Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Dec. 02, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Brixmor Property Group Inc. | ' |
Entity Central Index Key | '0001581068 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 229,689,960 |
Entity Current Reporting Status | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate | ' | ' |
Land | $1,904,533 | $1,915,667 |
Buildings and improvements | 8,017,597 | 7,978,759 |
Real estate, gross | 9,922,130 | 9,894,426 |
Accumulated depreciation and amortization | -1,085,671 | -796,296 |
Real estate, net | 8,836,459 | 9,098,130 |
Investments in and advances to unconsolidated joint ventures | 9,155 | 16,038 |
Cash and cash equivalents | 137,376 | 103,098 |
Restricted cash | 82,123 | 90,160 |
Marketable securities | 22,962 | 24,883 |
Receivables, net | 178,304 | 156,944 |
Deferred charges and prepaid expenses, net | 104,875 | 95,118 |
Other assets | 33,621 | 19,358 |
Total assets | 9,404,875 | 9,603,729 |
Liabilities | ' | ' |
Debt obligations, net | 6,477,257 | 6,499,356 |
Financing liabilities, net | 172,978 | 174,440 |
Accounts payable, accrued expenses and other liabilities | 606,163 | 632,112 |
Total liabilities | 7,256,398 | 7,305,908 |
Redeemable non-controlling interests | 21,467 | 21,467 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Preferred stock, $0.01 par value, authorized 3,000,000 shares, issued and outstanding 125 shares | 0 | 0 |
Common stock, $0.01 par value, authorized 3,000,000,000 shares, issued and outstanding 182,242,460 shares | 1,822 | 1,822 |
Additional paid in capital | 1,749,040 | 1,746,271 |
Accumulated other comprehensive loss | -7,732 | -39 |
Distributions in excess of accumulated loss | -136,524 | -26,559 |
Total stockholders' equity | 1,606,606 | 1,721,495 |
Non-controlling interests | 520,404 | 554,859 |
Total equity | 2,127,010 | 2,276,354 |
Total liabilities and equity | $9,404,875 | $9,603,729 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 300,000,000 | 300,000,000 |
Preferred stock, shares issued | 125 | 125 |
Preferred stock, shares outstanding | 125 | 125 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 182,242,460 | 182,242,460 |
Common stock, shares outstanding | 182,242,460 | 182,242,460 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Rental income | $228,775 | $220,243 | $670,781 | $653,226 |
Expense reimbursements | 62,227 | 57,754 | 184,808 | 173,298 |
Other revenues | 2,366 | 2,495 | 8,333 | 8,622 |
Total revenues | 293,368 | 280,492 | 863,922 | 835,146 |
Operating expenses | ' | ' | ' | ' |
Operating costs | 29,267 | 29,983 | 89,760 | 91,186 |
Real estate taxes | 43,656 | 39,888 | 129,856 | 121,006 |
Depreciation and amortization | 110,582 | 121,494 | 336,239 | 379,381 |
Provision for doubtful accounts | 3,314 | 3,003 | 8,641 | 8,791 |
Impairment of real estate assets | 0 | 0 | 29,113 | 0 |
General and administrative | 23,605 | 20,506 | 65,401 | 67,031 |
Total operating expenses | 210,424 | 214,874 | 659,010 | 667,395 |
Other income (expense) | ' | ' | ' | ' |
Dividends and interest | 209 | 281 | 628 | 864 |
Interest expense | -86,134 | -97,385 | -276,005 | -290,396 |
Gain on sales of real estate assets and acquisition of joint venture interest | 1,502 | 0 | 2,223 | 50 |
Other | -22,231 | -1,754 | -26,912 | -4,771 |
Total other expense | -106,654 | -98,858 | -300,066 | -294,253 |
Loss before equity in income of unconsolidated joint ventures | -23,710 | -33,240 | -95,154 | -126,502 |
Equity in income of unconsolidated joint ventures | 247 | 118 | 1,001 | 686 |
Loss from continuing operations | -23,463 | -33,122 | -94,153 | -125,816 |
Income from discontinued operations | 191 | 296 | 418 | 105 |
Gain on disposition of operating properties | 0 | 3,315 | 2,631 | 4,544 |
Impairment on real estate held for sale | -1,283 | -7,635 | -15,741 | -10,545 |
Loss from discontinued operations | -1,092 | -4,024 | -12,692 | -5,896 |
Net loss | -24,555 | -37,146 | -106,845 | -131,712 |
Net loss attributable to non-controlling interests | 5,716 | 8,798 | 25,248 | 31,334 |
Net loss attributable to common stockholders | ($18,839) | ($28,348) | ($81,597) | ($100,378) |
Loss from continuing operations | ' | ' | ' | ' |
-Basic (usd per share) | ($0.10) | ($0.14) | ($0.40) | ($0.53) |
-Diluted (usd per share) | ($0.10) | ($0.14) | ($0.40) | ($0.53) |
Net loss attributable to common stockholders | ' | ' | ' | ' |
-Basic (usd per share) | ($0.10) | ($0.16) | ($0.45) | ($0.55) |
-Diluted (usd per share) | ($0.10) | ($0.16) | ($0.45) | ($0.55) |
Weighted average common outstanding shares | ' | ' | ' | ' |
-Basic (in shares) | 182,242 | 182,242 | 182,242 | 182,242 |
-Diluted (in shares) | 240,905 | 240,905 | 240,905 | 240,905 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($24,555) | ($37,146) | ($106,845) | ($131,712) |
Other comprehensive income | ' | ' | ' | ' |
Change in unrealized loss on interest rate hedges | -7,720 | 0 | -7,720 | 0 |
Change in unrealized loss on marketable securities | -36 | 10 | -27 | -46 |
Comprehensive loss | -32,311 | -37,136 | -114,592 | -131,758 |
Comprehensive loss attributable to non-controlling interests | 5,716 | 8,798 | 25,248 | 31,334 |
Comprehensive loss attributable to the Company | ($26,595) | ($28,338) | ($89,344) | ($100,424) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Accumulated Loss [Member] | Non-controlling Interests [Member] |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2012 | $2,276,354 | ' | $1,822 | $1,746,271 | ($39) | ($26,559) | $554,859 |
Ending balance, shares at Dec. 31, 2012 | ' | 125 | 182,242,460 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | -28,368 | ' | ' | ' | ' | -28,368 | ' |
Distributions to non-controlling interests | -9,132 | ' | ' | ' | ' | ' | -9,132 |
Compensation expense relating to Class B Units | 3,660 | ' | ' | 2,769 | ' | ' | 891 |
Credit swap liability | -7,720 | ' | ' | ' | -7,720 | ' | ' |
Unrealized gain on marketable securities | 27 | ' | ' | ' | 27 | ' | ' |
Net loss | -107,811 | ' | ' | ' | ' | -81,597 | -26,214 |
Ending balance at Sep. 30, 2013 | $2,127,010 | ' | $1,822 | $1,749,040 | ($7,732) | ($136,524) | $520,404 |
Beginning balance, shares at Sep. 30, 2013 | ' | 125 | 182,242,460 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net loss | ($106,845) | ($131,712) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 338,379 | 387,946 |
Debt premium and discount amortization | -16,619 | -19,340 |
Deferred financing cost amortization | 8,703 | 7,336 |
Above and below market lease intangible amortization | -39,051 | -38,588 |
Provisions of impairment | 44,854 | 10,545 |
Gain on sale of real estate assets and acquisition of joint venture interest | -4,854 | -4,594 |
Amortization of Class B units | 3,661 | 4,815 |
Other | -1,002 | -647 |
Loss on debt extinguishment | 17,788 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 5,244 | -11,863 |
Receivables | -21,495 | -8,771 |
Deferred charges and prepaid expenses | -25,288 | -25,649 |
Other assets | -1,820 | 1,292 |
Accounts payable, accrued expenses and other liabilities | 12,988 | 14,578 |
Net cash provided by operating activities | 214,643 | 185,348 |
Investing activities: | ' | ' |
Building improvements | -104,627 | -125,219 |
Acquisitions of real estate assets | -23,792 | -5,000 |
Proceeds from sales of real estate assets | 44,866 | 24,439 |
Distributions from unconsolidated joint ventures | 455 | 1,501 |
Contributions to unconsolidated joint ventures | -3 | -1,439 |
Change in restricted cash attributable to investing activities | 4,238 | 1,988 |
Purchase of marketable securities | -10,662 | 0 |
Proceeds from sale of marketable securities | 12,609 | -2,433 |
Net cash used in investing activities | -76,916 | -106,163 |
Financing activities: | ' | ' |
Repayment of debt obligations and financing liabilities | -2,479,830 | -509,900 |
Proceeds from debt obligations | 2,436,108 | 360,000 |
Deferred financing costs | -21,223 | -7,215 |
Distributions to stockholders | -28,368 | -9,456 |
Distributions to non-controlling interests and other | -10,136 | -4,482 |
Net cash used in financing activities | -103,449 | -171,053 |
Change in cash and cash equivalents | 34,278 | -91,868 |
Cash and cash equivalents at beginning of period | 103,098 | 157,606 |
Cash and cash equivalents at end of period | 137,376 | 65,738 |
Supplemental cash flow information, including non-cash investing and/or financing activities: | ' | ' |
Cash paid for interest, net of amount capitalized | 273,842 | 285,248 |
State and local taxes paid | 1,724 | 1,949 |
Capitalized interest | $3,350 | $1,149 |
Nature_of_Business_and_Financi
Nature of Business and Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Business and Financial Statement Presentation | ' |
Nature of Business and Financial Statement Presentation | |
Description of Business | |
Brixmor Property Group Inc. and its consolidated subsidiaries (the “Company”) were formed for the purpose of owning, operating and managing shopping centers throughout the United States. | |
In June 2013, the Company changed its name from BRE Retail Parent Inc. to Brixmor Property Group Inc. Simultaneous with this name change, the Company’s consolidated subsidiary changed its name to BPG Subsidiary Inc. ("BPG Sub") from Brixmor Property Group Inc. | |
The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”). | |
Initial Public Offering and IPO Property Transfers | |
On November 4, 2013, subsequent to the date of these financial statements, Brixmor Property Group Inc. completed an initial public offering (“IPO”) in which it sold approximately 47.4 million shares of its common stock, at an IPO price of $20.00 per share. The Company received net proceeds of approximately $891.3 million, after deducting $57.4 million in underwriting discounts, expenses and transaction costs, from the sale of shares in the IPO. Of the total proceeds received, $824.7 million was used to pay down amounts outstanding under the Company's unsecured credit facility (see Note 7 for additional information). | |
In connection with the IPO, the Company acquired interests in 43 properties (the “Acquired Properties”) from certain investment funds affiliated with The Blackstone Group L.P. (“Blackstone” or the “Sponsor”) in exchange for 15,877,791 common units of partnership interest (the “OP Units”) in Brixmor Operating Partnership LP (the “Operating Partnership”) having a value equivalent to the value of the Acquired Properties. In connection with the acquisition of the Acquired Properties, the Company will repay approximately $74.1 million of indebtedness to the Sponsor attributable to certain of the Acquired Properties, approximately $66.6 million of which will be repaid with a portion of the net proceeds of the IPO and approximately $7.5 million of which will be repaid approximately one year following the IPO. | |
Also in connection with the IPO, the Company created a separate series of interest in the Operating Partnership that allocates to certain funds affiliated with Blackstone and Centerbridge Partners L.P. (owners of the Operating Partnership prior to the IPO) (the "pre-IPO owners") all of the economic consequences of ownership of the Operating Partnership's interests in 47 properties that the Operating Partnership has historically held in its portfolio (the “Non Core Properties”). The Operating Partnership intends to cause the Non-Core Properties to be transferred to the pre-IPO Owners in redemption of this separate series of interest in the Operating Partnership relating to the Non-Core Properties on January 15, 2014. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at September 30, 2013 and the results of operations for the periods presented have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company's prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) under the Securities Act. | |
Certain prior period balances have been reclassified to conform to the current period presentation. | |
Principles of Consolidation and Use of Estimates | |
The accompanying Condensed Consolidated Financial Statements include the accounts of Brixmor Property Group Inc., its wholly owned subsidiaries and all other entities in which it has a controlling financial interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interests as of and during the periods presented. All intercompany transactions have been eliminated. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's final prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) as part of its Registration Statement on Form S-11, as amended (SEC File No. 333-190002) (the “Registration Statement”), as certain disclosures in this Quarterly Report for the quarterly period ended September 30, 2013 that would duplicate those included in the Registration Statement are not included in these Condensed Consolidated Financial Statements. | |
When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. | |
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. | |
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairments of real estate, recovery of receivables and depreciable lives. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. | |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the Company's financial statement presentation. | |
It has been determined that any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company, or they are not expected to have a material effect on the Condensed Consolidated Financial Statements of the Company. |
Acquisition_of_Real_Estate
Acquisition of Real Estate | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate [Abstract] | ' |
Acquisition of Real Estate | ' |
Acquisition of Real Estate | |
During the three and nine months ended September 30, 2013, the Company acquired one building, located adjacent to one of the Company's existing shopping centers, for approximately $5.1 million and acquired the remaining 70% partnership interest in Arapahoe Crossings, L.P. that was previously owned by a foreign investor for a net purchase price of $18.7 million. In connection with the acquisition, a gain of $1.1 million on the step-up of the Company's original 30% interest was recognized. The acquisition of the partnership interest included the assumption of debt obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit facility entered into in July 2013 (see Note 7 for further discussion of the credit facility). | |
During the year ended December 31, 2012, the Company acquired three retail buildings, located adjacent to three of the Company’s existing shopping centers, for approximately $5.5 million and acquired the remaining 50% ownership interest in a 41.6 acre land parcel in Riverhead, NY for a purchase price of $0.5 million. |
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Acquisitions and Dispositions [Abstract] | ' | ||||||||||||||||
Discontinued Operations and Assets Held for Sale | ' | ||||||||||||||||
Discontinued Operations and Assets Held for Sale | |||||||||||||||||
The Company reports as discontinued operations real estate assets that are held for sale as of the end of the current period and real estate assets that were sold during the period. The operating results and gain on disposition of the real estate properties are included in a separate component of income on the Condensed Consolidated Statements of Operations under Discontinued operations. This has resulted in certain reclassifications for the three and nine months ended September 30, 2013. | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, six shopping centers and one shopping center, respectively, were classified as held for sale and are presented in Other assets within the Condensed Consolidated Balance Sheets. The shopping centers had carrying values of approximately $15.0 million and $1.6 million as of September 30, 2013 and December 31, 2012, respectively. During the three months ended September 30, 2013, the Company disposed of three shopping centers and one land parcel for aggregate proceeds of $13.2 million. During the nine months ended September 30, 2013, the Company disposed of ten shopping centers and three land parcels for aggregate proceeds of $44.9 million. | |||||||||||||||||
During the three months ended September 30, 2012, the Company disposed of seven shopping centers for aggregate proceeds of $19.0 million. During the nine months ended September 30, 2012, the Company disposed of ten shopping centers, one land parcel and one building for aggregate proceeds of $24.4 million. | |||||||||||||||||
In connection with the real estate classified as held for sale and the disposition of the shopping centers during the nine months ended September 30, 2013, the Company recognized provisions for impairment of $1.3 million and $15.7 million, for the three and nine months ended September 30, 2013, respectively. In connection with the real estate classified as held for sale and the disposition of the shopping centers during the nine months ended September 30, 2012, the Company recognized provisions for impairment of $7.6 million and $10.5 million, for the three and nine months ended September 30, 2012, respectively. For purposes of measuring this provision, fair value was determined based upon contracts with buyers and then adjusted to reflect associated disposition costs. | |||||||||||||||||
The components of income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are shown below: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues | $ | 1,483 | $ | 4,536 | 5,700 | 14,732 | |||||||||||
Operating expenses | (957 | ) | (3,686 | ) | (4,559 | ) | (12,823 | ) | |||||||||
Other expense, net | (335 | ) | (554 | ) | (723 | ) | (1,804 | ) | |||||||||
Income from discontinued operating properties | 191 | 296 | 418 | 105 | |||||||||||||
Gain on disposition of operating properties | — | 3,315 | 2,631 | 4,544 | |||||||||||||
Impairment on real estate held for sale | (1,283 | ) | (7,635 | ) | (15,741 | ) | (10,545 | ) | |||||||||
Loss from discontinued operations | $ | (1,092 | ) | $ | (4,024 | ) | $ | (12,692 | ) | $ | (5,896 | ) |
Real_Estate
Real Estate | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate | ' | |||||||
Real Estate | ||||||||
The Company's components of Real estate consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Land | $ | 1,904,533 | $ | 1,915,667 | ||||
Buildings and improvements: | ||||||||
Building | 6,807,398 | 6,817,378 | ||||||
Building and tenant improvements | 325,154 | 254,844 | ||||||
Other rental property (1) | 885,045 | 906,537 | ||||||
9,922,130 | 9,894,426 | |||||||
Accumulated depreciation and amortization | (1,085,671 | ) | (796,296 | ) | ||||
Total | $ | 8,836,459 | $ | 9,098,130 | ||||
(1) | At September 30, 2013 and December 31, 2012, Other rental property consisted of intangible assets including: (i) $806.4 million and $826.9 million, respectively, of in-place lease value, (ii) $78.7 million and $79.6 million, respectively, of above-market leases, and (iii) $430.0 million and $341.8 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. | |||||||
In addition, at September 30, 2013 and December 31, 2012, the Company had intangible liabilities relating to below-market leases of approximately $465.3 million and $473.9 million, respectively, and accumulated amortization of approximately $139.0 million and $97.7 million, respectively. These intangible liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the Company's Condensed Consolidated Balance Sheets, are amortized over the term of each related lease including any renewal periods with fixed rentals that are considered to be below market. | ||||||||
Amortization expense associated with the above mentioned intangible assets and liabilities recognized for the three months ended September 30, 2013 and 2012 was approximately $20.3 million and $32.6 million, respectively. Amortization expense associated with the above mentioned intangible assets and liabilities recognized for the nine months ended September 30, 2013 and 2012 was approximately $71.1 million and $112.6 million, respectively. The estimated net amortization expense associated with the Company's intangible assets and liabilities for the next five years are as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2013 (remaining three months) | $ | 18,889 | ||||||
2014 | 58,785 | |||||||
2015 | 35,820 | |||||||
2016 | 15,813 | |||||||
2017 | 6,428 | |||||||
On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company's assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. | ||||||||
The Company did not recognize a provision for impairment during the three months ended September 30, 2013. During the nine months ended September 30, 2013, the Company recognized approximately $29.1 million of provision for impairment, excluding provision for impairment included in Discontinued operations. Other than the provision for impairment recognized in Discontinued operations, the Company did not recognize a provision for impairment for the three and nine months ended September 30, 2012 (see Note 3). | ||||||||
The Company's estimated fair values relating to the above impairment provision assessments were based upon internal analyses as well as proposed sale prices from properties under contract for sale. The Company believes the inputs utilized were reasonable in the context of applicable market conditions; however, due to the significance of the unobservable inputs to the overall fair value measures, including forecasted revenues and expenses based upon market conditions and expectations for growth, the Company determined that such fair value measurements were classified within Level 3 of the fair value hierarchy. The fair value of impaired real estate was $77.5 million as of September 30, 2013. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Joint Ventures | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Investments in/ Advances to Unconsolidated Joint Ventures [Abstract] | ' | ||||||
Investments in and Advances to Unconsolidated Joint Ventures | ' | ||||||
Investments in and Advances to Unconsolidated Joint Ventures | |||||||
The Company has investments in and advances to various unconsolidated joint ventures. These unconsolidated joint ventures were formed primarily for the purpose of owning real estate or operating shopping centers. The Company and its joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds non-controlling interests in these unconsolidated joint ventures and accounts for them under the equity method of accounting. | |||||||
The following table summarizes the Company's investments in and advances to unconsolidated joint ventures: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Percent | Percent | ||||||
Venture | City | State | JV Partner | Ownership | Ownership | ||
Arapahoe Crossings, L.P. (1) | Aurora | CO | Foreign Investor | n/a | 30% | ||
BPR Land Partnership, L.P. | Frisco | TX | Private Investors | 50% | 50% | ||
BPR South, L.P. | Frisco | TX | Private Investors | 50% | 50% | ||
Heritage Intercontinental LP (2) | Dallas | TX | Intercontinental Real Estate | n/a | 25% | ||
NP/I&G Institutional Retail Company II, LLC (3) | Las Vegas | NV | JPMorgan Investment Management, Inc. | 20% | 20% | ||
NPK Redevelopment I, LLC (3) | Various | Various | Kmart Corporation (Sears Holding Corp.) | 20% | 20% | ||
_____________ | |||||||
-1 | On July 31, 2013, the Company acquired the remaining 70% partnership interest in Arapahoe Crossings, L.P. that was previously owned by a foreign investor for a net purchase price of $18.7 million. The acquisition included the assumption of debt obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit facility entered into in July 2013 (see Note 7 for further discussion of the unsecured credit facility). As of September 30, 2013, this investment is wholly owned and no longer included in the Investment in and advances to unconsolidated joint ventures. | ||||||
-2 | In July 2013, the joint venture conveyed Skillman Abrams, a shopping center located in Dallas, Texas, to the lender in satisfaction of its non-recourse mortgage loan. The Company no longer has an ownership interest in the shopping center. | ||||||
-3 | Pursuant to the terms of the applicable joint venture agreements, the Company's participation in the unconsolidated joint ventures may increase if certain performance targets are achieved. | ||||||
The Company does not have commitments to fund losses in excess of the carrying value of its investment. |
Financial_Instruments_Derivati
Financial Instruments - Derivatives and Hedging | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Financial Instruments - Derivatives and Hedging | ' | ||||||||
Financial Instruments - Derivatives and Hedging | |||||||||
The Company's use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. In certain situations, the Company has entered into derivative financial instruments such as interest rate swap and interest rate cap agreements to manage interest rate risk exposure arising from variable rate debt transactions 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 objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. | |||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without changing the underlying notional amount. During the nine months ended September 30, 2013, the Company entered into five forward starting interest rate swap agreements with a notional amount of $1,500.0 million to hedge the variable cash flows associated with third party debt. | |||||||||
A detail of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Swaps | 5 | $ | 1,500,000 | ||||||
The Company has elected to present its interest rate derivatives on its Condensed Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. A detail of the Company’s fair value of interest rate derivatives on a gross and net basis as of September 30, 2013 and December 31, 2012, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (7,720 | ) | — | ||||||
Net derivative liability | $ | (7,720 | ) | $ | — | ||||
All of the Company’s outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in other comprehensive income (“OCI”) and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of the Company’s interest rate swaps that was recorded in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013 is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Amount of loss recognized in OCI on derivative | $ | (7,720 | ) | $ | (7,720 | ) | |||
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $ | — | $ | — | |||||
The Company estimates that approximately $9.1 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2013 and September 30, 2012. The Company did not have any designated hedges for the three or nine months ended September 30, 2012. | |||||||||
Non-Designated (Mark-to Market) Hedges of Interest Rate Risk | |||||||||
The Company does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. The Company’s only non-designated interest rate derivatives held at September 30, 2013 and September 30, 2012 were interest rate caps. Interest rate caps involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of September 30, 2013 and December 31, 2012, the fair value of these interest rate caps was nominal, and, during the three and nine months ended September 30, 2013 and 2012, no payments were received from the respective counterparties. | |||||||||
A detail of the Company’s non-designated interest rate derivatives outstanding as of September 30, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Caps | 7 | $ | 722,000 | ||||||
Credit-risk-related Contingent Features | |||||||||
The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest, or approximately $7.6 million. |
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Obligations | ' | ||||||||||||
Debt Obligations | |||||||||||||
At September 30, 2013 and December 31, 2012, the Company had the following indebtedness outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
30-Sep-13 | 31-Dec-12 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,391,679 | $ | 5,330,442 | 4.85% - 8.18% | 2014 – 2034 | |||||||
Variable rate mortgage and secured loans(3) | 227,000 | 668,605 | Variable(3) | 2014 – 2016 | |||||||||
Total mortgage and secured loans | 3,618,679 | 5,999,047 | |||||||||||
Net unamortized premium | 90,463 | 116,222 | |||||||||||
Total mortgage and secured loans, net | $ | 3,709,142 | $ | 6,115,269 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 404,612 | $ | 404,612 | 3.75% - 7.97% | 2013 - 2029 | |||||||
Net unamortized discount | (15,605 | ) | (20,525 | ) | |||||||||
Total notes payable, net | $ | 389,007 | $ | 384,087 | |||||||||
Credit facility(6) | $ | 2,379,108 | $ | — | |||||||||
Total debt obligations | $ | 6,477,257 | $ | 6,499,356 | |||||||||
-1 | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2013 of approximately $4.6 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91% as of September 30, 2013. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage and secured loans was 3.57% as of September 30, 2013. The Company incurs interest on $227.0 million of mortgages using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013 subject to certain rate floor requirements ranging from 0 basis points to 50 basis points), plus interest spreads ranging from 250 basis points to 375 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 5.97% as of September 30, 2013. | ||||||||||||
-5 | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. As of September 30, 2013, approximately $104.6 million aggregate principal amount of the unsecured notes with this put right remained outstanding. | ||||||||||||
-6 | On July 16, 2013, the Operating Partnership entered into an unsecured credit facility consisting of (i) a $1,250.0 million revolving credit facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013) plus an interest spread of 170 basis points, which will mature on July 31, 2017, with a one-year extension option; and (ii) a $1,500.0 million term loan facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013) plus an interest spread of 160 basis points, which will mature on July 31, 2018. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 160 basis points. | ||||||||||||
Debt Transactions | |||||||||||||
On February 27, 2013, certain indirect wholly owned subsidiaries of the Company (the “Borrowers”) obtained a $57.0 million mortgage loan (the "Mortgage Loan"). The Mortgage Loan is secured by three shopping centers and is guaranteed by BPG Sub as to certain customary recourse carveout liabilities. | |||||||||||||
The Mortgage Loan bears interest at a rate equal to LIBOR (subject to a floor of 25 basis points) plus a spread of 350 basis points, payable monthly, and is scheduled to mature on March 1, 2016, with two extension options that allow the Borrowers to extend the maturity through March 1, 2017 and then to March 1, 2018, subject in each case to the satisfaction of certain financial conditions. | |||||||||||||
In connection with the closing of the Mortgage Loan, approximately $42.0 million of mortgage loans of the Company were repaid. | |||||||||||||
On July 1, 2013, certain wholly-owned subsidiaries of the Company exercised the first extension option to extend the initial maturity date of an $80.0 million mortgage loan to July 1, 2014. In addition, the loan is no longer subject to LIBOR floor of 75 basis points. It bears interest at a rate equal to LIBOR, which was 0.18% as of September 30, 2013, plus a spread of 250 basis points. | |||||||||||||
On July 16, 2013, the Operating Partnership entered into an unsecured credit facility (the “Unsecured Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, National Association, as syndication agents and Barclays Capital plc, Citibank, N.A., Deutsche Bank Securities Inc. and Royal Bank of Canada, as documentation agents. | |||||||||||||
The Unsecured Credit Facility consists of (i) $1,250.0 million revolving credit facility (the “Revolving Facility), maturing on July 31, 2017, with a one-year extension option; and (ii) a $1,500.0 million term loan facility (the “Term Loan Facility”), which will mature on July 31, 2018. The obligations under the Unsecured Credit Facility are guaranteed by both BPG Sub and Brixmor OP GP LLC, the general partner of the Operating Partnership, (together, the "Parent Guarantors"), as well as by both Brixmor Residual Holding LLC and Brixmor GA America LLC (together, the "Material Subsidiary Guarantors"). The guarantees from the Material Subsidiary Guarantors are automatically released upon the occurrence of certain events, including upon the Operating Partnership obtaining an investment grade rating. The Revolving Facility includes borrowing capacity available for letters of credit and for short-term borrowings and an option for the Company to increase the size of the facility, raise incremental credit facilities, and extend the maturity date subject to certain limitations. | |||||||||||||
Unsecured Credit Facility borrowings bear interest, at the Operating Partnership’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus half of 1%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one-month interest period plus 1% or (b) a LIBOR rate determined by reference to the BBA LIBOR rate for the interest period relevant to a particular borrowing. | |||||||||||||
The margin associated with Term Loan Facility borrowings is based on a total leverage based grid and ranges from 0.40% to 1.00%, for base rate loans, and 1.4% to 2.0% for LIBOR rate loans. The margin associated with Revolving Facility borrowings is also based on a total leverage based grid and ranges from 0.50% to 1.10%, for base rate loans, and 1.50% to 2.10%, for LIBOR rate loans. | |||||||||||||
The Operating Partnership, in addition to recurring interest payments, is required to pay a commitment fee to the lenders related to the Revolving Facility in respect of the unutilized commitments thereunder and customary letter of credit fees. The commitment fee is based on the daily-unused amount and is either 0.25% or 0.175% per annum. Voluntary prepayments are permitted at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs in respect of LIBOR rate loans. The Unsecured Credit Facility requires no amortization payments. | |||||||||||||
As of September 30, 2013, approximately $2,379.1 million of the Unsecured Credit Facility had been drawn to repay certain of the Company's debt obligations. On November 5, 2013, all of the outstanding borrowings under the Revolving Facility were repaid primarily with proceeds from the IPO. | |||||||||||||
Debt Maturities | |||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had accrued interest of $26.9 million and $29.9 million outstanding, respectively. At September 30, 2013, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2013 (remaining three months) | $ | 58,524 | |||||||||||
2014 | 419,653 | ||||||||||||
2015 | 782,154 | ||||||||||||
2016 | 1,314,593 | ||||||||||||
2017 | 1,213,888 | ||||||||||||
Thereafter | 2,613,587 | ||||||||||||
Total debt maturities | 6,402,399 | ||||||||||||
Net unamortized premiums on mortgages | 90,463 | ||||||||||||
Net unamortized discount on notes | (15,605 | ) | |||||||||||
Total debt obligations | $ | 6,477,257 | |||||||||||
The Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. |
Financing_Liabilities
Financing Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Financing Liabilities [Abstract] | ' |
Financing Liabilities | ' |
Financing Liabilities | |
At September 30, 2013 and December 31, 2012, the Company had financing liabilities of $173.0 million and $174.4 million, respectively, net of unamortized premium of $2.5 million and $2.6 million, respectively. | |
On December 6, 2010, the Company formed a real estate venture with Inland American CP Investment, LLC (“Inland”). The Company contributed 25 shopping centers with a fair value of approximately $471.0 million and Inland contributed cash of $121.5 million, resulting in Inland receiving a 70% ownership interest with a cumulative preferential share of cash flow generated by the shopping centers at an 11% stated return. The Company received a 30% ownership interest, subordinated to Inland’s preferred interest. Due to the venture agreement providing Inland with the right to put its interest to the Company for an amount of cash equal to the amount it contributed plus accrued interest beginning December 6, 2015, the Company consolidates the real estate venture under the financing method which requires the amount Inland contributed to be reflected as a liability. The venture agreement also provided the Company with the right to call Inland’s interest, beginning December 6, 2014, for an amount of cash determined on the same basis as described above. | |
On November 11, 2008, a Class A Preferred Unit Holder (see Note 10 for further details) elected to redeem substantially all of its units. These units were redeemed in exchange for the fee interest in a property, and the Company entered into a 20 year master lease agreement at the date of transfer with the Class A Preferred Unit Holder. The carrying value of this agreement at September 30, 2013 and December 31, 2012 was $17.9 million and $18.0 million, respectively, including unamortized premium of $2.7 million and $2.8 million, respectively. | |
In addition to the two liabilities disclosed above, as of September 30, 2013 and December 31, 2012, financing liabilities include capital leases of $26.5 million and $27.1 million, net of unamortized discount of $0.2 million and $0.2 million respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 3,709,142 | $ | 3,817,269 | $ | 6,115,269 | $ | 6,161,656 | |||||||||
Notes payable | 389,007 | 400,723 | 384,087 | 395,280 | |||||||||||||
Credit facility | 2,379,108 | 2,379,026 | — | — | |||||||||||||
Total debt obligations | $ | 6,477,257 | $ | 6,597,018 | $ | 6,499,356 | $ | 6,556,936 | |||||||||
Financing liabilities | $ | 172,978 | $ | 172,978 | $ | 174,440 | $ | 174,440 | |||||||||
The valuation methodology used to estimate the fair value of the Company's fixed and variable-rate indebtedness and financing liabilities is based on discounted cash flows, with assumptions that include credit spreads, loan amounts and debt maturities. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. | |||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in U.S. GAAP 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 that are classified within Level 3 of the hierarchy). | |||||||||||||||||
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. | |||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair values of the Company’s marketable securities, valued based on quoted market prices, were classified within Level 1 of the fair value hierarchy. Conversely, at September 30, 2013 and December 31, 2012, the fair values of the Company’s mortgage and secured loans, notes payable, financing liabilities and interest rate caps, valued based on discounted cash flow or other similar methodologies were classified within Level 3 of the fair value hierarchy. |
Redeemable_Noncontrolling_Inte
Redeemable Non-controlling Interests | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Redeemable Non-controlling Interests | ' | |||||||||||||||
Redeemable Non-controlling Interests | ||||||||||||||||
The redeemable non-controlling interests presented in these Condensed Consolidated Financial Statements relate to portions of a consolidated subsidiary held by non-controlling interest holders in a partnership ("ERP") that was formed to own certain real estate properties which were contributed to it in exchange for cash, the assumption of mortgage indebtedness and limited partnership units (or Class A Preferred Units). | ||||||||||||||||
The Company is entitled to receive 100% of all net income, gains before depreciation after the limited partners receive their preferred cash and gain allocations. As of September 30, 2013 and December 31, 2012, there were 648 thousand and 648 thousand Class A Preferred Units outstanding, respectively. | ||||||||||||||||
Holders of these Class A Preferred Units have a redemption right that provides the holder with the option to redeem their units for $33.15 per unit in cash plus all accrued and unpaid distributions. Due to this right, the portion of the partnership attributable to such outside interests has been classified as redeemable non-controlling interests within the Company's Condensed Consolidated Balance Sheets which, at September 30, 2013 and December 31, 2012 were $21.5 million and $21.5 million, respectively. | ||||||||||||||||
During the nine months ended September 30, 2013, no limited partners with Class A Preferred Units made a redemption election. During the nine months ended September 30, 2012, one Class A Preferred Unit Holder elected to redeem substantially all of its Class A Preferred Units for approximately $0.1 million in cash. Such redemption elections may be made at any time, and the Company is required to make any such redemption on the second to last business day of the quarter in which such election is made, provided that the Company receives the redemption election at least ten business days prior to such date. | ||||||||||||||||
The changes in redeemable non-controlling interests are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,559 | $ | 21,467 | $ | 21,559 | ||||||||
Unit redemptions | — | (92 | ) | — | (92 | ) | ||||||||||
Distributions to redeemable non-controlling interests | (322 | ) | (322 | ) | (966 | ) | (969 | ) | ||||||||
Preferred return | 322 | 322 | 966 | 969 | ||||||||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | $ | 21,467 | $ | 21,467 | ||||||||
Noncontrolling_Interests
Non-controlling Interests | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Non-controlling Interests | ' |
Non-controlling Interests | |
The non-controlling interests presented in these Condensed Consolidated Financial Statements relate to portions of consolidated subsidiaries held by the non-controlling interest holders. | |
The Company owns 75.65% of BPG Sub and is entitled to receive 75.65% of all net income and gains before depreciation. The remaining 24.35% is held by Blackstone Retail Transaction II Holdco L.P. (“Holdco II”) an affiliate of Blackstone Real Estate Partners VI, L.P. As of September 30, 2013 and December 31, 2012, there were 240,905,467 shares of BPG Sub outstanding, of which the Company owned 182,242,460 and the affiliated non-controlling interest owned 58,663,007. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Stock Based Compensation | ' | |||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||
The Company measures compensation cost for share-based payment awards granted to employees and non-employee directors at fair value using the Black-Scholes-Merton option-pricing model. Share-based compensation includes awards granted to employees and has been reported in General and administrative in the Company's Condensed Consolidated Statements of Operations. | ||||||||||||||||||||
Certain employees of the Company have been granted long term incentive awards which provide them with equity interests in the Company’s equity holders and ultimate parent investors (“Class B Units”). The awards were granted with service conditions and performance and market conditions. The fair value of the units with service conditions are recognized ratably over the applicable service period. The units granted, subject to performance and market conditions, will be recognized as the applicable conditions are met. The awards granted are profits interests having economic characteristics similar to stock appreciation rights and representing the right to share in any increase in value that exceeds a specified threshold. Therefore, the Class B units only have value to the extent there is an appreciation in the value of the business from and after the applicable date of grant and the appreciation rights exceeds a specified threshold. The units granted, subject to performance and market conditions, vest on the date, if any, that the Company's Sponsor receives cash proceeds resulting in a 15% internal rate of return, subject to continued employment on such date. | ||||||||||||||||||||
The Class B Units granted to employees by the Partnerships were recorded as a contribution by the Partnerships, with amortization being recorded as a component of General and administrative expenses in the Condensed Consolidated Statements of Operations. During the three months ended September 30, 2013 and 2012, the Company recognized approximately $2.1 million and $1.6 million, respectively, of incentive-based compensation expense relating to these units as a component of General and administrative expense in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2013 and 2012, the Company recognized approximately $3.7 million and $4.8 million, respectively, of incentive-based compensation expense relating to the Class B Units. The $3.7 million of expense recognized in the nine months ended September 30, 2013 reflects approximately $1.6 million of incentive-based compensation expense that was reversed as a result of Class B Units that were forfeited. The Company did not recognize expense related to the units subject to performance conditions as the applicable conditions have not yet been met. As of September 30, 2013 and December 31, 2012, the total compensation cost expected to be recognized over a weighted average period of four years as a result of awards not yet vested was $35.5 million and $35.6 million, respectively. | ||||||||||||||||||||
The Company calculates the fair value of share based compensation awards using the Black-Scholes-Merton option pricing model which requires the use of subjective assumptions, including share price volatility, the expected life of the award, risk free interest rate and expected dividend yield. In developing its assumptions the Company takes into account the following: | ||||||||||||||||||||
• As a result of its status as a private company for the last several years the Company does not have sufficient history to estimate the volatility of its common share price. The Company calculates the expected volatility based on reported data for selected reasonably similar publicly traded companies for which historical information is available. The Company plans to continue to use the guideline peer group volatility information until the historical volatility of its common shares is relevant to measure expected volatility for future award grants; | ||||||||||||||||||||
• The Company determines the risk free interest rate by reference to implied yields available from United States Treasury securities with a remaining term equal to the expected life assumed at the date of the grant; | ||||||||||||||||||||
• The Company's assumed dividend yield is based on its historical dividends paid, excluding dividends that resulted from activities to be one time in nature; | ||||||||||||||||||||
• The Company estimates the average expected life of the awards based on the projected liquidity event. | ||||||||||||||||||||
The assumptions used in the Black-Scholes-Merton option pricing model are set forth below: | ||||||||||||||||||||
2011 | 2013 | |||||||||||||||||||
Dividend yield | — | % | — | % | ||||||||||||||||
Risk free interest rate | 0.9 | % | 0.2 | % | ||||||||||||||||
Expected volatility | 80 | % | 35 | % | ||||||||||||||||
Expected life | 5 years | 1.6 years | ||||||||||||||||||
The following table presents the grant dates and numbers of underlying shares granted to employees from | ||||||||||||||||||||
June 28, 2011 through September 30, 2013: | ||||||||||||||||||||
Estimated Fair Value Per Class B Units at Grant Date | Total Estimated Value of Class B Units at Grant Date (in millions) | |||||||||||||||||||
Date of Grant | Number of Class B Units Granted (in millions) | Service Condition | Performance and Market Condition | Service Condition | Performance and Market Condition | |||||||||||||||
1-Nov-11 | 96.8 | $ | 0.45 | $ | 0.44 | $ | 21.8 | $ | 21.3 | |||||||||||
29-Mar-13 | 9.1 | $ | 0.445 | $ | 0.444 | $ | 2 | $ | 2 | |||||||||||
30-Apr-13 | 1.8 | $ | 0.445 | $ | 0.444 | $ | 0.4 | $ | 0.4 | |||||||||||
20-May-13 | 20.6 | $ | 0.289 | $ | 0.289 | $ | 3 | $ | 3 | |||||||||||
Certain employees of the Company have been granted awards in affiliated entities that are managed by the Company. The awards granted to these employees are due to their employment and capacity at the Company. The Company records management fee income from the affiliated entities as well as additional compensation expense to reflect the fair value of the awards as they are earned by the employees. | ||||||||||||||||||||
Offering Price | ||||||||||||||||||||
The IPO price of $20.00 per share was based on a number of factors, including the Company's results of operations, the Company's future prospects, the economic conditions in and future prospects for the industry in which the Company competes, current market valuations of publicly traded companies considered comparable to the Company and the other factors described under the section entitled "Underwriting" in our prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) under the Securities Act. | ||||||||||||||||||||
The methodology applied to determine the value of the awards at grant date and IPO would be substantially the same. The following table sets forth the value of the 2013 Class B Units at grant date and at the time of the IPO based on the IPO price of $20.00 per share. | ||||||||||||||||||||
Date of Grant | Value of Class B Units at Grant Date (in millions) | Assumed Value at IPO (in millions) | ||||||||||||||||||
29-Mar-13 | $ | 4 | $ | 6.4 | ||||||||||||||||
30-Apr-13 | $ | 0.8 | $ | 1.3 | ||||||||||||||||
20-May-13 | $ | 6 | $ | 7.7 | ||||||||||||||||
The increase in value between grant date and value at the IPO is due to improved operating results driven by an increase in underlying property performance and the impact of the July 2013 debt refinancing (specifically the new Unsecured Credit Facility, closed July 16, 2013). |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings per Share | ||||||||||||||
On October 29, 2013, the Company effected a stock split whereby each issued and outstanding share of the Company's common stock prior to the stock split ("Old Common Stock") was automatically reclassified and became 2,409.05312695 fully paid and nonassessable shares of common stock, without any action required on the part of the Company or the holders of Old Common Stock. All references to share and per share amounts in the Condensed Consolidated Financial Statements and accompanying notes thereto have been retroactively restated to reflect this stock split. | ||||||||||||||
The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||||
Loss from continuing operations | $ | (23,463 | ) | $ | (33,122 | ) | $ | (94,153 | ) | $ | (125,816 | ) | ||
Allocation to non-controlling interests | (5,450 | ) | (7,819 | ) | (22,156 | ) | (29,896 | ) | ||||||
Loss from continuing operations attributable to the common stockholders - basic | (18,013 | ) | (25,303 | ) | (71,997 | ) | (95,920 | ) | ||||||
Loss from discontinued operations, net of non-controlling interests | (826 | ) | (3,045 | ) | (9,600 | ) | (4,458 | ) | ||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | (18,839 | ) | $ | (28,348 | ) | $ | (81,597 | ) | $ | (100,378 | ) | ||
Weighted average common shares outstanding | 182,242 | 182,242 | 182,242 | 182,242 | ||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Stockholders: | ||||||||||||||
Loss from continuing operations attributable to the common stockholders | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.53 | ) | ||
Loss from discontinued operations | — | (0.02 | ) | (0.05 | ) | (0.02 | ) | |||||||
Net income | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.45 | ) | $ | (0.55 | ) | ||
Computation of Diluted Earnings Per Share: | ||||||||||||||
Loss from continuing operations attributable to the common stockholders - basic | $ | (18,013 | ) | $ | (25,303 | ) | $ | (71,997 | ) | $ | (95,920 | ) | ||
Allocation to convertible non-controlling interests | (5,797 | ) | (8,145 | ) | (23,174 | ) | (30,874 | ) | ||||||
Loss attributable to common stockholders - diluted | (23,810 | ) | (33,448 | ) | (95,171 | ) | (126,794 | ) | ||||||
Loss from discontinued operations | (1,092 | ) | (4,024 | ) | (12,692 | ) | (5,896 | ) | ||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | (24,902 | ) | $ | (37,472 | ) | $ | (107,863 | ) | $ | (132,690 | ) | ||
Weighted average common shares outstanding - basic | 182,242 | 182,242 | 182,242 | 182,242 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Conversion of OP units and subsidiary shares | 58,663 | 58,663 | 58,663 | 58,663 | ||||||||||
Shares for diluted earnings per common share | 240,905 | 240,905 | 240,905 | 240,905 | ||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Stockholders: | ||||||||||||||
Loss from continuing operations | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.53 | ) | ||
Loss from discontinued operations | — | (0.02 | ) | (0.05 | ) | (0.02 | ) | |||||||
Net income | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.45 | ) | $ | (0.55 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Leasing commitments | |
The Company periodically enters into leases in connection with ground leases for neighborhood and community shopping centers which it operates and as administrative space for the Company. During the three months ended September 30, 2013 and 2012, the Company recognized rent expense associated with these leases of $2.6 million and $2.5 million, respectively. During the nine months ended September 30, 2013 and 2012, the Company recognized rent expense associated with these leases of $7.4 million and $7.3 million, respectively. Minimum annual rental commitments associated with these leases during the next five years and thereafter are as follows: 2013 (remaining three months), $2.3 million; 2014, $8.8 million; 2015, $8.7 million; 2016, $8.3 million; 2017, $8.1 million and thereafter, $98.8 million. | |
Insurance captive | |
In April 2007, the Company formed a wholly owned captive insurance company, ERT-CIC, LLC (“ERT CIC”) which underwrote the first layer of general liability insurance programs for the Company’s wholly owned, majority owned and joint venture properties. The Company formed ERT-CIC as part of its overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized ERT CIC in accordance with the applicable regulatory requirements. ERT CIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. ERT CIC engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to ERT CIC may be adjusted based on this estimate and may be reimbursed by tenants pursuant to specific lease terms. | |
During 2012, the Company replaced ERT-CIC with a newly formed, wholly-owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance programs for the Company’s wholly owned, majority owned and joint venture properties. The Company formed Incap as part of its overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company has capitalized Incap in accordance with the applicable regulatory requirements. Incap established annual premiums based on projections derived from the past loss experience of the Company’s properties. Incap has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. | |
Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by tenants pursuant to specific lease terms. | |
Environmental matters | |
Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. The Company does not believe that any resulting liability from such matters will have a material adverse effect on the financial position, results of operations or liquidity of the Company. | |
Other legal matters | |
The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company has elected to qualify as a REIT in accordance with the Internal Revenue Code (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. | |
As a REIT, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. | |
Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRS is subject to federal, state and local income taxes. | |
The Company is also subject to certain state and local income taxes or franchise taxes. State and local income taxes or franchise taxes were approximately $0.9 million for the three months ended September 30, 2013, $2.8 million for the nine months ended September 30, 2013, $1.5 million for the three months ended September 30, 2012, and $4.6 million for the nine months ended September 30, 2012. | |
Taxable REIT Subsidiaries | |
TRS’ activities include real estate operations and an investment in an insurance company (see Note 13 for further information). In July 2013, one of the Company's TRS's converted its corporation to a limited liability company, and another TRS merged into the Operating Partnership. As such, the Company is no longer subject to federal, state and local taxes on the income earned from these entities. | |
Income taxes have been recorded based on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. | |
At September 30, 2013 the TRS had no gross deferred tax assets or liabilities. At December 31, 2012, the TRS had gross deferred tax assets of $371.1 million and gross deferred tax liabilities of $0.6 million. Deferred tax assets and liabilities are primarily attributable to real estate basis differences and net operating loss carry forwards. At September 30, 2013 and December 31, 2012, a valuation allowance of $0 and $370.5 million, respectively, had been established due to the uncertainty associated with realizing these deferred tax assets. Deferred tax assets and liabilities are included in Other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the accompanying Condensed Consolidated Balance Sheets. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
In the ordinary course of conducting its business, the Company enters into customary agreements with its affiliates and unconsolidated joint ventures in relation to the leasing and management of its and/or its related parties real estate assets. | |
At September 30, 2013 and December 31, 2012, receivables from related parties were $6.4 million and $7.1 million, respectively, which are included in Receivables, net in the Condensed Consolidated Balance Sheets. At September 30, 2013 and December 31, 2012, there were no material payables to related parties. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In preparing the Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2013 for recognition or disclosure purposes. Based on this evaluation, other than the transactions detailed in the section titled "Initial Public Offering and IPO Property Transfers" in Note 1, there were no subsequent events from September 30, 2013 through to the date the financial statements were issued. |
Nature_of_Business_and_Financi1
Nature of Business and Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Segment Reporting | ' |
The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”). | |
Basis of Presentation | ' |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at September 30, 2013 and the results of operations for the periods presented have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company's prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) under the Securities Act. | |
Reclassification | ' |
Certain prior period balances have been reclassified to conform to the current period presentation. | |
Principles of Consolidation | ' |
The accompanying Condensed Consolidated Financial Statements include the accounts of Brixmor Property Group Inc., its wholly owned subsidiaries and all other entities in which it has a controlling financial interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interests as of and during the periods presented. All intercompany transactions have been eliminated. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's final prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) as part of its Registration Statement on Form S-11, as amended (SEC File No. 333-190002) (the “Registration Statement”), as certain disclosures in this Quarterly Report for the quarterly period ended September 30, 2013 that would duplicate those included in the Registration Statement are not included in these Condensed Consolidated Financial Statements. | |
When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. | |
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. | |
Use of Estimates | ' |
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairments of real estate, recovery of receivables and depreciable lives. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. | |
New Accounting Pronouncements | ' |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the Company's financial statement presentation. | |
It has been determined that any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company, or they are not expected to have a material effect on the Condensed Consolidated Financial Statements of the Company. |
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Acquisitions and Dispositions [Abstract] | ' | ||||||||||||||||
Summary of the operations from discontinued operations | ' | ||||||||||||||||
The components of income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are shown below: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Revenues | $ | 1,483 | $ | 4,536 | 5,700 | 14,732 | |||||||||||
Operating expenses | (957 | ) | (3,686 | ) | (4,559 | ) | (12,823 | ) | |||||||||
Other expense, net | (335 | ) | (554 | ) | (723 | ) | (1,804 | ) | |||||||||
Income from discontinued operating properties | 191 | 296 | 418 | 105 | |||||||||||||
Gain on disposition of operating properties | — | 3,315 | 2,631 | 4,544 | |||||||||||||
Impairment on real estate held for sale | (1,283 | ) | (7,635 | ) | (15,741 | ) | (10,545 | ) | |||||||||
Loss from discontinued operations | $ | (1,092 | ) | $ | (4,024 | ) | $ | (12,692 | ) | $ | (5,896 | ) |
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Real Estate Properties | ' | |||||||
The Company's components of Real estate consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Land | $ | 1,904,533 | $ | 1,915,667 | ||||
Buildings and improvements: | ||||||||
Building | 6,807,398 | 6,817,378 | ||||||
Building and tenant improvements | 325,154 | 254,844 | ||||||
Other rental property (1) | 885,045 | 906,537 | ||||||
9,922,130 | 9,894,426 | |||||||
Accumulated depreciation and amortization | (1,085,671 | ) | (796,296 | ) | ||||
Total | $ | 8,836,459 | $ | 9,098,130 | ||||
(1) | At September 30, 2013 and December 31, 2012, Other rental property consisted of intangible assets including: (i) $806.4 million and $826.9 million, respectively, of in-place lease value, (ii) $78.7 million and $79.6 million, respectively, of above-market leases, and (iii) $430.0 million and $341.8 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. | |||||||
Schedule of Expected Net Amortization Expense Associated with Intangible Assets and Liabilities | ' | |||||||
The estimated net amortization expense associated with the Company's intangible assets and liabilities for the next five years are as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2013 (remaining three months) | $ | 18,889 | ||||||
2014 | 58,785 | |||||||
2015 | 35,820 | |||||||
2016 | 15,813 | |||||||
2017 | 6,428 | |||||||
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Investments in/ Advances to Unconsolidated Joint Ventures [Abstract] | ' | ||||||
Summary of Company's investments in unconsolidated joint ventures | ' | ||||||
The following table summarizes the Company's investments in and advances to unconsolidated joint ventures: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Percent | Percent | ||||||
Venture | City | State | JV Partner | Ownership | Ownership | ||
Arapahoe Crossings, L.P. (1) | Aurora | CO | Foreign Investor | n/a | 30% | ||
BPR Land Partnership, L.P. | Frisco | TX | Private Investors | 50% | 50% | ||
BPR South, L.P. | Frisco | TX | Private Investors | 50% | 50% | ||
Heritage Intercontinental LP (2) | Dallas | TX | Intercontinental Real Estate | n/a | 25% | ||
NP/I&G Institutional Retail Company II, LLC (3) | Las Vegas | NV | JPMorgan Investment Management, Inc. | 20% | 20% | ||
NPK Redevelopment I, LLC (3) | Various | Various | Kmart Corporation (Sears Holding Corp.) | 20% | 20% | ||
_____________ | |||||||
-1 | On July 31, 2013, the Company acquired the remaining 70% partnership interest in Arapahoe Crossings, L.P. that was previously owned by a foreign investor for a net purchase price of $18.7 million. The acquisition included the assumption of debt obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit facility entered into in July 2013 (see Note 7 for further discussion of the unsecured credit facility). As of September 30, 2013, this investment is wholly owned and no longer included in the Investment in and advances to unconsolidated joint ventures. | ||||||
-2 | In July 2013, the joint venture conveyed Skillman Abrams, a shopping center located in Dallas, Texas, to the lender in satisfaction of its non-recourse mortgage loan. The Company no longer has an ownership interest in the shopping center. | ||||||
-3 | Pursuant to the terms of the applicable joint venture agreements, the Company's participation in the unconsolidated joint ventures may increase if certain performance targets are achieved. |
Financial_Instruments_Derivati1
Financial Instruments - Derivatives and Hedging (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative [Line Items] | ' | ||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||
A detail of the Company’s fair value of interest rate derivatives on a gross and net basis as of September 30, 2013 and December 31, 2012, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (7,720 | ) | — | ||||||
Net derivative liability | $ | (7,720 | ) | $ | — | ||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||
The effective portion of the Company’s interest rate swaps that was recorded in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013 is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Amount of loss recognized in OCI on derivative | $ | (7,720 | ) | $ | (7,720 | ) | |||
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $ | — | $ | — | |||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||
Derivative [Line Items] | ' | ||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||
A detail of the Company’s non-designated interest rate derivatives outstanding as of September 30, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Caps | 7 | $ | 722,000 | ||||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ||||||||
Derivative [Line Items] | ' | ||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||
A detail of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Swaps | 5 | $ | 1,500,000 | ||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt obligations under various arrangements with financial institutions | ' | ||||||||||||
At September 30, 2013 and December 31, 2012, the Company had the following indebtedness outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
30-Sep-13 | 31-Dec-12 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,391,679 | $ | 5,330,442 | 4.85% - 8.18% | 2014 – 2034 | |||||||
Variable rate mortgage and secured loans(3) | 227,000 | 668,605 | Variable(3) | 2014 – 2016 | |||||||||
Total mortgage and secured loans | 3,618,679 | 5,999,047 | |||||||||||
Net unamortized premium | 90,463 | 116,222 | |||||||||||
Total mortgage and secured loans, net | $ | 3,709,142 | $ | 6,115,269 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 404,612 | $ | 404,612 | 3.75% - 7.97% | 2013 - 2029 | |||||||
Net unamortized discount | (15,605 | ) | (20,525 | ) | |||||||||
Total notes payable, net | $ | 389,007 | $ | 384,087 | |||||||||
Credit facility(6) | $ | 2,379,108 | $ | — | |||||||||
Total debt obligations | $ | 6,477,257 | $ | 6,499,356 | |||||||||
-1 | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2013 of approximately $4.6 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91% as of September 30, 2013. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage and secured loans was 3.57% as of September 30, 2013. The Company incurs interest on $227.0 million of mortgages using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013 subject to certain rate floor requirements ranging from 0 basis points to 50 basis points), plus interest spreads ranging from 250 basis points to 375 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 5.97% as of September 30, 2013. | ||||||||||||
-5 | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. As of September 30, 2013, approximately $104.6 million aggregate principal amount of the unsecured notes with this put right remained outstanding. | ||||||||||||
-6 | On July 16, 2013, the Operating Partnership entered into an unsecured credit facility consisting of (i) a $1,250.0 million revolving credit facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013) plus an interest spread of 170 basis points, which will mature on July 31, 2017, with a one-year extension option; and (ii) a $1,500.0 million term loan facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of September 30, 2013) plus an interest spread of 160 basis points, which will mature on July 31, 2018. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 160 basis points. | ||||||||||||
Future expected/scheduled maturities of outstanding debt and capital lease obligations | ' | ||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had accrued interest of $26.9 million and $29.9 million outstanding, respectively. At September 30, 2013, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2013 (remaining three months) | $ | 58,524 | |||||||||||
2014 | 419,653 | ||||||||||||
2015 | 782,154 | ||||||||||||
2016 | 1,314,593 | ||||||||||||
2017 | 1,213,888 | ||||||||||||
Thereafter | 2,613,587 | ||||||||||||
Total debt maturities | 6,402,399 | ||||||||||||
Net unamortized premiums on mortgages | 90,463 | ||||||||||||
Net unamortized discount on notes | (15,605 | ) | |||||||||||
Total debt obligations | $ | 6,477,257 | |||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Fair Value Debt Obligation | ' | ||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 3,709,142 | $ | 3,817,269 | $ | 6,115,269 | $ | 6,161,656 | |||||||||
Notes payable | 389,007 | 400,723 | 384,087 | 395,280 | |||||||||||||
Credit facility | 2,379,108 | 2,379,026 | — | — | |||||||||||||
Total debt obligations | $ | 6,477,257 | $ | 6,597,018 | $ | 6,499,356 | $ | 6,556,936 | |||||||||
Financing liabilities | $ | 172,978 | $ | 172,978 | $ | 174,440 | $ | 174,440 | |||||||||
Redeemable_Noncontrolling_Inte1
Redeemable Non-controlling Interests (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Redeemable Noncontrolling Interest | ' | |||||||||||||||
The changes in redeemable non-controlling interests are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,559 | $ | 21,467 | $ | 21,559 | ||||||||
Unit redemptions | — | (92 | ) | — | (92 | ) | ||||||||||
Distributions to redeemable non-controlling interests | (322 | ) | (322 | ) | (966 | ) | (969 | ) | ||||||||
Preferred return | 322 | 322 | 966 | 969 | ||||||||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | $ | 21,467 | $ | 21,467 | ||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation Assumptions | ' | |||||||||||||||||||
The assumptions used in the Black-Scholes-Merton option pricing model are set forth below: | ||||||||||||||||||||
2011 | 2013 | |||||||||||||||||||
Dividend yield | — | % | — | % | ||||||||||||||||
Risk free interest rate | 0.9 | % | 0.2 | % | ||||||||||||||||
Expected volatility | 80 | % | 35 | % | ||||||||||||||||
Expected life | 5 years | 1.6 years | ||||||||||||||||||
Schedule of Grant Dates and Numbers of Underlying Shares Granted to Employees | ' | |||||||||||||||||||
The following table presents the grant dates and numbers of underlying shares granted to employees from | ||||||||||||||||||||
June 28, 2011 through September 30, 2013: | ||||||||||||||||||||
Estimated Fair Value Per Class B Units at Grant Date | Total Estimated Value of Class B Units at Grant Date (in millions) | |||||||||||||||||||
Date of Grant | Number of Class B Units Granted (in millions) | Service Condition | Performance and Market Condition | Service Condition | Performance and Market Condition | |||||||||||||||
1-Nov-11 | 96.8 | $ | 0.45 | $ | 0.44 | $ | 21.8 | $ | 21.3 | |||||||||||
29-Mar-13 | 9.1 | $ | 0.445 | $ | 0.444 | $ | 2 | $ | 2 | |||||||||||
30-Apr-13 | 1.8 | $ | 0.445 | $ | 0.444 | $ | 0.4 | $ | 0.4 | |||||||||||
20-May-13 | 20.6 | $ | 0.289 | $ | 0.289 | $ | 3 | $ | 3 | |||||||||||
Schedule of Class B Units at Grant Date and at the Time of the IPO | ' | |||||||||||||||||||
The following table sets forth the value of the 2013 Class B Units at grant date and at the time of the IPO based on the IPO price of $20.00 per share. | ||||||||||||||||||||
Date of Grant | Value of Class B Units at Grant Date (in millions) | Assumed Value at IPO (in millions) | ||||||||||||||||||
29-Mar-13 | $ | 4 | $ | 6.4 | ||||||||||||||||
30-Apr-13 | $ | 0.8 | $ | 1.3 | ||||||||||||||||
20-May-13 | $ | 6 | $ | 7.7 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||
The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data): | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||||
Loss from continuing operations | $ | (23,463 | ) | $ | (33,122 | ) | $ | (94,153 | ) | $ | (125,816 | ) | ||
Allocation to non-controlling interests | (5,450 | ) | (7,819 | ) | (22,156 | ) | (29,896 | ) | ||||||
Loss from continuing operations attributable to the common stockholders - basic | (18,013 | ) | (25,303 | ) | (71,997 | ) | (95,920 | ) | ||||||
Loss from discontinued operations, net of non-controlling interests | (826 | ) | (3,045 | ) | (9,600 | ) | (4,458 | ) | ||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | (18,839 | ) | $ | (28,348 | ) | $ | (81,597 | ) | $ | (100,378 | ) | ||
Weighted average common shares outstanding | 182,242 | 182,242 | 182,242 | 182,242 | ||||||||||
Basic Earnings Per Share Attributable to the Company’s Common Stockholders: | ||||||||||||||
Loss from continuing operations attributable to the common stockholders | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.53 | ) | ||
Loss from discontinued operations | — | (0.02 | ) | (0.05 | ) | (0.02 | ) | |||||||
Net income | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.45 | ) | $ | (0.55 | ) | ||
Computation of Diluted Earnings Per Share: | ||||||||||||||
Loss from continuing operations attributable to the common stockholders - basic | $ | (18,013 | ) | $ | (25,303 | ) | $ | (71,997 | ) | $ | (95,920 | ) | ||
Allocation to convertible non-controlling interests | (5,797 | ) | (8,145 | ) | (23,174 | ) | (30,874 | ) | ||||||
Loss attributable to common stockholders - diluted | (23,810 | ) | (33,448 | ) | (95,171 | ) | (126,794 | ) | ||||||
Loss from discontinued operations | (1,092 | ) | (4,024 | ) | (12,692 | ) | (5,896 | ) | ||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | (24,902 | ) | $ | (37,472 | ) | $ | (107,863 | ) | $ | (132,690 | ) | ||
Weighted average common shares outstanding - basic | 182,242 | 182,242 | 182,242 | 182,242 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Conversion of OP units and subsidiary shares | 58,663 | 58,663 | 58,663 | 58,663 | ||||||||||
Shares for diluted earnings per common share | 240,905 | 240,905 | 240,905 | 240,905 | ||||||||||
Diluted Earnings Per Share Attributable to the Company’s Common Stockholders: | ||||||||||||||
Loss from continuing operations | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.40 | ) | $ | (0.53 | ) | ||
Loss from discontinued operations | — | (0.02 | ) | (0.05 | ) | (0.02 | ) | |||||||
Net income | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.45 | ) | $ | (0.55 | ) |
Nature_of_Business_and_Financi2
Nature of Business and Financial Statement Presentation (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 |
reportable_segment | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Property | Blackstone Group L.P. [Member] | Blackstone Group L.P. [Member] | Blackstone Group L.P. [Member] | Revolving Credit Facility [Member] | Common Stock [Member] | ||
Will be Repaid with a Portion of the Net Proceeds of the IPO [Member] | Will be Repaid Approximately One Year Following the IPO [Member] | Unsecured Debt [Member] | |||||
Nture of Oerations and Financial Statements Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 1 | ' | ' | ' | ' | ' | ' |
Shares sold in public offering | ' | ' | ' | ' | ' | ' | 47,400,000 |
Price per share | ' | ' | ' | ' | ' | ' | $20 |
Proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | $891.30 |
Underwriting discounts, expenses and transaction costs | ' | ' | ' | ' | ' | ' | 57.4 |
Debt repaid | ' | ' | $74.10 | $66.60 | $7.50 | $824.70 | ' |
Interest acquired in real estate properties | ' | 43 | ' | ' | ' | ' | ' |
Number of shares exchanged for interest in properties | ' | 15,877,791 | ' | ' | ' | ' | ' |
Number of real estate properties that operating partnership has an interest | ' | 47 | ' | ' | ' | ' | ' |
Acquisition_of_Real_Estate_Det
Acquisition of Real Estate (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
building | building | building | Arapahoe Crossings LP Aurora CO [Member] | Arapahoe Crossings LP Aurora CO [Member] | One Building [Member] | One Building [Member] | ||
shopping_center | shopping_center | |||||||
acre | acre | |||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail buildings acquired | 1 | 1 | ' | 3 | ' | ' | ' | ' |
Real estate acquisitions | ' | $23,792,000 | $5,000,000 | $5,500,000 | ' | ' | $5,100,000 | $5,100,000 |
Remaining partnership interest acquired | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' |
Purchase price of joint venture | ' | ' | ' | ' | 18,700,000 | 18,700,000 | ' | ' |
Gain recognized from acquisition | ' | ' | ' | ' | 1,100,000 | ' | ' | ' |
Interest recognized | ' | ' | ' | ' | 30.00% | ' | ' | ' |
Debt assumed in joint venture purchase | ' | ' | ' | ' | 41,800,000 | 41,800,000 | ' | ' |
Number of shopping centers owned | ' | ' | ' | 3 | ' | ' | ' | ' |
Percent of interest owned in land parcels | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Area of land in which percent of ownership has been acquired | ' | ' | ' | 41.6 | ' | ' | ' | ' |
Payments to acquire land | ' | ' | ' | $500,000 | ' | ' | ' | ' |
Discontinued_Operations_and_As2
Discontinued Operations and Assets Held for Sale (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Land_Parcels | shopping_center | Shopping_Centers | Land_Parcels | shopping_center | |
shopping_center | Land_Parcels | Shopping_Centers | |||
shopping_center | Buildings | ||||
Acquisitions and Dispositions [Abstract] | ' | ' | ' | ' | ' |
Number of shopping centers classified as Real estate held for sale | 6 | ' | 6 | ' | 1 |
Aggregate book value | $15,000,000 | ' | $15,000,000 | ' | $1,600,000 |
Number of shopping centers sold | 3 | 7 | 10 | 10 | ' |
Number of land parcels sold | 1 | ' | 3 | 1 | ' |
Proceeds from dispositions | 13,200,000 | 19,000,000 | 44,866,000 | 24,439,000 | ' |
Number of building sold | ' | ' | ' | 1 | ' |
Discontinued operations: | ' | ' | ' | ' | ' |
Revenues | 1,483,000 | 4,536,000 | 5,700,000 | 14,732,000 | ' |
Operating expenses | -957,000 | -3,686,000 | -4,559,000 | -12,823,000 | ' |
Other expense, net | -335,000 | -554,000 | -723,000 | -1,804,000 | ' |
Income from discontinued operating properties | 191,000 | 296,000 | 418,000 | 105,000 | ' |
Gain on disposition of operating properties | 0 | 3,315,000 | 2,631,000 | 4,544,000 | ' |
Impairment on real estate held for sale | -1,283,000 | -7,635,000 | -15,741,000 | -10,545,000 | ' |
Loss from discontinued operations | ($1,092,000) | ($4,024,000) | ($12,692,000) | ($5,896,000) | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | |||
Land | $1,904,533,000 | ' | $1,904,533,000 | ' | $1,915,667,000 | |||
Building | 6,807,398,000 | ' | 6,807,398,000 | ' | 6,817,378,000 | |||
Building and tenant improvements | 325,154,000 | ' | 325,154,000 | ' | 254,844,000 | |||
Other rental property | 885,045,000 | [1] | ' | 885,045,000 | [1] | ' | 906,537,000 | [1] |
Real estate, gross | 9,922,130,000 | ' | 9,922,130,000 | ' | 9,894,426,000 | |||
Accumulated depreciation and amortization | -1,085,671,000 | ' | -1,085,671,000 | ' | -796,296,000 | |||
Real estate, net | 8,836,459,000 | ' | 8,836,459,000 | ' | 9,098,130,000 | |||
Accumulated amortization | 430,000,000 | ' | 430,000,000 | ' | 341,800,000 | |||
Amortization of intangible assets and liabilities | 20,300,000 | 32,600,000 | 71,100,000 | 112,600,000 | ' | |||
Impairment of real estate assets | 0 | 0 | 29,113,000 | 0 | ' | |||
Level 3 [Member] | ' | ' | ' | ' | ' | |||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | |||
Fair value of impaired real estate | 77,500,000 | ' | 77,500,000 | ' | ' | |||
Leases, Acquired-in-Place [Member] | ' | ' | ' | ' | ' | |||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | |||
In-place lease value | 806,400,000 | ' | 806,400,000 | ' | 826,900,000 | |||
Estimated Amortization Expense of Intangible Assets and Liabilities [Abstract] | ' | ' | ' | ' | ' | |||
2013 (remaining three months) | 18,889,000 | ' | 18,889,000 | ' | ' | |||
2014 | 58,785,000 | ' | 58,785,000 | ' | ' | |||
2015 | 35,820,000 | ' | 35,820,000 | ' | ' | |||
2016 | 15,813,000 | ' | 15,813,000 | ' | ' | |||
2017 | 6,428,000 | ' | 6,428,000 | ' | ' | |||
Above Market Leases [Member] | ' | ' | ' | ' | ' | |||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | |||
Above market leases | 78,700,000 | ' | 78,700,000 | ' | 79,600,000 | |||
Below Market Leases [Member] | ' | ' | ' | ' | ' | |||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | |||
Intangible liabilities relating to below-market leases | 465,300,000 | ' | 465,300,000 | ' | 473,900,000 | |||
Accumulated amortization on below-market leases | $139,000,000 | ' | $139,000,000 | ' | $97,700,000 | |||
[1] | At September 30, 2013 and December 31, 2012, Other rental property consisted of intangible assets including: (i) $806.4 million and $826.9 million, respectively, of in-place lease value, (ii) $78.7 million and $79.6 million, respectively, of above-market leases, and (iii) $430.0 million and $341.8 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Joint Ventures (Details) (USD $) | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||
In Millions, unless otherwise specified | Arapahoe Crossings, L.P. Aurora CO [Member] | Arapahoe Crossings, L.P. Aurora CO [Member] | Foreign Investor [Member] | George Allen/Milton Schaffer [Member] | George Allen/Milton Schaffer [Member] | George Allen/Milton Schaffer [Member] | George Allen/Milton Schaffer [Member] | JP Morgan Investment Management, Inc. [Member] | JP Morgan Investment Management, Inc. [Member] | JP Morgan Investment Management, Inc. [Member] | Kmart Corporation Sears Holding Corp [Member] | Kmart Corporation Sears Holding Corp [Member] | ||||||
Arapahoe Crossings, L.P. Aurora CO [Member] | BPR Land Partnership, L.P. Frisco TX [Member] | BPR Land Partnership, L.P. Frisco TX [Member] | BPR South, L.P. Frisco TX [Member] | BPR South, L.P. Frisco TX [Member] | NP SSP Baybrook LLC Webster TX [Member] | NP/I&G Institutional Retail Company II, LLC Las Vegas NV [Member] | NP/I&G Institutional Retail Company II, LLC Las Vegas NV [Member] | NPK Redevelopment I, LLC Various Cities and States [Member] | NPK Redevelopment I, LLC Various Cities and States [Member] | |||||||||
Summary of Company's investments in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Percent Ownership | ' | ' | 30.00% | [1] | 50.00% | 50.00% | 50.00% | 50.00% | 25.00% | [2] | 20.00% | [3] | 20.00% | [3] | 20.00% | [3] | 20.00% | [3] |
Remaining partnership interest acquired | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Purchase price of joint venture | $18.70 | $18.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt assumed in joint venture purchase | $41.80 | $41.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | On July 31, 2013, the Company acquired the remaining 70% partnership interest in Arapahoe Crossings, L.P. that was previously owned by a foreign investor for a net purchase price of $18.7 million. The acquisition included the assumption of debt obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit facility entered into in July 2013 (see Note 7 for further discussion of the unsecured credit facility). As of September 30, 2013, this investment is wholly owned and no longer included in the Investment in and advances to unconsolidated joint ventures. | |||||||||||||||||
[2] | In July 2013, the joint venture conveyed Skillman Abrams, a shopping center located in Dallas, Texas, to the lender in satisfaction of its non-recourse mortgage loan. The Company no longer has an ownership interest in the shopping center. | |||||||||||||||||
[3] | Pursuant to the terms of the applicable joint venture agreements, the Company's participation in the unconsolidated joint ventures may increase if certain performance targets are achieved. |
Financial_Instruments_Derivati2
Financial Instruments - Derivatives and Hedging (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | interest_rate_cap |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' |
Derivative [Line Items] | ' |
Number of Instruments | 5 |
Notional Amount | $1,500,000 |
Financial_Instruments_Derivati3
Financial Instruments - Derivatives and Hedging (Details 1) (Interest Rate Swap [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross derivative assets | $0 | $0 |
Gross derivative liabilities | -7,720 | 0 |
Net derivative liability | ($7,720) | $0 |
Financial_Instruments_Derivati4
Financial Instruments - Derivatives and Hedging (Details 2) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Amount of loss recognized in OCI on derivative | ($7,720) | ($7,720) |
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $0 | $0 |
Financial_Instruments_Derivati5
Financial Instruments - Derivatives and Hedging (Details 3) (Not Designated as Hedging Instrument [Member], Interest Rate Cap [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | interest_rate_cap |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Instruments | 7 |
Notional Amount | $722,000 |
Financial_Instruments_Derivati6
Financial Instruments - Derivatives and Hedging (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative [Line Items] | ' |
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | $9,100,000 |
Agreement obligations | 7,600,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Number of instruments | 5 |
Notional amount | $1,500,000,000 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 16, 2013 | Sep. 30, 2013 | Jul. 16, 2013 | Jul. 16, 2013 | Jul. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Feb. 27, 2013 | ||||||||||||||
derivative_instrument | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Carrying Amounts [Member] | Carrying Amounts [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Variable Rate Mortgages and Secured Loans [Member] | Variable Rate Mortgages and Secured Loans [Member] | Notes Payable to Financial Institutions [Member] | Notes Payable to Financial Institutions [Member] | Notes Payable to Financial Institutions [Member] | Notes Payable to Financial Institutions [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Term Loan [Member] | Variable Rate Mortgages at LIBOR Plus Interest Spreads [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | ||||||||||||||||
30-day LIBOR [Member] | 30-day LIBOR [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 30-day LIBOR [Member] | ||||||||||||||||||||||||||||||||||
30-day LIBOR [Member] | 30-day LIBOR [Member] | ||||||||||||||||||||||||||||||||||||||||||
MORTGAGES AND SECURED LOANS PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Fixed rate mortgages and secured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,391,679,000 | [1],[2] | $5,330,442,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Variable rate mortgages and secured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,000,000 | [2],[3] | 668,605,000 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,000,000 | ' | 80,000,000 | 57,000,000 | ||||||||||||
Total mortgages and secured loans | 3,618,679,000 | [2] | 5,999,047,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net unamortized premium | 90,463,000 | [2] | 116,222,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total mortgages and secured loans, net | 6,477,257,000 | 6,499,356,000 | ' | ' | ' | ' | ' | ' | 3,709,142,000 | [2] | 6,115,269,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
NOTES PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total notes | 404,612,000 | [4],[5] | 404,612,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net unamortized discount | -15,605,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,605,000 | -20,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total notes, net | ' | ' | ' | ' | ' | ' | ' | ' | 389,007,000 | 384,087,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Long-term debt | 6,402,399,000 | ' | ' | ' | ' | ' | 2,379,108,000 | [6] | 0 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total debt obligations | 6,477,257,000 | 6,499,356,000 | ' | ' | ' | ' | ' | ' | 6,477,257,000 | 6,499,356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Stated interest rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.85% | [1] | 8.18% | [1] | ' | ' | ' | ' | 3.75% | [4],[5] | 7.97% | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Collateral carrying value | 4,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.91% | ' | ' | ' | 3.57% | ' | 5.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Debt instrument variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | ' | ||||||||||||||
Floor rate | ' | ' | 0.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ||||||||||||||
Plus a spread of basis point | ' | ' | ' | 2.50% | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.70% | ' | 1.60% | ' | ' | ' | ' | ||||||||||||||
Aggregate principal amount of notes with put right outstanding | 104,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Debt extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Term loan face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ||||||||||||||
Number of interest rate derivatives held | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | ' | ' | ' | ' | ||||||||||||||
[1] | The weighted average interest rate on the Companybs fixed rate mortgage and secured loans was 5.91% as of SeptemberB 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||
[2] | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2013 of approximately $4.6 billion. | ||||||||||||||||||||||||||||||||||||||||||
[3] | The weighted average interest rate on the Companybs variable rate mortgage and secured loans was 3.57% as of SeptemberB 30, 2013. The Company incurs interest on $227.0 million of mortgages using the 30-day LIBOR rate (which was 0.18% as of SeptemberB 30, 2013 subject to certain rate floor requirements ranging from 0 basis points to 50 basis points), plus interest spreads ranging from 250 basis points to 375 basis points. | ||||||||||||||||||||||||||||||||||||||||||
[4] | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. As of SeptemberB 30, 2013, approximately $104.6 million aggregate principal amount of the unsecured notes with this put right remained outstanding. | ||||||||||||||||||||||||||||||||||||||||||
[5] | The weighted average interest rate on the Companybs unsecured notes was 5.97% as of SeptemberB 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||
[6] | On JulyB 16, 2013, the Operating Partnership entered into an unsecured credit facility consisting of (i) a $1,250.0 million revolving credit facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of SeptemberB 30, 2013) plus an interest spread of 170 basis points, which will mature on JulyB 31, 2017, with a one-year extension option; and (ii) a $1,500.0 million term loan facility, which incurs interest using the 30-day LIBOR rate (which was 0.18% as of SeptemberB 30, 2013) plus an interest spread of 160 basis points, which will mature on JulyB 31, 2018. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 160 basis points. |
Debt_Obligations_Details_1
Debt Obligations (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Future expected/scheduled maturities of outstanding debt and capital lease | ' | ' | ||
2013 (remaining three months) | $58,524 | ' | ||
2014 | 419,653 | ' | ||
2015 | 782,154 | ' | ||
2016 | 1,314,593 | ' | ||
2017 | 1,213,888 | ' | ||
Thereafter | 2,613,587 | ' | ||
Total debt maturities | 6,402,399 | ' | ||
Net unamortized premiums on mortgages | 90,463 | [1] | 116,222 | [1] |
Net unamortized discount on notes | -15,605 | ' | ||
Total debt obligations | $6,477,257 | $6,499,356 | ||
[1] | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2013 of approximately $4.6 billion. |
Debt_Obligations_Details_Textu
Debt Obligations (Details Textual) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Feb. 27, 2013 | Sep. 30, 2013 | Jul. 16, 2013 | Nov. 04, 2013 | Jul. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 16, 2013 | Jul. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Mortgages [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | Federal Funds Effective Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | |||
extension_options | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | |||||||||
Shopping_Centers | Subsequent Event [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate mortgages | ' | ' | ' | ' | ' | $80,000,000 | $57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail shopping centers securing mortgage | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floor rate | ' | ' | 0.00% | 5.00% | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 3.50% | ' | ' | ' | ' | ' | ' |
Plus a spread of basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.75% | 1.00% | 1.70% | 1.60% | 0.50% | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage extension options | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 824,700,000 | ' | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument variable interest rate | ' | ' | ' | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | ' | 1.50% | 2.10% | ' | ' | ' | 1.40% | 2.00% | 0.50% | 1.10% | 0.40% | 1.00% |
Daily commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | ' | ' | 2,379,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | $26,900,000 | $29,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Liabilities_Details
Financing Liabilities (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
Nov. 11, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 06, 2010 | Dec. 06, 2010 | |
shopping_center | Inland American CP Investment, LLC [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Financing liabilities | ' | $172,978,000 | ' | $174,440,000 | ' | ' |
Financing liabilities, unamortized premium | ' | 2,500,000 | ' | 2,600,000 | ' | ' |
Number of shopping centers contributed to real estate venture | ' | ' | ' | ' | 25 | ' |
Real estate contributed, fair value | ' | ' | ' | ' | 471,000,000 | ' |
Payments to acquire interest in joint venture | ' | 3,000 | 1,439,000 | ' | ' | 121,500,000 |
Unconsolidated joint venture investment, ownership percentage | ' | ' | ' | ' | 30.00% | 70.00% |
Percent of return from cumulative preferential share of cash flow generated in joint venture | ' | ' | ' | ' | ' | 11.00% |
Term of lease agreement | '20 years | ' | ' | ' | ' | ' |
Lease agreement, carrying value | ' | 17,900,000 | ' | 18,000,000 | ' | ' |
Lease agreement, unamortized premium | ' | 2,700,000 | ' | 2,800,000 | ' | ' |
Capital lease obligations | ' | 26,500,000 | ' | 27,100,000 | ' | ' |
Capital leases, unamortized discount | ' | $200,000 | ' | $200,000 | ' | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | $6,477,257 | $6,499,356 | ||
Total debt obligations | 6,477,257 | 6,499,356 | ||
Financing liabilities | 172,978 | 174,440 | ||
Carrying Amounts [Member] | ' | ' | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | 3,709,142 | [1] | 6,115,269 | [1] |
Notes payable | 389,007 | 384,087 | ||
Credit facility | 2,379,108 | 0 | ||
Total debt obligations | 6,477,257 | 6,499,356 | ||
Financing liabilities | 172,978 | 174,440 | ||
Fair Value [Member] | ' | ' | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | 3,817,269 | 6,161,656 | ||
Notes payable | 400,723 | 395,280 | ||
Credit facility | 2,379,026 | 0 | ||
Total debt obligations | 6,597,018 | 6,556,936 | ||
Financing liabilities | $172,978 | $174,440 | ||
[1] | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2013 of approximately $4.6 billion. |
Redeemable_Noncontrolling_Inte2
Redeemable Non-controlling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $21,467 | $21,559 | $21,467 | $21,559 |
Unit redemptions | 0 | -92 | 0 | -92 |
Distributions to redeemable non-controlling interests | -322 | -322 | -966 | -969 |
Preferred return | 322 | 322 | 966 | 969 |
Balance at end of period | $21,467 | $21,467 | $21,467 | $21,467 |
Redeemable_Noncontrolling_Inte3
Redeemable Non-controlling Interests (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Per share redemption value of Class A Preferred Units | $33.15 | ' | $33.15 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest | $21,467 | $21,467 | $21,467 | $21,467 | $21,467 | $21,467 | $21,559 | $21,559 |
Unit redemptions | 0 | -92 | 0 | -92 | ' | ' | ' | ' |
Class A Preferred Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Preferred Units outstanding | 648 | ' | 648 | ' | ' | 648 | ' | ' |
Unit redemptions | ' | ' | ' | $100 | ' | ' | ' | ' |
Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership (LP), general partner, interest in net income and gains before depreciation | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Nonco
Non-controlling Interests Non-controlling Interests (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ' | ' |
Common stock, shares outstanding | 182,242,460 | 182,242,460 |
BPG Sub [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by parent | 75.65% | ' |
Percent of net income and gains before depreciation | 75.65% | ' |
Common stock, shares outstanding | 240,905,467 | ' |
BPG Sub [Member] | Blackstone Retail Transaction II Holdco L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | 24.35% | ' |
Common stock, shares outstanding | 58,663,007 | ' |
BPG Sub [Member] | Parent [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Common stock, shares outstanding | 182,242,460 | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Risk free interest rate | 0.20% | 0.90% |
Expected volatility | 35.00% | 80.00% |
Expected life | '1 year 7 months 6 days | '5 years |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (Common Class B [Member], USD $) | 27 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
November 1, 2011 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Class B Units Granted (in shares) | 96.8 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | $21.80 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | 21.3 |
March 29, 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Class B Units Granted (in shares) | 9.1 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 2 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | 2 |
April 30, 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Class B Units Granted (in shares) | 1.8 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 0.4 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | 0.4 |
May 20, 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Class B Units Granted (in shares) | 20.6 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | $0.29 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | $0.29 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 3 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | $3 |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details 2) (USD $) | 27 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 04, 2013 |
Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Common Stock [Member] | |
March 29, 2013 [Member] | April 30, 2013 [Member] | May 20, 2013 [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Subsequent Event [Member] | |
March 29, 2013 [Member] | April 30, 2013 [Member] | May 20, 2013 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Price per share | ' | ' | ' | ' | ' | ' | $20 |
Value of Class B Units at Grant Date | $2 | $0.40 | $3 | $4 | $0.80 | $6 | ' |
Assumed Value at IPO | $2 | $0.40 | $3 | $6.40 | $1.30 | $7.70 | ' |
Stock_Based_Compensation_Detai3
Stock Based Compensation (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Percent of cash proceeds received if units granted, internal rate of return | ' | ' | 15.00% | ' | 15.00% | ' |
Share-based compensation | ' | ' | $2.10 | $1.60 | $3.70 | $4.80 |
Units forfeited | ' | ' | ' | ' | 1.6 | ' |
Period for recognition | '4 years | '4 years | ' | ' | ' | ' |
Compensation cost not yet recognized | $35.50 | $35.60 | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 29, 2013 |
Subsequent Event [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Common stock split, shares | ' | ' | ' | ' | 2,409.05 |
Computation of Basic Earnings Per Share: | ' | ' | ' | ' | ' |
Loss from continuing operations | ($23,463) | ($33,122) | ($94,153) | ($125,816) | ' |
Allocation to non-controlling interests | -5,450 | -7,819 | -22,156 | -29,896 | ' |
Loss from continuing operations attributable to the common stockholders - basic | -18,013 | -25,303 | -71,997 | -95,920 | ' |
Loss from discontinued operations, net of non-controlling interests | -826 | -3,045 | -9,600 | -4,458 | ' |
Net loss attributable to common stockholders | -18,839 | -28,348 | -81,597 | -100,378 | ' |
Weighted average common shares outstanding (in shares) | 182,242,000 | 182,242,000 | 182,242,000 | 182,242,000 | ' |
Basic Earnings Per Share Attributable to the Companybs Common Stockholders: | ' | ' | ' | ' | ' |
Loss from continuing operations attributable to the common stockholders (usd per share) | ($0.10) | ($0.14) | ($0.40) | ($0.53) | ' |
Loss from discontinued operations (usd per share) | $0 | ($0.02) | ($0.05) | ($0.02) | ' |
Net income (usd per share) | ($0.10) | ($0.16) | ($0.45) | ($0.55) | ' |
Loss from continuing operations attributable to the common stockholders - basic | -18,013 | -25,303 | -71,997 | -95,920 | ' |
Allocation to convertible non-controlling interests | -5,797 | -8,145 | -23,174 | -30,874 | ' |
Loss attributable to common stockholders - diluted | -23,810 | -33,448 | -95,171 | -126,794 | ' |
Loss from discontinued operations | -1,092 | -4,024 | -12,692 | -5,896 | ' |
Net income attributable to the Companybs common stockholders for diluted earnings per share | ($24,902) | ($37,472) | ($107,863) | ($132,690) | ' |
Conversion of OP units and subsidiary shares (in shares) | 58,663,000 | 58,663,000 | 58,663,000 | 58,663,000 | ' |
Shares for diluted earnings per common share (in shares) | 240,905,000 | 240,905,000 | 240,905,000 | 240,905,000 | ' |
Loss from continuing operations (usd per share) | ($0.10) | ($0.14) | ($0.40) | ($0.53) | ' |
Loss from discontinued operations (usd per share) | $0 | ($0.02) | ($0.05) | ($0.02) | ' |
Net income (usd per share) | ($0.10) | ($0.16) | ($0.45) | ($0.55) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Ground lease for neighborhood and community shopping centers | $2.60 | $2.50 | $7.40 | $7.30 |
Minimum annual rental commitments for leases | ' | ' | ' | ' |
2013 (remainder of year) | 2.3 | ' | 2.3 | ' |
2014 | 8.8 | ' | 8.8 | ' |
2015 | 8.7 | ' | 8.7 | ' |
2016 | 8.3 | ' | 8.3 | ' |
2017 | 8.1 | ' | 8.1 | ' |
Thereafter | $98.80 | ' | $98.80 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Subsidiaries [Member] | Subsidiaries [Member] | |||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' |
State and local income taxes or franchise taxes | $0.90 | $1.50 | $2.80 | $4.60 | ' | ' |
Gross deferred tax assets | ' | ' | ' | ' | ' | 371.1 |
Gross deferred tax liabilities | ' | ' | ' | ' | ' | 0.6 |
Valuation allowance | ' | ' | ' | ' | $0 | ($370.50) |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Receivables [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Receivables from related parties | $6.40 | $7.10 |