Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EXL | ||
Entity Registrant Name | EXCEL TRUST, INC. | ||
Entity Central Index Key | 1478950 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 63,444,781 | ||
Entity Public Float | $819,100,000 | ||
Excel Trust, L.P. | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EXCEL TRUST, L.P. | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Property: | ||||
Land | $455,112 | $380,366 | ||
Buildings | 921,604 | 642,356 | ||
Site improvements | 87,305 | 63,242 | ||
Tenant improvements | 70,549 | 54,025 | ||
Construction in progress | 8,819 | 7,576 | ||
Less accumulated depreciation | -90,543 | -61,479 | ||
Property, net | 1,452,846 | 1,086,086 | ||
Cash and cash equivalents | 6,603 | 3,245 | ||
Restricted cash | 8,272 | 8,147 | ||
Tenant receivables, net | 5,794 | 5,117 | ||
Lease intangibles, net | 123,373 | 78,345 | ||
Deferred rent receivable | 11,479 | 9,226 | ||
Other assets | 32,081 | 20,135 | ||
Investment in unconsolidated entities | 6,689 | 8,520 | ||
Total assets | 1,647,137 | [1] | 1,218,821 | [1] |
Liabilities: | ||||
Mortgages payable, net | 192,748 | 251,191 | ||
Notes payable | 238,000 | 179,500 | ||
Unsecured notes | 398,758 | 100,000 | ||
Accounts payable and other liabilities | 34,338 | 21,700 | ||
Lease intangibles, net | 42,470 | 28,114 | ||
Dividends/distributions payable | 12,857 | 10,932 | ||
Total liabilities | 919,171 | [2] | 591,437 | [2] |
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock, $.01 par value, 200,000,000 shares authorized; 61,113,372 and 48,381,365 shares issued and outstanding at December 31, 2014 and 2013, respectively | 610 | 482 | ||
Additional paid-in capital | 597,723 | 478,541 | ||
Cumulative earnings | 0 | 0 | ||
Stockholders Equity Before Accumulated Other Comprehensive Loss, Total | 715,221 | 615,446 | ||
Accumulated other comprehensive income | 168 | |||
Total stockholders' equity | 715,389 | 615,446 | ||
Non-controlling interests | 12,577 | 11,938 | ||
Total equity | 727,966 | 627,384 | ||
Partners' Capital: | ||||
Accumulated other comprehensive income | 168 | |||
Total liabilities and capital | 1,647,137 | 1,218,821 | ||
Excel Trust, L.P. | ||||
Property: | ||||
Land | 455,112 | 380,366 | ||
Buildings | 921,604 | 642,356 | ||
Site improvements | 87,305 | 63,242 | ||
Tenant improvements | 70,549 | 54,025 | ||
Construction in progress | 8,819 | 7,576 | ||
Less accumulated depreciation | -90,543 | -61,479 | ||
Property, net | 1,452,846 | 1,086,086 | ||
Cash and cash equivalents | 6,603 | 3,245 | ||
Restricted cash | 8,272 | 8,147 | ||
Tenant receivables, net | 5,794 | 5,117 | ||
Lease intangibles, net | 123,373 | 78,345 | ||
Deferred rent receivable | 11,479 | 9,226 | ||
Other assets | 32,081 | 20,135 | ||
Investment in unconsolidated entities | 6,689 | 8,520 | ||
Total assets | 1,647,137 | [3] | 1,218,821 | [3] |
Liabilities: | ||||
Mortgages payable, net | 192,748 | 251,191 | ||
Notes payable | 238,000 | 179,500 | ||
Unsecured notes | 398,758 | 100,000 | ||
Accounts payable and other liabilities | 34,338 | 21,700 | ||
Lease intangibles, net | 42,470 | 28,114 | ||
Dividends/distributions payable | 12,857 | 10,932 | ||
Total liabilities | 919,171 | [4] | 591,437 | [4] |
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Accumulated other comprehensive income | 171 | |||
Partners' Capital: | ||||
Limited partners' capital | 1,428 | 2,166 | ||
General partner's capital | 606,982 | 487,134 | ||
Partners Capital Excluding Accumulated Other Comprehensive Income Loss, Total | 725,298 | 625,723 | ||
Accumulated other comprehensive income | 171 | |||
Total partners' capital | 725,469 | 625,723 | ||
Non-controlling interests | 2,497 | 1,661 | ||
Total capital | 727,966 | 627,384 | ||
Total liabilities and capital | 1,647,137 | 1,218,821 | ||
7.00% Series A cumulative convertible perpetual preferred units | Excel Trust, L.P. | ||||
Partners' Capital: | ||||
Preferred units | 28,168 | 47,703 | ||
8.125% Series B cumulative redeemable preferred units | Excel Trust, L.P. | ||||
Partners' Capital: | ||||
Preferred units | 88,720 | 88,720 | ||
7.00% Series A cumulative convertible perpetual preferred stock | ||||
Stockholders' equity: | ||||
Preferred Stock | 28,168 | 47,703 | ||
8.125% Series B cumulative redeemable preferred stock | ||||
Stockholders' equity: | ||||
Preferred Stock | $88,720 | $88,720 | ||
[1] | Excel Trust Inc.'s consolidated total assets at December 31, 2014 and 2013 include $39,783 and $15,470, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. | |||
[2] | The Company's consolidated total liabilities at December 31, 2014 and 2013 include $823 and $220 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc. | |||
[3] | Excel Trust L.P.'s consolidated total assets at December 31, 2014 and 2013 include $39,783 and $15,470, respectively, of assets (primarily real estate assets) of two VIEs that can only be used to settle the liabilities of those VIEs. | |||
[4] | Excel Trust, L.P.'s consolidated total liabilities at December 31, 2014 and 2013 include $823 and $220 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, shares issued | 61,113,372 | 48,381,365 | ||
Common stock, shares outstanding | 61,113,372 | 48,381,365 | ||
Total Asset | $1,647,137,000 | [1] | $1,218,821,000 | [1] |
Total Liabilities | 919,171,000 | [2] | 591,437,000 | [2] |
Excel Trust, L.P. | ||||
Total Asset | 1,647,137,000 | [3] | 1,218,821,000 | [3] |
Total Liabilities | 919,171,000 | [4] | 591,437,000 | [4] |
Preferred units, units authorized | 50,000,000 | 50,000,000 | ||
Limited partners' capital, units issued | 1,019,523 | 1,019,523 | ||
Limited partners' capital, units outstanding | 1,019,523 | 1,019,523 | ||
General partner's capital, units issued | 61,113,372 | 48,381,365 | ||
General partner's capital, units outstanding | 61,113,372 | 48,381,365 | ||
7.00% Series A cumulative convertible perpetual preferred stock | ||||
Preferred stock dividend rate percentage | 7.00% | 7.00% | ||
Liquidation preference | 50,000,000 | 50,000,000 | ||
Liquidation preference, per share | $25 | $25 | ||
Preferred stock, shares issued | 1,180,975 | 2,000,000 | ||
Preferred stock, shares outstanding | 1,180,975 | 2,000,000 | ||
8.125% Series B cumulative redeemable preferred stock | ||||
Preferred stock dividend rate percentage | 812.50% | 812.50% | ||
Liquidation preference | 92,000,000 | 92,000,000 | ||
Liquidation preference, per share | $25 | $25 | ||
Preferred stock, shares issued | 3,680,000 | 3,680,000 | ||
Preferred stock, shares outstanding | 3,680,000 | 3,680,000 | ||
Variable Interest Entities | ||||
Total Asset | 39,738,000 | 15,470,000 | ||
Variable Interest Entities | Excel Trust, L.P. | ||||
Total Asset | 39,783,000 | 15,470,000 | ||
Variable Interest Entities | Accounts Payable And Other Liabilities | ||||
Total Liabilities | 823,000 | 220,000 | ||
Variable Interest Entities | Accounts Payable And Other Liabilities | Excel Trust, L.P. | ||||
Total Liabilities | 823,000 | 220,000 | ||
7.00% Series A cumulative convertible perpetual preferred units | Excel Trust, L.P. | ||||
Preferred stock dividend rate percentage | 7.00% | 7.00% | ||
Liquidation preference | 50,000,000 | 50,000,000 | ||
Liquidation preference, per unit | $25 | $25 | ||
Preferred units, units issued | 1,180,975 | 2,000,000 | ||
Preferred units, units outstanding | 1,180,975 | 2,000,000 | ||
8.125% Series B cumulative redeemable preferred units | Excel Trust, L.P. | ||||
Preferred stock dividend rate percentage | 8.13% | 8.13% | ||
Liquidation preference | $92,000,000 | $92,000,000 | ||
Liquidation preference, per unit | $25 | $25 | ||
Preferred units, units issued | 3,680,000 | 3,680,000 | ||
Preferred units, units outstanding | 3,680,000 | 3,680,000 | ||
[1] | Excel Trust Inc.'s consolidated total assets at December 31, 2014 and 2013 include $39,783 and $15,470, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. | |||
[2] | The Company's consolidated total liabilities at December 31, 2014 and 2013 include $823 and $220 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc. | |||
[3] | Excel Trust L.P.'s consolidated total assets at December 31, 2014 and 2013 include $39,783 and $15,470, respectively, of assets (primarily real estate assets) of two VIEs that can only be used to settle the liabilities of those VIEs. | |||
[4] | Excel Trust, L.P.'s consolidated total liabilities at December 31, 2014 and 2013 include $823 and $220 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc. |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental revenue | $105,572 | $92,294 | $69,155 |
Tenant recoveries | 21,605 | 18,875 | 13,835 |
Other income | 3,146 | 1,373 | 1,431 |
Total revenues | 130,323 | 112,542 | 84,421 |
Expenses: | |||
Maintenance and repairs | 9,369 | 7,328 | 5,557 |
Real estate taxes | 13,427 | 12,756 | 9,693 |
Management fees | 2,101 | 1,772 | 851 |
Other operating expenses | 6,965 | 6,194 | 4,028 |
Changes in fair value of contingent consideration | -1,568 | -281 | |
General and administrative | 18,009 | 13,871 | 13,796 |
Depreciation and amortization | 50,661 | 46,146 | 34,800 |
Total expenses | 100,532 | 86,499 | 68,444 |
Operating income | 29,791 | 26,043 | 15,977 |
Interest expense | -24,167 | -18,944 | -15,650 |
Interest income | 240 | 204 | 173 |
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | -320 |
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 1,530 | |
Loss on extinguishment of debt from sale of real estate asset | -5,192 | ||
Gain on sale of real estate assets | 5,842 | ||
Income from continuing operations | 9,092 | 7,573 | 1,710 |
Income from discontinued operations before gain on sale of real estate assets | 464 | 135 | |
Gain on sale of real estate assets | 12,055 | ||
Income from discontinued operations | 12,519 | 135 | |
Net income | 9,092 | 20,092 | 1,845 |
Net (income) loss attributable to non-controlling interests | -340 | -568 | 18 |
Net income attributable to Parent | 8,752 | 19,524 | 1,863 |
Preferred stock dividends | -10,380 | -10,976 | -10,353 |
Cost of redemption of preferred stock | -1,687 | ||
Net (loss) income attributable to the common stockholders | -3,315 | 8,548 | -8,490 |
Loss from continuing operations per share attributable to the common stockholders - basic and diluted | ($0.07) | ($0.09) | ($0.27) |
Net (loss) income per share attributable to the common stockholders - basic and diluted | ($0.07) | $0.17 | ($0.26) |
Weighted-average common shares outstanding - basic and diluted | 54,340,537 | 46,925,760 | 34,680,877 |
Net income | 9,092 | 20,092 | 1,845 |
Other comprehensive income: | |||
Change in unrealized gain on investment in equity securities | 171 | 79 | |
Gain on sale of equity securities (reclassification adjustment) | -171 | ||
Change in unrealized loss on interest rate swaps | 619 | 344 | |
Comprehensive income | 9,263 | 20,711 | 2,097 |
Comprehensive (income) loss attributable to non-controlling interests | -343 | -615 | 5 |
Comprehensive income attributable to Excel Trust, Inc | 8,920 | 20,096 | 2,102 |
Excel Trust, L.P. | |||
Revenues: | |||
Rental revenue | 105,572 | 92,294 | 69,155 |
Tenant recoveries | 21,605 | 18,875 | 13,835 |
Other income | 3,146 | 1,373 | 1,431 |
Total revenues | 130,323 | 112,542 | 84,421 |
Expenses: | |||
Maintenance and repairs | 9,369 | 7,328 | 5,557 |
Real estate taxes | 13,427 | 12,756 | 9,693 |
Management fees | 2,101 | 1,772 | 851 |
Other operating expenses | 6,965 | 6,194 | 4,028 |
Changes in fair value of contingent consideration | -1,568 | -281 | |
General and administrative | 18,009 | 13,871 | 13,796 |
Depreciation and amortization | 50,661 | 46,146 | 34,800 |
Total expenses | 100,532 | 86,499 | 68,444 |
Operating income | 29,791 | 26,043 | 15,977 |
Interest expense | -24,167 | -18,944 | -15,650 |
Interest income | 240 | 204 | 173 |
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | -320 |
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 1,530 | |
Loss on extinguishment of debt from sale of real estate asset | -5,192 | ||
Gain on sale of real estate assets | 5,842 | ||
Income from continuing operations | 9,092 | 7,573 | 1,710 |
Income from discontinued operations before gain on sale of real estate assets | 464 | 135 | |
Gain on sale of real estate assets | 12,055 | ||
Income from discontinued operations | 12,519 | 135 | |
Net income | 9,092 | 20,092 | 1,845 |
Net (income) loss attributable to non-controlling interests | -366 | -335 | -279 |
Net income attributable to Parent | 8,726 | 19,757 | 1,566 |
Preferred operating unit distributions | -10,380 | -10,976 | -10,353 |
Cost of redemption of preferred stock | -1,687 | ||
Net (loss) income attributable to the unitholders | -3,341 | 8,781 | -8,787 |
Loss from continuing operations per unit attributable to the unitholders - basic and diluted | ($0.07) | ($0.09) | ($0.26) |
Net (loss) income per unit attributable to the unitholders - basic and diluted | ($0.07) | $0.17 | ($0.26) |
Weighted-average common operating partnership units outstanding - basic and diluted | 55,495,318 | 48,123,312 | 35,912,370 |
Net income | 9,092 | 20,092 | 1,845 |
Other comprehensive income: | |||
Change in unrealized gain on investment in equity securities | 171 | 620 | 79 |
Gain on sale of equity securities (reclassification adjustment) | -171 | ||
Change in unrealized loss on interest rate swaps | 620 | 344 | |
Comprehensive income | 9,263 | 20,712 | 2,097 |
Comprehensive (income) loss attributable to non-controlling interests | -366 | -335 | -279 |
Comprehensive income attributable to Excel Trust, Inc | $8,897 | $20,377 | $1,818 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock Subject to Mandatory Redemption | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Cumulative (Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | Stockholders' Equity, Total | Stockholders' Equity, Total | Noncontrolling Interests | Noncontrolling Interests |
In Thousands, except Share data | 7.00% Series A cumulative convertible perpetual preferred stock | 8.125% Series B cumulative redeemable preferred stock | Common Stock Subject to Mandatory Redemption | Common Stock Subject to Mandatory Redemption | Common Stock Subject to Mandatory Redemption | Common Stock Subject to Mandatory Redemption | ||||||||
Balance at Dec. 31, 2011 | $380,986 | $47,703 | $302 | $319,875 | ($3,277) | ($811) | $363,792 | $17,194 | ||||||
Balance (in shares) at Dec. 31, 2011 | 30,289,813 | |||||||||||||
Net proceeds from sale of preferred stock | 88,720 | 88,720 | 88,720 | |||||||||||
Net proceeds from sale of common stock (in shares) | 10,857,051 | |||||||||||||
Net proceeds from sale of common stock | 125,683 | 109 | 125,574 | 125,683 | ||||||||||
Issuance of restricted common stock awards (in shares) | 18,356 | |||||||||||||
Issuance of common stock for acquisition (in shares) | 3,230,769 | |||||||||||||
Issuance of common stock for acquisition | 39,108 | 32 | 39,076 | 39,108 | ||||||||||
Redemption of OP units for common stock and cash (in shares) | 509,694 | |||||||||||||
Redemption of OP units for common stock and cash | -666 | 5 | 6,085 | 6,090 | -6,756 | |||||||||
Noncash amortization of share-based compensation | 3,223 | 3,223 | 3,223 | |||||||||||
Common stock dividends | -23,916 | -23,916 | -23,916 | |||||||||||
Issuance of non-controlling interests | 5,082 | 5,082 | ||||||||||||
Distributions to non-controlling interests | -1,192 | -1,192 | ||||||||||||
Net income | 1,845 | 1,863 | 1,863 | -18 | ||||||||||
Preferred stock dividends | -10,353 | -10,353 | -10,353 | |||||||||||
Change in unrealized gain on investment in equity securities | -92 | -95 | -95 | 3 | ||||||||||
Change in unrealized loss on interest rate swaps | 344 | 334 | 334 | 10 | ||||||||||
Adjustment for non-controlling interest | -413 | -413 | 413 | |||||||||||
Balance at Dec. 31, 2012 | 608,772 | 47,703 | 88,720 | 448 | 459,151 | -1,414 | -572 | 594,036 | 14,736 | |||||
Balance (in shares) at Dec. 31, 2012 | 44,905,683 | |||||||||||||
Net proceeds from sale of common stock (in shares) | 3,211,928 | |||||||||||||
Net proceeds from sale of common stock | 40,679 | 32 | 40,647 | 40,679 | ||||||||||
Issuance of restricted common stock awards (in shares) | 36,088 | |||||||||||||
Redemption of OP units for common stock and cash (in shares) | 227,666 | |||||||||||||
Redemption of OP units for common stock and cash | 44 | 2 | 2,818 | 2,820 | -2,776 | |||||||||
Noncash amortization of share-based compensation | 2,291 | 2,291 | 2,291 | |||||||||||
Common stock dividends | -32,816 | -25,682 | -7,134 | -32,816 | ||||||||||
Distributions to non-controlling interests | -1,321 | -1,321 | ||||||||||||
Net income | 20,092 | 19,524 | 19,524 | 568 | ||||||||||
Preferred stock dividends | -10,976 | -10,976 | -10,976 | |||||||||||
Change in unrealized loss on interest rate swaps | 619 | 572 | 572 | 47 | ||||||||||
Adjustment for non-controlling interest | -684 | -684 | 684 | |||||||||||
Balance at Dec. 31, 2013 | 627,384 | 47,703 | 88,720 | 482 | 478,541 | 615,446 | 11,938 | |||||||
Balance (in shares) at Dec. 31, 2013 | 48,381,365 | |||||||||||||
Net proceeds from sale of common stock (in shares) | 0 | 12,650,000 | ||||||||||||
Net proceeds from sale of common stock | 160,491 | 127 | 160,364 | 160,491 | ||||||||||
Repurchase of common stock ( in shares) | -105,775 | |||||||||||||
Repurchase of common stock | -1,407 | -1 | -1,406 | -1,407 | ||||||||||
Forfeiture of restricted common stock awards ( in shares) | -469,864 | |||||||||||||
Forfeiture of restricted common stock awards | -4 | 4 | ||||||||||||
Issuance of restricted common stock awards (in shares) | 1,324,509 | 657,646 | ||||||||||||
Issuance of restricted common stock awards | 6 | -6 | ||||||||||||
Repurchase of preferred stock (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Repurchase of preferred stock | -21,222 | -19,535 | -1,687 | -21,222 | ||||||||||
Noncash amortization of share-based compensation | 4,643 | 4,643 | 4,643 | |||||||||||
Common stock dividends | -40,564 | -39,451 | -1,113 | -40,564 | ||||||||||
Distributions to non-controlling interests | -1,242 | -1,242 | ||||||||||||
Contributions from non-controlling interests | 1,000 | 1,000 | ||||||||||||
Net income | 9,092 | 8,752 | 8,752 | 340 | ||||||||||
Preferred stock dividends | -10,380 | -2,741 | -7,639 | -10,380 | ||||||||||
Change in unrealized gain on investment in equity securities | 171 | 168 | 168 | 3 | ||||||||||
Adjustment for non-controlling interest | -538 | -538 | 538 | |||||||||||
Balance at Dec. 31, 2014 | $727,966 | $28,168 | $88,720 | $610 | $597,723 | $168 | $715,389 | $12,577 | ||||||
Balance (in shares) at Dec. 31, 2014 | 61,113,372 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common stock divided per share | $0.70 | $0.69 | $0.65 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $9,092,000 | $20,092,000 | $1,845,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 50,661,000 | 46,839,000 | 36,021,000 |
Changes in fair value of financial instruments and gain on OP unit redemption | -230,000 | -1,530,000 | |
Loss on extinguishment of debt from sale of real estate asset | 5,192,000 | ||
Gain on sale of real estate | -5,842,000 | ||
Gain on sale of real estate from discontinued operations | -12,055,000 | ||
Gain on sale of marketable securities | -171,000 | ||
Changes in fair value of contingent consideration | -1,568,000 | -281,000 | |
(Income) loss from equity in unconsolidated entities | -2,578,000 | -40,000 | 320,000 |
Deferred rent receivable | -2,249,000 | -3,654,000 | -3,148,000 |
Amortization of above- (below) market leases | -407,000 | 418,000 | 65,000 |
Amortization of deferred balances | 1,631,000 | 1,485,000 | 1,763,000 |
Bad debt expense | 598,000 | 1,100,000 | 690,000 |
Amortization of share-based compensation | 4,643,000 | 2,291,000 | 3,223,000 |
Distributions from unconsolidated entities | 911,000 | 774,000 | |
Change in assets and liabilities (net of the effect of acquisitions): | |||
Tenant and other receivables | -1,190,000 | -531,000 | -1,754,000 |
Other assets | -576,000 | -1,838,000 | -873,000 |
Accounts payable and other liabilities | -1,032,000 | -559,000 | 3,722,000 |
Net cash provided by operating activities | 58,854,000 | 52,524,000 | 39,892,000 |
Cash flows from investing activities: | |||
Acquisitions of property | -372,780,000 | -140,215,000 | -290,987,000 |
Development of property and property improvements | -35,497,000 | -23,119,000 | -9,101,000 |
Proceeds from contribution of real estate assets to unconsolidated entity | 21,317,000 | ||
Investments in unconsolidated entities | -25,000 | -414,000 | -7,829,000 |
Distributions and return of capital from unconsolidated entities | 3,434,000 | 139,000 | |
Disposition of real estate assets | 26,227,000 | 4,759,000 | |
Receipt of master lease payments | 507,000 | 491,000 | |
Capitalized leasing costs | -2,068,000 | -2,581,000 | -2,048,000 |
Advance for note receivable | -750,000 | ||
Collection of mortgage loan receivable | 2,000,000 | ||
Purchase of equity securities | -10,512,000 | -125,000 | |
Proceeds from sale of equity securities | 9,368,000 | ||
Restricted cash | -125,000 | -2,490,000 | -1,977,000 |
Net cash used in investing activities | -390,839,000 | -163,430,000 | -280,132,000 |
Cash flows from financing activities: | |||
Issuance of common stock | 160,908,000 | 41,260,000 | 126,066,000 |
Common stock offering costs | -417,000 | -217,000 | -383,000 |
Repurchase of common stock | -1,407,000 | ||
Repurchase of preferred stock | -21,222,000 | ||
Issuance of preferred stock | 89,102,000 | ||
Preferred stock offering costs | -382,000 | ||
OP unit redemptions | -1,915,000 | ||
Payments on mortgages payable | -109,253,000 | -90,855,000 | -4,392,000 |
Proceeds from mortgages payable | 1,772,000 | 13,800,000 | |
Payments on notes payable | -284,000,000 | -125,500,000 | -189,000,000 |
Proceeds from notes payable | 342,500,000 | 330,000,000 | 243,000,000 |
Proceeds from unsecured notes | 298,693,000 | ||
Payments of contingent consideration | -205,000 | -1,613,000 | |
Contributions from non-controlling interests | 1,000,000 | ||
Distributions to non-controlling interests | -1,242,000 | -1,332,000 | -1,228,000 |
Preferred stock dividends | -10,683,000 | -10,976,000 | -8,795,000 |
Common stock dividends | -38,336,000 | -31,646,000 | -21,466,000 |
Deferred financing costs | -2,970,000 | -1,974,000 | -2,250,000 |
Net cash provided by financing activities | 335,343,000 | 108,555,000 | 240,544,000 |
Net increase (decrease) | 3,358,000 | -2,351,000 | 304,000 |
Cash and cash equivalents, beginning of period | 3,245,000 | 5,596,000 | 5,292,000 |
Cash and cash equivalents, end of period | 6,603,000 | 3,245,000 | 5,596,000 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 22,274,000 | 16,047,000 | 13,030,000 |
Non-cash investing and financing activity: | |||
Acquisition of real estate for common OP units | 44,190,000 | ||
Assumption of net mortgage debt in connection with property acquisitions | 42,723,000 | 8,204,000 | 79,670,000 |
Assets received in connection with property acquisitions | 772,000 | ||
Liabilities assumed in connection with property acquisitions | 1,013,000 | 222,000 | 9,526,000 |
Dispositions of real estate assets classified as a 1031 exchange (net of gain on sale of real estate of $12,055) | 30,700,000 | ||
Acquisition of real estate assets classified as a 1031 exchange | 30,700,000 | ||
Common stock dividends payable | 10,695,000 | 8,467,000 | 7,297,000 |
Preferred stock dividends payable | 1,984,000 | 2,287,000 | 2,287,000 |
OP unit distributions payable | 178,000 | 178,000 | 189,000 |
Accrued additions to operating and development properties | 11,976,000 | 2,228,000 | 2,705,000 |
Change in unrealized loss on interest rate swaps | 619,000 | 344,000 | |
Change in unrealized gain on marketable securities | 171,000 | 92,000 | |
OP unit redemptions (common stock) | 2,820,000 | 6,090,000 | |
Investment in unconsolidated entities | 1,506,000 | ||
Reclassification of offering costs | 364,000 | ||
Settlement of note receivable for accrued profit participation interest | 910,000 | ||
Accrued profit participation interests | 2,878,000 | ||
Excel Trust, L.P. | |||
Cash flows from operating activities: | |||
Net income | 9,092,000 | 20,092,000 | 1,845,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 50,661,000 | 46,839,000 | 36,021,000 |
Changes in fair value of financial instruments and gain on OP unit redemption | -230,000 | -1,530,000 | |
Loss on extinguishment of debt from sale of real estate asset | 5,192,000 | ||
Gain on sale of real estate | -5,842,000 | ||
Gain on sale of real estate from discontinued operations | -12,055,000 | ||
Gain on sale of marketable securities | -171,000 | ||
Changes in fair value of contingent consideration | -1,568,000 | -281,000 | |
(Income) loss from equity in unconsolidated entities | -2,578,000 | -40,000 | 320,000 |
Deferred rent receivable | -2,249,000 | -3,654,000 | -3,148,000 |
Amortization of above- (below) market leases | -407,000 | 418,000 | 65,000 |
Amortization of deferred balances | 1,631,000 | 1,485,000 | 1,763,000 |
Bad debt expense | 598,000 | 1,100,000 | 690,000 |
Amortization of share-based compensation | 4,643,000 | 2,291,000 | 3,223,000 |
Distributions from unconsolidated entities | 911,000 | 774,000 | |
Change in assets and liabilities (net of the effect of acquisitions): | |||
Tenant and other receivables | -1,190,000 | -531,000 | -1,754,000 |
Other assets | -576,000 | -1,838,000 | -873,000 |
Accounts payable and other liabilities | -1,032,000 | -559,000 | 3,722,000 |
Net cash provided by operating activities | 58,854,000 | 52,524,000 | 39,892,000 |
Cash flows from investing activities: | |||
Acquisitions of property | -372,780,000 | -140,215,000 | -290,987,000 |
Development of property and property improvements | -35,497,000 | -23,119,000 | -9,101,000 |
Proceeds from contribution of real estate assets to unconsolidated entity | 21,317,000 | ||
Investments in unconsolidated entities | -25,000 | -414,000 | -7,829,000 |
Distributions and return of capital from unconsolidated entities | 3,434,000 | 139,000 | |
Disposition of real estate assets | 26,227,000 | 4,759,000 | |
Receipt of master lease payments | 507,000 | 491,000 | |
Capitalized leasing costs | -2,068,000 | -2,581,000 | -2,048,000 |
Advance for note receivable | -750,000 | ||
Collection of mortgage loan receivable | 2,000,000 | ||
Purchase of equity securities | -10,512,000 | -125,000 | |
Proceeds from sale of equity securities | 9,368,000 | ||
Restricted cash | -125,000 | -2,490,000 | -1,977,000 |
Net cash used in investing activities | -390,839,000 | -163,430,000 | -280,132,000 |
Cash flows from financing activities: | |||
Issuance of common OP units | 160,491,000 | 41,043,000 | 125,683,000 |
Issuance of preferred OP units | 88,720,000 | ||
OP unit redemptions | -1,915,000 | ||
Payments on mortgages payable | -109,253,000 | -90,855,000 | -4,392,000 |
Proceeds from mortgages payable | 1,772,000 | 13,800,000 | |
Payments on notes payable | -284,000,000 | -125,500,000 | -189,000,000 |
Proceeds from notes payable | 342,500,000 | 330,000,000 | 243,000,000 |
Proceeds from unsecured notes | 298,693,000 | ||
Payments of contingent consideration | -205,000 | -1,613,000 | |
Contributions from non-controlling interests | 1,000,000 | ||
Distributions to non-controlling interests | -530,000 | -519,000 | -445,000 |
Deferred financing costs | -2,970,000 | -1,974,000 | -2,250,000 |
Net cash provided by financing activities | 335,343,000 | 108,555,000 | 240,544,000 |
Net increase (decrease) | 3,358,000 | -2,351,000 | 304,000 |
Cash and cash equivalents, beginning of period | 3,245,000 | 5,596,000 | 5,292,000 |
Cash and cash equivalents, end of period | 6,603,000 | 3,245,000 | 5,596,000 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 22,274,000 | 16,047,000 | 13,030,000 |
Non-cash investing and financing activity: | |||
Acquisition of real estate for common OP units | 44,190,000 | ||
Assumption of net mortgage debt in connection with property acquisitions | 42,723,000 | 8,204,000 | 79,670,000 |
Assets received in connection with property acquisitions | 772,000 | ||
Liabilities assumed in connection with property acquisitions | 1,013,000 | 222,000 | 9,526,000 |
Dispositions of real estate assets classified as a 1031 exchange (net of gain on sale of real estate of $12,055) | 30,700,000 | ||
Acquisition of real estate assets classified as a 1031 exchange | 30,700,000 | ||
Conversion of note payable to contribution from non-controlling interests | 0 | 0 | 0 |
Accrued additions to operating and development properties | 11,976,000 | 2,228,000 | 2,705,000 |
Change in unrealized loss on interest rate swaps | 619,000 | 344,000 | |
Change in unrealized gain on marketable securities | 171,000 | 92,000 | |
OP unit redemptions (common stock) | 2,820,000 | 6,090,000 | |
Investment in unconsolidated entities | 1,506,000 | ||
Reclassification of offering costs | 364,000 | ||
Settlement of note receivable for accrued profit participation interest | 910,000 | ||
Accrued profit participation interests | 2,878,000 | ||
Common Stock | Excel Trust, L.P. | |||
Cash flows from financing activities: | |||
Repurchase of common OP units | -1,407,000 | ||
OP unit distributions | -39,048,000 | -32,459,000 | -22,249,000 |
Non-cash investing and financing activity: | |||
OP unit distributions payable | 10,873,000 | 8,645,000 | 7,486,000 |
Preferred Stock | Excel Trust, L.P. | |||
Cash flows from financing activities: | |||
Repurchase of common OP units | -21,222,000 | ||
OP unit distributions | -10,683,000 | -10,976,000 | -8,795,000 |
Non-cash investing and financing activity: | |||
OP unit distributions payable | $1,984,000 | $2,287,000 | $2,287,000 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
1031 exchange net gain on sale of real estate | $12,055 |
Excel Trust, L.P. | |
1031 exchange net gain on sale of real estate | $12,055 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Capital (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net proceeds from sale of common operating partnership units | $160,491 | $40,679 | $125,683 |
Net proceeds from sale of common stock (in shares) | 0 | ||
Repurchase of operating partnership units | -1,400 | ||
Repurchase of operating partnership units (in units) | -105,775 | 0 | |
Contributions from non-controlling interests | 1,000 | ||
Net income (loss) | 9,092 | 20,092 | 1,845 |
Change in unrealized gain on investment in equity securities | 171 | -92 | |
Change in unrealized loss on interest rate swaps | 171 | 79 | |
Change in unrealized loss on interest rate swaps | 619 | 344 | |
7.00% Series A cumulative convertible perpetual preferred units | |||
Repurchase of operating partnership units | -21,200 | ||
Repurchase of operating partnership units (in units) | -819,025 | ||
Excel Trust, L.P. | |||
Beginning balance | 627,384 | 608,772 | 380,986 |
Net proceeds from sale of preferred operating partnership units | 88,720 | ||
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Net proceeds from sale of common operating partnership units | 160,491 | 40,679 | 125,683 |
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Redemption of common operating partnership units | 44 | -666 | |
Issuance of common operating partnership units for acquisition | 44,190 | ||
Noncash amortization of share-based compensation | 4,643 | 2,291 | 3,223 |
Contributions from non-controlling interests | 1,000 | ||
Common operating partnership unit distributions | -52,186 | -45,114 | -35,461 |
Net income (loss) | 9,092 | 20,092 | 1,845 |
Change in unrealized gain on investment in equity securities | 171 | -92 | |
Change in unrealized loss on interest rate swaps | 171 | 620 | 79 |
Change in unrealized loss on interest rate swaps | 620 | 344 | |
Ending balance | 727,966 | 627,384 | 608,772 |
Excel Trust, L.P. | Common OP Units | |||
Repurchase of operating partnership units | -1,407 | ||
Excel Trust, L.P. | Preferred OP Units | |||
Repurchase of operating partnership units | -21,222 | ||
Excel Trust, L.P. | Preferred Operating Partnership Units | 7.00% Series A cumulative convertible perpetual preferred units | |||
Beginning balance | 47,703 | 47,703 | 47,703 |
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Common operating partnership unit distributions | -2,904 | -3,500 | -3,500 |
Net income (loss) | 2,904 | 3,500 | 3,500 |
Ending balance | 28,168 | 47,703 | 47,703 |
Excel Trust, L.P. | Preferred Operating Partnership Units | 7.00% Series A cumulative convertible perpetual preferred units | Preferred OP Units | |||
Repurchase of operating partnership units | -19,535 | ||
Excel Trust, L.P. | Preferred Operating Partnership Units | 8.125% Series B cumulative redeemable preferred units | |||
Beginning balance | 88,720 | 88,720 | |
Net proceeds from sale of preferred operating partnership units | 88,720 | ||
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Common operating partnership unit distributions | -7,476 | -7,476 | -6,853 |
Net income (loss) | 7,476 | 7,476 | 6,853 |
Ending balance | 88,720 | 88,720 | 88,720 |
Excel Trust, L.P. | Limited Partners | |||
Beginning balance | 2,166 | 5,512 | 8,230 |
Beginning balance (in units) | 1,019,523 | 1,245,019 | 1,405,405 |
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Redemption of common operating partnership units | -2,776 | -6,756 | |
Redemption of common operating partnership units ( in units) | -225,496 | -571,570 | |
Issuance of common operating partnership units for acquisition | 5,082 | ||
Issuance of common operating partnership units for acquisition (in units) | 411,184 | ||
Common operating partnership unit distributions | -712 | -803 | -747 |
Net income (loss) | -26 | 233 | -297 |
Ending balance | 1,428 | 2,166 | 5,512 |
Ending balance (in units) | 1,019,523 | 1,019,523 | 1,245,019 |
Excel Trust, L.P. | General Partner's Capital | |||
Beginning balance | 487,134 | 465,612 | 323,914 |
Beginning balance (in units) | 48,381,365 | 44,905,683 | 30,289,813 |
Net proceeds from sale of preferred operating partnership units (in units) | 3,211,928 | 0 | |
Net proceeds from sale of common operating partnership units | 160,491 | 40,679 | 125,683 |
Net proceeds from sale of common stock (in shares) | 12,650,000 | 3,211,928 | 10,857,051 |
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Forfeiture of restricted common operating partnership unit awards (in units) | -469,864 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Issuance of restricted common operating partnership unit awards ( in units) | 657,656 | 36,088 | 18,356 |
Redemption of common operating partnership units | 2,820 | 6,090 | |
Redemption of common operating partnership units ( in units) | 227,666 | 509,694 | |
Issuance of common operating partnership units for acquisition | 39,108 | ||
Issuance of common operating partnership units for acquisition (in units) | 3,230,769 | ||
Noncash amortization of share-based compensation | 4,643 | 2,291 | 3,223 |
Common operating partnership unit distributions | -40,564 | -32,816 | -23,916 |
Net income (loss) | -1,628 | 8,548 | -8,490 |
Ending balance | 606,982 | 487,134 | 465,612 |
Ending balance (in units) | 61,113,372 | 48,381,365 | 44,905,683 |
Excel Trust, L.P. | General Partner's Capital | Common OP Units | |||
Repurchase of operating partnership units | -1,407 | ||
Repurchase of operating partnership units (in units) | -105,775 | ||
Excel Trust, L.P. | General Partner's Capital | Preferred OP Units | |||
Repurchase of operating partnership units | -1,687 | ||
Excel Trust, L.P. | Accumulated Other Comprehensive Loss | |||
Beginning balance | -620 | -872 | |
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Change in unrealized gain on investment in equity securities | 171 | -92 | |
Change in unrealized loss on interest rate swaps | 620 | ||
Change in unrealized loss on interest rate swaps | 344 | ||
Ending balance | 171 | -620 | |
Excel Trust, L.P. | Total Partners' Capital | |||
Beginning balance | 625,723 | 606,927 | 378,975 |
Net proceeds from sale of preferred operating partnership units | 88,720 | ||
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Net proceeds from sale of common operating partnership units | 160,491 | 40,679 | 125,683 |
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Redemption of common operating partnership units | 44 | -666 | |
Issuance of common operating partnership units for acquisition | 44,190 | ||
Noncash amortization of share-based compensation | 4,643 | 2,291 | 3,223 |
Common operating partnership unit distributions | -51,656 | -44,595 | -35,016 |
Net income (loss) | 8,726 | 19,757 | 1,566 |
Change in unrealized gain on investment in equity securities | 171 | -92 | |
Change in unrealized loss on interest rate swaps | 620 | ||
Change in unrealized loss on interest rate swaps | 344 | ||
Ending balance | 725,469 | 625,723 | 606,927 |
Excel Trust, L.P. | Total Partners' Capital | Common OP Units | |||
Repurchase of operating partnership units | -1,407 | ||
Excel Trust, L.P. | Total Partners' Capital | Preferred OP Units | |||
Repurchase of operating partnership units | -21,222 | ||
Excel Trust, L.P. | Noncontrolling Interests | |||
Beginning balance | 1,661 | 1,845 | 2,011 |
Net proceeds from sale of preferred operating partnership units (in units) | 0 | ||
Forfeiture of restricted common operating partnership unit awards | 0 | ||
Issuance of restricted common operating partnership unit awards | 0 | 0 | 0 |
Contributions from non-controlling interests | 1,000 | ||
Common operating partnership unit distributions | -530 | -519 | -445 |
Net income (loss) | 366 | 335 | 279 |
Ending balance | $2,497 | $1,661 | $1,845 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Capital (Parenthetical) (Excel Trust, L.P., USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Excel Trust, L.P. | |||
Common operating partnership unit distributions per share | $0.69 | $0.69 | $0.65 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization | 1. Organization: |
Excel Trust, Inc., a Maryland corporation (the “Parent Company”), is a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing value oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties. It conducts substantially all of its business through its subsidiary, Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership” and together with the Parent Company referred to as the “Company”). The Company seeks investment opportunities throughout the United States, but focuses on the West Coast, East Coast and Sunbelt regions. The Company generally leases anchor space to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic. | |
The Parent Company is the sole general partner of the Operating Partnership and, as of December 31, 2014, owned a 98.3% interest in the Operating Partnership. The remaining 1.7% interest in the Operating Partnership is held by limited partners. Each partner’s percentage interest in the Operating Partnership is determined based on the number of operating partnership units (“OP units”) owned as compared to total OP units (and potentially issuable OP units, as applicable) outstanding as of each period end and is used as the basis for the allocation of net income or loss to each partner. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation: | |||||||||||||
The accompanying consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. | |||||||||||||
A variable interest holder is considered to be the primary beneficiary of a VIE if it has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual, and/or other pecuniary interests in that VIE. | |||||||||||||
Cash and Cash Equivalents: | |||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities. | |||||||||||||
Restricted Cash: | |||||||||||||
Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements. | |||||||||||||
Accounts Payable and Other Liabilities: | |||||||||||||
Included in accounts payable and other liabilities is deferred rent in the amount of $3.0 million and $3.5 million at December 31, 2014 and 2013, respectively. | |||||||||||||
Revenue Recognition: | |||||||||||||
The Company commences revenue recognition on its 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. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is 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 the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | |||||||||||||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | ||||||||||||
• | whether the tenant or landlord retains legal title to the improvements; | ||||||||||||
• | the uniqueness of the improvements; | ||||||||||||
• | the expected economic life of the tenant improvements relative to the length of the lease; | ||||||||||||
• | the responsible party for construction cost overruns; and | ||||||||||||
• | who constructs or directs the construction of the improvements. | ||||||||||||
Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income was increased by $2.2 million, $3.7 million and $3.1 million in the years ended December 31, 2014, 2013 and 2012, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $1.2 million, $1.3 million and $720,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases. | |||||||||||||
Total estimated minimum rents under non-cancelable operating tenant leases in effect at December 31, 2014 were as follows (in thousands): | |||||||||||||
2015 | $ | 120,463 | |||||||||||
2016 | 113,360 | ||||||||||||
2017 | 103,922 | ||||||||||||
2018 | 93,493 | ||||||||||||
2019 | 75,879 | ||||||||||||
Thereafter | 310,590 | ||||||||||||
$ | 817,707 | ||||||||||||
Property: | |||||||||||||
Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction. | |||||||||||||
The Company has agreed to provide the developer/manager for development projects at the Plaza at Rockwall, Southlake Park Village, Cedar Square and Chimney Rock properties with a profit participation interest based on a percentage interest in the positive cash flows of the completed project after the Company has received distributions returning all of its capital investment plus a required rate of return (ranging from an 8% to 12% annualized rate of return). The Company initially records the profit participation interests at the estimated fair value of the obligation at the time of execution of the related agreement. The obligation is adjusted at each reporting date to the greater of the initial fair value at execution, or the amount that would be owed if the obligation were to be settled as of the reporting date. In August 2014, the profit participation interest related to the development phase of the Plaza at Rockwall property that was completed during 2014 was settled with the developer for an agreed-upon settlement value of approximately $2.0 million. The settlement was based on 35% of the excess of the estimated fair value of the related real estate after deducting all of the development and operating costs, the investment capital and the required rate of return due to the Company as of the date of settlement. The settlement was comprised of a cash payment of approximately $1.1 million and the settlement of an outstanding note receivable owed by the developer in the amount of $910,000 (including accrued interest of $160,000 – see Note 7 for further discussion). As of December 31, 2014, the Company has recorded $2.9 million for payments expected to be made related to the grants of these profit participation interests within construction in progress for the respective projects under development. | |||||||||||||
Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. | |||||||||||||
Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows: | |||||||||||||
Building and improvements | 15 to 40 years | ||||||||||||
Tenant improvements | Shorter of the useful lives or the terms of the related leases | ||||||||||||
The Company completed the disposition of its Lowe’s property on October 23, 2014 for a sales price of approximately $24.4 million. The Company completed the disposition of the inline retail portion of its Cedar Square property on November 10, 2014 for a sales price of approximately $3.0 million. In connection with the sale of the Lowe’s property, the Company recognized a loss of $5.2 million from the prepayment of the mortgage note, which was a closing condition of the transaction and repaid concurrent with the sale of the property As a result of the sales, the Company recognized an aggregate gain on sale of real estate assets of approximately $5.8 million. | |||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed: | |||||||||||||
The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Investments in Unconsolidated Entities: | |||||||||||||
The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual, and/or other pecuniary interests in that VIE. | |||||||||||||
If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company. | |||||||||||||
Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the consolidated balance sheets and its share of net income or loss is included in the consolidated statements of operations and comprehensive income. | |||||||||||||
For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements. | |||||||||||||
Investments in Equity Securities: | |||||||||||||
The Company, through the Operating Partnership, may hold investments in equity securities in certain publicly-traded companies. The Company does not acquire investments for trading purposes and, as a result, all of the Company’s investments in publicly-traded companies are considered “available-for-sale” and are recorded at fair value. Changes in the fair value of investments classified as available-for-sale are recorded in other comprehensive income. The fair value of the Company’s equity securities in publicly-traded companies is determined based upon the closing trading price of the equity security as of the balance sheet date. The cost of investments sold is determined by the specific identification method, with net realized gains and losses included in other income. For all investments in equity securities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements. | |||||||||||||
During the year ended December 31, 2014, the Company purchased approximately 436,000 shares of preferred stock in public companies within the real estate industry for an initial cost basis of approximately $10.5 million (included in other assets in the accompanying consolidated balance sheets). | |||||||||||||
Investments in equity securities consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Equity securities, initial cost basis | $ | 10,512 | $ | — | |||||||||
Gross unrealized gains | 185 | — | |||||||||||
Gross unrealized losses | (14 | ) | — | ||||||||||
Equity securities, fair value(1) | $ | 10,683 | $ | — | |||||||||
-1 | Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled “Fair Value of Financial Instruments” below). | ||||||||||||
Subsequent to December 31, 2014, the Company sold all of its investments in equity securities, comprising approximately 436,000 shares of preferred stock based on a specific identification of the shares sold. The sale resulted in net proceeds of approximately $10.8 million. | |||||||||||||
Share-Based Payments: | |||||||||||||
All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through December 31, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures. | |||||||||||||
Mortgage Loan Receivables: | |||||||||||||
Mortgage loan receivables consist of loans originated by the Company. Mortgage loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgage loan receivables are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company evaluates the collectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded receivable to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the value of the underlying collateral if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis. | |||||||||||||
Purchase Accounting: | |||||||||||||
The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable. | |||||||||||||
The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property. | |||||||||||||
The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage. | |||||||||||||
Tenant receivables: | |||||||||||||
Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At December 31, 2014 and 2013, the Company had $521,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the years ended December 31, 2014, 2013 and 2012, $598,000, $1.1 million and $690,000, respectively, of receivables were charged to bad debt expense. | |||||||||||||
Non-controlling Interests | |||||||||||||
Non-controlling interests on the consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Parent Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate. | |||||||||||||
Non-controlling interests on the consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates. | |||||||||||||
Concentration of Risk: | |||||||||||||
The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit. | |||||||||||||
In the years ended December 31, 2014, 2013 and 2012, no tenant accounted for more than 10% of the Company’s revenues. | |||||||||||||
At December 31, 2014, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 23.8%, 14.2%, 12.5%, 12.4%, 11.7% and 11.4% of the Company’s total assets, respectively. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7% of the Company’s total assets, respectively. For the year ended December 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 24.4%, 16.2%, 13.6% and 10.4% of the Company’s total revenues, respectively. For the year ended December 31, 2013, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 23.4%, 18.1%, 11.9% and 11.6% of the Company’s total revenues, respectively. | |||||||||||||
Management Estimates: | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Fair Value of Financial Instruments: | |||||||||||||
The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance. | |||||||||||||
Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||
Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||
The Company has used interest rate swaps to manage its interest rate risk (see Note 11). 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. 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. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | |||||||||||||
Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary. | |||||||||||||
The Company’s investments in equity securities fall within Level 1 of the fair value hierarchy as the Company utilizes observable market-based inputs, based on the closing trading price of securities as of the balance sheet date, to determine the fair value of the investments. | |||||||||||||
Derivative Instruments: | |||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments 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. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | |||||||||||||
In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations. | |||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||
The Company records all derivative instruments on the consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads. | |||||||||||||
Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction. | |||||||||||||
The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes. | |||||||||||||
Changes in Accumulated Other Comprehensive Loss: | |||||||||||||
The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Parent Company (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (572 | ) | $ | (811 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | 48 | (559 | ) | |||||||||
Total other comprehensive loss allocable to non-controlling interests | (3 | ) | (48 | ) | (13 | ) | |||||||
Balance — December 31 | $ | 168 | $ | — | $ | (572 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. | ||||||||||||
The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Operating Partnership (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (620 | ) | $ | (872 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | — | (620 | ) | |||||||||
Total other comprehensive (gain) loss allocable to non-controlling interests | — | — | — | ||||||||||
Balance — December 31 | $ | 171 | $ | — | $ | (620 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. | ||||||||||||
Correction to Consolidated Financial Statements: | |||||||||||||
Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this misstatement with respect to the prior period consolidated financial statements and determined that it was not material. However, the Parent Company has corrected the accompanying 2013 consolidated financial statements from amounts previously reported to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheet is an $18.1 million increase to additional paid-in capital and a corresponding $18.1 million decrease to retained earnings at December 31, 2013, from $460.4 million and $18.1 million, respectively, as previously reported. The consolidated statement of equity for the year ended December 31, 2013 included herein reflects a reclassification of $18.1 million, representing an increase of common stock dividends and preferred stock dividends paid from retained earnings by $7.1 million and $11.0 million, respectively, and a corresponding decrease to common stock dividends and preferred stock dividends paid from additional paid in capital by the same amount. This correction had no effect on previously reported revenues, net income, dividends paid, earnings per share, cash flows or total stockholders’ equity. | |||||||||||||
Recent Accounting Pronouncements: | |||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014 As a result of the early adoption of this pronouncement effective January 1, 2014, the properties that were sold during the year ended December 31, 2014 did not qualify for discontinued operations presentation and as such, are reflected in continuing operations on the consolidated statements of operations and comprehensive income. . | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (“ASU 2014-09”). The amendments in this update require companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 31, 2016 and for interim periods therein and requires expanded disclosures. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Acquisitions | 3. Acquisitions | ||||||||||||||||||||||||||||||||
The Company completed the following acquisitions (all within the Retail property operating segment) in the year ended December 31, 2014, which were acquired for cash unless specified below (dollars in thousands): | |||||||||||||||||||||||||||||||||
Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Shops at Fort Union(1) | September 26, 2014 | Midvale, UT | $ | — | |||||||||||||||||||||||||||||
The Family Center at Orem(1) | 26-Sep-14 | Orem, UT | $ | — | |||||||||||||||||||||||||||||
Downtown at the Gardens | 1-Oct-14 | Palm Beach Gardens, FL | $ | 42,723 | |||||||||||||||||||||||||||||
Brandywine Crossing(2) | November 25, 2014 | Brandywine, MD | $ | — | |||||||||||||||||||||||||||||
West Broad Marketplace(3) | 3-Dec-14 | Richmond, VA | $ | — | |||||||||||||||||||||||||||||
Riverpoint Marketplace | 19-Dec-14 | Sacramento, CA | $ | — | |||||||||||||||||||||||||||||
Highland Reserve | 29-Dec-14 | Roseville, CA | $ | — | |||||||||||||||||||||||||||||
The following summary provides an allocation of purchase price for each of the 2014 acquisitions (dollars in thousands): | |||||||||||||||||||||||||||||||||
Building | Land | Above-Market | Below-Market | In-Place | Debt | Purchase | |||||||||||||||||||||||||||
Leases | Leases | Leases | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Shops at Fort Union | $ | 100,173 | $ | 24,270 | $ | 862 | $ | (10,953 | ) | $ | 17,119 | $ | — | $ | 131,471 | ||||||||||||||||||
The Family Center at Orem | 11,229 | 4,450 | — | (296 | ) | 1,577 | — | 16,960 | |||||||||||||||||||||||||
Downtown at the Gardens | 91,241 | 13,920 | 5,268 | (2,254 | ) | 33,466 | (1,440 | ) | 140,201 | ||||||||||||||||||||||||
Brandywine Crossing | 7,840 | 2,910 | 14 | (286 | ) | 1,068 | — | 11,546 | |||||||||||||||||||||||||
West Broad Marketplace | — | 20,018 | — | — | — | — | 20,018 | ||||||||||||||||||||||||||
Riverpoint Marketplace(4) | 33,024 | 7,700 | 281 | (1,677 | ) | 4,481 | — | 43,809 | |||||||||||||||||||||||||
Highland Reserve(4) | 42,175 | 8,750 | 681 | (4,250 | ) | 5,155 | — | 52,511 | |||||||||||||||||||||||||
Total | $ | 285,682 | $ | 82,018 | $ | 7,106 | $ | (19,716 | ) | $ | 62,866 | $ | (1,440 | ) | $ | 416,516 | |||||||||||||||||
Remaining useful life(5) | 90 | 117 | 80 | 92 | |||||||||||||||||||||||||||||
-1 | On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash. | ||||||||||||||||||||||||||||||||
-2 | On November 25, 2014, the Company acquired a developed outparcel that was previously not owned at the Brandywine Crossing retail property in Brandywine, MD (not considered a separate property). | ||||||||||||||||||||||||||||||||
-3 | On December 2, 2014, the Company entered into an agreement with a development partner to form a joint venture entity, which then acquired an undeveloped land parcel comprising approximately 60.4 acres in Richmond, Virginia on which the joint venture intends to develop a retail shopping center with approximately 405,000 square feet of GLA. The Company holds an 80% ownership interest in the entity with the remaining 20% ownership interest held by the development partner (see Note 6). The acquisition was accounted for as an asset acquisition, with the purchase price allocated to the value of the undeveloped land parcel. | ||||||||||||||||||||||||||||||||
-4 | As of December 31, 2014, the purchase price allocation related to the acquisition of these properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from these initial estimates. | ||||||||||||||||||||||||||||||||
-5 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities. | ||||||||||||||||||||||||||||||||
The Company completed the following acquisitions (all within the Retail property operating segment) in the year ended December 31, 2013, which were acquired for cash unless specified below (dollars in thousands): | |||||||||||||||||||||||||||||||||
Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Tracy Pavilion | January 24, 2013 | Tracy, CA | $ | — | |||||||||||||||||||||||||||||
Stadium Center | July 1, 2013 | Manteca, CA | $ | — | |||||||||||||||||||||||||||||
League City Towne Center | August 1, 2013 | League City, TX | $ | — | |||||||||||||||||||||||||||||
Living Spaces-Promenade(1) | August 27, 2013 | Scottsdale, AZ | $ | 7,268 | |||||||||||||||||||||||||||||
LA Fitness | 4-Oct-13 | San Diego, CA | $ | — | |||||||||||||||||||||||||||||
Cedar Square Shopping Center | November 4, 2013 | Duncanville (Dallas), TX | $ | — | |||||||||||||||||||||||||||||
Southlake Park Village(2) | November 18, 2013 | Southlake (Dallas), TX | $ | — | |||||||||||||||||||||||||||||
Centennial Crossroads Plaza | 22-Nov-13 | Las Vegas, NV | $ | — | |||||||||||||||||||||||||||||
The following summary provides an allocation of purchase price for each of the 2013 acquisitions (dollars in thousands): | |||||||||||||||||||||||||||||||||
Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | ||||||||||||||||||||||||||
Leases | Leases | Leases | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Tracy Pavilion | $ | 22,611 | $ | 6,193 | $ | 163 | $ | (1,136 | ) | $ | 2,907 | $ | — | $ | — | $ | 30,738 | ||||||||||||||||
Stadium Center | 28,872 | 10,284 | 882 | (2,939 | ) | 4,051 | — | — | 41,150 | ||||||||||||||||||||||||
League City Towne Center | 24,767 | 10,858 | 315 | (1,249 | ) | 4,809 | — | — | 39,500 | ||||||||||||||||||||||||
Living Spaces-Promenade(1) | 1,038 | 14,514 | — | (116 | ) | 1,500 | (936 | ) | — | 16,000 | |||||||||||||||||||||||
LA Fitness | 9,957 | 3,123 | — | — | 1,220 | — | — | 14,300 | |||||||||||||||||||||||||
Cedar Square Shopping Center | 2,808 | 1,667 | 38 | (691 | ) | 478 | — | — | 4,300 | ||||||||||||||||||||||||
Southlake Park Village(2) | — | 15,989 | — | — | — | — | 265 | 16,254 | |||||||||||||||||||||||||
Centennial Crossroads Plaza | 11,484 | 3,868 | 571 | (538 | ) | 1,015 | — | — | 16,400 | ||||||||||||||||||||||||
Total | $ | 101,537 | $ | 66,496 | $ | 1,969 | $ | (6,669 | ) | $ | 15,980 | $ | (936 | ) | $ | 265 | $ | 178,642 | |||||||||||||||
Remaining useful life(3) | 56 | 117 | 150 | 76 | |||||||||||||||||||||||||||||
-1 | On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease. | ||||||||||||||||||||||||||||||||
-2 | On November 18, 2013, the Company acquired an undeveloped land parcel comprising approximately 22.4 acres in Southlake (Dallas), Texas on which the Company intends to develop a retail shopping center with approximately 186,000 square feet of gross leasable area (“GLA”). The acquisition was accounted for as an asset acquisition, with the majority of the purchase price allocated to the value of the undeveloped land parcel and the capitalization of costs directly related to the transaction. Approximately $265,000 of the purchase price paid is held in an escrow account to be disbursed in connection with the construction of on-site infrastructure projects. In addition, subsequent to the acquisition of the property, the Company reimbursed the seller for construction costs previously incurred, which have been reflected on the accompanying consolidated balance sheets as construction in progress. | ||||||||||||||||||||||||||||||||
-3 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition. | ||||||||||||||||||||||||||||||||
The Company completed twelve acquisitions (primarily in the Retail property operating segment) in the year ended December 31, 2012, which were acquired for cash unless specified below (in thousands): | |||||||||||||||||||||||||||||||||
Consolidated Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Promenade Corporate Center | January 23, 2012 | Scottsdale, AZ | $ | — | |||||||||||||||||||||||||||||
EastChase Market Center | February 17, 2012 | Montgomery, AL | $ | — | |||||||||||||||||||||||||||||
Lake Pleasant Pavilion | 16-May-12 | Peoria, AZ | $ | 28,250 | |||||||||||||||||||||||||||||
Chimney Rock | 30-Aug-12 | Odessa, TX | $ | — | |||||||||||||||||||||||||||||
Pavilion Crossing | 1-Oct-12 | Brandon, FL | $ | — | |||||||||||||||||||||||||||||
Dellagio(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Lake Burden Shoppes(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Meadow Ridge Plaza(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Shoppes of Belmere(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
West Broad Village(1) | 19-Oct-12 | Richmond, VA | $ | 50,000 | |||||||||||||||||||||||||||||
Unconsolidated Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
La Costa Town Center(2) | February 29, 2012 | Carlsbad, CA | — | ||||||||||||||||||||||||||||||
The Fountains at Bay Hill(1) | 19-Oct-12 | Orlando, FL | 11,985 | ||||||||||||||||||||||||||||||
The following provides a summary of the recorded purchase price for each of the 2012 acquisitions (dollars in thousands). | |||||||||||||||||||||||||||||||||
Consolidated Property | Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | |||||||||||||||||||||||||
Lease | Lease | Lease | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Promenade Corporate Center(3) | $ | 44,465 | $ | 4,477 | $ | 781 | $ | (749 | ) | $ | 3,279 | $ | — | $ | — | $ | 52,253 | ||||||||||||||||
EastChase Market Center | 19,567 | 4,215 | 360 | (1,296 | ) | 1,804 | — | — | 24,650 | ||||||||||||||||||||||||
Lake Pleasant Pavilion | 28,127 | 9,958 | 2,857 | (184 | ) | 2,412 | (1,420 | ) | — | 41,750 | |||||||||||||||||||||||
Chimney Rock(4) | 14,089 | 7,368 | — | (2,291 | ) | 2,532 | — | 2,106 | 23,804 | ||||||||||||||||||||||||
Pavilion Crossing | 9,268 | 3,729 | 153 | (1,344 | ) | 1,490 | — | — | 13,296 | ||||||||||||||||||||||||
Dellagio | 20,106 | 16,780 | 1,277 | (2,031 | ) | 3,972 | — | — | 40,104 | ||||||||||||||||||||||||
Lake Burden Shoppes | 4,020 | 3,981 | — | (79 | ) | 601 | — | — | 8,523 | ||||||||||||||||||||||||
Meadow Ridge Plaza | 4,706 | 3,781 | 348 | (246 | ) | 1,140 | — | — | 9,729 | ||||||||||||||||||||||||
Shoppes of Belmere | 5,122 | 4,701 | 166 | (1,160 | ) | 864 | — | — | 9,693 | ||||||||||||||||||||||||
West Broad Village(5) | 137,697 | 24,543 | 3,051 | (5,627 | ) | 9,240 | — | 2,398 | 171,302 | ||||||||||||||||||||||||
Total | $ | 287,167 | $ | 83,533 | $ | 8,993 | $ | (15,007 | ) | $ | 27,334 | $ | (1,420 | ) | $ | 4,504 | $ | 395,104 | |||||||||||||||
Remaining useful life(6) | 76 | 169 | 105 | 65 | |||||||||||||||||||||||||||||
UnConsolidated Property | Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | |||||||||||||||||||||||||
Lease | Lease | Lease | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
La Costa Town Center(2) | $ | 15,054 | $ | 8,383 | $ | 86 | $ | (2,069 | ) | $ | 2,046 | $ | — | $ | — | $ | 23,500 | ||||||||||||||||
The Fountains at Bay | 9,029 | 9,905 | 249 | (1,030 | ) | 1,653 | — | — | 19,806 | ||||||||||||||||||||||||
Hill(7) | |||||||||||||||||||||||||||||||||
Total | $ | 24,083 | $ | 18,288 | $ | 335 | $ | (3,099 | ) | $ | 3,699 | $ | — | $ | — | $ | 43,306 | ||||||||||||||||
Remaining useful life(6) | 34 | 106 | 55 | ||||||||||||||||||||||||||||||
-1 | On October 19, 2012, the Company completed the acquisition of a portfolio of five retail shopping centers and a 50% tenant-in-common interest in a sixth retail shopping center (an unconsolidated property, The Fountains at Bay Hill), which are located in Florida and Virginia. The purchase price of $259.2 million includes $192.1 million in cash paid, the assumption of $62.0 million in mortgage notes (including $12.0 million at The Fountains at Bay Hill) and the issuance of 411,184 OP units with a fair value of approximately $5.1 million based on a closing price of $12.36 per share of common stock on the date of acquisition. | ||||||||||||||||||||||||||||||||
Five of the shopping centers are located in Orange County, Florida and comprise a total of approximately 319,000 square feet of GLA (the shopping center in which the Company has a 50% tenant-in-common interest comprises approximately 104,000 square feet of GLA). The sixth retail shopping center is located in Richmond, Virginia and comprises approximately 386,000 square feet of retail and commercial GLA, with an additional 339 apartment units on the upper levels of the shopping center. The Company has an agreement to purchase the remaining 50% tenant-in-common interest in the Florida shopping center if certain approvals are obtained. The Company’s proportionate share of the assets purchased and liabilities and debt assumed with the acquisition of The Fountains at Bay Hill property are reflected on the accompanying consolidated balance sheets as an investment in unconsolidated entities (for more details, see Note 15). | |||||||||||||||||||||||||||||||||
In connection with the acquisition of one of the Florida properties, the Company entered into a put option whereby it may resell the property to the former owner after a period of five years for a price equal to the original purchase price. The Company has estimated the asset to have a value of approximately $363,000 based on the fair value of the put option as of the date of acquisition. In addition, the Company has entered into a call option related to the acquisition of another Florida property whereby the former owner may purchase approximately 13,000 square feet of GLA currently utilized as its headquarters during a three-year period. The Company will account for the underlying lease as a direct finance lease and will continue to reflect the corresponding premises as leased and occupied until such time as the call option is exercised by the former owner. In connection with the acquisition, the value associated with the acquired building has been recorded net of the estimated fair value of the call option of $4.3 million. | |||||||||||||||||||||||||||||||||
-2 | This property was originally purchased as a consolidated property. However, in September 2012, the La Costa Town Center property was contributed in exchange for proceeds of approximately $21.2 million to a newly-formed entity in which the Company holds a 20% ownership interest (see Note 15). The Company accounts for its remaining equity ownership in the property in a manner similar to the equity method of accounting, which is reflected in the accompanying consolidated balance sheets as an investment in unconsolidated entities. | ||||||||||||||||||||||||||||||||
-3 | The purchase price of $52.3 million reflects $13.9 million in cash paid and the issuance of 3,230,769 shares of common stock with a fair value of approximately $39.1 million based on a closing price of $12.11 per share on the date of acquisition. The purchase price noted above is net of master lease agreements between the Company and the seller in the amount of $772,000 (included in other assets on the accompanying consolidated balance sheets) based on the estimated fair value of funds expected to be received from escrow in connection with the acquisition. Payments under the master lease agreements commenced upon the expiration of two existing leases in June 2012 and February 2013 (with terms through May 2013 and January 2015, respectively). In addition, the seller has agreed to reimburse the Company for any expenditures resulting from tenant improvements or leasing commissions related to the spaces to the extent that funds remain available pertaining to the master lease agreements. See Note 19 for a discussion of changes in the fair value of this asset after the initial acquisition. | ||||||||||||||||||||||||||||||||
-4 | The purchase price of $23.8 million noted above includes a long-term asset recognized at acquisition with a valuation of approximately $3.0 million (included in other assets) and a long-term liability with a preliminary valuation of approximately $906,000 (included in accounts payable and other liabilities). The long-term asset and the long-term liability reflect the estimated fair value of funds expected to be received pursuant to an economic development agreement executed between the previous owner of the property and the City of Odessa and the portion of such funds that is owed to a third party. As a result of the agreement, the Company is eligible to receive a refund of up to $5.1 million in municipal sales taxes generated by retail sales at the property over a period of up to 15 years. Both the long-term asset and the long-term liability will be accreted to their respective gross balances of $5.1 million and $1.0 million, respectively, over periods of 14 years and three years, respectively. | ||||||||||||||||||||||||||||||||
-5 | Amount indicated as other for the West Broad Village acquisition includes approximately $2.4 million of furniture, fixtures and equipment associated with 339 apartment units on the property. | ||||||||||||||||||||||||||||||||
-6 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition. | ||||||||||||||||||||||||||||||||
-7 | Amount of assets acquired and liabilities assumed for The Fountains at Bay Hill property reflect the Company’s 50% tenant-in-common interest in the property. These balances, as well as the Company’s $12.0 million proportionate share of the outstanding indebtedness at the property, are reflected as investment in unconsolidated entities on the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||||||
The following unaudited pro forma information for the years ended December 31, 2014, 2013 and 2012 has been prepared to reflect the incremental effect of the properties acquired in 2014, 2013 and 2012, as if such acquisitions had occurred on January 1, 2013, 2012 and 2011, respectively (dollars in thousands): | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Revenues | $ | 160,861 | $ | 160,038 | $ | 119,938 | |||||||||||||||||||||||||||
Net income(1) | $ | 11,212 | $ | 19,804 | $ | 5,197 | |||||||||||||||||||||||||||
Earnings per share | $ | (0.03 | ) | $ | 0.17 | $ | (0.16 | ) | |||||||||||||||||||||||||
-1 | Pro forma results for the years ended December 31, 2014, 2013 and 2012 were adjusted to exclude non-recurring acquisition costs of approximately $1.8 million, $241,000 and $919,000, respectively, related to the 2014, 2013 and 2012 acquisitions. The pro forma results for the year ended December 31, 2013 were adjusted to include non-recurring costs relating to the 2014 acquisitions of $1.8 million. The pro forma results for the year ended December 31, 2012 were adjusted to include non-recurring costs relating to the 2013 acquisitions of $241,000. A portion of the 2012 acquisitions were funded with proceeds from the offering of 8.125% Series B Cumulative Redeemable Preferred Stock (“Series B preferred stock”). However, pro forma net income for the year ended December 31, 2012 is not adjusted for this funding as the assumed Series B preferred stock quarterly dividends of approximately $1.9 million are not included in the determination of net income (included only as a reduction of net income (loss) attributable to the common stockholders). |
Lease_Intangible_Assets_Net
Lease Intangible Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Lease Intangible Assets, Net | 4. Lease Intangible Assets, Net | ||||||||
Lease intangible assets, net, consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
In-place leases, net of accumulated amortization of $31.1 million and $26.7 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 74 and 78 months as of December 31, 2014 and 2013, respectively) | $ | 78,336 | $ | 47,058 | |||||
Above-market leases, net of accumulated amortization of $8.8 million and $7.5 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 69 and 62 months as of December 31, 2014 and 2013, respectively) | 16,436 | 13,725 | |||||||
Leasing commissions, net of accumulated amortization of $8.7 million and $7.1 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 93 and 99 months as of December 31, 2014 and 2013, respectively) | 28,601 | 17,562 | |||||||
$ | 123,373 | $ | 78,345 | ||||||
Estimated amortization of lease intangible assets as of December 31, 2014 and for each of the next five years and thereafter is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 28,060 | |||||||
2016 | 19,900 | ||||||||
2017 | 16,585 | ||||||||
2018 | 14,042 | ||||||||
2019 | 10,856 | ||||||||
Thereafter | 33,930 | ||||||||
Total | $ | 123,373 | |||||||
Amortization expense recorded on the lease intangible assets for the years ended December 31, 2014, 2013 and 2012 was $23.2 million, $23.4 million and $19.8 million, respectively. Included in these amounts are $4.4 million, $4.6 million and $3.4 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue. |
Lease_Intangible_Liabilities_N
Lease Intangible Liabilities, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Lease Intangible Liabilities, Net | 5. Lease Intangible Liabilities, Net | ||||||||
Lease intangible liabilities, net consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Below-market leases, net of accumulated amortization of $11.0 million and $7.9 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 116 and 123 months as of December 31, 2014 and 2013, respectively) | $ | 42,470 | $ | 28,114 | |||||
Amortization recorded on the lease intangible liabilities for the years ended December 31, 2014, 2013 and 2012 was $4.8 million, $4.2 million and $3.4 million, respectively. These amounts were recorded as rental revenue in the Company’s consolidated statements of operations. | |||||||||
Estimated amortization of lease intangible liabilities as of December 31, 2014 and for each of the next five years and thereafter is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 6,333 | |||||||
2016 | 5,357 | ||||||||
2017 | 4,958 | ||||||||
2018 | 4,536 | ||||||||
2019 | 3,993 | ||||||||
Thereafter | 17,293 | ||||||||
Total | $ | 42,470 | |||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities | 6. Variable Interest Entities |
Consolidated Variable Interest Entities | |
Included within the consolidated financial statements is the 50% owned joint venture with AB Dothan, LLC, that is deemed a VIE, and for which the Company is the primary beneficiary as it has the power to direct activities that most significantly impact the economic performance of the VIE. The joint venture’s activities principally consist of owning and operating a neighborhood retail center with 171,670 square feet of GLA located in Dothan, Alabama. | |
Also included within the consolidated financial statements is the 80% owned joint venture with West Broad Marketplace, LLC, that is deemed a VIE, and for which the Company is the primary beneficiary as it has the power to direct activities that most significantly impact the economic performance of the VIE. The joint venture’s initial activities principally consist of owning and developing a vacant land parcel and then operating a retail shopping center expected to contain approximately 405,000 square feet of GLA upon completion, located in Richmond, Virginia (recently acquired — see Note 3). | |
As of December 31, 2014 and 2013, the combined total carrying amount of assets of the Company’s VIEs was approximately $39.8 million and $15.5 million, respectively, which includes approximately $37.1 million and $13.3 million, respectively, of real estate assets at the end of each period. As of December 31, 2014 and 2013, the total carrying amount of liabilities was approximately $37.9 million and $14.3 million, respectively. |
Mortgage_Loan_and_Note_Receiva
Mortgage Loan and Note Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Mortgage Loan and Note Receivable | 7. Mortgage Loan and Note Receivable |
In June 2012, the Company extended a note receivable in the amount of $750,000 to a third party developer. The note receivable bore interest at 10.0% per annum, with the principal and accrued interest due upon maturity and was recourse to the borrower. In August 2014, the note receivable was settled pursuant to a transaction between the Company and the borrower in which the borrower agreed to a redemption of a profit participation interest in future cash flow distributions following completion of a ground-up development at the Company’s wholly-owned Plaza at Rockwall property. In connection with the redemption of the borrower’s interest, the Company agreed to a payment of approximately $2.0 million, comprised of a cash payment of $1.1 million and the settlement of the outstanding balance of the note receivable of $750,000 and accrued interest of $160,000. |
Debt
Debt (Excel Trust, L.P.) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Excel Trust, L.P. | |||||||||||||||||||||||||
Debt | 8. Debt | ||||||||||||||||||||||||
Debt of the Parent Company | |||||||||||||||||||||||||
The Parent Company does not directly hold any indebtedness. All of the Company’s debt is held directly or indirectly by the Operating Partnership. However, the Parent Company has guaranteed the Operating Partnership’s mortgage loan secured by the Red Rock Commons property, the Operating Partnership’s unsecured revolving credit facility (including the letter of credit that secures the redevelopment revenue bonds at the Northside Mall property) and the Operating Partnership’s senior unsecured notes. | |||||||||||||||||||||||||
Debt of the Operating Partnership | |||||||||||||||||||||||||
Mortgages Payable | |||||||||||||||||||||||||
Mortgages payable held by the Operating Partnership at December 31, 2014 and 2013 consist of the following (dollars in thousands): | |||||||||||||||||||||||||
Carrying Amount of | Contractual | Effective | Monthly | Maturity | |||||||||||||||||||||
Mortgage Notes | Interest Rate | Interest Rate | Payment(1) | Date | |||||||||||||||||||||
Property Pledged as Collateral | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edwards Theatres | $ | — | $ | 11,520 | — | — | $ | — | — | ||||||||||||||||
Red Rock Commons | — | 13,970 | — | — | — | — | |||||||||||||||||||
Excel Centre | — | 12,018 | — | — | — | — | |||||||||||||||||||
Merchant Central | — | 4,370 | — | — | — | — | |||||||||||||||||||
Gilroy Crossing | — | 45,836 | — | — | — | — | |||||||||||||||||||
The Promenade | 46,125 | 47,957 | 4.8 | % | 4.8 | % | 344 | Oct-15 | |||||||||||||||||
5000 South Hulen | 13,174 | 13,421 | 5.6 | % | 6.9 | % | 83 | Apr-17 | |||||||||||||||||
Lake Pleasant Pavilion | 27,513 | 27,855 | 6.09 | % | 5 | % | 143 | October 2017 | |||||||||||||||||
West Broad Marketplace(2) | 1,772 | — | 2.49 | % | 2.49 | % | 2 | Jan-18 | |||||||||||||||||
Rite Aid — Vestavia Hills | 833 | 1,015 | 7.25 | % | 7.25 | % | 21 | Oct-18 | |||||||||||||||||
Living Spaces-Promenade | 6,667 | 7,075 | 7.88 | % | 4.59 | % | 80 | November 2019 | |||||||||||||||||
West Broad Village | 39,700 | 39,700 | 3.33 | % | 3.33 | % | 110 | May-20 | |||||||||||||||||
Downtown at the Gardens | 42,545 | — | 4.6 | % | 4 | % | 253 | Jun-22 | |||||||||||||||||
Lowe’s, Shippensburg | — | 13,157 | |||||||||||||||||||||||
Northside Mall(3) | 12,000 | 12,000 | 0.05 | % | 1.05 | % | 1 | Nov-35 | |||||||||||||||||
190,329 | 249,894 | ||||||||||||||||||||||||
Plus: premium(4) | 2,419 | 1,297 | |||||||||||||||||||||||
Mortgage notes payable, net | $ | 192,748 | $ | 251,191 | |||||||||||||||||||||
-1 | Amount represents the monthly payment of principal and interest at December 31, 2014. | ||||||||||||||||||||||||
-2 | In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for an additional two one-year periods through January 2020 upon the payment of an extension fee. As of December 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 230 basis points (variable interest rate of 2.49% at December 31, 2014). | ||||||||||||||||||||||||
-3 | The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at December 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $100,000 and $105,000 at December 31, 2014 and 2013, respectively, is being amortized as additional interest expense through November 2035. | ||||||||||||||||||||||||
-4 | Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds. | ||||||||||||||||||||||||
Total interest cost capitalized for the years ended December 31, 2014, 2013 and 2012 was $1.4 million, $142,000 and $243,000, respectively. | |||||||||||||||||||||||||
The Company’s mortgage debt maturities at December 31, 2014 for each of the next five years and thereafter are as follows (dollars in thousands): | |||||||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||||||
2015 | $ | 48,606 | |||||||||||||||||||||||
2016 | 3,070 | ||||||||||||||||||||||||
2017 | 42,192 | ||||||||||||||||||||||||
2018 | 4,722 | ||||||||||||||||||||||||
2019 | 6,390 | ||||||||||||||||||||||||
Thereafter | 85,349 | ||||||||||||||||||||||||
$ | 190,329 | ||||||||||||||||||||||||
Term Loan: | |||||||||||||||||||||||||
On December 18, 2014, the Operating Partnership entered into a term loan agreement (the “Term Loan”) with a borrowing capacity of up to $50.0 million. The Term Loan bears interest at the rate of LIBOR plus a margin of 115 basis points and has an initial maturity date of June 30, 2015, which may be extended for an additional five months at the Operating Partnership’s option and upon the payment of an extension fee. Outstanding borrowings may be prepaid by the Operating Partnership in whole or in part at any time prior to the maturity date with three days prior notice. Under the Term Loan, the Operating Partnership is subject to the same covenants as those required under the Company’s unsecured revolving credit facility (as noted below). Borrowings under the Term Loan were $50.0 million (included in the balance of notes payable in the accompanying consolidated balance sheets) with an interest rate of 1.32% at December 31, 2014. At December 31, 2014, the Operating Partnership believes that it was in compliance with all financial covenants. | |||||||||||||||||||||||||
Notes Payable: | |||||||||||||||||||||||||
Unsecured Revolving Credit Facility | |||||||||||||||||||||||||
The Operating Partnership’s unsecured revolving credit facility has a borrowing capacity of $300.0 million, which may be increased from time to time up to an additional $200.0 million for a total borrowing capacity of $500.0 million, subject to receipt of lender commitments and other conditions precedent. The maturity date is April 6, 2018 and may be extended for an additional nine months at the Operating Partnership’s option. The Operating Partnership is subject to covenants requiring, among other things, the maintenance of (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. At December 31, 2014, the Operating Partnership believes that it was in compliance with all financial covenants in the credit agreement. | |||||||||||||||||||||||||
As of December 31, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 to 170 basis points (margin of 130 basis point at December 31, 2014), depending on the Parent Company’s credit rating. As of December 31, 2014, the Operating Partnership was responsible for paying a fee of 0.25% or 0.30% on the full capacity of the facility. Borrowings under the unsecured revolving credit facility were $238.0 million and $179.5 million with a weighted-average interest rate of 1.47% and 1.67% at December 31, 2014 and 2013, respectively. The Operating Partnership has issued $16.9 million in letters of credit from the unsecured revolving credit facility, which secure an outstanding $12.0 million bond payable for the Northside Mall property and construction activities at the Southlake Park Village property. The Northside Mall property bond is included with the mortgages payable on the Company’s consolidated balance sheets. At December 31, 2014, there was approximately $45.1 million available for borrowing under the unsecured revolving credit facility. | |||||||||||||||||||||||||
Unsecured Notes: | |||||||||||||||||||||||||
Unsecured Senior Notes due 2020 and 2023 | |||||||||||||||||||||||||
As of December 31, 2014, the Operating Partnership had outstanding $100.0 million aggregate principal amount of senior unsecured notes issued to various entities associated with the Prudential Capital Group. Of the senior unsecured notes, $75.0 million are designated Series A Notes and will mature in November 2020, with a fixed interest rate of 4.40%, and $25.0 million are designated Series B Notes and will mature in November 2023, with a fixed interest rate of 5.19% (the Series A Notes and the Series B Notes are referred to collectively as the “Notes due 2020 and 2023”). The terms of the Notes due 2020 and 2023 are governed by a Note Purchase Agreement, dated November 12, 2013 (the “Purchase Agreement”), among the Operating Partnership, as issuer, the Parent Company and the purchasers named therein. Interest on the Notes due 2020 and 2023 is payable quarterly, beginning on February 12, 2014. The Operating Partnership may prepay all or a portion of the Notes due 2020 and 2023 upon notice to the holders for 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement. | |||||||||||||||||||||||||
The Purchase Agreement contains various restrictive covenants, including limitations on the Operating Partnership’s ability to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. The Operating Partnership’s obligations under the Notes due 2020 and 2023 are fully and unconditionally guaranteed by the Parent Company and certain of its subsidiaries. Certain events would be considered events of default and could result in the acceleration of the maturity of the Notes. | |||||||||||||||||||||||||
Unsecured Senior Notes due 2024 | |||||||||||||||||||||||||
On May 12, 2014, the Operating Partnership completed the issuance of $250.0 million aggregate principal amount of 4.625% senior unsecured notes due 2024 (the “Notes due 2024”). The Notes due 2024 bear interest at 4.625% per annum and were issued at 99.477% of the principal amount to yield 4.691% to maturity. Interest is payable on May 15 and November 15 of each year beginning November 15, 2014 until the maturity date of May 15, 2024. The Operating Partnership’s obligations under the Notes due 2024 are fully and unconditionally guaranteed by the Parent Company. On or before February 15, 2024, the Operating Partnership may redeem all or a portion of the Notes due 2024 upon notice to the holders at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes due 2024 being redeemed and (2) 100% of the principal amount plus a make-whole premium as set forth in the Indenture governing the Notes due 2024 (the “Indenture”), plus accrued and unpaid interest up to, but not including, the redemption date. After February 15, 2024, the redemption price will be equal to 100% of the principal amount of the Notes due 2024 being redeemed, plus accrued and unpaid interest up to, but not including, the redemption date. | |||||||||||||||||||||||||
The Notes due 2024 are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. However, the Notes due 2024 are effectively subordinated to the Operating Partnership’s existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Operating Partnership’s subsidiaries, including guarantees provided by the Operating Partnership’s subsidiaries under the Company’s unsecured line of credit. | |||||||||||||||||||||||||
The Indenture contains certain covenants that, among other things, limit the Company’s ability to consummate a merger, consolidation or sale of all or substantially all of its assets or incur additional indebtedness. | |||||||||||||||||||||||||
The carrying value of the Notes due 2024 as of December 31, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Principal amount | $ | 250,000 | — | ||||||||||||||||||||||
Unamortized debt discount | (1,242 | ) | — | ||||||||||||||||||||||
Carrying value | $ | 248,758 | $ | — | |||||||||||||||||||||
Earnings_Per_Share_of_the_Pare
Earnings Per Share of the Parent Company | 12 Months Ended | ||||||||||||
Feb. 24, 2015 | |||||||||||||
Earnings Per Share of the Parent Company | 9. Earnings Per Share of the Parent Company | ||||||||||||
Basic earnings (loss) per share of the Parent Company is computed by dividing income (loss) applicable to common stockholders by the weighted average shares outstanding, as adjusted for the effect of participating securities. The Parent Company’s unvested restricted share awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted share awards on earnings (loss) per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends and the unvested restricted shares’ participation rights in undistributed earnings (losses). | |||||||||||||
The calculation of diluted earnings per share for the year ended December 31, 2014 does not include 601,366 shares of unvested restricted common stock or 1,019,523 OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. The calculation of diluted earnings per share for the year ended December 31, 2013 does not include 669,587 shares of unvested restricted common stock or 1,197,553 OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. The calculation of diluted earnings per share for the year ended December 31, 2012 does not include 701,396 shares of unvested restricted common stock, 72,944 shares of contingently issuable common stock related to the 2011 Edwards Theatres property acquisition, or 1,231,496 OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. In addition, 2,979,720, 3,347,661 and 3,333,400 shares of common stock, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Stock (“Series A preferred stock”) for the years ended December 31, 2014, 2013 and 2012, respectively, were anti-dilutive and were not included in the calculation of diluted earnings per share based on the “if converted” method. | |||||||||||||
Computations of basic and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands, except share data): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic earnings per share: | |||||||||||||
Income (loss) from continuing operations | $ | 9,092 | $ | 7,573 | $ | 1,710 | |||||||
Preferred dividends | (10,380 | ) | (10,976 | ) | (10,353 | ) | |||||||
Cost of redemption of preferred stock | (1,687 | ) | — | — | |||||||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Income from continuing operations attributable to non-controlling interests | (340 | ) | (531 | ) | (340 | ) | |||||||
Loss from continuing operations applicable to the common stockholders | $ | (3,614 | ) | $ | (4,353 | ) | $ | (9,439 | ) | ||||
Net income (loss) attributable to the common stockholders | $ | (3,315 | ) | $ | 8,548 | $ | (8,490 | ) | |||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Net income (loss) applicable to the common stockholders | $ | (3,614 | ) | $ | 8,129 | $ | (8,946 | ) | |||||
Weighted-average common shares outstanding: | |||||||||||||
Basic and diluted | 54,340,537 | 46,925,760 | 34,680,877 | ||||||||||
Basic and diluted earnings per share: | |||||||||||||
Loss from continuing operations per share attributable to the common stockholders | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.27 | ) | ||||
Income from discontinued operations per share attributable to the common stockholders | — | 0.26 | 0.01 | ||||||||||
Net income (loss) per share attributable to the common stockholders | $ | (0.07 | ) | $ | 0.17 | $ | (0.26 | ) | |||||
Excel Trust, L.P. | |||||||||||||
Earnings Per Share of the Parent Company | 10. Earnings Per Unit of the Operating Partnership | ||||||||||||
Basic earnings (loss) per unit of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average OP units outstanding, as adjusted for the effect of participating securities. The Operating Partnership’s unvested restricted OP unit awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted OP unit awards on earnings (loss) per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted OP unit awards based on distributions and the unvested restricted OP units’ participation rights in undistributed earnings (losses). | |||||||||||||
The calculation of diluted earnings per unit for the year ended December 31, 2014 does not include 601,366 unvested restricted OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. The calculation of diluted earnings per unit for the year ended December 31, 2013 does not include 669,587 unvested restricted OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. The calculation of diluted earnings per unit for the year ended December 31, 2012 does not include 701,396 unvested restricted OP units or 72,944 units of contingently issuable OP units related to the 2011 Edwards Theatres property acquisition as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. In addition, 2,979,720, 3,347,661 and 3,333,400 OP units, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Units (“Series A preferred units”) for the years ended December 31, 2014, 2013 and 2012, respectively, were anti-dilutive and were not included in the calculation of diluted earnings per unit based on the “if converted” method. | |||||||||||||
Computations of basic and diluted earnings per unit for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands, except unit data): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic earnings per unit: | |||||||||||||
Income (loss) from continuing operations | $ | 9,092 | $ | 7,573 | $ | 1,710 | |||||||
Preferred distributions | (10,380 | ) | (10,976 | ) | (10,353 | ) | |||||||
Cost of redemption of preferred OP units | (1,687 | ) | — | — | |||||||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Income from continuing operations attributable to non-controlling interests | (366 | ) | (335 | ) | (279 | ) | |||||||
Loss from continuing operations applicable to the unitholders | $ | (3,640 | ) | $ | (4,157 | ) | $ | (9,378 | ) | ||||
Net income (loss) attributable to the unitholders | $ | (3,341 | ) | $ | 8,781 | $ | (8,787 | ) | |||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Net income (loss) applicable to the unitholders | $ | (3,640 | ) | $ | 8,362 | $ | (9,243 | ) | |||||
Weighted-average common OP units outstanding: | |||||||||||||
Basic and diluted | 55,495,318 | 48,123,312 | 35,912,370 | ||||||||||
Basic and diluted earnings per unit: | |||||||||||||
Loss from continuing operations per unit attributable to the unitholders | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.26 | ) | ||||
Income from discontinued operations per unit attributable to the unitholders | — | 0.26 | — | ||||||||||
Net income (loss) per unit attributable to the unitholders | $ | (0.07 | ) | $ | 0.17 | $ | (0.26 | ) |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivatives and Hedging Activities | 11. Derivatives and Hedging Activities | ||||||||||||
In December 2010, the Company executed two pay-fixed interest rate swaps with a notional value of $55.8 million (weighted average interest rate of 1.41%) to hedge the variable cash flows associated with one of the Company’s mortgage payables. As a result of the interest rate swaps, the Company either (1) received the difference between a fixed interest rate (the “Strike Rate”) and one-month LIBOR if the Strike Rate was less than LIBOR or (2) paid such difference if the Strike Rate was greater than LIBOR. No initial investment was made to enter into either of the interest rate swap agreements. The two interest rate swaps were settled during the three months ended December 31, 2013 in connection with the repayment of the underlying mortgage note at the Park West Place property. The Company had no derivative financial instruments prior to the execution of the two swaps. | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company did not record any amounts in earnings attributable to hedge ineffectiveness. | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement | |||||||||||||
The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Amount of unrealized gain (loss) recognized in OCI (effective portion): | |||||||||||||
Interest rate swaps | $ | — | $ | (19 | ) | $ | (305 | ) | |||||
Other derivatives | — | — | — | ||||||||||
Total | $ | — | $ | (19 | ) | $ | (305 | ) | |||||
Amount of loss reclassified from accumulated OCI into income (effective portion): | |||||||||||||
Interest rate swaps (interest expense) | $ | — | $ | (639 | ) | $ | (649 | ) | |||||
Other derivatives | — | — | — | ||||||||||
Total | $ | — | $ | (639 | ) | $ | (649 | ) | |||||
Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing): | |||||||||||||
Interest rate swaps (other income/expense) | $ | — | $ | — | $ | — | |||||||
Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption) | — | 230 | 1,530 | ||||||||||
Total | $ | — | $ | 230 | $ | 1,530 | |||||||
Equity_of_the_Parent_Company
Equity of the Parent Company | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity of the Parent Company | 12. Equity of the Parent Company | ||||||||||||
The Parent Company has issued restricted stock awards to senior executives, directors and employees totaling 1,324,509 shares of common stock (net of forfeitures and unvested awards of 492,864 shares), which are included in the total shares of common stock outstanding as of December 31, 2014. | |||||||||||||
As of December 31, 2014, the Parent Company had outstanding 1,180,975 shares of Series A preferred stock, with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series A preferred stock when, as and if declared by the Parent Company’s board of directors, at a rate of 7.00% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series A preferred stock is $1.75, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series A preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. The Series A preferred stock is convertible, at the holders’ option, at any time and from time to time, into common stock of the Parent Company. The initial conversion rate of the Series A preferred stock was 1.6667 shares of common stock per share of Series A preferred stock. Effective September 26, 2013 (the ex-dividend date), the conversion rate was adjusted to 1.6836 shares of common stock per share of Series A preferred stock as a result of the aggregate dividends that the Parent Company declared and paid on its common stock, beginning with the quarter ended September 30, 2011 and through the quarter ended September 30, 2013, being in excess of the reference dividend of $0.15 per share. The conversion rate will continue to be subject to customary adjustments in certain circumstances. Since April 1, 2014, the Parent Company has had, the option to convert some or all of the Series A preferred stock into common stock if the closing price of the common stock equals or exceeds 140% of the conversion price for at least 20 of the 30 consecutive trading days ending the day before the notice of exercise of conversion is sent and the Parent Company has either declared and paid, or declared and set apart for payment, any unpaid dividends that are in arrears on the Series A preferred stock. | |||||||||||||
As of December 31, 2014, the Parent Company had outstanding 3,680,000 shares of Series B preferred stock, with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series B preferred stock, when, as and if declared by the Parent Company’s board of directors, at a rate of 8.125% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series B preferred stock is $2.03125, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series B preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. At any time on and after January 31, 2017, the Parent Company may, at its option, redeem the Series B preferred stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control, the Parent Company or a successor may, at its option, redeem the Series B preferred stock, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. | |||||||||||||
The Parent Company’s board of directors has authorized a stock repurchase program under which the Parent Company may acquire up to $50.0 million of its common stock and preferred stock in open market and negotiated purchases with no expiration date (the repurchase program was increased from $30.0 million to $50.0 million in February 2014). During the year ended December 31, 2014, the Parent Company repurchased 105,775 shares of its common stock for an aggregate cost of approximately $1.4 million (including transaction costs) at a weighted-average purchase price of $12.52 per share, and 819,025 shares of its Series A preferred stock for an aggregate cost of approximately $21.2 million (including transaction costs) at a weighted-average purchase price of $25.68 per share. The repurchased shares of common stock and preferred stock were subsequently retired by the Parent Company and resulted in a cost of approximately $1.7 million for the repurchase of the preferred stock, which is classified as cost of redemption of preferred stock on the accompanying consolidated statements of operations and comprehensive income. No stock was repurchased during the year ended December 31, 2013. As of December 31, 2014, approximately $20.9 million remained available under the stock repurchase program to acquire outstanding shares of the Parent Company’s common stock and preferred stock. | |||||||||||||
The Parent Company and the Operating Partnership have entered into equity distribution agreements (the “Equity Distribution Agreements”) with four sales agents, under which the Parent Company can issue and sell shares of its common stock from time to time through, at its discretion, any of the sales agents. The Equity Distribution Agreements were initially entered into in March 2012 with an aggregate offering price of up to $50.0 million and subsequently amended and restated in May 2013, permitting additional sales with an aggregate offering price of up to $100.0 million. The sales of common stock made under the Equity Distribution Agreements are made in “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. During the year ended December 31, 2013, the Parent Company issued 3,211,928 shares of common stock pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $40.7 million at an average stock issuance price of $13.05 per share. The net proceeds of $40.7 million were contributed to the Operating Partnership in exchange for 3,211,928 OP units. During the year ended December 31, 2014, the Parent Company did not issue any shares pursuant to the Equity Distribution Agreements. Subsequent to December 31, 2014, the Parent Company issued 2,227,456 shares of common stock pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $30.2 million at an average stock issuance price of $13.75 per share. The net proceeds of $30.2 million were contributed to the Operating Partnership in exchange for 2,227,456 OP units. Approximately $64.4 million remained available under the Equity Distribution Agreements to issue and sell shares of the Parent Company’s common stock (including the effect of the subsequent issuances). | |||||||||||||
On June 25, 2014, the Parent Company completed the issuance of 12,650,000 shares of common stock, including the exercise of the underwriters’ option to purchase an additional 1,650,000 shares, resulting in net proceeds of approximately $160.5 million, after deducting the underwriters’ discount and commissions and offering expenses. The net proceeds were contributed to the Operating Partnership in exchange for 12,650,000 OP units. | |||||||||||||
Consolidated net income is reported in the Company’s consolidated financial statements at amounts that include the amounts attributable to both the common stockholders and the non-controlling interests. A charge/credit is recorded each period in the consolidated statements of income for the non-controlling interests’ proportionate share of the Company’s net income (loss). | |||||||||||||
On December 31, 2014, the Parent Company accrued for a dividend of $10.7 million payable to the common stockholders of record, a dividend of $2.4 million payable to the preferred stockholders of record and a distribution of $178,000 payable to the holders of OP units of record as of December 31, 2014, each of which was paid in January 2015. | |||||||||||||
2010 Equity Incentive Award Plan | |||||||||||||
The Company has established the 2010 Equity Incentive Award Plan of Excel Trust, Inc. and Excel Trust, L.P. (the “2010 Plan”), pursuant to which the Parent Company’s board of directors or a committee of its independent directors may make grants of stock options, restricted stock, stock appreciation rights and other stock-based awards to its non-employee directors, employees and consultants (an equivalent amount of common OP units are issued to the Parent Company for each such grant with similar terms and conditions). The maximum number of shares of the Parent Company’s common stock that may be issued pursuant to the 2010 Plan is 2,850,000 (of which 1,525,491 shares of common stock remained available for issuance as of December 31, 2014). | |||||||||||||
The following shares of restricted common stock were issued during the year ended December 31, 2014: | |||||||||||||
Grant Date | Price at Grant | Number | Vesting | ||||||||||
Date | Period (yrs.) | ||||||||||||
March 7, 2014(1) | $ | 12.57 | 4,000 | 4 | |||||||||
March 18, 2014(2) | $ | 12.8 | 558,331 | 1, 3 | |||||||||
March 24, 2014(3) | $ | 12.56 | 83,500 | 3 | |||||||||
May 13, 2014(4) | $ | 12.89 | 12,412 | 1 | |||||||||
-1 | Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter. | ||||||||||||
-2 | Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014. | ||||||||||||
-3 | Shares issued to certain of the Company’s employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016. | ||||||||||||
-4 | Shares issued to members of the Company’s board of directors. These shares vest in equal quarterly installments. | ||||||||||||
Shares of the Parent Company’s restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the administrator of the 2010 Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of the Parent Company’s restricted common stock have full voting rights and rights to dividends upon grant. The Company recognized compensation expense during the years ended December 31, 2014, 2013 and 2012 of $4.6 million, $2.3 million and $3.2 million, respectively, related to the restricted common stock grants ultimately expected to vest. ASC Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated $0 in forfeitures for all periods presented. Stock compensation expense is included in general and administrative expense in the accompanying consolidated statements of operations. | |||||||||||||
As of December 31, 2014 and 2013, there was approximately $5.1 million and $1.6 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of December 31, 2014 and 2013, this expense was expected to be recognized over a weighted-average remaining period of 1.8 and 1.1 years, respectively. | |||||||||||||
Number of Nonvested | Weighted | ||||||||||||
Shares of Restricted | Average Grant | ||||||||||||
Common Stock | Date Fair Value | ||||||||||||
Balance — January 1, 2014 | 611,683 | $ | 9.73 | ||||||||||
Grants | 658,243 | $ | 12.77 | ||||||||||
Forfeitures/Expirations | (469,864 | ) | $ | 8.9 | |||||||||
Vested | (372,482 | ) | $ | 12.69 | |||||||||
Balance — December 31, 2014(1) | 427,580 | $ | 12.75 | ||||||||||
-1 | During the year ended December 31, 2014, 597 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented. | ||||||||||||
Agreements to provide profit participation interests related to development projects at certain properties are treated as stock-based compensation awards granted to a non-employee, which are classified as liabilities. The liability awards are carried at the greater of the grant date fair value or the estimated amount that would be owed if the obligation were to be settled as of the reporting date. There were no new profit participation interests awards granted during the year ended December 31, 2014. The current estimated settlement values for each of the profit participation interests are based on discounted cash flow models for each of the individual development projects subject to the awards. The critical assumptions utilized in those models at December 31, 2014 were the discount rates (ranging from 14.1% to 14.6%) and terminal capitalization rates (ranging from 7.85% to 8.25%). Other relevant assumptions in the models included estimates of remaining costs to complete construction and rental rate and lease-up assumptions. A profit participation interest related to a development project at the Plaza at Rockwall property in the amount of approximately $2.0 million was settled during the year ended December 31, 2014 (See Note 7). At December 31, 2014, obligations related to profit participation interests in the amount of approximately $2.9 million are included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||
401(k) Retirement Plan | |||||||||||||
The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount of their eligible compensation as determined by the Internal Revenue Service. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to 3.0% of eligible compensation and 50% of employee deferrals for the next 2.0% of eligible compensation, is fully vested and funded as of December 31, 2014. Costs related to the matching portion of the plan for the years ended December 31, 2014, 2013 and 2012 were approximately $160,000, $150,000 and $119,000, respectively. |
Equity_of_the_Operating_Partne
Equity of the Operating Partnership | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity of the Operating Partnership | 13. Equity of the Operating Partnership | ||||||||||||||||
As of December 31, 2014, the Operating Partnership had outstanding 62,132,895 OP units. The Parent Company owned 98.3% of the partnership interests in the Operating Partnership at December 31, 2014, is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the Parent Company effectively controls the ability to issue common stock of the Parent Company upon a limited partner’s notice of redemption. In addition, the Parent Company has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit the Parent Company to settle in either cash or common stock at the option of the Parent Company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity. | |||||||||||||||||
As of December 31, 2014, the Operating Partnership had outstanding 1,180,975 Series A preferred units and 3,680,000 8.125% Series B Cumulative Redeemable Preferred Units (collectively referred to as the “Preferred Units”). The Preferred Units were issued to the Parent Company in exchange for the net proceeds from the issuance of preferred stock of the Parent Company and contain the same terms and conditions as the preferred stock instruments (including, among other things, distribution rates and exchange or redemption provisions). | |||||||||||||||||
During the year ended December 31, 2014, the Operating Partnership repurchased 819,025 Series A preferred units from the Parent Company (in connection with the Parent Company’s repurchase of its Series A preferred stock) for an aggregate cost of approximately $21.2 million at a weighted-average purchase price of $25.68 per unit. The Series A preferred units were subsequently retired by the Operating Partnership. The repurchase resulted in a cost of approximately $1.7 million, which is classified as cost of redemption of preferred units on the accompanying consolidated statements of operations. | |||||||||||||||||
During the year ended December 31, 2014, the Operating Partnership repurchased 105,775 common OP units from the Parent Company (in connection with the Parent Company’s repurchase of its common stock) for an aggregate cost of approximately $1.4 million at a weighted-average purchase price of $12.52 per unit. The OP units were subsequently retired by the Operating Partnership. No OP units were repurchased from the Parent Company in connection with repurchases of its common stock during the year ended December 31, 2013. | |||||||||||||||||
In connection with the Equity Distribution Agreements, during the year ended December 31, 2013 the Operating Partnership issued 3,211,928 OP units to the Parent Company in exchange for net proceeds of approximately $40.7 million. During the year ended December 31, 2014, the Operating Partnership did not issue any OP units to the Parent Company in connection with the Equity Distribution Agreements. Subsequent to December 31, 2014, the Operating Partnership issued 2,227,456 OP units to the Parent Company in exchange for net proceeds of approximately $30.2 million. | |||||||||||||||||
On June 25, 2014, the Operating Partnership issued 12,650,000 OP units to the Parent Company in exchange for net proceeds of approximately $160.5 million (in connection with the Parent Company’s public offering of common stock). | |||||||||||||||||
Consolidated net income is reported in the Operating Partnership’s consolidated financial statements at amounts that include the amounts attributable to both the unitholders and the non-controlling interests in a consolidated joint venture property. | |||||||||||||||||
The following table shows the vested partnership interests in the Operating Partnership as of December 31, 2014 and 2013: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
OP | Percentage | OP | Percentage | ||||||||||||||
Units | of Total | Units | of Total | ||||||||||||||
Excel Trust, Inc. | 60,685,792 | 98.3 | % | 47,769,682 | 97.9 | % | |||||||||||
Non-controlling interests consisting of: | |||||||||||||||||
OP units held by employees and third parties | 1,019,523 | 1.7 | % | 1,019,523 | 2.1 | % | |||||||||||
Total | 61,705,315 | 100 | % | 48,789,205 | 100 | % | |||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Discontinued Operations | 14. Discontinued Operations | ||||||||||||||||
On July 19, 2013, the Company completed the disposition of the Walgreens property, located in North Corbin, Kentucky, for a sales price of approximately $4.5 million, excluding closing costs. On September 13, 2013, the Company completed the disposition of the Grant Creek Town Center property, located in Missoula, Montana, for a sales price of approximately $32.3 million, excluding closing costs. The Grant Creek Town Center property sale was classified as an exchange pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds were restricted as to their usage and were reflected as restricted cash on the consolidated balance sheets until subsequently utilized to provide the purchase price for the acquisition of two properties during the year ended December 31, 2013 — see Note 3. | |||||||||||||||||
All properties sold were part of the retail properties segment — see Note 20. The following table provides information regarding the disposition of the properties: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Property | Sales Price | Gain on Sale | Date of Sale | Acquisition Date | |||||||||||||
Walgreens — North Corbin | $ | 4,514 | $ | 1,129 | 7/19/13 | 5/24/10 | |||||||||||
Grant Creek Town Center | $ | 32,343 | $ | 10,926 | 9/13/13 | 8/27/10 | |||||||||||
The results of operations for these properties are reported as discontinued operations for all periods presented in the accompanying consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands): | |||||||||||||||||
Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | — | $ | 1,805 | $ | 2,723 | |||||||||||
Total expenses | — | 1,341 | 2,588 | ||||||||||||||
Income before non-controlling interests and gain on sale of real estate assets from discontinued operations | — | 464 | 135 | ||||||||||||||
Gain on sale of real estate assets from discontinued operations | — | 12,055 | — | ||||||||||||||
Non-controlling interest in discontinued operations(1) | — | (37 | ) | 358 | |||||||||||||
Income from discontinued operations available to the common stockholders | $ | — | $ | 12,482 | $ | 493 | |||||||||||
-1 | Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the consolidated financial statements of the Operating Partnership). |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investment in Unconsolidated Entities | 15. Investment in Unconsolidated Entities | ||||||||||||
In September 2012, the Company formed a limited liability company (“La Costa LLC”) with GEM Realty Capital, Inc. (“GEM”) in which the Company and GEM held 20% and 80% ownership interests, respectively. La Costa LLC was the owner of the La Costa Town Center property. The Company’s ownership interest in La Costa LLC was reflected in the accompanying balance sheets at the Company’s historical cost basis as an investment in a profit-sharing arrangement. La Costa LLC did not qualify as a VIE and consolidation was not required as the Company did not control the operations of the property and the majority owner bore the majority of any losses incurred. On October 9, 2014, the La Costa LLC completed the disposition of the La Costa Town Center property for a sales price of approximately $31.6 million, excluding closing costs (the Company’s proportionate share of the sales price was $6.3 million). The sale resulted in the Company’s recognition of a gain of approximately $2.1 million on the disposition of its investment in the entity, which was recognized in income in equity from unconsolidated entities on the accompanying consolidated statements of operations. | |||||||||||||
The Company holds a 50% tenant-in-common ownership interest in The Fountains at Bay Hill property (“Bay Hill”). The remaining 50% undivided interest in the Bay Hill property is held by MDC Fountains, LLC (“MDC”). The Bay Hill property does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property. The Company receives 50% of the cash flow distributions and recognizes 50% of the results of operations. In addition, the Company receives fees in its role as the day-to-day property manager. The Company’s 50% ownership interest is reflected in the accompanying balance sheets as an investment in unconsolidated entities and the Company’s interest in the income or losses of the property is recorded based on the equity method of accounting. | |||||||||||||
General information on the Bay Hill property as of December 31, 2014 is as follows: | |||||||||||||
Unconsolidated Investment | Partner | Ownership Interest | Formation/ | Property | |||||||||
Acquisition Date | |||||||||||||
Bay Hill(1) | MDC | 50 | % | October 19, 2012 | The Fountains at Bay Hill | ||||||||
-1 | At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $4.0 million, $3.8 million and $682,000, total expenses were $2.8 million, $3.3 million and $800,000 (including interest expense) and net income (loss) was $1.2 million, $489,000 and ($118,000) for the years ended December 31, 2014, 2013 and 2012, respectively. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of November 1, 2021. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions | 16. Related Party Transactions |
Subsequent to the Parent Company’s initial public offering, many of the employees of Excel Realty Holdings, LLC (“ERH”) became employees of the Company. ERH reimburses the Company for estimated time the Company employees spend on ERH related matters. For the years ended December 31, 2014, 2013 and 2012, approximately $326,000, $333,000 and $313,000, respectively, was reimbursed to the Company from ERH and included in other income in the consolidated statements of operations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes | 17. Income Taxes | ||||||||||||||||||||||||
Income Taxes of the Parent Company | |||||||||||||||||||||||||
The Parent Company elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 2010. To qualify as a REIT, the Parent Company must meet a number of organizational and operational requirements, including the requirement that it distribute currently at least 90% of its REIT taxable income to its stockholders (excluding any net capital gain). It is the Parent Company’s intention to comply with these requirements and maintain the Parent Company’s REIT status. As a REIT, the Parent Company generally will not be subject to corporate federal, state or local income taxes on income it distributes currently (in accordance with the Code and applicable regulations) to its stockholders. If the Parent Company fails to qualify as a REIT in any taxable year, then it will be subject to federal, state and local income taxes at regular corporate rates and may not be able to qualify as a REIT for subsequent tax years. Even if the Parent Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income, properties and operations and to federal income and excise taxes on its taxable income not distributed in the amounts and in the time frames prescribed by the Code and applicable regulations thereunder and on the taxable income of any of its taxable REIT subsidiaries. | |||||||||||||||||||||||||
The income tax treatment for dividends was as follows: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Common stock: | |||||||||||||||||||||||||
Ordinary income | $ | 0.3807 | 54.4 | % | $ | 0.3731 | 55.5 | % | $ | 0.426 | 65.8 | % | |||||||||||||
Capital gain | 0.1028 | 14.7 | % | 0.0197 | 2.9 | % | — | — | |||||||||||||||||
Return of capital | 0.2165 | 30.9 | % | 0.2797 | 41.6 | % | 0.2215 | 34.2 | % | ||||||||||||||||
Total | $ | 0.7 | 100 | % | $ | 0.6725 | 100 | % | $ | 0.6475 | 100 | % | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Series A preferred stock: | |||||||||||||||||||||||||
Ordinary income | $ | 1.3781 | 78.7 | % | $ | 1.6624 | 95 | % | $ | 1.75 | 100 | % | |||||||||||||
Capital gain | 0.3719 | 21.3 | % | 0.0876 | 5 | % | — | — | |||||||||||||||||
Return of capital | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 1.75 | 100 | % | $ | 1.75 | 100 | % | $ | 1.75 | 100 | % | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Series B preferred stock: | |||||||||||||||||||||||||
Ordinary income | $ | 1.5995 | 78.7 | % | $ | 1.9296 | 95 | % | $ | 1.4388 | 100 | % | |||||||||||||
Capital gain | 0.4317 | 21.3 | % | 0.1016 | 5 | % | — | — | |||||||||||||||||
Return of capital | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 2.0312 | 100 | % | $ | 2.0312 | 100 | % | $ | 1.4388 | 100 | % | |||||||||||||
The common and preferred stock dividend distributions made to holders of record as of December 31, 2014 and paid in 2015 were considered 2015 dividend distributions for federal income tax purposes. | |||||||||||||||||||||||||
Income Taxes of the Operating Partnership | |||||||||||||||||||||||||
As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements. The Operating Partnership may be subject to certain state or local taxes on its income and property. | |||||||||||||||||||||||||
The Operating Partnership has formed a taxable REIT subsidiary (the “TRS”) on behalf of the Parent Company. In general, the TRS may perform non-customary services for tenants, hold assets that the Parent Company cannot hold directly and, except for the operation or management of health care facilities or lodging facilities or the providing of any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated, may engage in any real estate or non-real estate related business. The TRS is subject to corporate federal income taxes on its taxable income at regular corporate tax rates. The TRS accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies | 18. Commitments and Contingencies |
Litigation: | |
The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against it which if determined unfavorably, would have a material effect on its consolidated financial position, results of operations or cash flows. | |
Environmental Matters: | |
The Company follows the policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its consolidated balance sheets, results of operations or cash flows. Further, the Company is not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that it believes would require additional disclosure or the recording of a loss contingency. | |
Other: | |
The Company’s other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In management’s opinion, these matters are not expected to have a material adverse effect on its consolidated balance sheets, results of operations or cash flows. In addition, the Company expects to incur construction costs relating to development projects on portions of existing operating properties and at its non-operating properties (Chimney Rock Phase II, West Broad Marketplace and Southlake Park Village). |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value of Financial Instruments | 19. Fair Value of Financial Instruments | ||||||||||||||||
The Company is required to disclose fair value information relating to financial instruments that are remeasured on a recurring basis and those that are only initially recognized at fair value (not required to be subsequently remeasured). The Company’s disclosures of estimated fair value of financial instruments were determined using available market information and appropriate valuation methods. The use of different assumptions or methods of estimation may have a material effect on the estimated fair value of financial instruments. | |||||||||||||||||
The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2014 (dollars in thousands): | |||||||||||||||||
Balance at | Quoted Prices in | Significant Other | Significant | ||||||||||||||
December 31, | Active Markets | Observable | Unobservable Inputs | ||||||||||||||
2014 | (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Fair value measurements on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Investment in equity securities (see Note 2) | $ | 10,683 | $ | 10,683 | $ | — | $ | — | |||||||||
Total | $ | 10,683 | $ | 10,683 | $ | — | $ | — | |||||||||
The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2013 (dollars in thousands): | |||||||||||||||||
Balance at | Quoted Prices in | Significant Other | Significant | ||||||||||||||
December 31, | Active Markets | Observable | Unobservable Inputs | ||||||||||||||
2013 | (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Fair value measurements on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Other assets related to business combinations(1) | $ | 507 | $ | — | $ | — | $ | 507 | |||||||||
Total | $ | 507 | $ | — | $ | — | $ | 507 | |||||||||
-1 | Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount was included in other assets in the accompanying consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs. The Company received final cash payments of $507,000 related to the master lease agreements in 2014. | ||||||||||||||||
The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): | |||||||||||||||||
Other Assets | |||||||||||||||||
Related to Business | |||||||||||||||||
Combinations(1) | |||||||||||||||||
Beginning balance, January 1, 2014 | $ | 507 | |||||||||||||||
Total gains: | |||||||||||||||||
Included in earnings | — | ||||||||||||||||
Purchases, issuances, or settlements | (507 | ) | |||||||||||||||
Ending balance, December 31, 2014 | $ | — | |||||||||||||||
-1 | The change of $507,000 for other assets related to business combinations during the year ended December 31, 2014 is comprised of payments received on the master lease agreements. | ||||||||||||||||
The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2013 (in thousands): | |||||||||||||||||
Other Assets | Contingent Consideration | Derivative Instruments Related | |||||||||||||||
Related to Business | Related to Business | to Business Combinations(3) | |||||||||||||||
Combinations(1) | Combinations(2) | ||||||||||||||||
Beginning balance, January 1, 2013 | $ | 992 | $ | (1,787 | ) | $ | (274 | ) | |||||||||
Total gains: | |||||||||||||||||
Included in earnings | 6 | 1,562 | 246 | ||||||||||||||
Purchases, issuances, or settlements | (491 | ) | 225 | 28 | |||||||||||||
Ending balance, December 31, 2013 | $ | 507 | $ | — | $ | — | |||||||||||
-1 | The change of $485,000 for other assets related to business combinations during the year ended December 31, 2013 is comprised of payments received on the master lease assets of $491,000 and an increase in the estimated fair value of funds to be received from escrow of $6,000. | ||||||||||||||||
-2 | The change of $1.8 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the consolidated statements of operations). Additional consideration in the amount of approximately $205,000 was paid to the former owner in October 2013. | ||||||||||||||||
-3 | The change of $274,000 for derivative instruments related to business combinations for the year ended December 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units. | ||||||||||||||||
There were no additional gains or losses, purchases, sales, issuances, settlements, or transfers in or out related to any of the three levels of the fair value hierarchy during the years ended December 31, 2014 and 2013. | |||||||||||||||||
The Company has not elected the fair value measurement option for any of its other financial assets or liabilities. The Company has estimated the fair value of its financial assets using a discounted cash flow analysis based on an appropriate market rate for a similar type of instrument. The Company has estimated the fair value of its financial liabilities by using either (1) a discounted cash flow analysis using an appropriate market discount rate for similar types of instruments, or (2) a present value model and an interest rate that includes a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. | |||||||||||||||||
The fair values of certain additional financial assets and liabilities at December 31, 2014 and 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (in thousands): | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Financial assets: | |||||||||||||||||
Note receivable (Other Assets) | $ | — | $ | — | $ | 750 | $ | 750 | |||||||||
Financial liabilities: | |||||||||||||||||
Mortgage notes payable | 192,748 | 195,729 | 251,191 | 254,473 | |||||||||||||
Notes payable | 238,000 | 235,940 | 179,500 | 179 ,500 | |||||||||||||
Unsecured notes | 348,758 | 353,662 | 100,000 | 100,000 | |||||||||||||
Term loan | 50,000 | 50,000 | — | — |
Segment_Disclosure
Segment Disclosure | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Disclosure | 20. Segment Disclosure | ||||||||||||
The Company’s reportable segments consist of the three types of commercial real estate properties for which management internally evaluates operating performance and financial results: Office Properties, Multi-family Properties and Retail Properties. The Company was formed for the primary purpose of owning and operating Retail Properties. As such, administrative costs are shown under the Retail Properties segment. The Retail Properties operating segment also includes undeveloped land which the Company intends to develop into retail properties. | |||||||||||||
The Company evaluates the performance of the operating segments based upon property operating income. “Property Operating Income” is defined as operating revenues (rental revenue, tenant recoveries and other income) less property operating expenses (maintenance and repairs, real estate taxes, management fees, and other operating expenses). The Company also evaluates interest expense, interest income, and depreciation and amortization by segment. Corporate general and administrative expense, interest expense related to corporate indebtedness and other non-recurring gains or losses are reflected within the Retail Properties operating segment as this constitutes the Company’s primary business objective and represents the majority of its operations. There is no intersegment activity. | |||||||||||||
The following table reconciles the Company’s segment activity to its consolidated results of operations for the years ended December 31, 2014, 2013 and 2012 (in thousands). | |||||||||||||
For theYear Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Office Properties: | |||||||||||||
Total revenues | $ | 9,205 | $ | 8,610 | $ | 8,522 | |||||||
Property operating expenses | (3,492 | ) | (3,456 | ) | (3,254 | ) | |||||||
Property operating income, as defined | 5,713 | 5,154 | 5,268 | ||||||||||
Changes in fair value of contingent consideration | — | 6 | 281 | ||||||||||
General and administrative costs | (11 | ) | (28 | ) | (102 | ) | |||||||
Depreciation and amortization | (3,566 | ) | (3,725 | ) | (3,748 | ) | |||||||
Interest expense | (192 | ) | (772 | ) | (790 | ) | |||||||
Interest income | 1 | — | — | ||||||||||
Net income | $ | 1,945 | $ | 635 | $ | 909 | |||||||
Multi-family Properties: | |||||||||||||
Total revenues | $ | 5,420 | $ | 5,413 | $ | 1,074 | |||||||
Property operating expenses | (1,864 | ) | (1,834 | ) | (233 | ) | |||||||
Property operating income, as defined | 3,556 | 3,579 | 841 | ||||||||||
General and administrative costs | (50 | ) | (131 | ) | (135 | ) | |||||||
Depreciation and amortization | (1,852 | ) | (2,760 | ) | (766 | ) | |||||||
Net income (loss) | $ | 1,654 | $ | 688 | $ | (60 | ) | ||||||
Retail Properties: | |||||||||||||
Total revenues | $ | 115,698 | $ | 98,519 | $ | 74,825 | |||||||
Property operating expenses | (26,506 | ) | (22,760 | ) | (16,642 | ) | |||||||
Property operating income, as defined | 89,192 | 75,759 | 58,183 | ||||||||||
Changes in fair value of contingent consideration | — | 1,562 | — | ||||||||||
General and administrative costs | (17,948 | ) | (13,712 | ) | (13,559 | ) | |||||||
Depreciation and amortization | (45,243 | ) | (39,661 | ) | (30,286 | ) | |||||||
Interest expense | (23,975 | ) | (18,172 | ) | (14,860 | ) | |||||||
Interest income | 239 | 204 | 173 | ||||||||||
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | (320 | ) | |||||||||
Gain on sale of real estate assets | — | — | — | ||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | — | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | (5,192 | ) | — | — | |||||||||
Gain on sale of real estate assets | 5,842 | — | — | ||||||||||
Income from continuing operations | 5,493 | 6,250 | 861 | ||||||||||
Income from discontinued operations | — | 12,519 | 135 | ||||||||||
Net income | $ | 5,493 | $ | 18,769 | $ | 996 | |||||||
Total Reportable Segments: | |||||||||||||
Total revenues | $ | 130,323 | $ | 112,542 | $ | 84,421 | |||||||
Property operating expenses | (31,862 | ) | (28,050 | ) | (20,129 | ) | |||||||
Property operating income, as defined | 98,461 | 84,492 | 64,292 | ||||||||||
Changes in fair value of contingent consideration | — | 1,568 | 281 | ||||||||||
General and administrative expenses | (18,009 | ) | (13,871 | ) | (13,796 | ) | |||||||
Depreciation and amortization | (50,661 | ) | (46,146 | ) | (34,800 | ) | |||||||
Interest expense | (24,167 | ) | (18,944 | ) | (15,650 | ) | |||||||
Interest income | 240 | 204 | 173 | ||||||||||
Loss from equity in unconsolidated entities | 2,578 | 40 | (320 | ) | |||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | — | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | (5,192 | ) | — | — | |||||||||
Gain on sale of real estate assets | 5,842 | — | — | ||||||||||
Income from continuing operations | 9,092 | 7,573 | 1,710 | ||||||||||
Income from discontinued operations | — | 12,519 | 135 | ||||||||||
Net income | $ | 9,092 | $ | 20,092 | $ | 1,845 | |||||||
For theYear Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Reconciliation to Consolidated Net Income Attributable to the Common Stockholders: | |||||||||||||
Total net (loss) income for reportable segments | 9,092 | 20,092 | 1,845 | ||||||||||
Net (income) loss attributable to non-controlling interests | (340 | ) | (568 | ) | 18 | ||||||||
Net income (loss) attributable to Excel Trust, Inc. | $ | 8,752 | $ | 19,524 | $ | 1,863 | |||||||
Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership): | |||||||||||||
Total net (loss) income for reportable segments | 9,092 | 20,092 | 1,845 | ||||||||||
Net (income) loss attributable to non-controlling interests | (366 | ) | (335 | ) | (279 | ) | |||||||
Net income (loss) attributable to Excel Trust, L.P. | $ | 8,726 | $ | 19,757 | $ | 1,566 | |||||||
The following table shows the Company’s consolidated total assets by segment at December 31, 2014, 2013 and 2012 (in thousands). | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Office Properties: | |||||||||||||
Total assets | 62,747 | 67,273 | 70,473 | ||||||||||
Multi-family Properties: | |||||||||||||
Total assets | 68,982 | 70,732 | 72,627 | ||||||||||
Retail Properties: | |||||||||||||
Total assets | 1,515,408 | 1,080,816 | 936,154 | ||||||||||
Total Reportable Segments and Consolidated Assets: | |||||||||||||
Total assets | $ | 1,647,137 | $ | 1,218,821 | $ | 1,079,254 | |||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events | 21. Subsequent Events |
On January 29, 2015, the Company entered into a sales agreement to sell the Promenade Corporate Center office property, located in Scottsdale, Arizona, for approximately $65.5 million. The sale of the property is subject to due diligence and other customary closing conditions. There can be no assurances that due diligence or other conditions will be satisfied or that the sale will close on the terms described herein, or at all. | |
On January 30, 2015, the Company completed the disposition of the Family Center at Orem property located in Orem, Utah for a sales price of approximately $21.5 million, excluding closing costs. |
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Supplemental Financial Information | 22. Supplemental Financial Information | ||||||||||||||||
The following represents the results of operations, expressed in thousands, except per share amounts for each quarter during the years ended December 31, 2014 and 2013. The sum of the quarterly financial data may vary from the annual data due to rounding (unaudited) (in thousands, except per share and per unit data): | |||||||||||||||||
Excel Trust, Inc. | |||||||||||||||||
2014 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 30,598 | $ | 30,630 | $ | 30,234 | $ | 38,864 | |||||||||
Operating income | 7,149 | 7,811 | 7,427 | 7,403 | |||||||||||||
Income from equity in unconsolidated entities | 69 | 95 | 75 | 2,339 | |||||||||||||
Loss on extinguishment of debt from sale of real estate asset | — | — | — | (5,192 | ) | ||||||||||||
Gain on sale of real estate assets | — | — | — | 5,842 | |||||||||||||
Cost of redemption of preferred stock | — | — | (1,477 | ) | (210 | ) | |||||||||||
Net (loss) income attributable to the common stockholders | (549 | ) | (839 | ) | (2,830 | ) | 903 | ||||||||||
Net (loss) income per share-basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.01 | ||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 26,847 | $ | 27,463 | $ | 28,931 | $ | 29,805 | |||||||||
Changes in fair value of contingent consideration | — | 1,558 | 10 | — | |||||||||||||
Income (loss) from equity in unconsolidated entities | 39 | (65 | ) | 12 | 53 | ||||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | — | — | — | |||||||||||||
Income from continuing operations | 219 | 3,427 | 1,520 | 2,394 | |||||||||||||
Income from discontinued operations | 105 | 45 | 12,319 | 63 | |||||||||||||
Net (loss) income attributable to the common stockholders | (2,448 | ) | 623 | 10,739 | (366 | ) | |||||||||||
Net (loss) income per share-basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | 0.22 | $ | (0.01 | ) | |||||||
Excel Trust, L.P. | |||||||||||||||||
2014 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 30,598 | $ | 30,630 | $ | 30,234 | $ | 38,864 | |||||||||
Operating income | 7,149 | 7,811 | 7,427 | 7,403 | |||||||||||||
Income from equity in unconsolidated entities | 69 | 95 | 75 | 2,339 | |||||||||||||
Loss on extinguishment of debt from sale of real estate asset | — | — | — | (5,192 | ) | ||||||||||||
Gain on sale of real estate assets | — | — | — | 5,842 | |||||||||||||
Cost of redemption of preferred units | — | — | (1,477 | ) | (210 | ) | |||||||||||
Net (loss) income attributable to the unitholders | (559 | ) | (855 | ) | (2,851 | ) | 924 | ||||||||||
Net (loss) income per unit-basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.01 | ||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 26,847 | $ | 27,463 | $ | 28,931 | $ | 29,805 | |||||||||
Changes in fair value of contingent consideration | — | 1,558 | 10 | — | |||||||||||||
Income (loss) from equity in unconsolidated entities | 39 | (65 | ) | 12 | 53 | ||||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | — | — | — | |||||||||||||
Income from continuing operations | 219 | 3,427 | 1,520 | 2,394 | |||||||||||||
Income from discontinued operations | 105 | 45 | 12,319 | 63 | |||||||||||||
Net (loss) income attributable to the unitholders | (2,507 | ) | 643 | 11,018 | (373 | ) | |||||||||||
Net (loss) income per unit-basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | 0.22 | $ | (0.01 | ) |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | EXCEL TRUST INC. AND EXCEL TRUST, L.P. | ||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Additions | Deductions | Adjustments | |||||||||||||||||||
Balance at | Charged to | Accounts | Accounts | Balance at | |||||||||||||||||
Beginning | Bad Debt | Receivable | Receivable | End | |||||||||||||||||
of Year | Expense | Written- | Assumed | of Year | |||||||||||||||||
off’ | |||||||||||||||||||||
Allowance for bad debts: | |||||||||||||||||||||
Year ended December 31, 2014 | $ | 895 | $ | 598 | $ | (972 | ) | $ | — | $ | 521 | ||||||||||
Year ended December 31, 2013 | $ | 719 | $ | 1,100 | $ | (924 | ) | $ | — | $ | 895 | ||||||||||
Year ended December 31, 2012 | $ | 631 | $ | 690 | $ | (602 | ) | $ | — | $ | 719 | ||||||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | EXCEL TRUST INC. AND EXCEL TRUST, L.P. | ||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Carrying Amount as of the | |||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Close of Period | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Properties | Encum- | Land | Building & | Land | Building & | Land | Building & | TOTAL | Accumlated | Total | Year | ||||||||||||||||||||||||||||||||||
brances | Improve- | Improve- | Improve- | Depre- | Cost | Acquired | |||||||||||||||||||||||||||||||||||||||
ments | ments | ments | ciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Depre- | |||||||||||||||||||||||||||||||||||||||||||||
ciation | |||||||||||||||||||||||||||||||||||||||||||||
West Broad Village(1) | $ | 39,700 | $ | 24,543 | $ | 137,697 | $ | — | $ | 4,343 | $ | 24,543 | $ | 142,040 | $ | 166,583 | $ | (4,654 | ) | $ | 161,929 | 2012 | |||||||||||||||||||||||
The Promenade(2) | 55,032 | 65,699 | 48,240 | — | 360 | 65,699 | 48,600 | 114,299 | (4,485 | ) | 109,814 | 2011/2013 | |||||||||||||||||||||||||||||||||
Park West Place | — | 41,287 | 37,991 | — | 1,553 | 41,287 | 39,544 | 80,831 | (5,076 | ) | 75,755 | 2010 | |||||||||||||||||||||||||||||||||
Gilroy Crossing | 45,836 | 22,520 | 39,903 | — | 148 | 22,520 | 40,051 | 62,571 | (4,262 | ) | 58,309 | 2011 | |||||||||||||||||||||||||||||||||
Promenade Corporate Center | — | 4,477 | 44,465 | — | 2,047 | 4,477 | 46,512 | 50,989 | (3,053 | ) | 47,936 | 2012 | |||||||||||||||||||||||||||||||||
Plaza at Rockwall(4) | — | 14,935 | 21,247 | (553 | ) | 11,655 | 14,382 | 32,902 | 47,284 | (4,053 | ) | 43,231 | 2010 | ||||||||||||||||||||||||||||||||
Brandywine Crossing | — | 20,047 | 18,620 | — | 602 | 20,047 | 19,222 | 39,269 | (2,549 | ) | 36,720 | 2010 | |||||||||||||||||||||||||||||||||
Lake Pleasant Pavilion | 27,855 | 9,958 | 28,127 | — | 132 | 9,958 | 28,259 | 38,217 | (1,479 | ) | 36,738 | 2012 | |||||||||||||||||||||||||||||||||
Stadium Center | — | 10,284 | 28,872 | — | — | 10,284 | 28,872 | 39,156 | (553 | ) | 38,603 | 2013 | |||||||||||||||||||||||||||||||||
Dellagio(1) | — | 16,780 | 20,106 | 675 | 1 | 17,455 | 20,107 | 37,562 | (889 | ) | 36,673 | 2012 | |||||||||||||||||||||||||||||||||
League City Town Center | — | 10,858 | 24,767 | — | — | 10,858 | 24,767 | 35,625 | (437 | ) | 35,188 | 2013 | |||||||||||||||||||||||||||||||||
Vestavia Hills City Center(3) | 1,015 | 8,356 | 20,429 | — | 3,678 | 8,356 | 24,107 | 32,463 | (2,939 | ) | 29,524 | 2010/2011 | |||||||||||||||||||||||||||||||||
The Crossings of Spring Hill | — | 5,103 | 23,196 | — | 84 | 5,103 | 23,280 | 28,383 | (1,967 | ) | 26,416 | 2011 | |||||||||||||||||||||||||||||||||
Tracy Pavilion | — | 6,193 | 22,611 | — | 1,049 | 6,193 | 23,660 | 29,853 | (825 | ) | 29,028 | 2013 | |||||||||||||||||||||||||||||||||
Red Rock Commons | 13,970 | 10,823 | — | — | 19,781 | 10,823 | 19,781 | 30,604 | (1,561 | ) | 29,043 | 2007 | |||||||||||||||||||||||||||||||||
Edwards Theatres | 11,520 | 10,283 | 13,600 | — | — | 10,283 | 13,600 | 23,883 | (1,711 | ) | 22,172 | 2011 | |||||||||||||||||||||||||||||||||
Rosewick Crossing | — | 12,024 | 10,499 | — | 76 | 12,024 | 10,575 | 22,599 | (1,600 | ) | 20,999 | 2010 | |||||||||||||||||||||||||||||||||
EastChase Market Center | — | 4,215 | 19,567 | — | 54 | 4,215 | 19,621 | 23,836 | (1,421 | ) | 22,415 | 2012 | |||||||||||||||||||||||||||||||||
Chimney Rock | — | 7,369 | 14,627 | — | 6,961 | 7,369 | 21,588 | 28,957 | (793 | ) | 28,164 | 2012 | |||||||||||||||||||||||||||||||||
Excel Centre | 12,018 | 1,095 | 10,716 | — | 6,930 | 1,095 | 17,646 | 18,741 | (5,650 | ) | 13,091 | 2004 | |||||||||||||||||||||||||||||||||
5000 South Hulen | 13,421 | 2,230 | 16,514 | — | 46 | 2,230 | 16,560 | 18,790 | (2,204 | ) | 16,586 | 2010 | |||||||||||||||||||||||||||||||||
Lowe’s | 13,157 | 6,774 | 8,986 | — | 359 | 6,774 | 9,345 | 16,119 | (1,115 | ) | 15,004 | 2010 | |||||||||||||||||||||||||||||||||
Anthem Highlands | — | 5,929 | 9,819 | — | 89 | 5,929 | 9,908 | 15,837 | (773 | ) | 15,064 | 2011 | |||||||||||||||||||||||||||||||||
Centennial Crossroads | — | 3,868 | 11,484 | — | — | 3,868 | 11,484 | 15,352 | (30 | ) | 15,322 | 2013 | |||||||||||||||||||||||||||||||||
LA Fitness | — | 3,123 | 9,957 | — | — | 3,123 | 9,957 | 13,080 | (83 | ) | 12,997 | 2013 | |||||||||||||||||||||||||||||||||
Southlake Park Village | — | 15,989 | 265 | 75 | 2,373 | 16,064 | 2,638 | 18,702 | — | 18,702 | 2013 | ||||||||||||||||||||||||||||||||||
Pavilion Crossing | — | 3,729 | 9,268 | — | 22 | 3,729 | 9,290 | 13,019 | (405 | ) | 12,614 | 2012 | |||||||||||||||||||||||||||||||||
Shops at Foxwood | — | 4,680 | 6,889 | — | 67 | 4,680 | 6,956 | 11,636 | (743 | ) | 10,893 | 2010 | |||||||||||||||||||||||||||||||||
Northside Plaza | 12,000 | 6,477 | 893 | — | 6,767 | 6,477 | 7,660 | 14,137 | (816 | ) | 13,321 | 2010 | |||||||||||||||||||||||||||||||||
Meadow Ridge Plaza(1) | — | 3,781 | 4,706 | — | — | 3,781 | 4,706 | 8,487 | (228 | ) | 8,259 | 2012 | |||||||||||||||||||||||||||||||||
Shoppes of Belmere(1) | — | 4,701 | 5,122 | — | 1 | 4,701 | 5,123 | 9,824 | (202 | ) | 9,622 | 2012 | |||||||||||||||||||||||||||||||||
Lake Burden Shoppes(1) | — | 3,981 | 4,020 | — | — | 3,981 | 4,020 | 8,001 | (151 | ) | 7,850 | 2012 | |||||||||||||||||||||||||||||||||
Five Forks Place | — | 1,796 | 6,874 | — | (109 | ) | 1,796 | 6,765 | 8,561 | (1,994 | ) | 6,567 | 2005 | ||||||||||||||||||||||||||||||||
Mariner’s Point | — | 1,950 | 4,220 | — | 24 | 1,950 | 4,244 | 6,194 | (562 | ) | 5,632 | 2010 | |||||||||||||||||||||||||||||||||
Newport Town Center | — | 1,586 | 6,571 | — | (119 | ) | 1,586 | 6,452 | 8,038 | (1,651 | ) | 6,387 | 2007 | ||||||||||||||||||||||||||||||||
Merchant Central | 4,370 | 1,059 | 4,298 | — | 62 | 1,059 | 4,360 | 5,419 | (549 | ) | 4,870 | 2010 | |||||||||||||||||||||||||||||||||
Cedar Square | — | 1,667 | 2,808 | — | 189 | 1,667 | 2,997 | 4,664 | (16 | ) | 4,648 | 2013 | |||||||||||||||||||||||||||||||||
$ | 249,894 | $ | 380,169 | $ | 697,974 | $ | 197 | $ | 69,225 | $ | 380,366 | $ | 767,199 | $ | 1,147,565 | $ | (61,479 | ) | $ | 1,086,086 | |||||||||||||||||||||||||
-1 | These properties were part of a larger acquisition completed by the Company in October 2012 (see Note 3 of the consolidated financial statements contained elsewhere herein). | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Includes the acquisition of a land parcel that was previously not owned at the property in in 2013. The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | Includes Rite Aid, an outparcel to Vestavia Hills City Center. | ||||||||||||||||||||||||||||||||||||||||||||
-4 | During the year ended December 31, 2012, a land parcel was sold. | ||||||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of total real estate carrying value and related accumulated depreciation for the years ended December 31: | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,147,565 | $ | 981,128 | $ | 602,253 | |||||||||||||||||||||||||||||||||||||||
Dispositions | (20,618 | ) | (23,397 | ) | (23,439 | ) | |||||||||||||||||||||||||||||||||||||||
Acquisitions and additions | 416,442 | 189,834 | 402,314 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,543,389 | $ | 1,147,565 | $ | 981,128 | |||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | (61,479 | ) | $ | (36,765 | ) | $ | (18,294 | ) | ||||||||||||||||||||||||||||||||||||
Dispositions | 1,493 | 2,024 | 366 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation | (30,557 | ) | (26,738 | ) | (18,837 | ) | |||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | (90,543 | ) | $ | (61,479 | ) | $ | (36,765 | ) | ||||||||||||||||||||||||||||||||||||
The Company’s Federal Tax Basis at December 31, 2014 was approximately $1.6 billion. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Basis of Presentation | Basis of Presentation: | ||||||||||||
The accompanying consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. | |||||||||||||
A variable interest holder is considered to be the primary beneficiary of a VIE if it has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual, and/or other pecuniary interests in that VIE. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents: | ||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities. | |||||||||||||
Restricted Cash | Restricted Cash: | ||||||||||||
Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements. | |||||||||||||
Accounts Payable and Other Liabilities | Accounts Payable and Other Liabilities: | ||||||||||||
Included in accounts payable and other liabilities is deferred rent in the amount of $3.0 million and $3.5 million at December 31, 2014 and 2013, respectively. | |||||||||||||
Revenue Recognition | Revenue Recognition: | ||||||||||||
The Company commences revenue recognition on its 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. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is 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 the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | |||||||||||||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | ||||||||||||
• | whether the tenant or landlord retains legal title to the improvements; | ||||||||||||
• | the uniqueness of the improvements; | ||||||||||||
• | the expected economic life of the tenant improvements relative to the length of the lease; | ||||||||||||
• | the responsible party for construction cost overruns; and | ||||||||||||
• | who constructs or directs the construction of the improvements. | ||||||||||||
Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income was increased by $2.2 million, $3.7 million and $3.1 million in the years ended December 31, 2014, 2013 and 2012, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $1.2 million, $1.3 million and $720,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases. | |||||||||||||
Total estimated minimum rents under non-cancelable operating tenant leases in effect at December 31, 2014 were as follows (in thousands): | |||||||||||||
2015 | $ | 120,463 | |||||||||||
2016 | 113,360 | ||||||||||||
2017 | 103,922 | ||||||||||||
2018 | 93,493 | ||||||||||||
2019 | 75,879 | ||||||||||||
Thereafter | 310,590 | ||||||||||||
$ | 817,707 | ||||||||||||
Property | Property: | ||||||||||||
Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction. | |||||||||||||
The Company has agreed to provide the developer/manager for development projects at the Plaza at Rockwall, Southlake Park Village, Cedar Square and Chimney Rock properties with a profit participation interest based on a percentage interest in the positive cash flows of the completed project after the Company has received distributions returning all of its capital investment plus a required rate of return (ranging from an 8% to 12% annualized rate of return). The Company initially records the profit participation interests at the estimated fair value of the obligation at the time of execution of the related agreement. The obligation is adjusted at each reporting date to the greater of the initial fair value at execution, or the amount that would be owed if the obligation were to be settled as of the reporting date. In August 2014, the profit participation interest related to the development phase of the Plaza at Rockwall property that was completed during 2014 was settled with the developer for an agreed-upon settlement value of approximately $2.0 million. The settlement was based on 35% of the excess of the estimated fair value of the related real estate after deducting all of the development and operating costs, the investment capital and the required rate of return due to the Company as of the date of settlement. The settlement was comprised of a cash payment of approximately $1.1 million and the settlement of an outstanding note receivable owed by the developer in the amount of $910,000 (including accrued interest of $160,000 – see Note 7 for further discussion). As of December 31, 2014, the Company has recorded $2.9 million for payments expected to be made related to the grants of these profit participation interests within construction in progress for the respective projects under development. | |||||||||||||
Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. | |||||||||||||
Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows: | |||||||||||||
Building and improvements | 15 to 40 years | ||||||||||||
Tenant improvements | Shorter of the useful lives or the terms of the related leases | ||||||||||||
The Company completed the disposition of its Lowe’s property on October 23, 2014 for a sales price of approximately $24.4 million. The Company completed the disposition of the inline retail portion of its Cedar Square property on November 10, 2014 for a sales price of approximately $3.0 million. In connection with the sale of the Lowe’s property, the Company recognized a loss of $5.2 million from the prepayment of the mortgage note, which was a closing condition of the transaction and repaid concurrent with the sale of the property As a result of the sales, the Company recognized an aggregate gain on sale of real estate assets of approximately $5.8 million. | |||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed | Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed: | ||||||||||||
The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities: | ||||||||||||
The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual, and/or other pecuniary interests in that VIE. | |||||||||||||
If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company. | |||||||||||||
Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the consolidated balance sheets and its share of net income or loss is included in the consolidated statements of operations and comprehensive income. | |||||||||||||
For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements. | |||||||||||||
Investments in Equity Securities | Investments in Equity Securities: | ||||||||||||
The Company, through the Operating Partnership, may hold investments in equity securities in certain publicly-traded companies. The Company does not acquire investments for trading purposes and, as a result, all of the Company’s investments in publicly-traded companies are considered “available-for-sale” and are recorded at fair value. Changes in the fair value of investments classified as available-for-sale are recorded in other comprehensive income. The fair value of the Company’s equity securities in publicly-traded companies is determined based upon the closing trading price of the equity security as of the balance sheet date. The cost of investments sold is determined by the specific identification method, with net realized gains and losses included in other income. For all investments in equity securities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements. | |||||||||||||
During the year ended December 31, 2014, the Company purchased approximately 436,000 shares of preferred stock in public companies within the real estate industry for an initial cost basis of approximately $10.5 million (included in other assets in the accompanying consolidated balance sheets). | |||||||||||||
Investments in equity securities consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Equity securities, initial cost basis | $ | 10,512 | $ | — | |||||||||
Gross unrealized gains | 185 | — | |||||||||||
Gross unrealized losses | (14 | ) | — | ||||||||||
Equity securities, fair value(1) | $ | 10,683 | $ | — | |||||||||
-1 | Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled “Fair Value of Financial Instruments” below). | ||||||||||||
Subsequent to December 31, 2014, the Company sold all of its investments in equity securities, comprising approximately 436,000 shares of preferred stock based on a specific identification of the shares sold. The sale resulted in net proceeds of approximately $10.8 million. | |||||||||||||
Share-Based Payments | Share-Based Payments: | ||||||||||||
All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through December 31, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures. | |||||||||||||
Mortgage Loan Receivables | Mortgage Loan Receivables: | ||||||||||||
Mortgage loan receivables consist of loans originated by the Company. Mortgage loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgage loan receivables are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company evaluates the collectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded receivable to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the value of the underlying collateral if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis. | |||||||||||||
Purchase Accounting | Purchase Accounting: | ||||||||||||
The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable. | |||||||||||||
The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property. | |||||||||||||
The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage. | |||||||||||||
Tenant receivables | Tenant receivables: | ||||||||||||
Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At December 31, 2014 and 2013, the Company had $521,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the years ended December 31, 2014, 2013 and 2012, $598,000, $1.1 million and $690,000, respectively, of receivables were charged to bad debt expense. | |||||||||||||
Non-controlling Interests | Non-controlling Interests | ||||||||||||
Non-controlling interests on the consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Parent Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate. | |||||||||||||
Non-controlling interests on the consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates. | |||||||||||||
Concentration of Risk | Concentration of Risk: | ||||||||||||
The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit. | |||||||||||||
In the years ended December 31, 2014, 2013 and 2012, no tenant accounted for more than 10% of the Company’s revenues. | |||||||||||||
At December 31, 2014, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 23.8%, 14.2%, 12.5%, 12.4%, 11.7% and 11.4% of the Company’s total assets, respectively. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7% of the Company’s total assets, respectively. For the year ended December 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 24.4%, 16.2%, 13.6% and 10.4% of the Company’s total revenues, respectively. For the year ended December 31, 2013, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 23.4%, 18.1%, 11.9% and 11.6% of the Company’s total revenues, respectively. | |||||||||||||
Management Estimates | Management Estimates: | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments: | ||||||||||||
The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance. | |||||||||||||
Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||
Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||
The Company has used interest rate swaps to manage its interest rate risk (see Note 11). 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. 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. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | |||||||||||||
Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary. | |||||||||||||
The Company’s investments in equity securities fall within Level 1 of the fair value hierarchy as the Company utilizes observable market-based inputs, based on the closing trading price of securities as of the balance sheet date, to determine the fair value of the investments. | |||||||||||||
Derivative Instruments | Derivative Instruments: | ||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments 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. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | |||||||||||||
In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations. | |||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||
The Company records all derivative instruments on the consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads. | |||||||||||||
Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction. | |||||||||||||
The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes. | |||||||||||||
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss: | ||||||||||||
The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Parent Company (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (572 | ) | $ | (811 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | 48 | (559 | ) | |||||||||
Total other comprehensive loss allocable to non-controlling interests | (3 | ) | (48 | ) | (13 | ) | |||||||
Balance — December 31 | $ | 168 | $ | — | $ | (572 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. | ||||||||||||
The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Operating Partnership (dollars in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (620 | ) | $ | (872 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | — | (620 | ) | |||||||||
Total other comprehensive (gain) loss allocable to non-controlling interests | — | — | — | ||||||||||
Balance — December 31 | $ | 171 | $ | — | $ | (620 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. | ||||||||||||
Correction to Consolidated Financial Statements | Correction to Consolidated Financial Statements: | ||||||||||||
Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this misstatement with respect to the prior period consolidated financial statements and determined that it was not material. However, the Parent Company has corrected the accompanying 2013 consolidated financial statements from amounts previously reported to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheet is an $18.1 million increase to additional paid-in capital and a corresponding $18.1 million decrease to retained earnings at December 31, 2013, from $460.4 million and $18.1 million, respectively, as previously reported. The consolidated statement of equity for the year ended December 31, 2013 included herein reflects a reclassification of $18.1 million, representing an increase of common stock dividends and preferred stock dividends paid from retained earnings by $7.1 million and $11.0 million, respectively, and a corresponding decrease to common stock dividends and preferred stock dividends paid from additional paid in capital by the same amount. This correction had no effect on previously reported revenues, net income, dividends paid, earnings per share, cash flows or total stockholders’ equity. | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements: | ||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014 As a result of the early adoption of this pronouncement effective January 1, 2014, the properties that were sold during the year ended December 31, 2014 did not qualify for discontinued operations presentation and as such, are reflected in continuing operations on the consolidated statements of operations and comprehensive income. . | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (“ASU 2014-09”). The amendments in this update require companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 31, 2016 and for interim periods therein and requires expanded disclosures. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. | |||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Estimated Minimum Rents Under Non-Cancelable Operating Tenant Leases | Total estimated minimum rents under non-cancelable operating tenant leases in effect at December 31, 2014 were as follows (in thousands): | ||||||||||||
2015 | $ | 120,463 | |||||||||||
2016 | 113,360 | ||||||||||||
2017 | 103,922 | ||||||||||||
2018 | 93,493 | ||||||||||||
2019 | 75,879 | ||||||||||||
Thereafter | 310,590 | ||||||||||||
$ | 817,707 | ||||||||||||
Depreciation of Estimated Lives of Assets | Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows: | ||||||||||||
Building and improvements | 15 to 40 years | ||||||||||||
Tenant improvements | Shorter of the useful lives or the terms of the related leases | ||||||||||||
Investments in Equity Securities | Investments in equity securities consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Equity securities, initial cost basis | $ | 10,512 | $ | — | |||||||||
Gross unrealized gains | 185 | — | |||||||||||
Gross unrealized losses | (14 | ) | — | ||||||||||
Equity securities, fair value(1) | $ | 10,683 | $ | — | |||||||||
-1 | Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled “Fair Value of Financial Instruments” below). | ||||||||||||
Excel Trust, L.P. | |||||||||||||
Reclassified from Accumulated Other Comprehensive Loss | The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Operating Partnership (dollars in thousands): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (620 | ) | $ | (872 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | — | (620 | ) | |||||||||
Total other comprehensive (gain) loss allocable to non-controlling interests | — | — | — | ||||||||||
Balance — December 31 | $ | 171 | $ | — | $ | (620 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. | ||||||||||||
Excel Trust, Inc. | |||||||||||||
Reclassified from Accumulated Other Comprehensive Loss | The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the years ended December 31, 2014, 2013 and 2012 for the Parent Company (dollars in thousands): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance — January 1 | $ | — | $ | (572 | ) | $ | (811 | ) | |||||
Unrealized loss on interest rate swaps: | |||||||||||||
Unrealized losses | — | (19 | ) | (305 | ) | ||||||||
Amount reclassified and recognized in net income(1) | — | 639 | 649 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||
Unrealized gain | 171 | — | 79 | ||||||||||
Amount reclassified and recognized in net income(2) | — | — | (171 | ) | |||||||||
Net change in other comprehensive income | 171 | 48 | (559 | ) | |||||||||
Total other comprehensive loss allocable to non-controlling interests | (3 | ) | (48 | ) | (13 | ) | |||||||
Balance — December 31 | $ | 168 | $ | — | $ | (572 | ) | ||||||
-1 | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||||||||||
-2 | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Pro forma Information | The following unaudited pro forma information for the years ended December 31, 2014, 2013 and 2012 has been prepared to reflect the incremental effect of the properties acquired in 2014, 2013 and 2012, as if such acquisitions had occurred on January 1, 2013, 2012 and 2011, respectively (dollars in thousands): | ||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Revenues | $ | 160,861 | $ | 160,038 | $ | 119,938 | |||||||||||||||||||||||||||
Net income(1) | $ | 11,212 | $ | 19,804 | $ | 5,197 | |||||||||||||||||||||||||||
Earnings per share | $ | (0.03 | ) | $ | 0.17 | $ | (0.16 | ) | |||||||||||||||||||||||||
-1 | Pro forma results for the years ended December 31, 2014, 2013 and 2012 were adjusted to exclude non-recurring acquisition costs of approximately $1.8 million, $241,000 and $919,000, respectively, related to the 2014, 2013 and 2012 acquisitions. The pro forma results for the year ended December 31, 2013 were adjusted to include non-recurring costs relating to the 2014 acquisitions of $1.8 million. The pro forma results for the year ended December 31, 2012 were adjusted to include non-recurring costs relating to the 2013 acquisitions of $241,000. A portion of the 2012 acquisitions were funded with proceeds from the offering of 8.125% Series B Cumulative Redeemable Preferred Stock (“Series B preferred stock”). However, pro forma net income for the year ended December 31, 2012 is not adjusted for this funding as the assumed Series B preferred stock quarterly dividends of approximately $1.9 million are not included in the determination of net income (included only as a reduction of net income (loss) attributable to the common stockholders). | ||||||||||||||||||||||||||||||||
Acquisitions in 2014 | |||||||||||||||||||||||||||||||||
Schedule of Acquisitions | The Company completed the following acquisitions (all within the Retail property operating segment) in the year ended December 31, 2014, which were acquired for cash unless specified below (dollars in thousands): | ||||||||||||||||||||||||||||||||
Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Shops at Fort Union(1) | September 26, 2014 | Midvale, UT | $ | — | |||||||||||||||||||||||||||||
The Family Center at Orem(1) | 26-Sep-14 | Orem, UT | $ | — | |||||||||||||||||||||||||||||
Downtown at the Gardens | 1-Oct-14 | Palm Beach Gardens, FL | $ | 42,723 | |||||||||||||||||||||||||||||
Brandywine Crossing(2) | November 25, 2014 | Brandywine, MD | $ | — | |||||||||||||||||||||||||||||
West Broad Marketplace(3) | 3-Dec-14 | Richmond, VA | $ | — | |||||||||||||||||||||||||||||
Riverpoint Marketplace | 19-Dec-14 | Sacramento, CA | $ | — | |||||||||||||||||||||||||||||
Highland Reserve | 29-Dec-14 | Roseville, CA | $ | — | |||||||||||||||||||||||||||||
Allocation of Purchase Price | The following summary provides an allocation of purchase price for each of the 2014 acquisitions (dollars in thousands): | ||||||||||||||||||||||||||||||||
Building | Land | Above-Market | Below-Market | In-Place | Debt | Purchase | |||||||||||||||||||||||||||
Leases | Leases | Leases | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Shops at Fort Union | $ | 100,173 | $ | 24,270 | $ | 862 | $ | (10,953 | ) | $ | 17,119 | $ | — | $ | 131,471 | ||||||||||||||||||
The Family Center at Orem | 11,229 | 4,450 | — | (296 | ) | 1,577 | — | 16,960 | |||||||||||||||||||||||||
Downtown at the Gardens | 91,241 | 13,920 | 5,268 | (2,254 | ) | 33,466 | (1,440 | ) | 140,201 | ||||||||||||||||||||||||
Brandywine Crossing | 7,840 | 2,910 | 14 | (286 | ) | 1,068 | — | 11,546 | |||||||||||||||||||||||||
West Broad Marketplace | — | 20,018 | — | — | — | — | 20,018 | ||||||||||||||||||||||||||
Riverpoint Marketplace(4) | 33,024 | 7,700 | 281 | (1,677 | ) | 4,481 | — | 43,809 | |||||||||||||||||||||||||
Highland Reserve(4) | 42,175 | 8,750 | 681 | (4,250 | ) | 5,155 | — | 52,511 | |||||||||||||||||||||||||
Total | $ | 285,682 | $ | 82,018 | $ | 7,106 | $ | (19,716 | ) | $ | 62,866 | $ | (1,440 | ) | $ | 416,516 | |||||||||||||||||
Remaining useful life(5) | 90 | 117 | 80 | 92 | |||||||||||||||||||||||||||||
-1 | On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash. | ||||||||||||||||||||||||||||||||
-2 | On November 25, 2014, the Company acquired a developed outparcel that was previously not owned at the Brandywine Crossing retail property in Brandywine, MD (not considered a separate property). | ||||||||||||||||||||||||||||||||
-3 | On December 2, 2014, the Company entered into an agreement with a development partner to form a joint venture entity, which then acquired an undeveloped land parcel comprising approximately 60.4 acres in Richmond, Virginia on which the joint venture intends to develop a retail shopping center with approximately 405,000 square feet of GLA. The Company holds an 80% ownership interest in the entity with the remaining 20% ownership interest held by the development partner (see Note 6). The acquisition was accounted for as an asset acquisition, with the purchase price allocated to the value of the undeveloped land parcel. | ||||||||||||||||||||||||||||||||
-4 | As of December 31, 2014, the purchase price allocation related to the acquisition of these properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from these initial estimates. | ||||||||||||||||||||||||||||||||
-5 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities. | ||||||||||||||||||||||||||||||||
Acquisitions in 2013 | |||||||||||||||||||||||||||||||||
Schedule of Acquisitions | The Company completed the following acquisitions (all within the Retail property operating segment) in the year ended December 31, 2013, which were acquired for cash unless specified below (dollars in thousands): | ||||||||||||||||||||||||||||||||
Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Tracy Pavilion | January 24, 2013 | Tracy, CA | $ | — | |||||||||||||||||||||||||||||
Stadium Center | July 1, 2013 | Manteca, CA | $ | — | |||||||||||||||||||||||||||||
League City Towne Center | August 1, 2013 | League City, TX | $ | — | |||||||||||||||||||||||||||||
Living Spaces-Promenade(1) | August 27, 2013 | Scottsdale, AZ | $ | 7,268 | |||||||||||||||||||||||||||||
LA Fitness | 4-Oct-13 | San Diego, CA | $ | — | |||||||||||||||||||||||||||||
Cedar Square Shopping Center | November 4, 2013 | Duncanville (Dallas), TX | $ | — | |||||||||||||||||||||||||||||
Southlake Park Village(2) | November 18, 2013 | Southlake (Dallas), TX | $ | — | |||||||||||||||||||||||||||||
Centennial Crossroads Plaza | 22-Nov-13 | Las Vegas, NV | $ | — | |||||||||||||||||||||||||||||
Allocation of Purchase Price | The following summary provides an allocation of purchase price for each of the 2013 acquisitions (dollars in thousands): | ||||||||||||||||||||||||||||||||
Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | ||||||||||||||||||||||||||
Leases | Leases | Leases | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Tracy Pavilion | $ | 22,611 | $ | 6,193 | $ | 163 | $ | (1,136 | ) | $ | 2,907 | $ | — | $ | — | $ | 30,738 | ||||||||||||||||
Stadium Center | 28,872 | 10,284 | 882 | (2,939 | ) | 4,051 | — | — | 41,150 | ||||||||||||||||||||||||
League City Towne Center | 24,767 | 10,858 | 315 | (1,249 | ) | 4,809 | — | — | 39,500 | ||||||||||||||||||||||||
Living Spaces-Promenade(1) | 1,038 | 14,514 | — | (116 | ) | 1,500 | (936 | ) | — | 16,000 | |||||||||||||||||||||||
LA Fitness | 9,957 | 3,123 | — | — | 1,220 | — | — | 14,300 | |||||||||||||||||||||||||
Cedar Square Shopping Center | 2,808 | 1,667 | 38 | (691 | ) | 478 | — | — | 4,300 | ||||||||||||||||||||||||
Southlake Park Village(2) | — | 15,989 | — | — | — | — | 265 | 16,254 | |||||||||||||||||||||||||
Centennial Crossroads Plaza | 11,484 | 3,868 | 571 | (538 | ) | 1,015 | — | — | 16,400 | ||||||||||||||||||||||||
Total | $ | 101,537 | $ | 66,496 | $ | 1,969 | $ | (6,669 | ) | $ | 15,980 | $ | (936 | ) | $ | 265 | $ | 178,642 | |||||||||||||||
Remaining useful life(3) | 56 | 117 | 150 | 76 | |||||||||||||||||||||||||||||
-1 | On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease. | ||||||||||||||||||||||||||||||||
-2 | On November 18, 2013, the Company acquired an undeveloped land parcel comprising approximately 22.4 acres in Southlake (Dallas), Texas on which the Company intends to develop a retail shopping center with approximately 186,000 square feet of gross leasable area (“GLA”). The acquisition was accounted for as an asset acquisition, with the majority of the purchase price allocated to the value of the undeveloped land parcel and the capitalization of costs directly related to the transaction. Approximately $265,000 of the purchase price paid is held in an escrow account to be disbursed in connection with the construction of on-site infrastructure projects. In addition, subsequent to the acquisition of the property, the Company reimbursed the seller for construction costs previously incurred, which have been reflected on the accompanying consolidated balance sheets as construction in progress. | ||||||||||||||||||||||||||||||||
-3 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition. | ||||||||||||||||||||||||||||||||
Acquisitions in 2012 | |||||||||||||||||||||||||||||||||
Schedule of Acquisitions | The Company completed twelve acquisitions (primarily in the Retail property operating segment) in the year ended December 31, 2012, which were acquired for cash unless specified below (in thousands): | ||||||||||||||||||||||||||||||||
Consolidated Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
Promenade Corporate Center | January 23, 2012 | Scottsdale, AZ | $ | — | |||||||||||||||||||||||||||||
EastChase Market Center | February 17, 2012 | Montgomery, AL | $ | — | |||||||||||||||||||||||||||||
Lake Pleasant Pavilion | 16-May-12 | Peoria, AZ | $ | 28,250 | |||||||||||||||||||||||||||||
Chimney Rock | 30-Aug-12 | Odessa, TX | $ | — | |||||||||||||||||||||||||||||
Pavilion Crossing | 1-Oct-12 | Brandon, FL | $ | — | |||||||||||||||||||||||||||||
Dellagio(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Lake Burden Shoppes(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Meadow Ridge Plaza(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
Shoppes of Belmere(1) | 19-Oct-12 | Orlando, FL | $ | — | |||||||||||||||||||||||||||||
West Broad Village(1) | 19-Oct-12 | Richmond, VA | $ | 50,000 | |||||||||||||||||||||||||||||
Unconsolidated Property | Date Acquired | Location | Debt | ||||||||||||||||||||||||||||||
Assumed | |||||||||||||||||||||||||||||||||
La Costa Town Center(2) | February 29, 2012 | Carlsbad, CA | — | ||||||||||||||||||||||||||||||
The Fountains at Bay Hill(1) | 19-Oct-12 | Orlando, FL | 11,985 | ||||||||||||||||||||||||||||||
Allocation of Purchase Price | The following provides a summary of the recorded purchase price for each of the 2012 acquisitions (dollars in thousands). | ||||||||||||||||||||||||||||||||
Consolidated Property | Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | |||||||||||||||||||||||||
Lease | Lease | Lease | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
Promenade Corporate Center(3) | $ | 44,465 | $ | 4,477 | $ | 781 | $ | (749 | ) | $ | 3,279 | $ | — | $ | — | $ | 52,253 | ||||||||||||||||
EastChase Market Center | 19,567 | 4,215 | 360 | (1,296 | ) | 1,804 | — | — | 24,650 | ||||||||||||||||||||||||
Lake Pleasant Pavilion | 28,127 | 9,958 | 2,857 | (184 | ) | 2,412 | (1,420 | ) | — | 41,750 | |||||||||||||||||||||||
Chimney Rock(4) | 14,089 | 7,368 | — | (2,291 | ) | 2,532 | — | 2,106 | 23,804 | ||||||||||||||||||||||||
Pavilion Crossing | 9,268 | 3,729 | 153 | (1,344 | ) | 1,490 | — | — | 13,296 | ||||||||||||||||||||||||
Dellagio | 20,106 | 16,780 | 1,277 | (2,031 | ) | 3,972 | — | — | 40,104 | ||||||||||||||||||||||||
Lake Burden Shoppes | 4,020 | 3,981 | — | (79 | ) | 601 | — | — | 8,523 | ||||||||||||||||||||||||
Meadow Ridge Plaza | 4,706 | 3,781 | 348 | (246 | ) | 1,140 | — | — | 9,729 | ||||||||||||||||||||||||
Shoppes of Belmere | 5,122 | 4,701 | 166 | (1,160 | ) | 864 | — | — | 9,693 | ||||||||||||||||||||||||
West Broad Village(5) | 137,697 | 24,543 | 3,051 | (5,627 | ) | 9,240 | — | 2,398 | 171,302 | ||||||||||||||||||||||||
Total | $ | 287,167 | $ | 83,533 | $ | 8,993 | $ | (15,007 | ) | $ | 27,334 | $ | (1,420 | ) | $ | 4,504 | $ | 395,104 | |||||||||||||||
Remaining useful life(6) | 76 | 169 | 105 | 65 | |||||||||||||||||||||||||||||
UnConsolidated Property | Building | Land | Above-Market | Below-Market | In-Place | Debt | Other | Purchase | |||||||||||||||||||||||||
Lease | Lease | Lease | (Premium)/ | Price | |||||||||||||||||||||||||||||
Discount | |||||||||||||||||||||||||||||||||
La Costa Town Center(2) | $ | 15,054 | $ | 8,383 | $ | 86 | $ | (2,069 | ) | $ | 2,046 | $ | — | $ | — | $ | 23,500 | ||||||||||||||||
The Fountains at Bay | 9,029 | 9,905 | 249 | (1,030 | ) | 1,653 | — | — | 19,806 | ||||||||||||||||||||||||
Hill(7) | |||||||||||||||||||||||||||||||||
Total | $ | 24,083 | $ | 18,288 | $ | 335 | $ | (3,099 | ) | $ | 3,699 | $ | — | $ | — | $ | 43,306 | ||||||||||||||||
Remaining useful life(6) | 34 | 106 | 55 | ||||||||||||||||||||||||||||||
-1 | On October 19, 2012, the Company completed the acquisition of a portfolio of five retail shopping centers and a 50% tenant-in-common interest in a sixth retail shopping center (an unconsolidated property, The Fountains at Bay Hill), which are located in Florida and Virginia. The purchase price of $259.2 million includes $192.1 million in cash paid, the assumption of $62.0 million in mortgage notes (including $12.0 million at The Fountains at Bay Hill) and the issuance of 411,184 OP units with a fair value of approximately $5.1 million based on a closing price of $12.36 per share of common stock on the date of acquisition. | ||||||||||||||||||||||||||||||||
Five of the shopping centers are located in Orange County, Florida and comprise a total of approximately 319,000 square feet of GLA (the shopping center in which the Company has a 50% tenant-in-common interest comprises approximately 104,000 square feet of GLA). The sixth retail shopping center is located in Richmond, Virginia and comprises approximately 386,000 square feet of retail and commercial GLA, with an additional 339 apartment units on the upper levels of the shopping center. The Company has an agreement to purchase the remaining 50% tenant-in-common interest in the Florida shopping center if certain approvals are obtained. The Company’s proportionate share of the assets purchased and liabilities and debt assumed with the acquisition of The Fountains at Bay Hill property are reflected on the accompanying consolidated balance sheets as an investment in unconsolidated entities (for more details, see Note 15). | |||||||||||||||||||||||||||||||||
In connection with the acquisition of one of the Florida properties, the Company entered into a put option whereby it may resell the property to the former owner after a period of five years for a price equal to the original purchase price. The Company has estimated the asset to have a value of approximately $363,000 based on the fair value of the put option as of the date of acquisition. In addition, the Company has entered into a call option related to the acquisition of another Florida property whereby the former owner may purchase approximately 13,000 square feet of GLA currently utilized as its headquarters during a three-year period. The Company will account for the underlying lease as a direct finance lease and will continue to reflect the corresponding premises as leased and occupied until such time as the call option is exercised by the former owner. In connection with the acquisition, the value associated with the acquired building has been recorded net of the estimated fair value of the call option of $4.3 million. | |||||||||||||||||||||||||||||||||
-2 | This property was originally purchased as a consolidated property. However, in September 2012, the La Costa Town Center property was contributed in exchange for proceeds of approximately $21.2 million to a newly-formed entity in which the Company holds a 20% ownership interest (see Note 15). The Company accounts for its remaining equity ownership in the property in a manner similar to the equity method of accounting, which is reflected in the accompanying consolidated balance sheets as an investment in unconsolidated entities. | ||||||||||||||||||||||||||||||||
-3 | The purchase price of $52.3 million reflects $13.9 million in cash paid and the issuance of 3,230,769 shares of common stock with a fair value of approximately $39.1 million based on a closing price of $12.11 per share on the date of acquisition. The purchase price noted above is net of master lease agreements between the Company and the seller in the amount of $772,000 (included in other assets on the accompanying consolidated balance sheets) based on the estimated fair value of funds expected to be received from escrow in connection with the acquisition. Payments under the master lease agreements commenced upon the expiration of two existing leases in June 2012 and February 2013 (with terms through May 2013 and January 2015, respectively). In addition, the seller has agreed to reimburse the Company for any expenditures resulting from tenant improvements or leasing commissions related to the spaces to the extent that funds remain available pertaining to the master lease agreements. See Note 19 for a discussion of changes in the fair value of this asset after the initial acquisition. | ||||||||||||||||||||||||||||||||
-4 | The purchase price of $23.8 million noted above includes a long-term asset recognized at acquisition with a valuation of approximately $3.0 million (included in other assets) and a long-term liability with a preliminary valuation of approximately $906,000 (included in accounts payable and other liabilities). The long-term asset and the long-term liability reflect the estimated fair value of funds expected to be received pursuant to an economic development agreement executed between the previous owner of the property and the City of Odessa and the portion of such funds that is owed to a third party. As a result of the agreement, the Company is eligible to receive a refund of up to $5.1 million in municipal sales taxes generated by retail sales at the property over a period of up to 15 years. Both the long-term asset and the long-term liability will be accreted to their respective gross balances of $5.1 million and $1.0 million, respectively, over periods of 14 years and three years, respectively. | ||||||||||||||||||||||||||||||||
-5 | Amount indicated as other for the West Broad Village acquisition includes approximately $2.4 million of furniture, fixtures and equipment associated with 339 apartment units on the property. | ||||||||||||||||||||||||||||||||
-6 | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition. | ||||||||||||||||||||||||||||||||
-7 | Amount of assets acquired and liabilities assumed for The Fountains at Bay Hill property reflect the Company’s 50% tenant-in-common interest in the property. These balances, as well as the Company’s $12.0 million proportionate share of the outstanding indebtedness at the property, are reflected as investment in unconsolidated entities on the accompanying consolidated balance sheets. |
Lease_Intangible_Assets_Net_Ta
Lease Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Schedule of Lease Intangible Assets, Net | Lease intangible assets, net, consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
In-place leases, net of accumulated amortization of $31.1 million and $26.7 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 74 and 78 months as of December 31, 2014 and 2013, respectively) | $ | 78,336 | $ | 47,058 | |||||
Above-market leases, net of accumulated amortization of $8.8 million and $7.5 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 69 and 62 months as of December 31, 2014 and 2013, respectively) | 16,436 | 13,725 | |||||||
Leasing commissions, net of accumulated amortization of $8.7 million and $7.1 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 93 and 99 months as of December 31, 2014 and 2013, respectively) | 28,601 | 17,562 | |||||||
$ | 123,373 | $ | 78,345 | ||||||
Schedule of Estimated Amortization of Lease Intangible Assets | Estimated amortization of lease intangible assets as of December 31, 2014 and for each of the next five years and thereafter is as follows (in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 28,060 | |||||||
2016 | 19,900 | ||||||||
2017 | 16,585 | ||||||||
2018 | 14,042 | ||||||||
2019 | 10,856 | ||||||||
Thereafter | 33,930 | ||||||||
Total | $ | 123,373 | |||||||
Lease_Intangible_Liabilities_N1
Lease Intangible Liabilities, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Lease Intangible Liabilities Net | Lease intangible liabilities, net consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Below-market leases, net of accumulated amortization of $11.0 million and $7.9 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 116 and 123 months as of December 31, 2014 and 2013, respectively) | $ | 42,470 | $ | 28,114 | |||||
Schedule of Estimated Amortization of Lease Intangible Liabilities | Estimated amortization of lease intangible liabilities as of December 31, 2014 and for each of the next five years and thereafter is as follows (in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 6,333 | |||||||
2016 | 5,357 | ||||||||
2017 | 4,958 | ||||||||
2018 | 4,536 | ||||||||
2019 | 3,993 | ||||||||
Thereafter | 17,293 | ||||||||
Total | $ | 42,470 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Carrying Value of Unsecured Notes | The carrying value of the Notes due 2024 as of December 31, 2014 and 2013 was as follows (in thousands): | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Principal amount | $ | 250,000 | — | ||||||||||||||||||||||
Unamortized debt discount | (1,242 | ) | — | ||||||||||||||||||||||
Carrying value | $ | 248,758 | $ | — | |||||||||||||||||||||
Excel Trust, L.P. | |||||||||||||||||||||||||
Schedule of Mortgages Payable | Mortgages payable held by the Operating Partnership at December 31, 2014 and 2013 consist of the following (dollars in thousands): | ||||||||||||||||||||||||
Carrying Amount of | Contractual | Effective | Monthly | Maturity | |||||||||||||||||||||
Mortgage Notes | Interest Rate | Interest Rate | Payment(1) | Date | |||||||||||||||||||||
Property Pledged as Collateral | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Edwards Theatres | $ | — | $ | 11,520 | — | — | $ | — | — | ||||||||||||||||
Red Rock Commons | — | 13,970 | — | — | — | — | |||||||||||||||||||
Excel Centre | — | 12,018 | — | — | — | — | |||||||||||||||||||
Merchant Central | — | 4,370 | — | — | — | — | |||||||||||||||||||
Gilroy Crossing | — | 45,836 | — | — | — | — | |||||||||||||||||||
The Promenade | 46,125 | 47,957 | 4.8 | % | 4.8 | % | 344 | Oct-15 | |||||||||||||||||
5000 South Hulen | 13,174 | 13,421 | 5.6 | % | 6.9 | % | 83 | Apr-17 | |||||||||||||||||
Lake Pleasant Pavilion | 27,513 | 27,855 | 6.09 | % | 5 | % | 143 | October 2017 | |||||||||||||||||
West Broad Marketplace(2) | 1,772 | — | 2.49 | % | 2.49 | % | 2 | Jan-18 | |||||||||||||||||
Rite Aid — Vestavia Hills | 833 | 1,015 | 7.25 | % | 7.25 | % | 21 | Oct-18 | |||||||||||||||||
Living Spaces-Promenade | 6,667 | 7,075 | 7.88 | % | 4.59 | % | 80 | November 2019 | |||||||||||||||||
West Broad Village | 39,700 | 39,700 | 3.33 | % | 3.33 | % | 110 | May-20 | |||||||||||||||||
Downtown at the Gardens | 42,545 | — | 4.6 | % | 4 | % | 253 | Jun-22 | |||||||||||||||||
Lowe’s, Shippensburg | — | 13,157 | |||||||||||||||||||||||
Northside Mall(3) | 12,000 | 12,000 | 0.05 | % | 1.05 | % | 1 | Nov-35 | |||||||||||||||||
190,329 | 249,894 | ||||||||||||||||||||||||
Plus: premium(4) | 2,419 | 1,297 | |||||||||||||||||||||||
Mortgage notes payable, net | $ | 192,748 | $ | 251,191 | |||||||||||||||||||||
-1 | Amount represents the monthly payment of principal and interest at December 31, 2014. | ||||||||||||||||||||||||
-2 | In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for an additional two one-year periods through January 2020 upon the payment of an extension fee. As of December 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 230 basis points (variable interest rate of 2.49% at December 31, 2014). | ||||||||||||||||||||||||
-3 | The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at December 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $100,000 and $105,000 at December 31, 2014 and 2013, respectively, is being amortized as additional interest expense through November 2035. | ||||||||||||||||||||||||
-4 | Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds. | ||||||||||||||||||||||||
Mortgage Debt Maturities | The Company’s mortgage debt maturities at December 31, 2014 for each of the next five years and thereafter are as follows (dollars in thousands): | ||||||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||||||
2015 | $ | 48,606 | |||||||||||||||||||||||
2016 | 3,070 | ||||||||||||||||||||||||
2017 | 42,192 | ||||||||||||||||||||||||
2018 | 4,722 | ||||||||||||||||||||||||
2019 | 6,390 | ||||||||||||||||||||||||
Thereafter | 85,349 | ||||||||||||||||||||||||
$ | 190,329 | ||||||||||||||||||||||||
Earnings_Per_Share_of_the_Pare1
Earnings Per Share of the Parent Company (Tables) | 12 Months Ended | ||||||||||||
Feb. 24, 2015 | |||||||||||||
Computations of Basic and Diluted Earnings Per Share/Unit | Computations of basic and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands, except share data): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic earnings per share: | |||||||||||||
Income (loss) from continuing operations | $ | 9,092 | $ | 7,573 | $ | 1,710 | |||||||
Preferred dividends | (10,380 | ) | (10,976 | ) | (10,353 | ) | |||||||
Cost of redemption of preferred stock | (1,687 | ) | — | — | |||||||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Income from continuing operations attributable to non-controlling interests | (340 | ) | (531 | ) | (340 | ) | |||||||
Loss from continuing operations applicable to the common stockholders | $ | (3,614 | ) | $ | (4,353 | ) | $ | (9,439 | ) | ||||
Net income (loss) attributable to the common stockholders | $ | (3,315 | ) | $ | 8,548 | $ | (8,490 | ) | |||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Net income (loss) applicable to the common stockholders | $ | (3,614 | ) | $ | 8,129 | $ | (8,946 | ) | |||||
Weighted-average common shares outstanding: | |||||||||||||
Basic and diluted | 54,340,537 | 46,925,760 | 34,680,877 | ||||||||||
Basic and diluted earnings per share: | |||||||||||||
Loss from continuing operations per share attributable to the common stockholders | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.27 | ) | ||||
Income from discontinued operations per share attributable to the common stockholders | — | 0.26 | 0.01 | ||||||||||
Net income (loss) per share attributable to the common stockholders | $ | (0.07 | ) | $ | 0.17 | $ | (0.26 | ) | |||||
Excel Trust, L.P. | |||||||||||||
Computations of Basic and Diluted Earnings Per Share/Unit | Computations of basic and diluted earnings per unit for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands, except unit data): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic earnings per unit: | |||||||||||||
Income (loss) from continuing operations | $ | 9,092 | $ | 7,573 | $ | 1,710 | |||||||
Preferred distributions | (10,380 | ) | (10,976 | ) | (10,353 | ) | |||||||
Cost of redemption of preferred OP units | (1,687 | ) | — | — | |||||||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Income from continuing operations attributable to non-controlling interests | (366 | ) | (335 | ) | (279 | ) | |||||||
Loss from continuing operations applicable to the unitholders | $ | (3,640 | ) | $ | (4,157 | ) | $ | (9,378 | ) | ||||
Net income (loss) attributable to the unitholders | $ | (3,341 | ) | $ | 8,781 | $ | (8,787 | ) | |||||
Allocation to participating securities | (299 | ) | (419 | ) | (456 | ) | |||||||
Net income (loss) applicable to the unitholders | $ | (3,640 | ) | $ | 8,362 | $ | (9,243 | ) | |||||
Weighted-average common OP units outstanding: | |||||||||||||
Basic and diluted | 55,495,318 | 48,123,312 | 35,912,370 | ||||||||||
Basic and diluted earnings per unit: | |||||||||||||
Loss from continuing operations per unit attributable to the unitholders | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.26 | ) | ||||
Income from discontinued operations per unit attributable to the unitholders | — | 0.26 | — | ||||||||||
Net income (loss) per unit attributable to the unitholders | $ | (0.07 | ) | $ | 0.17 | $ | (0.26 | ) | |||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Effect of Company's Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Amount of unrealized gain (loss) recognized in OCI (effective portion): | |||||||||||||
Interest rate swaps | $ | — | $ | (19 | ) | $ | (305 | ) | |||||
Other derivatives | — | — | — | ||||||||||
Total | $ | — | $ | (19 | ) | $ | (305 | ) | |||||
Amount of loss reclassified from accumulated OCI into income (effective portion): | |||||||||||||
Interest rate swaps (interest expense) | $ | — | $ | (639 | ) | $ | (649 | ) | |||||
Other derivatives | — | — | — | ||||||||||
Total | $ | — | $ | (639 | ) | $ | (649 | ) | |||||
Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing): | |||||||||||||
Interest rate swaps (other income/expense) | $ | — | $ | — | $ | — | |||||||
Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption) | — | 230 | 1,530 | ||||||||||
Total | $ | — | $ | 230 | $ | 1,530 | |||||||
Equity_of_the_Parent_Company_T
Equity of the Parent Company (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Shares of Restricted Common Stock | The following shares of restricted common stock were issued during the year ended December 31, 2014: | ||||||||||||
Grant Date | Price at Grant | Number | Vesting | ||||||||||
Date | Period (yrs.) | ||||||||||||
March 7, 2014(1) | $ | 12.57 | 4,000 | 4 | |||||||||
March 18, 2014(2) | $ | 12.8 | 558,331 | 1, 3 | |||||||||
March 24, 2014(3) | $ | 12.56 | 83,500 | 3 | |||||||||
May 13, 2014(4) | $ | 12.89 | 12,412 | 1 | |||||||||
-1 | Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter. | ||||||||||||
-2 | Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014. | ||||||||||||
-3 | Shares issued to certain of the Company’s employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016. | ||||||||||||
-4 | Shares issued to members of the Company’s board of directors. These shares vest in equal quarterly installments. | ||||||||||||
Non-Vested Shares of Company's Restricted Common Stock | As of December 31, 2014 and 2013, there was approximately $5.1 million and $1.6 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of December 31, 2014 and 2013, this expense was expected to be recognized over a weighted-average remaining period of 1.8 and 1.1 years, respectively. | ||||||||||||
Number of Nonvested | Weighted | ||||||||||||
Shares of Restricted | Average Grant | ||||||||||||
Common Stock | Date Fair Value | ||||||||||||
Balance — January 1, 2014 | 611,683 | $ | 9.73 | ||||||||||
Grants | 658,243 | $ | 12.77 | ||||||||||
Forfeitures/Expirations | (469,864 | ) | $ | 8.9 | |||||||||
Vested | (372,482 | ) | $ | 12.69 | |||||||||
Balance — December 31, 2014(1) | 427,580 | $ | 12.75 | ||||||||||
-1 | During the year ended December 31, 2014, 597 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented. |
Equity_of_the_Operating_Partne1
Equity of the Operating Partnership (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Vested Ownership Interests in Operating Partnership | The following table shows the vested partnership interests in the Operating Partnership as of December 31, 2014 and 2013: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
OP | Percentage | OP | Percentage | ||||||||||||||
Units | of Total | Units | of Total | ||||||||||||||
Excel Trust, Inc. | 60,685,792 | 98.3 | % | 47,769,682 | 97.9 | % | |||||||||||
Non-controlling interests consisting of: | |||||||||||||||||
OP units held by employees and third parties | 1,019,523 | 1.7 | % | 1,019,523 | 2.1 | % | |||||||||||
Total | 61,705,315 | 100 | % | 48,789,205 | 100 | % | |||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Discontinued Operations | The following table provides information regarding the disposition of the properties: | ||||||||||||||||
(in thousands) | |||||||||||||||||
Property | Sales Price | Gain on Sale | Date of Sale | Acquisition Date | |||||||||||||
Walgreens — North Corbin | $ | 4,514 | $ | 1,129 | 7/19/13 | 5/24/10 | |||||||||||
Grant Creek Town Center | $ | 32,343 | $ | 10,926 | 9/13/13 | 8/27/10 | |||||||||||
The results of operations for these properties are reported as discontinued operations for all periods presented in the accompanying consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands): | |||||||||||||||||
Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | — | $ | 1,805 | $ | 2,723 | |||||||||||
Total expenses | — | 1,341 | 2,588 | ||||||||||||||
Income before non-controlling interests and gain on sale of real estate assets from discontinued operations | — | 464 | 135 | ||||||||||||||
Gain on sale of real estate assets from discontinued operations | — | 12,055 | — | ||||||||||||||
Non-controlling interest in discontinued operations(1) | — | (37 | ) | 358 | |||||||||||||
Income from discontinued operations available to the common stockholders | $ | — | $ | 12,482 | $ | 493 | |||||||||||
-1 | Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the consolidated financial statements of the Operating Partnership). |
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Unconsolidated Investment | General information on the Bay Hill property as of December 31, 2014 is as follows: | ||||||||||||
Unconsolidated Investment | Partner | Ownership Interest | Formation/ | Property | |||||||||
Acquisition Date | |||||||||||||
Bay Hill(1) | MDC | 50 | % | October 19, 2012 | The Fountains at Bay Hill | ||||||||
-1 | At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $4.0 million, $3.8 million and $682,000, total expenses were $2.8 million, $3.3 million and $800,000 (including interest expense) and net income (loss) was $1.2 million, $489,000 and ($118,000) for the years ended December 31, 2014, 2013 and 2012, respectively. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of November 1, 2021. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Treatment for Dividends | The income tax treatment for dividends was as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Common stock: | |||||||||||||||||||||||||
Ordinary income | $ | 0.3807 | 54.4 | % | $ | 0.3731 | 55.5 | % | $ | 0.426 | 65.8 | % | |||||||||||||
Capital gain | 0.1028 | 14.7 | % | 0.0197 | 2.9 | % | — | — | |||||||||||||||||
Return of capital | 0.2165 | 30.9 | % | 0.2797 | 41.6 | % | 0.2215 | 34.2 | % | ||||||||||||||||
Total | $ | 0.7 | 100 | % | $ | 0.6725 | 100 | % | $ | 0.6475 | 100 | % | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Series A preferred stock: | |||||||||||||||||||||||||
Ordinary income | $ | 1.3781 | 78.7 | % | $ | 1.6624 | 95 | % | $ | 1.75 | 100 | % | |||||||||||||
Capital gain | 0.3719 | 21.3 | % | 0.0876 | 5 | % | — | — | |||||||||||||||||
Return of capital | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 1.75 | 100 | % | $ | 1.75 | 100 | % | $ | 1.75 | 100 | % | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Per | Percentage | Per | Percentage | Per | Percentage | ||||||||||||||||||||
Share | of Total | Share | of Total | Share | of Total | ||||||||||||||||||||
Series B preferred stock: | |||||||||||||||||||||||||
Ordinary income | $ | 1.5995 | 78.7 | % | $ | 1.9296 | 95 | % | $ | 1.4388 | 100 | % | |||||||||||||
Capital gain | 0.4317 | 21.3 | % | 0.1016 | 5 | % | — | — | |||||||||||||||||
Return of capital | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 2.0312 | 100 | % | $ | 2.0312 | 100 | % | $ | 1.4388 | 100 | % | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2014 (dollars in thousands): | ||||||||||||||||
Balance at | Quoted Prices in | Significant Other | Significant | ||||||||||||||
December 31, | Active Markets | Observable | Unobservable Inputs | ||||||||||||||
2014 | (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Fair value measurements on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Investment in equity securities (see Note 2) | $ | 10,683 | $ | 10,683 | $ | — | $ | — | |||||||||
Total | $ | 10,683 | $ | 10,683 | $ | — | $ | — | |||||||||
The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2013 (dollars in thousands): | |||||||||||||||||
Balance at | Quoted Prices in | Significant Other | Significant | ||||||||||||||
December 31, | Active Markets | Observable | Unobservable Inputs | ||||||||||||||
2013 | (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Fair value measurements on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Other assets related to business combinations(1) | $ | 507 | $ | — | $ | — | $ | 507 | |||||||||
Total | $ | 507 | $ | — | $ | — | $ | 507 | |||||||||
-1 | Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount was included in other assets in the accompanying consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs. The Company received final cash payments of $507,000 related to the master lease agreements in 2014. | ||||||||||||||||
Statement of Reconciliation of Financial Instruments Remeasured on Recurring Basis | The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): | ||||||||||||||||
Other Assets | |||||||||||||||||
Related to Business | |||||||||||||||||
Combinations(1) | |||||||||||||||||
Beginning balance, January 1, 2014 | $ | 507 | |||||||||||||||
Total gains: | |||||||||||||||||
Included in earnings | — | ||||||||||||||||
Purchases, issuances, or settlements | (507 | ) | |||||||||||||||
Ending balance, December 31, 2014 | $ | — | |||||||||||||||
-1 | The change of $507,000 for other assets related to business combinations during the year ended December 31, 2014 is comprised of payments received on the master lease agreements. | ||||||||||||||||
The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2013 (in thousands): | |||||||||||||||||
Other Assets | Contingent Consideration | Derivative Instruments Related | |||||||||||||||
Related to Business | Related to Business | to Business Combinations(3) | |||||||||||||||
Combinations(1) | Combinations(2) | ||||||||||||||||
Beginning balance, January 1, 2013 | $ | 992 | $ | (1,787 | ) | $ | (274 | ) | |||||||||
Total gains: | |||||||||||||||||
Included in earnings | 6 | 1,562 | 246 | ||||||||||||||
Purchases, issuances, or settlements | (491 | ) | 225 | 28 | |||||||||||||
Ending balance, December 31, 2013 | $ | 507 | $ | — | $ | — | |||||||||||
-1 | The change of $485,000 for other assets related to business combinations during the year ended December 31, 2013 is comprised of payments received on the master lease assets of $491,000 and an increase in the estimated fair value of funds to be received from escrow of $6,000. | ||||||||||||||||
-2 | The change of $1.8 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the consolidated statements of operations). Additional consideration in the amount of approximately $205,000 was paid to the former owner in October 2013. | ||||||||||||||||
-3 | The change of $274,000 for derivative instruments related to business combinations for the year ended December 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units. | ||||||||||||||||
Fair Values of Certain Additional Financial Assets and Liabilities | The fair values of certain additional financial assets and liabilities at December 31, 2014 and 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Financial assets: | |||||||||||||||||
Note receivable (Other Assets) | $ | — | $ | — | $ | 750 | $ | 750 | |||||||||
Financial liabilities: | |||||||||||||||||
Mortgage notes payable | 192,748 | 195,729 | 251,191 | 254,473 | |||||||||||||
Notes payable | 238,000 | 235,940 | 179,500 | 179 ,500 | |||||||||||||
Unsecured notes | 348,758 | 353,662 | 100,000 | 100,000 | |||||||||||||
Term loan | 50,000 | 50,000 | — | — |
Segment_Disclosure_Tables
Segment Disclosure (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Reconciliation of Company's Segment Operations Activity | The following table reconciles the Company’s segment activity to its consolidated results of operations for the years ended December 31, 2014, 2013 and 2012 (in thousands). | ||||||||||||
For theYear Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Office Properties: | |||||||||||||
Total revenues | $ | 9,205 | $ | 8,610 | $ | 8,522 | |||||||
Property operating expenses | (3,492 | ) | (3,456 | ) | (3,254 | ) | |||||||
Property operating income, as defined | 5,713 | 5,154 | 5,268 | ||||||||||
Changes in fair value of contingent consideration | — | 6 | 281 | ||||||||||
General and administrative costs | (11 | ) | (28 | ) | (102 | ) | |||||||
Depreciation and amortization | (3,566 | ) | (3,725 | ) | (3,748 | ) | |||||||
Interest expense | (192 | ) | (772 | ) | (790 | ) | |||||||
Interest income | 1 | — | — | ||||||||||
Net income | $ | 1,945 | $ | 635 | $ | 909 | |||||||
Multi-family Properties: | |||||||||||||
Total revenues | $ | 5,420 | $ | 5,413 | $ | 1,074 | |||||||
Property operating expenses | (1,864 | ) | (1,834 | ) | (233 | ) | |||||||
Property operating income, as defined | 3,556 | 3,579 | 841 | ||||||||||
General and administrative costs | (50 | ) | (131 | ) | (135 | ) | |||||||
Depreciation and amortization | (1,852 | ) | (2,760 | ) | (766 | ) | |||||||
Net income (loss) | $ | 1,654 | $ | 688 | $ | (60 | ) | ||||||
Retail Properties: | |||||||||||||
Total revenues | $ | 115,698 | $ | 98,519 | $ | 74,825 | |||||||
Property operating expenses | (26,506 | ) | (22,760 | ) | (16,642 | ) | |||||||
Property operating income, as defined | 89,192 | 75,759 | 58,183 | ||||||||||
Changes in fair value of contingent consideration | — | 1,562 | — | ||||||||||
General and administrative costs | (17,948 | ) | (13,712 | ) | (13,559 | ) | |||||||
Depreciation and amortization | (45,243 | ) | (39,661 | ) | (30,286 | ) | |||||||
Interest expense | (23,975 | ) | (18,172 | ) | (14,860 | ) | |||||||
Interest income | 239 | 204 | 173 | ||||||||||
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | (320 | ) | |||||||||
Gain on sale of real estate assets | — | — | — | ||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | — | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | (5,192 | ) | — | — | |||||||||
Gain on sale of real estate assets | 5,842 | — | — | ||||||||||
Income from continuing operations | 5,493 | 6,250 | 861 | ||||||||||
Income from discontinued operations | — | 12,519 | 135 | ||||||||||
Net income | $ | 5,493 | $ | 18,769 | $ | 996 | |||||||
Total Reportable Segments: | |||||||||||||
Total revenues | $ | 130,323 | $ | 112,542 | $ | 84,421 | |||||||
Property operating expenses | (31,862 | ) | (28,050 | ) | (20,129 | ) | |||||||
Property operating income, as defined | 98,461 | 84,492 | 64,292 | ||||||||||
Changes in fair value of contingent consideration | — | 1,568 | 281 | ||||||||||
General and administrative expenses | (18,009 | ) | (13,871 | ) | (13,796 | ) | |||||||
Depreciation and amortization | (50,661 | ) | (46,146 | ) | (34,800 | ) | |||||||
Interest expense | (24,167 | ) | (18,944 | ) | (15,650 | ) | |||||||
Interest income | 240 | 204 | 173 | ||||||||||
Loss from equity in unconsolidated entities | 2,578 | 40 | (320 | ) | |||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | — | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | (5,192 | ) | — | — | |||||||||
Gain on sale of real estate assets | 5,842 | — | — | ||||||||||
Income from continuing operations | 9,092 | 7,573 | 1,710 | ||||||||||
Income from discontinued operations | — | 12,519 | 135 | ||||||||||
Net income | $ | 9,092 | $ | 20,092 | $ | 1,845 | |||||||
For theYear Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Reconciliation to Consolidated Net Income Attributable to the Common Stockholders: | |||||||||||||
Total net (loss) income for reportable segments | 9,092 | 20,092 | 1,845 | ||||||||||
Net (income) loss attributable to non-controlling interests | (340 | ) | (568 | ) | 18 | ||||||||
Net income (loss) attributable to Excel Trust, Inc. | $ | 8,752 | $ | 19,524 | $ | 1,863 | |||||||
Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership): | |||||||||||||
Total net (loss) income for reportable segments | 9,092 | 20,092 | 1,845 | ||||||||||
Net (income) loss attributable to non-controlling interests | (366 | ) | (335 | ) | (279 | ) | |||||||
Net income (loss) attributable to Excel Trust, L.P. | $ | 8,726 | $ | 19,757 | $ | 1,566 | |||||||
Reconciliation of Company's Segment Financial Position Activity | The following table shows the Company’s consolidated total assets by segment at December 31, 2014, 2013 and 2012 (in thousands). | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Office Properties: | |||||||||||||
Total assets | 62,747 | 67,273 | 70,473 | ||||||||||
Multi-family Properties: | |||||||||||||
Total assets | 68,982 | 70,732 | 72,627 | ||||||||||
Retail Properties: | |||||||||||||
Total assets | 1,515,408 | 1,080,816 | 936,154 | ||||||||||
Total Reportable Segments and Consolidated Assets: | |||||||||||||
Total assets | $ | 1,647,137 | $ | 1,218,821 | $ | 1,079,254 | |||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Results of Operations | The following represents the results of operations, expressed in thousands, except per share amounts for each quarter during the years ended December 31, 2014 and 2013. The sum of the quarterly financial data may vary from the annual data due to rounding (unaudited) (in thousands, except per share and per unit data): | ||||||||||||||||
Excel Trust, Inc. | |||||||||||||||||
2014 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 30,598 | $ | 30,630 | $ | 30,234 | $ | 38,864 | |||||||||
Operating income | 7,149 | 7,811 | 7,427 | 7,403 | |||||||||||||
Income from equity in unconsolidated entities | 69 | 95 | 75 | 2,339 | |||||||||||||
Loss on extinguishment of debt from sale of real estate asset | — | — | — | (5,192 | ) | ||||||||||||
Gain on sale of real estate assets | — | — | — | 5,842 | |||||||||||||
Cost of redemption of preferred stock | — | — | (1,477 | ) | (210 | ) | |||||||||||
Net (loss) income attributable to the common stockholders | (549 | ) | (839 | ) | (2,830 | ) | 903 | ||||||||||
Net (loss) income per share-basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.01 | ||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 26,847 | $ | 27,463 | $ | 28,931 | $ | 29,805 | |||||||||
Changes in fair value of contingent consideration | — | 1,558 | 10 | — | |||||||||||||
Income (loss) from equity in unconsolidated entities | 39 | (65 | ) | 12 | 53 | ||||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | — | — | — | |||||||||||||
Income from continuing operations | 219 | 3,427 | 1,520 | 2,394 | |||||||||||||
Income from discontinued operations | 105 | 45 | 12,319 | 63 | |||||||||||||
Net (loss) income attributable to the common stockholders | (2,448 | ) | 623 | 10,739 | (366 | ) | |||||||||||
Net (loss) income per share-basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | 0.22 | $ | (0.01 | ) | |||||||
Excel Trust, L.P. | |||||||||||||||||
2014 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 30,598 | $ | 30,630 | $ | 30,234 | $ | 38,864 | |||||||||
Operating income | 7,149 | 7,811 | 7,427 | 7,403 | |||||||||||||
Income from equity in unconsolidated entities | 69 | 95 | 75 | 2,339 | |||||||||||||
Loss on extinguishment of debt from sale of real estate asset | — | — | — | (5,192 | ) | ||||||||||||
Gain on sale of real estate assets | — | — | — | 5,842 | |||||||||||||
Cost of redemption of preferred units | — | — | (1,477 | ) | (210 | ) | |||||||||||
Net (loss) income attributable to the unitholders | (559 | ) | (855 | ) | (2,851 | ) | 924 | ||||||||||
Net (loss) income per unit-basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.01 | ||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||||||||||
Revenues | $ | 26,847 | $ | 27,463 | $ | 28,931 | $ | 29,805 | |||||||||
Changes in fair value of contingent consideration | — | 1,558 | 10 | — | |||||||||||||
Income (loss) from equity in unconsolidated entities | 39 | (65 | ) | 12 | 53 | ||||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | — | — | — | |||||||||||||
Income from continuing operations | 219 | 3,427 | 1,520 | 2,394 | |||||||||||||
Income from discontinued operations | 105 | 45 | 12,319 | 63 | |||||||||||||
Net (loss) income attributable to the unitholders | (2,507 | ) | 643 | 11,018 | (373 | ) | |||||||||||
Net (loss) income per unit-basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | 0.22 | $ | (0.01 | ) |
Organization_Additional_Inform
Organization - Additional Information (Detail) (Excel Trust, L.P.) | 12 Months Ended |
Dec. 31, 2014 | |
Excel Trust, Inc. | |
Percentage of ownership interest | 98.30% |
Limited Partners | |
Percentage of ownership interest | 1.70% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Oct. 23, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 10, 2014 | |
Customer | Customer | Customer | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Deferred rents | $3,000,000 | $3,000,000 | $3,500,000 | ||||
Increase in Rental income | 2,200,000 | 3,700,000 | 3,100,000 | ||||
Straight-line rent adjustment | 1,200,000 | 1,300,000 | 720,000 | ||||
Cash payment for property | 1,100,000 | 35,497,000 | 23,119,000 | 9,101,000 | |||
Redemption of third party interest Agreed payment | 2,000,000 | ||||||
Settlement as a percentage of excess of estimated fair value of related real estate | 35.00% | ||||||
Gain on sale of property | 5,842,000 | 5,842,000 | 5,842,000 | ||||
Long-lived assets, impairment recorded | 0 | 0 | 0 | ||||
Long-lived assets to be disposed, impairment recorded | 0 | 0 | 0 | ||||
Preferred stock purchase, shares | 436,000 | 436,000 | |||||
Preferred stock purchase, value | 10,500,000 | 10,500,000 | |||||
Preferred stock sold, shares | 436,000 | ||||||
Net proceeds from sale of preferred stock | 10,800,000 | ||||||
Allowances for uncollectible accounts | 521,000 | 521,000 | 895,000 | ||||
Bad debt expense | 598,000 | 1,100,000 | 690,000 | ||||
Number of tenant with more than 10% of revenue | 0 | 0 | 0 | ||||
Prior period adjustment | 18,100,000 | ||||||
Additional paid-in capital | 597,723,000 | 597,723,000 | 478,541,000 | ||||
Retained earnings (deficit) | 0 | 0 | 0 | ||||
Notes Receivable | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Settlement of note receivable | 910,000 | ||||||
Accrued Interest | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Settlement of note receivable | 160,000 | ||||||
Construction in progress | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash payment for property | 1,100,000 | ||||||
Construction in progress | Profit participation interests | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Costs related to grants of profit participation interests | 2,900,000 | ||||||
Lowes | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Sales of property | 24,400,000 | ||||||
Gain on sale of property | -5,200,000 | ||||||
Cedar Square | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Sales of property | 3,000,000 | ||||||
An increase of common stock dividends paid from retained earnings and a corresponding decrease to common stock dividends paid from additional paid in capital | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Prior period adjustment | 7,100,000 | ||||||
An increase of preferred stock dividends paid from retained earnings and a corresponding decrease to preferred stock dividends paid from additional paid in capital | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Prior period adjustment | 11,000,000 | ||||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Annualized rate of return | 12.00% | ||||||
Guarantee by Federal deposit insurance corporation | 250,000 | 250,000 | |||||
Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Annualized rate of return | 8.00% | ||||||
Scenario, Previously Reported | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Additional paid-in capital | 460,400,000 | ||||||
Retained earnings (deficit) | $18,100,000 | ||||||
Revenue | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | ||||
Real Estate | California | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 23.80% | 23.90% | |||||
Concentration risk percentage of revenue | 24.40% | 23.40% | |||||
Real Estate | Florida | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 14.20% | ||||||
Real Estate | Arizona | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 12.50% | 17.60% | |||||
Concentration risk percentage of revenue | 16.20% | 18.10% | |||||
Real Estate | Richmond, Virginia | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 12.40% | 14.70% | |||||
Concentration risk percentage of revenue | 10.40% | 11.60% | |||||
Real Estate | Texas | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 11.70% | 13.70% | |||||
Concentration risk percentage of revenue | 13.60% | 11.90% | |||||
Real Estate | UTAH | Geographic Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 11.40% | ||||||
Excel Trust Inc | Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Highly liquid investments, maturity period | 3 months |
Estimated_Minimum_Rents_Under_
Estimated Minimum Rents Under Non-Cancelable Operating Tenant Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $120,463 |
2016 | 113,360 |
2017 | 103,922 |
2018 | 93,493 |
2019 | 75,879 |
Thereafter | 310,590 |
Total | $817,707 |
Schedule_of_Estimated_Lives_of
Schedule of Estimated Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |
Tenant improvements | Shorter of the useful lives or the terms of the related leases |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Building and improvements | 40 years |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Building and improvements | 15 years |
Investment_in_Equity_Securitie
Investment in Equity Securities (Detail) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, initial cost basis | $10,512 | |
Gross unrealized gains | 185 | |
Gross unrealized losses | -14 | |
Equity securities, fair value | $10,683 | [1] |
[1] | Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled "Fair Value of Financial Instruments" below). |
Amount_Reclassified_from_Accum
Amount Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gain | $171 | $79 | |||
Unrealized losses | 619 | 344 | |||
Ending Balance | 168 | ||||
Excel Trust, Inc. | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | -572 | -811 | |||
Net change in other comprehensive income | 171 | 48 | -559 | ||
Total other comprehensive (gain) loss allocable to non-controlling interests | -3 | -48 | -13 | ||
Ending Balance | 168 | -572 | |||
Excel Trust, Inc. | Interest Rate Swaps | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized losses | -19 | -305 | |||
Amount reclassified and recognized in net income | 639 | [1] | 649 | [1] | |
Excel Trust, Inc. | Available-for-sale Securities | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gain | 171 | 79 | |||
Amount reclassified and recognized in net income | -171 | [2] | |||
Excel Trust, L.P. | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | -620 | -872 | |||
Unrealized gain | 171 | 620 | 79 | ||
Unrealized losses | 620 | 344 | |||
Net change in other comprehensive income | 171 | -620 | |||
Ending Balance | 171 | -620 | |||
Excel Trust, L.P. | Interest Rate Swaps | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized losses | -19 | -305 | |||
Amount reclassified and recognized in net income | 639 | [1] | 649 | [1] | |
Excel Trust, L.P. | Available-for-sale Securities | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gain | 171 | 79 | |||
Amount reclassified and recognized in net income | ($171) | [2] | |||
[1] | Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the consolidated statements of operations. | ||||
[2] | Amounts reclassified from unrealized gain on investments in equity securities are included in other income in the consolidated statements of operations. |
Acquisitions_Detail
Acquisitions (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ||||||
Debt Assumed | $42,723 | $8,204 | $79,670 | |||
Tracy Pavilion | ||||||
Business Acquisition [Line Items] | ||||||
Property | Tracy Pavilion | |||||
Date Acquired | 24-Jan-13 | |||||
Location | Tracy, CA | |||||
Stadium Center | ||||||
Business Acquisition [Line Items] | ||||||
Property | Stadium Center | |||||
Date Acquired | 1-Jul-13 | |||||
Location | Manteca, CA | |||||
League City Town Center | ||||||
Business Acquisition [Line Items] | ||||||
Property | League City Towne Center | |||||
Date Acquired | 1-Aug-13 | |||||
Location | League City, TX | |||||
Living Spaces-Promenade | ||||||
Business Acquisition [Line Items] | ||||||
Property | Living Spaces-Promenade | [1] | ||||
Date Acquired | 27-Aug-13 | [1] | ||||
Location | Scottsdale, AZ | [1] | ||||
Debt Assumed | 7,268 | [1] | ||||
LA Fitness | ||||||
Business Acquisition [Line Items] | ||||||
Property | LA Fitness | |||||
Date Acquired | 4-Oct-13 | |||||
Location | San Diego, CA | |||||
Cedar Square Shopping Center | ||||||
Business Acquisition [Line Items] | ||||||
Property | Cedar Square Shopping Center | |||||
Date Acquired | 4-Nov-13 | |||||
Location | Duncanville (Dallas), TX | |||||
Southlake Park Village | ||||||
Business Acquisition [Line Items] | ||||||
Property | Southlake Park Village | [2] | ||||
Date Acquired | 18-Nov-13 | [2] | ||||
Location | Southlake (Dallas), TX | [2] | ||||
Centennial Crossroads Plaza | ||||||
Business Acquisition [Line Items] | ||||||
Property | Centennial Crossroads Plaza | |||||
Date Acquired | 22-Nov-13 | |||||
Location | Las Vegas, NV | |||||
Shops at Fort Union | ||||||
Business Acquisition [Line Items] | ||||||
Property | Shops at Fort Union | [3] | ||||
Date Acquired | 26-Sep-14 | [3] | ||||
Location | Midvale, UT | [3] | ||||
The Family Center at Orem | ||||||
Business Acquisition [Line Items] | ||||||
Property | The Family Center at Orem | [3] | ||||
Date Acquired | 26-Sep-14 | [3] | ||||
Location | Orem, UT | [3] | ||||
Downtown At The Gardens | ||||||
Business Acquisition [Line Items] | ||||||
Property | Downtown at the Gardens | |||||
Date Acquired | 1-Oct-14 | |||||
Location | Palm Beach Gardens, FL | |||||
Debt Assumed | 42,723 | |||||
Brandywine Crossing | ||||||
Business Acquisition [Line Items] | ||||||
Property | Brandywine Crossing | [4] | ||||
Date Acquired | 25-Nov-14 | [4] | ||||
Location | Brandywine, MD | [4] | ||||
West Broad Marketplace | ||||||
Business Acquisition [Line Items] | ||||||
Property | West Broad Marketplace | [5] | ||||
Date Acquired | 3-Dec-14 | [5] | ||||
Location | Richmond, VA | [5] | ||||
Riverpoint Marketplace | ||||||
Business Acquisition [Line Items] | ||||||
Property | Riverpoint Marketplace | |||||
Date Acquired | 19-Dec-14 | |||||
Location | Sacramento, CA | |||||
Highland Reserve | ||||||
Business Acquisition [Line Items] | ||||||
Property | Highland Reserve | |||||
Date Acquired | 29-Dec-14 | |||||
Location | Roseville, CA | |||||
Promenade Corporate Center | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Promenade Corporate Center | |||||
Date Acquired | 23-Jan-12 | |||||
Location | Scottsdale, AZ | |||||
EastChase Market Center | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | EastChase Market Center | |||||
Date Acquired | 17-Feb-12 | |||||
Location | Montgomery, AL | |||||
Lake Pleasant Pavilion | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Lake Pleasant Pavilion | |||||
Date Acquired | 16-May-12 | |||||
Location | Peoria, AZ | |||||
Debt Assumed | 28,250 | |||||
Chimney Rock | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Chimney Rock | |||||
Date Acquired | 30-Aug-12 | |||||
Location | Odessa, TX | |||||
Pavilion Crossing | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Pavilion Crossing | |||||
Date Acquired | 1-Oct-12 | |||||
Location | Brandon, FL | |||||
Dellagio | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Dellagio | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Orlando, FL | [6] | ||||
Lake Burden Shoppes | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Lake Burden Shoppes | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Orlando, FL | [6] | ||||
Meadow Ridge Plaza | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Meadow Ridge Plaza | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Orlando, FL | [6] | ||||
Shoppes of Belmere | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | Shoppes of Belmere | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Orlando, FL | [6] | ||||
West Broad Village | Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | West Broad Village | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Richmond, VA | [6] | ||||
Debt Assumed | 50,000 | [6] | ||||
La Costa Town Center | Unconsolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | La Costa Town Center | [7] | ||||
Date Acquired | 29-Feb-12 | [7] | ||||
Location | Carlsbad, CA | [7] | ||||
The Fountains at Bay Hill | Unconsolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Property | The Fountains at Bay Hill | [6] | ||||
Date Acquired | 19-Oct-12 | [6] | ||||
Location | Orlando, FL | [6] | ||||
Debt Assumed | $11,985 | [6] | ||||
[1] | On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease. | |||||
[2] | On November 18, 2013, the Company acquired an undeveloped land parcel comprising approximately 22.4 acres in Southlake (Dallas), Texas on which the Company intends to develop a retail shopping center with approximately 186,000 square feet of gross leasable area ("GLA"). The acquisition was accounted for as an asset acquisition, with the majority of the purchase price allocated to the value of the undeveloped land parcel and the capitalization of costs directly related to the transaction. Approximately $265,000 of the purchase price paid is held in an escrow account to be disbursed in connection with the construction of on-site infrastructure projects. In addition, subsequent to the acquisition of the property, the Company reimbursed the seller for construction costs previously incurred, which have been reflected on the accompanying consolidated balance sheets as construction in progress. | |||||
[3] | On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash. | |||||
[4] | On November 25, 2014, the Company acquired a developed outparcel that was previously not owned at the Brandywine Crossing retail property in Brandywine, MD (not considered a separate property). | |||||
[5] | On December 2, 2014, the Company entered into an agreement with a development partner to form a joint venture entity, which then acquired an undeveloped land parcel comprising approximately 60.4 acres in Richmond, Virginia on which the joint venture intends to develop a retail shopping center with approximately 405,000 square feet of GLA. The Company holds an 80% ownership interest in the entity with the remaining 20% ownership interest held by the development partner (see Note 6). The acquisition was accounted for as an asset acquisition, with the purchase price allocated to the value of the undeveloped land parcel. | |||||
[6] | On October 19, 2012, the Company completed the acquisition of a portfolio of five retail shopping centers and a 50% tenant-in-common interest in a sixth retail shopping center (an unconsolidated property, The Fountains at Bay Hill), which are located in Florida and Virginia. The purchase price of $259.2 million includes $192.1 million in cash paid, the assumption of $62.0 million in mortgage notes (including $12.0 million at The Fountains at Bay Hill) and the issuance of 411,184 OP units with a fair value of approximately $5.1 million based on a closing price of $12.36 per share of common stock on the date of acquisition. Five of the shopping centers are located in Orange County, Florida and comprise a total of approximately 319,000 square feet of GLA (the shopping center in which the Company has a 50% tenant-in-common interest comprises approximately 104,000 square feet of GLA). The sixth retail shopping center is located in Richmond, Virginia and comprises approximately 386,000 square feet of retail and commercial GLA, with an additional 339 apartment units on the upper levels of the shopping center. The Company has an agreement to purchase the remaining 50% tenant-in-common interest in the Florida shopping center if certain approvals are obtained. The Company's proportionate share of the assets purchased and liabilities and debt assumed with the acquisition of The Fountains at Bay Hill property are reflected on the accompanying consolidated balance sheets as an investment in unconsolidated entities (for more details, see Note 15). In connection with the acquisition of one of the Florida properties, the Company entered into a put option whereby it may resell the property to the former owner after a period of five years for a price equal to the original purchase price. The Company has estimated the asset to have a value of approximately $363,000 based on the fair value of the put option as of the date of acquisition. In addition, the Company has entered into a call option related to the acquisition of another Florida property whereby the former owner may purchase approximately 13,000 square feet of GLA currently utilized as its headquarters during a three-year period. The Company will account for the underlying lease as a direct finance lease and will continue to reflect the corresponding premises as leased and occupied until such time as the call option is exercised by the former owner. In connection with the acquisition, the value associated with the acquired building has been recorded net of the estimated fair value of the call option of $4.3 million. | |||||
[7] | This property was originally purchased as a consolidated property. However, in September 2012, the La Costa Town Center property was contributed in exchange for proceeds of approximately $21.2 million to a newly-formed entity in which the Company holds a 20% ownership interest (see Note 15). The Company accounts for its remaining equity ownership in the property in a manner similar to the equity method of accounting, which is reflected in the accompanying consolidated balance sheets as an investment in unconsolidated entities. |
Allocation_of_Purchase_Price_D
Allocation of Purchase Price (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ||||||
Building | 285,682 | 101,537 | ||||
Land | 82,018 | 66,496 | ||||
Above- Market Leases | 7,106 | 1,969 | ||||
Below-Market Leases | -19,716 | -6,669 | ||||
In-Place Leases | 62,866 | 15,980 | ||||
Debt (Premium)/ Discount | -1,440 | -936 | ||||
Purchase Price | 416,516 | 178,642 | ||||
Other | 265 | |||||
Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Below market lease, useful life | 117 months | [1] | 117 months | [2] | ||
Shops at Fort Union | ||||||
Business Acquisition [Line Items] | ||||||
Building | 100,173 | |||||
Land | 24,270 | |||||
Above- Market Leases | 862 | |||||
Below-Market Leases | -10,953 | |||||
In-Place Leases | 17,119 | |||||
Purchase Price | 131,471 | |||||
The Family Center at Orem | ||||||
Business Acquisition [Line Items] | ||||||
Building | 11,229 | |||||
Land | 4,450 | |||||
Below-Market Leases | -296 | |||||
In-Place Leases | 1,577 | |||||
Purchase Price | 16,960 | |||||
Downtown At The Gardens | ||||||
Business Acquisition [Line Items] | ||||||
Building | 91,241 | |||||
Land | 13,920 | |||||
Above- Market Leases | 5,268 | |||||
Below-Market Leases | -2,254 | |||||
In-Place Leases | 33,466 | |||||
Debt (Premium)/ Discount | -1,440 | |||||
Purchase Price | 140,201 | |||||
Brandywine Crossing | ||||||
Business Acquisition [Line Items] | ||||||
Building | 7,840 | |||||
Land | 2,910 | |||||
Above- Market Leases | 14 | |||||
Below-Market Leases | -286 | |||||
In-Place Leases | 1,068 | |||||
Purchase Price | 11,546 | |||||
Riverpoint Marketplace | ||||||
Business Acquisition [Line Items] | ||||||
Building | 33,024 | [3] | ||||
Land | 7,700 | [3] | ||||
Above- Market Leases | 281 | [3] | ||||
Below-Market Leases | -1,677 | [3] | ||||
In-Place Leases | 4,481 | [3] | ||||
Purchase Price | 43,809 | [3] | ||||
Highland Reserve | ||||||
Business Acquisition [Line Items] | ||||||
Building | 42,175 | [3] | ||||
Land | 8,750 | [3] | ||||
Above- Market Leases | 681 | [3] | ||||
Below-Market Leases | -4,250 | [3] | ||||
In-Place Leases | 5,155 | [3] | ||||
Purchase Price | 52,511 | [3] | ||||
Tracy Pavilion | ||||||
Business Acquisition [Line Items] | ||||||
Building | 22,611 | |||||
Land | 6,193 | |||||
Above- Market Leases | 163 | |||||
Below-Market Leases | -1,136 | |||||
In-Place Leases | 2,907 | |||||
Purchase Price | 30,738 | |||||
Stadium Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 28,872 | |||||
Land | 10,284 | |||||
Above- Market Leases | 882 | |||||
Below-Market Leases | -2,939 | |||||
In-Place Leases | 4,051 | |||||
Purchase Price | 41,150 | |||||
League City Town Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 24,767 | |||||
Land | 10,858 | |||||
Above- Market Leases | 315 | |||||
Below-Market Leases | -1,249 | |||||
In-Place Leases | 4,809 | |||||
Purchase Price | 39,500 | |||||
Living Spaces-Promenade | ||||||
Business Acquisition [Line Items] | ||||||
Building | 1,038 | [4] | ||||
Land | 14,514 | [4] | ||||
Below-Market Leases | -116 | [4] | ||||
In-Place Leases | 1,500 | [4] | ||||
Debt (Premium)/ Discount | -936 | [4] | ||||
Purchase Price | 16,000 | [4] | ||||
LA Fitness | ||||||
Business Acquisition [Line Items] | ||||||
Building | 9,957 | |||||
Land | 3,123 | |||||
In-Place Leases | 1,220 | |||||
Purchase Price | 14,300 | |||||
Cedar Square Shopping Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 2,808 | |||||
Land | 1,667 | |||||
Above- Market Leases | 38 | |||||
Below-Market Leases | -691 | |||||
In-Place Leases | 478 | |||||
Purchase Price | 4,300 | |||||
Southlake Park Village | ||||||
Business Acquisition [Line Items] | ||||||
Land | 15,989 | [5] | ||||
Purchase Price | 16,254 | [5] | ||||
Other | 265 | [5] | ||||
Centennial Crossroads Plaza | ||||||
Business Acquisition [Line Items] | ||||||
Building | 11,484 | |||||
Land | 3,868 | |||||
Above- Market Leases | 571 | |||||
Below-Market Leases | -538 | |||||
In-Place Leases | 1,015 | |||||
Purchase Price | 16,400 | |||||
West Broad Marketplace | ||||||
Business Acquisition [Line Items] | ||||||
Land | 20,018 | |||||
Purchase Price | 20,018 | |||||
Consolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Building | 287,167 | |||||
Land | 83,533 | |||||
Above- Market Leases | 8,993 | |||||
Below-Market Leases | -15,007 | |||||
In-Place Leases | 27,334 | |||||
Debt (Premium)/ Discount | -1,420 | |||||
Purchase Price | 395,104 | |||||
Other | 4,504 | |||||
Consolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Below market lease, useful life | 169 months | [2] | ||||
Consolidated Properties | West Broad Village | ||||||
Business Acquisition [Line Items] | ||||||
Building | 137,697 | [6] | ||||
Land | 24,543 | [6] | ||||
Above- Market Leases | 3,051 | [6] | ||||
Below-Market Leases | -5,627 | [6] | ||||
In-Place Leases | 9,240 | [6] | ||||
Purchase Price | 171,302 | [6] | ||||
Other | 2,398 | [6] | ||||
Consolidated Properties | Promenade Corporate Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 44,465 | [7] | ||||
Land | 4,477 | [7] | ||||
Above- Market Leases | 781 | [7] | ||||
Below-Market Leases | -749 | [7] | ||||
In-Place Leases | 3,279 | [7] | ||||
Purchase Price | 52,253 | [7] | ||||
Consolidated Properties | EastChase Market Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 19,567 | |||||
Land | 4,215 | |||||
Above- Market Leases | 360 | |||||
Below-Market Leases | -1,296 | |||||
In-Place Leases | 1,804 | |||||
Purchase Price | 24,650 | |||||
Consolidated Properties | Lake Pleasant Pavilion | ||||||
Business Acquisition [Line Items] | ||||||
Building | 28,127 | |||||
Land | 9,958 | |||||
Above- Market Leases | 2,857 | |||||
Below-Market Leases | -184 | |||||
In-Place Leases | 2,412 | |||||
Debt (Premium)/ Discount | -1,420 | |||||
Purchase Price | 41,750 | |||||
Consolidated Properties | Chimney Rock | ||||||
Business Acquisition [Line Items] | ||||||
Building | 14,089 | [8] | ||||
Land | 7,368 | [8] | ||||
Below-Market Leases | -2,291 | [8] | ||||
In-Place Leases | 2,532 | [8] | ||||
Purchase Price | 23,804 | [8] | ||||
Other | 2,106 | [8] | ||||
Consolidated Properties | Pavilion Crossing | ||||||
Business Acquisition [Line Items] | ||||||
Building | 9,268 | |||||
Land | 3,729 | |||||
Above- Market Leases | 153 | |||||
Below-Market Leases | -1,344 | |||||
In-Place Leases | 1,490 | |||||
Purchase Price | 13,296 | |||||
Consolidated Properties | Dellagio | ||||||
Business Acquisition [Line Items] | ||||||
Building | 20,106 | |||||
Land | 16,780 | |||||
Above- Market Leases | 1,277 | |||||
Below-Market Leases | -2,031 | |||||
In-Place Leases | 3,972 | |||||
Purchase Price | 40,104 | |||||
Consolidated Properties | Lake Burden Shoppes | ||||||
Business Acquisition [Line Items] | ||||||
Building | 4,020 | |||||
Land | 3,981 | |||||
Below-Market Leases | -79 | |||||
In-Place Leases | 601 | |||||
Purchase Price | 8,523 | |||||
Consolidated Properties | Meadow Ridge Plaza | ||||||
Business Acquisition [Line Items] | ||||||
Building | 4,706 | |||||
Land | 3,781 | |||||
Above- Market Leases | 348 | |||||
Below-Market Leases | -246 | |||||
In-Place Leases | 1,140 | |||||
Purchase Price | 9,729 | |||||
Consolidated Properties | Shoppes of Belmere | ||||||
Business Acquisition [Line Items] | ||||||
Building | 5,122 | |||||
Land | 4,701 | |||||
Above- Market Leases | 166 | |||||
Below-Market Leases | -1,160 | |||||
In-Place Leases | 864 | |||||
Purchase Price | 9,693 | |||||
Unconsolidated Properties | ||||||
Business Acquisition [Line Items] | ||||||
Building | 24,083 | |||||
Land | 18,288 | |||||
Above- Market Leases | 335 | |||||
Below-Market Leases | -3,099 | |||||
In-Place Leases | 3,699 | |||||
Purchase Price | 43,306 | |||||
Unconsolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Below market lease, useful life | 106 months | [2] | ||||
Unconsolidated Properties | La Costa Town Center | ||||||
Business Acquisition [Line Items] | ||||||
Building | 15,054 | [9] | ||||
Land | 8,383 | [9] | ||||
Above- Market Leases | 86 | [9] | ||||
Below-Market Leases | -2,069 | [9] | ||||
In-Place Leases | 2,046 | [9] | ||||
Purchase Price | 23,500 | [9] | ||||
Unconsolidated Properties | The Fountains at Bay Hill | ||||||
Business Acquisition [Line Items] | ||||||
Building | 9,029 | [10] | ||||
Land | 9,905 | [10] | ||||
Above- Market Leases | 249 | [10] | ||||
Below-Market Leases | -1,030 | [10] | ||||
In-Place Leases | 1,653 | [10] | ||||
Purchase Price | 19,806 | [10] | ||||
Above Market Leases | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 90 months | [1] | 56 months | [2] | ||
Above Market Leases | Consolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 76 months | [2] | ||||
Above Market Leases | Unconsolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 34 months | [2] | ||||
In-Place Leases | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 74 months | 78 months | ||||
In-Place Leases | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 80 months | [1] | 150 months | [2] | ||
In-Place Leases | Consolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 105 months | [2] | ||||
In-Place Leases | Unconsolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 55 months | [2] | ||||
Debt (Premium)/Discount | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 92 months | [1] | 76 months | [2] | ||
Debt (Premium)/Discount | Consolidated Properties | Purchase Price At Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Remaining useful life | 65 months | [2] | ||||
[1] | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities. | |||||
[2] | Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition. | |||||
[3] | As of December 31, 2014, the purchase price allocation related to the acquisition of these properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from these initial estimates. | |||||
[4] | On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease. | |||||
[5] | On November 18, 2013, the Company acquired an undeveloped land parcel comprising approximately 22.4 acres in Southlake (Dallas), Texas on which the Company intends to develop a retail shopping center with approximately 186,000 square feet of gross leasable area ("GLA"). The acquisition was accounted for as an asset acquisition, with the majority of the purchase price allocated to the value of the undeveloped land parcel and the capitalization of costs directly related to the transaction. Approximately $265,000 of the purchase price paid is held in an escrow account to be disbursed in connection with the construction of on-site infrastructure projects. In addition, subsequent to the acquisition of the property, the Company reimbursed the seller for construction costs previously incurred, which have been reflected on the accompanying consolidated balance sheets as construction in progress. | |||||
[6] | Amount indicated as other for the West Broad Village acquisition includes approximately $2.4 million of furniture, fixtures and equipment associated with 339 apartment units on the property. | |||||
[7] | The purchase price of $52.3 million reflects $13.9 million in cash paid and the issuance of 3,230,769 shares of common stock with a fair value of approximately $39.1 million based on a closing price of $12.11 per share on the date of acquisition. The purchase price noted above is net of master lease agreements between the Company and the seller in the amount of $772,000 (included in other assets on the accompanying consolidated balance sheets) based on the estimated fair value of funds expected to be received from escrow in connection with the acquisition. Payments under the master lease agreements commenced upon the expiration of two existing leases in June 2012 and February 2013 (with terms through May 2013 and January 2015, respectively). In addition, the seller has agreed to reimburse the Company for any expenditures resulting from tenant improvements or leasing commissions related to the spaces to the extent that funds remain available pertaining to the master lease agreements. See Note 19 for a discussion of changes in the fair value of this asset after the initial acquisition. | |||||
[8] | The purchase price of $23.8 million noted above includes a long-term asset recognized at acquisition with a valuation of approximately $3.0 million (included in other assets) and a long-term liability with a preliminary valuation of approximately $906,000 (included in accounts payable and other liabilities). The long-term asset and the long-term liability reflect the estimated fair value of funds expected to be received pursuant to an economic development agreement executed between the previous owner of the property and the City of Odessa and the portion of such funds that is owed to a third party. As a result of the agreement, the Company is eligible to receive a refund of up to $5.1 million in municipal sales taxes generated by retail sales at the property over a period of up to 15 years. Both the long-term asset and the long-term liability will be accreted to their respective gross balances of $5.1 million and $1.0 million, respectively, over periods of 14 years and three years, respectively. | |||||
[9] | This property was originally purchased as a consolidated property. However, in September 2012, the La Costa Town Center property was contributed in exchange for proceeds of approximately $21.2 million to a newly-formed entity in which the Company holds a 20% ownership interest (see Note 15). The Company accounts for its remaining equity ownership in the property in a manner similar to the equity method of accounting, which is reflected in the accompanying consolidated balance sheets as an investment in unconsolidated entities. | |||||
[10] | Amount of assets acquired and liabilities assumed for The Fountains at Bay Hill property reflect the Company's 50% tenant-in-common interest in the property. These balances, as well as the Company's $12.0 million proportionate share of the outstanding indebtedness at the property, are reflected as investment in unconsolidated entities on the accompanying consolidated balance sheets. |
Allocation_of_Purchase_Price_P
Allocation of Purchase Price (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2012 | Nov. 18, 2013 | Dec. 31, 2013 | Sep. 26, 2014 | Oct. 19, 2012 | Dec. 31, 2014 | Oct. 31, 2012 | Dec. 02, 2014 | |||
Property | Property | Property | acre | |||||||
Business Acquisition [Line Items] | ||||||||||
Purchase Price | $178,642,000 | 416,516,000 | ||||||||
Assets received in connection with property acquisitions | 772,000 | |||||||||
Purchase price of net of a long term Assets | 23,800,000 | |||||||||
Fair value of funds of other assets | 3,000,000 | |||||||||
Asset recognized along with a corresponding long-term liability | 906,000 | |||||||||
Refund in Municipal Sales Taxes | 5,100,000 | |||||||||
Period of Retail Sales | 15 years | |||||||||
Gross Balance of long term asset | 5,100,000 | |||||||||
Gross Balance of long term liability | 1,000,000 | |||||||||
Period of gross balance of long term asset | 14 years | |||||||||
Period of Gross Balance of long term liability | 3 years | |||||||||
Outstanding indebtedness at property | 12,000,000 | |||||||||
Bay Hill Property | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of acquisition | 50.00% | |||||||||
West Broad Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price allocated to furniture, fixtures and equipment | 2,400,000 | |||||||||
Number of apartment acquired | 339 | |||||||||
Southlake Park Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 18-Nov-13 | [1] | ||||||||
Square Footage | 22.4 | |||||||||
Purchase price paid and held in escrow account | 265,000 | |||||||||
Purchase Price | 16,254,000 | [1] | ||||||||
Gem Llc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to purchase entity | 21,200,000 | |||||||||
Percentage of ownership interest | 20.00% | |||||||||
Richmond Virginia | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 60.4 | |||||||||
Ownership interest percentage | 80.00% | |||||||||
Richmond Virginia | Development partner | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ownership interest percentage | 20.00% | |||||||||
Retail Space | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 26-Sep-14 | |||||||||
Number of businesses acquired | 2 | |||||||||
Aggregate purchase price for the acquisition cash paid | 148,400,000 | |||||||||
Retail Space | Southlake Park Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 186,000 | |||||||||
Retail Space | The Fountains at Bay Hill | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 29-Oct-12 | |||||||||
Number of businesses acquired | 5 | |||||||||
Aggregate purchase price for the acquisition cash paid | 192,100,000 | |||||||||
Percentage of acquisition | 50.00% | |||||||||
Purchase Price | 259,200,000 | |||||||||
Aggregate purchase price for the acquisition Including mortgage notes | 62,000,000 | |||||||||
Issuance of stock in connection with acquisition | 411,184 | |||||||||
Fair value of the common stock related to acquisition | 5,100,000 | |||||||||
Closing price of shares on date of acquisition | $12.36 | |||||||||
Retail Space | Florida | Southeast Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of businesses acquired | 5 | |||||||||
Square Footage | 319,000 | |||||||||
Agreement to purchase the remaining percentage | 50.00% | |||||||||
Retail Space | Florida | Southeast Portfolio | Bay Hill Property | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 104,000 | |||||||||
Retail Space | Richmond Virginia | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 405,000 | |||||||||
Retail Space | Richmond Virginia | Southeast Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of acquisition | 50.00% | |||||||||
Retail and Commercial | Southeast Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 386,000 | |||||||||
Number of additional apartment units | 339 | |||||||||
Consolidated Properties | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase Price | 395,104,000 | |||||||||
Consolidated Properties | West Broad Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 19-Oct-12 | [2] | ||||||||
Purchase Price | 171,302,000 | [3] | ||||||||
Consolidated Properties | Promenade Corporate Center | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 23-Jan-12 | |||||||||
Aggregate purchase price for the acquisition cash paid | 13,900,000 | |||||||||
Purchase Price | 52,253,000 | [4] | ||||||||
Issuance of stock in connection with acquisition | 3,230,769 | |||||||||
Fair value of the common stock related to acquisition | 39,100,000 | |||||||||
Closing price of shares on date of acquisition | $12.11 | |||||||||
Assets received in connection with property acquisitions | 772,000 | |||||||||
Unconsolidated Properties | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase Price | 43,306,000 | |||||||||
Unconsolidated Properties | The Fountains at Bay Hill | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | 19-Oct-12 | [2] | ||||||||
Purchase Price | 19,806,000 | [5] | ||||||||
Unconsolidated Properties | Retail Space | The Fountains at Bay Hill | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price for the acquisition Including mortgage notes | 12,000,000 | |||||||||
Put Option | Real Estate | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Price risk derivative, term | 5 years | |||||||||
Fair value of price risk derivative | 363,000 | |||||||||
Call Option | Real Estate | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Square Footage | 13,000 | |||||||||
Price risk derivative, term | 3 years | |||||||||
Fair value of price risk derivative | $4,300,000 | |||||||||
[1] | On November 18, 2013, the Company acquired an undeveloped land parcel comprising approximately 22.4 acres in Southlake (Dallas), Texas on which the Company intends to develop a retail shopping center with approximately 186,000 square feet of gross leasable area ("GLA"). The acquisition was accounted for as an asset acquisition, with the majority of the purchase price allocated to the value of the undeveloped land parcel and the capitalization of costs directly related to the transaction. Approximately $265,000 of the purchase price paid is held in an escrow account to be disbursed in connection with the construction of on-site infrastructure projects. In addition, subsequent to the acquisition of the property, the Company reimbursed the seller for construction costs previously incurred, which have been reflected on the accompanying consolidated balance sheets as construction in progress. | |||||||||
[2] | On October 19, 2012, the Company completed the acquisition of a portfolio of five retail shopping centers and a 50% tenant-in-common interest in a sixth retail shopping center (an unconsolidated property, The Fountains at Bay Hill), which are located in Florida and Virginia. The purchase price of $259.2 million includes $192.1 million in cash paid, the assumption of $62.0 million in mortgage notes (including $12.0 million at The Fountains at Bay Hill) and the issuance of 411,184 OP units with a fair value of approximately $5.1 million based on a closing price of $12.36 per share of common stock on the date of acquisition. Five of the shopping centers are located in Orange County, Florida and comprise a total of approximately 319,000 square feet of GLA (the shopping center in which the Company has a 50% tenant-in-common interest comprises approximately 104,000 square feet of GLA). The sixth retail shopping center is located in Richmond, Virginia and comprises approximately 386,000 square feet of retail and commercial GLA, with an additional 339 apartment units on the upper levels of the shopping center. The Company has an agreement to purchase the remaining 50% tenant-in-common interest in the Florida shopping center if certain approvals are obtained. The Company's proportionate share of the assets purchased and liabilities and debt assumed with the acquisition of The Fountains at Bay Hill property are reflected on the accompanying consolidated balance sheets as an investment in unconsolidated entities (for more details, see Note 15). In connection with the acquisition of one of the Florida properties, the Company entered into a put option whereby it may resell the property to the former owner after a period of five years for a price equal to the original purchase price. The Company has estimated the asset to have a value of approximately $363,000 based on the fair value of the put option as of the date of acquisition. In addition, the Company has entered into a call option related to the acquisition of another Florida property whereby the former owner may purchase approximately 13,000 square feet of GLA currently utilized as its headquarters during a three-year period. The Company will account for the underlying lease as a direct finance lease and will continue to reflect the corresponding premises as leased and occupied until such time as the call option is exercised by the former owner. In connection with the acquisition, the value associated with the acquired building has been recorded net of the estimated fair value of the call option of $4.3 million. | |||||||||
[3] | Amount indicated as other for the West Broad Village acquisition includes approximately $2.4 million of furniture, fixtures and equipment associated with 339 apartment units on the property. | |||||||||
[4] | The purchase price of $52.3 million reflects $13.9 million in cash paid and the issuance of 3,230,769 shares of common stock with a fair value of approximately $39.1 million based on a closing price of $12.11 per share on the date of acquisition. The purchase price noted above is net of master lease agreements between the Company and the seller in the amount of $772,000 (included in other assets on the accompanying consolidated balance sheets) based on the estimated fair value of funds expected to be received from escrow in connection with the acquisition. Payments under the master lease agreements commenced upon the expiration of two existing leases in June 2012 and February 2013 (with terms through May 2013 and January 2015, respectively). In addition, the seller has agreed to reimburse the Company for any expenditures resulting from tenant improvements or leasing commissions related to the spaces to the extent that funds remain available pertaining to the master lease agreements. See Note 19 for a discussion of changes in the fair value of this asset after the initial acquisition. | |||||||||
[5] | Amount of assets acquired and liabilities assumed for The Fountains at Bay Hill property reflect the Company's 50% tenant-in-common interest in the property. These balances, as well as the Company's $12.0 million proportionate share of the outstanding indebtedness at the property, are reflected as investment in unconsolidated entities on the accompanying consolidated balance sheets. |
Pro_Forma_Information_Detail
Pro Forma Information (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ||||||
Revenues | $160,861 | $160,038 | $119,938 | |||
Net income | $11,212 | [1] | $19,804 | [1] | $5,197 | [1] |
Earnings per share | ($0.03) | $0.17 | ($0.16) | |||
[1] | Pro forma results for the years ended December 31, 2014, 2013 and 2012 were adjusted to exclude non-recurring acquisition costs of approximately $1.8 million, $241,000 and $919,000, respectively, related to the 2014, 2013 and 2012 acquisitions. The pro forma results for the year ended December 31, 2013 were adjusted to include non-recurring costs relating to the 2014 acquisitions of $1.8 million. The pro forma results for the year ended December 31, 2012 were adjusted to include non-recurring costs relating to the 2013 acquisitions of $241,000. A portion of the 2012 acquisitions were funded with proceeds from the offering of 8.125% Series B Cumulative Redeemable Preferred Stock ("Series B preferred stock"). However, pro forma net income for the year ended December 31, 2012 is not adjusted for this funding as the assumed Series B preferred stock quarterly dividends of approximately $1.9 million are not included in the determination of net income (included only as a reduction of net income (loss) attributable to the common stockholders). |
Pro_Forma_Information_Parenthe
Pro Forma Information (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||
Nonrecurring Acquisition Cost | $1,800,000 | $241,000 | $919,000 |
8.125% Series B cumulative redeemable preferred stock | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate, percentage | 8.13% | ||
Series B preferred stock quarterly dividend | $1,900,000 |
Schedule_of_Lease_Intangible_A
Schedule of Lease Intangible Assets, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease intangibles, net | $123,373 | $78,345 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease intangibles, net | 78,336 | 47,058 |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease intangibles, net | 16,436 | 13,725 |
Leasing Commissions | ||
Finite-Lived Intangible Assets [Line Items] | ||
Lease intangibles, net | $28,601 | $17,562 |
Schedule_of_Lease_Intangible_A1
Schedule of Lease Intangible Assets, Net (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization for lease intangible assets | $31.10 | $26.70 |
Weighted average remaining life of lease intangible assets (in months) | 74 months | 78 months |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization for lease intangible assets | 8.8 | 7.5 |
Weighted average remaining life of lease intangible assets (in months) | 69 months | 62 months |
Leasing Commissions | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization for lease intangible assets | $8.70 | $7.10 |
Weighted average remaining life of lease intangible assets (in months) | 93 months | 99 months |
Estimated_Amortization_of_Leas
Estimated Amortization of Lease Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Expected Amortization Expense [Line Items] | ||
2015 | $28,060 | |
2016 | 19,900 | |
2017 | 16,585 | |
2018 | 14,042 | |
2019 | 10,856 | |
Thereafter | 33,930 | |
Total | $123,373 | $78,345 |
Lease_Intangible_Assets_Net_Ad
Lease Intangible Assets Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense recorded on the lease intangible assets | ($407) | $418 | $65 |
Leasing Commissions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense recorded on the lease intangible assets | 23,200 | 23,400 | 19,800 |
Above Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense recorded on the lease intangible assets | $4,400 | $4,600 | $3,400 |
Lease_Intangible_Liabilities_N2
Lease Intangible Liabilities Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Lease Intangible Liabilities, Net [Line Items] | ||
Below-market leases, net of accumulated amortization of $11.0 million and $7.9 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 116 and 123 months as of December 31, 2014 and 2013, respectively) | $42,470 | $28,114 |
Lease_Intangible_Liabilities_N3
Lease Intangible Liabilities Net (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Lease Intangible Liabilities, Net [Line Items] | ||
Accumulated amortization of lease intangible liabilities | $11 | $7.90 |
Weighted average remaining life of lease intangible liabilities (in months) | 116 months | 123 months |
Lease_Intangible_Liabilities_N4
Lease Intangible Liabilities Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Lease Intangible Assets, Net [Line Items] | |||
Amortization of lease intangible liabilities | $4.80 | $4.20 | $3.40 |
Estimated_Amortization_of_Leas1
Estimated Amortization of Lease Intangible Liabilities (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | |
2015 | $6,333 |
2016 | 5,357 |
2017 | 4,958 |
2018 | 4,536 |
2019 | 3,993 |
Thereafter | 17,293 |
Total | $42,470 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
sqft | ||
Variable Interest Entity [Line Items] | ||
Joint venture ownership percentage | 50.00% | |
Gross leaseable area | 171,670 | |
Total carrying amount of assets | $39.80 | $15.50 |
Real estate assets | 37.1 | 13.3 |
Total carrying amount of liabilities | $37.90 | $14.30 |
West Broad Marketplace | ||
Variable Interest Entity [Line Items] | ||
Joint venture ownership percentage | 80.00% | |
Gross leaseable area | 405,000 |
Mortgage_Loan_and_Note_Receiva1
Mortgage Loan and Note Receivable - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2014 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Amount of note receivable to an affiliate | $750,000 | ||||
Interest rate for the note receivable | 10.00% | ||||
Redemption of third party interest Agreed payment | 2,000,000 | ||||
Cash payment for property | 1,100,000 | 35,497,000 | 23,119,000 | 9,101,000 | |
Construction in progress | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Cash payment for property | 1,100,000 | ||||
Notes Receivable Net Of Accrued Interest | Construction in progress | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Conversion of note receivable | 750,000 | ||||
Accrued Interest | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Conversion of note receivable | $160,000 |
Mortgages_Payable_Net_Detail
Mortgages Payable Net (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Mortgage notes payable, net | $192,748 | $251,191 | ||
Excel Trust, L.P. | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 190,329 | 249,894 | ||
Plus: (discount)/premium | 2,419 | [1] | 1,297 | [1] |
Mortgage notes payable, net | 192,748 | 251,191 | ||
Contractual Interest Rate | 1.32% | |||
Effective Interest Rate | 0.05% | 0.10% | ||
Excel Trust, L.P. | Living Spaces-Promenade | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 6,667 | 7,075 | ||
Contractual Interest Rate | 7.88% | |||
Effective Interest Rate | 4.59% | |||
Monthly Payment | 80 | [2] | ||
Maturity Date | 2019-11 | |||
Excel Trust, L.P. | Edwards Theatres | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 11,520 | |||
Excel Trust, L.P. | Red Rock Commons | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 13,970 | |||
Excel Trust, L.P. | Excel Centre | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 12,018 | |||
Excel Trust, L.P. | Merchant Central | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 4,370 | |||
Excel Trust, L.P. | Gilroy Crossing | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 45,836 | |||
Excel Trust, L.P. | The Promenade | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 46,125 | 47,957 | ||
Contractual Interest Rate | 4.80% | |||
Effective Interest Rate | 4.80% | |||
Monthly Payment | 344 | [2] | ||
Maturity Date | 2015-10 | |||
Excel Trust, L.P. | 5000 South Hulen | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 13,174 | 13,421 | ||
Contractual Interest Rate | 5.60% | |||
Effective Interest Rate | 6.90% | |||
Monthly Payment | 83 | [2] | ||
Maturity Date | 2017-04 | |||
Excel Trust, L.P. | Lake Pleasant Pavilion | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 27,513 | 27,855 | ||
Contractual Interest Rate | 6.09% | |||
Effective Interest Rate | 5.00% | |||
Monthly Payment | 143 | [2] | ||
Maturity Date | 2017-10 | |||
Excel Trust, L.P. | West Broad Marketplace | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 1,772 | [3] | ||
Contractual Interest Rate | 2.49% | [3] | ||
Effective Interest Rate | 2.49% | [3] | ||
Monthly Payment | 2 | [2],[3] | ||
Maturity Date | 2018-01 | [3] | ||
Excel Trust, L.P. | Rite Aid - Vestavia Hills | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 833 | 1,015 | ||
Contractual Interest Rate | 7.25% | |||
Effective Interest Rate | 7.25% | |||
Monthly Payment | 21 | [2] | ||
Maturity Date | 2018-10 | |||
Excel Trust, L.P. | West Broad Village | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 39,700 | 39,700 | ||
Contractual Interest Rate | 3.33% | |||
Effective Interest Rate | 3.33% | |||
Monthly Payment | 110 | [2] | ||
Maturity Date | 2020-05 | |||
Excel Trust, L.P. | Downtown At The Gardens | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 42,545 | |||
Contractual Interest Rate | 4.60% | |||
Effective Interest Rate | 4.00% | |||
Monthly Payment | 253 | [2] | ||
Maturity Date | 2022-06 | |||
Excel Trust, L.P. | Lowe's, Shippensburg | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 13,157 | |||
Excel Trust, L.P. | Northside Mall | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount of Mortgage Notes | 12,000 | [4] | 12,000 | [4] |
Contractual Interest Rate | 0.05% | [4] | ||
Effective Interest Rate | 1.05% | [4] | ||
Monthly Payment | $1 | [2],[4] | ||
Maturity Date | 2035-11 | [4] | ||
[1] | Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter's discount for the issuance of redevelopment bonds. | |||
[2] | Amount represents the monthly payment of principal and interest at December 31, 2014. | |||
[3] | In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for an additional two one-year periods through January 2020 upon the payment of an extension fee. As of December 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 230 basis points (variable interest rate of 2.49% at December 31, 2014). | |||
[4] | The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at December 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company's unsecured revolving credit facility. An underwriter's discount related to the original issuance of the bonds with a remaining balance of $100,000 and $105,000 at December 31, 2014 and 2013, respectively, is being amortized as additional interest expense through November 2035. |
Mortgages_Payable_Net_Parenthe
Mortgages Payable Net (Parenthetical) (Detail) (Excel Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Maturity date | 30-Jun-15 | 6-Apr-18 | ||
Market value of bonds interest rate | 0.05% | 0.10% | ||
Letter of credit issued under revolving credit facility | $12,100,000 | |||
Underwriter's discount related to original issuance of the bonds | 100,000 | 105,000 | ||
West Broad Marketplace | ||||
Debt Instrument [Line Items] | ||||
Construction Loan | $58,000,000 | |||
Maturity date | 31-Jan-20 | |||
Loan maturity period additional extension period | An additional two one-year periods | |||
Loan bears interest rate of LIBOR plus | 2.49% | |||
Market value of bonds interest rate | 2.49% | [1] | ||
West Broad Marketplace | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Loan bears interest rate of LIBOR plus | 2.30% | |||
Redevelopment revenue bonds | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 30-Nov-35 | |||
[1] | In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for an additional two one-year periods through January 2020 upon the payment of an extension fee. As of December 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 230 basis points (variable interest rate of 2.49% at December 31, 2014). |
Debt_of_the_Operating_Partners
Debt of the Operating Partnership - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
12-May-14 | Dec. 31, 2014 | Dec. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Two Thousand Twenty Four Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Maturity date | 15-May-24 | ||||
Debt instrument stated percentage | 4.63% | ||||
Aggregate principal amount of senior unsecured notes | $250,000,000 | ||||
Percentage of debt issuance of the principal amount | 99.48% | ||||
Yield percentage senior unsecured notes | 4.69% | ||||
Interest payable description senior unsecured notes | Interest is payable on May 15 and November 15 of each year beginning November 15, 2014 until the maturity date of May 15, 2024 | ||||
Minimum | Two Thousand Twenty Four Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Redemption price percentage of senior unsecured notes | 100.00% | ||||
Excel Trust, L.P. | |||||
Line of Credit Facility [Line Items] | |||||
Total interest cost capitalized | 1,400,000 | 142,000 | 243,000 | ||
Increase in borrowings under the credit facility | 50,000,000 | ||||
Maturity date | 6-Apr-18 | 30-Jun-15 | |||
Debt instrument stated percentage | 1.32% | ||||
Letter of credit from the unsecured revolving credit facility | 12,100,000 | ||||
Carrying Amount of Debt Instrument | 190,329,000 | 249,894,000 | |||
Aggregate principal amount of senior unsecured notes | 100,000,000 | ||||
Excel Trust, L.P. | Two Thousand Twenty Four Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount of senior unsecured notes | 250,000,000 | ||||
Excel Trust, L.P. | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility bears interest | 1.30% | 1.15% | |||
Excel Trust, L.P. | Minimum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility bears interest | 0.90% | ||||
Excel Trust, L.P. | Maximum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility bears interest | 1.70% | ||||
Excel Trust, L.P. | Series A Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount of senior unsecured notes | 75,000,000 | ||||
Debt maturity date | 2020-11 | ||||
Debt fixed interest rate | 4.40% | ||||
Excel Trust, L.P. | Series B Senior Notes | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount of senior unsecured notes | 25,000,000 | ||||
Debt maturity date | 2023-11 | ||||
Debt fixed interest rate | 5.19% | ||||
Excel Trust, L.P. | Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Increase in borrowings under the credit facility | 300,000,000 | ||||
Revolving credit facility, covenants requiring the maintenance | (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. | ||||
Borrowings from revolving credit facility | 238,000,000 | 179,500,000 | |||
Revolving credit facility, weighted-average interest rate | 1.47% | 1.67% | |||
Letter of credit from the unsecured revolving credit facility | 16,900,000 | ||||
Carrying Amount of Debt Instrument | 12,000,000 | ||||
Available for borrowing under the unsecured revolving credit facility | 45,100,000 | ||||
Excel Trust, L.P. | Credit Agreement | Scenario, Adjustment | |||||
Line of Credit Facility [Line Items] | |||||
Increase in borrowings under the credit facility | 500,000,000 | ||||
Increase in additional borrowings under revolving credit facility | 200,000,000 | ||||
Excel Trust, L.P. | 2013 Amendment | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of unused fee | 0.25% | ||||
Excel Trust, L.P. | 2013 Amendment | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of unused fee | 0.30% |
Mortgage_Debt_Maturities_Detai
Mortgage Debt Maturities (Detail) (Excel Trust, L.P., USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Excel Trust, L.P. | ||
Debt Instrument [Line Items] | ||
2015 | $48,606 | |
2016 | 3,070 | |
2017 | 42,192 | |
2018 | 4,722 | |
2019 | 6,390 | |
Thereafter | 85,349 | |
Long-term Debt, Gross | $190,329 | $249,894 |
Carrying_Value_of_Unsecured_No
Carrying Value of Unsecured Notes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 12-May-14 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Carrying value | $398,758 | $100,000 | |
Two Thousand Twenty Four Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | 250,000 | ||
Excel Trust, L.P. | |||
Debt Instrument [Line Items] | |||
Principal amount | 100,000 | ||
Carrying value | 398,758 | 100,000 | |
Excel Trust, L.P. | Two Thousand Twenty Four Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | 250,000 | ||
Unamortized debt discount | -1,242 | ||
Carrying value | $248,758 |
Earnings_Per_Share_of_the_Pare2
Earnings Per Share of the Parent Company - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
7.00% Series A cumulative convertible perpetual preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 2,979,720 | 3,347,661 | 3,333,400 |
Dividend rate on preferred Series A stock | 7.00% | 7.00% | 7.00% |
Unvested Restricted Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 601,366 | 669,587 | 701,396 |
Contingently Issuable Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 72,944 | ||
Operating Partnership Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,019,523 | 1,197,553 | 1,231,496 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Parent Company) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic earnings per Share: | |||||||||||
Income (loss) from continuing operations | $2,394 | $1,520 | $3,427 | $219 | $9,092 | $7,573 | $1,710 | ||||
Preferred dividends | -10,380 | -10,976 | -10,353 | ||||||||
Cost of redemption of preferred stock | -210 | -1,477 | -1,687 | ||||||||
Allocation to participating securities | -299 | -419 | -456 | ||||||||
Income from continuing operations attributable to non-controlling interests | -340 | -531 | -340 | ||||||||
Loss from continuing operations applicable to the common stockholders | -3,614 | -4,353 | -9,439 | ||||||||
Net income (loss) attributable to the common stockholders | 903 | -2,830 | -839 | -549 | -366 | 10,739 | 623 | -2,448 | -3,315 | 8,548 | -8,490 |
Allocation to participating securities | -299 | -419 | -456 | ||||||||
Net income (loss) applicable to the common stockholders | ($3,614) | $8,129 | ($8,946) | ||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic and diluted | 54,340,537 | 46,925,760 | 34,680,877 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Loss from continuing operations per share attributable to the common stockholders | ($0.07) | ($0.09) | ($0.27) | ||||||||
Income from discontinued operations per share attributable to the common stockholders | $0.26 | $0.01 | |||||||||
Net income (loss) per share attributable to the common stockholders | ($0.07) | $0.17 | ($0.26) |
Earnings_Per_Unit_of_the_Opera
Earnings Per Unit of the Operating Partnership - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unvested Restricted Shares | |||
Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 601,366 | 669,587 | 701,396 |
Contingently Issuable Shares | |||
Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 72,944 | ||
Excel Trust, L.P. | |||
Computation Of Earnings Per Share [Line Items] | |||
Dividend rate on preferred Series A stock | 7.00% | 7.00% | 7.00% |
Excel Trust, L.P. | Unvested Restricted Shares | |||
Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 601,366 | 669,587 | 701,396 |
Excel Trust, L.P. | Contingently Issuable Shares | |||
Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 72,944 | ||
Excel Trust, L.P. | 7.00% Series A cumulative convertible perpetual preferred units | |||
Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 2,979,720 | 3,347,661 | 3,333,400 |
Computation_of_Basic_and_Dilut1
Computation of Basic and Diluted Earnings Per Share (Operating Partnership) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic earnings per unit: | |||||||||
Income (loss) from continuing operations | $2,394 | $1,520 | $3,427 | $219 | $9,092 | $7,573 | $1,710 | ||
Cost of redemption of preferred OP units | -210 | -1,477 | -1,687 | ||||||
Allocation to participating securities | -299 | -419 | -456 | ||||||
Income from continuing operations attributable to non-controlling interests | -340 | -531 | -340 | ||||||
Loss from continuing operations applicable to the common stockholders | -3,614 | -4,353 | -9,439 | ||||||
Allocation to participating securities | -299 | -419 | -456 | ||||||
Excel Trust, L.P. | |||||||||
Basic earnings per unit: | |||||||||
Income (loss) from continuing operations | 2,394 | 1,520 | 3,427 | 219 | 9,092 | 7,573 | 1,710 | ||
Preferred distributions | -10,380 | -10,976 | -10,353 | ||||||
Cost of redemption of preferred OP units | -210 | -1,477 | -1,687 | ||||||
Allocation to participating securities | -299 | -419 | -456 | ||||||
Income from continuing operations attributable to non-controlling interests | -366 | -335 | -279 | ||||||
Loss from continuing operations applicable to the common stockholders | -3,640 | -4,157 | -9,378 | ||||||
Net income (loss) attributable to the unitholders | -3,341 | 8,781 | -8,787 | ||||||
Allocation to participating securities | -299 | -419 | -456 | ||||||
Net income (loss) applicable to the unitholders | ($3,640) | $8,362 | ($9,243) | ||||||
Weighted-average common OP units outstanding: | |||||||||
Basic and diluted | 55,495,318 | 48,123,312 | 35,912,370 | ||||||
Basic and diluted earnings per unit: | |||||||||
Loss from continuing operations per unit attributable to the unitholders | ($0.07) | ($0.09) | ($0.26) | ||||||
Income from discontinued operations per unit attributable to the unitholders | $0.26 | ||||||||
Net income (loss) per unit attributable to the unitholders | ($0.07) | $0.17 | ($0.26) |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Derivative | ||||
Derivative [Line Items] | ||||
Derivative financial instruments outstanding | $0 | |||
Earnings attributable to hedge ineffectiveness | 0 | 0 | 0 | |
Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Notional value of two pay-fixed interest rate swaps | $55,800,000 | |||
Weighted average interest rate | 1.41% | |||
Number of derivative instruments | 2 |
Companys_Derivative_Financial_
Company's Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ||
Amount of unrealized loss (loss) recognized in OCI (effective portion) | ($19) | ($305) |
Amount of loss reclassified from accumulated OCI into income (effective portion) | -639 | -649 |
Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | 230 | 1,530 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Amount of unrealized loss (loss) recognized in OCI (effective portion) | -19 | -305 |
Interest Rate Swaps | Interest Expense | ||
Derivative [Line Items] | ||
Amount of loss reclassified from accumulated OCI into income (effective portion) | -639 | -649 |
Other derivatives instrument | changes in fair value of financial instruments and gain on OP unit redemption | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | $230 | $1,530 |
Equity_of_the_Parent_Company_A
Equity of the Parent Company - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Jun. 25, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2015 | Mar. 31, 2012 | Sep. 26, 2013 | Feb. 28, 2014 | |
Person | ||||||||||
Equity [Line Items] | ||||||||||
Issuance of restricted common stock awards, shares | 1,324,509 | |||||||||
Preferred stock conversion rate | 1.6667 | 1.6667 | 1.6836 | |||||||
Preferred stock conversion price per share, initial | $0.15 | |||||||||
Closing price of common stock as minimum percentage of conversion price for conversion of preferred stock | 140.00% | |||||||||
Minimum trading days for calculating closing price of common stock | 20 days | |||||||||
Number of consecutive trading days | 30 days | |||||||||
Stock repurchase program, authorized amount | $30,000,000 | |||||||||
Stock repurchase program, stock reacquired and retired | 105,775 | 0 | ||||||||
Stock repurchase program, remaining amount | 20,900,000 | 20,900,000 | ||||||||
Stock repurchase program, stock reacquired and retired cost | 1,400,000 | |||||||||
Stock repurchase program, common stock reacquired Weighted Average Price | $12.52 | |||||||||
Cost of redemption of preferred stock | 210,000 | 1,477,000 | 1,687,000 | |||||||
Initial public offering shares | 12,650,000 | 0 | ||||||||
Net proceeds of Equity Distribution Agreements | 40,700,000 | |||||||||
Average stock issuance of Equity Distribution Agreements | $13.05 | |||||||||
Number of sales agents | 4 | |||||||||
Operating partnership, units exchanged | 12,650,000 | 3,211,928 | ||||||||
Amount contributed to operating Partnership in exchange for OP units | 40,700,000 | |||||||||
Exercise of options, shares | 1,650,000 | |||||||||
Proceeds from issuance of common stock | 160,500,000 | |||||||||
Maximum number of shares issued under equity incentive award plan | 2,850,000 | 2,850,000 | ||||||||
Compensation expense recognized related to restricted common stock grants | 4,600,000 | 2,300,000 | 3,200,000 | |||||||
Estimated forfeitures | 0 | |||||||||
Unrecognized compensation expense | 5,100,000 | 5,100,000 | 1,600,000 | |||||||
Unrecognized compensation expense, weighted-average | 1 year 9 months 18 days | 1 year 1 month 6 days | ||||||||
Settled interest related to development project | 2,000,000 | 2,000,000 | ||||||||
Profit participation interests | 2,900,000 | |||||||||
Costs related to the matching portion | 160,000 | 150,000 | 119,000 | |||||||
Subsequent Event | ||||||||||
Equity [Line Items] | ||||||||||
Initial public offering shares | 2,227,456 | |||||||||
Contingently Issuable Shares | ||||||||||
Equity [Line Items] | ||||||||||
Common stock available for issuance | 1,525,491 | 1,525,491 | ||||||||
Equity Distribution Agreements | Subsequent Event | ||||||||||
Equity [Line Items] | ||||||||||
Stock repurchase program, remaining amount | 64,400,000 | |||||||||
Net proceeds of Equity Distribution Agreements | 30,200,000 | |||||||||
Average stock issuance of Equity Distribution Agreements | 13.75 | |||||||||
Operating partnership, units exchanged | 2,227,456 | |||||||||
Amount contributed to operating Partnership in exchange for OP units | 30,200,000 | |||||||||
Maximum | ||||||||||
Equity [Line Items] | ||||||||||
Stock repurchase program, authorized amount | 50,000,000 | |||||||||
Discount rate | 14.60% | |||||||||
Terminal capitalization rates | 8.25% | |||||||||
Minimum | ||||||||||
Equity [Line Items] | ||||||||||
Discount rate | 14.10% | |||||||||
Terminal capitalization rates | 7.85% | |||||||||
Amended And Restated | Maximum | ||||||||||
Equity [Line Items] | ||||||||||
Common stock offering price | 100,000,000 | 50,000,000 | ||||||||
7.00% Series A cumulative convertible perpetual preferred stock | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividend rate percentage | 7.00% | 7.00% | 7.00% | |||||||
Preferred stock, liquidation preference per share | $25 | $25 | $25 | |||||||
Annual dividend on preferred stock | $1.75 | |||||||||
Outstanding shares | 1,180,975 | 1,180,975 | 2,000,000 | |||||||
Stock repurchase program, stock reacquired and retired | 819,025 | |||||||||
Stock repurchase program, stock reacquired and retired cost | 21,200,000 | |||||||||
Stock repurchase program, common stock reacquired Weighted Average Price | $25.68 | |||||||||
8.125% Series B cumulative redeemable preferred stock | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividend rate percentage | 8.13% | |||||||||
Preferred stock, liquidation preference per share | $25 | $25 | $25 | |||||||
Annual dividend on preferred stock | $2.03 | |||||||||
Outstanding shares | 3,680,000 | 3,680,000 | 3,680,000 | |||||||
Series B preferred stock redeemable price on and after January 31, 2017 | $25 | $25 | ||||||||
Number of days to redeem the Series B preferred stock, in whole or in part | 120 days | |||||||||
Common Stock | ||||||||||
Equity [Line Items] | ||||||||||
Issuance of restricted common stock awards, shares | 657,646 | 36,088 | 18,356 | |||||||
Forfeitures of restricted common stock awards, shares | 469,864 | |||||||||
Initial public offering shares | 12,650,000 | 3,211,928 | 10,857,051 | |||||||
Accrued dividend payable | 10,700,000 | 10,700,000 | ||||||||
Preferred Stock | ||||||||||
Equity [Line Items] | ||||||||||
Accrued dividend payable | 2,400,000 | 2,400,000 | ||||||||
Operating Partnership Units | ||||||||||
Equity [Line Items] | ||||||||||
Accrued dividend payable | $178,000 | $178,000 | ||||||||
Hundred Percentage Employee Deferrals | ||||||||||
Equity [Line Items] | ||||||||||
Company matching contributions Percentage | 100.00% | |||||||||
Eligible Compensation Percentage | 3.00% | |||||||||
Fifty Percentage Employee Deferrals | ||||||||||
Equity [Line Items] | ||||||||||
Company matching contributions Percentage | 50.00% | |||||||||
Eligible Compensation Percentage | 2.00% | |||||||||
Cumulative for Prior Year | Common Stock | ||||||||||
Equity [Line Items] | ||||||||||
Forfeitures of restricted common stock awards, shares | 492,864 |
Shares_of_Restricted_Common_St
Shares of Restricted Common Stock (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||||
13-May-14 | Mar. 24, 2014 | Mar. 18, 2014 | Mar. 07, 2014 | Dec. 31, 2014 | |||||
Members of Board of Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Price at Grant Date | $12.89 | [1] | $12.56 | [2] | $12.80 | [3] | |||
Number | 12,412 | [1] | 83,500 | [2] | 558,331 | [3] | |||
Vesting Period (yrs.) | 1 year | [1] | 3 years | [2] | 1 year | [3] | |||
Other Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting Period (yrs.) | 3 years | [3] | |||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Price at Grant Date | $12.57 | [4] | $12.77 | ||||||
Number | 4,000 | [4] | 658,243 | ||||||
Vesting Period (yrs.) | 3 years | 4 years | [4] | ||||||
[1] | Shares issued to members of the Company's board of directors. These shares vest in equal quarterly installments. | ||||||||
[2] | Shares issued to certain of the Company's employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016. | ||||||||
[3] | Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting on December 31, 2014 based on the achievement of the Company's objectives during the year ended December 31, 2014. | ||||||||
[4] | Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter. |
Shares_of_Restricted_Common_St1
Shares of Restricted Common Stock (Parenthetical) (Detail) | 0 Months Ended | 12 Months Ended | |||||||
13-May-14 | Mar. 24, 2014 | Mar. 18, 2014 | Mar. 07, 2014 | Dec. 31, 2014 | |||||
Members of Board of Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity Incentive Award Plan shares vesting period | 1 year | [1] | 3 years | [2] | 1 year | [3] | |||
Equity Incentive Award Plan, number of stock grants | 12,412 | [1] | 83,500 | [2] | 558,331 | [3] | |||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity Incentive Award Plan shares vesting period | 3 years | 4 years | [4] | ||||||
Vesting percentage | 33.00% | 25.00% | |||||||
Equity Incentive Award Plan, number of stock grants | 4,000 | [4] | 658,243 | ||||||
Performance or Service Conditions Based Awards | Members of Board of Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity Incentive Award Plan shares vesting period | 3 years | ||||||||
Equity Incentive Award Plan, number of stock grants | 452,500 | ||||||||
Stock Options That Contain Performance And Market Based Conditions | Members of Board of Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity Incentive Award Plan, number of stock grants | 105,831 | ||||||||
Equity Incentive Award Plan, vesting date | 31-Dec-14 | ||||||||
[1] | Shares issued to members of the Company's board of directors. These shares vest in equal quarterly installments. | ||||||||
[2] | Shares issued to certain of the Company's employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016. | ||||||||
[3] | Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting on December 31, 2014 based on the achievement of the Company's objectives during the year ended December 31, 2014. | ||||||||
[4] | Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter. |
NonVested_Shares_of_Companys_R
Non-Vested Shares of Companys Restricted Common Stock (Detail) (Restricted Stock, USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 07, 2014 | Dec. 31, 2014 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Shares of Restricted Common Stock, Beginning Balance | 611,683 | |||
Number of Unvested Shares of Restricted Common Stock, Grants | 4,000 | [1] | 658,243 | |
Number of Unvested Shares of Restricted Common Stock, Forfeitures/Expirations | -469,864 | |||
Number of Unvested Shares of Restricted Common Stock, Vested | -372,482 | |||
Number of Unvested Shares of Restricted Common Stock, Ending Balance | 427,580 | [2] | ||
Weighted Average Grant Date Fair Value, Beginning Balance | $9.73 | |||
Weighted Average Grant Date Fair Value, Grants | $12.57 | [1] | $12.77 | |
Weighted Average Grant Date Fair Value, Forfeitures/Expirations | $8.90 | |||
Weighted Average Grant Date Fair Value, Vested | $12.69 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $12.75 | [2] | ||
[1] | Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter. | |||
[2] | During the year ended December 31, 2014, 597 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented. |
NonVested_Shares_of_Companys_R1
Non-Vested Shares of Companys Restricted Common Stock (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock retired during the period | 105,775 | 0 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock retired during the period | 597 |
Equity_of_the_Operating_Partne2
Equity of the Operating Partnership - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 25, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 26, 2015 | Dec. 31, 2012 |
Equity [Line Items] | |||||||
Number of OP units repurchased | 105,775 | 0 | |||||
Number of OP units repurchased, aggregate cost | $1,400 | ||||||
Number of OP units repurchased, weighted average purchase price | $12.52 | ||||||
Cost of redemption of preferred stock | 210 | 1,477 | 1,687 | ||||
Number of OP units repurchased, weighted average purchase price | $12.52 | $12.52 | |||||
Initial public offering shares | 12,650,000 | 0 | |||||
Subsequent Event | |||||||
Equity [Line Items] | |||||||
Initial public offering shares | 2,227,456 | ||||||
7.00% Series A cumulative convertible perpetual preferred units | |||||||
Equity [Line Items] | |||||||
Number of OP units repurchased | 819,025 | ||||||
Number of OP units repurchased, aggregate cost | 21,200 | ||||||
Number of OP units repurchased, weighted average purchase price | $25.68 | ||||||
Cost of redemption of preferred stock | 1,700 | ||||||
Excel Trust, L.P. | |||||||
Equity [Line Items] | |||||||
Operating Partnership, outstanding units | 62,132,895 | 62,132,895 | |||||
Cost of redemption of preferred stock | 210 | 1,477 | 1,687 | ||||
Operating partnership, units issued | 0 | ||||||
Operating partnership, net proceeds from units issued | 160,491 | 41,043 | 125,683 | ||||
Excel Trust, L.P. | 7.00% Series A cumulative convertible perpetual preferred units | |||||||
Equity [Line Items] | |||||||
Preferred units, units outstanding | 1,180,975 | 1,180,975 | 2,000,000 | ||||
Preferred units dividend rate percentage | 7.00% | 7.00% | 7.00% | ||||
Excel Trust, L.P. | 8.125% Series B cumulative redeemable preferred units | |||||||
Equity [Line Items] | |||||||
Preferred units, units outstanding | 3,680,000 | 3,680,000 | 3,680,000 | ||||
Preferred units dividend rate percentage | 8.13% | 8.13% | 8.13% | ||||
Excel Trust, L.P. | General Partner's Capital | |||||||
Equity [Line Items] | |||||||
Operating partnership, units issued | 12,650,000 | 3,211,928 | 0 | ||||
Operating partnership, net proceeds from units issued | 160,500 | 40,700 | |||||
Initial public offering shares | 12,650,000 | 3,211,928 | 10,857,051 | ||||
Excel Trust, L.P. | General Partner's Capital | Subsequent Event | |||||||
Equity [Line Items] | |||||||
Operating partnership, units issued | 2,227,456 | ||||||
Operating partnership, net proceeds from units issued | 30,200 | ||||||
Excel Trust, L.P. | Excel Trust, Inc. | |||||||
Equity [Line Items] | |||||||
Percentage of ownership interest | 98.30% |
Vested_Ownership_Interests_in_
Vested Ownership Interests in Operating Partnership (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Line Items] | ||
OP Units | 61,705,315 | 48,789,205 |
Percentage of Total | 100.00% | 100.00% |
Noncontrolling Interests | ||
Equity [Line Items] | ||
OP Units | 1,019,523 | 1,019,523 |
Percentage of Total | 1.70% | 2.10% |
Excel Trust, Inc. | ||
Equity [Line Items] | ||
OP Units | 60,685,792 | 47,769,682 |
Percentage of Total | 98.30% | 97.90% |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 19, 2013 | Sep. 13, 2013 | Dec. 31, 2013 |
Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 2 | ||
Walgreens North Corbin | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | $4,500 | ||
Grant Creek Town Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | $32,300 |
Properties_Sold_as_Portfolio_D
Properties Sold as Portfolio (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 19, 2013 | Sep. 13, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on Sale | $12,055 | ||
Walgreens North Corbin | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | 4,500 | ||
Grant Creek Town Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | 32,300 | ||
Retail Properties | Walgreens North Corbin | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | 4,514 | ||
Gain on Sale | 1,129 | ||
Date of Sale | 19-Jul-13 | ||
Acquisition Date | 24-May-10 | ||
Retail Properties | Grant Creek Town Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales price | 32,343 | ||
Gain on Sale | $10,926 | ||
Date of Sale | 13-Sep-13 | ||
Acquisition Date | 27-Aug-10 |
Revenue_and_Expense_from_Disco
Revenue and Expense from Discontinued Operations (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income before non-controlling interests and gain on sale of real estate assets from discontinued operations | $464 | $135 | ||
Gain on sale of real estate assets from discontinued operations | 12,055 | |||
Retail Property | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 1,805 | 2,723 | ||
Total expenses | 1,341 | 2,588 | ||
Income before non-controlling interests and gain on sale of real estate assets from discontinued operations | 464 | 135 | ||
Gain on sale of real estate assets from discontinued operations | 12,055 | |||
Non-controlling interest in discontinued operations | -37 | [1] | 358 | [1] |
Income from discontinued operations available to the common stockholders | $12,482 | $493 | ||
[1] | Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the consolidated financial statements of the Operating Partnership). |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 09, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Gain on sale of investment in unconsolidated properties | $2.10 | |||
Excel Trust, Inc. | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership interests percentage holding by GEM Reality Capital Inc | 98.30% | 97.90% | ||
La Costa LLC | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership interests percentage holding by company | 20.00% | |||
Ownership interests percentage holding by GEM Reality Capital Inc | 80.00% | |||
Sales price | 31.6 | |||
La Costa LLC | Excel Trust, Inc. | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Sales price | $6.30 | |||
Bay Hill Property | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership interests percentage holding by company | 50.00% | [1] | ||
Bay Hill Property | Retail Space | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership interests percentage holding by company | 50.00% | |||
Investment in unconsolidated entity, percentage of cash flow distribution entitled to receive | 50.00% | |||
Investment in unconsolidated entity, percentage of results of operations entitled to recognize | 50.00% | |||
Remaining interest owned by third party | 50.00% | |||
[1] | At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $4.0 million, $3.8 million and $682,000, total expenses were $2.8 million, $3.3 million and $800,000 (including interest expense) and net income (loss) was $1.2 million, $489,000 and ($118,000) for the years ended December 31, 2014, 2013 and 2012, respectively. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of November 1, 2021. |
General_Information_on_Bay_Hil
General Information on Bay Hill (Detail) (Bay Hill Property, USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2014 | |
Investments in and Advances to Affiliates [Line Items] | |||
Ownership Interest | 50.00% | [1] | |
Formation/ Acquisition Date | 19-Oct-12 | [1] | |
Property | The Fountains at Bay Hill | [1] | |
Refinanced Mortgage Loan | |||
Investments in and Advances to Affiliates [Line Items] | |||
Outstanding mortgage Refinanced, notional Amount | $24 | ||
Mortgage fixed interest rate | 3.75% | ||
Debt Instrument, Maturity Date | 1-Nov-21 | ||
[1] | At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $4.0 million, $3.8 million and $682,000, total expenses were $2.8 million, $3.3 million and $800,000 (including interest expense) and net income (loss) was $1.2 million, $489,000 and ($118,000) for the years ended December 31, 2014, 2013 and 2012, respectively. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of November 1, 2021. |
General_Information_on_Bay_Hil1
General Information on Bay Hill (Parenthetical) (Detail) (Bay Hill Property, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Bay Hill Property | |||
Investments in and Advances to Affiliates [Line Items] | |||
Real estate assets | $36,400,000 | $37,000,000 | |
Total assets | 39,400,000 | 39,900,000 | |
Mortgages payable | 24,000,000 | 23,400,000 | |
Total liabilities | 25,800,000 | 25,600,000 | |
Total revenues | 4,000,000 | 3,800,000 | 682,000 |
Total expenses | 2,800,000 | 3,300,000 | 800,000 |
Net income (loss) | $1,200,000 | $489,000 | ($118,000) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Reimbursement to the related party | $326,000 | $333,000 | $313,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (Minimum) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | |
Income Tax Disclosure [Line Items] | |
Percentage of REIT taxable income distributed to stockholders | 90.00% |
Income_Tax_Treatment_for_Divid
Income Tax Treatment for Dividends (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends Per Share [Line Items] | |||
Total | $0.70 | $0.69 | $0.65 |
Common Stock | |||
Dividends Per Share [Line Items] | |||
Ordinary income | $0.38 | $0.37 | $0.43 |
Capital gain | $0.10 | $0.02 | |
Return of capital | $0.22 | $0.28 | $0.22 |
Total | $0.70 | $0.67 | $0.65 |
Ordinary income | 54.40% | 55.50% | 65.80% |
Capital gain | 14.70% | 2.90% | |
Return of capital | 30.90% | 41.60% | 34.20% |
Total | 100.00% | 100.00% | 100.00% |
7.00% Series A cumulative convertible perpetual preferred stock | |||
Dividends Per Share [Line Items] | |||
Ordinary income | $1.38 | $1.66 | $1.75 |
Capital gain | $0.37 | $0.09 | |
Total | $1.75 | $1.75 | $1.75 |
Ordinary income | 78.70% | 95.00% | 100.00% |
Capital gain | 21.30% | 5.00% | |
Total | 100.00% | 100.00% | 100.00% |
8.125% Series B cumulative redeemable preferred stock | |||
Dividends Per Share [Line Items] | |||
Ordinary income | $1.60 | $1.93 | $1.44 |
Capital gain | $0.43 | $0.10 | |
Total | $2.03 | $2.03 | $1.44 |
Ordinary income | 78.70% | 95.00% | 100.00% |
Capital gain | 21.30% | 5.00% | |
Total | 100.00% | 100.00% | 100.00% |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets related to business combinations | $3,000 | |||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment in equity securities (see Note 2) | 10,683 | |||
Total | 10,683 | 507 | ||
Other assets related to business combinations | 507 | [1] | ||
Quoted Prices in Active Markets (Level 1) | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment in equity securities (see Note 2) | 10,683 | |||
Total | 10,683 | |||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 507 | |||
Other assets related to business combinations | $507 | [1] | ||
[1] | Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount was included in other assets in the accompanying consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs. The Company received final cash payments of $507,000 related to the master lease agreements in 2014. |
Financial_Assets_and_Liabiliti1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receipt of master lease payments | $507 | $491 |
Reconciliation_of_Financial_In
Reconciliation of Financial Instruments Remeasured on Recurring Basis (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Contingent Consideration Related to Business Combinations | ||||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||||
Beginning balance | ($1,787) | [1] | ||
Total gains: Included in earnings | 1,562 | [1] | ||
Purchases, issuances, or settlements | 225 | [1] | ||
Derivative Instruments Related to Business Combinations | ||||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||||
Beginning balance | -274 | [2] | ||
Total gains: Included in earnings | 246 | [2] | ||
Purchases, issuances, or settlements | 28 | [2] | ||
Other Assets Related to Business Combinations | ||||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||||
Beginning balance | 507 | [3],[4] | 992 | [3] |
Included in earnings | 6 | [3] | ||
Purchases, issuances, or settlements | -507 | [4] | -491 | [3] |
Ending balance | $507 | [3],[4] | ||
[1] | The change of $1.8 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the consolidated statements of operations). Additional consideration in the amount of approximately $205,000 was paid to the former owner in October 2013. | |||
[2] | (3) The change of $274,000 for derivative instruments related to business combinations for the year ended December 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units. | |||
[3] | The change of $485,000 for other assets related to business combinations during the year ended December 31, 2013 is comprised of payments received on the master lease assets of $491,000 and an increase in the estimated fair value of funds to be received from escrow of $6,000. | |||
[4] | The change of $507,000 for other assets related to business combinations during the year ended December 31, 2014 is comprised of payments received on the master lease agreements. |
Reconciliation_of_Financial_In1
Reconciliation of Financial Instruments Remeasured on Recurring Basis (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |||
Change in other asset related to business combinations | $507,000 | $485,000 | |
Change in master lease asset | 491,000 | ||
Increase in the estimated fair value of funds to be received from escrow | 6,000 | ||
Change in contingent consideration | 1,800,000 | ||
Consideration paid | 205,000 | ||
Changes on derivative instruments related to business combination | 274,000 | ||
Amount of gain included in earnings related to changes in fair value of derivative liability | 246,000 | ||
Decrease due to redemption of OP units | $28,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Note receivable (Other Assets), Carrying Amount | $750 | |
Note receivable (Other Assets), Fair Value | 750 | |
Financial liabilities: | ||
Long term debt, Carrying Amount | 192,748 | 251,191 |
Notes payable, Carrying Amount | 238,000 | 179,500 |
Notes payable, Fair Value | 235,940 | |
Unsecured notes, carrying amount | 398,758 | 100,000 |
Mortgage Notes Payable | ||
Financial liabilities: | ||
Long term debt, Carrying Amount | 192,748 | 251,191 |
Debt, Fair Value | 195,729 | 254,473 |
Unsecuritized Loans | ||
Financial liabilities: | ||
Debt, Fair Value | 353,662 | 100,000 |
Unsecured notes, carrying amount | 348,758 | 100,000 |
Term Loan | ||
Financial liabilities: | ||
Long term debt, Carrying Amount | 50,000 | |
Debt, Fair Value | $50,000 |
Segment_Disclosure_Additional_
Segment Disclosure - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of real estate property held by segment | 3 |
Reconciliation_of_Companys_Seg
Reconciliation of Company's Segment Operations Activity (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 23, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | $130,323 | $112,542 | $84,421 | |||||||||
Property operating expenses | -100,532 | -86,499 | -68,444 | |||||||||
Property operating income, as defined | 7,403 | 7,427 | 7,811 | 7,149 | 29,791 | 26,043 | 15,977 | |||||
Changes in fair value of contingent consideration | 10 | 1,558 | 1,568 | 281 | ||||||||
General and administrative costs | -18,009 | -13,871 | -13,796 | |||||||||
Depreciation and amortization | -50,661 | -46,146 | -34,800 | |||||||||
Interest expense | -24,167 | -18,944 | -15,650 | |||||||||
Interest income | 240 | 204 | 173 | |||||||||
Income (loss) from equity in unconsolidated entities | 2,339 | 75 | 95 | 69 | 53 | 12 | -65 | 39 | 2,578 | 40 | -320 | |
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 230 | 1,530 | |||||||||
Loss on extinguishment of debt from sale of real estate asset | -5,192 | -5,192 | ||||||||||
Gain on sale of real estate assets | 5,842 | 5,842 | 5,842 | |||||||||
Income from continuing operations | 2,394 | 1,520 | 3,427 | 219 | 9,092 | 7,573 | 1,710 | |||||
Income from discontinued operations | 63 | 12,319 | 45 | 105 | 12,519 | 135 | ||||||
Net income | 9,092 | 20,092 | 1,845 | |||||||||
Net (income) loss attributable to non-controlling interests | -340 | -568 | 18 | |||||||||
Net income (loss) attributable to Excel Trust, Inc. | 8,752 | 19,524 | 1,863 | |||||||||
Office Properties | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 9,205 | 8,610 | 8,522 | |||||||||
Property operating expenses | -3,492 | -3,456 | -3,254 | |||||||||
Property operating income, as defined | 5,713 | 5,154 | 5,268 | |||||||||
Changes in fair value of contingent consideration | 6 | 281 | ||||||||||
General and administrative costs | -11 | -28 | -102 | |||||||||
Depreciation and amortization | -3,566 | -3,725 | -3,748 | |||||||||
Interest expense | -192 | -772 | -790 | |||||||||
Interest income | 1 | |||||||||||
Net income | 1,945 | 635 | 909 | |||||||||
Multi-family Property | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 5,420 | 5,413 | 1,074 | |||||||||
Property operating expenses | -1,864 | -1,834 | -233 | |||||||||
Property operating income, as defined | 3,556 | 3,579 | 841 | |||||||||
General and administrative costs | -50 | -131 | -135 | |||||||||
Depreciation and amortization | -1,852 | -2,760 | -766 | |||||||||
Net income | 1,654 | 688 | -60 | |||||||||
Retail Properties | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 115,698 | 98,519 | 74,825 | |||||||||
Property operating expenses | -26,506 | -22,760 | -16,642 | |||||||||
Property operating income, as defined | 89,192 | 75,759 | 58,183 | |||||||||
Changes in fair value of contingent consideration | 1,562 | |||||||||||
General and administrative costs | -17,948 | -13,712 | -13,559 | |||||||||
Depreciation and amortization | -45,243 | -39,661 | -30,286 | |||||||||
Interest expense | -23,975 | -18,172 | -14,860 | |||||||||
Interest income | 239 | 204 | 173 | |||||||||
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | -320 | |||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | -5,192 | |||||||||||
Gain on sale of real estate assets | 5,842 | |||||||||||
Income from continuing operations | 5,493 | 6,250 | 861 | |||||||||
Income from discontinued operations | 12,519 | 135 | ||||||||||
Net income | 5,493 | 18,769 | 996 | |||||||||
Total Reportable Segments | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 130,323 | 112,542 | 84,421 | |||||||||
Property operating expenses | -31,862 | -28,050 | -20,129 | |||||||||
Property operating income, as defined | 98,461 | 84,492 | 64,292 | |||||||||
Changes in fair value of contingent consideration | 1,568 | 281 | ||||||||||
General and administrative costs | -18,009 | -13,871 | -13,796 | |||||||||
Depreciation and amortization | -50,661 | -46,146 | -34,800 | |||||||||
Interest expense | -24,167 | -18,944 | -15,650 | |||||||||
Interest income | 240 | 204 | 173 | |||||||||
Income (loss) from equity in unconsolidated entities | 2,578 | 40 | -320 | |||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 1,530 | ||||||||||
Loss on extinguishment of debt from sale of real estate asset | -5,192 | |||||||||||
Gain on sale of real estate assets | 5,842 | |||||||||||
Income from continuing operations | 9,092 | 7,573 | 1,710 | |||||||||
Income from discontinued operations | 12,519 | 135 | ||||||||||
Net income | 9,092 | 20,092 | 1,845 | |||||||||
Excel Trust, Inc. | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Net income | 9,092 | 20,092 | 1,845 | |||||||||
Net (income) loss attributable to non-controlling interests | -340 | -568 | 18 | |||||||||
Net income (loss) attributable to Excel Trust, Inc. | 8,752 | 19,524 | 1,863 | |||||||||
Excel Trust, L.P. | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Total revenues | 130,323 | 112,542 | 84,421 | |||||||||
Property operating expenses | -100,532 | -86,499 | -68,444 | |||||||||
Property operating income, as defined | 7,403 | 7,427 | 7,811 | 7,149 | 29,791 | 26,043 | 15,977 | |||||
Changes in fair value of contingent consideration | 10 | 1,558 | 1,568 | 281 | ||||||||
General and administrative costs | -18,009 | -13,871 | -13,796 | |||||||||
Depreciation and amortization | -50,661 | -46,146 | -34,800 | |||||||||
Interest expense | -24,167 | -18,944 | -15,650 | |||||||||
Interest income | 240 | 204 | 173 | |||||||||
Income (loss) from equity in unconsolidated entities | 2,339 | 75 | 95 | 69 | 53 | 12 | -65 | 39 | 2,578 | 40 | -320 | |
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 230 | 1,530 | |||||||||
Loss on extinguishment of debt from sale of real estate asset | -5,192 | -5,192 | ||||||||||
Gain on sale of real estate assets | 5,842 | 5,842 | ||||||||||
Income from continuing operations | 2,394 | 1,520 | 3,427 | 219 | 9,092 | 7,573 | 1,710 | |||||
Income from discontinued operations | 63 | 12,319 | 45 | 105 | 12,519 | 135 | ||||||
Net income | 9,092 | 20,092 | 1,845 | |||||||||
Net (income) loss attributable to non-controlling interests | -366 | -335 | -279 | |||||||||
Net income (loss) attributable to Excel Trust, Inc. | $8,726 | $19,757 | $1,566 |
Reconciliation_of_Companys_Seg1
Reconciliation of Company's Segment Financial Operations Activity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Total assets | $1,647,137 | [1] | $1,218,821 | [1] | |
Office Properties | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Total assets | 62,747 | 67,273 | 70,473 | ||
Multi-family Property | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Total assets | 68,982 | 70,732 | 72,627 | ||
Retail Properties | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Total assets | 1,515,408 | 1,080,816 | 936,154 | ||
Total Reportable Segments & Consolidated Assets | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Total assets | $1,647,137 | $1,218,821 | $1,079,254 | ||
[1] | Excel Trust Inc.'s consolidated total assets at December 31, 2014 and 2013 include $39,783 and $15,470, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. |
Subsequent_Events_Additional_D
Subsequent Events - Additional Disclosure (Detail) (Subsequent Event, USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 29, 2015 | Jan. 30, 2015 |
Promenade Corporate Center | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of the property | $65.50 | |
The Family Center at Orem | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of the property | $21.50 |
Quarterly_Result_Operations_De
Quarterly Result Operations (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 23, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | ||||||||||||
Revenues | $38,864 | $30,234 | $30,630 | $30,598 | $29,805 | $28,931 | $27,463 | $26,847 | ||||
Operating income | 7,403 | 7,427 | 7,811 | 7,149 | 29,791 | 26,043 | 15,977 | |||||
Changes in fair value of contingent consideration | 10 | 1,558 | 1,568 | 281 | ||||||||
Income (loss) from equity in unconsolidated entities | 2,339 | 75 | 95 | 69 | 53 | 12 | -65 | 39 | 2,578 | 40 | -320 | |
Loss on extinguishment of debt from sale of real estate asset | -5,192 | -5,192 | ||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 230 | 1,530 | |||||||||
Gain on sale of real estate assets | 5,842 | 5,842 | 5,842 | |||||||||
Income from continuing operations | 2,394 | 1,520 | 3,427 | 219 | 9,092 | 7,573 | 1,710 | |||||
Cost of redemption of preferred stock | -210 | -1,477 | -1,687 | |||||||||
Income from discontinued operations | 63 | 12,319 | 45 | 105 | 12,519 | 135 | ||||||
Net (loss) income attributable to the common stockholders | 903 | -2,830 | -839 | -549 | -366 | 10,739 | 623 | -2,448 | -3,315 | 8,548 | -8,490 | |
Net (loss) income per share-basic and diluted | $0.01 | ($0.05) | ($0.02) | ($0.01) | ($0.01) | $0.22 | $0.01 | ($0.06) | ($0.07) | $0.17 | ($0.26) | |
Excel Trust, L.P. | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Revenues | 38,864 | 30,234 | 30,630 | 30,598 | 29,805 | 28,931 | 27,463 | 26,847 | ||||
Operating income | 7,403 | 7,427 | 7,811 | 7,149 | 29,791 | 26,043 | 15,977 | |||||
Changes in fair value of contingent consideration | 10 | 1,558 | 1,568 | 281 | ||||||||
Income (loss) from equity in unconsolidated entities | 2,339 | 75 | 95 | 69 | 53 | 12 | -65 | 39 | 2,578 | 40 | -320 | |
Loss on extinguishment of debt from sale of real estate asset | -5,192 | -5,192 | ||||||||||
Changes in fair value of financial instruments and gain on OP unit redemption | 230 | 230 | 1,530 | |||||||||
Gain on sale of real estate assets | 5,842 | 5,842 | ||||||||||
Income from continuing operations | 2,394 | 1,520 | 3,427 | 219 | 9,092 | 7,573 | 1,710 | |||||
Cost of redemption of preferred stock | -210 | -1,477 | -1,687 | |||||||||
Income from discontinued operations | 63 | 12,319 | 45 | 105 | 12,519 | 135 | ||||||
Net (loss) income attributable to the common stockholders | $924 | ($2,851) | ($855) | ($559) | ($373) | $11,018 | $643 | ($2,507) | ||||
Net (loss) income per share-basic and diluted | $0.01 | ($0.05) | ($0.02) | ($0.01) | ($0.01) | $0.22 | $0.01 | ($0.06) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $895 | $719 | $631 |
Charged to bad debt expense | 598 | 1,100 | 690 |
Accounts receivable Written -off | -972 | -924 | -602 |
Accounts receivable assumed | 0 | 0 | 0 |
Balance at end of year | $521 | $895 | $719 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Properties [Line Items] | |||||
Encumbrances | $190,329 | ||||
Initial Cost, Land | 455,413 | ||||
Initial Cost, Building & Improvements | 974,670 | ||||
Cost Capitalized Subsequent to Acquisition, Land | -301 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 113,607 | ||||
Carrying Amount as of the Close of Period, Land | 455,112 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 1,088,277 | ||||
Carrying Amount as of the Close of Period, TOTAL | 1,543,389 | 1,147,565 | 981,128 | 602,253 | |
Accumulated Depreciation | -90,543 | -61,479 | -36,765 | -18,294 | |
Total Cost Net of Depreciation | 1,452,846 | ||||
West Broad Village | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 39,700 | ||||
Initial Cost, Land | 24,543 | ||||
Initial Cost, Building & Improvements | 137,697 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 8,430 | ||||
Carrying Amount as of the Close of Period, Land | 24,543 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 146,127 | ||||
Carrying Amount as of the Close of Period, TOTAL | 170,670 | ||||
Accumulated Depreciation | -8,783 | ||||
Total Cost Net of Depreciation | 161,887 | ||||
Year Acquired | 2012 | ||||
Downtown At The Gardens | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 42,545 | ||||
Initial Cost, Land | 13,920 | ||||
Initial Cost, Building & Improvements | 91,241 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 1,048 | ||||
Carrying Amount as of the Close of Period, Land | 13,920 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 92,289 | ||||
Carrying Amount as of the Close of Period, TOTAL | 106,209 | ||||
Accumulated Depreciation | -782 | ||||
Total Cost Net of Depreciation | 105,427 | ||||
Year Acquired | 2014 | ||||
Shops at Fort Union | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 24,270 | ||||
Initial Cost, Building & Improvements | 100,173 | ||||
Carrying Amount as of the Close of Period, Land | 24,270 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 100,173 | ||||
Carrying Amount as of the Close of Period, TOTAL | 124,443 | ||||
Accumulated Depreciation | -888 | ||||
Total Cost Net of Depreciation | 123,555 | ||||
Year Acquired | 2014 | ||||
The Promenade | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 52,792 | ||||
Initial Cost, Land | 65,699 | ||||
Initial Cost, Building & Improvements | 48,240 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 549 | ||||
Carrying Amount as of the Close of Period, Land | 65,699 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 48,789 | ||||
Carrying Amount as of the Close of Period, TOTAL | 114,488 | ||||
Accumulated Depreciation | -6,411 | ||||
Total Cost Net of Depreciation | 108,077 | ||||
Park West Place | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 41,287 | ||||
Initial Cost, Building & Improvements | 37,991 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 1,797 | ||||
Carrying Amount as of the Close of Period, Land | 41,287 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 39,788 | ||||
Carrying Amount as of the Close of Period, TOTAL | 81,075 | ||||
Accumulated Depreciation | -6,737 | ||||
Total Cost Net of Depreciation | 74,338 | ||||
Year Acquired | 2010 | ||||
Gilroy Crossing | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 22,520 | ||||
Initial Cost, Building & Improvements | 39,903 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 456 | ||||
Carrying Amount as of the Close of Period, Land | 22,520 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 40,359 | ||||
Carrying Amount as of the Close of Period, TOTAL | 62,879 | ||||
Accumulated Depreciation | -5,782 | ||||
Total Cost Net of Depreciation | 57,097 | ||||
Year Acquired | 2011 | ||||
Brandywine Crossing | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 22,957 | [1] | |||
Initial Cost, Building & Improvements | 26,460 | [1] | |||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 889 | [1] | |||
Carrying Amount as of the Close of Period, Land | 22,957 | [1] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 27,349 | [1] | |||
Carrying Amount as of the Close of Period, TOTAL | 50,306 | [1] | |||
Accumulated Depreciation | -3,334 | [1] | |||
Total Cost Net of Depreciation | 46,972 | [1] | |||
Promenade Corporate Center | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 4,477 | ||||
Initial Cost, Building & Improvements | 44,465 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 2,478 | ||||
Carrying Amount as of the Close of Period, Land | 4,477 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 46,943 | ||||
Carrying Amount as of the Close of Period, TOTAL | 51,420 | ||||
Accumulated Depreciation | -4,725 | ||||
Total Cost Net of Depreciation | 46,695 | ||||
Year Acquired | 2012 | ||||
Highland Reserve | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 8,750 | ||||
Initial Cost, Building & Improvements | 42,175 | ||||
Carrying Amount as of the Close of Period, Land | 8,750 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 42,175 | ||||
Carrying Amount as of the Close of Period, TOTAL | 50,925 | ||||
Total Cost Net of Depreciation | 50,925 | ||||
Year Acquired | 2014 | ||||
Plaza at Rockwall | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 14,935 | [2] | |||
Initial Cost, Building & Improvements | 21,247 | [2] | |||
Cost Capitalized Subsequent to Acquisition, Land | -553 | [2] | |||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 13,865 | [2] | |||
Carrying Amount as of the Close of Period, Land | 14,382 | [2] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 35,112 | [2] | |||
Carrying Amount as of the Close of Period, TOTAL | 49,494 | [2] | |||
Accumulated Depreciation | -5,522 | [2] | |||
Total Cost Net of Depreciation | 43,972 | [2] | |||
Year Acquired | 2010 | [2] | |||
Riverpoint Marketplace | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 7,700 | ||||
Initial Cost, Building & Improvements | 33,024 | ||||
Carrying Amount as of the Close of Period, Land | 7,700 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 33,024 | ||||
Carrying Amount as of the Close of Period, TOTAL | 40,724 | ||||
Total Cost Net of Depreciation | 40,724 | ||||
Year Acquired | 2014 | ||||
Lake Pleasant Pavilion | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 27,513 | ||||
Initial Cost, Land | 9,958 | ||||
Initial Cost, Building & Improvements | 28,127 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 174 | ||||
Carrying Amount as of the Close of Period, Land | 9,958 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 28,301 | ||||
Carrying Amount as of the Close of Period, TOTAL | 38,259 | ||||
Accumulated Depreciation | -2,397 | ||||
Total Cost Net of Depreciation | 35,862 | ||||
Year Acquired | 2012 | ||||
Stadium Center | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 10,284 | [2] | |||
Initial Cost, Building & Improvements | 28,872 | [2] | |||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 33 | [2] | |||
Carrying Amount as of the Close of Period, Land | 10,284 | [2] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 28,905 | [2] | |||
Carrying Amount as of the Close of Period, TOTAL | 39,189 | [2] | |||
Accumulated Depreciation | -1,644 | [2] | |||
Total Cost Net of Depreciation | 37,545 | [2] | |||
Year Acquired | 2013 | [2] | |||
Dellagio | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 16,780 | ||||
Initial Cost, Building & Improvements | 20,106 | ||||
Cost Capitalized Subsequent to Acquisition, Land | 675 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 60 | ||||
Carrying Amount as of the Close of Period, Land | 17,455 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 20,166 | ||||
Carrying Amount as of the Close of Period, TOTAL | 37,621 | ||||
Accumulated Depreciation | -1,586 | ||||
Total Cost Net of Depreciation | 36,035 | ||||
Year Acquired | 2012 | ||||
League City Town Center | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 10,858 | ||||
Initial Cost, Building & Improvements | 24,767 | ||||
Carrying Amount as of the Close of Period, Land | 10,858 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 24,767 | ||||
Carrying Amount as of the Close of Period, TOTAL | 35,625 | ||||
Accumulated Depreciation | -1,465 | ||||
Total Cost Net of Depreciation | 34,160 | ||||
Year Acquired | 2013 | ||||
Rite Aid - Vestavia Hills | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 833 | ||||
Initial Cost, Land | 8,356 | ||||
Initial Cost, Building & Improvements | 20,429 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 3,797 | ||||
Carrying Amount as of the Close of Period, Land | 8,356 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 24,226 | ||||
Carrying Amount as of the Close of Period, TOTAL | 32,582 | ||||
Accumulated Depreciation | -4,007 | ||||
Total Cost Net of Depreciation | 28,575 | ||||
The Crossings of Spring Hill | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 5,103 | ||||
Initial Cost, Building & Improvements | 23,196 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 115 | ||||
Carrying Amount as of the Close of Period, Land | 5,103 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 23,311 | ||||
Carrying Amount as of the Close of Period, TOTAL | 28,414 | ||||
Accumulated Depreciation | -2,890 | ||||
Total Cost Net of Depreciation | 25,524 | ||||
Year Acquired | 2011 | ||||
Tracy Pavilion | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 6,193 | ||||
Initial Cost, Building & Improvements | 22,611 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 1,560 | ||||
Carrying Amount as of the Close of Period, Land | 6,193 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 24,171 | ||||
Carrying Amount as of the Close of Period, TOTAL | 30,364 | ||||
Accumulated Depreciation | -1,725 | ||||
Total Cost Net of Depreciation | 28,639 | ||||
Year Acquired | 2013 | ||||
Red Rock Commons | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 10,823 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 21,004 | ||||
Carrying Amount as of the Close of Period, Land | 10,823 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 21,004 | ||||
Carrying Amount as of the Close of Period, TOTAL | 31,827 | ||||
Accumulated Depreciation | -2,508 | ||||
Total Cost Net of Depreciation | 29,319 | ||||
Year Acquired | 2007 | ||||
Edwards Theatres | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 10,283 | ||||
Initial Cost, Building & Improvements | 13,600 | ||||
Carrying Amount as of the Close of Period, Land | 10,283 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 13,600 | ||||
Carrying Amount as of the Close of Period, TOTAL | 23,883 | ||||
Accumulated Depreciation | -2,317 | ||||
Total Cost Net of Depreciation | 21,566 | ||||
Year Acquired | 2011 | ||||
Rosewick Crossing | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 12,024 | ||||
Initial Cost, Building & Improvements | 10,499 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 76 | ||||
Carrying Amount as of the Close of Period, Land | 12,024 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 10,575 | ||||
Carrying Amount as of the Close of Period, TOTAL | 22,599 | ||||
Accumulated Depreciation | -2,012 | ||||
Total Cost Net of Depreciation | 20,587 | ||||
Year Acquired | 2010 | ||||
EastChase Market Center | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 4,215 | ||||
Initial Cost, Building & Improvements | 19,567 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 78 | ||||
Carrying Amount as of the Close of Period, Land | 4,215 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 19,645 | ||||
Carrying Amount as of the Close of Period, TOTAL | 23,860 | ||||
Accumulated Depreciation | -2,182 | ||||
Total Cost Net of Depreciation | 21,678 | ||||
Year Acquired | 2012 | ||||
Chimney Rock | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 7,369 | [2] | |||
Initial Cost, Building & Improvements | 14,627 | [2] | |||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 11,666 | [2] | |||
Carrying Amount as of the Close of Period, Land | 7,369 | [2] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 26,293 | [2] | |||
Carrying Amount as of the Close of Period, TOTAL | 33,662 | [2] | |||
Accumulated Depreciation | -1,693 | [2] | |||
Total Cost Net of Depreciation | 31,969 | [2] | |||
Year Acquired | 2012 | [2] | |||
Excel Centre | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,095 | ||||
Initial Cost, Building & Improvements | 10,716 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 7,187 | ||||
Carrying Amount as of the Close of Period, Land | 1,095 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 17,903 | ||||
Carrying Amount as of the Close of Period, TOTAL | 18,998 | ||||
Accumulated Depreciation | -6,818 | ||||
Total Cost Net of Depreciation | 12,180 | ||||
Year Acquired | 2004 | ||||
5000 South Hulen | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 13,174 | ||||
Initial Cost, Land | 2,230 | ||||
Initial Cost, Building & Improvements | 16,514 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 241 | ||||
Carrying Amount as of the Close of Period, Land | 2,230 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 16,755 | ||||
Carrying Amount as of the Close of Period, TOTAL | 18,985 | ||||
Accumulated Depreciation | -2,766 | ||||
Total Cost Net of Depreciation | 16,219 | ||||
Year Acquired | 2010 | ||||
Anthem Highlands | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 5,929 | ||||
Initial Cost, Building & Improvements | 9,819 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 119 | ||||
Carrying Amount as of the Close of Period, Land | 5,929 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 9,938 | ||||
Carrying Amount as of the Close of Period, TOTAL | 15,867 | ||||
Accumulated Depreciation | -1,158 | ||||
Total Cost Net of Depreciation | 14,709 | ||||
Year Acquired | 2011 | ||||
The Family Center at Orem | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 4,450 | [3] | |||
Initial Cost, Building & Improvements | 11,229 | [3] | |||
Carrying Amount as of the Close of Period, Land | 4,450 | [3] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 11,229 | [3] | |||
Carrying Amount as of the Close of Period, TOTAL | 15,679 | [3] | |||
Accumulated Depreciation | -134 | [3] | |||
Total Cost Net of Depreciation | 15,545 | [3] | |||
Year Acquired | 2014 | [3] | |||
Centennial Crossroads | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 3,868 | ||||
Initial Cost, Building & Improvements | 11,484 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 7 | ||||
Carrying Amount as of the Close of Period, Land | 3,868 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 11,491 | ||||
Carrying Amount as of the Close of Period, TOTAL | 15,359 | ||||
Accumulated Depreciation | -385 | ||||
Total Cost Net of Depreciation | 14,974 | ||||
Year Acquired | 2013 | ||||
LA Fitness | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 3,123 | ||||
Initial Cost, Building & Improvements | 9,957 | ||||
Carrying Amount as of the Close of Period, Land | 3,123 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 9,957 | ||||
Carrying Amount as of the Close of Period, TOTAL | 13,080 | ||||
Accumulated Depreciation | -413 | ||||
Total Cost Net of Depreciation | 12,667 | ||||
Year Acquired | 2013 | ||||
Pavilion Crossing | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 3,729 | ||||
Initial Cost, Building & Improvements | 9,268 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 75 | ||||
Carrying Amount as of the Close of Period, Land | 3,729 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 9,343 | ||||
Carrying Amount as of the Close of Period, TOTAL | 13,072 | ||||
Accumulated Depreciation | -740 | ||||
Total Cost Net of Depreciation | 12,332 | ||||
Year Acquired | 2012 | ||||
Shops at Foxwood | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 4,680 | ||||
Initial Cost, Building & Improvements | 6,889 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 61 | ||||
Carrying Amount as of the Close of Period, Land | 4,680 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 6,950 | ||||
Carrying Amount as of the Close of Period, TOTAL | 11,630 | ||||
Accumulated Depreciation | -977 | ||||
Total Cost Net of Depreciation | 10,653 | ||||
Year Acquired | 2010 | ||||
Northside Plaza | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 12,000 | ||||
Initial Cost, Land | 6,477 | ||||
Initial Cost, Building & Improvements | 893 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 6,783 | ||||
Carrying Amount as of the Close of Period, Land | 6,477 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 7,676 | ||||
Carrying Amount as of the Close of Period, TOTAL | 14,153 | ||||
Accumulated Depreciation | -1,123 | ||||
Total Cost Net of Depreciation | 13,030 | ||||
Year Acquired | 2010 | ||||
Meadow Ridge Plaza | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 3,781 | ||||
Initial Cost, Building & Improvements | 4,706 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 94 | ||||
Carrying Amount as of the Close of Period, Land | 3,781 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 4,800 | ||||
Carrying Amount as of the Close of Period, TOTAL | 8,581 | ||||
Accumulated Depreciation | -396 | ||||
Total Cost Net of Depreciation | 8,185 | ||||
Year Acquired | 2012 | ||||
Shoppes of Belmere | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 4,701 | ||||
Initial Cost, Building & Improvements | 5,122 | ||||
Carrying Amount as of the Close of Period, Land | 4,701 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 5,122 | ||||
Carrying Amount as of the Close of Period, TOTAL | 9,823 | ||||
Accumulated Depreciation | -369 | ||||
Total Cost Net of Depreciation | 9,454 | ||||
Year Acquired | 2012 | ||||
Lake Burden Shoppes | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 3,981 | ||||
Initial Cost, Building & Improvements | 4,020 | ||||
Carrying Amount as of the Close of Period, Land | 3,981 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 4,020 | ||||
Carrying Amount as of the Close of Period, TOTAL | 8,001 | ||||
Accumulated Depreciation | -274 | ||||
Total Cost Net of Depreciation | 7,727 | ||||
Year Acquired | 2012 | ||||
Five Forks Crossing | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,796 | ||||
Initial Cost, Building & Improvements | 6,874 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | -98 | ||||
Carrying Amount as of the Close of Period, Land | 1,796 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 6,776 | ||||
Carrying Amount as of the Close of Period, TOTAL | 8,572 | ||||
Accumulated Depreciation | -2,245 | ||||
Total Cost Net of Depreciation | 6,327 | ||||
Year Acquired | 2005 | ||||
Mariner's Point | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,950 | ||||
Initial Cost, Building & Improvements | 4,220 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 24 | ||||
Carrying Amount as of the Close of Period, Land | 1,950 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 4,244 | ||||
Carrying Amount as of the Close of Period, TOTAL | 6,194 | ||||
Accumulated Depreciation | -717 | ||||
Total Cost Net of Depreciation | 5,477 | ||||
Year Acquired | 2010 | ||||
Newport Town Center | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,586 | ||||
Initial Cost, Building & Improvements | 6,571 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | -62 | ||||
Carrying Amount as of the Close of Period, Land | 1,586 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 6,509 | ||||
Carrying Amount as of the Close of Period, TOTAL | 8,095 | ||||
Accumulated Depreciation | -1,884 | ||||
Total Cost Net of Depreciation | 6,211 | ||||
Year Acquired | 2007 | ||||
Merchant Central | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,059 | ||||
Initial Cost, Building & Improvements | 4,298 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 66 | ||||
Carrying Amount as of the Close of Period, Land | 1,059 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 4,364 | ||||
Carrying Amount as of the Close of Period, TOTAL | 5,423 | ||||
Accumulated Depreciation | -696 | ||||
Total Cost Net of Depreciation | 4,727 | ||||
Year Acquired | 2010 | ||||
Cedar Square | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 1,667 | [4] | |||
Initial Cost, Building & Improvements | 2,808 | [4] | |||
Cost Capitalized Subsequent to Acquisition, Land | -1,381 | [4] | |||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 61 | [4] | |||
Carrying Amount as of the Close of Period, Land | 286 | [4] | |||
Carrying Amount as of the Close of Period, Building & Improvements | 2,869 | [4] | |||
Carrying Amount as of the Close of Period, TOTAL | 3,155 | [4] | |||
Accumulated Depreciation | -5 | [4] | |||
Total Cost Net of Depreciation | 3,150 | [4] | |||
Year Acquired | 2013 | [4] | |||
Southlake Park Village | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | 15,989 | ||||
Initial Cost, Building & Improvements | 265 | ||||
Cost Capitalized Subsequent to Acquisition, Land | 71 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 27,836 | ||||
Carrying Amount as of the Close of Period, Land | 16,060 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 28,101 | ||||
Carrying Amount as of the Close of Period, TOTAL | 44,161 | ||||
Accumulated Depreciation | -53 | ||||
Total Cost Net of Depreciation | 44,108 | ||||
Year Acquired | 2013 | ||||
West Broad Marketplace | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | 1,772 | ||||
Initial Cost, Land | 20,018 | ||||
Cost Capitalized Subsequent to Acquisition, Land | 887 | ||||
Cost Capitalized Subsequent to Acquisition, Building & Improvements | 3,138 | ||||
Carrying Amount as of the Close of Period, Land | 20,905 | ||||
Carrying Amount as of the Close of Period, Building & Improvements | 3,138 | ||||
Carrying Amount as of the Close of Period, TOTAL | 24,043 | ||||
Total Cost Net of Depreciation | $24,043 | ||||
Year Acquired | 2014 | ||||
Beginning of Period | The Promenade | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2011 | ||||
Beginning of Period | Brandywine Crossing | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2010 | [1] | |||
Beginning of Period | Rite Aid - Vestavia Hills | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2010 | ||||
End of Period | The Promenade | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2013 | ||||
End of Period | Brandywine Crossing | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2014 | [1] | |||
End of Period | Rite Aid - Vestavia Hills | |||||
Real Estate Properties [Line Items] | |||||
Year Acquired | 2011 | ||||
[1] | Includes the acquisitions of outparcels that were previously not owned at the property in 2014. | ||||
[2] | Includes amounts attributed to development or redevelopment projects, including Phases II and III at the Chimney Rock property, the Stadium Center property expansion and Phase III at the Plaza at Rockwall property. | ||||
[3] | The Family Center at Orem property was sold in January 2015. | ||||
[4] | In November 2014, the Company sold the inline retail portion of the Cedar Square property. |
Reconciliation_of_Total_Real_E
Reconciliation of Total Real Estate Carrying Value and Related Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Real Estate: | ||||
Balance, beginning of period | $1,147,565 | $981,128 | $602,253 | $1,543,389 |
Dispositions | -20,618 | -23,397 | -23,439 | |
Acquisitions and additions | 416,442 | 189,834 | 402,314 | |
Balance, end of period | 1,543,389 | 1,147,565 | 981,128 | |
Accumulated Depreciation: | ||||
Balance, beginning of period | -61,479 | -36,765 | -18,294 | -90,543 |
Dispositions | 1,493 | 2,024 | 366 | |
Depreciation | -30,557 | -26,738 | -18,837 | |
Balance, end of period | ($90,543) | ($61,479) | ($36,765) |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Federal tax basis | $1.60 |