Document And Entity Information
Document And Entity Information | Jul. 07, 2021 |
Document And Entity Information [Abstract] | |
Document Type | S-11/A |
Entity Registrant Name | PHILLIPS EDISON & COMPANY, INC. |
Entity Address, Address Line One | 11501 Northlake Drive |
Entity Address, City or Town | Cincinnati |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45249 |
City Area Code | (513) |
Local Phone Number | 554-1110 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001476204 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in real estate: | |||
Land and improvements | $ 1,549,667,000 | $ 1,549,362,000 | $ 1,552,562,000 |
Building and improvements | 3,205,125,000 | 3,237,986,000 | 3,196,762,000 |
In-place lease assets | 440,009,000 | 441,683,000 | 442,729,000 |
Above-market lease assets | 65,212,000 | 66,106,000 | 65,946,000 |
Total investment in real estate assets | 5,260,013,000 | 5,295,137,000 | 5,257,999,000 |
Accumulated depreciation and amortization | (980,981,000) | (941,413,000) | (731,560,000) |
Net investment in real estate assets | 4,279,032,000 | 4,353,724,000 | 4,526,439,000 |
Investment in unconsolidated joint ventures | 33,813,000 | 37,366,000 | 42,854,000 |
Total investment in real estate assets, net | 4,312,845,000 | 4,391,090,000 | 4,569,293,000 |
Cash and cash equivalents | 20,258,000 | 104,296,000 | 17,820,000 |
Restricted cash | 41,995,000 | 27,641,000 | 77,288,000 |
Goodwill | 29,066,000 | 29,066,000 | 29,066,000 |
Other assets, net | 138,068,000 | 126,470,000 | 128,690,000 |
Real estate investment and other assets held for sale | 24,369,000 | 0 | 6,038,000 |
Total assets | 4,566,601,000 | 4,678,563,000 | 4,828,195,000 |
Liabilities | |||
Debt obligations, net | 2,276,972,000 | 2,292,605,000 | 2,354,099,000 |
Below-market lease liabilities, net | 97,865,000 | 101,746,000 | 112,319,000 |
Earn-out liability | 38,000,000 | 22,000,000 | 32,000,000 |
Derivative liabilities | 42,970,000 | 54,759,000 | 20,974,000 |
Deferred income | 19,127,000 | 14,581,000 | 15,955,000 |
Accounts payable and other liabilities | 80,152,000 | 176,943,000 | 124,054,000 |
Disposal Group, Including Discontinued Operation, Liabilities | 2,109,000 | 0 | |
Total liabilities | 2,557,195,000 | 2,662,634,000 | 2,659,401,000 |
Commitments and contingencies (Note 8) | 0 | 0 | 0 |
Equity: | |||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value per share, 1,000,000 shares authorized | 2,807,000 | 2,798,000 | 2,890,000 |
Additional paid-in capital (“APIC”) | 2,746,891,000 | 2,739,358,000 | 2,779,130,000 |
Accumulated other comprehensive loss (“AOCI”) | (41,695,000) | (52,306,000) | (20,762,000) |
Accumulated deficit | (1,023,155,000) | (999,491,000) | (947,252,000) |
Total stockholders’ equity | 1,684,848,000 | 1,690,359,000 | 1,814,006,000 |
Noncontrolling interests | 324,558,000 | 325,570,000 | 354,788,000 |
Total equity | 2,009,406,000 | 2,015,929,000 | 2,168,794,000 |
Total liabilities and equity | $ 4,566,601,000 | $ 4,678,563,000 | $ 4,828,195,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 | 10,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Shares, Outstanding | 93,582 | 93,279 | 96,349 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||||
Rental income | $ 127,623 | $ 128,466 | $ 485,483 | $ 522,270 | $ 395,790 |
Fees and management income | 2,286 | 2,165 | 9,820 | 11,680 | 32,926 |
Other property income | 472 | 892 | 2,714 | 2,756 | 1,676 |
Total revenues | 130,381 | 131,523 | 498,017 | 536,706 | 430,392 |
Operating Expenses: | |||||
Property operating | 22,202 | 21,762 | 87,490 | 90,900 | 77,209 |
Real estate taxes | 16,573 | 17,112 | 67,016 | 70,164 | 55,335 |
General and administrative | 9,341 | 10,740 | 41,383 | 48,525 | 50,412 |
Depreciation and amortization | 55,341 | 56,227 | 224,679 | 236,870 | 191,283 |
Impairment of real estate assets | 5,000 | 0 | 2,423 | 87,393 | 40,782 |
Total operating expenses | 108,457 | 105,841 | 422,991 | 533,852 | 415,021 |
Other: | |||||
Interest expense, net | (20,063) | (22,775) | (85,303) | (103,174) | (72,642) |
Gain (loss) on disposal of property, net | 13,841 | (1,577) | 6,494 | 28,170 | 109,300 |
Transaction expenses | 0 | 0 | (3,331) | ||
Other income (expense), net | (15,585) | 9,869 | 9,245 | (676) | (1,723) |
Net (loss) income | 117 | 11,199 | 5,462 | (72,826) | 46,975 |
Net loss (income) attributable to noncontrolling interests | (14) | (1,430) | (690) | 9,294 | (7,837) |
Net income (loss) attributable to stockholders | $ 103 | $ 9,769 | $ 4,772 | $ (63,532) | $ 39,138 |
Earnings per common share (Note 15): | |||||
Earnings Per Share, Basic | $ 0.05 | $ (0.67) | $ 0.60 | ||
Earnings Per Share, Diluted | $ 0.05 | $ (0.67) | $ 0.59 | ||
Net (loss) income per share attributable to stockholders - basic and diluted | $ 0 | $ 0.10 | |||
Comprehensive (loss) income: | |||||
Net (loss) income | $ 117 | $ 11,199 | $ 5,462 | $ (72,826) | $ 46,975 |
Other comprehensive loss: | |||||
Comprehensive (loss) income | 12,237 | (32,165) | (28,358) | (111,100) | 42,819 |
Net loss (income) attributable to noncontrolling interests | (14) | (1,430) | (690) | 9,294 | (7,837) |
Change in unrealized value on interest rate swaps | 12,120 | (43,364) | (33,820) | (38,274) | (4,156) |
Change in unrealized value on interest rate swaps attributable to noncontrolling interests | 1,509 | (5,574) | 4,351 | 5,150 | 22 |
Reallocation of comprehensive loss upon conversion of noncontrolling interests | (2,075) | 0 | 0 | ||
Comprehensive (loss) income attributable to stockholders | $ 10,714 | $ (28,021) | $ (26,772) | $ (96,656) | $ 35,004 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | APIC | AOCI | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Total Stockholders’ Equity | Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest |
Balance, shares at Dec. 31, 2017 | 61,744,000 | |||||||||
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] | ||||||||||
Dividend reinvestment plan (DRIP), shares | 1,332,000 | |||||||||
Dividend reinvestment plan (DRIP), value | $ 44,071 | 40 | 44,031 | 44,071 | ||||||
Share repurchases, shares | (1,627,000) | |||||||||
Share repurchases, value | $ (53,758) | $ (49) | (53,709) | (53,758) | ||||||
Change in unrealized value on interest swaps | (4,156) | (4,134) | (4,134) | (22) | ||||||
Dividends, Common Stock, Cash | (129,945) | (129,945) | (129,945) | |||||||
Distributions to noncontrolling interests | $ (28,661) | (28,661) | ||||||||
Share-based compensation, shares | 2,000 | |||||||||
Share-based compensation, value | $ 5,098 | 1,783 | 1,783 | 3,315 | ||||||
Issuance of common stock for acquisition, shares | 31,817,000 | |||||||||
Issuance of common stock for acquisitions, value | 1,054,745 | $ 955 | 1,053,790 | |||||||
Other | 154 | 154 | 154 | 0 | ||||||
Net (loss) income | 46,975 | 39,138 | 39,138 | 7,837 | ||||||
Balance, shares at Dec. 31, 2018 | 93,268,000 | |||||||||
Balance, value at Dec. 31, 2018 | $ 2,412,897 | $ (528) | $ 2,798 | 2,674,871 | 12,362 | (692,045) | $ (528) | 1,997,986 | $ (528) | 414,911 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common distributions declared | $ 2.010 | |||||||||
Change in unrealized value on interest rate swaps | $ (4,156) | |||||||||
Dividend reinvestment plan (DRIP), shares | 2,029,000 | |||||||||
Dividend reinvestment plan (DRIP), value | $ 67,427 | $ 60 | 67,367 | 67,427 | ||||||
Share repurchases, shares | (1,104,000) | |||||||||
Share repurchases, value | $ (35,963) | (33) | (35,930) | (35,963) | ||||||
Change in unrealized value on interest swaps | (38,274) | (33,124) | (33,124) | (5,150) | ||||||
Dividends, Common Stock, Cash | (191,147) | (191,147) | (191,147) | |||||||
Distributions to noncontrolling interests | $ (30,444) | (30,444) | ||||||||
Share-based compensation, shares | 22,000 | |||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 1 | |||||||||
Share-based compensation, value | $ 7,716 | 2,051 | 2,052 | 5,664 | ||||||
Conversion of noncontrolling interests, shares | 629,000 | |||||||||
Conversion of noncontrolling interests, value | $ 19 | 20,880 | 20,899 | |||||||
Reallocation of operating partnership interests | (20,899) | |||||||||
Issuance of common stock for acquisition, shares | 1,505,000 | |||||||||
Issuance of common stock for acquisitions, value | $ 49,936 | $ 45 | 49,891 | 49,936 | ||||||
Net (loss) income | (72,826) | (63,532) | (63,532) | (9,294) | ||||||
Balance, shares at Dec. 31, 2019 | 96,349,000 | |||||||||
Balance, value at Dec. 31, 2019 | $ 2,168,794 | $ 2,890 | 2,779,130 | (20,762) | (947,252) | 1,814,006 | 354,788 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common distributions declared | $ 2.010 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||
Change in unrealized value on interest rate swaps | $ (38,274) | |||||||||
Dividend reinvestment plan (DRIP), shares | 479,000 | |||||||||
Dividend reinvestment plan (DRIP), value | 15,940 | $ 14 | 15,926 | 15,940 | ||||||
Dividends, Common Stock, Cash | (48,809) | (48,809) | (48,809) | |||||||
Distributions to noncontrolling interests | (7,105) | (7,105) | ||||||||
Conversion of noncontrolling interests, value | $ 1 | 1,304 | 1,305 | |||||||
Reallocation of operating partnership interests | (1,305) | |||||||||
Net (loss) income | 11,199 | 9,769 | 9,769 | 1,430 | ||||||
Balance, shares at Mar. 31, 2020 | 96,805,000 | |||||||||
Balance, value at Mar. 31, 2020 | $ 2,093,806 | $ 2,903 | 2,793,803 | (58,552) | (986,292) | 1,751,862 | 341,944 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common distributions declared | $ 0.503 | |||||||||
Stock Repurchased During Period, Shares | (96,000) | |||||||||
Stock Repurchased During Period, Value | $ (2,700) | $ (3) | (2,697) | (2,700) | ||||||
Change in unrealized value on interest rate swaps | (43,364) | (37,790) | (37,790) | (5,574) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 34,000 | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 1 | |||||||||
Share-based compensation expense | $ (149) | 140 | 141 | (290) | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 39,300 | 39,000 | ||||||||
Balance, shares at Dec. 31, 2019 | 96,349,000 | |||||||||
Balance, value at Dec. 31, 2019 | $ 2,168,794 | $ 2,890 | 2,779,130 | (20,762) | (947,252) | 1,814,006 | 354,788 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividend reinvestment plan (DRIP), shares | 479,000 | |||||||||
Dividend reinvestment plan (DRIP), value | $ 15,940 | 14 | 15,926 | 15,940 | ||||||
Share repurchases, shares | (4,582,000) | |||||||||
Share repurchases, value | $ (80,398) | (138) | (80,260) | (80,398) | ||||||
Change in unrealized value on interest swaps | (33,820) | (29,469) | (29,469) | (4,351) | ||||||
Dividends, Common Stock, Cash | (57,011) | (57,011) | (57,011) | |||||||
Distributions to noncontrolling interests | $ (8,255) | (8,255) | ||||||||
Share-based compensation, shares | 36,000 | |||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2 | |||||||||
Share-based compensation, value | $ 5,861 | 3,708 | 3,710 | 2,151 | ||||||
Conversion of noncontrolling interests, shares | 997,000 | |||||||||
Conversion of noncontrolling interests, value | $ 30 | 18,056 | 18,086 | |||||||
Reallocation of operating partnership interests | (3,442) | 2,075 | (1,367) | (18,086) | ||||||
Noncontrolling Interest, Decrease from Deconsolidation | (1,367) | |||||||||
Issuance of common stock for acquisitions, value | 0 | |||||||||
Other | 644 | 644 | 644 | 0 | ||||||
Net (loss) income | 5,462 | 4,772 | 4,772 | 690 | ||||||
Balance, shares at Dec. 31, 2020 | 93,279,000 | |||||||||
Balance, value at Dec. 31, 2020 | $ 2,015,929 | $ 2,798 | 2,739,358 | (52,306) | (999,491) | 1,690,359 | 325,570 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common distributions declared | $ 0.588 | |||||||||
Change in unrealized value on interest rate swaps | $ (33,820) | |||||||||
Dividend reinvestment plan (DRIP), shares | 280,000 | |||||||||
Dividend reinvestment plan (DRIP), value | 7,368 | $ 8 | 7,360 | 7,368 | ||||||
Dividends, Common Stock, Cash | (23,767) | (23,767) | (23,767) | |||||||
Distributions to noncontrolling interests | (3,319) | (3,319) | ||||||||
Other | 29 | $ 0 | 29 | 0 | 29 | 0 | ||||
Net (loss) income | 117 | 103 | 103 | 14 | ||||||
Balance, shares at Mar. 31, 2021 | 93,582,000 | |||||||||
Balance, value at Mar. 31, 2021 | $ 2,009,406 | $ 2,807 | 2,746,891 | (41,695) | $ (1,023,155) | 1,684,848 | 324,558 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common distributions declared | $ 0.255 | |||||||||
Stock Repurchased During Period, Shares | (24,000) | |||||||||
Stock Repurchased During Period, Value | $ (123) | $ 0 | (123) | (123) | ||||||
Change in unrealized value on interest rate swaps | 12,120 | $ 10,611 | 10,611 | 1,509 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 47,000 | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 1 | |||||||||
Share-based compensation expense | $ 1,110 | $ 325 | $ 326 | $ 784 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net (loss) income | $ 117,000 | $ 11,199,000 | $ 5,462,000 | $ (72,826,000) | $ 46,975,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Cost, Depreciation and Amortization | 54,341,000 | 54,817,000 | 218,738,000 | 231,023,000 | 177,504,000 |
Impairment of real estate assets | 5,000,000 | 0 | 2,423,000 | 87,393,000 | 40,782,000 |
Depreciation and amortization of corporate assets | 1,000,000 | 1,410,000 | 5,941,000 | 5,847,000 | 13,779,000 |
Net amortization of above- and below-market leases | (838,000) | (788,000) | (3,173,000) | (4,185,000) | (3,949,000) |
Amortization of deferred financing expenses | 1,227,000 | 1,251,000 | 4,975,000 | 5,060,000 | 4,682,000 |
Amortization of debt and derivative adjustments | 354,000 | 1,061,000 | 2,444,000 | 7,514,000 | (625,000) |
Loss (gain) on extinguishment or modification of debt, net | 4,000 | 2,238,000 | (93,000) | ||
Gain on sale or contribution of property, net | (13,841,000) | 1,577,000 | (6,494,000) | (28,170,000) | (109,300,000) |
Change in fair value of earn-out liability and derivatives | 16,000,000 | (10,000,000) | (10,000,000) | (7,500,000) | 2,393,000 |
Straight-line rent | (1,424,000) | (2,288,000) | (3,325,000) | (9,079,000) | (5,112,000) |
Share-based compensation | 1,110,000 | (149,000) | 5,861,000 | 7,716,000 | 5,098,000 |
Other impairment charges | 359,000 | 9,661,000 | 0 | ||
Return on investment in unconsolidated joint ventures | 1,546,000 | 246,000 | 1,962,000 | 3,922,000 | 0 |
Other | (567,000) | 707,000 | 1,287,000 | 540,000 | 1,039,000 |
Changes in operating assets and liabilities: | |||||
Other assets, net | (10,787,000) | (15,117,000) | (6,945,000) | 1,271,000 | (7,334,000) |
Accounts payable and other liabilities | (4,487,000) | (8,313,000) | (8,943,000) | (13,550,000) | (12,548,000) |
Net Cash Provided by (Used in) Operating Activities, Total | 48,751,000 | 35,613,000 | 210,576,000 | 226,875,000 | 153,291,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Real estate acquisitions | (39,850,000) | (4,319,000) | (41,482,000) | (71,722,000) | (87,068,000) |
Capital expenditures | (13,537,000) | (15,965,000) | (63,965,000) | (75,492,000) | (48,980,000) |
Proceeds from sale of real estate | 58,356,000 | 17,447,000 | 57,902,000 | 223,083,000 | 78,654,000 |
Distributions and proceeds from unconsolidated joint ventures | 3,453,000 | 5,310,000 | 162,046,000 | ||
Acquisition of REIT III, net of cash received | 0 | (16,996,000) | 0 | ||
Acquisition of REIT II, net of cash received | 0 | 0 | (363,519,000) | ||
Investment in third parties | (3,000,000) | 0 | |||
Return of investment in unconsolidated joint ventures | 2,721,000 | 424,000 | |||
Net Cash Provided by (Used in) Investing Activities, Total | 4,690,000 | (2,413,000) | (44,092,000) | 64,183,000 | (258,867,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Gross borrowings under revolving credit facility. | 0 | 55,000,000 | 255,000,000 | 122,641,000 | 475,357,000 |
Gross payments under revolving credit facility | 0 | (21,000,000) | (255,000,000) | (196,000,000) | (463,567,000) |
Proceeds on mortgages and loans payable | 0 | 260,000,000 | 622,500,000 | ||
Payments on mortgages and loans payable | (16,505,000) | (32,657,000) | (64,848,000) | (275,710,000) | (301,669,000) |
Payments of Debt Issuance Costs | (130,000) | (3,696,000) | (7,655,000) | ||
Distributions paid, net of DRIP | (24,296,000) | (32,792,000) | (49,331,000) | (123,135,000) | (80,728,000) |
Distributions to noncontrolling interests | (4,530,000) | (7,108,000) | (9,435,000) | (29,679,000) | (28,650,000) |
Repurchases of common stock | (77,765,000) | (5,176,000) | (5,267,000) | (34,675,000) | (53,153,000) |
Proceeds from (Payments for) Other Financing Activities | (29,000) | 0 | (644,000) | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Total | (123,125,000) | (43,733,000) | (129,655,000) | (280,254,000) | 162,435,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (69,684,000) | (10,533,000) | 36,829,000 | 10,804,000 | 56,859,000 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||||
Beginning of year | 131,937,000 | 95,108,000 | 95,108,000 | 84,304,000 | 27,445,000 |
End of year | 62,253,000 | 84,575,000 | 131,937,000 | 95,108,000 | 84,304,000 |
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS | |||||
Cash and cash equivalents | 20,258,000 | 36,532,000 | 104,296,000 | 17,820,000 | 16,791,000 |
Restricted cash | 41,995,000 | 48,043,000 | 27,641,000 | 77,288,000 | 67,513,000 |
End of year | 62,253,000 | 84,575,000 | 131,937,000 | 95,108,000 | 84,304,000 |
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Cash paid for interest | 18,891,000 | 20,329,000 | 78,521,000 | 89,373,000 | 67,556,000 |
Income Taxes Paid, Net | 947,000 | 589,000 | (146,000) | ||
Increase (decrease) in accrued shares for Tender Offer | 77,642,000 | 0 | 0 | ||
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities | 194,000 | 551,000 | 561,000 | 4,772,000 | 739,000 |
Accrued capital expenditures | 3,442,000 | 3,392,000 | 4,394,000 | 6,299,000 | 2,798,000 |
Change in distributions payable | (7,897,000) | 77,000 | (8,260,000) | 585,000 | 5,146,000 |
Change in distributions payable - noncontrolling interests | (1,211,000) | (3,000) | (1,180,000) | 765,000 | 11,000 |
Change in accrued share repurchase obligation | (77,642,000) | (2,476,000) | (2,511,000) | 1,288,000 | 605,000 |
Distribution reinvested through the DRIP | $ 7,368,000 | $ 15,940,000 | 15,940,000 | 67,427,000 | 44,071,000 |
Fair value of assumed debt from individual real estate acquisitions | 0 | 0 | 11,877,000 | ||
Debt contributed to joint venture | 0 | 0 | 175,000,000 | ||
Property contributed to joint venture, net | 0 | 0 | 273,790,000 | ||
Ownership interest in fair value of assets assumed | 5,062,000 | 0 | 0 | ||
Ownership interest in GRP II contributed to GRP I | (5,105,000) | 0 | 0 | ||
Amounts related to the acquisition of REIT III, REIT II, and PELP: | |||||
Fair value of assumed debt | 0 | 0 | 464,462,000 | ||
Fair value of equity issued | 0 | 49,936,000 | 1,054,745,000 | ||
Net settlement of related party receivables | 0 | 2,246,000 | 0 | ||
Derecognition of management contracts intangible asset and related party investment | $ 0 | $ 1,601,000 | $ 30,428,000 |
Organization
Organization | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “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 are a real estate investment trust (“REIT”) that invests 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 two institutional joint ventures, in which we have a partial ownership interest, and one private fund (collectively, the “Managed Funds”) as of March 31, 2021. As of March 31, 2021, we wholly-owned 278 real estate properties. Additionally, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned two properties, and a 14% interest in Grocery Retail Partners I LLC (“GRP I”), a joint venture that owned 20 properties. | 1. ORGANIZATION Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “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 are a real estate investment trust (“REIT”) that invests 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 two institutional joint ventures, in which we retain a partial ownership interest, and one private fund (collectively, the “Managed Funds”). On October 1, 2020, Grocery Retail Partners I LLC (“GRP I”), a joint venture with Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) in which we own an equity interest, acquired Grocery Retail Partners II LLC (“GRP II”), an additional joint venture with Northwestern Mutual in which we owned an equity interest. Our ownership in the combined entity was adjusted upon consummation of the transaction, and we own approximately a 14% interest in GRP I as a result of the acquisition. 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 (see Note 4). In the same month, we also contributed or sold 17 properties in the formation of GRP I; see Note 7 for more detail. As of December 31, 2020, we wholly-owned 283 real estate properties. Additionally, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned five properties, and a 14% interest in GRP I, which owned 20 properties. The consolidated financial statements and accompanying footnotes give effect to a one-for-three reverse stock split of the Company’s common stock which took place on July 2, 2021. In addition, the consolidated financial statements and accompanying footnotes give effect to a corresponding reverse split of our Operating Partnership’s units, or “OP units”. As a result of the reverse stock and OP unit split, every three shares of our common stock and OP units have been automatically combined and converted into one issued and outstanding share of common stock or OP unit, as applicable, rounded to the nearest 1/100th share or OP unit. The reverse stock and OP unit splits impact all classes of common stock and OP units proportionately and resulted in no impact on any stockholder’s or limited partner’s percentage ownership of all issued and outstanding common stock or OP units. These transactions are collectively referred to as the “reverse stock split”. All share and per share data included in these consolidated financial statements and accompanying footnotes give retroactive effect to the reverse stock split. Additionally, we have effected a reclassification transaction by filing an amendment to our charter, which was previously approved by our stockholders, in which each issued and outstanding share of our common stock was changed into one share of our newly created class of Class B common stock. Our Class B common stock is identical to our common stock that will be offered in the pending offering, except that (i) we do not intend to list our Class B common stock on a national securities exchange in connection with the pending offering, and (ii) upon the six-month anniversary of the listing of our common stock for trading on a national securities exchange (or such earlier date or dates as may be approved by our Board in certain circumstances with respect to all or any portion of the outstanding shares of our Class B common stock), each share of our Class B common stock will automatically, and without any stockholder action, convert into one share of our listed common stock. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our condensed consolidated interim financial statements. 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, remaining hold period of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated interim financial statements. As a result, these estimates are subject to a degree of uncertainty. Beginning in 2020, the coronavirus (“COVID-19”) pandemic has caused significant disruption to our operations. All temporarily closed tenants have since been permitted to reopen. Some may be limiting the number of customers allowed in their stores, or have modified their operations in other ways that may impact their profitability, either as a result of government mandates or self-elected efforts to reduce the spread of COVID-19. These actions, as well as the continuing economic impacts of the COVID-19 pandemic, could result in increased permanent store closures. In addition to the permanent closures that have occurred in our portfolio, this could reduce the demand for leasing space in our shopping centers and result in a decline in occupancy and rental revenues in our real estate portfolio. Because of the adverse economic conditions that have occurred as a result of the impacts of the COVID-19 pandemic and the ongoing uncertainty related to the pandemic, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly. All of this activity impacts our estimates around the collectibility of revenue and valuation of real estate assets, goodwill and other intangible assets, and certain liabilities, among others. There were no changes to our significant accounting policies during the three months ended March 31, 2021. For a full summary of our accounting policies, refer to Note 2 to our annual financial statements included elsewhere in this prospectus. Basis of Presentation and Principles of Consolidation —The accompanying condensed 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 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 these financial statements should refer to our audited consolidated financial statements for the year ended December 31, 2020. 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 herein. Our results of operations for the three months ended March 31, 2021 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. Certain amounts in prior periods have been reclassified to conform to current presentation. Income Taxes —Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three months ended March 31, 2021 and 2020, and we retain a full valuation allowance for our deferred tax asset. All income tax amounts are included in Other (Expense) Income, Net on the consolidated statements of operations and comprehensive income (loss) (“consolidated statements of operations”). Recently Issued Accounting Pronouncements —On January 7, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01 to amend the scope of the guidance in ASU 2020-04 on facilitation of the effects of reference rate reform on financial reporting. Specifically, the amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. We adopted ASU 2021-01 upon its issuance and the adoption of this standard did not have a material impact on our consolidated financial statements. Reclassifications —The following line items on our consolidated statement of cash flows for the three months ended March 31, 2020 were reclassified to conform to current year presentation: • Return on Investment in Unconsolidated Joint Ventures was listed on a separate line from Other Assets, Net; and • Net Change in Credit Facility was separated into two lines, Proceeds from Revolving Credit Facility and Payments on Revolving Credit Facility. | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our consolidated financial statements. 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, remaining hold periods 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. During the first quarter of 2020, a novel coronavirus (“COVID-19”) began spreading globally, with the outbreak being classified as a pandemic by the World Health Organization on March 11, 2020. Because of the adverse economic conditions that exist as a result of the impacts of the COVID-19 pandemic, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly. Specifically, as it relates to our business, the current economic situation resulted in temporary tenant closures at our shopping centers, often as a result of “stay-at-home” government mandates which limited travel and movement of the general public to essential activities only and required all non-essential businesses to close. Temporary closures of tenant spaces at our centers peaked in April 2020 and have significantly decreased as states reduced or removed restrictions on business operations and the travel and movement of the general public. Certain tenants remain temporarily closed, have since closed after reopening, are limiting the number of customers allowed in their stores, or have modified their operations in other ways that may impact their profitability, either as a result of government mandates or self-elected efforts to reduce the spread of COVID-19. These actions could result in increased permanent store closings and could reduce the demand for leasing space in our shopping centers and result in a decline in occupancy and rental revenues in our estate portfolio. All of this activity impacts our estimates around the collectibility of revenue and valuation of real estate assets, goodwill and other intangible assets, and certain liabilities, among others. 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; remaining hold periods 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. Further, as we hold a majority voting interest in the Operating Partnership, we qualify for the exemption from providing certain of the disclosure requirements associated with variable interest entities. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“Section 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 Section 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 in a reverse Section 1031 Exchange to be a VIE, and therefore, we will consolidate the entity as the primary beneficiary in these instances. 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 (loss) income, 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. From time to time, the cash and cash equivalent balances at one or more of our financial institutions may exceed the Federal Depository Insurance Corporation coverage. Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a Section 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, 2020 and 2019, we had two and six properties sold, respectively, as part of facilitating a Section 1031 Exchange that remained open at the end of the year. The net proceeds of these sales held as restricted cash with a qualified intermediary totaled $10.3 million and $22.4 million, respectively. The $10.3 million held as restricted cash as of December 31, 2020 has since been released. As of December 31, 2019, we had $38.1 million of restricted cash associated with asset substitutions related to one of our secured debt facilities to facilitate the sale of one of our shopping centers. This cash was released in January 2020. Investment in Property and Lease Intangibles —We apply Accounting Standards Codification (“ASC”) Topic 805: Business Combinations (“ASC 805”) when evaluating any purchases of real estate. Under this guidance, generally our real estate acquisition activity is not considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs are capitalized and amortized over the life of the related assets, and there is no recognition of goodwill. None of our real estate acquisitions in 2020 and 2019 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, sales comparison approach, and replacement cost approach) 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 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 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 above- and below-market debt was $2.9 million and $4.3 million as of December 31, 2020 and 2019, 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 our fair value measurement accounting policy below. Goodwill and Other Intangibles —In the case of an acquisition of a business, 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. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach for any reporting unit, we perform the quantitative approach described below. When we perform a quantitative test of goodwill for impairment, we compare the carrying value of a reporting unit with its fair value. 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, 2020 and 2019. 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 $13.8 million and $10.8 million as of December 31, 2020 and 2019, respectively. Fair Value Measurement —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. On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large unleased or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net book value of the property over its remaining economic life based upon net operating income (“NOI”) as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows directly associated with the use and ultimate disposition of the center are less than the net book value of the center as of the balance sheet date, we record an impairment charge based on the fair value determined in the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale. In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values. Our quarterly impairment procedures have not been altered by the COVID-19 pandemic, as we believe key impairment indicators such as temporary store closings and large unleased or vacant spaces will continue to be identified in our review. We have utilized forecasts that incorporate estimated decreases in NOI and cash flows as a result of the COVID-19 pandemic in performing our impairment analysis for the year ended December 31, 2020. However, it is possible that we could experience unanticipated changes in assumptions that are employed in our impairment analysis which could impact our cash flows and fair value conclusions. Such unanticipated changes relative to our expectations may include but are not limited to: increases or decreases in the duration or permanence of tenant closures, increases or decreases in collectibility reserves and write-offs, additional capital required to fill vacancies, extended lease-up periods, future closings of large tenants, changes in macroeconomic assumptions such as rate of inflation and capitalization rates, and changes to the estimated timing of disposition of the properties under review. Investments 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 losses 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. We utilize the cumulative-earnings approach for purposes of determining whether 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. Under this approach, distributions are presumed to be returns on investment unless cumulative returns on investment exceed our cumulative equity in earnings. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash flows from investing activities. 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. Our joint venture investment in NRP was acquired as part of an acquisition and initially recorded at fair value. Basis differences arise when the fair value we record differs from our proportionate share of the entity’s underlying net assets. A basis difference for our joint venture is amortized starting at the date of acquisition and recorded as an offset to earnings from the related joint venture in Other Income (Expense), Net on our consolidated statements of operations. When a property is sold, the remaining basis difference related to that property is written off. Our investment in NRP differs from our proportionate share of the underlying net assets due to an initial basis difference of $6.2 million. For additional information regarding our unconsolidated joint ventures, refer to Note 7. 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 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, 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 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 mak |
Leases
Leases | 4 Months Ended | 12 Months Ended |
Apr. 20, 2021 | Dec. 31, 2020 | |
Leases, Operating [Abstract] | ||
Leases of Lessor Disclosure | 3. LEASES 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. Lease income related to our operating leases was as follows for the three months ended March 31, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Rental income related to fixed lease payments (1) $ 94,966 $ 96,027 Rental income related to variable lease payments (1) 31,401 31,838 Straight-line rent amortization (2) 1,369 2,309 Amortization of lease assets 827 779 Lease buyout income 797 94 Adjustments for collectibility (2)(3) (1,737) (2,581) Total rental income $ 127,623 $ 128,466 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Includes revenue adjustments for non-creditworthy tenants. (3) Contains general reserves; excludes reserves for straight-line rent amortization. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands): Year Amount Remaining 2021 $ 284,609 2022 351,031 2023 303,854 2024 248,929 2025 193,599 Thereafter 470,135 Total $ 1,852,157 In response to the COVID-19 pandemic, we executed payment plans with our tenants. As of April 20, 2021, we have $5.2 million of outstanding payment plans with our tenants, and we had recorded rent abatements totaling approximately $4.4 million during 2021. These payment plans and rent abatements represented approximately 1.4% and 1.1% of our wholly-owned portfolio’s annualized base rent (“ABR”), respectively. As of April 20, 2021, approximately 85% of payments are scheduled to be received by December 31, 2021 for all executed payment plans, and the weighted-average remaining term over which we expect to receive payment on executed payment plans is approximately twelve months. For the three months ended March 31, 2021 and 2020, we had $4.8 million and $2.8 million, respectively, in unfavorable monthly revenue adjustments for tenants not considered creditworthy. These amounts include the estimated impact of tenants who have filed for bankruptcy. Revenue for tenants deemed non-creditworthy is only recorded as cash is received. No single tenant comprised 10% or more of our aggregate ABR as of March 31, 2021. As of March 31, 2021, our wholly-owned real estate investments in Florida and California represented 12.4% and 10.4% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events, including the impact of the COVID-19 pandemic, in the Florida and California real estate markets. Lessee —Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): Balance Sheet Information Balance Sheet Location March 31, 2021 December 31, 2020 ROU assets, net - operating leases Investment in Real Estate $ 4,032 $ 3,867 ROU assets, net - operating and finance leases Other Assets, Net 1,260 1,438 Operating lease liability Accounts Payable and Other Liabilities 5,774 5,731 Finance lease liability Debt Obligations, Net 91 164 | 3. LEASES 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. Lease income related to our operating leases was as follows as of December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Rental income related to fixed lease payments (1) $ 380,439 $ 385,948 Rental income related to variable lease payments (1) 125,256 127,790 Straight-line rent amortization (2) 3,258 9,003 Amortization of lease assets 3,138 4,138 Lease buyout income 1,237 1,166 Adjustments for collectibility (2)(3) (27,845) (5,775) Total rental income $ 485,483 $ 522,270 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Includes revenue adjustments for non-creditworthy tenants. (3) Contains general reserves; excludes reserves for straight-line rent amortization. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands): Year Amount 2021 $ 374,203 2022 339,952 2023 291,884 2024 236,076 2025 179,406 Thereafter 430,799 Total $ 1,852,320 In response to the COVID-19 pandemic, we executed payment plans with our tenants. For tenants active as of March 8, 2021, we had agreed to defer approximately $8.6 million in rent and related charges, and we had granted abatements totaling approximately $4.2 million. These payment plans and rent abatements represented approximately 2% and 1% of our wholly-owned portfolio’s annualized base rent (“ABR”), respectively. As of March 8, 2021, approximately 87% of payments are scheduled to be received through December 31, 2021 for all executed payment plans, and the weighted-average remaining term over which we expect to receive payment on executed payment plans is approximately eleven months. For the years ended December 31, 2020 and 2019, we had $28.1 million and $3.9 million, respectively, in monthly revenue that will not be recognized until cash is collected or the tenant resumes regular payments and/or is considered creditworthy. These amounts include the estimated impact of tenants who have filed for bankruptcy. No single tenant comprised 10% or more of our ABR as of December 31, 2020. As of December 31, 2020, our real estate investments in Florida and California represented 12.3% and 10.4% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events, including the impact of the COVID-19 pandemic, in the Florida and California real estate markets. |
Leases of Lessee Disclosure | 3. LEASES 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. Lease income related to our operating leases was as follows for the three months ended March 31, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Rental income related to fixed lease payments (1) $ 94,966 $ 96,027 Rental income related to variable lease payments (1) 31,401 31,838 Straight-line rent amortization (2) 1,369 2,309 Amortization of lease assets 827 779 Lease buyout income 797 94 Adjustments for collectibility (2)(3) (1,737) (2,581) Total rental income $ 127,623 $ 128,466 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Includes revenue adjustments for non-creditworthy tenants. (3) Contains general reserves; excludes reserves for straight-line rent amortization. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands): Year Amount Remaining 2021 $ 284,609 2022 351,031 2023 303,854 2024 248,929 2025 193,599 Thereafter 470,135 Total $ 1,852,157 In response to the COVID-19 pandemic, we executed payment plans with our tenants. As of April 20, 2021, we have $5.2 million of outstanding payment plans with our tenants, and we had recorded rent abatements totaling approximately $4.4 million during 2021. These payment plans and rent abatements represented approximately 1.4% and 1.1% of our wholly-owned portfolio’s annualized base rent (“ABR”), respectively. As of April 20, 2021, approximately 85% of payments are scheduled to be received by December 31, 2021 for all executed payment plans, and the weighted-average remaining term over which we expect to receive payment on executed payment plans is approximately twelve months. For the three months ended March 31, 2021 and 2020, we had $4.8 million and $2.8 million, respectively, in unfavorable monthly revenue adjustments for tenants not considered creditworthy. These amounts include the estimated impact of tenants who have filed for bankruptcy. Revenue for tenants deemed non-creditworthy is only recorded as cash is received. No single tenant comprised 10% or more of our aggregate ABR as of March 31, 2021. As of March 31, 2021, our wholly-owned real estate investments in Florida and California represented 12.4% and 10.4% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events, including the impact of the COVID-19 pandemic, in the Florida and California real estate markets. Lessee —Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): Balance Sheet Information Balance Sheet Location March 31, 2021 December 31, 2020 ROU assets, net - operating leases Investment in Real Estate $ 4,032 $ 3,867 ROU assets, net - operating and finance leases Other Assets, Net 1,260 1,438 Operating lease liability Accounts Payable and Other Liabilities 5,774 5,731 Finance lease liability Debt Obligations, Net 91 164 | Lessee —Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2020 and 2019 (in thousands): Balance Sheet Information Balance Sheet Location 2020 2019 ROU assets, net - operating leases Investment in Real Estate $ 3,867 $ 7,613 ROU assets, net - operating and finance leases Other Assets, Net 1,438 2,111 Operating lease liability Accounts Payable and Other Liabilities 5,731 9,453 Finance lease liability Debt Obligations, Net 164 443 During the year ended December 31, 2020, one of our acquisitions was land upon which one of our shopping centers is situated. This land was previously subject to a ground lease in which the lessor controlled an option requiring us to purchase the land subject to the lease, and our valuation of the ROU asset and lease liability as of December 31, 2019 for this ground lease reflected the assumption that the lessor would exercise this option and that we would purchase the underlying land asset. As of December 31, 2020, the weighted-average remaining lease term was approximately two years for finance leases and 20 years for operating leases. The weighted-average discount rate was 3.5% for finance leases and 4.1% for operating leases. Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2020 (in thousands): Undiscounted Year Operating Finance 2021 $ 831 $ 102 2022 805 29 2023 654 24 2024 528 16 2025 297 — Thereafter 5,781 — Total undiscounted cash flows from leases 8,896 171 Total lease liabilities recorded at present value 5,731 164 Difference between undiscounted cash flows and present value of lease liabilities $ 3,165 $ 7 |
Merger with REIT II
Merger with REIT II | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Merger with REIT II | 4. 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 31.8 million. (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 0.68 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 EVPS at the time of the Merger of $33.15. 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 or “OP unit”) was 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 was 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, 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 Phillips Edison Limited Partnership (“PELP”), REIT II’s former external manager, and REIT II during our acquisition of PELP in 2017. 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. 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
Real Estate Activity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Real Estate Investments, Net [Abstract] | ||
Real Estate Acquisitions and Dispositions | 4. REAL ESTATE ACTIVITY Property Sales —The following table summarizes our real estate disposition activity (dollars in thousands): Three Months Ended March 31, 2021 2020 Number of properties sold 6 3 Number of outparcels sold (1) 1 — Proceeds from sale of real estate $ 58,356 $ 17,447 Gain (loss) on sale of properties, net (2) 14,355 (826) (1) The outparcel sold in the first quarter of 2021 was the only remaining portion of one of our properties, and therefore the sale resulted in a reduction in our total property count. (2) The gain (loss) on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain (Loss) on Disposal of Property, Net on the consolidated statements of operations. Subsequent to March 31, 2021, we sold two properties for $20.2 million. Acquisitions —The following table summarizes our real estate acquisition activity (dollars in thousands): Three Months Ended March 31, 2021 2020 Number of properties acquired 2 — Number of outparcels acquired (1) 2 2 Total acquisition price $ 39,850 $ 4,319 (1) Outparcels acquired are adjacent to shopping centers that we own. The fair value and weighted-average useful life at acquisition for lease intangibles acquired are as follows (dollars in thousands, weighted-average useful life in years): Three Months Ended March 31, 2021 Fair Value Weighted-Average Useful Life In-place leases $ 4,155 7 Above-market leases 52 5 Below-market leases (1,652) 6 Property Held for Sale —As of March 31, 2021, two properties were classified as held for sale. As of December 31, 2020, no properties were classified as held for sale. Properties classified as held for sale as of March 31, 2021 were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk as of the reporting date. Subsequent to March 31, 2021, one of our held for sale properties was sold. A summary of assets and liabilities for the properties held for sale as of March 31, 2021 is below (in thousands): March 31, 2021 ASSETS Total investment in real estate assets, net $ 23,852 Other assets, net 517 Total assets $ 24,369 LIABILITIES Below-market lease liabilities, net $ 1,866 Accounts payable and other liabilities 243 Total liabilities $ 2,109 | 5. REAL ESTATE ACTIVITY Property Sales —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I (see Note 7), for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands): 2020 2019 2018 Number of properties sold (1) 7 21 8 Number of outparcels sold 1 1 — Proceeds from sale of real estate $ 57,902 $ 223,083 $ 82,145 Gain on sale of properties, net (2) 10,117 30,039 16,757 (1) We retained certain outparcels of land associated with one of our property dispositions during the year ended December 31, 2020, and as a result, this property is still included in our total property count. (2) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Sale or Contribution of Property, Net on the consolidated statements of operations. Subsequent to December 31, 2020, we sold five properties and one outparcel for $44.4 million. Acquisitions —The following table summarizes our real estate acquisition activity for the years ended December 31, 2020, 2019, and 2018 (dollars and square feet in thousands): 2020 2019 2018 Number of properties purchased (1) 2 2 5 Number of outparcels purchased (2) 2 2 2 Total price of acquisitions $ 41,482 $ 71,722 $ 98,941 Total square footage acquired 216 213 543 (1) Excludes 86 properties acquired in the Merger and three properties acquired in the merger with Phillips Edison Grocery Center REIT III, Inc. (“REIT III”). (2) Outparcels purchased in 2020, 2019, and 2018 are parcels of land adjacent to shopping centers that we own. Subsequent to December 31, 2020, we acquired two properties and two outparcels for $39.6 million. In October 2019, we completed a merger with REIT III which resulted in the acquisition of three properties. As part of the merger with REIT III, we also acquired a 10% equity interest in GRP II valued at approximately $5.4 million (refer to Note 7 for further information) and a net working capital liability. GRP II was subsequently acquired by GRP I in October 2020. Consideration for the merger with REIT III primarily included (i) the issuance of 1.5 million shares of our common stock with a value of $49.9 million; (ii) $21.1 million in cash used to pay down REIT III debt and cash paid to REIT III stockholders; (iii) the partial derecognition of a management contract intangible asset in the amount of $1.1 million; (iv) transaction costs of $0.8 million that were capitalized as part of this asset acquisition; and (v) the settlement of net related party balances of $0.5 million. Prior to the close of the merger with REIT III, all of REIT III’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT III, 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 III, 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 fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the transactions above during the years ended December 31, 2020 and 2019, are as follows (dollars in thousands, weighted-average useful life in years): 2020 2019 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 3,360 10 $ 11,907 9 Above-market leases 709 4 2,017 9 Below-market leases (2,466) 21 (3,385) 15 Property Held for Sale —As of December 31, 2020, there were no properties held for sale. As of December 31, 2019, one property was classified as held for sale, as it was under contract to sell, with no substantive contingencies, and the prospective buyer had significant funds at risk. This property was disposed of during the year ended December 31, 2020. A summary of assets and liabilities for the property held for sale as of December 31, 2019 is presented below (in thousands): 2019 ASSETS Total investment in real estate assets, net $ 5,859 Other assets, net 179 Total assets $ 6,038 LIABILITIES (1) Below-market lease liabilities, net $ 316 Accounts payable and other liabilities 33 Total liabilities $ 349 (1) These amounts are included in Accounts Payable and Other Liabilities on the consolidated balance sheet. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles Assets and Liabilities and Goodwill | 6. INTANGIBLE ASSETS AND LIABILITIES Goodwill —During the years ended December 31, 2020, 2019, and 2018 we did not record any impairments or re-allocations of goodwill. Other Intangible Assets and Liabilities —Other intangible assets and liabilities consisted of the following as of December 31, 2020 and 2019, excluding amounts related to other intangible assets and liabilities classified as held for sale (in thousands): 2020 2019 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Corporate intangible assets $ 6,804 $ (4,922) $ 4,883 $ (2,444) In-place leases 441,683 (204,698) 442,729 (170,272) Above-market leases 66,106 (41,125) 65,946 (34,569) Below-market lease liabilities (150,579) 48,834 (151,585) 39,266 Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Corporate intangible assets $ 2,478 $ 2,735 $ 10,618 In-place leases 36,000 42,902 37,101 Above-market leases 6,890 7,502 6,112 Below-market lease liabilities (10,063) (11,687) (10,061) During the year ended December 31, 2019, we recorded an impairment of $7.8 million related to the management contracts intangible asset; please refer to Note 17 . In addition, the portion of this asset that was related to our contract with REIT III was internalized as part of the merger with REIT III. As a result, during the year ended December 31, 2019, we derecognized a net book value of $1.1 million of these intangible assets and included the amount within capitalized asset acquisition costs for that transaction. We evaluated the useful life of the remaining management contracts after this derecognition and concluded that the asset now has a remaining useful life of one year. Estimated future amortization of the respective other intangible assets and liabilities as of December 31, 2020, excluding estimated amounts related to other intangible assets and liabilities classified as held for sale, for each of the next five years is as follows (in thousands): Corporate Intangible Assets In-Place Leases Above-Market Leases Below-Market Leases 2021 $ 384 $ 32,877 $ 6,211 $ (9,556) 2022 384 30,293 5,329 (9,094) 2023 384 26,541 4,573 (8,420) 2024 384 23,439 3,284 (7,839) 2025 346 20,435 2,131 (7,341) |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | 7. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES Grocery Retail Partners I and II —In November 2018, through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual, pursuant to which we contributed 14 and sold three 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. The joint venture is set to expire ten years after the date of the agreement, unless otherwise extended by the members. 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 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 consolidated statements of operations. In connection with the merger with REIT III, we assumed a 10% equity interest in GRP II with a fair value of $5.4 million at acquisition. GRP II was initially formed in November 2018 pursuant to the terms of a joint venture agreement between REIT III and Northwestern Mutual and was set to expire ten years after the date of the joint venture contribution agreement unless otherwise extended by the members. In October 2020, GRP I acquired GRP II. As a part of the transaction, the carrying amount of our investment in GRP II was contributed to GRP I as consideration for an additional interest in GRP I. Our ownership interest in GRP I upon consummation of the transaction was adjusted to approximately 14% as a result of the acquisition. Necessity Retail Partners —In connection with the Merger, we assumed a 20% equity interest in NRP. NRP was initially formed in March 2016 pursuant to the terms of a joint venture agreement 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 unless otherwise extended by the members. This joint venture agreement required 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. We are in the process of disposing and liquidating the assets of this joint venture as a result the planned expiration. Subsequent to December 31, 2020, the NRP joint venture sold two properties. The following table summarizes balances on the consolidated balance sheets related to our unconsolidated joint ventures as of December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Joint Venture Ownership Percentage Number of Shopping Centers Investment Balance Unamortized Basis Difference Ownership Percentage Number of Shopping Centers Investment Balance Unamortized Basis Difference NRP 20 % 5 $ 6,304 $ 1,381 20 % 8 $ 10,183 $ 3,189 GRP I 14 % 20 31,062 — 15 % 17 27,356 — GRP II N/A N/A N/A N/A 10 % 3 5,315 879 The following table summarizes the activity on the consolidated statements of operations related to our unconsolidated joint ventures as of December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Distributions to PECO After Formation or Assumption NRP $ 4,192 $ 7,167 $ 200 GRP I 1,047 2,025 — GRP II 177 40 N/A Gain (Loss) from Unconsolidated Joint Ventures NRP $ 2,119 $ 3,989 $ (73) GRP I (309) (72) (35) GRP II 42 6 N/A Amortization and Write-Off of Basis Differences NRP $ 1,808 $ 2,837 $ 177 GRP II (1) 879 17 N/A (1) As part of the merger between GRP I and GRP II, the total remaining value of our GRP II investment of $5.1 million was contributed to GRP I, and the result of this transaction was an increase in our GRP I investment of $5.1 million. |
Other Assets, Net
Other Assets, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other Assets, Net | 5. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of March 31, 2021 and December 31, 2020, excluding amounts related to assets held for sale (in thousands): March 31, 2021 December 31, 2020 Other assets, net: Deferred leasing commissions and costs $ 42,946 $ 41,664 Deferred financing expenses (1) 13,971 13,971 Office equipment, ROU assets, and other 22,045 21,578 Corporate intangible assets 6,804 6,804 Total depreciable and amortizable assets 85,766 84,017 Accumulated depreciation and amortization (47,819) (45,975) Net depreciable and amortizable assets 37,947 38,042 Accounts receivable, net (2) 47,659 46,893 Accounts receivable - affiliates 1,073 543 Deferred rent receivable, net (3) 33,257 32,298 Prepaid expenses and other 15,132 8,694 Investment in third parties 3,000 — Total other assets, net $ 138,068 $ 126,470 (1) Deferred financing expenses per the above table are related to our revolving line of credit and as such we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $7.2 million and $8.9 million of general reserves for uncollectible amounts as of March 31, 2021 and December 31, 2020, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $19.6 million and $22.8 million as of March 31, 2021 and December 31, 2020, respectively. (3) Net of $5.1 million and $4.4 million of adjustments as of March 31, 2021 and December 31, 2020, respectively, for straight-line rent removed for tenants considered to be non-creditworthy. | 8. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of December 31, 2020 and 2019, excluding amounts related to assets classified as held for sale (in thousands): 2020 2019 Other assets, net: Deferred leasing commissions and costs $ 41,664 $ 38,738 Deferred financing expenses (1) 13,971 13,971 Office equipment, ROU assets, and other 21,578 19,430 Corporate intangible assets 6,804 4,883 Total depreciable and amortizable assets 84,017 77,022 Accumulated depreciation and amortization (45,975) (35,055) Net depreciable and amortizable assets 38,042 41,967 Accounts receivable, net (2) 46,893 46,125 Accounts receivable - affiliates 543 728 Deferred rent receivable, net (3) 32,298 29,291 Derivative asset — 2,728 Prepaid expense and other 8,694 7,851 Total other assets, net $ 126,470 $ 128,690 (1) Deferred financing expenses per the above table are related to our revolving line of credit, and thus we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $8.9 million and $6.9 million of general reserves for uncollectible amounts as of December 31, 2020 and 2019, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $22.8 million and $6.2 million as of December 31, 2020 and 2019, respectively. (3) Net of $4.4 million and $0.7 million of adjustments as of December 31, 2020 and 2019, respectively, for straight-line rent removed for tenants considered to be non-creditworthy. |
Debt Obligations
Debt Obligations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Debt Obligations | 6. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, for our debt obligations as of March 31, 2021 and December 31, 2020 (dollars in thousands): Interest Rate (1) March 31, 2021 December 31, 2020 Revolving credit facility LIBOR + 1.4% $ — $ — Term loans (2) 1.4% - 4.6% 1,622,500 1,622,500 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 7.2% 273,590 290,022 Finance lease liability 91 164 Assumed market debt adjustments, net (1,587) (1,543) Deferred financing expenses, net (12,622) (13,538) Total $ 2,276,972 $ 2,292,605 Weighted-average interest rate 3.0 % 3.1 % (1) Interest rates are as of March 31, 2021. (2) Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is a portion of these loans that are not subject to a swap, and thus are still indexed to LIBOR. In April 2021, we repaid $25.1 million in mortgage loans ahead of their scheduled maturities. 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, and including the effects of derivative financial instruments (see Notes 7 and 12) as of March 31, 2021 and December 31, 2020, is summarized below (in thousands): March 31, 2021 December 31, 2020 As to interest rate: Fixed-rate debt $ 1,598,681 $ 1,727,186 Variable-rate debt 692,500 580,500 Total $ 2,291,181 $ 2,307,686 As to collateralization: Unsecured debt $ 1,622,500 $ 1,622,500 Secured debt 668,681 685,186 Total $ 2,291,181 $ 2,307,686 | 9. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, on our debt obligations as of December 31, 2020 and 2019 (in thousands): Interest Rate (1) 2020 2019 Revolving credit facility LIBOR + 1.4% $ — $ — Term loans (2) 1.4% - 4.6% 1,622,500 1,652,500 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 7.2% 290,022 324,578 Finance lease liability 164 443 Assumed market debt adjustments, net (1,543) (1,218) Deferred financing expenses, net (13,538) (17,204) Total $ 2,292,605 $ 2,354,099 (1) Interest rates are as of December 31, 2020. (2) Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is a portion of these loans that are not subject to a swap, and thus are still indexed to LIBOR. Revolving Credit Facility —We have a $500 million revolving credit facility with availability of $490.4 million, which is net of current issued letters of credit, as of December 31, 2020. The maturity date is October 2021, with additional options to extend the maturity to October 2022. We pay a fee of 0.25% on the unused portion of the facility if our borrowings are less than 50% of our capacity or a fee of 0.15% if our borrowings are greater than 50%, but less than 100%, of our capacity. In April 2020, we borrowed $200 million on our revolving credit facility to meet our operating needs for a sustained period due to the COVID-19 pandemic. Our rent and recovery collections during the second quarter, combined with other cost saving initiatives, sufficiently funded our short term operating needs and provided enough stability to allow us to repay in full the outstanding balance on our revolving credit facility in June 2020. Term Loans —We have six unsecured term loans with maturities ranging from 2022 to 2025. Our term loans have interest rates of LIBOR plus interest rate spreads based on our leverage ratios. We have utilized interest rate swaps to fix the rates on the majority of our term loans, with $580.5 million in term loans not fixed through such swaps. In January 2020, we made the final $30 million payment on our term loan maturing in 2021. In May 2019, we exercised a $60 million delayed draw feature on one of our term loans, and we used the proceeds from this draw to pay down our revolving credit facility. In September 2019, we repriced a $200 million term loan, lowering the interest rate spread from 1.75% over LIBOR to 1.25% over LIBOR, while maintaining the current maturity of September 2024. In October 2019, we repriced a $175 million term loan from a spread of 1.75% over LIBOR to 1.25% over LIBOR, while maintaining the current maturity of October 2024. Finally, in December 2019, we paid down $265.9 million in term loan debt primarily with the proceeds from a secured loan as well as the proceeds from property dispositions. As of December 31, 2020 and 2019, the weighted-average interest rate, including the impact of swaps, on our term loans was 2.7% and 3.2%, respectively. Secured Debt —Our secured debt includes two facilities secured by certain properties in our portfolio, mortgage loans secured by individual properties, and finance leases. The interest rates on our secured debt are fixed. At the closing of the Merger, we assumed $102.3 million in mortgage loans. We contributed $175.0 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. In December 2019, we executed a $200 million secured loan. The loan matures in 2030 and has a 3.35% interest rate. As of December 31, 2020 and 2019 our weighted average interest rate for our secured debt was 4.0% and 4.1%, respectively. Debt Allocation —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, 2020 and 2019, is summarized below (in thousands): 2020 2019 As to interest rate: (1) Fixed-rate debt $ 1,727,186 $ 2,122,021 Variable-rate debt 580,500 250,500 Total $ 2,307,686 $ 2,372,521 As to collateralization: Unsecured debt $ 1,622,500 $ 1,652,500 Secured debt 685,186 720,021 Total $ 2,307,686 $ 2,372,521 Weighted-average interest rate (1) 3.1 % 3.4 % (1) Includes the effects of derivative financial instruments (see Notes 10 and 17). Maturity Schedule —Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, and deferred financing expenses (in thousands): 2021 2022 2023 2024 2025 Thereafter Total Term loans $ — $ 375,000 $ 300,000 $ 475,000 $ 472,500 $ — $ 1,622,500 Secured debt 62,589 61,898 79,569 28,162 27,881 424,923 685,022 Total $ 62,589 $ 436,898 $ 379,569 $ 503,162 $ 500,381 $ 424,923 $ 2,307,522 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Instruments and Hedging Activities Disclosure | 7. 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 three months ended March 31, 2021 and 2020, 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 $18.9 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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Count 5 6 Notional amount $ 930,000 $ 1,042,000 Fixed LIBOR 1.3% - 2.9% 1.3% - 2.9% Maturity date 2022 - 2025 2021 - 2025 We assumed five hedges with a notional amount of $570 million as a part of a merger. The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives of the respective hedges and recorded in Interest Expense, Net in the consolidated statements of operations. The net unamortized amount remaining as of March 31, 2021 and December 31, 2020 was $4.7 million and $5.0 million, respectively. The table below details the nature of the gain and loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 Amount of gain (loss) recognized in Other Comprehensive Income (Loss) $ 7,265 $ (44,916) Amount of loss reclassified from AOCI into interest expense 4,855 1,552 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 March 31, 2021, 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 $43.0 million. As of March 31, 2021, 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 $43.0 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, 2020 and 2019, 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 $19.1 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 December 31, 2020 and 2019 (notional amounts in thousands): 2020 2019 Count 6 9 Notional amount $ 1,042,000 $ 1,402,000 Fixed LIBOR 1.3% - 2.9% 0.8% - 2.9% Maturity date 2021 - 2025 2020 - 2025 We assumed five hedges with a notional amount of $570 million as a part of the Merger. The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives of the respective hedges and recorded in Interest Expense, Net in the consolidated statements of operations. The net unamortized amount remaining as of December 31, 2020 was $5.0 million. The table below details the nature of the loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Amount of loss recognized in Other Comprehensive (Loss) Income $ 50,552 $ 35,865 $ 895 Amount of loss reclassified from AOCI into interest expense 16,732 2,409 3,261 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, 2020, 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 $54.8 million. As of December 31, 2020, 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 $54.8 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES General —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 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 entities 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. Income tax benefits from uncertain tax positions are recognized in the consolidated 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, 2020 and 2019. The statute of limitations for the federal income tax returns remain open for the 2017 through 2019 tax years. The statute of limitations for state income tax returns remain open in accordance with each state's statute. Our accounting policy is to classify interest and penalties as a component of income tax expense. We accrued no interest or penalties as of December 31, 2020 and 2019. Deferred Tax Assets and Liabilities —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, 2020 and 2019 (in thousands): 2020 2019 Deferred tax assets: Accrued compensation $ 3,250 $ 3,912 Accrued expenses and reserves 89 70 Net operating loss (“NOL”) carryforward 2,787 2,885 Other 306 362 Gross deferred tax assets 6,432 7,229 Less: valuation allowance (3,183) (3,661) Total deferred tax asset 3,249 3,568 Deferred tax liabilities: Real estate assets and other capitalized assets (3,236) (3,546) Other (13) (22) Total deferred tax liabilities (3,249) (3,568) Net deferred tax asset $ — $ — Our deferred tax assets and liabilities result from the activities of our TRS entities. The TRS entities have a federal NOL carryforward of $12.2 million. Of this amount, $1.3 million was generated in 2017 and will expire in 2037 if the NOL is not utilized. The remaining NOL carryforward can be carried forward indefinitely. As of December 31, 2020, the TRS entities have state NOL carryforwards of $5.0 million, which will expire as determined under each state's statute. Differences between the net income or loss presented on the consolidated statements of operations and taxable income are primarily related to the timing of the recognition of gain on the sale of investment properties for financial reporting purposes and tax reporting, the recognition of impairment expense for financial reporting purposes which is not deductible for tax reporting purposes, and differences in recognition of rental income and depreciation and amortization expense for both financial reporting and tax reporting. Distributions —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, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Net income (loss) attributable to stockholders $ 4,772 $ (63,532) $ 39,138 Net (income) loss from TRS (702) 5,346 (1,171) Net income (loss) attributable to REIT operations 4,070 (58,186) 37,967 Book/tax differences 63,846 153,047 33,858 REIT taxable income subject to 90% dividend requirement $ 67,916 $ 94,861 $ 71,825 For tax purposes, total gross distributions to our stockholders for the year ended December 31, 2020 were approximately $64.7 million. As permitted under the IRC, we will utilize approximately $3.2 million of our January 2021 distribution to offset our 2020 REIT taxable income. Our distributions to stockholders for the years ended December 31, 2019 and 2018, respectively, have exceeded 100% of the REIT taxable income. The tax characterization of our distributions declared for the years ended December 31, 2020 and 2019 was as follows: 2020 2019 Common stock: Ordinary dividends 100.0 % 38.0 % Non-dividend distributions — % 53.4 % Capital gain distributions — % 8.6 % Total distributions per share 100.0 % 100.0 % |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 8. 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. Captive Insurance —Our captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”) provides general liability insurance, wind, reinsurance, and other coverage to us and our 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 these estimates, and such premiums may be reimbursed by tenants pursuant to specific lease terms. As of March 31, 2021, we had four letters of credit outstanding totaling approximately $8.0 million to provide security for our obligations under Silver Rock’s insurance and reinsurance contracts. | 12. 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. Captive Insurance —Our captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”) provides general liability insurance, wind, reinsurance, and other coverage to us 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, 2020, we had four letters of credit outstanding totaling approximately $8.0 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, 2020 and 2019 (in thousands): 2020 2019 Beginning balances $ 6,021 $ 5,458 Incurred related to: Current year 1,943 1,792 Prior years 2,249 1,248 Total incurred 4,192 3,040 Paid related to: Current year 36 78 Prior years 2,791 2,399 Total paid 2,827 2,477 Liabilities for unpaid losses as of December 31 $ 7,386 $ 6,021 COVID-19 —As of December 31, 2020, we were not aware of any significant liabilities or obligations to waive rent that we have incurred under force majeure or co-tenancy clauses in tenant leases. |
Equity
Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Equity | 9. 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 the Board. Our charter does not provide for cumulative voting in the election of directors. On April 29, 2021, our board of directors (“Board”) increased the estimated value per share (“EVPS”) of our common stock to $31.65 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, 2021. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2021, which reflected certain balance sheet assets and liabilities as of that date. Previously, our EVPS was $26.25, 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, 2020. 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 EVPS. 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. The Third Amended and Restated Dividend Reinvestment Plan has been suspended, beginning with the distribution payable on April 1, 2021. Stockholders will receive their full monthly distribution of $0.08499999 per share in cash until further notice. Distributions —Distributions paid to stockholders and Operating Partnership unit (“OP unit”) holders of record subsequent to March 31, 2021 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Net Cash Distribution March 3/19/2021 $ 0.08499999 4/1/2021 $ 9,059 $ 9,059 April 4/19/2021 0.08499999 5/3/2021 9,059 9,059 On April 29, 2021, our Board authorized distributions for May 2021 to the stockholders of record at the close of business on May 17, 2021 equal to a monthly amount of $0.08499999 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, and we expect to pay the May 2021 distributions on June 1, 2021. Share Repurchase Program (“SRP”) —The 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. The Fourth Amended and Restated Share Repurchase Program (the “Fourth Amended SRP”), which is currently limited to repurchases resulting from the death, qualifying disability, or the declaration of incompetence (“DDI”) of stockholders, has been suspended, and the March 31, 2021 repurchases related to stockholder DDI were not executed. The SRP for both standard and DDI requests will remain suspended until further notice. Convertible Noncontrolling Interests —As of March 31, 2021 and December 31, 2020, we had approximately 13.4 million and 13.3 million outstanding OP units, respectively. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), OP unit holders may elect to exchange their OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units either 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 March 31, 2021 and December 31, 2020 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. During the three months ended March 31, 2020, approximately 39,300 OP units were converted into shares of our common stock at a 1:1 ratio. There were no OP units converted into shares of our common stock for the three months ended March 31, 2021. The $3.3 million and $7.1 million of distributions for the three months ended March 31, 2021 and 2020, respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. | 13. 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 the Board. Our charter does not provide for cumulative voting in the election of directors. On May 6, 2020, our Board decreased the EVPS of our common stock to $26.25 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, 2020. The decrease was primarily driven by the negative impact of the COVID-19 pandemic on our non-grocery tenants resulting from social distancing and “stay-at-home” guidelines and the uncertainty of the duration and full effect on the overall economy. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2020, which reflected certain balance sheet assets and liabilities as of that date. Previously, the EVPS of our common stock was set at $33.30, 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. Distributions —On March 27, 2020, our Board suspended stockholder distributions, effective after the payment of the March 2020 distribution on April 1, 2020, as a result of the uncertainty surrounding the COVID-19 pandemic. On November 4, 2020, our Board authorized distributions for the month of December 2020, for stockholders of record at the close of business on December 28, 2020, equal to a monthly amount of $0.08499999 per share of common stock, or $1.02 annualized. On December 14, 2020, our Board announced that the date of record for December distributions was moved to December 31, 2020. OP unit holders received distributions at the same rate as common stockholders. We paid this distribution on January 12, 2021. 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 EVPS. 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. On March 27, 2020, the DRIP was suspended, and the March 2020 distribution was paid in all cash on April 1, 2020. On November 4, 2020, our Board reinstated the DRIP, which became effective beginning with the December 2020 distribution paid in January 2021. Tender Offer —On November 4, 2020, our Board approved a voluntary tender offer that commenced on November 10, 2020 (the “Tender Offer”) for up to 1.5 million shares of our outstanding common stock at a price of $17.25 per share, for a total value of approximately $26 million. On December 14, 2020, the Tender Offer was amended to extend the expiration date to December 29, 2020, and the offer to purchase shares was increased to approximately 5.8 million shares, for a total value of approximately $100 million. All of the other terms and conditions of the Tender Offer remained unchanged. In connection with the Tender Offer, we repurchased 4.5 million shares of common stock for a total value of $77.6 million, which includes the issuance of 0.9 million common shares in redemption of 0.9 million OP units converted at the time of repurchase. The $77.6 million due to shareholders who tendered their shares was not yet paid as of December 31, 2020, and is recorded as Accounts Payable and Other Liabilities on our consolidated balance sheets. The amount was subsequently paid on January 5, 2021. Share Repurchase Program —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. On August 7, 2019, the Board suspended the SRP with respect to standard repurchases. The SRP for death, qualifying disability, or determination of incompetence (“DDI”) was suspended effective March 27, 2020, in response to the uncertainty of COVID-19. Both the SRP with respect to standard repurchases and the SRP for DDI remains suspended as of December 31, 2020. On January 8, 2021, the Board adopted the Fourth Amended and Restated Share Repurchase Program (“Fourth Amended SRP”), effective January 14, 2021. Under the Fourth Amended SRP, share repurchases for DDI have been reinstated at $17.25 per share, and as of March 1, 2021, we have repurchased 21,125 shares for a total value of $0.4 million. The SRP with respect to standard repurchases remains suspended. Convertible Noncontrolling Interests —As of December 31, 2020 and 2019, we had approximately 13.3 million and 14.2 million outstanding OP units, respectively. 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. 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, 2020 and 2019, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. During the year ended December 31, 2020 and 2019, 1.0 million and 0.6 million OP units were converted into shares of our common stock at a 1:1 ratio, respectively. Of the OP units converted in 2020, 0.9 million were converted and repurchased as part of the Tender Offer. The $8.3 million and $30.4 million of distributions for the years ended December 31, 2020 and 2019, respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. |
Compensation
Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation | 14. COMPENSATION Employee Long Term Incentive Plan— We issue stock awards that vest based upon the completion of a service period (“service-based awards”), as well as awards that vest based upon the achievement of certain performance metrics (“performance-based awards”) under our 2020 Omnibus Incentive Plan (“2020 Incentive Plan”), which became effective in June 2020. The 2020 Incentive Plan replaces the Amended and Restated 2010 Long-Term Incentive Plan, which expired in August 2020. Awards to employees under our 2020 Incentive Plan are typically granted and vest during the first quarter of each year. 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. As such, certain units classified as nonvested performance stock awards as of period-end may have met the performance-based requirements for vesting and are now only subject to an additional year of service-based vesting. Vesting of 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. 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 are entitled to dividend and distribution rights, but are not entitled to voting rights. In March 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. 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 as service-based awards. As of December 31, 2020 and 2019, there were approximately 17,000 and 13,000 outstanding unvested awards granted to independent directors, respectively. Share-Based Compensation Award Activity— 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. For performance-based awards, the number of shares deemed to be issued per the table below reflects the number of units at target performance. Performance-based awards contain terms which dictate that the number of award units to be issued will vary based upon actual performance compared to the respective plan’s performance metrics, with the potential for certain awards to earn additional shares beyond target performance (number of units in thousands): Restricted Stock Awards (1) Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at January 1, 2018 6 — 815 $ 30.60 Granted 270 66 — 33.00 Vested (2) — (465) 30.60 Forfeited (5) — (18) 31.14 Nonvested at December 31, 2018 269 66 332 31.80 Granted 157 764 — 33.15 Vested (65) — (256) 31.08 Forfeited (34) (3) (16) 32.31 Nonvested at December 31, 2019 327 827 60 33.00 Granted 146 86 — 32.82 Vested (101) — (58) 32.13 Forfeited (23) (8) (2) 33.00 Nonvested at December 31, 2020 349 905 — $ 33.06 (1) The maximum number of award units that could be issued under all outstanding grants was 1.5 million as of December 31, 2020. The number of award units expected to vest was 0.8 million as of December 31, 2020. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. The weighted-average grant-date fair value calculated herein reflects the EVPS on the grant date. The expense for all stock-based awards during the years ended December 31, 2020, 2019, and 2018 was $6.3 million, $10.1 million, and $10.4 million, respectively. We had $11.8 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately three years. The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2020 was $5.0 million. 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, 2020, 2019, and 2018 were approximately $0.9 million, $0.9 million, and $1.0 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
Earnings Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share | 10. 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 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 Partnership Agreement. The impact of these outstanding 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 during the three months ended March 31, 2021 and 2020. 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 March 31, 2021 2020 Numerator: Net income attributable to stockholders - basic $ 103 $ 9,769 Net income attributable to convertible OP units (1) 14 1,430 Net income - diluted $ 117 $ 11,199 Denominator: Weighted-average shares - basic 93,490 96,652 OP units (1) 13,354 14,283 Dilutive restricted stock awards 151 141 Adjusted weighted-average shares - diluted 106,995 111,076 Earnings per common share: Basic and diluted income per share $ 0.00 $ 0.10 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income 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 periods presented. | 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. The impact of these outstanding 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 for the years ended December 31, 2020, 2019, and 2018. The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share amounts): 2020 2019 2018 Numerator: Net income (loss) attributable to stockholders - basic $ 4,772 $ (63,532) $ 39,138 Net income (loss) attributable to convertible OP units (1) 690 (9,583) 8,136 Net income (loss) - diluted $ 5,462 $ (73,115) $ 47,274 Denominator: Weighted-average shares - basic 96,760 94,636 65,534 OP units (1) 14,255 14,403 14,818 Dilutive restricted stock awards 141 — 104 Adjusted weighted-average shares - diluted 111,156 109,039 80,456 Earnings per common share: Basic income (loss) per share $ 0.05 $ (0.67) $ 0.60 Diluted income (loss) per share $ 0.05 $ (0.67) $ 0.59 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or 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 as these OP units were included in the denominator for all years presented. Approximately 0.3 million time-based and 0.8 million performance-based unvested stock units were outstanding as of December 31, 2019. These securities were anti-dilutive for the year ended December 31, 2019, and as a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS for that period. Outstanding restricted stock awards were dilutive for the years ended December 31, 2020 and 2018, and thus are included in the calculation above. |
Revenue Recognition and Related
Revenue Recognition and Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Revenue Recognition | 16. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS Revenue —We have entered into agreements with the Managed Funds related to certain advisory, management, and administrative services we provide to their real estate assets in exchange for fees and reimbursement of certain expenses. 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, 2020, 2019, and 2018, and also includes 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): 2020 2019 2018 Recurring fees (1) $ 4,801 $ 6,362 $ 21,036 Transactional revenue and reimbursements (2) 2,633 3,329 9,817 Insurance premiums (3) 2,386 1,989 2,073 Total fees and management income $ 9,820 $ 11,680 $ 32,926 (1) Recurring fees include asset management fees and property management fees. (2) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. (3) Insurance premium income includes amounts for reinsurance from third parties not affiliated with us. During the year ended December 31, 2019, we recognized a net charge of $1.9 million in Other Income (Expense), Net on our consolidated statement of operations. The charge was related to a reduction in our related party accounts receivable and organization and offering costs payable for amounts incurred in connection with the REIT III public offering. Remaining accounts receivable and organization and offering costs payable that were outstanding as of September 30, 2019 related to REIT III were settled when we merged with REIT III in October 2019. Other Related Party Matters —We are the limited guarantor for up to $190 million, capped at $50 million in most instances, of debt for our NRP joint venture. As of December 31, 2020, we were also the limited guarantor of a $175 million mortgage loan for GRP I. Our guaranty in both cases is limited to being the non-recourse carveout guarantor and the environmental indemnitor. We are also party to a separate agreement with Northwestern Mutual in which any potential liability under our guaranty for GRP I will be apportioned between us and Northwestern Mutual based on our respective ownership percentages in GRP I. We have no liability recorded on our consolidated balance sheets for either guaranty as of December 31, 2020 and 2019. | |
Revenue Recognition and Related Party Revenue | 11. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS Revenue —We have entered into agreements with the Managed Funds related to certain advisory, management, and administrative services we provide to their real estate assets in exchange for fees and reimbursement of certain expenses. Summarized below are amounts included in Fees 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 Topic 606, Revenue from Contracts with Customers, but that are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended March 31, 2021 2020 Recurring fees (1) $ 1,125 $ 1,216 Transactional revenue and reimbursements (2) 468 430 Insurance premiums (3) 693 519 Total fees and management income $ 2,286 $ 2,165 (1) Recurring fees include asset management fees and property management fees. (2) Transactional revenue includes items such as leasing commissions, construction management fees, and acquisition fees. (3) Insurance premium income includes amounts for reinsurance from third parties not affiliated with us. Other Related Party Matters —We are the limited guarantor for up to $190 million, capped at $50 million in most instances, of debt for our NRP joint venture. As of March 31, 2021, the outstanding loan balance related to our NRP joint venture was $32.1 million. As of March 31, 2021, we were also the limited guarantor of a $175 million mortgage loan for GRP I. Our guaranty in both cases is limited to being the non-recourse carveout guarantor and the environmental indemnitor. Further, in both cases, we are also party to an agreement with our joint venture partners in which any potential liability under such guarantees will be apportioned between us and our applicable joint venture partner based on our respective ownership percentages in the applicable joint venture. We have no liability recorded on our consolidated balance sheets for either guaranty as of March 31, 2021 and December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 12. 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 March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Term loans $ 1,611,119 $ 1,621,987 $ 1,610,204 $ 1,621,902 Secured portfolio loan facilities 391,251 391,391 391,131 404,715 Mortgages (2) 274,602 282,497 291,270 303,647 Total $ 2,276,972 $ 2,295,875 $ 2,292,605 $ 2,330,264 (1) Recorded principal balances include net deferred financing expenses of $12.6 million and $13.5 million as of March 31, 2021 and December 31, 2020, respectively. Recorded principal balances also include assumed market debt adjustments of $1.6 million and $1.5 million as of March 31, 2021 and December 31, 2020, respectively. We have recorded deferred financing expenses related to our revolving credit facility, which are not included in these balances, in Other Assets, Net on our consolidated balance sheets. (2) Our finance lease liability is included in the mortgages line item, as presented . 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 three months ended March 31, 2021 and the year ended December 31, 2020, were as follows (in thousands): March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative liabilities (1) $ — $ (42,970) $ — $ — $ (54,759) $ — Earn-out liability — — (38,000) — — (22,000) Nonrecurring Impaired real estate assets, net (2) — 7,150 — — 19,350 — Impaired corporate ROU asset, net — — — — 537 — (1) We record derivative liabilities in Derivative 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 —As part of our acquisition of Phillips Edison Limited Partnership (“PELP”) in 2017, an earn-out structure was established which gave PELP the opportunity to earn additional OP units based upon the potential achievement of certain performance targets subsequent to the acquisition. After the expiration of certain provisions in 2019, PELP is now eligible to earn up to 1.7 million OP units based on the timing and valuation of a liquidity event for PECO. The liquidity event can occur no later than December 31, 2021 for the maximum shares to be awarded, but can occur as late as December 31, 2023. We estimate the fair value of this liability on a quarterly basis using the Monte Carlo method. This method requires us to make assumptions about future dividend yields, volatility, and timing and pricing of liquidity events, which are unobservable and are considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. In calculating the fair value of this liability as of March 31, 2021, we have determined that the most likely range of potential outcomes includes a possibility of 0.3 million additional OP units issued as well as up to a maximum of 1.7 million units being issued. We recorded expense of $16.0 million and income of $10.0 million, respectively, for the three months ended March 31, 2021 and March 31, 2020 related to changes in the fair value of the earn-out liability. The increase in the fair value of the liability during the three months ended March 31, 2021 was attributable to an increase in the EVPS of our common stock (as compared with a decrease in EVPS in the comparable prior year period), as described in Note 9, as well as improved market conditions in the first quarter of 2021. The change in fair value for both periods has been recognized in Other (Expense) Income, Net in the consolidated statements of operations. Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value, less costs to sell for held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. During the three months ended March 31, 2021, we impaired an asset that was under contract at a disposition price that was less than carrying value, or that 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, which we consider to be a Level 2 input in the fair value hierarchy. There were no impairment charges recorded during the three months ended March 31, 2020. On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large dark or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net carrying value of the property over its remaining economic life based upon net operating income (“NOI”) as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows are less than the net book value of the center as of the balance sheet date, we proceed to the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale. If the estimated fair value of the property is less than the recorded net book value at the balance sheet date, we record an impairment charge. In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values. Our quarterly impairment procedures have not been altered by the COVID-19 pandemic, as we believe key impairment indicators such as temporary store closings and large dark or vacant spaces will continue to be identified in our review. We have utilized forecasts that incorporate estimated decreases in NOI and cash flows as a result of the COVID-19 pandemic in performing our review procedures for the three months ended March 31, 2021 and 2020. However, it is possible that we could experience unanticipated changes in assumptions that are employed in our impairment review which could impact our cash flows and fair value conclusions. Such unanticipated changes relative to our expectations may include but are not limited to: increases or decreases in the duration or permanence of tenant closures, increases or decreases in collectibility reserves and write-offs, additional capital required to fill vacancies, extended lease-up periods, future closings of large tenants, changes in macroeconomic assumptions such as rate of inflation and capitalization rates, and changes to the estimated timing of disposition of the properties under review. We recorded the following expense upon impairment of real estate assets (in thousands): Three Months Ended March 31, 2021 2020 Impairment of real estate assets $ 5,000 $ — | 17. 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, 2020 and 2019 (in thousands): 2020 2019 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Term loans 1,610,204 1,621,902 1,636,470 1,656,765 Secured portfolio loan facilities 391,131 404,715 390,780 399,054 Mortgages (2) 291,270 303,647 326,849 337,614 Total $ 2,292,605 $ 2,330,264 $ 2,354,099 $ 2,393,433 (1) Recorded principal balances include net deferred financing expenses of $13.5 million and $17.2 million as of December 31, 2020 and 2019, respectively. Recorded principal balances also include assumed market debt adjustments of $1.5 million and $1.2 million as of December 31, 2020 and 2019, respectively. We have recorded deferred financing expenses related to our revolving credit facility, which are not included in these balances, in Other Assets, Net on our consolidated balance sheets. (2) Our finance lease liability is included in the mortgages line item, as presented. 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, 2020 and 2019 were as follows (in thousands): 2020 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ — $ — $ — $ 2,728 $ — Derivative liability (1) — (54,759) — — (20,974) — Earn-out liability — — (22,000) — — (32,000) Nonrecurring Impaired real estate assets, net (2) — 19,350 — — 280,593 — Impaired corporate intangible asset, net (3) — — — — — 4,401 Impaired corporate ROU asset, net — 537 — — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Derivative Liability 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. (3) The carrying value of our impaired in-place management contracts subsequently decreased after the measurement date, attributable to regular amortization as well as derecognition as part of the merger with REIT III. Derivative Instruments —As of December 31, 2020 and 2019, 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 December 31, 2020 and 2019, 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 —As part of our acquisition of PELP in 2017, an earn-out structure was established which gave PELP the opportunity to earn additional OP units based upon the potential achievement of certain performance targets subsequent to the acquisition. After the expiration of certain provisions in 2019, PELP is now eligible to earn between 1.0 million and 1.7 million OP units based on the timing and valuation of a liquidity event for PECO. The liquidity event can occur no later than December 31, 2021 for the maximum shares to be awarded, but can occur as late as December 31, 2023. We estimate the fair value of this liability on a quarterly basis using the Monte Carlo method. This method requires us to make assumptions about future dividend yields, volatility, and timing and pricing of liquidity events, which are unobservable and are considered Level 3 inputs in the fair value hierarchy. A change in these inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date. In calculating the fair value of this liability as of December 31, 2020, 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 a maximum of 1.7 million units being issued. We recognized income of $10.0 million and $7.5 million related to changes in the fair value of the earn-out liability for the years ended December 31, 2020 and 2019, respectively. These changes in fair value have been and will continue to be recognized in Other Income (Expense), Net in the consolidated statements of operations. 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. During the years ended December 31, 2020, 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 that 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, which we consider to be a Level 2 input in the fair value hierarchy. We recorded the following expense upon impairment of real estate assets for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Impairment of real estate assets $ 2,423 $ 87,393 $ 40,782 Corporate Intangible Asset Impairment —In connection with our acquisition of PELP, 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. In June 2019, the suspension of the REIT III public offering constituted a triggering event for further review of the corporate intangible asset’s fair value compared to its carrying value. We estimated the fair value of the corporate intangible asset using a discounted cash flow model which leveraged certain Level 3 inputs. The evaluation of corporate intangible assets for potential impairment required management to exercise significant judgment and to make certain assumptions. The assumptions utilized in the evaluation included projected future cash flows and a discount rate of 19%. 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 Income (Expense), Net on the consolidated statements of operations in the second quarter of 2019. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 18. QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019. 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 (in thousands, except per share amounts): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 131,523 $ 119,040 $ 126,695 $ 120,759 Net income (loss) attributable to stockholders 9,769 (5,588) 11,784 (11,193) Net income (loss) per share - basic and diluted $ 0.10 $ (0.06) $ 0.12 $ (0.12) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 132,769 $ 132,581 $ 136,009 $ 135,347 Net (loss) income attributable to stockholders (5,195) (36,570) (25,877) 4,110 Net (loss) income per share - basic and diluted $ (0.06) $ (0.39) $ (0.27) $ 0.06 |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 13. SUBSEQUENT EVENTS In preparing the condensed and unaudited consolidated financial statements, we have evaluated subsequent events through May 4, 2021, the date the financial statements were originally issued and filed with the SEC. Based on this evaluation, we have determined that there were no events that have occurred that require recognition or disclosure, other than certain events and transactions that have been disclosed elsewhere in these consolidated financial statements. | 19. SUBSEQUENT EVENTS We have evaluated for disclosure all subsequent events through March 12, 2021, the date the financial statements were originally issued and filed with the SEC. Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2020 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 12/28/2020 $0.08499999 1/12/2021 $ 9,001 $ 2,461 $ 6,540 January 1/15/2021 $0.08499999 2/1/2021 9,042 2,455 6,587 February 2/15/2021 $0.08499999 3/1/2021 9,051 2,453 6,598 |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) 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 $732 $3,491 $5,832 $9,323 $2,754 1988 11/23/2011 Snow View Plaza Parma, OH — 4,104 6,432 1,171 4,326 7,381 11,707 3,767 1981 11/23/2011 St. Charles Plaza Davenport, FL — 4,090 4,399 571 4,228 4,832 9,060 2,828 2007 11/23/2011 Burwood Village Center Glen Burnie, MD — 5,448 10,167 553 5,737 10,431 16,169 4,956 1971 11/23/2011 Centerpoint Easley, SC — 2,404 4,361 1,426 2,986 5,205 8,191 2,422 2002 11/23/2011 Southampton Village Tyrone, GA — 2,670 5,176 965 2,901 5,910 8,811 2,669 2003 11/23/2011 Cureton Town Center Waxhaw, NC — 6,569 6,197 2,632 5,926 9,472 15,398 4,188 2006 12/29/2011 Tramway Crossing Sanford, NC — 2,016 3,071 886 2,492 3,481 5,973 1,944 1996 2/23/2012 Westin Centre Fayetteville, NC — 2,190 3,499 741 2,449 3,981 6,430 2,029 1996/1999 2/23/2012 Village At Glynn Place Brunswick, GA — 5,202 6,095 625 5,309 6,612 11,922 3,805 1992 4/27/2012 Meadowthorpe Manor Shoppes Lexington, KY — 4,093 4,185 613 4,562 4,330 8,892 2,252 1989/2008 5/9/2012 Brentwood Commons Bensenville, IL — 6,105 8,024 2,366 6,306 10,190 16,496 3,991 1981/2001 7/5/2012 Sidney Towne Center Sidney, OH — 1,429 3,802 1,353 2,016 4,568 6,584 2,599 1981/2007 8/2/2012 Broadway Plaza Tucson, AZ 5,614 4,979 7,169 1,951 5,808 8,290 14,099 3,770 1982/1995 8/13/2012 Baker Hill Glen Ellyn, IL — 7,068 13,738 10,013 7,664 23,154 30,818 7,287 1998 9/6/2012 New Prague Commons New Prague, MN — 3,248 6,604 1,908 3,395 8,366 11,761 3,447 2008 10/12/2012 Brook Park Plaza Brook Park, OH — 2,545 7,594 773 2,813 8,099 10,912 3,377 2001 10/23/2012 Heron Creek Towne Center North Port, FL — 4,062 4,082 447 4,163 4,429 8,591 2,181 2001 12/17/2012 Quartz Hill Towne Centre Lancaster, CA 11,740 6,352 13,529 929 6,663 14,147 20,810 5,091 1991/2012 12/27/2012 Village One Plaza Modesto, CA 17,700 5,166 18,752 633 5,255 19,296 24,551 6,308 2007 12/28/2012 Hilfiker Shopping Center Salem, OR — 2,455 4,750 89 2,523 4,771 7,294 1,753 1984/2011 12/28/2012 Butler Creek Acworth, GA — 3,925 6,129 2,931 4,287 8,698 12,985 2,928 1989 1/15/2013 Fairview Oaks Ellenwood, GA 6,430 3,563 5,266 857 3,925 5,761 9,686 2,277 1996 1/15/2013 Grassland Crossing Alpharetta, GA — 3,680 5,791 1,033 3,936 6,568 10,504 2,790 1996 1/15/2013 Hamilton Ridge Buford, GA — 4,772 7,168 823 5,035 7,728 12,763 3,384 2002 1/15/2013 Mableton Crossing Mableton, GA — 4,426 6,413 1,458 4,930 7,367 12,297 3,076 1997 1/15/2013 Shops at Westridge McDonough, GA — 2,788 3,901 2,038 2,835 5,892 8,727 2,104 2006 1/15/2013 Fairlawn Town Centre Fairlawn, OH 20,000 10,398 29,005 3,638 11,611 31,430 43,041 12,819 1962/1996 1/30/2013 Macland Pointe Marietta, GA — 3,493 5,364 1,097 3,878 6,075 9,953 2,649 1992 2/13/2013 Kleinwood Center Spring, TX — 11,478 18,954 1,267 11,850 19,848 31,699 7,809 2003 3/21/2013 Murray Landing Columbia, SC 6,750 3,221 6,856 1,640 3,597 8,120 11,717 2,968 2003 3/21/2013 Vineyard Shopping Center Tallahassee, FL — 2,761 4,221 561 3,028 4,515 7,543 1,886 2002 3/21/2013 Lutz Lake Crossing Lutz, FL — 2,636 6,600 819 2,914 7,142 10,055 2,404 2002 4/4/2013 Publix at Seven Hills Spring Hill, FL — 2,171 5,642 1,055 2,493 6,375 8,868 2,197 1991/2006 4/4/2013 Hartville Centre Hartville, OH — 2,069 3,691 1,785 2,391 5,155 7,546 2,048 1988/2008 4/23/2013 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Sunset Shopping Center Corvallis, OR 15,410 7,933 14,939 839 8,019 15,692 23,711 5,539 1998 5/31/2013 Savage Town Square Savage, MN 9,000 4,106 9,409 300 4,357 9,458 13,815 3,562 2003 6/19/2013 Glenwood Crossings Kenosha, WI — 1,872 9,914 1,051 2,336 10,500 12,837 3,292 1992 6/27/2013 Shiloh Square Shopping Center Kennesaw, GA — 4,685 8,729 1,978 4,834 10,558 15,392 3,419 1996/2003 6/27/2013 Pavilions at San Mateo Albuquerque, NM — 6,470 18,726 1,701 6,746 20,152 26,897 6,597 1997 6/27/2013 Boronda Plaza Salinas, CA 14,750 9,027 11,870 623 9,231 12,290 21,521 4,174 2003/2006 7/3/2013 Westwoods Shopping Center Arvada, CO — 3,706 11,115 694 4,186 11,328 15,514 3,914 2003 8/8/2013 Paradise Crossing Lithia Springs, GA — 2,204 6,064 868 2,490 6,647 9,136 2,253 2000 8/13/2013 Contra Loma Plaza Antioch, CA — 3,243 3,926 1,779 3,845 5,103 8,948 1,633 1989 8/19/2013 South Oaks Plaza St. Louis, MO — 1,938 6,634 464 2,112 6,924 9,036 2,294 1969/1987 8/21/2013 Yorktown Centre Millcreek Township, PA — 3,736 15,396 2,173 4,098 17,207 21,305 6,652 1989/2013 8/30/2013 Dyer Town Center Dyer, IN 9,023 6,017 10,214 586 6,283 10,534 16,817 3,759 2004/2005 9/4/2013 East Burnside Plaza Portland, OR — 2,484 5,422 137 2,560 5,484 8,044 1,499 1955/1999 9/12/2013 Red Maple Village Tracy, CA 20,584 9,250 19,466 439 9,408 19,747 29,155 5,542 2009 9/18/2013 Crystal Beach Plaza Palm Harbor, FL 6,360 2,334 7,918 661 2,416 8,498 10,914 2,751 2010 9/25/2013 CitiCentre Plaza Carroll, IA — 770 2,530 364 1,031 2,633 3,664 954 1991/1995 10/2/2013 Duck Creek Plaza Bettendorf, IA — 4,612 13,007 1,683 5,208 14,094 19,302 4,477 2005/2006 10/8/2013 Cahill Plaza Inver Grove Heights, MN — 2,587 5,114 683 2,950 5,433 8,383 1,909 1995 10/9/2013 College Plaza Normal, IL — 4,460 17,772 3,325 5,107 20,450 25,557 4,820 1983/1999 10/22/2013 Courthouse Marketplace Virginia Beach, VA 11,650 6,130 8,061 1,147 6,386 8,952 15,338 2,983 2005 10/25/2013 Hastings Marketplace Hastings, MN — 3,980 10,045 777 4,397 10,404 14,801 3,526 2002 11/6/2013 Coquina Plaza Southwest Ranches, FL 6,192 9,458 11,770 1,117 9,686 12,658 22,345 3,780 1998 11/7/2013 Shoppes of Paradise Lakes Miami, FL 5,057 5,811 6,020 968 6,072 6,726 12,799 2,283 1999 11/7/2013 Collington Plaza Bowie, MD — 12,207 15,142 905 12,394 15,860 28,254 4,876 1996 11/21/2013 Golden Town Center Golden, CO 14,711 7,065 10,166 1,674 7,460 11,446 18,905 3,914 1993/2003 11/22/2013 Northstar Marketplace Ramsey, MN — 2,810 9,204 1,090 2,923 10,182 13,105 3,318 2004 11/27/2013 Bear Creek Plaza Petoskey, MI — 5,677 17,611 1,614 5,782 19,120 24,902 6,231 1998/2009 12/18/2013 East Side Square Springfield, OH — 394 963 120 412 1,065 1,477 372 2007 12/18/2013 Flag City Station Findlay, OH — 4,685 9,630 3,124 4,851 12,588 17,440 3,539 1992 12/18/2013 Hoke Crossing Clayton, OH — 481 1,060 398 509 1,430 1,939 $458 2006 12/18/2013 Southern Hills Crossing Kettering, OH — 778 1,481 125 807 1,577 2,384 623 2002 12/18/2013 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Town & Country Shopping Center Noblesville, IN 13,480 7,361 16,269 458 7,454 16,634 24,088 5,707 1998 12/18/2013 Sulphur Grove Huber Heights, OH — 553 2,142 498 611 2,581 3,192 682 2004 12/18/2013 Southgate Shopping Center Des Moines, IA — 2,434 8,358 892 2,835 8,849 11,684 3,107 1972/2013 12/20/2013 Sterling Pointe Center Lincoln, CA 24,073 7,039 20,822 1,573 7,617 21,816 29,433 6,056 2004 12/20/2013 Arcadia Plaza Phoenix, AZ — 5,774 6,904 2,784 5,946 9,516 15,462 2,821 1980 12/30/2013 Stop & Shop Plaza Enfield, CT — 8,892 15,028 1,157 9,270 15,807 25,077 5,119 1988/1998 12/30/2013 Fairacres Shopping Center Oshkosh, WI — 3,543 5,189 786 3,875 5,643 9,518 2,163 1992/2013 1/21/2014 Savoy Plaza Savoy, IL — 4,304 10,895 857 4,770 11,285 16,056 4,123 1999/2007 1/31/2014 The Shops of Uptown Park Ridge, IL — 7,744 16,884 1,349 7,934 18,043 25,977 4,830 2006 2/25/2014 Chapel Hill North Center Chapel Hill, NC 6,538 4,776 10,189 1,338 4,988 11,315 16,303 3,820 1998 2/28/2014 Coppell Market Center Coppell, TX 11,594 4,870 12,236 246 5,024 12,328 17,352 3,647 2008 3/5/2014 Winchester Gateway Winchester, VA — 9,342 23,468 2,088 9,585 25,313 34,898 7,399 2006 3/5/2014 Stonewall Plaza Winchester, VA — 7,929 16,642 962 7,990 17,544 25,534 5,250 2007 3/5/2014 Town Fair Center Louisville, KY — 8,108 14,411 5,435 8,731 19,223 27,954 5,791 1988/1994 3/12/2014 Villages at Eagles Landing Stockbridge, GA 1,173 2,824 5,515 1,114 3,365 6,089 9,453 2,286 1995 3/13/2014 Champions Gate Village Davenport, FL — 1,814 6,060 266 1,916 6,224 8,140 2,147 2001 3/14/2014 Towne Centre at Wesley Chapel Wesley Chapel, FL — 2,466 5,553 566 2,703 5,882 8,585 1,874 2000 3/14/2014 Statler Square Staunton, VA 7,096 4,108 9,072 901 4,555 9,525 14,081 3,298 1989 3/21/2014 Burbank Plaza Burbank, IL — 2,972 4,546 3,925 3,580 7,863 11,443 2,352 1972/1995 3/25/2014 Hamilton Village Chattanooga, TN — 12,682 19,103 2,305 12,635 21,455 34,090 7,417 1989 4/3/2014 Waynesboro Plaza Waynesboro, VA — 5,597 8,334 145 5,670 8,406 14,076 2,903 2005 4/30/2014 Southwest Marketplace Las Vegas, NV — 16,019 11,270 2,920 16,102 14,108 30,209 4,600 2008 5/5/2014 Hampton Village Taylors, SC — 5,456 7,254 3,926 5,949 10,688 16,636 3,539 1959/1998 5/21/2014 Central Station Louisville, KY 12,095 6,143 6,932 2,394 6,454 9,014 15,469 2,881 2005/2007 5/23/2014 Kirkwood Market Place Houston, TX — 5,786 9,697 997 5,958 10,522 16,480 3,070 1979/2008 5/23/2014 Fairview Plaza New Cumberland, PA — 2,786 8,500 306 2,955 8,638 11,593 2,346 1992/1999 5/27/2014 Broadway Promenade Sarasota, FL — 3,831 6,795 339 3,911 7,054 10,965 1,972 2007 5/28/2014 Townfair Center Indiana, PA — 7,007 13,233 1,246 7,206 14,281 21,487 4,777 1995/2010 5/29/2014 St. Johns Commons Jacksonville, FL — 1,599 10,387 643 1,773 10,856 12,629 3,026 2003 5/30/2014 Heath Brook Commons Ocala, FL 6,930 3,470 8,352 772 3,690 8,905 12,595 2,625 2002 5/30/2014 Park View Square Miramar, FL — 5,700 9,304 550 5,819 9,735 15,554 2,876 2003 5/30/2014 The Orchards Yakima, WA — 5,425 8,743 511 5,739 8,940 14,679 2,788 2002 6/3/2014 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Shaw's Plaza Hanover Hanover, MA — 2,826 5,314 10 2,826 5,324 8,150 1,588 1994/2000 6/23/2014 Shaw's Plaza Easton Easton, MA — 5,520 7,173 621 5,877 7,438 13,315 2,511 1984/2004 6/23/2014 Lynnwood Place Jackson, TN — 3,341 4,826 815 3,620 5,362 8,982 1,881 1986/2013 7/28/2014 Thompson Valley Towne Center Loveland, CO — 5,758 17,387 1,499 6,153 18,492 24,645 5,240 1999 8/1/2014 Lumina Commons Wilmington, NC 7,165 2,008 11,249 1,171 2,093 12,335 14,428 3,036 1974/2007 8/4/2014 Driftwood Village Ontario, CA — 6,811 12,993 1,590 7,451 13,942 21,394 3,859 1985 8/7/2014 French Golden Gate Bartow, FL — 2,599 12,877 1,803 2,856 14,422 17,279 3,771 1960/2011 8/28/2014 Orchard Square Washington Township, MI 5,903 1,361 11,550 549 1,609 11,851 13,460 3,306 1999 9/8/2014 Trader Joe's Center Dublin, OH 6,745 2,338 7,922 1,806 2,757 9,309 12,066 2,713 1986 9/11/2014 Palmetto Pavilion North Charleston, SC — 2,509 8,526 950 3,208 8,777 11,985 2,353 2003 9/11/2014 Five Town Plaza Springfield, MA — 8,912 19,635 6,344 10,029 24,862 34,891 8,480 1970/2013 9/24/2014 Fairfield Crossing Beavercreek, OH — 3,572 10,026 113 3,612 10,099 13,711 2,909 1994 10/24/2014 Beavercreek Towne Center Beavercreek, OH — 14,055 30,799 2,939 14,911 32,883 47,794 9,886 1994 10/24/2014 Grayson Village Loganville, GA — 3,952 5,620 2,052 4,114 7,510 11,624 2,725 2002 10/24/2014 The Fresh Market Commons Pawleys Island, SC — 2,442 4,941 128 2,457 5,054 7,511 1,518 2011 10/28/2014 Claremont Village Everett, WA — 5,635 10,544 1,094 5,854 11,420 17,273 3,189 1994/2012 11/6/2014 Cherry Hill Marketplace Westland, MI — 4,641 10,137 2,740 5,140 12,378 17,518 4,035 1992/2000 12/17/2014 Nor'Wood Shopping Center Colorado Springs, CO — 5,358 6,684 556 5,446 7,152 12,598 2,561 2003 1/8/2015 Sunburst Plaza Glendale, AZ — 3,435 6,041 1,176 3,583 7,069 10,652 2,537 1970 2/11/2015 Rivermont Station Johns Creek, GA — 6,876 8,916 1,888 7,169 10,511 17,680 4,225 1996/2003 2/27/2015 Breakfast Point Marketplace Panama City Beach, FL — 5,578 12,052 791 6,010 12,411 18,421 3,497 2009/2010 3/13/2015 Falcon Valley Lenexa, KS — 3,131 6,873 278 3,375 6,908 10,283 2,150 2008/2009 3/13/2015 Kohl's Onalaska Onalaska, WI — 2,670 5,648 — 2,670 5,648 8,317 1,931 1992/1993 3/13/2015 Coronado Center Santa Fe, NM 11,560 4,396 16,460 3,765 4,687 19,934 24,621 4,471 1964 5/1/2015 West Creek Plaza Coconut Creek, FL 5,529 3,459 6,131 286 3,513 6,362 9,876 1,605 2006/2013 7/10/2015 Northwoods Crossing Taunton, MA — 10,092 14,437 325 10,278 14,576 24,854 5,306 2003/2010 5/24/2016 Murphy Marketplace Murphy, TX — 28,652 33,122 1,451 28,988 34,237 63,225 7,281 2008/2015 6/24/2016 Harbour Village Jacksonville, FL — 5,630 16,727 1,319 6,032 17,644 23,676 3,602 2006 9/22/2016 Oak Mill Plaza Niles, IL 1,059 6,843 13,692 1,192 7,403 14,324 21,726 4,227 1977 10/3/2016 Southern Palms Tempe, AZ 23,207 10,025 24,346 2,078 10,494 25,956 36,450 6,380 1982 10/26/2016 Golden Eagle Village Clermont, FL 7,094 3,746 7,735 329 3,822 7,988 11,810 1,744 2011 10/27/2016 Atwater Marketplace Atwater, CA — 6,116 7,597 526 6,299 7,941 14,240 1,939 2008 2/10/2017 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Rocky Ridge Town Center Roseville, CA 20,679 5,449 29,207 677 5,618 29,714 35,333 4,373 1996 4/18/2017 Greentree Centre Racine, WI — 2,955 8,718 1,062 3,444 9,291 12,735 1,680 1989/1994 5/5/2017 Sierra Del Oro Towne Centre Corona, CA 6,849 9,011 17,989 1,382 9,250 19,132 28,382 3,241 1991 6/20/2017 Ashland Junction Ashland, VA — 4,987 6,050 (2,982) 3,741 4,313 8,055 3 1989 10/4/2017 Barclay Place Shopping Center Lakeland, FL — 1,984 7,174 (2,272) 1,522 5,364 6,886 416 1989 10/4/2017 Barnwell Plaza Barnwell, SC — 1,190 1,883 18 1,198 1,893 3,091 862 1985 10/4/2017 Birdneck Shopping Center Virginia Beach, VA — 1,900 3,253 602 2,057 3,698 5,755 889 1987 10/4/2017 Crossroads Plaza Asheboro, NC — 1,722 2,720 658 2,101 2,999 5,100 865 1984 10/4/2017 Dunlop Village Colonial Heights, VA — 2,420 4,892 829 2,593 5,549 8,141 1,089 1987 10/4/2017 Edgecombe Square Tarboro, NC — 1,412 2,258 434 1,485 2,620 4,104 1,122 1990 10/4/2017 Emporia West Plaza Emporia, KS — 872 3,409 (415) 762 3,104 3,865 294 1980/2000 10/4/2017 Forest Park Square Cincinnati, OH — 4,007 5,877 736 4,278 6,343 10,621 1,614 1988 10/4/2017 Goshen Station Goshen, OH 3,605 1,555 4,621 130 1,649 4,657 6,306 1,280 1973/2003 10/4/2017 The Village Shopping Center Mooresville, IN — 2,363 8,325 140 2,098 8,731 10,829 1,262 1965/1997 10/4/2017 Heritage Oaks Gridley, CA 4,839 2,390 7,404 837 2,410 8,221 10,631 1,903 1979 10/4/2017 Hickory Plaza Nashville, TN 4,780 2,927 5,099 1,940 2,961 7,005 9,966 1,110 1974/1986 10/4/2017 Highland Fair Gresham, OR 6,833 3,263 7,979 466 3,350 8,358 11,709 1,334 1984/1999 10/4/2017 High Point Village Bellefontaine, OH — 3,386 7,485 (2,392) 2,507 5,972 8,479 636 1988 10/4/2017 Mayfair Village Hurst, TX 16,398 15,343 16,522 1,865 15,527 18,202 33,729 3,314 1981/2004 10/4/2017 LaPlata Plaza La Plata, MD 17,860 8,434 22,855 1,954 8,657 24,586 33,243 3,494 2003 10/4/2017 Lafayette Square Lafayette, IN 7,182 5,387 5,636 43 5,373 5,692 11,065 3,062 1963/2001 10/4/2017 Landen Square Maineville, OH — 2,081 3,467 984 2,314 4,218 6,532 1,184 1981/2003 10/4/2017 Melbourne Village Plaza Melbourne, FL — 5,418 7,280 (1,343) 4,865 6,490 11,355 824 1987 10/4/2017 Commerce Square Brownwood, TX — 6,027 8,341 622 6,287 8,703 14,990 2,141 1969/2007 10/4/2017 Upper Deerfield Plaza Bridgeton, NJ — 5,073 5,882 (1,965) 3,956 5,034 8,990 834 1977/1994 10/4/2017 Monfort Heights Cincinnati, OH 4,216 2,357 3,545 9 2,357 3,554 5,911 771 1987 10/4/2017 Mountain Park Plaza Roswell, GA 6,341 6,118 6,652 339 6,152 6,957 13,109 1,227 1988/2003 10/4/2017 Nordan Shopping Center Danville, VA — 1,911 6,751 655 2,018 7,299 9,316 1,600 1961/2002 10/4/2017 Northside Plaza Clinton, NC — 1,406 5,471 291 1,416 5,751 7,168 1,218 1982 10/4/2017 Park Place Plaza Port Orange, FL — 2,347 8,458 (2,398) 1,838 6,570 8,407 465 1984 10/4/2017 Parkway Station Warner Robins, GA — 3,416 5,309 (1,395) 2,608 4,722 7,330 596 1982 10/4/2017 Parsons Village Seffner, FL 4,744 3,465 10,864 (4,186) 2,430 7,713 10,143 716 1983/1994 10/4/2017 Portland Village Portland, TN — 1,408 5,235 1,134 1,474 6,303 7,777 1,150 1984 10/4/2017 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Quail Valley Shopping Center Missouri City, TX — 2,452 11,501 (4,209) 1,595 8,148 9,743 550 1983 10/4/2017 Hillside - West Hillside, UT — 691 1,739 3,870 4,561 1,739 6,300 389 2006 10/4/2017 Rolling Hills Shopping Center Tucson, AZ 8,336 5,398 11,792 (2,733) 4,600 9,857 14,458 609 1980/1997 10/4/2017 South Oaks Shopping Center Live Oak, FL 3,220 1,742 5,119 104 1,793 5,172 6,966 1,817 1976/2000 10/4/2017 East Pointe Plaza Columbia, SC — 7,496 11,752 (10,072) 3,681 5,495 9,176 734 1990 10/4/2017 Southgate Center Heath, OH — 4,246 22,752 462 4,272 23,188 27,460 4,020 1960/1997 10/4/2017 Summerville Galleria Summerville, SC — 4,104 8,668 618 4,449 8,941 13,390 1,723 1989/2003 10/4/2017 The Oaks Hudson, FL — 3,876 6,668 (1,192) 3,460 5,892 9,352 1,191 1981 10/4/2017 Riverplace Centre Noblesville, IN 5,175 3,890 4,044 770 4,001 4,703 8,704 1,341 1992 10/4/2017 Town & Country Center Hamilton, OH 2,065 2,268 4,372 324 2,345 4,618 6,963 1,051 1950 10/4/2017 Powell Villa Portland, OR — 3,364 7,318 2,768 3,396 10,054 13,450 1,689 1959/1991 10/4/2017 Towne Crossing Shopping Center Mesquite, TX — 5,358 15,584 1,272 5,410 16,803 22,213 2,966 1984 10/4/2017 Village at Waterford Midlothian, VA 4,173 2,702 5,194 541 2,820 5,617 8,437 1,041 1991 10/4/2017 Buckingham Square Richardson, TX — 2,087 6,392 (551) 1,913 6,015 7,928 377 1978 10/4/2017 Western Square Shopping Center Laurens, SC — 1,013 3,333 (2,726) 308 1,312 1,620 — 1978/1991 10/4/2017 Windsor Center Dallas, NC — 2,488 5,186 359 2,488 5,545 8,032 1,401 1974/1996 10/4/2017 12 West Marketplace Litchfield, MN — 835 3,538 110 945 3,538 4,483 1,235 1989 10/4/2017 Orchard Plaza Altoona, PA 788 2,537 5,366 (3,766) 1,321 2,816 4,136 248 1987 10/4/2017 Willowbrook Commons Nashville, TN — 5,384 6,002 293 5,470 6,209 11,678 1,321 2005 10/4/2017 Edgewood Towne Center Edgewood, PA — 10,029 22,535 4,071 10,375 26,261 36,636 5,503 1990 10/4/2017 Everson Pointe Snellville, GA 7,734 4,222 8,421 455 4,360 8,737 13,098 1,727 1999 10/4/2017 Gleneagles Court (4) Memphis, TN — 3,892 8,157 (11,951) 98 — 98 — 1988 10/4/2017 Village Square of Delafield Delafield, WI 8,257 6,206 6,869 443 6,511 7,008 13,519 1,502 2007 10/4/2017 Shoppes of Lake Village Leesburg, FL — 4,065 3,795 1,375 4,110 5,125 9,235 1,681 1987/1998 2/26/2018 Sierra Vista Plaza Murrieta, CA — 9,824 11,669 1,370 10,328 12,535 22,863 1,404 1991 9/28/2018 Wheat Ridge Marketplace Wheat Ridge, CO 11,399 7,926 8,393 799 8,442 8,675 17,117 1,213 1996 10/3/2018 Atlantic Plaza North Reading, MA — 12,341 12,699 405 12,607 12,839 25,446 1,831 1959/1973 11/9/2018 Staunton Plaza Staunton, VA — 4,818 14,380 31 4,832 14,396 19,229 1,340 2006 11/16/2018 Bethany Village Alpharetta, GA — 6,138 8,355 321 6,145 8,668 14,813 992 2001 11/16/2018 Northpark Village Lubbock, TX — 3,087 6,047 103 3,102 6,135 9,237 683 1990 11/16/2018 Kings Crossing Sun City Center, FL 10,467 5,654 11,225 152 5,740 11,292 17,031 1,200 2000/2018 11/16/2018 Lake Washington Crossing Melbourne, FL — 4,222 13,553 790 4,264 14,300 18,564 1,822 1987/2012 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Kipling Marketplace Littleton, CO — 4,020 10,405 215 4,056 10,584 14,640 1,289 1983/2009 11/16/2018 MetroWest Village Orlando, FL — 6,841 15,333 321 6,933 15,561 22,495 1,608 1990 11/16/2018 Spring Cypress Village Houston, TX — 9,579 14,567 465 9,724 14,888 24,612 1,574 1982/2007 11/16/2018 Commonwealth Square Folsom, CA 5,932 9,955 12,586 423 9,973 12,991 22,964 2,000 1987 11/16/2018 Point Loomis Milwaukee, WI — 4,171 4,901 106 4,171 5,007 9,177 1,183 1965/1991 11/16/2018 Shasta Crossroads Redding, CA — 9,598 18,643 (3,907) 8,330 16,004 24,334 1,260 1989/2016 11/16/2018 Milan Plaza Milan, MI — 925 1,974 180 930 2,149 3,079 762 1960/1975 11/16/2018 Hilander Village Roscoe, IL — 2,571 7,461 537 2,638 7,931 10,568 1,377 1994 11/16/2018 Laguna 99 Plaza Elk Grove, CA — 5,422 16,952 136 5,429 17,080 22,509 1,640 1992 11/16/2018 Southfield Center St. Louis, MO — 5,612 13,643 872 5,866 14,261 20,127 1,614 1987 11/16/2018 Waterford Park Plaza Plymouth, MN — 4,935 19,543 150 4,971 19,657 24,628 2,062 1989 11/16/2018 Colonial Promenade Winter Haven, FL — 12,403 22,097 286 12,436 22,350 34,786 2,773 1986/2008 11/16/2018 Willimantic Plaza Willimantic, CT — 3,596 8,859 53 3,613 8,895 12,508 1,426 1968/1990 11/16/2018 Quivira Crossings Overland Park, KS — 7,512 10,729 775 7,679 11,336 19,016 1,514 1996 11/16/2018 Spivey Junction Stockbridge, GA — 4,083 10,414 64 4,091 10,470 14,561 1,156 1998 11/16/2018 Plaza Farmington Farmington, NM — 6,322 9,619 59 6,371 9,630 16,000 1,189 2004 11/16/2018 Harvest Plaza Akron, OH — 2,693 6,083 58 2,741 6,093 8,835 737 1974/2000 11/16/2018 Oakhurst Plaza Seminole, FL — 2,782 4,506 268 2,827 4,729 7,556 654 1974/2001 11/16/2018 Old Alabama Square Johns Creek, GA — 10,782 17,359 961 10,790 18,313 29,103 1,809 2000 11/16/2018 North Point Landing Modesto, CA 20,061 8,040 28,422 426 8,152 28,735 36,887 2,616 1964/2008 11/16/2018 Glenwood Crossing Cincinnati, OH — 4,581 3,922 69 4,594 3,978 8,571 743 1999 11/16/2018 Rosewick Crossing La Plata, MD — 8,252 23,507 392 8,284 23,866 32,150 2,321 2008 11/16/2018 Vineyard Center Templeton, CA 5,248 1,753 6,406 43 1,767 6,435 8,202 608 2007 11/16/2018 Ocean Breeze Plaza Ocean Breeze, FL — 6,416 9,986 532 6,452 10,482 16,934 1,177 1993/2010 11/16/2018 Central Valley Marketplace Ceres, CA 15,526 6,163 17,535 41 6,187 17,552 23,739 1,665 2005 11/16/2018 51st & Olive Square Glendale, AZ — 2,236 9,038 80 2,248 9,107 11,354 996 1975/2007 11/16/2018 West Acres Shopping Center Fresno, CA — 4,866 5,627 307 4,980 5,820 10,800 1,022 1990 11/16/2018 Meadows on the Parkway Boulder, CO — 23,954 32,744 813 24,072 33,440 57,512 3,141 1989 11/16/2018 Wyandotte Plaza Kansas City, KS — 5,204 17,566 127 5,240 17,657 22,896 1,749 1961/2015 11/16/2018 Broadlands Marketplace Broomfield, CO — 7,434 9,459 183 7,538 9,538 17,076 1,140 2002 11/16/2018 Village Center Racine, WI — 6,051 26,473 422 6,114 26,832 32,946 2,921 2002/2003 11/16/2018 Shoregate Town Center Willowick, OH — 7,152 16,282 762 7,174 17,022 24,196 3,278 1958/2005 11/16/2018 Plano Market Street Plano, TX — 14,837 33,178 566 15,099 33,482 48,581 2,997 2009 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Island Walk Shopping Center Fernandina Beach, FL — 8,190 19,992 687 8,267 20,602 28,869 2,358 1987/2012 11/16/2018 Normandale Village Bloomington, MN 11,638 8,390 11,407 898 8,668 12,028 20,695 1,947 1973 11/16/2018 North Pointe Plaza North Charleston, SC — 10,232 26,348 400 10,474 26,506 36,980 3,377 1989 11/16/2018 Palmer Town Center Easton, PA — 7,331 23,525 375 7,327 23,904 31,231 2,402 2005 11/16/2018 Alico Commons Fort Myers, FL — 4,670 16,557 491 4,843 16,875 21,718 1,608 2009 11/16/2018 Windover Square Melbourne, FL 11,048 4,115 13,309 264 4,193 13,495 17,689 1,312 1984/2010 11/16/2018 Rockledge Square Rockledge, FL — 3,477 4,469 409 3,496 4,859 8,355 918 1985 11/16/2018 Port St. John Plaza Port St. John, FL — 3,305 5,636 (3,444) 1,962 3,535 5,497 289 1986 11/16/2018 Fairfield Commons Lakewood, CO — 8,802 29,946 1,052 8,810 30,991 39,800 2,734 1985 11/16/2018 Cocoa Commons Cocoa, FL — 4,838 8,247 583 4,851 8,817 13,668 1,271 1986 11/16/2018 Hamilton Mill Village Dacula, GA — 7,059 9,734 292 7,087 9,998 17,085 1,186 1996 11/16/2018 Sheffield Crossing Sheffield Village, OH — 8,841 10,232 193 9,026 10,240 19,266 1,411 1989 11/16/2018 The Shoppes at Windmill Place Batavia, IL — 8,186 16,005 352 8,194 16,350 24,544 1,871 1991/1997 11/16/2018 Stone Gate Plaza Crowley, TX 7,185 5,261 7,007 209 5,269 7,207 12,477 825 2003 11/16/2018 Everybody's Plaza Cheshire, CT — 2,520 10,096 268 2,539 10,345 12,884 978 1960/2005 11/16/2018 Lakewood City Center Lakewood, OH — 1,593 10,308 29 1,599 10,332 11,931 923 1991 11/16/2018 Carriagetown Marketplace Amesbury, MA — 7,084 15,492 488 7,092 15,971 23,064 1,782 2000 11/16/2018 Crossroads of Shakopee Shakopee, MN — 8,869 20,320 327 8,933 20,582 29,515 2,517 1998 11/16/2018 Broadway Pavilion Santa Maria, CA — 8,512 20,427 360 8,534 20,765 29,300 2,159 1987 11/16/2018 Sanibel Beach Place Fort Myers, FL — 3,918 7,043 647 4,014 7,594 11,608 995 2003 11/16/2018 Shoppes at Glen Lakes Weeki Wachee, FL — 3,118 7,473 431 3,156 7,866 11,022 892 2008 11/16/2018 Bartow Marketplace Cartersville, GA 19,305 11,944 24,610 288 11,968 24,874 36,841 3,706 1995 11/16/2018 Bloomingdale Hills Riverview, FL — 4,384 5,179 219 4,389 5,393 9,783 867 2002/2012 11/16/2018 University Plaza Amherst, NY — 6,402 9,800 514 6,410 10,306 16,716 2,336 1980/1999 11/16/2018 McKinney Market Street McKinney, TX 2,236 10,941 16,061 1,467 10,969 17,500 28,469 2,034 2003 11/16/2018 Montville Commons Montville, CT — 12,417 11,091 489 12,443 11,554 23,997 1,745 2007 11/16/2018 Shaw's Plaza Raynham Raynham, MA — 7,769 26,829 914 7,789 27,724 35,512 3,027 1965/1998 11/16/2018 Suntree Square Southlake, TX 8,994 6,335 15,642 361 6,350 15,988 22,338 1,625 2000 11/16/2018 Green Valley Plaza Henderson, NV — 7,284 16,879 221 7,329 17,056 24,384 1,789 1978/1982 11/16/2018 Crosscreek Village St. Cloud, FL — 3,821 9,604 388 3,859 9,953 13,813 1,099 2008 11/16/2018 Market Walk Savannah, GA — 20,679 31,836 1,626 20,750 33,391 54,141 3,406 2014/2015 11/16/2018 Livonia Plaza Livonia, MI — 4,118 17,037 55 4,151 17,059 21,210 1,867 1988 11/16/2018 Franklin Centre Franklin, WI 7,255 6,353 5,482 370 6,357 5,849 12,206 1,491 1994/2009 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (2) Gross Amount Carried at End of Period (3) Property Name City, State Encumbrances (1) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Plaza 23 Pompton Plains, NJ — 11,412 40,144 868 11,664 40,760 52,424 3,721 1963/1997 11/16/2018 Shorewood Crossing Shorewood, IL — 9,468 20,993 2,519 9,569 23,411 32,980 2,477 2001 11/16/2018 Herndon Place Fresno, CA — 7,148 10,071 (853) 6,808 9,559 16,367 668 2005 11/16/2018 Windmill Marketplace Clovis, CA — 2,775 7,299 (485) 2,682 6,906 9,588 321 2001 11/16/2018 Riverlakes Village Bakersfield, CA 13,219 8,567 15,242 523 8,608 15,725 24,332 1,523 1997 11/16/2018 Bells Fork Greenville, NC — 2,846 6,455 (875) 2,612 5,815 8,427 — 2006 11/16/2018 Evans Towne Centre Evans, GA — 4,018 7,013 191 4,058 7,163 11,222 923 1995 11/16/2018 Mansfield Market Center Mansfield, TX — 4,672 13,154 145 4,678 13,292 17,971 1,241 2015 11/16/2018 Ormond Beach Mall Ormond Beach, FL — 4,954 7,006 750 5,008 7,702 12,710 1,004 1967/2010 11/16/2018 Heritage Plaza Carol Stream, IL 9,105 6,205 16,507 309 6,243 16,778 23,022 1,718 1988 11/16/2018 Mountain Crossing Dacula, GA 3,736 6,602 6,835 147 6,650 6,934 13,585 897 1997 11/16/2018 Seville Commons Arlington, TX — 4,689 12,602 858 4,845 13,304 18,149 1,344 1987 11/16/2018 Loganville Town Center Loganville, GA — 4,922 6,625 299 5,027 6,819 11,846 939 1997 11/16/2018 Alameda Crossing Avondale, AZ 12,894 7,785 19,875 2,148 7,834 21,974 29,807 2,245 2005 11/16/2018 Cinco Ranch at Market Center Katy, TX — 5,553 14,063 515 5,679 14,452 20,131 1,342 2007/2008 12/12/2018 Naperville Crossings Naperville, IL 25,380 15,242 30,881 2,303 15,852 32,574 48,426 2,883 2007/2016 4/26/2019 Orange Grove Shopping Center North Fort Myers, FL — 2,637 7,340 269 2,873 7,373 10,245 489 1999 10/31/2019 Sudbury Crossing Sudbury, MA — 6,483 12,933 129 6,490 13,055 19,545 716 1984 10/31/2019 Ashburn Farm Market Center Ashburn, VA — 14,035 16,648 19 14,029 16,673 30,702 919 2000 10/31/2019 Del Paso Marketplace Sacramento, CA — 5,722 12,242 141 5,748 12,357 18,105 637 2006 12/12/2019 Hickory Flat Commons Canton, GA — 6,976 11,786 586 7,173 12,176 19,348 314 2008 8/17/2020 Roxborough Marketplace Littleton, CO — 4,105 12,668 190 4,105 12,858 16,963 155 2005 10/5/2020 Northlake Station LLC (5) Cincinnati, OH 8,108 2,327 11,806 554 2,526 12,161 14,687 1,760 1985 10/6/2006 Corporate Adjustments (6) — 6 2,734 (6,311) (1,570) (2,002) (3,572) (11) Totals $685,022 $1,519,458 $3,088,652 $179,231 $1,549,362 $3,237,986 $4,787,348 $695,591 (1) Encumbrances do not include our finance leases. (2) Reductions to costs capitalized subsequent to acquisition are generally attributable to parcels/outparcels sold, impairments, and assets held-for-sale. (3) The aggregate basis of properties for federal income tax purposes is approximately $4.8 billion at December 31, 2020. (4) The main shopping center at this location was sold and we currently only own an outparcel. (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 real estate assets. Reconciliation of real estate assets at cost: 2020 2019 Balance at January 1 $ 4,749,324 $ 4,848,483 Additions during the year: Real estate acquisitions 39,879 126,378 Net additions to/improvements of real estate 57,700 79,396 Adoption of ASC 842 — 4,707 Deductions during the year: Real estate dispositions (54,188) (185,468) Impairment of real estate (5,367) (118,725) Real estate held for sale — (5,447) Balance at December 31 $ 4,787,348 $ 4,749,324 Reconciliation of accumulated depreciation: 2020 2019 Balance at January 1 $ 526,309 $ 393,970 Additions during the year: Depreciation expense 177,860 183,535 Deductions during the year: Accumulated depreciation of real estate dispositions (5,568) (17,444) Impairment of real estate (3,010) (33,126) Accumulated depreciation of real estate held for sale — (626) Balance at December 31 $ 695,591 $ 526,309 * * * * * |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation —The accompanying condensed 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 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 these financial statements should refer to our audited consolidated financial statements for the year ended December 31, 2020. 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 herein. Our results of operations for the three months ended March 31, 2021 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; remaining hold periods 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. Further, as we hold a majority voting interest in the Operating Partnership, we qualify for the exemption from providing certain of the disclosure requirements associated with variable interest entities. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“Section 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 Section 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 in a reverse Section 1031 Exchange to be a VIE, and therefore, we will consolidate the entity as the primary beneficiary in these instances. | |
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 (loss) income, 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. From time to time, the cash and cash equivalent balances at one or more of our financial institutions may exceed the Federal Depository Insurance Corporation coverage. | |
Restricted Cash | Restricted Cash—Restricted cash primarily consists of cash restricted for the purpose of facilitating a Section 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 —We apply Accounting Standards Codification (“ASC”) Topic 805: Business Combinations (“ASC 805”) when evaluating any purchases of real estate. Under this guidance, generally our real estate acquisition activity is not considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs are capitalized and amortized over the life of the related assets, and there is no recognition of goodwill. None of our real estate acquisitions in 2020 and 2019 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, sales comparison approach, and replacement cost approach) 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 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 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 above- and below-market debt was $2.9 million and $4.3 million as of December 31, 2020 and 2019, respectively. | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles —In the case of an acquisition of a business, 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. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if we choose to bypass the qualitative approach for any reporting unit, we perform the quantitative approach described below. When we perform a quantitative test of goodwill for impairment, we compare the carrying value of a reporting unit with its fair value. 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 | |
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 —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. On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large unleased or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net book value of the property over its remaining economic life based upon net operating income (“NOI”) as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows directly associated with the use and ultimate disposition of the center are less than the net book value of the center as of the balance sheet date, we record an impairment charge based on the fair value determined in the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale. In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values. Our quarterly impairment procedures have not been altered by the COVID-19 pandemic, as we believe key impairment indicators such as temporary store closings and large unleased or vacant spaces will continue to be identified in our review. We have utilized forecasts that incorporate estimated decreases in NOI and cash flows as a result of the COVID-19 pandemic in performing our impairment analysis for the year ended December 31, 2020. However, it is possible that we could experience unanticipated changes in assumptions that are employed in our impairment analysis which could impact our cash flows and fair value conclusions. Such unanticipated changes relative to our expectations may include but are not limited to: increases or decreases in the duration or permanence of tenant closures, increases or decreases in collectibility reserves and write-offs, additional capital required to fill vacancies, extended lease-up periods, future closings of large tenants, changes in macroeconomic assumptions such as rate of inflation and capitalization rates, and changes to the estimated timing of disposition of the properties under review. | |
Investment in Unincorporated Joint Ventures | Investments 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 losses 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. We utilize the cumulative-earnings approach for purposes of determining whether 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. Under this approach, distributions are presumed to be returns on investment unless cumulative returns on investment exceed our cumulative equity in earnings. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash flows from investing activities. 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. | |
Leases Activities, 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 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, 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 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. We record such taxes on a net basis in our consolidated statements of operations. 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, collectibility 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. | |
Leases Activities, 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 contain one or more options to renew for additional terms 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 no renewal options. Office equipment leases typically have 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 and are not separated from the leasing component. 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. | |
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. Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset 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 reporting period based upon invested equity 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. 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 | |
Share-Based Compensation | Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation | |
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. 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—Our principal business is the ownership and operation of community and neighborhood shopping centers. We do not distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance. Accordingly, we have presented our results as a single reportable segment. | |
Income Taxes | Income Taxes —Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three months ended March 31, 2021 and 2020, and we retain a full valuation allowance for our deferred tax asset. All income tax amounts are included in Other (Expense) Income, Net on the consolidated statements of operations and comprehensive income (loss) (“consolidated statements of operations”). | 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. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. We recognized an insignificant amount of federal, state, and local income tax expense for the years ended December 31, 2020 and 2019, respectively, and we retain a full valuation allowance for our deferred tax asset. All income tax amounts are included in Other Income (Expense), Net on the consolidated statements of operations. For more information regarding our income taxes, see Note 11. |
Newly Adopted and Recently Issued Accounting Pronouncements | Newly Adopted 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 Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) The amendments in this update replaced 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 clarified that receivables arising from operating leases are not within the scope of ASC Topic 326. Instead, impairment of receivables arising from operating leases will be accounted for in accordance with ASC 842. It also allowed election of the fair value option on certain financial instruments. January 1, 2020 The adoption of this standard did not have a material impact on our consolidated financial statements. The majority of our financial instruments result from operating lease transactions, which are not within the scope of this standard. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amended two aspects of the January 1, 2020 The adoption of this standard did not have a material impact 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 amended a variety of topics, January 1, 2020 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU March 12, 2020 We have elected to apply the expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as changes occur. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) issued interpretive guidance addressing the accounting treatment for lease concessions attributable to the pandemic. Under this guidance, entities may elect to account for such lease concessions consistent with how they would be accounted for under ASC 842 if the enforceable rights and obligations for the lease concessions already existed within the lease agreement, regardless of whether such enforceable rights and obligations are explicitly outlined within the lease. This accounting treatment may only be applied if (1) the lease concessions were granted as a direct result of the pandemic, and (2) the total cash flows under the modified lease are less than or substantially the same as the cash flows under the original lease agreement. As a result, entities that make this election will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist within the contract, and may elect not to account for these concessions as lease modifications within the scope of ASC 842. Some concessions will provide a deferral of payments, which may affect the timing of cash receipts without substantively impacting the total consideration per the original lease agreement. The FASB has stated that there are multiple acceptable methods to account for deferrals under the interpretive guidance: • Account for the concession as if no changes to the lease contract were made, increasing the lease receivable as payments accrue and continuing to recognize income; or • Account for deferred lease payments as variable lease payments. We have elected not to account for any qualifying lease concessions granted as a result of the COVID-19 pandemic as lease modifications and will account for any qualifying concessions granted as if no changes to the lease contract were made. This | |
Reclassifications | Reclassifications —The following line item on our consolidated balance sheet as of December 31, 2019 was reclassified to conform to current year presentation: • Corporate Intangible Assets, Net was included in Other Assets, Net. The following line items on our consolidated statements of cash flows for the years ended December 31, 2019 and 2018 were reclassified to conform to current year presentation: • Return on Investment in Unconsolidated Joint Ventures was listed on a separate line from Other Assets, Net; and • Net Change in Credit Facility was separated into two lines, Proceeds from Revolving Credit Facility and Payments on Revolving Credit Facility. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 Income 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. | 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. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | 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 Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) The amendments in this update replaced 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 clarified that receivables arising from operating leases are not within the scope of ASC Topic 326. Instead, impairment of receivables arising from operating leases will be accounted for in accordance with ASC 842. It also allowed election of the fair value option on certain financial instruments. January 1, 2020 The adoption of this standard did not have a material impact on our consolidated financial statements. The majority of our financial instruments result from operating lease transactions, which are not within the scope of this standard. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amended two aspects of the January 1, 2020 The adoption of this standard did not have a material impact 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 amended a variety of topics, January 1, 2020 The adoption of this standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU March 12, 2020 We have elected to apply the expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as changes occur. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) issued interpretive guidance addressing the accounting treatment for lease concessions attributable to the pandemic. Under this guidance, entities may elect to account for such lease concessions consistent with how they would be accounted for under ASC 842 if the enforceable rights and obligations for the lease concessions already existed within the lease agreement, regardless of whether such enforceable rights and obligations are explicitly outlined within the lease. This accounting treatment may only be applied if (1) the lease concessions were granted as a direct result of the pandemic, and (2) the total cash flows under the modified lease are less than or substantially the same as the cash flows under the original lease agreement. As a result, entities that make this election will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist within the contract, and may elect not to account for these concessions as lease modifications within the scope of ASC 842. Some concessions will provide a deferral of payments, which may affect the timing of cash receipts without substantively impacting the total consideration per the original lease agreement. The FASB has stated that there are multiple acceptable methods to account for deferrals under the interpretive guidance: • Account for the concession as if no changes to the lease contract were made, increasing the lease receivable as payments accrue and continuing to recognize income; or • Account for deferred lease payments as variable lease payments. We have elected not to account for any qualifying lease concessions granted as a result of the COVID-19 pandemic as lease modifications and will account for any qualifying concessions granted as if no changes to the lease contract were made. This |
Revenue Recognition Schedule of Fee Types | We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements. Fee Performance Obligation Satisfied Form and Timing of Payment Description Asset 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 reporting period based upon invested equity 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. |
Leases (Tables)
Leases (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Leases, Operating [Abstract] | ||
Lessor, Operating Leases | 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. Lease income related to our operating leases was as follows for the three months ended March 31, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Rental income related to fixed lease payments (1) $ 94,966 $ 96,027 Rental income related to variable lease payments (1) 31,401 31,838 Straight-line rent amortization (2) 1,369 2,309 Amortization of lease assets 827 779 Lease buyout income 797 94 Adjustments for collectibility (2)(3) (1,737) (2,581) Total rental income $ 127,623 $ 128,466 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Includes revenue adjustments for non-creditworthy tenants. (3) Contains general reserves; excludes reserves for straight-line rent amortization. | |
Lease Income, Lessor, Operating Leases | Lease income related to our operating leases was as follows as of December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Rental income related to fixed lease payments (1) $ 380,439 $ 385,948 Rental income related to variable lease payments (1) 125,256 127,790 Straight-line rent amortization (2) 3,258 9,003 Amortization of lease assets 3,138 4,138 Lease buyout income 1,237 1,166 Adjustments for collectibility (2)(3) (27,845) (5,775) Total rental income $ 485,483 $ 522,270 (1) Includes rental income related to lease payments before assessing for collectibility. (2) Includes revenue adjustments for non-creditworthy tenants. (3) Contains general reserves; excludes reserves for straight-line rent amortization. | |
Lessor - Operating Lease, Payments to be Received, Maturity as of 2020 | Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands): Year Amount Remaining 2021 $ 284,609 2022 351,031 2023 303,854 2024 248,929 2025 193,599 Thereafter 470,135 Total $ 1,852,157 | Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 2020, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements, payment plans, and tenants who have been moved to the cash basis of accounting for revenue recognition purposes are as follows (in thousands): Year Amount 2021 $ 374,203 2022 339,952 2023 291,884 2024 236,076 2025 179,406 Thereafter 430,799 Total $ 1,852,320 |
Schedule of Leases | Lessee —Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of December 31, 2020 and 2019 (in thousands): Balance Sheet Information Balance Sheet Location 2020 2019 ROU assets, net - operating leases Investment in Real Estate $ 3,867 $ 7,613 ROU assets, net - operating and finance leases Other Assets, Net 1,438 2,111 Operating lease liability Accounts Payable and Other Liabilities 5,731 9,453 Finance lease liability Debt Obligations, Net 164 443 | |
Finance Lease, Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2020 (in thousands): Undiscounted Year Operating Finance 2021 $ 831 $ 102 2022 805 29 2023 654 24 2024 528 16 2025 297 — Thereafter 5,781 — Total undiscounted cash flows from leases 8,896 171 Total lease liabilities recorded at present value 5,731 164 Difference between undiscounted cash flows and present value of lease liabilities $ 3,165 $ 7 | |
Operating Lease, Liability, Maturity | Future undiscounted payments for fixed lease charges by lease type, inclusive of options reasonably certain to be exercised, are as follows as of December 31, 2020 (in thousands): Undiscounted Year Operating Finance 2021 $ 831 $ 102 2022 805 29 2023 654 24 2024 528 16 2025 297 — Thereafter 5,781 — Total undiscounted cash flows from leases 8,896 171 Total lease liabilities recorded at present value 5,731 164 Difference between undiscounted cash flows and present value of lease liabilities $ 3,165 $ 7 | |
Schedule of Leases | Lease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): Balance Sheet Information Balance Sheet Location March 31, 2021 December 31, 2020 ROU assets, net - operating leases Investment in Real Estate $ 4,032 $ 3,867 ROU assets, net - operating and finance leases Other Assets, Net 1,260 1,438 Operating lease liability Accounts Payable and Other Liabilities 5,774 5,731 Finance lease liability Debt Obligations, Net 91 164 |
Merger with REIT II Merger with
Merger with REIT II Merger with REIT II (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 31.8 million. (2) Previously a component of Other Assets, Net. | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes our real estate acquisition activity (dollars in thousands): Three Months Ended March 31, 2021 2020 Number of properties acquired 2 — Number of outparcels acquired (1) 2 2 Total acquisition price $ 39,850 $ 4,319 | Acquisitions —The following table summarizes our real estate acquisition activity for the years ended December 31, 2020, 2019, and 2018 (dollars and square feet in thousands): 2020 2019 2018 Number of properties purchased (1) 2 2 5 Number of outparcels purchased (2) 2 2 2 Total price of acquisitions $ 41,482 $ 71,722 $ 98,941 Total square footage acquired 216 213 543 (1) Excludes 86 properties acquired in the Merger and three properties acquired in the merger with Phillips Edison Grocery Center REIT III, Inc. (“REIT III”). (2) Outparcels purchased in 2020, 2019, and 2018 are parcels of land adjacent to shopping centers that we own. |
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 | |
us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedforMaterialTransactionTableTextBlock | 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 |
Real Estate Activity (Tables)
Real Estate Activity (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Real Estate Investments, Net [Abstract] | ||
Schedule of Real Estate Dispositions | The following table summarizes our real estate disposition activity (dollars in thousands): Three Months Ended March 31, 2021 2020 Number of properties sold 6 3 Number of outparcels sold (1) 1 — Proceeds from sale of real estate $ 58,356 $ 17,447 Gain (loss) on sale of properties, net (2) 14,355 (826) (1) The outparcel sold in the first quarter of 2021 was the only remaining portion of one of our properties, and therefore the sale resulted in a reduction in our total property count. (2) The gain (loss) on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain (Loss) on Disposal of Property, Net on the consolidated statements of operations. Subsequent to March 31, 2021, we sold two properties for $20.2 million. | Property Sales —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I (see Note 7), for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands): 2020 2019 2018 Number of properties sold (1) 7 21 8 Number of outparcels sold 1 1 — Proceeds from sale of real estate $ 57,902 $ 223,083 $ 82,145 Gain on sale of properties, net (2) 10,117 30,039 16,757 (1) We retained certain outparcels of land associated with one of our property dispositions during the year ended December 31, 2020, and as a result, this property is still included in our total property count. (2) The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Sale or Contribution of Property, Net on the consolidated statements of operations. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes our real estate acquisition activity (dollars in thousands): Three Months Ended March 31, 2021 2020 Number of properties acquired 2 — Number of outparcels acquired (1) 2 2 Total acquisition price $ 39,850 $ 4,319 | Acquisitions —The following table summarizes our real estate acquisition activity for the years ended December 31, 2020, 2019, and 2018 (dollars and square feet in thousands): 2020 2019 2018 Number of properties purchased (1) 2 2 5 Number of outparcels purchased (2) 2 2 2 Total price of acquisitions $ 41,482 $ 71,722 $ 98,941 Total square footage acquired 216 213 543 (1) Excludes 86 properties acquired in the Merger and three properties acquired in the merger with Phillips Edison Grocery Center REIT III, Inc. (“REIT III”). (2) Outparcels purchased in 2020, 2019, and 2018 are parcels of land adjacent to shopping centers that we own. |
Schedule of Acquired Intangible Leases | The fair value and weighted-average useful life at acquisition for lease intangibles acquired are as follows (dollars in thousands, weighted-average useful life in years): Three Months Ended March 31, 2021 Fair Value Weighted-Average Useful Life In-place leases $ 4,155 7 Above-market leases 52 5 Below-market leases (1,652) 6 | The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the transactions above during the years ended December 31, 2020 and 2019, are as follows (dollars in thousands, weighted-average useful life in years): 2020 2019 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life In-place leases $ 3,360 10 $ 11,907 9 Above-market leases 709 4 2,017 9 Below-market leases (2,466) 21 (3,385) 15 |
Schedule of Real Estate Held-for-sale | A summary of assets and liabilities for the properties held for sale as of March 31, 2021 is below (in thousands): March 31, 2021 ASSETS Total investment in real estate assets, net $ 23,852 Other assets, net 517 Total assets $ 24,369 LIABILITIES Below-market lease liabilities, net $ 1,866 Accounts payable and other liabilities 243 Total liabilities $ 2,109 | A summary of assets and liabilities for the property held for sale as of December 31, 2019 is presented below (in thousands): 2019 ASSETS Total investment in real estate assets, net $ 5,859 Other assets, net 179 Total assets $ 6,038 LIABILITIES (1) Below-market lease liabilities, net $ 316 Accounts payable and other liabilities 33 Total liabilities $ 349 (1) These amounts are included in Accounts Payable and Other Liabilities on the consolidated balance sheet. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Acquired Intangible Assets and Liabilities | Other intangible assets and liabilities consisted of the following as of December 31, 2020 and 2019, excluding amounts related to other intangible assets and liabilities classified as held for sale (in thousands): 2020 2019 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Corporate intangible assets $ 6,804 $ (4,922) $ 4,883 $ (2,444) In-place leases 441,683 (204,698) 442,729 (170,272) Above-market leases 66,106 (41,125) 65,946 (34,569) Below-market lease liabilities (150,579) 48,834 (151,585) 39,266 |
Finite-lived Intangible Assets Amortization Expense | Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Corporate intangible assets $ 2,478 $ 2,735 $ 10,618 In-place leases 36,000 42,902 37,101 Above-market leases 6,890 7,502 6,112 Below-market lease liabilities (10,063) (11,687) (10,061) |
Schedule of Acquired Intangible Assets, Future Amortization Expense | Estimated future amortization of the respective other intangible assets and liabilities as of December 31, 2020, excluding estimated amounts related to other intangible assets and liabilities classified as held for sale, for each of the next five years is as follows (in thousands): Corporate Intangible Assets In-Place Leases Above-Market Leases Below-Market Leases 2021 $ 384 $ 32,877 $ 6,211 $ (9,556) 2022 384 30,293 5,329 (9,094) 2023 384 26,541 4,573 (8,420) 2024 384 23,439 3,284 (7,839) 2025 346 20,435 2,131 (7,341) |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments in Unconsolidated Joint Ventures | The following table summarizes balances on the consolidated balance sheets related to our unconsolidated joint ventures as of December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Joint Venture Ownership Percentage Number of Shopping Centers Investment Balance Unamortized Basis Difference Ownership Percentage Number of Shopping Centers Investment Balance Unamortized Basis Difference NRP 20 % 5 $ 6,304 $ 1,381 20 % 8 $ 10,183 $ 3,189 GRP I 14 % 20 31,062 — 15 % 17 27,356 — GRP II N/A N/A N/A N/A 10 % 3 5,315 879 |
Equity Method Investments in Unconsolidated Joint Ventures, Investment Income | The following table summarizes the activity on the consolidated statements of operations related to our unconsolidated joint ventures as of December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Distributions to PECO After Formation or Assumption NRP $ 4,192 $ 7,167 $ 200 GRP I 1,047 2,025 — GRP II 177 40 N/A Gain (Loss) from Unconsolidated Joint Ventures NRP $ 2,119 $ 3,989 $ (73) GRP I (309) (72) (35) GRP II 42 6 N/A Amortization and Write-Off of Basis Differences NRP $ 1,808 $ 2,837 $ 177 GRP II (1) 879 17 N/A (1) As part of the merger between GRP I and GRP II, the total remaining value of our GRP II investment of $5.1 million was contributed to GRP I, and the result of this transaction was an increase in our GRP I investment of $5.1 million. |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Schedule of Other Assets | The following is a summary of Other Assets, Net outstanding as of March 31, 2021 and December 31, 2020, excluding amounts related to assets held for sale (in thousands): March 31, 2021 December 31, 2020 Other assets, net: Deferred leasing commissions and costs $ 42,946 $ 41,664 Deferred financing expenses (1) 13,971 13,971 Office equipment, ROU assets, and other 22,045 21,578 Corporate intangible assets 6,804 6,804 Total depreciable and amortizable assets 85,766 84,017 Accumulated depreciation and amortization (47,819) (45,975) Net depreciable and amortizable assets 37,947 38,042 Accounts receivable, net (2) 47,659 46,893 Accounts receivable - affiliates 1,073 543 Deferred rent receivable, net (3) 33,257 32,298 Prepaid expenses and other 15,132 8,694 Investment in third parties 3,000 — Total other assets, net $ 138,068 $ 126,470 (1) Deferred financing expenses per the above table are related to our revolving line of credit and as such we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $7.2 million and $8.9 million of general reserves for uncollectible amounts as of March 31, 2021 and December 31, 2020, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $19.6 million and $22.8 million as of March 31, 2021 and December 31, 2020, respectively. (3) Net of $5.1 million and $4.4 million of adjustments as of March 31, 2021 and December 31, 2020, respectively, for straight-line rent removed for tenants considered to be non-creditworthy. | The following is a summary of Other Assets, Net outstanding as of December 31, 2020 and 2019, excluding amounts related to assets classified as held for sale (in thousands): 2020 2019 Other assets, net: Deferred leasing commissions and costs $ 41,664 $ 38,738 Deferred financing expenses (1) 13,971 13,971 Office equipment, ROU assets, and other 21,578 19,430 Corporate intangible assets 6,804 4,883 Total depreciable and amortizable assets 84,017 77,022 Accumulated depreciation and amortization (45,975) (35,055) Net depreciable and amortizable assets 38,042 41,967 Accounts receivable, net (2) 46,893 46,125 Accounts receivable - affiliates 543 728 Deferred rent receivable, net (3) 32,298 29,291 Derivative asset — 2,728 Prepaid expense and other 8,694 7,851 Total other assets, net $ 126,470 $ 128,690 (1) Deferred financing expenses per the above table are related to our revolving line of credit, and thus we have elected to classify them as an asset rather than as a contra-liability. (2) Net of $8.9 million and $6.9 million of general reserves for uncollectible amounts as of December 31, 2020 and 2019, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $22.8 million and $6.2 million as of December 31, 2020 and 2019, respectively. (3) Net of $4.4 million and $0.7 million of adjustments as of December 31, 2020 and 2019, respectively, for straight-line rent removed for tenants considered to be non-creditworthy. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of Debt Obligations | The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, for our debt obligations as of March 31, 2021 and December 31, 2020 (dollars in thousands): Interest Rate (1) March 31, 2021 December 31, 2020 Revolving credit facility LIBOR + 1.4% $ — $ — Term loans (2) 1.4% - 4.6% 1,622,500 1,622,500 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 7.2% 273,590 290,022 Finance lease liability 91 164 Assumed market debt adjustments, net (1,587) (1,543) Deferred financing expenses, net (12,622) (13,538) Total $ 2,276,972 $ 2,292,605 Weighted-average interest rate 3.0 % 3.1 % (1) Interest rates are as of March 31, 2021. (2) Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is a portion of these loans that are not subject to a swap, and thus are still indexed to LIBOR. In April 2021, we repaid $25.1 million in mortgage loans ahead of their scheduled maturities. | The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, on our debt obligations as of December 31, 2020 and 2019 (in thousands): Interest Rate (1) 2020 2019 Revolving credit facility LIBOR + 1.4% $ — $ — Term loans (2) 1.4% - 4.6% 1,622,500 1,652,500 Secured loan facilities 3.4% - 3.5% 395,000 395,000 Mortgages 3.5% - 7.2% 290,022 324,578 Finance lease liability 164 443 Assumed market debt adjustments, net (1,543) (1,218) Deferred financing expenses, net (13,538) (17,204) Total $ 2,292,605 $ 2,354,099 (1) Interest rates are as of December 31, 2020. |
Schedule of Long-term Debt Instruments, Alternative | 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, and including the effects of derivative financial instruments (see Notes 7 and 12) as of March 31, 2021 and December 31, 2020, is summarized below (in thousands): March 31, 2021 December 31, 2020 As to interest rate: Fixed-rate debt $ 1,598,681 $ 1,727,186 Variable-rate debt 692,500 580,500 Total $ 2,291,181 $ 2,307,686 As to collateralization: Unsecured debt $ 1,622,500 $ 1,622,500 Secured debt 668,681 685,186 Total $ 2,291,181 $ 2,307,686 | 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, 2020 and 2019, is summarized below (in thousands): 2020 2019 As to interest rate: (1) Fixed-rate debt $ 1,727,186 $ 2,122,021 Variable-rate debt 580,500 250,500 Total $ 2,307,686 $ 2,372,521 As to collateralization: Unsecured debt $ 1,622,500 $ 1,652,500 Secured debt 685,186 720,021 Total $ 2,307,686 $ 2,372,521 Weighted-average interest rate (1) 3.1 % 3.4 % (1) Includes the effects of derivative financial instruments (see Notes 10 and 17). |
Schedule of Maturities of Long-Term Debt | Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, and deferred financing expenses (in thousands): 2021 2022 2023 2024 2025 Thereafter Total Term loans $ — $ 375,000 $ 300,000 $ 475,000 $ 472,500 $ — $ 1,622,500 Secured debt 62,589 61,898 79,569 28,162 27,881 424,923 685,022 Total $ 62,589 $ 436,898 $ 379,569 $ 503,162 $ 500,381 $ 424,923 $ 2,307,522 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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, 2020 and 2019 (notional amounts in thousands): 2020 2019 Count 6 9 Notional amount $ 1,042,000 $ 1,402,000 Fixed LIBOR 1.3% - 2.9% 0.8% - 2.9% Maturity date 2021 - 2025 2020 - 2025 | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below details the nature of the gain and loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 Amount of gain (loss) recognized in Other Comprehensive Income (Loss) $ 7,265 $ (44,916) Amount of loss reclassified from AOCI into interest expense 4,855 1,552 | The table below details the nature of the loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Amount of loss recognized in Other Comprehensive (Loss) Income $ 50,552 $ 35,865 $ 895 Amount of loss reclassified from AOCI into interest expense 16,732 2,409 3,261 |
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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Count 5 6 Notional amount $ 930,000 $ 1,042,000 Fixed LIBOR 1.3% - 2.9% 1.3% - 2.9% Maturity date 2022 - 2025 2021 - 2025 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 (in thousands): 2020 2019 Deferred tax assets: Accrued compensation $ 3,250 $ 3,912 Accrued expenses and reserves 89 70 Net operating loss (“NOL”) carryforward 2,787 2,885 Other 306 362 Gross deferred tax assets 6,432 7,229 Less: valuation allowance (3,183) (3,661) Total deferred tax asset 3,249 3,568 Deferred tax liabilities: Real estate assets and other capitalized assets (3,236) (3,546) Other (13) (22) Total deferred tax liabilities (3,249) (3,568) 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, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Net income (loss) attributable to stockholders $ 4,772 $ (63,532) $ 39,138 Net (income) loss from TRS (702) 5,346 (1,171) Net income (loss) attributable to REIT operations 4,070 (58,186) 37,967 Book/tax differences 63,846 153,047 33,858 REIT taxable income subject to 90% dividend requirement $ 67,916 $ 94,861 $ 71,825 |
Schedule of Effective Income Tax Rate Reconciliation | The tax characterization of our distributions declared for the years ended December 31, 2020 and 2019 was as follows: 2020 2019 Common stock: Ordinary dividends 100.0 % 38.0 % Non-dividend distributions — % 53.4 % Capital gain distributions — % 8.6 % Total distributions per share 100.0 % 100.0 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
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, 2020 and 2019 (in thousands): 2020 2019 Beginning balances $ 6,021 $ 5,458 Incurred related to: Current year 1,943 1,792 Prior years 2,249 1,248 Total incurred 4,192 3,040 Paid related to: Current year 36 78 Prior years 2,791 2,399 Total paid 2,827 2,477 Liabilities for unpaid losses as of December 31 $ 7,386 $ 6,021 |
Compensation (Tables)
Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-Based Award, Restrited Stock Units, Roll Forward | : Restricted Stock Awards (1) Performance Stock Awards (1) Phantom Stock Units Weighted-Average Grant-Date Fair Value (2) Nonvested at January 1, 2018 6 — 815 $ 30.60 Granted 270 66 — 33.00 Vested (2) — (465) 30.60 Forfeited (5) — (18) 31.14 Nonvested at December 31, 2018 269 66 332 31.80 Granted 157 764 — 33.15 Vested (65) — (256) 31.08 Forfeited (34) (3) (16) 32.31 Nonvested at December 31, 2019 327 827 60 33.00 Granted 146 86 — 32.82 Vested (101) — (58) 32.13 Forfeited (23) (8) (2) 33.00 Nonvested at December 31, 2020 349 905 — $ 33.06 (1) The maximum number of award units that could be issued under all outstanding grants was 1.5 million as of December 31, 2020. The number of award units expected to vest was 0.8 million as of December 31, 2020. (2) On an annual basis, we engage an independent third-party valuation advisory consulting firm to estimate the EVPS of our common stock. The weighted-average grant-date fair value calculated herein reflects the EVPS on the grant date. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 March 31, 2021 2020 Numerator: Net income attributable to stockholders - basic $ 103 $ 9,769 Net income attributable to convertible OP units (1) 14 1,430 Net income - diluted $ 117 $ 11,199 Denominator: Weighted-average shares - basic 93,490 96,652 OP units (1) 13,354 14,283 Dilutive restricted stock awards 151 141 Adjusted weighted-average shares - diluted 106,995 111,076 Earnings per common share: Basic and diluted income per share $ 0.00 $ 0.10 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income 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 periods presented. | The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share amounts): 2020 2019 2018 Numerator: Net income (loss) attributable to stockholders - basic $ 4,772 $ (63,532) $ 39,138 Net income (loss) attributable to convertible OP units (1) 690 (9,583) 8,136 Net income (loss) - diluted $ 5,462 $ (73,115) $ 47,274 Denominator: Weighted-average shares - basic 96,760 94,636 65,534 OP units (1) 14,255 14,403 14,818 Dilutive restricted stock awards 141 — 104 Adjusted weighted-average shares - diluted 111,156 109,039 80,456 Earnings per common share: Basic income (loss) per share $ 0.05 $ (0.67) $ 0.60 Diluted income (loss) per share $ 0.05 $ (0.67) $ 0.59 (1) OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or 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 as these OP units were included in the denominator for all years presented. |
Revenue Recognition and Relat_2
Revenue Recognition and Related Party Transactions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Fee and Management Income | Summarized below are amounts included in Fees 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 Topic 606, Revenue from Contracts with Customers, but that are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended March 31, 2021 2020 Recurring fees (1) $ 1,125 $ 1,216 Transactional revenue and reimbursements (2) 468 430 Insurance premiums (3) 693 519 Total fees and management income $ 2,286 $ 2,165 (1) Recurring fees include asset management fees and property management fees. (2) Transactional revenue includes items such as leasing commissions, construction management fees, and acquisition fees. (3) Insurance premium income includes amounts for reinsurance from third parties not affiliated with us. | 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, 2020, 2019, and 2018, and also includes 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): 2020 2019 2018 Recurring fees (1) $ 4,801 $ 6,362 $ 21,036 Transactional revenue and reimbursements (2) 2,633 3,329 9,817 Insurance premiums (3) 2,386 1,989 2,073 Total fees and management income $ 9,820 $ 11,680 $ 32,926 (1) Recurring fees include asset management fees and property management fees. (2) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of borrowings as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Term loans $ 1,611,119 $ 1,621,987 $ 1,610,204 $ 1,621,902 Secured portfolio loan facilities 391,251 391,391 391,131 404,715 Mortgages (2) 274,602 282,497 291,270 303,647 Total $ 2,276,972 $ 2,295,875 $ 2,292,605 $ 2,330,264 (1) Recorded principal balances include net deferred financing expenses of $12.6 million and $13.5 million as of March 31, 2021 and December 31, 2020, respectively. Recorded principal balances also include assumed market debt adjustments of $1.6 million and $1.5 million as of March 31, 2021 and December 31, 2020, respectively. We have recorded deferred financing expenses related to our revolving credit facility, which are not included in these balances, in Other Assets, Net on our consolidated balance sheets. (2) Our finance lease liability is included in the mortgages line item, as presented | The following is a summary of borrowings as of December 31, 2020 and 2019 (in thousands): 2020 2019 Recorded Principal Balance (1) Fair Value Recorded Principal Balance (1) Fair Value Term loans 1,610,204 1,621,902 1,636,470 1,656,765 Secured portfolio loan facilities 391,131 404,715 390,780 399,054 Mortgages (2) 291,270 303,647 326,849 337,614 Total $ 2,292,605 $ 2,330,264 $ 2,354,099 $ 2,393,433 (1) Recorded principal balances include net deferred financing expenses of $13.5 million and $17.2 million as of December 31, 2020 and 2019, respectively. Recorded principal balances also include assumed market debt adjustments of $1.5 million and $1.2 million as of December 31, 2020 and 2019, respectively. We have recorded deferred financing expenses related to our revolving credit facility, which are not included in these balances, in Other Assets, Net on our consolidated balance sheets. (2) Our finance lease liability is included in the mortgages line item, as presented. |
Fair Value, Liabilities Measured on Recurring Basis | Fair value measurements that occurred as of and during the years ended December 31, 2020 and 2019 were as follows (in thousands): 2020 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ — $ — $ — $ 2,728 $ — Derivative liability (1) — (54,759) — — (20,974) — Earn-out liability — — (22,000) — — (32,000) Nonrecurring Impaired real estate assets, net (2) — 19,350 — — 280,593 — Impaired corporate intangible asset, net (3) — — — — — 4,401 Impaired corporate ROU asset, net — 537 — — — — (1) We record derivative assets in Other Assets, Net and derivative liabilities in Derivative Liability 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. (3) The carrying value of our impaired in-place management contracts subsequently decreased after the measurement date, attributable to regular amortization as well as derecognition as part of the merger with REIT III. | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | We recorded the following expense upon impairment of real estate assets for the years ended December 31, 2020, 2019, and 2018 (in thousands): 2020 2019 2018 Impairment of real estate assets $ 2,423 $ 87,393 $ 40,782 | |
Fair Value, Liabilities Measured on Recurring Basis | Fair value measurements that occurred as of and during the three months ended March 31, 2021 and the year ended December 31, 2020, were as follows (in thousands): March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative liabilities (1) $ — $ (42,970) $ — $ — $ (54,759) $ — Earn-out liability — — (38,000) — — (22,000) Nonrecurring Impaired real estate assets, net (2) — 7,150 — — 19,350 — Impaired corporate ROU asset, net — — — — 537 — (1) We record derivative liabilities in Derivative 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. | |
Fair Value Measurements, Nonrecurring | We recorded the following expense upon impairment of real estate assets (in thousands): Three Months Ended March 31, 2021 2020 Impairment of real estate assets $ 5,000 $ — |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. 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 (in thousands, except per share amounts): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 131,523 $ 119,040 $ 126,695 $ 120,759 Net income (loss) attributable to stockholders 9,769 (5,588) 11,784 (11,193) Net income (loss) per share - basic and diluted $ 0.10 $ (0.06) $ 0.12 $ (0.12) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 132,769 $ 132,581 $ 136,009 $ 135,347 Net (loss) income attributable to stockholders (5,195) (36,570) (25,877) 4,110 Net (loss) income per share - basic and diluted $ (0.06) $ (0.39) $ (0.27) $ 0.06 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Dividends Declared | Distributions —Distributions paid to stockholders and Operating Partnership unit (“OP unit”) holders of record subsequent to March 31, 2021 were as follows (dollars in thousands, excluding per share amounts): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Net Cash Distribution March 3/19/2021 $ 0.08499999 4/1/2021 $ 9,059 $ 9,059 April 4/19/2021 0.08499999 5/3/2021 9,059 9,059 On April 29, 2021, our Board authorized distributions for May 2021 to the stockholders of record at the close of business on May 17, 2021 equal to a monthly amount of $0.08499999 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, and we expect to pay the May 2021 distributions on June 1, 2021. | Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2020 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 12/28/2020 $0.08499999 1/12/2021 $ 9,001 $ 2,461 $ 6,540 January 1/15/2021 $0.08499999 2/1/2021 9,042 2,455 6,587 February 2/15/2021 $0.08499999 3/1/2021 9,051 2,453 6,598 |
Organization (Details)
Organization (Details) | Mar. 31, 2021property | Dec. 31, 2020property |
Real Estate Properties [Line Items] | ||
Number of real estate properties | 278 | 283 |
Necessity Retail Partners | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | 5 |
Grocery Retail Partners I | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 20 | 20 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 16, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of real estate dispositions | 2 | 6 | |
Increase in Restricted Cash | $ 10,300 | $ 22,400 | |
Compensating Balance, Amount | 38,100 | ||
Accumulated amortization of debt discount (premium) | 2,900 | 4,300 | |
Accumulated amortization, deferred financing expenses | (13,800) | (10,800) | |
Allowance for uncollectibility, general reserve | (8,900) | (6,900) | |
Allowance for uncollectibility, cash basis revenue recognition, non-creditworthy | $ 27,200 | 6,900 | |
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 | ||
Necessity Retail Partners | |||
Property, Plant and Equipment [Line Items] | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 1,381 | $ 3,189 | $ 6,200 |
Minimum | Furniture, Fixtures, and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Maximum | Furniture, Fixtures, and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years |
Leases Lessor (Details)
Leases Lessor (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 11 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Apr. 20, 2021USD ($) | Mar. 08, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Operating Lease, Lease Income [Abstract] | ||||||
Rental income related to fixed lease payments | $ 94,966 | $ 96,027 | $ 380,439 | $ 385,948 | ||
Rental income related to variable lease payments | 31,401 | 31,838 | 125,256 | 127,790 | ||
Straight Line Rent Adjustments | 1,369 | 2,309 | 3,258 | 9,003 | ||
Amortization of lease assets | (827) | (779) | (3,138) | (4,138) | ||
Lease buyout income | 797 | 94 | 1,237 | 1,166 | ||
Adjustments for collectibility | (1,737) | (2,581) | (27,845) | (5,775) | ||
Total rental income | 127,623 | 128,466 | 485,483 | 522,270 | ||
Lessor, Operating Lease, Payments, After 2020 | ||||||
Remaining 2021 | 284,609 | |||||
2021 | 351,031 | 374,203 | ||||
2022 | 303,854 | 339,952 | ||||
2023 | 248,929 | 291,884 | ||||
2024 | 193,599 | 236,076 | ||||
2025 | 470,135 | 179,406 | ||||
Thereafter | 430,799 | |||||
Total | 1,852,157 | $ 1,852,320 | ||||
Deferred Rent, Payment Plans, Weighted Average Remaining Term | 11 | |||||
Cash basis lease revenue unrecognized | $ (4,800) | $ (2,800) | $ (28,100) | $ (3,900) | ||
Subsequent Event | ||||||
Lessor, Operating Lease, Payments, After 2020 | ||||||
Lease income deferred | $ 5,200 | $ 8,600 | ||||
Lease rental income abatement | $ 4,400 | $ 4,200 | ||||
Percentage Lease Income Subject to Rent Abatement | 1.10% | 1.00% | ||||
Concentration Risk [Line Items] | ||||||
Percentage Lease Revenue Subject to Payment Plan | 1.40% | 2.00% | ||||
Percentage Lease Income Subject to Rent Abatement | 1.10% | 1.00% | ||||
Lease rental income abatement | $ 4,400 | $ 4,200 | ||||
Lease income deferred | $ 5,200 | $ 8,600 | ||||
Percent of payment plans scheduled to be received in fiscal year | 0.85 | |||||
Florida | Geographic concentration risk | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 12.40% | 12.30% | ||||
California | Geographic concentration risk | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 10.40% | 10.40% |
Leases Lessee (Details)
Leases Lessee (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and Liabilities, Lessee [Abstract] | |||
ROU assets, net - operating leases | $ 4,032,000 | $ 3,867,000 | $ 7,613,000 |
ROU assets, net - operating and finance leases | 1,260,000 | 1,438,000 | 2,111,000 |
Operating lease, total lease liabilities recorded at present value | 5,774,000 | 5,731,000 | 9,453,000 |
Finance Lease, Liability | 91,000 | $ 164,000 | 443,000 |
Finance Lease, Weighted Average Remaining Lease Term | 2 years | ||
Operating Lease, Weighted Average Remaining Lease Term | 20 years | ||
Finance Lease, Weighted Average Discount Rate, Percent | 3.50% | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | ||
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |||
Operating Lease payments, Due 2021 | $ 831,000 | ||
Operating Lease, payments, Due 2022 | 805,000 | ||
Operating Lease, payments, Due 2023 | 654,000 | ||
Operating Lease, payments, Due 2024 | 528,000 | ||
Operating Lease, payments, Due 2025 | 297,000 | ||
Operating Lease, payments, Due thereafter | 5,781,000 | ||
Operating lease, total undiscounted cash flows from leases | 8,896,000 | ||
Operating lease, total lease liabilities recorded at present value | 5,774,000 | 5,731,000 | 9,453,000 |
Operating lease, difference between undiscounted cash flows and present value of lease liabilities | 3,165,000 | ||
Finance Lease, Liability, Payment, Due [Abstract] | |||
Finance lease, payment due 2021 | 102,000 | ||
Finance lease, payment due 2022 | 29,000 | ||
Finance lease, payment due 2023 | 24,000 | ||
Finance lease, payment due 2024 | 16,000 | ||
Finance lease, payment due 2025 | 0 | ||
Finance lease, payment due thereafter | 0 | ||
Finance lease, total undiscounted cash flows from leases | 171,000 | ||
Finance Lease, Liability | $ 91,000 | 164,000 | $ 443,000 |
Finance lease, difference between undiscounted cash flows and present value of lease liabilities | $ 7,000 |
Merger with REIT II Merger wi_2
Merger with REIT II Merger with REIT II - Consideration Given (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2021property | May 06, 2020$ / shares | May 08, 2019$ / shares | Nov. 16, 2018USD ($)$ / shares | |
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Number of real estate properties | property | 283 | 278 | |||||||
Business acquisition, derecognized of contract value | $ 30,400 | ||||||||
Fair value of assumed debt | $ 0 | $ 0 | $ 464,462 | ||||||
Share Price | $ / shares | $ 26.25 | $ 33.30 | $ 33.15 | ||||||
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 | ||||||||
Business acquisition, derecognized of contract value | $ 30,428 | ||||||||
Transaction costs | $ 11,587 | ||||||||
Total consideration and debt activity | 1,918,668 | ||||||||
Fair value of assumed debt | $ 464,462 | ||||||||
Total consideration | $ 1,454,206 | ||||||||
Share exchange ratio for asset acquisition | 0.68 | ||||||||
Business acquisition, share price | $ / shares | $ 22.54 | ||||||||
Business acquisition percentage of voting interests retained by acquirer | 71.00% | ||||||||
REIT II | REIT II | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
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 | ||||||||
Mortgages and Note Payable | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Fair value of assumed debt | $ 102,300 | ||||||||
Mortgages and Note Payable | REIT II | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Fair value of debt | $ 102,727 |
Merger with REIT II Merger wi_3
Merger with REIT II Merger with REIT II - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 2 Months Ended | |
Dec. 31, 2018 | Nov. 16, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||
Business acquisition, derecognized of contract value | $ 30,400 | |
REIT II | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||
Business acquisition, derecognized of contract value | 30,428 | |
Transaction costs | $ 11,587 | |
Land and improvements | 561,100 | |
Building and improvements | 1,198,884 | |
Intangible lease assets | 197,384 | |
Equity method JV value acquired | 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 (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 16, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Corporate intangible assets | $ 6,804 | $ 6,804 | $ 4,883 | ||
In-Place Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Corporate intangible assets | $ 441,683 | $ 442,729 | |||
Weighted Average Useful Life | 7 years | 10 years | 9 years | ||
Above-Market Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Corporate intangible assets | $ 66,106 | $ 65,946 | |||
Weighted Average Useful Life | 5 years | 4 years | 9 years | ||
Below-Market Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Below-market lease liabilities | $ (150,579) | $ (151,585) | |||
Weighted Average Useful Life | 6 years | 21 years | 15 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] | |||||
Corporate intangible assets | 181,916 | ||||
Weighted Average Useful Life | 13 years | ||||
REIT II | Above-Market Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Corporate 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 |
Real Estate Activity Dispositio
Real Estate Activity Dispositions (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 04, 2021USD ($) | Mar. 12, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Investments, Net [Abstract] | |||||||
Number of properties sold | 6 | 3 | 7 | 21 | 8 | ||
Number of outparcels sold | 1 | 0 | 1 | 1 | 0 | ||
Proceeds from sale of real estate | $ 58,356 | $ 17,447 | $ 57,902 | $ 223,083 | $ 82,145 | ||
Gain on sale or contribution of property, net | $ 14,355 | $ (826) | $ 10,117 | $ 30,039 | $ 16,757 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate dispositions | 6 | 3 | 7 | 21 | 8 | ||
Number of outparcels sold | 1 | 0 | 1 | 1 | 0 | ||
Proceeds from sale of real estate | $ 58,356 | $ 17,447 | $ 57,902 | $ 223,083 | $ 82,145 | ||
Subsequent Event | |||||||
Real Estate Investments, Net [Abstract] | |||||||
Number of properties sold | 2 | 5 | |||||
Number of outparcels sold | 1 | ||||||
Proceeds from sale of real estate | $ 20,200 | $ 44,400 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate dispositions | 2 | 5 | |||||
Number of outparcels sold | 1 | ||||||
Proceeds from sale of real estate | $ 20,200 | $ 44,400 |
Real Estate Activity Acquistion
Real Estate Activity Acquistion (Details) ft² in Thousands, $ in Thousands, shares in Millions | Oct. 31, 2019USD ($)shares | Nov. 30, 2018USD ($) | Mar. 12, 2021USD ($)property | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)ft² | Nov. 16, 2018USD ($) |
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Number of properties purchased | 2 | 0 | |||||||
Number of real estate acquisitions, excluding those from business combinations | 2 | 2 | 5 | ||||||
Number of outparcels purchased | 2 | 2 | 2 | 2 | 2 | ||||
Total price of acquistions | $ 39,850 | $ 4,319 | $ 41,482 | $ 71,722 | $ 98,941 | ||||
Total square footage acquired | ft² | 216 | 213 | 543 | ||||||
Business acquisition, derecognized of contract value | $ 30,400 | ||||||||
Subsequent Event | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Number of properties purchased | 2 | ||||||||
Number of outparcels purchased | property | 2 | ||||||||
Total price of acquistions | $ 39,600 | ||||||||
Grocery Retail Partners II | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | |||||||
Equity method JV value acquired | $ 5,400 | ||||||||
REIT III | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Number of properties purchased | 3 | ||||||||
OP units issued, shares | shares | 1.5 | ||||||||
Fair value of PECO common stock issued | $ 49,900 | ||||||||
Business Combination, Consideration Transferred, Other | 21,100 | ||||||||
Business acquisition, derecognized of contract value | 1,100 | ||||||||
Business Acquisition, Transaction Costs | 800 | ||||||||
Net settlement of related party receivables | $ 500 | ||||||||
REIT II | |||||||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||||||
Number of properties purchased | 86 | ||||||||
Equity method JV value acquired | 16,470 | ||||||||
Fair value of PECO common stock issued | $ 1,054,745 | ||||||||
Business acquisition, derecognized of contract value | $ 30,428 |
Real Estate Activity Acquisti_2
Real Estate Activity Acquistion of intangible leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
In-Place Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 4,155 | $ 3,360 | $ 11,907 |
Weighted Average Useful Life | 7 years | 10 years | 9 years |
Above-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 52 | $ 709 | $ 2,017 |
Weighted Average Useful Life | 5 years | 4 years | 9 years |
Below-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 6 years | 21 years | 15 years |
Below market lease, acquired | $ 1,652 | $ (2,466) | $ (3,385) |
Real Estate Activity Property H
Real Estate Activity Property Held-For-Sale (Details) $ in Thousands | Mar. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties | property | 278 | 283 | |
Total liabilities | $ 2,109 | $ 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 | 1 | |
Disposal Group, Including Discontinued Operation, Real Estate | $ 23,852 | $ 5,859 | |
Other assets, net | 517 | 179 | |
Total assets | 24,369 | 6,038 | |
Below-market lease liabilities, net | 1,866 | 316 | |
Accounts payable and other liabilities | 243 | 33 | |
Total liabilities | $ 2,109 | $ 349 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities Intangible Asset and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Corporate intangible assets | $ 6,804 | $ 6,804 | $ 4,883 |
Corporate intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Corporate intangible assets | 6,804 | 4,883 | |
Accumulated amortization, intangible assets | (4,922) | (2,444) | |
In-Place Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Corporate intangible assets | 441,683 | 442,729 | |
Accumulated amortization, intangible assets | (204,698) | (170,272) | |
Above-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Corporate intangible assets | 66,106 | 65,946 | |
Accumulated amortization, intangible assets | (41,125) | (34,569) | |
Below-Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Below-market lease liabilities | (150,579) | (151,585) | |
Accumulated amortization, intangible liabilities | $ 48,834 | $ 39,266 |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities Intangible Assets and Liabilities Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2019 | Nov. 16, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Business acquisition, derecognized of contract value | $ 30,400 | ||||
Corporate intangible assets | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 2,478 | $ 2,735 | $ 10,618 | ||
Impairment of Intangible Assets, Finite-lived | 7,800 | ||||
In-Place Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 36,000 | 42,902 | 37,101 | ||
Above-Market Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 6,890 | 7,502 | 6,112 | ||
Below-Market Leases | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible liabilities | $ (10,063) | $ (11,687) | $ (10,061) | ||
REIT III | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Business acquisition, derecognized of contract value | $ 1,100 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities Intangible Assets and Liabilites - Future Amortization (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | $ (9,556) |
2022 | (9,094) |
2023 | (8,420) |
2024 | (7,839) |
2025 | (7,341) |
Corporate intangible assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | 384 |
2022 | 384 |
2023 | 384 |
2024 | 384 |
2025 | 346 |
In-Place Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | 32,877 |
2022 | 30,293 |
2023 | 26,541 |
2024 | 23,439 |
2025 | 20,435 |
Above-Market Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | 6,211 |
2022 | 5,329 |
2023 | 4,573 |
2024 | 3,284 |
2025 | $ 2,131 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
May 04, 2021 | Nov. 30, 2018USD ($) | Mar. 12, 2021 | Mar. 31, 2021USD ($)property | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Oct. 31, 2019USD ($) | Nov. 16, 2018USD ($) | Nov. 09, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Distributions and proceeds from unconsolidated joint ventures | $ 3,453 | $ 5,310 | $ 162,046 | ||||||||
Debt contributed to joint venture | 0 | 0 | 175,000 | ||||||||
Gain (loss) on disposal of property, net | $ 13,841 | $ (1,577) | $ 6,494 | 28,170 | 109,300 | ||||||
Number of real estate properties | property | 278 | 283 | |||||||||
Investment balance | $ 33,813 | $ 37,366 | 42,854 | ||||||||
Return on investment in unconsolidated joint ventures | 1,546 | 246 | 1,962 | 3,922 | 0 | ||||||
Amortization or write-off of basis differences | $ 1,000 | $ 1,410 | 5,941 | 5,847 | 13,779 | ||||||
Ownership interest in fair value of assets assumed | 5,062 | 0 | 0 | ||||||||
Ownership interest in GRP II contributed to GRP I | $ (5,105) | $ 0 | $ 0 | ||||||||
Number of real estate dispositions | 6 | 3 | 7 | 21 | 8 | ||||||
Subsequent Event | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of real estate dispositions | 2 | 5 | |||||||||
Grocery Retail Partners I | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Fair value of property contributed or sold | $ 359,000 | ||||||||||
Equity method investment, ownership percentage | 14.00% | 14.00% | 15.00% | 15.00% | |||||||
Distributions and proceeds from unconsolidated joint ventures | $ 161,800 | ||||||||||
Debt contributed to joint venture | $ 175,000 | 175,000 | |||||||||
Transfer of Mortgage Payable, Value Assigned | 165,000 | ||||||||||
Gain (loss) on disposal of property, net | $ 92,500 | ||||||||||
Number of real estate properties | 20 | 17 | 17 | ||||||||
Investment balance | $ 31,062 | $ 27,356 | |||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 0 | 0 | |||||||||
Return on investment in unconsolidated joint ventures | 1,047 | 2,025 | $ 0 | ||||||||
Gain (loss) from unconsolidated joint ventures | (309) | $ (72) | (35) | ||||||||
Ownership interest in fair value of assets assumed | $ 5,100 | ||||||||||
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 | ||||||||||
Grocery Retail Partners II | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 5,400 | ||||||||||
Number of real estate properties | property | 3 | ||||||||||
Investment balance | $ 5,315 | ||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 879 | ||||||||||
Return on investment in unconsolidated joint ventures | 177 | 40 | |||||||||
Gain (loss) from unconsolidated joint ventures | 42 | 6 | |||||||||
Amortization or write-off of basis differences | 879 | $ 17 | |||||||||
Ownership interest in GRP II contributed to GRP I | $ (5,100) | ||||||||||
Necessity Retail Partners | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||
Number of real estate properties | property | 5 | 8 | |||||||||
Investment balance | $ 6,304 | $ 10,183 | |||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 1,381 | 3,189 | $ 6,200 | ||||||||
Return on investment in unconsolidated joint ventures | 4,192 | 7,167 | 200 | ||||||||
Gain (loss) from unconsolidated joint ventures | 2,119 | 3,989 | (73) | ||||||||
Amortization or write-off of basis differences | $ 1,808 | $ 2,837 | $ 177 | ||||||||
Necessity Retail Partners | Subsequent Event | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of real estate dispositions | 2 | ||||||||||
Necessity Retail Partners | REIT II | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, amount contributed prior to ownership | $ 17,500 | ||||||||||
Maximum | Necessity Retail Partners | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Payments to acquire interest in joint venture | $ 50,000 |
Other Assets, Net (Details)
Other Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing commissions and costs | $ 42,946 | $ 41,664 | $ 38,738 |
Deferred financing expenses | 13,971 | 13,971 | 13,971 |
Office equipment, ROU assets, and other | 22,045 | 21,578 | 19,430 |
Corporate intangible assets | 6,804 | 6,804 | 4,883 |
Total depreciable and amortizable assets | 85,766 | 84,017 | 77,022 |
Accumulated depreciation and amortization | (47,819) | (45,975) | (35,055) |
Net depreciable and amortizable assets | 37,947 | 38,042 | 41,967 |
Accounts receivable, net | 47,659 | 46,893 | 46,125 |
Accounts receivable - affiliates | 1,073 | 543 | 728 |
Deferred rent receivable, net | 33,257 | 32,298 | 29,291 |
Derivative asset | 0 | 2,728 | |
Prepaids and other | 15,132 | 8,694 | 7,851 |
Equity Method Investments | 3,000 | 0 | |
Total other assets, net | 138,068 | 126,470 | 128,690 |
Allowance for uncollectibility, general reserve | 8,900 | 6,900 | |
Reserve for uncollectible amounts, non-creditworthy, excluding straight-line rent | (22,800) | (6,200) | |
Adjustments for straight line rent, non-creditworthy | (5,100) | (4,400) | (700) |
Uncollectable lease receivables, general reserves | 7,200 | 8,900 | |
Lease billings, nonaccrual basis | $ (19,600) | (22,800) | |
Corporate intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Corporate intangible assets | $ 6,804 | $ 4,883 |
Debt Obligations Schedule of De
Debt Obligations Schedule of Debt Obligations (Details) - USD ($) | Sep. 30, 2019 | Aug. 31, 2019 | May 04, 2021 | Apr. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | May 31, 2019 | Nov. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||||||||||||||||
Total long-term debt | $ 2,354,099,000 | $ 2,276,972,000 | $ 2,292,605,000 | $ 2,354,099,000 | |||||||||||||
Debt obligation | 2,307,522,000 | ||||||||||||||||
Finance Lease, Liability | 443,000 | 91,000 | 164,000 | 443,000 | |||||||||||||
Assumed market debt adjustments, net | (1,218,000) | (1,587,000) | (1,543,000) | (1,218,000) | |||||||||||||
Deferred financing expense, net | (17,204,000) | (12,622,000) | (13,538,000) | (17,204,000) | |||||||||||||
Long-term debt with variable interest | $ 250,500,000 | $ 692,500,000 | 580,500,000 | 250,500,000 | |||||||||||||
Proceeds on mortgages and loans payable | $ 60,000,000 | 0 | 260,000,000 | $ 622,500,000 | |||||||||||||
Debt assumed, noncash or part noncash acquisition | 0 | 0 | 464,462,000 | ||||||||||||||
Debt contributed to joint venture | $ 0 | $ 0 | 175,000,000 | ||||||||||||||
Write off of deferred financing expenses | $ 2,100,000 | ||||||||||||||||
Weighted average interest rate on debt obligations | 3.40% | 3.00% | 3.10% | 3.40% | |||||||||||||
Repayments of Other Debt | $ 30,000,000 | ||||||||||||||||
Gross borrowings under revolving credit facility. | $ 200,000,000 | $ 0 | $ 55,000,000 | $ 255,000,000 | $ 122,641,000 | $ 475,357,000 | |||||||||||
Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Secured Debt | $ 25,100,000 | ||||||||||||||||
Term Loan Due Sept 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | $ 200,000,000 | ||||||||||||||||
Basis spread on variable rate | 1.75% | 1.25% | |||||||||||||||
Payments for Loans | $ 265,900,000 | ||||||||||||||||
Term Loan Due October 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | $ 175,000,000 | ||||||||||||||||
Basis spread on variable rate | 1.75% | 1.25% | |||||||||||||||
Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | 0 | $ 0 | $ 0 | 0 | |||||||||||||
Basis spread on variable rate | 1.40% | 1.40% | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||||||||||
Mortgages and Other | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total long-term debt | 326,849,000 | $ 274,602,000 | $ 291,270,000 | 326,849,000 | |||||||||||||
Debt obligation | 324,578,000 | 273,590,000 | 290,022,000 | 324,578,000 | |||||||||||||
Debt assumed, noncash or part noncash acquisition | 102,300,000 | ||||||||||||||||
Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | 1,652,500,000 | 1,622,500,000 | 1,622,500,000 | 1,652,500,000 | |||||||||||||
Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | 685,022,000 | ||||||||||||||||
us-gaap_SecuredLoanFacilities | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt obligation | 395,000,000 | 395,000,000 | 395,000,000 | 395,000,000 | |||||||||||||
Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Revolving credit facility, maximum borrowing capacity | 500,000,000 | ||||||||||||||||
Revolving credit facility, remaining borrowing capacity | 490,400,000 | ||||||||||||||||
Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total long-term debt | $ 1,636,470,000 | 1,611,119,000 | 1,610,204,000 | $ 1,636,470,000 | |||||||||||||
Debt obligation | 1,622,500,000 | ||||||||||||||||
Long-term debt with variable interest | $ 580,500,000 | ||||||||||||||||
Weighted average interest rate on debt obligations | 3.20% | 2.70% | 3.20% | ||||||||||||||
Term Loan Due 2030 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.35% | ||||||||||||||||
Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total long-term debt | $ 390,780,000 | $ 391,251,000 | $ 391,131,000 | $ 390,780,000 | |||||||||||||
Weighted average interest rate on debt obligations | 4.10% | 4.00% | 4.10% | ||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||||||||||
Maximum | Mortgages and Other | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 7.20% | 7.20% | |||||||||||||||
Maximum | Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 4.60% | 4.60% | |||||||||||||||
Maximum | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.50% | ||||||||||||||||
Maximum | us-gaap_SecuredLoanFacilities | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.50% | ||||||||||||||||
Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||||||||||||||
Minimum | Mortgages and Other | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||
Minimum | Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 1.40% | 1.40% | |||||||||||||||
Minimum | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.40% | ||||||||||||||||
Minimum | us-gaap_SecuredLoanFacilities | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 3.40% | ||||||||||||||||
Grocery Retail Partners I | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt contributed to joint venture | $ 175,000,000 | $ 175,000,000 |
Debt Obligations Debt Allocatio
Debt Obligations Debt Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, by Type Alternative [Abstract] | |||
Fixed-rate debt | $ 1,598,681 | $ 1,727,186 | $ 2,122,021 |
Variable-rate debt | 692,500 | 580,500 | 250,500 |
Total | 2,291,181 | 2,307,686 | 2,372,521 |
Unsecured debt | 1,622,500 | 1,622,500 | 1,652,500 |
Secured debt | $ 668,681 | $ 685,186 | $ 720,021 |
Weighted average interest rate | 3.00% | 3.10% | 3.40% |
Debt Obligations Maturities of
Debt Obligations Maturities of Long Term Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Total | $ 2,307,522 |
Term Loans | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 375,000 |
2023 | 300,000 |
2024 | 475,000 |
2025 | 472,500 |
Thereafter | 0 |
Total | 1,622,500 |
Long Term Debt, Excluding Financing Leases | |
Debt Instrument [Line Items] | |
2021 | 62,589 |
2022 | 436,898 |
2023 | 379,569 |
2024 | 503,162 |
2025 | 500,381 |
Thereafter | 424,923 |
Secured Debt | |
Debt Instrument [Line Items] | |
2021 | 62,589 |
2022 | 61,898 |
2023 | 79,569 |
2024 | 28,162 |
2025 | 27,881 |
Thereafter | 424,923 |
Total | $ 685,022 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2021USD ($)Debt_Instrument | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020Debt_Instrument | Dec. 31, 2020 | Nov. 16, 2018USD ($) | Nov. 16, 2018 | Nov. 16, 2018numwords | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of (loss) gain recognized in OCI on derivatives | $ 7,265 | $ (44,916) | $ (50,552) | $ (35,865) | $ (895) | |||||
Amount of (gain) loss reclassified from AOCI into interest expense | (4,855) | $ (1,552) | (16,732) | $ (2,409) | $ (3,261) | |||||
Interest Rate Derivative Liabilities, at Fair Value | 43,000 | 54,800 | ||||||||
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 | $ 18,900 | 19,100 | ||||||||
Count | 5 | 9 | 6 | 6 | ||||||
Notional amount | $ 930,000 | 1,042,000 | $ 1,402,000 | |||||||
Minimum | Interest Rate Swap | Designated as Hedging Instrument | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Fixed LIBOR | 1.30% | 0.80% | 1.30% | |||||||
Maximum | Interest Rate Swap | Designated as Hedging Instrument | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Fixed LIBOR | 2.90% | 2.90% | 2.90% | |||||||
REIT II | Interest Rate Swap | Designated as Hedging Instrument | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Count | 5 | 5 | ||||||||
Notional amount | $ 570,000 | |||||||||
Interest Rate Fair Value Hedge Asset at Fair Value | 14,700 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets, Unamortized | $ 4,700 | $ 5,000 | ||||||||
REIT II | Interest Rate Swap | Not Designated as Hedging Instrument | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Notional amount | $ 570,000 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforward | $ 2,787 | $ 2,885 |
Components of Deferred Tax Assets [Abstract] | ||
Accrued compensation | 3,250 | 3,912 |
Accrued expenses | 89 | 70 |
Net operating loss (NOL) carryforward | 2,787 | 2,885 |
Other | 306 | 362 |
Gross deferred tax assets | 6,432 | 7,229 |
Valuation allowance | (3,183) | (3,661) |
Total deferred tax asset | 3,249 | 3,568 |
Components of Deferred Tax Liabilities [Abstract] | ||
Depreciation and amortization | (3,236) | (3,546) |
Prepaid expenses | (13) | (22) |
Total deferred tax liabilities | (3,249) | (3,568) |
Net deferred tax asset | 0 | $ 0 |
Tax year 2017 | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss (NOL) carryforward | 1,300 | |
Federal Income Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss (NOL) carryforward | 12,200 | |
State Tax Authorities | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss (NOL) carryforward | $ 5,000 |
Income Taxes REIT Taxable Incom
Income Taxes REIT Taxable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Net income (loss) attributable to stockholders | $ 103 | $ (11,193) | $ 11,784 | $ (5,588) | $ 9,769 | $ 4,110 | $ (25,877) | $ (36,570) | $ (5,195) | $ 4,772 | $ (63,532) | $ 39,138 |
Net (income) loss from TRS | (702) | 5,346 | (1,171) | |||||||||
Net income (loss) attributable to REIT operations | 4,070 | (58,186) | 37,967 | |||||||||
Book/tax differences | 63,846 | 153,047 | 33,858 | |||||||||
REIT taxable income subject to 90% dividend requirement | 67,916 | $ 94,861 | $ 71,825 | |||||||||
Gross Distributions to Stockholders | 64,700 | |||||||||||
Future period distributions used to offset current period taxable income | $ 3,200 |
Income Taxes Composition of Tax
Income Taxes Composition of Tax Distributions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Ordinary income | 100.00% | 38.00% |
Non-dividend distributions | 0.00% | 53.40% |
Capital gain distributions | 0.00% | 8.60% |
Total | 100.00% | 100.00% |
Commitments And Contingencies C
Commitments And Contingencies Captive Insurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Collateralized letters of credit outstanding related to insurance and reinsurance contracts | $ 8,000 | $ 8,000 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Beginning balances | 6,021 | $ 5,458 | |
Current year | 1,943 | 1,792 | |
Prior years | 2,249 | 1,248 | |
Total incurred | 4,192 | 3,040 | |
Current year | 36 | 78 | |
Prior years | 2,791 | 2,399 | |
Total paid | 2,827 | 2,477 | |
Liability for unpaid losses as of December 31 | 7,386 | $ 6,021 | |
Purchase Commitment, Remaining Minimum Amount Committed | 7,600 | ||
Supply Commitment, Remaining Minimum Amount Committed | $ 6,100 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | May 03, 2021 | Apr. 01, 2021 | Dec. 29, 2020 | Dec. 28, 2020 | May 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 29, 2021 | Mar. 01, 2021 | Dec. 14, 2020 | Nov. 04, 2020 | May 06, 2020 | May 08, 2019 | Nov. 16, 2018 |
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 one vote per nominee in the election of the Board. Our charter does not provide for cumulative voting in the election of directors. | ||||||||||||||||
Share Price | $ 26.25 | $ 33.30 | $ 33.15 | ||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
OP units, shares outstanding | 13,400,000 | 13,300,000 | 14,200,000 | ||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 900,000 | 39,300 | |||||||||||||||
Distributions to noncontrolling interests | $ (3,319) | $ (7,105) | $ (8,255) | $ (30,444) | $ (28,661) | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | ||||||||||||||||
Monthly distribution rate | $ 0.255 | $ 0.503 | $ 0.588 | $ 2.010 | $ 2.010 | ||||||||||||
Share Price | $ 26.25 | $ 33.30 | $ 33.15 | ||||||||||||||
Common stock, voting rights | 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 the Board. Our charter does not provide for cumulative voting in the election of directors. | ||||||||||||||||
Share repurchases, value | $ 80,398 | $ 35,963 | $ 53,758 | ||||||||||||||
Stock Redeemed or Called During Period, Shares | 4,500,000 | 4,582,000 | 1,104,000 | 1,627,000 | |||||||||||||
Monthly distribution rate | $ 0.255 | $ 0.503 | $ 0.588 | $ 2.010 | $ 2.010 | ||||||||||||
APIC | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share repurchases, value | $ 77,600 | $ 80,260 | $ 35,930 | $ 53,709 | |||||||||||||
Dividend Declared | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Monthly distribution rate | $ 0.08499999 | ||||||||||||||||
Monthly distribution rate | $ 0.08499999 | ||||||||||||||||
Third Party Nonconvertible Noncontrolling Interest | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Business combination, post-transaction acquiree ownership percentage | 25.00% | ||||||||||||||||
Subsequent Event | |||||||||||||||||
Class of Stock Disclosures [Abstract] | |||||||||||||||||
Share Price | $ 31.65 | ||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 400 | ||||||||||||||||
Share Price | $ 31.65 | ||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 400 | ||||||||||||||||
Subsequent Event | Dividend Declared | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Monthly distribution rate | $ 0.08499999 | $ 0.08499999 | $ 0.08499999 | ||||||||||||||
Monthly distribution rate | $ 0.08499999 | $ 0.08499999 | $ 0.08499999 | ||||||||||||||
2020 Tender Offer | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,800,000 | ||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 26,000 | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 26,000 |
Compensation Independent Direct
Compensation Independent Director Stock Plan (Details) - Restricted Stock Awards - shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 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 | 349 | 327 | 269 | 6 |
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 | 17 | 13 |
Compensation Employee Long Term
Compensation Employee Long Term Incentive Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500 | ||
Share-based compensation, non-option, expected to vest, number | 800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested at December 31, 2016, Weighted Average Grant Date Fair Value | $ 33 | $ 31.80 | $ 30.60 |
Granted, Weighted Average Grant Date Fair Value | 32.82 | 33.15 | 33 |
Vested, Weighted Average Grant Date Fair Value | 32.13 | 31.08 | 30.60 |
Forfeitured, Weighted Average Grant Date Fair Value | 33 | 32.31 | 31.14 |
Nonvested at December 31, 2019, Weighted Average Grant Date Fair Value | $ 33.06 | $ 33 | $ 31.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 6.3 | $ 10.1 | $ 10.4 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 11.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5 | ||
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 December 31 | 327 | 269 | 6 |
Granted | 146 | 157 | 270 |
Vested | (101) | (65) | (2) |
Forfeited | (23) | (34) | (5) |
Nonvested at December 31 | 349 | 327 | 269 |
Restricted Stock Awards | Amended and Restated 2010 Independent Director Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at December 31 | 13 | ||
Nonvested at December 31 | 17 | 13 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at December 31 | 827 | 66 | 0 |
Granted | 86 | 764 | 66 |
Vested | 0 | 0 | |
Forfeited | (8) | (3) | 0 |
Nonvested at December 31 | 905 | 827 | 66 |
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 December 31 | 60 | 332 | 815 |
Granted | 0 | 0 | |
Vested | (58) | (256) | (465) |
Forfeited | (2) | (16) | (18) |
Nonvested at December 31 | 0 | 60 | 332 |
Compensation 401(K) Plan (Detai
Compensation 401(K) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.9 | $ 0.9 | $ 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator for basic and diluted earnings per share: | ||||||||||||
Net (loss) income attributable to stockholders - basic | $ 103 | $ (11,193) | $ 11,784 | $ (5,588) | $ 9,769 | $ 4,110 | $ (25,877) | $ (36,570) | $ (5,195) | $ 4,772 | $ (63,532) | $ 39,138 |
Net (loss) income attributable to convertible OP units | (14) | (1,430) | 690 | (9,583) | 8,136 | |||||||
Net (loss) income - diluted | $ 117 | $ 11,199 | $ 5,462 | $ (73,115) | $ 47,274 | |||||||
Denominator: | ||||||||||||
Weighted-average shares - basic | 93,490 | 96,652 | 96,760 | 94,636 | 65,534 | |||||||
OP units | 13,354 | 14,283 | 14,255 | 14,403 | 14,818 | |||||||
Effect of dilutive restricted stock awards | 151 | 141 | 141 | 0 | 104 | |||||||
Adjusted weighted-average shares - diluted | 106,995 | 111,076 | 111,156 | 109,039 | 80,456 | |||||||
Earnings Per Share, Basic | $ 0.05 | $ (0.67) | $ 0.60 | |||||||||
Earnings Per Share, Diluted | $ 0.05 | $ (0.67) | $ 0.59 | |||||||||
Earnings Per Common Share | ||||||||||||
Net (loss) income per share attributable to stockholders - basic and diluted | $ 0 | $ (0.12) | $ 0.12 | $ (0.06) | $ 0.10 | $ 0.06 | $ (0.27) | $ (0.39) | $ (0.06) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 93,490 | 96,652 | 96,760 | 94,636 | 65,534 | |||||||
OP units | 13,354 | 14,283 | 14,255 | 14,403 | 14,818 | |||||||
Effect of dilutive restricted stock awards | 151 | 141 | 141 | 0 | 104 | |||||||
Restricted Stock Awards | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share | 300 | |||||||||||
Performance Shares | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share | 800 |
Revenue Recognition and Relat_3
Revenue Recognition and Related Party Transactions Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Fees and management income | $ 2,286 | $ 2,165 | $ 9,820 | $ 11,680 | $ 32,926 |
Insurance Services Revenue | 693 | 519 | 2,386 | 1,989 | 2,073 |
Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Recurring fees | 4,801 | 6,362 | 21,036 | ||
Transactional revenue and reimbursements | $ 2,633 | $ 3,329 | $ 9,817 | ||
Affiliated Entity | Recurring Fees | |||||
Related Party Transaction [Line Items] | |||||
Fees and management income | 1,125 | 1,216 | |||
Affiliated Entity | Transactional Revenue and Reimbursements | |||||
Related Party Transaction [Line Items] | |||||
Fees and management income | $ 468 | $ 430 |
Revenue Recognition and Relat_4
Revenue Recognition and Related Party Transactions Other Related Party Matters (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Other impairment charges | $ 359,000 | $ 9,661,000 | $ 0 | |
Debt obligations, net | $ 2,276,972,000 | 2,292,605,000 | 2,354,099,000 | |
PECO Air | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | $ 800,000 | |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Other impairment charges | $ 1,900,000 | |||
Necessity Retail Partners | ||||
Related Party Transaction [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 190,000,000 | 190,000,000 | ||
Guarantee Obligations Expected Exposure | 50,000,000 | 50,000,000 | ||
Debt obligations, net | 32,100,000 | |||
Grocery Retail Partners I | ||||
Related Party Transaction [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 175,000,000 | $ 175,000,000 |
Fair Value Measurements Summary
Fair Value Measurements Summary of Borrowings (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Total long-term debt | $ 2,276,972,000 | $ 2,292,605,000 | $ 2,354,099,000 |
Deferred financing costs | 12,622,000 | 13,538,000 | 17,204,000 |
Assumed market debt adjustments, net | 1,587,000 | 1,543,000 | 1,218,000 |
Term Loans | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Total long-term debt | 1,611,119,000 | 1,610,204,000 | 1,636,470,000 |
Secured Debt | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Total long-term debt | 391,251,000 | 391,131,000 | 390,780,000 |
Mortgages and Other | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Total long-term debt | 274,602,000 | 291,270,000 | 326,849,000 |
Fair Value, Inputs, Level 3 | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Long-term Debt, Fair Value | 2,295,875,000 | 2,330,264,000 | 2,393,433,000 |
Fair Value, Inputs, Level 3 | Term Loans | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Long-term Debt, Fair Value | 1,621,987,000 | 1,621,902,000 | 1,656,765,000 |
Fair Value, Inputs, Level 3 | Secured Debt | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Long-term Debt, Fair Value | 391,391,000 | 404,715,000 | 399,054,000 |
Fair Value, Inputs, Level 3 | Mortgages and Other | |||
Fair Value Measurement Inputs and Valuation Technique [Line Items] | |||
Long-term Debt, Fair Value | $ 282,497,000 | $ 303,647,000 | $ 337,614,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liability | $ (43,000) | $ (54,800) | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 537 | ||||
Impairment of real estate assets | 5,000 | $ 0 | 2,423 | $ 87,393 | $ 40,782 |
Change in fair value of earn-out liability and derivatives | 16,000 | $ (10,000) | $ (10,000) | (7,500) | $ 2,393 |
Nonrecurring Fair Value Measurement Discount Rate | 19.00% | ||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Earn-out liability | (38,000) | $ (22,000) | (32,000) | ||
Fair Value, Measurements, Recurring | Interest Rate Swap | Designated as Hedging Instrument | Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 2,728 | |||
Derivative liability | (42,970) | (54,759) | (20,974) | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real estate assets in continuing operations | $ 7,150 | 19,350 | 280,593 | ||
Operating Lease, Impairment Loss | 537 | ||||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 0 | $ 4,401 | |||
Maximum | Phillips Edison Limited Partnership | OP Units | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
OP units issued, shares | 1.7 | 1.7 | |||
Minimum | Phillips Edison Limited Partnership | OP Units | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
OP units issued, shares | 0.3 | 1 | |||
Corporate intangible assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of Intangible Assets, Finite-lived | $ 7,800 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | ||||||||||||
Total revenues | $ 130,381 | $ 120,759 | $ 126,695 | $ 119,040 | $ 131,523 | $ 135,347 | $ 136,009 | $ 132,581 | $ 132,769 | $ 498,017 | $ 536,706 | $ 430,392 |
Net income (loss) attributable to stockholders | $ 103 | $ (11,193) | $ 11,784 | $ (5,588) | $ 9,769 | $ 4,110 | $ (25,877) | $ (36,570) | $ (5,195) | $ 4,772 | $ (63,532) | $ 39,138 |
Earnings Per Share, Basic | $ 0.05 | $ (0.67) | $ 0.60 | |||||||||
Net (loss) income per share - basic and diluted | $ 0 | $ (0.12) | $ 0.12 | $ (0.06) | $ 0.10 | $ 0.06 | $ (0.27) | $ (0.39) | $ (0.06) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | May 03, 2021 | Apr. 01, 2021 | Mar. 01, 2021 | Feb. 01, 2021 | Jan. 12, 2021 | Dec. 28, 2020 | May 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||||
Monthly distribution rate | $ 0.255 | $ 0.503 | $ 0.588 | $ 2.010 | $ 2.010 | |||||||
Distribution reinvested through the DRIP | $ 7,368 | $ 15,940 | $ 15,940 | $ 67,427 | $ 44,071 | |||||||
Net cash distribution | $ 24,296 | $ 32,792 | $ 49,331 | $ 123,135 | $ 80,728 | |||||||
Dividend Declared | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Monthly distribution rate | $ 0.08499999 | |||||||||||
Subsequent Event | Dividend Paid | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Gross amount of distribution paid | $ 9,059 | $ 9,059 | $ 9,051 | $ 9,042 | $ 9,001 | |||||||
Distribution reinvested through the DRIP | 2,453 | 2,455 | 2,461 | |||||||||
Net cash distribution | $ 9,059 | $ 9,059 | $ 6,598 | $ 6,587 | $ 6,540 | |||||||
Subsequent Event | Dividend Declared | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Monthly distribution rate | $ 0.08499999 | $ 0.08499999 | $ 0.08499999 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 685,022 | ||
Initial cost, land and improvements | 1,519,458 | ||
Initial cost, buildings and improvements | 3,088,652 | ||
Costs capitalized subsequent to acquisition, carrying costs | 179,231 | ||
Carrying amount, land and improvements | 1,549,362 | ||
Carrying amount, buildings and improvements | 3,237,986 | ||
Carrying amount, total | 4,787,348 | $ 4,749,324 | $ 4,848,483 |
Accumulated depreciation | 695,591 | $ 526,309 | $ 393,970 |
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 | 732 | ||
Carrying amount, land and improvements | 3,491 | ||
Carrying amount, buildings and improvements | 5,832 | ||
Carrying amount, total | 9,323 | ||
Accumulated depreciation | $ 2,754 | ||
Date acquired | Nov. 23, 2011 | ||
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 | 1,171 | ||
Carrying amount, land and improvements | 4,326 | ||
Carrying amount, buildings and improvements | 7,381 | ||
Carrying amount, total | 11,707 | ||
Accumulated depreciation | $ 3,767 | ||
Date acquired | Nov. 23, 2011 | ||
St. Charles Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 4,090 | ||
Initial cost, buildings and improvements | 4,399 | ||
Costs capitalized subsequent to acquisition, carrying costs | 571 | ||
Carrying amount, land and improvements | 4,228 | ||
Carrying amount, buildings and improvements | 4,832 | ||
Carrying amount, total | 9,060 | ||
Accumulated depreciation | $ 2,828 | ||
Date acquired | Nov. 23, 2011 | ||
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 | 553 | ||
Carrying amount, land and improvements | 5,737 | ||
Carrying amount, buildings and improvements | 10,431 | ||
Carrying amount, total | 16,169 | ||
Accumulated depreciation | $ 4,956 | ||
Date acquired | Nov. 23, 2011 | ||
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 | 1,426 | ||
Carrying amount, land and improvements | 2,986 | ||
Carrying amount, buildings and improvements | 5,205 | ||
Carrying amount, total | 8,191 | ||
Accumulated depreciation | $ 2,422 | ||
Date acquired | Nov. 23, 2011 | ||
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 | 965 | ||
Carrying amount, land and improvements | 2,901 | ||
Carrying amount, buildings and improvements | 5,910 | ||
Carrying amount, total | 8,811 | ||
Accumulated depreciation | $ 2,669 | ||
Date acquired | Nov. 23, 2011 | ||
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 | 2,632 | ||
Carrying amount, land and improvements | 5,926 | ||
Carrying amount, buildings and improvements | 9,472 | ||
Carrying amount, total | 15,398 | ||
Accumulated depreciation | $ 4,188 | ||
Date acquired | Dec. 29, 2011 | ||
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 | 886 | ||
Carrying amount, land and improvements | 2,492 | ||
Carrying amount, buildings and improvements | 3,481 | ||
Carrying amount, total | 5,973 | ||
Accumulated depreciation | $ 1,944 | ||
Date acquired | Feb. 23, 2012 | ||
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 | 741 | ||
Carrying amount, land and improvements | 2,449 | ||
Carrying amount, buildings and improvements | 3,981 | ||
Carrying amount, total | 6,430 | ||
Accumulated depreciation | $ 2,029 | ||
Date acquired | Feb. 23, 2012 | ||
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 | 625 | ||
Carrying amount, land and improvements | 5,309 | ||
Carrying amount, buildings and improvements | 6,612 | ||
Carrying amount, total | 11,922 | ||
Accumulated depreciation | $ 3,805 | ||
Date acquired | Apr. 27, 2012 | ||
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 | 613 | ||
Carrying amount, land and improvements | 4,562 | ||
Carrying amount, buildings and improvements | 4,330 | ||
Carrying amount, total | 8,892 | ||
Accumulated depreciation | $ 2,252 | ||
Date acquired | May 9, 2012 | ||
Brentwood Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 6,105 | ||
Initial cost, buildings and improvements | 8,024 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,366 | ||
Carrying amount, land and improvements | 6,306 | ||
Carrying amount, buildings and improvements | 10,190 | ||
Carrying amount, total | 16,496 | ||
Accumulated depreciation | $ 3,991 | ||
Date acquired | Jul. 5, 2012 | ||
Sidney Towne 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 | 1,353 | ||
Carrying amount, land and improvements | 2,016 | ||
Carrying amount, buildings and improvements | 4,568 | ||
Carrying amount, total | 6,584 | ||
Accumulated depreciation | $ 2,599 | ||
Date acquired | Aug. 2, 2012 | ||
Broadway Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,614 | ||
Initial cost, land and improvements | 4,979 | ||
Initial cost, buildings and improvements | 7,169 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,951 | ||
Carrying amount, land and improvements | 5,808 | ||
Carrying amount, buildings and improvements | 8,290 | ||
Carrying amount, total | 14,099 | ||
Accumulated depreciation | $ 3,770 | ||
Date acquired | Aug. 13, 2012 | ||
Baker Hill | |||
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 | 10,013 | ||
Carrying amount, land and improvements | 7,664 | ||
Carrying amount, buildings and improvements | 23,154 | ||
Carrying amount, total | 30,818 | ||
Accumulated depreciation | $ 7,287 | ||
Date acquired | Sep. 6, 2012 | ||
New Prague Commons | |||
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 | 1,908 | ||
Carrying amount, land and improvements | 3,395 | ||
Carrying amount, buildings and improvements | 8,366 | ||
Carrying amount, total | 11,761 | ||
Accumulated depreciation | $ 3,447 | ||
Date acquired | Oct. 12, 2012 | ||
Brook Park Plaza | |||
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 | 773 | ||
Carrying amount, land and improvements | 2,813 | ||
Carrying amount, buildings and improvements | 8,099 | ||
Carrying amount, total | 10,912 | ||
Accumulated depreciation | $ 3,377 | ||
Date acquired | Oct. 23, 2012 | ||
Heron Creek Towne Center | |||
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 | 447 | ||
Carrying amount, land and improvements | 4,163 | ||
Carrying amount, buildings and improvements | 4,429 | ||
Carrying amount, total | 8,591 | ||
Accumulated depreciation | $ 2,181 | ||
Date acquired | Dec. 17, 2012 | ||
Quartz Hill Towne Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,740 | ||
Initial cost, land and improvements | 6,352 | ||
Initial cost, buildings and improvements | 13,529 | ||
Costs capitalized subsequent to acquisition, carrying costs | 929 | ||
Carrying amount, land and improvements | 6,663 | ||
Carrying amount, buildings and improvements | 14,147 | ||
Carrying amount, total | 20,810 | ||
Accumulated depreciation | $ 5,091 | ||
Date acquired | Dec. 27, 2012 | ||
Village One Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,700 | ||
Initial cost, land and improvements | 5,166 | ||
Initial cost, buildings and improvements | 18,752 | ||
Costs capitalized subsequent to acquisition, carrying costs | 633 | ||
Carrying amount, land and improvements | 5,255 | ||
Carrying amount, buildings and improvements | 19,296 | ||
Carrying amount, total | 24,551 | ||
Accumulated depreciation | $ 6,308 | ||
Date acquired | Dec. 28, 2012 | ||
Hilfiker Shopping Center | |||
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 | 89 | ||
Carrying amount, land and improvements | 2,523 | ||
Carrying amount, buildings and improvements | 4,771 | ||
Carrying amount, total | 7,294 | ||
Accumulated depreciation | $ 1,753 | ||
Date acquired | Dec. 28, 2012 | ||
Butler Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 3,925 | ||
Initial cost, buildings and improvements | 6,129 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,931 | ||
Carrying amount, land and improvements | 4,287 | ||
Carrying amount, buildings and improvements | 8,698 | ||
Carrying amount, total | 12,985 | ||
Accumulated depreciation | $ 2,928 | ||
Date acquired | Jan. 15, 2013 | ||
Fairview Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,430 | ||
Initial cost, land and improvements | 3,563 | ||
Initial cost, buildings and improvements | 5,266 | ||
Costs capitalized subsequent to acquisition, carrying costs | 857 | ||
Carrying amount, land and improvements | 3,925 | ||
Carrying amount, buildings and improvements | 5,761 | ||
Carrying amount, total | 9,686 | ||
Accumulated depreciation | $ 2,277 | ||
Date acquired | Jan. 15, 2013 | ||
Grassland Crossing | |||
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 | 1,033 | ||
Carrying amount, land and improvements | 3,936 | ||
Carrying amount, buildings and improvements | 6,568 | ||
Carrying amount, total | 10,504 | ||
Accumulated depreciation | $ 2,790 | ||
Date acquired | Jan. 15, 2013 | ||
Hamilton Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 4,772 | ||
Initial cost, buildings and improvements | 7,168 | ||
Costs capitalized subsequent to acquisition, carrying costs | 823 | ||
Carrying amount, land and improvements | 5,035 | ||
Carrying amount, buildings and improvements | 7,728 | ||
Carrying amount, total | 12,763 | ||
Accumulated depreciation | $ 3,384 | ||
Date acquired | Jan. 15, 2013 | ||
Mableton Crossing | |||
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 | 1,458 | ||
Carrying amount, land and improvements | 4,930 | ||
Carrying amount, buildings and improvements | 7,367 | ||
Carrying amount, total | 12,297 | ||
Accumulated depreciation | $ 3,076 | ||
Date acquired | Jan. 15, 2013 | ||
Shops at Westridge | |||
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 | 2,038 | ||
Carrying amount, land and improvements | 2,835 | ||
Carrying amount, buildings and improvements | 5,892 | ||
Carrying amount, total | 8,727 | ||
Accumulated depreciation | $ 2,104 | ||
Date acquired | Jan. 15, 2013 | ||
Fairlawn Town Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 20,000 | ||
Initial cost, land and improvements | 10,398 | ||
Initial cost, buildings and improvements | 29,005 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3,638 | ||
Carrying amount, land and improvements | 11,611 | ||
Carrying amount, buildings and improvements | 31,430 | ||
Carrying amount, total | 43,041 | ||
Accumulated depreciation | $ 12,819 | ||
Date acquired | Jan. 30, 2013 | ||
Macland Pointe | |||
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 | 1,097 | ||
Carrying amount, land and improvements | 3,878 | ||
Carrying amount, buildings and improvements | 6,075 | ||
Carrying amount, total | 9,953 | ||
Accumulated depreciation | $ 2,649 | ||
Date acquired | Feb. 13, 2013 | ||
Kleinwood 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 | 1,267 | ||
Carrying amount, land and improvements | 11,850 | ||
Carrying amount, buildings and improvements | 19,848 | ||
Carrying amount, total | 31,699 | ||
Accumulated depreciation | $ 7,809 | ||
Date acquired | Mar. 21, 2013 | ||
Murray Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,750 | ||
Initial cost, land and improvements | 3,221 | ||
Initial cost, buildings and improvements | 6,856 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,640 | ||
Carrying amount, land and improvements | 3,597 | ||
Carrying amount, buildings and improvements | 8,120 | ||
Carrying amount, total | 11,717 | ||
Accumulated depreciation | $ 2,968 | ||
Date acquired | Mar. 21, 2013 | ||
Vineyard Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,761 | ||
Initial cost, buildings and improvements | 4,221 | ||
Costs capitalized subsequent to acquisition, carrying costs | 561 | ||
Carrying amount, land and improvements | 3,028 | ||
Carrying amount, buildings and improvements | 4,515 | ||
Carrying amount, total | 7,543 | ||
Accumulated depreciation | $ 1,886 | ||
Date acquired | Mar. 21, 2013 | ||
Lutz Lake Crossing | |||
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 | 819 | ||
Carrying amount, land and improvements | 2,914 | ||
Carrying amount, buildings and improvements | 7,142 | ||
Carrying amount, total | 10,055 | ||
Accumulated depreciation | $ 2,404 | ||
Date acquired | Apr. 4, 2013 | ||
Publix at Seven Hills | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,171 | ||
Initial cost, buildings and improvements | 5,642 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,055 | ||
Carrying amount, land and improvements | 2,493 | ||
Carrying amount, buildings and improvements | 6,375 | ||
Carrying amount, total | 8,868 | ||
Accumulated depreciation | $ 2,197 | ||
Date acquired | Apr. 4, 2013 | ||
Hartville Centre | |||
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 | 1,785 | ||
Carrying amount, land and improvements | 2,391 | ||
Carrying amount, buildings and improvements | 5,155 | ||
Carrying amount, total | 7,546 | ||
Accumulated depreciation | $ 2,048 | ||
Date acquired | Apr. 23, 2013 | ||
Sunset Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 15,410 | ||
Initial cost, land and improvements | 7,933 | ||
Initial cost, buildings and improvements | 14,939 | ||
Costs capitalized subsequent to acquisition, carrying costs | 839 | ||
Carrying amount, land and improvements | 8,019 | ||
Carrying amount, buildings and improvements | 15,692 | ||
Carrying amount, total | 23,711 | ||
Accumulated depreciation | $ 5,539 | ||
Date acquired | May 31, 2013 | ||
Savage Town Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,000 | ||
Initial cost, land and improvements | 4,106 | ||
Initial cost, buildings and improvements | 9,409 | ||
Costs capitalized subsequent to acquisition, carrying costs | 300 | ||
Carrying amount, land and improvements | 4,357 | ||
Carrying amount, buildings and improvements | 9,458 | ||
Carrying amount, total | 13,815 | ||
Accumulated depreciation | $ 3,562 | ||
Date acquired | Jun. 19, 2013 | ||
Glenwood Crossings | |||
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 | 1,051 | ||
Carrying amount, land and improvements | 2,336 | ||
Carrying amount, buildings and improvements | 10,500 | ||
Carrying amount, total | 12,837 | ||
Accumulated depreciation | $ 3,292 | ||
Date acquired | Jun. 27, 2013 | ||
Shiloh Square Shopping Center | |||
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 | 1,978 | ||
Carrying amount, land and improvements | 4,834 | ||
Carrying amount, buildings and improvements | 10,558 | ||
Carrying amount, total | 15,392 | ||
Accumulated depreciation | $ 3,419 | ||
Date acquired | Jun. 27, 2013 | ||
Pavilions at San Mateo | |||
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 | 1,701 | ||
Carrying amount, land and improvements | 6,746 | ||
Carrying amount, buildings and improvements | 20,152 | ||
Carrying amount, total | 26,897 | ||
Accumulated depreciation | $ 6,597 | ||
Date acquired | Jun. 27, 2013 | ||
Boronda Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 14,750 | ||
Initial cost, land and improvements | 9,027 | ||
Initial cost, buildings and improvements | 11,870 | ||
Costs capitalized subsequent to acquisition, carrying costs | 623 | ||
Carrying amount, land and improvements | 9,231 | ||
Carrying amount, buildings and improvements | 12,290 | ||
Carrying amount, total | 21,521 | ||
Accumulated depreciation | $ 4,174 | ||
Date acquired | Jul. 3, 2013 | ||
Westwoods Shopping Center | |||
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 | 694 | ||
Carrying amount, land and improvements | 4,186 | ||
Carrying amount, buildings and improvements | 11,328 | ||
Carrying amount, total | 15,514 | ||
Accumulated depreciation | $ 3,914 | ||
Date acquired | Aug. 8, 2013 | ||
Paradise Crossing | |||
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 | 868 | ||
Carrying amount, land and improvements | 2,490 | ||
Carrying amount, buildings and improvements | 6,647 | ||
Carrying amount, total | 9,136 | ||
Accumulated depreciation | $ 2,253 | ||
Date acquired | Aug. 13, 2013 | ||
Contra Loma 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 | 1,779 | ||
Carrying amount, land and improvements | 3,845 | ||
Carrying amount, buildings and improvements | 5,103 | ||
Carrying amount, total | 8,948 | ||
Accumulated depreciation | $ 1,633 | ||
Date acquired | Aug. 19, 2013 | ||
South Oaks Plaza | |||
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 | 464 | ||
Carrying amount, land and improvements | 2,112 | ||
Carrying amount, buildings and improvements | 6,924 | ||
Carrying amount, total | 9,036 | ||
Accumulated depreciation | $ 2,294 | ||
Date acquired | Aug. 21, 2013 | ||
Yorktown Centre | |||
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 | 2,173 | ||
Carrying amount, land and improvements | 4,098 | ||
Carrying amount, buildings and improvements | 17,207 | ||
Carrying amount, total | 21,305 | ||
Accumulated depreciation | $ 6,652 | ||
Date acquired | Aug. 30, 2013 | ||
Dyer Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,023 | ||
Initial cost, land and improvements | 6,017 | ||
Initial cost, buildings and improvements | 10,214 | ||
Costs capitalized subsequent to acquisition, carrying costs | 586 | ||
Carrying amount, land and improvements | 6,283 | ||
Carrying amount, buildings and improvements | 10,534 | ||
Carrying amount, total | 16,817 | ||
Accumulated depreciation | $ 3,759 | ||
Date acquired | Sep. 4, 2013 | ||
East Burnside 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 | 137 | ||
Carrying amount, land and improvements | 2,560 | ||
Carrying amount, buildings and improvements | 5,484 | ||
Carrying amount, total | 8,044 | ||
Accumulated depreciation | $ 1,499 | ||
Date acquired | Sep. 12, 2013 | ||
Red Maple Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 20,584 | ||
Initial cost, land and improvements | 9,250 | ||
Initial cost, buildings and improvements | 19,466 | ||
Costs capitalized subsequent to acquisition, carrying costs | 439 | ||
Carrying amount, land and improvements | 9,408 | ||
Carrying amount, buildings and improvements | 19,747 | ||
Carrying amount, total | 29,155 | ||
Accumulated depreciation | $ 5,542 | ||
Date acquired | Sep. 18, 2013 | ||
Crystal Beach Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,360 | ||
Initial cost, land and improvements | 2,334 | ||
Initial cost, buildings and improvements | 7,918 | ||
Costs capitalized subsequent to acquisition, carrying costs | 661 | ||
Carrying amount, land and improvements | 2,416 | ||
Carrying amount, buildings and improvements | 8,498 | ||
Carrying amount, total | 10,914 | ||
Accumulated depreciation | $ 2,751 | ||
Date acquired | Sep. 25, 2013 | ||
CitiCentre Plaza | |||
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 | 364 | ||
Carrying amount, land and improvements | 1,031 | ||
Carrying amount, buildings and improvements | 2,633 | ||
Carrying amount, total | 3,664 | ||
Accumulated depreciation | $ 954 | ||
Date acquired | Oct. 2, 2013 | ||
Duck Creek Plaza | |||
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 | 1,683 | ||
Carrying amount, land and improvements | 5,208 | ||
Carrying amount, buildings and improvements | 14,094 | ||
Carrying amount, total | 19,302 | ||
Accumulated depreciation | $ 4,477 | ||
Date acquired | Oct. 8, 2013 | ||
Cahill 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 | 683 | ||
Carrying amount, land and improvements | 2,950 | ||
Carrying amount, buildings and improvements | 5,433 | ||
Carrying amount, total | 8,383 | ||
Accumulated depreciation | $ 1,909 | ||
Date acquired | Oct. 9, 2013 | ||
College 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 | 3,325 | ||
Carrying amount, land and improvements | 5,107 | ||
Carrying amount, buildings and improvements | 20,450 | ||
Carrying amount, total | 25,557 | ||
Accumulated depreciation | $ 4,820 | ||
Date acquired | Oct. 22, 2013 | ||
Courthouse Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,650 | ||
Initial cost, land and improvements | 6,130 | ||
Initial cost, buildings and improvements | 8,061 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,147 | ||
Carrying amount, land and improvements | 6,386 | ||
Carrying amount, buildings and improvements | 8,952 | ||
Carrying amount, total | 15,338 | ||
Accumulated depreciation | $ 2,983 | ||
Date acquired | Oct. 25, 2013 | ||
Hastings 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 | 777 | ||
Carrying amount, land and improvements | 4,397 | ||
Carrying amount, buildings and improvements | 10,404 | ||
Carrying amount, total | 14,801 | ||
Accumulated depreciation | $ 3,526 | ||
Date acquired | Nov. 6, 2013 | ||
Coquina Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,192 | ||
Initial cost, land and improvements | 9,458 | ||
Initial cost, buildings and improvements | 11,770 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,117 | ||
Carrying amount, land and improvements | 9,686 | ||
Carrying amount, buildings and improvements | 12,658 | ||
Carrying amount, total | 22,345 | ||
Accumulated depreciation | $ 3,780 | ||
Date acquired | Nov. 7, 2013 | ||
Shoppes of Paradise Lakes | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,057 | ||
Initial cost, land and improvements | 5,811 | ||
Initial cost, buildings and improvements | 6,020 | ||
Costs capitalized subsequent to acquisition, carrying costs | 968 | ||
Carrying amount, land and improvements | 6,072 | ||
Carrying amount, buildings and improvements | 6,726 | ||
Carrying amount, total | 12,799 | ||
Accumulated depreciation | $ 2,283 | ||
Date acquired | Nov. 7, 2013 | ||
Collington Plaza | |||
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 | 905 | ||
Carrying amount, land and improvements | 12,394 | ||
Carrying amount, buildings and improvements | 15,860 | ||
Carrying amount, total | 28,254 | ||
Accumulated depreciation | $ 4,876 | ||
Date acquired | Nov. 21, 2013 | ||
Golden Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 14,711 | ||
Initial cost, land and improvements | 7,065 | ||
Initial cost, buildings and improvements | 10,166 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,674 | ||
Carrying amount, land and improvements | 7,460 | ||
Carrying amount, buildings and improvements | 11,446 | ||
Carrying amount, total | 18,905 | ||
Accumulated depreciation | $ 3,914 | ||
Date acquired | Nov. 22, 2013 | ||
Northstar Marketplace | |||
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 | 1,090 | ||
Carrying amount, land and improvements | 2,923 | ||
Carrying amount, buildings and improvements | 10,182 | ||
Carrying amount, total | 13,105 | ||
Accumulated depreciation | $ 3,318 | ||
Date acquired | Nov. 27, 2013 | ||
Bear Creek Plaza | |||
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 | 1,614 | ||
Carrying amount, land and improvements | 5,782 | ||
Carrying amount, buildings and improvements | 19,120 | ||
Carrying amount, total | 24,902 | ||
Accumulated depreciation | $ 6,231 | ||
Date acquired | Dec. 18, 2013 | ||
East Side Square | |||
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 | 120 | ||
Carrying amount, land and improvements | 412 | ||
Carrying amount, buildings and improvements | 1,065 | ||
Carrying amount, total | 1,477 | ||
Accumulated depreciation | $ 372 | ||
Date acquired | Dec. 18, 2013 | ||
Flag City Station | |||
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 | 3,124 | ||
Carrying amount, land and improvements | 4,851 | ||
Carrying amount, buildings and improvements | 12,588 | ||
Carrying amount, total | 17,440 | ||
Accumulated depreciation | $ 3,539 | ||
Date acquired | Dec. 18, 2013 | ||
Hoke Crossing | |||
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 | 398 | ||
Carrying amount, land and improvements | 509 | ||
Carrying amount, buildings and improvements | 1,430 | ||
Carrying amount, total | 1,939 | ||
Accumulated depreciation | $ 458 | ||
Date acquired | Dec. 18, 2013 | ||
Southern Hills Crossing | |||
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 | 125 | ||
Carrying amount, land and improvements | 807 | ||
Carrying amount, buildings and improvements | 1,577 | ||
Carrying amount, total | 2,384 | ||
Accumulated depreciation | $ 623 | ||
Date acquired | Dec. 18, 2013 | ||
Town and Country Shopping Center - Indiana | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 13,480 | ||
Initial cost, land and improvements | 7,361 | ||
Initial cost, buildings and improvements | 16,269 | ||
Costs capitalized subsequent to acquisition, carrying costs | 458 | ||
Carrying amount, land and improvements | 7,454 | ||
Carrying amount, buildings and improvements | 16,634 | ||
Carrying amount, total | 24,088 | ||
Accumulated depreciation | $ 5,707 | ||
Date acquired | Dec. 18, 2013 | ||
Sulphur Grove | |||
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 | 498 | ||
Carrying amount, land and improvements | 611 | ||
Carrying amount, buildings and improvements | 2,581 | ||
Carrying amount, total | 3,192 | ||
Accumulated depreciation | $ 682 | ||
Date acquired | Dec. 18, 2013 | ||
Southgate Shopping 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 | 892 | ||
Carrying amount, land and improvements | 2,835 | ||
Carrying amount, buildings and improvements | 8,849 | ||
Carrying amount, total | 11,684 | ||
Accumulated depreciation | $ 3,107 | ||
Date acquired | Dec. 20, 2013 | ||
Sterling Pointe Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 24,073 | ||
Initial cost, land and improvements | 7,039 | ||
Initial cost, buildings and improvements | 20,822 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,573 | ||
Carrying amount, land and improvements | 7,617 | ||
Carrying amount, buildings and improvements | 21,816 | ||
Carrying amount, total | 29,433 | ||
Accumulated depreciation | $ 6,056 | ||
Date acquired | Dec. 20, 2013 | ||
Arcadia Plaza | |||
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 | 2,784 | ||
Carrying amount, land and improvements | 5,946 | ||
Carrying amount, buildings and improvements | 9,516 | ||
Carrying amount, total | 15,462 | ||
Accumulated depreciation | $ 2,821 | ||
Date acquired | Dec. 30, 2013 | ||
Stop & Shop Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 8,892 | ||
Initial cost, buildings and improvements | 15,028 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,157 | ||
Carrying amount, land and improvements | 9,270 | ||
Carrying amount, buildings and improvements | 15,807 | ||
Carrying amount, total | 25,077 | ||
Accumulated depreciation | $ 5,119 | ||
Date acquired | Dec. 30, 2013 | ||
Fairacres Shopping 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 | 786 | ||
Carrying amount, land and improvements | 3,875 | ||
Carrying amount, buildings and improvements | 5,643 | ||
Carrying amount, total | 9,518 | ||
Accumulated depreciation | $ 2,163 | ||
Date acquired | Jan. 21, 2014 | ||
Savoy Plaza | |||
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 | 857 | ||
Carrying amount, land and improvements | 4,770 | ||
Carrying amount, buildings and improvements | 11,285 | ||
Carrying amount, total | 16,056 | ||
Accumulated depreciation | $ 4,123 | ||
Date acquired | Jan. 31, 2014 | ||
The Shops of Uptown | |||
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 | 1,349 | ||
Carrying amount, land and improvements | 7,934 | ||
Carrying amount, buildings and improvements | 18,043 | ||
Carrying amount, total | 25,977 | ||
Accumulated depreciation | $ 4,830 | ||
Date acquired | Feb. 25, 2014 | ||
Chapel Hill North Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,538 | ||
Initial cost, land and improvements | 4,776 | ||
Initial cost, buildings and improvements | 10,189 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,338 | ||
Carrying amount, land and improvements | 4,988 | ||
Carrying amount, buildings and improvements | 11,315 | ||
Carrying amount, total | 16,303 | ||
Accumulated depreciation | $ 3,820 | ||
Date acquired | Feb. 28, 2014 | ||
Coppell Market Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,594 | ||
Initial cost, land and improvements | 4,870 | ||
Initial cost, buildings and improvements | 12,236 | ||
Costs capitalized subsequent to acquisition, carrying costs | 246 | ||
Carrying amount, land and improvements | 5,024 | ||
Carrying amount, buildings and improvements | 12,328 | ||
Carrying amount, total | 17,352 | ||
Accumulated depreciation | $ 3,647 | ||
Date acquired | Mar. 5, 2014 | ||
Winchester Gateway | |||
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 | 2,088 | ||
Carrying amount, land and improvements | 9,585 | ||
Carrying amount, buildings and improvements | 25,313 | ||
Carrying amount, total | 34,898 | ||
Accumulated depreciation | $ 7,399 | ||
Date acquired | Mar. 5, 2014 | ||
Stonewall 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 | 962 | ||
Carrying amount, land and improvements | 7,990 | ||
Carrying amount, buildings and improvements | 17,544 | ||
Carrying amount, total | 25,534 | ||
Accumulated depreciation | $ 5,250 | ||
Date acquired | Mar. 5, 2014 | ||
Town Fair Center | |||
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 | 5,435 | ||
Carrying amount, land and improvements | 8,731 | ||
Carrying amount, buildings and improvements | 19,223 | ||
Carrying amount, total | 27,954 | ||
Accumulated depreciation | $ 5,791 | ||
Date acquired | Mar. 12, 2014 | ||
Villages at Eagles Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 1,173 | ||
Initial cost, land and improvements | 2,824 | ||
Initial cost, buildings and improvements | 5,515 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,114 | ||
Carrying amount, land and improvements | 3,365 | ||
Carrying amount, buildings and improvements | 6,089 | ||
Carrying amount, total | 9,453 | ||
Accumulated depreciation | $ 2,286 | ||
Date acquired | Mar. 13, 2014 | ||
Champions Gate Village | |||
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 | 266 | ||
Carrying amount, land and improvements | 1,916 | ||
Carrying amount, buildings and improvements | 6,224 | ||
Carrying amount, total | 8,140 | ||
Accumulated depreciation | $ 2,147 | ||
Date acquired | Mar. 14, 2014 | ||
Towne Centre at Wesley Chapel | |||
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 | 566 | ||
Carrying amount, land and improvements | 2,703 | ||
Carrying amount, buildings and improvements | 5,882 | ||
Carrying amount, total | 8,585 | ||
Accumulated depreciation | $ 1,874 | ||
Date acquired | Mar. 14, 2014 | ||
Statler Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,096 | ||
Initial cost, land and improvements | 4,108 | ||
Initial cost, buildings and improvements | 9,072 | ||
Costs capitalized subsequent to acquisition, carrying costs | 901 | ||
Carrying amount, land and improvements | 4,555 | ||
Carrying amount, buildings and improvements | 9,525 | ||
Carrying amount, total | 14,081 | ||
Accumulated depreciation | $ 3,298 | ||
Date acquired | Mar. 21, 2014 | ||
Burbank Plaza | |||
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 | 3,925 | ||
Carrying amount, land and improvements | 3,580 | ||
Carrying amount, buildings and improvements | 7,863 | ||
Carrying amount, total | 11,443 | ||
Accumulated depreciation | $ 2,352 | ||
Date acquired | Mar. 25, 2014 | ||
Hamilton Village | |||
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 | 2,305 | ||
Carrying amount, land and improvements | 12,635 | ||
Carrying amount, buildings and improvements | 21,455 | ||
Carrying amount, total | 34,090 | ||
Accumulated depreciation | $ 7,417 | ||
Date acquired | Apr. 3, 2014 | ||
Waynesboro Plaza | |||
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 | 145 | ||
Carrying amount, land and improvements | 5,670 | ||
Carrying amount, buildings and improvements | 8,406 | ||
Carrying amount, total | 14,076 | ||
Accumulated depreciation | $ 2,903 | ||
Date acquired | Apr. 30, 2014 | ||
Southwest Marketplace | |||
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 | 2,920 | ||
Carrying amount, land and improvements | 16,102 | ||
Carrying amount, buildings and improvements | 14,108 | ||
Carrying amount, total | 30,209 | ||
Accumulated depreciation | $ 4,600 | ||
Date acquired | May 5, 2014 | ||
Hampton Village | |||
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 | 3,926 | ||
Carrying amount, land and improvements | 5,949 | ||
Carrying amount, buildings and improvements | 10,688 | ||
Carrying amount, total | 16,636 | ||
Accumulated depreciation | $ 3,539 | ||
Date acquired | May 21, 2014 | ||
Central Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 12,095 | ||
Initial cost, land and improvements | 6,143 | ||
Initial cost, buildings and improvements | 6,932 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,394 | ||
Carrying amount, land and improvements | 6,454 | ||
Carrying amount, buildings and improvements | 9,014 | ||
Carrying amount, total | 15,469 | ||
Accumulated depreciation | $ 2,881 | ||
Date acquired | May 23, 2014 | ||
Kirkwood Market Place | |||
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 | 997 | ||
Carrying amount, land and improvements | 5,958 | ||
Carrying amount, buildings and improvements | 10,522 | ||
Carrying amount, total | 16,480 | ||
Accumulated depreciation | $ 3,070 | ||
Date acquired | May 23, 2014 | ||
Fairview Plaza | |||
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 | 306 | ||
Carrying amount, land and improvements | 2,955 | ||
Carrying amount, buildings and improvements | 8,638 | ||
Carrying amount, total | 11,593 | ||
Accumulated depreciation | $ 2,346 | ||
Date acquired | May 27, 2014 | ||
Broadway Promenade | |||
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 | 339 | ||
Carrying amount, land and improvements | 3,911 | ||
Carrying amount, buildings and improvements | 7,054 | ||
Carrying amount, total | 10,965 | ||
Accumulated depreciation | $ 1,972 | ||
Date acquired | May 28, 2014 | ||
Townfair Center | |||
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 | 1,246 | ||
Carrying amount, land and improvements | 7,206 | ||
Carrying amount, buildings and improvements | 14,281 | ||
Carrying amount, total | 21,487 | ||
Accumulated depreciation | $ 4,777 | ||
Date acquired | May 29, 2014 | ||
St. Johns Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 1,599 | ||
Initial cost, buildings and improvements | 10,387 | ||
Costs capitalized subsequent to acquisition, carrying costs | 643 | ||
Carrying amount, land and improvements | 1,773 | ||
Carrying amount, buildings and improvements | 10,856 | ||
Carrying amount, total | 12,629 | ||
Accumulated depreciation | $ 3,026 | ||
Date acquired | May 30, 2014 | ||
Heath Brook Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,930 | ||
Initial cost, land and improvements | 3,470 | ||
Initial cost, buildings and improvements | 8,352 | ||
Costs capitalized subsequent to acquisition, carrying costs | 772 | ||
Carrying amount, land and improvements | 3,690 | ||
Carrying amount, buildings and improvements | 8,905 | ||
Carrying amount, total | 12,595 | ||
Accumulated depreciation | $ 2,625 | ||
Date acquired | May 30, 2014 | ||
Park View 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 | 550 | ||
Carrying amount, land and improvements | 5,819 | ||
Carrying amount, buildings and improvements | 9,735 | ||
Carrying amount, total | 15,554 | ||
Accumulated depreciation | $ 2,876 | ||
Date acquired | May 30, 2014 | ||
The Orchards | |||
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 | 511 | ||
Carrying amount, land and improvements | 5,739 | ||
Carrying amount, buildings and improvements | 8,940 | ||
Carrying amount, total | 14,679 | ||
Accumulated depreciation | $ 2,788 | ||
Date acquired | Jun. 3, 2014 | ||
Shaw's Plaza Hanover | |||
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 | $ 1,588 | ||
Date acquired | Jun. 23, 2014 | ||
Shaw's Plaza Easton | |||
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 | 621 | ||
Carrying amount, land and improvements | 5,877 | ||
Carrying amount, buildings and improvements | 7,438 | ||
Carrying amount, total | 13,315 | ||
Accumulated depreciation | $ 2,511 | ||
Date acquired | Jun. 23, 2014 | ||
Lynnwood Place | |||
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 | 815 | ||
Carrying amount, land and improvements | 3,620 | ||
Carrying amount, buildings and improvements | 5,362 | ||
Carrying amount, total | 8,982 | ||
Accumulated depreciation | $ 1,881 | ||
Date acquired | Jul. 28, 2014 | ||
Thompson Valley Towne Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 5,758 | ||
Initial cost, buildings and improvements | 17,387 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,499 | ||
Carrying amount, land and improvements | 6,153 | ||
Carrying amount, buildings and improvements | 18,492 | ||
Carrying amount, total | 24,645 | ||
Accumulated depreciation | $ 5,240 | ||
Date acquired | Aug. 1, 2014 | ||
Lumina Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,165 | ||
Initial cost, land and improvements | 2,008 | ||
Initial cost, buildings and improvements | 11,249 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,171 | ||
Carrying amount, land and improvements | 2,093 | ||
Carrying amount, buildings and improvements | 12,335 | ||
Carrying amount, total | 14,428 | ||
Accumulated depreciation | $ 3,036 | ||
Date acquired | Aug. 4, 2014 | ||
Driftwood Village | |||
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 | 1,590 | ||
Carrying amount, land and improvements | 7,451 | ||
Carrying amount, buildings and improvements | 13,942 | ||
Carrying amount, total | 21,394 | ||
Accumulated depreciation | $ 3,859 | ||
Date acquired | Aug. 7, 2014 | ||
French Golden Gate | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,599 | ||
Initial cost, buildings and improvements | 12,877 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,803 | ||
Carrying amount, land and improvements | 2,856 | ||
Carrying amount, buildings and improvements | 14,422 | ||
Carrying amount, total | 17,279 | ||
Accumulated depreciation | $ 3,771 | ||
Date acquired | Aug. 28, 2014 | ||
Orchard Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,903 | ||
Initial cost, land and improvements | 1,361 | ||
Initial cost, buildings and improvements | 11,550 | ||
Costs capitalized subsequent to acquisition, carrying costs | 549 | ||
Carrying amount, land and improvements | 1,609 | ||
Carrying amount, buildings and improvements | 11,851 | ||
Carrying amount, total | 13,460 | ||
Accumulated depreciation | $ 3,306 | ||
Date acquired | Sep. 8, 2014 | ||
Trader Joe's Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,745 | ||
Initial cost, land and improvements | 2,338 | ||
Initial cost, buildings and improvements | 7,922 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,806 | ||
Carrying amount, land and improvements | 2,757 | ||
Carrying amount, buildings and improvements | 9,309 | ||
Carrying amount, total | 12,066 | ||
Accumulated depreciation | $ 2,713 | ||
Date acquired | Sep. 11, 2014 | ||
Palmetto Pavilion | |||
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 | 950 | ||
Carrying amount, land and improvements | 3,208 | ||
Carrying amount, buildings and improvements | 8,777 | ||
Carrying amount, total | 11,985 | ||
Accumulated depreciation | $ 2,353 | ||
Date acquired | Sep. 11, 2014 | ||
Five Town 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 | 6,344 | ||
Carrying amount, land and improvements | 10,029 | ||
Carrying amount, buildings and improvements | 24,862 | ||
Carrying amount, total | 34,891 | ||
Accumulated depreciation | $ 8,480 | ||
Date acquired | Sep. 24, 2014 | ||
Fairfield Crossing | |||
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 | 113 | ||
Carrying amount, land and improvements | 3,612 | ||
Carrying amount, buildings and improvements | 10,099 | ||
Carrying amount, total | 13,711 | ||
Accumulated depreciation | $ 2,909 | ||
Date acquired | Oct. 24, 2014 | ||
Beavercreek Towne Center | |||
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 | 2,939 | ||
Carrying amount, land and improvements | 14,911 | ||
Carrying amount, buildings and improvements | 32,883 | ||
Carrying amount, total | 47,794 | ||
Accumulated depreciation | $ 9,886 | ||
Date acquired | Oct. 24, 2014 | ||
Grayson 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 | 2,052 | ||
Carrying amount, land and improvements | 4,114 | ||
Carrying amount, buildings and improvements | 7,510 | ||
Carrying amount, total | 11,624 | ||
Accumulated depreciation | $ 2,725 | ||
Date acquired | Oct. 24, 2014 | ||
The Fresh Market Commons | |||
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 | 128 | ||
Carrying amount, land and improvements | 2,457 | ||
Carrying amount, buildings and improvements | 5,054 | ||
Carrying amount, total | 7,511 | ||
Accumulated depreciation | $ 1,518 | ||
Date acquired | Oct. 28, 2014 | ||
Claremont Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 5,635 | ||
Initial cost, buildings and improvements | 10,544 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,094 | ||
Carrying amount, land and improvements | 5,854 | ||
Carrying amount, buildings and improvements | 11,420 | ||
Carrying amount, total | 17,273 | ||
Accumulated depreciation | $ 3,189 | ||
Date acquired | Nov. 6, 2014 | ||
Cherry Hill Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 4,641 | ||
Initial cost, buildings and improvements | 10,137 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,740 | ||
Carrying amount, land and improvements | 5,140 | ||
Carrying amount, buildings and improvements | 12,378 | ||
Carrying amount, total | 17,518 | ||
Accumulated depreciation | $ 4,035 | ||
Date acquired | Dec. 17, 2014 | ||
Nor'Wood Shopping Center | |||
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 | 556 | ||
Carrying amount, land and improvements | 5,446 | ||
Carrying amount, buildings and improvements | 7,152 | ||
Carrying amount, total | 12,598 | ||
Accumulated depreciation | $ 2,561 | ||
Date acquired | Jan. 8, 2015 | ||
Sunburst Plaza | |||
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 | 1,176 | ||
Carrying amount, land and improvements | 3,583 | ||
Carrying amount, buildings and improvements | 7,069 | ||
Carrying amount, total | 10,652 | ||
Accumulated depreciation | $ 2,537 | ||
Date acquired | Feb. 11, 2015 | ||
Rivermont Station | |||
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 | 1,888 | ||
Carrying amount, land and improvements | 7,169 | ||
Carrying amount, buildings and improvements | 10,511 | ||
Carrying amount, total | 17,680 | ||
Accumulated depreciation | $ 4,225 | ||
Date acquired | Feb. 27, 2015 | ||
Breakfast Point Marketplace | |||
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 | 791 | ||
Carrying amount, land and improvements | 6,010 | ||
Carrying amount, buildings and improvements | 12,411 | ||
Carrying amount, total | 18,421 | ||
Accumulated depreciation | $ 3,497 | ||
Date acquired | Mar. 13, 2015 | ||
Falcon Valley | |||
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 | 278 | ||
Carrying amount, land and improvements | 3,375 | ||
Carrying amount, buildings and improvements | 6,908 | ||
Carrying amount, total | 10,283 | ||
Accumulated depreciation | $ 2,150 | ||
Date acquired | Mar. 13, 2015 | ||
Kohl's Onalaska | |||
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 | 8,317 | ||
Accumulated depreciation | $ 1,931 | ||
Date acquired | Mar. 13, 2015 | ||
Coronado Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,560 | ||
Initial cost, land and improvements | 4,396 | ||
Initial cost, buildings and improvements | 16,460 | ||
Costs capitalized subsequent to acquisition, carrying costs | 3,765 | ||
Carrying amount, land and improvements | 4,687 | ||
Carrying amount, buildings and improvements | 19,934 | ||
Carrying amount, total | 24,621 | ||
Accumulated depreciation | $ 4,471 | ||
Date acquired | May 1, 2015 | ||
West Creek Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,529 | ||
Initial cost, land and improvements | 3,459 | ||
Initial cost, buildings and improvements | 6,131 | ||
Costs capitalized subsequent to acquisition, carrying costs | 286 | ||
Carrying amount, land and improvements | 3,513 | ||
Carrying amount, buildings and improvements | 6,362 | ||
Carrying amount, total | 9,876 | ||
Accumulated depreciation | $ 1,605 | ||
Date acquired | Jul. 10, 2015 | ||
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 | 325 | ||
Carrying amount, land and improvements | 10,278 | ||
Carrying amount, buildings and improvements | 14,576 | ||
Carrying amount, total | 24,854 | ||
Accumulated depreciation | $ 5,306 | ||
Date acquired | May 24, 2016 | ||
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 | 1,451 | ||
Carrying amount, land and improvements | 28,988 | ||
Carrying amount, buildings and improvements | 34,237 | ||
Carrying amount, total | 63,225 | ||
Accumulated depreciation | $ 7,281 | ||
Date acquired | Jun. 24, 2016 | ||
Harbour Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 5,630 | ||
Initial cost, buildings and improvements | 16,727 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,319 | ||
Carrying amount, land and improvements | 6,032 | ||
Carrying amount, buildings and improvements | 17,644 | ||
Carrying amount, total | 23,676 | ||
Accumulated depreciation | $ 3,602 | ||
Date acquired | Sep. 22, 2016 | ||
Oak Mill Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 1,059 | ||
Initial cost, land and improvements | 6,843 | ||
Initial cost, buildings and improvements | 13,692 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,192 | ||
Carrying amount, land and improvements | 7,403 | ||
Carrying amount, buildings and improvements | 14,324 | ||
Carrying amount, total | 21,726 | ||
Accumulated depreciation | $ 4,227 | ||
Date acquired | Oct. 3, 2016 | ||
Southern Palms | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 23,207 | ||
Initial cost, land and improvements | 10,025 | ||
Initial cost, buildings and improvements | 24,346 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,078 | ||
Carrying amount, land and improvements | 10,494 | ||
Carrying amount, buildings and improvements | 25,956 | ||
Carrying amount, total | 36,450 | ||
Accumulated depreciation | $ 6,380 | ||
Date acquired | Oct. 26, 2016 | ||
Golden Eagle Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,094 | ||
Initial cost, land and improvements | 3,746 | ||
Initial cost, buildings and improvements | 7,735 | ||
Costs capitalized subsequent to acquisition, carrying costs | 329 | ||
Carrying amount, land and improvements | 3,822 | ||
Carrying amount, buildings and improvements | 7,988 | ||
Carrying amount, total | 11,810 | ||
Accumulated depreciation | $ 1,744 | ||
Date acquired | Oct. 27, 2016 | ||
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 | 526 | ||
Carrying amount, land and improvements | 6,299 | ||
Carrying amount, buildings and improvements | 7,941 | ||
Carrying amount, total | 14,240 | ||
Accumulated depreciation | $ 1,939 | ||
Date acquired | Feb. 10, 2017 | ||
Rocky Ridge Town Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 20,679 | ||
Initial cost, land and improvements | 5,449 | ||
Initial cost, buildings and improvements | 29,207 | ||
Costs capitalized subsequent to acquisition, carrying costs | 677 | ||
Carrying amount, land and improvements | 5,618 | ||
Carrying amount, buildings and improvements | 29,714 | ||
Carrying amount, total | 35,333 | ||
Accumulated depreciation | $ 4,373 | ||
Date acquired | Apr. 18, 2017 | ||
Greentree Centre | |||
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 | 1,062 | ||
Carrying amount, land and improvements | 3,444 | ||
Carrying amount, buildings and improvements | 9,291 | ||
Carrying amount, total | 12,735 | ||
Accumulated depreciation | $ 1,680 | ||
Date acquired | May 5, 2017 | ||
Sierra Del Oro Towne Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,849 | ||
Initial cost, land and improvements | 9,011 | ||
Initial cost, buildings and improvements | 17,989 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,382 | ||
Carrying amount, land and improvements | 9,250 | ||
Carrying amount, buildings and improvements | 19,132 | ||
Carrying amount, total | 28,382 | ||
Accumulated depreciation | $ 3,241 | ||
Date acquired | Jun. 20, 2017 | ||
Ashland Junction | |||
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 | (2,982) | ||
Carrying amount, land and improvements | 3,741 | ||
Carrying amount, buildings and improvements | 4,313 | ||
Carrying amount, total | 8,055 | ||
Accumulated depreciation | $ 3 | ||
Date acquired | Oct. 4, 2017 | ||
Barclay Place Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 1,984 | ||
Initial cost, buildings and improvements | 7,174 | ||
Costs capitalized subsequent to acquisition, carrying costs | (2,272) | ||
Carrying amount, land and improvements | 1,522 | ||
Carrying amount, buildings and improvements | 5,364 | ||
Carrying amount, total | 6,886 | ||
Accumulated depreciation | $ 416 | ||
Date acquired | Oct. 4, 2017 | ||
Barnwell Plaza | |||
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 | 18 | ||
Carrying amount, land and improvements | 1,198 | ||
Carrying amount, buildings and improvements | 1,893 | ||
Carrying amount, total | 3,091 | ||
Accumulated depreciation | $ 862 | ||
Date acquired | Oct. 4, 2017 | ||
Birdneck Shopping Center | |||
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 | 602 | ||
Carrying amount, land and improvements | 2,057 | ||
Carrying amount, buildings and improvements | 3,698 | ||
Carrying amount, total | 5,755 | ||
Accumulated depreciation | $ 889 | ||
Date acquired | Oct. 4, 2017 | ||
Crossroads Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 1,722 | ||
Initial cost, buildings and improvements | 2,720 | ||
Costs capitalized subsequent to acquisition, carrying costs | 658 | ||
Carrying amount, land and improvements | 2,101 | ||
Carrying amount, buildings and improvements | 2,999 | ||
Carrying amount, total | 5,100 | ||
Accumulated depreciation | $ 865 | ||
Date acquired | Oct. 4, 2017 | ||
Dunlop Village | |||
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 | 829 | ||
Carrying amount, land and improvements | 2,593 | ||
Carrying amount, buildings and improvements | 5,549 | ||
Carrying amount, total | 8,141 | ||
Accumulated depreciation | $ 1,089 | ||
Date acquired | Oct. 4, 2017 | ||
Edgecombe Square | |||
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 | 434 | ||
Carrying amount, land and improvements | 1,485 | ||
Carrying amount, buildings and improvements | 2,620 | ||
Carrying amount, total | 4,104 | ||
Accumulated depreciation | $ 1,122 | ||
Date acquired | Oct. 4, 2017 | ||
Emporia West Plaza | |||
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 | (415) | ||
Carrying amount, land and improvements | 762 | ||
Carrying amount, buildings and improvements | 3,104 | ||
Carrying amount, total | 3,865 | ||
Accumulated depreciation | $ 294 | ||
Date acquired | Oct. 4, 2017 | ||
Forest Park Square | |||
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 | 736 | ||
Carrying amount, land and improvements | 4,278 | ||
Carrying amount, buildings and improvements | 6,343 | ||
Carrying amount, total | 10,621 | ||
Accumulated depreciation | $ 1,614 | ||
Date acquired | Oct. 4, 2017 | ||
Goshen Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,605 | ||
Initial cost, land and improvements | 1,555 | ||
Initial cost, buildings and improvements | 4,621 | ||
Costs capitalized subsequent to acquisition, carrying costs | 130 | ||
Carrying amount, land and improvements | 1,649 | ||
Carrying amount, buildings and improvements | 4,657 | ||
Carrying amount, total | 6,306 | ||
Accumulated depreciation | $ 1,280 | ||
Date acquired | Oct. 4, 2017 | ||
The Village Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,363 | ||
Initial cost, buildings and improvements | 8,325 | ||
Costs capitalized subsequent to acquisition, carrying costs | 140 | ||
Carrying amount, land and improvements | 2,098 | ||
Carrying amount, buildings and improvements | 8,731 | ||
Carrying amount, total | 10,829 | ||
Accumulated depreciation | $ 1,262 | ||
Date acquired | Oct. 4, 2017 | ||
Heritage Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,839 | ||
Initial cost, land and improvements | 2,390 | ||
Initial cost, buildings and improvements | 7,404 | ||
Costs capitalized subsequent to acquisition, carrying costs | 837 | ||
Carrying amount, land and improvements | 2,410 | ||
Carrying amount, buildings and improvements | 8,221 | ||
Carrying amount, total | 10,631 | ||
Accumulated depreciation | $ 1,903 | ||
Date acquired | Oct. 4, 2017 | ||
Hickory Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,780 | ||
Initial cost, land and improvements | 2,927 | ||
Initial cost, buildings and improvements | 5,099 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,940 | ||
Carrying amount, land and improvements | 2,961 | ||
Carrying amount, buildings and improvements | 7,005 | ||
Carrying amount, total | 9,966 | ||
Accumulated depreciation | $ 1,110 | ||
Date acquired | Oct. 4, 2017 | ||
Highland Fair | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,833 | ||
Initial cost, land and improvements | 3,263 | ||
Initial cost, buildings and improvements | 7,979 | ||
Costs capitalized subsequent to acquisition, carrying costs | 466 | ||
Carrying amount, land and improvements | 3,350 | ||
Carrying amount, buildings and improvements | 8,358 | ||
Carrying amount, total | 11,709 | ||
Accumulated depreciation | $ 1,334 | ||
Date acquired | Oct. 4, 2017 | ||
High Point Village | |||
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 | (2,392) | ||
Carrying amount, land and improvements | 2,507 | ||
Carrying amount, buildings and improvements | 5,972 | ||
Carrying amount, total | 8,479 | ||
Accumulated depreciation | $ 636 | ||
Date acquired | Oct. 4, 2017 | ||
Mayfair Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 16,398 | ||
Initial cost, land and improvements | 15,343 | ||
Initial cost, buildings and improvements | 16,522 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,865 | ||
Carrying amount, land and improvements | 15,527 | ||
Carrying amount, buildings and improvements | 18,202 | ||
Carrying amount, total | 33,729 | ||
Accumulated depreciation | $ 3,314 | ||
Date acquired | Oct. 4, 2017 | ||
LaPlata Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,860 | ||
Initial cost, land and improvements | 8,434 | ||
Initial cost, buildings and improvements | 22,855 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,954 | ||
Carrying amount, land and improvements | 8,657 | ||
Carrying amount, buildings and improvements | 24,586 | ||
Carrying amount, total | 33,243 | ||
Accumulated depreciation | $ 3,494 | ||
Date acquired | Oct. 4, 2017 | ||
Lafayette Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,182 | ||
Initial cost, land and improvements | 5,387 | ||
Initial cost, buildings and improvements | 5,636 | ||
Costs capitalized subsequent to acquisition, carrying costs | 43 | ||
Carrying amount, land and improvements | 5,373 | ||
Carrying amount, buildings and improvements | 5,692 | ||
Carrying amount, total | 11,065 | ||
Accumulated depreciation | $ 3,062 | ||
Date acquired | Oct. 4, 2017 | ||
Landen Square | |||
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 | 984 | ||
Carrying amount, land and improvements | 2,314 | ||
Carrying amount, buildings and improvements | 4,218 | ||
Carrying amount, total | 6,532 | ||
Accumulated depreciation | $ 1,184 | ||
Date acquired | Oct. 4, 2017 | ||
Melbourne Village Plaza | |||
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 | (1,343) | ||
Carrying amount, land and improvements | 4,865 | ||
Carrying amount, buildings and improvements | 6,490 | ||
Carrying amount, total | 11,355 | ||
Accumulated depreciation | $ 824 | ||
Date acquired | Oct. 4, 2017 | ||
Commerce Square | |||
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 | 622 | ||
Carrying amount, land and improvements | 6,287 | ||
Carrying amount, buildings and improvements | 8,703 | ||
Carrying amount, total | 14,990 | ||
Accumulated depreciation | $ 2,141 | ||
Date acquired | Oct. 4, 2017 | ||
Upper Deerfield Plaza | |||
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 | (1,965) | ||
Carrying amount, land and improvements | 3,956 | ||
Carrying amount, buildings and improvements | 5,034 | ||
Carrying amount, total | 8,990 | ||
Accumulated depreciation | $ 834 | ||
Date acquired | Oct. 4, 2017 | ||
Monfort Heights | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,216 | ||
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 | $ 771 | ||
Date acquired | Oct. 4, 2017 | ||
Mountain Park Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,341 | ||
Initial cost, land and improvements | 6,118 | ||
Initial cost, buildings and improvements | 6,652 | ||
Costs capitalized subsequent to acquisition, carrying costs | 339 | ||
Carrying amount, land and improvements | 6,152 | ||
Carrying amount, buildings and improvements | 6,957 | ||
Carrying amount, total | 13,109 | ||
Accumulated depreciation | $ 1,227 | ||
Date acquired | Oct. 4, 2017 | ||
Nordan Shopping Center | |||
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 | 655 | ||
Carrying amount, land and improvements | 2,018 | ||
Carrying amount, buildings and improvements | 7,299 | ||
Carrying amount, total | 9,316 | ||
Accumulated depreciation | $ 1,600 | ||
Date acquired | Oct. 4, 2017 | ||
Northside Plaza | |||
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 | 291 | ||
Carrying amount, land and improvements | 1,416 | ||
Carrying amount, buildings and improvements | 5,751 | ||
Carrying amount, total | 7,168 | ||
Accumulated depreciation | $ 1,218 | ||
Date acquired | Oct. 4, 2017 | ||
Park Place Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,347 | ||
Initial cost, buildings and improvements | 8,458 | ||
Costs capitalized subsequent to acquisition, carrying costs | (2,398) | ||
Carrying amount, land and improvements | 1,838 | ||
Carrying amount, buildings and improvements | 6,570 | ||
Carrying amount, total | 8,407 | ||
Accumulated depreciation | $ 465 | ||
Date acquired | Oct. 4, 2017 | ||
Parkway Station | |||
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 | (1,395) | ||
Carrying amount, land and improvements | 2,608 | ||
Carrying amount, buildings and improvements | 4,722 | ||
Carrying amount, total | 7,330 | ||
Accumulated depreciation | $ 596 | ||
Date acquired | Oct. 4, 2017 | ||
Parsons Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,744 | ||
Initial cost, land and improvements | 3,465 | ||
Initial cost, buildings and improvements | 10,864 | ||
Costs capitalized subsequent to acquisition, carrying costs | (4,186) | ||
Carrying amount, land and improvements | 2,430 | ||
Carrying amount, buildings and improvements | 7,713 | ||
Carrying amount, total | 10,143 | ||
Accumulated depreciation | $ 716 | ||
Date acquired | Oct. 4, 2017 | ||
Portland Village | |||
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 | 1,134 | ||
Carrying amount, land and improvements | 1,474 | ||
Carrying amount, buildings and improvements | 6,303 | ||
Carrying amount, total | 7,777 | ||
Accumulated depreciation | $ 1,150 | ||
Date acquired | Oct. 4, 2017 | ||
Quail Valley Shopping Center | |||
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 | (4,209) | ||
Carrying amount, land and improvements | 1,595 | ||
Carrying amount, buildings and improvements | 8,148 | ||
Carrying amount, total | 9,743 | ||
Accumulated depreciation | $ 550 | ||
Date acquired | Oct. 4, 2017 | ||
Hillside - West | |||
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 | 3,870 | ||
Carrying amount, land and improvements | 4,561 | ||
Carrying amount, buildings and improvements | 1,739 | ||
Carrying amount, total | 6,300 | ||
Accumulated depreciation | $ 389 | ||
Date acquired | Oct. 4, 2017 | ||
Rolling Hills Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,336 | ||
Initial cost, land and improvements | 5,398 | ||
Initial cost, buildings and improvements | 11,792 | ||
Costs capitalized subsequent to acquisition, carrying costs | (2,733) | ||
Carrying amount, land and improvements | 4,600 | ||
Carrying amount, buildings and improvements | 9,857 | ||
Carrying amount, total | 14,458 | ||
Accumulated depreciation | $ 609 | ||
Date acquired | Oct. 4, 2017 | ||
South Oaks Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,220 | ||
Initial cost, land and improvements | 1,742 | ||
Initial cost, buildings and improvements | 5,119 | ||
Costs capitalized subsequent to acquisition, carrying costs | 104 | ||
Carrying amount, land and improvements | 1,793 | ||
Carrying amount, buildings and improvements | 5,172 | ||
Carrying amount, total | 6,966 | ||
Accumulated depreciation | $ 1,817 | ||
Date acquired | Oct. 4, 2017 | ||
East Pointe Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 7,496 | ||
Initial cost, buildings and improvements | 11,752 | ||
Costs capitalized subsequent to acquisition, carrying costs | (10,072) | ||
Carrying amount, land and improvements | 3,681 | ||
Carrying amount, buildings and improvements | 5,495 | ||
Carrying amount, total | 9,176 | ||
Accumulated depreciation | $ 734 | ||
Date acquired | Oct. 4, 2017 | ||
Southgate Center | |||
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 | 462 | ||
Carrying amount, land and improvements | 4,272 | ||
Carrying amount, buildings and improvements | 23,188 | ||
Carrying amount, total | 27,460 | ||
Accumulated depreciation | $ 4,020 | ||
Date acquired | Oct. 4, 2017 | ||
Summerville Galleria | |||
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 | 618 | ||
Carrying amount, land and improvements | 4,449 | ||
Carrying amount, buildings and improvements | 8,941 | ||
Carrying amount, total | 13,390 | ||
Accumulated depreciation | $ 1,723 | ||
Date acquired | Oct. 4, 2017 | ||
The Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 3,876 | ||
Initial cost, buildings and improvements | 6,668 | ||
Costs capitalized subsequent to acquisition, carrying costs | (1,192) | ||
Carrying amount, land and improvements | 3,460 | ||
Carrying amount, buildings and improvements | 5,892 | ||
Carrying amount, total | 9,352 | ||
Accumulated depreciation | $ 1,191 | ||
Date acquired | Oct. 4, 2017 | ||
Riverplace Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,175 | ||
Initial cost, land and improvements | 3,890 | ||
Initial cost, buildings and improvements | 4,044 | ||
Costs capitalized subsequent to acquisition, carrying costs | 770 | ||
Carrying amount, land and improvements | 4,001 | ||
Carrying amount, buildings and improvements | 4,703 | ||
Carrying amount, total | 8,704 | ||
Accumulated depreciation | $ 1,341 | ||
Date acquired | Oct. 4, 2017 | ||
Powell Villa | |||
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 | 2,768 | ||
Carrying amount, land and improvements | 3,396 | ||
Carrying amount, buildings and improvements | 10,054 | ||
Carrying amount, total | 13,450 | ||
Accumulated depreciation | $ 1,689 | ||
Date acquired | Oct. 4, 2017 | ||
Towne Crossing Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 5,358 | ||
Initial cost, buildings and improvements | 15,584 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,272 | ||
Carrying amount, land and improvements | 5,410 | ||
Carrying amount, buildings and improvements | 16,803 | ||
Carrying amount, total | 22,213 | ||
Accumulated depreciation | $ 2,966 | ||
Date acquired | Oct. 4, 2017 | ||
Village at Waterford | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,173 | ||
Initial cost, land and improvements | 2,702 | ||
Initial cost, buildings and improvements | 5,194 | ||
Costs capitalized subsequent to acquisition, carrying costs | 541 | ||
Carrying amount, land and improvements | 2,820 | ||
Carrying amount, buildings and improvements | 5,617 | ||
Carrying amount, total | 8,437 | ||
Accumulated depreciation | $ 1,041 | ||
Date acquired | Oct. 4, 2017 | ||
Buckingham Square | |||
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 | (551) | ||
Carrying amount, land and improvements | 1,913 | ||
Carrying amount, buildings and improvements | 6,015 | ||
Carrying amount, total | 7,928 | ||
Accumulated depreciation | $ 377 | ||
Date acquired | Oct. 4, 2017 | ||
Western Square Shopping Center | |||
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 | (2,726) | ||
Carrying amount, land and improvements | 308 | ||
Carrying amount, buildings and improvements | 1,312 | ||
Carrying amount, total | 1,620 | ||
Accumulated depreciation | $ 0 | ||
Date acquired | Oct. 4, 2017 | ||
Windsor Center | |||
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 | 359 | ||
Carrying amount, land and improvements | 2,488 | ||
Carrying amount, buildings and improvements | 5,545 | ||
Carrying amount, total | 8,032 | ||
Accumulated depreciation | $ 1,401 | ||
Date acquired | Oct. 4, 2017 | ||
12 West Marketplace | |||
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 | 110 | ||
Carrying amount, land and improvements | 945 | ||
Carrying amount, buildings and improvements | 3,538 | ||
Carrying amount, total | 4,483 | ||
Accumulated depreciation | $ 1,235 | ||
Date acquired | Oct. 4, 2017 | ||
Orchard Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 788 | ||
Initial cost, land and improvements | 2,537 | ||
Initial cost, buildings and improvements | 5,366 | ||
Costs capitalized subsequent to acquisition, carrying costs | (3,766) | ||
Carrying amount, land and improvements | 1,321 | ||
Carrying amount, buildings and improvements | 2,816 | ||
Carrying amount, total | 4,136 | ||
Accumulated depreciation | $ 248 | ||
Date acquired | Oct. 4, 2017 | ||
Willowbrook Commons | |||
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 | 293 | ||
Carrying amount, land and improvements | 5,470 | ||
Carrying amount, buildings and improvements | 6,209 | ||
Carrying amount, total | 11,678 | ||
Accumulated depreciation | $ 1,321 | ||
Date acquired | Oct. 4, 2017 | ||
Edgewood Towne Center | |||
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 | 4,071 | ||
Carrying amount, land and improvements | 10,375 | ||
Carrying amount, buildings and improvements | 26,261 | ||
Carrying amount, total | 36,636 | ||
Accumulated depreciation | $ 5,503 | ||
Date acquired | Oct. 4, 2017 | ||
Everson Pointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,734 | ||
Initial cost, land and improvements | 4,222 | ||
Initial cost, buildings and improvements | 8,421 | ||
Costs capitalized subsequent to acquisition, carrying costs | 455 | ||
Carrying amount, land and improvements | 4,360 | ||
Carrying amount, buildings and improvements | 8,737 | ||
Carrying amount, total | 13,098 | ||
Accumulated depreciation | $ 1,727 | ||
Date acquired | Oct. 4, 2017 | ||
Gleneagles Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 3,892 | ||
Initial cost, buildings and improvements | 8,157 | ||
Costs capitalized subsequent to acquisition, carrying costs | (11,951) | ||
Carrying amount, land and improvements | 98 | ||
Carrying amount, buildings and improvements | 0 | ||
Carrying amount, total | 98 | ||
Accumulated depreciation | $ 0 | ||
Date acquired | Oct. 4, 2017 | ||
Village Square of Delafield | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,257 | ||
Initial cost, land and improvements | 6,206 | ||
Initial cost, buildings and improvements | 6,869 | ||
Costs capitalized subsequent to acquisition, carrying costs | 443 | ||
Carrying amount, land and improvements | 6,511 | ||
Carrying amount, buildings and improvements | 7,008 | ||
Carrying amount, total | 13,519 | ||
Accumulated depreciation | $ 1,502 | ||
Date acquired | Oct. 4, 2017 | ||
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 | 3,795 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,375 | ||
Carrying amount, land and improvements | 4,110 | ||
Carrying amount, buildings and improvements | 5,125 | ||
Carrying amount, total | 9,235 | ||
Accumulated depreciation | $ 1,681 | ||
Date acquired | Feb. 26, 2018 | ||
Sierra Vista 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 | 1,370 | ||
Carrying amount, land and improvements | 10,328 | ||
Carrying amount, buildings and improvements | 12,535 | ||
Carrying amount, total | 22,863 | ||
Accumulated depreciation | $ 1,404 | ||
Date acquired | Sep. 28, 2018 | ||
Wheat Ridge Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,399 | ||
Initial cost, land and improvements | 7,926 | ||
Initial cost, buildings and improvements | 8,393 | ||
Costs capitalized subsequent to acquisition, carrying costs | 799 | ||
Carrying amount, land and improvements | 8,442 | ||
Carrying amount, buildings and improvements | 8,675 | ||
Carrying amount, total | 17,117 | ||
Accumulated depreciation | $ 1,213 | ||
Date acquired | Oct. 3, 2018 | ||
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 | 405 | ||
Carrying amount, land and improvements | 12,607 | ||
Carrying amount, buildings and improvements | 12,839 | ||
Carrying amount, total | 25,446 | ||
Accumulated depreciation | $ 1,831 | ||
Date acquired | Nov. 9, 2018 | ||
Staunton Plaza | |||
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 | 31 | ||
Carrying amount, land and improvements | 4,832 | ||
Carrying amount, buildings and improvements | 14,396 | ||
Carrying amount, total | 19,229 | ||
Accumulated depreciation | $ 1,340 | ||
Date acquired | Nov. 16, 2018 | ||
Bethany Village | |||
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 | 321 | ||
Carrying amount, land and improvements | 6,145 | ||
Carrying amount, buildings and improvements | 8,668 | ||
Carrying amount, total | 14,813 | ||
Accumulated depreciation | $ 992 | ||
Date acquired | Nov. 16, 2018 | ||
Northpark Village | |||
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 | 103 | ||
Carrying amount, land and improvements | 3,102 | ||
Carrying amount, buildings and improvements | 6,135 | ||
Carrying amount, total | 9,237 | ||
Accumulated depreciation | $ 683 | ||
Date acquired | Nov. 16, 2018 | ||
Kings Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 10,467 | ||
Initial cost, land and improvements | 5,654 | ||
Initial cost, buildings and improvements | 11,225 | ||
Costs capitalized subsequent to acquisition, carrying costs | 152 | ||
Carrying amount, land and improvements | 5,740 | ||
Carrying amount, buildings and improvements | 11,292 | ||
Carrying amount, total | 17,031 | ||
Accumulated depreciation | $ 1,200 | ||
Date acquired | Nov. 16, 2018 | ||
Lake Washington Crossing | |||
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 | 790 | ||
Carrying amount, land and improvements | 4,264 | ||
Carrying amount, buildings and improvements | 14,300 | ||
Carrying amount, total | 18,564 | ||
Accumulated depreciation | $ 1,822 | ||
Date acquired | Nov. 16, 2018 | ||
Kipling Marketplace | |||
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 | 215 | ||
Carrying amount, land and improvements | 4,056 | ||
Carrying amount, buildings and improvements | 10,584 | ||
Carrying amount, total | 14,640 | ||
Accumulated depreciation | $ 1,289 | ||
Date acquired | Nov. 16, 2018 | ||
MetroWest Village | |||
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 | 321 | ||
Carrying amount, land and improvements | 6,933 | ||
Carrying amount, buildings and improvements | 15,561 | ||
Carrying amount, total | 22,495 | ||
Accumulated depreciation | $ 1,608 | ||
Date acquired | Nov. 16, 2018 | ||
Spring Cypress Village | |||
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 | 465 | ||
Carrying amount, land and improvements | 9,724 | ||
Carrying amount, buildings and improvements | 14,888 | ||
Carrying amount, total | 24,612 | ||
Accumulated depreciation | $ 1,574 | ||
Date acquired | Nov. 16, 2018 | ||
Commonwealth Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,932 | ||
Initial cost, land and improvements | 9,955 | ||
Initial cost, buildings and improvements | 12,586 | ||
Costs capitalized subsequent to acquisition, carrying costs | 423 | ||
Carrying amount, land and improvements | 9,973 | ||
Carrying amount, buildings and improvements | 12,991 | ||
Carrying amount, total | 22,964 | ||
Accumulated depreciation | $ 2,000 | ||
Date acquired | Nov. 16, 2018 | ||
Point Loomis | |||
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 | 106 | ||
Carrying amount, land and improvements | 4,171 | ||
Carrying amount, buildings and improvements | 5,007 | ||
Carrying amount, total | 9,177 | ||
Accumulated depreciation | $ 1,183 | ||
Date acquired | Nov. 16, 2018 | ||
Shasta Crossroads | |||
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 | (3,907) | ||
Carrying amount, land and improvements | 8,330 | ||
Carrying amount, buildings and improvements | 16,004 | ||
Carrying amount, total | 24,334 | ||
Accumulated depreciation | $ 1,260 | ||
Date acquired | Nov. 16, 2018 | ||
Milan Plaza | |||
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 | 180 | ||
Carrying amount, land and improvements | 930 | ||
Carrying amount, buildings and improvements | 2,149 | ||
Carrying amount, total | 3,079 | ||
Accumulated depreciation | $ 762 | ||
Date acquired | Nov. 16, 2018 | ||
Hilander Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,571 | ||
Initial cost, buildings and improvements | 7,461 | ||
Costs capitalized subsequent to acquisition, carrying costs | 537 | ||
Carrying amount, land and improvements | 2,638 | ||
Carrying amount, buildings and improvements | 7,931 | ||
Carrying amount, total | 10,568 | ||
Accumulated depreciation | $ 1,377 | ||
Date acquired | Nov. 16, 2018 | ||
Laguna 99 Plaza | |||
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 | 136 | ||
Carrying amount, land and improvements | 5,429 | ||
Carrying amount, buildings and improvements | 17,080 | ||
Carrying amount, total | 22,509 | ||
Accumulated depreciation | $ 1,640 | ||
Date acquired | Nov. 16, 2018 | ||
Southfield Center | |||
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 | 872 | ||
Carrying amount, land and improvements | 5,866 | ||
Carrying amount, buildings and improvements | 14,261 | ||
Carrying amount, total | 20,127 | ||
Accumulated depreciation | $ 1,614 | ||
Date acquired | Nov. 16, 2018 | ||
Waterford Park Plaza | |||
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 | 150 | ||
Carrying amount, land and improvements | 4,971 | ||
Carrying amount, buildings and improvements | 19,657 | ||
Carrying amount, total | 24,628 | ||
Accumulated depreciation | $ 2,062 | ||
Date acquired | Nov. 16, 2018 | ||
Colonial Promenade | |||
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 | 286 | ||
Carrying amount, land and improvements | 12,436 | ||
Carrying amount, buildings and improvements | 22,350 | ||
Carrying amount, total | 34,786 | ||
Accumulated depreciation | $ 2,773 | ||
Date acquired | Nov. 16, 2018 | ||
Willimantic Plaza | |||
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 | 53 | ||
Carrying amount, land and improvements | 3,613 | ||
Carrying amount, buildings and improvements | 8,895 | ||
Carrying amount, total | 12,508 | ||
Accumulated depreciation | $ 1,426 | ||
Date acquired | Nov. 16, 2018 | ||
Quivira Crossings | |||
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 | 775 | ||
Carrying amount, land and improvements | 7,679 | ||
Carrying amount, buildings and improvements | 11,336 | ||
Carrying amount, total | 19,016 | ||
Accumulated depreciation | $ 1,514 | ||
Date acquired | Nov. 16, 2018 | ||
Spivey Junction | |||
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 | 64 | ||
Carrying amount, land and improvements | 4,091 | ||
Carrying amount, buildings and improvements | 10,470 | ||
Carrying amount, total | 14,561 | ||
Accumulated depreciation | $ 1,156 | ||
Date acquired | Nov. 16, 2018 | ||
Plaza Farmington | |||
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 | 59 | ||
Carrying amount, land and improvements | 6,371 | ||
Carrying amount, buildings and improvements | 9,630 | ||
Carrying amount, total | 16,000 | ||
Accumulated depreciation | $ 1,189 | ||
Date acquired | Nov. 16, 2018 | ||
Harvest Plaza | |||
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 | 58 | ||
Carrying amount, land and improvements | 2,741 | ||
Carrying amount, buildings and improvements | 6,093 | ||
Carrying amount, total | 8,835 | ||
Accumulated depreciation | $ 737 | ||
Date acquired | Nov. 16, 2018 | ||
Oakhurst Plaza | |||
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 | 268 | ||
Carrying amount, land and improvements | 2,827 | ||
Carrying amount, buildings and improvements | 4,729 | ||
Carrying amount, total | 7,556 | ||
Accumulated depreciation | $ 654 | ||
Date acquired | Nov. 16, 2018 | ||
Old Alabama Square | |||
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 | 961 | ||
Carrying amount, land and improvements | 10,790 | ||
Carrying amount, buildings and improvements | 18,313 | ||
Carrying amount, total | 29,103 | ||
Accumulated depreciation | $ 1,809 | ||
Date acquired | Nov. 16, 2018 | ||
North Point Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 20,061 | ||
Initial cost, land and improvements | 8,040 | ||
Initial cost, buildings and improvements | 28,422 | ||
Costs capitalized subsequent to acquisition, carrying costs | 426 | ||
Carrying amount, land and improvements | 8,152 | ||
Carrying amount, buildings and improvements | 28,735 | ||
Carrying amount, total | 36,887 | ||
Accumulated depreciation | $ 2,616 | ||
Date acquired | Nov. 16, 2018 | ||
Glenwood Crossing | |||
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 | 69 | ||
Carrying amount, land and improvements | 4,594 | ||
Carrying amount, buildings and improvements | 3,978 | ||
Carrying amount, total | 8,571 | ||
Accumulated depreciation | $ 743 | ||
Date acquired | Nov. 16, 2018 | ||
Rosewick Crossing | |||
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 | 392 | ||
Carrying amount, land and improvements | 8,284 | ||
Carrying amount, buildings and improvements | 23,866 | ||
Carrying amount, total | 32,150 | ||
Accumulated depreciation | $ 2,321 | ||
Date acquired | Nov. 16, 2018 | ||
Vineyard Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 5,248 | ||
Initial cost, land and improvements | 1,753 | ||
Initial cost, buildings and improvements | 6,406 | ||
Costs capitalized subsequent to acquisition, carrying costs | 43 | ||
Carrying amount, land and improvements | 1,767 | ||
Carrying amount, buildings and improvements | 6,435 | ||
Carrying amount, total | 8,202 | ||
Accumulated depreciation | $ 608 | ||
Date acquired | Nov. 16, 2018 | ||
Ocean Breeze Plaza | |||
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 | 532 | ||
Carrying amount, land and improvements | 6,452 | ||
Carrying amount, buildings and improvements | 10,482 | ||
Carrying amount, total | 16,934 | ||
Accumulated depreciation | $ 1,177 | ||
Date acquired | Nov. 16, 2018 | ||
Central Valley Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 15,526 | ||
Initial cost, land and improvements | 6,163 | ||
Initial cost, buildings and improvements | 17,535 | ||
Costs capitalized subsequent to acquisition, carrying costs | 41 | ||
Carrying amount, land and improvements | 6,187 | ||
Carrying amount, buildings and improvements | 17,552 | ||
Carrying amount, total | 23,739 | ||
Accumulated depreciation | $ 1,665 | ||
Date acquired | Nov. 16, 2018 | ||
51st & Olive Square | |||
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 | 80 | ||
Carrying amount, land and improvements | 2,248 | ||
Carrying amount, buildings and improvements | 9,107 | ||
Carrying amount, total | 11,354 | ||
Accumulated depreciation | $ 996 | ||
Date acquired | Nov. 16, 2018 | ||
West Acres Shopping Center | |||
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 | 307 | ||
Carrying amount, land and improvements | 4,980 | ||
Carrying amount, buildings and improvements | 5,820 | ||
Carrying amount, total | 10,800 | ||
Accumulated depreciation | $ 1,022 | ||
Date acquired | Nov. 16, 2018 | ||
Meadows on the Parkway | |||
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 | 813 | ||
Carrying amount, land and improvements | 24,072 | ||
Carrying amount, buildings and improvements | 33,440 | ||
Carrying amount, total | 57,512 | ||
Accumulated depreciation | $ 3,141 | ||
Date acquired | Nov. 16, 2018 | ||
Wyandotte Plaza | |||
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 | 127 | ||
Carrying amount, land and improvements | 5,240 | ||
Carrying amount, buildings and improvements | 17,657 | ||
Carrying amount, total | 22,896 | ||
Accumulated depreciation | $ 1,749 | ||
Date acquired | Nov. 16, 2018 | ||
Broadlands Marketplace | |||
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 | 183 | ||
Carrying amount, land and improvements | 7,538 | ||
Carrying amount, buildings and improvements | 9,538 | ||
Carrying amount, total | 17,076 | ||
Accumulated depreciation | $ 1,140 | ||
Date acquired | Nov. 16, 2018 | ||
Village Center | |||
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 | 422 | ||
Carrying amount, land and improvements | 6,114 | ||
Carrying amount, buildings and improvements | 26,832 | ||
Carrying amount, total | 32,946 | ||
Accumulated depreciation | $ 2,921 | ||
Date acquired | Nov. 16, 2018 | ||
Shoregate Town Center | |||
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 | 762 | ||
Carrying amount, land and improvements | 7,174 | ||
Carrying amount, buildings and improvements | 17,022 | ||
Carrying amount, total | 24,196 | ||
Accumulated depreciation | $ 3,278 | ||
Date acquired | Nov. 16, 2018 | ||
Plano Market Street | |||
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 | 566 | ||
Carrying amount, land and improvements | 15,099 | ||
Carrying amount, buildings and improvements | 33,482 | ||
Carrying amount, total | 48,581 | ||
Accumulated depreciation | $ 2,997 | ||
Date acquired | Nov. 16, 2018 | ||
Island Walk Shopping Center | |||
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 | 687 | ||
Carrying amount, land and improvements | 8,267 | ||
Carrying amount, buildings and improvements | 20,602 | ||
Carrying amount, total | 28,869 | ||
Accumulated depreciation | $ 2,358 | ||
Date acquired | Nov. 16, 2018 | ||
Normandale Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,638 | ||
Initial cost, land and improvements | 8,390 | ||
Initial cost, buildings and improvements | 11,407 | ||
Costs capitalized subsequent to acquisition, carrying costs | 898 | ||
Carrying amount, land and improvements | 8,668 | ||
Carrying amount, buildings and improvements | 12,028 | ||
Carrying amount, total | 20,695 | ||
Accumulated depreciation | $ 1,947 | ||
Date acquired | Nov. 16, 2018 | ||
North Pointe Plaza | |||
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 | 400 | ||
Carrying amount, land and improvements | 10,474 | ||
Carrying amount, buildings and improvements | 26,506 | ||
Carrying amount, total | 36,980 | ||
Accumulated depreciation | $ 3,377 | ||
Date acquired | Nov. 16, 2018 | ||
Palmer Town Center | |||
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 | 375 | ||
Carrying amount, land and improvements | 7,327 | ||
Carrying amount, buildings and improvements | 23,904 | ||
Carrying amount, total | 31,231 | ||
Accumulated depreciation | $ 2,402 | ||
Date acquired | Nov. 16, 2018 | ||
Alico Commons | |||
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 | 491 | ||
Carrying amount, land and improvements | 4,843 | ||
Carrying amount, buildings and improvements | 16,875 | ||
Carrying amount, total | 21,718 | ||
Accumulated depreciation | $ 1,608 | ||
Date acquired | Nov. 16, 2018 | ||
Windover Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 11,048 | ||
Initial cost, land and improvements | 4,115 | ||
Initial cost, buildings and improvements | 13,309 | ||
Costs capitalized subsequent to acquisition, carrying costs | 264 | ||
Carrying amount, land and improvements | 4,193 | ||
Carrying amount, buildings and improvements | 13,495 | ||
Carrying amount, total | 17,689 | ||
Accumulated depreciation | $ 1,312 | ||
Date acquired | Nov. 16, 2018 | ||
Rockledge Square | |||
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 | 409 | ||
Carrying amount, land and improvements | 3,496 | ||
Carrying amount, buildings and improvements | 4,859 | ||
Carrying amount, total | 8,355 | ||
Accumulated depreciation | $ 918 | ||
Date acquired | Nov. 16, 2018 | ||
Port St. John Plaza | |||
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 | (3,444) | ||
Carrying amount, land and improvements | 1,962 | ||
Carrying amount, buildings and improvements | 3,535 | ||
Carrying amount, total | 5,497 | ||
Accumulated depreciation | $ 289 | ||
Date acquired | Nov. 16, 2018 | ||
Fairfield Commons | |||
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 | 1,052 | ||
Carrying amount, land and improvements | 8,810 | ||
Carrying amount, buildings and improvements | 30,991 | ||
Carrying amount, total | 39,800 | ||
Accumulated depreciation | $ 2,734 | ||
Date acquired | Nov. 16, 2018 | ||
Cocoa Commons | |||
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 | 583 | ||
Carrying amount, land and improvements | 4,851 | ||
Carrying amount, buildings and improvements | 8,817 | ||
Carrying amount, total | 13,668 | ||
Accumulated depreciation | $ 1,271 | ||
Date acquired | Nov. 16, 2018 | ||
Hamilton Mill Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 7,059 | ||
Initial cost, buildings and improvements | 9,734 | ||
Costs capitalized subsequent to acquisition, carrying costs | 292 | ||
Carrying amount, land and improvements | 7,087 | ||
Carrying amount, buildings and improvements | 9,998 | ||
Carrying amount, total | 17,085 | ||
Accumulated depreciation | $ 1,186 | ||
Date acquired | Nov. 16, 2018 | ||
Sheffield Crossing | |||
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 | 193 | ||
Carrying amount, land and improvements | 9,026 | ||
Carrying amount, buildings and improvements | 10,240 | ||
Carrying amount, total | 19,266 | ||
Accumulated depreciation | $ 1,411 | ||
Date acquired | Nov. 16, 2018 | ||
The Shoppes at Windmill Place | |||
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 | 352 | ||
Carrying amount, land and improvements | 8,194 | ||
Carrying amount, buildings and improvements | 16,350 | ||
Carrying amount, total | 24,544 | ||
Accumulated depreciation | $ 1,871 | ||
Date acquired | Nov. 16, 2018 | ||
Stone Gate Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,185 | ||
Initial cost, land and improvements | 5,261 | ||
Initial cost, buildings and improvements | 7,007 | ||
Costs capitalized subsequent to acquisition, carrying costs | 209 | ||
Carrying amount, land and improvements | 5,269 | ||
Carrying amount, buildings and improvements | 7,207 | ||
Carrying amount, total | 12,477 | ||
Accumulated depreciation | $ 825 | ||
Date acquired | Nov. 16, 2018 | ||
Everybody's Plaza | |||
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 | 268 | ||
Carrying amount, land and improvements | 2,539 | ||
Carrying amount, buildings and improvements | 10,345 | ||
Carrying amount, total | 12,884 | ||
Accumulated depreciation | $ 978 | ||
Date acquired | Nov. 16, 2018 | ||
Lakewood City Center | |||
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 | 29 | ||
Carrying amount, land and improvements | 1,599 | ||
Carrying amount, buildings and improvements | 10,332 | ||
Carrying amount, total | 11,931 | ||
Accumulated depreciation | $ 923 | ||
Date acquired | Nov. 16, 2018 | ||
Carriagetown Marketplace | |||
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 | 488 | ||
Carrying amount, land and improvements | 7,092 | ||
Carrying amount, buildings and improvements | 15,971 | ||
Carrying amount, total | 23,064 | ||
Accumulated depreciation | $ 1,782 | ||
Date acquired | Nov. 16, 2018 | ||
Crossroads of Shakopee | |||
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 | 327 | ||
Carrying amount, land and improvements | 8,933 | ||
Carrying amount, buildings and improvements | 20,582 | ||
Carrying amount, total | 29,515 | ||
Accumulated depreciation | $ 2,517 | ||
Date acquired | Nov. 16, 2018 | ||
Broadway Pavilion | |||
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 | 360 | ||
Carrying amount, land and improvements | 8,534 | ||
Carrying amount, buildings and improvements | 20,765 | ||
Carrying amount, total | 29,300 | ||
Accumulated depreciation | $ 2,159 | ||
Date acquired | Nov. 16, 2018 | ||
Sanibel Beach Place | |||
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 | 647 | ||
Carrying amount, land and improvements | 4,014 | ||
Carrying amount, buildings and improvements | 7,594 | ||
Carrying amount, total | 11,608 | ||
Accumulated depreciation | $ 995 | ||
Date acquired | Nov. 16, 2018 | ||
Shoppes at Glen Lakes | |||
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 | 431 | ||
Carrying amount, land and improvements | 3,156 | ||
Carrying amount, buildings and improvements | 7,866 | ||
Carrying amount, total | 11,022 | ||
Accumulated depreciation | $ 892 | ||
Date acquired | Nov. 16, 2018 | ||
Bartow Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 19,305 | ||
Initial cost, land and improvements | 11,944 | ||
Initial cost, buildings and improvements | 24,610 | ||
Costs capitalized subsequent to acquisition, carrying costs | 288 | ||
Carrying amount, land and improvements | 11,968 | ||
Carrying amount, buildings and improvements | 24,874 | ||
Carrying amount, total | 36,841 | ||
Accumulated depreciation | $ 3,706 | ||
Date acquired | Nov. 16, 2018 | ||
Bloomingdale Hills | |||
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 | 219 | ||
Carrying amount, land and improvements | 4,389 | ||
Carrying amount, buildings and improvements | 5,393 | ||
Carrying amount, total | 9,783 | ||
Accumulated depreciation | $ 867 | ||
Date acquired | Nov. 16, 2018 | ||
University Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 6,402 | ||
Initial cost, buildings and improvements | 9,800 | ||
Costs capitalized subsequent to acquisition, carrying costs | 514 | ||
Carrying amount, land and improvements | 6,410 | ||
Carrying amount, buildings and improvements | 10,306 | ||
Carrying amount, total | 16,716 | ||
Accumulated depreciation | $ 2,336 | ||
Date acquired | Nov. 16, 2018 | ||
McKinney Market Street | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 2,236 | ||
Initial cost, land and improvements | 10,941 | ||
Initial cost, buildings and improvements | 16,061 | ||
Costs capitalized subsequent to acquisition, carrying costs | 1,467 | ||
Carrying amount, land and improvements | 10,969 | ||
Carrying amount, buildings and improvements | 17,500 | ||
Carrying amount, total | 28,469 | ||
Accumulated depreciation | $ 2,034 | ||
Date acquired | Nov. 16, 2018 | ||
Montville Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 12,417 | ||
Initial cost, buildings and improvements | 11,091 | ||
Costs capitalized subsequent to acquisition, carrying costs | 489 | ||
Carrying amount, land and improvements | 12,443 | ||
Carrying amount, buildings and improvements | 11,554 | ||
Carrying amount, total | 23,997 | ||
Accumulated depreciation | $ 1,745 | ||
Date acquired | Nov. 16, 2018 | ||
Shaw's Plaza Raynham | |||
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 | 914 | ||
Carrying amount, land and improvements | 7,789 | ||
Carrying amount, buildings and improvements | 27,724 | ||
Carrying amount, total | 35,512 | ||
Accumulated depreciation | $ 3,027 | ||
Date acquired | Nov. 16, 2018 | ||
Suntree Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,994 | ||
Initial cost, land and improvements | 6,335 | ||
Initial cost, buildings and improvements | 15,642 | ||
Costs capitalized subsequent to acquisition, carrying costs | 361 | ||
Carrying amount, land and improvements | 6,350 | ||
Carrying amount, buildings and improvements | 15,988 | ||
Carrying amount, total | 22,338 | ||
Accumulated depreciation | $ 1,625 | ||
Date acquired | Nov. 16, 2018 | ||
Green Valley Plaza | |||
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 | 221 | ||
Carrying amount, land and improvements | 7,329 | ||
Carrying amount, buildings and improvements | 17,056 | ||
Carrying amount, total | 24,384 | ||
Accumulated depreciation | $ 1,789 | ||
Date acquired | Nov. 16, 2018 | ||
Crosscreek Village | |||
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 | 388 | ||
Carrying amount, land and improvements | 3,859 | ||
Carrying amount, buildings and improvements | 9,953 | ||
Carrying amount, total | 13,813 | ||
Accumulated depreciation | $ 1,099 | ||
Date acquired | Nov. 16, 2018 | ||
Market Walk | |||
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 | 1,626 | ||
Carrying amount, land and improvements | 20,750 | ||
Carrying amount, buildings and improvements | 33,391 | ||
Carrying amount, total | 54,141 | ||
Accumulated depreciation | $ 3,406 | ||
Date acquired | Nov. 16, 2018 | ||
Livonia Plaza | |||
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 | 55 | ||
Carrying amount, land and improvements | 4,151 | ||
Carrying amount, buildings and improvements | 17,059 | ||
Carrying amount, total | 21,210 | ||
Accumulated depreciation | $ 1,867 | ||
Date acquired | Nov. 16, 2018 | ||
Franklin Centre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,255 | ||
Initial cost, land and improvements | 6,353 | ||
Initial cost, buildings and improvements | 5,482 | ||
Costs capitalized subsequent to acquisition, carrying costs | 370 | ||
Carrying amount, land and improvements | 6,357 | ||
Carrying amount, buildings and improvements | 5,849 | ||
Carrying amount, total | 12,206 | ||
Accumulated depreciation | $ 1,491 | ||
Date acquired | Nov. 16, 2018 | ||
Plaza 23 | |||
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 | 868 | ||
Carrying amount, land and improvements | 11,664 | ||
Carrying amount, buildings and improvements | 40,760 | ||
Carrying amount, total | 52,424 | ||
Accumulated depreciation | $ 3,721 | ||
Date acquired | Nov. 16, 2018 | ||
Shorewood Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 9,468 | ||
Initial cost, buildings and improvements | 20,993 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,519 | ||
Carrying amount, land and improvements | 9,569 | ||
Carrying amount, buildings and improvements | 23,411 | ||
Carrying amount, total | 32,980 | ||
Accumulated depreciation | $ 2,477 | ||
Date acquired | Nov. 16, 2018 | ||
Herndon Place | |||
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 | (853) | ||
Carrying amount, land and improvements | 6,808 | ||
Carrying amount, buildings and improvements | 9,559 | ||
Carrying amount, total | 16,367 | ||
Accumulated depreciation | $ 668 | ||
Date acquired | Nov. 16, 2018 | ||
Windmill Marketplace | |||
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 | (485) | ||
Carrying amount, land and improvements | 2,682 | ||
Carrying amount, buildings and improvements | 6,906 | ||
Carrying amount, total | 9,588 | ||
Accumulated depreciation | $ 321 | ||
Date acquired | Nov. 16, 2018 | ||
Riverlakes Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 13,219 | ||
Initial cost, land and improvements | 8,567 | ||
Initial cost, buildings and improvements | 15,242 | ||
Costs capitalized subsequent to acquisition, carrying costs | 523 | ||
Carrying amount, land and improvements | 8,608 | ||
Carrying amount, buildings and improvements | 15,725 | ||
Carrying amount, total | 24,332 | ||
Accumulated depreciation | $ 1,523 | ||
Date acquired | Nov. 16, 2018 | ||
Bells Fork | |||
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 | (875) | ||
Carrying amount, land and improvements | 2,612 | ||
Carrying amount, buildings and improvements | 5,815 | ||
Carrying amount, total | 8,427 | ||
Accumulated depreciation | $ 0 | ||
Date acquired | Nov. 16, 2018 | ||
Evans Towne Centre | |||
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 | 191 | ||
Carrying amount, land and improvements | 4,058 | ||
Carrying amount, buildings and improvements | 7,163 | ||
Carrying amount, total | 11,222 | ||
Accumulated depreciation | $ 923 | ||
Date acquired | Nov. 16, 2018 | ||
Mansfield Market Center | |||
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 | 145 | ||
Carrying amount, land and improvements | 4,678 | ||
Carrying amount, buildings and improvements | 13,292 | ||
Carrying amount, total | 17,971 | ||
Accumulated depreciation | $ 1,241 | ||
Date acquired | Nov. 16, 2018 | ||
Ormond Beach Mall | |||
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 | 750 | ||
Carrying amount, land and improvements | 5,008 | ||
Carrying amount, buildings and improvements | 7,702 | ||
Carrying amount, total | 12,710 | ||
Accumulated depreciation | $ 1,004 | ||
Date acquired | Nov. 16, 2018 | ||
Heritage Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,105 | ||
Initial cost, land and improvements | 6,205 | ||
Initial cost, buildings and improvements | 16,507 | ||
Costs capitalized subsequent to acquisition, carrying costs | 309 | ||
Carrying amount, land and improvements | 6,243 | ||
Carrying amount, buildings and improvements | 16,778 | ||
Carrying amount, total | 23,022 | ||
Accumulated depreciation | $ 1,718 | ||
Date acquired | Nov. 16, 2018 | ||
Mountain Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,736 | ||
Initial cost, land and improvements | 6,602 | ||
Initial cost, buildings and improvements | 6,835 | ||
Costs capitalized subsequent to acquisition, carrying costs | 147 | ||
Carrying amount, land and improvements | 6,650 | ||
Carrying amount, buildings and improvements | 6,934 | ||
Carrying amount, total | 13,585 | ||
Accumulated depreciation | $ 897 | ||
Date acquired | Nov. 16, 2018 | ||
Seville Commons | |||
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 | 858 | ||
Carrying amount, land and improvements | 4,845 | ||
Carrying amount, buildings and improvements | 13,304 | ||
Carrying amount, total | 18,149 | ||
Accumulated depreciation | $ 1,344 | ||
Date acquired | Nov. 16, 2018 | ||
Loganville Town Center | |||
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 | 299 | ||
Carrying amount, land and improvements | 5,027 | ||
Carrying amount, buildings and improvements | 6,819 | ||
Carrying amount, total | 11,846 | ||
Accumulated depreciation | $ 939 | ||
Date acquired | Nov. 16, 2018 | ||
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 | 14,063 | ||
Costs capitalized subsequent to acquisition, carrying costs | 515 | ||
Carrying amount, land and improvements | 5,679 | ||
Carrying amount, buildings and improvements | 14,452 | ||
Carrying amount, total | 20,131 | ||
Accumulated depreciation | $ 1,342 | ||
Date acquired | Dec. 12, 2018 | ||
Alameda Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 12,894 | ||
Initial cost, land and improvements | 7,785 | ||
Initial cost, buildings and improvements | 19,875 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,148 | ||
Carrying amount, land and improvements | 7,834 | ||
Carrying amount, buildings and improvements | 21,974 | ||
Carrying amount, total | 29,807 | ||
Accumulated depreciation | $ 2,245 | ||
Date acquired | Nov. 16, 2018 | ||
Naperville Crossings | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 25,380 | ||
Initial cost, land and improvements | 15,242 | ||
Initial cost, buildings and improvements | 30,881 | ||
Costs capitalized subsequent to acquisition, carrying costs | 2,303 | ||
Carrying amount, land and improvements | 15,852 | ||
Carrying amount, buildings and improvements | 32,574 | ||
Carrying amount, total | 48,426 | ||
Accumulated depreciation | $ 2,883 | ||
Date acquired | Apr. 26, 2019 | ||
Orange Grove Shopping Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 2,637 | ||
Initial cost, buildings and improvements | 7,340 | ||
Costs capitalized subsequent to acquisition, carrying costs | 269 | ||
Carrying amount, land and improvements | 2,873 | ||
Carrying amount, buildings and improvements | 7,373 | ||
Carrying amount, total | 10,245 | ||
Accumulated depreciation | $ 489 | ||
Date acquired | Oct. 31, 2019 | ||
Sudbury Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 6,483 | ||
Initial cost, buildings and improvements | 12,933 | ||
Costs capitalized subsequent to acquisition, carrying costs | 129 | ||
Carrying amount, land and improvements | 6,490 | ||
Carrying amount, buildings and improvements | 13,055 | ||
Carrying amount, total | 19,545 | ||
Accumulated depreciation | $ 716 | ||
Date acquired | Oct. 31, 2019 | ||
Ashburn Farm Market Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 14,035 | ||
Initial cost, buildings and improvements | 16,648 | ||
Costs capitalized subsequent to acquisition, carrying costs | 19 | ||
Carrying amount, land and improvements | 14,029 | ||
Carrying amount, buildings and improvements | 16,673 | ||
Carrying amount, total | 30,702 | ||
Accumulated depreciation | $ 919 | ||
Date acquired | Oct. 31, 2019 | ||
Del Paso [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 5,722 | ||
Initial cost, buildings and improvements | 12,242 | ||
Costs capitalized subsequent to acquisition, carrying costs | 141 | ||
Carrying amount, land and improvements | 5,748 | ||
Carrying amount, buildings and improvements | 12,357 | ||
Carrying amount, total | 18,105 | ||
Accumulated depreciation | $ 637 | ||
Date acquired | Dec. 12, 2019 | ||
Hickory Flat Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 6,976 | ||
Initial cost, buildings and improvements | 11,786 | ||
Costs capitalized subsequent to acquisition, carrying costs | 586 | ||
Carrying amount, land and improvements | 7,173 | ||
Carrying amount, buildings and improvements | 12,176 | ||
Carrying amount, total | 19,348 | ||
Accumulated depreciation | $ 314 | ||
Date acquired | Aug. 17, 2020 | ||
Roxborough Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 4,105 | ||
Initial cost, buildings and improvements | 12,668 | ||
Costs capitalized subsequent to acquisition, carrying costs | 190 | ||
Carrying amount, land and improvements | 4,105 | ||
Carrying amount, buildings and improvements | 12,858 | ||
Carrying amount, total | 16,963 | ||
Accumulated depreciation | $ 155 | ||
Date acquired | Oct. 5, 2020 | ||
Northlake [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,108 | ||
Initial cost, land and improvements | 2,327 | ||
Initial cost, buildings and improvements | 11,806 | ||
Costs capitalized subsequent to acquisition, carrying costs | 554 | ||
Carrying amount, land and improvements | 2,526 | ||
Carrying amount, buildings and improvements | 12,161 | ||
Carrying amount, total | 14,687 | ||
Accumulated depreciation | $ 1,760 | ||
Date acquired | Oct. 6, 2006 | ||
Corporate Segment | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial cost, land and improvements | 6 | ||
Initial cost, buildings and improvements | 2,734 | ||
Costs capitalized subsequent to acquisition, carrying costs | (6,311) | ||
Carrying amount, land and improvements | (1,570) | ||
Carrying amount, buildings and improvements | (2,002) | ||
Carrying amount, total | (3,572) | ||
Accumulated depreciation | $ (11) | ||
Date acquired | |||
Town and Country Shopping Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 2,065 | ||
Initial cost, land and improvements | 2,268 | ||
Initial cost, buildings and improvements | 4,372 | ||
Costs capitalized subsequent to acquisition, carrying costs | 324 | ||
Carrying amount, land and improvements | 2,345 | ||
Carrying amount, buildings and improvements | 4,618 | ||
Carrying amount, total | 6,963 | ||
Accumulated depreciation | $ 1,051 | ||
Date acquired | Oct. 4, 2017 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at January 1 | $ 4,749,324 | $ 4,848,483 |
Real estate acquisitions | 39,879 | 126,378 |
Net additions to/improvements of real estate | 57,700 | 79,396 |
Adoption of ASC 842 | 0 | 4,707 |
Real estate dispositions | (54,188) | (185,468) |
Impairment of real estate | (5,367) | (118,725) |
Real estate held for sale | 0 | (5,447) |
Balance at December 31 | $ 4,787,348 | $ 4,749,324 |
Schedule III - Real Estate As_4
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||
Balance at January 1 | $ 526,309 | $ 393,970 |
Depreciation expense | 177,860 | 183,535 |
Accumulated depreciation of real estate dispositions | (5,568) | (17,444) |
Impairment of real estate | (3,010) | (33,126) |
Accumulated depreciation of real estate held for sale | 0 | (626) |
Balance at December 31 | $ 695,591 | $ 526,309 |
Uncategorized Items - cik000147
Label | Element | Value |
Parent [Member] | ||
Stock Issued During Period, Value, Acquisitions | us-gaap_StockIssuedDuringPeriodValueAcquisitions | $ 1,054,745,000 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2,412,369,000 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,997,458,000 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ (692,573,000) |