Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
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) | 185,791,421 | ||
Entity Public Float | $ 1.6 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Investment properties at cost | $ 5,807,760 | $ 6,294,628 |
Less: accumulated depreciation | 2,139,620 | 2,122,572 |
3,668,140 | 4,172,056 | |
Cash and cash equivalents | 52,019 | 59,353 |
Tenant receivables and accrued revenue, net | 90,314 | 99,967 |
Real estate assets held-for-sale | 0 | 50,642 |
Investment in and advances to unconsolidated entities, at equity | 451,839 | 458,892 |
Deferred costs and other assets | 189,095 | 266,556 |
Total assets | 4,451,407 | 5,107,466 |
LIABILITIES: | ||
Mortgage notes payable | 1,157,082 | 1,618,080 |
Notes payable | 979,372 | 247,637 |
Unsecured term loans | 606,695 | 1,334,522 |
Revolving credit facility | 154,460 | 306,165 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 264,998 | 309,178 |
Distributions payable | 2,992 | 2,992 |
Cash distributions and losses in unconsolidated entities, at equity | 15,421 | 15,421 |
Total liabilities | 3,181,020 | 3,833,995 |
Redeemable noncontrolling interests | 3,265 | 10,660 |
EQUITY: | ||
Common stock, $0.0001 par value, 350,000,000 shares authorized, 185,791,421 issued and outstanding as of December 31, 2017 and 300,000,000 shares authorized, 185,427,411 issued and outstanding as of December 31, 2016 | 19 | 19 |
Capital in excess of par value | 1,240,483 | 1,232,638 |
Accumulated deficit | (350,594) | (346,706) |
Accumulated other comprehensive income | 6,920 | 4,916 |
Total stockholders' equity | 1,099,404 | 1,093,443 |
Noncontrolling interests | 167,718 | 169,368 |
Total equity | 1,267,122 | 1,262,811 |
Total liabilities, redeemable noncontrolling interests and equity | 4,451,407 | 5,107,466 |
Series H Preferred Stock [Member] | ||
EQUITY: | ||
Cumulative redeemable preferred stock | 104,251 | 104,251 |
Series I Preferred Stock [Member] | ||
EQUITY: | ||
Cumulative redeemable preferred stock | 98,325 | 98,325 |
Washington Prime Group, L.P. [Member] | ||
ASSETS: | ||
Investment properties at cost | 5,807,760 | 6,294,628 |
Less: accumulated depreciation | 2,139,620 | 2,122,572 |
3,668,140 | 4,172,056 | |
Cash and cash equivalents | 52,019 | 59,353 |
Tenant receivables and accrued revenue, net | 90,314 | 99,967 |
Real estate assets held-for-sale | 0 | 50,642 |
Investment in and advances to unconsolidated entities, at equity | 451,839 | 458,892 |
Deferred costs and other assets | 189,095 | 266,556 |
Total assets | 4,451,407 | 5,107,466 |
LIABILITIES: | ||
Mortgage notes payable | 1,157,082 | 1,618,080 |
Notes payable | 979,372 | 247,637 |
Unsecured term loans | 606,695 | 1,334,522 |
Revolving credit facility | 154,460 | 306,165 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 264,998 | 309,178 |
Distributions payable | 2,992 | 2,992 |
Cash distributions and losses in unconsolidated entities, at equity | 15,421 | 15,421 |
Total liabilities | 3,181,020 | 3,833,995 |
Redeemable noncontrolling interests | 3,265 | 10,660 |
EQUITY: | ||
Total equity | 1,267,122 | 1,262,811 |
Total liabilities, redeemable noncontrolling interests and equity | 4,451,407 | 5,107,466 |
Total general partners' equity | 1,099,404 | 1,093,443 |
Limited partners, 34,760,026 and 35,127,735 units issued and outstanding as of December 31, 2017 and 2016, respectively | 166,660 | 168,264 |
Total partners' equity | 1,266,064 | 1,261,707 |
Noncontrolling interests | 1,058 | 1,104 |
Total equity | 1,267,122 | 1,262,811 |
Washington Prime Group, L.P. [Member] | General Partner Preferred Equity [Member] | ||
EQUITY: | ||
Total general partners' equity | 202,576 | 202,576 |
Washington Prime Group, L.P. [Member] | General Partner Common Equity [Member] | ||
EQUITY: | ||
Total general partners' equity | $ 896,828 | $ 890,867 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 350,000,000 | 300,000,000 |
Common stock, issued (in shares) | 185,791,421 | 185,427,411 |
Common stock, outstanding (in shares) | 185,791,421 | 185,427,411 |
Washington Prime Group, L.P. [Member] | General Partner Preferred Equity [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 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE: | |||
Minimum rent | $ 516,386 | $ 572,781 | $ 623,113 |
Overage rent | 9,115 | 12,882 | 14,040 |
Tenant reimbursements | 208,290 | 236,510 | 259,774 |
Other income | 24,331 | 21,302 | 24,429 |
Total revenues | 758,122 | 843,475 | 921,356 |
EXPENSES: | |||
Property operating | 146,529 | 166,690 | 197,287 |
Depreciation and amortization | 258,740 | 281,150 | 332,469 |
Real estate taxes | 89,617 | 102,638 | 109,548 |
Advertising and promotion | 9,107 | 10,375 | 11,635 |
Provision for credit losses | 5,068 | 4,508 | 2,022 |
General and administrative | 34,892 | 37,317 | 48,154 |
Merger, restructuring and transaction costs | 0 | 29,607 | 31,653 |
Ground rent | 2,438 | 4,318 | 6,874 |
Impairment loss | 66,925 | 21,879 | 147,979 |
Total operating expenses | 613,316 | 658,482 | 887,621 |
OPERATING INCOME | 144,806 | 184,993 | 33,735 |
Interest expense, net | (126,541) | (136,225) | (139,923) |
Gain on extinguishment of debt, net | 90,579 | 34,612 | 0 |
Income and other taxes | (3,417) | (2,232) | (849) |
Income (loss) from unconsolidated entities | 1,395 | (1,745) | (1,247) |
INCOME (LOSS) BEFORE GAIN (LOSS) ON DISPOSITION OF INTERESTS IN PROPERTIES, NET | 106,822 | 79,403 | (108,284) |
Gain (loss) on disposition of interests in properties, net | 124,771 | (1,987) | 4,162 |
NET INCOME (LOSS) | 231,593 | 77,416 | (104,122) |
Net income (loss) attributable to noncontrolling interests | 34,530 | 10,285 | (18,825) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 197,063 | 67,131 | (85,297) |
Less: Preferred share dividends | (14,032) | (14,032) | (15,989) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 183,031 | $ 53,099 | $ (101,286) |
EARNINGS (LOSS) PER COMMON SHARE, BASIC AND DILUTED (in dollars per share) | $ 0.98 | $ 0.29 | $ (0.55) |
Limited partners | $ 34,222 | $ 10,034 | $ (19,340) |
COMPREHENSIVE INCOME (LOSS): | |||
Net income (loss) | 231,593 | 77,416 | (104,122) |
Unrealized income on interest rate derivative instruments | 2,401 | 3,801 | 2,037 |
Comprehensive income (loss) | 233,994 | 81,217 | (102,085) |
Comprehensive income (loss) attributable to noncontrolling interests | 34,927 | 10,886 | (18,504) |
Comprehensive (loss) income attributable to common shareholders or unitholders | 199,067 | 70,331 | (83,581) |
Washington Prime Group, L.P. [Member] | |||
REVENUE: | |||
Minimum rent | 516,386 | 572,781 | 623,113 |
Overage rent | 9,115 | 12,882 | 14,040 |
Tenant reimbursements | 208,290 | 236,510 | 259,774 |
Other income | 24,331 | 21,302 | 24,429 |
Total revenues | 758,122 | 843,475 | 921,356 |
EXPENSES: | |||
Property operating | 146,529 | 166,690 | 197,287 |
Depreciation and amortization | 258,740 | 281,150 | 332,469 |
Real estate taxes | 89,617 | 102,638 | 109,548 |
Advertising and promotion | 9,107 | 10,375 | 11,635 |
Provision for credit losses | 5,068 | 4,508 | 2,022 |
General and administrative | 34,892 | 37,317 | 48,154 |
Merger, restructuring and transaction costs | 0 | 29,607 | 31,653 |
Ground rent | 2,438 | 4,318 | 6,874 |
Impairment loss | 66,925 | 21,879 | 147,979 |
Total operating expenses | 613,316 | 658,482 | 887,621 |
OPERATING INCOME | 144,806 | 184,993 | 33,735 |
Interest expense, net | (126,541) | (136,225) | (139,923) |
Gain on extinguishment of debt, net | 90,579 | 34,612 | 0 |
Income and other taxes | (3,417) | (2,232) | (849) |
Income (loss) from unconsolidated entities | 1,395 | (1,745) | (1,247) |
INCOME (LOSS) BEFORE GAIN (LOSS) ON DISPOSITION OF INTERESTS IN PROPERTIES, NET | 106,822 | 79,403 | (108,284) |
Gain (loss) on disposition of interests in properties, net | 124,771 | (1,987) | 4,162 |
NET INCOME (LOSS) | 231,593 | 77,416 | (104,122) |
Net income (loss) attributable to noncontrolling interests | $ 68 | $ 11 | $ 286 |
EARNINGS (LOSS) PER COMMON SHARE, BASIC AND DILUTED (in dollars per share) | $ 0.98 | $ 0.29 | $ (0.55) |
NET INCOME (LOSS) ATTRIBUTABLE TO UNITHOLDERS | $ 231,525 | $ 77,405 | $ (104,408) |
Less: Preferred unit distributions | (14,272) | (14,272) | (16,218) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS | 217,253 | 63,133 | (120,626) |
General partner | 183,031 | 53,099 | (101,515) |
Limited partners | 34,222 | 10,034 | (19,111) |
Net income (loss) attributable to common unitholders | 217,253 | 63,133 | (120,626) |
COMPREHENSIVE INCOME (LOSS): | |||
Net income (loss) | 231,593 | 77,416 | (104,122) |
Unrealized income on interest rate derivative instruments | 2,401 | 3,801 | 2,037 |
Comprehensive income (loss) | 233,994 | 81,217 | (102,085) |
Comprehensive income (loss) attributable to noncontrolling interests | 68 | 11 | 286 |
Comprehensive (loss) income attributable to common shareholders or unitholders | $ 233,926 | $ 81,206 | $ (102,371) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 231,593 | $ 77,416 | $ (104,122) |
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 | 260,908 | 285,632 | 329,895 |
Gain on extinguishment of debt, net | (90,579) | (34,612) | 0 |
(Gain) loss on disposition of interests in properties and outparcels, net | (125,063) | 1,987 | (4,162) |
Impairment loss | 66,925 | 21,879 | 147,979 |
Provision for credit losses | 5,068 | 4,508 | 2,022 |
(Income) loss from unconsolidated entities | (1,395) | 1,745 | 1,247 |
Distributions of income from unconsolidated entities | 1,873 | 272 | 223 |
Changes in assets and liabilities: | |||
Tenant receivables and accrued revenue, net | 468 | (14,790) | (1,576) |
Deferred costs and other assets | (24,325) | (22,181) | (23,846) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | 2,039 | (32,058) | (36,897) |
Net cash provided by operating activities | 327,512 | 289,798 | 310,763 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions, net of cash acquired | 0 | 0 | (963,144) |
Capital expenditures, net | (147,329) | (173,593) | (160,512) |
Restricted cash reserves for future capital expenditures, net | 886 | (1,989) | (2,845) |
Net proceeds from disposition of interest in properties and outparcels | 224,357 | 22,653 | 431,823 |
Investments in unconsolidated entities | (50,911) | (11,631) | (15,401) |
Distributions of capital from unconsolidated entities | 73,289 | 38,618 | 4,597 |
Net cash provided by (used in) investing activities | 100,292 | (125,942) | (705,482) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Distributions to noncontrolling interest holders in properties | (114) | 0 | (8) |
Redemption of limited partner units/preferred shares | (251) | (6) | (118,048) |
Change in lender-required restricted cash reserves on mortgage loans | (3,373) | (3,021) | (898) |
Net proceeds from issuance of common shares, including common stock plans | 13 | 512 | 1,899 |
Distributions to redeemable noncontrolling interest | 0 | (24) | 0 |
Purchase of redeemable noncontrolling interest | (6,830) | (339) | 0 |
Distributions on common and preferred shares/units | (236,152) | (235,092) | (228,706) |
Proceeds from issuance of debt, net of transaction costs | 1,293,322 | 206,740 | 2,826,258 |
Repayments of debt | (1,481,753) | (189,526) | (2,078,293) |
Net cash (used in) provided by financing activities | (435,138) | (220,756) | 402,204 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (7,334) | (56,900) | 7,485 |
CASH AND CASH EQUIVALENTS, beginning of year | 59,353 | 116,253 | 108,768 |
CASH AND CASH EQUIVALENTS, end of year | 52,019 | 59,353 | 116,253 |
Washington Prime Group, L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 231,593 | 77,416 | (104,122) |
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 | 260,908 | 285,632 | 329,895 |
Gain on extinguishment of debt, net | (90,579) | (34,612) | 0 |
(Gain) loss on disposition of interests in properties and outparcels, net | (125,063) | 1,987 | (4,162) |
Impairment loss | 66,925 | 21,879 | 147,979 |
Provision for credit losses | 5,068 | 4,508 | 2,022 |
(Income) loss from unconsolidated entities | (1,395) | 1,745 | 1,247 |
Distributions of income from unconsolidated entities | 1,873 | 272 | 223 |
Changes in assets and liabilities: | |||
Tenant receivables and accrued revenue, net | 468 | (14,790) | (1,576) |
Deferred costs and other assets | (24,325) | (22,181) | (23,846) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | 2,039 | (32,058) | (36,897) |
Net cash provided by operating activities | 327,512 | 289,798 | 310,763 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions, net of cash acquired | 0 | 0 | (963,144) |
Capital expenditures, net | (147,329) | (173,593) | (160,512) |
Restricted cash reserves for future capital expenditures, net | 886 | (1,989) | (2,845) |
Net proceeds from disposition of interest in properties and outparcels | 224,357 | 22,653 | 431,823 |
Investments in unconsolidated entities | (50,911) | (11,631) | (15,401) |
Distributions of capital from unconsolidated entities | 73,289 | 38,618 | 4,597 |
Net cash provided by (used in) investing activities | 100,292 | (125,942) | (705,482) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Distributions to noncontrolling interest holders in properties | (114) | 0 | (8) |
Redemption of limited partner units/preferred shares | (251) | (6) | (118,048) |
Change in lender-required restricted cash reserves on mortgage loans | (3,373) | (3,021) | (898) |
Distributions to redeemable noncontrolling interest | 0 | (24) | 0 |
Purchase of redeemable noncontrolling interest | (6,830) | (339) | 0 |
Proceeds from issuance of debt, net of transaction costs | 1,293,322 | 206,740 | 2,826,258 |
Repayments of debt | (1,481,753) | (189,526) | (2,078,293) |
Net cash (used in) provided by financing activities | (435,138) | (220,756) | 402,204 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (7,334) | (56,900) | 7,485 |
CASH AND CASH EQUIVALENTS, beginning of year | 59,353 | 116,253 | 108,768 |
CASH AND CASH EQUIVALENTS, end of year | 52,019 | 59,353 | 116,253 |
Net proceeds from issuance of common units, including equity-based compensation plans | 13 | 512 | 1,899 |
Distributions to unitholders, net | $ (236,152) | $ (235,092) | $ (228,706) |
Statement of Stockholders Equit
Statement of Stockholders 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] | 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, 2014 | $ 0 | $ 0 | $ 0 | $ 16 | $ 720,921 | $ 68,114 | $ 0 | $ 789,051 | $ 168,990 | $ 0 | $ 0 | $ 789,051 | $ 789,051 | $ 167,973 | $ 957,024 | $ 1,017 | $ 0 | $ 958,041 | $ 958,041 |
Issuance of shares and units in connection with the Merger | 117,384 | 104,251 | 98,325 | 3 | 535,029 | 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 | 2,311 | 0 | 0 | 0 | 2,311 | 2,311 | 0 | 2,311 | 0 | 0 | 2,311 | 2,311 |
Redemption of limited partner units | 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 | (8) | 0 | 0 | 0 | 0 | 0 | 0 | (8) | 0 | (8) | (8) |
Equity-based compensation | 0 | 0 | 0 | 0 | 4,772 | 0 | 0 | 4,772 | 9,354 | 0 | 0 | 4,772 | 4,772 | 9,354 | 14,126 | 0 | 0 | 14,126 | 14,126 |
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | (37,107) | 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 | (37,107) | (37,107) | 37,107 | 0 | 0 | 0 | 0 | 0 |
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | (181,071) | 0 | (181,071) | (34,165) | 0 | 0 | (181,071) | (181,071) | (34,165) | (215,236) | 0 | 0 | (215,236) | (215,236) |
Distributions declared on preferred shares | 0 | 0 | 0 | 0 | 0 | (15,989) | 0 | (15,989) | 0 | 0 | (15,989) | 0 | (15,989) | 0 | (15,989) | 0 | (229) | (15,989) | (15,989) |
Redemption of preferred shares | (117,384) | 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 | 1,716 | 1,716 | 321 | 0 | 0 | 1,716 | 1,716 | 321 | 2,037 | 0 | 0 | 2,037 | 2,037 |
Net income | 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) |
Balance at Dec. 31, 2015 | 0 | 104,251 | 98,325 | 19 | 1,225,926 | (214,243) | 1,716 | 1,215,994 | 191,379 | 6,132 | 202,576 | 1,013,418 | 1,215,994 | 190,297 | 1,406,291 | 1,082 | 6,132 | 1,407,373 | 1,407,373 |
Exercise of stock options | 0 | 0 | 0 | 0 | 512 | 0 | 0 | 512 | 0 | 0 | 0 | 512 | 512 | 0 | 512 | 0 | 0 | 512 | 512 |
Redemption of limited partner units | 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 | 9,506 | 4,603 | 0 | 0 | 9,506 | 9,506 | 4,603 | 14,109 | 0 | 0 | 14,109 | 14,109 |
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | 2,007 | 0 | 0 | 2,007 | (2,007) | 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 | 2,007 | 2,007 | (2,007) | 0 | 0 | 0 | 0 | 0 |
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | (185,562) | 0 | (185,562) | (35,258) | 0 | 0 | (185,562) | (185,562) | (35,258) | (220,820) | 0 | 0 | (220,820) | (220,820) |
Distributions declared on preferred shares | 0 | 0 | 0 | 0 | 0 | (14,032) | 0 | (14,032) | 0 | 0 | (14,032) | 0 | (14,032) | 0 | (14,032) | 0 | (240) | (14,032) | (14,032) |
Other comprehensive income | 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 income | 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 |
Other | 0 | 0 | 0 | 0 | 151 | 0 | 0 | 151 | 0 | (925) | 0 | 151 | 151 | 0 | 151 | 0 | (925) | 151 | 151 |
Adjustment of redemption value for redeemable noncontrolling interest | 0 | 0 | 0 | 0 | (5,464) | 0 | 0 | (5,464) | 0 | 5,464 | 0 | (5,464) | (5,464) | 0 | (5,464) | 0 | 5,464 | (5,464) | (5,464) |
Balance at Dec. 31, 2016 | 0 | 104,251 | 98,325 | 19 | 1,232,638 | (346,706) | 4,916 | 1,093,443 | 169,368 | 10,660 | 202,576 | 890,867 | 1,093,443 | 168,264 | 1,261,707 | 1,104 | 10,660 | 1,262,811 | 1,262,811 |
Exercise of stock options | 0 | 0 | 0 | 0 | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 13 | 13 | 0 | 13 | 0 | 0 | 13 | 13 |
Redemption of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (251) | 0 | 0 | 0 | 0 | (251) | (251) | 0 | 0 | (251) | (251) |
Equity-based compensation | 0 | 0 | 0 | 0 | 5,280 | 0 | 0 | 5,280 | 1,122 | 0 | 0 | 5,280 | 5,280 | 1,122 | 6,402 | 0 | 0 | 6,402 | 6,402 |
Adjustments to noncontrolling interests | 0 | 0 | 0 | 0 | (330) | 0 | 0 | (330) | 330 | 0 | 0 | (330) | (330) | 330 | 0 | 0 | 0 | 0 | 0 |
Distributions on common shares/units | 0 | 0 | 0 | 0 | 0 | (186,919) | 0 | (186,919) | (35,075) | 0 | 0 | (186,919) | (186,919) | (34,961) | (221,880) | (114) | 0 | (221,994) | (221,994) |
Distributions declared on preferred shares | 0 | 0 | 0 | 0 | 0 | (14,032) | 0 | (14,032) | 0 | 0 | (14,032) | 0 | (14,032) | 0 | (14,032) | 0 | (240) | (14,032) | (14,032) |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 2,004 | 2,004 | 397 | 0 | 0 | 2,004 | 2,004 | 397 | 2,401 | 0 | 0 | 2,401 | 2,401 |
Net income | 0 | 0 | 0 | 0 | 0 | 197,063 | 0 | 197,063 | 34,290 | 0 | 14,032 | 183,031 | 197,063 | 34,222 | 231,285 | 68 | 240 | 231,353 | 231,353 |
Other | 0 | 0 | 0 | 0 | (146) | 0 | 0 | (146) | 0 | 0 | 0 | (146) | (146) | 0 | (146) | 0 | 0 | (146) | (146) |
Exchange of limited partner units | 0 | 0 | 0 | 0 | 2,463 | 0 | 0 | 2,463 | (2,463) | 0 | 0 | 2,463 | 2,463 | (2,463) | 0 | 0 | 0 | 0 | 0 |
Purchase of redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 565 | 0 | 0 | 565 | 0 | (7,395) | 0 | 565 | 565 | 0 | 565 | 0 | (7,395) | 565 | 565 |
Balance at Dec. 31, 2017 | $ 0 | $ 104,251 | $ 98,325 | $ 19 | $ 1,240,483 | $ (350,594) | $ 6,920 | $ 1,099,404 | $ 167,718 | $ 3,265 | $ 202,576 | $ 896,828 | $ 1,099,404 | $ 166,660 | $ 1,266,064 | $ 1,058 | $ 3,265 | $ 1,267,122 | $ 1,267,122 |
Statement of Stockholders Equi7
Statement of Stockholders Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions on common shares/units, per common share/unit (in dollars per share) | $ 1 | $ 1 | $ 1 |
Distributions to preferred unitholders | $ 240 | $ 240 | $ 229 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization Washington Prime Group Inc. ("WPG Inc.") is an Indiana corporation that operates as a fully integrated, self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, not 90% L.P. ("WPG L.P.") is WPG Inc.'s majority-owned limited partnership subsidiary that owns, develops and manages, through its affiliates, all of WPG Inc.'s real estate properties and other assets. WPG Inc. is the sole general partner of WPG L.P. As of December 31, 2017, 108 59 Unless the context otherwise requires, references to "WPG," the "Company," "we," "us" or "our" refer to WPG Inc., WPG L.P. and entities in which WPG Inc. or WPG L.P. (or any affiliate) has a material ownership or financial interest, on a consolidated basis. We derive our revenues primarily from retail tenant leases, including fixed minimum rent leases, overage and percentage rent leases based on tenants' sales volumes, offering property operating services to our tenants and others, including energy, waste handling and facility services, and reimbursements from tenants for certain recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. We seek to enhance the performance of our properties and increase our revenues by, among other things, securing leases of anchor and inline tenant spaces, re-developing or renovating existing properties to increase the leasable square footage, and increasing the productivity of occupied locations through aesthetic upgrades, re-merchandising and/or changes to the retail use of the space. 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 million shares of WPG Inc.'s common stock were issued to GRT shareholders in the Merger, and WPG L.P. issued to WPG Inc. a like number of common units as consideration for the common shares issued. Additionally, included in the consideration were operating partnership units held by limited partners and preferred stock as noted below. In connection with the closing of the Merger, an indirect subsidiary of WPG L.P. was merged into GRT's operating partnership. In the Merger, we acquired 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 L.P. Further, each outstanding stock option in respect of GRT common stock was converted into a WPG Inc. option, and certain other GRT equity awards were assumed by WPG Inc. and converted into equity awards in respect of WPG Inc.'s common shares. 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 billion, including SPG's assumption of approximately $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, $31.7 Leadership Changes and Corporate Name Change 2015 On June 1, 2015, Mr. Mark S. Ordan, the then Executive Chairman of the WPG Inc. Board of Directors (the "Board"), transitioned to serve as an active non-executive Chairman of the Board and provide consulting services to the Company under a Transition and Consulting Agreement, effective as of 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 ’s Chief Executive Officer and Vice Chairman of the Board; ( 2 3 4 July 2016, October 6, 2016, December 31, 2019, In connection with and as part of the aforementioned management changes, the Company recorded a charge of $29.6 December 31, 2016, $25.5 $9.5 $4.1 August 30, 2016, 2017 On September 28, 2017, October 13, 2017. no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Principles of Consolidation and Combination | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. Basis of Presentation and Principles of Consolidation and Combination The accompanying consolidated 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, 2017 2016 L.P., as well as their majority owned and controlled subsidiaries. The accompanying consolidated statements of operations include the consolidated accounts of the Company. All intercompany transactions have been eliminated in consolidation. General These consolidated 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 the power to direct activities that most significantly impact the economic performance of the VIE and ( 2 December 31, 2017, two There have been no December 31, 2017 December 31, 2017, not not 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 zero As of December 31, 2017, 108 91 four 13 not We allocate net operating results of WPG L.P. to third third 84.3%, 84.1% 84.1% December 31, 2017, 2016 2015, December 31, 2017 2016, 84.3% 84.1%, |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our tenant receivables. We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents 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 allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. Capitalized interest for the years ended December 31, 2017, 2016 2015 $1,521, $2,640 $1,781, We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally five 40 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over 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 not not no may may may not 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 13 six December 31, 2017 2016, 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 not Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, Topic 820 1 2 3 The fair value hierarchy, as defined by Topic 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 1 2 4 3 3 The Company has derivatives that must be measured under the fair value standard (see Note 7 not Purchase Accounting Valuation We record the total consideration of acquisitions, including transaction costs as permitted under Accounting Standards Update ("ASU ") 2017 01, 805 may 2 3 3 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, including tenant allowances and improvements and leasing commissions; and • 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 improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Use of Estimates We prepared the accompanying consolidated 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 open air properties, into one New Accounting Pronouncements In May 2014, 2014 09, 606 2014 09 January 1, 2018 2017, 2.5% January 1, 2018, In February 2017, 610 20, 2014 09. 610 20 360 20. January 1, 2018. not 5 may January 1, 2018, In February 2016, 2016 02, 842 2016 02 December 15, 2018, January 2018, 2016 02 January 1, 2019 ( January 1, 2017, January 1, 2019. four two From a lessor perspective, the new guidance remains mostly similar to current rules, though contract consideration will now be allocated between lease and non-lease components. Non-lease component allocations will be recognized under ASU 2014 09, 2016 02 not 2016 02 December 31, 2017, $16.9 . In August 2016, 2016 15, 230 2016 15 December 15, 2017, November 2016, 16 December 15, 2017, These new standards require a retrospective transition approach. The Company has $18.2 $29.2 December 31, 2017 2016, January 1, 2018. In January 2017, 2017 01, 805 not December 15, 2017, January 1, 2017, In August 2017, 2017 12, 815 December 15, 2018, Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31, 2017 2016: 2017 2016 Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 In-place lease intangibles, net 46,627 70,907 Acquired above market lease intangibles, net 24,254 34,337 Mortgage and other escrow deposits 18,182 29,160 Prepaids, notes receivable and other assets, net 20,953 41,230 $ 189,095 $ 266,556 On January 4, 2017, $15.6 January 29, 2016 4 During the year ended December 31, 2017, $5.3 August 19, 2016 4 April 1, 2018. December 31, 2017, Deferred Lease Costs and Corporate Improvements Our deferred lease costs consist of salaries and related benefits, including fees charged by SPG in conjunction with the 2014 11 third December 31, 2017 2016 2017 2016 Deferred lease costs $ 143,667 $ 149,208 Corporate improvements 5,324 4,085 Accumulated amortization (69,912 ) (62,371 ) Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations include amortization expense of $24.8 $25.0 $27.2 December 31, 2017, 2016 2015, 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 are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold as defined in their lease. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. A substantial portion of our leases require the tenant to reimburse us for a substantial portion of our operating expenses, including CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2017 not We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant's creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no December 31, 2017, 2016 2015 For the Year Ended December 31, 2017 2016 2015 Balance, beginning of year $ 8,578 $ 4,222 $ 4,570 Provision for credit losses 5,068 4,508 2,022 Accounts deconsolidated upon joint venture formation (see Note 5) (1,271 ) — (1,997 ) Accounts written off, net of recoveries, and other (4,508 ) (152 ) (373 ) Balance, end of year $ 7,867 $ 8,578 $ 4,222 Income and Other Taxes WPG Inc. has elected to be taxed as a REIT under Sections 856 860 90% not 100% no not 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 December 31, 2017, 2016 2015, 87 $227, $447, no December 31, 2017 December 31, 2016, $673 A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not no December 31, 2017 not December 31, 2016, $367. December 31, 2017 2016, $0 $306, 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 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, 2017, 2016 2015: 2017 2016 2015 $ % $ % $ % Common shares Ordinary income $ 0.4306 43.06 % $ 0.6128 61.28 % $ 1.0000 100.00 % Capital gain 0.5694 56.94 % — — % — — % Non-dividend distributions — — % 0.3872 38.72 % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 1.0000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ — N/A $ 0.5868 2.29 % Non-dividend distributions (2) — N/A — N/A $ 25.0000 97.71 % $ — N/A $ — N/A $ 25.5868 100.00 % Series H Preferred Shares (1) Ordinary income $ 1.0093 43.06 % $ 1.4064 100.00 % $ 1.8752 100.00 % Capital gain 1.3347 56.94 % — — % — — % $ 2.3440 100.00 % $ 1.4064 100.00 % $ 1.8752 100.00 % Series I Preferred Shares (1) Ordinary income $ 0.9251 43.06 % $ 1.2891 100.00 % $ 1.7188 100.00 % Capital gain 1.2234 56.94 % — — % — — % $ 2.1485 100.00 % $ 1.2891 100.00 % $ 1.7188 100.00 % ( 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, 2017 2016: 2017 2016 Limited partners' interests in WPG L.P. $ 166,660 $ 168,264 Noncontrolling interests in properties 1,058 1,104 Total noncontrolling interests $ 167,718 $ 169,368 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 net income of WPG Inc. Redeemable Noncontrolling Interests for WPG Inc. At December 31, 2016, third 7.3% 1 1 third During the year ended December 31, 2017, 5 third December 31, 2017, 1 |
Note 4 - Investment in Real Est
Note 4 - Investment in Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Investment in Real Estate Summary Investment properties consisted of the following as of December 31, 2017 2016: 2017 2016 Land $ 807,202 $ 905,960 Buildings and improvements 4,908,794 5,299,427 Total land, buildings and improvements 5,715,996 6,205,387 Furniture, fixtures and equipment 91,764 89,241 Investment properties at cost 5,807,760 6,294,628 Less: accumulated depreciation 2,139,620 2,122,572 Investment properties at cost, net $ 3,668,140 $ 4,172,056 Construction in progress included above $ 46,046 $ 49,214 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 No December 31, 2017 2016. December 31, 2015 ( December 31, 2017, 2016 2015 2015 On January 13, 2015, $10.0 $5.5 On January 15, 2015, 23 1 January 15, 2015 three March 31, 2016 not 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 2017 On November 3, 2017, $15.0 On June 13, 2017, 49% 5 On June 7, 2017, $6.7 On May 16, 2017, 80,000 $0.8 On May 12, 2017, six 5 On February 21, 2017, $42.0 December 31, 2016. On January 10, 2017, $9.0 December 31, 2016. In connection with the 2017 $124.8 December 31, 2017. On October 3, 2017, 6 2016 On November 10, 2016, $7.3 On August 19, 2016, $10.1 $3.9 $6.2 5.5% 3 6 31, 2017, On January 29, 2016, $30 $10 $20 6% June 29, 2016, $4.4 six 3 January 4, 2017. 6 In connection with the 2016 $2.0 December 31, 2016. On December 29, 2016, June 9, 2016 April 28, 2016, 6 2015 On June 1, 2015, five 5 $4.2 December 31, 2015. 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, and an asset for in-place leases. The following table denotes the gross carrying values of the respective intangibles as of December 31, 2017 2016: Balance as of Intangible Asset/Liability December 31, 2017 December 31, 2016 Above-market leases - Company is lessor $ 51,315 $ 56,192 Below-market leases - Company is lessor $ 124,475 $ 145,064 Above-market lease - Company is lessee $ — $ 2,536 In-place leases $ 120,159 $ 134,516 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 $7,323, $9,930, $17,863 December 31, 2017, 2016 2015, The above-market lease in which the Company is the lessee is amortized to ground rent expense over the life of the non-cancelable lease term, with amortization as a decrease in the amount of $35, $78, $75 December 31, 2017, 2016 2015, $18,457, $24,269, $43,941 December 31, 2017 , 2016 2015, 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, 2017 2016: Balance as of Intangible Asset/Liability Location on the Consolidated Balance Sheets Weighted Average Remaining Amortization (in years) December 31, 2017 December 31, 2016 Above-market leases - Company is lessor Deferred costs and other assets 7.4 $ 24,254 $ 34,337 Below-market leases - Company is lessor Accounts payable, accrued expenses, intangibles and deferred revenues 13.7 $ 77,870 $ 104,540 Above-market lease - Company is lessee Accounts payable, accrued expenses, intangibles and deferred revenues — $ — $ 2,383 In-place leases Deferred costs and other assets 10.6 $ 46,627 $ 70,907 The future net amortization of intangibles as an increase (decrease) to net income as of December 31, 2017 Above/Below-Market Leases- Lessor In-place Leases Total Net Intangible Amortization 2018 $ 3,902 $ (10,324 ) $ (6,422 ) 2019 4,237 (8,662 ) (4,425 ) 2020 4,454 (6,611 ) (2,157 ) 2021 4,559 (3,183 ) 1,376 2022 4,054 (2,487 ) 1,567 Thereafter 32,410 (15,360 ) 17,050 $ 53,616 $ (46,627 ) $ 6,989 Impairment During the fourth 2017, event and, therefore, we evaluated this property in conjunction with our quarterly impairment review and preparation of our financial statements for the year ended December 31, 2017. $37.5 $75.0 $37.5 December 31, 2017 . On November 3, 2017, $15.0 $20.9 year ended December 31, 2017. not During the first 2017, second 2017. 2017, not $8.5 year ended December 31, 2017. During the year ended December 31, 2016, $21.9 2016 During the year ended December 31, 2015, $138.0 January 29, 2016, August 19, 2016. not During the third 2015, 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 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, 2015. June 1, 2015 ( 5 January 1, 2015. January 1, 2015: 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 not January 1, 2015, 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 year ended December 31, 2015 Year Ended December 31, 2015 Total revenues $ 874,338 Net loss attributable to the Company $ (60,876 ) Net loss attributable to common shareholders $ (75,024 ) Loss per common share-basic and diluted $ (0.40 ) Weighted average shares outstanding-basic (in thousands) 185,342 Weighted average shares outstanding-diluted (in thousands) 219,708 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 Year Ended December 31, 2015 Total revenues $ 874,338 Net loss attributable to unitholders $ (74,734 ) Net loss attributable to common unitholders $ (88,882 ) Loss per common unit-basic and diluted $ (0.40 ) Weighted average units outstanding-basic (in thousands) 219,708 Weighted average units outstanding-diluted (in thousands) 219,708 |
Note 5 - Investment In Unconsol
Note 5 - Investment In Unconsolidated Entities, at Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in Unconsolidated Entities, at Equity The Company's investment activity in unconsolidated real estate entities for the years ended December 31, 2017 2016 • The O'Connor Joint Venture I On June 1, 2015, third five ’s enclosed retail properties and certain related out-parcels acquired in the Merger, consisting of the following: The Mall at Johnson City located in Johnson City, Tennessee; Pearlridge Center located in Aiea, Hawaii; Polaris Fashion Place® located in Columbus, Ohio; Scottsdale Quarter® located in Scottsdale, Arizona; and Town Center Plaza (which consists of Town Center Plaza and the adjacent Town Center Crossing) located in Leawood, Kansas (the "O'Connor Joint Venture I"). The O'Connor Joint Venture I was valued at approximately $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 On March 2, 2017, 153,000 $70.0 On March 30, 2017, $43.2 eight 4.071% April 1, 2019, On March 29, 2017, $55.0 ten 4.36% May 1, 2022, • The O'Connor Joint Venture II During the year ended December 31, 2017, seven $598.6 51% 49% $138.9 6 $126.1 360 20 49% 51% In connection with the formation of this joint venture, we recorded transaction costs of approximately $6.4 • The Seminole Joint Venture This investment consists of a 45% 1.1 million square foot (unaudited) enclosed regional retail property located in the Orlando, Florida area. The Company's effective financial interest in this property (after preferences) was approximately 22% December 31, 2017. December 31, 2017, $0.7 two • Other Joint Venture The Company also holds an indirect 12.5% third not Individual agreements specify which services the Company is to provide to each joint venture. The Company, through its affiliates, may $7.9 $6.7 $3.9 years ended December 31, 2017, 2016 2015, $4.3 December 31, 2017 $2.5 December 31, 2016, one The results for the O'Connor Joint Venture I are included below for the years ended December 31, 2017 2016 June 1, 2015 December 31, 2015. May 12, 2017 ( June 13, 2017 ( December 31, 2017. 12.5% December 31, 2017 2016 January 15, 2015 December 31, 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, 2017, 2016 2015: For the Year Ended December 31, 2017 2016 2015 Total revenues $ 236,415 $ 191,831 $ 127,263 Operating expenses 95,603 78,685 53,204 Depreciation and amortization 89,397 78,972 48,876 Operating income 51,415 34,174 25,183 Gain on sale of interests in property and unconsolidated entities, net 1,585 1,014 — Interest expense, taxes, and other, net (45,906 ) (32,754 ) (20,135 ) Net income from the Company's unconsolidated real estate entities $ 7,094 $ 2,434 $ 5,048 Our share of income (loss) from the Company's unconsolidated real estate entities $ 1,395 $ (1,745 ) $ (1,247 ) 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, 2017 2016: December 31, 2017 2016 Assets: Investment properties at cost, net $ 1,972,208 $ 1,641,170 Construction in progress 44,817 21,084 Cash and cash equivalents 40,955 20,657 Tenant receivables and accrued revenue, net 30,866 19,056 Deferred costs and other assets (1) 174,665 135,313 Total assets $ 2,263,511 $ 1,837,280 Liabilities and Members ’ Equity: Mortgage notes payable $ 1,302,143 $ 875,811 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 148,273 116,870 Total liabilities 1,450,416 992,681 Members ’ equity 813,095 844,599 Total liabilities and members ’ equity $ 2,263,511 $ 1,837,280 Our share of members ’ equity, net $ 414,245 $ 429,792 ( 1 Includes value of acquired in-place leases and acquired above-market leases with a net book value of $107,869 $93,634 December 31, 2017 2016, ( 2 Includes the net book value of below market leases of $69,269 $69,886 December 31, 2017 2016, The following table presents the investment in and advances to (cash distributions and losses in) unconsolidated entities for the periods indicated above during which the Company accounted for these investments as unconsolidated entities as of December 31, 2017 2016: December 31, 2017 2016 Our share of members ’ equity, net $ 414,245 $ 429,792 Advances and excess investment 22,173 13,679 Net investment in and advances to unconsolidated entities, at equity (1) $ 436,418 $ 443,471 ( 1 Includes $451,839 $458,892 December 31, 2017 2016, $15,421 $15,421 December 31, 2017 2016, |
Note 6 - Indebtedness
Note 6 - Indebtedness | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Indebtedness Mortgage Debt Total mortgage indebtedness at December 31, 2017 2016 2017 2016 Face amount of mortgage loans $ 1,152,436 $ 1,610,429 Fair value adjustments, net 8,338 12,661 Debt issuance cost, net (3,692 ) (5,010 ) Carrying value of mortgage loans $ 1,157,082 $ 1,618,080 The mortgage debt had weighted average interest and maturity of 4.77% 4.0 years at December 31, 2017 4.98% 4.0 December 31, 2016. A roll forward of mortgage indebtedness from December 31, 2016 December 31, 2017 Balance at December 31, 2016 $ 1,618,080 Debt amortization payments (19,455 ) Repayment of debt (229,298 ) Debt issuances, net of debt issuance costs 213,574 Debt canceled upon partial paydown (68,931 ) Debt canceled upon lender foreclosures (40,000 ) Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments (314,595 ) Amortization of fair value and other adjustments (3,475 ) Amortization of debt issuance costs 1,182 Balance at December 31, 2017 $ 1,157,082 2017 On December 29, 2017, $11.7 On October 17, 2017, $99.7 $55.0 On October 3, 2017, $40.0 On October 2, 2017, $99.6 On May 10, 2017 49% 5 Property Principal Debt issuance costs Net debt issuance Interest Rate Maturity Date The Arboretum $ 59,400 $ (452 ) $ 58,948 4.13 % June 1, 2027 Gateway Centers 112,500 (709 ) 111,791 4.03 % June 1, 2027 Oklahoma City Properties 43,279 (427 ) 42,852 3.90 % June 1, 2027 Total $ 215,179 $ (1,588 ) $ 213,591 The Arboretum and Gateway Centers loans require monthly interest only payments until July 1, 2021, July 1, 2022, three December 31, 2017, On April 25, 2017, $87.3 $63.0 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, 2017, $64.7 $0.3 3.31%. On April 28, 2016, Unsecured Debt The following table identifies our total unsecured debt outstanding at December 31, 2017 December 31, 2016: December 31, December 31, Notes payable: Face amount - 3.850% Notes due 2020 (the "Exchange Notes") (1) $ 250,000 $ 250,000 Face amount - 5.950% Notes due 2024 (2) 750,000 — Debt discount, net (11,086 ) (47 ) Debt issuance costs, net (9,542 ) (2,316 ) Total carrying value of notes payable $ 979,372 $ 247,637 Unsecured term loans: (8) Face amount - Term Loan (3)(4) $ — $ 500,000 Face amount - December 2015 Term Loan (5) 340,000 340,000 Face amount - June 2015 Term Loan (6) 270,000 500,000 Debt issuance costs, net (3,305 ) (5,478 ) Total carrying value of unsecured term loans $ 606,695 $ 1,334,522 Revolving credit facility: (3)(7) Face amount $ 155,000 $ 308,000 Debt issuance costs, net (540 ) (1,835 ) Total carrying value of revolving credit facility $ 154,460 $ 306,165 ( 1 The Exchange Notes were issued at a 0.028% 3.850% April 1, 2020. ( 2 On August 4, 2017, $750.0 1.533% 5.950% August 15, 2024. June 2015 ( 3 The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." On January 22, 2018, $1.0 13 ( 4 The Term Loan bore interest at one 1.45% $200.0 2.04% December 31, 2017, $0.2 January 22, 2018, $350.0 13 ( 5 The December 2015 one 1.80% January 10, 2023. $340.0 3.51% ( 6 The June 2015 one 1.45% March 2, 2020. $270.0 2.56% June 30, 2018. December 31, 2017, $230.0 June 2015 $0.9 January 22, 2018, $270.0 13 ( 7 The Revolver provides borrowings on a revolving basis up to $900.0 one 1.25%, May 30, 2018, two six December 31, 2017, $744.8 $0.2 December 31, 2017, one 1.25%, 2.81%. January 22, 2018, 13 ( 8 While we have interest rate swap agreements in place that fix the LIBOR portion of the rates as noted above, the spread over LIBOR could vary in the future based upon changes to the Company's credit ratings. The following table presents the borrowings and paydowns on the Revolver during the years ended December 31, 2017 December 31, 2016: 2017 2016 Beginning Balance $ 308,000 $ 278,750 Borrowings 350,000 142,250 Paydowns (503,000 ) (113,000 ) Ending Balance $ 155,000 $ 308,000 During 2017, 4 5 During 2016, 4 Bridge Loan On September 16, 2014, September 23, 2014 $1.25 January 14, 2016, 364 On January 15, 2015, $1.19 billion under the Bridge Loan in connection with the closing of the Merger, which was repaid in full during 2015. The Company incurred $10.4 million of Bridge Loan commitment, structuring and funding fees. Upon the full repayment of the Bridge Loan, the Company accelerated amortization of the deferred loan costs, resulting in total amortization of $10.4 December 31, 2015. 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, 2017, The total balance of mortgages was approximately $1.2 December 31, 2017. December 31, 2017, 23 one one 28 one four may may not two On March 30, 2017, $40.0 May 18, 2017, not May 10, 2017 October 3, 2017, On June 6, 2016, June 3, 2016, $99.7 The letter was sent because the borrower, a consolidated subsidiary of the Company, did not June 1, 2016 October 27, 2016, October 17, 2017, $55.0 On June 30, 2016, $87.3 not June 1, 2016 April 25, 2017, $63.0 On August 8, 2016, August 4, 2016, $44.9 not January 11, 2016 December 29, 2016, On October 8, 2015, October 5, 2015, $52.9 The letter was sent because the borrower, a consolidated subsidiary of the Company, did not September 1, 2015 May 25, 2016, 100% June 9, 2016. July 31, 2016. On October 30, 2015, $62.4 February 1, 2017 The default resulted from an operating cash flow shortfall at the property in October 2015 not April 21, 2016, April 28, 2016. Upon the discounted payoff of the mortgage note payable secured by Southern Hills Mall, ownership transfer of Valle Vista Mall, and discounted payoff of the mortgage note payable secured by Mesa Mall, the Company recognized a net gain of $90.6 $108.9 December 31, 2017. December 31, 2016, $34.6 $160.1 At December 31, 2017, Debt Maturity and Cash Paid for Interest Scheduled principal repayments on indebtedness (including extension options) as of December 31, 2017 2018 $ 25,412 2019 313,281 2020 701,084 2021 321,639 2022 131,855 Thereafter 1,424,165 Total principal maturities 2,917,436 Bond Discount (11,086 ) Fair value adjustments, net 8,338 Debt issuance costs, net (17,079 ) Total mortgages and unsecured indebtedness $ 2,897,609 Cash paid for interest for the years ended December 31, 2017, 2016 2015 $107,609, $125,999 $124,646, 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. We estimate the fair values of consolidated fixed-rate unsecured notes payable using quoted market prices, or, if no December 31, 2017 2016 2017 2016 Book value of fixed- rate mortgages (1) $ 1,000,936 $ 1,359,329 Fair value of fixed-rate mortgages $ 1,024,890 $ 1,403,103 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 4.19 % 3.79 % Book value of fixed-rate unsecured debt (1) $ 1,610,000 $ 1,290,000 Fair value of fixed-rate unsecured debt $ 1,616,810 $ 1,261,858 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 4.27 % 2.86 % ( 1 |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments 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 $295, $288 $193 December 31, 2017, 2016 2015, 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 AOCI are recognized as an adjustment to income over the term of the hedged debt transaction. During the next twelve $2.1 On August 4, 2017, six one $430,000, June 2015 $2.0 December 31, 2017, 8 $610,000. 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, 2017 2016: Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate products Asset Derivatives Deferred costs and other assets $ 7,413 $ 5,754 Interest rate products Liability Derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ — $ 2 The asset derivative instruments were reported at their fair value of $7,413 $5,754 December 31, 2017 2016, $0 $2 December 31, 2017 2016, The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017, 2016 2015: Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on For the Year Ended December 31, (Interest rate products) Derivatives 2017 2016 2015 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) $ 1,256 $ (3,580 ) $ (429 ) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Interest expense $ 1,145 $ 7,381 $ 2,466 Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Interest expense $ 295 $ 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, 2017, not 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, 2017 2016, not 2 The tables below presents the Company ’s net assets and liabilities measured at fair value as of December 31, 2017 2016 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, 2017 Derivative instruments, net $ — $ 7,413 $ — $ 7,413 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 |
Note 8 - Rentals Under Operatin
Note 8 - Rentals Under Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 8. Rentals under Operating Leases Future minimum rentals to be received under non-cancelable operating leases for each of the next five December 31, 2017 2018 $ 431,410 2019 360,917 2020 296,662 2021 236,100 2022 190,575 Thereafter 496,839 $ 2,012,503 |
Note 9 - Equity
Note 9 - Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Equity 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 1 On April 15, 2015, $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 WPG Inc. common stock on a one one December 31, 2017, 314,577 December 31, 2017, 34,760,026 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, 2017 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, 2017, $0.4 1.1 A summary of the Inducement LTIP Units and changes during the year ended December 31, 2017 Activity for the Year Ended December 31, 2017 Inducement LTIP Units Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 75,053 $ 18.16 Units granted — $ — Units vested (29,685 ) $ 18.33 Units forfeited (7,500 ) $ 19.23 Outstanding unvested at end of year 37,868 $ 17.82 During the year ended December 31, 2016, 189,755 $18.07, December 31, 2015, 222,017 $16.16, 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% 40% 60% The Performance LTIP Units issued during 2015 December 31, 2016 "2015 December 31, 2017 "2015 December 31, 2018 "2015 no 2015 2015 2016 2017, 2014 During 2014, 451,017 The Performance LTIP Units that were issued during the year ended December 31, 2014 may 0% - 100% 40% 60% The Performance LTIP Units issued during 2014 December 31, 2015 "2014 December 31, 2016 "2014 December 31, 2017 "2014 no 2014 2014 2014 2015, 2016, 2017, Vesting The Performance LTIP awards that are earned, if any, will then be subject to a service-based vesting period. Awards earned under the 2015 no 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 end of the final performance period. The total amount of compensation to be 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, 2017, $46. 1.0 Annual Long-Term Incentive Awards On February 21, 2017 ( 2017 "2017 2017 one year ended December 31, 2017, 358,198 $3.4 one third February 21, 2018, 2019, 2020, three December 31, 2017, 358,198 $2.8 may 0% 150% three The PSUs were valued using a Monte Carlo simulation model. The total amount of compensation to be recognized over the three 2017 Fair value per share of PSUs $ 7.72 Total amount to be recognized over the performance period $ 2,765 Risk free rate 1.49 % Volatility 20.52 % Dividend yield 10.44 % During 2016, 2016 "2016 30% 100% 15 2016. 2016 50% 50% 100% December 31, 2017, 324,237 $2.2 2016 one third February 21, 2018, 2019 2020. 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 2016 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 $0.2 1.2 December 31, 2017 $1.0 A summary of the status of the WPG Restricted Shares at December 31, 2017 Activity for the Year Ended December 31, 2017 Restricted Shares Weighted Average Grant Date Fair Value Outstanding at beginning of year 150,579 $ 18.18 Shares granted — $ — Shares vested/forfeited (120,044 ) $ 18.18 Outstanding at end of year 30,535 $ 18.18 There were no December 31, 2017 2016. December 31, 2015 $18.18. December 31, 2017, 2016 2015 $2,182, $14,115, $2,051, WPG Restricted Stock Unit Awards The Company issues RSUs to certain executive officers, employees, and non-employee directors of the Board. During the years ended December 31, 2017, 2016 2015, 843,435, 518,112 82,203 843,435 2017, 682,435 $5.6 February 2017 ( 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 $8.3 2.0 A summary of the status of the WPG RSUs at December 31, 2017 Activity for the Year Ended December 31, 2017 RSUs Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 504,842 $ 11.80 RSUs granted 843,435 $ 8.07 RSUs vested/forfeited (190,701 ) $ 9.86 Outstanding unvested at end of year 1,157,576 $ 9.40 The weighted average grant date fair value per share of RSUs granted during the years ended December 31, 2017, 2016 2015 $8.07, $11.48, $13.62, December 31, 2017, 2016 2015 $1,128, $1,082, $628, Stock Options Options granted under the Company's Plan generally vest over a three 33.3% first During the year ended December 31, 2016, 247,500 $0.62. one 1,125,014 393,000 December 31, 2015. December 31, 2015 $2.63. A summary of the status of the Company's option plans at December 31, 2017 Activity for the Year Ended December 31, 2017 Stock Options Weighted Average Grant Date Fair Value Outstanding at beginning of year 977,576 $ 2.24 Options granted — $ — Options exercised (2,739 ) $ 11.37 Options forfeited/expired (180,823 ) $ 1.98 Outstanding at end of year 794,014 $ 2.26 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, 2017: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2017 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2017 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $13.96 23,296 0.2 $13.96 23,296 0.2 $13.96 $1.79 4,934 1.2 $1.79 4,934 1.2 $1.79 $5.76 25,183 2.2 $5.76 25,183 2.2 $5.76 $11.97 45,672 3.3 $11.97 45,672 3.3 $11.97 $12.67 65,606 4.4 $12.67 65,606 4.4 $12.67 $16.56 115,568 5.4 $16.56 115,568 5.4 $16.56 $13.10 82,255 6.3 $13.10 82,255 6.3 $13.10 $14.28 239,000 7.4 $14.28 159,334 7.4 $14.28 $9.95 192,500 8.4 $9.95 64,171 8.4 $9.95 794,014 6.3 $12.82 586,019 5.7 $13.25 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, 2017 Aggregate intrinsic value of options outstanding $ 61 Aggregate intrinsic value of options exercisable $ 61 Aggregate intrinsic value of options exercised $ 12 Aggregate fair value of options vested $ 187 The aggregate intrinsic value of options that exercised and the aggregate fair value of options that vested during the year ended December 31, 2016 $163 $191, December 31, 2015 $982 $3,380, Share Award Related Compensation Expense During the years ended December 31, 2017, 2016 2015, For the Year Ended December 31, 2017 2016 2015 Merger, restructuring and transaction costs $ — $ 9.5 $ 4.0 General and administrative and property operating 6.4 4.6 10.1 Total expense $ 6.4 $ 14.1 $ 14.1 Distributions During the years ended December 31, 2017 2016, $1.00 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies Litigation We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not not Lease Commitments As of December 31, 2017, four 2026 2076. December 31, 2017, 2016 2015 $2,438, $4,318 $6,874, Future minimum lease payments due under these ground leases for each of the next five December 31, 2017 2018 $ 509 2019 509 2020 509 2021 509 2022 518 Thereafter 20,460 $ 23,014 Concentration of Credit Risk Our properties rely heavily upon anchor or major tenants to attract customers; however, these retailers do not no 5% |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions Transactions with SPG The Company was formed in 2014 February 29, 2016 May 31, 2016. May 28, 2014 May 31, 2016, December 31, 2015, March 1, 2016. May 31, 2016, May 31, 2016. We did not December 31, 2017. December 31, 2016 2015 For the Year Ended December 31, For the Year Ended December 31, 2016 2015 Consolidated Unconsolidated Consolidated Unconsolidated Property management and common costs, services and other $ 8,791 $ 196 $ 23,302 $ 816 Insurance premiums $ — $ — $ 9,076 $ 12 Advertising and promotional programs $ 102 $ 6 $ 812 $ 46 Capitalized leasing and development fees $ 3,166 $ 23 $ 9,841 $ 55 Consulting Agreement with Mark S. Ordan Mr. Mark S. Ordan served as a member of the Board until May 18, 2017 2017, May 28, 2017. 2017, $0.2 no |
Note 12 - Earnings (Loss) Per C
Note 12 - Earnings (Loss) Per Common Share/Unit | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings (Loss) Per Common Share/Unit 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, 2017 2016 2015 Earnings (Loss) Per Common Share, Basic: Net income (loss) attributable to common shareholders - basic $ 183,031 $ 53,099 $ (101,286 ) Weighted average shares outstanding - basic 186,829,385 185,633,582 184,195,769 Earnings (Loss) per common share, basic $ 0.98 $ 0.29 $ (0.55 ) Earnings (Loss) Per Common Share, Diluted: Net income (loss) attributable to common shareholders - basic $ 183,031 $ 53,099 $ (101,286 ) Net income (loss) attributable to common unitholders 34,222 10,034 (19,340 ) Net income (loss) attributable to common shareholders - diluted $ 217,253 $ 63,133 $ (120,626 ) Weighted average common shares outstanding - basic 186,829,385 185,633,582 184,195,769 Weighted average operating partnership units outstanding 34,808,890 34,304,109 34,303,804 Weighted average additional dilutive securities outstanding 337,508 803,805 — Weighted average common shares outstanding - diluted 221,975,783 220,741,496 218,499,573 Earnings (loss) per common share, diluted $ 0.98 $ 0.29 $ (0.55 ) For the years ended December 31, 2017, 2016 2015, 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, 2017 2016 2015 Earnings (loss) Per Common Unit, Basic and Diluted: Net income (loss) attributable to common unitholders - basic and diluted $ 217,253 $ 63,133 $ (120,626 ) Weighted average common units outstanding - basic 221,638,275 219,937,691 218,499,573 Weighted average additional dilutive securities outstanding 337,508 803,805 — Weighted average shares outstanding - diluted 221,975,783 220,741,496 218,499,573 Earnings (loss) per common unit, basic and diluted $ 0.98 $ 0.29 $ (0.55 ) For the years ended December 31, 2017, 2016 2015, WPG L.P.'s annual LTIP unit awards. For the year ended December 31, 2015, |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events On December 22, 2017 $58.0 February 21, 2018 April 20, 2018. The purchase will be funded by a combination of proceeds from the Four Corners transaction (as discussed below), the Revolver and issuance of operating partnership units . On January 12, 2018, first els to FCPT Acquisitions, LLC ("Four Corners") pursuant to the purchase and sale agreement executed on September 20, 2017 first 10 $13.7 $13.5 second second 2018, . On January 19, 2018, $86.5 ® Seattle, located in Auburn, Washington. This repayment was funded by borrowings on the Revolver. On January 22, 2018, $1.0 $1.5 $650.0 $350.0 December 31, 2022. $350.0 $270.0 June 2015 On February 20, 2018, $0.25 March 15, 2018 March 5, 2018. |
Note 14 - Quarterly Financial D
Note 14 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. Quarterly Financial Data (Unaudited) Quarterly 2017 2016 may not First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Total revenue $ 202,394 $ 189,171 $ 179,320 $ 187,237 Operating income $ 49,531 $ 49,869 $ 24,293 $ 21,113 Net income (loss) $ 14,624 $ 164,500 $ (10,664 ) $ 63,133 Washington Prime Group Inc.: Net income (loss) attributable to the Company $ 12,810 $ 138,975 $ (8,395 ) $ 53,673 Net income (loss) attributable to common shareholders $ 9,302 $ 135,467 $ (11,903 ) $ 50,165 Earnings (loss) per common share —basic $ 0.05 $ 0.73 $ (0.06 ) $ 0.27 Earnings (loss) per common share —diluted $ 0.05 $ 0.72 $ (0.06 ) $ 0.27 Washington Prime Group, L.P.: Net income (loss) attributable to unitholders $ 14,624 $ 164,500 $ (10,664 ) $ 63,133 Net income (loss) attributable to common unitholders $ 11,056 $ 160,932 $ (14,232 ) $ 59,479 Earnings (loss) per common unit —basic $ 0.05 $ 0.73 $ (0.06 ) $ 0.27 Earnings (loss) per common unit —diluted $ 0.05 $ 0.72 $ (0.06 ) $ 0.27 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 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Washington Prime Group Inc. and Washington Prime Group, L.P. Real Estate and Accumulated Depreciation December 31, 2017 (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 $ 18,449 $ 1,712 $ 15,227 $ 851 $ 19,997 $ 2,563 $ 35,224 $ 37,787 $ 21,978 1972 Ashland Town Center Ashland, KY 37,652 13,462 68,367 — 2,416 13,462 70,783 84,245 9,405 2015 Bowie Town Center Bowie (Wash, D.C.), MD — 2,479 60,322 235 9,143 2,714 69,465 72,179 37,347 2001 Boynton Beach Mall Boynton Beach (Miami), FL — 22,240 78,804 4,666 29,782 26,906 108,586 135,492 69,329 1996 Brunswick Square East Brunswick (New York), NJ 72,504 8,436 55,838 — 35,331 8,436 91,169 99,605 55,093 1996 Charlottesville Fashion Square Charlottesville, VA 47,009 — 54,738 — 18,941 — 73,679 73,679 41,448 1997 Chautauqua Mall Lakewood, NY — 3,116 9,641 — 19,172 3,116 28,813 31,929 16,706 1996 Chesapeake Square Theater Chesapeake (VA Beach), VA — 628 9,536 — (738 ) 628 8,798 9,426 1,858 1996 Clay Terrace Carmel (Indianapolis), IN — 39,030 115,207 — 6,169 39,030 121,376 160,406 17,320 2014 Cottonwood Mall Albuquerque, NM 99,031 10,122 69,958 — 9,045 10,122 79,003 89,125 47,444 1996 Dayton Mall Dayton, OH 81,689 10,899 160,723 — 3,009 10,899 163,732 174,631 16,992 2015 Edison Mall Fort Myers, FL — 11,529 107,350 — 30,233 11,529 137,583 149,112 76,201 1997 Grand Central Mall Parkersburg, WV 40,397 18,956 89,736 — 3,894 18,956 93,630 112,586 15,536 2015 Great Lakes Mall Mentor (Cleveland), OH — 12,302 100,362 — 39,382 12,302 139,744 152,046 75,772 1996 Indian Mound Mall Newark, OH — 7,109 19,205 (252 ) 1,656 6,857 20,861 27,718 3,475 2015 Irving Mall Irving (Dallas), TX — 6,737 17,479 2,533 44,122 9,270 61,601 70,871 41,437 1971 Jefferson Valley Mall Yorktown Heights (New York), NY — 4,868 30,304 — 66,941 4,868 97,245 102,113 46,485 1983 Lima Mall Lima, OH — 7,659 35,338 — 15,444 7,659 50,782 58,441 31,174 1996 Lincolnwood Town Center Lincolnwood (Chicago), IL 49,668 7,834 63,480 — 7,628 7,834 71,108 78,942 54,520 1990 Lindale Mall Cedar Rapids, IA — 14,106 58,286 — 13,713 14,106 71,999 86,105 19,817 1998 Longview Mall Longview, TX — 259 3,567 124 24,497 383 28,064 28,447 8,777 1978 Mall at Fairfield Commons, The Beavercreek, OH — 18,194 175,426 — 21,493 18,194 196,919 215,113 23,304 2015 Maplewood Mall St. Paul (Minneapolis), MN — 17,119 80,758 — 25,577 17,119 106,335 123,454 49,412 2002 Markland Mall Kokomo, IN — — 7,568 3,073 18,615 3,073 26,183 29,256 15,678 1968 Melbourne Square Melbourne, FL — 15,762 55,891 4,160 40,337 19,922 96,228 116,150 51,310 1996 Mesa Mall Grand Junction, CO — 12,784 80,639 — 3,768 12,784 84,407 97,191 25,368 1998 Morgantown Mall Morgantown, WV — 10,219 77,599 — 2,505 10,219 80,104 90,323 10,820 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 Muncie Mall Muncie, IN 34,645 172 5,776 52 29,247 224 35,023 35,247 23,484 1970 New Towne Mall New Philadelphia, OH — 3,172 33,112 — 7,694 3,172 40,806 43,978 6,061 2015 Northtown Mall Blaine, MN — 18,603 57,341 — 5,967 18,603 63,308 81,911 9,915 2015 Northwoods Mall Peoria, IL — 1,185 12,779 2,428 43,039 3,613 55,818 59,431 37,340 1983 Oak Court Mall Memphis, TN 37,701 15,673 57,304 — 10,007 15,673 67,311 82,984 50,576 1997 Orange Park Mall Orange Park (Jacksonville), FL — 12,998 65,121 — 46,976 12,998 112,097 125,095 68,270 1994 Outlet Collection ® | Seattle, The Auburn (Seattle), WA 86,500 38,751 107,094 — 9,441 38,751 116,535 155,286 16,303 2015 Paddock Mall Ocala, FL — 11,198 39,727 — 23,198 11,198 62,925 74,123 34,381 1996 Port Charlotte Town Center Port Charlotte, FL 43,133 5,471 58,570 — 17,981 5,471 76,551 82,022 49,169 1996 Rolling Oaks Mall San Antonio, TX — 1,929 38,609 — 16,832 1,929 55,441 57,370 37,230 1988 Rushmore Mall Rapid City, SD 94,000 18,839 67,364 (11,974 ) (10,665 ) 6,865 56,699 63,564 27,388 1998 Southern Hills Mall Sioux City, IA — 15,025 75,984 — 2,041 15,025 78,025 93,050 23,835 1998 Southern Park Mall Youngstown, OH — 16,982 77,767 97 33,830 17,079 111,597 128,676 65,967 1996 Sunland Park Mall El Paso, TX — 2,896 28,900 — 7,901 2,896 36,801 39,697 28,073 1988 Town Center at Aurora Aurora (Denver), CO 53,250 9,959 56,832 (12 ) 57,327 9,947 114,159 124,106 76,922 1998 Towne West Square Wichita, KS 46,188 972 21,203 22 13,113 994 34,316 35,310 25,455 1980 Waterford Lakes Town Center Orlando, FL — 8,679 72,836 — 24,892 8,679 97,728 106,407 56,864 1999 Weberstown Mall Stockton, CA 65,000 9,909 92,589 — 4,915 9,909 97,504 107,413 10,990 2015 West Ridge Mall Topeka, KS 40,697 5,453 34,148 (788 ) 22,436 4,665 56,584 61,249 38,070 1988 Westminster Mall Westminster (Los Angeles), CA 80,019 43,464 84,709 — 37,946 43,464 122,655 166,119 64,756 1998 WestShore Plaza Tampa, FL — 53,904 120,191 — 4,373 53,904 124,564 178,468 13,510 2015 Open Air Properties Bloomingdale Court Bloomingdale (Chicago), IL — 8,422 26,184 — 18,375 8,422 44,559 52,981 28,241 1987 Bowie Town Center Strip Bowie (Wash, D.C.), MD — 231 4,597 — 762 231 5,359 5,590 2,535 2001 Canyon View Marketplace Grand Junction, CO 5,305 1,370 9,570 — 159 1,370 9,729 11,099 1,290 2015 Charles Towne Square Charleston, SC — — 1,768 370 10,890 370 12,658 13,028 11,927 1976 Chesapeake Center Chesapeake (Virginia Beach), VA — 4,410 11,241 — 1,196 4,410 12,437 16,847 9,734 1996 Concord Mills Marketplace Concord (Charlotte), NC 16,000 8,036 21,167 — 889 8,036 22,056 30,092 4,911 2007 Countryside Plaza Countryside (Chicago), IL — 332 8,507 2,554 11,802 2,886 20,309 23,195 12,583 1977 Dare Centre Kill Devil Hills, NC — — 5,702 — 2,181 — 7,883 7,883 3,838 2004 DeKalb Plaza King of Prussia (Philadelphia), PA — 1,955 3,405 — 1,036 1,955 4,441 6,396 2,622 2003 Empire East Sioux Falls, SD — 3,350 10,552 — 2,738 3,350 13,290 16,640 3,157 1998 Fairfax Court Fairfax (Wash, D.C.), VA — 8,078 34,997 — 1,103 8,078 36,100 44,178 4,958 2014 Fairfield Town Center Houston, TX — 4,745 5,044 168 37,778 4,913 42,822 47,735 1,833 2014 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 Forest Plaza Rockford, IL 16,084 4,132 16,818 453 15,441 4,585 32,259 36,844 19,602 1985 Gaitway Plaza Ocala, FL — 5,445 26,687 — 2,052 5,445 28,739 34,184 4,990 2014 Greenwood Plus Greenwood (Indianapolis), IN — 1,129 1,792 — 4,836 1,129 6,628 7,757 4,449 1979 Henderson Square King of Prussia (Philadelphia), PA — 4,223 15,124 — 841 4,223 15,965 20,188 6,696 2003 Keystone Shoppes Indianapolis, IN — — 4,232 2,118 4,923 2,118 9,155 11,273 3,915 1997 Lake Plaza Waukegan (Chicago), IL — 2,487 6,420 — 2,398 2,487 8,818 11,305 5,538 1986 Lake View Plaza Orland Park (Chicago), IL — 4,702 17,543 — 18,027 4,702 35,570 40,272 22,146 1986 Lakeline Plaza Cedar Park (Austin), TX 15,068 5,822 30,875 — 13,610 5,822 44,485 50,307 23,691 1998 Lima Center Lima, OH — 1,781 5,151 — 9,852 1,781 15,003 16,784 9,546 1996 Lincoln Crossing O'Fallon (St. Louis), IL — 674 2,192 — 9,428 674 11,620 12,294 2,865 1990 MacGregor Village Cary, NC — 502 8,891 — 2,340 502 11,231 11,733 3,936 2004 Mall of Georgia Crossing Buford (Atlanta), GA 22,713 9,506 32,892 — 2,316 9,506 35,208 44,714 20,017 1999 Markland Plaza Kokomo, IN — 206 738 — 7,913 206 8,651 8,857 4,630 1974 Martinsville Plaza Martinsville, VA — — 584 — 30 — 614 614 455 1967 Matteson Plaza Matteson (Chicago), IL — 1,771 9,737 — (123 ) 1,771 9,614 11,385 9,372 1988 Muncie Towne Plaza Muncie, IN 6,264 267 10,509 87 3,604 354 14,113 14,467 7,914 1998 North Ridge Shopping Center Raleigh, NC 12,018 385 12,826 — 6,082 385 18,908 19,293 6,220 2004 Northwood Plaza Fort Wayne, IN — 148 1,414 — 3,225 148 4,639 4,787 2,986 1974 Plaza at Buckland Hills, The Manchester, CT — 17,355 43,900 — 2,011 17,355 45,911 63,266 5,350 2014 Richardson Square Richardson (Dallas), TX — 6,285 — 990 15,014 7,275 15,014 22,289 5,511 1996 Rockaway Commons Rockaway (New York), NJ — 5,149 26,435 — 15,896 5,149 42,331 47,480 18,250 1998 Rockaway Town Plaza Rockaway (New York), NJ — — 18,698 2,227 5,133 2,227 23,831 26,058 9,280 2004 Royal Eagle Plaza Coral Springs (Miami), FL — 2,153 24,216 — 2,807 2,153 27,023 29,176 5,020 2014 Shops at North East Mall, The Hurst (Dallas), TX — 12,541 28,177 402 6,643 12,943 34,820 47,763 23,650 1999 St. Charles Towne Plaza Waldorf (Wash, D.C.), MD — 8,216 18,993 — 9,744 8,216 28,737 36,953 16,712 1987 Tippecanoe Plaza Lafayette, IN — — 745 234 5,902 234 6,647 6,881 4,121 1974 University Center Mishawaka, IN — 2,119 8,365 — 4,422 2,119 12,787 14,906 10,203 1996 University Town Plaza Pensacola, FL — 6,009 26,945 (397 ) 3,549 5,612 30,494 36,106 8,836 2013 Village Park Plaza Carmel (Indianapolis), IN — 19,565 51,873 — 934 19,565 52,807 72,372 10,568 2014 Washington Plaza Indianapolis, IN — 263 1,833 — 2,864 263 4,697 4,960 4,092 1996 West Ridge Plaza Topeka, KS 10,174 1,376 4,560 1,958 8,490 3,334 13,050 16,384 6,277 1988 West Town Corners Altamonte Springs (Orlando), FL — 6,821 24,603 — 4,459 6,821 29,062 35,883 4,484 2014 Westland Park Plaza Orange Park (Jacksonville), FL — 5,576 8,775 — (188 ) 5,576 8,587 14,163 1,518 2014 White Oaks Plaza Springfield, IL 12,528 3,169 14,267 292 9,558 3,461 23,825 27,286 12,978 1986 Whitehall Mall Whitehall, PA 8,750 8,500 28,512 — 4,369 8,500 32,881 41,381 5,761 2014 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 Wolf Ranch Georgetown (Austin), TX — 21,999 51,547 (185 ) 13,684 21,814 65,231 87,045 29,175 2005 Developments In Progress — Cottonwood Mall Albuquerque, NM — — — — — — 6,936 6,936 Fairfield Town Center Houston, TX — — — — — 3,053 853 3,906 Great Lakes Mall Mentor (Cleveland), OH — — — — — — 6,540 6,540 Northwoods Mall Peoria, IL — — — — — — 5,117 5,117 — Other Developments — — — — — 3,663 18,882 22,545 — $ 1,152,436 $ 784,000 $ 3,638,908 $ 16,486 $ 1,231,558 $ 807,202 $ 4,908,794 $ 5,715,996 $ 2,076,948 Washington Prime Group Inc. and Washington Prime Group, L.P. Notes to Schedule III December 31, 2017 (dollars in thousands) ( 1 Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2017, 2016 2015 2017 2016 2015 Balance, beginning of year $ 6,205,387 $ 6,699,789 $ 5,227,466 Acquisitions 14,366 297 3,113,240 Improvements 135,713 157,561 153,536 Held for sale reclasses — (215,244 ) (166,742 ) Disposals* (639,470 ) (437,016 ) (1,627,711 ) Balance, end of year $ 5,715,996 $ 6,205,387 $ 6,699,789 *Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. Further, includes impairment charges of $66,925, $21,879, $147,979 December 31, 2017, 2016 2015, The following reconciles investment properties at cost per the consolidated balance sheet to the balance per Schedule III as of December 31, 2017: 2017 Investment properties at cost $ 5,807,760 Less: furniture, fixtures and equipment (91,764 ) Total cost per Schedule III $ 5,715,996 The unaudited aggregate cost for federal income tax purposes of real estate assets presented was $5,307,967 December 31, 2017. ( 2 Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2017, 2016 2015 2017 2016 2015 Balance, beginning of year $ 2,063,107 $ 2,261,593 $ 2,058,061 Depreciation expense 205,078 222,861 232,735 Disposals (191,237 ) (421,347 ) (29,203 ) Balance, end of year $ 2,076,948 $ 2,063,107 $ 2,261,593 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2017: 2017 Accumulated depreciation $ 2,139,620 Less: furniture, fixtures and equipment (62,672 ) Total accumulated depreciation per Schedule III $ 2,076,948 Depreciation of our investment in buildings and improvements reflected in the consolidated 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 and debt issuance costs. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our tenant receivables. We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents 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 allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. Capitalized interest for the years ended December 31, 2017, 2016 2015 $1,521, $2,640 $1,781, We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally five 40 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over 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 not not no may may may not 4 |
Equity Method Investments [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 13 six December 31, 2017 2016, 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 not Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, Topic 820 1 2 3 The fair value hierarchy, as defined by Topic 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 1 2 4 3 3 The Company has derivatives that must be measured under the fair value standard (see Note 7 not |
Business Combinations Policy [Policy Text Block] | Purchase Accounting Valuation We record the total consideration of acquisitions, including transaction costs as permitted under Accounting Standards Update ("ASU ") 2017 01, 805 may 2 3 3 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, including tenant allowances and improvements and leasing commissions; and • 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 improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates We prepared the accompanying consolidated 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 open air properties, into one |
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, 2017 2016: 2017 2016 Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 In-place lease intangibles, net 46,627 70,907 Acquired above market lease intangibles, net 24,254 34,337 Mortgage and other escrow deposits 18,182 29,160 Prepaids, notes receivable and other assets, net 20,953 41,230 $ 189,095 $ 266,556 On January 4, 2017, $15.6 January 29, 2016 4 During the year ended December 31, 2017, $5.3 August 19, 2016 4 April 1, 2018. December 31, 2017, |
Deferred Charges, Policy [Policy Text Block] | Deferred Lease Costs and Corporate Improvements Our deferred lease costs consist of salaries and related benefits, including fees charged by SPG in conjunction with the 2014 11 third December 31, 2017 2016 2017 2016 Deferred lease costs $ 143,667 $ 149,208 Corporate improvements 5,324 4,085 Accumulated amortization (69,912 ) (62,371 ) Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations include amortization expense of $24.8 $25.0 $27.2 December 31, 2017, 2016 2015, |
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 are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold as defined in their lease. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. A substantial portion of our leases require the tenant to reimburse us for a substantial portion of our operating expenses, including CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2017 not We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not |
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 creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no December 31, 2017, 2016 2015 For the Year Ended December 31, 2017 2016 2015 Balance, beginning of year $ 8,578 $ 4,222 $ 4,570 Provision for credit losses 5,068 4,508 2,022 Accounts deconsolidated upon joint venture formation (see Note 5) (1,271 ) — (1,997 ) Accounts written off, net of recoveries, and other (4,508 ) (152 ) (373 ) Balance, end of year $ 7,867 $ 8,578 $ 4,222 |
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% not 100% no not 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 December 31, 2017, 2016 2015, 87 $227, $447, no December 31, 2017 December 31, 2016, $673 A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not no December 31, 2017 not December 31, 2016, $367. December 31, 2017 2016, $0 $306, 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 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, 2017, 2016 2015: 2017 2016 2015 $ % $ % $ % Common shares Ordinary income $ 0.4306 43.06 % $ 0.6128 61.28 % $ 1.0000 100.00 % Capital gain 0.5694 56.94 % — — % — — % Non-dividend distributions — — % 0.3872 38.72 % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 1.0000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ — N/A $ 0.5868 2.29 % Non-dividend distributions (2) — N/A — N/A $ 25.0000 97.71 % $ — N/A $ — N/A $ 25.5868 100.00 % Series H Preferred Shares (1) Ordinary income $ 1.0093 43.06 % $ 1.4064 100.00 % $ 1.8752 100.00 % Capital gain 1.3347 56.94 % — — % — — % $ 2.3440 100.00 % $ 1.4064 100.00 % $ 1.8752 100.00 % Series I Preferred Shares (1) Ordinary income $ 0.9251 43.06 % $ 1.2891 100.00 % $ 1.7188 100.00 % Capital gain 1.2234 56.94 % — — % — — % $ 2.1485 100.00 % $ 1.2891 100.00 % $ 1.7188 100.00 % ( 1 January 15, 2015. ( 2 April 15, 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, 2014 09, 606 2014 09 January 1, 2018 2017, 2.5% January 1, 2018, In February 2017, 610 20, 2014 09. 610 20 360 20. January 1, 2018. not 5 may January 1, 2018, In February 2016, 2016 02, 842 2016 02 December 15, 2018, January 2018, 2016 02 January 1, 2019 ( January 1, 2017, January 1, 2019. four two From a lessor perspective, the new guidance remains mostly similar to current rules, though contract consideration will now be allocated between lease and non-lease components. Non-lease component allocations will be recognized under ASU 2014 09, 2016 02 not 2016 02 December 31, 2017, $16.9 . In August 2016, 2016 15, 230 2016 15 December 15, 2017, November 2016, 16 December 15, 2017, These new standards require a retrospective transition approach. The Company has $18.2 $29.2 December 31, 2017 2016, January 1, 2018. In January 2017, 2017 01, 805 not December 15, 2017, January 1, 2017, In August 2017, 2017 12, 815 December 15, 2018, |
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, 2017 2016: 2017 2016 Limited partners' interests in WPG L.P. $ 166,660 $ 168,264 Noncontrolling interests in properties 1,058 1,104 Total noncontrolling interests $ 167,718 $ 169,368 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 net income of WPG Inc. Redeemable Noncontrolling Interests for WPG Inc. At December 31, 2016, third 7.3% 1 1 third During the year ended December 31, 2017, 5 third December 31, 2017, 1 |
Note 3 - Summary of Significa24
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Deferred Costs and Other Assets [Table Text Block] | 2017 2016 Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 In-place lease intangibles, net 46,627 70,907 Acquired above market lease intangibles, net 24,254 34,337 Mortgage and other escrow deposits 18,182 29,160 Prepaids, notes receivable and other assets, net 20,953 41,230 $ 189,095 $ 266,556 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2017 2016 Deferred lease costs $ 143,667 $ 149,208 Corporate improvements 5,324 4,085 Accumulated amortization (69,912 ) (62,371 ) Deferred lease costs and corporate improvements, net $ 79,079 $ 90,922 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the Year Ended December 31, 2017 2016 2015 Balance, beginning of year $ 8,578 $ 4,222 $ 4,570 Provision for credit losses 5,068 4,508 2,022 Accounts deconsolidated upon joint venture formation (see Note 5) (1,271 ) — (1,997 ) Accounts written off, net of recoveries, and other (4,508 ) (152 ) (373 ) Balance, end of year $ 7,867 $ 8,578 $ 4,222 |
DistributionsPaid On a Tax Basis [Table Text Block] | 2017 2016 2015 $ % $ % $ % Common shares Ordinary income $ 0.4306 43.06 % $ 0.6128 61.28 % $ 1.0000 100.00 % Capital gain 0.5694 56.94 % — — % — — % Non-dividend distributions — — % 0.3872 38.72 % — — % $ 1.0000 100.00 % $ 1.0000 100.00 % $ 1.0000 100.00 % Series G Preferred Shares (1) Ordinary income $ — N/A $ — N/A $ 0.5868 2.29 % Non-dividend distributions (2) — N/A — N/A $ 25.0000 97.71 % $ — N/A $ — N/A $ 25.5868 100.00 % Series H Preferred Shares (1) Ordinary income $ 1.0093 43.06 % $ 1.4064 100.00 % $ 1.8752 100.00 % Capital gain 1.3347 56.94 % — — % — — % $ 2.3440 100.00 % $ 1.4064 100.00 % $ 1.8752 100.00 % Series I Preferred Shares (1) Ordinary income $ 0.9251 43.06 % $ 1.2891 100.00 % $ 1.7188 100.00 % Capital gain 1.2234 56.94 % — — % — — % $ 2.1485 100.00 % $ 1.2891 100.00 % $ 1.7188 100.00 % |
Movement in Minority Interest Roll Forward [Table Text Block] | 2017 2016 Limited partners' interests in WPG L.P. $ 166,660 $ 168,264 Noncontrolling interests in properties 1,058 1,104 Total noncontrolling interests $ 167,718 $ 169,368 |
Note 4 - Investment in Real E25
Note 4 - Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 2017 2016 Land $ 807,202 $ 905,960 Buildings and improvements 4,908,794 5,299,427 Total land, buildings and improvements 5,715,996 6,205,387 Furniture, fixtures and equipment 91,764 89,241 Investment properties at cost 5,807,760 6,294,628 Less: accumulated depreciation 2,139,620 2,122,572 Investment properties at cost, net $ 3,668,140 $ 4,172,056 Construction in progress included above $ 46,046 $ 49,214 |
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 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Balance as of Intangible Asset/Liability December 31, 2017 December 31, 2016 Above-market leases - Company is lessor $ 51,315 $ 56,192 Below-market leases - Company is lessor $ 124,475 $ 145,064 Above-market lease - Company is lessee $ — $ 2,536 In-place leases $ 120,159 $ 134,516 Balance as of Intangible Asset/Liability Location on the Consolidated Balance Sheets Weighted Average Remaining Amortization (in years) December 31, 2017 December 31, 2016 Above-market leases - Company is lessor Deferred costs and other assets 7.4 $ 24,254 $ 34,337 Below-market leases - Company is lessor Accounts payable, accrued expenses, intangibles and deferred revenues 13.7 $ 77,870 $ 104,540 Above-market lease - Company is lessee Accounts payable, accrued expenses, intangibles and deferred revenues — $ — $ 2,383 In-place leases Deferred costs and other assets 10.6 $ 46,627 $ 70,907 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Above/Below-Market Leases- Lessor In-place Leases Total Net Intangible Amortization 2018 $ 3,902 $ (10,324 ) $ (6,422 ) 2019 4,237 (8,662 ) (4,425 ) 2020 4,454 (6,611 ) (2,157 ) 2021 4,559 (3,183 ) 1,376 2022 4,054 (2,487 ) 1,567 Thereafter 32,410 (15,360 ) 17,050 $ 53,616 $ (46,627 ) $ 6,989 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2015 Total revenues $ 874,338 Net loss attributable to the Company $ (60,876 ) Net loss attributable to common shareholders $ (75,024 ) Loss per common share-basic and diluted $ (0.40 ) Weighted average shares outstanding-basic (in thousands) 185,342 Weighted average shares outstanding-diluted (in thousands) 219,708 Year Ended December 31, 2015 Total revenues $ 874,338 Net loss attributable to unitholders $ (74,734 ) Net loss attributable to common unitholders $ (88,882 ) Loss per common unit-basic and diluted $ (0.40 ) Weighted average units outstanding-basic (in thousands) 219,708 Weighted average units outstanding-diluted (in thousands) 219,708 |
Note 5 - Investment In Uncons26
Note 5 - Investment In Unconsolidated Entities, at Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Year Ended December 31, 2017 2016 2015 Total revenues $ 236,415 $ 191,831 $ 127,263 Operating expenses 95,603 78,685 53,204 Depreciation and amortization 89,397 78,972 48,876 Operating income 51,415 34,174 25,183 Gain on sale of interests in property and unconsolidated entities, net 1,585 1,014 — Interest expense, taxes, and other, net (45,906 ) (32,754 ) (20,135 ) Net income from the Company's unconsolidated real estate entities $ 7,094 $ 2,434 $ 5,048 Our share of income (loss) from the Company's unconsolidated real estate entities $ 1,395 $ (1,745 ) $ (1,247 ) |
Schedule of Combined Balance Sheets for Unconsolidated Venture Properties [Table Text Block] | December 31, 2017 2016 Assets: Investment properties at cost, net $ 1,972,208 $ 1,641,170 Construction in progress 44,817 21,084 Cash and cash equivalents 40,955 20,657 Tenant receivables and accrued revenue, net 30,866 19,056 Deferred costs and other assets (1) 174,665 135,313 Total assets $ 2,263,511 $ 1,837,280 Liabilities and Members ’ Equity: Mortgage notes payable $ 1,302,143 $ 875,811 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 148,273 116,870 Total liabilities 1,450,416 992,681 Members ’ equity 813,095 844,599 Total liabilities and members ’ equity $ 2,263,511 $ 1,837,280 Our share of members ’ equity, net $ 414,245 $ 429,792 |
Investments In and Advances To Affiliates and Equity Method Investments [Table Text Block] | December 31, 2017 2016 Our share of members ’ equity, net $ 414,245 $ 429,792 Advances and excess investment 22,173 13,679 Net investment in and advances to unconsolidated entities, at equity (1) $ 436,418 $ 443,471 |
Note 6 - Indebtedness (Tables)
Note 6 - Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2017 2016 Face amount of mortgage loans $ 1,152,436 $ 1,610,429 Fair value adjustments, net 8,338 12,661 Debt issuance cost, net (3,692 ) (5,010 ) Carrying value of mortgage loans $ 1,157,082 $ 1,618,080 |
Roll Forward of Mortgage Indebtedness [Table Text Block] | Balance at December 31, 2016 $ 1,618,080 Debt amortization payments (19,455 ) Repayment of debt (229,298 ) Debt issuances, net of debt issuance costs 213,574 Debt canceled upon partial paydown (68,931 ) Debt canceled upon lender foreclosures (40,000 ) Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments (314,595 ) Amortization of fair value and other adjustments (3,475 ) Amortization of debt issuance costs 1,182 Balance at December 31, 2017 $ 1,157,082 |
Summary of Non-recourse Mortgage Loans [Table Text Block] | Property Principal Debt issuance costs Net debt issuance Interest Rate Maturity Date The Arboretum $ 59,400 $ (452 ) $ 58,948 4.13 % June 1, 2027 Gateway Centers 112,500 (709 ) 111,791 4.03 % June 1, 2027 Oklahoma City Properties 43,279 (427 ) 42,852 3.90 % June 1, 2027 Total $ 215,179 $ (1,588 ) $ 213,591 |
Schedule of Debt [Table Text Block] | December 31, December 31, Notes payable: Face amount - 3.850% Notes due 2020 (the "Exchange Notes") (1) $ 250,000 $ 250,000 Face amount - 5.950% Notes due 2024 (2) 750,000 — Debt discount, net (11,086 ) (47 ) Debt issuance costs, net (9,542 ) (2,316 ) Total carrying value of notes payable $ 979,372 $ 247,637 Unsecured term loans: (8) Face amount - Term Loan (3)(4) $ — $ 500,000 Face amount - December 2015 Term Loan (5) 340,000 340,000 Face amount - June 2015 Term Loan (6) 270,000 500,000 Debt issuance costs, net (3,305 ) (5,478 ) Total carrying value of unsecured term loans $ 606,695 $ 1,334,522 Revolving credit facility: (3)(7) Face amount $ 155,000 $ 308,000 Debt issuance costs, net (540 ) (1,835 ) Total carrying value of revolving credit facility $ 154,460 $ 306,165 |
Schedule of Line of Credit Facilities [Table Text Block] | 2017 2016 Beginning Balance $ 308,000 $ 278,750 Borrowings 350,000 142,250 Paydowns (503,000 ) (113,000 ) Ending Balance $ 155,000 $ 308,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 25,412 2019 313,281 2020 701,084 2021 321,639 2022 131,855 Thereafter 1,424,165 Total principal maturities 2,917,436 Bond Discount (11,086 ) Fair value adjustments, net 8,338 Debt issuance costs, net (17,079 ) Total mortgages and unsecured indebtedness $ 2,897,609 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2017 2016 Book value of fixed- rate mortgages (1) $ 1,000,936 $ 1,359,329 Fair value of fixed-rate mortgages $ 1,024,890 $ 1,403,103 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 4.19 % 3.79 % Book value of fixed-rate unsecured debt (1) $ 1,610,000 $ 1,290,000 Fair value of fixed-rate unsecured debt $ 1,616,810 $ 1,261,858 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 4.27 % 2.86 % |
Note 7 - Derivative Financial28
Note 7 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2016 Interest rate products Asset Derivatives Deferred costs and other assets $ 7,413 $ 5,754 Interest rate products Liability Derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ — $ 2 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on For the Year Ended December 31, (Interest rate products) Derivatives 2017 2016 2015 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) $ 1,256 $ (3,580 ) $ (429 ) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Interest expense $ 1,145 $ 7,381 $ 2,466 Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Interest expense $ 295 $ 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, 2017 Derivative instruments, net $ — $ 7,413 $ — $ 7,413 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 |
Note 8 - Rentals Under Operat29
Note 8 - Rentals Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2018 $ 431,410 2019 360,917 2020 296,662 2021 236,100 2022 190,575 Thereafter 496,839 $ 2,012,503 |
Note 9 - Equity (Tables)
Note 9 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Inducement LTIP Units Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 75,053 $ 18.16 Units granted — $ — Units vested (29,685 ) $ 18.33 Units forfeited (7,500 ) $ 19.23 Outstanding unvested at end of year 37,868 $ 17.82 |
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 % 2017 Fair value per share of PSUs $ 7.72 Total amount to be recognized over the performance period $ 2,765 Risk free rate 1.49 % Volatility 20.52 % Dividend yield 10.44 % 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, 2017 Restricted Shares Weighted Average Grant Date Fair Value Outstanding at beginning of year 150,579 $ 18.18 Shares granted — $ — Shares vested/forfeited (120,044 ) $ 18.18 Outstanding at end of year 30,535 $ 18.18 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Activity for the Year Ended December 31, 2017 RSUs Weighted Average Grant Date Fair Value Outstanding unvested at beginning of year 504,842 $ 11.80 RSUs granted 843,435 $ 8.07 RSUs vested/forfeited (190,701 ) $ 9.86 Outstanding unvested at end of year 1,157,576 $ 9.40 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Activity for the Year Ended December 31, 2017 Stock Options Weighted Average Grant Date Fair Value Outstanding at beginning of year 977,576 $ 2.24 Options granted — $ — Options exercised (2,739 ) $ 11.37 Options forfeited/expired (180,823 ) $ 1.98 Outstanding at end of year 794,014 $ 2.26 |
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, 2017 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2017 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $13.96 23,296 0.2 $13.96 23,296 0.2 $13.96 $1.79 4,934 1.2 $1.79 4,934 1.2 $1.79 $5.76 25,183 2.2 $5.76 25,183 2.2 $5.76 $11.97 45,672 3.3 $11.97 45,672 3.3 $11.97 $12.67 65,606 4.4 $12.67 65,606 4.4 $12.67 $16.56 115,568 5.4 $16.56 115,568 5.4 $16.56 $13.10 82,255 6.3 $13.10 82,255 6.3 $13.10 $14.28 239,000 7.4 $14.28 159,334 7.4 $14.28 $9.95 192,500 8.4 $9.95 64,171 8.4 $9.95 794,014 6.3 $12.82 586,019 5.7 $13.25 |
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, 2017 Aggregate intrinsic value of options outstanding $ 61 Aggregate intrinsic value of options exercisable $ 61 Aggregate intrinsic value of options exercised $ 12 Aggregate fair value of options vested $ 187 |
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, 2017 2016 2015 Merger, restructuring and transaction costs $ — $ 9.5 $ 4.0 General and administrative and property operating 6.4 4.6 10.1 Total expense $ 6.4 $ 14.1 $ 14.1 |
Note 10 - Commitments and Con31
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2018 $ 509 2019 509 2020 509 2021 509 2022 518 Thereafter 20,460 $ 23,014 |
Note 11 - Related Party Trans32
Note 11 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, For the Year Ended December 31, 2016 2015 Consolidated Unconsolidated Consolidated Unconsolidated Property management and common costs, services and other $ 8,791 $ 196 $ 23,302 $ 816 Insurance premiums $ — $ — $ 9,076 $ 12 Advertising and promotional programs $ 102 $ 6 $ 812 $ 46 Capitalized leasing and development fees $ 3,166 $ 23 $ 9,841 $ 55 |
Note 12 - Earnings (Loss) Per33
Note 12 - Earnings (Loss) Per Common Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2017 2016 2015 Earnings (Loss) Per Common Share, Basic: Net income (loss) attributable to common shareholders - basic $ 183,031 $ 53,099 $ (101,286 ) Weighted average shares outstanding - basic 186,829,385 185,633,582 184,195,769 Earnings (Loss) per common share, basic $ 0.98 $ 0.29 $ (0.55 ) Earnings (Loss) Per Common Share, Diluted: Net income (loss) attributable to common shareholders - basic $ 183,031 $ 53,099 $ (101,286 ) Net income (loss) attributable to common unitholders 34,222 10,034 (19,340 ) Net income (loss) attributable to common shareholders - diluted $ 217,253 $ 63,133 $ (120,626 ) Weighted average common shares outstanding - basic 186,829,385 185,633,582 184,195,769 Weighted average operating partnership units outstanding 34,808,890 34,304,109 34,303,804 Weighted average additional dilutive securities outstanding 337,508 803,805 — Weighted average common shares outstanding - diluted 221,975,783 220,741,496 218,499,573 Earnings (loss) per common share, diluted $ 0.98 $ 0.29 $ (0.55 ) For the Year Ended December 31, 2017 2016 2015 Earnings (loss) Per Common Unit, Basic and Diluted: Net income (loss) attributable to common unitholders - basic and diluted $ 217,253 $ 63,133 $ (120,626 ) Weighted average common units outstanding - basic 221,638,275 219,937,691 218,499,573 Weighted average additional dilutive securities outstanding 337,508 803,805 — Weighted average shares outstanding - diluted 221,975,783 220,741,496 218,499,573 Earnings (loss) per common unit, basic and diluted $ 0.98 $ 0.29 $ (0.55 ) |
Note 14 - Quarterly Financial34
Note 14 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Total revenue $ 202,394 $ 189,171 $ 179,320 $ 187,237 Operating income $ 49,531 $ 49,869 $ 24,293 $ 21,113 Net income (loss) $ 14,624 $ 164,500 $ (10,664 ) $ 63,133 Washington Prime Group Inc.: Net income (loss) attributable to the Company $ 12,810 $ 138,975 $ (8,395 ) $ 53,673 Net income (loss) attributable to common shareholders $ 9,302 $ 135,467 $ (11,903 ) $ 50,165 Earnings (loss) per common share —basic $ 0.05 $ 0.73 $ (0.06 ) $ 0.27 Earnings (loss) per common share —diluted $ 0.05 $ 0.72 $ (0.06 ) $ 0.27 Washington Prime Group, L.P.: Net income (loss) attributable to unitholders $ 14,624 $ 164,500 $ (10,664 ) $ 63,133 Net income (loss) attributable to common unitholders $ 11,056 $ 160,932 $ (14,232 ) $ 59,479 Earnings (loss) per common unit —basic $ 0.05 $ 0.73 $ (0.06 ) $ 0.27 Earnings (loss) per common unit —diluted $ 0.05 $ 0.72 $ (0.06 ) $ 0.27 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 |
Schedule III - Real Estate an35
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 $ 18,449 $ 1,712 $ 15,227 $ 851 $ 19,997 $ 2,563 $ 35,224 $ 37,787 $ 21,978 1972 Ashland Town Center Ashland, KY 37,652 13,462 68,367 — 2,416 13,462 70,783 84,245 9,405 2015 Bowie Town Center Bowie (Wash, D.C.), MD — 2,479 60,322 235 9,143 2,714 69,465 72,179 37,347 2001 Boynton Beach Mall Boynton Beach (Miami), FL — 22,240 78,804 4,666 29,782 26,906 108,586 135,492 69,329 1996 Brunswick Square East Brunswick (New York), NJ 72,504 8,436 55,838 — 35,331 8,436 91,169 99,605 55,093 1996 Charlottesville Fashion Square Charlottesville, VA 47,009 — 54,738 — 18,941 — 73,679 73,679 41,448 1997 Chautauqua Mall Lakewood, NY — 3,116 9,641 — 19,172 3,116 28,813 31,929 16,706 1996 Chesapeake Square Theater Chesapeake (VA Beach), VA — 628 9,536 — (738 ) 628 8,798 9,426 1,858 1996 Clay Terrace Carmel (Indianapolis), IN — 39,030 115,207 — 6,169 39,030 121,376 160,406 17,320 2014 Cottonwood Mall Albuquerque, NM 99,031 10,122 69,958 — 9,045 10,122 79,003 89,125 47,444 1996 Dayton Mall Dayton, OH 81,689 10,899 160,723 — 3,009 10,899 163,732 174,631 16,992 2015 Edison Mall Fort Myers, FL — 11,529 107,350 — 30,233 11,529 137,583 149,112 76,201 1997 Grand Central Mall Parkersburg, WV 40,397 18,956 89,736 — 3,894 18,956 93,630 112,586 15,536 2015 Great Lakes Mall Mentor (Cleveland), OH — 12,302 100,362 — 39,382 12,302 139,744 152,046 75,772 1996 Indian Mound Mall Newark, OH — 7,109 19,205 (252 ) 1,656 6,857 20,861 27,718 3,475 2015 Irving Mall Irving (Dallas), TX — 6,737 17,479 2,533 44,122 9,270 61,601 70,871 41,437 1971 Jefferson Valley Mall Yorktown Heights (New York), NY — 4,868 30,304 — 66,941 4,868 97,245 102,113 46,485 1983 Lima Mall Lima, OH — 7,659 35,338 — 15,444 7,659 50,782 58,441 31,174 1996 Lincolnwood Town Center Lincolnwood (Chicago), IL 49,668 7,834 63,480 — 7,628 7,834 71,108 78,942 54,520 1990 Lindale Mall Cedar Rapids, IA — 14,106 58,286 — 13,713 14,106 71,999 86,105 19,817 1998 Longview Mall Longview, TX — 259 3,567 124 24,497 383 28,064 28,447 8,777 1978 Mall at Fairfield Commons, The Beavercreek, OH — 18,194 175,426 — 21,493 18,194 196,919 215,113 23,304 2015 Maplewood Mall St. Paul (Minneapolis), MN — 17,119 80,758 — 25,577 17,119 106,335 123,454 49,412 2002 Markland Mall Kokomo, IN — — 7,568 3,073 18,615 3,073 26,183 29,256 15,678 1968 Melbourne Square Melbourne, FL — 15,762 55,891 4,160 40,337 19,922 96,228 116,150 51,310 1996 Mesa Mall Grand Junction, CO — 12,784 80,639 — 3,768 12,784 84,407 97,191 25,368 1998 Morgantown Mall Morgantown, WV — 10,219 77,599 — 2,505 10,219 80,104 90,323 10,820 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 Muncie Mall Muncie, IN 34,645 172 5,776 52 29,247 224 35,023 35,247 23,484 1970 New Towne Mall New Philadelphia, OH — 3,172 33,112 — 7,694 3,172 40,806 43,978 6,061 2015 Northtown Mall Blaine, MN — 18,603 57,341 — 5,967 18,603 63,308 81,911 9,915 2015 Northwoods Mall Peoria, IL — 1,185 12,779 2,428 43,039 3,613 55,818 59,431 37,340 1983 Oak Court Mall Memphis, TN 37,701 15,673 57,304 — 10,007 15,673 67,311 82,984 50,576 1997 Orange Park Mall Orange Park (Jacksonville), FL — 12,998 65,121 — 46,976 12,998 112,097 125,095 68,270 1994 Outlet Collection ® | Seattle, The Auburn (Seattle), WA 86,500 38,751 107,094 — 9,441 38,751 116,535 155,286 16,303 2015 Paddock Mall Ocala, FL — 11,198 39,727 — 23,198 11,198 62,925 74,123 34,381 1996 Port Charlotte Town Center Port Charlotte, FL 43,133 5,471 58,570 — 17,981 5,471 76,551 82,022 49,169 1996 Rolling Oaks Mall San Antonio, TX — 1,929 38,609 — 16,832 1,929 55,441 57,370 37,230 1988 Rushmore Mall Rapid City, SD 94,000 18,839 67,364 (11,974 ) (10,665 ) 6,865 56,699 63,564 27,388 1998 Southern Hills Mall Sioux City, IA — 15,025 75,984 — 2,041 15,025 78,025 93,050 23,835 1998 Southern Park Mall Youngstown, OH — 16,982 77,767 97 33,830 17,079 111,597 128,676 65,967 1996 Sunland Park Mall El Paso, TX — 2,896 28,900 — 7,901 2,896 36,801 39,697 28,073 1988 Town Center at Aurora Aurora (Denver), CO 53,250 9,959 56,832 (12 ) 57,327 9,947 114,159 124,106 76,922 1998 Towne West Square Wichita, KS 46,188 972 21,203 22 13,113 994 34,316 35,310 25,455 1980 Waterford Lakes Town Center Orlando, FL — 8,679 72,836 — 24,892 8,679 97,728 106,407 56,864 1999 Weberstown Mall Stockton, CA 65,000 9,909 92,589 — 4,915 9,909 97,504 107,413 10,990 2015 West Ridge Mall Topeka, KS 40,697 5,453 34,148 (788 ) 22,436 4,665 56,584 61,249 38,070 1988 Westminster Mall Westminster (Los Angeles), CA 80,019 43,464 84,709 — 37,946 43,464 122,655 166,119 64,756 1998 WestShore Plaza Tampa, FL — 53,904 120,191 — 4,373 53,904 124,564 178,468 13,510 2015 Open Air Properties Bloomingdale Court Bloomingdale (Chicago), IL — 8,422 26,184 — 18,375 8,422 44,559 52,981 28,241 1987 Bowie Town Center Strip Bowie (Wash, D.C.), MD — 231 4,597 — 762 231 5,359 5,590 2,535 2001 Canyon View Marketplace Grand Junction, CO 5,305 1,370 9,570 — 159 1,370 9,729 11,099 1,290 2015 Charles Towne Square Charleston, SC — — 1,768 370 10,890 370 12,658 13,028 11,927 1976 Chesapeake Center Chesapeake (Virginia Beach), VA — 4,410 11,241 — 1,196 4,410 12,437 16,847 9,734 1996 Concord Mills Marketplace Concord (Charlotte), NC 16,000 8,036 21,167 — 889 8,036 22,056 30,092 4,911 2007 Countryside Plaza Countryside (Chicago), IL — 332 8,507 2,554 11,802 2,886 20,309 23,195 12,583 1977 Dare Centre Kill Devil Hills, NC — — 5,702 — 2,181 — 7,883 7,883 3,838 2004 DeKalb Plaza King of Prussia (Philadelphia), PA — 1,955 3,405 — 1,036 1,955 4,441 6,396 2,622 2003 Empire East Sioux Falls, SD — 3,350 10,552 — 2,738 3,350 13,290 16,640 3,157 1998 Fairfax Court Fairfax (Wash, D.C.), VA — 8,078 34,997 — 1,103 8,078 36,100 44,178 4,958 2014 Fairfield Town Center Houston, TX — 4,745 5,044 168 37,778 4,913 42,822 47,735 1,833 2014 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 Forest Plaza Rockford, IL 16,084 4,132 16,818 453 15,441 4,585 32,259 36,844 19,602 1985 Gaitway Plaza Ocala, FL — 5,445 26,687 — 2,052 5,445 28,739 34,184 4,990 2014 Greenwood Plus Greenwood (Indianapolis), IN — 1,129 1,792 — 4,836 1,129 6,628 7,757 4,449 1979 Henderson Square King of Prussia (Philadelphia), PA — 4,223 15,124 — 841 4,223 15,965 20,188 6,696 2003 Keystone Shoppes Indianapolis, IN — — 4,232 2,118 4,923 2,118 9,155 11,273 3,915 1997 Lake Plaza Waukegan (Chicago), IL — 2,487 6,420 — 2,398 2,487 8,818 11,305 5,538 1986 Lake View Plaza Orland Park (Chicago), IL — 4,702 17,543 — 18,027 4,702 35,570 40,272 22,146 1986 Lakeline Plaza Cedar Park (Austin), TX 15,068 5,822 30,875 — 13,610 5,822 44,485 50,307 23,691 1998 Lima Center Lima, OH — 1,781 5,151 — 9,852 1,781 15,003 16,784 9,546 1996 Lincoln Crossing O'Fallon (St. Louis), IL — 674 2,192 — 9,428 674 11,620 12,294 2,865 1990 MacGregor Village Cary, NC — 502 8,891 — 2,340 502 11,231 11,733 3,936 2004 Mall of Georgia Crossing Buford (Atlanta), GA 22,713 9,506 32,892 — 2,316 9,506 35,208 44,714 20,017 1999 Markland Plaza Kokomo, IN — 206 738 — 7,913 206 8,651 8,857 4,630 1974 Martinsville Plaza Martinsville, VA — — 584 — 30 — 614 614 455 1967 Matteson Plaza Matteson (Chicago), IL — 1,771 9,737 — (123 ) 1,771 9,614 11,385 9,372 1988 Muncie Towne Plaza Muncie, IN 6,264 267 10,509 87 3,604 354 14,113 14,467 7,914 1998 North Ridge Shopping Center Raleigh, NC 12,018 385 12,826 — 6,082 385 18,908 19,293 6,220 2004 Northwood Plaza Fort Wayne, IN — 148 1,414 — 3,225 148 4,639 4,787 2,986 1974 Plaza at Buckland Hills, The Manchester, CT — 17,355 43,900 — 2,011 17,355 45,911 63,266 5,350 2014 Richardson Square Richardson (Dallas), TX — 6,285 — 990 15,014 7,275 15,014 22,289 5,511 1996 Rockaway Commons Rockaway (New York), NJ — 5,149 26,435 — 15,896 5,149 42,331 47,480 18,250 1998 Rockaway Town Plaza Rockaway (New York), NJ — — 18,698 2,227 5,133 2,227 23,831 26,058 9,280 2004 Royal Eagle Plaza Coral Springs (Miami), FL — 2,153 24,216 — 2,807 2,153 27,023 29,176 5,020 2014 Shops at North East Mall, The Hurst (Dallas), TX — 12,541 28,177 402 6,643 12,943 34,820 47,763 23,650 1999 St. Charles Towne Plaza Waldorf (Wash, D.C.), MD — 8,216 18,993 — 9,744 8,216 28,737 36,953 16,712 1987 Tippecanoe Plaza Lafayette, IN — — 745 234 5,902 234 6,647 6,881 4,121 1974 University Center Mishawaka, IN — 2,119 8,365 — 4,422 2,119 12,787 14,906 10,203 1996 University Town Plaza Pensacola, FL — 6,009 26,945 (397 ) 3,549 5,612 30,494 36,106 8,836 2013 Village Park Plaza Carmel (Indianapolis), IN — 19,565 51,873 — 934 19,565 52,807 72,372 10,568 2014 Washington Plaza Indianapolis, IN — 263 1,833 — 2,864 263 4,697 4,960 4,092 1996 West Ridge Plaza Topeka, KS 10,174 1,376 4,560 1,958 8,490 3,334 13,050 16,384 6,277 1988 West Town Corners Altamonte Springs (Orlando), FL — 6,821 24,603 — 4,459 6,821 29,062 35,883 4,484 2014 Westland Park Plaza Orange Park (Jacksonville), FL — 5,576 8,775 — (188 ) 5,576 8,587 14,163 1,518 2014 White Oaks Plaza Springfield, IL 12,528 3,169 14,267 292 9,558 3,461 23,825 27,286 12,978 1986 Whitehall Mall Whitehall, PA 8,750 8,500 28,512 — 4,369 8,500 32,881 41,381 5,761 2014 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 Wolf Ranch Georgetown (Austin), TX — 21,999 51,547 (185 ) 13,684 21,814 65,231 87,045 29,175 2005 Developments In Progress — Cottonwood Mall Albuquerque, NM — — — — — — 6,936 6,936 Fairfield Town Center Houston, TX — — — — — 3,053 853 3,906 Great Lakes Mall Mentor (Cleveland), OH — — — — — — 6,540 6,540 Northwoods Mall Peoria, IL — — — — — — 5,117 5,117 — Other Developments — — — — — 3,663 18,882 22,545 — $ 1,152,436 $ 784,000 $ 3,638,908 $ 16,486 $ 1,231,558 $ 807,202 $ 4,908,794 $ 5,715,996 $ 2,076,948 |
SEC Schedule III Changes in Carrying Amount of Real Estate Investments [Table Text Block] | 2017 2016 2015 Balance, beginning of year $ 6,205,387 $ 6,699,789 $ 5,227,466 Acquisitions 14,366 297 3,113,240 Improvements 135,713 157,561 153,536 Held for sale reclasses — (215,244 ) (166,742 ) Disposals* (639,470 ) (437,016 ) (1,627,711 ) Balance, end of year $ 5,715,996 $ 6,205,387 $ 6,699,789 |
SEC Schedule III Reconciliation of Carrying Amount of Real Estate Investments [Table Text Block] | 2017 Investment properties at cost $ 5,807,760 Less: furniture, fixtures and equipment (91,764 ) Total cost per Schedule III $ 5,715,996 |
SEC Schedule III Changes in Real Estate Accumulated Depreciaiton [Table Text Block] | 2017 2016 2015 Balance, beginning of year $ 2,063,107 $ 2,261,593 $ 2,058,061 Depreciation expense 205,078 222,861 232,735 Disposals (191,237 ) (421,347 ) (29,203 ) Balance, end of year $ 2,076,948 $ 2,063,107 $ 2,261,593 |
SEC Schedule III Reconciliation of Real Estate Accumulated Depreciation [Table Text Block] | 2017 Accumulated depreciation $ 2,139,620 Less: furniture, fixtures and equipment (62,672 ) Total accumulated depreciation per Schedule III $ 2,076,948 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands, ft² in Millions | Jan. 15, 2015USD ($)ft²$ / sharesshares | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014ft² |
Real Estate Investment Trust Minimum Percentage Required for Distribution to Not Be Liable for Federal Income Taxes | 90.00% | ||||
Business Combination, Acquisition Related Costs | $ 0 | $ 29,607 | $ 31,653 | ||
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 | ||||
Washington Prime [Member] | |||||
Area of Real Estate Property | ft² | 53 | ||||
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 | ||||
Glimcher Realty Trust [Member] | Glimcher Operating Partnership [Member] | |||||
Conversion Ratio Upon Merger | 0.7431 | ||||
Glimcher Realty Trust [Member] | Simon Property Group, Inc. [Member] | |||||
Number of Real Estate Properties Sold to Fund Merger Consideration | 2 | ||||
Jersey Gardens Mall and UPV Mall [Member] | Simon Property Group, Inc. [Member] | |||||
Business Combination, Consideration Transferred | $ 1,090,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 405,000 | ||||
Shopping Centers [Member] | |||||
Number of Real Estate Properties | 108 | ||||
Area of Real Estate Property | ft² | 59 | ||||
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 |
Note 2 - Basis of Presentatio37
Note 2 - Basis of Presentation and Principles of Consolidation and Combination (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Threshold Ownership Interest Entity ControlIs That Properties Are Included in Financial Statements | 100.00% | ||
Number of VIEs | 2 | ||
Washington Prime Group, L.P. [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 84.30% | 84.10% | |
Washington Prime Group, L.P. [Member] | Weighted Average [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 84.30% | 84.10% | 84.10% |
Wholly Owned Properties [Member] | |||
Number of Real Estate Properties | 91 | ||
Partially Owned Properties [Member] | |||
Number of Real Estate Properties | 4 | ||
Corporate Joint Venture [Member] | |||
Number of Real Estate Properties | 13 | ||
Shopping Centers [Member] | |||
Number of Real Estate Properties | 108 |
Note 3 - Summary of Significa38
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Jan. 04, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of Days, Or Less, to Maturity for Highly Liquid Investment to Be Considered Cash Equivalent | 90 days | |||
Interest Costs Capitalized | $ 1,521,000 | $ 2,640,000 | $ 1,781,000 | |
Number of Reportable Segments | 1 | |||
Number of Ground Leases | 4 | |||
Number of Properties Subject to Office Leases | 2 | |||
Deferred Costs, Leasing, Net | $ 16,900,000 | |||
Restricted Cash and Cash Equivalents | 18,200,000 | 29,200,000 | ||
Amortization of Deferred Leasing Fees | $ 24,800,000 | 25,000,000 | 27,200,000 | |
Real Estate Investment Trust Minimum Percentage Distributed To Owners | 90.00% | |||
Real Estate Investment Trust Percentage Historically Distributed To Owners | 100.00% | |||
Period To Be Disqualified From REIT Status In Event of Failure To Satisfy Regulations | 4 years | |||
Deferred Tax Assets, Valuation Allowance | $ 0 | |||
Series I-1 Preferred Units [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 7.30% | |||
Taxable Real Estate Investment Trust Subsidiaries [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 0 | 673,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 0 | 367,000 | ||
Deferred Tax Assets, Net of Valuation Allowance | 0 | 306,000 | ||
Income and Other Taxes [Member] | Taxable Real Estate Investment Trust Subsidiaries [Member] | ||||
Federal Income Tax Expense (Benefit), Continuing Operations | (87,000) | $ 227,000 | $ 447,000 | |
Promissory Note related to Sale of Forest Mall and Northlake Mall [Member] | ||||
Proceeds from Collection of Notes Receivable | $ 15,600,000 | |||
Promissory Note Related to Sale of Knoxville Center [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 5,300,000 | |||
Unconsolidated Properties [Member] | ||||
Number of Real Estate Properties | 13 | 6 | ||
Minimum [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 | 2.50% | |||
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, 2017 | Dec. 31, 2016 |
Deferred lease costs and corporate improvements, net | $ 79,079 | $ 90,922 |
In-place lease intangibles, net | 46,627 | 70,907 |
Acquired above market lease intangibles, net | 24,254 | 34,337 |
Mortgage and other escrow deposits | 18,182 | 29,160 |
Prepaids, notes receivable and other assets, net | 20,953 | 41,230 |
$ 189,095 | $ 266,556 |
Note 3 - Summary of Significa40
Note 3 - Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred lease costs | $ 143,667 | $ 149,208 |
Corporate improvements | 5,324 | 4,085 |
Accumulated amortization | (69,912) | (62,371) |
Deferred lease costs and corporate improvements, net | $ 79,079 | $ 90,922 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of year | $ 8,578 | $ 4,222 | $ 4,570 |
Provision for credit losses | 5,068 | 4,508 | 2,022 |
Accounts deconsolidated upon joint venture formation (see Note 5) | (1,271) | 0 | (1,997) |
Accounts written off, net of recoveries, and other | (4,508) | (152) | (373) |
Balance, end of year | $ 7,867 | $ 8,578 | $ 4,222 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Distributions, per share, ordinary income (in dollars per share) | $ 0.4306 | $ 0.6128 | $ 1 | |
Distributions, per share, ordinary income, percentage | 43.06% | 61.28% | 100.00% | |
Capital gain (in dollars per share) | $ 0.5694 | $ 0 | $ 0 | |
Capital gain, percentage | 56.94% | 0.00% | 0.00% | |
Non-dividend distributions (in dollars per share) | $ 0 | $ 0.3872 | $ 0 | |
Non-dividend distributions, percentage | 0.00% | 38.72% | 0.00% | |
Distributions, per share (in dollars per share) | $ 1 | $ 1 | $ 1 | |
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 | $ 0.5868 |
Distributions, per share, ordinary income, percentage | [1] | 2.29% | ||
Non-dividend distributions (in dollars per share) | [1],[2] | 0 | 0 | $ 25 |
Non-dividend distributions, percentage | [1],[2] | 97.71% | ||
Distributions, per share (in dollars per share) | [1] | 0 | 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] | $ 1.0093 | $ 1.4064 | $ 1.8752 |
Distributions, per share, ordinary income, percentage | [1] | 43.06% | 100.00% | 100.00% |
Capital gain (in dollars per share) | $ 1.3347 | $ 0 | $ 0 | |
Capital gain, percentage | [1] | 56.94% | 0.00% | 0.00% |
Distributions, per share (in dollars per share) | $ 2.344 | $ 1.4064 | $ 1.8752 | |
Distributions, per share, percentage | [1] | 100.00% | 100.00% | 100.00% |
Series I Preferred Stock [Member] | ||||
Distributions, per share, ordinary income (in dollars per share) | [1] | $ 0.9251 | $ 1.2891 | $ 1.7188 |
Distributions, per share, ordinary income, percentage | [1] | 43.06% | 100.00% | 100.00% |
Capital gain (in dollars per share) | [1] | $ 1.2234 | $ 0 | $ 0 |
Capital gain, percentage | [1] | 56.94% | 0.00% | 0.00% |
Distributions, per share (in dollars per share) | [1] | $ 2.1485 | $ 1.2891 | $ 1.7188 |
Distributions, per share, percentage | [1] | 100.00% | 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, 2017 | Dec. 31, 2016 |
Limited partners' interests in WPG L.P. | $ 166,660 | $ 168,264 |
Noncontrolling interests in properties | 1,058 | 1,104 |
Total noncontrolling interests | $ 167,718 | $ 169,368 |
Note 4 - Investment in Real E44
Note 4 - Investment in Real Estate (Details Textual) $ in Thousands | Nov. 03, 2017USD ($) | Jun. 13, 2017 | Jun. 07, 2017USD ($) | May 16, 2017USD ($)ft² | Feb. 21, 2017USD ($) | Jan. 10, 2017USD ($) | Nov. 10, 2016USD ($) | Aug. 19, 2016USD ($) | Jun. 29, 2016USD ($) | Jan. 29, 2016USD ($) | Jan. 15, 2015USD ($)ft²shares | Jan. 13, 2015USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 12, 2017 | Jun. 01, 2015 | Dec. 31, 2014ft² |
Gain (Loss) on Disposition of Assets | $ 4,200 | |||||||||||||||||
Impairment of Real Estate | $ 66,925 | $ 21,879 | 147,979 | |||||||||||||||
Above/Below Market Leases, Lessor [Member] | ||||||||||||||||||
Amortization of Intangible Assets as a Net Increase to Minimum Rents | 7,323 | 9,930 | 17,863 | |||||||||||||||
Above Market Leases, Lessee [Member] | ||||||||||||||||||
Amortization of Intangible Assets as a Net Decrease to Other Operating Expenses | 35 | 78 | 75 | |||||||||||||||
Leases, Acquired-in-Place [Member] | ||||||||||||||||||
Amortization of Intangible Assets | $ 18,457 | 24,269 | 43,941 | |||||||||||||||
O'Connor Joint Venture II [Member] | ||||||||||||||||||
Number of Real Estate Properties | 7 | 6 | ||||||||||||||||
Gain (Loss) on Disposition of Assets | $ 126,100 | |||||||||||||||||
O'Connor Joint Venture [Member] | ||||||||||||||||||
Number of Real Estate Properties | 5 | |||||||||||||||||
Colonial Park Mall [Member] | ||||||||||||||||||
Sales of Real Estate | $ 15,000 | |||||||||||||||||
Impairment of Real Estate | $ 20,900 | |||||||||||||||||
Malibu Lumber Yard [Member] | ||||||||||||||||||
Percentage of Interest in Property Sold | 49.00% | |||||||||||||||||
Morgantown Commons [Member] | ||||||||||||||||||
Sales of Real Estate | $ 6,700 | |||||||||||||||||
Impairment of Real Estate | 8,500 | |||||||||||||||||
Vacant Anchor Parcel in Indian Mound Mall [Member] | ||||||||||||||||||
Sales of Real Estate | $ 800 | |||||||||||||||||
Area of Real Estate Property | ft² | 80,000 | |||||||||||||||||
Gulf View Square and River Oaks Center [Member] | ||||||||||||||||||
Sales of Real Estate | $ 42,000 | |||||||||||||||||
Virginia Center Commons [Member] | ||||||||||||||||||
Sales of Real Estate | $ 9,000 | |||||||||||||||||
Morgantown Commons, Vacant Anchor Parcel at Indian Mound Mall, Gulf View Square, River Oaks Center, and Virginia Community Center Commons [Member] | ||||||||||||||||||
Gain (Loss) on Disposition of Assets | 124,800 | |||||||||||||||||
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% | |||||||||||||||||
Forest Mall and Northlake Mall [Member] | ||||||||||||||||||
Sales of Real Estate | $ 30,000 | |||||||||||||||||
Gain (Loss) on Disposition of Assets | 2,000 | |||||||||||||||||
Proceeds from Sale of Real Estate | 10,000 | |||||||||||||||||
Notes, Loans and Financing Receivable, Gross, Current | $ 20,000 | |||||||||||||||||
Notes Receivable, Interest Rate | 6.00% | |||||||||||||||||
Proceeds from Collection of Notes Receivable | $ 4,400 | |||||||||||||||||
Term of Extension on Note Receivable | 180 days | |||||||||||||||||
Rushmore Mall [Member] | ||||||||||||||||||
Real Estate Property, Fair Value | 37,500 | |||||||||||||||||
Real Estate Property, Carrying Value | 75,000 | |||||||||||||||||
Impairment of Real Estate | $ 37,500 | |||||||||||||||||
Non-core Properties [Member] | ||||||||||||||||||
Impairment of Real Estate | $ 21,900 | |||||||||||||||||
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 | |||||||||||||||||
Glimcher Credit Facility [Member] | ||||||||||||||||||
Repayments of Lines of Credit | $ 155,000 | |||||||||||||||||
Shopping Centers [Member] | ||||||||||||||||||
Number of Real Estate Properties | 108 | |||||||||||||||||
Area of Real Estate Property | ft² | 59,000,000 | |||||||||||||||||
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 | |||||||||||||||||
Glimcher Realty Trust [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred | 4,200,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,356,389 | |||||||||||||||||
Number of Real Estate Properties | 25 | |||||||||||||||||
Area of Real Estate Property | ft² | 17,200,000 | |||||||||||||||||
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] | Shopping Centers [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,400,000 | |||||||||||||||||
Number of Real Estate Properties | 23 | |||||||||||||||||
Area of Real Estate Property | ft² | 15,800,000 |
Note 4 - Investment in Real E45
Note 4 - Investment in Real Estate - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Land | $ 807,202 | $ 905,960 |
Buildings and improvements | 4,908,794 | 5,299,427 |
Total land, buildings and improvements | 5,715,996 | 6,205,387 |
Furniture, fixtures and equipment | 91,764 | 89,241 |
Investment properties at cost | 5,807,760 | 6,294,628 |
Less: accumulated depreciation | 2,139,620 | 2,122,572 |
Investment properties at cost, net | 3,668,140 | 4,172,056 |
Construction in progress included above | $ 46,046 | $ 49,214 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net cash paid for acquisition | $ 0 | $ 0 | $ 963,144 | ||
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 | ||||
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 $155.0 million balance on the GRT credit facility. |
Note 4 - Investment in Real E47
Note 4 - Investment in Real Estate - Summary of Intangible Assets and Liabilities Associated With Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Above Market Leases, Lessor [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 51,315 | $ 56,192 |
Above Market Leases, Lessor [Member] | Deferred Costs and Other Assets [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 7 years 146 days | |
Finite-lived Intangible Assets, Balance | $ 24,254 | 34,337 |
Below Market Leases, Lessor [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 124,475 | 145,064 |
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 255 days | |
Finite-lived Intangible Assets, Balance | $ 77,870 | 104,540 |
Above Market Leases, Lessee [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 0 | 2,536 |
Above Market Leases, Lessee [Member] | Accounts Payable Accrued Expenses Intangibles and Deferred Revenues [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 0 years | |
Finite-lived Intangible Assets, Balance | $ 0 | 2,383 |
Leases, Acquired-in-Place [Member] | ||
Finite-lived Intangible Assets, Balance, Gross | $ 120,159 | 134,516 |
Leases, Acquired-in-Place [Member] | Deferred Costs and Other Assets [Member] | ||
Finite-lived Intangible Assets, Weighted Average Remaining Amortization (Year) | 10 years 219 days | |
Finite-lived Intangible Assets, Balance | $ 46,627 | $ 70,907 |
Note 4 - Investment In Real E48
Note 4 - Investment In Real Estate - Net Amortization of Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Total net intangible amortization, 2018 | $ (6,422) | |
Total net intangible amortization, 2019 | (4,425) | |
Total net intangible amortization, 2020 | (2,157) | |
Total net intangible amortization, 2021 | 1,376 | |
Total net intangible amortization, 2022 | 1,567 | |
Total net intangible amortization, thereafter | 17,050 | |
Above/below-market leases | 69,269 | $ 69,886 |
Total net intangible amortization | 6,989 | |
Above/Below Market Leases, Lessor [Member] | ||
Above/below-market leases, 2018 | 3,902 | |
Above/below-market leases, 2019 | 4,237 | |
Above/below-market leases, 2020 | 4,454 | |
Above/below-market leases, 2021 | 4,559 | |
Above/below-market leases, 2022 | 4,054 | |
Above/below-market leases, thereafter | 32,410 | |
Above/below-market leases | 53,616 | |
Leases, Acquired-in-Place [Member] | ||
In-place leases, 2018 | (10,324) | |
In-place leases, 2019 | (8,662) | |
In-place leases, 2020 | (6,611) | |
In-place leases, 2021 | (3,183) | |
In-place leases, 2022 | (2,487) | |
In-place leases, thereafter | (15,360) | |
In-place leases | $ (46,627) |
Note 4 - Investment in Real E49
Note 4 - Investment in Real Estate - Unaudited Condensed Pro Forma Financial Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
WPG Inc. [Member] | |
Total revenues | $ 874,338 |
Net income (loss) attributable to the Company/unitholders | (60,876) |
Net loss attributable to common shareholders/unitholders | $ (75,024) |
Loss per common share-basic and diluted (in dollars per share) | $ / shares | $ (0.40) |
Weighted average shares outstanding-basic (in thousands) (in shares) | shares | 185,342 |
Weighted average shares outstanding-diluted (in thousands) (in shares) | shares | 219,708 |
Washington Prime Group, L.P. [Member] | |
Total revenues | $ 874,338 |
Net income (loss) attributable to the Company/unitholders | (74,734) |
Net loss attributable to common shareholders/unitholders | $ (88,882) |
Loss per common share-basic and diluted (in dollars per share) | $ / shares | $ (0.40) |
Weighted average shares outstanding-basic (in thousands) (in shares) | shares | 219,708 |
Weighted average shares outstanding-diluted (in thousands) (in shares) | shares | 219,708 |
Note 5 - Investment In Uncons50
Note 5 - Investment In Unconsolidated Entities, at Equity (Details Textual) $ in Thousands | Mar. 30, 2017USD ($) | Mar. 29, 2017USD ($) | Jun. 01, 2015USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 12, 2017 | May 10, 2017 | Mar. 02, 2017USD ($)ft² |
Notes Payable | $ 979,372 | $ 247,637 | |||||||
Gain (Loss) on Disposition of Assets | $ 4,200 | ||||||||
Proceeds from Equity Method Investment, Distribution | 1,873 | 272 | 223 | ||||||
Acquired In Place and Above Market Leases | 107,869 | 93,634 | |||||||
Below Market Lease, Net | 69,269 | 69,886 | |||||||
Equity Method Investments | 451,839 | 458,892 | |||||||
Cash Distributions and Losses in Unconsolidated Entities at Equity | 15,421 | 15,421 | |||||||
Other Income [Member] | Other Joint Venture [Member] | |||||||||
Management Fees Revenue | $ 7,900 | $ 6,700 | 3,900 | ||||||
O'Connor Joint Venture [Member] | Pearlridge Uptown II [Member] | |||||||||
Area of Real Estate Property | ft² | 153,000 | ||||||||
Purchase of Real Estate, Purchase Price | $ 70,000 | ||||||||
O'Connor Joint Venture [Member] | |||||||||
Number of Real Estate Properties | 5 | ||||||||
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 | ||||||||
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 | ||||||||
O'Connor Joint Venture II [Member] | |||||||||
Number of Real Estate Properties | 7 | 6 | |||||||
Equity Method Investment, Ownership Percentage | 51.00% | ||||||||
Adjusted Purchase Price Before Closing Adjustments and Debt Assumption | $ 598,600 | ||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | 138,900 | ||||||||
Gain (Loss) on Disposition of Assets | 126,100 | ||||||||
Formation of Joint Venture, Transaction Costs | $ 6,400 | ||||||||
O'Connor Joint Venture II [Member] | O'Connor Mall Partners LP [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||||
The Seminole Joint Venture [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 22.00% | ||||||||
Proceeds from Equity Method Investment, Distribution | $ 700 | ||||||||
The Seminole Joint Venture [Member] | Direct Interest [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 45.00% | ||||||||
The Seminole Joint Venture [Member] | Seminole Town Center [Member] | |||||||||
Area of Real Estate Property | ft² | 1,100,000 | ||||||||
Other Joint Venture [Member] | Indirect Interest [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 12.50% | ||||||||
O'Connor Joint Venture I and O'Connor Joint Venture II [Member] | |||||||||
Advances to Affiliate | $ 4,300 | $ 2,500 | |||||||
Advances to Affiliate, Anticipated Repayment Term | 1 year | ||||||||
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% | ||||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | Pearlridge Uptown II [Member] | Non-recourse Mortgage Note Payable [Member] | |||||||||
Notes Payable | $ 43,200 | ||||||||
Debt Instrument, Term | 8 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.071% | ||||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | Scottsdale Quarter, Block K and Block M [Member] | Non-recourse Mortgage Note Payable [Member] | |||||||||
Notes Payable | $ 55,000 | ||||||||
Debt Instrument, Term | 10 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.36% |
Note 5 - Investment in Uncons51
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenues | $ 236,415 | $ 191,831 | $ 127,263 |
Operating expenses | 95,603 | 78,685 | 53,204 |
Depreciation and amortization | 89,397 | 78,972 | 48,876 |
Operating income | 51,415 | 34,174 | 25,183 |
Gain on sale of interests in property and unconsolidated entities, net | 1,585 | 1,014 | |
Interest expense, taxes, and other, net | (45,906) | (32,754) | (20,135) |
Net income from the Company's unconsolidated real estate entities | 7,094 | 2,434 | 5,048 |
Our share of income (loss) from the Company's unconsolidated real estate entities | $ 1,395 | $ (1,745) | $ (1,247) |
Note 5 - Investment In Uncons52
Note 5 - Investment In Unconsolidated Entities, At Equity - Combined Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment properties at cost, net | $ 3,668,140 | $ 4,172,056 | |||
Cash and cash equivalents | 52,019 | 59,353 | $ 116,253 | $ 108,768 | |
Deferred costs and other assets | 189,095 | 266,556 | |||
Total assets | 4,451,407 | 5,107,466 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 264,998 | 309,178 | |||
Total liabilities | 3,181,020 | 3,833,995 | |||
Members’ equity | 1,099,404 | 1,093,443 | |||
Total liabilities and members’ equity | 4,451,407 | 5,107,466 | |||
Our share of members’ equity, net | 451,839 | 458,892 | |||
Joint Venture Equity Method Investments [Member] | |||||
Investment properties at cost, net | 1,972,208 | 1,641,170 | |||
Construction in progress | 44,817 | 21,084 | |||
Cash and cash equivalents | 40,955 | 20,657 | |||
Tenant receivables and accrued revenue, net | 30,866 | 19,056 | |||
Deferred costs and other assets | [1] | 174,665 | 135,313 | ||
Total assets | 2,263,511 | 1,837,280 | |||
Mortgage notes payable | 1,302,143 | 875,811 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues | [2] | 148,273 | 116,870 | ||
Total liabilities | 1,450,416 | 992,681 | |||
Members’ equity | 813,095 | 844,599 | |||
Total liabilities and members’ equity | 2,263,511 | 1,837,280 | |||
Our share of members’ equity, net | $ 414,245 | $ 429,792 | |||
[1] | Includes value of acquired in-place leases and acquired above-market leases with a net book value of $107,869 and $93,634 as of December 31, 2017 and 2016, respectively. | ||||
[2] | Includes the net book value of below market leases of $69,269 and $69,886 as of December 31, 2017 and 2016, respectively. |
Note 5 - Investments In Unconso
Note 5 - Investments In Unconsolidated Entities, At Equity - Investments In and Advances to Unconsolidated Real Estate Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Our share of members’ equity, net | $ 451,839 | $ 458,892 | |
Joint Venture Equity Method Investments [Member] | |||
Our share of members’ equity, net | 414,245 | 429,792 | |
Advances and excess investment | 22,173 | 13,679 | |
Net investment in and advances to unconsolidated entities, at equity(1) | [1] | $ 436,418 | $ 443,471 |
[1] | Includes $451,839 and $458,892 of investment in and advances to unconsolidated entities, at equity as of December 31, 2017 and 2016, respectively, and $15,421 and $15,421 of cash distributions and losses in unconsolidated entities, at equity as of December 31, 2017 and 2016, respectively. |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) - USD ($) $ in Thousands | Jan. 22, 2018 | Dec. 29, 2017 | Oct. 17, 2017 | Oct. 03, 2017 | Oct. 02, 2017 | Aug. 04, 2017 | Apr. 25, 2017 | Oct. 01, 2016 | Jun. 08, 2016 | Sep. 23, 2014 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 10, 2017 | Mar. 30, 2017 | Jun. 30, 2016 | Jun. 06, 2016 | May 25, 2016 | Jan. 11, 2016 | Oct. 30, 2015 | Oct. 08, 2015 | Jan. 15, 2015 | |
Debt Issuance Costs, Net | $ 17,079 | |||||||||||||||||||||||
Bridge Loan | $ 1,190,000 | |||||||||||||||||||||||
Long-term Debt | $ 1,157,082 | $ 1,618,080 | ||||||||||||||||||||||
Number of Properties Encumbered by Cross-Defaulted and Cross-Collateralized Mortgages | 4 | |||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 90,579 | 34,612 | $ 0 | |||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | 108,900 | 160,100 | ||||||||||||||||||||||
Interest Paid, Net | 107,609 | 125,999 | 124,646 | |||||||||||||||||||||
Bridge Loan [Member] | ||||||||||||||||||||||||
Debt Instrument, Term | 364 days | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||
Bridge Loan | $ 1,250,000 | |||||||||||||||||||||||
Interest Rate Swaption for Unsecured Term Loan [Member] | ||||||||||||||||||||||||
Derivative, Notional Amount | $ 200,000 | |||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.04% | |||||||||||||||||||||||
Interest Rate Swaption for December 2015 Term Loan [Member] | ||||||||||||||||||||||||
Derivative, Notional Amount | $ 340,000 | |||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.51% | |||||||||||||||||||||||
Interest Rate Swaption for June 2015 Term Loan [Member] | ||||||||||||||||||||||||
Derivative, Notional Amount | $ 270,000 | |||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.56% | |||||||||||||||||||||||
O'Connor Joint Venture II [Member] | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||||||||||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture II [Member] | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||||||||||||||||||
Washington Prime Group, L.P. [Member] | ||||||||||||||||||||||||
Long-term Debt | $ 1,157,082 | 1,618,080 | ||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | 90,579 | 34,612 | $ 0 | |||||||||||||||||||||
Consolidated Subsidiary of the Company [Member] | ||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||||||||||||
Mortgage Loan Secured by Henderson Square [Member] | ||||||||||||||||||||||||
Repayments of Debt | $ 11,700 | |||||||||||||||||||||||
Mortgage Loan Secured by Southern Hills Mall [Member] | ||||||||||||||||||||||||
Repayments of Debt | $ 55,000 | |||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 99,700 | |||||||||||||||||||||||
Mortgage Loan Secured by Southern Hills Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 99,700 | |||||||||||||||||||||||
Mortgage Loan Secured by Valle Vista Mall [Member] | ||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 40,000 | |||||||||||||||||||||||
Mortgage Loan Secured by Valle Vista Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 40,000 | |||||||||||||||||||||||
Mortgage Loan on WestShore Plaza [Member] | ||||||||||||||||||||||||
Repayments of Debt | $ 99,600 | |||||||||||||||||||||||
Mortgage Loan Secured by Mesa Mall [Member] | ||||||||||||||||||||||||
Repayments of Debt | $ 63,000 | |||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 87,300 | |||||||||||||||||||||||
Mortgage Loan Secured by Mesa Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 87,300 | |||||||||||||||||||||||
June 2016 Term Loan [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 65,000 | 64,700 | ||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 3 | |||||||||||||||||||||||
Debt Issuance Costs, Net | $ 300 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.31% | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 180 days | |||||||||||||||||||||||
Debt Instrument, Number of Extension Options | 2 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.81% | |||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 350,000 | $ 142,250 | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 900,000 | |||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 744,800 | |||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 200 | |||||||||||||||||||||||
Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 1,000,000 | |||||||||||||||||||||||
Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Repayments of Debt | 270,000 | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 650,000 | |||||||||||||||||||||||
Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | ||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Repayments of Debt | $ 230,000 | |||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 900 | |||||||||||||||||||||||
June 2015 Term Loan [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Repayments of Debt | 270,000 | |||||||||||||||||||||||
June 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Mortgages [Member] | ||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 4.77% | 4.98% | ||||||||||||||||||||||
Debt Instrument, Term | 4 years | 4 years | ||||||||||||||||||||||
Repayments of Debt | $ 229,298 | |||||||||||||||||||||||
Extinguishment of Debt, Amount | 40,000 | |||||||||||||||||||||||
Debt Issuance Costs, Net | 3,692 | $ 5,010 | ||||||||||||||||||||||
Long-term Debt | 1,157,082 | $ 1,618,080 | ||||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 68,931 | |||||||||||||||||||||||
Mortgages [Member] | WestShore Plaza [Member] | ||||||||||||||||||||||||
Debt Instrument, Period of Extension Option | 1 year | |||||||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 0.028% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||||||||||||||||||||||
Unsecured Debt [Member] | ||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 4.27% | 2.86% | ||||||||||||||||||||||
Long-term Debt | [1] | $ 1,610,000 | $ 1,290,000 | |||||||||||||||||||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Debt Issuance Costs, Net | [2],[3] | 540 | 1,835 | |||||||||||||||||||||
Long-term Debt | [2],[3] | $ 154,460 | $ 306,165 | |||||||||||||||||||||
Unsecured Debt [Member] | Notes Payable, Notes Due 2024 [Member] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 0.00% | ||||||||||||||||||||||
Unsecured Debt [Member] | Notes Payable, Notes Due 2024 [Member] | Washington Prime Group, L.P. [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 750,000 | |||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.533% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |||||||||||||||||||||||
Unsecured Term Loans [Member] | Facility [Member] | ||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 200 | |||||||||||||||||||||||
Unsecured Term Loans [Member] | Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 350,000 | |||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 350,000 | |||||||||||||||||||||||
Unsecured Term Loans [Member] | Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 4.19% | 3.79% | ||||||||||||||||||||||
Long-term Debt | [1] | $ 1,000,936 | $ 1,359,329 | |||||||||||||||||||||
Mortgage Loans on Real Estate, Number of Loans | 23 | |||||||||||||||||||||||
Number of Partial Recourse Loans | 1 | |||||||||||||||||||||||
Number of Full-Recourse Loans | 1 | |||||||||||||||||||||||
Number of Cross-Defaulted and Cross-Collateralized Mortgage Pools With Collateral Properties | 28 | |||||||||||||||||||||||
Number of Properties, Cross-Defaulted and Cross-Collateralized Mortgages, Total | 1 | |||||||||||||||||||||||
Mortgage Loans On Real Estate, Minimum Number of Consecutive Quarters for Which Cash Levels Should Attain the Benchmark | 2 | |||||||||||||||||||||||
[1] | Excludes deferred financing fees and applicable debt discounts. | |||||||||||||||||||||||
[2] | The Revolver provides borrowings on a revolving basis up to $900.0 million, bears interest at one-month LIBOR plus 1.25%, and will initially mature on May 30, 2018, subject to two six-month extensions available at our option subject to compliance with terms of the Facility and payment of a customary extension fee. At December 31, 2017, we had an aggregate available borrowing capacity of $744.8 million under the Revolver, net of $0.2 million reserved for outstanding letters of credit. At December 31, 2017, the applicable interest rate on the Revolver was one-month LIBOR plus 1.25%, or 2.81%. On January 22, 2018, the Company amended the Revolver under the amended and restated Facility (see Note 13 - "Subsequent Events"). | |||||||||||||||||||||||
[3] | The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." On January 22, 2018, the Company amended and restated $1.0 billion of the existing Facility (see Note 13 - "Subsequent Events" ). |
Note 6 - Indebtedness - Mortgag
Note 6 - Indebtedness - Mortgage Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Face amount of mortgage loans | $ 2,917,436 | |
Bond Discount | (11,086) | |
Debt issuance costs, net | (17,079) | |
Carrying value | 1,157,082 | $ 1,618,080 |
Mortgages [Member] | ||
Face amount of mortgage loans | 1,152,436 | 1,610,429 |
Bond Discount | 8,338 | 12,661 |
Debt issuance costs, net | (3,692) | (5,010) |
Carrying value | $ 1,157,082 | $ 1,618,080 |
Note 6 - Indebtedness - Roll Fo
Note 6 - Indebtedness - Roll Forward of Mortgage Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 1,618,080 | |
Debt canceled upon partial paydown | (108,900) | $ (160,100) |
Balance | 1,157,082 | 1,618,080 |
Mortgages [Member] | ||
Balance | 1,618,080 | |
Debt amortization payments | (19,455) | |
Repayment of debt | (229,298) | |
Debt issuances, net of debt issuance costs | 213,574 | |
Debt canceled upon partial paydown | (68,931) | |
Debt canceled upon lender foreclosures | (40,000) | |
Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments | (314,595) | |
Amortization of fair value and other adjustments | (3,475) | |
Amortization of debt issuance costs | 1,182 | |
Balance | $ 1,157,082 | $ 1,618,080 |
Note 6 - Indebtedness - Summary
Note 6 - Indebtedness - Summary of Non-recourse Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Principal | $ 2,917,436 | |
Debt issuance costs, net | (17,079) | |
Total mortgages and unsecured indebtedness | 1,157,082 | $ 1,618,080 |
Non-recourse Mortgage Loans [Member] | ||
Principal | 215,179 | |
Debt issuance costs, net | (1,588) | |
Total mortgages and unsecured indebtedness | 213,591 | |
Non-recourse Mortgage Loans [Member] | The Arboretum [Member] | ||
Principal | 59,400 | |
Debt issuance costs, net | (452) | |
Total mortgages and unsecured indebtedness | $ 58,948 | |
Interest Rate | 4.13% | |
Maturity Date | Jun. 1, 2027 | |
Non-recourse Mortgage Loans [Member] | Gateway Centers [Member] | ||
Principal | $ 112,500 | |
Debt issuance costs, net | (709) | |
Total mortgages and unsecured indebtedness | $ 111,791 | |
Interest Rate | 4.03% | |
Maturity Date | Jun. 1, 2027 | |
Non-recourse Mortgage Loans [Member] | Oklahoma City Properties [Member] | ||
Principal | $ 43,279 | |
Debt issuance costs, net | (427) | |
Total mortgages and unsecured indebtedness | $ 42,852 | |
Interest Rate | 3.90% | |
Maturity Date | Jun. 1, 2027 |
Note 6 - Indebtedness - Unsecur
Note 6 - Indebtedness - Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Face amount | $ 2,917,436 | ||
Bond Discount | (11,086) | ||
Debt issuance costs, net | (17,079) | ||
Long-term Debt | 1,157,082 | $ 1,618,080 | |
Unsecured Debt [Member] | |||
Long-term Debt | [1] | 1,610,000 | 1,290,000 |
Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Face amount | [2],[3] | 155,000 | 308,000 |
Debt issuance costs, net | [2],[3] | (540) | (1,835) |
Long-term Debt | [2],[3] | 154,460 | 306,165 |
Unsecured Debt [Member] | Notes Payable, Exchange Notes [Member] | |||
Face amount | [4] | 250,000 | 250,000 |
Unsecured Debt [Member] | Notes Payable, Notes Due 2024 [Member] | |||
Face amount | [5] | 750,000 | 0 |
Unsecured Debt [Member] | Notes payable [Member] | |||
Bond Discount | (11,086) | (47) | |
Debt issuance costs, net | (9,542) | (2,316) | |
Long-term Debt | 979,372 | 247,637 | |
Unsecured Debt [Member] | Term Loan [Member] | |||
Face amount | [3],[6],[7] | 0 | 500,000 |
Unsecured Debt [Member] | December 2015 Term Loan [Member] | |||
Face amount | [7],[8] | 340,000 | 340,000 |
Unsecured Debt [Member] | June 2015 Term Loan [Member] | |||
Face amount | [7],[9] | 270,000 | 500,000 |
Unsecured Debt [Member] | Unsecured Term Loans [Member] | |||
Debt issuance costs, net | [7] | (3,305) | (5,478) |
Long-term Debt | [7] | $ 606,695 | $ 1,334,522 |
[1] | Excludes deferred financing fees and applicable debt discounts. | ||
[2] | The Revolver provides borrowings on a revolving basis up to $900.0 million, bears interest at one-month LIBOR plus 1.25%, and will initially mature on May 30, 2018, subject to two six-month extensions available at our option subject to compliance with terms of the Facility and payment of a customary extension fee. At December 31, 2017, we had an aggregate available borrowing capacity of $744.8 million under the Revolver, net of $0.2 million reserved for outstanding letters of credit. At December 31, 2017, the applicable interest rate on the Revolver was one-month LIBOR plus 1.25%, or 2.81%. On January 22, 2018, the Company amended the Revolver under the amended and restated Facility (see Note 13 - "Subsequent Events"). | ||
[3] | The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." On January 22, 2018, the Company amended and restated $1.0 billion of the existing Facility (see Note 13 - "Subsequent Events" ). | ||
[4] | The Exchange Notes were issued at a 0.028% discount, bear interest at 3.850% per annum and mature on April 1, 2020. | ||
[5] | On August 4, 2017, WPG L.P. completed the issuance of $750.0 million of unsecured notes. The notes were issued at a 1.533% discount, with an interest rate of 5.950% per annum, and mature on August 15, 2024. Proceeds from the unsecured notes offering were used to pay down the Term Loan (defined below) and for partial repayment of the June 2015 Term Loan as discussed below. The interest rate could vary in the future based upon changes to the Company's credit ratings. | ||
[6] | The Term Loan bore interest at one-month LIBOR plus 1.45% per annum. We had interest rate swap agreements totaling $200.0 million, which effectively fixed the interest rate on a portion of the Term Loan at 2.04% per annum. During the year ended December 31, 2017, the Term Loan was repaid in full and the Company wrote off $0.2 million of debt issuance costs. On January 22, 2018, the Company borrowed $350.0 million under the Term Loan feature of the amended and restated Facility (see Note 13 - "Subsequent Events"). | ||
[7] | While we have interest rate swap agreements in place that fix the LIBOR portion of the rates as noted above, the spread over LIBOR could vary in the future based upon changes to the Company's credit ratings. | ||
[8] | The December 2015 Term Loan bears interest at one-month LIBOR plus 1.80% per annum and will mature on January 10, 2023. We have interest rate swap agreements totaling $340.0 million, which effectively fix the interest rate at 3.51% per annum through maturity. | ||
[9] | The June 2015 Term Loan bears interest at one-month LIBOR plus 1.45% per annum and will mature on March 2, 2020. We have interest rate swap agreements totaling $270.0 million, which effectively fix the interest rate at 2.56% per annum through June 30, 2018. During the year ended December 31, 2017, the Company repaid $230.0 million of the June 2015 Term Loan and wrote off $0.9 million of debt issuance costs. On January 22, 2018, the Company repaid the $270.0 million outstanding with proceeds from the amended and restated Facility (see Note 13 - "Subsequent Events"). |
Note 6 - Indebtedness - Unsec59
Note 6 - Indebtedness - Unsecured Debt Outstanding (Details) (Parentheticals) - Unsecured Debt [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Notes Payable, Exchange Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 3.85% |
Notes Payable, Notes Due 2024 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 0.00% |
Note 6 - Indebtedness - Borrowi
Note 6 - Indebtedness - Borrowing and Paydowns on Revolver (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Paydowns | $ (1,481,753) | $ (189,526) | $ (2,078,293) |
Ending Balance | 2,917,436 | ||
Revolving Credit Facility [Member] | Facility [Member] | |||
Beginning Balance | 308,000 | 278,750 | |
Borrowings | 350,000 | 142,250 | |
Paydowns | (503,000) | (113,000) | |
Ending Balance | $ 155,000 | $ 308,000 | $ 278,750 |
Note 6 - Indebtedness - Princip
Note 6 - Indebtedness - Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 25,412 | |
2,019 | 313,281 | |
2,020 | 701,084 | |
2,021 | 321,639 | |
2,022 | 131,855 | |
Thereafter | 1,424,165 | |
Total principal maturities | 2,917,436 | |
Bond Discount | (11,086) | |
Fair value adjustments, net | 8,338 | |
Debt issuance costs, net | (17,079) | |
Total mortgages and unsecured indebtedness | 1,157,082 | $ 1,618,080 |
Mortgages and Unsecured Debt [Member] | ||
Total mortgages and unsecured indebtedness | $ 2,897,609 |
Note 6 - Indebtedness - Fair Va
Note 6 - Indebtedness - Fair Value of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Long-term Debt | $ 1,157,082 | $ 1,618,080 | |
Secured Debt [Member] | |||
Long-term Debt | [1] | 1,000,936 | 1,359,329 |
Fair value of financial instrument | $ 1,024,890 | $ 1,403,103 | |
Weighted average discount rates assumed in calculation of fair value for financial instruments | 4.19% | 3.79% | |
Unsecured Debt [Member] | |||
Long-term Debt | [1] | $ 1,610,000 | $ 1,290,000 |
Fair value of financial instrument | $ 1,616,810 | $ 1,261,858 | |
Weighted average discount rates assumed in calculation of fair value for financial instruments | 4.27% | 2.86% | |
[1] | Excludes deferred financing fees and applicable debt discounts. |
Note 7 - Derivative Financial63
Note 7 - Derivative Financial Instruments (Details Textual) | Aug. 04, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 295,000 | $ 288,000 | $ 193,000 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,100,000 | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | 7,413,000 | 5,752,000 | ||
Deferred Costs and Other Assets [Member] | ||||
Interest Rate Derivative Assets, at Fair Value | 7,413,000 | 5,754,000 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | 2,000 | ||
Interest Rate Swap [Member] | ||||
Derivative Number of Instruments, Terminated | 6 | |||
Derivative Number of Instruments, Partially Terminated | 1 | |||
Derivatives Terminated, Notional Amount | $ 430,000,000 | |||
Proceeds from Derivative Instrument, Financing Activities | $ 2,000,000 | |||
Derivative, Number of Instruments Held | 8 | |||
Derivative, Notional Amount | $ 610,000,000 | |||
Interest Rate Swap [Member] | Deferred Costs and Other Assets [Member] | ||||
Interest Rate Derivative Assets, at Fair Value | $ 7,413,000 | $ 5,754,000 |
Note 7 - Derivative Financial64
Note 7 - Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative instruments, net | $ 7,413,000 | $ 5,752,000 |
Deferred Costs and Other Assets [Member] | ||
Asset derivatives | 7,413,000 | 5,754,000 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative instruments, net | $ 0 | $ 2,000 |
Note 7 - Derivative Financial65
Note 7 - Derivative Financial Instruments - Effect of Derivative Financial Instruments (Details) - Interest Rate Derivative [Member] - Interest Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 1,256 | $ (3,580) | $ (429) |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 1,145 | 7,381 | 2,466 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ 295 | $ 288 | $ 193 |
Note 7 - Derivative Financial66
Note 7 - Derivative Financial Instruments - Liabilities Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative instruments, net | $ 7,413 | $ 5,752 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments, net | 7,413 | 5,752 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments, net | $ 0 | $ 0 |
Note 8 - Rentals Under Operat67
Note 8 - Rentals Under Operating Leases - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 431,410 |
2,019 | 360,917 |
2,020 | 296,662 |
2,021 | 236,100 |
2,022 | 190,575 |
Thereafter | 496,839 |
$ 2,012,503 |
Note 9 - Equity (Details Textua
Note 9 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2017 | Apr. 15, 2015 | Jan. 15, 2015 | Feb. 28, 2017 | Oct. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 28, 2014 |
Payments for Repurchase of Redeemable Preferred Stock | $ 251 | $ 6 | $ 118,048 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 34,760,026 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0.62 | $ 2.63 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 12 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 187 | |||||||||
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 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 400 | |||||||||
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, Equity Instruments Other than Options, Vested in Period | 29,685 | 189,755 | 222,017 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 18.33 | $ 18.07 | $ 16.16 | |||||||
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 | $ 46 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||||||
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% | 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% | 60.00% | ||||||||
Performance Long-Term Incentive Plan Units [Member] | Minimum [Member] | ||||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 0.00% | 0.00% | ||||||||
Performance Long-Term Incentive Plan Units [Member] | Maximum [Member] | ||||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 100.00% | 100.00% | ||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 843,435 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 8,300 | |||||||||
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 | $ 8.07 | $ 11.48 | $ 13.62 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,128 | $ 1,082 | $ 628 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 843,435 | 518,112 | 82,203 | |||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 682,435 | 284,483 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 5,600 | $ 3,300 | ||||||||
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 | $ 200 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 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 | $ 1,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||||||||
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 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,182 | $ 14,115 | $ 2,051 | |||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | |||||||||
Conversion of Stock, Shares Issued | 1,125,014 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 247,500 | 393,000 | ||||||||
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 | $ 982 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 191 | $ 3,380 | ||||||||
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 | 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 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 358,198 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Contingent Right | 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 3,400 | |||||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 358,198 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 2,800 | |||||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 0.00% | |||||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 150.00% | |||||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 324,237 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 2,200 | |||||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [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] | Restricted Stock Units (RSUs) [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 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 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 | 50.00% | |||||||||
Share-based Compensation Payment by Share-based Payment Award, Achievement of Strategic Goal and TSR Performance, Payout, Expected Percentage | 100.00% | |||||||||
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 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% | |||||||||
Common Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 314,577 | |||||||||
Series G Preferred Stock [Member] | ||||||||||
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 | |||||||||
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 | |||||||||
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% |
Note 9 - Equity - Inducement LT
Note 9 - Equity - Inducement LTIP Units (Details) - Inducement LTIP Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance outstanding (in shares) | 75,053 | ||
Outstanding weighted average grant date fair value (in dollars per share) | $ 18.16 | ||
Units granted (in shares) | 0 | ||
Units granted (in dollars per share) | $ 0 | ||
Units vested (in shares) | (29,685) | (189,755) | (222,017) |
Units vested (in dollars per share) | $ 18.33 | $ 18.07 | $ 16.16 |
Units forfeited (in shares) | (7,500) | ||
Units forfeited (in dollars per share) | $ 19.23 | ||
Balance outstanding (in shares) | 37,868 | 75,053 | |
Outstanding weighted average grant date fair value (in dollars per share) | $ 17.82 | $ 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, 2017 | 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 Awards (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% | ||
Performance Shares [Member] | ||||
Fair value per share of Awards (in dollars per share) | $ 7.72 | |||
Total amount to be recognized over the performance period | $ 2,765 | |||
Risk free rate | 1.49% | |||
Volatility | 20.52% | |||
Dividend yield | 10.44% | |||
Annual LTIP Unit Awards [Member] | ||||
Fair value per share of Awards (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, 2017 | Dec. 31, 2015 | |
Balance outstanding (in shares) | 150,579 | |
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 |
Shares vested/forfeited (in shares) | (120,044) | |
Shares vested/forfeited (in dollars per share) | $ 18.18 | |
Balance outstanding (in shares) | 30,535 | |
Outstanding weighted average grant date fair value (in dollars per share) | $ 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance outstanding (in shares) | 504,842 | ||
Outstanding weighted average grant date fair value (in dollars per share) | $ 11.80 | ||
Units granted (in shares) | 843,435 | ||
Units granted (in dollars per share) | $ 8.07 | $ 11.48 | $ 13.62 |
Shares vested/forfeited (in shares) | (190,701) | ||
Shares vested/forfeited (in dollars per share) | $ 9.86 | ||
Balance outstanding (in shares) | 1,157,576 | 504,842 | |
Outstanding weighted average grant date fair value (in dollars per share) | $ 9.40 | $ 11.80 |
Note 9 - Equity - Stock Option
Note 9 - Equity - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at beginning of year (in shares) | 977,576 | ||
Outstanding at beginning of year (in dollars per share) | $ 2.24 | ||
Options granted (in shares) | 0 | ||
Weighted average per share value of options granted/converted (in dollars per share) | $ 0 | $ 0.62 | $ 2.63 |
Options exercised (in shares) | (2,739) | ||
Options exercised (in dollars per share) | $ 11.37 | ||
Options forfeited/expired (in shares) | (180,823) | ||
Options forfeited/expired (in dollars per share) | $ 1.98 | ||
Outstanding at end of year (in shares) | 794,014 | 977,576 | |
Outstanding at end of year (in dollars per share) | $ 2.26 | $ 2.24 |
Note 9 - Equity - Fair Value As
Note 9 - Equity - Fair Value Assumptions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average per share value of options granted/converted (in dollars per share) | $ 0 | $ 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, 2017$ / sharesshares | |
Lower Exercise Price Range (in dollars per share) | |
Number of Options Outstanding (in dollars per share) | |
Number of Options Outstanding (in shares) | shares | 794,014 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 6 years 109 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 12.82 |
Number of Options Exercisable (in shares) | shares | 586,019 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 255 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 13.25 |
Range One [Member] | |
Lower Exercise Price Range (in dollars per share) | 13.96 |
Number of Options Outstanding (in dollars per share) | $ 13.96 |
Number of Options Outstanding (in shares) | shares | 23,296 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 13.96 |
Number of Options Exercisable (in shares) | shares | 23,296 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 13.96 |
Range Two [Member] | |
Lower Exercise Price Range (in dollars per share) | 1.79 |
Number of Options Outstanding (in dollars per share) | $ 1.79 |
Number of Options Outstanding (in shares) | shares | 4,934 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 1 year 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 1.79 |
Number of Options Exercisable (in shares) | shares | 4,934 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 1 year 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.79 |
Range Three [Member] | |
Lower Exercise Price Range (in dollars per share) | 5.76 |
Number of Options Outstanding (in dollars per share) | $ 5.76 |
Number of Options Outstanding (in shares) | shares | 25,183 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 2 years 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 5.76 |
Number of Options Exercisable (in shares) | shares | 25,183 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 2 years 73 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 5.76 |
Range Four [Member] | |
Lower Exercise Price Range (in dollars per share) | 11.97 |
Number of Options Outstanding (in dollars per share) | $ 11.97 |
Number of Options Outstanding (in shares) | shares | 45,672 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 3 years 109 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 11.97 |
Number of Options Exercisable (in shares) | shares | 45,672 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 3 years 109 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 11.97 |
Range Five [Member] | |
Lower Exercise Price Range (in dollars per share) | 12.67 |
Number of Options Outstanding (in dollars per share) | $ 12.67 |
Number of Options Outstanding (in shares) | shares | 65,606 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 4 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 12.67 |
Number of Options Exercisable (in shares) | shares | 65,606 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 4 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 12.67 |
Range Six [Member] | |
Lower Exercise Price Range (in dollars per share) | 16.56 |
Number of Options Outstanding (in dollars per share) | $ 16.56 |
Number of Options Outstanding (in shares) | shares | 115,568 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 16.56 |
Number of Options Exercisable (in shares) | shares | 115,568 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 16.56 |
Range Seven [Member] | |
Lower Exercise Price Range (in dollars per share) | 13.10 |
Number of Options Outstanding (in dollars per share) | $ 13.10 |
Number of Options Outstanding (in shares) | shares | 82,255 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 6 years 109 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 13.10 |
Number of Options Exercisable (in shares) | shares | 82,255 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 6 years 109 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 13.10 |
Range Eight [Member] | |
Lower Exercise Price Range (in dollars per share) | 14.28 |
Number of Options Outstanding (in dollars per share) | $ 14.28 |
Number of Options Outstanding (in shares) | shares | 239,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 7 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 14.28 |
Number of Options Exercisable (in shares) | shares | 159,334 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 7 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 14.28 |
Range Nine [Member] | |
Lower Exercise Price Range (in dollars per share) | 14.28 |
Number of Options Outstanding (in dollars per share) | $ 14.28 |
Number of Options Outstanding (in shares) | shares | 192,500 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 8 years 146 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 9.95 |
Number of Options Exercisable (in shares) | shares | 64,171 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 8 years 146 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 9.95 |
Note 9 - Equity - Aggregate Int
Note 9 - Equity - Aggregate Intrinsic Value (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Aggregate intrinsic value of options outstanding | $ 61 |
Aggregate intrinsic value of options exercisable | 61 |
Aggregate intrinsic value of options exercised | 12 |
Aggregate fair value of options vested | $ 187 |
Note 9 - Equity - LTIP and the
Note 9 - Equity - LTIP and the WPG Restricted Shares Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Expense | $ 6.4 | $ 14.1 | $ 14.1 |
Merger, Restructuring and Transaction Costs [Member] | |||
Share-based Compensation Expense | 9.5 | 4 | |
General and Administrative Expense [Member] | |||
Share-based Compensation Expense | $ 6.4 | $ 4.6 | $ 10.1 |
Note 10 - Commitments and Con78
Note 10 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Ground Leases | 4 | ||
Operating Leases, Rent Expense | $ 2,438 | $ 4,318 | $ 6,874 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 5.00% |
Note 10 - Commitments and Con79
Note 10 - Commitments and Contingencies - Future Minimum Lease Payments (Details) - Ground [Member] $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 509 |
2,019 | 509 |
2,020 | 509 |
2,021 | 509 |
2,022 | 518 |
Thereafter | 20,460 |
$ 23,014 |
Note 11 - Related Party Trans80
Note 11 - Related Party Transactions (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Former Member of Board [Member] | Consulting Agreement [Member] | |
Related Party Transaction, Amounts of Transaction | $ 0.2 |
Note 11 - Related Party Trans81
Note 11 - Related Party Transactions - Charges for Properties, Consolidated and Unconsolidated (Details) - Simon Property Group, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Properties [Member] | Property Management Costs, Services and Other [Member] | ||
Amounts charged to related party | $ 8,791 | $ 23,302 |
Consolidated Properties [Member] | Insurance Premiums [Member] | ||
Amounts charged to related party | 0 | 9,076 |
Consolidated Properties [Member] | Selling and Marketing Expense [Member] | ||
Amounts charged to related party | 102 | 812 |
Consolidated Properties [Member] | Capitalized Leasing and Development Fees [Member] | ||
Amounts charged to related party | 3,166 | 9,841 |
Unconsolidated Properties [Member] | Property Management Costs, Services and Other [Member] | ||
Amounts charged to related party | 196 | 816 |
Unconsolidated Properties [Member] | Insurance Premiums [Member] | ||
Amounts charged to related party | 0 | 12 |
Unconsolidated Properties [Member] | Selling and Marketing Expense [Member] | ||
Amounts charged to related party | 6 | 46 |
Unconsolidated Properties [Member] | Capitalized Leasing and Development Fees [Member] | ||
Amounts charged to related party | $ 23 | $ 55 |
Note 12 - Earnings (Loss) Per82
Note 12 - Earnings (Loss) 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings (Loss) Per Common Share, Basic: | |||||||||||
Net income (loss) attributable to common shareholders - basic | $ 50,165 | $ (11,903) | $ 135,467 | $ 9,302 | $ 25,416 | $ 1,362 | $ 17,807 | $ 8,514 | $ 183,031 | $ 53,099 | $ (101,286) |
Weighted average shares outstanding - basic (in shares) | 186,829,385 | 185,633,582 | 184,195,769 | ||||||||
Earnings (Loss) per common share, basic (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.73 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Earnings (Loss) Per Common Share, Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - basic | $ 50,165 | $ (11,903) | $ 135,467 | $ 9,302 | $ 25,416 | $ 1,362 | $ 17,807 | $ 8,514 | $ 183,031 | $ 53,099 | $ (101,286) |
Net income (loss) attributable to common unitholders | 34,222 | 10,034 | (19,340) | ||||||||
Net income (loss) attributable to common shareholders - diluted | $ 217,253 | $ 63,133 | $ (120,626) | ||||||||
Weighted average shares outstanding - basic (in shares) | 186,829,385 | 185,633,582 | 184,195,769 | ||||||||
Weighted average operating partnership units outstanding (in shares) | 34,808,890 | 34,304,109 | 34,303,804 | ||||||||
Weighted average additional dilutive securities outstanding (in shares) | 337,508 | 803,805 | 0 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 221,975,783 | 220,741,496 | 218,499,573 | ||||||||
Earnings (loss) per common share, diluted (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.72 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Weighted average shares outstanding - diluted (in shares) | 221,975,783 | 220,741,496 | 218,499,573 | ||||||||
Earnings (loss) per common unit, basic and diluted (in dollars per share) | $ 0.13 | $ 0.01 | $ 0.10 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Washington Prime [Member] | |||||||||||
Earnings (Loss) Per Common Share, Diluted: | |||||||||||
Net income (loss) attributable to common shareholders - diluted | $ 217,253 | $ 63,133 | $ (120,626) | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 221,975,783 | 220,741,496 | 218,499,573 | ||||||||
Weighted average common units outstanding - basic (in shares) | 221,638,275 | 219,937,691 | 218,499,573 | ||||||||
Weighted average additional dilutive securities outstanding (in shares) | 337,508 | 803,805 | 0 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 221,975,783 | 220,741,496 | 218,499,573 | ||||||||
Earnings (loss) per common unit, basic and diluted (in dollars per share) | $ 0.98 | $ 0.29 | $ (0.55) |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | Apr. 20, 2018USD ($) | Feb. 20, 2018$ / shares | Jan. 22, 2018USD ($) | Jan. 19, 2018USD ($) | Jan. 12, 2018USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 1 | $ 1 | |||||
Facility [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000 | ||||||
Proceeds from Issuance of Long-term Debt | $ 350,000 | $ 142,250 | |||||
Subsequent Event [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | ||||||
Subsequent Event [Member] | Mortgage Loan on The Outlet Collection Seattle [Member] | |||||||
Repayments of Debt | $ 86,500 | ||||||
Subsequent Event [Member] | Facility [Member] | |||||||
Debt Agreement Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Debt Agreement Potential Maximum Borrowing Capacity | 1,500,000 | ||||||
Subsequent Event [Member] | Facility [Member] | Unsecured Term Loans [Member] | |||||||
Debt Instrument, Face Amount | 350,000 | ||||||
Proceeds from Issuance of Long-term Debt | 350,000 | ||||||
Subsequent Event [Member] | Facility [Member] | Revolving Credit Facility [Member] | |||||||
Repayments of Debt | 270,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 650,000 | ||||||
Restaurant Outparcels [Member] | Subsequent Event [Member] | |||||||
Number of Restaurants Sold | 10 | ||||||
Sales Price of Real Estate | $ 13,700 | ||||||
Proceeds from Sale of Real Estate | $ 13,500 | ||||||
Southgate Mall [Member] | Scenario, Forecast [Member] | |||||||
Business Combination, Consideration Transferred | $ 58,000 |
Note 14 - Quarterly Financial84
Note 14 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenue | $ 187,237 | $ 179,320 | $ 189,171 | $ 202,394 | $ 217,784 | $ 209,922 | $ 205,738 | $ 210,031 | $ 758,122 | $ 843,475 | $ 921,356 |
Operating income | 21,113 | 24,293 | 49,869 | 49,531 | 65,355 | 38,425 | 25,835 | 55,378 | 144,806 | 184,993 | 33,735 |
Net income (loss) | 63,133 | (10,664) | 164,500 | 14,624 | 33,815 | 5,183 | 24,737 | 13,681 | 231,593 | 77,416 | (104,122) |
Net income (loss) attributable to the Company | 53,673 | (8,395) | 138,975 | 12,810 | 28,924 | 4,870 | 21,315 | 12,022 | 197,063 | 67,131 | (85,297) |
Net income (loss) attributable to common shareholders | $ 50,165 | $ (11,903) | $ 135,467 | $ 9,302 | $ 25,416 | $ 1,362 | $ 17,807 | $ 8,514 | $ 183,031 | $ 53,099 | $ (101,286) |
Earnings (loss) per common share—basic (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.73 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Earnings (loss) per common share—diluted (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.72 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Net income (loss) attributable to unitholders | $ 34,530 | $ 10,285 | $ (18,825) | ||||||||
Earnings per common share—basic and diluted (in dollars per share) | $ 0.13 | $ 0.01 | $ 0.10 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) | ||||
Washington Prime Group, L.P. [Member] | |||||||||||
Total revenue | $ 758,122 | $ 843,475 | $ 921,356 | ||||||||
Operating income | 144,806 | 184,993 | 33,735 | ||||||||
Net income (loss) | 231,593 | 77,416 | (104,122) | ||||||||
Net income (loss) attributable to common shareholders | $ 59,479 | $ (14,232) | $ 160,932 | $ 11,056 | $ 30,218 | $ 1,619 | $ 21,177 | $ 10,119 | |||
Earnings (loss) per common share—basic (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.73 | $ 0.05 | |||||||
Earnings (loss) per common share—diluted (in dollars per share) | $ 0.27 | $ (0.06) | $ 0.72 | $ 0.05 | |||||||
Net income (loss) attributable to unitholders | $ 63,133 | $ (10,664) | $ 164,500 | $ 14,624 | $ 33,786 | $ 5,187 | $ 24,745 | $ 13,687 | $ 68 | $ 11 | $ 286 |
Earnings per common share—basic and diluted (in dollars per share) | $ 0.13 | $ 0.01 | $ 0.10 | $ 0.05 | $ 0.98 | $ 0.29 | $ (0.55) |
Schedule III - Real Estate an85
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment of Real Estate | $ 66,925 | $ 21,879 | $ 147,979 |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 5,307,967 | ||
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 an86
Schedule III - Real Estate and Accumulated Depreciation - Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Encumbrances | [1] | $ 1,152,436 | ||||
Initial Cost Land | 784,000 | |||||
Initial Cost Buildings and Improvements | 3,638,908 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 16,486 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 1,231,558 | |||||
Gross Amounts At Which Carried at Close of Period Land | 807,202 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 4,908,794 | |||||
Total cost per Schedule III | 5,715,996 | [2] | $ 6,205,387 | $ 6,699,789 | $ 5,227,466 | |
Total accumulated depreciation per Schedule III | 2,076,948 | [3] | $ 2,063,107 | $ 2,261,593 | $ 2,058,061 | |
Muncie Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 34,645 | ||||
Initial Cost Land | 172 | |||||
Initial Cost Buildings and Improvements | 5,776 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 52 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 29,247 | |||||
Gross Amounts At Which Carried at Close of Period Land | 224 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 35,023 | |||||
Total cost per Schedule III | [2] | 35,247 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,484 | ||||
Forest Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 16,084 | ||||
Initial Cost Land | 4,132 | |||||
Initial Cost Buildings and Improvements | 16,818 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 453 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 15,441 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,585 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 32,259 | |||||
Total cost per Schedule III | [2] | 36,844 | ||||
Total accumulated depreciation per Schedule III | [3] | 19,602 | ||||
Wolf Ranch [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 21,999 | |||||
Initial Cost Buildings and Improvements | 51,547 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (185) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 13,684 | |||||
Gross Amounts At Which Carried at Close of Period Land | 21,814 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 65,231 | |||||
Total cost per Schedule III | [2] | 87,045 | ||||
Total accumulated depreciation per Schedule III | [3] | 29,175 | ||||
Anderson Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 18,449 | ||||
Initial Cost Land | 1,712 | |||||
Initial Cost Buildings and Improvements | 15,227 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 851 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 19,997 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,563 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 35,224 | |||||
Total cost per Schedule III | [2] | 37,787 | ||||
Total accumulated depreciation per Schedule III | [3] | 21,978 | ||||
New Towne Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 3,172 | |||||
Initial Cost Buildings and Improvements | 33,112 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 7,694 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,172 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 40,806 | |||||
Total cost per Schedule III | [2] | 43,978 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,061 | ||||
Gaitway Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 5,445 | |||||
Initial Cost Buildings and Improvements | 26,687 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,052 | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,445 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 28,739 | |||||
Total cost per Schedule III | [2] | 34,184 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,990 | ||||
Ashland Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 37,652 | ||||
Initial Cost Land | 13,462 | |||||
Initial Cost Buildings and Improvements | 68,367 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,416 | |||||
Gross Amounts At Which Carried at Close of Period Land | 13,462 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 70,783 | |||||
Total cost per Schedule III | [2] | 84,245 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,405 | ||||
Northtown Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 18,603 | |||||
Initial Cost Buildings and Improvements | 57,341 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 5,967 | |||||
Gross Amounts At Which Carried at Close of Period Land | 18,603 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 63,308 | |||||
Total cost per Schedule III | [2] | 81,911 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,915 | ||||
Greenwood Plus [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,129 | |||||
Initial Cost Buildings and Improvements | 1,792 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,836 | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,129 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 6,628 | |||||
Total cost per Schedule III | [2] | 7,757 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,449 | ||||
Cottonwood Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 99,031 | ||||
Initial Cost Land | 10,122 | |||||
Initial Cost Buildings and Improvements | 69,958 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,045 | |||||
Gross Amounts At Which Carried at Close of Period Land | 10,122 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 79,003 | |||||
Total cost per Schedule III | [2] | 89,125 | ||||
Total accumulated depreciation per Schedule III | [3] | 47,444 | ||||
Cottonwood Mall [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 0 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 6,936 | |||||
Total cost per Schedule III | [2] | 6,936 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Bowie Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 2,479 | |||||
Initial Cost Buildings and Improvements | 60,322 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 235 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,143 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,714 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 69,465 | |||||
Total cost per Schedule III | [2] | 72,179 | ||||
Total accumulated depreciation per Schedule III | [3] | 37,347 | ||||
Northwoods Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,185 | |||||
Initial Cost Buildings and Improvements | 12,779 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 2,428 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 43,039 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,613 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 55,818 | |||||
Total cost per Schedule III | [2] | 59,431 | ||||
Total accumulated depreciation per Schedule III | [3] | 37,340 | ||||
Northwoods Mall [Member] | Developments in Progress [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 0 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 5,117 | |||||
Total cost per Schedule III | [2] | 5,117 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Henderson Square [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 4,223 | |||||
Initial Cost Buildings and Improvements | 15,124 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 841 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,223 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 15,965 | |||||
Total cost per Schedule III | [2] | 20,188 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,696 | ||||
Fairfield Town Center [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 4,745 | |||||
Initial Cost Buildings and Improvements | 5,044 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 168 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 37,778 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,913 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 42,822 | |||||
Total cost per Schedule III | [2] | 47,735 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,833 | ||||
Fairfield Town Center [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 0 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,053 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 853 | |||||
Total cost per Schedule III | [2] | 3,906 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Boynton Beach Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 22,240 | |||||
Initial Cost Buildings and Improvements | 78,804 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 4,666 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 29,782 | |||||
Gross Amounts At Which Carried at Close of Period Land | 26,906 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 108,586 | |||||
Total cost per Schedule III | [2] | 135,492 | ||||
Total accumulated depreciation per Schedule III | [3] | 69,329 | ||||
Oak Court Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 37,701 | ||||
Initial Cost Land | 15,673 | |||||
Initial Cost Buildings and Improvements | 57,304 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 10,007 | |||||
Gross Amounts At Which Carried at Close of Period Land | 15,673 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 67,311 | |||||
Total cost per Schedule III | [2] | 82,984 | ||||
Total accumulated depreciation per Schedule III | [3] | 50,576 | ||||
Keystone Shoppers [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 4,232 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 2,118 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,923 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,118 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 9,155 | |||||
Total cost per Schedule III | [2] | 11,273 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,915 | ||||
Great Lakes Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 12,302 | |||||
Initial Cost Buildings and Improvements | 100,362 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 39,382 | |||||
Gross Amounts At Which Carried at Close of Period Land | 12,302 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 139,744 | |||||
Total cost per Schedule III | [2] | 152,046 | ||||
Total accumulated depreciation per Schedule III | [3] | 75,772 | ||||
Great Lakes Mall [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 0 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 6,540 | |||||
Total cost per Schedule III | [2] | 6,540 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Brunswick Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 72,504 | ||||
Initial Cost Land | 8,436 | |||||
Initial Cost Buildings and Improvements | 55,838 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 35,331 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,436 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 91,169 | |||||
Total cost per Schedule III | [2] | 99,605 | ||||
Total accumulated depreciation per Schedule III | [3] | 55,093 | ||||
Orange Park Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 12,998 | |||||
Initial Cost Buildings and Improvements | 65,121 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 46,976 | |||||
Gross Amounts At Which Carried at Close of Period Land | 12,998 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 112,097 | |||||
Total cost per Schedule III | [2] | 125,095 | ||||
Total accumulated depreciation per Schedule III | [3] | 68,270 | ||||
Lake Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 2,487 | |||||
Initial Cost Buildings and Improvements | 6,420 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,398 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,487 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 8,818 | |||||
Total cost per Schedule III | [2] | 11,305 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,538 | ||||
Charlottesville Fashion Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 47,009 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 54,738 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 18,941 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 73,679 | |||||
Total cost per Schedule III | [2] | 73,679 | ||||
Total accumulated depreciation per Schedule III | [3] | 41,448 | ||||
The Outlet Collection - Seattle [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 86,500 | ||||
Initial Cost Land | 38,751 | |||||
Initial Cost Buildings and Improvements | 107,094 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,441 | |||||
Gross Amounts At Which Carried at Close of Period Land | 38,751 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 116,535 | |||||
Total cost per Schedule III | [2] | 155,286 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,303 | ||||
Lake View Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 4,702 | |||||
Initial Cost Buildings and Improvements | 17,543 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 18,027 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,702 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 35,570 | |||||
Total cost per Schedule III | [2] | 40,272 | ||||
Total accumulated depreciation per Schedule III | [3] | 22,146 | ||||
Other Developments [Member] | Developments in Progress [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 0 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,663 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 18,882 | |||||
Total cost per Schedule III | [2] | 22,545 | ||||
Total accumulated depreciation per Schedule III | [3] | 0 | ||||
Chautaugua Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 3,116 | |||||
Initial Cost Buildings and Improvements | 9,641 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 19,172 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,116 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 28,813 | |||||
Total cost per Schedule III | [2] | 31,929 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,706 | ||||
Paddock Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 11,198 | |||||
Initial Cost Buildings and Improvements | 39,727 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 23,198 | |||||
Gross Amounts At Which Carried at Close of Period Land | 11,198 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 62,925 | |||||
Total cost per Schedule III | [2] | 74,123 | ||||
Total accumulated depreciation per Schedule III | [3] | 34,381 | ||||
Lakeline Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 15,068 | ||||
Initial Cost Land | 5,822 | |||||
Initial Cost Buildings and Improvements | 30,875 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 13,610 | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,822 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 44,485 | |||||
Total cost per Schedule III | [2] | 50,307 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,691 | ||||
Chesapeake Square Theater [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 628 | |||||
Initial Cost Buildings and Improvements | 9,536 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | (738) | |||||
Gross Amounts At Which Carried at Close of Period Land | 628 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 8,798 | |||||
Total cost per Schedule III | [2] | 9,426 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,858 | ||||
Port Charlotte Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 43,133 | ||||
Initial Cost Land | 5,471 | |||||
Initial Cost Buildings and Improvements | 58,570 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 17,981 | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,471 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 76,551 | |||||
Total cost per Schedule III | [2] | 82,022 | ||||
Total accumulated depreciation per Schedule III | [3] | 49,169 | ||||
Lima Center [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,781 | |||||
Initial Cost Buildings and Improvements | 5,151 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,852 | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,781 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 15,003 | |||||
Total cost per Schedule III | [2] | 16,784 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,546 | ||||
Clay Terrace [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 39,030 | |||||
Initial Cost Buildings and Improvements | 115,207 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 6,169 | |||||
Gross Amounts At Which Carried at Close of Period Land | 39,030 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 121,376 | |||||
Total cost per Schedule III | [2] | 160,406 | ||||
Total accumulated depreciation per Schedule III | [3] | 17,320 | ||||
Rolling Oaks Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,929 | |||||
Initial Cost Buildings and Improvements | 38,609 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 16,832 | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,929 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 55,441 | |||||
Total cost per Schedule III | [2] | 57,370 | ||||
Total accumulated depreciation per Schedule III | [3] | 37,230 | ||||
Lincoln Crossing [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 674 | |||||
Initial Cost Buildings and Improvements | 2,192 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,428 | |||||
Gross Amounts At Which Carried at Close of Period Land | 674 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 11,620 | |||||
Total cost per Schedule III | [2] | 12,294 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,865 | ||||
Rushmore Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 94,000 | ||||
Initial Cost Land | 18,839 | |||||
Initial Cost Buildings and Improvements | 67,364 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (11,974) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | (10,665) | |||||
Gross Amounts At Which Carried at Close of Period Land | 6,865 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 56,699 | |||||
Total cost per Schedule III | [2] | 63,564 | ||||
Total accumulated depreciation per Schedule III | [3] | 27,388 | ||||
MacGregor Village [Member] | Open Air Properties [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost Land | 502 | |||||
Initial Cost Buildings and Improvements | 8,891 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,340 | |||||
Gross Amounts At Which Carried at Close of Period Land | 502 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 11,231 | |||||
Total cost per Schedule III | [2] | 11,733 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,936 | ||||
Dayton Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 81,689 | ||||
Initial Cost Land | 10,899 | |||||
Initial Cost Buildings and Improvements | 160,723 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,009 | |||||
Gross Amounts At Which Carried at Close of Period Land | 10,899 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 163,732 | |||||
Total cost per Schedule III | [2] | 174,631 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,992 | ||||
Southern Hills Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 15,025 | |||||
Initial Cost Buildings and Improvements | 75,984 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,041 | |||||
Gross Amounts At Which Carried at Close of Period Land | 15,025 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 78,025 | |||||
Total cost per Schedule III | [2] | 93,050 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,835 | ||||
Mall of Georgia Crossing [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 22,713 | ||||
Initial Cost Land | 9,506 | |||||
Initial Cost Buildings and Improvements | 32,892 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,316 | |||||
Gross Amounts At Which Carried at Close of Period Land | 9,506 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 35,208 | |||||
Total cost per Schedule III | [2] | 44,714 | ||||
Total accumulated depreciation per Schedule III | [3] | 20,017 | ||||
Edison Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 11,529 | |||||
Initial Cost Buildings and Improvements | 107,350 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 30,233 | |||||
Gross Amounts At Which Carried at Close of Period Land | 11,529 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 137,583 | |||||
Total cost per Schedule III | [2] | 149,112 | ||||
Total accumulated depreciation per Schedule III | [3] | 76,201 | ||||
Southern Park Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 16,982 | |||||
Initial Cost Buildings and Improvements | 77,767 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 97 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 33,830 | |||||
Gross Amounts At Which Carried at Close of Period Land | 17,079 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 111,597 | |||||
Total cost per Schedule III | [2] | 128,676 | ||||
Total accumulated depreciation per Schedule III | [3] | 65,967 | ||||
Markland Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 206 | |||||
Initial Cost Buildings and Improvements | 738 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 7,913 | |||||
Gross Amounts At Which Carried at Close of Period Land | 206 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 8,651 | |||||
Total cost per Schedule III | [2] | 8,857 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,630 | ||||
Grand Central Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 40,397 | ||||
Initial Cost Land | 18,956 | |||||
Initial Cost Buildings and Improvements | 89,736 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,894 | |||||
Gross Amounts At Which Carried at Close of Period Land | 18,956 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 93,630 | |||||
Total cost per Schedule III | [2] | 112,586 | ||||
Total accumulated depreciation per Schedule III | [3] | 15,536 | ||||
Sunland Park Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 2,896 | |||||
Initial Cost Buildings and Improvements | 28,900 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 7,901 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,896 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 36,801 | |||||
Total cost per Schedule III | [2] | 39,697 | ||||
Total accumulated depreciation per Schedule III | [3] | 28,073 | ||||
Martinsville Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 584 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 30 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 614 | |||||
Total cost per Schedule III | [2] | 614 | ||||
Total accumulated depreciation per Schedule III | [3] | 455 | ||||
Town Center at Aurora [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 53,250 | ||||
Initial Cost Land | 9,959 | |||||
Initial Cost Buildings and Improvements | 56,832 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (12) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 57,327 | |||||
Gross Amounts At Which Carried at Close of Period Land | 9,947 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 114,159 | |||||
Total cost per Schedule III | [2] | 124,106 | ||||
Total accumulated depreciation per Schedule III | [3] | 76,922 | ||||
Matteson Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,771 | |||||
Initial Cost Buildings and Improvements | 9,737 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | (123) | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,771 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 9,614 | |||||
Total cost per Schedule III | [2] | 11,385 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,372 | ||||
Indian Mound Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 7,109 | |||||
Initial Cost Buildings and Improvements | 19,205 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (252) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 1,656 | |||||
Gross Amounts At Which Carried at Close of Period Land | 6,857 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 20,861 | |||||
Total cost per Schedule III | [2] | 27,718 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,475 | ||||
Towne West Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 46,188 | ||||
Initial Cost Land | 972 | |||||
Initial Cost Buildings and Improvements | 21,203 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 22 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 13,113 | |||||
Gross Amounts At Which Carried at Close of Period Land | 994 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 34,316 | |||||
Total cost per Schedule III | [2] | 35,310 | ||||
Total accumulated depreciation per Schedule III | [3] | 25,455 | ||||
Muncie Towne Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 6,264 | ||||
Initial Cost Land | 267 | |||||
Initial Cost Buildings and Improvements | 10,509 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 87 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,604 | |||||
Gross Amounts At Which Carried at Close of Period Land | 354 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 14,113 | |||||
Total cost per Schedule III | [2] | 14,467 | ||||
Total accumulated depreciation per Schedule III | [3] | 7,914 | ||||
Irving Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 6,737 | |||||
Initial Cost Buildings and Improvements | 17,479 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 2,533 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 44,122 | |||||
Gross Amounts At Which Carried at Close of Period Land | 9,270 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 61,601 | |||||
Total cost per Schedule III | [2] | 70,871 | ||||
Total accumulated depreciation per Schedule III | [3] | 41,437 | ||||
Waterford Lakes Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 8,679 | |||||
Initial Cost Buildings and Improvements | 72,836 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 24,892 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,679 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 97,728 | |||||
Total cost per Schedule III | [2] | 106,407 | ||||
Total accumulated depreciation per Schedule III | [3] | 56,864 | ||||
North Ridge Shopping Center [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 12,018 | ||||
Initial Cost Land | 385 | |||||
Initial Cost Buildings and Improvements | 12,826 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 6,082 | |||||
Gross Amounts At Which Carried at Close of Period Land | 385 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 18,908 | |||||
Total cost per Schedule III | [2] | 19,293 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,220 | ||||
Jefferson Valley Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 4,868 | |||||
Initial Cost Buildings and Improvements | 30,304 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 66,941 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,868 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 97,245 | |||||
Total cost per Schedule III | [2] | 102,113 | ||||
Total accumulated depreciation per Schedule III | [3] | 46,485 | ||||
Weberstown Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 65,000 | ||||
Initial Cost Land | 9,909 | |||||
Initial Cost Buildings and Improvements | 92,589 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,915 | |||||
Gross Amounts At Which Carried at Close of Period Land | 9,909 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 97,504 | |||||
Total cost per Schedule III | [2] | 107,413 | ||||
Total accumulated depreciation per Schedule III | [3] | 10,990 | ||||
Northwood Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 148 | |||||
Initial Cost Buildings and Improvements | 1,414 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,225 | |||||
Gross Amounts At Which Carried at Close of Period Land | 148 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 4,639 | |||||
Total cost per Schedule III | [2] | 4,787 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,986 | ||||
Lima Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 7,659 | |||||
Initial Cost Buildings and Improvements | 35,338 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 15,444 | |||||
Gross Amounts At Which Carried at Close of Period Land | 7,659 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 50,782 | |||||
Total cost per Schedule III | [2] | 58,441 | ||||
Total accumulated depreciation per Schedule III | [3] | 31,174 | ||||
West Ridge Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 40,697 | ||||
Initial Cost Land | 5,453 | |||||
Initial Cost Buildings and Improvements | 34,148 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (788) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 22,436 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,665 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 56,584 | |||||
Total cost per Schedule III | [2] | 61,249 | ||||
Total accumulated depreciation per Schedule III | [3] | 38,070 | ||||
The Plaza at Buckland Hills [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 17,355 | |||||
Initial Cost Buildings and Improvements | 43,900 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,011 | |||||
Gross Amounts At Which Carried at Close of Period Land | 17,355 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 45,911 | |||||
Total cost per Schedule III | [2] | 63,266 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,350 | ||||
Lincolnwood Town Center [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 49,668 | ||||
Initial Cost Land | 7,834 | |||||
Initial Cost Buildings and Improvements | 63,480 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 7,628 | |||||
Gross Amounts At Which Carried at Close of Period Land | 7,834 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 71,108 | |||||
Total cost per Schedule III | [2] | 78,942 | ||||
Total accumulated depreciation per Schedule III | [3] | 54,520 | ||||
Westminster Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 80,019 | ||||
Initial Cost Land | 43,464 | |||||
Initial Cost Buildings and Improvements | 84,709 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 37,946 | |||||
Gross Amounts At Which Carried at Close of Period Land | 43,464 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 122,655 | |||||
Total cost per Schedule III | [2] | 166,119 | ||||
Total accumulated depreciation per Schedule III | [3] | 64,756 | ||||
Richardson Square [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 6,285 | |||||
Initial Cost Buildings and Improvements | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 990 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 15,014 | |||||
Gross Amounts At Which Carried at Close of Period Land | 7,275 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 15,014 | |||||
Total cost per Schedule III | [2] | 22,289 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,511 | ||||
Lindale Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 14,106 | |||||
Initial Cost Buildings and Improvements | 58,286 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 13,713 | |||||
Gross Amounts At Which Carried at Close of Period Land | 14,106 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 71,999 | |||||
Total cost per Schedule III | [2] | 86,105 | ||||
Total accumulated depreciation per Schedule III | [3] | 19,817 | ||||
WestShore Plaza [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 53,904 | |||||
Initial Cost Buildings and Improvements | 120,191 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,373 | |||||
Gross Amounts At Which Carried at Close of Period Land | 53,904 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 124,564 | |||||
Total cost per Schedule III | [2] | 178,468 | ||||
Total accumulated depreciation per Schedule III | [3] | 13,510 | ||||
Rockaway Commons [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 5,149 | |||||
Initial Cost Buildings and Improvements | 26,435 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 15,896 | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,149 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 42,331 | |||||
Total cost per Schedule III | [2] | 47,480 | ||||
Total accumulated depreciation per Schedule III | [3] | 18,250 | ||||
Longview Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 259 | |||||
Initial Cost Buildings and Improvements | 3,567 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 124 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 24,497 | |||||
Gross Amounts At Which Carried at Close of Period Land | 383 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 28,064 | |||||
Total cost per Schedule III | [2] | 28,447 | ||||
Total accumulated depreciation per Schedule III | [3] | 8,777 | ||||
Rockaway Town Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 18,698 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 2,227 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 5,133 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,227 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 23,831 | |||||
Total cost per Schedule III | [2] | 26,058 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,280 | ||||
The Mall at Fairfield Commons [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 18,194 | |||||
Initial Cost Buildings and Improvements | 175,426 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 21,493 | |||||
Gross Amounts At Which Carried at Close of Period Land | 18,194 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 196,919 | |||||
Total cost per Schedule III | [2] | 215,113 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,304 | ||||
Bloomingdale Court [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 8,422 | |||||
Initial Cost Buildings and Improvements | 26,184 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 18,375 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,422 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 44,559 | |||||
Total cost per Schedule III | [2] | 52,981 | ||||
Total accumulated depreciation per Schedule III | [3] | 28,241 | ||||
Royal Eagle Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 2,153 | |||||
Initial Cost Buildings and Improvements | 24,216 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,807 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,153 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 27,023 | |||||
Total cost per Schedule III | [2] | 29,176 | ||||
Total accumulated depreciation per Schedule III | [3] | 5,020 | ||||
Maplewood Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 17,119 | |||||
Initial Cost Buildings and Improvements | 80,758 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 25,577 | |||||
Gross Amounts At Which Carried at Close of Period Land | 17,119 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 106,335 | |||||
Total cost per Schedule III | [2] | 123,454 | ||||
Total accumulated depreciation per Schedule III | [3] | 49,412 | ||||
Bowie Town Center Strip [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 231 | |||||
Initial Cost Buildings and Improvements | 4,597 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 762 | |||||
Gross Amounts At Which Carried at Close of Period Land | 231 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 5,359 | |||||
Total cost per Schedule III | [2] | 5,590 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,535 | ||||
The Shops at North East Mall [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 12,541 | |||||
Initial Cost Buildings and Improvements | 28,177 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 402 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 6,643 | |||||
Gross Amounts At Which Carried at Close of Period Land | 12,943 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 34,820 | |||||
Total cost per Schedule III | [2] | 47,763 | ||||
Total accumulated depreciation per Schedule III | [3] | 23,650 | ||||
Markland Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 7,568 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 3,073 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 18,615 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,073 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 26,183 | |||||
Total cost per Schedule III | [2] | 29,256 | ||||
Total accumulated depreciation per Schedule III | [3] | 15,678 | ||||
Canyon View Marketplace [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 5,305 | ||||
Initial Cost Land | 1,370 | |||||
Initial Cost Buildings and Improvements | 9,570 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 159 | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,370 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 9,729 | |||||
Total cost per Schedule III | [2] | 11,099 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,290 | ||||
St. Charles Towne Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 8,216 | |||||
Initial Cost Buildings and Improvements | 18,993 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,744 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,216 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 28,737 | |||||
Total cost per Schedule III | [2] | 36,953 | ||||
Total accumulated depreciation per Schedule III | [3] | 16,712 | ||||
Melbourne Square [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 15,762 | |||||
Initial Cost Buildings and Improvements | 55,891 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 4,160 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 40,337 | |||||
Gross Amounts At Which Carried at Close of Period Land | 19,922 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 96,228 | |||||
Total cost per Schedule III | [2] | 116,150 | ||||
Total accumulated depreciation per Schedule III | [3] | 51,310 | ||||
Charles Towne Square [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 1,768 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 370 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 10,890 | |||||
Gross Amounts At Which Carried at Close of Period Land | 370 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 12,658 | |||||
Total cost per Schedule III | [2] | 13,028 | ||||
Total accumulated depreciation per Schedule III | [3] | 11,927 | ||||
Tippecanoe Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 745 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 234 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 5,902 | |||||
Gross Amounts At Which Carried at Close of Period Land | 234 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 6,647 | |||||
Total cost per Schedule III | [2] | 6,881 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,121 | ||||
Mesa Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 12,784 | |||||
Initial Cost Buildings and Improvements | 80,639 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,768 | |||||
Gross Amounts At Which Carried at Close of Period Land | 12,784 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 84,407 | |||||
Total cost per Schedule III | [2] | 97,191 | ||||
Total accumulated depreciation per Schedule III | [3] | 25,368 | ||||
Chesapeake Center [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 4,410 | |||||
Initial Cost Buildings and Improvements | 11,241 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 1,196 | |||||
Gross Amounts At Which Carried at Close of Period Land | 4,410 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 12,437 | |||||
Total cost per Schedule III | [2] | 16,847 | ||||
Total accumulated depreciation per Schedule III | [3] | 9,734 | ||||
University Center [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 2,119 | |||||
Initial Cost Buildings and Improvements | 8,365 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,422 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,119 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 12,787 | |||||
Total cost per Schedule III | [2] | 14,906 | ||||
Total accumulated depreciation per Schedule III | [3] | 10,203 | ||||
Morgantown Mall [Member] | Malls [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 10,219 | |||||
Initial Cost Buildings and Improvements | 77,599 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,505 | |||||
Gross Amounts At Which Carried at Close of Period Land | 10,219 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 80,104 | |||||
Total cost per Schedule III | [2] | 90,323 | ||||
Total accumulated depreciation per Schedule III | [3] | 10,820 | ||||
Concord Mills Marketplace [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 16,000 | ||||
Initial Cost Land | 8,036 | |||||
Initial Cost Buildings and Improvements | 21,167 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 889 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,036 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 22,056 | |||||
Total cost per Schedule III | [2] | 30,092 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,911 | ||||
University Town Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 6,009 | |||||
Initial Cost Buildings and Improvements | 26,945 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | (397) | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 3,549 | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,612 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 30,494 | |||||
Total cost per Schedule III | [2] | 36,106 | ||||
Total accumulated depreciation per Schedule III | [3] | 8,836 | ||||
Countryside Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 332 | |||||
Initial Cost Buildings and Improvements | 8,507 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 2,554 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 11,802 | |||||
Gross Amounts At Which Carried at Close of Period Land | 2,886 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 20,309 | |||||
Total cost per Schedule III | [2] | 23,195 | ||||
Total accumulated depreciation per Schedule III | [3] | 12,583 | ||||
Village Park Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 19,565 | |||||
Initial Cost Buildings and Improvements | 51,873 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 934 | |||||
Gross Amounts At Which Carried at Close of Period Land | 19,565 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 52,807 | |||||
Total cost per Schedule III | [2] | 72,372 | ||||
Total accumulated depreciation per Schedule III | [3] | 10,568 | ||||
Dare Centre [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 0 | |||||
Initial Cost Buildings and Improvements | 5,702 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,181 | |||||
Gross Amounts At Which Carried at Close of Period Land | 0 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 7,883 | |||||
Total cost per Schedule III | [2] | 7,883 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,838 | ||||
Washington Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 263 | |||||
Initial Cost Buildings and Improvements | 1,833 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,864 | |||||
Gross Amounts At Which Carried at Close of Period Land | 263 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 4,697 | |||||
Total cost per Schedule III | [2] | 4,960 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,092 | ||||
DeKalb Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 1,955 | |||||
Initial Cost Buildings and Improvements | 3,405 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 1,036 | |||||
Gross Amounts At Which Carried at Close of Period Land | 1,955 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 4,441 | |||||
Total cost per Schedule III | [2] | 6,396 | ||||
Total accumulated depreciation per Schedule III | [3] | 2,622 | ||||
West Ridge Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 10,174 | ||||
Initial Cost Land | 1,376 | |||||
Initial Cost Buildings and Improvements | 4,560 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 1,958 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 8,490 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,334 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 13,050 | |||||
Total cost per Schedule III | [2] | 16,384 | ||||
Total accumulated depreciation per Schedule III | [3] | 6,277 | ||||
Empire East [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 3,350 | |||||
Initial Cost Buildings and Improvements | 10,552 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 2,738 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,350 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 13,290 | |||||
Total cost per Schedule III | [2] | 16,640 | ||||
Total accumulated depreciation per Schedule III | [3] | 3,157 | ||||
West Town Corners [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 6,821 | |||||
Initial Cost Buildings and Improvements | 24,603 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,459 | |||||
Gross Amounts At Which Carried at Close of Period Land | 6,821 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 29,062 | |||||
Total cost per Schedule III | [2] | 35,883 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,484 | ||||
Fairfax Court [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 8,078 | |||||
Initial Cost Buildings and Improvements | 34,997 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 1,103 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,078 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 36,100 | |||||
Total cost per Schedule III | [2] | 44,178 | ||||
Total accumulated depreciation per Schedule III | [3] | 4,958 | ||||
Westland Park Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Cost Land | 5,576 | |||||
Initial Cost Buildings and Improvements | 8,775 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | (188) | |||||
Gross Amounts At Which Carried at Close of Period Land | 5,576 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 8,587 | |||||
Total cost per Schedule III | [2] | 14,163 | ||||
Total accumulated depreciation per Schedule III | [3] | 1,518 | ||||
White Oaks Plaza [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 12,528 | ||||
Initial Cost Land | 3,169 | |||||
Initial Cost Buildings and Improvements | 14,267 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 292 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 9,558 | |||||
Gross Amounts At Which Carried at Close of Period Land | 3,461 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 23,825 | |||||
Total cost per Schedule III | [2] | 27,286 | ||||
Total accumulated depreciation per Schedule III | [3] | 12,978 | ||||
Whitehall Mall [Member] | Open Air Properties [Member] | ||||||
Encumbrances | [1] | 8,750 | ||||
Initial Cost Land | 8,500 | |||||
Initial Cost Buildings and Improvements | 28,512 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Land | 0 | |||||
Cost Capitalized Subsequent to Construction or Acquisition Buildings and Improvements | 4,369 | |||||
Gross Amounts At Which Carried at Close of Period Land | 8,500 | |||||
Gross Amounts At Which Carried at Close of Period Buildings and Improvements | 32,881 | |||||
Total cost per Schedule III | [2] | 41,381 | ||||
Total accumulated depreciation per Schedule III | [3] | $ 5,761 | ||||
[1] | Encumbrances represent face amount of mortgage debt and exclude any fair value adjustments and debt issuance costs. | |||||
[2] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 6,205,387 $ 6,699,789 $ 5,227,466 Acquisitions 14,366 297 3,113,240 Improvements 135,713 157,561 153,536 Held for sale reclasses - (215,244 ) (166,742 ) Disposals* (601,946 ) (437,016 ) (1,627,711 ) Balance, end of year $ 5,753,520 $ 6,205,387 $ 6,699,789 *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, 2017: 2017 Investment properties at cost $ 5,845,284 Less: furniture, fixtures and equipment (91,764 ) Total cost per Schedule III $ 5,753,520 The unaudited aggregate cost for federal income tax purposes of real estate assets presented was $5,307,967 as of December 31, 2017. | |||||
[3] | Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 2,063,107 $ 2,261,593 $ 2,058,061 Depreciation expense 205,078 222,861 232,735 Disposals (191,237 ) (421,347 ) (29,203 ) Balance, end of year $ 2,076,948 $ 2,063,107 $ 2,261,593 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2017: 2017 Accumulated depreciation $ 2,139,620 Less: furniture, fixtures and equipment (62,672 ) Total accumulated depreciation per Schedule III $ 2,076,948 Depreciation of our investment in buildings and improvements reflected in the consolidated 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 an87
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Balance, beginning of year | $ 6,205,387 | $ 6,699,789 | $ 5,227,466 | ||
Acquisitions | 14,366 | 297 | 3,113,240 | ||
Improvements | 135,713 | 157,561 | 153,536 | ||
Held for sale reclasses | (215,244) | (166,742) | |||
Disposals* | [1] | (639,470) | (437,016) | (1,627,711) | |
Balance, end of year | $ 5,715,996 | [2] | $ 6,205,387 | $ 6,699,789 | |
[1] | Primarily represents properties that have been deconsolidated upon sale of controlling interest, sold properties and fully depreciated assets which have been disposed. Further, includes impairment charges of $66,925, $21,879, and $147,979 for the years ended December 31, 2017, 2016 and 2015, respectively. | ||||
[2] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 6,205,387 $ 6,699,789 $ 5,227,466 Acquisitions 14,366 297 3,113,240 Improvements 135,713 157,561 153,536 Held for sale reclasses - (215,244 ) (166,742 ) Disposals* (601,946 ) (437,016 ) (1,627,711 ) Balance, end of year $ 5,753,520 $ 6,205,387 $ 6,699,789 *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, 2017: 2017 Investment properties at cost $ 5,845,284 Less: furniture, fixtures and equipment (91,764 ) Total cost per Schedule III $ 5,753,520 The unaudited aggregate cost for federal income tax purposes of real estate assets presented was $5,307,967 as of December 31, 2017. |
Schedule III - Real Estate an88
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Investment Properties at Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Investment properties at cost | $ 5,807,760 | $ 6,294,628 | |||
Total cost per Schedule III | 5,715,996 | [1] | $ 6,205,387 | $ 6,699,789 | $ 5,227,466 |
Furniture Fixtures and Equipment [Member] | |||||
Less: furniture, fixtures and equipment | $ (91,764) | ||||
[1] | Reconciliation of Real Estate Properties: The changes in real estate assets (which excludes furniture, fixtures and equipment) for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 6,205,387 $ 6,699,789 $ 5,227,466 Acquisitions 14,366 297 3,113,240 Improvements 135,713 157,561 153,536 Held for sale reclasses - (215,244 ) (166,742 ) Disposals* (601,946 ) (437,016 ) (1,627,711 ) Balance, end of year $ 5,753,520 $ 6,205,387 $ 6,699,789 *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, 2017: 2017 Investment properties at cost $ 5,845,284 Less: furniture, fixtures and equipment (91,764 ) Total cost per Schedule III $ 5,753,520 The unaudited aggregate cost for federal income tax purposes of real estate assets presented was $5,307,967 as of December 31, 2017. |
Schedule III - Real Estate an89
Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Balance, beginning of year | $ 2,063,107 | $ 2,261,593 | $ 2,058,061 | |
Depreciation expense | 205,078 | 222,861 | 232,735 | |
Disposals | (191,237) | (421,347) | (29,203) | |
Balance, end of year | $ 2,076,948 | [1] | $ 2,063,107 | $ 2,261,593 |
[1] | Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 2,063,107 $ 2,261,593 $ 2,058,061 Depreciation expense 205,078 222,861 232,735 Disposals (191,237 ) (421,347 ) (29,203 ) Balance, end of year $ 2,076,948 $ 2,063,107 $ 2,261,593 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2017: 2017 Accumulated depreciation $ 2,139,620 Less: furniture, fixtures and equipment (62,672 ) Total accumulated depreciation per Schedule III $ 2,076,948 Depreciation of our investment in buildings and improvements reflected in the consolidated 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 an90
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Less: accumulated depreciation | $ 2,139,620 | $ 2,122,572 | |||
Total accumulated depreciation per Schedule III | 2,076,948 | [1] | $ 2,063,107 | $ 2,261,593 | $ 2,058,061 |
Furniture Fixtures and Equipment [Member] | |||||
Less: furniture, fixtures and equipment | $ (62,672) | ||||
[1] | Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation and amortization for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 2,063,107 $ 2,261,593 $ 2,058,061 Depreciation expense 205,078 222,861 232,735 Disposals (191,237 ) (421,347 ) (29,203 ) Balance, end of year $ 2,076,948 $ 2,063,107 $ 2,261,593 The following reconciles accumulated depreciation per the consolidated balance sheet to the balance per Schedule III as of December 31, 2017: 2017 Accumulated depreciation $ 2,139,620 Less: furniture, fixtures and equipment (62,672 ) Total accumulated depreciation per Schedule III $ 2,076,948 Depreciation of our investment in buildings and improvements reflected in the consolidated 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. |