carrying amount, buildings and improvements | 7,394 | ||
Carrying amount, total | 13,160 | ||
Accumulated depreciation | 1,721 | ||
The Fresh Market Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,826 | ||
Initial cost, buildings and improvements | 5,314 | ||
Costs capitalized subsequent to acquisition, carrying costs | 10 | ||
Carrying amount, land and improvements | 2,826 | ||
Carrying amount, buildings and improvements | 5,324 | ||
Carrying amount, total | 8,150 | ||
Accumulated depreciation | 1,099 | ||
Juan Tabo Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,341 | ||
Initial cost, buildings and improvements | 4,826 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,221 | ||
Carrying amount, land and improvements | 3,542 | ||
Carrying amount, buildings and improvements | 5,845 | ||
Carrying amount, total | 9,387 | ||
Accumulated depreciation | 1,514 | ||
Nor'Wood Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,383 | ||
Initial cost, land and improvements | 5,758 | ||
Initial cost, buildings and improvements | 17,387 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,020 | ||
Carrying amount, land and improvements | 6,066 | ||
Carrying amount, buildings and improvements | 18,099 | ||
Carrying amount, total | 24,165 | ||
Accumulated depreciation | 3,588 | ||
Sunburst Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,942 | ||
Initial cost, land and improvements | 1,896 | ||
Initial cost, buildings and improvements | 11,249 | ||
Costs capitalized subsequent to acquisition, carrying costs | 634 | ||
Carrying amount, land and improvements | 2,063 | ||
Carrying amount, buildings and improvements | 11,716 | ||
Carrying amount, total | 13,779 | ||
Accumulated depreciation | 1,998 | ||
Rivermont Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,811 | ||
Initial cost, buildings and improvements | 12,993 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,053 | ||
Carrying amount, land and improvements | 7,189 | ||
Carrying amount, buildings and improvements | 13,668 | ||
Carrying amount, total | 20,857 | ||
Accumulated depreciation | 2,636 | ||
Breakfast Point Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,505 | ||
Initial cost, buildings and improvements | 12,877 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,404 | ||
Carrying amount, land and improvements | 2,688 | ||
Carrying amount, buildings and improvements | 14,097 | ||
Carrying amount, total | 16,785 | ||
Accumulated depreciation | 2,519 | ||
Falcon Valley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,339 | ||
Initial cost, land and improvements | 1,361 | ||
Initial cost, buildings and improvements | 11,550 | ||
Costs capitalized subsequent to acquisition, carrying costs | 389 | ||
Carrying amount, land and improvements | 1,548 | ||
Carrying amount, buildings and improvements | 11,752 | ||
Carrying amount, total | 13,300 | ||
Accumulated depreciation | 2,260 | ||
Kohl's Onalaska | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,338 | ||
Initial cost, buildings and improvements | 7,922 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,191 | ||
Carrying amount, land and improvements | 2,655 | ||
Carrying amount, buildings and improvements | 8,796 | ||
Carrying amount, total | 11,451 | ||
Accumulated depreciation | 1,751 | ||
Coronado Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,509 | ||
Initial cost, buildings and improvements | 8,526 | ||
Costs capitalized subsequent to acquisition, carrying costs | 861 | ||
Carrying amount, land and improvements | 3,228 | ||
Carrying amount, buildings and improvements | 8,668 | ||
Carrying amount, total | 11,896 | ||
Accumulated depreciation | 1,622 | ||
Westcreek Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,912 | ||
Initial cost, buildings and improvements | 19,635 | ||
Costs capitalized subsequent to acquisition, carrying costs | 6,224 | ||
Carrying amount, land and improvements | 9,988 | ||
Carrying amount, buildings and improvements | 24,782 | ||
Carrying amount, total | 34,770 | ||
Accumulated depreciation | 5,468 | ||
Northwoods Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 14,055 | ||
Initial cost, buildings and improvements | 30,799 | ||
Costs capitalized subsequent to acquisition, carrying costs | 615 | ||
Carrying amount, land and improvements | 14,537 | ||
Carrying amount, buildings and improvements | 30,932 | ||
Carrying amount, total | 45,469 | ||
Accumulated depreciation | 6,613 | ||
Murphy Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,572 | ||
Initial cost, buildings and improvements | 10,026 | ||
Costs capitalized subsequent to acquisition, carrying costs | 99 | ||
Carrying amount, land and improvements | 3,605 | ||
Carrying amount, buildings and improvements | 10,091 | ||
Carrying amount, total | 13,696 | ||
Accumulated depreciation | 1,956 | ||
Harbour Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,952 | ||
Initial cost, buildings and improvements | 5,620 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,182 | ||
Carrying amount, land and improvements | 4,017 | ||
Carrying amount, buildings and improvements | 6,737 | ||
Carrying amount, total | 10,754 | ||
Accumulated depreciation | 1,788 | ||
Oak Mill Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,442 | ||
Initial cost, buildings and improvements | 4,941 | ||
Costs capitalized subsequent to acquisition, carrying costs | 81 | ||
Carrying amount, land and improvements | 2,442 | ||
Carrying amount, buildings and improvements | 5,023 | ||
Carrying amount, total | 7,465 | ||
Accumulated depreciation | 1,021 | ||
Southern Palms | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,635 | ||
Initial cost, buildings and improvements | 10,495 | ||
Costs capitalized subsequent to acquisition, carrying costs | 877 | ||
Carrying amount, land and improvements | 5,806 | ||
Carrying amount, buildings and improvements | 11,202 | ||
Carrying amount, total | 17,008 | ||
Accumulated depreciation | 2,157 | ||
Golden Eagle Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,466 | ||
Initial cost, buildings and improvements | 4,568 | ||
Costs capitalized subsequent to acquisition, carrying costs | 584 | ||
Carrying amount, land and improvements | 2,592 | ||
Carrying amount, buildings and improvements | 5,027 | ||
Carrying amount, total | 7,619 | ||
Accumulated depreciation | 1,324 | ||
Atwater Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,627 | ||
Initial cost, buildings and improvements | 10,137 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,117 | ||
Carrying amount, land and improvements | 5,015 | ||
Carrying amount, buildings and improvements | 11,866 | ||
Carrying amount, total | 16,881 | ||
Accumulated depreciation | 2,513 | ||
Greentree Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,358 | ||
Initial cost, buildings and improvements | 6,684 | ||
Costs capitalized subsequent to acquisition, carrying costs | 459 | ||
Carrying amount, land and improvements | 5,435 | ||
Carrying amount, buildings and improvements | 7,066 | ||
Carrying amount, total | 12,501 | ||
Accumulated depreciation | 1,655 | ||
Sierra Del Oro Towne Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,435 | ||
Initial cost, buildings and improvements | 6,041 | ||
Costs capitalized subsequent to acquisition, carrying costs | 592 | ||
Carrying amount, land and improvements | 3,578 | ||
Carrying amount, buildings and improvements | 6,490 | ||
Carrying amount, total | 10,068 | ||
Accumulated depreciation | 1,634 | ||
Vaughn's at East North | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,876 | ||
Initial cost, buildings and improvements | 8,916 | ||
Costs capitalized subsequent to acquisition, carrying costs | 795 | ||
Carrying amount, land and improvements | 7,105 | ||
Carrying amount, buildings and improvements | 9,482 | ||
Carrying amount, total | 16,587 | ||
Accumulated depreciation | 2,698 | ||
Ashland Junction | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,578 | ||
Initial cost, buildings and improvements | 12,052 | ||
Costs capitalized subsequent to acquisition, carrying costs | 562 | ||
Carrying amount, land and improvements | 5,819 | ||
Carrying amount, buildings and improvements | 12,373 | ||
Carrying amount, total | 18,192 | ||
Accumulated depreciation | 2,265 | ||
Barclay Place Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,131 | ||
Initial cost, buildings and improvements | 6,873 | ||
Costs capitalized subsequent to acquisition, carrying costs | 273 | ||
Carrying amount, land and improvements | 3,370 | ||
Carrying amount, buildings and improvements | 6,908 | ||
Carrying amount, total | 10,278 | ||
Accumulated depreciation | 1,397 | ||
Cactus Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,670 | ||
Initial cost, buildings and improvements | 5,648 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 2,670 | ||
Carrying amount, buildings and improvements | 5,648 | ||
Carrying amount, total | 8,318 | ||
Accumulated depreciation | 1,269 | ||
Centre Stage Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,396 | ||
Initial cost, buildings and improvements | 16,460 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,351 | ||
Carrying amount, land and improvements | 4,534 | ||
Carrying amount, buildings and improvements | 18,673 | ||
Carrying amount, total | 23,207 | ||
Accumulated depreciation | 2,681 | ||
West Creek Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,905 | ||
Initial cost, land and improvements | 3,459 | ||
Initial cost, buildings and improvements | 6,131 | ||
Costs capitalized subsequent to acquisition, carrying costs | 116 | ||
Carrying amount, land and improvements | 3,483 | ||
Carrying amount, buildings and improvements | 6,222 | ||
Carrying amount, total | 9,705 | ||
Accumulated depreciation | 1,023 | ||
Northwoods Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 10,092 | ||
Initial cost, buildings and improvements | 14,437 | ||
Costs capitalized subsequent to acquisition, carrying costs | 201 | ||
Carrying amount, land and improvements | 10,235 | ||
Carrying amount, buildings and improvements | 14,495 | ||
Carrying amount, total | 24,730 | ||
Accumulated depreciation | 2,983 | ||
Murphy Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 28,652 | ||
Initial cost, buildings and improvements | 33,122 | ||
Costs capitalized subsequent to acquisition, carrying costs | 426 | ||
Carrying amount, land and improvements | 28,868 | ||
Carrying amount, buildings and improvements | 33,333 | ||
Carrying amount, total | 62,201 | ||
Accumulated depreciation | 4,005 | ||
Harbour Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,612 | ||
Initial cost, buildings and improvements | 16,702 | ||
Costs capitalized subsequent to acquisition, carrying costs | 640 | ||
Carrying amount, land and improvements | 5,945 | ||
Carrying amount, buildings and improvements | 17,009 | ||
Carrying amount, total | 22,954 | ||
Accumulated depreciation | 1,826 | ||
Oak Mill Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,184 | ||
Initial cost, land and improvements | 6,843 | ||
Initial cost, buildings and improvements | 13,692 | ||
Costs capitalized subsequent to acquisition, carrying costs | 775 | ||
Carrying amount, land and improvements | 7,353 | ||
Carrying amount, buildings and improvements | 13,956 | ||
Carrying amount, total | 21,309 | ||
Accumulated depreciation | 2,196 | ||
Southern Palms | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 24,076 | ||
Initial cost, land and improvements | 10,025 | ||
Initial cost, buildings and improvements | 24,332 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,382 | ||
Carrying amount, land and improvements | 10,320 | ||
Carrying amount, buildings and improvements | 25,420 | ||
Carrying amount, total | 35,740 | ||
Accumulated depreciation | 3,171 | ||
Golden Eagle Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,340 | ||
Initial cost, land and improvements | 3,735 | ||
Initial cost, buildings and improvements | 7,735 | ||
Costs capitalized subsequent to acquisition, carrying costs | 276 | ||
Carrying amount, land and improvements | 3,796 | ||
Carrying amount, buildings and improvements | 7,950 | ||
Carrying amount, total | 11,746 | ||
Accumulated depreciation | 891 | ||
Atwater Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,116 | ||
Initial cost, buildings and improvements | 7,597 | ||
Costs capitalized subsequent to acquisition, carrying costs | 504 | ||
Carrying amount, land and improvements | 6,293 | ||
Carrying amount, buildings and improvements | 7,924 | ||
Carrying amount, total | 14,217 | ||
Accumulated depreciation | 934 | ||
Rocky Ridge Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 21,614 | ||
Initial cost, land and improvements | 5,449 | ||
Initial cost, buildings and improvements | 29,207 | ||
Costs capitalized subsequent to acquisition, carrying costs | 411 | ||
Carrying amount, land and improvements | 5,599 | ||
Carrying amount, buildings and improvements | 29,468 | ||
Carrying amount, total | 35,067 | ||
Accumulated depreciation | 1,923 | ||
Greentree Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,955 | ||
Initial cost, buildings and improvements | 8,718 | ||
Costs capitalized subsequent to acquisition, carrying costs | 580 | ||
Carrying amount, land and improvements | 3,347 | ||
Carrying amount, buildings and improvements | 8,906 | ||
Carrying amount, total | 12,253 | ||
Accumulated depreciation | 737 | ||
Sierra Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,362 | ||
Initial cost, land and improvements | 9,011 | ||
Initial cost, buildings and improvements | 17,989 | ||
Costs capitalized subsequent to acquisition, carrying costs | 775 | ||
Carrying amount, land and improvements | 9,188 | ||
Carrying amount, buildings and improvements | 18,587 | ||
Carrying amount, total | 27,775 | ||
Accumulated depreciation | 1,310 | ||
Vaughn's at East North [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,182 | ||
Initial cost, buildings and improvements | 1,812 | ||
Costs capitalized subsequent to acquisition, carrying costs | (311) | ||
Carrying amount, land and improvements | 948 | ||
Carrying amount, buildings and improvements | 1,736 | ||
Carrying amount, total | 2,684 | ||
Accumulated depreciation | 46 | ||
Ashland Junction [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,987 | ||
Initial cost, buildings and improvements | 6,050 | ||
Costs capitalized subsequent to acquisition, carrying costs | 424 | ||
Carrying amount, land and improvements | 5,125 | ||
Carrying amount, buildings and improvements | 6,335 | ||
Carrying amount, total | 11,460 | ||
Accumulated depreciation | 745 | ||
Barclay Place Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,948 | ||
Initial cost, buildings and improvements | 7,174 | ||
Costs capitalized subsequent to acquisition, carrying costs | 477 | ||
Carrying amount, land and improvements | 2,038 | ||
Carrying amount, buildings and improvements | 7,562 | ||
Carrying amount, total | 9,600 | ||
Accumulated depreciation | 602 | ||
Barnwell Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,190 | ||
Initial cost, buildings and improvements | 1,883 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1 | ||
Carrying amount, land and improvements | 1,190 | ||
Carrying amount, buildings and improvements | 1,884 | ||
Carrying amount, total | 3,074 | ||
Accumulated depreciation | 343 | ||
Birdneck Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,900 | ||
Initial cost, buildings and improvements | 3,253 | ||
Costs capitalized subsequent to acquisition, carrying costs | 204 | ||
Carrying amount, land and improvements | 1,957 | ||
Carrying amount, buildings and improvements | 3,400 | ||
Carrying amount, total | 5,357 | ||
Accumulated depreciation | 317 | ||
Cactus Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,313 | ||
Initial cost, buildings and improvements | 5,934 | ||
Costs capitalized subsequent to acquisition, carrying costs | 132 | ||
Carrying amount, land and improvements | 4,313 | ||
Carrying amount, buildings and improvements | 6,066 | ||
Carrying amount, total | 10,379 | ||
Accumulated depreciation | 431 | ||
Center Stage Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,746 | ||
Initial cost, buildings and improvements | 9,533 | ||
Costs capitalized subsequent to acquisition, carrying costs | 176 | ||
Carrying amount, land and improvements | 4,919 | ||
Carrying amount, buildings and improvements | 9,535 | ||
Carrying amount, total | 14,454 | ||
Accumulated depreciation | 806 | ||
Civic Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,448 | ||
Initial cost, buildings and improvements | 1,961 | ||
Costs capitalized subsequent to acquisition, carrying costs | 114 | ||
Carrying amount, land and improvements | 2,448 | ||
Carrying amount, buildings and improvements | 2,076 | ||
Carrying amount, total | 4,524 | ||
Accumulated depreciation | 546 | ||
Countryside Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,923 | ||
Initial cost, buildings and improvements | 12,315 | ||
Costs capitalized subsequent to acquisition, carrying costs | 171 | ||
Carrying amount, land and improvements | 2,973 | ||
Carrying amount, buildings and improvements | 12,436 | ||
Carrying amount, total | 15,409 | ||
Accumulated depreciation | 850 | ||
Crossroads Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,722 | ||
Initial cost, buildings and improvements | 2,545 | ||
Costs capitalized subsequent to acquisition, carrying costs | 582 | ||
Carrying amount, land and improvements | 2,084 | ||
Carrying amount, buildings and improvements | 2,766 | ||
Carrying amount, total | 4,850 | ||
Accumulated depreciation | 313 | ||
Dunlop Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,420 | ||
Initial cost, buildings and improvements | 4,892 | ||
Costs capitalized subsequent to acquisition, carrying costs | 373 | ||
Carrying amount, land and improvements | 2,493 | ||
Carrying amount, buildings and improvements | 5,191 | ||
Carrying amount, total | 7,684 | ||
Accumulated depreciation | 398 | ||
Edgecombe Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,412 | ||
Initial cost, buildings and improvements | 2,258 | ||
Costs capitalized subsequent to acquisition, carrying costs | 305 | ||
Carrying amount, land and improvements | 1,478 | ||
Carrying amount, buildings and improvements | 2,497 | ||
Carrying amount, total | 3,975 | ||
Accumulated depreciation | 418 | ||
Emporia West Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 872 | ||
Initial cost, buildings and improvements | 3,409 | ||
Costs capitalized subsequent to acquisition, carrying costs | 179 | ||
Carrying amount, land and improvements | 872 | ||
Carrying amount, buildings and improvements | 3,588 | ||
Carrying amount, total | 4,460 | ||
Accumulated depreciation | 324 | ||
Forest Park Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,007 | ||
Initial cost, buildings and improvements | 5,877 | ||
Costs capitalized subsequent to acquisition, carrying costs | 112 | ||
Carrying amount, land and improvements | 4,013 | ||
Carrying amount, buildings and improvements | 5,984 | ||
Carrying amount, total | 9,997 | ||
Accumulated depreciation | 605 | ||
Geist Centre [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,873 | ||
Initial cost, buildings and improvements | 6,779 | ||
Costs capitalized subsequent to acquisition, carrying costs | 303 | ||
Carrying amount, land and improvements | 3,943 | ||
Carrying amount, buildings and improvements | 7,012 | ||
Carrying amount, total | 10,955 | ||
Accumulated depreciation | 509 | ||
Goshen Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,555 | ||
Initial cost, buildings and improvements | 4,621 | ||
Costs capitalized subsequent to acquisition, carrying costs | 30 | ||
Carrying amount, land and improvements | 1,585 | ||
Carrying amount, buildings and improvements | 4,621 | ||
Carrying amount, total | 6,206 | ||
Accumulated depreciation | 489 | ||
Governors Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,460 | ||
Initial cost, buildings and improvements | 9,786 | ||
Costs capitalized subsequent to acquisition, carrying costs | 283 | ||
Carrying amount, land and improvements | 6,493 | ||
Carrying amount, buildings and improvements | 10,035 | ||
Carrying amount, total | 16,528 | ||
Accumulated depreciation | 932 | ||
Guadalupe Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,920 | ||
Initial cost, buildings and improvements | 7,695 | ||
Costs capitalized subsequent to acquisition, carrying costs | 280 | ||
Carrying amount, land and improvements | 2,933 | ||
Carrying amount, buildings and improvements | 7,962 | ||
Carrying amount, total | 10,895 | ||
Accumulated depreciation | 485 | ||
The Village Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,089 | ||
Initial cost, buildings and improvements | 6,970 | ||
Costs capitalized subsequent to acquisition, carrying costs | 392 | ||
Carrying amount, land and improvements | 2,055 | ||
Carrying amount, buildings and improvements | 7,396 | ||
Carrying amount, total | 9,451 | ||
Accumulated depreciation | 185 | ||
Heritage Oaks [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,078 | ||
Initial cost, land and improvements | 2,390 | ||
Initial cost, buildings and improvements | 7,404 | ||
Costs capitalized subsequent to acquisition, carrying costs | 77 | ||
Carrying amount, land and improvements | 2,390 | ||
Carrying amount, buildings and improvements | 7,482 | ||
Carrying amount, total | 9,872 | ||
Accumulated depreciation | 723 | ||
Hickory Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,022 | ||
Initial cost, land and improvements | 2,927 | ||
Initial cost, buildings and improvements | 5,099 | ||
Costs capitalized subsequent to acquisition, carrying costs | 94 | ||
Carrying amount, land and improvements | 2,955 | ||
Carrying amount, buildings and improvements | 5,165 | ||
Carrying amount, total | 8,120 | ||
Accumulated depreciation | 412 | ||
Highland Fair [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,173 | ||
Initial cost, land and improvements | 3,263 | ||
Initial cost, buildings and improvements | 7,979 | ||
Costs capitalized subsequent to acquisition, carrying costs | 145 | ||
Carrying amount, land and improvements | 3,288 | ||
Carrying amount, buildings and improvements | 8,099 | ||
Carrying amount, total | 11,387 | ||
Accumulated depreciation | 497 | ||
High Point Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,386 | ||
Initial cost, buildings and improvements | 7,485 | ||
Costs capitalized subsequent to acquisition, carrying costs | 88 | ||
Carrying amount, land and improvements | 3,420 | ||
Carrying amount, buildings and improvements | 7,540 | ||
Carrying amount, total | 10,960 | ||
Accumulated depreciation | 861 | ||
Jackson Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,606 | ||
Initial cost, buildings and improvements | 6,992 | ||
Costs capitalized subsequent to acquisition, carrying costs | 225 | ||
Carrying amount, land and improvements | 1,644 | ||
Carrying amount, buildings and improvements | 7,179 | ||
Carrying amount, total | 8,823 | ||
Accumulated depreciation | 750 | ||
Mayfair Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 15,343 | ||
Initial cost, buildings and improvements | 16,522 | ||
Costs capitalized subsequent to acquisition, carrying costs | 278 | ||
Carrying amount, land and improvements | 15,512 | ||
Carrying amount, buildings and improvements | 16,631 | ||
Carrying amount, total | 32,143 | ||
Accumulated depreciation | 1,229 | ||
LaPlata Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,434 | ||
Initial cost, buildings and improvements | 22,855 | ||
Costs capitalized subsequent to acquisition, carrying costs | 317 | ||
Carrying amount, land and improvements | 8,533 | ||
Carrying amount, buildings and improvements | 23,072 | ||
Carrying amount, total | 31,605 | ||
Accumulated depreciation | 1,308 | ||
Lafayette Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,536 | ||
Initial cost, land and improvements | 5,387 | ||
Initial cost, buildings and improvements | 5,636 | ||
Costs capitalized subsequent to acquisition, carrying costs | 129 | ||
Carrying amount, land and improvements | 5,460 | ||
Carrying amount, buildings and improvements | 5,691 | ||
Carrying amount, total | 11,151 | ||
Accumulated depreciation | 1,195 | ||
Landen Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,081 | ||
Initial cost, buildings and improvements | 3,467 | ||
Costs capitalized subsequent to acquisition, carrying costs | 309 | ||
Carrying amount, land and improvements | 2,222 | ||
Carrying amount, buildings and improvements | 3,635 | ||
Carrying amount, total | 5,857 | ||
Accumulated depreciation | 403 | ||
Marlon City Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,811 | ||
Initial cost, buildings and improvements | 6,304 | ||
Costs capitalized subsequent to acquisition, carrying costs | 119 | ||
Carrying amount, land and improvements | 2,853 | ||
Carrying amount, buildings and improvements | 6,381 | ||
Carrying amount, total | 9,234 | ||
Accumulated depreciation | 800 | ||
Melbourne Village Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,418 | ||
Initial cost, buildings and improvements | 7,280 | ||
Costs capitalized subsequent to acquisition, carrying costs | 490 | ||
Carrying amount, land and improvements | 5,518 | ||
Carrying amount, buildings and improvements | 7,671 | ||
Carrying amount, total | 13,189 | ||
Accumulated depreciation | 976 | ||
Commerce Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,027 | ||
Initial cost, buildings and improvements | 8,341 | ||
Costs capitalized subsequent to acquisition, carrying costs | 188 | ||
Carrying amount, land and improvements | 6,035 | ||
Carrying amount, buildings and improvements | 8,521 | ||
Carrying amount, total | 14,556 | ||
Accumulated depreciation | 810 | ||
Upper Deerfield Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,073 | ||
Initial cost, buildings and improvements | 5,882 | ||
Costs capitalized subsequent to acquisition, carrying costs | 716 | ||
Carrying amount, land and improvements | 5,278 | ||
Carrying amount, buildings and improvements | 6,392 | ||
Carrying amount, total | 11,670 | ||
Accumulated depreciation | 1,025 | ||
Monfort Heights [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,357 | ||
Initial cost, buildings and improvements | 3,545 | ||
Costs capitalized subsequent to acquisition, carrying costs | 9 | ||
Carrying amount, land and improvements | 2,357 | ||
Carrying amount, buildings and improvements | 3,554 | ||
Carrying amount, total | 5,911 | ||
Accumulated depreciation | 296 | ||
Mountain Park Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,663 | ||
Initial cost, land and improvements | 6,118 | ||
Initial cost, buildings and improvements | 6,652 | ||
Costs capitalized subsequent to acquisition, carrying costs | 59 | ||
Carrying amount, land and improvements | 6,118 | ||
Carrying amount, buildings and improvements | 6,711 | ||
Carrying amount, total | 12,829 | ||
Accumulated depreciation | 460 | ||
Nordan Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,911 | ||
Initial cost, buildings and improvements | 6,751 | ||
Costs capitalized subsequent to acquisition, carrying costs | 141 | ||
Carrying amount, land and improvements | 1,927 | ||
Carrying amount, buildings and improvements | 6,875 | ||
Carrying amount, total | 8,802 | ||
Accumulated depreciation | 570 | ||
Northside Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,406 | ||
Initial cost, buildings and improvements | 5,471 | ||
Costs capitalized subsequent to acquisition, carrying costs | 134 | ||
Carrying amount, land and improvements | 1,416 | ||
Carrying amount, buildings and improvements | 5,594 | ||
Carrying amount, total | 7,010 | ||
Accumulated depreciation | 462 | ||
Page Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,553 | ||
Initial cost, buildings and improvements | 4,411 | ||
Costs capitalized subsequent to acquisition, carrying costs | 75 | ||
Carrying amount, land and improvements | 2,628 | ||
Carrying amount, buildings and improvements | 4,411 | ||
Carrying amount, total | 7,039 | ||
Accumulated depreciation | 498 | ||
Palmetto Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,732 | ||
Initial cost, buildings and improvements | 7,387 | ||
Costs capitalized subsequent to acquisition, carrying costs | 269 | ||
Carrying amount, land and improvements | 2,842 | ||
Carrying amount, buildings and improvements | 7,546 | ||
Carrying amount, total | 10,388 | ||
Accumulated depreciation | 518 | ||
Park Place Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,347 | ||
Initial cost, buildings and improvements | 8,453 | ||
Costs capitalized subsequent to acquisition, carrying costs | 211 | ||
Carrying amount, land and improvements | 2,455 | ||
Carrying amount, buildings and improvements | 8,557 | ||
Carrying amount, total | 11,012 | ||
Accumulated depreciation | 628 | ||
Parkway Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,416 | ||
Initial cost, buildings and improvements | 5,309 | ||
Costs capitalized subsequent to acquisition, carrying costs | 316 | ||
Carrying amount, land and improvements | 3,416 | ||
Carrying amount, buildings and improvements | 5,626 | ||
Carrying amount, total | 9,042 | ||
Accumulated depreciation | 544 | ||
Parsons Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 4,952 | ||
Initial cost, land and improvements | 3,465 | ||
Initial cost, buildings and improvements | 10,864 | ||
Costs capitalized subsequent to acquisition, carrying costs | 76 | ||
Carrying amount, land and improvements | 3,470 | ||
Carrying amount, buildings and improvements | 10,935 | ||
Carrying amount, total | 14,405 | ||
Accumulated depreciation | 767 | ||
Portland Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,408 | ||
Initial cost, buildings and improvements | 5,235 | ||
Costs capitalized subsequent to acquisition, carrying costs | 141 | ||
Carrying amount, land and improvements | 1,450 | ||
Carrying amount, buildings and improvements | 5,334 | ||
Carrying amount, total | 6,784 | ||
Accumulated depreciation | 421 | ||
Promenade Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,507 | ||
Initial cost, buildings and improvements | 6,149 | ||
Costs capitalized subsequent to acquisition, carrying costs | 283 | ||
Carrying amount, land and improvements | 6,559 | ||
Carrying amount, buildings and improvements | 6,380 | ||
Carrying amount, total | 12,939 | ||
Accumulated depreciation | 1,037 | ||
Quail Valley Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,452 | ||
Initial cost, buildings and improvements | 11,501 | ||
Costs capitalized subsequent to acquisition, carrying costs | 622 | ||
Carrying amount, land and improvements | 2,480 | ||
Carrying amount, buildings and improvements | 12,093 | ||
Carrying amount, total | 14,573 | ||
Accumulated depreciation | 831 | ||
Hillside Sal Lake WAG [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 691 | ||
Initial cost, buildings and improvements | 1,739 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 691 | ||
Carrying amount, buildings and improvements | 1,739 | ||
Carrying amount, total | 2,430 | ||
Accumulated depreciation | 90 | ||
Rolling Hills Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 8,747 | ||
Initial cost, land and improvements | 5,398 | ||
Initial cost, buildings and improvements | 11,792 | ||
Costs capitalized subsequent to acquisition, carrying costs | 69 | ||
Carrying amount, land and improvements | 5,398 | ||
Carrying amount, buildings and improvements | 11,862 | ||
Carrying amount, total | 17,260 | ||
Accumulated depreciation | 829 | ||
South Oaks Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,355 | ||
Initial cost, land and improvements | 1,742 | ||
Initial cost, buildings and improvements | 5,119 | ||
Costs capitalized subsequent to acquisition, carrying costs | 10 | ||
Carrying amount, land and improvements | 1,746 | ||
Carrying amount, buildings and improvements | 5,126 | ||
Carrying amount, total | 6,872 | ||
Accumulated depreciation | 697 | ||
East Pointe Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,492 | ||
Initial cost, buildings and improvements | 11,752 | ||
Costs capitalized subsequent to acquisition, carrying costs | 402 | ||
Carrying amount, land and improvements | 7,764 | ||
Carrying amount, buildings and improvements | 11,882 | ||
Carrying amount, total | 19,646 | ||
Accumulated depreciation | 1,338 | ||
Southgate Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,246 | ||
Initial cost, buildings and improvements | 22,752 | ||
Costs capitalized subsequent to acquisition, carrying costs | 88 | ||
Carrying amount, land and improvements | 4,261 | ||
Carrying amount, buildings and improvements | 22,825 | ||
Carrying amount, total | 27,086 | ||
Accumulated depreciation | 1,541 | ||
Country Club Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,866 | ||
Initial cost, buildings and improvements | 2,612 | ||
Costs capitalized subsequent to acquisition, carrying costs | (688) | ||
Carrying amount, land and improvements | 1,341 | ||
Carrying amount, buildings and improvements | 2,449 | ||
Carrying amount, total | 3,790 | ||
Accumulated depreciation | 44 | ||
Summerville Galleria [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,104 | ||
Initial cost, buildings and improvements | 8,668 | ||
Costs capitalized subsequent to acquisition, carrying costs | 219 | ||
Carrying amount, land and improvements | 4,310 | ||
Carrying amount, buildings and improvements | 8,680 | ||
Carrying amount, total | 12,990 | ||
Accumulated depreciation | 649 | ||
The Oaks [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,535 | ||
Initial cost, buildings and improvements | 5,527 | ||
Costs capitalized subsequent to acquisition, carrying costs | (140) | ||
Carrying amount, land and improvements | 3,443 | ||
Carrying amount, buildings and improvements | 5,479 | ||
Carrying amount, total | 8,922 | ||
Accumulated depreciation | 48 | ||
Riverplace Centre [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,890 | ||
Initial cost, buildings and improvements | 4,044 | ||
Costs capitalized subsequent to acquisition, carrying costs | 190 | ||
Carrying amount, land and improvements | 3,934 | ||
Carrying amount, buildings and improvements | 4,190 | ||
Carrying amount, total | 8,124 | ||
Accumulated depreciation | 503 | ||
Timberlake Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,427 | ||
Initial cost, buildings and improvements | 1,970 | ||
Costs capitalized subsequent to acquisition, carrying costs | 67 | ||
Carrying amount, land and improvements | 2,441 | ||
Carrying amount, buildings and improvements | 2,022 | ||
Carrying amount, total | 4,463 | ||
Accumulated depreciation | 309 | ||
Town & Country Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,158 | ||
Initial cost, land and improvements | 2,268 | ||
Initial cost, buildings and improvements | 4,372 | ||
Costs capitalized subsequent to acquisition, carrying costs | 22 | ||
Carrying amount, land and improvements | 2,279 | ||
Carrying amount, buildings and improvements | 4,382 | ||
Carrying amount, total | 6,661 | ||
Accumulated depreciation | 396 | ||
Powell Villa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,364 | ||
Initial cost, buildings and improvements | 7,318 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,719 | ||
Carrying amount, land and improvements | 3,396 | ||
Carrying amount, buildings and improvements | 10,006 | ||
Carrying amount, total | 13,402 | ||
Accumulated depreciation | 452 | ||
Towne Crossing Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,358 | ||
Initial cost, buildings and improvements | 15,537 | ||
Costs capitalized subsequent to acquisition, carrying costs | 707 | ||
Carrying amount, land and improvements | 5,379 | ||
Carrying amount, buildings and improvements | 16,223 | ||
Carrying amount, total | 21,602 | ||
Accumulated depreciation | 1,074 | ||
Village at Waterford [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 4,378 | ||
Initial cost, land and improvements | 2,702 | ||
Initial cost, buildings and improvements | 5,194 | ||
Costs capitalized subsequent to acquisition, carrying costs | 138 | ||
Carrying amount, land and improvements | 2,768 | ||
Carrying amount, buildings and improvements | 5,266 | ||
Carrying amount, total | 8,034 | ||
Accumulated depreciation | 382 | ||
Buckingham Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,087 | ||
Initial cost, buildings and improvements | 6,392 | ||
Costs capitalized subsequent to acquisition, carrying costs | 480 | ||
Carrying amount, land and improvements | 2,120 | ||
Carrying amount, buildings and improvements | 6,839 | ||
Carrying amount, total | 8,959 | ||
Accumulated depreciation | 462 | ||
Western Square Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,013 | ||
Initial cost, buildings and improvements | 3,333 | ||
Costs capitalized subsequent to acquisition, carrying costs | 103 | ||
Carrying amount, land and improvements | 1,045 | ||
Carrying amount, buildings and improvements | 3,403 | ||
Carrying amount, total | 4,448 | ||
Accumulated depreciation | 515 | ||
White Oaks Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,568 | ||
Initial cost, buildings and improvements | 3,350 | ||
Costs capitalized subsequent to acquisition, carrying costs | (542) | ||
Carrying amount, land and improvements | 2,124 | ||
Carrying amount, buildings and improvements | 3,252 | ||
Carrying amount, total | 5,376 | ||
Accumulated depreciation | 56 | ||
Windsor Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,488 | ||
Initial cost, buildings and improvements | 5,186 | ||
Costs capitalized subsequent to acquisition, carrying costs | 29 | ||
Carrying amount, land and improvements | 2,488 | ||
Carrying amount, buildings and improvements | 5,214 | ||
Carrying amount, total | 7,702 | ||
Accumulated depreciation | 531 | ||
Winery Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,288 | ||
Initial cost, buildings and improvements | 14,333 | ||
Costs capitalized subsequent to acquisition, carrying costs | 169 | ||
Carrying amount, land and improvements | 4,433 | ||
Carrying amount, buildings and improvements | 14,357 | ||
Carrying amount, total | 18,790 | ||
Accumulated depreciation | 898 | ||
12 West Marketplace [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 835 | ||
Initial cost, buildings and improvements | 3,538 | ||
Costs capitalized subsequent to acquisition, carrying costs | 105 | ||
Carrying amount, land and improvements | 940 | ||
Carrying amount, buildings and improvements | 3,538 | ||
Carrying amount, total | 4,478 | ||
Accumulated depreciation | 475 | ||
Orchard Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,388 | ||
Initial cost, land and improvements | 2,537 | ||
Initial cost, buildings and improvements | 5,366 | ||
Costs capitalized subsequent to acquisition, carrying costs | 4 | ||
Carrying amount, land and improvements | 2,537 | ||
Carrying amount, buildings and improvements | 5,370 | ||
Carrying amount, total | 7,907 | ||
Accumulated depreciation | 516 | ||
Willowbrook Commons [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,384 | ||
Initial cost, buildings and improvements | 6,002 | ||
Costs capitalized subsequent to acquisition, carrying costs | 169 | ||
Carrying amount, land and improvements | 5,462 | ||
Carrying amount, buildings and improvements | 6,093 | ||
Carrying amount, total | 11,555 | ||
Accumulated depreciation | 496 | ||
Edgewood Towne Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 10,029 | ||
Initial cost, buildings and improvements | 22,535 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3,075 | ||
Carrying amount, land and improvements | 10,219 | ||
Carrying amount, buildings and improvements | 25,421 | ||
Carrying amount, total | 35,640 | ||
Accumulated depreciation | 1,829 | ||
Everson Pointe [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,222 | ||
Initial cost, buildings and improvements | 8,421 | ||
Costs capitalized subsequent to acquisition, carrying costs | 62 | ||
Carrying amount, land and improvements | 4,233 | ||
Carrying amount, buildings and improvements | 8,472 | ||
Carrying amount, total | 12,705 | ||
Accumulated depreciation | 670 | ||
Gleneagles Court [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,935 | ||
Initial cost, buildings and improvements | 5,540 | ||
Costs capitalized subsequent to acquisition, carrying costs | (516) | ||
Carrying amount, land and improvements | 2,590 | ||
Carrying amount, buildings and improvements | 5,369 | ||
Carrying amount, total | 7,959 | ||
Accumulated depreciation | 26 | ||
Village Square of Delafield [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,206 | ||
Initial cost, buildings and improvements | 6,864 | ||
Costs capitalized subsequent to acquisition, carrying costs | 141 | ||
Carrying amount, land and improvements | 6,325 | ||
Carrying amount, buildings and improvements | 6,886 | ||
Carrying amount, total | 13,211 | ||
Accumulated depreciation | 560 | ||
Jasper Manor [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,311 | ||
Initial cost, buildings and improvements | 4,968 | ||
Costs capitalized subsequent to acquisition, carrying costs | (593) | ||
Carrying amount, land and improvements | 1,912 | ||
Carrying amount, buildings and improvements | 4,774 | ||
Carrying amount, total | 6,686 | ||
Accumulated depreciation | 170 | ||
Eastland Shoppes | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,322 | ||
Initial cost, buildings and improvements | 9,619 | ||
Costs capitalized subsequent to acquisition, carrying costs | 10 | ||
Carrying amount, land and improvements | 6,322 | ||
Carrying amount, buildings and improvements | 9,630 | ||
Carrying amount, total | 15,952 | ||
Accumulated depreciation | 69 | ||
Harvest Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,693 | ||
Initial cost, buildings and improvements | 6,083 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 2,693 | ||
Carrying amount, buildings and improvements | 6,083 | ||
Carrying amount, total | 8,776 | ||
Accumulated depreciation | 43 | ||
Pipestone Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 1,432 | ||
Initial cost, buildings and improvements | 5,715 | ||
Costs capitalized subsequent to acquisition, carrying costs | (750) | ||
Carrying amount, land and improvements | 941 | ||
Carrying amount, buildings and improvements | 5,456 | ||
Carrying amount, total | 6,397 | ||
Accumulated depreciation | 34 | ||
Shoppes of Lake Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,065 | ||
Initial cost, buildings and improvements | 3,786 | ||
Costs capitalized subsequent to acquisition, carrying costs | 100 | ||
Carrying amount, land and improvements | 4,097 | ||
Carrying amount, buildings and improvements | 3,854 | ||
Carrying amount, total | 7,951 | ||
Accumulated depreciation | 563 | ||
Sierra Visa Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,824 | ||
Initial cost, buildings and improvements | 11,669 | ||
Costs capitalized subsequent to acquisition, carrying costs | 11 | ||
Carrying amount, land and improvements | 9,831 | ||
Carrying amount, buildings and improvements | 11,673 | ||
Carrying amount, total | 21,504 | ||
Accumulated depreciation | 142 | ||
Wheat Ridge Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 11,987 | ||
Initial cost, land and improvements | 7,926 | ||
Initial cost, buildings and improvements | 8,393 | ||
Costs capitalized subsequent to acquisition, carrying costs | 18 | ||
Carrying amount, land and improvements | 7,944 | ||
Carrying amount, buildings and improvements | 8,393 | ||
Carrying amount, total | 16,337 | ||
Accumulated depreciation | 126 | ||
Atlantic Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 12,341 | ||
Initial cost, buildings and improvements | 12,699 | ||
Costs capitalized subsequent to acquisition, carrying costs | 7 | ||
Carrying amount, land and improvements | 12,341 | ||
Carrying amount, buildings and improvements | 12,706 | ||
Carrying amount, total | 25,047 | ||
Accumulated depreciation | 138 | ||
Staunton Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,818 | ||
Initial cost, buildings and improvements | 14,380 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,818 | ||
Carrying amount, buildings and improvements | 14,380 | ||
Carrying amount, total | 19,198 | ||
Accumulated depreciation | 79 | ||
Bethany Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,138 | ||
Initial cost, buildings and improvements | 8,355 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,138 | ||
Carrying amount, buildings and improvements | 8,355 | ||
Carrying amount, total | 14,493 | ||
Accumulated depreciation | 58 | ||
Northpark Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,087 | ||
Initial cost, buildings and improvements | 6,047 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 3,087 | ||
Carrying amount, buildings and improvements | 6,047 | ||
Carrying amount, total | 9,134 | ||
Accumulated depreciation | 40 | ||
Kings Crossing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,654 | ||
Initial cost, buildings and improvements | 11,225 | ||
Costs capitalized subsequent to acquisition, carrying costs | 21 | ||
Carrying amount, land and improvements | 5,654 | ||
Carrying amount, buildings and improvements | 11,247 | ||
Carrying amount, total | 16,901 | ||
Accumulated depreciation | 70 | ||
Lake Washington Crossing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,222 | ||
Initial cost, buildings and improvements | 13,553 | ||
Costs capitalized subsequent to acquisition, carrying costs | 67 | ||
Carrying amount, land and improvements | 4,222 | ||
Carrying amount, buildings and improvements | 13,620 | ||
Carrying amount, total | 17,842 | ||
Accumulated depreciation | 101 | ||
Kipling Marketplace [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,020 | ||
Initial cost, buildings and improvements | 10,405 | ||
Costs capitalized subsequent to acquisition, carrying costs | 48 | ||
Carrying amount, land and improvements | 4,020 | ||
Carrying amount, buildings and improvements | 10,452 | ||
Carrying amount, total | 14,472 | ||
Accumulated depreciation | 73 | ||
MetroWest Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6,841 | ||
Initial cost, buildings and improvements | 15,333 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 6,841 | ||
Carrying amount, buildings and improvements | 15,333 | ||
Carrying amount, total | 22,174 | ||
Accumulated depreciation | 93 | ||
Spring Cypress Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,579 | ||
Initial cost, buildings and improvements | 14,567 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 9,579 | ||
Carrying amount, buildings and improvements | 14,567 | ||
Carrying amount, total | 24,146 | ||
Accumulated depreciation | 91 | ||
Commonwealth Square [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,370 | ||
Initial cost, land and improvements | 9,955 | ||
Initial cost, buildings and improvements | 12,586 | ||
Costs capitalized subsequent to acquisition, carrying costs | 61 | ||
Carrying amount, land and improvements | 9,955 | ||
Carrying amount, buildings and improvements | 12,647 | ||
Carrying amount, total | 22,602 | ||
Accumulated depreciation | 116 | ||
Point Loomis [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,171 | ||
Initial cost, buildings and improvements | 4,901 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,171 | ||
Carrying amount, buildings and improvements | 4,901 | ||
Carrying amount, total | 9,072 | ||
Accumulated depreciation | 69 | ||
Shasta Crossroads [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 9,598 | ||
Initial cost, buildings and improvements | 18,643 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2 | ||
Carrying amount, land and improvements | 9,598 | ||
Carrying amount, buildings and improvements | 18,645 | ||
Carrying amount, total | 28,243 | ||
Accumulated depreciation | 119 | ||
Milan Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 925 | ||
Initial cost, buildings and improvements | 1,974 | ||
Costs capitalized subsequent to acquisition, carrying costs | 20 | ||
Carrying amount, land and improvements | 925 | ||
Carrying amount, buildings and improvements | 1,993 | ||
Carrying amount, total | 2,918 | ||
Accumulated depreciation | 45 | ||
Hilander Village [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,581 | ||
Initial cost, buildings and improvements | 7,461 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 2,581 | ||
Carrying amount, buildings and improvements | 7,461 | ||
Carrying amount, total | 10,042 | ||
Accumulated depreciation | 80 | ||
Laguna 99 Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,422 | ||
Initial cost, buildings and improvements | 16,952 | ||
Costs capitalized subsequent to acquisition, carrying costs | 10 | ||
Carrying amount, land and improvements | 5,422 | ||
Carrying amount, buildings and improvements | 16,962 | ||
Carrying amount, total | 22,384 | ||
Accumulated depreciation | 96 | ||
Southfield Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 5,612 | ||
Initial cost, buildings and improvements | 13,643 | ||
Costs capitalized subsequent to acquisition, carrying costs | 12 | ||
Carrying amount, land and improvements | 5,618 | ||
Carrying amount, buildings and improvements | 13,650 | ||
Carrying amount, total | 19,268 | ||
Accumulated depreciation | 88 | ||
Waterford Park Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,935 | ||
Initial cost, buildings and improvements | 19,543 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,935 | ||
Carrying amount, buildings and improvements | 19,543 | ||
Carrying amount, total | 24,478 | ||
Accumulated depreciation | 120 | ||
Colonial Promenade [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 12,403 | ||
Initial cost, buildings and improvements | 22,097 | ||
Costs capitalized subsequent to acquisition, carrying costs | 15 | ||
Carrying amount, land and improvements | 12,403 | ||
Carrying amount, buildings and improvements | 22,112 | ||
Carrying amount, total | 34,515 | ||
Accumulated depreciation | 162 | ||
Willimantic Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 3,596 | ||
Initial cost, buildings and improvements | 8,859 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 3,596 | ||
Carrying amount, buildings and improvements | 8,859 | ||
Carrying amount, total | 12,455 | ||
Accumulated depreciation | 83 | ||
Quivira Crossings [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 7,512 | ||
Initial cost, buildings and improvements | 10,729 | ||
Costs capitalized subsequent to acquisition, carrying costs | 13 | ||
Carrying amount, land and improvements | 7,512 | ||
Carrying amount, buildings and improvements | 10,742 | ||
Carrying amount, total | 18,254 | ||
Accumulated depreciation | 85 | ||
Spivey Junction [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 4,083 | ||
Initial cost, buildings and improvements | 10,414 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 4,083 | ||
Carrying amount, buildings and improvements | 10,414 | ||
Carrying amount, total | 14,497 | ||
Accumulated depreciation | 68 | ||
Northlake [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 2,782 | ||
Initial cost, buildings and improvements | 4,506 | ||
Costs capitalized subsequent to acquisition, carrying costs | 0 | ||
Carrying amount, land and improvements | 2,782 | ||
Carrying amount, buildings and improvements | 4,506 | ||
Carrying amount, total | 7,288 | ||
Accumulated depreciation | 38 | ||
Corporate and Other [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 10,782 | ||
Initial cost, buildings and improvements | 17,359 | ||
Costs capitalized subsequent to acquisition, carrying costs | 205 | ||
Carrying amount, land and improvements | 10,782 | ||
Carrying amount, buildings and improvements | 17,564 | ||
Carrying amount, total | 28,346 | ||
Accumulated depreciation | 99 | ||
North Point Landing [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 8,040 | ||
Initial cost, buildings and improvements | 28,422 | ||
Costs capitalized subsequent to acquisition, carrying costs | 14 | ||
Carrying amount, land and improvements | 8,040 | ||
Carrying amount, buildings and improvements | 28,436 | ||
Carrying amount, total | 36,476 | ||
Accumulated depreciation | 152 | ||
Corporation [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost, land and improvements | 6 | ||
Initial cost, buildings and improvements | 2,751 | ||
Costs capitalized subsequent to acquisition, carrying costs | (4,107) | ||
Carrying amount, land and improvements | (669) | ||
Carrying amount, buildings and improvements | (681) | ||
Carrying amount, total | (1,350) | ||
Accumulated depreciation | $ (12) |
Schedule III - Real Estate As_4
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at January 1 | $ 3,384,971 | $ 2,329,080 |
Real estate acquisitions | 1,850,294 | 1,021,204 |
Net additions to/improvements of real estate | 12,936 | 40,192 |
Real estate dispositions | (353,492) | (5,505) |
Impairment of real estate | (46,226) | 0 |
Balance at December 31 | $ 4,848,483 | $ 3,384,971 |
Schedule III - Real Estate As_5
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||
Balance at January 1 | $ 314,080 | $ 222,557 |
Depreciation expense | 96,788 | 92,156 |
Accumulated depreciation of real estate dispositions | (9,355) | (633) |
Accumulated depreciation of impaired real estate | (7,543) | 0 |
Balance at December 31 | $ 393,970 | $ 314,080 |
Organization (Q2) (Details)
Organization (Q2) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2018USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2019property | Dec. 31, 2018 | Nov. 16, 2018 | Nov. 09, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 303 | 298 | |||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,846 | $ 0 | $ 0 | ||||||
Necessity Retail Partners | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | 13 | 13 | 13 | 13 | |||||
Equity method investment, ownership percentage | 20.00% | 20.00% | 20.00% | ||||||
Grocery Retail Partners I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | 17 | 17 | 17 | 17 | |||||
Fair value of property contributed or sold | $ 359,000 | $ 359,000 | |||||||
Equity method investment, ownership percentage | 15.00% | 15.00% | 15.00% | ||||||
Distributions and proceeds from unconsolidated joint venture | $ 161,800 | 161,800 | |||||||
REIT II | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Total consideration | $ 1,900,000 | $ 1,900,000 | |||||||
Number of real estate properties | 86 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Lessor (Q2) (Details) | Jun. 30, 2019 |
Inline Tenants | Minimum | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 2 years |
Inline Tenants | Maximum | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 10 years |
Anchor Tenants | Minimum | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 3 years |
Anchor Tenants | Maximum | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 13 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Lessee (Q2) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Office Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, option to extend | 0 |
Minimum | Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, finance lease, initial term, office equipment | 3 years |
Maximum | Office Building | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, initial lease term, ground leases | 10 years |
Maximum | Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, finance lease, initial term, office equipment | 5 years |
Ground Lease | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, initial lease term, ground leases | 15 years |
Lessee, operating lease, renewal term | 3 years |
Ground Lease | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, initial lease term, ground leases | 40 years |
Lessee, operating lease, renewal term | 5 years |
Leases Standard Adoption (Q2) (
Leases Standard Adoption (Q2) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | |
Leases [Abstract] | |||||
Operating lease, weighted average discount rate, percent | 4.07% | 4.07% | |||
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 191,571 | $ 191,571 | |||
Finance Lease, Right-of-Use Asset, Amortization | 64 | 128 | |||
Operating Lease, Payments | 620 | ||||
Operating lease, remaining 2019 | 745 | 745 | |||
Retain earning adjustment for adoption of ASC 842 | $ 500 | ||||
Capitalized initial lease costs | 1,900 | $ 2,900 | $ 6,200 | ||
Payments excluded from lease consideration | 1,300 | $ 2,700 | 8,000 | ||
Accounts Receivable, Allowance for Credit Loss | 2,900 | ||||
Changes in rental income allowance | 100 | 700 | |||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 148 | 148 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,174 | 1,174 | |||
Finance Lease, Liability, Payments, Due Year Two | 295 | 295 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 723 | 723 | |||
Finance Lease, Liability, Payments, Due Year Three | 98 | 98 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 684 | 684 | |||
Finance Lease, Liability, Payments, Due Year Four | 26 | 26 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 529 | 529 | |||
Finance Lease, Liability, Payments, Due Year Five | 20 | 20 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6,419 | 6,419 | |||
Finance Lease, Liability, Payments, Due after Year Five | 15 | 15 | |||
Lessee, Operating Lease, Liability, Payments, Due | 10,274 | 10,274 | |||
Finance Lease, Liability, Payment, Due | 602 | 602 | |||
Operating Lease, Liability | 6,790 | 6,790 | $ 6,200 | ||
Finance Lease, Liability | 581 | 581 | $ 552 | ||
Operating lease, difference between undiscounted cash flows and PV of lease liabilities | 3,484 | 3,484 | |||
Finance lease, difference between undiscounted cash flows and PV of lease liabilities | 21 | 21 | |||
Finance Lease, Principal Payments | 122 | ||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 1,444 | ||||
Finance Lease, Interest Expense | 4 | 9 | |||
Operating lease, costs | 449 | 797 | |||
Short-term Lease, Cost | 376 | 767 | |||
Lessor, Operating Lease, Payments to be Received, Two Years | 360,997 | 360,997 | |||
Lessor, Operating Lease, Payments to be Received, Three Years | 316,521 | 316,521 | |||
Lessor, Operating Lease, Payments to be Received, Four Years | 274,713 | 274,713 | |||
Lessor, Operating Lease, Payments to be Received, Five Years | 223,940 | 223,940 | |||
Lessor, Operating Lease, Payments to be Received, Thereafter | 636,772 | 636,772 | |||
Lessor, Operating Lease, Payments to be Received | $ 2,004,514 | $ 2,004,514 |
Leases Lessor (Q2) (Details)
Leases Lessor (Q2) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 191,571 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 360,997 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 316,521 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 274,713 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 223,940 | |
Lessor, Operating Lease, Payments to be Received, Thereafter | 636,772 | |
Total | $ 2,004,514 | |
Florida | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.30% | 12.00% |
California | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.10% |
Leases Lessee (Q2) (Details)
Leases Lessee (Q2) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||||
ROU assets, operating lease | $ 6,000 | ||||
Amortization of other leased asset | $ (28,603) | $ (28,603) | $ (24,382) | $ (17,121) | |
Net Investment in Lease | 7,140 | 7,140 | |||
Operating Lease, Liability | 6,790 | 6,790 | 6,200 | ||
Finance Lease, Liability | 581 | 581 | 552 | ||
Total Lease Liability | $ 7,371 | $ 7,371 | |||
Finance lease, weighted average remaining lease term | 2 years 5 months | 2 years 5 months | |||
Operating lease, weighted average remaining lease term | 18 years 4 months | 18 years 4 months | |||
Finance lease, weighted average discount rate, percent | 3.54% | 3.54% | |||
Operating lease, weighted average discount rate, percent | 4.07% | 4.07% | |||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 1,444 | ||||
Lease, Cost [Abstract] | |||||
Finance Lease, Right-of-Use Asset, Amortization | $ 64 | 128 | |||
Finance Lease, Interest Expense | 4 | 9 | |||
Operating lease, costs | 449 | 797 | |||
Short-term Lease, Cost | 376 | 767 | |||
Statement of Cash Flow Information [Abstract] | |||||
Operating Lease, Payments | (620) | ||||
Finance Lease, Principal Payments | (122) | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Operating lease, remaining 2019 | 745 | 745 | |||
Operating lease, 2020 | 1,174 | 1,174 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 723 | 723 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 684 | 684 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 529 | 529 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6,419 | 6,419 | |||
Operating lease, total undiscounted cash flows from leases | 10,274 | 10,274 | |||
Operating Lease, Liability | 6,790 | 6,790 | $ 6,200 | ||
Operating lease, difference between undiscounted cash flows and PV of lease liabilities | 3,484 | 3,484 | |||
Finance Lease, Liability, Payment, Due [Abstract] | |||||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 148 | 148 | |||
Finance Lease, Liability, Payments, Due Year Two | 295 | 295 | |||
Finance Lease, Liability, Payments, Due Year Three | 98 | 98 | |||
Finance Lease, Liability, Payments, Due Year Four | 26 | 26 | |||
Finance Lease, Liability, Payments, Due Year Five | 20 | 20 | |||
Finance Lease, Liability, Payments, Due after Year Five | 15 | 15 | |||
Finance lease, total undiscounted cash flows from leases | 602 | 602 | |||
Finance Lease, Liability | 581 | 581 | $ 552 | ||
Finance lease, difference between undiscounted cash flows and PV of lease liabilities | 21 | 21 | |||
Real Estate Investment | |||||
Lessee, Lease, Description [Line Items] | |||||
ROU assets, operating lease | 4,707 | 4,707 | |||
ROU asset in real estate leases, accumulated amortization | 217 | 217 | |||
Net Investment in Lease | 4,490 | 4,490 | |||
Other Assets | |||||
Lessee, Lease, Description [Line Items] | |||||
ROU assets, operating lease | 2,540 | 2,540 | |||
ROU assets, finance lease | 705 | 705 | |||
Amortization of other leased asset | (595) | (595) | |||
Net Investment in Lease | $ 2,650 | $ 2,650 |
REIT II Merger Consideration Gi
REIT II Merger Consideration Given (Q2) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)property | Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2019property | May 08, 2019$ / shares | Nov. 16, 2018USD ($)$ / shares | May 09, 2018$ / shares | May 08, 2018$ / shares | Nov. 08, 2017$ / shares | Nov. 07, 2017$ / shares | Oct. 04, 2017$ / shares | |
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Number of real estate properties | property | 303 | 303 | 298 | ||||||||||
Fair value of PECO common stock issued | $ 401,630 | ||||||||||||
Transaction costs | $ 3,331 | 15,713 | $ 0 | ||||||||||
Fair value of assumed debt | $ 464,462 | $ 504,740 | $ 0 | ||||||||||
Issuance of common stock for acquisition, shares | shares | 95,452 | ||||||||||||
Share exchange ratio for asset acquisition | 2.04 | ||||||||||||
Business acquisition, share price | $ / shares | $ 22.54 | ||||||||||||
Share price | $ / shares | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | ||||||
REIT II | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Number of real estate properties | 86 | ||||||||||||
Fair value of PECO common stock issued | $ 1,054,745 | $ 1,054,745 | |||||||||||
Derecognition of REIT II management contracts, net | 30,428 | $ 30,428 | $ 30,428 | ||||||||||
Transaction costs | 11,587 | ||||||||||||
Total consideration and debt activity | 1,918,668 | 1,918,668 | |||||||||||
Fair value of assumed debt | 464,462 | ||||||||||||
Total consideration | $ 1,454,206 | $ 1,454,206 | |||||||||||
Issuance of common stock for acquisition, shares | shares | 95,500 | ||||||||||||
Share exchange ratio for asset acquisition | 2.04 | 2.04 | |||||||||||
Business acquisition, share price | $ / shares | $ 22.54 | ||||||||||||
Business acquisition percentage of voting interests retained by acquirer | 71.00% | 71.00% | |||||||||||
Business combination, post-transaction acquiree ownership percentage | 29.00% | ||||||||||||
Corporate Debt | REIT II | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of debt | $ 719,181 | $ 719,181 | |||||||||||
Mortgages and Other | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of assumed debt | 102,300 | ||||||||||||
Mortgages and Other | REIT II | |||||||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||||||
Fair value of debt | $ 102,727 | $ 102,727 |
REIT II Merger Price Allocation
REIT II Merger Price Allocation (Q2) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 16, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Transaction costs, capitalized | $ 3,331 | $ 15,713 | $ 0 | ||
REIT II | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Derecognition of REIT II management contracts, net | $ 30,428 | $ 30,428 | |||
Transaction costs, capitalized | $ 11,587 | ||||
Land and improvements | 561,100 | ||||
Building and improvements | 1,198,884 | ||||
Intangible lease assets | 197,384 | ||||
Fair value of unconsolidated joint venture | 16,470 | ||||
Cash and cash equivalents | 354 | ||||
Restricted cash | 5,159 | ||||
Accounts receivable and other assets | 33,045 | ||||
Total assets acquired | 2,012,396 | ||||
Debt assumed | 464,462 | ||||
Intangible lease liabilities | 60,421 | ||||
Accounts payable and other liabilities | 33,307 | ||||
Total liabilities assumed | 558,190 | ||||
Net assets acquired | $ 1,454,206 |
Real Estate Activity Acquisitio
Real Estate Activity Acquisitions and Dispositions (Q2) (Details) $ in Thousands | May 16, 2019USD ($) | Apr. 26, 2019USD ($) | Feb. 26, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Real Estate Properties [Line Items] | ||||||||||
Impairment of real estate assets | $ 25,199 | $ 10,939 | $ 38,916 | $ 10,939 | $ 40,782 | $ 0 | $ 0 | |||
Purchase price of real estate property | 363,519 | 0 | 0 | |||||||
Below market lease, acquired | $ (2,097) | $ (457) | $ (2,736) | $ (5,736) | ||||||
Property Sales [Abstract] | ||||||||||
Number of properties sold | 6 | 2 | 8 | 1 | ||||||
Number of outparcel sold | 1 | 0 | ||||||||
Proceeds from sale of real estate | $ 47,857 | $ 13,300 | $ 82,145 | $ 6,486 | ||||||
Gains on sales of properties, net | 6,627 | 985 | 109,300 | 1,760 | $ 4,732 | |||||
In-Place Leases | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Intangible lease assets acquired | $ 4,736 | $ 946 | $ 9,239 | $ 17,740 | ||||||
Weighted Average Useful Life | 11 years | 6 years | 8 years | 13 years | ||||||
Above-Market Leases | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Intangible lease assets acquired | $ 825 | $ 74 | $ 1,045 | $ 1,314 | ||||||
Weighted Average Useful Life | 8 years | 3 years | 9 years | 6 years | ||||||
Below-Market Leases | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Weighted Average Useful Life | 16 years | 16 years | 15 years | 18 years | ||||||
Murray Landing Outparcel | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Purchase price of real estate property | $ 295 | |||||||||
Naperville Crossings | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Purchase price of real estate property | $ 49,585 | |||||||||
Leased percentage of rentable SF at acquisition | 88.00% | |||||||||
Shoppes of Lake Village | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Purchase price of real estate property | $ 8,423 | |||||||||
Leased percentage of rentable SF at acquisition | 71.30% |
Real Estate Activity Property H
Real Estate Activity Property Held for Sale (Q2) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties | property | 298 | 298 | 303 | ||||
Property Held for Sale [Abstract] | |||||||
Total investment in real estate assets, net | $ 15,555 | $ 15,555 | $ 16,889 | ||||
Other assets, net | 322 | 322 | 475 | ||||
Total assets | 15,877 | 15,877 | 17,364 | ||||
Below-market lease liabilities, net | 117 | 117 | 208 | ||||
Accounts payable and other liabilities | 185 | 185 | 388 | ||||
Total liabilities | 302 | 302 | 596 | ||||
Impairment of Real Estate Assets [Abstract] | |||||||
Impairment charge of real estate | $ 25,199 | $ 10,939 | $ 38,916 | $ 10,939 | $ 40,782 | $ 0 | $ 0 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties | property | 2 | 2 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties | property | 2 |
Investment in Unconsolidated _6
Investment in Unconsolidated Joint Ventures (Q2) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2019USD ($)property | Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2018USD ($) | Nov. 16, 2018USD ($) | Nov. 09, 2018 | |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||||
Number of properties | property | 298 | 298 | 303 | |||||||
Investment balance | $ 42,418 | $ 42,418 | $ 0 | $ 45,651 | ||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Loss from unconsolidated joint ventures, net | (976) | $ 0 | ||||||||
Amortization of basis adjustments | 3,373 | 7,672 | $ 13,779 | $ 2,900 | $ 0 | |||||
Distributions after formation or assumption | $ 2,257 | $ 0 | ||||||||
NRP | ||||||||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||||
Ownership percentage | 20.00% | 20.00% | 20.00% | 20.00% | ||||||
Number of properties | 13 | 13 | 13 | 13 | 13 | |||||
Investment balance | $ 14,454 | $ 14,454 | 16,198 | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 5,317 | 5,317 | 6,026 | $ 6,200 | ||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Loss from unconsolidated joint ventures, net | 114 | 202 | ||||||||
Amortization of basis adjustments | 354 | 709 | ||||||||
Distributions after formation or assumption | $ 551 | $ 833 | ||||||||
GRP I | ||||||||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||||
Ownership percentage | 15.00% | 15.00% | 15.00% | 15.00% | ||||||
Number of properties | 17 | 17 | 17 | 17 | 17 | |||||
Investment balance | $ 27,964 | $ 27,964 | $ 29,453 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Loss from unconsolidated joint ventures, net | 52 | 65 | ||||||||
Distributions after formation or assumption | $ 509 | $ 1,424 |
Other Assets, Net (Q2) (Details
Other Assets, Net (Q2) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Net [Abstract] | |||
Deferred leasing commissions and costs | $ 35,518 | $ 32,957 | $ 29,055 |
Deferred financing expenses | 13,971 | 13,971 | 13,971 |
Office equipment, ROU assets, and other | 18,016 | 14,315 | 10,308 |
Total depreciable and amortizable assets | 67,505 | 61,243 | 53,334 |
Accumulated depreciation and amortization | (28,603) | (24,382) | (17,121) |
Net depreciable and amortizable assets | 38,902 | 36,861 | 36,213 |
Accounts receivable, net | 50,681 | 56,104 | 41,211 |
Deferred rent receivable, net | 25,778 | 21,261 | 18,201 |
Derivative asset | 5,324 | 29,708 | 16,496 |
Investment in affiliates | 700 | 700 | 902 |
Prepaids and other | 9,716 | 8,442 | |
Total other assets, net | $ 131,101 | $ 153,076 | $ 118,448 |
Debt Obligations (Q2) (Details)
Debt Obligations (Q2) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
May 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Total | $ 2,443,395 | $ 2,461,438 | $ 1,817,786 | ||
Finance Lease, Liability | 581 | 552 | |||
Assumed market debt adjustments, net | (3,841) | (4,571) | (5,254) | ||
Deferred financing costs, net | (16,149) | (18,041) | (16,042) | ||
Total | 2,423,405 | $ 2,438,826 | $ 1,806,998 | ||
Gross borrowings | 105,600 | $ 151,000 | |||
Gross payments | $ 179,000 | $ 166,000 | |||
Proceeds from term loan delayed draw | $ 60,000 | ||||
Weighted-average interest rate on debt | 3.50% | 3.50% | 3.40% | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total | $ 0 | $ 73,359 | |||
Line of credit variable rate base | LIBOR | ||||
LIne of credit - interest spread | 1.40% | ||||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Total | $ 1,918,410 | 1,858,410 | |||
Term Loans | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.06% | ||||
Term Loans | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.59% | ||||
Securities Loan Facilities | |||||
Debt Instrument [Line Items] | |||||
Total | $ 195,000 | 529,669 | |||
Interest rate | 3.52% | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Total | $ 329,404 | $ 334,117 | |||
Weighted-average interest rate on debt | 4.40% | 4.10% | |||
Mortgages | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.45% | 3.45% | |||
Mortgages | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.91% | 7.91% | |||
Secured loan facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | $ 195,000 |
Debt Obligations (Details) - De
Debt Obligations (Details) - Debt Obligations - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | |||
Fixed-rate debt | $ 2,111,985 | $ 2,216,669 | $ 1,608,217 |
Variable-rate debt | 331,410 | 244,769 | 209,569 |
Unsecured debt | 1,918,410 | 1,931,769 | 1,202,476 |
Secured debt | 524,985 | 529,669 | 615,310 |
Total | $ 2,443,395 | $ 2,461,438 | $ 1,817,786 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Q2) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019USD ($)Debt_Instrument | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Debt_Instrument | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Debt_Instrument | Dec. 31, 2017USD ($)Debt_Instrument | Dec. 31, 2016USD ($) | Nov. 16, 2018USD ($)Debt_Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of (loss) gain recognized in OCI on derivatives | $ (22,348) | $ 5,608 | $ (35,205) | $ 19,047 | $ (895) | $ 2,770 | $ 6,979 | |
Amount of (gain) loss reclassified from AOCI into interest expense | (1,297) | $ (753) | (2,801) | $ (704) | (3,261) | $ 1,810 | $ 3,586 | |
Contingent credit-risk-related derivative liabilities, fair value | $ 21,000 | 21,000 | 3,600 | |||||
Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative instruments, gain (loss) reclassification from AOCI to income, estimated net amount to be transferred | $ 3,500 | $ 6,200 | ||||||
Derivative, count | Debt_Instrument | 11 | 11 | 12 | 6 | 1 | |||
Derivative, notional amount | $ 1,587,000 | $ 1,587,000 | $ 1,687,000 | $ 992,000 | $ 125,000 | |||
Interest Rate Swap | Designated as Hedging Instrument | Minimum | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Fixed LIBOR | 0.70% | 0.70% | 0.70% | 1.20% | ||||
Interest Rate Swap | Designated as Hedging Instrument | Maximum | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Fixed LIBOR | 2.90% | 2.90% | 2.90% | 1.50% |
Equity (Q2) (Details)
Equity (Q2) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 08, 2019 | Nov. 16, 2018 | May 09, 2018 | May 08, 2018 | Nov. 08, 2017 | Nov. 07, 2017 | Oct. 04, 2017 | |
Stockholders' Equity Note [Abstract] | |||||||||||||||
Share price | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | ||||||||
OP units outstanding, shares | 42.7 | 42.7 | 44.5 | 44.5 | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Share repurchases, value | $ 5,994 | $ 42,137 | $ 12,674 | $ 46,152 | $ 53,758 | $ 47,157 | $ 20,301 | ||||||||
Subsidiaries | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage | 25.00% | 25.00% | 25.00% | ||||||||||||
Subsequent Event | |||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||
Share repurchases, value | $ 1,200 |
Compensation (Q2) (Details)
Compensation (Q2) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at Period Start, Weighted Average Grant Date Fair Value | $ 10.60 | $ 10.20 | $ 10.20 | |||
Weighted average grant date fair value - granted | 11.05 | 11 | ||||
Weighted average grant date fair value - vested | 10.99 | 10.20 | ||||
Weighted average grant date fair value - forfeited | 10.76 | 10.38 | ||||
Nonvested at Period End, Weighted Average Grant Date Fair Value | $ 10.80 | $ 10.80 | $ 10.60 | $ 10.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Share-based compensation arrangement by share-based payment award, shares authorized | 4,000 | 4,000 | 1,200 | |||
Long-Term Incentive Plan to Executive, Dividend Restriction | 10.00% | 10.00% | ||||
Share-based compensation, expense recognized in period | $ 3.3 | $ 3.1 | $ 5.3 | $ 4.7 | $ 10.4 | $ 3.4 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 22.6 | $ 22.6 | $ 9 | |||
Estimated recognition period for not vested shares | 4 years 4 months | 1 year 4 months | ||||
Stock-based awards vested in period, fair value | $ 2.2 | $ 15.4 | ||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at Period Start | 808 | 18 | 18 | |||
Granted | 464 | 811 | ||||
Vested | (196) | (5) | ||||
Forfeited | (26) | (16) | ||||
Nonvested at Period End | 1,050 | 1,050 | 808 | 18 | ||
Performance Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at Period Start | 199 | 0 | 0 | |||
Granted | 1,275 | 199 | ||||
Vested | 0 | 0 | ||||
Forfeited | 0 | 0 | ||||
Nonvested at Period End | 1,474 | 1,474 | 199 | 0 | ||
Phantom Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at Period Start | 998 | 2,446 | 2,446 | |||
Granted | 0 | 0 | ||||
Vested | 0 | (1,394) | ||||
Forfeited | (12) | (54) | ||||
Nonvested at Period End | 986 | 986 | 998 | 2,446 |
Earnings Per Share (Q2) (Detail
Earnings Per Share (Q2) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator for basic and diluted earnings per share: | ||||||||||||||
Net loss attributable to stockholders - basic | $ (36,570) | $ 65,317 | $ (13,228) | $ (11,351) | $ (1,600) | $ (30,072) | $ (8,232) | $ (1,193) | $ 1,106 | $ (41,765) | $ (12,951) | $ 39,138 | $ (38,391) | $ 8,932 |
Net loss attributable to convertible OP units | (5,643) | (2,756) | (6,426) | (3,090) | (8,136) | 3,470 | (111) | |||||||
Net loss - diluted | $ (42,213) | $ (14,107) | $ (48,191) | $ (16,041) | $ 47,274 | $ (41,861) | $ 9,043 | |||||||
Denominator: | ||||||||||||||
Weighted-average shares - basic | 283,010 | 184,450 | 282,148 | 185,171 | 196,602 | 183,784 | 183,876 | |||||||
OP units | 43,288 | 44,453 | 43,640 | 44,453 | ||||||||||
Adjusted weighted-average shares - diluted | 326,298 | 228,903 | 325,788 | 229,624 | 241,367 | 196,497 | 186,665 | |||||||
Earnings per common share: | ||||||||||||||
Net income (loss) per share - basic and diluted | $ (0.13) | $ 0.34 | $ (0.07) | $ (0.06) | $ (0.01) | $ (0.17) | $ (0.04) | $ (0.01) | $ 0.01 | $ (0.15) | $ (0.07) | $ 0.20 | $ (0.21) | $ 0.05 |
Share-based Payment Arrangement | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,500 | 1,000 | 2,500 | 1,000 |
Revenue Recognition and Relat_8
Revenue Recognition and Related Party Revenue Revenue (Q2) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | $ (3,051) | $ (9,137) | $ (6,312) | $ (17,849) | $ (32,926) | $ (8,156) | $ 0 |
Insurance premiums | 585 | 546 | 1,042 | 1,070 | |||
Non-Affiliate | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (500) | (500) | (1,000) | (900) | $ (1,700) | $ (200) | |
PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (453) | (1,462) | |||||
Insurance premiums | 21 | 24 | |||||
Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (2,045) | (3,779) | |||||
Insurance premiums | 72 | 72 | |||||
Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (553) | (503) | (1,071) | (1,053) | |||
Insurance premiums | 492 | 437 | 946 | 881 | |||
REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (7,538) | (14,473) | |||||
Insurance premiums | 109 | 189 | |||||
PECO III and Joint Venture [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (1,096) | (2,323) | |||||
Insurance premiums | 0 | 0 | |||||
Recurring Fees | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (1,639) | (5,847) | (3,221) | (11,624) | |||
Recurring Fees | PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (228) | (422) | |||||
Recurring Fees | Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (1,352) | (2,681) | |||||
Recurring Fees | Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (59) | (77) | (118) | (152) | |||
Recurring Fees | REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (5,189) | (10,333) | |||||
Recurring Fees | PECO III and Joint Venture [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (581) | (1,139) | |||||
Transactional Revenue and Reimbursements | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (827) | (2,744) | (2,049) | (5,155) | |||
Transactional Revenue and Reimbursements | PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (204) | (1,016) | |||||
Transactional Revenue and Reimbursements | Joint Ventures | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (621) | (1,026) | |||||
Transactional Revenue and Reimbursements | Other Parties | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | $ (2) | (11) | $ (7) | (20) | |||
Transactional Revenue and Reimbursements | REIT II | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | (2,240) | (3,951) | |||||
Transactional Revenue and Reimbursements | PECO III and Joint Venture [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Recurring fees and management income | $ (515) | $ (1,184) |
Revenue Recognition and Relat_9
Revenue Recognition and Related Party Revenue Other Related Party Matters (Q2) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||
Reductions of account receivable, organization and offering costs from PECO III | $ 9,661 | $ 0 | $ 9,661 | $ 0 | |||
Accounts receivable - organization and offering costs due from PECO III | 3,409 | 3,409 | $ 5,125 | ||||
Accounts receivable – affiliates | 5,125 | $ 6,102 | |||||
Reduction in other liabilities | (400) | ||||||
Due to Affiliate | 900 | 900 | 1,200 | 1,400 | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 5,454 | $ 0 | ||||
Debt contributed to joint venture | 175,000 | 0 | $ 0 | ||||
Management Service | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable - organization and offering costs due from PECO III | 600 | 4,100 | |||||
Accounts receivable – affiliates | $ 900 | $ 900 | $ 600 | ||||
Subsidiaries | |||||||
Related Party Transaction [Line Items] | |||||||
Noncontrolling interest, ownership percentage | 25.00% | 25.00% | 25.00% | ||||
Noncontrolling interest, ownership percentage by parent | 75.00% | 75.00% | 75.00% | ||||
PECO III | |||||||
Related Party Transaction [Line Items] | |||||||
Reductions of account receivable, organization and offering costs from PECO III | $ 2,300 | ||||||
Accounts receivable - organization and offering costs due from PECO III | $ 2,500 | 2,500 | $ 4,500 | ||||
Accounts receivable – affiliates | 4,500 | 2,000 | |||||
Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Reductions of account receivable, organization and offering costs from PECO III | 1,900 | ||||||
PECO Air | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 200 | 500 | $ 400 | 800 | $ 100 | ||
Necessity Retail Partners | |||||||
Related Party Transaction [Line Items] | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 200,000 | 200,000 | 200,000 | ||||
Guarantee Obligations Expected Exposure | $ 50,000 | 50,000 | |||||
Grocery Retail Partners I | |||||||
Related Party Transaction [Line Items] | |||||||
Debt contributed to joint venture | $ 175,000 |
Fair Value Measurements (Q2) (D
Fair Value Measurements (Q2) (Details) - Debt Obligations - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Recorded value | $ 2,439,554 | $ 2,456,867 | $ 1,823,040 |
Deferred financing costs | 16,149 | 18,041 | 16,042 |
Fair Value Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 2,467,023 | $ 2,467,317 | $ 1,765,151 |
Fair Value Measurements (Q2) _2
Fair Value Measurements (Q2) (Details) - Recurring and Nonrecurring Fair Value Measurements - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 08, 2019 | Nov. 16, 2018 | May 09, 2018 | May 08, 2018 | Nov. 08, 2017 | Nov. 07, 2017 | Oct. 04, 2017 | May 18, 2017 | |
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Interest rate swap-mortgage note | $ (21,000) | $ (21,000) | $ (3,600) | ||||||||||||||
Share price | $ 11.10 | $ 11.05 | $ 11.05 | $ 11 | $ 11 | $ 10.20 | $ 10.20 | ||||||||||
Impairment charge of real estate | $ 25,199 | $ 10,939 | $ 38,916 | $ 10,939 | 40,782 | $ 0 | $ 0 | ||||||||||
Nonrecurring Fair Value Measurement Discount Rate | 19.00% | 19.00% | |||||||||||||||
Management Contracts | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Impairment of Intangible Assets, Finite-lived | $ 7,800 | ||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 700 | 700 | |||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,400 | 1,400 | 3,748 | ||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,400 | 1,400 | 3,748 | ||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 900 | $ 900 | $ 2,810 | ||||||||||||||
Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
OP units issued, shares | 39.4 | 39.4 | |||||||||||||||
OP Units | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Share price | $ 11.20 | $ 11.20 | $ 10.20 | ||||||||||||||
OP Units | Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
OP units issued, shares | 12.5 | 12.5 | 12.5 | ||||||||||||||
Maximum | Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
OP units issued, shares | 12.5 | ||||||||||||||||
Maximum | OP Units | Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
OP units issued, shares | 5 | 12.5 | |||||||||||||||
Minimum | Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
OP units issued, shares | 3 | ||||||||||||||||
Fair Value, Recurring | Fair Value Level 2 | Interest Rate Swap | Designated as Hedging Instrument | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Derivative assets | $ 5,324 | $ 16,496 | $ 16,496 | $ 5,324 | $ 29,708 | 16,496 | |||||||||||
Interest rate swap-mortgage note | (21,007) | (61) | (61) | (21,007) | (3,633) | (61) | |||||||||||
Fair Value, Recurring | Fair Value Level 3 | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Earn-out liability | (32,000) | (38,000) | (38,000) | (32,000) | (39,500) | (38,000) | |||||||||||
Fair Value, Recurring | Fair Value Level 3 | Phillips Edison Limited Partnership | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Earn-out liability | (32,000) | $ (38,000) | $ (38,000) | (32,000) | (39,500) | $ (38,000) | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 1,500 | ||||||||||||||||
Fair Value, Nonrecurring | Fair Value Level 2 | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Impaired real estate assets, net | 120,510 | 120,510 | 71,991 | ||||||||||||||
Fair Value, Nonrecurring | Fair Value Level 3 | |||||||||||||||||
Fair Value, Assets (Liabilities) Measured on Recurring Basis | |||||||||||||||||
Impaired corporate intangible asset, net | $ 4,401 | $ 4,401 | $ 0 |
Subsequent Events (Q2) (Details
Subsequent Events (Q2) (Details) - Distributions - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2019 | Jul. 01, 2019 | Mar. 01, 2019 | Feb. 01, 2019 | Jan. 02, 2019 | Aug. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||||||||
Distribution rate | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.34 | $ 0.67 | $ 0.67 | $ 0.67 | |||||||
Distributions reinvested | $ 17,240 | $ 12,135 | $ 34,958 | $ 24,899 | $ 44,071 | $ 49,126 | $ 58,872 | |||||||
Net cash distribution | $ 60,787 | $ 37,819 | $ 80,728 | $ 74,198 | $ 64,269 | |||||||||
Subsequent Event | Dividend Declared | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Distribution rate | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | $ 0.05583344 | |||||||
Subsequent Event | Dividend Paid | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Gross amount of distribution paid | $ 18,118 | $ 18,101 | $ 18,018 | $ 18,077 | $ 18,055 | |||||||||
Distributions reinvested | 5,412 | 5,571 | 5,868 | 5,899 | 5,951 | |||||||||
Net cash distribution | $ 12,706 | $ 12,530 | $ 12,150 | $ 12,178 | $ 12,104 |
Subsequent Events (Q2) (Detai_2
Subsequent Events (Q2) (Details) - Acquisitions and Disposition $ in Thousands | Jul. 19, 2019USD ($)ft² | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Subsequent Event [Line Items] | |||||
Sale price | $ 47,857 | $ 13,300 | $ 82,145 | $ 6,486 | |
Winery Square [Member] | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Square footage | ft² | 118,370 | ||||
Sale price | $ 14,250 |
Uncategorized Items - cik000147
Label | Element | Value |
Liability for Unpaid Claims and Claims Adjustment Expense, Net | us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet | $ 4,339,000 |