Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Brixmor Property Group Inc. | ' | ' |
Entity Central Index Key | '0001581068 | ' | ' |
Document Type | '8-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 229,689,960 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate | ' | ' |
Land | $2,055,802 | $1,915,667 |
Real estate, gross | 10,837,728 | 9,894,426 |
Accumulated depreciation and amortization | -1,190,170 | -796,296 |
Real estate, net | 9,647,558 | 9,098,130 |
Liabilities | ' | ' |
Financing liabilities, net | 175,100 | 174,400 |
Redeemable non-controlling interests | 21,467 | 21,467 |
Successor [Member] | ' | ' |
Real estate | ' | ' |
Land | 2,055,802 | 1,915,667 |
Buildings and improvements | 8,781,926 | 7,978,759 |
Real estate, gross | 10,837,728 | 9,894,426 |
Accumulated depreciation and amortization | -1,190,170 | -796,296 |
Real estate, net | 9,647,558 | 9,098,130 |
Investments in and advances to unconsolidated joint ventures | 9,205 | 16,038 |
Cash and cash equivalents | 113,915 | 103,098 |
Restricted cash | 75,457 | 90,160 |
Marketable securities | 22,104 | 24,883 |
Receivables, net | 178,505 | 156,944 |
Deferred charges and prepaid expenses, net | 105,522 | 95,118 |
Other assets | 19,650 | 19,358 |
Total assets | 10,171,916 | 9,603,729 |
Liabilities | ' | ' |
Debt obligations, net | 5,981,289 | 6,499,356 |
Financing liabilities, net | 175,111 | 174,440 |
Accounts payable, accrued expenses and other liabilities | 709,529 | 632,112 |
Total liabilities | 6,865,929 | 7,305,908 |
Redeemable non-controlling interests | 21,467 | 21,467 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Preferred stock, $0.01 par value; authorized 300,000,000 shares; 0 and 125 shares outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 229,689,960 and 182,242,460 shares outstanding | 2,297 | 1,822 |
Additional paid in capital | 2,543,690 | 1,746,271 |
Accumulated other comprehensive loss | -6,812 | -39 |
Distributions in excess of accumulated loss | -196,707 | -26,559 |
Total stockholders' equity | 2,342,468 | 1,721,495 |
Non-controlling interests | 942,052 | 554,859 |
Total equity | 3,284,520 | 2,276,354 |
Total liabilities and equity | $10,171,916 | $9,603,729 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Successor [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Successor [Member] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 300,000,000 | 300,000,000 |
Preferred stock, shares outstanding | 0 | 125 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 229,689,960 | 182,242,460 |
Common stock, shares outstanding | 229,689,960 | 182,242,460 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 6 Months Ended | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Jun. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating expenses | ' | ' | ' | ' |
Impairment of real estate assets | ' | ' | $1,500,000 | ' |
Other income (expense) | ' | ' | ' | ' |
Impairment on real estate held for sale | 0 | -8,608,000 | -45,122,000 | -13,599,000 |
Successor [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rental income | 429,365,000 | ' | 887,819,000 | 851,654,000 |
Expense reimbursements | 112,416,000 | ' | 242,939,000 | 225,848,000 |
Other revenues | 5,331,000 | ' | 16,135,000 | 11,233,000 |
Total revenues | 547,112,000 | ' | 1,146,893,000 | 1,088,735,000 |
Operating expenses | ' | ' | ' | ' |
Operating costs | 59,461,000 | ' | 116,566,000 | 118,929,000 |
Real estate taxes | 77,487,000 | ' | 168,555,000 | 155,210,000 |
Depreciation and amortization | 283,763,000 | ' | 438,730,000 | 488,714,000 |
Provision for doubtful accounts | 8,465,000 | ' | 10,920,000 | 11,544,000 |
Impairment of real estate assets | 0 | ' | 1,531,000 | 0 |
Acquisition related costs | 41,362,000 | ' | 0 | 541,000 |
General and administrative | 49,874,000 | ' | 121,083,000 | 88,936,000 |
Total operating expenses | 520,412,000 | ' | 857,385,000 | 863,874,000 |
Other income (expense) | ' | ' | ' | ' |
Dividends and interest | 641,000 | ' | 832,000 | 1,138,000 |
Gain on bargain purchase | 328,826,000 | ' | 0 | 0 |
Interest expense | -199,221,000 | ' | -343,311,000 | -376,414,000 |
Gain on sales of real estate assets and acquisition of joint venture interest | 0 | ' | 2,223,000 | 501,000 |
Gain (loss) on extinguishment of debt, net | 917,000 | ' | -20,063,000 | 0 |
Other | 1,195,000 | ' | -11,013,000 | -504,000 |
Total other income (expense) | 132,358,000 | ' | -371,332,000 | -375,279,000 |
Income (loss) before equity in income of unconsolidated joint ventures | 159,058,000 | ' | -81,824,000 | -150,418,000 |
Equity in income (loss) of unconsolidated joint ventures | -160,000 | ' | 1,167,000 | 687,000 |
Impairment of investments in unconsolidated joint ventures | 0 | ' | 0 | -314,000 |
Income (loss) from continuing operations | 158,898,000 | ' | -80,657,000 | -150,045,000 |
Income (loss) from discontinued operations | -5,762,000 | ' | 3,504,000 | -2,438,000 |
Gain on disposition of operating properties | 0 | ' | 3,392,000 | 5,369,000 |
Impairment on real estate held for sale | 0 | ' | -45,122,000 | -13,599,000 |
Loss from discontinued operations | -5,762,000 | ' | -38,226,000 | -10,668,000 |
Net income (loss) | 153,136,000 | ' | -118,883,000 | -160,713,000 |
Net (income) loss attributable to non-controlling interests | -37,785,000 | ' | 25,349,000 | 38,146,000 |
Net income (loss) attributable to Brixmor Property Group Inc. | 115,351,000 | ' | -93,534,000 | -122,567,000 |
Preferred stock dividends | -137,000 | ' | -162,000 | -296,000 |
Net income (loss) attributable to common stockholders | 115,214,000 | ' | -93,696,000 | -122,863,000 |
Loss from continuing operations | ' | ' | ' | ' |
-Basic (usd per share) | $0.66 | ' | ($0.33) | ($0.64) |
-Diluted (usd per share) | $0.66 | ' | ($0.33) | ($0.64) |
Net loss attributable to common stockholders | ' | ' | ' | ' |
-Basic (usd per share) | $0.64 | ' | ($0.50) | ($0.68) |
-Diluted (usd per share) | $0.64 | ' | ($0.50) | ($0.68) |
Weighted average common outstanding shares | ' | ' | ' | ' |
outstanding- basic and diluted (in shares) | 180,675 | ' | 188,993 | 180,675 |
Predecessor [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rental income | ' | 412,929,000 | ' | ' |
Expense reimbursements | ' | 114,879,000 | ' | ' |
Other revenues | ' | 7,588,000 | ' | ' |
Total revenues | ' | 535,396,000 | ' | ' |
Operating expenses | ' | ' | ' | ' |
Operating costs | ' | 64,409,000 | ' | ' |
Real estate taxes | ' | 76,763,000 | ' | ' |
Depreciation and amortization | ' | 168,690,000 | ' | ' |
Provision for doubtful accounts | ' | 10,348,000 | ' | ' |
Impairment of real estate assets | ' | 0 | ' | ' |
Acquisition related costs | ' | 5,647,000 | ' | ' |
General and administrative | ' | 57,363,000 | ' | ' |
Total operating expenses | ' | 383,220,000 | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Dividends and interest | ' | 815,000 | ' | ' |
Gain on bargain purchase | ' | 0 | ' | ' |
Interest expense | ' | -189,380,000 | ' | ' |
Gain on sales of real estate assets and acquisition of joint venture interest | ' | 0 | ' | ' |
Gain (loss) on extinguishment of debt, net | ' | 0 | ' | ' |
Other | ' | -3,732,000 | ' | ' |
Total other income (expense) | ' | -192,297,000 | ' | ' |
Income (loss) before equity in income of unconsolidated joint ventures | ' | -40,121,000 | ' | ' |
Equity in income (loss) of unconsolidated joint ventures | ' | -381,000 | ' | ' |
Impairment of investments in unconsolidated joint ventures | ' | 0 | ' | ' |
Income (loss) from continuing operations | ' | -40,502,000 | ' | ' |
Income (loss) from discontinued operations | ' | 2,019,000 | ' | ' |
Gain on disposition of operating properties | ' | 0 | ' | ' |
Impairment on real estate held for sale | ' | -8,608,000 | ' | ' |
Loss from discontinued operations | ' | -6,589,000 | ' | ' |
Net income (loss) | ' | -47,091,000 | ' | ' |
Net (income) loss attributable to non-controlling interests | ' | -752,000 | ' | ' |
Net income (loss) attributable to Brixmor Property Group Inc. | ' | -47,843,000 | ' | ' |
Preferred stock dividends | ' | 0 | ' | ' |
Net income (loss) attributable to common stockholders | ' | ($47,843,000) | ' | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Net income (loss) | $153,136 | ($118,883) | ($160,713) | ($47,091) |
Other comprehensive income (loss) | ' | ' | ' | ' |
Change in unrealized loss on interest rate hedges | 0 | -6,795 | 0 | 0 |
Change in unrealized income (loss) on marketable securities | 44 | 22 | -83 | 20 |
Comprehensive income (loss) | 153,180 | -125,656 | -160,796 | -47,071 |
Comprehensive income (loss) attributable to non-controlling interests | -37,785 | 25,349 | 38,146 | -752 |
Comprehensive income (loss) attributable to the Company | $115,395 | ($100,307) | ($122,650) | ($47,823) |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interests [Member] | USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Accumulated Loss [Member] | Non-controlling Interests [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Beginning balance, value at Dec. 31, 2010 | ' | $1,957,818 | $1,956,471 | ($5) | $1,352 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | ' | 4,377 | 4,377 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | ' | -36,725 | -36,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other reclassification adjustment | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | ' | 20 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-controlling interest | ' | -28 | ' | ' | -28 | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | -47,727 | -47,843 | ' | 116 | ' | ' | ' | ' | ' | ' | ' |
Ending balance, value at Jun. 27, 2011 | ' | 1,877,737 | 1,876,282 | 15 | 1,440 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock, shares | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Issuance of preferred stock, value | 2,500 | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' |
Issuance of common stock, shares | ' | ' | ' | ' | ' | ' | ' | 182,242 | ' | ' | ' | ' |
Issuance of common stock, value | 1,739,927 | ' | ' | ' | ' | ' | ' | 1,822 | 1,738,105 | ' | ' | ' |
Compensation expense relating to Class B Units | 1,070 | ' | ' | ' | ' | ' | ' | ' | 809 | ' | ' | 261 |
Unrealized gain (loss) on marketable securities | 44 | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' |
Preferred stock dividends | -137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -137 | ' |
Issuance of non-controlling interests in subsidiary | 561,549 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561,549 |
Net (loss) income | 152,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,351 | 37,126 |
Ending balance, value at Dec. 31, 2011 | 2,457,430 | ' | ' | ' | ' | 2,457,430 | ' | 1,822 | 1,741,414 | 44 | 115,214 | 598,936 |
Beginning balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 0 | 182,242 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | ' | ' | ' | ' | ' | -18,910 | ' | ' | ' | ' | -18,910 | ' |
Distributions to non-controlling interests | -6,200 | ' | ' | ' | ' | -6,203 | ' | ' | ' | ' | ' | -6,203 |
Compensation expense relating to Class B Units | ' | ' | ' | ' | ' | 6,420 | ' | ' | 4,857 | ' | ' | 1,563 |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | -83 | ' | ' | ' | -83 | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | -296 | ' | ' | ' | ' | -296 | ' |
Net (loss) income | ' | ' | ' | ' | ' | -162,004 | ' | ' | ' | ' | -122,567 | -39,437 |
Ending balance, value at Dec. 31, 2012 | ' | ' | ' | ' | ' | 2,276,354 | ' | 1,822 | 1,746,271 | -39 | -26,559 | 554,859 |
Ending balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 0 | 182,242 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to stockholders | ' | ' | ' | ' | ' | -47,280 | ' | ' | ' | ' | -47,280 | ' |
Issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | -186,935 | ' | ' | 186,935 |
Distributions to non-controlling interests | -25,200 | ' | ' | ' | ' | -25,219 | ' | ' | ' | ' | ' | ' |
Acquired Properties | ' | ' | ' | ' | ' | 317,556 | ' | ' | ' | ' | ' | 317,556 |
Compensation expense relating to Class B Units | ' | ' | ' | ' | ' | 36,395 | ' | ' | 27,487 | ' | ' | 8,908 |
Proceeds from issuance initial public offering, shares | ' | ' | ' | ' | ' | ' | ' | 47,438 | ' | ' | ' | ' |
Proceeds from issuance initial public offering, value | ' | ' | ' | ' | ' | 893,860 | ' | 475 | 893,385 | ' | ' | ' |
Redemption of preferred stock, shares | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Redemption of preferred stock, value | ' | ' | ' | ' | ' | -1,250 | ' | ' | -1,250 | ' | ' | ' |
Credit swap liability | ' | ' | ' | ' | ' | -6,795 | ' | ' | ' | -6,795 | ' | ' |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | 22 | ' | ' | ' | 22 | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | -313 | ' | ' | ' | ' | -162 | -151 |
Declared but unpaid dividends | ' | ' | ' | ' | ' | -38,639 | ' | ' | ' | ' | -29,172 | -9,467 |
Reallocation of non-controlling interest in the OP and BPG Sub. | ' | ' | ' | ' | ' | ' | ' | ' | 64,732 | ' | ' | -64,732 |
Net (loss) income | ' | ' | ' | ' | ' | -120,171 | ' | ' | ' | ' | -93,534 | -26,637 |
Ending balance, value at Dec. 31, 2013 | ' | ' | ' | ' | ' | $3,284,520 | ' | $2,297 | $2,543,690 | ($6,812) | ($196,707) | $942,052 |
Beginning balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 0 | 229,680 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 | |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Operating activities: | ' | ' | ' | ' |
Net income (loss) | $153,136,000 | ($118,883,000) | ($160,713,000) | ($47,091,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 298,698,000 | 450,279,000 | 510,435,000 | 179,371,000 |
Debt premium and discount amortization | -12,974,000 | -20,973,000 | -25,314,000 | -2,832,000 |
Deferred financing cost amortization | 4,812,000 | 10,831,000 | 10,272,000 | 5,166,000 |
Above and below market lease intangible amortization | -28,058,000 | -51,379,000 | -50,881,000 | -33,989,000 |
Provisions of impairment | 0 | 46,653,000 | 13,913,000 | 8,751,000 |
Gain on bargain purchase | -328,826,000 | 0 | 0 | 0 |
Gain on sale of real estate assets and acquisition of joint venture interest | 0 | -5,615,000 | -5,870,000 | -143,000 |
Amortization of Class B units | 1,070,000 | 36,395,000 | 6,420,000 | 0 |
Other | 210,000 | -1,165,000 | -687,000 | 999,000 |
Gains (Losses) on Extinguishment of Debt, Including Discontinued Operations | -917,000 | 16,498,000 | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Restricted cash | 10,823,000 | 5,562,000 | -8,144,000 | -18,103,000 |
Receivables | -7,706,000 | -17,055,000 | -11,793,000 | 15,635,000 |
Deferred charges and prepaid expenses | -5,992,000 | -22,826,000 | -24,422,000 | -18,368,000 |
Other assets | 0 | 2,901,000 | -2,692,000 | 4,769,000 |
Accounts payable, accrued expenses and other liabilities | -27,530,000 | 767,000 | 18,323,000 | 22,928,000 |
Net cash provided by operating activities | 56,746,000 | 331,990,000 | 268,847,000 | 117,093,000 |
Investing activities: | ' | ' | ' | ' |
Acquisition of the Business | -1,335,799,000 | 0 | 0 | 0 |
Building improvements | -56,855,000 | -150,461,000 | -177,213,000 | -59,073,000 |
Acquisitions of real estate assets | 0 | -6,377,000 | -6,000,000 | 0 |
Proceeds from sales of real estate assets | 719,000 | 58,994,000 | 50,609,000 | 53,453,000 |
Distributions from unconsolidated joint ventures | 1,434,000 | 593,000 | 1,640,000 | 3,233,000 |
Contributions to unconsolidated joint ventures | 0 | -25,000 | -1,496,000 | -2,000 |
Change in restricted cash attributable to investing activities | 7,370,000 | 8,108,000 | 16,266,000 | -16,922,000 |
Purchase of marketable securities | -12,953,000 | -12,737,000 | -22,116,000 | -10,984,000 |
Proceeds from sale of marketable securities | 9,053,000 | 15,538,000 | 19,608,000 | 11,453,000 |
Net cash used in investing activities | -1,387,031,000 | -86,367,000 | -118,702,000 | -18,842,000 |
Financing activities: | ' | ' | ' | ' |
Repayment of debt obligations and financing liabilities | -2,415,462,000 | -2,702,931,000 | -530,342,000 | -383,383,000 |
Proceeds from debt obligations | 1,542,000,000 | 57,000,000 | 360,000,000 | 163,000,000 |
Repayment of borrowings under unsecured revolving credit facility | 0 | -914,108,000 | 0 | 0 |
Proceeds from borrowings under unsecured credit facility | 0 | 2,534,286,000 | 0 | 0 |
Deferred financing costs | -39,243,000 | -27,529,000 | -7,256,000 | -921,000 |
Change in restricted cash attributable to financing activities | 100,123,000 | 0 | 0 | -100,123,000 |
Proceeds from issuance of common stock | 1,742,426,000 | 893,860,000 | ' | 0 |
Redemption of preferred stock | 0 | -1,250,000 | ' | 0 |
Distributions to stockholders | -137,000 | -47,442,000 | -19,209,000 | 0 |
Contributions attributable to CNP net investment | 0 | 0 | 0 | 4,377,000 |
Distributions attributable to CNP net investment | 0 | 0 | 0 | -36,725,000 |
Contributions from non-controlling interests | 560,074,000 | 0 | 0 | 0 |
Distributions to non-controlling interests and other | -1,890,000 | -26,692,000 | -7,846,000 | -798,000 |
Net cash provided by (used in) financing activities | 1,487,891,000 | -234,806,000 | -204,653,000 | -354,573,000 |
Change in cash and cash equivalents | 157,606,000 | 10,817,000 | -54,508,000 | -256,322,000 |
Cash and cash equivalents at beginning of period | 0 | 103,098,000 | 157,606,000 | 304,522,000 |
Cash and cash equivalents at end of period | 157,606,000 | 113,915,000 | 103,098,000 | 48,200,000 |
Supplemental cash flow information, including non-cash investing and/or financing activities: | ' | ' | ' | ' |
Cash paid for interest, net of amount capitalized | 217,445,000 | 342,950,000 | 388,320,000 | 185,597,000 |
State and local taxes paid | 0 | 2,013,000 | 2,754,000 | 0 |
Capitalized interest | 292,000 | 4,968,000 | 1,661,000 | 254,000 |
Fair value of Operating Partnership units issued for acquisition of real estate assets | $0 | $317,556,000 | $0 | $0 |
Nature_of_Business_and_Financi
Nature of Business and Financial Statement Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Business and Financial Statement Presentation | ' | |
Nature of Business and Financial Statement Presentation | ||
Description of Business | ||
Brixmor Property Group Inc. and its consolidated subsidiaries (the “Company”) were formed for the purpose of owning, operating and managing grocery-anchored community and neighborhood shopping centers throughout the United States. On February 28, 2011, the Company agreed to purchase certain United States assets and management platform of Centro Properties Group (“CNP”) and its managed funds (the “Acquisition” and, together with the related financings, asset acquisitions and other transactions, the “Transactions”). On June 28, 2011, the Acquisition was consummated, resulting in the Company acquiring 585 properties for approximately $9.0 billion, net of cash acquired of $0.1 billion. The consideration for the Transactions included approximately $1.2 billion in cash and $7.8 billion of assumed indebtedness (the “Consideration”). | ||
In June 2013, the Company changed its name from BRE Retail Parent Inc. to Brixmor Property Group Inc. Simultaneous with this name change, the Company’s consolidated subsidiary changed its name to BPG Subsidiary Inc. ("BPG Sub") from Brixmor Property Group Inc. | ||
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 7 for additional information). | ||
In connection with the IPO, the Company acquired interests in 43 properties (the “Acquired Properties”) from certain investment funds affiliated with The Blackstone Group L.P. (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 the Acquired Properties with a portion of the net proceeds of the IPO. | ||
Also in connection with the IPO, the Company created a separate series of interest ("Series A") in the Operating Partnership that allocates 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. 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. On January 15, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be transferred to the pre-IPO owners. 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 are included in Discontinued operations in the Combined 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 in the Combined Consolidated Statements of Operations. | ||
Basis of Presentation | ||
The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2013 and 2012 and the consolidated results of its operations and cash flows for the years ended December 31, 2013 and 2012 and the period from June 28, 2011 through December 31, 2011, as well as the combined consolidated results of the Company’s operations and cash flows for the period from January 1, 2011 through June 27, 2011. | ||
For periods preceding the date of the Transactions, the financial information included herein reflects the combined consolidated financial position, results of operations and cash flows of the business, which has been determined to be the predecessor to the Company. | ||
The business comprised certain U.S. holding companies that indirectly owned the Total Portfolio and historically conducted the activities of that business prior to the Transactions. Because these holding companies were under the common control of CNP prior to the Transactions, the financial information for the pre-Transactions periods has been presented on a combined consolidated basis in accordance with U.S. generally accepted accounting principles ("GAAP"). All amounts presented have been reflected at the business’ historical basis. | ||
As a result, the financial information for 2011 includes financial information associated with the post-Transactions basis for the period June 28, 2011 through December 31, 2011 and financial information associated with the pre-Transactions basis for the period January 1, 2011 through June 27, 2011. These separate periods are presented to reflect the new accounting basis established as of June 28, 2011 in connection with the Transactions, which were accounted for as a business combination. | ||
The bases of the assets and liabilities associated with the post-Transactions basis are, therefore, not comparable to the pre-Transaction basis, nor would the statement of operations items for the period June 28, 2011 through December 31, 2011 have been the same had the Transactions not occurred. | ||
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 GAAP. | ||
Principles of Consolidation and Use of Estimates | ||
The accompanying 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. | ||
When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”); (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity; and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. | ||
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary; and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. | ||
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairments of real estate, recovery of receivables and depreciable lives. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. | ||
Non-controlling Interests | ||
The Company accounts for non-controlling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the Financial Accounting Standards Board (“FASB”). Non-controlling interests represent the portion of equity that the Company does not own in those entities that it consolidates. The Company identifies its non-controlling interests separately within the Equity section of the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the non-controlling interests are presented separately on the Company’s Combined Consolidated Statements of Operations. | ||
Non-controlling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company. Holders of these Class A Preferred Units have a redemption right that provides the holder with the option to redeem their units for $33.15 per unit in cash plus all accrued and unpaid distributions. The unit holders generally have the right to redeem their units for cash at any time provided certain notification requirements have been met. | ||
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash at a specified or determinable date (or dates) or upon an event that is certain to occur are determined to be mandatorily redeemable under this guidance and are included as Redeemable non-controlling interests in partnership and classified within the mezzanine section between Total liabilities and Equity in the Company’s Combined Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Non-controlling interests within the Equity section of the Company’s Combined Consolidated Balance Sheets. | ||
Cash and Cash Equivalents | ||
For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. | ||
Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. | ||
Restricted Cash | ||
Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements as well as legally restricted tenant security deposits. All restricted cash is invested in money market accounts. | ||
Real Estate | ||
Real estate assets are recorded in the Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements), identifiable intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt based on an evaluation of available information. Based on these estimates, the estimated fair value is allocated to the acquired assets and assumed liabilities. | ||
The fair values of tangible assets are determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. The Company expenses transaction costs associated with business combinations in the period incurred. | ||
In allocating the fair value to identifiable intangible assets and liabilities of an acquired operating property, the value of above-market and below-market leases is estimated based on the present value (using an interest rate reflecting the risks associated with leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management's estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease, which includes renewal periods with fixed rental terms that are considered to be below-market. | ||
In determining the value of in-place leases and tenant relationships, management evaluates the specific characteristics of each lease and the Company's overall relationship with each tenant. Factors considered include, but are not limited to: the nature of the existing relationship with a tenant, the credit risk associated with a tenant, expectations surrounding lease renewals, estimated carrying costs of a property during a hypothetical expected lease-up period, current market conditions and costs to execute similar leases. Management also considers information obtained about a property in connection with its pre-acquisition due diligence. Estimated carrying costs include: real estate taxes, insurance, other property operating costs and estimates of lost rentals at market rates during the hypothetical lease-up periods. Costs to execute similar leases include: commissions and legal costs to the extent that such costs are not already incurred with a new lease that has been negotiated in connection with the purchase of a property. The value assigned to in-place leases is amortized to expense over the remaining term of each lease. The value assigned to tenant relationships is amortized over the initial terms of the leases. | ||
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||
Building and building and land improvements | 20 - 40 years | |
Furniture, fixtures, and equipment | 5 - 10 years | |
Tenant improvements | The shorter of the term of the related lease or useful life | |
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed as incurred. | ||
When a real estate asset is identified by management as held-for-sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If, in management's opinion, the estimated net sales price of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Additionally, the real estate asset and related operations are classified as discontinued operations and separately presented within the Consolidated Statements of Operations and within Other assets on the Consolidated Balance Sheets. Properties classified as real estate held-for-sale generally represent properties that are under contract for sale and are expected to close within 12 months. | ||
On a periodic basis, management assesses whether there are indicators that the value of the Company's real estate assets (including any related intangible assets or liabilities) may be impaired. | ||
If an indicator is identified, a real estate asset is considered impaired only if management's estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset's carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its fair value. | ||
In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such write-offs are included within Depreciation and amortization in the Consolidated Statements of Operations. | ||
Real Estate Under Redevelopment | ||
Real estate assets that are under redevelopment are carried at cost and are not depreciated. Amounts essential to the development of the property, such as development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of redevelopment are capitalized. The Company ceases cost capitalization when the property is available for occupancy or upon substantial completion of building and tenant improvements, but no later than one year from the completion of major construction activity. | ||
Investments in and Advances to Unconsolidated Joint Ventures | ||
The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence over, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with the terms of the applicable agreement and where applicable, are based upon an allocation of the unconsolidated real estate joint ventures' net assets at book value as if it was hypothetically liquidated at the end of each reporting period. Intercompany fees and gains on transactions with an unconsolidated joint venture are eliminated to the extent of the Company's ownership interest. | ||
To recognize the character of distributions from an unconsolidated joint venture, the Company reviews the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in Investing activities on the Consolidated Statements of Cash Flows. | ||
On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of the Company's investments in unconsolidated joint ventures may be impaired. An investment's value is impaired only if management's estimate of the fair value of the Company's investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. | ||
Management's estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads used in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. | ||
Deferred Leasing and Financing Costs | ||
Costs incurred in obtaining tenant leases (including internal leasing costs) and long-term financing are amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. Costs incurred related to obtaining tenant leases which are capitalized include salaries, lease incentives and the related costs of personnel directly involved in successful leasing efforts. Costs incurred in obtaining long-term financing which are capitalized include bank fees, legal and title costs and transfer taxes. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, in the Consolidated Statements of Operations. | ||
Marketable Securities | ||
The Company classifies its marketable securities, which include both debt and equity securities, as available-for-sale. These securities are carried at fair value with unrealized gains and losses reported in member's equity as a component of accumulated other comprehensive loss. Gains or losses on securities sold are based on the weighted average method. | ||
On a periodic basis, management assesses whether there are indicators that the value of the Company's marketable securities may be impaired. A marketable security is impaired if the fair value of the security is less than its carrying value and the difference is determined to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying value of the security over its estimated fair value. | ||
At December 31, 2013 and 2012, the fair value of the Company’s marketable securities portfolio approximated its amortized cost basis. As a result, gross unrealized gains and gross unrealized losses were immaterial to the Company’s Consolidated Financial Statements. | ||
Derivative Financial Instruments | ||
Derivatives, including certain derivatives embedded in other contracts, are measured at fair value and are recognized in the Consolidated Balance Sheets as assets or liabilities, depending on the Company's rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the necessary criteria. | ||
Revenue Recognition and Receivables | ||
Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized in the Consolidated Statements of Operations and contractual payment terms is recorded as deferred rent and presented on the accompanying Consolidated Balance Sheets within Receivables. | ||
The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. | ||
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These percentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also typically provide for reimbursement of common area maintenance, property taxes and other operating expenses by the lessee which are recognized in the period the applicable expenditures are incurred. | ||
The determination of who is the owner, for accounting purposes, of tenant improvements (where provided) determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under a lease are accounted for as lease incentives which are amortized as a reduction of revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. In making this assessment, the Company considers a number of factors, each of which individually is not determinative. | ||
Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met. | ||
The Company periodically evaluates the collectability of its receivables related to base rents, straight-line rent, expense reimbursements and those attributable to other revenue generating activities. The Company analyzes its receivables and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of its allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. | ||
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 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 conditions and performance and market conditions. | ||
In connection with the IPO the Company’s 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 Company’s Operating Partnership, performance awards and other stock-based awards. | ||
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees and non-employee directors be recognized in the statement of operations over the service period based on their fair value. Fair value is determined based on the type of award using either the grant date market price of the Company’s stock, the Black-Scholes-Merton option-pricing model or a Monte Carlo simulation model. Share-based compensation expense is included in General and administrative in the Company's Condensed Consolidated Statements of Operations. | ||
Income Taxes | ||
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for United States federal income tax purposes. REITs generally are not required to pay federal income taxes on their net income that is currently distributed to stockholders if they distribute to stockholders at least 90% of their United States taxable income and meet certain income, asset and organizational tests. Accordingly, the Company generally will not be subject to federal income tax. | ||
The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries, which are subject to income tax. Taxable REIT subsidiaries may participate in non-real estate-related activities and/or perform non-customary services for tenants and are subject to United States federal and state income tax at regular corporate tax rates. | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | ||
The Company reviews the need to establish a valuation allowance against its deferred tax assets on a quarterly basis. This review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the occurrence of future income or loss and available tax planning strategies. | ||
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||
The Company has analyzed the tax position taken on income tax returns for the open 2011 through 2013 tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2013 and 2012. | ||
New Accounting Pronouncements | ||
In February 2013, FASB issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the Company's financial statement presentation. | ||
It has been determined that any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company, or they are not expected to have a material effect on the Consolidated Financial Statements of the Company. |
Acquisition_of_Real_Estate
Acquisition of Real Estate | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Real Estate [Abstract] | ' | |||||||||
Acquisition of Real Estate | ' | |||||||||
Acquisition of Real Estate | ||||||||||
The Company acquired interests in the Acquired Properties from certain investment funds affiliated with Blackstone in exchange for 15,877,791 OP Units in the Operating Partnership having a value of $317.5 million based on the IPO price of $20.00 per share. In connection with the acquisition of the Acquired Properties, we repaid approximately $66.6 million of indebtedness to Blackstone attributable to the Acquired Properties with a portion of the net proceeds of the IPO. | ||||||||||
The acquisition of the Acquired Properties was accounted for as a business combination. As a result, the associated consideration has been allocated to the assets acquired and liabilities assumed based on management's estimate of their fair values using information available on the acquisition date. The allocation of the consideration for this acquisition is preliminary and remains subject to adjustment. The following table summarizes the fair value of the net assets acquired on October 29, 2013: | ||||||||||
Assets | ||||||||||
Real estate, net | $ | 888,134 | ||||||||
Cash and cash equivalents | 8,729 | |||||||||
Restricted cash | 7,878 | |||||||||
Receivables, net | 4,840 | |||||||||
Deferred charges and prepaid expenses, net | 1,496 | |||||||||
Other assets | 989 | |||||||||
Total assets | $ | 912,066 | ||||||||
Liabilities | ||||||||||
Debt obligations, net | $ | 430,465 | ||||||||
Accounts payable, accrued expenses and other liabilities | 164,045 | |||||||||
Total liabilities | 594,510 | |||||||||
Net Assets Acquired | $ | 317,556 | ||||||||
During the year ended December 31, 2013, in addition to the Acquired Properties, the Company acquired one building, located adjacent to one of the Company's existing shopping centers, for approximately $5.1 million and acquired the remaining 70% partnership interest in Arapahoe Crossings, L.P. that was previously owned by an unaffiliated third party for a net purchase price of $18.7 million. In connection with the acquisition, a gain of $1.1 million on the step-up of the Company's original 30% interest was recognized. The acquisition of the partnership interest included the assumption of debt obligations of approximately $41.8 million, which were paid off with the proceeds from the unsecured credit facility entered into in July 2013 (see Note 7 for further discussion of the unsecured credit facility). | ||||||||||
During the year ended December 31, 2012, the Company acquired three retail buildings, located adjacent to three of the Company’s existing shopping centers, for approximately $5.5 million and acquired the remaining 50% ownership interest in a 41.6 acre land parcel in Riverhead, NY for a purchase price of $0.5 million. | ||||||||||
The accompanying unaudited pro forma information for the years ended December 31, 2013, 2012, and 2011, is presented as if the Acquisition had occurred on January 1, 2011 and the acquisition of the Acquired Properties had occurred on January 1, 2012. This pro forma information is based on the historical financial statements and should be read in conjunction with the Combined Consolidated Financial Statements and notes thereto. This unaudited pro forma information does not purport to represent what the actual results of operations would have been had the above occurred, nor do they purport to predict the results of operations for future periods. | ||||||||||
Year Ending December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenue | $ | 1,208,741 | $ | 1,162,498 | $ | 1,090,032 | ||||
Net Loss | $ | (123,725 | ) | $ | (163,786 | ) | $ | (260,601 | ) |
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Acquisitions and Dispositions [Abstract] | ' | |||||||||||||||||
Discontinued Operations and Assets Held for Sale | ' | |||||||||||||||||
Discontinued Operations and Assets Held for Sale | ||||||||||||||||||
During the three months ended March 31, 2014, the Company transferred its interests in 33 wholly-owned Non-Core Properties to the pre-IPO owners and transferred an additional wholly-owned Non-Core Property to the lender in satisfaction of the property’s mortgage balance. The Combined Consolidated Statements of Operations are being retrospectively recast to reflect the disposition of these Non-Core Properties as discontinued operations. Certain other footnotes have also been updated to reflect the inclusion of these Non-Core Properties as discontinued operations. | ||||||||||||||||||
The Company reports as discontinued operations real estate assets that are held for sale as of the end of the current period and real estate assets that were sold during the period. The operating results and gain on disposition of the real estate properties are included in a separate component of income on the Consolidated Statements of Operations under Discontinued operations. This has resulted in certain reclassifications for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011. | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period from June 28, 2011 to December 31, 2011 | Period from January 1, 2011 to June 27, 2011 | |||||||||||||||
Discontinued operations: | ||||||||||||||||||
Revenues | $ | 35,243 | $ | 50,609 | $ | 26,551 | $ | 26,593 | ||||||||||
Operating expenses | (27,429 | ) | (42,132 | ) | (26,095 | ) | (22,068 | ) | ||||||||||
Other expense, net | (4,310 | ) | (10,915 | ) | (6,218 | ) | (2,506 | ) | ||||||||||
Income (loss) from discontinued operating properties | 3,504 | (2,438 | ) | (5,762 | ) | 2,019 | ||||||||||||
Gain on disposition of operating properties | 3,392 | 5,369 | — | — | ||||||||||||||
Impairment on real estate held for sale | (45,122 | ) | (13,599 | ) | — | (8,608 | ) | |||||||||||
Loss from discontinued operations | $ | (38,226 | ) | $ | (10,668 | ) | $ | (5,762 | ) | $ | (6,589 | ) | ||||||
As of December 31, 2013, the Company had one shopping center classified as held for sale and is presented in Other assets within the Consolidated Balance Sheets. The shopping center had a carrying value of approximately $5.5 million as of December 31, 2013. | ||||||||||||||||||
As of December 31, 2012, the Company had one shopping center classified as held for sale which is presented in Other assets within the Consolidated Balance Sheets. The shopping center had a carrying value of approximately $1.6 million as of December 31, 2012. | ||||||||||||||||||
During the three months ended March 31, 2014, the Company disposed of 33 wholly-owned Non-Core Properties (See Note 1). | ||||||||||||||||||
During the year ended December 31, 2013, the Company disposed of 18 shopping centers for aggregate proceeds of $54.6 million. | ||||||||||||||||||
During the year ended December 31, 2012, the Company disposed of 19 shopping centers, one land parcel and two buildings for aggregate proceeds of $50.6 million. | ||||||||||||||||||
In connection with the real estate classified as held for sale and the disposition of the shopping centers during the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, the Company recognized provisions for impairment of $45.1 million, $13.6 million, $0 and $8.6 million, respectively. 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 | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate | ' | |||||||
Real Estate | ||||||||
The Company's components of Real estate, net consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 2,055,802 | $ | 1,915,667 | ||||
Buildings and improvements: | ||||||||
Building | 7,436,072 | 6,817,378 | ||||||
Building and tenant improvements | 373,907 | 254,844 | ||||||
Other rental property (1) | 971,947 | 906,537 | ||||||
10,837,728 | 9,894,426 | |||||||
Accumulated depreciation and amortization | (1,190,170 | ) | (796,296 | ) | ||||
Total | $ | 9,647,558 | $ | 9,098,130 | ||||
(1) | At December 31, 2013 and 2012, Other rental property consisted of intangible assets including: (i) $881.9 million and $826.9 million, respectively, of in-place lease value, (ii) $90.0 million and $79.6 million, respectively, of above-market leases, and (iii) $462.5 million and $341.8 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. | |||||||
In addition, at December 31, 2013 and 2012, the Company had intangible liabilities relating to below-market leases of approximately $541.8 million and $473.9 million, respectively, and accumulated amortization of approximately $153.6 million and $97.7 million, respectively. These intangible liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the Company's 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 years ended December 31, 2013 and 2012 was approximately $93.3 million and $142.4 million, respectively. The estimated net amortization expense associated with the Company's intangible assets and liabilities for the next five years are as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2014 | $ | 74,553 | ||||||
2015 | 47,885 | |||||||
2016 | 23,183 | |||||||
2017 | 10,543 | |||||||
2018 | 4,194 | |||||||
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 year ended December 31, 2013, the Company recognized $1.5 million of provision for impairment, excluding provisions for impairment included in Discontinued operations. The Company did not recognize any provisions for impairment for the year ended December 31, 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011. | ||||||||
The Company's estimated fair values relating to the above impairment provision assessments were based upon internal analysis as well as proposed sale prices from properties under contract for sale. The Company believes the inputs utilized were reasonable in the context of applicable market conditions; however, due to the significance of the unobservable inputs to the overall fair value measures, including forecasted revenues and expenses based upon market conditions and expectations for growth, the Company determined that such fair value measurements were classified within Level 3 of the fair value hierarchy. The carrying value of impaired real estate was $69.3 million as of December 31, 2013. |
Financial_Instruments_Derivati
Financial Instruments - Derivatives and Hedging | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Financial Instruments - Derivatives and Hedging | ' | ||||||||
Financial Instruments - Derivatives and Hedging | |||||||||
The Company's use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. In certain situations, the Company has entered into derivative financial instruments such as interest rate swap and interest rate cap agreements to manage interest rate risk exposure arising from variable rate debt transactions that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. | |||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without changing the underlying notional amount. During the 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. Brixmor did not have any derivatives designated as cash flow hedges as of December 31, 2012 | |||||||||
A detail of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Swaps | 5 | $ | 1,500,000 | ||||||
The Company has elected to present its interest rate derivatives on its 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 December 31, 2013 and 2012, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (6,795 | ) | — | ||||||
Net derivative liability | $ | (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 Consolidated Statements of Operations for the year ended December 31, 2013is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Year Ended December 31, 2013 | ||||||||
Amount of loss recognized in OCI on derivative | $ | (6,795 | ) | ||||||
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $ | — | |||||||
The Company estimates that approximately $9.0 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 year ended December 31, 2013. The Company did not have any designated hedges for the year ended December 31, 2012, the period from June 28, 2011 through December 31, 2011 or the period from January 1, 2011 through June 27, 2011. | |||||||||
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 December 31, 2013 and 2012 were interest rate caps. Interest rate caps involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of December 31, 2013 and 2012, the fair value of these interest rate caps was nominal, and, during the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, no payments were received from the respective counterparties. | |||||||||
A detail of the Company’s non-designated interest rate derivatives outstanding as of December 31, 2013 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 $6.8 million. |
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Obligations | ' | ||||||||||||
Debt Obligations | |||||||||||||
As of December 31, 2013 and 2012, the Company had the following indebtedness outstanding: | |||||||||||||
Successor | |||||||||||||
Carrying Value as of | |||||||||||||
31-Dec-13 | 31-Dec-12 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,444,578 | $ | 5,330,442 | 4.85% - 8.18% | 2014 – 2021 | |||||||
Variable rate mortgage and secured loans(3) | 483,604 | 668,605 | Variable(3) | 2015 – 2017 | |||||||||
Total mortgage and secured loans | 3,928,182 | 5,999,047 | |||||||||||
Net unamortized premium | 93,077 | 116,222 | |||||||||||
Total mortgage and secured loans, net | $ | 4,021,259 | $ | 6,115,269 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 353,617 | $ | 404,612 | 3.75% - 7.97% | 2014 - 2029 | |||||||
Net unamortized discount | (13,766 | ) | (20,525 | ) | |||||||||
Total notes payable, net | $ | 339,851 | $ | 384,087 | |||||||||
Unsecured Credit Facility(6) | $ | 1,620,179 | $ | — | 1.79% | 2017 – 2018 | |||||||
Total debt obligations | $ | 5,981,289 | $ | 6,499,356 | |||||||||
-1 | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of December 31, 2013 of approximately $5.4 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91%as of December 31, 2013. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage and secured loans was 3.80% as of December 31, 2013. The Company incurs interest on $483.6 million of mortgages using the 30-day LIBOR rate (which was 0.17% as of December 31, 2013 subject to certain rate floor requirements ranging from 0 basis points to 75 basis points), plus interest spreads ranging from 300 basis points to 375 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 6.03% as of December 31, 2013. | ||||||||||||
-5 | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. In January 2014 $57.7 million was tendered to, and repurchased by the company. | ||||||||||||
-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 160 basis points. | ||||||||||||
Debt Transactions | |||||||||||||
On February 27, 2013, certain indirect wholly owned subsidiaries of the Company (the “Borrowers”) obtained a $57.0 million mortgage loan (the "Mortgage Loan"). The Mortgage Loan is secured by three shopping centers and is guaranteed by BPG Sub as to certain customary recourse carveout liabilities. | |||||||||||||
The Mortgage Loan bears interest at a rate equal to LIBOR (subject to a floor of 25 basis points) plus a spread of 350 basis points, payable monthly, and is scheduled to mature on March 1, 2016, with two extension options that allow the Borrowers to extend the maturity through March 1, 2017 and then to March 1, 2018, subject in each case to the satisfaction of certain financial conditions. | |||||||||||||
In connection with the closing of the Mortgage Loan, approximately $42.0 million of mortgage loans of subsidiaries of the Company were repaid. | |||||||||||||
On July 16, 2013, the Operating Partnership entered into an unsecured credit facility (the “Unsecured Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, National Association, as syndication agents and Barclays Capital plc, Citibank, N.A., Deutsche Bank Securities Inc. and Royal Bank of Canada, as documentation agents. | |||||||||||||
The Unsecured Credit Facility consists of (i) $1.25 billion revolving credit facility (the “Revolving Facility), maturing on July 31, 2017, with a one-year extension option; and (ii) a $1.5 billion term loan facility (the “Term Loan Facility”), which will mature on July 31, 2018. Through October 28, 2013, the obligations under the Unsecured Credit Facility were guaranteed by both BPG Subsidiary Inc. ("BPG Sub") and Brixmor OP GP LLC, the general partner of the Operating Partnership, (together, the "Parent Guarantors"), as well as by both Brixmor Residual Holding LLC and Brixmor GA America LLC (together, the "Material Subsidiary Guarantors"). Effective October 28, 2013, pursuant to the terms of the Unsecured Credit Facility, the guarantees by the Material Subsidiary Guarantors were terminated. The Revolving Facility includes borrowing capacity available for letters of credit and for short-term borrowings and an option for the Company to increase the size of the facility, raise incremental credit facilities, and extend the maturity date subject to certain limitations. | |||||||||||||
Unsecured Credit Facility borrowings bear interest, at the Operating Partnership’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus half of 1%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one-month interest period plus 1% or (b) a LIBOR rate determined by reference to the BBA LIBOR rate for the interest period relevant to a particular borrowing. | |||||||||||||
The margin associated with Term Loan Facility borrowings is based on a total leverage based grid and ranges from 0.40% to 1.00%, for base rate loans, and 1.40% to 2.00% for LIBOR rate loans. The margin associated with Revolving Facility borrowings is also based on a total leverage based grid and ranges from 0.40% to 1.00%, for base rate loans, and 1.40% to 2.00%, for LIBOR rate loans. | |||||||||||||
The Operating Partnership, in addition to recurring interest payments, is required to pay a commitment fee to the lenders related to the Revolving Facility in respect of the unutilized commitments thereunder and customary letter of credit fees. The commitment fee is based on the daily-unused amount and is either 0.25% or 0.175% per annum. Voluntary prepayments are permitted at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs in respect of LIBOR rate loans. The Unsecured Credit Facility requires no amortization payments. | |||||||||||||
Pursuant to the terms of the 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 December 31, 2013 and 2012, the Company had accrued interest of $32.2 million and $30.7 million outstanding, respectively. As of December 31, 2013, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2014 | $ | 327,553 | |||||||||||
2015 | 980,029 | ||||||||||||
2016 | 1,335,445 | ||||||||||||
2017 | 647,268 | ||||||||||||
2018 | 1,521,557 | ||||||||||||
Thereafter | 1,090,126 | ||||||||||||
Total debt maturities | 5,901,978 | ||||||||||||
Net unamortized premiums on mortgages | 93,077 | ||||||||||||
Net unamortized discount on notes | (13,766 | ) | |||||||||||
Total debt obligations | $ | 5,981,289 | |||||||||||
Financing_Liabilities
Financing Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Financing Liabilities [Abstract] | ' |
Financing Liabilities | ' |
Financing Liabilities | |
At December 31, 2013 and 2012, the Company had financing liabilities of $175.1 million and $174.4 million, respectively, net of unamortized premium of $2.4 million and $2.6 million, respectively. | |
On December 6, 2010, the Company formed a real estate venture with Inland American CP Investment, LLC (“Inland”). The Company contributed 25 shopping centers with a fair value of approximately $471.0 million and Inland contributed cash of $121.5 million, resulting in Inland receiving a 70% ownership interest with a cumulative preferential share of cash flow generated by the shopping centers at an 11% stated return. The Company received a 30% ownership interest, subordinated to Inland’s preferred interest. Due to the venture agreement providing Inland with the right to put its interest to the Company for an amount of cash equal to the amount it contributed plus accrued interest beginning December 6, 2015, the Company consolidates the real estate venture under the financing method which requires the amount Inland contributed to be reflected as a liability. The venture agreement also provided the Company with the right to call Inland’s interest, beginning December 6, 2014, for an amount of cash determined on the same basis as described above. | |
On November 11, 2008, a Class A Preferred Unit Holder (see Note 10 for further details) elected to redeem substantially all of its units. These units were redeemed in exchange for the fee interest in a property, and the Company entered into a 20 year master lease agreement at the date of transfer with the Class A Preferred Unit Holder. The carrying value of this agreement at December 31, 2013 and 2012 was $17.8 million and $18.0 million, respectively, including unamortized premium of $2.6 million and $2.8 million, respectively. | |
In addition to the two liabilities disclosed above, as of December 31, 2013 and 2012, financing liabilities include capital leases of $26.3 million and $27.1 million, net of unamortized discount of $0.2 million and $0.2 million respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 4,021,259 | $ | 4,179,640 | $ | 6,115,269 | $ | 6,161,656 | |||||||||
Notes payable | 339,851 | 371,393 | 384,087 | 395,280 | |||||||||||||
Credit facility | 1,620,179 | 1,620,179 | — | — | |||||||||||||
Total debt obligations | $ | 5,981,289 | $ | 6,171,212 | $ | 6,499,356 | $ | 6,556,936 | |||||||||
Financing liabilities | $ | 175,111 | $ | 175,111 | $ | 174,440 | $ | 174,440 | |||||||||
The valuation methodology used to estimate the fair value of the Company's fixed and variable-rate indebtedness and financing liabilities is based on discounted cash flows, with assumptions that include credit spreads, loan amounts and debt maturities. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. | |||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in U.S. GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy). | |||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||
At December 31, 2013 and 2012, the fair values of the Company’s marketable securities, valued based on quoted market prices, were classified within Level 1 of the fair value hierarchy. Conversely, at December 31, 2013 and 2012, the fair values of the Company’s mortgage and secured loans, notes payable, financing liabilities and interest rate caps, valued based on discounted cash flow or other similar methodologies were classified within Level 3 of the fair value hierarchy. |
Redeemable_Noncontrolling_Inte
Redeemable Non-controlling Interests | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||||
Redeemable Non-controlling Interests | ' | |||||||||||||||||
Redeemable Non-controlling Interests | ||||||||||||||||||
The redeemable non-controlling interests presented in these Consolidated Financial Statements relate to portions of a consolidated subsidiary held by non-controlling interest holders in a partnership ("ERP") that was formed to own certain real estate properties which were contributed to it in exchange for cash, the assumption of mortgage indebtedness and limited partnership units (or Class A Preferred Units). | ||||||||||||||||||
The Company is entitled to receive 100% of all net income and gains before depreciation after the limited partners receive their preferred return. As of December 31, 2013 and 2012, there were 648 thousand and 648 thousand Class A Preferred Units outstanding, respectively. | ||||||||||||||||||
Holders of these Class A Preferred Units have a redemption right that provides the holder with the option to redeem their units for $33.15 per unit in cash plus all accrued and unpaid distributions. Due to this right, the portion of the partnership attributable to such outside interests has been classified as redeemable non-controlling interests within the Company's Consolidated Balance Sheets which, at December 31, 2013 and 2012 were $21.5 million and $21.5 million, respectively. | ||||||||||||||||||
During the year ended December 31, 2013, no limited partners with Class A Preferred Units made a redemption election. During the year ended December 31, 2012, one Class A Preferred Unit Holder elected to redeem substantially all of its Class A Preferred Units for approximately $0.1 million in cash. Such redemption elections may be made at any time, and the Company is required to make any such redemption on the second to last business day of the quarter in which such election is made, provided that the Company receives the redemption election at least ten business days prior to such date. | ||||||||||||||||||
The changes in redeemable non-controlling interests are as follows: | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period from June 28, 2011 through December 31, 2011 | Period from January 1, 2011 through June 27, 2011 | |||||||||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,559 | $ | 21,559 | $ | 21,559 | ||||||||||
Unit redemptions | — | (92 | ) | — | — | |||||||||||||
Distributions to redeemable non-controlling interests | (1,288 | ) | (1,291 | ) | (659 | ) | (636 | ) | ||||||||||
Preferred return | 1,288 | 1,291 | 659 | 636 | ||||||||||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | $ | 21,559 | $ | 21,559 | ||||||||||
Noncontrolling_Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Non-controlling Interests | ' |
Non-controlling Interests | |
The non-controlling interests presented in these 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 interest in the Operating Partnership 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. On January 15, 2014, the Operating Partnership caused all but one of the Non-Core Properties to be transferred to the pre-IPO owners. 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 are included in Discontinued operations in the Combined 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 in the Combined Consolidated Statements of Operations. | |
During the years ended December 31, 2013 and 2012, distributions to non-controlling holders of BPG Subsidiary shares and OP Units were $25.2 million and $6.2 million, respectively. During the period from June 28, 2011 through December 31, 2011 there were no distributions to non-controlling holders of BPG Subsidiary shares and OP Units. |
Revenue_Recognition
Revenue Recognition | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Revenue Recognition [Abstract] | ' | ||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
Future minimum annual base rents as of December 31, 2013 to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below. | |||||
Amounts included assume that all leases which expire are not renewed and that tenant renewal options are not exercised; therefore, neither renewal rents nor rents from replacement tenants are included. Future minimum annual base rents also do not include payments which may be received under certain leases on the basis of a percentage of reported tenants' sales volume, common area maintenance charges and real estate tax reimbursements. | |||||
Year ending December 31, | |||||
2014 | $ | 823,803 | |||
2015 | 721,352 | ||||
2016 | 600,528 | ||||
2017 | 479,408 | ||||
2018 | 371,683 | ||||
Thereafter | 1,400,662 | ||||
The Company recognized approximately $6.4 million, $6.1 million, $2.8 million, and $3.0 million of rental income based on a percentage of its tenants' sales for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, respectively. | |||||
As of December 31, 2013 and 2012, the estimated allowance associated with Company's outstanding rent receivables, included in Receivables in the Company's Consolidated Balance Sheets was $30.2 million and $28.2 million, respectively. In addition, as of December 31, 2013 and 2012, receivables associated with the effects of recognizing rental income on a straight-line basis were $48.6 million and $31.7 million, respectively net of the estimated allowance of $0.9 million and $0.5 million, respectively. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Stock Based Compensation | ' | |||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||
Class B Units | ||||||||||||||||||||
Certain employees of the Company were granted long term incentive awards in 2011 and 2013 prior to the Company’s IPO which provided them with equity interests in the Company’s equity holders and ultimate parent investors (“Class B Units”). The awards were granted with service conditions and performance and market conditions. The fair value of the units with service conditions are recognized ratably over the applicable service period. The units granted, subject to performance and market conditions, will be recognized as the applicable conditions are met. The awards granted are profits interests having economic characteristics similar to stock appreciation rights and representing the right to share in any increase in value that exceeds a specified threshold. Therefore, the Class B units only have value to the extent there is an appreciation in the value of the business from and after the applicable date of grant and the appreciation rights exceeds a specified threshold. The units granted, subject to performance and market conditions, vest on the date, if any, that the Company's Sponsor receives cash proceeds resulting in a 15% internal rate of return, subject to continued employment on such date. | ||||||||||||||||||||
In connection with the IPO, the Class B Units subject to performance and market vesting conditions were modified such that 75% of those awards vested as of the IPO effective date. The Class B Units which solely have vesting service conditions and the remaining 25% of the awards with performance and market vesting conditions were also further modified to require the payment of non-forfeitable dividends during the period in which they are unvested. | ||||||||||||||||||||
The vested Class B Units as of the IPO effective date were exchanged for a combination of vested shares of the Company’s common stock, vested shares of BPG Subsidiary stock and a cash payment of $6.0 million. The $6.0 million cash payment was paid to the Class B Unit holders by Blackstone to reduce the number of fully vested common shares of the Company and BPG Subsidiary that would have otherwise been issued in the conversion of the Class B Units to shares of common stock. The $6.0 million was recorded as incentive-based compensation expense during the year ended December 31, 2013. | ||||||||||||||||||||
The unvested Class B Units as of the IPO effective date were exchanged for a combination of unvested restricted shares of the Company’s common stock and unvested restricted shares of BPG Subsidiary stock. The unvested restricted shares are subject to the same vesting terms as those applicable to the exchanged Class B Units. | ||||||||||||||||||||
The Class B Units granted to employees by the Partnerships were recorded as a contribution by the Partnerships, with amortization, net of forfeitures, being recorded as a component of General and administrative expenses in the Consolidated Statements of Operations. As a result of the modification of the awards the Company recognized $24.9 million of incentive-based compensation related to the units subject to performance and market vesting conditions during the year ended December 31, 2013. The Company did not recognize expense related to the units subject to performance conditions as of December 31, 2012 as the applicable conditions were not yet been met. | ||||||||||||||||||||
The Company calculates the fair value of share based compensation awards using the Black-Scholes-Merton option pricing model which requires the use of subjective assumptions, including share price volatility, the expected life of the award, risk free interest rate and expected dividend yield. In developing its assumptions the Company takes into account the following: | ||||||||||||||||||||
As a result of its status as a private company for the last several years the Company does not have sufficient history to estimate the volatility of its common share price. The Company calculates the expected volatility based on reported data for selected reasonably similar publicly traded companies for which historical information is available. The Company plans to continue to use the guideline peer group volatility information until the historical volatility of its common shares is relevant to measure expected volatility for future award grants; | ||||||||||||||||||||
The Company determines the risk free interest rate by reference to implied yields available from United States Treasury securities with a remaining term equal to the expected life assumed at the date of the grant; | ||||||||||||||||||||
The Company's assumed dividend yield is based on its historical dividends paid, excluding dividends that resulted from activities to be one time in nature; | ||||||||||||||||||||
The Company estimates the average expected life of the awards based on the projected liquidity event. | ||||||||||||||||||||
The assumptions used in the Black-Scholes-Merton option pricing model are set forth below: | ||||||||||||||||||||
2011 | 2013 | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||||
Risk free interest rate | 0.9 | % | 0.2 | % | ||||||||||||||||
Expected volatility | 80 | % | 35 | % | ||||||||||||||||
Expected life | 5 years | 1.6 years | ||||||||||||||||||
The following table presents the grant dates and numbers of Class B units granted to employees from | ||||||||||||||||||||
June 28, 2011 through December 31, 2013: | ||||||||||||||||||||
Estimated Fair Value Per Class B Units at Grant Date | Total Estimated Value of Class B Units at Grant Date (in millions) | |||||||||||||||||||
Date of Grant | Number of Class B Units Granted (in millions) | Service Condition | Performance and Market Condition | Service Condition | Performance and Market Condition | |||||||||||||||
1-Nov-11 | 96.8 | $ | 0.45 | $ | 0.44 | $ | 21.8 | $ | 21.3 | |||||||||||
29-Mar-13 | 9.1 | $ | 0.445 | $ | 0.444 | $ | 2 | $ | 2 | |||||||||||
30-Apr-13 | 1.8 | $ | 0.445 | $ | 0.444 | $ | 0.4 | $ | 0.4 | |||||||||||
20-May-13 | 20.6 | $ | 0.289 | $ | 0.289 | $ | 3 | $ | 3 | |||||||||||
In addition, certain of the Company’s employees were granted equity incentive awards in the Acquired Properties. These awards were granted with service conditions and performance and market conditions. As the awards were granted to the employees under the Company’s management agreement with the owners of the Acquired Properties, the amounts earned by the employees for the amortization of the awards at their fair value as measured at each reporting period were considered to be a component of the Company’s management fees, and then recorded a corresponding amount for compensation expense. In connection with the IPO, all of such awards vested. In exchange for the vested incentive awards, the holders received vested OP Units. During the year ended December 31, 2013, the Company recorded $6.2 million of management fee income and compensation expense based upon the face value of the OP Units issued at the date of grant. | ||||||||||||||||||||
The IPO price of $20.00 per share was based on a number of factors, including the Company's results of operations, the Company's future prospects, the economic conditions in and future prospects for the industry in which the Company competes, current market valuations of publicly traded companies considered comparable to the Company and the other factors described under the section entitled "Underwriting" in our prospectus, dated October 29, 2013 and filed with the SEC on October 31, 2013 pursuant to Rule 424(b)(4) under the Securities Act. | ||||||||||||||||||||
The methodology applied to determine the value of the awards at grant date and IPO would be substantially the same. The following table sets forth the value of the 2013 Class B Units at grant date and at the time of the IPO based on the IPO price of $20.00 per share. | ||||||||||||||||||||
Date of Grant | Value of Class B Units at Grant Date (in millions) | Assumed Value at IPO (in millions) | ||||||||||||||||||
29-Mar-13 | $ | 4 | $ | 6.4 | ||||||||||||||||
30-Apr-13 | $ | 0.8 | $ | 1.3 | ||||||||||||||||
20-May-13 | $ | 6 | $ | 7.7 | ||||||||||||||||
The increase in value between grant date and value at the IPO is due to improved operating results driven by an increase in underlying property performance and the impact of the July 2013 debt refinancing (specifically the new Unsecured Credit Facility, closed July 16, 2013). | ||||||||||||||||||||
Information with respect to Class B Units and restricted shares for the years ended December 31, 2013 and 2012 and for the period from June 28, 2011 to December 31, 2011 are as follows: | ||||||||||||||||||||
Class B Units | Restricted Shares | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding, June 28, 2011 | — | — | $ | — | ||||||||||||||||
Vested | — | — | — | |||||||||||||||||
Granted | 96,842 | — | 43,095 | |||||||||||||||||
Forfeited | — | — | — | |||||||||||||||||
Outstanding, December 31, 2011 | 96,842 | — | 43,095 | |||||||||||||||||
Vested | — | — | — | |||||||||||||||||
Granted | — | — | — | |||||||||||||||||
Forfeited | — | — | — | |||||||||||||||||
Outstanding, December 31, 2012 | 96,842 | — | 43,095 | |||||||||||||||||
Vested | (41,990 | ) | — | (17,327 | ) | |||||||||||||||
Granted | 31,474 | 10 | 10,990 | |||||||||||||||||
Forfeited | (16,342 | ) | — | (7,272 | ) | |||||||||||||||
Exchanged | (69,984 | ) | 2,072 | |||||||||||||||||
Outstanding, December 31, 2013 | — | 2,082 | $ | 29,486 | ||||||||||||||||
During the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, the Company recognized approximately $42.5 million, $6.4 million, $1.1 million and $0 respectively, of incentive-based compensation expense relating to these units as a component of General and administrative expense in the Consolidated Statements of Operations. | ||||||||||||||||||||
As of December 31, 2013, there was $16.4 million of unrecognized compensation cost related to non vested stock granted under the Plan. This unrecognized compensation cost is expected to be recognized over the term of five years through 2018. The Company issues new restricted stock from its authorized shares available at the date of grant. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Stockholders' Equity | ' | |
Stockholders' Equity | ||
Common Stock Split | ||
On October 29, 2013, the Company effected a stock split whereby each issued and outstanding share of the Company's common stock prior to the stock split ("Old Common Stock") was automatically reclassified and became 2,409.1 fully paid and nonassessable shares of common stock, without any action required on the part of the Company or the holders of Old Common Stock. All references to share and per share amounts in the Consolidated Financial Statements and accompanying notes thereto have been retroactively restated to reflect this stock split. | ||
Preferred Stock | ||
As of December 31, 2012, the Company had outstanding 125 shares of Series A Redeemable Preferred Stock (“Preferred Stock”) having a liquidation preference of $10,000 per share. In connection with the IPO, the Company redeemed all of the outstanding Preferred Stock for $1.25 million. | ||
As of December 31, 2013 and 2012, BPG Sub had outstanding 125 shares of Series A Redeemable Preferred Stock having a liquidation preference of $10,000 per share. | ||
Dividends | ||
Because Brixmor Property Group Inc. is a holding company and has no material assets other than its ownership of BPG Sub shares and has no material operations other than those conducted by BPG Sub, dividends will be funded as follows: | ||
• | first, the Operating Partnership will make distributions to its partners, including BPG Sub, on a pro rata basis based on their partnership interests in the Operating Partnership; | |
• | second, BPG Sub will distribute to its stockholders, including Brixmor Property Group Inc., on a pro rata basis based on their interests in BPG Sub; | |
• | third, Brixmor Property Group Inc. will distribute the amount authorized by the Company’s board of directors and declared by the Company to its common stockholders on a pro rata basis. | |
During the years ended December 31, 2013 and 2012, the Company paid $47.3 million and $18.9 million, respectively, of dividends to the holders of common stock. During the period from June 28, 2011 through December 31, 2011, the Company did not pay any dividends to the holders of common stock. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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 shareholders, including participating securities, by the weighted average number of common shares outstanding for the period. 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 shareholders. For the years ended December 31, 2013, 2012 and period June 28, 2011 to December 31, 2011, the Company had 2.1 million weighted average unvested restricted shares outstanding. | ||||||||||||
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years end December 31, 2013, 2012 and the period June 28, 2011 to December 31, 2011: | ||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period From June 28, 2011 to December 31, 2011 | ||||||||||
Successor | Successor | Successor | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | (80,657 | ) | $ | (150,045 | ) | $ | 158,898 | ||||
Net (income) loss attributable to non-controlling interests | 18,641 | 35,548 | (39,187 | ) | ||||||||
Declared dividends allocated to unvested shares | (200 | ) | — | — | ||||||||
Preferred stock dividends | (162 | ) | (296 | ) | (137 | ) | ||||||
Income (loss) from continuing operations attributable to common stockholders | (62,378 | ) | (114,793 | ) | 119,574 | |||||||
Loss from discontinued operations, net of non-controlling interests | (31,518 | ) | (8,070 | ) | (4,360 | ) | ||||||
Net income (loss) attributable to the Company's common stockholders, basic and diluted | $ | (93,896 | ) | $ | (122,863 | ) | $ | 115,214 | ||||
Denominator: | ||||||||||||
Weighted average number of vested common shares outstanding | 188,993 | 180,675 | 180,675 | |||||||||
Earnings (loss) per share- basic and fully diluted: | ||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | (0.64 | ) | $ | 0.66 | ||||
Loss from discontinued operations | $ | (0.17 | ) | $ | (0.04 | ) | $ | (0.02 | ) | |||
$ | (0.50 | ) | $ | (0.68 | ) | $ | 0.64 | |||||
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 net loss attributable to non-controlling interests of the Operating Partnership and BPG Subsidiary have been excluded from the numerator and the related OP Units and BPG Subsidiary shares have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. For the year ended December 31, 2013, the weighted average number of OP Units and BPG Subsidiary shares outstanding was 2.8 million shares and 58.2 million shares, respectively. For the year ended December 31, 2012 and the period June 28, 2011 to December 31, 2011, the weighted average number of BPG Subsidiary shares outstanding was 58.2 million shares. For the year ended December 31, 2012 and the period June 28, 2011 to December 31, 2011, there was no outstanding OP Units. In addition, unvested restricted stock awards in the Company and BPG Subsidiary have been excluded for the year ended December 31, 2013 as they were anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Leasing commitments | |
The Company periodically enters into leases in connection with ground leases for neighborhood and community shopping centers which it operates and office leases for administrative space. During the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, the Company recognized rent expense associated with these leases of $9.6 million, $9.4 million $4.8 million and $4.5 million, respectively. Minimum annual rental commitments associated with these leases during the next five years and thereafter are as follows: 2014, $8.6 million; 2015, $8.6 million; 2016, $8.1 million; 2017, $8.0 million; 2018, $7.3 million and thereafter, $93.6 million. | |
Insurance captive | |
In April 2007, the Company formed a wholly owned captive insurance company, ERT-CIC, LLC (“ERT CIC”) which underwrote the first layer of general liability insurance programs for the Company’s wholly owned, majority owned and joint venture properties. The Company formed ERT-CIC as part of its overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized ERT CIC in accordance with the applicable regulatory requirements. ERT CIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. ERT CIC engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to ERT CIC may be adjusted based on this estimate and may be reimbursed by tenants pursuant to specific lease terms. | |
During 2012, the Company replaced ERT-CIC with a newly formed, wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance programs for the Company’s wholly owned, majority owned and joint venture properties. The Company formed Incap as part of its overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company has capitalized Incap in accordance with the applicable regulatory requirements. Incap established annual premiums based on projections derived from the past loss experience of the Company’s properties. Incap has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. | |
Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by tenants pursuant to specific lease terms. | |
Environmental matters | |
Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. The Company does not believe that any resulting liability from such matters will have a material adverse effect on the financial position, results of operations or liquidity of the Company. | |
Other legal matters | |
The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company has elected to qualify as a REIT in accordance with the Internal Revenue Code (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. | |
As a REIT, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. | |
Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRS is subject to federal, state and local income taxes. | |
The Company is also subject to certain state and local income taxes or franchise taxes. State and local income taxes or franchise taxes were approximately $2.9 million, $2.1 million, $3.4 million and $6.5 million for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011. | |
Taxable REIT Subsidiaries | |
TRS’ activities include real estate operations and an investment in an insurance company (see Note 11 for further information). In July 2013, one of the Company's TRS's converted its corporation to a limited liability company, and another TRS merged into the Operating Partnership. As such, the Company is no longer subject to federal, state and local taxes on the income earned from these entities. | |
Income taxes have been recorded based on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. | |
As of December 31, 2013 the TRS had no gross deferred tax assets or liabilities. As of December 31, 2012, the TRS had gross deferred tax assets of $371.1 million and gross deferred tax liabilities of $0.6 million. Deferred tax assets and liabilities are primarily attributable to real estate basis differences and net operating loss carry forwards. As of December 31, 2012, a valuation allowance of $370.5 million had been established due to the uncertainty associated with realizing these deferred tax assets. Deferred tax assets and liabilities are included in Other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the accompanying Consolidated Balance Sheets. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
In the ordinary course of conducting its business, the Company enters into customary agreements with its affiliates and unconsolidated joint ventures in relation to the leasing and management of its and/or its related parties' real estate assets. | |
As of December 31, 2013 and 2012, receivables from related parties were $6.1 million and $6.8 million, respectively, which are included in Receivables, net in the Consolidated Balance Sheets. As of December 31, 2013 and 2012, there were no material payables to related parties. |
Retirement_Plan_Retirement_Pla
Retirement Plan Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Plan | ' |
Retirement Plan | |
The Company has a Retirement and 401(k) Savings Plan (the "Savings Plan") covering officers and employees of the Company. Participants in the Savings Plan may elect to contribute a portion of their earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan to a maximum of 3% of the employee’s eligible compensation. For the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011, the Company’s expense for the Savings Plan was approximately $1.3 million, $1.3 million, $0.7 million and $0.7 million, respectively. |
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Supplemental Financial Information | ' | ||||||||||||
Supplemental Financial Information | |||||||||||||
The following represents the results of income for each quarter during the years 2013 and 2012: | |||||||||||||
Total | Net Loss Attributable to the Common Stockholders | Net Loss per Share - Basic (2) | Net Loss per Share - Diluted | ||||||||||
Revenues (1) | |||||||||||||
Year Ended December 31, 2013: | |||||||||||||
First quarter | $ | 277,318 | $ | (19,497 | ) | $ | (0.11 | ) | $ | (0.11 | ) | ||
Second quarter | $ | 278,210 | $ | (43,261 | ) | $ | (0.24 | ) | $ | (0.24 | ) | ||
Third quarter | $ | 286,090 | $ | (18,839 | ) | $ | (0.10 | ) | $ | (0.10 | ) | ||
Fourth quarter | $ | 305,275 | $ | (12,099 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||
Year Ended December 31, 2012: | |||||||||||||
First quarter | $ | 270,240 | $ | (37,918 | ) | $ | (0.21 | ) | $ | (0.21 | ) | ||
Second quarter | $ | 268,537 | $ | (34,112 | ) | $ | (0.19 | ) | $ | (0.19 | ) | ||
Third quarter | $ | 272,199 | $ | (28,348 | ) | $ | (0.16 | ) | $ | (0.16 | ) | ||
Fourth quarter | $ | 277,759 | $ | (22,485 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||
(1) Amounts have been adjusted to give effect to the Company's discontinued operations. | |||||||||||||
(2) Sum of the quarters may not equal full year net loss per share due to rounding. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Subsequent Events [Abstract] | ' | ||||||||||
Subsequent Events | ' | ||||||||||
Subsequent Events | |||||||||||
In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2013 for recognition or disclosure purposes. Based on this evaluation, from December 31, 2013 through to the date the financial statements were issued, the following events have been identified: | |||||||||||
• | On January 15, 2014, the Company completed a cash tender offer (the “Tender Offer”) pursuant to which the Company purchased 55.1% of the securities (the “Notes”) listed in the table below for an aggregate principal amount of $57.7 million. The offer was made pursuant to requirements set forth in the indenture governing the Notes (the "Indenture"), which provided that holders of the Notes had the right to require the Company to repurchase such Notes from holders for cash on January 15, 2014 (the "Payment Date"). | ||||||||||
Title of Security | Principal Amount Outstanding | Principal Amount Validly Tendered | |||||||||
7.97% Senior Unsecured Notes due August 14, 2026 | $ | 10,000 | $ | 7,138 | |||||||
7.65% Senior Unsecured Notes due November 2, 2026 | 25,000 | 15,362 | |||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 10,000 | 10,000 | |||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 9,602 | 4,467 | |||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 14,356 | |||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 6,327 | |||||||||
$ | 104,602 | $ | 57,650 | ||||||||
The outstanding principal balance of the Notes was $104.6 million prior to the completion of the Tender Offer. The remaining outstanding balance of these notes will be repaid during 2026 and 2028. Holders who validly tendered their Notes on or prior to midnight, New York City time, on Tuesday, January 14, 2014 (the “Expiration Date”) were eligible to receive $1,000.00 per $1,000.00 principal amount of Notes (the “Tender Consideration”). Holders of the Notes who validly tendered their Notes before the Expiration Date also received accrued and unpaid interest on their Notes purchased pursuant to the Tender Offer from the last interest payment date to, but not including the payment date for the Notes purchased in the Tender Offer. The Notes purchased pursuant to the Tender Offer were cancelled and retired. Proceeds from the Unsecured Credit Facility were used to pay the bondholders under the Tender Offer. | |||||||||||
In addition, pursuant to the Indenture, the covenant contained in the Indenture restricting the Company or any subsidiary of the Company from selling or transferring any real property (or any equity interest in an entity whose principal asset is real property) or the right to receive income or profits from such real property to any affiliate of the Company that is not a subsidiary thereof or to any entity that owns an equity interest in the Company expired and lapsed on January 15, 2014. See Note 1 - Initial Public Offering and IPO Property Transfers” for discussion of the transfer of Non-Core Properties to the pre-IPO owners of BPG on January 15, 2014. | |||||||||||
• | On March 11, 2014, the Board of Directors approved grants of 625,750 restricted stock awards to certain employees of the Company. The awards were granted with certain performance, market and service conditions. The fair value of the awards granted with market conditions will be recognized over the term of the award and the awards granted with performance conditions will be recognized as the applicable performance and service conditions are met. Under the terms of the awards, the holder can earn up to a maximum of 150% of the award based on the actual results of the performance and market conditions. |
Nature_of_Business_and_Financi1
Nature of Business and Financial Statement Presentation (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
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. On February 28, 2011, the Company agreed to purchase certain United States assets and management platform of Centro Properties Group (“CNP”) and its managed funds (the “Acquisition” and, together with the related financings, asset acquisitions and other transactions, the “Transactions”). On June 28, 2011, the Acquisition was consummated, resulting in the Company acquiring 585 properties for approximately $9.0 billion, net of cash acquired of $0.1 billion. The consideration for the Transactions included approximately $1.2 billion in cash and $7.8 billion of assumed indebtedness (the “Consideration”). | ||
In June 2013, the Company changed its name from BRE Retail Parent Inc. to Brixmor Property Group Inc. Simultaneous with this name change, the Company’s consolidated subsidiary changed its name to BPG Subsidiary Inc. ("BPG Sub") from Brixmor Property Group Inc. | ||
Basis of Presentation | ' | |
The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2013 and 2012 and the consolidated results of its operations and cash flows for the years ended December 31, 2013 and 2012 and the period from June 28, 2011 through December 31, 2011, as well as the combined consolidated results of the Company’s operations and cash flows for the period from January 1, 2011 through June 27, 2011. | ||
For periods preceding the date of the Transactions, the financial information included herein reflects the combined consolidated financial position, results of operations and cash flows of the business, which has been determined to be the predecessor to the Company. | ||
The business comprised certain U.S. holding companies that indirectly owned the Total Portfolio and historically conducted the activities of that business prior to the Transactions. Because these holding companies were under the common control of CNP prior to the Transactions, the financial information for the pre-Transactions periods has been presented on a combined consolidated basis in accordance with U.S. generally accepted accounting principles ("GAAP"). All amounts presented have been reflected at the business’ historical basis. | ||
As a result, the financial information for 2011 includes financial information associated with the post-Transactions basis for the period June 28, 2011 through December 31, 2011 and financial information associated with the pre-Transactions basis for the period January 1, 2011 through June 27, 2011. These separate periods are presented to reflect the new accounting basis established as of June 28, 2011 in connection with the Transactions, which were accounted for as a business combination. | ||
The bases of the assets and liabilities associated with the post-Transactions basis are, therefore, not comparable to the pre-Transaction basis, nor would the statement of operations items for the period June 28, 2011 through December 31, 2011 have been the same had the Transactions not occurred. | ||
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 GAAP. | ||
Principles of Consolidation | ' | |
The accompanying 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. | ||
When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”); (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity; and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. | ||
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary; and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. | ||
Use of Estimates | ' | |
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairments of real estate, recovery of receivables and depreciable lives. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. | ||
Non-controlling Interests | ' | |
The Company accounts for non-controlling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the Financial Accounting Standards Board (“FASB”). Non-controlling interests represent the portion of equity that the Company does not own in those entities that it consolidates. The Company identifies its non-controlling interests separately within the Equity section of the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the non-controlling interests are presented separately on the Company’s Combined Consolidated Statements of Operations. | ||
Non-controlling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company. Holders of these Class A Preferred Units have a redemption right that provides the holder with the option to redeem their units for $33.15 per unit in cash plus all accrued and unpaid distributions. The unit holders generally have the right to redeem their units for cash at any time provided certain notification requirements have been met. | ||
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash at a specified or determinable date (or dates) or upon an event that is certain to occur are determined to be mandatorily redeemable under this guidance and are included as Redeemable non-controlling interests in partnership and classified within the mezzanine section between Total liabilities and Equity in the Company’s Combined Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Non-controlling interests within the Equity section of the Company’s Combined Consolidated Balance Sheets. | ||
Cash and Cash Equivalents | ' | |
For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. | ||
Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. | ||
Restricted Cash | ' | |
Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements as well as legally restricted tenant security deposits. All restricted cash is invested in money market accounts. | ||
Real Estate | ' | |
Real estate assets are recorded in the Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements), identifiable intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt based on an evaluation of available information. Based on these estimates, the estimated fair value is allocated to the acquired assets and assumed liabilities. | ||
The fair values of tangible assets are determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. The Company expenses transaction costs associated with business combinations in the period incurred. | ||
In allocating the fair value to identifiable intangible assets and liabilities of an acquired operating property, the value of above-market and below-market leases is estimated based on the present value (using an interest rate reflecting the risks associated with leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management's estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease, which includes renewal periods with fixed rental terms that are considered to be below-market. | ||
In determining the value of in-place leases and tenant relationships, management evaluates the specific characteristics of each lease and the Company's overall relationship with each tenant. Factors considered include, but are not limited to: the nature of the existing relationship with a tenant, the credit risk associated with a tenant, expectations surrounding lease renewals, estimated carrying costs of a property during a hypothetical expected lease-up period, current market conditions and costs to execute similar leases. Management also considers information obtained about a property in connection with its pre-acquisition due diligence. Estimated carrying costs include: real estate taxes, insurance, other property operating costs and estimates of lost rentals at market rates during the hypothetical lease-up periods. Costs to execute similar leases include: commissions and legal costs to the extent that such costs are not already incurred with a new lease that has been negotiated in connection with the purchase of a property. The value assigned to in-place leases is amortized to expense over the remaining term of each lease. The value assigned to tenant relationships is amortized over the initial terms of the leases. | ||
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||
Building and building and land improvements | 20 - 40 years | |
Furniture, fixtures, and equipment | 5 - 10 years | |
Tenant improvements | The shorter of the term of the related lease or useful life | |
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed as incurred. | ||
When a real estate asset is identified by management as held-for-sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If, in management's opinion, the estimated net sales price of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Additionally, the real estate asset and related operations are classified as discontinued operations and separately presented within the Consolidated Statements of Operations and within Other assets on the Consolidated Balance Sheets. Properties classified as real estate held-for-sale generally represent properties that are under contract for sale and are expected to close within 12 months. | ||
On a periodic basis, management assesses whether there are indicators that the value of the Company's real estate assets (including any related intangible assets or liabilities) may be impaired. | ||
If an indicator is identified, a real estate asset is considered impaired only if management's estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset's carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its fair value. | ||
In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such write-offs are included within Depreciation and amortization in the Consolidated Statements of Operations. | ||
Real Estate Under Redevelopment | ' | |
Real estate assets that are under redevelopment are carried at cost and are not depreciated. Amounts essential to the development of the property, such as development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of redevelopment are capitalized. The Company ceases cost capitalization when the property is available for occupancy or upon substantial completion of building and tenant improvements, but no later than one year from the completion of major construction activity. | ||
Investments in and Advances to Unconsolidated Joint Ventures | ' | |
The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence over, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with the terms of the applicable agreement and where applicable, are based upon an allocation of the unconsolidated real estate joint ventures' net assets at book value as if it was hypothetically liquidated at the end of each reporting period. Intercompany fees and gains on transactions with an unconsolidated joint venture are eliminated to the extent of the Company's ownership interest. | ||
To recognize the character of distributions from an unconsolidated joint venture, the Company reviews the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in Investing activities on the Consolidated Statements of Cash Flows. | ||
On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of the Company's investments in unconsolidated joint ventures may be impaired. An investment's value is impaired only if management's estimate of the fair value of the Company's investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. | ||
Management's estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads used in these models are based upon rates that the Company believes to be within a reasonable range of current market rates. | ||
Deferred Leasing and Financing Costs | ' | |
Costs incurred in obtaining tenant leases (including internal leasing costs) and long-term financing are amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. Costs incurred related to obtaining tenant leases which are capitalized include salaries, lease incentives and the related costs of personnel directly involved in successful leasing efforts. Costs incurred in obtaining long-term financing which are capitalized include bank fees, legal and title costs and transfer taxes. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, in the Consolidated Statements of Operations. | ||
Marketable Securities | ' | |
The Company classifies its marketable securities, which include both debt and equity securities, as available-for-sale. These securities are carried at fair value with unrealized gains and losses reported in member's equity as a component of accumulated other comprehensive loss. Gains or losses on securities sold are based on the weighted average method. | ||
On a periodic basis, management assesses whether there are indicators that the value of the Company's marketable securities may be impaired. A marketable security is impaired if the fair value of the security is less than its carrying value and the difference is determined to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying value of the security over its estimated fair value. | ||
At December 31, 2013 and 2012, the fair value of the Company’s marketable securities portfolio approximated its amortized cost basis. As a result, gross unrealized gains and gross unrealized losses were immaterial to the Company’s Consolidated Financial Statements. | ||
Derivative Financial Instruments | ' | |
Derivatives, including certain derivatives embedded in other contracts, are measured at fair value and are recognized in the Consolidated Balance Sheets as assets or liabilities, depending on the Company's rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the necessary criteria. | ||
Revenue Recognition and Receivables | ' | |
Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized in the Consolidated Statements of Operations and contractual payment terms is recorded as deferred rent and presented on the accompanying Consolidated Balance Sheets within Receivables. | ||
The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. | ||
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These percentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also typically provide for reimbursement of common area maintenance, property taxes and other operating expenses by the lessee which are recognized in the period the applicable expenditures are incurred. | ||
The determination of who is the owner, for accounting purposes, of tenant improvements (where provided) determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under a lease are accounted for as lease incentives which are amortized as a reduction of revenue recognized over the term of the lease. In these circumstances, the Company commences revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. In making this assessment, the Company considers a number of factors, each of which individually is not determinative. | ||
Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met. | ||
The Company periodically evaluates the collectability of its receivables related to base rents, straight-line rent, expense reimbursements and those attributable to other revenue generating activities. The Company analyzes its receivables and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of its allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. | ||
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 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 conditions and performance and market conditions. | ||
In connection with the IPO the Company’s 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 Company’s Operating Partnership, performance awards and other stock-based awards. | ||
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees and non-employee directors be recognized in the statement of operations over the service period based on their fair value. Fair value is determined based on the type of award using either the grant date market price of the Company’s stock, the Black-Scholes-Merton option-pricing model or a Monte Carlo simulation model. Share-based compensation expense is included in General and administrative in the Company's Condensed Consolidated Statements of Operations. | ||
Income Taxes | ' | |
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for United States federal income tax purposes. REITs generally are not required to pay federal income taxes on their net income that is currently distributed to stockholders if they distribute to stockholders at least 90% of their United States taxable income and meet certain income, asset and organizational tests. Accordingly, the Company generally will not be subject to federal income tax. | ||
The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries, which are subject to income tax. Taxable REIT subsidiaries may participate in non-real estate-related activities and/or perform non-customary services for tenants and are subject to United States federal and state income tax at regular corporate tax rates. | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | ||
The Company reviews the need to establish a valuation allowance against its deferred tax assets on a quarterly basis. This review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the occurrence of future income or loss and available tax planning strategies. | ||
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||
The Company has analyzed the tax position taken on income tax returns for the open 2011 through 2013 tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2013 and 2012. | ||
New Accounting Pronouncements | ' | |
In February 2013, FASB issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-2 requires entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. The adoption of this guidance did not have a material impact on the Company's financial statement presentation. | ||
It has been determined that any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company, or they are not expected to have a material effect on the Consolidated Financial Statements of the Company. |
Nature_of_Business_and_Financi2
Nature of Business and Financial Statement Presentation (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Schedule of estimated useful lives | ' | |
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||
Building and building and land improvements | 20 - 40 years | |
Furniture, fixtures, and equipment | 5 - 10 years | |
Tenant improvements | The shorter of the term of the related lease or useful life |
Acquisition_of_Real_Estate_Tab
Acquisition of Real Estate (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Real Estate [Abstract] | ' | |||||||||
Schedule of properties acquired, balance sheets effect | ' | |||||||||
The following table summarizes the fair value of the net assets acquired on October 29, 2013: | ||||||||||
Assets | ||||||||||
Real estate, net | $ | 888,134 | ||||||||
Cash and cash equivalents | 8,729 | |||||||||
Restricted cash | 7,878 | |||||||||
Receivables, net | 4,840 | |||||||||
Deferred charges and prepaid expenses, net | 1,496 | |||||||||
Other assets | 989 | |||||||||
Total assets | $ | 912,066 | ||||||||
Liabilities | ||||||||||
Debt obligations, net | $ | 430,465 | ||||||||
Accounts payable, accrued expenses and other liabilities | 164,045 | |||||||||
Total liabilities | 594,510 | |||||||||
Net Assets Acquired | $ | 317,556 | ||||||||
Schedule of pro forma information | ' | |||||||||
This unaudited pro forma information does not purport to represent what the actual results of operations would have been had the above occurred, nor do they purport to predict the results of operations for future periods. | ||||||||||
Year Ending December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenue | $ | 1,208,741 | $ | 1,162,498 | $ | 1,090,032 | ||||
Net Loss | $ | (123,725 | ) | $ | (163,786 | ) | $ | (260,601 | ) |
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Acquisitions and Dispositions [Abstract] | ' | |||||||||||||||||
Summary of operations from discontinued operations | ' | |||||||||||||||||
This has resulted in certain reclassifications for the years ended December 31, 2013 and 2012, the period from June 28, 2011 to December 31, 2011 and the period from January 1, 2011 to June 27, 2011. | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period from June 28, 2011 to December 31, 2011 | Period from January 1, 2011 to June 27, 2011 | |||||||||||||||
Discontinued operations: | ||||||||||||||||||
Revenues | $ | 35,243 | $ | 50,609 | $ | 26,551 | $ | 26,593 | ||||||||||
Operating expenses | (27,429 | ) | (42,132 | ) | (26,095 | ) | (22,068 | ) | ||||||||||
Other expense, net | (4,310 | ) | (10,915 | ) | (6,218 | ) | (2,506 | ) | ||||||||||
Income (loss) from discontinued operating properties | 3,504 | (2,438 | ) | (5,762 | ) | 2,019 | ||||||||||||
Gain on disposition of operating properties | 3,392 | 5,369 | — | — | ||||||||||||||
Impairment on real estate held for sale | (45,122 | ) | (13,599 | ) | — | (8,608 | ) | |||||||||||
Loss from discontinued operations | $ | (38,226 | ) | $ | (10,668 | ) | $ | (5,762 | ) | $ | (6,589 | ) |
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of real estate properties | ' | |||||||
The Company's components of Real estate, net consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 2,055,802 | $ | 1,915,667 | ||||
Buildings and improvements: | ||||||||
Building | 7,436,072 | 6,817,378 | ||||||
Building and tenant improvements | 373,907 | 254,844 | ||||||
Other rental property (1) | 971,947 | 906,537 | ||||||
10,837,728 | 9,894,426 | |||||||
Accumulated depreciation and amortization | (1,190,170 | ) | (796,296 | ) | ||||
Total | $ | 9,647,558 | $ | 9,098,130 | ||||
(1) | At December 31, 2013 and 2012, Other rental property consisted of intangible assets including: (i) $881.9 million and $826.9 million, respectively, of in-place lease value, (ii) $90.0 million and $79.6 million, respectively, of above-market leases, and (iii) $462.5 million and $341.8 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease. | |||||||
Schedule of expected net amortization expense associated with intangible assets and liabilities | ' | |||||||
The estimated net amortization expense associated with the Company's intangible assets and liabilities for the next five years are as follows: | ||||||||
Year ending December 31, | Estimated net amortization expense | |||||||
2014 | $ | 74,553 | ||||||
2015 | 47,885 | |||||||
2016 | 23,183 | |||||||
2017 | 10,543 | |||||||
2018 | 4,194 | |||||||
Financial_Instruments_Derivati1
Financial Instruments - Derivatives and Hedging (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative [Line Items] | ' | ||||||||
Schedule of derivative instruments in Statement of Financial Position, fair value | ' | ||||||||
A detail of the Company’s fair value of interest rate derivatives on a gross and net basis as of December 31, 2013 and 2012, respectively, is as follows: | |||||||||
Fair Value of Derivative Instruments | |||||||||
Interest rate swaps classified as: | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Gross derivative assets | $ | — | $ | — | |||||
Gross derivative liabilities | (6,795 | ) | — | ||||||
Net derivative liability | $ | (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 Consolidated Statements of Operations for the year ended December 31, 2013is as follows: | |||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps) | Year Ended December 31, 2013 | ||||||||
Amount of loss recognized in OCI on derivative | $ | (6,795 | ) | ||||||
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $ | — | |||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||
Derivative [Line Items] | ' | ||||||||
Schedule of interest rate derivatives | ' | ||||||||
A detail of the Company’s non-designated interest rate derivatives outstanding as of December 31, 2013 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 December 31, 2013 is as follows: | |||||||||
Number of Instruments | Notional Amount | ||||||||
Interest Rate Swaps | 5 | $ | 1,500,000 | ||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt obligations under various arrangements with financial institutions | ' | ||||||||||||
As of December 31, 2013 and 2012, the Company had the following indebtedness outstanding: | |||||||||||||
Successor | |||||||||||||
Carrying Value as of | |||||||||||||
31-Dec-13 | 31-Dec-12 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,444,578 | $ | 5,330,442 | 4.85% - 8.18% | 2014 – 2021 | |||||||
Variable rate mortgage and secured loans(3) | 483,604 | 668,605 | Variable(3) | 2015 – 2017 | |||||||||
Total mortgage and secured loans | 3,928,182 | 5,999,047 | |||||||||||
Net unamortized premium | 93,077 | 116,222 | |||||||||||
Total mortgage and secured loans, net | $ | 4,021,259 | $ | 6,115,269 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 353,617 | $ | 404,612 | 3.75% - 7.97% | 2014 - 2029 | |||||||
Net unamortized discount | (13,766 | ) | (20,525 | ) | |||||||||
Total notes payable, net | $ | 339,851 | $ | 384,087 | |||||||||
Unsecured Credit Facility(6) | $ | 1,620,179 | $ | — | 1.79% | 2017 – 2018 | |||||||
Total debt obligations | $ | 5,981,289 | $ | 6,499,356 | |||||||||
-1 | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of December 31, 2013 of approximately $5.4 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91%as of December 31, 2013. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage and secured loans was 3.80% as of December 31, 2013. The Company incurs interest on $483.6 million of mortgages using the 30-day LIBOR rate (which was 0.17% as of December 31, 2013 subject to certain rate floor requirements ranging from 0 basis points to 75 basis points), plus interest spreads ranging from 300 basis points to 375 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 6.03% as of December 31, 2013. | ||||||||||||
-5 | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. In January 2014 $57.7 million was tendered to, and repurchased by the company. | ||||||||||||
-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 160 basis points. | ||||||||||||
On January 15, 2014, the Company completed a cash tender offer (the “Tender Offer”) pursuant to which the Company purchased 55.1% of the securities (the “Notes”) listed in the table below for an aggregate principal amount of $57.7 million. The offer was made pursuant to requirements set forth in the indenture governing the Notes (the "Indenture"), which provided that holders of the Notes had the right to require the Company to repurchase such Notes from holders for cash on January 15, 2014 (the "Payment Date"). | |||||||||||||
Title of Security | Principal Amount Outstanding | Principal Amount Validly Tendered | |||||||||||
7.97% Senior Unsecured Notes due August 14, 2026 | $ | 10,000 | $ | 7,138 | |||||||||
7.65% Senior Unsecured Notes due November 2, 2026 | 25,000 | 15,362 | |||||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 10,000 | 10,000 | |||||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 9,602 | 4,467 | |||||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 14,356 | |||||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 6,327 | |||||||||||
$ | 104,602 | $ | 57,650 | ||||||||||
Future expected/scheduled maturities of outstanding debt and capital lease obligations | ' | ||||||||||||
As of December 31, 2013 and 2012, the Company had accrued interest of $32.2 million and $30.7 million outstanding, respectively. As of December 31, 2013, scheduled maturities of the Company's outstanding debt obligations were as follows: | |||||||||||||
Year ending December 31, | |||||||||||||
2014 | $ | 327,553 | |||||||||||
2015 | 980,029 | ||||||||||||
2016 | 1,335,445 | ||||||||||||
2017 | 647,268 | ||||||||||||
2018 | 1,521,557 | ||||||||||||
Thereafter | 1,090,126 | ||||||||||||
Total debt maturities | 5,901,978 | ||||||||||||
Net unamortized premiums on mortgages | 93,077 | ||||||||||||
Net unamortized discount on notes | (13,766 | ) | |||||||||||
Total debt obligations | $ | 5,981,289 | |||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of fair value debt obligation | ' | ||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amounts | Value | Amounts | Value | ||||||||||||||
Mortgage and secured loans payable | $ | 4,021,259 | $ | 4,179,640 | $ | 6,115,269 | $ | 6,161,656 | |||||||||
Notes payable | 339,851 | 371,393 | 384,087 | 395,280 | |||||||||||||
Credit facility | 1,620,179 | 1,620,179 | — | — | |||||||||||||
Total debt obligations | $ | 5,981,289 | $ | 6,171,212 | $ | 6,499,356 | $ | 6,556,936 | |||||||||
Financing liabilities | $ | 175,111 | $ | 175,111 | $ | 174,440 | $ | 174,440 | |||||||||
Redeemable_Noncontrolling_Inte1
Redeemable Non-controlling Interests (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||||
Redeemable non-controlling interest | ' | |||||||||||||||||
The changes in redeemable non-controlling interests are as follows: | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period from June 28, 2011 through December 31, 2011 | Period from January 1, 2011 through June 27, 2011 | |||||||||||||||
Balance at beginning of period | $ | 21,467 | $ | 21,559 | $ | 21,559 | $ | 21,559 | ||||||||||
Unit redemptions | — | (92 | ) | — | — | |||||||||||||
Distributions to redeemable non-controlling interests | (1,288 | ) | (1,291 | ) | (659 | ) | (636 | ) | ||||||||||
Preferred return | 1,288 | 1,291 | 659 | 636 | ||||||||||||||
Balance at end of period | $ | 21,467 | $ | 21,467 | $ | 21,559 | $ | 21,559 | ||||||||||
Revenue_Recognition_Tables
Revenue Recognition (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Revenue Recognition [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Year ending December 31, | |||||
2014 | $ | 823,803 | |||
2015 | 721,352 | ||||
2016 | 600,528 | ||||
2017 | 479,408 | ||||
2018 | 371,683 | ||||
Thereafter | 1,400,662 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Schedule of valuation assumptions | ' | |||||||||||||||||||
The assumptions used in the Black-Scholes-Merton option pricing model are set forth below: | ||||||||||||||||||||
2011 | 2013 | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||||
Risk free interest rate | 0.9 | % | 0.2 | % | ||||||||||||||||
Expected volatility | 80 | % | 35 | % | ||||||||||||||||
Expected life | 5 years | 1.6 years | ||||||||||||||||||
Schedule of grant dates and numbers of underlying shares granted to employees | ' | |||||||||||||||||||
The following table presents the grant dates and numbers of Class B units granted to employees from | ||||||||||||||||||||
June 28, 2011 through December 31, 2013: | ||||||||||||||||||||
Estimated Fair Value Per Class B Units at Grant Date | Total Estimated Value of Class B Units at Grant Date (in millions) | |||||||||||||||||||
Date of Grant | Number of Class B Units Granted (in millions) | Service Condition | Performance and Market Condition | Service Condition | Performance and Market Condition | |||||||||||||||
1-Nov-11 | 96.8 | $ | 0.45 | $ | 0.44 | $ | 21.8 | $ | 21.3 | |||||||||||
29-Mar-13 | 9.1 | $ | 0.445 | $ | 0.444 | $ | 2 | $ | 2 | |||||||||||
30-Apr-13 | 1.8 | $ | 0.445 | $ | 0.444 | $ | 0.4 | $ | 0.4 | |||||||||||
20-May-13 | 20.6 | $ | 0.289 | $ | 0.289 | $ | 3 | $ | 3 | |||||||||||
Schedule of Class B units at grant date and at the time of the IPO | ' | |||||||||||||||||||
The methodology applied to determine the value of the awards at grant date and IPO would be substantially the same. The following table sets forth the value of the 2013 Class B Units at grant date and at the time of the IPO based on the IPO price of $20.00 per share. | ||||||||||||||||||||
Date of Grant | Value of Class B Units at Grant Date (in millions) | Assumed Value at IPO (in millions) | ||||||||||||||||||
29-Mar-13 | $ | 4 | $ | 6.4 | ||||||||||||||||
30-Apr-13 | $ | 0.8 | $ | 1.3 | ||||||||||||||||
20-May-13 | $ | 6 | $ | 7.7 | ||||||||||||||||
Schedule of share-based compensation, restricted stock activity | ' | |||||||||||||||||||
Information with respect to Class B Units and restricted shares for the years ended December 31, 2013 and 2012 and for the period from June 28, 2011 to December 31, 2011 are as follows: | ||||||||||||||||||||
Class B Units | Restricted Shares | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding, June 28, 2011 | — | — | $ | — | ||||||||||||||||
Vested | — | — | — | |||||||||||||||||
Granted | 96,842 | — | 43,095 | |||||||||||||||||
Forfeited | — | — | — | |||||||||||||||||
Outstanding, December 31, 2011 | 96,842 | — | 43,095 | |||||||||||||||||
Vested | — | — | — | |||||||||||||||||
Granted | — | — | — | |||||||||||||||||
Forfeited | — | — | — | |||||||||||||||||
Outstanding, December 31, 2012 | 96,842 | — | 43,095 | |||||||||||||||||
Vested | (41,990 | ) | — | (17,327 | ) | |||||||||||||||
Granted | 31,474 | 10 | 10,990 | |||||||||||||||||
Forfeited | (16,342 | ) | — | (7,272 | ) | |||||||||||||||
Exchanged | (69,984 | ) | 2,072 | |||||||||||||||||
Outstanding, December 31, 2013 | — | 2,082 | $ | 29,486 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of earnings per share, basic and diluted | ' | |||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Period From June 28, 2011 to December 31, 2011 | ||||||||||
Successor | Successor | Successor | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations | $ | (80,657 | ) | $ | (150,045 | ) | $ | 158,898 | ||||
Net (income) loss attributable to non-controlling interests | 18,641 | 35,548 | (39,187 | ) | ||||||||
Declared dividends allocated to unvested shares | (200 | ) | — | — | ||||||||
Preferred stock dividends | (162 | ) | (296 | ) | (137 | ) | ||||||
Income (loss) from continuing operations attributable to common stockholders | (62,378 | ) | (114,793 | ) | 119,574 | |||||||
Loss from discontinued operations, net of non-controlling interests | (31,518 | ) | (8,070 | ) | (4,360 | ) | ||||||
Net income (loss) attributable to the Company's common stockholders, basic and diluted | $ | (93,896 | ) | $ | (122,863 | ) | $ | 115,214 | ||||
Denominator: | ||||||||||||
Weighted average number of vested common shares outstanding | 188,993 | 180,675 | 180,675 | |||||||||
Earnings (loss) per share- basic and fully diluted: | ||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | (0.64 | ) | $ | 0.66 | ||||
Loss from discontinued operations | $ | (0.17 | ) | $ | (0.04 | ) | $ | (0.02 | ) | |||
$ | (0.50 | ) | $ | (0.68 | ) | $ | 0.64 | |||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||
The following represents the results of income for each quarter during the years 2013 and 2012: | |||||||||||||
Total | Net Loss Attributable to the Common Stockholders | Net Loss per Share - Basic (2) | Net Loss per Share - Diluted | ||||||||||
Revenues (1) | |||||||||||||
Year Ended December 31, 2013: | |||||||||||||
First quarter | $ | 277,318 | $ | (19,497 | ) | $ | (0.11 | ) | $ | (0.11 | ) | ||
Second quarter | $ | 278,210 | $ | (43,261 | ) | $ | (0.24 | ) | $ | (0.24 | ) | ||
Third quarter | $ | 286,090 | $ | (18,839 | ) | $ | (0.10 | ) | $ | (0.10 | ) | ||
Fourth quarter | $ | 305,275 | $ | (12,099 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||
Year Ended December 31, 2012: | |||||||||||||
First quarter | $ | 270,240 | $ | (37,918 | ) | $ | (0.21 | ) | $ | (0.21 | ) | ||
Second quarter | $ | 268,537 | $ | (34,112 | ) | $ | (0.19 | ) | $ | (0.19 | ) | ||
Third quarter | $ | 272,199 | $ | (28,348 | ) | $ | (0.16 | ) | $ | (0.16 | ) | ||
Fourth quarter | $ | 277,759 | $ | (22,485 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||
(1) Amounts have been adjusted to give effect to the Company's discontinued operations. | |||||||||||||
(2) Sum of the quarters may not equal full year net loss per share due to rounding. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Debt obligations under various arrangements with financial institutions | ' | ||||||||||||
As of December 31, 2013 and 2012, the Company had the following indebtedness outstanding: | |||||||||||||
Successor | |||||||||||||
Carrying Value as of | |||||||||||||
31-Dec-13 | 31-Dec-12 | Stated | Scheduled | ||||||||||
Interest | Maturity | ||||||||||||
Rates | Date | ||||||||||||
Mortgage and secured loans(1) | |||||||||||||
Fixed rate mortgage and secured loans(2) | $ | 3,444,578 | $ | 5,330,442 | 4.85% - 8.18% | 2014 – 2021 | |||||||
Variable rate mortgage and secured loans(3) | 483,604 | 668,605 | Variable(3) | 2015 – 2017 | |||||||||
Total mortgage and secured loans | 3,928,182 | 5,999,047 | |||||||||||
Net unamortized premium | 93,077 | 116,222 | |||||||||||
Total mortgage and secured loans, net | $ | 4,021,259 | $ | 6,115,269 | |||||||||
Notes payables | |||||||||||||
Unsecured notes(4)(5) | $ | 353,617 | $ | 404,612 | 3.75% - 7.97% | 2014 - 2029 | |||||||
Net unamortized discount | (13,766 | ) | (20,525 | ) | |||||||||
Total notes payable, net | $ | 339,851 | $ | 384,087 | |||||||||
Unsecured Credit Facility(6) | $ | 1,620,179 | $ | — | 1.79% | 2017 – 2018 | |||||||
Total debt obligations | $ | 5,981,289 | $ | 6,499,356 | |||||||||
-1 | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of December 31, 2013 of approximately $5.4 billion. | ||||||||||||
-2 | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.91%as of December 31, 2013. | ||||||||||||
-3 | The weighted average interest rate on the Company’s variable rate mortgage and secured loans was 3.80% as of December 31, 2013. The Company incurs interest on $483.6 million of mortgages using the 30-day LIBOR rate (which was 0.17% as of December 31, 2013 subject to certain rate floor requirements ranging from 0 basis points to 75 basis points), plus interest spreads ranging from 300 basis points to 375 basis points. | ||||||||||||
-4 | The weighted average interest rate on the Company’s unsecured notes was 6.03% as of December 31, 2013. | ||||||||||||
-5 | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. In January 2014 $57.7 million was tendered to, and repurchased by the company. | ||||||||||||
-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 160 basis points. | ||||||||||||
On January 15, 2014, the Company completed a cash tender offer (the “Tender Offer”) pursuant to which the Company purchased 55.1% of the securities (the “Notes”) listed in the table below for an aggregate principal amount of $57.7 million. The offer was made pursuant to requirements set forth in the indenture governing the Notes (the "Indenture"), which provided that holders of the Notes had the right to require the Company to repurchase such Notes from holders for cash on January 15, 2014 (the "Payment Date"). | |||||||||||||
Title of Security | Principal Amount Outstanding | Principal Amount Validly Tendered | |||||||||||
7.97% Senior Unsecured Notes due August 14, 2026 | $ | 10,000 | $ | 7,138 | |||||||||
7.65% Senior Unsecured Notes due November 2, 2026 | 25,000 | 15,362 | |||||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 10,000 | 10,000 | |||||||||||
7.68% Senior Unsecured Notes due November 2, 2026 | 9,602 | 4,467 | |||||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 14,356 | |||||||||||
6.90% Senior Unsecured Notes due February 15, 2028 | 25,000 | 6,327 | |||||||||||
$ | 104,602 | $ | 57,650 | ||||||||||
Nature_of_Business_and_Financi3
Nature of Business and Financial Statement Presentation (Description of Business) (Details) (USD $) | 0 Months Ended | |
In Billions, unless otherwise specified | Jun. 30, 2011 | Jun. 29, 2008 |
Property | ||
Nture of Oerations and Financial Statements Presentation [Line Items] | ' | ' |
Number of real estate properties acquired | ' | 585 |
Consideration transferred | $9 | ' |
Cash acquired from acquisition | 0.1 | ' |
Cash acquired in acquisition | 1.2 | ' |
Indebtedness acquired in acquisition | $7.80 | ' |
Nature_of_Business_and_Financi4
Nature of Business and Financial Statement Presentation (Initial Public Offering and IPO Property Transfers) (Details) (USD $) | Dec. 31, 2013 | Nov. 04, 2013 | Dec. 31, 2012 | Jan. 15, 2014 | Nov. 04, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | Dec. 31, 2013 | Nov. 04, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Property | Property | Property | Subsequent Event [Member] | Brixmor Property Group, Inc. [Member] | Revolving Credit Facility [Member] | Common Stock [Member] | Successor [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | |
Property | Unsecured Debt [Member] | Brixmor Property Group, Inc. [Member] | Property | Subsequent Event [Member] | Property | |||||||
Property | Property | |||||||||||
Nture of Oerations and Financial Statements Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 33 | 3 |
Shares sold in public offering | ' | ' | ' | ' | ' | ' | 47,400,000 | ' | ' | ' | ' | ' |
Price per share | ' | ' | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' |
Proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | $893,900,000 | ($893,860,000) | ' | ' | ' | ' |
Underwriting discounts, expenses and transaction costs | ' | ' | ' | ' | ' | ' | 54,900,000 | ' | ' | ' | ' | ' |
Debt repaid | ' | ' | ' | ' | ' | 824,700,000 | ' | ' | ' | ' | ' | ' |
Number of properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' |
Number of shares exchanged for interest in properties | ' | ' | ' | ' | ' | ' | ' | ' | 15,877,791 | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | $66,600,000 | ' | ' | ' | ' | ' | ' | ' |
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 Non-Core Properties in which Company Owns 100% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' |
Number of Non-Core properties that transfers are not reflected in consolidated financial statements | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties, disposed | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 20.00% |
Nature_of_Business_and_Financi5
Nature of Business and Financial Statement Presentation (Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building and Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '20 years |
Building and Building and Land Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '40 years |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Tenant Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | 'The shorter of the term of the related lease or useful life |
Nature_of_Business_and_Financi6
Nature of Business and Financial Statement Presentation (Non-controlling Interest) (Details) (Class A Preferred Units [Member], USD $) | Dec. 31, 2013 |
Class A Preferred Units [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Redemption price per share | $33.15 |
Nature_of_Business_and_Financi7
Nature of Business and Financial Statement Presentation (Stock Based Compensation) (Details) (2013 Omnibus Incentive Plan [Member]) | Dec. 31, 2013 |
2013 Omnibus Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock, shares authorized | 15,000,000 |
Acquisition_of_Real_Estate_Nar
Acquisition of Real Estate (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2013 | |
building | building | Arapahoe Crossings LP Aurora CO [Member] | One Building [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Acquired Properties [Member] | ||
shopping_center | shopping_center | ||||||||
acre | acre | ||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units of Partnership interest exchanged for interest in properties | 15,877,791 | ' | ' | ' | ' | ' | ' | ' | 15,877,791 |
Fair value of Operating Partnership units issued for acquisition of real estate assets | $317,500,000 | ' | ' | ' | ' | $0 | $317,556,000 | $0 | $317,500,000 |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | $20 |
Debt repaid | ' | ' | ' | ' | ' | ' | ' | ' | 66,600,000 |
Number of retail buildings acquired | ' | 1 | 3 | ' | ' | ' | ' | ' | ' |
Real estate acquisitions | ' | ' | 5,500,000 | ' | 5,100,000 | 0 | 6,377,000 | 6,000,000 | ' |
Remaining partnership interest acquired | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' |
Purchase price of joint venture | ' | ' | ' | 18,700,000 | ' | ' | ' | ' | ' |
Gain on bargain purchase | ' | ' | ' | 1,100,000 | ' | 328,826,000 | 0 | 0 | ' |
Interest recognized | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' |
Debt assumed in joint venture purchase | ' | ' | ' | 41,800,000 | ' | ' | ' | ' | ' |
Number of shopping centers owned | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Percent of interest owned in land parcels | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Area of land in which percent of ownership has been acquired | ' | ' | 41.6 | ' | ' | ' | ' | ' | ' |
Payments to acquire land | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' |
Acquisition_of_Real_Estate_Bal
Acquisition of Real Estate (Balance Sheets Effect) (Details) (Acquired Properties [Member], USD $) | Oct. 29, 2013 |
In Thousands, unless otherwise specified | |
Acquired Properties [Member] | ' |
Assets | ' |
Real estate, net | $888,134 |
Cash and cash equivalents | 8,729 |
Restricted cash | 7,878 |
Receivables, net | 4,840 |
Deferred charges and prepaid expenses, net | 1,496 |
Other assets | 989 |
Total assets | 912,066 |
Liabilities | ' |
Debt obligations, net | 430,465 |
Accounts payable, accrued expenses and other liabilities | 164,045 |
Total liabilities | 594,510 |
Net Assets Acquired | $317,556 |
Acquisition_of_Real_Estate_Pro
Acquisition of Real Estate (Pro Forma Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Revenue | $1,208,741 | $1,162,498 | $1,090,032 |
Net Loss | ($123,725) | ($163,786) | ($260,601) |
Discontinued_Operations_and_As2
Discontinued Operations and Assets Held for Sale (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||
Dec. 31, 2011 | Jun. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | |
shopping_center | building | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Wholly Owned Properties [Member] | Subsequent Event [Member] | |||
land_parcel | Property | Wholly Owned Properties [Member] | ||||||||
shopping_center | Property | |||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | $26,551,000 | $35,243,000 | $50,609,000 | $26,593,000 | ' | ' |
Operating expenses | ' | ' | ' | ' | -26,095,000 | -27,429,000 | -42,132,000 | -22,068,000 | ' | ' |
Other expense, net | ' | ' | ' | ' | -6,218,000 | -4,310,000 | -10,915,000 | -2,506,000 | ' | ' |
Income from discontinued operating properties | ' | ' | ' | ' | -5,762,000 | 3,504,000 | -2,438,000 | 2,019,000 | ' | ' |
Gain on disposition of operating properties | ' | ' | ' | ' | 0 | 3,392,000 | 5,369,000 | 0 | ' | ' |
Impairment on real estate held for sale | 0 | -8,608,000 | -45,122,000 | -13,599,000 | 0 | -45,122,000 | -13,599,000 | -8,608,000 | ' | ' |
Loss from discontinued operations | ' | ' | ' | ' | -5,762,000 | -38,226,000 | -10,668,000 | -6,589,000 | ' | ' |
Number of shopping centers classified as Real estate held for sale | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' |
Aggregate book value | ' | ' | 5,500,000 | 1,600,000 | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 33 |
Number of shopping centers sold | ' | ' | 18 | 19 | ' | ' | ' | ' | ' | ' |
Number of land parcels sold | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Proceeds from dispositions | ' | ' | $54,600,000 | $50,600,000 | $719,000 | $58,994,000 | $50,609,000 | $53,453,000 | ' | ' |
Number of building sold | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 | |||
Level 3 [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Land | $2,055,802,000 | $1,915,667,000 | ' | ' | ' | ' | ' | ' | $2,055,802,000 | $1,915,667,000 | ' | ||
Building | 7,436,072,000 | 6,817,378,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Building and tenant improvements | 373,907,000 | 254,844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other rental property | 971,947,000 | [1] | 906,537,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate, gross | 10,837,728,000 | 9,894,426,000 | ' | ' | ' | ' | ' | ' | 10,837,728,000 | 9,894,426,000 | ' | ||
Accumulated depreciation and amortization | -1,190,170,000 | -796,296,000 | ' | ' | ' | ' | ' | ' | -1,190,170,000 | -796,296,000 | ' | ||
Real estate, net | 9,647,558,000 | 9,098,130,000 | ' | ' | ' | ' | ' | ' | 9,647,558,000 | 9,098,130,000 | ' | ||
In-place lease value | ' | ' | ' | 881,900,000 | 826,900,000 | ' | ' | ' | ' | ' | ' | ||
Above market leases | ' | ' | ' | ' | ' | 90,000,000 | 79,600,000 | ' | ' | ' | ' | ||
Accumulated amortization | 462,500,000 | 341,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intangible liabilities relating to below-market leases | 541,800,000 | 473,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated amortization on below-market leases | 153,600,000 | 97,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortization of intangible assets and liabilities | 93,300,000 | 142,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Impairment of real estate assets | 1,500,000 | ' | ' | ' | ' | ' | ' | 0 | 1,531,000 | 0 | 0 | ||
Fair value of impaired real estate | ' | ' | 69,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated Amortization Expense of Intangible Assets and Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2014 | ' | ' | ' | 74,553,000 | ' | ' | ' | ' | ' | ' | ' | ||
2015 | ' | ' | ' | 47,885,000 | ' | ' | ' | ' | ' | ' | ' | ||
2016 | ' | ' | ' | 23,183,000 | ' | ' | ' | ' | ' | ' | ' | ||
2017 | ' | ' | ' | 10,543,000 | ' | ' | ' | ' | ' | ' | ' | ||
2018 | ' | ' | ' | $4,194,000 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | At December 31, 2013 and 2012, Other rental property consisted of intangible assets including: (i) $881.9 million and $826.9 million, respectively, of in-place lease value, (ii) $90.0 million and $79.6 million, respectively, of above-market leases, and (iii) $462.5 million and $341.8 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 $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | interest_rate_cap |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' |
Derivative [Line Items] | ' |
Number of Instruments | 5 |
Notional Amount | $1,500,000 |
Financial_Instruments_Derivati3
Financial Instruments - Derivatives and Hedging (Details 1) (Interest Rate Swap [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross derivative assets | $0 | $0 |
Gross derivative liabilities | -6,795 | 0 |
Net derivative liability | ($6,795) | $0 |
Financial_Instruments_Derivati4
Financial Instruments - Derivatives and Hedging (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Amount of loss recognized in OCI on derivative | ($6,795) |
Amount of gain (loss) reclassified from accumulated OCI into interest expense | $0 |
Financial_Instruments_Derivati5
Financial Instruments - Derivatives and Hedging (Details 3) (Not Designated as Hedging Instrument [Member], Interest Rate Cap [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | interest_rate_cap |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Number of Instruments | 10 |
Notional Amount | $1,118,000 |
Financial_Instruments_Derivati6
Financial Instruments - Derivatives and Hedging (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative [Line Items] | ' |
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | $9,000,000 |
Agreement obligations | 6,800,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Number of instruments | 5 |
Notional amount | $1,500,000,000 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 16, 2013 | ||||||||||||||||||
derivative_instrument | 30-day LIBOR [Member] | Unsecured Credit Facility [Member] | Unsecured Credit Facility [Member] | Unsecured Credit Facility [Member] | Unsecured Credit Facility [Member] | Carrying Amounts [Member] | Carrying Amounts [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Fixed Rate Mortgages and Secured Loans [Member] | Variable Rate Mortgages and Secured Loans [Member] | Variable Rate Mortgages and Secured Loans [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Notes Payable to Financial Institutions [Member] | Notes Payable to Financial Institutions [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Term Loan [Member] | ||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
30-day LIBOR [Member] | 30-day LIBOR [Member] | |||||||||||||||||||||||||||||||||||||||||||
MORTGAGES AND SECURED LOANS PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fixed rate mortgages and secured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,444,578,000 | [1],[2] | $5,330,442,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Variable rate mortgages and secured loans | ' | ' | 483,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 483,604,000 | [1],[3] | 668,605,000 | [1],[3] | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | ' | ' | ' | ||||||||||||||||
Total mortgages and secured loans | 3,928,182,000 | [1] | 5,999,047,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Net unamortized premium | 93,077,000 | [1] | 116,222,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total mortgages and secured loans, net | ' | ' | ' | ' | ' | ' | ' | 4,021,259,000 | [1] | 6,115,269,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
NOTES PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,617,000 | [4],[5] | 404,612,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Net unamortized discount | -13,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,766,000 | -20,525,000 | ' | ' | ' | ' | ' | ||||||||||||||||||
Total notes, net | ' | ' | ' | ' | ' | ' | ' | 339,851,000 | 384,087,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Long-term debt | 5,901,978,000 | ' | ' | 1,620,179,000 | [6] | 0 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total debt obligations | 5,981,289,000 | 6,499,356,000 | ' | ' | ' | ' | ' | 5,981,289,000 | 6,499,356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Stated interest rates | ' | ' | ' | ' | ' | 1.79% | [6] | 2.44% | [6] | ' | ' | ' | ' | 4.85% | [1],[2] | 8.18% | [1],[2] | ' | ' | ' | ' | 3.75% | [4],[5] | 7.97% | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Collateral carrying value | 5,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.91% | ' | ' | ' | 3.80% | ' | ' | ' | ' | ' | 6.03% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Debt instrument variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ||||||||||||||||||
Floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.75% | ' | ||||||||||||||||||
Plus a spread of basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.75% | 1.60% | ||||||||||||||||||
Debt instrument, repurchased face amount | $57,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Number of interest rate derivatives held | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | ||||||||||||||||||
[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 DecemberB 31, 2013 of approximately $5.4 billion. | |||||||||||||||||||||||||||||||||||||||||||
[2] | The weighted average interest rate on the Companybs fixed rate mortgage and secured loans was 5.91%as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||
[3] | The weighted average interest rate on the Companybs variable rate mortgage and secured loans was 3.80% as of DecemberB 31, 2013. The Company incurs interest on $483.6 million of mortgages using the 30-day LIBOR rate (which was 0.17% as of DecemberB 31, 2013 subject to certain rate floor requirements ranging from 0 basis points to 75 basis points), plus interest spreads ranging from 300 basis points to 375 basis points. | |||||||||||||||||||||||||||||||||||||||||||
[4] | The weighted average interest rate on the Companybs unsecured notes was 6.03% as of DecemberB 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||
[5] | The Company has a one-time put repurchase right to certain unsecured notes that requires the Company to offer to repurchase the notes if tendered by holders (but does not require the holders to tender) for an amount equal to the principal amount plus accrued and unpaid interest on January 15, 2014. Although the stated maturity dates for these notes range from August 2026 to February 2028, the scheduled maturity dates listed above represent the first dates that note holders can require the Company to redeem all or any portion of the notes pursuant to the required put repurchase right. In January 2014 $57.7 million was tendered to, and repurchased by the company. | |||||||||||||||||||||||||||||||||||||||||||
[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 160 basis points. |
Debt_Obligations_Details_1
Debt Obligations (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Future expected/scheduled maturities of outstanding debt and capital lease | ' | ' | ||
2014 | $327,553 | ' | ||
2015 | 980,029 | ' | ||
2016 | 1,335,445 | ' | ||
2017 | 647,268 | ' | ||
2018 | 1,521,557 | ' | ||
Thereafter | 1,090,126 | ' | ||
Total debt maturities | 5,901,978 | ' | ||
Net unamortized premiums on mortgages | 93,077 | [1] | 116,222 | [1] |
Net unamortized discount on notes | -13,766 | ' | ||
Total debt obligations | $5,981,289 | $6,499,356 | ||
[1] | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of DecemberB 31, 2013 of approximately $5.4 billion. |
Debt_Obligations_Details_Textu
Debt Obligations (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2013 | Dec. 31, 2013 | Nov. 04, 2013 | Jul. 16, 2013 | Dec. 31, 2013 | Jul. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 27, 2013 | Feb. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Mortgage Loan [Member] | Mortgage Loan [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Mortgages [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | 30-day LIBOR [Member] | Federal Funds Effective Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | |||
Shopping_Centers | extension_options | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Mortgage Loan [Member] | Mortgage Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | ||||||
Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate mortgages | ' | ' | $57,000,000 | ' | ' | ' | ' | ' | ' | $483,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail shopping centers securing mortgage | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.75% | ' | ' | ' | ' | 0.25% | 3.50% | ' | ' | ' | ' | ' | ' |
Plus a spread of basis point | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | 3.00% | 3.75% | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage extension options | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repaid | ' | ' | ' | ' | 824,700,000 | ' | ' | ' | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument variable interest rate | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extension period | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan face amount | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective percentage | ' | ' | ' | ' | ' | ' | ' | 0.84% | ' | ' | ' | ' | ' | ' | 1.40% | 2.00% | ' | ' | 1.40% | 2.00% | 0.40% | 1.00% | 0.40% | 1.00% |
Daily commitment fee percentage | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee percentage | ' | ' | ' | ' | ' | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | $32,200,000 | $30,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Liabilities_Details
Financing Liabilities (Details) (USD $) | 0 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||
Nov. 11, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2010 | Dec. 06, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 | |
shopping_center | Inland American CP Investment, LLC [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing liabilities | ' | $175,100,000 | $174,400,000 | ' | ' | ' | $175,111,000 | $174,440,000 | ' |
Financing liabilities, unamortized premium | ' | 2,400,000 | 2,600,000 | ' | ' | ' | ' | ' | ' |
Number of shopping centers contributed to real estate venture | ' | ' | ' | 25 | ' | ' | ' | ' | ' |
Real estate contributed, fair value | ' | ' | ' | 471,000,000 | ' | ' | ' | ' | ' |
Payments to acquire interest in joint venture | ' | ' | ' | ' | 121,500,000 | 0 | 25,000 | 1,496,000 | 2,000 |
Unconsolidated joint venture investment, ownership percentage | ' | ' | ' | 30.00% | 70.00% | ' | ' | ' | ' |
Percent of return from cumulative preferential share of cash flow generated in joint venture | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' |
Term of lease agreement | '20 years | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement, carrying value | ' | 17,800,000 | 18,000,000 | ' | ' | ' | ' | ' | ' |
Lease agreement, unamortized premium | ' | 2,600,000 | 2,800,000 | ' | ' | ' | ' | ' | ' |
Capital lease obligations | ' | 26,300,000 | 27,100,000 | ' | ' | ' | ' | ' | ' |
Capital leases, unamortized discount | ' | $200,000 | $200,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Total debt obligations | $5,981,289 | $6,499,356 | ||
Financing liabilities | 175,100 | 174,400 | ||
Carrying Amounts [Member] | ' | ' | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | 4,021,259 | [1] | 6,115,269 | [1] |
Notes payable | 339,851 | 384,087 | ||
Credit facility | 1,620,179 | 0 | ||
Total debt obligations | 5,981,289 | 6,499,356 | ||
Financing liabilities | 175,111 | 174,440 | ||
Fair Value [Member] | ' | ' | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | 4,179,640 | 6,161,656 | ||
Notes payable | 371,393 | 395,280 | ||
Credit facility | 1,620,179 | 0 | ||
Total debt obligations | 6,171,212 | 6,556,936 | ||
Financing liabilities | 175,111 | 174,440 | ||
Successor [Member] | ' | ' | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ' | ' | ||
Mortgages and secured loans payable | 5,981,289 | 6,499,356 | ||
Financing liabilities | $175,111 | $174,440 | ||
[1] | The Company's mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of DecemberB 31, 2013 of approximately $5.4 billion. |
Redeemable_Noncontrolling_Inte2
Redeemable Non-controlling Interests (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 |
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $21,467 | $21,467 | $21,559 | $21,467 | $21,559 | $21,559 |
Unit redemptions | ' | ' | 0 | 0 | -92 | 0 |
Distributions to redeemable non-controlling interests | ' | ' | -659 | -1,288 | -1,291 | -636 |
Preferred return | ' | ' | 659 | 1,288 | 1,291 | 636 |
Balance at end of period | $21,467 | $21,467 | $21,559 | $21,467 | $21,467 | $21,559 |
Redeemable_Noncontrolling_Inte3
Redeemable Non-controlling Interests (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 27, 2011 |
In Thousands, except Per Share data, unless otherwise specified | Class A Preferred Units [Member] | Class A Preferred Units [Member] | Subsidiaries [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership (LP), general partner, interest in net income and gains before depreciation | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Class A Preferred Units outstanding | ' | ' | 648 | 648 | ' | ' | ' | ' | ' |
Per share redemption value of Class A Preferred Units | $33.15 | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest | $21,467 | $21,467 | ' | ' | ' | $21,467 | $21,467 | $21,559 | $21,559 |
Unit redemptions | ' | ' | ($100) | ' | ' | ($1,250) | ' | ' | ' |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) (USD $) | 0 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Property | Property | Successor [Member] | Successor [Member] | Successor [Member] | Acquired Properties [Member] | Wholly Owned Properties [Member] | Partially Owned Properties [Member] | Minimum [Member] | Blackstone Retail Transaction II Holdco L.P. [Member] | BPG Sub [Member] | BPG Sub [Member] | |||
Property | Property | Partially Owned Properties [Member] | Successor [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% |
Common stock, shares outstanding | ' | ' | ' | ' | ' | 229,689,960 | 182,242,460 | ' | ' | ' | ' | ' | ' | ' |
Number of common units of Partnership interest exchanged for interest in properties | 15,877,791 | ' | ' | ' | ' | ' | ' | 15,877,791 | ' | ' | ' | ' | ' | ' |
Fair value of Operating Partnership units issued for acquisition of real estate assets | $317,500,000 | ' | ' | ' | $0 | $317,556,000 | $0 | $317,500,000 | ' | ' | ' | ' | ' | ' |
Stock split | 2,409.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Payments of dividends | ' | 47,300,000 | 18,900,000 | ' | 137,000 | 47,442,000 | 19,209,000 | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 3 | ' | ' | ' | ' |
Number of Non-Core Properties in which Company Owns 100% | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' |
Distributions to non-controlling interests | ' | $25,200,000 | $6,200,000 | ' | ' | $25,219,000 | $6,203,000 | ' | ' | ' | ' | $6,203,000 | ' | ' |
Revenue_Recognition_Details
Revenue Recognition (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Jun. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue Recognition [Abstract] | ' | ' | ' | ' |
2014 | ' | ' | $823,803,000 | ' |
2015 | ' | ' | 721,352,000 | ' |
2016 | ' | ' | 600,528,000 | ' |
2017 | ' | ' | 479,408,000 | ' |
2018 | ' | ' | 371,683,000 | ' |
Thereafter | ' | ' | 1,400,662,000 | ' |
Operating leases, income statement, revenue | 2,800,000 | 3,000,000 | 6,400,000 | 6,100,000 |
Allowance for doubtful accounts, rent receivables | ' | ' | 30,200,000 | 28,200,000 |
Deferred rent receivables | ' | ' | 48,600,000 | 31,700,000 |
Allowance for doubtful accounts, deferred rent receivables | ' | ' | $900,000 | $500,000 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Risk free interest rate | 0.20% | 0.90% |
Expected volatility | 35.00% | 80.00% |
Expected life | '1 year 7 months | '5 years |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (Performance Shares [Member], USD $) | 12 Months Ended | 30 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
November 1, 2011 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Class B Units Granted (in shares) | ' | 96.8 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | ' | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | ' | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | ' | $21.80 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | ' | 21.3 |
March 29, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Class B Units Granted (in shares) | ' | 9.1 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | ' | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | ' | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 4 | 2 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | ' | 2 |
April 30, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Class B Units Granted (in shares) | ' | 1.8 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | ' | $0.45 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | ' | $0.44 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 0.8 | 0.4 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | ' | 0.4 |
May 20, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Class B Units Granted (in shares) | ' | 20.6 |
Estimated Fair Value Per Class B Units at Grant Date, Service Condition (usd per share) | ' | $0.29 |
Estimated Fair Value Per Class B Units at Grant Date, Performance and Market Condition (usd per share) | ' | $0.29 |
Total Estimated Value of Class B Units at Grant Date, Service Condition | 6 | 3 |
Total Estimated Value of Class B Units at Grant Date, Performance and Market Condition | ' | $3 |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details 2) (Performance Shares [Member], USD $) | 12 Months Ended | 30 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
March 29, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Value of Class B Units at Grant Date | $4 | $2 |
Assumed Value at IPO | ' | 2 |
April 30, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Value of Class B Units at Grant Date | 0.8 | 0.4 |
Assumed Value at IPO | ' | 0.4 |
May 20, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Value of Class B Units at Grant Date | 6 | 3 |
Assumed Value at IPO | ' | 3 |
IPO [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Price per share | $20 | $20 |
IPO [Member] | March 29, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Assumed Value at IPO | 6.4 | ' |
IPO [Member] | April 30, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Assumed Value at IPO | 1.3 | ' |
IPO [Member] | May 20, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Assumed Value at IPO | $7.70 | ' |
Stock_Based_Compensation_Detai3
Stock Based Compensation (Details 3) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding, beginning balance | $43,095 | $29,486 | $43,095 | $0 |
Vested | 0 | -17,327 | 0 | ' |
Granted | 43,095 | 10,990 | 0 | ' |
Forfeited | 0 | -7,272 | 0 | ' |
Outstanding, ending balance | $43,095 | $29,486 | $43,095 | $0 |
Restricted Stock [Member] | ' | ' | ' | ' |
Class B Units and Restricted Shares | ' | ' | ' | ' |
Outstanding, beginning balance | 0 | 0 | 0 | ' |
Vested | 0 | 0 | 0 | ' |
Granted | 0 | 10,000 | 0 | ' |
Forfeited | 0 | 0 | 0 | ' |
Exchanged | ' | -2,072,000 | ' | ' |
Outstanding, ending balance | 0 | 2,082,000 | 0 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Class B Units and Restricted Shares | ' | ' | ' | ' |
Outstanding, beginning balance | 0 | 96,842,000 | 96,842,000 | ' |
Vested | 0 | -41,990,000 | 0 | ' |
Granted | 96,842,000 | 31,474,000 | 0 | ' |
Forfeited | 0 | -16,342,000 | 0 | ' |
Exchanged | ' | -69,984,000 | ' | ' |
Outstanding, ending balance | 96,842,000 | 0 | 96,842,000 | ' |
Stock_Based_Compensation_Detai4
Stock Based Compensation (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Jun. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percent of cash proceeds received if units granted, internal rate of return | ' | ' | 15.00% | ' |
Award vesting at IPO date | ' | ' | 75.00% | ' |
Award vesting, percentage | ' | ' | 25.00% | ' |
Share-based compensation | $1,100,000 | $0 | $42,500,000 | $6,400,000 |
Period for recognition | ' | ' | '5 years | ' |
Compensation cost not yet recognized | ' | ' | 16,400,000 | ' |
IPO [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | ' | ' | 6,200,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | ' | ' | 24,900,000 | ' |
Performance Shares [Member] | IPO [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation | ' | ' | 6,000,000 | ' |
Price per share | ' | ' | $20 | ' |
Cash payment for Class B units | ' | ' | $6,000,000 | ' |
Successor [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Period for recognition | ' | ' | ' | '4 years |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' |
Stock split | 2,409.10 | ' | ' |
Preferred stock, liquidation preference per share | ' | ' | $10,000 |
Repurchase of preferred stock | ' | ' | $1,250,000 |
Distributions to stockholders | ' | $47,300,000 | $18,900,000 |
BPG Sub [Member] | ' | ' | ' |
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | 125 |
Preferred stock, liquidation preference per share | ' | $10,000 | $10,000 |
Series A Redeemable Preferred Stock [Member] | ' | ' | ' |
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | 125 |
Series A Redeemable Preferred Stock [Member] | BPG Sub [Member] | ' | ' | ' |
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' |
Preferred stock, shares outstanding | ' | 125 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (Successor [Member], USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Successor [Member] | ' | ' | ' |
Computation of Basic Earnings Per Share: | ' | ' | ' |
Income (loss) from continuing operations | $158,898 | ($80,657) | ($150,045) |
Net (income) loss attributable to non-controlling interests | 39,187 | -18,641 | -35,548 |
Declared dividends allocated to unvested shares | 0 | -200 | 0 |
Preferred stock dividends | -137 | -162 | -296 |
Income (loss) from continuing operations attributable to common stockholders | 119,574 | -62,378 | -114,793 |
Loss from discontinued operations, net of non-controlling interests | -4,360 | -31,518 | -8,070 |
Net income (loss) attributable to common stockholders | $115,214 | ($93,896) | ($122,863) |
Weighted average number of vested common shares outstanding | 180,675 | 188,993 | 180,675 |
Income (loss) from continuing operations, basic and fully diluted | $0.66 | ($0.33) | ($0.64) |
Loss from discontinued operations, basic and fully diluted | ($0.02) | ($0.17) | ($0.04) |
Earnings (loss) per share- basic and fully diluted | $0.64 | ($0.50) | ($0.68) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unvested Restricted Shares [Member] | ' | ' | ' |
Schedule of Earnings per Share [Line Items] | ' | ' | ' |
Weighted average number of shares outstanding | 2,100,000 | 2,100,000 | 2,100,000 |
OP Units [Member] | ' | ' | ' |
Schedule of Earnings per Share [Line Items] | ' | ' | ' |
Weighted average number of shares outstanding | 0 | 2,800,000 | 0 |
BPG Sub [Member] | ' | ' | ' |
Schedule of Earnings per Share [Line Items] | ' | ' | ' |
Weighted average number of shares outstanding | 58,200,000 | 58,200,000 | 58,200,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Ground lease for neighborhood and community shopping centers | $4.80 | $9.60 | $9.40 | $4.50 |
Minimum annual rental commitments for leases | ' | ' | ' | ' |
2014 | ' | 8.6 | ' | ' |
2015 | ' | 8.6 | ' | ' |
2016 | ' | 8.1 | ' | ' |
2017 | ' | 8 | ' | ' |
2018 | ' | 7.3 | ' | ' |
Thereafter | ' | $93.60 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 27, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Subsidiaries [Member] | |||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
State and local income taxes or franchise taxes | $3.40 | $2.90 | $2.10 | ' | $6.50 |
Gross deferred tax assets | ' | ' | ' | 371.1 | ' |
Gross deferred tax liabilities | ' | ' | ' | 0.6 | ' |
Valuation allowance | ' | ' | ' | ($370.50) | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Successor [Member], Receivables [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Successor [Member] | Receivables [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due from related parties | $6.10 | $6.80 |
Retirement_Plan_Retirement_Pla1
Retirement Plan Retirement Plan (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2011 | Dec. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Maximum [Member] | |
Successor [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer matching contribution | ' | ' | ' | ' | 3.00% |
Cost recognized | $0.70 | $1.30 | $1.30 | $0.70 | ' |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 3 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenues | $305,275 | [1] | $286,090 | [1] | $278,210 | [1] | $277,318 | [1] | $277,759 | [1] | $272,199 | [1] | $268,537 | [1] | $270,240 | [1] |
Net income (loss) attributable to the Company | ($12,099) | ($18,839) | ($43,261) | ($19,497) | ($22,485) | ($28,348) | ($34,112) | ($37,918) | ||||||||
Net income per share - basic (usd per share) | ($0.06) | [2] | ($0.10) | [2] | ($0.24) | [2] | ($0.11) | [2] | ($0.12) | [2] | ($0.16) | [2] | ($0.19) | [2] | ($0.21) | [2] |
Net Income per Share - Diluted (usd per share) | ($0.06) | ($0.10) | ($0.24) | ($0.11) | ($0.12) | ($0.16) | ($0.19) | ($0.21) | ||||||||
[1] | Amounts have been adjusted to give effect to the Company's discontinued operations. | |||||||||||||||
[2] | (2) Sum of the quarters may not equal full year net loss per share due to rounding. |
Subsequent_Events_Tender_Offer
Subsequent Events (Tender Offer) (Details) (Subsequent Event [Member], Unsecured Debt [Member], USD $) | Jan. 15, 2014 |
In Thousands, unless otherwise specified | |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | $104,602 |
Principal Amount Validly Tendered | 57,650 |
7.97% Senior Unsecured Notes due August 14, 2026 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 10,000 |
Principal Amount Validly Tendered | 7,138 |
Stated Interest Rates | 7.97% |
7.65% Senior Unsecured Notes due November 2, 2026 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 25,000 |
Principal Amount Validly Tendered | 15,362 |
Stated Interest Rates | 7.65% |
7.68% Senior Unsecured Notes due November 2, 2026 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 10,000 |
Principal Amount Validly Tendered | 10,000 |
Stated Interest Rates | 7.68% |
7.68% Senior Unsecured Notes due November 2, 2026 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 9,602 |
Principal Amount Validly Tendered | 4,467 |
Stated Interest Rates | 7.68% |
6.90% Senior Unsecured Notes due February 15, 2028 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 25,000 |
Principal Amount Validly Tendered | 14,356 |
Stated Interest Rates | 6.90% |
6.90% Senior Unsecured Notes due February 15, 2028 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Amount Outstanding | 25,000 |
Principal Amount Validly Tendered | $6,327 |
Stated Interest Rates | 6.90% |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2014 | Mar. 11, 2014 | Jan. 15, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Restricted Stock [Member] | Unsecured Debt [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Percent of securities purchased | ' | ' | ' | 55.10% | ' | ' |
Principal amount validly tendered | ' | ' | ' | ' | ' | $57,650,000 |
Debt amount | ' | ' | ' | ' | ' | 104,602,000 |
Amount to be received per $1,000 | ' | ' | ' | $1,000 | ' | ' |
Granted | 0 | 10,000 | 0 | ' | 625,750 | ' |
Percent earned, maximum | ' | ' | ' | ' | 150.00% | ' |