Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | WASHINGTON PRIME GROUP INC. | ||
Entity Central Index Key | 1,594,686 | ||
Trading Symbol | wpg | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 185,427,411 | ||
Entity Public Float | $ 2,069 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Washington Prime Group, L.P. [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | Washington Prime Group, L.P. | ||
Entity Central Index Key | 1,610,911 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Investment properties at cost | $ 6,294,628 | $ 6,656,200 |
Less: accumulated depreciation | 2,122,572 | 2,225,750 |
4,172,056 | 4,430,450 | |
Cash and cash equivalents | 59,353 | 116,253 |
Tenant receivables and accrued revenue, net | 99,967 | 91,603 |
Real estate assets held-for-sale | 50,642 | 30,000 |
Investment in and advances to unconsolidated entities, at equity | 458,892 | 488,071 |
Deferred costs and other assets | 266,556 | 303,232 |
Total assets | 5,107,466 | 5,459,609 |
LIABILITIES: | ||
Mortgage notes payable | 1,618,080 | 1,793,439 |
Notes payable | 247,637 | 246,728 |
Unsecured term loans | 1,334,522 | 1,332,812 |
Revolving credit facility | 306,165 | 275,622 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 309,178 | 379,112 |
Distributions payable | 2,992 | 2,992 |
Cash Distributions and Losses in Unconsolidated Entities at Equity | 15,421 | 15,399 |
Total liabilities | 3,833,995 | 4,046,104 |
Redeemable noncontrolling interests | 10,660 | 6,132 |
Stockholders' Equity: | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized, 185,427,411 and 185,304,555 issued and outstanding as of December 31, 2016 and 2015, respectively | 19 | 19 |
Capital in excess of par value | 1,232,638 | 1,225,926 |
Accumulated deficit | (346,706) | (214,243) |
Accumulated other comprehensive income | 4,916 | 1,716 |
Total stockholders' equity | 1,093,443 | 1,215,994 |
Noncontrolling interests | 169,368 | 191,379 |
Total equity | 1,262,811 | 1,407,373 |
Total liabilities, redeemable noncontrolling interests and equity | 5,107,466 | 5,459,609 |
EQUITY: | ||
Total liabilities, redeemable noncontrolling interests and equity | 5,107,466 | 5,459,609 |
Series H Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative redeemable preferred stock | 104,251 | 104,251 |
Series I Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative redeemable preferred stock | 98,325 | 98,325 |
Washington Prime Group, L.P. [Member] | ||
ASSETS: | ||
Investment properties at cost | 6,294,628 | 6,656,200 |
Less: accumulated depreciation | 2,122,572 | 2,225,750 |
4,172,056 | 4,430,450 | |
Cash and cash equivalents | 59,353 | 116,253 |
Tenant receivables and accrued revenue, net | 99,967 | 91,603 |
Real estate assets held-for-sale | 50,642 | 30,000 |
Investment in and advances to unconsolidated entities, at equity | 458,892 | 488,071 |
Deferred costs and other assets | 266,556 | 303,232 |
Total assets | 5,107,466 | 5,459,609 |
LIABILITIES: | ||
Mortgage notes payable | 1,618,080 | 1,793,439 |
Notes payable | 247,637 | 246,728 |
Unsecured term loans | 1,334,522 | 1,332,812 |
Revolving credit facility | 306,165 | 275,622 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 309,178 | 379,112 |
Distributions payable | 2,992 | 2,992 |
Cash Distributions and Losses in Unconsolidated Entities at Equity | 15,421 | 15,399 |
Total liabilities | 3,833,995 | 4,046,104 |
Redeemable noncontrolling interests | 10,660 | 6,132 |
Stockholders' Equity: | ||
Total liabilities, redeemable noncontrolling interests and equity | 5,107,466 | 5,459,609 |
EQUITY: | ||
General partners' equity | 1,093,443 | 1,215,994 |
Limited partners, 35,127,735 and 34,807,051 units issued and outstanding as of December 31, 2016 and 2015, respectively | 168,264 | 190,297 |
Total partners' equity | 1,261,707 | 1,406,291 |
Noncontrolling interests | 1,104 | 1,082 |
Total equity | 1,262,811 | 1,407,373 |
Total liabilities, redeemable noncontrolling interests and equity | 5,107,466 | 5,459,609 |
Washington Prime Group, L.P. [Member] | General Partner Preferred Equity [Member] | ||
EQUITY: | ||
General partners' equity | 202,576 | 202,576 |
Washington Prime Group, L.P. [Member] | General Partner Common Equity [Member] | ||
EQUITY: | ||
General partners' equity | $ 890,867 | $ 1,013,418 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 185,427,411 | 185,304,555 |
Common stock, outstanding (in shares) | 185,427,411 | 185,304,555 |
Series H Preferred Stock [Member] | ||
Preferred Shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Shares, shares issued (in shares) | 4,000,000 | 4,000,000 |
Preferred Shares, shares outstanding (in shares) | 4,000,000 | 4,000,000 |
Series I Preferred Stock [Member] | ||
Preferred Shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Shares, shares issued (in shares) | 3,800,000 | 3,800,000 |
Preferred Shares, shares outstanding (in shares) | 3,800,000 | 3,800,000 |
Washington Prime Group, L.P. [Member] | ||
Limited partners, units issued (in shares) | 35,127,735 | 34,807,051 |
Limited partners, units outstanding (in shares) | 35,127,735 | 34,807,051 |
General Partner Preferred Equity [Member] | Washington Prime Group, L.P. [Member] | ||
General partners' equity units issued (in shares) | 7,800,000 | 7,800,000 |
General partners' equity units outstanding (in shares) | 7,800,000 | 7,800,000 |
General Partner Common Equity [Member] | Washington Prime Group, L.P. [Member] | ||
General partners' equity units issued (in shares) | 185,427,411 | 185,304,555 |
General partners' equity units outstanding (in shares) | 185,427,411 | 185,304,555 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUE: | |||
Minimum rent | $ 572,781 | $ 623,113 | $ 443,613 |
Overage rent | 12,882 | 14,040 | 9,357 |
Tenant reimbursements | 236,510 | 259,774 | 194,884 |
Other income | 21,302 | 24,429 | 13,124 |
Total revenues | 843,475 | 921,356 | 660,978 |
EXPENSES: | |||
Property operating | 166,690 | 197,287 | 136,538 |
Depreciation and amortization | 281,150 | 332,469 | 197,890 |
Real estate taxes | 102,638 | 109,548 | 77,427 |
Advertising and promotion | 10,375 | 11,635 | 8,284 |
Provision for credit losses | 4,508 | 2,022 | 2,332 |
General and administrative | 37,317 | 48,154 | 10,788 |
Spin-off costs | 0 | 0 | 38,907 |
Merger, restructuring and transaction costs | 29,607 | 31,653 | 8,839 |
Ground rent | 4,318 | 6,874 | 2,836 |
Impairment loss | 21,879 | 147,979 | 0 |
Total operating expenses | 658,482 | 887,621 | 483,841 |
OPERATING INCOME | 184,993 | 33,735 | 177,137 |
Interest expense, net | (136,225) | (139,923) | (82,428) |
Gain on extinguishment of debt, net | 34,612 | 0 | 0 |
Income and other taxes | (2,232) | (849) | (1,215) |
(Loss) income from unconsolidated entities | (1,745) | (1,247) | 973 |
INCOME (LOSS) BEFORE (LOSS) GAIN ON ACQUISITION AND DISPOSITION OF INTERESTS IN PROPERTIES, NET | 79,403 | (108,284) | 94,467 |
(Loss) gain upon acquisition of controlling interests and on sale of interests in properties, net | (1,987) | 4,162 | 110,988 |
NET INCOME (LOSS) | 77,416 | (104,122) | 205,455 |
Net income (loss) attributable to noncontrolling interests | 10,285 | (18,825) | 35,426 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 67,131 | (85,297) | 170,029 |
Less: Preferred share dividends | (14,032) | (15,989) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 53,099 | $ (101,286) | $ 170,029 |
EARNINGS (LOSS) PER COMMON SHARE, BASIC AND DILUTED (in dollars per share) | $ 0.29 | $ (0.55) | $ 1.10 |
INCOME (LOSS) BEFORE (LOSS) GAIN ON ACQUISITION AND DISPOSITION OF INTERESTS IN PROPERTIES, NET | $ 79,403 | $ (108,284) | $ 94,467 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS | 10,034 | (19,340) | 35,426 |
COMPREHENSIVE INCOME (LOSS): | |||
Net income (loss) | 77,416 | (104,122) | 205,455 |
Unrealized income on interest rate derivative instruments | 3,801 | 2,037 | 0 |
Comprehensive income (loss) | 81,217 | (102,085) | 205,455 |
Comprehensive income (loss) attributable to noncontrolling interests | 10,886 | (18,504) | 35,426 |
Comprehensive income (loss) attributable to common shareholders | 70,331 | (83,581) | 170,029 |
Washington Prime Group, L.P. [Member] | |||
REVENUE: | |||
Minimum rent | 572,781 | 623,113 | 443,613 |
Overage rent | 12,882 | 14,040 | 9,357 |
Tenant reimbursements | 236,510 | 259,774 | 194,884 |
Other income | 21,302 | 24,429 | 13,124 |
Total revenues | 843,475 | 921,356 | 660,978 |
EXPENSES: | |||
Property operating | 166,690 | 197,287 | 136,538 |
Depreciation and amortization | 281,150 | 332,469 | 197,890 |
Real estate taxes | 102,638 | 109,548 | 77,427 |
Advertising and promotion | 10,375 | 11,635 | 8,284 |
Provision for credit losses | 4,508 | 2,022 | 2,332 |
General and administrative | 37,317 | 48,154 | 10,788 |
Spin-off costs | 0 | 0 | 38,907 |
Merger, restructuring and transaction costs | 29,607 | 31,653 | 8,839 |
Ground rent | 4,318 | 6,874 | 2,836 |
Impairment loss | 21,879 | 147,979 | 0 |
Total operating expenses | 658,482 | 887,621 | 483,841 |
OPERATING INCOME | 184,993 | 33,735 | 177,137 |
Interest expense, net | (136,225) | (139,923) | (82,428) |
Gain on extinguishment of debt, net | 34,612 | 0 | 0 |
Income and other taxes | (2,232) | (849) | (1,215) |
(Loss) income from unconsolidated entities | (1,745) | (1,247) | 973 |
INCOME (LOSS) BEFORE (LOSS) GAIN ON ACQUISITION AND DISPOSITION OF INTERESTS IN PROPERTIES, NET | 79,403 | (108,284) | 94,467 |
(Loss) gain upon acquisition of controlling interests and on sale of interests in properties, net | (1,987) | 4,162 | 110,988 |
NET INCOME (LOSS) | 77,416 | (104,122) | 205,455 |
Net income (loss) attributable to noncontrolling interests | 11 | 286 | 0 |
INCOME (LOSS) BEFORE (LOSS) GAIN ON ACQUISITION AND DISPOSITION OF INTERESTS IN PROPERTIES, NET | 79,403 | (108,284) | 94,467 |
NET INCOME (LOSS) ATTRIBUTABLE TO UNITHOLDERS | 77,405 | (104,408) | 205,455 |
Less: Preferred unit distributions | (14,272) | (16,218) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS | 63,133 | (120,626) | 205,455 |
General partner | 53,099 | (101,515) | 170,029 |
Limited partners | $ 10,034 | $ (19,111) | $ 35,426 |
EARNINGS (LOSS) PER COMMON UNIT, BASIC AND DILUTED (in dollars per share) | $ 0.29 | $ (0.55) | $ 1.10 |
COMPREHENSIVE INCOME (LOSS): | |||
Net income (loss) | $ 77,416 | $ (104,122) | $ 205,455 |
Unrealized income on interest rate derivative instruments | 3,801 | 2,037 | 0 |
Comprehensive income (loss) | 81,217 | (102,085) | 205,455 |
Comprehensive income (loss) attributable to noncontrolling interests | 11 | 286 | 0 |
Comprehensive income (loss) attributable to unitholders | $ 81,206 | $ (102,371) | $ 205,455 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 77,416 | $ (104,122) | $ 205,455 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation | 285,632 | 329,895 | 198,934 |
(Gain) loss on extinguishment of debt, net | (34,612) | 0 | 0 |
Loss (gain) on disposition of interests in properties, net | 1,987 | (4,162) | (110,988) |
Impairment loss | 21,879 | 147,979 | 0 |
Provision for credit losses | 4,508 | 2,022 | 2,332 |
Loss (income) from unconsolidated entities | 1,745 | 1,247 | (973) |
Distributions of income from unconsolidated entities | 272 | 223 | 1,004 |
Changes in assets and liabilities: | |||
Tenant receivables and accrued revenue, net | (14,790) | (1,576) | (8,212) |
Deferred costs and other assets | (22,181) | (23,846) | (14,063) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | (32,058) | (36,897) | 1,257 |
Net cash provided by operating activities | 289,798 | 310,763 | 277,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions, net of cash acquired | 0 | (963,144) | (168,600) |
Capital expenditures, net | (173,593) | (160,512) | (80,292) |
Restricted cash reserves for future capital expenditures, net | (1,989) | (2,845) | (9,161) |
Net proceeds from disposition of properties | 22,653 | 431,823 | 24,976 |
Investments in unconsolidated entities | (11,631) | (15,401) | (2,492) |
Distributions of capital from unconsolidated entities | 38,618 | 4,597 | 1,137 |
Net cash used in investing activities | (125,942) | (705,482) | (234,432) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Distributions to Simon Property Group, Inc., net | 0 | 0 | (1,060,187) |
Distributions to noncontrolling interest holders in properties | 0 | (8) | (860) |
Redemption of limited partner units/preferred shares | (6) | (118,048) | (31) |
Change in lender-required restricted cash reserves on mortgage loans | (3,021) | (898) | 0 |
Net proceeds from issuance of common shares, including common stock plans | 512 | 1,899 | 0 |
Distributions to redeemable noncontrolling interest | (24) | 0 | 0 |
Purchase of redeemable noncontrolling interest | (339) | 0 | 0 |
Distributions on common and preferred shares/units | (235,092) | (228,706) | (94,110) |
Proceeds from issuance of debt, net of transaction costs | 206,740 | 2,826,258 | 1,452,385 |
Repayments of debt | (189,526) | (2,078,293) | (257,494) |
Net cash (used in) provided by financing activities | (220,756) | 402,204 | 39,703 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (56,900) | 7,485 | 82,911 |
CASH AND CASH EQUIVALENTS, beginning of year | 116,253 | 108,768 | 25,857 |
CASH AND CASH EQUIVALENTS, end of year | 59,353 | 116,253 | 108,768 |
Washington Prime Group, L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 77,416 | (104,122) | 205,455 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation | 285,632 | 329,895 | 198,934 |
(Gain) loss on extinguishment of debt, net | (34,612) | 0 | 0 |
Loss (gain) on disposition of interests in properties, net | 1,987 | (4,162) | (110,988) |
Impairment loss | 21,879 | 147,979 | 0 |
Provision for credit losses | 4,508 | 2,022 | 2,332 |
Loss (income) from unconsolidated entities | 1,745 | 1,247 | (973) |
Distributions of income from unconsolidated entities | 272 | 223 | 1,004 |
Changes in assets and liabilities: | |||
Tenant receivables and accrued revenue, net | (14,790) | (1,576) | (8,212) |
Deferred costs and other assets | (22,181) | (23,846) | (14,063) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | (32,058) | (36,897) | 1,257 |
Net cash provided by operating activities | 289,798 | 310,763 | 277,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions, net of cash acquired | 0 | (963,144) | (168,600) |
Capital expenditures, net | (173,593) | (160,512) | (80,292) |
Restricted cash reserves for future capital expenditures, net | (1,989) | (2,845) | (9,161) |
Net proceeds from disposition of properties | 22,653 | 431,823 | 24,976 |
Investments in unconsolidated entities | (11,631) | (15,401) | (2,492) |
Distributions of capital from unconsolidated entities | 38,618 | 4,597 | 1,137 |
Net cash used in investing activities | (125,942) | (705,482) | (234,432) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Distributions to noncontrolling interest holders in properties | 0 | (8) | (860) |
Redemption of limited partner units/preferred shares | (6) | (118,048) | (31) |
Change in lender-required restricted cash reserves on mortgage loans | (3,021) | (898) | 0 |
Distributions to redeemable noncontrolling interest | (24) | 0 | 0 |
Purchase of redeemable noncontrolling interest | (339) | 0 | 0 |
Proceeds from issuance of debt, net of transaction costs | 206,740 | 2,826,258 | 1,452,385 |
Repayments of debt | (189,526) | (2,078,293) | (257,494) |
Net cash (used in) provided by financing activities | (220,756) | 402,204 | 39,703 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (56,900) | 7,485 | 82,911 |
CASH AND CASH EQUIVALENTS, beginning of year | 116,253 | 108,768 | 25,857 |
CASH AND CASH EQUIVALENTS, end of year | 59,353 | 116,253 | 108,768 |
Distributions to unitholders, net | (235,092) | (228,706) | (1,154,297) |
Net proceeds from issuance of common units, including equity-based compensation plans | $ 512 | $ 1,899 | $ 0 |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series G Preferred Stock [Member] | Preferred Stock [Member]Series H Preferred Stock [Member] | Preferred Stock [Member]Series I Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Simon Property Group, Inc. [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interests [Member] | Partners' Equity [Member]General Partner Preferred Equity [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]General Partner Common Equity [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]General Partner [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]Limited Partner [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]Washington Prime Group, L.P. [Member] | Noncontrolling Interests [Member]Washington Prime Group, L.P. [Member] | Redeemable Noncontrolling Interests [Member]Washington Prime Group, L.P. [Member] | Washington Prime Group, L.P. [Member] | Total | |
Balance at Dec. 31, 2013 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,565,169 | $ 0 | $ 0 | $ 1,565,169 | $ 319,356 | $ 0 | $ 1,884,525 | |||||||||
Balance at Dec. 31, 2013 | $ 0 | $ 1,565,169 | $ 1,565,169 | $ 318,511 | $ 1,883,680 | $ 845 | $ 0 | $ 1,884,525 | |||||||||||||
Issuance of shares in connection with separation | 0 | 0 | 0 | 16 | 711,265 | (711,281) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issuance of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22,464 | 0 | 0 | 0 | 0 | 22,464 | 22,464 | 0 | 0 | 22,464 | 22,464 | |
Redemption of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (31) | 0 | 0 | 0 | 0 | (31) | (31) | 0 | 0 | (31) | (31) | |
Noncontrolling interest in property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,017 | 0 | 0 | 0 | 0 | 0 | 0 | 1,017 | 0 | 1,017 | 1,017 | |
Equity-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,789 | 0 | 1,789 | |||||||||
Equity-based compensation | 0 | 0 | 0 | 1,789 | 1,789 | 0 | 0 | 1,789 | |||||||||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | 11,692 | 0 | 0 | 0 | 11,692 | (11,692) | 0 | 0 | 0 | ||||||||
Adjustments to limited partners' interests | 0 | 11,692 | 11,692 | (11,692) | 0 | 0 | 0 | 0 | |||||||||||||
Distributions to SPG, net | [1] | 0 | 0 | 0 | 0 | 0 | (878,209) | 0 | 0 | (878,209) | (181,978) | 0 | 0 | (955,803) | (955,803) | (198,494) | (1,154,297) | 0 | 0 | (1,154,297) | (1,060,187) |
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | 0 | (77,594) | 0 | (77,594) | (16,516) | 0 | (94,110) | |||||||||
Purchase of noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (845) | 0 | 0 | 0 | 0 | 0 | 0 | (845) | 0 | (845) | (845) | |
Other | 0 | 0 | 0 | 0 | (2,036) | 0 | 0 | 0 | (2,036) | 0 | 0 | 0 | (2,036) | (2,036) | 0 | (2,036) | 0 | 0 | (2,036) | (2,036) | |
Net income | 0 | 0 | 0 | 0 | 0 | 24,321 | 145,708 | 0 | 170,029 | 35,426 | 0 | 0 | 170,029 | 170,029 | 35,426 | 205,455 | 0 | 0 | 205,455 | 205,455 | |
Balance at Dec. 31, 2014 | 0 | 0 | 0 | 16 | 720,921 | 0 | 68,114 | 0 | 789,051 | 168,990 | 0 | 958,041 | |||||||||
Balance at Dec. 31, 2014 | 0 | 789,051 | 789,051 | 167,973 | 957,024 | 1,017 | 0 | 958,041 | |||||||||||||
Noncontrolling interest in property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,017) | 0 | 0 | 0 | 0 | 0 | 0 | (1,017) | 0 | (1,017) | (1,017) | |
Redemption of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (664) | 0 | 0 | 0 | 0 | (664) | (664) | 0 | 0 | (664) | (664) | |
Noncontrolling interest in property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 8 | 8 | |
Equity-based compensation | 0 | 0 | 0 | 0 | 4,772 | 0 | 0 | 0 | 4,772 | 9,354 | 0 | 14,126 | |||||||||
Equity-based compensation | 0 | 4,772 | 4,772 | 9,354 | 14,126 | 0 | 0 | 14,126 | |||||||||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | (37,107) | 0 | 0 | 0 | (37,107) | 37,107 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Adjustments to limited partners' interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (37,107) | (37,107) | 37,107 | 0 | 0 | 0 | 0 | 0 | |
Distributions to SPG, net | 0 | (181,071) | (181,071) | (34,165) | (215,236) | 0 | 0 | (215,236) | |||||||||||||
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | 0 | (181,071) | 0 | (181,071) | (34,165) | 0 | (215,236) | |||||||||
Net income | (104,122) | (104,122) | |||||||||||||||||||
Balance at Dec. 31, 2015 | 0 | 104,251 | 98,325 | 19 | 1,225,926 | 0 | (214,243) | 1,716 | 1,215,994 | 191,379 | 6,132 | 1,407,373 | |||||||||
Balance at Dec. 31, 2015 | 202,576 | 1,013,418 | 1,215,994 | 190,297 | 1,406,291 | 1,082 | 6,132 | 1,407,373 | |||||||||||||
Issuance of shares and units in connection with the Merger | 117,384 | 104,251 | 98,325 | 3 | 535,029 | 0 | 0 | 0 | 854,992 | 29,482 | 6,148 | 319,960 | 535,032 | 854,992 | 29,482 | 884,474 | 0 | 6,148 | 884,474 | 884,474 | |
Exercise of stock options | 0 | 0 | 0 | 0 | 2,311 | 0 | 0 | 0 | 2,311 | 0 | 0 | 0 | 2,311 | 2,311 | 0 | 2,311 | 0 | 0 | 2,311 | 2,311 | |
Noncontrolling interest in property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) | 0 | (8) | (8) | |
Distributions declared on preferred shares | 0 | 0 | 0 | 0 | 0 | 0 | (15,989) | 0 | (15,989) | 0 | 0 | (15,989) | |||||||||
Distributions declared on preferred shares | (15,989) | 0 | (15,989) | 0 | (15,989) | 0 | (229) | (15,989) | |||||||||||||
Redemption of preferred shares | (117,384) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (117,384) | 0 | 0 | (117,384) | 0 | (117,384) | 0 | (117,384) | 0 | 0 | (117,384) | (117,384) | |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,716 | 1,716 | 321 | 0 | 0 | 1,716 | 1,716 | 321 | 2,037 | 0 | 0 | 2,037 | 2,037 | |
Net loss, excluding distributions to preferred unitholders | 0 | 0 | 0 | 0 | 0 | 0 | (85,297) | 0 | (85,297) | (19,038) | (16) | 15,989 | (101,286) | (85,297) | (19,111) | (104,408) | 73 | 213 | (104,335) | (104,335) | |
Redemption of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (6) | 0 | 0 | 0 | 0 | (6) | (6) | 0 | 0 | (6) | (6) | |
Equity-based compensation | 0 | 0 | 0 | 0 | 9,506 | 0 | 0 | 0 | 9,506 | 4,603 | 0 | 14,109 | |||||||||
Equity-based compensation | 0 | 9,506 | 9,506 | 4,603 | 14,109 | 0 | 0 | 14,109 | |||||||||||||
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | 2,007 | 0 | 0 | 0 | 2,007 | (2,007) | 339 | 339 | |||||||||
Adjustments to limited partners' interests | 0 | 0 | 2,007 | 2,007 | (2,007) | 0 | 0 | 0 | 0 | 0 | |||||||||||
Distributions to SPG, net | 0 | (185,562) | (185,562) | (35,258) | (220,820) | 0 | 0 | (220,820) | |||||||||||||
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | 0 | (185,562) | 0 | (185,562) | (35,258) | 0 | (220,820) | |||||||||
Other | 0 | 0 | 0 | 0 | 151 | 0 | 0 | 0 | 151 | 0 | (925) | 0 | 151 | 151 | 0 | 151 | 0 | (925) | 151 | 151 | |
Net income | 77,416 | 77,416 | |||||||||||||||||||
Balance at Dec. 31, 2016 | 0 | 104,251 | 98,325 | 19 | 1,232,638 | 0 | (346,706) | 4,916 | 1,093,443 | 169,368 | 10,660 | 1,262,811 | |||||||||
Balance at Dec. 31, 2016 | 202,576 | 890,867 | 1,093,443 | 168,264 | 1,261,707 | 1,104 | 10,660 | 1,262,811 | |||||||||||||
Exercise of stock options | 0 | 0 | 0 | 0 | 512 | 0 | 0 | 0 | 512 | 0 | 0 | 512 | |||||||||
Distributions declared on preferred shares | 0 | 0 | 0 | 0 | 0 | 0 | (14,032) | 0 | (14,032) | 0 | 0 | (14,032) | |||||||||
Distributions declared on preferred shares | (14,032) | (14,032) | 0 | (14,032) | 0 | (240) | (14,032) | ||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,200 | 3,200 | 601 | 0 | 0 | 3,200 | 3,200 | 601 | 3,801 | 0 | 0 | 3,801 | 3,801 | |
Net loss, excluding distributions to preferred unitholders | 0 | 0 | 0 | 0 | 0 | 0 | 67,131 | 0 | 67,131 | 10,056 | (11) | 14,032 | 53,099 | 67,131 | 10,034 | 77,165 | 22 | 229 | 77,187 | 77,187 | |
Exercise of stock options | 0 | 512 | 512 | 0 | 512 | 0 | 0 | 512 | |||||||||||||
Adjustment of redemption value for redeemable noncontrolling interest | $ 0 | $ 0 | $ 0 | $ 0 | $ (5,464) | $ 0 | $ 0 | $ 0 | $ (5,464) | $ 0 | $ 5,464 | $ 0 | $ (5,464) | $ (5,464) | $ 0 | $ (5,464) | $ 0 | $ 5,464 | $ (5,464) | $ (5,464) | |
[1] | Amount includes approximately $1.0 billion of proceeds on new indebtedness retained by SPG L.P. as part of the separation. |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Equity (Parentheticals) - Retained Earnings [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distributions on common shares/units, per common share/unit (in dollars per share) | $ 1 | $ 1 | $ 0.50 |
$ 240 | $ 229 | $ 0 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Washington Prime Group Inc. (formerly named WP Glimcher Inc.) ("WPG Inc.") is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, 100% May 28, 2014 100% 100% December 31, 2016, 114 63 Unless the context otherwise requires, references to "WPG," the "Company," "we," "us," and "our" refer to WPG Inc., WPG L.P. and entities in which WPG Inc. or WPG L.P. (or an affiliate) has a material ownership or financial interest, on a consolidated basis, after giving effect to the transfer of assets and liabilities from SPG as well as to the SPG Businesses prior to the date of the completion of the separation. Before the completion of the separation, SPG Businesses were operated as subsidiaries of SPG, which operates as a REIT. At the time of the separation and distribution, WPG Inc. owned a percentage of the outstanding units of partnership interest, or units, of WPG L.P. that was approximately equal to the percentage of outstanding units of partnership interest that SPG owned of SPG L.P., with the remaining units of WPG L.P. being owned by the limited partners who were also limited partners of SPG L.P. as of the May 16, 2014 one one Prior to the separation, WPG entered into agreements with SPG under which SPG provided various services to us, including accounting, asset management, development, human resources, information technology, leasing, legal, marketing, public reporting and tax. The charges for the services are based on an hourly or per transaction fee arrangement and pass-through of out-of-pocket costs for which the underlying agreements expired effective May 31, 2016 11 At the time of the separation, our assets consisted of interests in 98 one February 28, 2014. We derive our revenues primarily from retail tenant tenants' tenants tenants We seek to enhance the performance of our properties and increase our revenues by, among other things, securing leases of anchor and inline tenant The Merger On January 15, 2015, September 16, 2014, $4.2 December 31, 2014, 25 17.2 two In the Merger, GRT's common shareholders received, for each GRT common share, $14.02 $10.40 0.1989 $3.62 29.9 23 15.8 14 $1.4 53 May 2015 In the Merger, the preferred stock of GRT was converted into preferred stock of WPG Inc., and WPG L.P. issued to WPG Inc. preferred units as consideration for the preferred shares issued. Additionally, each outstanding unit of GRT's operating partnership held by limited partners was converted into 0.7431 Concurrent with the closing of the Merger, GRT completed a transaction with SPG under which affiliates of SPG acquired Jersey Gardens in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, properties previously owned by affiliates of GRT, for an aggregate purchase price of $1.09 $405.0 The cash portion of the Merger consideration was funded by the Property Sale and draws under the Bridge Loan (see Note 6 December 31, 2015 2014, $31.7 $8.8 Leadership Transition and Corporate Name Change 2015 On June 1, 2015, January 1, 2016 "2016 January 15, 2016. 2015 March 31, 2016), December 31, 2015, $8.6 $4.6 $4.0 December 2015. 2016 On June 20, 2016 (1) (2) (3) (4) June 16, 2016, August 30, 2016, five July 14, 2016, conditions of their respective Severance Benefits Agreements. In addition to these July 14, 2016 October 6, 2016, December 31, 2019, In connection with and as part of the aforementioned management changes, the Company recorded aggregate charges of $29.6 December 31, 2016, $25.5 $9.5 $4.1 August 30, 2016, Conveyance of Glimcher Domain Name and Rights to Mr. Michael P. Glimcher In connection with the resignation of Mr. Michael P. Glimcher as the Company’s Chief Executive Officer and Vice Chairman of the Board, the Company agreed to assign to Mr. Glimcher our right, title and interest to the glimcher.com internet domain name, the Glimcher logo, and irrevocably consent to Mr. Glimcher’s use of the “Glimcher” name in any future trade name or business endeavor. This agreement was effective on August 30, 2016, 12 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Principles of Consolidation and Combination | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. The accompanying consolidated and combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated balance sheets as of December 31, 2016 2015 Accounting for the Separation The results presented for the year ended December 31, 2014 January 1, 2014 May 27, 2014 May 27, 2014. For accounting and reporting purposes, the historical financial statements of WPG have been restated to include the operating results of the SPG Businesses as if the SPG Businesses had been a part of WPG for all periods presented. Equity and income have been adjusted retroactively to reflect WPG's ownership interest and the noncontrolling interest holders' interest in the SPG Businesses as of the Separation Date as if such interests were held for all periods prior to the separation presented in the financial statements. WPG Inc.'s earnings per common share and WPG L.P.'s earnings per common unit have been presented for all historical periods as if the number of common shares and units issued in connection with the separation were outstanding during each of the periods prior to the separation presented. For periods presented prior to the separation, our historical combined financial results reflect charges for certain SPG corporate costs and we believe such charges are reasonable; however, such results do not necessarily reflect what our expenses would have been had we been operating as a separate stand-alone public company. These charges are further discussed in Note 11 may In connection with the separation, we incurred $38.9 December 31, 2014 General These consolidated and combined financial statements reflect the consolidation of properties that are wholly owned or properties in which we own less than a 100% We consolidate a variable interest entity ("VIE") when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) (2) Effective January 1, 2016, 2015 02, 810): may may Except as discussed above related to the classification of WPG L.P. as a VIE, there have been no changes during the year ended December 31, 2016 December 31, 2016, Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement and cash contributions and distributions, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income from the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero As of December 31, 2016, 114 102 six six We allocate net operating results of WPG L.P. to third third 84.1%, 84.1% 82.8% December 31, 2016, 2015 2014, December 31, 2016 2015, 84.1% 84.2%, |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 tenant may Investment Properties We record investment properties at fair value when acquired. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant December 31, 2016, 2015 2014 $2,640, $1,781 $283, We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally five 40 tenant tenant tenant, three ten We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may may may may 4 Investments in Unconsolidated Entities Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. We held material unconsolidated joint venture ownership interests in six December 31, 2016 2015 5 Certain of our joint venture properties are subject to various rights of first may may Fair Value Measurements The Company measures and discloses its fair value measurements in accordance with Accounting Standards Codification ("ASC") Topic 820 820”). 820 820 1 2 3 820, three may • Level 1 • Level 2 1 • Level 3 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. Note 6 2 4 2 3 3 3 4 The Company has derivatives that must be measured under the fair value standard (see Note 7 Purchase Accounting Valuation We record the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may may third • the fair value of land and related improvements and buildings on an as-if-vacant basis; • the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues; • the value of costs to obtain tenants, tenant • the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired buildings or related improvements. We amortize tenant Use of Estimates We prepared the accompanying consolidated and combined financial statements in accordance with GAAP. This requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment Disclosure Our primary business is the ownership, development and management of retail real estate. We have aggregated our operations, including enclosed retail properties and community centers, into one tenants. New Accounting Pronouncements In May 2014, 2014 09, 606)." 2014 09 2014 09 July 9, 2015, one December 15, 2017 December 15, 2016. January 1, 2018 2016, 1% 2018. In February 2016, 2016 02, 842)." 2016 02 December 15, 2018, seven 2014 09, 2016 02 In April 2015, 2015 03, December 15, 2015, ($14.6 $19.9 December 31, 2016 December 31, 2015, In September 2015, 2015 16, 805): December 15, 2016, third 2015, In August 2016, 2016 15, 230)." 2016 15 December 15, 2017, November 2016, 16 statement of cash flows. This guidance is also effective for fiscal years beginning after December 15, 2017, $29.2 $38.9 December 31, 2016 2015, In January 2017, 2017 01, 805): December 15, 2017, January 1, 2017, Reclassifications Reclassifications of certain amounts in the 2015 2014 2016 Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31, 2016 2015: 2016 2015 Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 In-place lease intangibles, net 70,907 99,836 Acquired above market lease intangibles, net 34,337 47,285 Mortgage and other escrow deposits 29,160 38,906 Prepaids, notes receivable and other assets, net 41,230 16,368 $ 266,556 $ 303,232 Deferred Lease Costs and Corporate Improvements Our deferred lease costs consist of salaries and related benefits, fees charged by SPG for salaries and related benefits incurred in connection with lease originations, and fees paid to third December 31, 2016 2015 2016 2015 Deferred lease costs $ 149,208 $ 164,693 Corporate improvements 4,085 3,829 Accumulated amortization (62,371 ) (67,685 ) Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated and combined statements of operations include amortization expense of $25.0 $27.2 $12.5 December 31, 2016, 2015 2014, Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We generally accrue minimum rents on a straight-line basis over the terms of their respective leases. A large number of our retail tenants tenant's We amortize any tenant tenant, A substantial portion of our leases require the tenant December 31, 2016 tenant tenant's tenants tenants Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant's tenant December 31, 2016, 2015 2014 For the Year Ended December 31, 2016 2015 2014 Balance, beginning of year $ 4,222 $ 4,570 $ 4,412 Provision for credit losses 4,508 2,022 2,332 Accounts written off, net of recoveries (152 ) (2,370 ) (2,174 ) Balance, end of year $ 8,578 $ 4,222 $ 4,570 Income and Other Taxes WPG Inc. has elected to be taxed as a REIT under Sections 856 860 90% 100% four We have also elected taxable REIT subsidiary ("TRS") status for some of WPG Inc.'s subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as "rents from real property." For the year ended December 31, 2016, $227 December 31, 2016 2015, $673 $0, A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may December 31, 2016 2015, $367 $0, December 31, 2016 2015, $306 $0, We are also subject to certain other taxes, including state and local taxes and franchise taxes, which are included in income and other taxes in the accompanying consolidated and combined statements of operations and comprehensive income (loss). For federal income tax purposes, the cash distributions paid to WPG Inc.'s common and preferred shareholders may The following characterizes distributions paid per common and preferred share on a tax basis for the years ended December 31, 2016, 2015 2014 May 28, 2014): 2016 2015 2014 $ % $ % $ % Common shares Ordinary income $ 0.6128 61.28 % $ 1.0000 100.00 % $ 0.4805 96.10 % Capital gain — — % — — % 0.0195 3.90 % Non-dividend distributions 0.3872 38.72 % — — % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 0.5000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ 0.5868 2.29 % N/A N/A Non-dividend distributions (2) — N/A 25.0000 97.71 % N/A N/A $ — N/A $ 25.5868 100.00 % N/A N/A Series H Preferred Shares (1) Ordinary income $ 1.4064 100.00 % $ 1.8752 100.00 % N/A N/A Series I Preferred Shares (1) Ordinary income $ 1.2891 100.00 % $ 1.7188 100.00 % N/A N/A (1) January 15, 2015. (2) April 15, 2015. Noncontrolling Interests for WPG Inc. Details of the carrying amount of WPG Inc.'s noncontrolling interests are as follows as of December 31, 2016 2015: 2016 2015 Limited partners' interests in WPG L.P. $ 168,264 $ 190,297 Noncontrolling interests in properties 1,104 1,082 Total noncontrolling interests $ 169,368 $ 191,379 Net income attributable to noncontrolling interests (which includes limited partners' interests in WPG L.P. and noncontrolling interests in consolidated properties) is a component of consolidated and combined net income of WPG Inc. Redeemable Noncontrolling Interests for WPG Inc. Redeemable non-controlling interests represent the underlying equity held by unaffiliated third 1 third The non-controlling interests in both the Arbor Hills Venture and the Oklahoma City Properties Venture are redeemable at the option of the holders under certain circumstances according to the terms of the respective joint venture agreements. These noncontrolling interests are presented as redeemable noncontrolling interests outside of permanent equity on the Company's consolidated balance sheets for the years ended December 31, 2016 2015. 3 fourth 2016 $5,464 |
Note 4 - Investment in Real Est
Note 4 - Investment in Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Summary Investment properties consisted of the following as of December 31, 2016 2015: 2016 2015 Land $ 905,960 $ 1,005,529 Buildings and improvements 5,299,427 5,569,268 Total land, buildings and improvements 6,205,387 6,574,797 Furniture, fixtures and equipment 89,241 81,403 Investment properties at cost 6,294,628 6,656,200 Less: accumulated depreciation 2,122,572 2,225,750 Investment properties at cost, net $ 4,172,056 $ 4,430,450 Construction in progress included above $ 49,214 $ 80,178 The Merger On January 15, 2015, 23 1 January 15, 2015 three March 31, 2016 2015 10 Investment properties $ 3,091,410 Cash and cash equivalents (1) 547,294 Tenant accounts receivable 14,311 Investment in and advances to unconsolidated real estate entities 21,994 Deferred costs and other assets (including intangibles) 370,079 Accounts payable, accrued expenses, intangibles, and deferred revenue (289,551 ) Distributions payable (2,658 ) Redeemable noncontrolling interests, including preferred units (5,795 ) Total assets acquired and liabilities assumed 3,747,084 Fair value of mortgage notes payable assumed (1,356,389 ) Net assets acquired 2,390,695 Less: Common shares issued (535,490 ) Less: Preferred shares issued (319,960 ) Less: Common operating partnership units issued to limited partners (29,482 ) Less: Cash and cash equivalents acquired (547,294 ) Net cash paid for acquisition $ 958,469 (1) Includes the proceeds from the Property Sale, net of the repayment of the $155.0 The consolidated balance sheet at December 31, 2016 June 1, 2015, 5 $72.3 December 31, 2016. $79.1 December 31, 2016. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in (loss) gain upon acquisition of controlling interests and on sale of interests in properties, net in the accompanying consolidated and combined statements of operations and comprehensive income (loss). We expense acquisition and potential acquisition costs related to business combinations and disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2016, 2015, 2014, 1 No acquisition activity occurred during the year ended December 31, 2016. December 31, 2015 2014 December 31, 2016 2014 2015 On January 13, 2015, $10.0 $5.5 2014 During 2014, Shopping Center Name Acquisition Date Location Percent Acquired Purchase Price (In Millions) Gain (In Millions) Whitehall Mall December 1, 2014 Whitehall, PA 50 % $ 14.9 $ 10.5 Clay Terrace June 20, 2014 Carmel, IN 50 % $ 22.9 $ 46.6 Seven Open-Air Shopping Centers June 18, 2014 Various Various $ 162.0 $ 42.3 We reflected the assets and liabilities of the above acquisition properties at the estimated fair value on the respective acquisition dates and recorded remeasurement gains on our previous investments as indicated in the table above. The following table summarizes the fair value allocations for the acquisitions, which were finalized during 2015: Investment properties $ 471,293 Deferred costs and other assets (including intangibles) 67,530 Mortgage notes payable (218,064 ) Accounts payable, accrued expenses, intangibles, and deferred revenue (39,866 ) Other liabilities (1,858 ) Net assets acquired 279,035 Noncontrolling interest (1,032 ) Prior net cash distributions and losses 20,895 Gain on pre-existing interest (99,375 ) Fair value of total consideration transferred 199,523 Less: Units issued (22,464 ) Less: Cash acquired (8,459 ) Net cash paid for acquisitions $ 168,600 On January 10, 2014, one three three $4.6 Two 2016 On November 10, 2016, $7.3 On August 19, 2016, $10.1 $3.9 $6.2 5.5% February 28, 2017, one six December 31, 2016, On January 29, 2016, $30 December 31, 2015. $10 $20 6% June 29, 2016, $4.4 six $15.6 balance was repaid in full on January 4, 2017. In connection with the dispositions above, the Company recorded a $2.0 December 31, 2016. On December 29, 2016, June 9, 2016 April 28, 2016, 6 2014 On July 17, 2014, $20.5 On June 23, 2014, $4.4 On February 28, 2014, one $0.2 May 28, 2014. In connection with the dispositions above, the Company recorded an $11.6 Intangible Assets and Liabilities Associated with Acquisitions Intangible assets and liabilities, which were recorded at the respective acquisition dates, are associated with the Company's acquisitions of properties at fair value. The gross intangibles recorded as of their respective acquisition date are comprised of an asset for acquired above-market leases in which the Company is the lessor, a liability for acquired below-market leases in which the Company is the lessor, a liability for an acquired above-market ground lease in which the Company is the lessee, and an asset for in-place leases. The following table denotes the gross carrying values of the respective intangibles as of December 31, 2016 2015: Balance as of Intangible Asset/Liability December 31, 2016 December 31, 2015 Above-market leases - Company is lessor $ 56,192 $ 62,900 Below-market leases - Company is lessor $ 145,064 $ 162,699 Above-market lease - Company is lessee $ 2,536 $ 2,536 In-place leases $ 134,516 $ 156,842 The intangibles related to above and below-market leases in which the Company is the lessor are amortized to minimum rents on a straight-line basis over the estimated life of the lease, with amortization as a net increase to minimum rents in the amounts of $9,930, $17,863, $809 December 31, 2016, 2015 2014, $78 $75 December 31, 2016 2015 none 2014). $24,269, $43,941, $8,094 December 31, 2016, 2015 2014, The table below identifies the types of intangible assets and liabilities, their location on the consolidated balance sheets, their weighted average amortization period, and their book value, which is net of accumulated amortization, as of December 31, 2016 2015: Balance as of Intangible Asset/Liability Location on the Consolidated Balance Sheets Weighted Average Remaining Amortization (in years) December 31, 2016 December 31, 2015 Above-market leases - Company is lessor Deferred costs and other assets 7.3 $ 34,337 $ 47,285 Below-market leases - Company is lessor Accounts payable, accrued expenses, intangibles and deferred revenues 13.5 $ 104,540 $ 131,854 Above-market lease - Company is lessee Accounts payable, accrued expenses, intangibles and deferred revenues 30.5 $ 2,383 $ 2,461 In-place leases Deferred costs and other assets 9.8 $ 70,907 $ 99,836 The net amortization of intangibles as an increase (decrease) to net income as of December 31, 2016 Above/Below-Market Leases-Lessor Above/Below-Market Leases-Lessee In-place Leases Total Net Intangible Amortization 2017 $ 5,618 $ 78 $ (17,264 ) $ (11,568 ) 2018 4,868 78 (11,364 ) (6,418 ) 2019 5,294 78 (9,558 ) (4,186 ) 2020 5,605 78 (7,376 ) (1,693 ) 2021 5,656 78 (3,898 ) 1,836 Thereafter 43,162 1,993 (21,447 ) 23,708 $ 70,203 $ 2,383 $ (70,907 ) $ 1,679 Impairment During the year ended December 31, 2016, November 10, 2016, $7.3 December 31, 2016, $9.0 $15 $27 first 2017 13 December 31, 2016. $21.9 December 31, 2016. 2016 During the year ended December 31, 2015, $138 January 29, 2016, August 19, 2016. During the third 2015, tenant September 30, 2015. $9.9 December 31, 2015. April 28, 2016 6 Condensed Pro Forma Financial Information (Unaudited) The results of operations of acquired properties are included in the consolidated and combined statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information is presented as if the Merger and the Property Sale described in Note 1 January 15, 2015, January 1, 2014. June 1, 2015 5 January 1, 2014. January 1, 2014: March 24, 2015 6 4,700,000 8.125% April 15, 2015 9 May 21, 2015 6 June 2015 June 4, 2015 6 December 2015 December 10, 2015 6 January 13, 2015 January 29, 2016 April 28, 2016 June 9, 2016 August 19, 2016 November 10, 2016 December 29, 2016 January 1, 2014, WPG Inc. Condensed Pro Forma Financial Information (Unaudited) The table below contains information related to the unaudited condensed pro forma financial information of WPG Inc. for the years ended December 31, 2015 2014 Year Ended December 31, Year Ended December 31, 2015 2014 Total revenues $ 874,338 $ 886,010 Net (loss) income attributable to the Company $ (60,876 ) $ 74,147 Net (loss) income attributable to common shareholders $ (75,024 ) $ 60,115 (Loss) earnings per common share-basic and diluted $ (0.40 ) $ 0.32 Weighted average shares outstanding-basic (in thousands) 185,342 185,031 Weighted average shares outstanding-diluted (in thousands) 219,708 219,528 WPG L.P. Condensed Pro Forma Financial Information (Unaudited) The table below contains information related to the unaudited condensed pro forma financial information of WPG L.P. for the year ended December 31, 2015 2014 Year Ended December 31, Year Ended December 31, 2015 2014 Total revenues $ 874,338 $ 886,010 Net (loss) income attributable to unitholders $ (74,734 ) $ 85,309 Net (loss) income attributable to common unitholders $ (88,882 ) $ 71,277 (Loss) earnings per common unit-basic and diluted $ (0.40 ) $ 0.32 Weighted average units outstanding-basic (in thousands) 219,708 219,402 Weighted average units outstanding-diluted (in thousands) 219,708 219,528 |
Note 5 - Investment In Unconsol
Note 5 - Investment In Unconsolidated Entities, At Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. The Company's investment activity in unconsolidated real estate entities for the years ended December 31, 2016 2015 • The O'Connor Joint Venture On June 1, 2015, third five $1.625 51% $432 $28.7 6 $4.2 December 31, 2015. During the year ended December 31, 2016, 25% third $4.4 $0.3 • The Seminole Joint Venture This investment consists of a 45% 1.1 22% December 31, 2016. • Other Joint Venture The Company also holds an indirect 12.5% third Individual agreements specify which services the Company is to provide to each joint venture. The Company, through its affiliates, may $6.7 $3.9 $0.4 December 31, 2016, 2015 2014, $2.5 $1.2 December 31, 2016 2015, one The results for the O'Connor Joint Venture are included below for the year ended December 31, 2016 June 1, 2015 December 31, 2015. The results for the joint venture that previously owned Clay Terrace, located in Carmel, Indiana, are included in the results below for the period from January 1, 2014 June 19, 2014. June 20, 2014, The results for the joint venture that previously owned seven January 1, 2014 June 17, 2014. June 18, 2014, The results for the joint venture that previously owned Whitehall Mall, located in Whitehall, Pennsylvania, are included in the results below for the period from January 1, 2014 November 30, 2014. December 1, 2014, The results for the Seminole Joint Venture are included below for all periods presented. The results for the Company's indirect 12.5% December 31, 2016 January 15, 2015 December 31, 2015. The following table presents the combined balance sheets for the unconsolidated joint venture properties for the periods indicated above during which the Company accounted for these investments as unconsolidated entities as of December 31, 2016 2015: December 31, 2016 2015 Assets: Investment properties at cost, net $ 1,641,170 $ 1,693,769 Construction in progress 21,084 55,529 Cash and cash equivalents 20,657 28,839 Tenant receivables and accrued revenue, net 19,056 29,297 Deferred costs and other assets (1) 135,313 154,406 Total assets $ 1,837,280 $ 1,961,840 Liabilities and Members’ Equity: Mortgage notes payable $ 875,811 $ 908,315 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 116,870 137,613 Total liabilities 992,681 1,045,928 Members’ equity 844,599 915,912 Total liabilities and members’ equity $ 1,837,280 $ 1,961,840 Our share of members’ equity, net $ 429,792 $ 461,227 (1) Includes value of acquired in-place leases and acquired above-market leases with a net book value of $93,634 $113,822 December 31, 2016 2015, (2) Includes the net book value of below market leases of $69,886 $86,584 December 31, 2016 2015, The following table presents the investment in and advances to (cash distributions and losses in) unconsolidated real estate entities for the periods indicated above during which the Company accounted for these investments as unconsolidated entities as of December 31, 2016 2015: December 31, 2016 2015 Our share of members’ equity, net $ 429,792 $ 461,227 Advances and excess investment 13,679 11,445 Net investment in and advances to unconsolidated real estate entities (1) $ 443,471 $ 472,672 (1) Includes $458,892 $488,071 December 31, 2016 2015, $15,421 $15,399 December 31, 2016 2015, The following table presents the combined statements of operations for the unconsolidated joint venture properties for the periods indicated above during which the Company accounted for these investments as unconsolidated entities for the years ended December 31, 2016, 2015 2014: For the Year Ended December 31, 2016 2015 2014 Total revenues $ 191,831 $ 127,263 $ 41,248 Operating expenses 78,685 53,204 15,291 Depreciation and amortization 78,972 48,876 9,649 Operating income 34,174 25,183 16,308 Gain on sale of interests in unconsolidated entities 1,014 — — Interest expense, taxes, and other, net (32,754 ) (20,135 ) (8,936 ) Net income from the Company's unconsolidated real estate entities $ 2,434 $ 5,048 $ 7,372 Our share of (loss) income from the Company's unconsolidated real estate entities $ (1,745 ) $ (1,247 ) $ 973 |
Note 6 - Indebtedness
Note 6 - Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Mortgage Debt Total mortgage indebtedness at December 31, 2016 2015 2016 2015 Face amount of mortgage loans $ 1,610,429 $ 1,782,103 Fair value adjustments, net 12,661 17,683 Debt issuance cost, net (5,010 ) (6,347 ) Carrying value of mortgage loans $ 1,618,080 $ 1,793,439 A roll forward of mortgage indebtedness from December 31, 2015 December 31, 2016 Balance at December 31, 2015 $ 1,793,439 Debt amortization payments (16,526 ) Debt borrowings, net 4,530 Debt cancelled upon lender foreclosures, net of debt issuance costs of $0.3 million (159,828 ) Amortization of fair value and other adjustments (5,022 ) Amortization of debt issuance costs 1,487 Balance at December 31, 2016 $ 1,618,080 The mortgage debt had weighted average interest and maturity of 4.98% 4.0 December 31, 2016 5.10% 4.4 December 31, 2015. December 31, 2016. 2016 On December 29, 2016, On October 1, 2016, one October 1, 2017. On June 9, 2016, On June 8, 2016, $65.0 "June 2016 June 2016 one 1.75% June 8, 2018, three one June 2016 may June 2016 $60.0 December 31, 2016, $64.6 $0.4 2.5%. On April 28, 2016, 2015 On December 30, 2015, January 1, 2018. January 1, 2016, 4.43% 3.17%. On October 1, 2015, first two one October 1, 2016. On July 31, 2015, $115.0 August 3, 2015, $24.5 On June 30, 2015, $20.0 On June 1, 2015, 5 $795.7 On May 21, 2015, $171.0 2015 $225.0 10 3.53%. $195.0 2015 $165.0 10 3.53%. $21.2 On March 27, 2015, $18.8 $13.9 On January 15, 2015, $1.4 14 On January 13, 2015, 4 $6.4 Unsecured Debt The Facility On May 15, 2014, $900 one 1.25%, May 30, 2018, two, six $500 one 1.45%, May 30, 2017, two, 12 13 July 6, 2016, $200.0 rate on a portion of the Term Loan at 2.04% August 1, 2018. may During 2016, $142.3 2016, $113.0 4 During 2015, $175.0 2015, $310.0 December 2015 At December 31, 2016, $308.0 $1.8 $500.0 December 31, 2016, $591.7 $0.3 December 31, 2016, one 1.25%, 2.02%, one 1.45%, 2.22%. Term Loans On December 10, 2015, $340.0 "December 2015 December 2015 one 1.80% January 2023. December 11, 2015, $340.0 December 2015 3.51% January 2023. December 2015 may December 2015 December 31, 2016, $336.9 $3.1 On June 4, 2015, $500.0 "June 2015 June 2015 one 1.45% March 2020. June 19, 2015, $500.0 July 6, 2015, June 2015 2.56% June 2018. June 2015 may June 2015 December 31, 2016, $497.6 $2.4 Bridge Loan On September 16, 2014, September 23, 2014 $1.25 January 14, 2016, 364 On January 15, 2015, $1.19 2015. The Company incurred $10.4 $10.4 December 31, 2015. Notes Payable On March 24, 2015, $250.0 3.850% 0.028% April 1, 2020. $248.4 On October 21, 2015, $250.0 3.850% 1933 October 21, 2015, $250.0 $250.0 tendered As of December 31, 2016, $247.6 $2.4 Covenants Our unsecured debt agreements contain financial and other covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of December 31, 2016, The total balance of mortgages was approximately $1.6 December 31, 2016. December 31, 2016, 30 one one 36 two six may may two On June 30, 2016, $87.3 June 1, 2016 On June 6, 2016, June 3, 2016, $101.5 June 1, 2016 October 27, 2016, On August 8, 2016, August 4, 2016, $44.9 January 11, 2016 December 29, 2016, On October 8, 2015, October 5, 2015, $52.9 September 1, 2015 May 25, 2016, 100% June 9, 2016. July 31, 2016. On October 30, 2015, $62.4 February 1, 2017 October 2015 April 21, 2016, April 28, 2016. Upon the ownership transfers of River Valley Mall, Merritt Square Mall, and Chesapeake Square, the Company recognized a net gain of $34.6 $160.1 December 31, 2016. At December 31, 2016, December 31, 2016. Debt Maturity and Cash Paid for Interest Scheduled principal repayments on indebtedness (including extension options) as of December 31, 2016 2017 $ 346,050 2018 39,032 2019 968,309 2020 846,710 2021 273,354 Thereafter 1,034,974 Total principal maturities 3,508,429 Bond Discount (47 ) Fair value adjustments, net 12,661 Debt issuance costs, net (14,639 ) Total mortgages and unsecured indebtedness $ 3,506,404 Cash paid for interest for the years ended December 31, 2016, 2015 2014 $125,999, $124,646 $81,607, Fair Value of Debt The carrying values of our variable-rate loans approximate their fair values. We estimate the fair values of fixed-rate mortgages and fixed rate unsecured debt (including variable-rate unsecured debt swapped to fixed-rate) using cash flows discounted at current borrowing rates. The book value and fair value of these financial instruments along with the related discount rate assumptions as of December 31, 2016 2015 2016 2015 Book value of fixed- rate mortgages (1) $ 1,359,329 $ 1,596,003 Fair value of fixed-rate mortgages $ 1,403,103 $ 1,675,035 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.79 % 3.42 % Book value of fixed-rate unsecured debt (1) $ 1,290,000 $ 1,090,000 Fair value of fixed-rate unsecured debt $ 1,261,858 $ 1,068,724 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 2.86 % 1.91 % (1) Excludes deferred financing fees and applicable debt discounts. |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments related to the Company's borrowings. Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives the Company primarily uses interest rate swaps or caps as part of its interest rate risk management strategy. Interest rate swaps 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 exchange of the underlying notional amount. The Company may The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income ("OCI") or other comprehensive loss (“OCL”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in accumulated other comprehensive income ("AOCI") during the term of the hedged debt transaction. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company recognized $288 $193 December 31, 2016 December 31, 2015, no December 31, 2014. Amounts reported in AOCI relate to derivatives that will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCL are recognized as an adjustment to income over the term of the hedged debt transaction. During the next twelve $2.4 During the year ended December 31, 2016, three two one December 31, 2016, 15 $1,139,600. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2016 2015: Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2016 December 31, 2015 Interest rate products Asset Derivatives Deferred costs and other assets $ 5,754 $ 1,658 Interest rate products Liability Derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ 2 $ 152 The asset derivative instruments were reported at their fair value of $5,754 $1,658 December 31, 2016 2015, $2 $152 December 31, 2016 2015, December 31, 2014. The table below presents the effect of the Company's derivative financial instruments on the consolidated and combined statements of operations and comprehensive income (loss) for the years ended December 31, 2016 2015: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended Year Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Interest rate products $ (3,580 ) $ (429 ) Interest expense $ 7,381 $ 2,466 Interest expense $ 288 $ 193 Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision that if the Company either defaults or is capable of being declared in default on any of its consolidated indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with its derivative counterparties that incorporate the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of December 31, 2016, $189. December 31, 2016, December 31, 2016, $189. Fair Value Considerations Currently, the Company uses interest rate swaps and caps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. Based on these inputs the Company has determined that its interest rate swap and cap valuations are classified within Level 2 To comply with the provisions of Topic 820, Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 3 December 31, 2016 2015, 2 The tables below presents the Company’s net assets and liabilities measured at fair value as of December 31, 2016 2015 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2016 Derivative instruments, net $ — $ 5,752 $ — $ 5,752 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Derivative instruments, net $ — $ 1,506 $ — $ 1,506 |
Note 8 - Rentals Under Operatin
Note 8 - Rentals Under Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Operating Leases of Lessor Disclosure [Text Block] | 8. Future minimum rentals to be received under non-cancelable operating leases for each of the next five tenant tenant December 31, 2016 2017 $ 488,504 2018 418,114 2019 346,428 2020 278,289 2021 214,961 Thereafter 584,446 $ 2,330,742 |
Note 9 - Equity
Note 9 - Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. The Separation Prior to the May 28, 2014 1 2 May 28, 2014, 155,162,597 31,575,487 The Merger Related to the Merger completed on January 15, 2015, 29,942,877 4,700,000 8.125% 4,000,000 7.5% 3,800,000 6.875% 1,621,695 130,592 7.3% 1 1 On April 15, 2015, 4,700,000 $25.00 $0.5868 $25.5868 first $0.5078 February 24, 2015 March 31, 2015. $120.3 Exchange Rights Subject to the terms of the limited partnership agreement of WPG L.P., limited partners in WPG L.P. have, at their option, the right to exchange all or any portion of their units for shares of common stock on a one one December 31, 2016, 35,127,735 The holders of the Series I- 1 1 Share Based Compensation On May 28, 2014, 2014 10,000,000 500,000 may May 28, 2024. Long Term Incentive Awards Time Vested LTIP Awards The Company has issued time-vested LTIP units ("Inducement LTIP Units") to certain executive officers and employees under the Plan, pursuant to LTIP Unit Award Agreements between the Company and each of the grant recipients. These awards will vest and the related fair value will be expensed over a four December 31, 2016, not During the years ended December 31, 2015 2014, 203,215 283,610 The Inducement LTIP Units vest and the related fair value will be expensed over a four $8.4 December 31, 2016, $1.0 2.0 A summary of the Inducement LTIP Units and changes during the year ended December 31, 2016 Activity for the Year Ended December 31, 2016 Inducement LTIP Units Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 264,808 $ 18.09 Units granted — $ — Units vested (189,755 ) $ 18.07 Outstanding unvested at end of year 75,053 $ 18.16 Performance Based Awards 2015 During 2015, 718 304,818 The Performance LTIP Units that were allocated during the year ended December 31, 2015 may 0% 100% 2015 December 31, 2016 ("2015 December 31, 2017 ("2015 December 31, 2018 ("2015 2015 2016. 2014 During 2014, 451,017 The number of Performance LTIP Units earned in respect of each performance period will be determined as a percentage of the maximum, based on the Company's achievement of absolute and relative (versus the MSCI REIT Index) TSR goals, with 40% 60% The Performance LTIP Units that were issued during the year ended December 31, 2014 may 0% 100% 2014 December 31, 2015 ("2014 December 31, 2016 ("2014 December 31, 2017 ("2014 2014 2014 2015 2016, Vesting The Performance LTIP awards that are earned, if any, will then be subject to a service-based vesting period. The vesting date would be January 15, 2018 2015 2015 Awards earned under the 2014 The fair value of the Performance LTIP Unit awards was estimated using a Monte Carlo simulation model and compensation is being recognized ratably from the beginning of the service period through the applicable vesting date performance period. The total amount of compensation to recognized over the performance period, and the assumptions used to value the grants is provided below: 2015 2014 Fair value per share of Performance LTIP Units $ 7.28 $ 9.27 Total amount to be recognized over the performance period $ 2,218 $ 4,182 Risk free rate 1.04 % 1.11 % Volatility 25.96 % 28.88 % Dividend yield 6.43 % 5.20 % As of December 31, 2016, $256. 1.1 Annual Long-Term Incentive Awards During 2016, 2016 "2016 30% 100% 15 2016. 2016 50% 50% 2016 2017 one third January 1, 2018, 2019 2020. May 17, 2016 2017 100% During 2015, 2015 "2015 30% 300% 15 2015. 2015 40% 60% 2015; 40% December 31, 2016, 323,417 2015 108,118 one third January 1, 2017, 2018 2019. 94,106 121,193 The 2016 2015 2016 2015 2016 2015 Fair value per share of Allocated RSUs/Units $ 3.81 $ 7.07 Total amount to be recognized over the performance period $ 2,516 $ 4,656 Risk free rate 0.44 % 0.20 % Volatility 31.40 % 22.66 % Dividend yield 10.05 % 6.03 % WPG Restricted Share Awards As part of the Merger, unvested restricted shares held by certain GRT executive employees, which had an original vesting period of five 1,039,785 The amount of compensation expense related to unvested restricted shares that we expect to recognize in future periods is $0.8 1.6 December 31, 2016 $9.6 A summary of the status of the WPG Restricted Shares at December 31, 2016 Activity for the Year Ended December 31, 2016 Restricted Shares Weighted Average Grant Date Fair Value Outstanding at beginning of year 926,964 $ 18.18 Shares granted — $ — Shares vested/forfeited (776,385 ) $ 18.18 Outstanding at end of year 150,579 $ 18.18 The weighted average grant date fair value of restricted shares granted during the years ended December 31, 2016, 2015 2014 $0, $18.18, $0, December 31, 2016, 2015 2014 $14,115, $2,051, $0, WPG Restricted Stock Unit Awards The Company issues restricted stock units ("RSUs") to certain executive officers, employees, and non-employee directors of the Board. During the years ended December 31, 2016, 2015 2014, 518,112, 82,203 49,520 518,112 2016, 284,483 $3.3 October 2016. The amount of compensation related to the unvested RSUs that we expect to recognize in future periods is $6.0 2.6 A summary of the status of the WPG RSUs at December 31, 2016 Activity for the Year Ended December 31, 2016 RSUs Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 95,607 $ 14.92 RSUs granted 518,112 $ 11.48 RSUs vested/forfeited (108,877 ) $ 13.03 Outstanding unvested at end of year 504,842 $ 11.80 The weighted average grant date fair value of RSUs granted during the years ended December 31, 2016, 2015 2014 $11.48, $13.62, $19.01, December 31, 2016, 2015 2014 $1,082, $628, $0, Stock Options Options granted under the Company's Plan generally vest over a three 33.3% first As part of the Merger, outstanding stock options held by certain former GRT employees and one 1,125,014 393,000 December 31, 2015. December 31, 2015 $2.63. no December 31, 2014. A summary of the status of the Company's option plans at December 31, 2016 Activity for the Year Ended December 31, 2016 Stock Options Weighted Average Grant Date Fair Value Outstanding at beginning of year 1,145,181 $ 2.48 Options granted 247,500 $ 0.62 Options exercised (53,080 ) $ 6.53 Options forfeited/expired (362,025 ) $ 1.27 Outstanding at end of year 977,576 $ 2.24 The fair value of each option grant was the date of the grant using the Black-Scholes options pricing mode. The weighted average per share value of options granted as well as the assumptions used to value the grants is listed below: 2016 2015 Weighted average per share value of options granted/converted $ 0.62 $ 2.63 Weighted average risk free rates 1.4 % 1.0 % Expected average lives in years 6.0 3.8 Annual dividend rates $ 1.00 $ 1.00 Weighted average volatility 28.3 % 22.1 % Forfeiture rate 10 % 10 % The following table summarizes information regarding the options outstanding at December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $34.80 34,452 0.2 $ 34.80 34,452 0.2 $ 34.80 $13.96 25,252 1.2 $ 13.96 25,252 1.2 $ 13.96 $1.79 7,282 2.2 $ 1.79 7,282 2.2 $ 1.79 $5.76 29,489 3.2 $ 5.76 29,489 3.2 $ 5.76 $11.97 55,071 4.3 $ 11.97 55,071 4.3 $ 11.97 $12.67 83,235 5.4 $ 12.67 83,235 5.4 $ 12.67 $16.56 138,681 6.4 $ 16.56 138,681 6.4 $ 16.56 $13.10 - $13.84 108,114 7.4 $ 13.15 108,114 7.4 $ 13.15 $14.28 283,500 8.4 $ 14.28 94,501 8.4 $ 14.28 $9.95 212,500 9.4 $ 9.95 — 977,576 7.0 $ 13.64 576,077 5.7 $ 14.78 The following table summarizes the aggregate intrinsic value of options that are: outstanding, exercisable and exercised. It also depicts the fair value of options that have vested. For the Year Ended December 31, 2016 Aggregate intrinsic value of options outstanding $ 298 Aggregate intrinsic value of options exercisable $ 200 Aggregate intrinsic value of options exercised $ 163 Aggregate fair value of options vested $ 191 The aggregate intrinsic value of options that exercised and the aggregate fair value of options that vested during the year ended December 31, 2015 $982 $3,380, Share Award Related Compensation Expense During the years ended December 31, 2016, 2015 2014, For the Year Ended December 31, 2016 2015 2014 Merger, restructuring and transaction costs $ 9.5 $ 4.0 $ — General and administrative 4.6 10.1 1.8 Total expense $ 14.1 $ 14.1 $ 1.8 Distributions During the years ended December 31, 2016 2015, $ 1.00 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Litigation We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. Lease Commitments As of December 31, 2016, seven 2021 2076. December 31, 2016, 2015 2014 $4,318, $6,874 $2,836, Future minimum lease payments due under these ground leases for each of the next five December 31, 2016 2017 $ 3,516 2018 3,542 2019 3,542 2020 3,542 2021 3,538 Thereafter 119,556 $ 137,236 Concentration of Credit Risk Our properties rely heavily upon anchor or major tenants tenant 5% |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Transactions with SPG As described in Note 1 2 For periods prior to the separation, a fee has been charged to each of the properties in the combined financial statements for certain centralized SPG costs for activities such as common costs for management and other services, national advertising and promotion programs, consulting, accounting, legal, marketing and management information systems. In addition, certain commercial general liability and property damage insurance was provided to the properties by an indirect subsidiary of SPG. In connection with the separation, SPG managed the day-to-day operations of our legacy SPG enclosed retail properties through February 29, 2016 May 31, 2016. May 31, 2016, December 31, 2015, March 1, 2016. May 31, 2016, Charges for properties which are consolidated and combined for the years ended December 31, 2016, 2015 2014 For the Year Ended December 31, 2016 2015 2014 Property management and common costs, services and other $ 8,791 $ 23,302 $ 20,685 Insurance premiums $ — $ 9,076 $ 9,150 Advertising and promotional programs $ 102 $ 812 $ 1,030 Capitalized leasing and development fees $ 3,166 $ 9,841 $ 9,827 Charges for unconsolidated properties for the years ended December 31, 2016, 2015 2014 For the Year Ended December 31, 2016 2015 2014 Property management costs, services and other $ 196 $ 816 $ 2,193 Insurance premiums $ — $ 12 $ 129 Advertising and promotional programs $ 6 $ 46 $ 50 Capitalized leasing and development fees $ 23 $ 55 $ 207 As of December 31, 2016, December 31, 2015, $3,455 In connection with and as part of WPG's post-Merger integration efforts, WPG terminated the transition services agreement, all applicable property management agreements with SPG, and the property development agreement except for certain limited ongoing development projects, effective May 31, 2016. |
Note 12 - Earning (Loss) Per Co
Note 12 - Earning (Loss) Per Common Share/Unit | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. WPG Inc. Earnings (Loss) Per Common Share We determine WPG Inc.'s basic earnings (loss) per common share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two The following table sets forth the computation of WPG Inc.'s basic and diluted earnings (loss) per common share: For the Year Ended December 31, 2016 2015 2014 Earnings (Loss) Per Common Share, Basic: Net income (loss) attributable to common shareholders - basic $ 53,099 $ (101,286 ) $ 170,029 Weighted average shares outstanding - basic 185,633,582 184,195,769 155,162,597 Earnings (Loss) per common share, basic $ 0.29 $ (0.55 ) $ 1.10 Earnings (Loss) Per Common Share, Diluted: Net income (loss) attributable to common shareholders - basic $ 53,099 $ (101,286 ) $ 170,029 Net income (loss) attributable to common unitholders 10,034 (19,340 ) 35,426 Net income (loss) attributable to common shareholders - diluted $ 63,133 $ (120,626 ) $ 205,455 Weighted average common shares outstanding - basic 185,633,582 184,195,769 155,162,597 Weighted average operating partnership units outstanding 34,304,109 34,303,804 32,202,440 Weighted average additional dilutive securities outstanding 803,805 — 125,907 Weighted average common shares outstanding - diluted 220,741,496 218,499,573 187,490,944 Earnings (loss) per common share, diluted $ 0.29 $ (0.55 ) $ 1.10 For the years ended December 31, 2016, 2015 2014, December 31, 2015, WPG L.P. Earnings (Loss) Per Common Unit We determine WPG L.P.'s basic earnings (loss) per common unit based on the weighted average number of common units outstanding during the period and we consider any participating securities for purposes of applying the two The following table sets forth the computation of WPG L.P.'s basic and diluted earnings (loss) per common unit: For the Year Ended December 31, 2016 2015 2014 Earnings (loss) Per Common Unit, Basic and Diluted: Net income (loss) attributable to common unitholders - basic and diluted $ 63,133 $ (120,626 ) $ 205,455 Weighted average common units outstanding - basic 219,937,691 218,499,573 187,365,037 Weighted average additional dilutive securities outstanding 803,805 — 125,907 Weighted average shares outstanding - diluted 220,741,496 218,499,573 187,490,944 Earnings (loss) per common unit, basic and diluted $ 0.29 $ (0.55 ) $ 1.10 For the years ended December 31, 2016, 2015 2014, December 31, 2015, |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On January 10, 2017, $9 On February 21, 2017, $42 On February 21, 2017, $0.25 March 15, 2017 March 8, 2017. |
Note 14 - Quarterly Financial D
Note 14 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. Quarterly 2016 2015 may First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Total revenue $ 210,031 $ 205,738 $ 209,922 $ 217,784 Operating income $ 55,378 $ 25,835 $ 38,425 $ 65,355 Net income $ 13,681 $ 24,737 $ 5,183 $ 33,815 Washington Prime Group Inc.: Net income attributable to the Company $ 12,022 $ 21,315 $ 4,870 $ 28,924 Net income attributable to common shareholders $ 8,514 $ 17,807 $ 1,362 $ 25,416 Earnings per common share—basic and diluted $ 0.05 $ 0.10 $ 0.01 $ 0.13 Washington Prime Group, L.P.: Net income attributable to unitholders $ 13,687 $ 24,745 $ 5,187 $ 33,786 Net income attributable to common unitholders $ 10,119 $ 21,177 $ 1,619 $ 30,218 Earnings per common unit—basic and diluted $ 0.05 $ 0.10 $ 0.01 $ 0.13 2015 Total revenue $ 237,718 $ 237,528 $ 216,739 $ 229,371 Operating income (loss) $ 27,755 $ 44,806 $ 38,274 $ (77,100 ) Net (loss) income $ (9,588 ) $ 8,944 $ 8,128 $ (111,606 ) Washington Prime Group Inc.: Net (loss) income attributable to the Company $ (7,292 ) $ 7,896 $ 7,565 $ (93,466 ) Net (loss) income attributable to common shareholders $ (12,270 ) $ 3,901 $ 4,057 $ (96,974 ) (Loss) earnings per common share—basic and diluted $ (0.07 ) $ 0.02 $ 0.02 $ (0.52 ) Washington Prime Group, L.P.: Net (loss) income attributable to unitholders $ (9,585 ) $ 8,941 $ 8,146 $ (111,910 ) Net (loss) income attributable to common unitholders $ (14,613 ) $ 4,886 $ 4,638 $ (115,537 ) (Loss) earnings per common unit—basic and diluted $ (0.07 ) $ 0.02 $ 0.02 $ (0.52 ) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | SCHEDULE III Washington Prime Group Inc. and Washington Prime Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (dollars in thousands) Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Enclosed Retail Properties Anderson Mall Anderson, SC $ 18,981 $ 1,712 $ 15,227 $ 851 $ 20,502 $ 2,563 $ 35,729 $ 38,292 $ 21,210 1972 Arbor Hills Ann Arbor, MI 25,498 8,564 40,368 — 670 8,564 41,038 49,602 2,750 2015 Arboretum, The Austin, TX — 7,640 36,774 71 14,072 7,711 50,846 58,557 24,856 1998 Ashland Town Center Ashland, KY 38,440 13,462 68,367 — 1,731 13,462 70,098 83,560 6,264 2015 Bowie Town Center Bowie (Wash, D.C.), MD — 2,479 60,322 235 10,025 2,714 70,347 73,061 35,633 2001 Boynton Beach Mall Boynton Beach (Miami), FL — 22,240 78,804 4,666 30,855 26,906 109,659 136,565 66,509 1996 Brunswick Square East Brunswick (New York), NJ 73,791 8,436 55,838 — 34,028 8,436 89,866 98,302 52,364 1996 Charlottesville Fashion Square Charlottesville, VA 47,878 — 54,738 — 18,498 — 73,236 73,236 39,228 1997 Chautauqua Mall Lakewood, NY — 3,116 9,641 — 16,971 3,116 26,612 29,728 16,108 1996 Chesapeake Square Theater Chesapeake (VA Beach), VA — 628 9,536 — (738 ) 628 8,798 9,426 1,554 1996 Clay Terrace Carmel (Indianapolis), IN — 39,030 115,207 — 4,316 39,030 119,523 158,553 12,195 2014 Colonial Park Mall Harrisburg, PA — 9,143 30,347 — 1,201 9,143 31,548 40,691 4,522 2015 Cottonwood Mall Albuquerque, NM 100,772 10,122 69,958 — 6,910 10,122 76,868 86,990 46,123 1996 Dayton Mall Dayton, OH 82,000 10,899 160,723 — 3,085 10,899 163,808 174,707 11,676 2015 Edison Mall Fort Myers, FL — 11,529 107,350 — 31,086 11,529 138,436 149,965 73,306 1997 Grand Central Mall Parkersburg, WV 41,149 18,956 89,736 — 1,758 18,956 91,494 110,450 10,336 2015 Great Lakes Mall Mentor (Cleveland), OH — 12,302 100,362 — 39,327 12,302 139,689 151,991 71,407 1996 Indian Mound Mall Newark, OH — 7,109 19,205 — 2,718 7,109 21,923 29,032 2,266 2015 Irving Mall Irving (Dallas), TX — 6,737 17,479 2,533 42,340 9,270 59,819 69,089 39,467 1971 Jefferson Valley Mall Yorktown Heights (New York), NY — 4,868 30,304 — 61,816 4,868 92,120 96,988 43,324 1983 Lima Mall Lima, OH — 7,659 35,338 — 15,743 7,659 51,081 58,740 29,563 1996 Lincolnwood Town Center Lincolnwood (Chicago), IL 50,633 7,834 63,480 — 7,865 7,834 71,345 79,179 52,095 1990 Lindale Mall Cedar Rapids, IA — 14,106 58,286 — 13,748 14,106 72,034 86,140 16,470 1998 Longview Mall Longview, TX — 259 3,567 124 22,876 383 26,443 26,826 9,386 1978 Malibu Lumber Yard Malibu, CA — — 38,741 — 122 — 38,863 38,863 2,352 2015 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Mall at Fairfield Commons, The Beavercreek, OH — 18,194 175,426 — 15,630 18,194 191,056 209,250 15,399 2015 Maplewood Mall St. Paul (Minneapolis), MN — 17,119 80,758 — 25,148 17,119 105,906 123,025 46,327 2002 Markland Mall Kokomo, IN — — 7,568 — 19,096 — 26,664 26,664 15,258 1968 Melbourne Square Melbourne, FL — 15,762 55,891 4,160 39,346 19,922 95,237 115,159 48,057 1996 Mesa Mall Grand Junction, CO 87,250 12,784 80,639 — 3,224 12,784 83,863 96,647 21,478 1998 Morgantown Mall Morgantown, WV — 10,219 77,599 — 1,153 10,219 78,752 88,971 7,248 2015 Muncie Mall Muncie, IN 35,326 172 5,776 52 29,324 224 35,100 35,324 22,906 1970 New Towne Mall New Philadelphia, OH — 3,172 33,112 — 5,487 3,172 38,599 41,771 3,934 2015 Northtown Mall Blaine, MN — 18,603 57,341 — 4,469 18,603 61,810 80,413 6,701 2015 Northwoods Mall Peoria, IL — 1,185 12,779 2,164 39,743 3,349 52,522 55,871 36,418 1983 Oak Court Mall Memphis, TN 38,371 15,673 57,304 — 10,595 15,673 67,899 83,572 48,689 1997 Oklahoma City Properties Oklahoma City, OK — 18,195 37,161 — 3,846 18,195 41,007 59,202 4,468 2015 Orange Park Mall Orange Park (Jacksonville), FL — 12,998 65,121 — 42,680 12,998 107,801 120,799 64,775 1994 Outlet Collection ® | Seattle, The Auburn (Seattle), WA 86,500 38,751 107,094 — 4,210 38,751 111,304 150,055 11,031 2015 Paddock Mall Ocala, FL — 11,198 39,727 — 22,703 11,198 62,430 73,628 32,193 1996 Port Charlotte Town Center Port Charlotte, FL 44,021 5,471 58,570 — 16,294 5,471 74,864 80,335 47,069 1996 Rolling Oaks Mall San Antonio, TX — 1,929 38,609 — 14,119 1,929 52,728 54,657 36,087 1988 Rushmore Mall Rapid City, SD 94,000 18,839 67,364 — 14,462 18,839 81,826 100,665 23,040 1998 Southern Hills Mall Sioux City, IA 101,500 15,025 75,984 — 1,088 15,025 77,072 92,097 20,092 1998 Southern Park Mall Youngstown, OH — 16,982 77,767 97 33,167 17,079 110,934 128,013 62,418 1996 Sunland Park Mall El Paso, TX — 2,896 28,900 — 9,944 2,896 38,844 41,740 29,452 1988 Town Center at Aurora Aurora (Denver), CO 54,250 9,959 56,832 (12 ) 56,924 9,947 113,756 123,703 72,478 1998 Towne West Square Wichita, KS 47,051 972 21,203 22 13,518 994 34,721 35,715 24,602 1980 Valle Vista Mall Harlingen, TX 40,000 1,398 17,159 329 19,578 1,727 36,737 38,464 26,909 1983 Waterford Lakes Town Center Orlando, FL — 8,679 72,836 — 23,392 8,679 96,228 104,907 54,626 1999 Weberstown Mall Stockton, CA 65,000 9,909 92,589 — 3,422 9,909 96,011 105,920 7,214 2015 West Ridge Mall Topeka, KS 41,413 5,453 34,148 1,168 25,315 6,621 59,463 66,084 38,848 1988 Westminster Mall Westminster (Los Angeles), CA 81,468 43,464 84,709 — 37,137 43,464 121,846 165,310 61,035 1998 WestShore Plaza Tampa, FL 99,600 53,904 120,191 — 3,041 53,904 123,232 177,136 9,243 2015 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Community Centers — Bloomingdale Court Bloomingdale (Chicago), IL — 8,422 26,184 — 17,740 8,422 43,924 52,346 26,638 1987 Bowie Town Center Strip Bowie (Wash, D.C.), MD — 231 4,597 — 695 231 5,292 5,523 2,390 2001 Canyon View Marketplace Grand Junction, CO 5,390 1,370 9,570 — 88 1,370 9,658 11,028 852 2015 Charles Towne Square Charleston, SC — — 1,768 370 10,890 370 12,658 13,028 11,644 1976 Chesapeake Center Chesapeake (Virginia Beach), VA — 4,410 11,241 — 994 4,410 12,235 16,645 9,174 1996 Concord Mills Marketplace Concord (Charlotte), NC 16,000 8,036 21,167 — 510 8,036 21,677 29,713 4,019 2007 Countryside Plaza Countryside (Chicago), IL — 332 8,507 2,554 11,270 2,886 19,777 22,663 12,128 1977 Dare Centre Kill Devil Hills, NC — — 5,702 — 2,200 — 7,902 7,902 3,443 2004 DeKalb Plaza King of Prussia (Philadelphia), PA — 1,955 3,405 — 824 1,955 4,229 6,184 2,502 2003 Empire East Sioux Falls, SD — 3,350 10,552 — 2,728 3,350 13,280 16,630 2,619 1998 Fairfax Court Fairfax (Wash, D.C.), VA — 8,078 34,997 — 830 8,078 35,827 43,905 3,548 2014 Fairfield Town Center Houston, TX — 4,745 5,044 (2,504 ) 14,340 2,241 19,384 21,625 127 2014 Forest Plaza Rockford, IL 16,544 4,132 16,818 453 15,602 4,585 32,420 37,005 18,701 1985 Gaitway Plaza Ocala, FL — 5,445 26,687 — 1,793 5,445 28,480 33,925 3,834 2014 Gateway Centers Austin, TX — 24,549 81,437 — 20,703 24,549 102,140 126,689 43,377 2004 Greenwood Plus Greenwood (Indianapolis), IN — 1,129 1,792 — 4,777 1,129 6,569 7,698 4,257 1979 Henderson Square King of Prussia (Philadelphia), PA 12,155 4,223 15,124 — 948 4,223 16,072 20,295 6,373 2003 Keystone Shoppes Indianapolis, IN — — 4,232 2,118 4,009 2,118 8,241 10,359 3,546 1997 Lake Plaza Waukegan (Chicago), IL — 2,487 6,420 — 1,763 2,487 8,183 10,670 5,298 1986 Lake View Plaza Orland Park (Chicago), IL — 4,702 17,543 — 17,055 4,702 34,598 39,300 20,880 1986 Lakeline Plaza Cedar Park (Austin), TX 15,499 5,822 30,875 — 10,274 5,822 41,149 46,971 22,487 1998 Lima Center Lima, OH — 1,781 5,151 — 9,739 1,781 14,890 16,671 8,978 1996 Lincoln Crossing O'Fallon (St. Louis), IL — 674 2,192 — 9,172 674 11,364 12,038 2,141 1990 MacGregor Village Cary, NC — 502 8,891 — 1,109 502 10,000 10,502 3,448 2004 Mall of Georgia Crossing Buford (Atlanta), GA 23,197 9,506 32,892 — 2,100 9,506 34,992 44,498 18,982 1999 Markland Plaza Kokomo, IN — 206 738 — 7,825 206 8,563 8,769 4,942 1974 Martinsville Plaza Martinsville, VA — — 584 — 487 — 1,071 1,071 934 1967 Matteson Plaza Matteson (Chicago), IL — 1,771 9,737 — (46 ) 1,771 9,691 11,462 9,124 1988 Morgantown Commons Morgantown, WV — 4,850 13,076 — (664 ) 4,850 12,412 17,262 870 2015 Muncie Towne Plaza Muncie, IN 6,443 267 10,509 87 3,576 354 14,085 14,439 7,405 1998 North Ridge Shopping Center Raleigh, NC 12,264 385 12,826 — 4,897 385 17,723 18,108 5,615 2004 Northwood Plaza Fort Wayne, IN — 148 1,414 — 3,175 148 4,589 4,737 2,793 1974 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Palms Crossing McAllen, TX 35,461 13,496 45,925 — 10,669 13,496 56,594 70,090 22,337 2007 Plaza at Buckland Hills, The Manchester, CT — 17,355 43,900 — (938 ) 17,355 42,962 60,317 3,735 2014 Richardson Square Richardson (Dallas), TX — 6,285 — 990 15,124 7,275 15,124 22,399 4,896 1996 Rockaway Commons Rockaway (New York), NJ — 5,149 26,435 — 15,459 5,149 41,894 47,043 16,536 1998 Rockaway Town Plaza Rockaway (New York), NJ — — 18,698 2,227 4,743 2,227 23,441 25,668 8,491 2004 Royal Eagle Plaza Coral Springs (Miami), FL — 2,153 24,216 — 2,713 2,153 26,929 29,082 3,567 2014 Shops at Arbor Walk, The Austin, TX 40,078 — 42,546 — 5,850 — 48,396 48,396 18,058 2006 Shops at North East Mall, The Hurst (Dallas), TX — 12,541 28,177 402 6,483 12,943 34,660 47,603 22,621 1999 St. Charles Towne Plaza Waldorf (Wash, D.C.), MD — 8,216 18,993 — 9,271 8,216 28,264 36,480 15,725 1987 Tippecanoe Plaza Lafayette, IN — — 745 234 5,577 234 6,322 6,556 4,248 1974 University Center Mishawaka, IN — 2,119 8,365 — 4,134 2,119 12,499 14,618 9,980 1996 University Town Plaza Pensacola, FL — 6,009 26,945 (397 ) 3,312 5,612 30,257 35,869 7,350 2013 Village Park Plaza Carmel (Indianapolis), IN — 19,565 51,873 — 650 19,565 52,523 72,088 7,574 2014 Washington Plaza Indianapolis, IN — 263 1,833 — 2,781 263 4,614 4,877 3,992 1996 West Ridge Plaza Topeka, KS 10,353 1,376 4,560 — 4,546 1,376 9,106 10,482 4,728 1988 West Town Corners Altamonte Springs (Orlando), FL — 6,821 24,603 — 2,501 6,821 27,104 33,925 3,198 2014 Westland Park Plaza Orange Park (Jacksonville), FL — 5,576 8,775 — (186 ) 5,576 8,589 14,165 1,090 2014 White Oaks Plaza Springfield, IL 12,887 3,169 14,267 292 9,061 3,461 23,328 26,789 11,997 1986 Whitehall Mall Whitehall, PA 9,266 8,500 28,512 — 3,049 8,500 31,561 40,061 3,712 2014 Wolf Ranch Georgetown (Austin), TX — 21,999 51,547 — 14,126 21,999 65,673 87,672 27,261 2005 Corporate Assets — Corporate Investment in Real Estate Assets Columbus, OH — — 2,103 — (2,400 ) — (297 ) (297 ) (17 ) 2015 Developments In Progress — Fairfield Town Center Houston, TX — — — — — 5,047 20,373 25,420 The Mall at Fairfield Commons Beavercreek, OH — — — — — — 1,722 1,722 — Oklahoma City Properties - Kensington Oklahoma City, OK — — — — — 2,132 — 2,132 — Other Developments — — — — — 3,660 15,279 18,939 — $ 1,610,429 $ 871,835 $ 4,024,545 $ 23,286 $ 1,237,508 $ 905,960 $ 5,299,427 $ 6,205,387 $ 2,063,107 (1) Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2016, 2015 2014 2016 2015 2014 Balance, beginning of year $ 6,699,789 $ 5,227,466 $ 4,724,930 Acquisitions 297 3,113,240 471,293 Improvements 157,561 153,536 80,059 Held for sale reclasses (215,244 ) (166,742 ) — Disposals* (437,016 ) (1,627,711 ) (48,816 ) Balance, end of year $ 6,205,387 $ 6,699,789 $ 5,227,466 * Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. The following reconciles investment properties at cost per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Investment properties at cost $ 6,294,628 Less: furniture, fixtures and equipment (89,241 ) Total cost per Schedule III $ 6,205,387 The unaudited aggregate cost for federal income tax purposes of real estate assets presented was $5,775,588 December 31, 2016. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2016, 2015 2014 2016 2015 2014 Balance, beginning of year $ 2,261,593 $ 2,058,061 $ 1,920,476 Depreciation expense 222,861 232,735 172,337 Disposals (421,347 ) (29,203 ) (34,752 ) Balance, end of year $ 2,063,107 $ 2,261,593 $ 2,058,061 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Accumulated depreciation $ 2,122,572 Less: furniture, fixtures and equipment (59,465 ) Total accumulated depreciation per Schedule III $ 2,063,107 Depreciation of our investment in buildings and improvements reflected in the combined statements of operations is generally calculated over the estimated original lives of the assets as noted below: • Buildings and Improvements—typically 10 40 15 10 • Tenant Allowances and Improvements—shorter of lease term or useful life. (3) Encumbrances represent face amount of mortgage debt and exclude any fair value adjustments. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 tenant may |
Real Estate, Policy [Policy Text Block] | Investment Properties We record investment properties at fair value when acquired. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant December 31, 2016, 2015 2014 $2,640, $1,781 $283, We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally five 40 tenant tenant tenant, three ten We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may may may may 4 |
Equity Method Investments, Policy [Policy Text Block] | Investments in Unconsolidated Entities Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. We held material unconsolidated joint venture ownership interests in six December 31, 2016 2015 5 Certain of our joint venture properties are subject to various rights of first may may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company measures and discloses its fair value measurements in accordance with Accounting Standards Codification ("ASC") Topic 820 820”). 820 820 1 2 3 820, three may • Level 1 • Level 2 1 • Level 3 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. Note 6 2 4 2 3 3 3 4 The Company has derivatives that must be measured under the fair value standard (see Note 7 |
Business Combinations Policy [Policy Text Block] | Purchase Accounting Valuation We record the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may may third • the fair value of land and related improvements and buildings on an as-if-vacant basis; • the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues; • the value of costs to obtain tenants, tenant • the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired buildings or related improvements. We amortize tenant |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates We prepared the accompanying consolidated and combined financial statements in accordance with GAAP. This requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. |
Segment Reporting, Policy [Policy Text Block] | Segment Disclosure Our primary business is the ownership, development and management of retail real estate. We have aggregated our operations, including enclosed retail properties and community centers, into one tenants. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, 2014 09, 606)." 2014 09 2014 09 July 9, 2015, one December 15, 2017 December 15, 2016. January 1, 2018 2016, 1% 2018. In February 2016, 2016 02, 842)." 2016 02 December 15, 2018, seven 2014 09, 2016 02 In April 2015, 2015 03, December 15, 2015, ($14.6 $19.9 December 31, 2016 December 31, 2015, In September 2015, 2015 16, 805): December 15, 2016, third 2015, In August 2016, 2016 15, 230)." 2016 15 December 15, 2017, November 2016, 16 statement of cash flows. This guidance is also effective for fiscal years beginning after December 15, 2017, $29.2 $38.9 December 31, 2016 2015, In January 2017, 2017 01, 805): December 15, 2017, January 1, 2017, |
Reclassification, Policy [Policy Text Block] | Reclassifications Reclassifications of certain amounts in the 2015 2014 2016 |
Deferred Costs and Other Assets [Policy Text Block] | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31, 2016 2015: 2016 2015 Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 In-place lease intangibles, net 70,907 99,836 Acquired above market lease intangibles, net 34,337 47,285 Mortgage and other escrow deposits 29,160 38,906 Prepaids, notes receivable and other assets, net 41,230 16,368 |
Deferred Charges, Policy [Policy Text Block] | Deferred Lease Costs and Corporate Improvements Our deferred lease costs consist of salaries and related benefits, fees charged by SPG for salaries and related benefits incurred in connection with lease originations, and fees paid to third December 31, 2016 2015 2016 2015 Deferred lease costs $ 149,208 $ 164,693 Corporate improvements 4,085 3,829 Accumulated amortization (62,371 ) (67,685 ) Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated and combined statements of operations include amortization expense of $25.0 $27.2 $12.5 December 31, 2016, 2015 2014, |
Revenue Recognition Leases [Policy Text Block] | Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We generally accrue minimum rents on a straight-line basis over the terms of their respective leases. A large number of our retail tenants tenant's We amortize any tenant tenant, A substantial portion of our leases require the tenant December 31, 2016 tenant tenant's tenants tenants |
Revenue Recognition, Allowances [Policy Text Block] | Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant's tenant December 31, 2016, 2015 2014 For the Year Ended December 31, 2016 2015 2014 Balance, beginning of year $ 4,222 $ 4,570 $ 4,412 Provision for credit losses 4,508 2,022 2,332 Accounts written off, net of recoveries (152 ) (2,370 ) (2,174 ) Balance, end of year $ 8,578 $ 4,222 $ 4,570 |
Income Tax, Policy [Policy Text Block] | Income and Other Taxes WPG Inc. has elected to be taxed as a REIT under Sections 856 860 90% 100% four We have also elected taxable REIT subsidiary ("TRS") status for some of WPG Inc.'s subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as "rents from real property." For the year ended December 31, 2016, $227 December 31, 2016 2015, $673 $0, A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may December 31, 2016 2015, $367 $0, December 31, 2016 2015, $306 $0, We are also subject to certain other taxes, including state and local taxes and franchise taxes, which are included in income and other taxes in the accompanying consolidated and combined statements of operations and comprehensive income (loss). For federal income tax purposes, the cash distributions paid to WPG Inc.'s common and preferred shareholders may The following characterizes distributions paid per common and preferred share on a tax basis for the years ended December 31, 2016, 2015 2014 May 28, 2014): 2016 2015 2014 $ % $ % $ % Common shares Ordinary income $ 0.6128 61.28 % $ 1.0000 100.00 % $ 0.4805 96.10 % Capital gain — — % — — % 0.0195 3.90 % Non-dividend distributions 0.3872 38.72 % — — % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 0.5000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ 0.5868 2.29 % N/A N/A Non-dividend distributions (2) — N/A 25.0000 97.71 % N/A N/A $ — N/A $ 25.5868 100.00 % N/A N/A Series H Preferred Shares (1) Ordinary income $ 1.4064 100.00 % $ 1.8752 100.00 % N/A N/A Series I Preferred Shares (1) Ordinary income $ 1.2891 100.00 % $ 1.7188 100.00 % N/A N/A (1) January 15, 2015. (2) April 15, 2015. |
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests for WPG Inc. Details of the carrying amount of WPG Inc.'s noncontrolling interests are as follows as of December 31, 2016 2015: 2016 2015 Limited partners' interests in WPG L.P. $ 168,264 $ 190,297 Noncontrolling interests in properties 1,104 1,082 Total noncontrolling interests $ 169,368 $ 191,379 Net income attributable to noncontrolling interests (which includes limited partners' interests in WPG L.P. and noncontrolling interests in consolidated properties) is a component of consolidated and combined net income of WPG Inc. Redeemable Noncontrolling Interests for WPG Inc. Redeemable non-controlling interests represent the underlying equity held by unaffiliated third 1 third The non-controlling interests in both the Arbor Hills Venture and the Oklahoma City Properties Venture are redeemable at the option of the holders under certain circumstances according to the terms of the respective joint venture agreements. These noncontrolling interests are presented as redeemable noncontrolling interests outside of permanent equity on the Company's consolidated balance sheets for the years ended December 31, 2016 2015. 3 fourth 2016 $5,464 |
Note 3 - Summary of Significa24
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Costs and Other Assets [Table Text Block] | 2016 2015 Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 In-place lease intangibles, net 70,907 99,836 Acquired above market lease intangibles, net 34,337 47,285 Mortgage and other escrow deposits 29,160 38,906 Prepaids, notes receivable and other assets, net 41,230 16,368 $ 266,556 $ 303,232 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2016 2015 Deferred lease costs $ 149,208 $ 164,693 Corporate improvements 4,085 3,829 Accumulated amortization (62,371 ) (67,685 ) Deferred lease costs and corporate improvements, net $ 90,922 $ 100,837 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Balance, beginning of year $ 4,222 $ 4,570 $ 4,412 Provision for credit losses 4,508 2,022 2,332 Accounts written off, net of recoveries (152 ) (2,370 ) (2,174 ) Balance, end of year $ 8,578 $ 4,222 $ 4,570 |
DistributionsPaid On a Tax Basis [Table Text Block] | 2016 2015 2014 $ % $ % $ % Common shares Ordinary income $ 0.6128 61.28 % $ 1.0000 100.00 % $ 0.4805 96.10 % Capital gain — — % — — % 0.0195 3.90 % Non-dividend distributions 0.3872 38.72 % — — % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 0.5000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ 0.5868 2.29 % N/A N/A Non-dividend distributions (2) — N/A 25.0000 97.71 % N/A N/A $ — N/A $ 25.5868 100.00 % N/A N/A Series H Preferred Shares (1) Ordinary income $ 1.4064 100.00 % $ 1.8752 100.00 % N/A N/A Series I Preferred Shares (1) Ordinary income $ 1.2891 100.00 % $ 1.7188 100.00 % N/A N/A |
Movement in Minority Interest Roll Forward [Table Text Block] | 2016 2015 Limited partners' interests in WPG L.P. $ 168,264 $ 190,297 Noncontrolling interests in properties 1,104 1,082 Total noncontrolling interests $ 169,368 $ 191,379 |
Note 4 - Investment in Real E25
Note 4 - Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 2016 2015 Land $ 905,960 $ 1,005,529 Buildings and improvements 5,299,427 5,569,268 Total land, buildings and improvements 6,205,387 6,574,797 Furniture, fixtures and equipment 89,241 81,403 Investment properties at cost 6,294,628 6,656,200 Less: accumulated depreciation 2,122,572 2,225,750 Investment properties at cost, net $ 4,172,056 $ 4,430,450 Construction in progress included above $ 49,214 $ 80,178 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Investment properties $ 3,091,410 Cash and cash equivalents (1) 547,294 Tenant accounts receivable 14,311 Investment in and advances to unconsolidated real estate entities 21,994 Deferred costs and other assets (including intangibles) 370,079 Accounts payable, accrued expenses, intangibles, and deferred revenue (289,551 ) Distributions payable (2,658 ) Redeemable noncontrolling interests, including preferred units (5,795 ) Total assets acquired and liabilities assumed 3,747,084 Fair value of mortgage notes payable assumed (1,356,389 ) Net assets acquired 2,390,695 Less: Common shares issued (535,490 ) Less: Preferred shares issued (319,960 ) Less: Common operating partnership units issued to limited partners (29,482 ) Less: Cash and cash equivalents acquired (547,294 ) Net cash paid for acquisition $ 958,469 Investment properties $ 471,293 Deferred costs and other assets (including intangibles) 67,530 Mortgage notes payable (218,064 ) Accounts payable, accrued expenses, intangibles, and deferred revenue (39,866 ) Other liabilities (1,858 ) Net assets acquired 279,035 Noncontrolling interest (1,032 ) Prior net cash distributions and losses 20,895 Gain on pre-existing interest (99,375 ) Fair value of total consideration transferred 199,523 Less: Units issued (22,464 ) Less: Cash acquired (8,459 ) Net cash paid for acquisitions $ 168,600 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shopping Center Name Acquisition Date Location Percent Acquired Purchase Price (In Millions) Gain (In Millions) Whitehall Mall December 1, 2014 Whitehall, PA 50 % $ 14.9 $ 10.5 Clay Terrace June 20, 2014 Carmel, IN 50 % $ 22.9 $ 46.6 Seven Open-Air Shopping Centers June 18, 2014 Various Various $ 162.0 $ 42.3 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Balance as of Intangible Asset/Liability December 31, 2016 December 31, 2015 Above-market leases - Company is lessor $ 56,192 $ 62,900 Below-market leases - Company is lessor $ 145,064 $ 162,699 Above-market lease - Company is lessee $ 2,536 $ 2,536 In-place leases $ 134,516 $ 156,842 Balance as of Intangible Asset/Liability Location on the Consolidated Balance Sheets Weighted Average Remaining Amortization (in years) December 31, 2016 December 31, 2015 Above-market leases - Company is lessor Deferred costs and other assets 7.3 $ 34,337 $ 47,285 Below-market leases - Company is lessor Accounts payable, accrued expenses, intangibles and deferred revenues 13.5 $ 104,540 $ 131,854 Above-market lease - Company is lessee Accounts payable, accrued expenses, intangibles and deferred revenues 30.5 $ 2,383 $ 2,461 In-place leases Deferred costs and other assets 9.8 $ 70,907 $ 99,836 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Above/Below-Market Leases-Lessor Above/Below-Market Leases-Lessee In-place Leases Total Net Intangible Amortization 2017 $ 5,618 $ 78 $ (17,264 ) $ (11,568 ) 2018 4,868 78 (11,364 ) (6,418 ) 2019 5,294 78 (9,558 ) (4,186 ) 2020 5,605 78 (7,376 ) (1,693 ) 2021 5,656 78 (3,898 ) 1,836 Thereafter 43,162 1,993 (21,447 ) 23,708 $ 70,203 $ 2,383 $ (70,907 ) $ 1,679 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, Year Ended December 31, 2015 2014 Total revenues $ 874,338 $ 886,010 Net (loss) income attributable to the Company $ (60,876 ) $ 74,147 Net (loss) income attributable to common shareholders $ (75,024 ) $ 60,115 (Loss) earnings per common share-basic and diluted $ (0.40 ) $ 0.32 Weighted average shares outstanding-basic (in thousands) 185,342 185,031 Weighted average shares outstanding-diluted (in thousands) 219,708 219,528 Year Ended December 31, Year Ended December 31, 2015 2014 Total revenues $ 874,338 $ 886,010 Net (loss) income attributable to unitholders $ (74,734 ) $ 85,309 Net (loss) income attributable to common unitholders $ (88,882 ) $ 71,277 (Loss) earnings per common unit-basic and diluted $ (0.40 ) $ 0.32 Weighted average units outstanding-basic (in thousands) 219,708 219,402 Weighted average units outstanding-diluted (in thousands) 219,708 219,528 |
Note 5 - Investment In Uncons26
Note 5 - Investment In Unconsolidated Entities, At Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Combined Balance Sheets for Unconsolidated Venture Properties [Table Text Block] | December 31, 2016 2015 Assets: Investment properties at cost, net $ 1,641,170 $ 1,693,769 Construction in progress 21,084 55,529 Cash and cash equivalents 20,657 28,839 Tenant receivables and accrued revenue, net 19,056 29,297 Deferred costs and other assets (1) 135,313 154,406 Total assets $ 1,837,280 $ 1,961,840 Liabilities and Members’ Equity: Mortgage notes payable $ 875,811 $ 908,315 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 116,870 137,613 Total liabilities 992,681 1,045,928 Members’ equity 844,599 915,912 Total liabilities and members’ equity $ 1,837,280 $ 1,961,840 Our share of members’ equity, net $ 429,792 $ 461,227 |
Investments In and Advances To Affiliates and Equity Method Investments [Table Text Block] | December 31, 2016 2015 Our share of members’ equity, net $ 429,792 $ 461,227 Advances and excess investment 13,679 11,445 Net investment in and advances to unconsolidated real estate entities (1) $ 443,471 $ 472,672 |
Equity Method Investments [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Total revenues $ 191,831 $ 127,263 $ 41,248 Operating expenses 78,685 53,204 15,291 Depreciation and amortization 78,972 48,876 9,649 Operating income 34,174 25,183 16,308 Gain on sale of interests in unconsolidated entities 1,014 — — Interest expense, taxes, and other, net (32,754 ) (20,135 ) (8,936 ) Net income from the Company's unconsolidated real estate entities $ 2,434 $ 5,048 $ 7,372 Our share of (loss) income from the Company's unconsolidated real estate entities $ (1,745 ) $ (1,247 ) $ 973 |
Note 6 - Indebtedness (Tables)
Note 6 - Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2016 2015 Face amount of mortgage loans $ 1,610,429 $ 1,782,103 Fair value adjustments, net 12,661 17,683 Debt issuance cost, net (5,010 ) (6,347 ) Carrying value of mortgage loans $ 1,618,080 $ 1,793,439 |
Roll Forward of Mortgage Indebtedness [Table Text Block] | Balance at December 31, 2015 $ 1,793,439 Debt amortization payments (16,526 ) Debt borrowings, net 4,530 Debt cancelled upon lender foreclosures, net of debt issuance costs of $0.3 million (159,828 ) Amortization of fair value and other adjustments (5,022 ) Amortization of debt issuance costs 1,487 Balance at December 31, 2016 $ 1,618,080 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ 346,050 2018 39,032 2019 968,309 2020 846,710 2021 273,354 Thereafter 1,034,974 Total principal maturities 3,508,429 Bond Discount (47 ) Fair value adjustments, net 12,661 Debt issuance costs, net (14,639 ) Total mortgages and unsecured indebtedness $ 3,506,404 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2016 2015 Book value of fixed- rate mortgages (1) $ 1,359,329 $ 1,596,003 Fair value of fixed-rate mortgages $ 1,403,103 $ 1,675,035 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.79 % 3.42 % Book value of fixed-rate unsecured debt (1) $ 1,290,000 $ 1,090,000 Fair value of fixed-rate unsecured debt $ 1,261,858 $ 1,068,724 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 2.86 % 1.91 % |
Note 7 - Derivative Financial28
Note 7 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2016 December 31, 2015 Interest rate products Asset Derivatives Deferred costs and other assets $ 5,754 $ 1,658 Interest rate products Liability Derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ 2 $ 152 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended Year Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Interest rate products $ (3,580 ) $ (429 ) Interest expense $ 7,381 $ 2,466 Interest expense $ 288 $ 193 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2016 Derivative instruments, net $ — $ 5,752 $ — $ 5,752 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Derivative instruments, net $ — $ 1,506 $ — $ 1,506 |
Note 8 - Rentals Under Operat29
Note 8 - Rentals Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | 2017 $ 488,504 2018 418,114 2019 346,428 2020 278,289 2021 214,961 Thereafter 584,446 $ 2,330,742 |
Note 9 - Equity (Tables)
Note 9 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share Based Compensation Arrangement By Share Based Payment Award LTIP Units Earned and Aggregate Grant Date Fair Values Adjusted For Estimated Forfeitures [Table Text Block] | Activity for the Year Ended December 31, 2016 Inducement LTIP Units Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 264,808 $ 18.09 Units granted — $ — Units vested (189,755 ) $ 18.07 Outstanding unvested at end of year 75,053 $ 18.16 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2015 2014 Fair value per share of Performance LTIP Units $ 7.28 $ 9.27 Total amount to be recognized over the performance period $ 2,218 $ 4,182 Risk free rate 1.04 % 1.11 % Volatility 25.96 % 28.88 % Dividend yield 6.43 % 5.20 % 2016 2015 Fair value per share of Allocated RSUs/Units $ 3.81 $ 7.07 Total amount to be recognized over the performance period $ 2,516 $ 4,656 Risk free rate 0.44 % 0.20 % Volatility 31.40 % 22.66 % Dividend yield 10.05 % 6.03 % |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Activity for the Year Ended December 31, 2016 Restricted Shares Weighted Average Grant Date Fair Value Outstanding at beginning of year 926,964 $ 18.18 Shares granted — $ — Shares vested/forfeited (776,385 ) $ 18.18 Outstanding at end of year 150,579 $ 18.18 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Activity for the Year Ended December 31, 2016 RSUs Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 95,607 $ 14.92 RSUs granted 518,112 $ 11.48 RSUs vested/forfeited (108,877 ) $ 13.03 Outstanding unvested at end of year 504,842 $ 11.80 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Activity for the Year Ended December 31, 2016 Stock Options Weighted Average Grant Date Fair Value Outstanding at beginning of year 1,145,181 $ 2.48 Options granted 247,500 $ 0.62 Options exercised (53,080 ) $ 6.53 Options forfeited/expired (362,025 ) $ 1.27 Outstanding at end of year 977,576 $ 2.24 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Weighted average per share value of options granted/converted $ 0.62 $ 2.63 Weighted average risk free rates 1.4 % 1.0 % Expected average lives in years 6.0 3.8 Annual dividend rates $ 1.00 $ 1.00 Weighted average volatility 28.3 % 22.1 % Forfeiture rate 10 % 10 % |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $34.80 34,452 0.2 $ 34.80 34,452 0.2 $ 34.80 $13.96 25,252 1.2 $ 13.96 25,252 1.2 $ 13.96 $1.79 7,282 2.2 $ 1.79 7,282 2.2 $ 1.79 $5.76 29,489 3.2 $ 5.76 29,489 3.2 $ 5.76 $11.97 55,071 4.3 $ 11.97 55,071 4.3 $ 11.97 $12.67 83,235 5.4 $ 12.67 83,235 5.4 $ 12.67 $16.56 138,681 6.4 $ 16.56 138,681 6.4 $ 16.56 $13.10 - $13.84 108,114 7.4 $ 13.15 108,114 7.4 $ 13.15 $14.28 283,500 8.4 $ 14.28 94,501 8.4 $ 14.28 $9.95 212,500 9.4 $ 9.95 — 977,576 7.0 $ 13.64 576,077 5.7 $ 14.78 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | For the Year Ended December 31, 2016 Aggregate intrinsic value of options outstanding $ 298 Aggregate intrinsic value of options exercisable $ 200 Aggregate intrinsic value of options exercised $ 163 Aggregate fair value of options vested $ 191 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Merger, restructuring and transaction costs $ 9.5 $ 4.0 $ — General and administrative 4.6 10.1 1.8 Total expense $ 14.1 $ 14.1 $ 1.8 |
Note 10 - Commitments and Con31
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2017 $ 3,516 2018 3,542 2019 3,542 2020 3,542 2021 3,538 Thereafter 119,556 $ 137,236 |
Note 11 - Related Party Trans32
Note 11 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unconsolidated Properties [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Property management costs, services and other $ 196 $ 816 $ 2,193 Insurance premiums $ — $ 12 $ 129 Advertising and promotional programs $ 6 $ 46 $ 50 Capitalized leasing and development fees $ 23 $ 55 $ 207 |
Consolidated Properties [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Property management and common costs, services and other $ 8,791 $ 23,302 $ 20,685 Insurance premiums $ — $ 9,076 $ 9,150 Advertising and promotional programs $ 102 $ 812 $ 1,030 Capitalized leasing and development fees $ 3,166 $ 9,841 $ 9,827 |
Note 12 - Earning (Loss) Per 33
Note 12 - Earning (Loss) Per Common Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 Earnings (Loss) Per Common Share, Basic: Net income (loss) attributable to common shareholders - basic $ 53,099 $ (101,286 ) $ 170,029 Weighted average shares outstanding - basic 185,633,582 184,195,769 155,162,597 Earnings (Loss) per common share, basic $ 0.29 $ (0.55 ) $ 1.10 Earnings (Loss) Per Common Share, Diluted: Net income (loss) attributable to common shareholders - basic $ 53,099 $ (101,286 ) $ 170,029 Net income (loss) attributable to common unitholders 10,034 (19,340 ) 35,426 Net income (loss) attributable to common shareholders - diluted $ 63,133 $ (120,626 ) $ 205,455 Weighted average common shares outstanding - basic 185,633,582 184,195,769 155,162,597 Weighted average operating partnership units outstanding 34,304,109 34,303,804 32,202,440 Weighted average additional dilutive securities outstanding 803,805 — 125,907 Weighted average common shares outstanding - diluted 220,741,496 218,499,573 187,490,944 Earnings (loss) per common share, diluted $ 0.29 $ (0.55 ) $ 1.10 For the Year Ended December 31, 2016 2015 2014 Earnings (loss) Per Common Unit, Basic and Diluted: Net income (loss) attributable to common unitholders - basic and diluted $ 63,133 $ (120,626 ) $ 205,455 Weighted average common units outstanding - basic 219,937,691 218,499,573 187,365,037 Weighted average additional dilutive securities outstanding 803,805 — 125,907 Weighted average shares outstanding - diluted 220,741,496 218,499,573 187,490,944 Earnings (loss) per common unit, basic and diluted $ 0.29 $ (0.55 ) $ 1.10 |
Note 14 - Quarterly Financial34
Note 14 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Total revenue $ 210,031 $ 205,738 $ 209,922 $ 217,784 Operating income $ 55,378 $ 25,835 $ 38,425 $ 65,355 Net income $ 13,681 $ 24,737 $ 5,183 $ 33,815 Washington Prime Group Inc.: Net income attributable to the Company $ 12,022 $ 21,315 $ 4,870 $ 28,924 Net income attributable to common shareholders $ 8,514 $ 17,807 $ 1,362 $ 25,416 Earnings per common share—basic and diluted $ 0.05 $ 0.10 $ 0.01 $ 0.13 Washington Prime Group, L.P.: Net income attributable to unitholders $ 13,687 $ 24,745 $ 5,187 $ 33,786 Net income attributable to common unitholders $ 10,119 $ 21,177 $ 1,619 $ 30,218 Earnings per common unit—basic and diluted $ 0.05 $ 0.10 $ 0.01 $ 0.13 2015 Total revenue $ 237,718 $ 237,528 $ 216,739 $ 229,371 Operating income (loss) $ 27,755 $ 44,806 $ 38,274 $ (77,100 ) Net (loss) income $ (9,588 ) $ 8,944 $ 8,128 $ (111,606 ) Washington Prime Group Inc.: Net (loss) income attributable to the Company $ (7,292 ) $ 7,896 $ 7,565 $ (93,466 ) Net (loss) income attributable to common shareholders $ (12,270 ) $ 3,901 $ 4,057 $ (96,974 ) (Loss) earnings per common share—basic and diluted $ (0.07 ) $ 0.02 $ 0.02 $ (0.52 ) Washington Prime Group, L.P.: Net (loss) income attributable to unitholders $ (9,585 ) $ 8,941 $ 8,146 $ (111,910 ) Net (loss) income attributable to common unitholders $ (14,613 ) $ 4,886 $ 4,638 $ (115,537 ) (Loss) earnings per common unit—basic and diluted $ (0.07 ) $ 0.02 $ 0.02 $ (0.52 ) |
Schedule III - Real Estate an35
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
SECSchedule III Real Estate and Accumulated Depreciation By Property [Table Text Block] | Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Enclosed Retail Properties Anderson Mall Anderson, SC $ 18,981 $ 1,712 $ 15,227 $ 851 $ 20,502 $ 2,563 $ 35,729 $ 38,292 $ 21,210 1972 Arbor Hills Ann Arbor, MI 25,498 8,564 40,368 — 670 8,564 41,038 49,602 2,750 2015 Arboretum, The Austin, TX — 7,640 36,774 71 14,072 7,711 50,846 58,557 24,856 1998 Ashland Town Center Ashland, KY 38,440 13,462 68,367 — 1,731 13,462 70,098 83,560 6,264 2015 Bowie Town Center Bowie (Wash, D.C.), MD — 2,479 60,322 235 10,025 2,714 70,347 73,061 35,633 2001 Boynton Beach Mall Boynton Beach (Miami), FL — 22,240 78,804 4,666 30,855 26,906 109,659 136,565 66,509 1996 Brunswick Square East Brunswick (New York), NJ 73,791 8,436 55,838 — 34,028 8,436 89,866 98,302 52,364 1996 Charlottesville Fashion Square Charlottesville, VA 47,878 — 54,738 — 18,498 — 73,236 73,236 39,228 1997 Chautauqua Mall Lakewood, NY — 3,116 9,641 — 16,971 3,116 26,612 29,728 16,108 1996 Chesapeake Square Theater Chesapeake (VA Beach), VA — 628 9,536 — (738 ) 628 8,798 9,426 1,554 1996 Clay Terrace Carmel (Indianapolis), IN — 39,030 115,207 — 4,316 39,030 119,523 158,553 12,195 2014 Colonial Park Mall Harrisburg, PA — 9,143 30,347 — 1,201 9,143 31,548 40,691 4,522 2015 Cottonwood Mall Albuquerque, NM 100,772 10,122 69,958 — 6,910 10,122 76,868 86,990 46,123 1996 Dayton Mall Dayton, OH 82,000 10,899 160,723 — 3,085 10,899 163,808 174,707 11,676 2015 Edison Mall Fort Myers, FL — 11,529 107,350 — 31,086 11,529 138,436 149,965 73,306 1997 Grand Central Mall Parkersburg, WV 41,149 18,956 89,736 — 1,758 18,956 91,494 110,450 10,336 2015 Great Lakes Mall Mentor (Cleveland), OH — 12,302 100,362 — 39,327 12,302 139,689 151,991 71,407 1996 Indian Mound Mall Newark, OH — 7,109 19,205 — 2,718 7,109 21,923 29,032 2,266 2015 Irving Mall Irving (Dallas), TX — 6,737 17,479 2,533 42,340 9,270 59,819 69,089 39,467 1971 Jefferson Valley Mall Yorktown Heights (New York), NY — 4,868 30,304 — 61,816 4,868 92,120 96,988 43,324 1983 Lima Mall Lima, OH — 7,659 35,338 — 15,743 7,659 51,081 58,740 29,563 1996 Lincolnwood Town Center Lincolnwood (Chicago), IL 50,633 7,834 63,480 — 7,865 7,834 71,345 79,179 52,095 1990 Lindale Mall Cedar Rapids, IA — 14,106 58,286 — 13,748 14,106 72,034 86,140 16,470 1998 Longview Mall Longview, TX — 259 3,567 124 22,876 383 26,443 26,826 9,386 1978 Malibu Lumber Yard Malibu, CA — — 38,741 — 122 — 38,863 38,863 2,352 2015 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Mall at Fairfield Commons, The Beavercreek, OH — 18,194 175,426 — 15,630 18,194 191,056 209,250 15,399 2015 Maplewood Mall St. Paul (Minneapolis), MN — 17,119 80,758 — 25,148 17,119 105,906 123,025 46,327 2002 Markland Mall Kokomo, IN — — 7,568 — 19,096 — 26,664 26,664 15,258 1968 Melbourne Square Melbourne, FL — 15,762 55,891 4,160 39,346 19,922 95,237 115,159 48,057 1996 Mesa Mall Grand Junction, CO 87,250 12,784 80,639 — 3,224 12,784 83,863 96,647 21,478 1998 Morgantown Mall Morgantown, WV — 10,219 77,599 — 1,153 10,219 78,752 88,971 7,248 2015 Muncie Mall Muncie, IN 35,326 172 5,776 52 29,324 224 35,100 35,324 22,906 1970 New Towne Mall New Philadelphia, OH — 3,172 33,112 — 5,487 3,172 38,599 41,771 3,934 2015 Northtown Mall Blaine, MN — 18,603 57,341 — 4,469 18,603 61,810 80,413 6,701 2015 Northwoods Mall Peoria, IL — 1,185 12,779 2,164 39,743 3,349 52,522 55,871 36,418 1983 Oak Court Mall Memphis, TN 38,371 15,673 57,304 — 10,595 15,673 67,899 83,572 48,689 1997 Oklahoma City Properties Oklahoma City, OK — 18,195 37,161 — 3,846 18,195 41,007 59,202 4,468 2015 Orange Park Mall Orange Park (Jacksonville), FL — 12,998 65,121 — 42,680 12,998 107,801 120,799 64,775 1994 Outlet Collection ® | Seattle, The Auburn (Seattle), WA 86,500 38,751 107,094 — 4,210 38,751 111,304 150,055 11,031 2015 Paddock Mall Ocala, FL — 11,198 39,727 — 22,703 11,198 62,430 73,628 32,193 1996 Port Charlotte Town Center Port Charlotte, FL 44,021 5,471 58,570 — 16,294 5,471 74,864 80,335 47,069 1996 Rolling Oaks Mall San Antonio, TX — 1,929 38,609 — 14,119 1,929 52,728 54,657 36,087 1988 Rushmore Mall Rapid City, SD 94,000 18,839 67,364 — 14,462 18,839 81,826 100,665 23,040 1998 Southern Hills Mall Sioux City, IA 101,500 15,025 75,984 — 1,088 15,025 77,072 92,097 20,092 1998 Southern Park Mall Youngstown, OH — 16,982 77,767 97 33,167 17,079 110,934 128,013 62,418 1996 Sunland Park Mall El Paso, TX — 2,896 28,900 — 9,944 2,896 38,844 41,740 29,452 1988 Town Center at Aurora Aurora (Denver), CO 54,250 9,959 56,832 (12 ) 56,924 9,947 113,756 123,703 72,478 1998 Towne West Square Wichita, KS 47,051 972 21,203 22 13,518 994 34,721 35,715 24,602 1980 Valle Vista Mall Harlingen, TX 40,000 1,398 17,159 329 19,578 1,727 36,737 38,464 26,909 1983 Waterford Lakes Town Center Orlando, FL — 8,679 72,836 — 23,392 8,679 96,228 104,907 54,626 1999 Weberstown Mall Stockton, CA 65,000 9,909 92,589 — 3,422 9,909 96,011 105,920 7,214 2015 West Ridge Mall Topeka, KS 41,413 5,453 34,148 1,168 25,315 6,621 59,463 66,084 38,848 1988 Westminster Mall Westminster (Los Angeles), CA 81,468 43,464 84,709 — 37,137 43,464 121,846 165,310 61,035 1998 WestShore Plaza Tampa, FL 99,600 53,904 120,191 — 3,041 53,904 123,232 177,136 9,243 2015 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Community Centers — Bloomingdale Court Bloomingdale (Chicago), IL — 8,422 26,184 — 17,740 8,422 43,924 52,346 26,638 1987 Bowie Town Center Strip Bowie (Wash, D.C.), MD — 231 4,597 — 695 231 5,292 5,523 2,390 2001 Canyon View Marketplace Grand Junction, CO 5,390 1,370 9,570 — 88 1,370 9,658 11,028 852 2015 Charles Towne Square Charleston, SC — — 1,768 370 10,890 370 12,658 13,028 11,644 1976 Chesapeake Center Chesapeake (Virginia Beach), VA — 4,410 11,241 — 994 4,410 12,235 16,645 9,174 1996 Concord Mills Marketplace Concord (Charlotte), NC 16,000 8,036 21,167 — 510 8,036 21,677 29,713 4,019 2007 Countryside Plaza Countryside (Chicago), IL — 332 8,507 2,554 11,270 2,886 19,777 22,663 12,128 1977 Dare Centre Kill Devil Hills, NC — — 5,702 — 2,200 — 7,902 7,902 3,443 2004 DeKalb Plaza King of Prussia (Philadelphia), PA — 1,955 3,405 — 824 1,955 4,229 6,184 2,502 2003 Empire East Sioux Falls, SD — 3,350 10,552 — 2,728 3,350 13,280 16,630 2,619 1998 Fairfax Court Fairfax (Wash, D.C.), VA — 8,078 34,997 — 830 8,078 35,827 43,905 3,548 2014 Fairfield Town Center Houston, TX — 4,745 5,044 (2,504 ) 14,340 2,241 19,384 21,625 127 2014 Forest Plaza Rockford, IL 16,544 4,132 16,818 453 15,602 4,585 32,420 37,005 18,701 1985 Gaitway Plaza Ocala, FL — 5,445 26,687 — 1,793 5,445 28,480 33,925 3,834 2014 Gateway Centers Austin, TX — 24,549 81,437 — 20,703 24,549 102,140 126,689 43,377 2004 Greenwood Plus Greenwood (Indianapolis), IN — 1,129 1,792 — 4,777 1,129 6,569 7,698 4,257 1979 Henderson Square King of Prussia (Philadelphia), PA 12,155 4,223 15,124 — 948 4,223 16,072 20,295 6,373 2003 Keystone Shoppes Indianapolis, IN — — 4,232 2,118 4,009 2,118 8,241 10,359 3,546 1997 Lake Plaza Waukegan (Chicago), IL — 2,487 6,420 — 1,763 2,487 8,183 10,670 5,298 1986 Lake View Plaza Orland Park (Chicago), IL — 4,702 17,543 — 17,055 4,702 34,598 39,300 20,880 1986 Lakeline Plaza Cedar Park (Austin), TX 15,499 5,822 30,875 — 10,274 5,822 41,149 46,971 22,487 1998 Lima Center Lima, OH — 1,781 5,151 — 9,739 1,781 14,890 16,671 8,978 1996 Lincoln Crossing O'Fallon (St. Louis), IL — 674 2,192 — 9,172 674 11,364 12,038 2,141 1990 MacGregor Village Cary, NC — 502 8,891 — 1,109 502 10,000 10,502 3,448 2004 Mall of Georgia Crossing Buford (Atlanta), GA 23,197 9,506 32,892 — 2,100 9,506 34,992 44,498 18,982 1999 Markland Plaza Kokomo, IN — 206 738 — 7,825 206 8,563 8,769 4,942 1974 Martinsville Plaza Martinsville, VA — — 584 — 487 — 1,071 1,071 934 1967 Matteson Plaza Matteson (Chicago), IL — 1,771 9,737 — (46 ) 1,771 9,691 11,462 9,124 1988 Morgantown Commons Morgantown, WV — 4,850 13,076 — (664 ) 4,850 12,412 17,262 870 2015 Muncie Towne Plaza Muncie, IN 6,443 267 10,509 87 3,576 354 14,085 14,439 7,405 1998 North Ridge Shopping Center Raleigh, NC 12,264 385 12,826 — 4,897 385 17,723 18,108 5,615 2004 Northwood Plaza Fort Wayne, IN — 148 1,414 — 3,175 148 4,589 4,737 2,793 1974 Initial Cost Cost Capitalized Subsequent to Construction or Acquisition Gross Amounts At Which Carried at Close of Period Name Location Encumbrances(3) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total(1) Accumulated Depreciation(2) Date of Construction or Acquisition Palms Crossing McAllen, TX 35,461 13,496 45,925 — 10,669 13,496 56,594 70,090 22,337 2007 Plaza at Buckland Hills, The Manchester, CT — 17,355 43,900 — (938 ) 17,355 42,962 60,317 3,735 2014 Richardson Square Richardson (Dallas), TX — 6,285 — 990 15,124 7,275 15,124 22,399 4,896 1996 Rockaway Commons Rockaway (New York), NJ — 5,149 26,435 — 15,459 5,149 41,894 47,043 16,536 1998 Rockaway Town Plaza Rockaway (New York), NJ — — 18,698 2,227 4,743 2,227 23,441 25,668 8,491 2004 Royal Eagle Plaza Coral Springs (Miami), FL — 2,153 24,216 — 2,713 2,153 26,929 29,082 3,567 2014 Shops at Arbor Walk, The Austin, TX 40,078 — 42,546 — 5,850 — 48,396 48,396 18,058 2006 Shops at North East Mall, The Hurst (Dallas), TX — 12,541 28,177 402 6,483 12,943 34,660 47,603 22,621 1999 St. Charles Towne Plaza Waldorf (Wash, D.C.), MD — 8,216 18,993 — 9,271 8,216 28,264 36,480 15,725 1987 Tippecanoe Plaza Lafayette, IN — — 745 234 5,577 234 6,322 6,556 4,248 1974 University Center Mishawaka, IN — 2,119 8,365 — 4,134 2,119 12,499 14,618 9,980 1996 University Town Plaza Pensacola, FL — 6,009 26,945 (397 ) 3,312 5,612 30,257 35,869 7,350 2013 Village Park Plaza Carmel (Indianapolis), IN — 19,565 51,873 — 650 19,565 52,523 72,088 7,574 2014 Washington Plaza Indianapolis, IN — 263 1,833 — 2,781 263 4,614 4,877 3,992 1996 West Ridge Plaza Topeka, KS 10,353 1,376 4,560 — 4,546 1,376 9,106 10,482 4,728 1988 West Town Corners Altamonte Springs (Orlando), FL — 6,821 24,603 — 2,501 6,821 27,104 33,925 3,198 2014 Westland Park Plaza Orange Park (Jacksonville), FL — 5,576 8,775 — (186 ) 5,576 8,589 14,165 1,090 2014 White Oaks Plaza Springfield, IL 12,887 3,169 14,267 292 9,061 3,461 23,328 26,789 11,997 1986 Whitehall Mall Whitehall, PA 9,266 8,500 28,512 — 3,049 8,500 31,561 40,061 3,712 2014 Wolf Ranch Georgetown (Austin), TX — 21,999 51,547 — 14,126 21,999 65,673 87,672 27,261 2005 Corporate Assets — Corporate Investment in Real Estate Assets Columbus, OH — — 2,103 — (2,400 ) — (297 ) (297 ) (17 ) 2015 Developments In Progress — Fairfield Town Center Houston, TX — — — — — 5,047 20,373 25,420 The Mall at Fairfield Commons Beavercreek, OH — — — — — — 1,722 1,722 — Oklahoma City Properties - Kensington Oklahoma City, OK — — — — — 2,132 — 2,132 — Other Developments — — — — — 3,660 15,279 18,939 — $ 1,610,429 $ 871,835 $ 4,024,545 $ 23,286 $ 1,237,508 $ 905,960 $ 5,299,427 $ 6,205,387 $ 2,063,107 |
SEC Schedule III Changes in Carrying Amount of Real Estate Investments [Table Text Block] | 2016 2015 2014 Balance, beginning of year $ 6,699,789 $ 5,227,466 $ 4,724,930 Acquisitions 297 3,113,240 471,293 Improvements 157,561 153,536 80,059 Held for sale reclasses (215,244 ) (166,742 ) — Disposals* (437,016 ) (1,627,711 ) (48,816 ) Balance, end of year $ 6,205,387 $ 6,699,789 $ 5,227,466 |
SEC Schedule III Reconciliation of Carrying Amount of Real Estate Investments [Table Text Block] | 2016 Investment properties at cost $ 6,294,628 Less: furniture, fixtures and equipment (89,241 ) Total cost per Schedule III $ 6,205,387 |
SEC Schedule III Changes in Real Estate Accumulated Depreciaiton [Table Text Block] | 2016 2015 2014 Balance, beginning of year $ 2,261,593 $ 2,058,061 $ 1,920,476 Depreciation expense 222,861 232,735 172,337 Disposals (421,347 ) (29,203 ) (34,752 ) Balance, end of year $ 2,063,107 $ 2,261,593 $ 2,058,061 |
SEC Schedule III Reconciliation of Real Estate Accumulated Depreciation [Table Text Block] | 2016 Accumulated depreciation $ 2,122,572 Less: furniture, fixtures and equipment (59,465 ) Total accumulated depreciation per Schedule III $ 2,063,107 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands, ft² in Millions | Jan. 15, 2015USD ($)ft²$ / sharesshares | May 28, 2014 | Jan. 10, 2014USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)ft² | Feb. 28, 2014 |
Real Estate Investment Trust Minimum Percentage Required for Distribution to Not Be Liable for Federal Income Taxes | 100.00% | ||||||
Business Combination, Consideration Transferred | $ 199,523 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 218,064 | ||||||
Business Combination, Acquisition Related Costs | $ 29,607 | $ 31,653 | $ 8,839 | ||||
Restructuring Charges | 29,600 | ||||||
Employee Severance [Member] | |||||||
Restructuring and Related Cost, Expected Cost | 8,600 | ||||||
Employee Severance Cash [Member] | |||||||
Restructuring and Related Cost, Expected Cost | 4,600 | ||||||
Stock Compensation Benefits [Member] | |||||||
Restructuring and Related Cost, Expected Cost | $ 4,000 | ||||||
Severance and Restructuring [Member] | |||||||
Severance Costs | 25,500 | ||||||
Non-cash Items [Member] | |||||||
Severance Costs | 9,500 | ||||||
Strategic Alternatives Research Fees [Member] | |||||||
Severance Costs | $ 4,100 | ||||||
Glimcher Realty Trust [Member] | |||||||
Number of Real Estate Properties | 25 | ||||||
Area of Real Estate Property | ft² | 17.2 | ||||||
Business Combination, Consideration Transferred | $ 4,200,000 | ||||||
Per Share Payments to Acquire Businesses, Gross | $ / shares | $ 14.02 | ||||||
Business Combination, Consideration Transferred in Cash Per Share | $ / shares | $ 10.40 | ||||||
Business Acquisition Equity Interests Issued Or Issuable Number of Shares Issued for Each Share Held in Acquiree Entitybusiness Combination, Consideration Transferred in Cash Per Share | shares | 0.1989 | ||||||
Business Acquisition, Share Price | $ / shares | $ 3.62 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 29,942,877 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,356,389 | ||||||
Shopping Centers [Member] | |||||||
Number of Real Estate Properties | 114 | ||||||
Area of Real Estate Property | ft² | 63 | ||||||
Shopping Centers [Member] | Glimcher Realty Trust [Member] | |||||||
Number of Real Estate Properties | 23 | ||||||
Area of Real Estate Property | ft² | 15.8 | ||||||
Additional Mortgages on Properties Acquired | 14 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,400,000 | ||||||
Simon Property Group, Inc. [Member] | Glimcher Realty Trust [Member] | |||||||
Number of Real Estate Properties Sold to Fund Merger Consideration | 2 | ||||||
Simon Property Group, Inc. [Member] | Shopping Centers [Member] | Ownership Interest Sold [Member] | |||||||
Number of Real Estate Properties | 1 | ||||||
Simon Property Group, Inc. [Member] | |||||||
Business Combination, Consideration Transferred | $ 4,600 | ||||||
Simon Property Group, Inc. [Member] | Jersey Gardens Mall and UPV Mall [Member] | |||||||
Business Combination, Consideration Transferred | $ 1,090,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 405,000 | ||||||
Simon Property Group, Inc. [Member] | Ownership Interest Transfered [Member] | |||||||
Number of Real Estate Properties | 98 | ||||||
Simon Property Group, Inc. [Member] | Washington Prime Group, L.P. [Member] | |||||||
Percentage of Entity Common Shares Distributed from Former Parent | 100.00% | ||||||
Simon Property Group, Inc. [Member] | WPG Inc. [Member] | |||||||
Percentage of Entity Common Shares Distributed from Former Parent | 100.00% | ||||||
Washington Prime [Member] | |||||||
Area of Real Estate Property | ft² | 53 | ||||||
Glimcher Operating Partnership [Member] | Glimcher Realty Trust [Member] | |||||||
Conversion Ratio Upon Merger | 0.7431 |
Note 2 - Basis of Presentatio37
Note 2 - Basis of Presentation and Principles of Consolidation and Combination (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Separation Related Costs | $ 0 | $ 0 | $ 38,907 |
Threshold Ownership Interest Entity ControlIs That Properties Are Included in Financial Statements | 100.00% | ||
Shopping Centers [Member] | |||
Number of Real Estate Properties | 114 | ||
Wholly Owned Properties [Member] | |||
Number of Real Estate Properties | 102 | ||
Partially Owned Properties [Member] | |||
Number of Real Estate Properties | 6 | ||
Corporate Joint Venture [Member] | |||
Number of Real Estate Properties | 6 | ||
Washington Prime Group, L.P. [Member] | |||
Business Separation Related Costs | $ 0 | $ 0 | $ 38,907 |
Noncontrolling Interest, Ownership Percentage by Parent | 84.10% | 84.20% | |
Washington Prime Group, L.P. [Member] | Weighted Average [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 84.10% | 84.10% | 82.80% |
Note 3 - Summary of Significa38
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Days, Or Less, to Maturity for Highly Liquid Investment to Be Considered Cash Equivalent | 90 days | |||
Interest Costs Capitalized | $ 2,640,000 | $ 1,781,000 | $ 283,000 | |
Number of Reportable Segments | 1 | |||
Number of Properties Subject to Ground Leases | 7 | 7 | ||
Debt Issuance Costs, Net | $ 14,639,000 | $ 14,639,000 | ||
Restricted Cash and Cash Equivalents | $ 29,200,000 | 29,200,000 | 38,900,000 | |
Amortization of Deferred Leasing Fees | $ 25,000,000 | 27,200,000 | $ 12,500,000 | |
Real Estate Investment Trust Minimum Percentage Distributed To Owners | 90.00% | 90.00% | ||
Real Estate Investment Trust Percentage Historically Distributed To Owners | 100.00% | 100.00% | ||
Period To Be Disqualified From REIT Status In Event of Failure To Satisfy Regulations | 4 years | |||
Noncontrolling Interest, Change in Redemption Value | $ 5,464,000 | $ (5,464,000) | ||
Taxable Real Estate Investment Trust Subsidiaries [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 673,000 | 673,000 | 0 | |
Operating Loss Carryforwards, Valuation Allowance | 367,000 | 367,000 | 0 | |
Deferred Tax Assets, Net of Valuation Allowance | 306,000 | 306,000 | 0 | |
Income and Other Taxes [Member] | Taxable Real Estate Investment Trust Subsidiaries [Member] | ||||
Federal Income Tax Expense (Benefit), Continuing Operations | 227,000 | |||
Restatement Adjustment [Member] | ||||
Debt Issuance Costs, Net | $ 14,600,000 | $ 14,600,000 | $ 19,900,000 | |
Unconsolidated Properties [Member] | ||||
Number of Real Estate Properties | 6 | 6 | 6 | |
Maximum [Member] | Sales Revenue, Net [Member] | Revenue from Fees Earned for Management, Development, and Leasing Services of Joint Ventures, Sales of Real Estate, and Other Ancillary Income Earned from Owned Properties [Member] | ||||
Concentration Risk, Percentage | 1.00% | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Equipment and Fixture [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Equipment and Fixture [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years |
Note 3 - Summary of Significa39
Note 3 - Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred lease costs and corporate improvements, net | $ 90,922 | $ 100,837 |
In-place lease intangibles, net | 70,907 | 99,836 |
Acquired above market lease intangibles, net | 34,337 | 47,285 |
Mortgage and other escrow deposits | 29,160 | 38,906 |
Prepaids, notes receivable and other assets, net | 41,230 | 16,368 |
$ 266,556 | $ 303,232 |
Note 3 - Summary of Significa40
Note 3 - Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred lease costs | $ 149,208 | $ 164,693 |
Corporate improvements | 4,085 | 3,829 |
Accumulated amortization | (62,371) | (67,685) |
Deferred lease costs and corporate improvements, net | $ 90,922 | $ 100,837 |
Note 3 - Summary of Significa41
Note 3 - Summary of Significant Accounting Policies - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, beginning of year | $ 4,222 | $ 4,570 | $ 4,412 |
Provision for credit losses | 4,508 | 2,022 | 2,332 |
Accounts written off, net of recoveries | (152) | (2,370) | (2,174) |
Balance, end of year | $ 8,578 | $ 4,222 | $ 4,570 |
Note 3 - Summary of Significa42
Note 3 - Summary of Significant Accounting Policies - Distributions Paid Per Common and Preferred Share On a Tax Basis (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Distributions, per share, ordinary income (in dollars per share) | $ 0.6128 | $ 1 | $ 0.4805 | |
Distributions, per share, ordinary income, percentage | 61.28% | 100.00% | 96.10% | |
Capital gain (in dollars per share) | $ 0 | $ 0 | $ 0.0195 | |
Capital gain, percentage | 0.00% | 0.00% | 3.90% | |
Non-dividend distributions (in dollars per share) | $ 0.3872 | $ 0 | $ 0 | |
Non-dividend distributions, percentage | 38.72% | 0.00% | 0.00% | |
Distributions, per share (in dollars per share) | $ 1 | $ 1 | $ 0.50 | |
Distributions, per share, percentage | 100.00% | 100.00% | 100.00% | |
Series G Preferred Stock [Member] | ||||
Distributions, per share, ordinary income (in dollars per share) | [1] | $ 0 | $ 0.5868 | |
Distributions, per share, ordinary income, percentage | [1] | 2.29% | ||
Non-dividend distributions (in dollars per share) | [1],[2] | 0 | $ 25 | |
Non-dividend distributions, percentage | [1],[2] | 97.71% | ||
Distributions, per share (in dollars per share) | [1] | 0 | $ 25.5868 | |
Distributions, per share, percentage | [1] | 100.00% | ||
Series H Preferred Stock [Member] | ||||
Distributions, per share, ordinary income (in dollars per share) | [1] | $ 1.4064 | $ 1.8752 | |
Distributions, per share, ordinary income, percentage | [1] | 100.00% | 100.00% | |
Series I Preferred Stock [Member] | ||||
Distributions, per share, ordinary income (in dollars per share) | [1] | $ 1.2891 | $ 1.7188 | |
Distributions, per share, ordinary income, percentage | [1] | 100.00% | 100.00% | |
[1] | Shares issued in conjunction with the Merger on January 15, 2015. | |||
[2] | Shares redeemed in full on April 15, 2015. |
Note 3 - Summary of Significa43
Note 3 - Summary of Significant Accounting Policies - Carrying Amount of WPG Incs.'s Noncontrolling Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Limited partners' interests in WPG L.P. | $ 168,264 | $ 190,297 |
Noncontrolling interests in properties | 1,104 | 1,082 |
Total noncontrolling interests | $ 169,368 | $ 191,379 |
Note 4 - Investment in Real E44
Note 4 - Investment in Real Estate (Details Textual) $ in Thousands | Jan. 10, 2017USD ($) | Jan. 04, 2017USD ($) | Nov. 10, 2016USD ($) | Aug. 19, 2016USD ($) | Jun. 29, 2016USD ($) | Jan. 29, 2016USD ($) | Jan. 15, 2015USD ($)shares | Jan. 13, 2015USD ($) | Jul. 17, 2014USD ($) | Jun. 23, 2014USD ($) | Feb. 28, 2014USD ($) | Jan. 10, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Combination, Consideration Transferred | $ 199,523 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 218,064 | ||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (2,000) | 11,600 | |||||||||||||
Impairment of Real Estate | 21,879 | $ 147,979 | 0 | ||||||||||||
Above/Below Market Leases, Lessor [Member] | |||||||||||||||
Amortization of Intangible Assets as a Net Increase to Minimum Rents | 9,930 | 17,863 | 809 | ||||||||||||
Amortization of Intangible Assets | 24,269 | 43,941 | 8,094 | ||||||||||||
Above Market Leases, Lessee [Member] | |||||||||||||||
Amortization of Intangible Assets as a Net Decrease to Other Operating Expenses | 78 | 75 | $ 0 | ||||||||||||
Richmond Town Square [Member] | |||||||||||||||
Sales of Real Estate | $ 7,300 | ||||||||||||||
Knoxville Center [Member] | |||||||||||||||
Sales of Real Estate | $ 10,100 | ||||||||||||||
Proceeds from Sale of Real Estate | 3,900 | ||||||||||||||
Notes, Loans and Financing Receivable, Gross, Current | $ 6,200 | ||||||||||||||
Notes Receivable, Interest Rate | 5.50% | ||||||||||||||
Term of Extension on Note Receivable | 180 days | ||||||||||||||
Forest Mall and Northlake Mall [Member] | |||||||||||||||
Sales of Real Estate | $ 30,000 | ||||||||||||||
Proceeds from Sale of Real Estate | 10,000 | ||||||||||||||
Notes, Loans and Financing Receivable, Gross, Current | $ 20,000 | ||||||||||||||
Notes Receivable, Interest Rate | 6.00% | ||||||||||||||
Term of Extension on Note Receivable | 180 days | ||||||||||||||
Proceeds from Collection of Notes Receivable | $ 4,400 | ||||||||||||||
Forest Mall and Northlake Mall [Member] | Subsequent Event [Member] | |||||||||||||||
Proceeds from Collection of Notes Receivable | $ 15,600 | ||||||||||||||
Highland Lakes Center [Member] | Consolidated Properties [Member] | |||||||||||||||
Proceeds from Sale of Real Estate | $ 20,500 | ||||||||||||||
New Castle Plaza [Member] | Consolidated Properties [Member] | |||||||||||||||
Proceeds from Sale of Real Estate | $ 4,400 | ||||||||||||||
Virginia Center Commons [Member] | |||||||||||||||
Sales of Real Estate | 9,000 | ||||||||||||||
Virginia Center Commons [Member] | Subsequent Event [Member] | |||||||||||||||
Sales of Real Estate | $ 9,000 | ||||||||||||||
Gulf View Square [Member] | |||||||||||||||
Sales of Real Estate | 15,000 | ||||||||||||||
River Oaks Center [Member] | |||||||||||||||
Sales of Real Estate | $ 27,000 | ||||||||||||||
Forest Mall, Gulf View Square Mall, Knoxville Center, Northlake Mall, River Oaks Center, and Virginia Center Commons [Member] | |||||||||||||||
Impairment of Real Estate | 138,000 | ||||||||||||||
Chesapeake Square Mall [Member] | |||||||||||||||
Impairment of Real Estate | $ 9,900 | ||||||||||||||
Simon Property Group, Inc. [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 4,600 | ||||||||||||||
Number of Real Estate Properties Acquired | 3 | ||||||||||||||
Glimcher Credit Facility [Member] | |||||||||||||||
Repayments of Lines of Credit | $ 155,000 | ||||||||||||||
Shopping Centers [Member] | |||||||||||||||
Number of Real Estate Properties | 114 | ||||||||||||||
Shopping Centers [Member] | Simon Property Group, Inc. [Member] | |||||||||||||||
Number of Real Estate Properties Disposed | 1 | ||||||||||||||
Gain (Loss) on Disposition of Assets | $ 200 | ||||||||||||||
Non-core Properties [Member] | |||||||||||||||
Impairment of Real Estate | $ 21,900 | ||||||||||||||
Glimcher Realty Trust [Member] | |||||||||||||||
Number of Real Estate Properties | 25 | ||||||||||||||
Business Combination, Consideration Transferred | 4,200,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,356,389 | ||||||||||||||
Glimcher Realty Trust [Member] | Series G Preferred Stock [Member] | |||||||||||||||
Preferred Stock, Shares Issued | shares | 4,700,000 | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.125% | ||||||||||||||
Glimcher Realty Trust [Member] | Deferred Costs and Other Assets [Member] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 72,300 | ||||||||||||||
Glimcher Realty Trust [Member] | Accounts Payable Accrued Expenses Intangibles and Deferred Revenues [Member] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 79,100 | ||||||||||||||
Glimcher Realty Trust [Member] | Shopping Centers [Member] | |||||||||||||||
Number of Real Estate Properties | 23 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,400,000 | ||||||||||||||
Canyon View Marketplace [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 10,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 5,500 | ||||||||||||||
Simon Property Group, Inc. [Member] | Real Estate Property Changed from Consolidated to Wholly Owned [Member] | |||||||||||||||
Number of Real Estate Properties | 2 |
Note 4 - Investment in Real E45
Note 4 - Investment in Real Estate - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Land | $ 905,960 | $ 1,005,529 |
Buildings and improvements | 5,299,427 | 5,569,268 |
Total land, buildings and improvements | 6,205,387 | 6,574,797 |
Furniture, fixtures and equipment | 89,241 | 81,403 |
Investment properties at cost | 6,294,628 | 6,656,200 |
Less: accumulated depreciation | 2,122,572 | 2,225,750 |
Investment properties at cost, net | 4,172,056 | 4,430,450 |
Construction in progress included above | $ 49,214 | $ 80,178 |
Note 4 - Investment in Real E46
Note 4 - Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment properties | $ 471,293 | ||||
Deferred costs and other assets (including intangibles) | 67,530 | ||||
Accounts payable, accrued expenses, intangibles, and deferred revenue | (39,866) | ||||
Fair value of mortgage notes payable assumed | (218,064) | ||||
Net assets acquired | 279,035 | ||||
Less: Cash and cash equivalents acquired | (8,459) | ||||
Net cash paid for acquisition | $ 0 | $ 963,144 | 168,600 | ||
Other liabilities | (1,858) | ||||
Noncontrolling interest | (1,032) | ||||
Prior net cash distributions and losses | 20,895 | ||||
Gain on pre-existing interest | (99,375) | ||||
Fair value of total consideration transferred | 199,523 | ||||
Common Units [Member] | |||||
Less: Common shares issued | $ (22,464) | ||||
Glimcher Realty Trust [Member] | |||||
Investment properties | $ 3,091,410 | ||||
Cash and cash equivalents (1) | [1] | 547,294 | |||
Tenant accounts receivable | 14,311 | ||||
Investment in and advances to unconsolidated real estate entities | 21,994 | ||||
Deferred costs and other assets (including intangibles) | 370,079 | ||||
Accounts payable, accrued expenses, intangibles, and deferred revenue | (289,551) | ||||
Distributions payable | (2,658) | ||||
Redeemable noncontrolling interests, including preferred units | (5,795) | ||||
Total assets acquired and liabilities assumed | 3,747,084 | ||||
Fair value of mortgage notes payable assumed | (1,356,389) | ||||
Net assets acquired | 2,390,695 | ||||
Less: Cash and cash equivalents acquired | (547,294) | ||||
Net cash paid for acquisition | 958,469 | ||||
Fair value of total consideration transferred | 4,200,000 | ||||
Glimcher Realty Trust [Member] | Common Stock [Member] | |||||
Less: Common shares issued | (535,490) | ||||
Glimcher Realty Trust [Member] | Preferred Stock [Member] | |||||
Less: Common shares issued | (319,960) | ||||
Glimcher Realty Trust [Member] | Capital Units [Member] | |||||
Less: Common shares issued | $ (29,482) | ||||
[1] | Includes the proceeds from the Property Sale, net of the repayment of the $155.0 million balance on the GRT credit facility. |
Note 4 - Investment in Real E47
Note 4 - Investment in Real Estate - Acquired Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Purchase price | $ 199,523 | ||
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | $ (1,987) | $ 4,162 | $ 110,988 |
Whitehall Mall [Member] | |||
Acquisition date | Dec. 1, 2014 | ||
Percent acquired | 50.00% | ||
Purchase price | $ 14,900 | ||
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | $ 10,500 | ||
Clay Terrace [Member] | |||
Acquisition date | Jun. 20, 2014 | ||
Percent acquired | 50.00% | ||
Purchase price | $ 22,900 | ||
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | $ 46,600 | ||
Seven Open-air Shopping Centers [Member] | |||
Acquisition date | Jun. 18, 2014 | ||
Purchase price | $ 162,000 | ||
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | $ 42,300 |
Note 4 - Investment in Real E48
Note 4 - Investment in Real Estate - Summary of Intangible Assets and Liabilities Associated With Acquisitions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Above Market Leases, Lessor [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 56,192 | $ 62,900 |
Finite-lived Intangible Assets, Balance | $ 34,337,000 | 47,285,000 |
Above Market Leases, Lessor [Member] | Deferred Costs and Other Assets [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 7 years 109 days | |
Below Market Leases, Lessor [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 145,064,000 | 162,699,000 |
Below Market Leases, Lessor [Member] | Accounts Payable Accrued Expenses Intangibles and Deferred Revenues [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 13 years 182 days | |
Finite-lived Intangible Assets, Balance | $ 104,540,000 | 131,854,000 |
Above Market Leases, Lessee [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 2,536,000 | 2,536,000 |
Above Market Leases, Lessee [Member] | Accounts Payable Accrued Expenses Intangibles and Deferred Revenues [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 30 years 182 days | |
Finite-lived Intangible Assets, Balance | $ 2,383,000 | 2,461,000 |
Leases, Acquired-in-Place [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 134,516,000 | 156,842,000 |
Leases, Acquired-in-Place [Member] | Deferred Costs and Other Assets [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 9 years 292 days | |
Finite-lived Intangible Assets, Balance | $ 70,907,000 | $ 99,836,000 |
Note 4 - Investment In Real E49
Note 4 - Investment In Real Estate - Net Amortization of Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total net intangible amortization, 2017 | $ (11,568) | |
Total net intangible amortization, 2018 | (6,418) | |
Total net intangible amortization, 2019 | (4,186) | |
Total net intangible amortization, 2020 | (1,693) | |
Total net intangible amortization, 2021 | 1,836 | |
Total net intangible amortization, thereafter | 23,708 | |
Above/below-market leases | 69,886 | $ 86,584 |
Total net intangible amortization | 1,679 | |
Above/Below Market Leases, Lessor [Member] | ||
Above/below-market leases, 2017 | 5,618 | |
Above/below-market leases, 2018 | 4,868 | |
Above/below-market leases, 2019 | 5,294 | |
Above/below-market leases, 2020 | 5,605 | |
Above/below-market leases, 2021 | 5,656 | |
Above/below-market leases, thereafter | 43,162 | |
Above/below-market leases | 70,203 | |
Above/Below Market Leases, Lessee [Member] | ||
Above/below-market leases, 2017 | 78 | |
Above/below-market leases, 2018 | 78 | |
Above/below-market leases, 2019 | 78 | |
Above/below-market leases, 2020 | 78 | |
Above/below-market leases, 2021 | 78 | |
Above/below-market leases, thereafter | 1,993 | |
Above/below-market leases | 2,383 | |
Leases, Acquired-in-Place [Member] | ||
In-place leases, 2017 | (17,264) | |
In-place leases, 2018 | (11,364) | |
In-place leases, 2019 | (9,558) | |
In-place leases, 2020 | (7,376) | |
In-place leases, 2021 | (3,898) | |
In-place leases, thereafter | (21,447) | |
In-place leases | $ (70,907) |
Note 4 - Investment in Real E50
Note 4 - Investment in Real Estate - Unaudited Condensed Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
WPG Inc. [Member] | ||
Total revenues | $ 874,338 | $ 886,010 |
Net (loss) income attributable to the Company | (60,876) | 74,147 |
Net (loss) income attributable to common shareholders | $ (75,024) | $ 60,115 |
(Loss) earnings per common share-basic and diluted (in dollars per share) | $ (0.40) | $ 0.32 |
Weighted average shares outstanding-basic (in thousands) (in shares) | 185,342,000 | 185,031,000 |
Weighted average shares outstanding-diluted (in thousands) (in shares) | 219,708,000 | 219,528,000 |
Washington Prime Group, L.P. [Member] | ||
Total revenues | $ 874,338 | $ 886,010 |
Net (loss) income attributable to the Company | (74,734) | 85,309 |
Net (loss) income attributable to common shareholders | $ (88,882) | $ 71,277 |
(Loss) earnings per common share-basic and diluted (in dollars per share) | $ (0.40) | $ 0.32 |
Weighted average shares outstanding-basic (in thousands) (in shares) | 219,708 | 219,402 |
Weighted average shares outstanding-diluted (in thousands) (in shares) | 219,708 | 219,528 |
Note 5 - Investment In Uncons51
Note 5 - Investment In Unconsolidated Entities, At Equity (Details Textual) $ in Thousands, ft² in Millions | Jun. 01, 2015USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | $ (1,987) | $ 4,162 | $ 110,988 | |
Acquired In Place and Above Market Leases | 93,634 | 113,822 | ||
Below Market Lease, Net | 69,886 | 86,584 | ||
Equity Method Investments | 458,892 | 488,071 | ||
Cash Distributions and Losses in Unconsolidated Entities at Equity | 15,421 | 15,399 | ||
Other Income [Member] | Other Joint Venture [Member] | ||||
Management Fees Revenue | 6,700 | 3,900 | $ 400 | |
O'Connor Joint Venture [Member] | ||||
Joint Venture, Costs of Transaction | $ 432,000 | |||
Joint Venture, Reimbursement of Costs | $ 28,700 | |||
Acquisition of Controlling Interest, Sale or Disposal of Assets and Interests in Unconsolidated Entities, Gain or Loss | 4,200 | |||
Advances to Affiliate | $ 2,500 | $ 1,200 | ||
O'Connor Joint Venture [Member] | Sale of Ownership Interest in Crescent-SDQ III Venture, LLC [Member] | ||||
Equity Interest Sold, Percentage | 25.00% | |||
Proceeds from Sale of Equity Method Investments | $ 4,400 | |||
Gain (Loss) on Sale of Equity Investments | $ 300 | |||
The Seminole Joint Venture [Member] | ||||
Equity Method Investment, Ownership Percentage | 22.00% | |||
The Seminole Joint Venture [Member] | Seminole Town Center [Member] | ||||
Area of Real Estate Property | ft² | 1.1 | |||
The Seminole Joint Venture [Member] | Direct Interest [Member] | ||||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Other Joint Venture [Member] | Indirect Interest [Member] | ||||
Equity Method Investment, Ownership Percentage | 12.50% | |||
Joint Venture That Previously Owned Seven Open-air Shopping Center [Member] | ||||
Number of Real Estate Properties | 7 | |||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | ||||
Number of Real Estate Properties | 5 | |||
Real Estate Investments, Joint Ventures | $ 1,625,000 | |||
Equity Method Investment, Ownership Percentage | 51.00% |
Note 5 - Investment In Uncons52
Note 5 - Investment In Unconsolidated Entities, At Equity - Combined Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment properties at cost, net | $ 4,172,056 | $ 4,430,450 | |||
Cash and cash equivalents | 59,353 | 116,253 | $ 108,768 | $ 25,857 | |
Deferred costs and other assets | 266,556 | 303,232 | |||
Total assets | 5,107,466 | 5,459,609 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 309,178 | 379,112 | |||
Total liabilities | 3,833,995 | 4,046,104 | |||
Total stockholders' equity | 1,093,443 | 1,215,994 | |||
Total liabilities and members’ equity | 5,107,466 | 5,459,609 | |||
Our share of members’ equity, net | 458,892 | 488,071 | |||
Joint Venture Equity Method Investments [Member] | |||||
Investment properties at cost, net | 1,641,170 | 1,693,769 | |||
Construction in progress | 21,084 | 55,529 | |||
Cash and cash equivalents | 20,657 | 28,839 | |||
Tenant receivables and accrued revenue, net | 19,056 | 29,297 | |||
Deferred costs and other assets | [1] | 135,313 | 154,406 | ||
Total assets | 1,837,280 | 1,961,840 | |||
Mortgage notes payable | 875,811 | 908,315 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues | [2] | 116,870 | 137,613 | ||
Total liabilities | 992,681 | 1,045,928 | |||
Total stockholders' equity | 844,599 | 915,912 | |||
Total liabilities and members’ equity | 1,837,280 | 1,961,840 | |||
Our share of members’ equity, net | $ 429,792 | $ 461,227 | |||
[1] | Includes value of acquired in-place leases and acquired above-market leases with a net book value of $93,634 and $113,822 as of December 31, 2016 and 2015, respectively. | ||||
[2] | Includes the net book value of below market leases of $69,886 and $86,584 as of December 31, 2016 and 2015, respectively. |
Note 5 - Investments In Unconso
Note 5 - Investments In Unconsolidated Entities, At Equity - Investments In and Advances to Unconsolidated Real Estate Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments | $ 458,892 | $ 488,071 | |
Joint Venture Equity Method Investments [Member] | |||
Equity Method Investments | 429,792 | 461,227 | |
Advances and excess investment | 13,679 | 11,445 | |
Net investment in and advances to unconsolidated real estate entities(1) | [1] | $ 443,471 | $ 472,672 |
[1] | Includes $458,892 and $488,071 of investment in and advances to unconsolidated entities, at equity as of December 31, 2016 and 2015, respectively, and $15,421 and $15,399 of cash distributions and losses in unconsolidated entities, at equity as of December 31, 2016 and 2015, respectively. |
Note 5 - Investment in Uncons54
Note 5 - Investment in Unconsolidated Entities, at Equity - Combined Statements of Operations for the Unconsolidated Joint Venture Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenues | $ 191,831 | $ 127,263 | $ 41,248 |
Operating expenses | 78,685 | 53,204 | 15,291 |
Depreciation and amortization | 78,972 | 48,876 | 9,649 |
Operating income | 34,174 | 25,183 | 16,308 |
Gain on sale of interests in unconsolidated entities | 1,014 | ||
Interest expense, taxes, and other, net | (32,754) | (20,135) | (8,936) |
Net income from the Company's unconsolidated real estate entities | 2,434 | 5,048 | 7,372 |
Our share of (loss) income from the Company's unconsolidated real estate entities | $ (1,745) | $ (1,247) | $ 973 |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) $ in Thousands | Oct. 01, 2016 | Jun. 09, 2016USD ($) | Jun. 08, 2016USD ($) | Dec. 10, 2015USD ($) | Oct. 21, 2015USD ($) | Oct. 01, 2015 | Aug. 03, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 04, 2015USD ($) | Jun. 01, 2015USD ($) | May 21, 2015USD ($) | Mar. 27, 2015USD ($) | Mar. 24, 2015USD ($) | Jan. 15, 2015USD ($) | Sep. 23, 2014USD ($) | May 15, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 06, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 06, 2016USD ($) | May 25, 2016 | Jan. 11, 2016USD ($) | Jan. 01, 2016 | Dec. 11, 2015USD ($) | Oct. 30, 2015USD ($) | Oct. 08, 2015USD ($) | Jun. 19, 2015USD ($) | Jan. 13, 2015USD ($) | |
Debt Issuance Costs, Net | $ 14,639 | $ 14,639 | |||||||||||||||||||||||||||||||
Mortgages Transferred To Unconsolidated Entities | $ 795,700 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 218,064 | ||||||||||||||||||||||||||||||||
Long-term Debt | 1,618,080 | 1,618,080 | $ 1,793,439 | ||||||||||||||||||||||||||||||
Bridge Loan | $ 1,190,000 | ||||||||||||||||||||||||||||||||
Notes Payable | $ 247,637 | $ 247,637 | 246,728 | ||||||||||||||||||||||||||||||
Number of Properties Encumbered by Cross-Defaulted and Cross-Collateralized Mortgages | 6 | 6 | |||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 34,612 | 0 | 0 | ||||||||||||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | 160,100 | ||||||||||||||||||||||||||||||||
Interest Paid, Net | 125,999 | 124,646 | $ 81,607 | ||||||||||||||||||||||||||||||
Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | ||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||
Bridge Loan | $ 1,250,000 | ||||||||||||||||||||||||||||||||
Interest Rate Swaption [Member] | Cash Flow Hedging [Member] | |||||||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 340,000 | ||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | Debt Paid Using Proceeds From the New Term Loan [Member] | |||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit | 142,300 | ||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | 113,000 | 310,000 | |||||||||||||||||||||||||||||||
Canyon View Marketplace [Member] | |||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 5,500 | ||||||||||||||||||||||||||||||||
Glimcher Realty Trust [Member] | |||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 1,356,389 | ||||||||||||||||||||||||||||||||
Bridge Loan [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Term | 364 days | ||||||||||||||||||||||||||||||||
Repayments of Debt | $ 21,200 | ||||||||||||||||||||||||||||||||
Bridge Loan [Member] | Interest Expense [Member] | |||||||||||||||||||||||||||||||||
Accelerated Amortization of Financing Costs | 10,400 | ||||||||||||||||||||||||||||||||
Bridge Loan [Member] | Glimcher Realty Trust [Member] | |||||||||||||||||||||||||||||||||
Financial Services Costs | $ 10,400 | ||||||||||||||||||||||||||||||||
WestShore Plaza [Member] | Mezzanine Loan [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 20,000 | ||||||||||||||||||||||||||||||||
June 2016 Term Loan [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 65,000 | $ 64,600 | 64,600 | ||||||||||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 3 | ||||||||||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 1 year | ||||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | $ 400 | $ 400 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | 2.50% | |||||||||||||||||||||||||||||||
June 2016 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by Weberstown Mall [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 60,000 | ||||||||||||||||||||||||||||||||
December 2015 Term Loan [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 340,000 | ||||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | $ 3,100 | $ 3,100 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | ||||||||||||||||||||||||||||||||
Long-term Debt | 336,900 | 336,900 | |||||||||||||||||||||||||||||||
December 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||||||||||||||||||||||||||||||
June 2015 Term Loan [Member] | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 500,000 | ||||||||||||||||||||||||||||||||
June 2015 Term Loan [Member] | Interest Rate Swaption [Member] | |||||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | 2,400 | 2,400 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.56% | ||||||||||||||||||||||||||||||||
Long-term Debt | $ 497,600 | $ 497,600 | |||||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 500,000 | ||||||||||||||||||||||||||||||||
June 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||||||||||||||||||||||||||||
Exchange Offer [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount Exchanged | $ 250,000 | ||||||||||||||||||||||||||||||||
Exchange Notes [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 250,000 | ||||||||||||||||||||||||||||||||
Notes Payable Exchanged [Member] | |||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 250,000 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by Mesa Mall [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 87,300 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by Southern Hills Mall [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 101,500 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by River Valley Mall [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 44,900 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by Merritt Square Mall [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 52,900 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by Chesapeake Square Mall [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 62,400 | ||||||||||||||||||||||||||||||||
Mortgage Loan Secured by River Valley Mall, Merritt Square Mall, and Chesapeake Square [Member] | Consolidated Subsidiary of the Company [Member] | |||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 34,600 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | |||||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 4.98% | 4.98% | 5.10% | ||||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years | 4 years 146 days | |||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | $ 5,010 | $ 5,010 | $ 6,347 | ||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 159,828 | ||||||||||||||||||||||||||||||||
Long-term Debt | $ 1,618,080 | 1,618,080 | $ 1,793,439 | ||||||||||||||||||||||||||||||
Mortgages [Member] | WP Glimcher [Member] | |||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,400,000 | ||||||||||||||||||||||||||||||||
Additional Mortgages on Properties Acquired | 14 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Canyon View Marketplace [Member] | |||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 6,400 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Henderson Square [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.43% | 3.17% | |||||||||||||||||||||||||||||||
Mortgages [Member] | WestShore Plaza [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 3 | 2 | |||||||||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 1 year | 1 year | |||||||||||||||||||||||||||||||
Mortgages [Member] | Clay Terrace [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 115,000 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Bloomingdale Court [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 24,500 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Pearlridge Center [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.53% | ||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 171,000 | ||||||||||||||||||||||||||||||||
Non-Recourse Debt | $ 225,000 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Scottsdale Quarter [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.53% | ||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 195,000 | ||||||||||||||||||||||||||||||||
Non-Recourse Debt | $ 165,000 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | West Town Corners [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 18,800 | ||||||||||||||||||||||||||||||||
Mortgages [Member] | Gaitway Plaza [Member] | |||||||||||||||||||||||||||||||||
Repayments of Debt | $ 13,900 | ||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||||||||||||||||||
Long-term Debt | [1] | $ 1,290,000 | $ 1,290,000 | $ 1,090,000 | |||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 2.86% | 1.91% | |||||||||||||||||||||||||||||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 2 | ||||||||||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 180 days | ||||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | $ 1,800 | $ 1,800 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.02% | 2.02% | |||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000 | ||||||||||||||||||||||||||||||||
Long-term Debt | $ 308,000 | $ 308,000 | |||||||||||||||||||||||||||||||
Proceeds from Lines of Credit | $ 175,000 | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 591,700 | 591,700 | |||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 300 | $ 300 | |||||||||||||||||||||||||||||||
Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | |||||||||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 2 | ||||||||||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 1 year | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.22% | 2.22% | |||||||||||||||||||||||||||||||
Long-term Debt | $ 500,000 | $ 500,000 | $ 500,000 | ||||||||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 200,000 | ||||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.04% | ||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | 1.45% | |||||||||||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||||||||||||||||||||||||||
Debt Issuance Costs, Net | 2,400 | $ 2,400 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 248,400 | ||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 0.028% | ||||||||||||||||||||||||||||||||
Notes Payable | $ 247,600 | $ 247,600 | |||||||||||||||||||||||||||||||
Secured Debt [Member] | |||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Number of Loans | 30 | ||||||||||||||||||||||||||||||||
Number of Partial Recourse Loans | 1 | 1 | |||||||||||||||||||||||||||||||
Number of Full-Recourse Loans | 1 | 1 | |||||||||||||||||||||||||||||||
Number of Cross-Defaulted and Cross-Collateralized Mortgage Pools With Collateral Properties | 36 | 36 | |||||||||||||||||||||||||||||||
Number of Properties, Cross-Defaulted and Cross-Collateralized Mortgages, Total | 2 | 2 | |||||||||||||||||||||||||||||||
Mortgage Loans On Real Estate, Minimum Number of Consecutive Quarters for Which Cash Levels Should Attain the Benchmark | 2 | 2 | |||||||||||||||||||||||||||||||
[1] | Excludes deferred financing fees and applicable debt discounts. |
Note 6 - Indebtedness - Mortgag
Note 6 - Indebtedness - Mortgage Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Face amount of mortgage loans | $ 3,508,429 | |
Bond Discount | (47) | |
Debt issuance costs, net | (14,639) | |
Carrying value of mortgage loans | 1,618,080 | $ 1,793,439 |
Mortgages [Member] | ||
Face amount of mortgage loans | 1,610,429 | 1,782,103 |
Bond Discount | 12,661 | 17,683 |
Debt issuance costs, net | (5,010) | (6,347) |
Carrying value of mortgage loans | $ 1,618,080 | $ 1,793,439 |
Note 6 - Indebtedness - Roll Fo
Note 6 - Indebtedness - Roll Forward of Mortgage Indebtedness (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance | $ 1,793,439 |
Balance | 1,618,080 |
Mortgages [Member] | |
Balance | 1,793,439 |
Debt amortization payments | (16,526) |
Debt borrowings, net | 4,530 |
Debt cancelled upon lender foreclosures, net of debt issuance costs of $0.3 million | (159,828) |
Amortization of fair value and other adjustments | (5,022) |
Amortization of debt issuance costs | 1,487 |
Balance | $ 1,618,080 |
Note 6 - Indebtedness - Roll 58
Note 6 - Indebtedness - Roll Forward of Mortgage Indebtedness (Details) (Parentheticals) $ in Millions | Dec. 31, 2016USD ($) |
Mortgages [Member] | |
Debt issuance costs | $ 0.3 |
Note 6 - Indebtedness - Princip
Note 6 - Indebtedness - Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 346,050 | |
2,018 | 39,032 | |
2,019 | 968,309 | |
2,020 | 846,710 | |
2,021 | 273,354 | |
Thereafter | 1,034,974 | |
Total principal maturities | 3,508,429 | |
Bond Discount | (47) | |
Fair value adjustments, net | 12,661 | |
Debt issuance costs, net | (14,639) | |
Total mortgages and unsecured indebtedness | 1,618,080 | $ 1,793,439 |
Mortgages and Unsecured Debt [Member] | ||
Total mortgages and unsecured indebtedness | $ 3,506,404 |
Note 6 - Indebtedness - Fair Va
Note 6 - Indebtedness - Fair Value of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Mortgage notes payable | $ 1,618,080 | $ 1,793,439 | |
Unsecured Debt [Member] | |||
Mortgage notes payable | [1] | 1,290,000 | 1,090,000 |
Fair value of financial instrument | $ 1,261,858 | $ 1,068,724 | |
Weighted average discount rates assumed in calculation of fair value for financial instruments | 2.86% | 1.91% | |
Fixed Rate Mortgage [Member] | Secured Debt [Member] | |||
Mortgage notes payable | [1] | $ 1,359,329 | $ 1,596,003 |
Fair value of financial instrument | $ 1,403,103 | $ 1,675,035 | |
Weighted average discount rates assumed in calculation of fair value for financial instruments | 3.79% | 3.42% | |
[1] | Excludes deferred financing fees and applicable debt discounts. |
Note 7 - Derivative Financial61
Note 7 - Derivative Financial Instruments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 288 | $ 193 | $ 0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,400 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 5,752 | 1,506 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 189 | ||
Maximum [Member] | |||
Loss Contingency, Estimate of Possible Loss | 189 | ||
Deferred Costs and Other Assets [Member] | |||
Interest Rate Derivative Assets, at Fair Value | 5,754 | 1,658 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 2 | 152 | |
Three Year Forward Starting Swap [Member] | |||
Derivative, Number of Instruments Held | 3 | ||
Five Year Forward Starting Swap [Member] | |||
Derivative, Term of Contract | 2 years | ||
Interest Rate Cap [Member] | |||
Derivative, Number of Instruments Held | 1 | ||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Number of Instruments Held | 15 | ||
Derivative, Notional Amount | $ 1,139,600 | ||
Interest Rate Swap [Member] | Deferred Costs and Other Assets [Member] | |||
Interest Rate Derivative Assets, at Fair Value | 5,754 | 1,658 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 2 | $ 152 |
Note 7 - Derivative Financial62
Note 7 - Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative instruments, net | $ 5,752 | $ 1,506 |
Deferred Costs and Other Assets [Member] | ||
Asset derivatives | 5,754 | 1,658 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative instruments, net | $ 2 | $ 152 |
Note 7 - Derivative Financial63
Note 7 - Derivative Financial Instruments - Effect of Derivative Financial Instruments (Details) - Interest Rate Derivative [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense [Member] | ||
Interest rate products | $ 7,381 | $ 2,466 |
Interest rate products | 288 | 193 |
Other Comprehensive Income (Loss) [Member] | ||
Interest rate products | $ (3,580) | $ (429) |
Note 7 - Derivative Financial64
Note 7 - Derivative Financial Instruments - Liabilities Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative instruments, net | $ 5,752 | $ 1,506 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments, net | 5,752 | 1,506 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments, net | $ 0 | $ 0 |
Note 8 - Rentals Under Operat65
Note 8 - Rentals Under Operating Leases - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 488,504 |
2,018 | 418,114 |
2,019 | 346,428 |
2,020 | 278,289 |
2,021 | 214,961 |
Thereafter | 584,446 |
$ 2,330,742 |
Note 9 - Equity (Details Textua
Note 9 - Equity (Details Textual) - USD ($) | Apr. 15, 2015 | Jan. 15, 2015 | Aug. 04, 2014 | May 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 27, 2015 |
Payments for Repurchase of Redeemable Preferred Stock | $ 6,000 | $ 118,048,000 | $ 31,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 35,127,735 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 247,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.62 | $ 2.63 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 163,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 191,000 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1 | $ 1 | ||||||
Inducement LTIP Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Total Fair Value | $ 8,400,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,000,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||||
Performance Long-Term Incentive Plan Units [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 256,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based on Achievement of Absolute TSR Goals | 40.00% | |||||||
Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based on Achievement of Relative TSR Goals | 60.00% | |||||||
Performance Long-Term Incentive Plan Units [Member] | Minimum [Member] | ||||||||
Percentage of Awards Based on Achievement of TSR Goals | 0.00% | 0.00% | ||||||
Performance Long-Term Incentive Plan Units [Member] | Maximum [Member] | ||||||||
Percentage of Awards Based on Achievement of TSR Goals | 100.00% | 100.00% | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 800,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |||||||
Conversion of Stock, Shares Issued | 1,039,785 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 9,600,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 18.18 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 14,115,000 | $ 2,051,000 | $ 0 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 518,112 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 6,000,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.48 | $ 13.62 | $ 19.01 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,082,000 | $ 628,000 | $ 0 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 518,112 | 82,203 | 49,520 | |||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 284,483 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 3,300,000 | |||||||
Employee Stock Option [Member] | ||||||||
Conversion of Stock, Shares Issued | 1,125,014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 393,000 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.63 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 982,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 3,380,000 | |||||||
Washington Prime Group, L.P. 2014 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Annually Available for Grant Per Participant | 500,000 | |||||||
Washington Prime Group, L.P. 2014 Stock Incentive Plan [Member] | Inducement LTIP Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 203,215 | 283,610 | |||||
Washington Prime Group, L.P. 2014 Stock Incentive Plan [Member] | Performance Long-Term Incentive Plan Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 304,818 | 451,017 | ||||||
The 2016 Annual Long-term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based on Achievement of Absolute TSR Goals | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Employee Subscription Rate | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 100.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Awards, Calculation Input | 15 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of Strategic Goals | 50.00% | |||||||
Share-based Compensation Payment by Share-based Payment Award, Achievement of Strategic Goal and TSR Performance, Payout, Expected Percentage | 100.00% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 323,417 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Employee Subscription Rate | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 300.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Awards, Calculation Input | 15 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of Strategic Goals | 40.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of TSR Performance | 60.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Payout, Percentage of Allocated Units Paid Out | 40.00% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Board of Directors Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 94,106 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Certain Former Executive Officers [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 121,193 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Vesting in Three Installments [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 108,118 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
Series G Preferred Stock [Member] | ||||||||
Stock Redeemed or Called During Period, Shares | 4,700,000 | |||||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | 0.5868 | |||||||
Preferred Stock, Redemption and Accumulated and Unpaid Distribution Price Per Share | 25.5868 | |||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.5078 | |||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 120,300,000 | |||||||
Series H Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | ||||||
Series I Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 3,800,000 | 3,800,000 | ||||||
Glimcher Realty Trust [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 29,942,877 | |||||||
Glimcher Realty Trust [Member] | WPG L.P. [Member] | Common Units [Member] | ||||||||
Partners' Capital Account, Units, Acquisitions | 1,621,695 | |||||||
Glimcher Realty Trust [Member] | WPG L.P. [Member] | Series I-1 Preferred Units [Member] | ||||||||
Partners' Capital Account, Units, Acquisitions | 130,592 | |||||||
Partners Capital Account Units, Dividend Rate Percentage | 7.30% | |||||||
Glimcher Realty Trust [Member] | Series G Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 4,700,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 8.125% | |||||||
Glimcher Realty Trust [Member] | Series H Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 4,000,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | |||||||
Glimcher Realty Trust [Member] | Series I Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 3,800,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 6.875% | |||||||
WPG L.P. Limited Partnership Interest [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 31,575,487 | |||||||
Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 155,162,597 |
Note 9 - Equity - Inducement LT
Note 9 - Equity - Inducement LTIP Units (Details) - Inducement LTIP Units [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Balance outstanding (in shares) | shares | 264,808 |
Outstanding weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.09 |
Units granted (in shares) | shares | 0 |
Units granted (in dollars per share) | $ / shares | $ 0 |
Units vested (in shares) | shares | (189,755) |
Units vested (in dollars per share) | $ / shares | $ 18.07 |
Balance outstanding (in shares) | shares | 75,053 |
Outstanding weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.16 |
Note 9 - Equity - Assumptions U
Note 9 - Equity - Assumptions Used to Value Grants (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk free rate | 1.40% | 1.00% | |
Performance Long-Term Incentive Plan Units [Member] | |||
Fair value per share of Performance LTIP Units (in dollars per share) | $ 7.28 | $ 9.27 | |
Total amount to be recognized over the performance period | $ 2,218 | $ 4,182 | |
Risk free rate | 1.04% | 1.11% | |
Volatility | 25.96% | 28.88% | |
Dividend yield | 6.43% | 5.20% | |
Annual LTIP Unit Awards [Member] | |||
Fair value per share of Performance LTIP Units (in dollars per share) | $ 3.81 | $ 7.07 | |
Total amount to be recognized over the performance period | $ 2,516 | $ 4,656 | |
Risk free rate | 0.44% | 0.20% | |
Volatility | 31.40% | 22.66% | |
Dividend yield | 10.05% | 6.03% |
Note 9 - Equity - Restricted Sh
Note 9 - Equity - Restricted Share Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance outstanding (in shares) | 926,964 | ||
Outstanding weighted average grant date fair value (in dollars per share) | $ 18.18 | ||
Units granted (in shares) | 0 | ||
Units granted (in dollars per share) | $ 0 | $ 18.18 | $ 0 |
Units vested (in shares) | (776,385) | ||
Units vested (in dollars per share) | $ 18.18 | ||
Balance outstanding (in shares) | 150,579 | 926,964 | |
Outstanding weighted average grant date fair value (in dollars per share) | $ 18.18 | $ 18.18 |
Note 9 - Equity - Restricted St
Note 9 - Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance outstanding (in shares) | 95,607 | ||
Outstanding weighted average grant date fair value (in dollars per share) | $ 14.92 | ||
Units granted (in shares) | 518,112 | ||
Units granted (in dollars per share) | $ 11.48 | $ 13.62 | $ 19.01 |
Units vested (in shares) | (108,877) | ||
Units vested (in dollars per share) | $ 13.03 | ||
Balance outstanding (in shares) | 504,842 | 95,607 | |
Outstanding weighted average grant date fair value (in dollars per share) | $ 11.80 | $ 14.92 |
Note 9 - Equity - Stock Option
Note 9 - Equity - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at beginning of year (in shares) | 1,145,181 | |
Outstanding at beginning of year (in dollars per share) | $ 2.48 | |
Options granted (in shares) | 247,500 | |
Weighted average per share value of options granted/converted (in dollars per share) | $ 0.62 | $ 2.63 |
Options exercised (in shares) | (53,080) | |
Options exercised (in dollars per share) | $ 6.53 | |
Options forfeited (in shares) | (362,025) | |
Options forfeited (in dollars per share) | $ 1.27 | |
Outstanding at end of year (in shares) | 977,576 | 1,145,181 |
Outstanding at end of year (in dollars per share) | $ 2.24 | $ 2.48 |
Note 9 - Equity - Fair Value As
Note 9 - Equity - Fair Value Assumptions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average per share value of options granted/converted (in dollars per share) | $ 0.62 | $ 2.63 |
Risk free rate | 1.40% | 1.00% |
Expected average lives in years (Year) | 6 years | 3 years 292 days |
Annual dividend rates | $ 1 | $ 1 |
Weighted average volatility | 28.30% | 22.10% |
Forfeiture rate | 10.00% | 10.00% |
Note 9 - Equity - Summary of Op
Note 9 - Equity - Summary of Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of Options Outstanding (in shares) | shares | 977,576 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 7 years |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 13.64 |
Number of Options Exercisable (in shares) | shares | 576,077 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 255 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 14.78 |
Range One [Member] | |
Number of Options Outstanding (in shares) | shares | 34,452 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 34.80 |
Number of Options Exercisable (in shares) | shares | 34,452 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 34.80 |
Range Two [Member] | |
Number of Options Outstanding (in shares) | shares | 25,252 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 1 year 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 13.96 |
Number of Options Exercisable (in shares) | shares | 25,252 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 1 year 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 13.96 |
Range Three [Member] | |
Number of Options Outstanding (in shares) | shares | 7,282 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 2 years 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1.79 |
Number of Options Exercisable (in shares) | shares | 7,282 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 2 years 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.79 |
Range Four [Member] | |
Number of Options Outstanding (in shares) | shares | 29,489 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 3 years 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 5.76 |
Number of Options Exercisable (in shares) | shares | 29,489 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 3 years 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 5.76 |
Range Five [Member] | |
Number of Options Outstanding (in shares) | shares | 55,071 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 4 years 109 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 11.97 |
Number of Options Exercisable (in shares) | shares | 55,071 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 4 years 109 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 11.97 |
Range Six [Member] | |
Number of Options Outstanding (in shares) | shares | 83,235 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 12.67 |
Number of Options Exercisable (in shares) | shares | 83,235 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 12.67 |
Range Seven [Member] | |
Number of Options Outstanding (in shares) | shares | 138,681 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 6 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 16.56 |
Number of Options Exercisable (in shares) | shares | 138,681 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 6 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 16.56 |
Range Eight [Member] | |
Number of Options Outstanding (in shares) | shares | 108,114 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 7 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 13.15 |
Number of Options Exercisable (in shares) | shares | 108,114 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 7 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 13.15 |
Lower Exercise Price Range (in dollars per share) | 13.10 |
Upper Exercise Price Range (in dollars per share) | $ 13.84 |
Range Nine [Member] | |
Number of Options Outstanding (in shares) | shares | 283,500 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 8 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 14.28 |
Number of Options Exercisable (in shares) | shares | 94,501 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 8 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 14.28 |
Range Ten [Member] | |
Number of Options Outstanding (in shares) | shares | 212,500 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 9 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 9.95 |
Number of Options Exercisable (in shares) | shares | 0 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 0 years |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 0 |
Note 9 - Equity - Aggregate Int
Note 9 - Equity - Aggregate Intrinsic Value (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Aggregate intrinsic value of options outstanding | $ 298 |
Aggregate intrinsic value of options exercisable | 200 |
Aggregate intrinsic value of options exercised | 163 |
Aggregate fair value of options vested | $ 191 |
Note 9 - Equity - LTIP and the
Note 9 - Equity - LTIP and the WPG Restricted Shares Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Merger, restructuring and transaction costs | $ 14,100 | $ 14,100 | $ 1,800 |
Merger, Restructuring and Transaction Costs [Member] | |||
Merger, restructuring and transaction costs | 9,500 | 4,000 | 0 |
General and Administrative Expense [Member] | |||
Merger, restructuring and transaction costs | $ 4,600 | $ 10,100 | $ 1,800 |
Note 10 - Commitments and Con76
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 5.00% | ||
Ground [Member] | |||
Operating Leases, Rent Expense | $ 4,318 | $ 6,874 | $ 2,836 |
Note 10 - Commitments and Con77
Note 10 - Commitments and Contingencies - Future Minimum Lease Payments (Details) - Ground [Member] $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 3,516 |
2,018 | 3,542 |
2,019 | 3,542 |
2,020 | 3,542 |
2,021 | 3,538 |
Thereafter | 119,556 |
$ 137,236 |
Note 11 - Related Party Trans78
Note 11 - Related Party Transactions (Details Textual) $ in Thousands | Dec. 31, 2015USD ($) |
Simon Property Group, Inc. [Member] | |
Due to Related Parties | $ 3,455 |
Note 11 - Related Party Trans79
Note 11 - Related Party Transactions - Charges for Properties Which Are Consolidated (Details) - Consolidated Properties [Member] - Simon Property Group, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Management Costs, Services and Other [Member] | |||
Amounts charged to related party | $ 8,791 | $ 23,302 | $ 20,685 |
Insurance Premiums [Member] | |||
Amounts charged to related party | 0 | 9,076 | 9,150 |
Selling and Marketing Expense [Member] | |||
Amounts charged to related party | 102 | 812 | 1,030 |
Capitalized Leasing and Development Fees [Member] | |||
Amounts charged to related party | $ 3,166 | $ 9,841 | $ 9,827 |
Note 11 - Related Party Trans80
Note 11 - Related Party Transactions - Charges for Properties Which Are Unconsolidated (Details) - Unconsolidated Properties [Member] - Simon Property Group, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Management Costs, Services and Other [Member] | |||
Amounts charged to related party | $ 196 | $ 816 | $ 2,193 |
Insurance Premiums [Member] | |||
Amounts charged to related party | 0 | 12 | 129 |
Selling and Marketing Expense [Member] | |||
Amounts charged to related party | 6 | 46 | 50 |
Capitalized Leasing and Development Fees [Member] | |||
Amounts charged to related party | $ 23 | $ 55 | $ 207 |
Note 12 - (Loss) Earnings Per C
Note 12 - (Loss) Earnings Per Common Share/Unit - Basic and Diluted Earnings Per Share Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings (Loss) Per Common Share, Basic: | |||||||||||
Net income (loss) attributable to common shareholders - basic | $ 25,416 | $ 1,362 | $ 17,807 | $ 8,514 | $ (96,974) | $ 4,057 | $ 3,901 | $ (12,270) | $ 53,099 | $ (101,286) | $ 170,029 |
Weighted average shares outstanding - basic (in shares) | 185,633,582 | 184,195,769 | 155,162,597 | ||||||||
Earnings (Loss) per common share, basic (in dollars per share) | $ 0.29 | $ (0.55) | $ 1.10 | ||||||||
Earnings (Loss) Per Common Share, Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - basic | 25,416 | 1,362 | 17,807 | 8,514 | (96,974) | 4,057 | 3,901 | (12,270) | $ 53,099 | $ (101,286) | $ 170,029 |
Net income (loss) attributable to common unitholders | 10,034 | (19,340) | 35,426 | ||||||||
Net income (loss) attributable to common shareholders - diluted | $ 63,133 | $ (120,626) | $ 205,455 | ||||||||
Weighted average shares outstanding - basic (in shares) | 185,633,582 | 184,195,769 | 155,162,597 | ||||||||
Weighted average operating partnership units outstanding (in shares) | 34,304,109 | 34,303,804 | 32,202,440 | ||||||||
Weighted average additional dilutive securities outstanding (in shares) | 803,805 | 0 | 125,907 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 220,741,496 | 218,499,573 | 187,490,944 | ||||||||
Earnings (loss) per common share, diluted (in dollars per share) | $ 0.29 | $ (0.55) | $ 1.10 | ||||||||
Earnings (loss) Per Common Unit, Basic and Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - diluted | $ 63,133 | $ (120,626) | $ 205,455 | ||||||||
Washington Prime [Member] | |||||||||||
Earnings (Loss) Per Common Share, Basic: | |||||||||||
Net income (loss) attributable to common shareholders - basic | 30,218 | 1,619 | 21,177 | 10,119 | (115,537) | 4,638 | 4,886 | (14,613) | |||
Earnings (Loss) Per Common Share, Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - basic | $ 30,218 | $ 1,619 | $ 21,177 | $ 10,119 | $ (115,537) | $ 4,638 | $ 4,886 | $ (14,613) | |||
Net income (loss) attributable to common shareholders - diluted | 63,133 | (120,626) | 205,455 | ||||||||
Earnings (loss) Per Common Unit, Basic and Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - diluted | $ 63,133 | $ (120,626) | $ 205,455 | ||||||||
Weighted average common units outstanding - basic (in shares) | 219,937,691 | 218,499,573 | 187,365,037 | ||||||||
Weighted average additional dilutive securities outstanding (in shares) | 803,805 | 125,907 | |||||||||
Weighted average shares outstanding - diluted (in shares) | 220,741,496 | 218,499,573 | 187,490,944 | ||||||||
Earnings (loss) per common unit, basic and diluted (in dollars per share) | $ 0.29 | $ (0.55) | $ 1.10 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2017 | Jan. 10, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, Dividends, Per Share, Declared | $ 1 | $ 1 | ||
Virginia Center Commons [Member] | ||||
Sales of Real Estate | $ 9,000 | |||
Subsequent Event [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||
Dividends Payable, Date of Record | Mar. 8, 2017 | |||
Dividends Payable, Date to be Paid | Mar. 15, 2017 | |||
Subsequent Event [Member] | Virginia Center Commons [Member] | ||||
Sales of Real Estate | $ 9,000 | |||
Subsequent Event [Member] | Gulf View Square and River Oaks Center [Member] | ||||
Sales of Real Estate | $ 42,000 |
Note 14 - Quarterly Financial83
Note 14 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 217,784 | $ 209,922 | $ 205,738 | $ 210,031 | $ 229,371 | $ 216,739 | $ 237,528 | $ 237,718 | $ 843,475 | $ 921,356 | $ 660,978 |
Operating income | 65,355 | 38,425 | 25,835 | 55,378 | (77,100) | 38,274 | 44,806 | 27,755 | 184,993 | 33,735 | 177,137 |
Net income | 33,815 | 5,183 | 24,737 | 13,681 | (111,606) | 8,128 | 8,944 | (9,588) | 77,416 | (104,122) | 205,455 |
Net income attributable to the Company | 28,924 | 4,870 | 21,315 | 12,022 | (93,466) | 7,565 | 7,896 | (7,292) | 67,131 | (85,297) | 170,029 |
Net income attributable to common shareholders | $ 25,416 | $ 1,362 | $ 17,807 | $ 8,514 | $ (96,974) | $ 4,057 | $ 3,901 | $ (12,270) | $ 53,099 | $ (101,286) | $ 170,029 |
Earnings per common share—basic and diluted (in dollars per share) | $ 0.13 | $ 0.01 | $ 0.10 | $ 0.05 | $ (0.52) | $ 0.02 | $ 0.02 | $ (0.07) | $ 0.29 | $ (0.55) | $ 1.10 |
Net income attributable to unitholders | $ 10,285 | $ (18,825) | $ 35,426 | ||||||||
Washington Prime [Member] | |||||||||||
Net income attributable to common shareholders | $ 30,218 | $ 1,619 | $ 21,177 | $ 10,119 | $ (115,537) | $ 4,638 | $ 4,886 | $ (14,613) | |||
Earnings per common share—basic and diluted (in dollars per share) | $ 0.13 | $ 0.01 | $ 0.10 | $ 0.05 | $ (0.52) | $ 0.02 | $ 0.02 | $ (0.07) | |||
Net income attributable to unitholders | $ 33,786 | $ 5,187 | $ 24,745 | $ 13,687 | $ (111,910) | $ 8,146 | $ 8,941 | $ (9,585) |
Schedule III - Real Estate an84
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 5,775,588 |
Building and Building Improvements [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
Land Improvements [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years |
HVAC Equipment [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 10 years |
Schedule III - Real Estate an85
Schedule III - Real Estate and Accumulated Depreciation - Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Encumbrances | [1] | $ 1,610,429 | ||||
Initial cost of land | 871,835 | |||||
Initial cost of buildings and improvements | 4,024,545 | |||||
Cost capitalized of land | 23,286 | |||||
Cost capitalized of buildings and improvements | 1,237,508 | |||||
Gross land | 905,960 | |||||
Gross buildings and improvements | 5,299,427 | |||||
Total cost per Schedule III | 6,205,387 | [2] | $ 6,699,789 | $ 5,227,466 | $ 4,724,930 | |
Total accumulated depreciation per Schedule III | 2,063,107 | [3] | $ 2,261,593 | $ 2,058,061 | $ 1,920,476 | |
The Mall at Fairfield Commons [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 18,194 | |||||
Initial cost of buildings and improvements | 175,426 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 15,630 | |||||
Gross land | 18,194 | |||||
Gross buildings and improvements | 191,056 | |||||
Total cost per Schedule III | [2] | 209,250 | ||||
Total accumulated depreciation per Schedule III | [3] | 15,399 | ||||
The Mall at Fairfield Commons [Member] | Developments in Progress [Member] | ||||||
Encumbrances | 0 | |||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 0 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 0 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 1,722 | |||||
Total cost per Schedule III | [2] | 1,722 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Palms Crossing [Member] | ||||||
Encumbrances | [1] | 35,461 | ||||
Initial cost of land | 13,496 | |||||
Initial cost of buildings and improvements | 45,925 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 10,669 | |||||
Gross land | 13,496 | |||||
Gross buildings and improvements | 56,594 | |||||
Total cost per Schedule III | [2] | 70,090 | ||||
Total accumulated depreciation per Schedule III | [3] | 22,337 | ||||
Anderson Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 18,981 | ||||
Initial cost of land | 1,712 | |||||
Initial cost of buildings and improvements | 15,227 | |||||
Cost capitalized of land | 851 | |||||
Cost capitalized of buildings and improvements | 20,502 | |||||
Gross land | 2,563 | |||||
Gross buildings and improvements | 35,729 | |||||
Total cost per Schedule III | [2] | 38,292 | ||||
Total accumulated depreciation per Schedule III | [3] | 21,210 | ||||
Maplewood Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 17,119 | |||||
Initial cost of buildings and improvements | 80,758 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 25,148 | |||||
Gross land | 17,119 | |||||
Gross buildings and improvements | 105,906 | |||||
Total cost per Schedule III | [2] | 123,025 | ||||
Total accumulated depreciation per Schedule III | [3] | 46,327 | ||||
Bloomingdale Court [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 8,422 | |||||
Initial cost of buildings and improvements | 26,184 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 17,740 | |||||
Gross land | 8,422 | |||||
Gross buildings and improvements | 43,924 | |||||
Total cost per Schedule III | [2] | 52,346 | ||||
Total accumulated depreciation per Schedule III | [3] | 26,638 | ||||
The Plaza at Buckland Hills [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 17,355 | |||||
Initial cost of buildings and improvements | 43,900 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (938) | |||||
Gross land | 17,355 | |||||
Gross buildings and improvements | 42,962 | |||||
Total cost per Schedule III | [2] | 60,317 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,735 | ||||
Arbor Hills [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 25,498 | ||||
Initial cost of land | 8,564 | |||||
Initial cost of buildings and improvements | 40,368 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 670 | |||||
Gross land | 8,564 | |||||
Gross buildings and improvements | 41,038 | |||||
Total cost per Schedule III | [2] | 49,602 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,750 | ||||
Markland Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 7,568 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 19,096 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 26,664 | |||||
Total cost per Schedule III | [2] | 26,664 | ||||
Total accumulated depreciation per Schedule III | [3] | 15,258 | ||||
Bowie Town Center Strip [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 231 | |||||
Initial cost of buildings and improvements | 4,597 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 695 | |||||
Gross land | 231 | |||||
Gross buildings and improvements | 5,292 | |||||
Total cost per Schedule III | [2] | 5,523 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,390 | ||||
Richardson Square [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 6,285 | |||||
Initial cost of buildings and improvements | 0 | |||||
Cost capitalized of land | 990 | |||||
Cost capitalized of buildings and improvements | 15,124 | |||||
Gross land | 7,275 | |||||
Gross buildings and improvements | 15,124 | |||||
Total cost per Schedule III | [2] | 22,399 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,896 | ||||
The Arboretum [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 7,640 | |||||
Initial cost of buildings and improvements | 36,774 | |||||
Cost capitalized of land | 71 | |||||
Cost capitalized of buildings and improvements | 14,072 | |||||
Gross land | 7,711 | |||||
Gross buildings and improvements | 50,846 | |||||
Total cost per Schedule III | [2] | 58,557 | ||||
Total accumulated depreciation per Schedule III | [3] | 24,856 | ||||
Melbourne Square [Member] | ||||||
Encumbrances | 0 | |||||
Initial cost of land | 15,762 | |||||
Initial cost of buildings and improvements | 55,891 | |||||
Cost capitalized of land | 4,160 | |||||
Cost capitalized of buildings and improvements | 39,346 | |||||
Gross land | 19,922 | |||||
Gross buildings and improvements | 95,237 | |||||
Total cost per Schedule III | [2] | 115,159 | ||||
Total accumulated depreciation per Schedule III | [3] | 48,057 | ||||
Canyon View Marketplace [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 5,390 | ||||
Initial cost of land | 1,370 | |||||
Initial cost of buildings and improvements | 9,570 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 88 | |||||
Gross land | 1,370 | |||||
Gross buildings and improvements | 9,658 | |||||
Total cost per Schedule III | [2] | 11,028 | ||||
Total accumulated depreciation per Schedule III | [3] | 852 | ||||
Rockaway Commons [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 5,149 | |||||
Initial cost of buildings and improvements | 26,435 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 15,459 | |||||
Gross land | 5,149 | |||||
Gross buildings and improvements | 41,894 | |||||
Total cost per Schedule III | [2] | 47,043 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,536 | ||||
Ashland Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 38,440 | ||||
Initial cost of land | 13,462 | |||||
Initial cost of buildings and improvements | 68,367 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,731 | |||||
Gross land | 13,462 | |||||
Gross buildings and improvements | 70,098 | |||||
Total cost per Schedule III | [2] | 83,560 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,264 | ||||
Mesa Mall [Member] | ||||||
Encumbrances | [1] | 87,250 | ||||
Initial cost of land | 12,784 | |||||
Initial cost of buildings and improvements | 80,639 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,224 | |||||
Gross land | 12,784 | |||||
Gross buildings and improvements | 83,863 | |||||
Total cost per Schedule III | [2] | 96,647 | ||||
Total accumulated depreciation per Schedule III | [3] | 21,478 | ||||
Charles Towne Square [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 1,768 | |||||
Cost capitalized of land | 370 | |||||
Cost capitalized of buildings and improvements | 10,890 | |||||
Gross land | 370 | |||||
Gross buildings and improvements | 12,658 | |||||
Total cost per Schedule III | [2] | 13,028 | ||||
Total accumulated depreciation per Schedule III | [3] | 11,644 | ||||
Rockaway Town Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 18,698 | |||||
Cost capitalized of land | 2,227 | |||||
Cost capitalized of buildings and improvements | 4,743 | |||||
Gross land | 2,227 | |||||
Gross buildings and improvements | 23,441 | |||||
Total cost per Schedule III | [2] | 25,668 | ||||
Total accumulated depreciation per Schedule III | [3] | 8,491 | ||||
Bowie Town Center [Member] | Malls [Member] | ||||||
Encumbrances | 0 | |||||
Initial cost of land | 2,479 | |||||
Initial cost of buildings and improvements | 60,322 | |||||
Cost capitalized of land | 235 | |||||
Cost capitalized of buildings and improvements | 10,025 | |||||
Gross land | 2,714 | |||||
Gross buildings and improvements | 70,347 | |||||
Total cost per Schedule III | [2] | 73,061 | ||||
Total accumulated depreciation per Schedule III | [3] | 35,633 | ||||
Morgantown Mall [Member] | ||||||
Encumbrances | 0 | |||||
Initial cost of land | 10,219 | |||||
Initial cost of buildings and improvements | 77,599 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,153 | |||||
Gross land | 10,219 | |||||
Gross buildings and improvements | 78,752 | |||||
Total cost per Schedule III | [2] | 88,971 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,248 | ||||
Chesapeake Center [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 4,410 | |||||
Initial cost of buildings and improvements | 11,241 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 994 | |||||
Gross land | 4,410 | |||||
Gross buildings and improvements | 12,235 | |||||
Total cost per Schedule III | [2] | 16,645 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,174 | ||||
Royal Eagle Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 2,153 | |||||
Initial cost of buildings and improvements | 24,216 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,713 | |||||
Gross land | 2,153 | |||||
Gross buildings and improvements | 26,929 | |||||
Total cost per Schedule III | [2] | 29,082 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,567 | ||||
Boynton Beach Mall [Member] | Malls [Member] | ||||||
Encumbrances | 0 | |||||
Initial cost of land | 22,240 | |||||
Initial cost of buildings and improvements | 78,804 | |||||
Cost capitalized of land | 4,666 | |||||
Cost capitalized of buildings and improvements | 30,855 | |||||
Gross land | 26,906 | |||||
Gross buildings and improvements | 109,659 | |||||
Total cost per Schedule III | [2] | 136,565 | ||||
Total accumulated depreciation per Schedule III | [3] | 66,509 | ||||
Muncie Mall [Member] | ||||||
Encumbrances | [1] | 35,326 | ||||
Initial cost of land | 172 | |||||
Initial cost of buildings and improvements | 5,776 | |||||
Cost capitalized of land | 52 | |||||
Cost capitalized of buildings and improvements | 29,324 | |||||
Gross land | 224 | |||||
Gross buildings and improvements | 35,100 | |||||
Total cost per Schedule III | [2] | 35,324 | ||||
Total accumulated depreciation per Schedule III | [3] | 22,906 | ||||
Concord Mills Marketplace [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 16,000 | ||||
Initial cost of land | 8,036 | |||||
Initial cost of buildings and improvements | 21,167 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 510 | |||||
Gross land | 8,036 | |||||
Gross buildings and improvements | 21,677 | |||||
Total cost per Schedule III | [2] | 29,713 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,019 | ||||
The Shops at Arbor Walk [Member] | ||||||
Encumbrances | [1] | 40,078 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 42,546 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 5,850 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 48,396 | |||||
Total cost per Schedule III | [2] | 48,396 | ||||
Total accumulated depreciation per Schedule III | [3] | 18,058 | ||||
Brunswick Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 73,791 | ||||
Initial cost of land | 8,436 | |||||
Initial cost of buildings and improvements | 55,838 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 34,028 | |||||
Gross land | 8,436 | |||||
Gross buildings and improvements | 89,866 | |||||
Total cost per Schedule III | [2] | 98,302 | ||||
Total accumulated depreciation per Schedule III | [3] | 52,364 | ||||
New Towne Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 3,172 | |||||
Initial cost of buildings and improvements | 33,112 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 5,487 | |||||
Gross land | 3,172 | |||||
Gross buildings and improvements | 38,599 | |||||
Total cost per Schedule III | [2] | 41,771 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,934 | ||||
Countryside Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 332 | |||||
Initial cost of buildings and improvements | 8,507 | |||||
Cost capitalized of land | 2,554 | |||||
Cost capitalized of buildings and improvements | 11,270 | |||||
Gross land | 2,886 | |||||
Gross buildings and improvements | 19,777 | |||||
Total cost per Schedule III | [2] | 22,663 | ||||
Total accumulated depreciation per Schedule III | [3] | 12,128 | ||||
The Shops at North East Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 12,541 | |||||
Initial cost of buildings and improvements | 28,177 | |||||
Cost capitalized of land | 402 | |||||
Cost capitalized of buildings and improvements | 6,483 | |||||
Gross land | 12,943 | |||||
Gross buildings and improvements | 34,660 | |||||
Total cost per Schedule III | [2] | 47,603 | ||||
Total accumulated depreciation per Schedule III | [3] | 22,621 | ||||
Charlottesville Fashion Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 47,878 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 54,738 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 18,498 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 73,236 | |||||
Total cost per Schedule III | [2] | 73,236 | ||||
Total accumulated depreciation per Schedule III | [3] | 39,228 | ||||
Northtown Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 18,603 | |||||
Initial cost of buildings and improvements | 57,341 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,469 | |||||
Gross land | 18,603 | |||||
Gross buildings and improvements | 61,810 | |||||
Total cost per Schedule III | [2] | 80,413 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,701 | ||||
Dare Centre [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 5,702 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,200 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 7,902 | |||||
Total cost per Schedule III | [2] | 7,902 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,443 | ||||
St. Charles Towne Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 8,216 | |||||
Initial cost of buildings and improvements | 18,993 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 9,271 | |||||
Gross land | 8,216 | |||||
Gross buildings and improvements | 28,264 | |||||
Total cost per Schedule III | [2] | 36,480 | ||||
Total accumulated depreciation per Schedule III | [3] | 15,725 | ||||
Chautaugua Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 3,116 | |||||
Initial cost of buildings and improvements | 9,641 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 16,971 | |||||
Gross land | 3,116 | |||||
Gross buildings and improvements | 26,612 | |||||
Total cost per Schedule III | [2] | 29,728 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,108 | ||||
Northwoods Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,185 | |||||
Initial cost of buildings and improvements | 12,779 | |||||
Cost capitalized of land | 2,164 | |||||
Cost capitalized of buildings and improvements | 39,743 | |||||
Gross land | 3,349 | |||||
Gross buildings and improvements | 52,522 | |||||
Total cost per Schedule III | [2] | 55,871 | ||||
Total accumulated depreciation per Schedule III | [3] | 36,418 | ||||
DeKalb Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,955 | |||||
Initial cost of buildings and improvements | 3,405 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 824 | |||||
Gross land | 1,955 | |||||
Gross buildings and improvements | 4,229 | |||||
Total cost per Schedule III | [2] | 6,184 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,502 | ||||
Tippecanoe Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 745 | |||||
Cost capitalized of land | 234 | |||||
Cost capitalized of buildings and improvements | 5,577 | |||||
Gross land | 234 | |||||
Gross buildings and improvements | 6,322 | |||||
Total cost per Schedule III | [2] | 6,556 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,248 | ||||
Chesapeake Square Theater [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 628 | |||||
Initial cost of buildings and improvements | 9,536 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (738) | |||||
Gross land | 628 | |||||
Gross buildings and improvements | 8,798 | |||||
Total cost per Schedule III | [2] | 9,426 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,554 | ||||
Oak Court Mall [Member] | ||||||
Encumbrances | [1] | 38,371 | ||||
Initial cost of land | 15,673 | |||||
Initial cost of buildings and improvements | 57,304 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 10,595 | |||||
Gross land | 15,673 | |||||
Gross buildings and improvements | 67,899 | |||||
Total cost per Schedule III | [2] | 83,572 | ||||
Total accumulated depreciation per Schedule III | [3] | 48,689 | ||||
Empire East [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 3,350 | |||||
Initial cost of buildings and improvements | 10,552 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,728 | |||||
Gross land | 3,350 | |||||
Gross buildings and improvements | 13,280 | |||||
Total cost per Schedule III | [2] | 16,630 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,619 | ||||
University Center [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 2,119 | |||||
Initial cost of buildings and improvements | 8,365 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,134 | |||||
Gross land | 2,119 | |||||
Gross buildings and improvements | 12,499 | |||||
Total cost per Schedule III | [2] | 14,618 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,980 | ||||
Clay Terrace [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 39,030 | |||||
Initial cost of buildings and improvements | 115,207 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,316 | |||||
Gross land | 39,030 | |||||
Gross buildings and improvements | 119,523 | |||||
Total cost per Schedule III | [2] | 158,553 | ||||
Total accumulated depreciation per Schedule III | [3] | 12,195 | ||||
Oklahoma City Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 18,195 | |||||
Initial cost of buildings and improvements | 37,161 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,846 | |||||
Gross land | 18,195 | |||||
Gross buildings and improvements | 41,007 | |||||
Total cost per Schedule III | [2] | 59,202 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,468 | ||||
Fairfax Court [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 8,078 | |||||
Initial cost of buildings and improvements | 34,997 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 830 | |||||
Gross land | 8,078 | |||||
Gross buildings and improvements | 35,827 | |||||
Total cost per Schedule III | [2] | 43,905 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,548 | ||||
University Town Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 6,009 | |||||
Initial cost of buildings and improvements | 26,945 | |||||
Cost capitalized of land | (397) | |||||
Cost capitalized of buildings and improvements | 3,312 | |||||
Gross land | 5,612 | |||||
Gross buildings and improvements | 30,257 | |||||
Total cost per Schedule III | [2] | 35,869 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,350 | ||||
Colonial Park Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 9,143 | |||||
Initial cost of buildings and improvements | 30,347 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,201 | |||||
Gross land | 9,143 | |||||
Gross buildings and improvements | 31,548 | |||||
Total cost per Schedule III | [2] | 40,691 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,522 | ||||
Orange Park Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 12,998 | |||||
Initial cost of buildings and improvements | 65,121 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 42,680 | |||||
Gross land | 12,998 | |||||
Gross buildings and improvements | 107,801 | |||||
Total cost per Schedule III | [2] | 120,799 | ||||
Total accumulated depreciation per Schedule III | [3] | 64,775 | ||||
Fairfield Town Center [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 4,745 | |||||
Initial cost of buildings and improvements | 5,044 | |||||
Cost capitalized of land | (2,504) | |||||
Cost capitalized of buildings and improvements | 14,340 | |||||
Gross land | 2,241 | |||||
Gross buildings and improvements | 19,384 | |||||
Total cost per Schedule III | [2] | 21,625 | ||||
Total accumulated depreciation per Schedule III | [3] | 127 | ||||
Fairfield Town Center [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 0 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 0 | |||||
Gross land | 5,047 | |||||
Gross buildings and improvements | 20,373 | |||||
Total cost per Schedule III | [2] | 25,420 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Village Park Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 19,565 | |||||
Initial cost of buildings and improvements | 51,873 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 650 | |||||
Gross land | 19,565 | |||||
Gross buildings and improvements | 52,523 | |||||
Total cost per Schedule III | [2] | 72,088 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,574 | ||||
Cottonwood Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 100,772 | ||||
Initial cost of land | 10,122 | |||||
Initial cost of buildings and improvements | 69,958 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 6,910 | |||||
Gross land | 10,122 | |||||
Gross buildings and improvements | 76,868 | |||||
Total cost per Schedule III | [2] | 86,990 | ||||
Total accumulated depreciation per Schedule III | [3] | 46,123 | ||||
The Outlet Collection - Seattle [Member] | ||||||
Encumbrances | [1] | 86,500 | ||||
Initial cost of land | 38,751 | |||||
Initial cost of buildings and improvements | 107,094 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,210 | |||||
Gross land | 38,751 | |||||
Gross buildings and improvements | 111,304 | |||||
Total cost per Schedule III | [2] | 150,055 | ||||
Total accumulated depreciation per Schedule III | [3] | 11,031 | ||||
Forest Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 16,544 | ||||
Initial cost of land | 4,132 | |||||
Initial cost of buildings and improvements | 16,818 | |||||
Cost capitalized of land | 453 | |||||
Cost capitalized of buildings and improvements | 15,602 | |||||
Gross land | 4,585 | |||||
Gross buildings and improvements | 32,420 | |||||
Total cost per Schedule III | [2] | 37,005 | ||||
Total accumulated depreciation per Schedule III | [3] | 18,701 | ||||
Washington Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 263 | |||||
Initial cost of buildings and improvements | 1,833 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,781 | |||||
Gross land | 263 | |||||
Gross buildings and improvements | 4,614 | |||||
Total cost per Schedule III | [2] | 4,877 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,992 | ||||
Dayton Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 82,000 | ||||
Initial cost of land | 10,899 | |||||
Initial cost of buildings and improvements | 160,723 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,085 | |||||
Gross land | 10,899 | |||||
Gross buildings and improvements | 163,808 | |||||
Total cost per Schedule III | [2] | 174,707 | ||||
Total accumulated depreciation per Schedule III | [3] | 11,676 | ||||
Paddock Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 11,198 | |||||
Initial cost of buildings and improvements | 39,727 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 22,703 | |||||
Gross land | 11,198 | |||||
Gross buildings and improvements | 62,430 | |||||
Total cost per Schedule III | [2] | 73,628 | ||||
Total accumulated depreciation per Schedule III | [3] | 32,193 | ||||
Gaitway Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 5,445 | |||||
Initial cost of buildings and improvements | 26,687 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,793 | |||||
Gross land | 5,445 | |||||
Gross buildings and improvements | 28,480 | |||||
Total cost per Schedule III | [2] | 33,925 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,834 | ||||
West Ridge Plaza [Member] | ||||||
Encumbrances | [1] | 10,353 | ||||
Initial cost of land | 1,376 | |||||
Initial cost of buildings and improvements | 4,560 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,546 | |||||
Gross land | 1,376 | |||||
Gross buildings and improvements | 9,106 | |||||
Total cost per Schedule III | [2] | 10,482 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,728 | ||||
Edison Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 11,529 | |||||
Initial cost of buildings and improvements | 107,350 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 31,086 | |||||
Gross land | 11,529 | |||||
Gross buildings and improvements | 138,436 | |||||
Total cost per Schedule III | [2] | 149,965 | ||||
Total accumulated depreciation per Schedule III | [3] | 73,306 | ||||
Port Charlotte Town Center [Member] | ||||||
Encumbrances | [1] | 44,021 | ||||
Initial cost of land | 5,471 | |||||
Initial cost of buildings and improvements | 58,570 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 16,294 | |||||
Gross land | 5,471 | |||||
Gross buildings and improvements | 74,864 | |||||
Total cost per Schedule III | [2] | 80,335 | ||||
Total accumulated depreciation per Schedule III | [3] | 47,069 | ||||
Gateway Centers [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 24,549 | |||||
Initial cost of buildings and improvements | 81,437 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 20,703 | |||||
Gross land | 24,549 | |||||
Gross buildings and improvements | 102,140 | |||||
Total cost per Schedule III | [2] | 126,689 | ||||
Total accumulated depreciation per Schedule III | [3] | 43,377 | ||||
West Town Corners [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 6,821 | |||||
Initial cost of buildings and improvements | 24,603 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,501 | |||||
Gross land | 6,821 | |||||
Gross buildings and improvements | 27,104 | |||||
Total cost per Schedule III | [2] | 33,925 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,198 | ||||
Grand Central Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 41,149 | ||||
Initial cost of land | 18,956 | |||||
Initial cost of buildings and improvements | 89,736 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,758 | |||||
Gross land | 18,956 | |||||
Gross buildings and improvements | 91,494 | |||||
Total cost per Schedule III | [2] | 110,450 | ||||
Total accumulated depreciation per Schedule III | [3] | 10,336 | ||||
Rolling Oaks Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,929 | |||||
Initial cost of buildings and improvements | 38,609 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 14,119 | |||||
Gross land | 1,929 | |||||
Gross buildings and improvements | 52,728 | |||||
Total cost per Schedule III | [2] | 54,657 | ||||
Total accumulated depreciation per Schedule III | [3] | 36,087 | ||||
Greenwood Plus [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,129 | |||||
Initial cost of buildings and improvements | 1,792 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,777 | |||||
Gross land | 1,129 | |||||
Gross buildings and improvements | 6,569 | |||||
Total cost per Schedule III | [2] | 7,698 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,257 | ||||
Westland Park Plaza [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 5,576 | |||||
Initial cost of buildings and improvements | 8,775 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (186) | |||||
Gross land | 5,576 | |||||
Gross buildings and improvements | 8,589 | |||||
Total cost per Schedule III | [2] | 14,165 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,090 | ||||
Great Lakes Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 12,302 | |||||
Initial cost of buildings and improvements | 100,362 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 39,327 | |||||
Gross land | 12,302 | |||||
Gross buildings and improvements | 139,689 | |||||
Total cost per Schedule III | [2] | 151,991 | ||||
Total accumulated depreciation per Schedule III | [3] | 71,407 | ||||
Rushmore Mall [Member] | ||||||
Encumbrances | [1] | 94,000 | ||||
Initial cost of land | 18,839 | |||||
Initial cost of buildings and improvements | 67,364 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 14,462 | |||||
Gross land | 18,839 | |||||
Gross buildings and improvements | 81,826 | |||||
Total cost per Schedule III | [2] | 100,665 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,040 | ||||
Henderson Square [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 12,155 | ||||
Initial cost of land | 4,223 | |||||
Initial cost of buildings and improvements | 15,124 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 948 | |||||
Gross land | 4,223 | |||||
Gross buildings and improvements | 16,072 | |||||
Total cost per Schedule III | [2] | 20,295 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,373 | ||||
White Oaks Plaza [Member] | ||||||
Encumbrances | [1] | 12,887 | ||||
Initial cost of land | 3,169 | |||||
Initial cost of buildings and improvements | 14,267 | |||||
Cost capitalized of land | 292 | |||||
Cost capitalized of buildings and improvements | 9,061 | |||||
Gross land | 3,461 | |||||
Gross buildings and improvements | 23,328 | |||||
Total cost per Schedule III | [2] | 26,789 | ||||
Total accumulated depreciation per Schedule III | [3] | 11,997 | ||||
Indian Mound Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 7,109 | |||||
Initial cost of buildings and improvements | 19,205 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,718 | |||||
Gross land | 7,109 | |||||
Gross buildings and improvements | 21,923 | |||||
Total cost per Schedule III | [2] | 29,032 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,266 | ||||
Southern Hills Mall [Member] | ||||||
Encumbrances | [1] | 101,500 | ||||
Initial cost of land | 15,025 | |||||
Initial cost of buildings and improvements | 75,984 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,088 | |||||
Gross land | 15,025 | |||||
Gross buildings and improvements | 77,072 | |||||
Total cost per Schedule III | [2] | 92,097 | ||||
Total accumulated depreciation per Schedule III | [3] | 20,092 | ||||
Keystone Shoppers [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 4,232 | |||||
Cost capitalized of land | 2,118 | |||||
Cost capitalized of buildings and improvements | 4,009 | |||||
Gross land | 2,118 | |||||
Gross buildings and improvements | 8,241 | |||||
Total cost per Schedule III | [2] | 10,359 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,546 | ||||
Whitehall Mall [Member] | ||||||
Encumbrances | [1] | 9,266 | ||||
Initial cost of land | 8,500 | |||||
Initial cost of buildings and improvements | 28,512 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,049 | |||||
Gross land | 8,500 | |||||
Gross buildings and improvements | 31,561 | |||||
Total cost per Schedule III | [2] | 40,061 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,712 | ||||
Irving Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 6,737 | |||||
Initial cost of buildings and improvements | 17,479 | |||||
Cost capitalized of land | 2,533 | |||||
Cost capitalized of buildings and improvements | 42,340 | |||||
Gross land | 9,270 | |||||
Gross buildings and improvements | 59,819 | |||||
Total cost per Schedule III | [2] | 69,089 | ||||
Total accumulated depreciation per Schedule III | [3] | 39,467 | ||||
Southern Park Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 16,982 | |||||
Initial cost of buildings and improvements | 77,767 | |||||
Cost capitalized of land | 97 | |||||
Cost capitalized of buildings and improvements | 33,167 | |||||
Gross land | 17,079 | |||||
Gross buildings and improvements | 110,934 | |||||
Total cost per Schedule III | [2] | 128,013 | ||||
Total accumulated depreciation per Schedule III | [3] | 62,418 | ||||
Lake Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 2,487 | |||||
Initial cost of buildings and improvements | 6,420 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,763 | |||||
Gross land | 2,487 | |||||
Gross buildings and improvements | 8,183 | |||||
Total cost per Schedule III | [2] | 10,670 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,298 | ||||
Wolf Ranch [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 21,999 | |||||
Initial cost of buildings and improvements | 51,547 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 14,126 | |||||
Gross land | 21,999 | |||||
Gross buildings and improvements | 65,673 | |||||
Total cost per Schedule III | [2] | 87,672 | ||||
Total accumulated depreciation per Schedule III | [3] | 27,261 | ||||
Jefferson Valley Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 4,868 | |||||
Initial cost of buildings and improvements | 30,304 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 61,816 | |||||
Gross land | 4,868 | |||||
Gross buildings and improvements | 92,120 | |||||
Total cost per Schedule III | [2] | 96,988 | ||||
Total accumulated depreciation per Schedule III | [3] | 43,324 | ||||
Sunland Park Mall [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 2,896 | |||||
Initial cost of buildings and improvements | 28,900 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 9,944 | |||||
Gross land | 2,896 | |||||
Gross buildings and improvements | 38,844 | |||||
Total cost per Schedule III | [2] | 41,740 | ||||
Total accumulated depreciation per Schedule III | [3] | 29,452 | ||||
Lake View Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 4,702 | |||||
Initial cost of buildings and improvements | 17,543 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 17,055 | |||||
Gross land | 4,702 | |||||
Gross buildings and improvements | 34,598 | |||||
Total cost per Schedule III | [2] | 39,300 | ||||
Total accumulated depreciation per Schedule III | [3] | 20,880 | ||||
Lima Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 7,659 | |||||
Initial cost of buildings and improvements | 35,338 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 15,743 | |||||
Gross land | 7,659 | |||||
Gross buildings and improvements | 51,081 | |||||
Total cost per Schedule III | [2] | 58,740 | ||||
Total accumulated depreciation per Schedule III | [3] | 29,563 | ||||
Town Center at Aurora [Member] | ||||||
Encumbrances | [1] | 54,250 | ||||
Initial cost of land | 9,959 | |||||
Initial cost of buildings and improvements | 56,832 | |||||
Cost capitalized of land | (12) | |||||
Cost capitalized of buildings and improvements | 56,924 | |||||
Gross land | 9,947 | |||||
Gross buildings and improvements | 113,756 | |||||
Total cost per Schedule III | [2] | 123,703 | ||||
Total accumulated depreciation per Schedule III | [3] | 72,478 | ||||
Lakeline Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 15,499 | ||||
Initial cost of land | 5,822 | |||||
Initial cost of buildings and improvements | 30,875 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 10,274 | |||||
Gross land | 5,822 | |||||
Gross buildings and improvements | 41,149 | |||||
Total cost per Schedule III | [2] | 46,971 | ||||
Total accumulated depreciation per Schedule III | [3] | 22,487 | ||||
Corporate Investment in Real Estate Assets [Member] | Corporate Assets [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 2,103 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (2,400) | |||||
Gross land | 0 | |||||
Gross buildings and improvements | (297) | |||||
Total | [2] | (297) | ||||
Accumulated depreciation | [3] | (17) | ||||
Lincolnwood Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 50,633 | ||||
Initial cost of land | 7,834 | |||||
Initial cost of buildings and improvements | 63,480 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 7,865 | |||||
Gross land | 7,834 | |||||
Gross buildings and improvements | 71,345 | |||||
Total cost per Schedule III | [2] | 79,179 | ||||
Total accumulated depreciation per Schedule III | [3] | 52,095 | ||||
Town West Square [Member] | ||||||
Encumbrances | [1] | 47,051 | ||||
Initial cost of land | 972 | |||||
Initial cost of buildings and improvements | 21,203 | |||||
Cost capitalized of land | 22 | |||||
Cost capitalized of buildings and improvements | 13,518 | |||||
Gross land | 994 | |||||
Gross buildings and improvements | 34,721 | |||||
Total cost per Schedule III | [2] | 35,715 | ||||
Total accumulated depreciation per Schedule III | [3] | 24,602 | ||||
Lima Center [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,781 | |||||
Initial cost of buildings and improvements | 5,151 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 9,739 | |||||
Gross land | 1,781 | |||||
Gross buildings and improvements | 14,890 | |||||
Total cost per Schedule III | [2] | 16,671 | ||||
Total accumulated depreciation per Schedule III | [3] | 8,978 | ||||
Lindale Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 14,106 | |||||
Initial cost of buildings and improvements | 58,286 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 13,748 | |||||
Gross land | 14,106 | |||||
Gross buildings and improvements | 72,034 | |||||
Total cost per Schedule III | [2] | 86,140 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,470 | ||||
Valle Vista Mall [Member] | ||||||
Encumbrances | [1] | 40,000 | ||||
Initial cost of land | 1,398 | |||||
Initial cost of buildings and improvements | 17,159 | |||||
Cost capitalized of land | 329 | |||||
Cost capitalized of buildings and improvements | 19,578 | |||||
Gross land | 1,727 | |||||
Gross buildings and improvements | 36,737 | |||||
Total cost per Schedule III | [2] | 38,464 | ||||
Total accumulated depreciation per Schedule III | [3] | 26,909 | ||||
Lincoln Crossing [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 674 | |||||
Initial cost of buildings and improvements | 2,192 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 9,172 | |||||
Gross land | 674 | |||||
Gross buildings and improvements | 11,364 | |||||
Total cost per Schedule III | [2] | 12,038 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,141 | ||||
Longview Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 259 | |||||
Initial cost of buildings and improvements | 3,567 | |||||
Cost capitalized of land | 124 | |||||
Cost capitalized of buildings and improvements | 22,876 | |||||
Gross land | 383 | |||||
Gross buildings and improvements | 26,443 | |||||
Total cost per Schedule III | [2] | 26,826 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,386 | ||||
Waterford Lakes Town Center [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 8,679 | |||||
Initial cost of buildings and improvements | 72,836 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 23,392 | |||||
Gross land | 8,679 | |||||
Gross buildings and improvements | 96,228 | |||||
Total cost per Schedule III | [2] | 104,907 | ||||
Total accumulated depreciation per Schedule III | [3] | 54,626 | ||||
MacGregor Village [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 502 | |||||
Initial cost of buildings and improvements | 8,891 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 1,109 | |||||
Gross land | 502 | |||||
Gross buildings and improvements | 10,000 | |||||
Total cost per Schedule III | [2] | 10,502 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,448 | ||||
Malibu Lumber Yard [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 38,741 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 122 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 38,863 | |||||
Total cost per Schedule III | [2] | 38,863 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,352 | ||||
Weberstown Mall [Member] | ||||||
Encumbrances | [1] | 65,000 | ||||
Initial cost of land | 9,909 | |||||
Initial cost of buildings and improvements | 92,589 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,422 | |||||
Gross land | 9,909 | |||||
Gross buildings and improvements | 96,011 | |||||
Total cost per Schedule III | [2] | 105,920 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,214 | ||||
Mall of Georgia Crossing [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 23,197 | ||||
Initial cost of land | 9,506 | |||||
Initial cost of buildings and improvements | 32,892 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 2,100 | |||||
Gross land | 9,506 | |||||
Gross buildings and improvements | 34,992 | |||||
Total cost per Schedule III | [2] | 44,498 | ||||
Total accumulated depreciation per Schedule III | [3] | 18,982 | ||||
Oklahoma City Properties - Kensington [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 0 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 0 | |||||
Gross land | 2,132 | |||||
Gross buildings and improvements | 0 | |||||
Total cost per Schedule III | [2] | 2,132 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
West Ridge Mall [Member] | ||||||
Encumbrances | [1] | 41,413 | ||||
Initial cost of land | 5,453 | |||||
Initial cost of buildings and improvements | 34,148 | |||||
Cost capitalized of land | 1,168 | |||||
Cost capitalized of buildings and improvements | 25,315 | |||||
Gross land | 6,621 | |||||
Gross buildings and improvements | 59,463 | |||||
Total cost per Schedule III | [2] | 66,084 | ||||
Total accumulated depreciation per Schedule III | [3] | 38,848 | ||||
Markland Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 206 | |||||
Initial cost of buildings and improvements | 738 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 7,825 | |||||
Gross land | 206 | |||||
Gross buildings and improvements | 8,563 | |||||
Total cost per Schedule III | [2] | 8,769 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,942 | ||||
Other Developments [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 0 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 0 | |||||
Gross land | 3,660 | |||||
Gross buildings and improvements | 15,279 | |||||
Total cost per Schedule III | [2] | 18,939 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Westminster Mall [Member] | ||||||
Encumbrances | [1] | 81,468 | ||||
Initial cost of land | 43,464 | |||||
Initial cost of buildings and improvements | 84,709 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 37,137 | |||||
Gross land | 43,464 | |||||
Gross buildings and improvements | 121,846 | |||||
Total cost per Schedule III | [2] | 165,310 | ||||
Total accumulated depreciation per Schedule III | [3] | 61,035 | ||||
Martinsville Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 0 | |||||
Initial cost of buildings and improvements | 584 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 487 | |||||
Gross land | 0 | |||||
Gross buildings and improvements | 1,071 | |||||
Total cost per Schedule III | [2] | 1,071 | ||||
Total accumulated depreciation per Schedule III | [3] | 934 | ||||
WestShore Plaza [Member] | ||||||
Encumbrances | [1] | 99,600 | ||||
Initial cost of land | 53,904 | |||||
Initial cost of buildings and improvements | 120,191 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,041 | |||||
Gross land | 53,904 | |||||
Gross buildings and improvements | 123,232 | |||||
Total cost per Schedule III | [2] | 177,136 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,243 | ||||
Matteson Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 1,771 | |||||
Initial cost of buildings and improvements | 9,737 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (46) | |||||
Gross land | 1,771 | |||||
Gross buildings and improvements | 9,691 | |||||
Total cost per Schedule III | [2] | 11,462 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,124 | ||||
Morgantown Commons [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 4,850 | |||||
Initial cost of buildings and improvements | 13,076 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | (664) | |||||
Gross land | 4,850 | |||||
Gross buildings and improvements | 12,412 | |||||
Total cost per Schedule III | [2] | 17,262 | ||||
Total accumulated depreciation per Schedule III | [3] | 870 | ||||
Muncie Towne Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 6,443 | ||||
Initial cost of land | 267 | |||||
Initial cost of buildings and improvements | 10,509 | |||||
Cost capitalized of land | 87 | |||||
Cost capitalized of buildings and improvements | 3,576 | |||||
Gross land | 354 | |||||
Gross buildings and improvements | 14,085 | |||||
Total cost per Schedule III | [2] | 14,439 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,405 | ||||
North Ridge Shopping Center [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 12,264 | ||||
Initial cost of land | 385 | |||||
Initial cost of buildings and improvements | 12,826 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 4,897 | |||||
Gross land | 385 | |||||
Gross buildings and improvements | 17,723 | |||||
Total cost per Schedule III | [2] | 18,108 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,615 | ||||
Northwood Plaza [Member] | Community Centers [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial cost of land | 148 | |||||
Initial cost of buildings and improvements | 1,414 | |||||
Cost capitalized of land | 0 | |||||
Cost capitalized of buildings and improvements | 3,175 | |||||
Gross land | 148 | |||||
Gross buildings and improvements | 4,589 | |||||
Total cost per Schedule III | [2] | 4,737 | ||||
Total accumulated depreciation per Schedule III | [3] | $ 2,793 | ||||
[1] | Encumbrances represent face amount of mortgage debt and exclude any fair value adjustments. | |||||
[2] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 6,699,789 $ 5,227,466 $ 4,724,930 Acquisitions 297 3,113,240 471,293 Improvements 157,561 153,536 80,059 Held for sale reclasses (215,244) (166,742) — Disposals* (437,016) (1,627,711) (48,816) Balance, end of year $ 6,205,387 $ 6,699,789 $ 5,227,466 * Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. The following reconciles investment properties at cost per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Investment properties at cost $ 6,294,628 Less: furniture, fixtures and equipment (89,241) Total cost per Schedule III $ 6,205,387 The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2016 was [$5,948,679]. | |||||
[3] | (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 2,261,593 $ 2,058,061 $ 1,920,476 Depreciation expense 222,861 232,735 172,337 Disposals (421,347 ) (29,203 ) (34,752 ) Balance, end of year $ 2,063,107 $ 2,261,593 $ 2,058,061 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Accumulated depreciation $ 2,122,572 Less: furniture, fixtures and equipment (59,465 ) Total accumulated depreciation per Schedule III $ 2,063,107 Washington Prime Group Inc. and Washington Prime Group, L.P. Notes to Schedule III (Continued) December 31, 2016 (dollars in thousands) Depreciation of our investment in buildings and improvements reflected in the combined statements of operations is generally calculated over the estimated original lives of the assets as noted below: • Buildings and Improvements—typically 10-40 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. • Tenant Allowances and Improvements—shorter of lease term or useful life. |
Schedule III - Real Estate an86
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Balance, beginning of year | $ 6,699,789 | $ 5,227,466 | $ 4,724,930 | ||
Acquisitions | 297 | 3,113,240 | 471,293 | ||
Improvements | 157,561 | 153,536 | 80,059 | ||
Held for sale reclasses | (215,244) | (166,742) | 0 | ||
Disposals* | [1] | (437,016) | (1,627,711) | (48,816) | |
Balance, end of year | $ 6,205,387 | [2] | $ 6,699,789 | $ 5,227,466 | |
[1] | Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. | ||||
[2] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 6,699,789 $ 5,227,466 $ 4,724,930 Acquisitions 297 3,113,240 471,293 Improvements 157,561 153,536 80,059 Held for sale reclasses (215,244) (166,742) — Disposals* (437,016) (1,627,711) (48,816) Balance, end of year $ 6,205,387 $ 6,699,789 $ 5,227,466 * Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. The following reconciles investment properties at cost per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Investment properties at cost $ 6,294,628 Less: furniture, fixtures and equipment (89,241) Total cost per Schedule III $ 6,205,387 The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2016 was [$5,948,679]. |
Schedule III - Real Estate an87
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Investment Properties at Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Investment properties at cost | $ 6,294,628 | $ 6,656,200 | |||
Total cost per Schedule III | 6,205,387 | [1] | $ 6,699,789 | $ 5,227,466 | $ 4,724,930 |
Furniture Fixtures and Equipment [Member] | |||||
Less: furniture, fixtures and equipment | $ (89,241) | ||||
[1] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 6,699,789 $ 5,227,466 $ 4,724,930 Acquisitions 297 3,113,240 471,293 Improvements 157,561 153,536 80,059 Held for sale reclasses (215,244) (166,742) — Disposals* (437,016) (1,627,711) (48,816) Balance, end of year $ 6,205,387 $ 6,699,789 $ 5,227,466 * Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. The following reconciles investment properties at cost per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Investment properties at cost $ 6,294,628 Less: furniture, fixtures and equipment (89,241) Total cost per Schedule III $ 6,205,387 The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2016 was [$5,948,679]. |
Schedule III - Real Estate an88
Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Balance, beginning of year | $ 2,261,593 | $ 2,058,061 | $ 1,920,476 | |
Depreciation expense | 222,861 | 232,735 | 172,337 | |
Disposals | (421,347) | (29,203) | (34,752) | |
Balance, end of year | $ 2,063,107 | [1] | $ 2,261,593 | $ 2,058,061 |
[1] | (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 2,261,593 $ 2,058,061 $ 1,920,476 Depreciation expense 222,861 232,735 172,337 Disposals (421,347 ) (29,203 ) (34,752 ) Balance, end of year $ 2,063,107 $ 2,261,593 $ 2,058,061 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Accumulated depreciation $ 2,122,572 Less: furniture, fixtures and equipment (59,465 ) Total accumulated depreciation per Schedule III $ 2,063,107 Washington Prime Group Inc. and Washington Prime Group, L.P. Notes to Schedule III (Continued) December 31, 2016 (dollars in thousands) Depreciation of our investment in buildings and improvements reflected in the combined statements of operations is generally calculated over the estimated original lives of the assets as noted below: • Buildings and Improvements—typically 10-40 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. • Tenant Allowances and Improvements—shorter of lease term or useful life. |
Schedule III - Real Estate an89
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Less: accumulated depreciation | $ 2,122,572 | $ 2,225,750 | |||
Total accumulated depreciation per Schedule III | 2,063,107 | [1] | $ 2,261,593 | $ 2,058,061 | $ 1,920,476 |
Furniture Fixtures and Equipment [Member] | |||||
Less: furniture, fixtures and equipment | $ (59,465) | ||||
[1] | (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 2,261,593 $ 2,058,061 $ 1,920,476 Depreciation expense 222,861 232,735 172,337 Disposals (421,347 ) (29,203 ) (34,752 ) Balance, end of year $ 2,063,107 $ 2,261,593 $ 2,058,061 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2016: 2016 Accumulated depreciation $ 2,122,572 Less: furniture, fixtures and equipment (59,465 ) Total accumulated depreciation per Schedule III $ 2,063,107 Washington Prime Group Inc. and Washington Prime Group, L.P. Notes to Schedule III (Continued) December 31, 2016 (dollars in thousands) Depreciation of our investment in buildings and improvements reflected in the combined statements of operations is generally calculated over the estimated original lives of the assets as noted below: • Buildings and Improvements—typically 10-40 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. • Tenant Allowances and Improvements—shorter of lease term or useful life. |