Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
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 | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 229,689,960 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate | ' | ' |
Land | $1,998,902 | $2,055,802 |
Buildings and improvements | 8,674,870 | 8,781,926 |
Real estate, gross | 10,673,772 | 10,837,728 |
Accumulated depreciation and amortization | -1,260,355 | -1,190,170 |
Real estate, net | 9,413,417 | 9,647,558 |
Investments in and advances to unconsolidated joint ventures | 5,087 | 9,205 |
Cash and cash equivalents | 55,696 | 113,915 |
Restricted cash | 65,417 | 75,457 |
Marketable securities | 25,414 | 22,104 |
Receivables, net | 167,780 | 178,505 |
Deferred charges and prepaid expenses, net | 104,393 | 105,522 |
Other assets | 13,605 | 19,650 |
Total assets | 9,850,809 | 10,171,916 |
Liabilities | ' | ' |
Debt obligations, net | 5,975,891 | 5,981,289 |
Financing liabilities, net | 121,470 | 175,111 |
Accounts payable, accrued expenses and other liabilities | 660,826 | 709,529 |
Total liabilities | 6,758,187 | 6,865,929 |
Redeemable non-controlling interests | 21,467 | 21,467 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 229,689,960 shares outstanding | 2,297 | 2,297 |
Additional paid in capital | 2,551,947 | 2,543,690 |
Accumulated other comprehensive loss | -6,608 | -6,812 |
Distributions and accumulated losses | -227,323 | -196,707 |
Total stockholders' equity | 2,320,313 | 2,342,468 |
Non-controlling interests | 750,842 | 942,052 |
Total equity | 3,071,155 | 3,284,520 |
Total liabilities and equity | $9,850,809 | $10,171,916 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 |
Common Stock, Shares, Outstanding | 229,689,960 | 229,689,960 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Rental income | $237,260 | $214,558 |
Expense reimbursements | 68,623 | 59,603 |
Other revenues | 1,813 | 3,157 |
Total revenues | 307,696 | 277,318 |
Operating expenses | ' | ' |
Operating costs | 34,888 | 29,846 |
Real estate taxes | 44,446 | 41,700 |
Depreciation and amortization | 113,268 | 111,777 |
Provision for doubtful accounts | 2,877 | 2,324 |
General and administrative | 19,658 | 23,068 |
Total operating expenses | 215,137 | 208,715 |
Other income (expense) | ' | ' |
Dividends and interest | 108 | 181 |
Interest expense | -67,966 | -91,871 |
Gain on sale of real estate assets | 378 | 0 |
Gain (loss) on extinguishment of debt, net | -2,276 | 2,150 |
Other | -2,161 | -960 |
Total other income (expense) | -71,917 | -90,500 |
Income (loss) before equity in income of unconsolidated joint ventures | 20,642 | -21,897 |
Equity in income of unconsolidated joint ventures | 65 | 247 |
Gain (loss) on disposal of investments in unconsolidated joint ventures | 1,820 | 0 |
Income (loss) from continuing operations | 22,527 | -21,650 |
Income (loss) from discontinued operations | 4,787 | -763 |
Gain on disposition of operating properties | 14,426 | 0 |
Impairment on real estate held for sale | 0 | -3,033 |
Income (loss) from discontinued operations | 19,213 | -3,796 |
Net income (loss) | 41,740 | -25,446 |
Net (income) loss attributable to non-controlling interests | -26,339 | 5,947 |
Net income (loss) attributable to common stockholders | $15,401 | ($19,499) |
Loss from continuing operations | ' | ' |
Basic (usd per share) | $0.07 | ($0.09) |
Diluted (usd per share) | $0.07 | ($0.09) |
Net loss attributable to common stockholders | ' | ' |
Basic (usd per share) | $0.07 | ($0.11) |
Diluted (usd per share) | $0.07 | ($0.11) |
Weighted average common outstanding shares | ' | ' |
Basic (usd per share) | 228,113 | 180,675 |
Diluted (usd per share) | 229,365 | 180,675 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $41,740 | ($25,446) |
Other comprehensive income (loss) | ' | ' |
Unrealized gain on interest rate hedges | 198 | 0 |
Unrealized gain on marketable securities | 6 | 39 |
Comprehensive income (loss) | 41,944 | -25,407 |
Comprehensive (income) loss attributable to non-controlling interests | -26,339 | 5,947 |
Comprehensive income (loss) attributable to the Company | $15,605 | ($19,460) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions and Accumulated Losses [Member] | Non-controlling Interests [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning balance, value at Dec. 31, 2013 | $3,284,520 | $2,297 | $2,543,690 | ($6,812) | ($196,707) | $942,052 |
Ending balance, shares at Dec. 31, 2013 | ' | 229,689 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | -46,017 | ' | ' | ' | -46,017 | ' |
Distributions to non-controlling interests | -14,908 | ' | ' | ' | ' | -14,908 |
Redemption of non-core series A | -195,178 | ' | 6,222 | ' | ' | -201,400 |
Compensation expense relating to Class B Units | 2,117 | ' | 1,598 | ' | ' | 519 |
Acquisition of non-controlling interests | -1,000 | ' | 437 | ' | ' | -1,437 |
Credit swap liability | 198 | ' | ' | 198 | ' | ' |
Unrealized gain (loss) on marketable securities | 6 | ' | ' | 6 | ' | ' |
Net (loss) income | 41,417 | ' | ' | ' | 15,401 | 26,016 |
Ending balance, value at Mar. 31, 2014 | $3,071,155 | $2,297 | $2,551,947 | ($6,608) | ($227,323) | $750,842 |
Beginning balance, shares at Mar. 31, 2014 | ' | 229,689 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Dividends, per common share | $0.20 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $41,740 | ($25,446) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 113,699 | 115,637 |
Debt premium and discount amortization | -5,467 | -5,733 |
Deferred financing cost amortization | 2,522 | 2,957 |
Above and below market lease intangible amortization | -11,580 | -12,277 |
Provisions of impairment | 0 | 3,033 |
Gain on disposition of operating properties and investments in unconsolidated joint ventures | -16,624 | 0 |
Equity based compensation | 2,117 | 1,605 |
Other | -53 | -247 |
Gain on extinguishment of debt, net | -3,831 | -2,150 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 8,055 | -5,613 |
Receivables | 9,327 | -13,905 |
Deferred charges and prepaid expenses | -4,598 | -4,528 |
Other assets | 69 | 40 |
Accounts payable, accrued expenses and other liabilities | -48,800 | -19,746 |
Net cash provided by operating activities | 86,576 | 33,627 |
Investing activities: | ' | ' |
Improvements to and investments in real estate assets | -40,475 | -35,278 |
Proceeds from sales of real estate assets | 2,778 | 10,903 |
Distributions from unconsolidated joint ventures | 132 | 109 |
Change in restricted cash attributable to investing activities | 1,096 | 1,827 |
Purchase of marketable securities | -8,156 | -411 |
Proceeds from sale of marketable securities | 4,851 | 0 |
Net cash used in investing activities | -39,774 | -22,850 |
Financing activities: | ' | ' |
Repayment of debt obligations and financing liabilities | -698,011 | -50,203 |
Proceeds from debt obligations | 0 | 57,000 |
Repayment of borrowings under unsecured revolving credit facility | -637,047 | 0 |
Proceeds from borrowings under unsecured credit facility | 689,874 | 0 |
Proceeds from Unsecured Lines of Credit | 600,000 | 0 |
Deferred financing costs | -2,953 | -1,426 |
Distributions to stockholders | -29,170 | -9,456 |
Distributions to non-controlling interests and other | -27,714 | -3,398 |
Net cash used in financing activities | -105,021 | -7,483 |
Change in cash and cash equivalents | -58,219 | 3,294 |
Cash and cash equivalents at beginning of period | 113,915 | 103,098 |
Cash and cash equivalents at end of period | 55,696 | 106,392 |
Supplemental non-cash investing and/or financing activities: | ' | ' |
Net carrying value of properties distributed to non-controlling owners | $178,969 | $0 |
Nature_of_Business_and_Financi
Nature of Business and Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 grocery-anchored community and neighborhood shopping centers throughout the United States. | |
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, the Company 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 from the sale of shares in the IPO of approximately $893.9 million after deducting $54.9 million in underwriting discounts, expenses and transaction costs. Of the total proceeds received, $824.7 million was used to pay down amounts outstanding under the Company's Unsecured Credit Facility (see Note 5 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. (together with such affiliated funds, “Blackstone”) 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 repaid $66.6 million of indebtedness to Blackstone attributable to certain of the Acquired Properties with a portion of the net proceeds of the IPO. During the three months ended March 31, 2014 the Company repaid the remaining $7.6 million of indebtedness to Blackstone attributable to certain of the Acquired Properties. | |
Also in connection with the IPO the Company created a separate series of interest in the Operating Partnership ("Series A") that allocated to certain funds affiliated with The Blackstone Group L.P. 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 interest in 47 properties that the Operating Partnership historically held in its portfolio (the “Non-Core Properties”). During 2013, the Company disposed of 11 of the Non-Core Properties. During the three months ended March 31, 2014, the Operating Partnership caused its ownership interests in all but one of the remaining 36 Non-Core Properties to be transferred to the pre-IPO owners. The 35 Non-Core Properties distributed to the pre-IPO owners had a carrying value of $179.0 million and a fair value of $195.2 million resulting in a gain of $16.2 million. The one remaining Non-Core Property was transferred to the lender in satisfaction of the property's mortgage balance and, following such transfer, on March 28, 2014, the Series A was terminated. The operating results of the 44 wholly-owned Non-Core Properties, including the gain on disposition, are included in Discontinued operations on the unaudited Condensed Consolidated Statements of Operations. The operating results of the remaining three Non-Core Properties, in which the Company owned a 20% interest, are included in Equity in income of unconsolidated joint ventures within continuing operations, through their distribution date, on the unaudited Condensed Consolidated Statements of Operations. | |
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 March 31, 2014 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company's Form 10-K for the year ended December 31, 2013 filed with the SEC on March 12, 2014. | |
Certain prior period balances in the accompanying unaudited Condensed Consolidated Statements of Operations have been reclassified to conform to the current period presentation including for the results of discontinued operations. | |
Principles of Consolidation | |
The accompanying unaudited 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. | |
Subsequent Events | |
In preparing the unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after March 31, 2014 for recognition or disclosure purposes. Based on this evaluation, there were no subsequent events from March 31, 2014 through the date the financial statements were issued. | |
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. | |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU No. 2014-08 amends the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The amendments require expanded disclosures for discontinued operations that would provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations reporting. ASU No. 2014-08 is to be applied prospectively to all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within fiscal years, and interim periods within those years, beginning after December 15, 2014. The adoption of ASU 2014-08 is expected to eliminate discontinued operations reporting for disposals that are routine in nature and do not change the Company’s strategy. | |
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 unaudited Condensed Consolidated Financial Statements of the Company. |
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 disposed of during the period. The operating results of the real estate properties are included in a separate component of income on the unaudited Condensed Consolidated Statements of Operations under Discontinued operations. This has resulted in certain reclassifications for the three months ended March 31, 2013. | ||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||
Discontinued operations: | ||||||||
Revenues | $ | 267 | $ | 10,115 | ||||
Operating expenses | (1,293 | ) | (8,629 | ) | ||||
Other income (expense), net | 5,813 | (2,249 | ) | |||||
Income (loss) from discontinued operating properties | 4,787 | (763 | ) | |||||
Gain on disposition of operating properties | 14,426 | — | ||||||
Impairment on real estate held for sale | — | (3,033 | ) | |||||
Income (loss) from discontinued operations | 19,213 | (3,796 | ) | |||||
Net (income) loss attributable to non-controlling interests | (19,199 | ) | 924 | |||||
Net income (loss) attributable to common stockholders | $ | 14 | $ | (2,872 | ) | |||
Discontinued operations includes the results of 51 shopping centers, including the 44 wholly-owned Non-Core Properties, disposed of during the year ended December 31, 2013 and the three months ended March 31, 2014. | ||||||||
As of March 31, 2014, the Company did not have any properties classified as held for sale. As of December 31, 2013, the Company had one property classified as held for sale and is presented in Other assets within the unaudited Condensed Consolidated Balance Sheets. The property had a carrying value of approximately $5.5 million as of December 31, 2013. | ||||||||
During the three months ended March 31, 2014, one of the Non-Core Properties was transferred to the lender in satisfaction of the property's mortgage balance resulting in a $6.1 million gain on extinguishment of debt which is included in Other income (expense), net. | ||||||||
During the three months ended March 31, 2013, the Company disposed of two shopping centers for aggregate proceeds of $10.9 million. In connection with these dispositions, the Company recognized provisions for impairment of $3.0 million. For purposes of measuring this provision, fair value was determined based upon contracts with buyers and then adjusted to reflect associated disposition costs. |
Real_Estate
Real Estate | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate | ' | |||||||
Real Estate | ||||||||
The Company's components of Real estate, net consisted of the following: | ||||||||
March 31, 2014 | 31-Dec-13 | |||||||
Land | $ | 1,998,902 | $ | 2,055,802 | ||||
Buildings and improvements: | ||||||||
Building | 7,327,482 | 7,436,072 | ||||||
Building and tenant improvements | 407,813 | 373,907 | ||||||
Other rental property (1) | 939,575 | 971,947 | ||||||
10,673,772 | 10,837,728 | |||||||
Accumulated depreciation and amortization | (1,260,355 | ) | (1,190,170 | ) | ||||
Total | $ | 9,413,417 | $ | 9,647,558 | ||||
(1) | At March 31, 2014 and December 31, 2013, Other rental property consisted of intangible assets including: (i) $853.4 million and $881.9 million, respectively, of in-place lease value, (ii) $86.2 million and $90.0 million, respectively, of above-market leases, and (iii) $476.1 million and $462.5 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. | |||||||
In addition, at March 31, 2014 and December 31, 2013, the Company had intangible liabilities relating to below-market leases of $534.7 million and $541.8 million, respectively, and accumulated amortization of $164.9 million and $153.6 million, respectively. These intangible liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the Company's unaudited 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 March 31, 2014 and 2013 was $21.7 million and $25.5 million, respectively. The estimated net amortization expense associated with the Company's intangible assets and liabilities for the next five years is as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2014 (remaining nine months) | $ | 51,792 | ||||||
2015 | 46,370 | |||||||
2016 | 22,207 | |||||||
2017 | 9,811 | |||||||
2018 | 3,642 | |||||||
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. | ||||||||
During the three months ended March 31, 2014 and 2013, the Company did not recognize any provisions for impairment, excluding provisions for impairment included in Discontinued operations. |
Financial_Instruments_Derivati
Financial Instruments - Derivatives and Hedging | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 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 March 31, 2014 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 unaudited 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 March 31, 2014 and December 31, 2013, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | 31-Mar-14 | 31-Dec-13 | |||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (6,597 | ) | (6,795 | ) | |||||
Net derivative liability | $ | (6,597 | ) | $ | (6,795 | ) | |||
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 unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2014 is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Three Months Ended March 31, 2014 | ||||||||
Amount of loss recognized in OCI on derivative | $ | (2,265 | ) | ||||||
Amount of loss reclassified from accumulated OCI into interest expense | $ | (2,464 | ) | ||||||
The Company estimates that approximately $9.6 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 months ended March 31, 2014 and the year ended December 31, 2013. | |||||||||
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 as of March 31, 2014 and December 31, 2013 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 March 31, 2014 and December 31, 2013, the fair value of these interest rate caps was nominal, and, during the three months ended March 31, 2014, and 2013, no payments were received from the respective counterparties. | |||||||||
A detail of the Company’s non-designated interest rate derivatives outstanding as of March 31, 2014 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Caps | 10 | $ | 1,118,000 | ||||||
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 $6.7 million. |
Debt_Obligations
Debt Obligations | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Obligations | ' | ||||||||||||
Debt Obligations | |||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had the following indebtedness outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
31-Mar-14 | 31-Dec-13 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,276,426 | $ | 3,444,578 | 4.90% - 8.18% | 2014 – 2021 | |||||||
Variable rate mortgage and secured loans(3) | 57,000 | 483,604 | Variable(3) | 2015 – 2017 | |||||||||
Total mortgage and secured loans | 3,333,426 | 3,928,182 | |||||||||||
Net unamortized premium | 87,556 | 93,077 | |||||||||||
Total mortgage and secured loans, net | $ | 3,420,982 | $ | 4,021,259 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 293,667 | $ | 353,617 | 3.75% - 7.97% | 2015 - 2029 | |||||||
Net unamortized discount | (11,763 | ) | (13,766 | ) | |||||||||
Total notes payable, net | $ | 281,904 | $ | 339,851 | |||||||||
Unsecured Credit Facility(6) | $ | 1,673,005 | $ | 1,620,179 | 1.69% | 2017 – 2018 | |||||||
Unsecured Term Loan | 600,000 | — | 1.64% | 2019 | |||||||||
Total debt obligations, net | $ | 5,975,891 | $ | 5,981,289 | |||||||||
-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 March 31, 2014 of approximately $4.2 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.95% as of March 31, 2014. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage was 3.75% as of March 31, 2014. The Company incurs interest on a $57.0 million mortgage using the 30-day LIBOR rate (which was 0.15% as of March 31, 2014 subject to a rate floor requirement of 25 basis points), plus an interest spread of 350 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 5.75% as of March 31, 2014. | ||||||||||||
-5 | The Company had a one-time put repurchase right to certain unsecured notes that required the Company to offer to repurchase the notes if tendered by holders (but did not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. In January 2014 $57.7 million was tendered to, and repurchased by the Company. The Company also repaid an additional $2.2 million of the notes in separate transactions during the three months ended March 31, 2014. | ||||||||||||
-6 | The Unsecured Credit Facility consists of a $1.25 billion revolving credit facility and a $1.5 billion term loan facility. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the $1.5 billion term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 150 basis points. | ||||||||||||
2014 Debt Transactions | |||||||||||||
During the three months ended March 31, 2014, the Operating Partnership entered into an unsecured $600.0 million term loan (the “Term Loan”) which matures on March 18, 2019. The obligations under the Term Loan are guaranteed by both BPG Subsidiary Inc. ("BPG Sub") and Brixmor OP GP LLC, the general partner of the Operating Partnership, (together, the "Parent Guarantors"). The Term Loan bears 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 the Term Loan is based on a total leverage based grid and ranges from 0.35% to 0.75%, for base rate loans, and 1.35% to 1.75% for LIBOR rate loans. Proceeds from borrowings under the Term Loan were used to repay outstanding borrowings on the Company’s Unsecured Credit Facility. | |||||||||||||
In addition, during the three months ended March 31, 2014, the Company repaid $569.6 million of mortgages and secured loans and repaid $60.0 million of unsecured notes resulting in a $2.3 million net loss on extinguishment of debt. These repayments were funded primarily from borrowings under the Company’s Unsecured Credit Facility. | |||||||||||||
Pursuant to the terms of the Term Loan and Unsecured Credit Facility, the Company among other things, is subject to maintenance of various financial covenants. The Company is currently in compliance with these covenants. | |||||||||||||
Debt Maturities | |||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had accrued interest of $26.6 million and $32.2 million outstanding, respectively. As of March 31, 2014, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2014 (remaining nine months) | $ | 72,169 | |||||||||||
2015 | 728,909 | ||||||||||||
2016 | 1,318,644 | ||||||||||||
2017 | 524,595 | ||||||||||||
2018 | 1,521,557 | ||||||||||||
Thereafter | 1,734,224 | ||||||||||||
Total debt maturities | 5,900,098 | ||||||||||||
Net unamortized premiums on mortgages | 87,556 | ||||||||||||
Net unamortized discount on notes | (11,763 | ) | |||||||||||
Total debt obligations | $ | 5,975,891 | |||||||||||
Financing_Liabilities
Financing Liabilities | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Financing Liabilities [Abstract] | ' | ||||||||||||
Financing Liabilities | ' | ||||||||||||
Financing Liabilities | |||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had the following financing liabilities outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
31-Mar-14 | 31-Dec-13 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Financing Liabilities | |||||||||||||
Inland preferred interest (1) | $ | 121,470 | $ | 130,966 | 11.00% | 2015 | |||||||
Capital leases (2) | — | 41,723 | N/A | N/A | |||||||||
Total financing liabilities | 121,470 | 172,689 | |||||||||||
Net unamortized premium | — | 2,422 | |||||||||||
Total financing liabilities, net | $ | 121,470 | $ | 175,111 | |||||||||
-1 | 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. | ||||||||||||
-2 | During the three months ended March 31, 2014, the Company exercised its option to purchase the underlying assets subject to the capital leases. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 3,420,982 | $ | 3,333,428 | $ | 4,021,259 | $ | 4,179,640 | |||||||||
Notes payable | 281,904 | 293,667 | 339,851 | 371,393 | |||||||||||||
Unsecured credit facility and term loan | 2,273,005 | 2,273,005 | 1,620,179 | 1,620,179 | |||||||||||||
Total debt obligations | $ | 5,975,891 | $ | 5,900,100 | $ | 5,981,289 | $ | 6,171,212 | |||||||||
Financing liabilities | $ | 121,470 | $ | 121,470 | $ | 175,111 | $ | 175,111 | |||||||||
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 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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, 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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Redeemable Non-controlling Interests [Abstract] | ' | ||||||||
Redeemable Non-controlling Interests [Text Block] | ' | ||||||||
Redeemable Non-controlling Interests | |||||||||
The redeemable non-controlling interests presented in these unaudited Condensed Consolidated Financial Statements relate to portions of a consolidated subsidiary held by non-controlling interest holders in a partnership 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. | |||||||||
The changes in redeemable non-controlling interests are as follows: | |||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,467 | |||||
Distributions to redeemable non-controlling interests | (322 | ) | (1,288 | ) | |||||
Preferred return | 322 | 1,288 | |||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | |||||
Noncontrolling_Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2014 | |
Noncontrolling Interest [Abstract] | ' |
Non-controlling Interests | ' |
Non-controlling Interests | |
The non-controlling interests presented in these unaudited Condensed Consolidated Financial Statements relate to portions of consolidated subsidiaries held by the non-controlling interest holders. | |
Blackstone Retail Transaction II Holdco L.P. (“Holdco II”), an affiliate of Blackstone Real Estate Partners VI, L.P. owns 20.05% of BPG Sub. Holdco II may, from and after the first anniversary of the IPO, exchange their BPG Sub shares for shares of the Company’s common stock on a one-for-one basis subject to customary rate adjustments for splits, share dividends and reclassifications, or, at the Company’s election, for cash. | |
In connection with the IPO, the Company issued 15,877,791 OP Units in the Operating Partnership having a value of $317.5 million in exchange for the Acquired Properties. These units represent a 5.22% non-controlling interest in the Operating Partnership. Holders of outstanding OP Units may, from and after the first anniversary of the IPO, redeem their OP Units for cash, or at our election, exchange their OP Units for shares of the Company’s common stock on a one-for-one basis subject to customary rate adjustments for splits, unit distributions and reclassifications. | |
Also in connection with the IPO, the Company created the Series A that allocates to certain funds affiliated with the pre-IPO owners all of the economic consequences of ownership of the Operating Partnership’s interest in 47 properties that the Operating Partnership historically held in its Non-Core Properties. During 2013, the Company disposed of 11 of the Non-Core Properties. As of December 31, 2013, the Company owned a 100% interest in 33 of the Non-Core Properties and a 20% interest in three of the Non-Core Properties. During the three months ended March 31, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be transferred to the pre-IPO owners. The remaining None-Core Property was transferred to the lender in satisfaction of the property's mortgage balance, and, following such transfer, on March 28, 2014, the Series A was terminated. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Based Compensation | ' |
Stock Based Compensation | |
In 2011 and 2013 prior to the IPO, certain employees of the Company were granted long-term incentive awards which provide them with equity interests as an incentive to remain in the Company’s service and align executives’ interests with those of the Company’s equity holders. The awards were granted to such employees by two of the Company’s current equity holders, BRE Retail Holdco L.P. and Holdco II (the “Partnerships”), in the form of Class B Units in each of the Partnerships. The awards were granted with service, performance and market conditions. In connection with the IPO, certain of these awards vested and the vested awards were exchanged for a combination of vested common shares of the Company and vested shares of BPG Sub. The remaining unvested Class B Units as of the IPO effective date were exchanged for a combination of unvested restricted common shares of the Company and unvested restricted common shares of BPG Sub, (collectively, the "RSAs"). The RSAs are subject to the same vesting terms as those applicable to the exchanged Class B Units. | |
In connection with the IPO the Board of Directors approved the 2013 Omnibus Incentive Plan (the “Plan”). The Plan provides for a maximum of 15,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and restricted stock units, OP Units in the Operating Partnership, performance awards and other stock-based awards. | |
During the three months ended March 31, 2014, the Company granted restricted stock units (“RSUs”) in the Company to certain employees, or at the election of certain employees, long-term incentive plan units (“LTIP Units”) in the Operating Partnership. The RSUs and LTIP Units are divided into three tranches, with each tranche subject to separate performance-based vesting conditions, market-based vesting conditions and service based vesting conditions. Each award contains a threshold, target, and maximum number of units in respect to each tranche. The number of units actually earned for each tranche is determined based on performance during a specified performance period, and the earned units are then further subject to time-based vesting conditions. The aggregate number of RSUs and LTIP Units granted, assuming that the target level of performance is achieved, was 0.6 million with service periods ranging from one to five years. | |
The Company recognized $2.1 million and $1.6 million of equity based compensation expense for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the Company had $27.2 million of total unrecognized compensation cost related to unvested stock compensation including $5.8 million associated with a portion of the RSAs subject to performance and market conditions which vest on the date, if any, that the Company's pre-IPO Owners receive cash proceeds resulting in a 15% internal rate of return on their investment in the Company, subject to continued employment on such date. The remaining $21.4 million of unrecognized compensation cost related to unvested stock compensation is expected to be recognized over a weighted average period of approximately 2.3 years. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings per Share | ||||||||
Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common stockholders, including participating securities, by the weighted average number of common shares outstanding for the period. Certain restricted shares issued pursuant to the Company's share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends. Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common stockholders. | ||||||||
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||
Computation of Basic Earnings Per Share: | ||||||||
Income (loss) from continuing operations | $ | 22,527 | $ | (21,650 | ) | |||
(Income) loss attributable to noncontrolling interests | (7,140 | ) | 5,023 | |||||
Dividends on unvested restricted shares | (416 | ) | — | |||||
Income (loss) from continuing operations attributable to common stockholders | 14,971 | (16,627 | ) | |||||
Income (loss) from discontinued operations, net of noncontrolling interests | 14 | (2,872 | ) | |||||
Net income (loss) attributable to the Company's common stockholders for basic earnings per share | $ | 14,985 | $ | (19,499 | ) | |||
Weighted average number of vested common shares outstanding - basic | 228,113 | 180,675 | ||||||
Basic Earnings Per Share Attributable to the Company's Common Stockholders: | ||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.09 | ) | |||
Income (loss) from discontinued operations | — | (0.02 | ) | |||||
Net income (loss) | $ | 0.07 | $ | (0.11 | ) | |||
Computation of Diluted Earnings Per Share: | ||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 14,971 | $ | (16,627 | ) | |||
Income (loss) from discontinued operations, net of nonconvertible noncontrolling interests | 14 | — | ||||||
Net income (loss) attributable to the Company's common stockholders for diluted earnings per share | $ | 14,985 | $ | (16,627 | ) | |||
Weighted average common shares outstanding - basic | 228,113 | 180,675 | ||||||
Effect of dilutive securities: | ||||||||
Equity awards | 1,252 | — | ||||||
Weighted average common shares outstanding - diluted | 229,365 | 180,675 | ||||||
Diluted Earnings Per Share Attributable to the Company's Common Stockholders: | ||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.09 | ) | |||
Income (loss) from discontinued operations | — | (0.02 | ) | |||||
Net income (loss) | $ | 0.07 | $ | (0.11 | ) | |||
Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The effect of the assumed conversion of convertible OP Units and BPG Sub shares had an anti-dilutive effect upon the calculation of income from continuing operations per share for the three months ended March 31, 2014 and 2013. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share. For the three months ended March 31, 2014, the weighted average number of vested OP Units and BPG Sub shares outstanding was 15.9 million shares and 58.2 million shares, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
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 office leases for administrative space. During the three months ended March 31, 2014 and 2013, the Company recognized rent expense associated with these leases of $2.4 million and $2.3 million, respectively. Minimum annual rental commitments associated with these leases during the next five years and thereafter are as follows: 2014, $6.0 million; 2015, $8.0 million; 2016, $7.6 million; 2017, $7.6 million; 2018, $7.2 million and thereafter, $94.5 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. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
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. | |
As of March 31, 2014 and December 31, 2013, receivables from related parties were $4.6 million and $6.1 million, respectively, which are included in Receivables, net in the unaudited Condensed Consolidated Balance Sheets. As of March 31, 2014 and December 31, 2013, there were no material payables to related parties. |
Nature_of_Business_and_Financi1
Nature of Business and Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Brixmor Property Group Inc. and its consolidated subsidiaries (the “Company”) were formed for the purpose of owning, operating and managing grocery-anchored community and neighborhood shopping centers throughout the United States. | |
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 March 31, 2014 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Company's Form 10-K for the year ended December 31, 2013 filed with the SEC on March 12, 2014. | |
Certain prior period balances in the accompanying unaudited Condensed Consolidated Statements of Operations have been reclassified to conform to the current period presentation including for the results of discontinued operations. | |
Principles of Consolidation | ' |
The accompanying unaudited 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. | |
Subsequent Events | ' |
In preparing the unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after March 31, 2014 for recognition or disclosure purposes. Based on this evaluation, there were no subsequent events from March 31, 2014 through the date the financial statements were issued. | |
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. | |
New Accounting Pronouncements | ' |
In April 2014, the Financial Accounting Standards Board issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU No. 2014-08 amends the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The amendments require expanded disclosures for discontinued operations that would provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations reporting. ASU No. 2014-08 is to be applied prospectively to all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within fiscal years, and interim periods within those years, beginning after December 15, 2014. The adoption of ASU 2014-08 is expected to eliminate discontinued operations reporting for disposals that are routine in nature and do not change the Company’s strategy. | |
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 unaudited Condensed Consolidated Financial Statements of the Company. |
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Acquisitions and Dispositions [Abstract] | ' | |||||||
Summary of operations from discontinued operations | ' | |||||||
This has resulted in certain reclassifications for the three months ended March 31, 2013. | ||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||
Discontinued operations: | ||||||||
Revenues | $ | 267 | $ | 10,115 | ||||
Operating expenses | (1,293 | ) | (8,629 | ) | ||||
Other income (expense), net | 5,813 | (2,249 | ) | |||||
Income (loss) from discontinued operating properties | 4,787 | (763 | ) | |||||
Gain on disposition of operating properties | 14,426 | — | ||||||
Impairment on real estate held for sale | — | (3,033 | ) | |||||
Income (loss) from discontinued operations | 19,213 | (3,796 | ) | |||||
Net (income) loss attributable to non-controlling interests | (19,199 | ) | 924 | |||||
Net income (loss) attributable to common stockholders | $ | 14 | $ | (2,872 | ) | |||
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of real estate properties | ' | |||||||
The Company's components of Real estate, net consisted of the following: | ||||||||
March 31, 2014 | 31-Dec-13 | |||||||
Land | $ | 1,998,902 | $ | 2,055,802 | ||||
Buildings and improvements: | ||||||||
Building | 7,327,482 | 7,436,072 | ||||||
Building and tenant improvements | 407,813 | 373,907 | ||||||
Other rental property (1) | 939,575 | 971,947 | ||||||
10,673,772 | 10,837,728 | |||||||
Accumulated depreciation and amortization | (1,260,355 | ) | (1,190,170 | ) | ||||
Total | $ | 9,413,417 | $ | 9,647,558 | ||||
(1) | At March 31, 2014 and December 31, 2013, Other rental property consisted of intangible assets including: (i) $853.4 million and $881.9 million, respectively, of in-place lease value, (ii) $86.2 million and $90.0 million, respectively, of above-market leases, and (iii) $476.1 million and $462.5 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 is as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2014 (remaining nine months) | $ | 51,792 | ||||||
2015 | 46,370 | |||||||
2016 | 22,207 | |||||||
2017 | 9,811 | |||||||
2018 | 3,642 | |||||||
Financial_Instruments_Derivati1
Financial Instruments - Derivatives and Hedging (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, 2014 and December 31, 2013, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | 31-Mar-14 | 31-Dec-13 | |||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (6,597 | ) | (6,795 | ) | |||||
Net derivative liability | $ | (6,597 | ) | $ | (6,795 | ) | |||
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 unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2014 is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Three Months Ended March 31, 2014 | ||||||||
Amount of loss recognized in OCI on derivative | $ | (2,265 | ) | ||||||
Amount of loss reclassified from accumulated OCI into interest expense | $ | (2,464 | ) | ||||||
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 March 31, 2014 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Caps | 10 | $ | 1,118,000 | ||||||
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 March 31, 2014 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Swaps | 5 | $ | 1,500,000 | ||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt obligations under various arrangements with financial institutions | ' | ||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had the following indebtedness outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
31-Mar-14 | 31-Dec-13 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,276,426 | $ | 3,444,578 | 4.90% - 8.18% | 2014 – 2021 | |||||||
Variable rate mortgage and secured loans(3) | 57,000 | 483,604 | Variable(3) | 2015 – 2017 | |||||||||
Total mortgage and secured loans | 3,333,426 | 3,928,182 | |||||||||||
Net unamortized premium | 87,556 | 93,077 | |||||||||||
Total mortgage and secured loans, net | $ | 3,420,982 | $ | 4,021,259 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 293,667 | $ | 353,617 | 3.75% - 7.97% | 2015 - 2029 | |||||||
Net unamortized discount | (11,763 | ) | (13,766 | ) | |||||||||
Total notes payable, net | $ | 281,904 | $ | 339,851 | |||||||||
Unsecured Credit Facility(6) | $ | 1,673,005 | $ | 1,620,179 | 1.69% | 2017 – 2018 | |||||||
Unsecured Term Loan | 600,000 | — | 1.64% | 2019 | |||||||||
Total debt obligations, net | $ | 5,975,891 | $ | 5,981,289 | |||||||||
-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 March 31, 2014 of approximately $4.2 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.95% as of March 31, 2014. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage was 3.75% as of March 31, 2014. The Company incurs interest on a $57.0 million mortgage using the 30-day LIBOR rate (which was 0.15% as of March 31, 2014 subject to a rate floor requirement of 25 basis points), plus an interest spread of 350 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 5.75% as of March 31, 2014. | ||||||||||||
-5 | The Company had a one-time put repurchase right to certain unsecured notes that required the Company to offer to repurchase the notes if tendered by holders (but did not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. In January 2014 $57.7 million was tendered to, and repurchased by the Company. The Company also repaid an additional $2.2 million of the notes in separate transactions during the three months ended March 31, 2014. | ||||||||||||
-6 | The Unsecured Credit Facility consists of a $1.25 billion revolving credit facility and a $1.5 billion term loan facility. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the $1.5 billion term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 150 basis points. | ||||||||||||
Future expected/scheduled maturities of outstanding debt and capital lease obligations | ' | ||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had accrued interest of $26.6 million and $32.2 million outstanding, respectively. As of March 31, 2014, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2014 (remaining nine months) | $ | 72,169 | |||||||||||
2015 | 728,909 | ||||||||||||
2016 | 1,318,644 | ||||||||||||
2017 | 524,595 | ||||||||||||
2018 | 1,521,557 | ||||||||||||
Thereafter | 1,734,224 | ||||||||||||
Total debt maturities | 5,900,098 | ||||||||||||
Net unamortized premiums on mortgages | 87,556 | ||||||||||||
Net unamortized discount on notes | (11,763 | ) | |||||||||||
Total debt obligations | $ | 5,975,891 | |||||||||||
Financing_Liabilities_Financin
Financing Liabilities Financing Liabilities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||
Financing liabilities | ' | ||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had the following financing liabilities outstanding: | |||||||||||||
Carrying Value as of | |||||||||||||
31-Mar-14 | 31-Dec-13 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Financing Liabilities | |||||||||||||
Inland preferred interest (1) | $ | 121,470 | $ | 130,966 | 11.00% | 2015 | |||||||
Capital leases (2) | — | 41,723 | N/A | N/A | |||||||||
Total financing liabilities | 121,470 | 172,689 | |||||||||||
Net unamortized premium | — | 2,422 | |||||||||||
Total financing liabilities, net | $ | 121,470 | $ | 175,111 | |||||||||
-1 | 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. | ||||||||||||
-2 | During the three months ended March 31, 2014, the Company exercised its option to purchase the underlying assets subject to the capital leases. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Fair Value Debt Obligation | ' | ||||||||||||||||
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 3,420,982 | $ | 3,333,428 | $ | 4,021,259 | $ | 4,179,640 | |||||||||
Notes payable | 281,904 | 293,667 | 339,851 | 371,393 | |||||||||||||
Unsecured credit facility and term loan | 2,273,005 | 2,273,005 | 1,620,179 | 1,620,179 | |||||||||||||
Total debt obligations | $ | 5,975,891 | $ | 5,900,100 | $ | 5,981,289 | $ | 6,171,212 | |||||||||
Financing liabilities | $ | 121,470 | $ | 121,470 | $ | 175,111 | $ | 175,111 | |||||||||
Recovered_Sheet1
Redeemable Non-Controlling Interests Redeemable Non-controlling Interests (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Redeemable Non-controlling Interests [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||
The changes in redeemable non-controlling interests are as follows: | |||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,467 | |||||
Distributions to redeemable non-controlling interests | (322 | ) | (1,288 | ) | |||||
Preferred return | 322 | 1,288 | |||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of earnings per share, basic and diluted | ' | |||||||
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||
Computation of Basic Earnings Per Share: | ||||||||
Income (loss) from continuing operations | $ | 22,527 | $ | (21,650 | ) | |||
(Income) loss attributable to noncontrolling interests | (7,140 | ) | 5,023 | |||||
Dividends on unvested restricted shares | (416 | ) | — | |||||
Income (loss) from continuing operations attributable to common stockholders | 14,971 | (16,627 | ) | |||||
Income (loss) from discontinued operations, net of noncontrolling interests | 14 | (2,872 | ) | |||||
Net income (loss) attributable to the Company's common stockholders for basic earnings per share | $ | 14,985 | $ | (19,499 | ) | |||
Weighted average number of vested common shares outstanding - basic | 228,113 | 180,675 | ||||||
Basic Earnings Per Share Attributable to the Company's Common Stockholders: | ||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.09 | ) | |||
Income (loss) from discontinued operations | — | (0.02 | ) | |||||
Net income (loss) | $ | 0.07 | $ | (0.11 | ) | |||
Computation of Diluted Earnings Per Share: | ||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 14,971 | $ | (16,627 | ) | |||
Income (loss) from discontinued operations, net of nonconvertible noncontrolling interests | 14 | — | ||||||
Net income (loss) attributable to the Company's common stockholders for diluted earnings per share | $ | 14,985 | $ | (16,627 | ) | |||
Weighted average common shares outstanding - basic | 228,113 | 180,675 | ||||||
Effect of dilutive securities: | ||||||||
Equity awards | 1,252 | — | ||||||
Weighted average common shares outstanding - diluted | 229,365 | 180,675 | ||||||
Diluted Earnings Per Share Attributable to the Company's Common Stockholders: | ||||||||
Income (loss) from continuing operations | $ | 0.07 | $ | (0.09 | ) | |||
Income (loss) from discontinued operations | — | (0.02 | ) | |||||
Net income (loss) | $ | 0.07 | $ | (0.11 | ) | |||
Nature_of_Business_and_Financi2
Nature of Business and Financial Statement Presentation (Initial Public Offering and IPO Property Transfers) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Mar. 31, 2014 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Property | Property | Property | Brixmor Property Group, Inc. [Member] | Brixmor Property Group, Inc. [Member] | Revolving Credit Facility [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | |
Unsecured Debt [Member] | Brixmor Property Group, Inc. [Member] | Property | Property | Property | Property | |||||||
Property | ||||||||||||
Nture of Oerations and Financial Statements Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 35 | ' | ' | ' | ' | ' | ' | ' | 44 | 33 | 3 | 3 |
Assets, carrying value disclosure | $179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold in public offering | ' | ' | ' | ' | ' | ' | 47,400,000 | ' | ' | ' | ' | ' |
Price per share | ' | ' | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' |
Proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | 893.9 | ' | ' | ' | ' | ' |
Underwriting discounts, expenses and transaction costs | ' | ' | ' | ' | ' | ' | 54.9 | ' | ' | ' | ' | ' |
Debt repaid | ' | ' | ' | ' | ' | 824.7 | ' | ' | ' | ' | ' | ' |
Number of properties acquired | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' |
Number of shares exchanged for interest in properties | ' | ' | ' | ' | ' | ' | ' | 15,877,791 | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | 66.6 | 7.6 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties that operating partnership has an interest | ' | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Non-Core properties not transferred to Pre-IPO owners | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties, disposed | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 20.00% | ' |
Assets, fair value disclosure | 195.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of property plant equipment | $16.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_and_As2
Discontinued Operations and Assets Held for Sale (Details) (USD $) | 3 Months Ended | 15 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Property | shopping_center | shopping_center | shopping_center | |
shopping_center | Property | |||
Discontinued operations: | ' | ' | ' | ' |
Revenues | $267,000 | $10,115,000 | ' | ' |
Operating expenses | -1,293,000 | -8,629,000 | ' | ' |
Other expense, net | 5,813,000 | -2,249,000 | ' | ' |
Income from discontinued operating properties | 4,787,000 | -763,000 | ' | ' |
Gain on disposition of operating properties | 14,426,000 | 0 | ' | ' |
Impairment on real estate held for sale | 0 | -3,033,000 | ' | ' |
Income (loss) from discontinued operations | 19,213,000 | -3,796,000 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -19,199,000 | 924,000 | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 14,000 | -2,872,000 | ' | ' |
Number of Non-Core Properties in which Company Owns 100% | 44 | ' | 44 | ' |
Number Of Shopping Centers Classified As Real Estate Held For Sale | ' | ' | ' | 1 |
Aggregate book value | ' | ' | ' | 5,500,000 |
Number of Non-Core properties transferred to Pre-IPO owners | 1 | ' | 1 | ' |
Gain (loss) on extinguishment of debt, net | -2,276,000 | 2,150,000 | ' | ' |
Number of shopping centers sold | ' | 2 | 51 | ' |
Proceeds from dispositions | 2,778,000 | 10,903,000 | ' | ' |
Impairment of Real Estate | 0 | 3,033,000 | ' | ' |
One Non-Core Property [Member] | ' | ' | ' | ' |
Discontinued operations: | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt, net | $6,100,000 | ' | ' | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ||
Land | $1,998,902,000 | ' | $2,055,802,000 | ||
Building | 7,327,482,000 | ' | 7,436,072,000 | ||
Building and tenant improvements | 407,813,000 | ' | 373,907,000 | ||
Other rental property | 939,575,000 | [1] | ' | 971,947,000 | [1] |
Real estate, gross | 10,673,772,000 | ' | 10,837,728,000 | ||
Accumulated depreciation and amortization | -1,260,355,000 | ' | -1,190,170,000 | ||
Real estate, net | 9,413,417,000 | ' | 9,647,558,000 | ||
Accumulated amortization | 476,100,000 | ' | 462,500,000 | ||
Intangible liabilities relating to below-market leases | 534,700,000 | ' | 541,800,000 | ||
Accumulated amortization on below-market leases | 164,900,000 | ' | 153,600,000 | ||
Amortization of Intangible Assets | 21,700,000 | 25,500,000 | ' | ||
Leases, Acquired-in-Place [Member] | ' | ' | ' | ||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ||
In-place lease value | 853,400,000 | ' | 881,900,000 | ||
Estimated Amortization Expense of Intangible Assets and Liabilities [Abstract] | ' | ' | ' | ||
2014 (remaining nine months) | 51,792,000 | ' | ' | ||
2015 | 46,370,000 | ' | ' | ||
2016 | 22,207,000 | ' | ' | ||
2017 | 9,811,000 | ' | ' | ||
2018 | 3,642,000 | ' | ' | ||
Above Market Leases [Member] | ' | ' | ' | ||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ||
Above market leases | $86,200,000 | ' | $90,000,000 | ||
[1] | At March 31, 2014 and December 31, 2013, Other rental property consisted of intangible assets including: (i) $853.4 million and $881.9 million, respectively, of in-place lease value, (ii) $86.2 million and $90.0 million, respectively, of above-market leases, and (iii) $476.1 million and $462.5 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. |
Financial_Instruments_Derivati2
Financial Instruments - Derivatives and Hedging (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | interest_rate_cap | derivative_instrument |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of Instruments | 5 | 5 |
Notional Amount | $1,500,000 | $1,500,000 |
Financial_Instruments_Derivati3
Financial Instruments - Derivatives and Hedging (Details 1) (Interest Rate Swap [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross derivative assets | $0 | $0 |
Gross derivative liabilities | -6,597 | -6,795 |
Net derivative liability | ($6,597) | ($6,795) |
Financial_Instruments_Derivati4
Financial Instruments - Derivatives and Hedging (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Amount of loss recognized in OCI on derivative | ($2,265) |
Amount of gain (loss) reclassified from accumulated OCI into interest expense | ($2,464) |
Financial_Instruments_Derivati5
Financial Instruments - Derivatives and Hedging (Details 3) (Not Designated as Hedging Instrument [Member], Interest Rate Cap [Member], USD $) | Mar. 31, 2014 |
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 | 10 |
Notional Amount | $1,118,000 |
Financial_Instruments_Derivati6
Financial Instruments - Derivatives and Hedging (Details Textual) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
interest_rate_cap | derivative_instrument | ||
Derivative [Line Items] | ' | ' | ' |
Number of instruments | ' | 5 | 5 |
Notional amount | ' | $1,500,000,000 | $1,500,000,000 |
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | 9,600,000 | ' | ' |
Agreement obligations | $6,700,000 | ' | ' |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jul. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 27, 2013 | |||||||||||||
derivative_instrument | 30-day LIBOR [Member] | Unsecured Credit Facility [Member] | Unsecured Credit Facility [Member] | Carrying Amounts [Member] | Carrying Amounts [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [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] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Notes Payable to Financial Institutions [Member] | Notes Payable to Financial Institutions [Member] | Term Loan [Member] | Term Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | |||||||||||||||
Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | 30-day LIBOR [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
LIBOR [Member] | LIBOR [Member] | 30-day LIBOR [Member] | LIBOR [Member] | ||||||||||||||||||||||||||||||||||||
MORTGAGES AND SECURED LOANS PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Fixed rate mortgages and secured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,276,426,000 | [1],[2] | $3,444,578,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Variable rate mortgages and secured loans | ' | ' | ' | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | [1],[3] | 483,604,000 | [1],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total mortgages and secured loans | 3,333,426,000 | [1] | ' | 3,928,182,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net unamortized premium | 87,556,000 | [1] | ' | 93,077,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total mortgages and secured loans, net | 5,975,891,000 | ' | 5,981,289,000 | ' | ' | ' | 3,420,982,000 | 4,021,259,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
NOTES PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 293,667,000 | [4],[5] | 353,617,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net unamortized discount | -11,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,763,000 | -13,766,000 | ' | ' | ' | ' | ' | ||||||||||||
Total notes, net | ' | ' | ' | ' | ' | ' | 281,904,000 | 339,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Long-term debt | 5,900,098,000 | ' | ' | ' | 1,673,005,000 | [6] | 1,620,179,000 | [6] | ' | ' | 600,000,000 | [6] | 0 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total debt obligations | 5,975,891,000 | ' | 5,981,289,000 | ' | ' | ' | 5,975,891,000 | 5,981,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Collateral carrying value | 4,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | ' | 3.75% | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ||||||||||||
Debt instrument variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | ' | ||||||||||||
Debt instrument floor interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ||||||||||||
Plus a spread of basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 1.50% | ' | ' | 3.50% | ' | ||||||||||||
Debt instrument, repurchased face amount | ' | 57,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Number of interest rate derivatives held | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | ' | ' | ' | ||||||||||||
Repayments of notes payable | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Term loan face amount | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 | ' | ' | ' | ||||||||||||
[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 MarchB 31, 2014 of approximately $4.2 billion. | ||||||||||||||||||||||||||||||||||||||
[2] | The weighted average interest rate on the Companybs fixed rate mortgage and secured loans was 5.95% as of MarchB 31, 2014. | ||||||||||||||||||||||||||||||||||||||
[3] | The weighted average interest rate on the Companybs variable rate mortgage was 3.75% as of MarchB 31, 2014. The Company incurs interest on a $57.0 million mortgage using the 30-day LIBOR rate (which was 0.15% as of MarchB 31, 2014 subject to a rate floor requirement of 25 basis points), plus an interest spread of 350 basis points. | ||||||||||||||||||||||||||||||||||||||
[4] | The Company had a one-time put repurchase right to certain unsecured notes that required the Company to offer to repurchase the notes if tendered by holders (but did not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. In January 2014 $57.7 million was tendered to, and repurchased by the Company. The Company also repaid an additional $2.2 million of the notes in separate transactions during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||||||||
[5] | The weighted average interest rate on the Companybs unsecured notes was 5.75% as of MarchB 31, 2014. | ||||||||||||||||||||||||||||||||||||||
[6] | The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the $1.5 billion term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 150 basis points. |
Debt_Obligations_Details_1
Debt Obligations (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Future expected/scheduled maturities of outstanding debt and capital lease | ' | ' | ||
2014 (remaining nine months) | $72,169 | ' | ||
2015 | 728,909 | ' | ||
2016 | 1,318,644 | ' | ||
2017 | 524,595 | ' | ||
2018 | 1,521,557 | ' | ||
Thereafter | 1,734,224 | ' | ||
Total debt maturities | 5,900,098 | ' | ||
Net unamortized premiums on mortgages | 87,556 | [1] | 93,077 | [1] |
Net unamortized discount on notes | -11,763 | ' | ||
Total debt obligations | $5,975,891 | $5,981,289 | ||
[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 MarchB 31, 2014 of approximately $4.2 billion. |
Debt_Obligations_Details_Textu
Debt Obligations (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jul. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Term Loan [Member] | Term Loan [Member] | Mortgages [Member] | Notes Payable, Other Payables [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||
Federal Funds Effective Rate [Member] | 30-day LIBOR [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||
Unsecured Debt [Member] | Unsecured Debt [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan face amount | ' | ' | ' | ' | $1,500,000,000 | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' |
Plus a spread of basis point | ' | ' | ' | 1.50% | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' |
Effective percentage | ' | ' | ' | ' | 0.84% | ' | ' | ' | ' | ' | 0.35% | 0.75% | 1.35% | 1.75% |
Debt repaid | ' | ' | ' | ' | ' | 569,600,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt, net | -2,276,000 | 2,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | $26,600,000 | ' | $32,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Liabilities_Details
Financing Liabilities (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 06, 2010 | Dec. 06, 2010 | |||
shopping_center | Inland American CP Investment, LLC [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Inland preferred interest | $121,470,000 | [1] | $130,966,000 | [1] | ' | ' |
Capital lease obligations | 0 | [2] | 41,723,000 | [2] | ' | ' |
Financing Liabilities | 121,470,000 | 172,689,000 | ' | ' | ||
Capital leases, unamortized discount | 0 | 2,422,000 | ' | ' | ||
Financing liabilities, net | 121,470,000 | 175,111,000 | ' | ' | ||
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 | ' | ' | ' | $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% | ' | ' | 11.00% | ||
[1] | (1)On DecemberB 6, 2010, the Company formed a real estate venture with Inland American CP Investment, LLC (bInlandb). 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 Inlandbs 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 DecemberB 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 Inlandbs interest, beginning DecemberB 6, 2014, for an amount of cash determined on the same basis as described above. | |||||
[2] | (2)During the three months ended March 31, 2014, the Company exercised its option to purchase the underlying assets subject to the capital leases. |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' |
Mortgages and secured loans payable | $5,975,891 | $5,981,289 |
Total debt obligations | 5,975,891 | 5,981,289 |
Financing liabilities | 121,470 | 175,111 |
Carrying Amounts [Member] | ' | ' |
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' |
Mortgages and secured loans payable | 3,420,982 | 4,021,259 |
Notes payable | 281,904 | 339,851 |
Unsecured credit facility and term loan | 2,273,005 | 1,620,179 |
Total debt obligations | 5,975,891 | 5,981,289 |
Financing liabilities | 121,470 | 175,111 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' |
Mortgages and secured loans payable | 3,333,428 | 4,179,640 |
Notes payable | 293,667 | 371,393 |
Unsecured credit facility and term loan | 2,273,005 | 1,620,179 |
Total debt obligations | 5,900,100 | 6,171,212 |
Financing liabilities | $121,470 | $175,111 |
Redeemable_NonControlling_Inte1
Redeemable Non-Controlling Interests Redeemable Non-controlling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Redeemable Non-controlling Interests [Abstract] | ' | ' |
Balance at beginning of period | $21,467 | $21,467 |
Distributions to redeemable non-controlling interests | -322 | -1,288 |
Preferred return | 322 | 1,288 |
Balance at end of period | $21,467 | $21,467 |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||||||||
Oct. 29, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 04, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Property | Property | Property | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Minimum [Member] | BPG Sub [Member] | BPG Sub [Member] | ||
Property | Property | Property | Property | Partially Owned Properties [Member] | Blackstone Retail Transaction II Holdco L.P. [Member] | ||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.22% | ' |
Ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.05% |
Number of common units of Partnership interest exchanged for interest in properties | 15,877,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Operating Partnership units issued for acquisition of real estate assets | $317,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Number of real estate properties that operating partnership has an interest | ' | ' | ' | 47 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties, disposed | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | 100.00% | 20.00% | ' | 20.00% | ' | ' |
Number of real estate properties | ' | 35 | ' | ' | 44 | 33 | 3 | 3 | ' | ' | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares authorized | 15,000,000 | ' |
Share-based compensation | $2.10 | $1.60 |
Compensation cost not yet recognized | 27.2 | ' |
Percent of cash proceeds received if units granted, internal rate of return | 15.00% | ' |
Weighted average remaining contractual term | '2 years 3 months 18 days | ' |
To be Recognized in 2.3 Years [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation cost not yet recognized | 21.4 | ' |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Grants in period | 600,000 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation cost not yet recognized | $5.80 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic [Abstract] | ' | ' |
Income (loss) from continuing operations | $22,527 | ($21,650) |
(Income) loss attributable to noncontrolling interests | -7,140 | 5,023 |
Dividends on unvested restricted shares | -416 | 0 |
Income (loss) from continuing operations attributable to common stockholders | 14,971 | -16,627 |
Income (loss) from discontinued operations, net of noncontrolling interests | 14 | -2,872 |
Net income (loss) attributable to common stockholders | 14,985 | -19,499 |
Weighted average number of vested common shares outstanding - basic | 228,113 | 180,675 |
Income (loss) from continuing operations | $0.07 | ($0.09) |
Income (loss) from discontinued operations | $0 | ($0.02) |
Net income (loss) | $0.07 | ($0.11) |
Computation of Diluted Earnings Per Share: | ' | ' |
Income (loss) from discontinued operations, net of nonconvertible noncontrolling interests | 14 | 0 |
Net income (loss) attributable to the Company's common stockholders for diluted earnings per share | $14,985 | ($16,627) |
Equity awards | 1,252 | 0 |
Weighted average common shares outstanding - diluted | 229,365 | 180,675 |
Income (loss) from continuing operations | $0.07 | ($0.09) |
Income (loss) from discontinued operations | $0 | ($0.02) |
Net income (loss) | $0.07 | ($0.11) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Earnings per Share [Line Items] | ' | ' |
Weighted average number of vested common shares outstanding - basic | 228,113 | 180,675 |
OP Units [Member] | ' | ' |
Schedule of Earnings per Share [Line Items] | ' | ' |
Weighted average number of vested common shares outstanding - basic | 15,900 | ' |
BPG Sub [Member] | ' | ' |
Schedule of Earnings per Share [Line Items] | ' | ' |
Weighted average number of vested common shares outstanding - basic | 58,200 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Leased Assets [Line Items] | ' | ' |
Operating Leases, Rent Expense | $2.40 | $2.30 |
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | ' | ' |
2014 | 6 | ' |
2015 | 8 | ' |
2016 | 7.6 | ' |
2017 | 7.6 | ' |
2018 | 7.2 | ' |
Thereafter | $94.50 | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Successor [Member], Receivables [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | Receivables [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due from Related Parties | $4.60 | $6.10 |