Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SERITAGE GROWTH PROPERTIES | ||
Entity Central Index Key | 0001628063 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 540,000,000 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-37420 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 38-3976287 | ||
Entity Address, Address Line One | 500 Fifth Avenue | ||
Entity Address, Address Line Two | Suite 1530 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10110 | ||
City Area Code | 212 | ||
Local Phone Number | 355-7800 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of Seritage Growth Properties’ Proxy Statement for its 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 34 | ||
Auditor Location | New York, New York | ||
Auditor Name | Deloitte & Touche LLP | ||
Series A Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share | ||
Trading Symbol | SRG-PA | ||
Security Exchange Name | NYSE | ||
Class A Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 43,632,364 | ||
Title of 12(b) Security | Class A common shares of beneficial interest, par value $0.01 per share | ||
Trading Symbol | SRG | ||
Security Exchange Name | NYSE | ||
Class B Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
Class C Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in real estate | |||
Land | $ 475,667 | $ 592,770 | |
Buildings and improvements | 994,221 | 1,107,532 | |
Accumulated depreciation | (154,971) | (142,206) | |
Real Estate Investment Property, at Cost, Total | 1,314,917 | 1,558,096 | |
Construction in progress | 381,194 | 352,776 | |
Net investment in real estate | 1,696,111 | 1,910,872 | |
Real estate held for sale | 1,864 | ||
Investment in unconsolidated entities | 498,563 | 457,033 | |
Cash and cash equivalents | 106,602 | 143,728 | |
Restricted cash | 7,151 | 6,526 | |
Tenant and other receivables, net | 29,111 | 46,570 | |
Lease intangible assets, net | 14,817 | 18,595 | |
Prepaid expenses, deferred expenses and other assets, net | 61,783 | 63,755 | |
Total assets | [1] | 2,414,138 | 2,648,943 |
Liabilities | |||
Term loan facility, net | 1,439,332 | 1,598,909 | |
Sales-leaseback financing obligations | 20,627 | 20,425 | |
Accounts payable, accrued expenses and other liabilities | 109,379 | 146,882 | |
Total liabilities | 1,569,338 | 1,766,216 | |
Commitments and contingencies (Note 9) | |||
Shareholders' Equity | |||
Additional paid-in capital | 1,241,048 | 1,177,260 | |
Accumulated deficit | (553,771) | (528,637) | |
Total shareholders' equity | 687,741 | 649,040 | |
Non-controlling interests | 157,059 | 233,687 | |
Total equity | 844,800 | 882,727 | |
Total liabilities and equity | 2,414,138 | 2,648,943 | |
Class A Common Shares [Member] | |||
Shareholders' Equity | |||
Common shares | 436 | 389 | |
Series A Preferred Shares [Member] | |||
Shareholders' Equity | |||
Preferred shares | $ 28 | $ 28 | |
[1] | The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of December 31, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.0 million of other assets included in other line items. No consolidated VIEs existed on the Company's consolidated balance sheets as of December 31, 2020. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Land | $ 475,667 | $ 592,770 |
Buildings and improvements | 994,221 | 1,107,532 |
Accumulated depreciation | $ (154,971) | $ (142,206) |
Class A Common Shares [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 100,000,000 | 100,000,000 |
Common shares, outstanding | 43,632,364 | 38,896,428 |
Common shares, issued | 43,632,364 | 38,896,428 |
Series A Preferred Shares [Member] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 10,000,000 | 10,000,000 |
Preferred shares, outstanding | 2,800,000 | 2,800,000 |
Preferred shares, issued | 2,800,000 | 2,800,000 |
Preferred shares, liquidation preference | $ 70,000 | $ 70,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
Rental income | $ 115,651 | $ 116,202 | $ 167,035 |
Management and other fee income | $ 1,032 | $ 293 | $ 1,598 |
Type of Revenue [Extensible List] | Management and Other Fee Income [Member] | Management and Other Fee Income [Member] | Management and Other Fee Income [Member] |
Total revenue | $ 116,683 | $ 116,495 | $ 168,633 |
EXPENSES | |||
Property operating | 45,007 | 41,164 | 42,123 |
Real estate taxes | 35,256 | 36,768 | 38,595 |
Depreciation and amortization | 51,199 | 95,997 | 104,581 |
General and administrative | 41,949 | 28,849 | 39,156 |
Total expenses | 173,411 | 202,778 | 224,455 |
Gain on sale of real estate | 221,681 | 88,555 | 71,104 |
Gain on sale of interests in unconsolidated entities | 1,758 | ||
Impairment of real estate assets | (95,826) | (64,108) | 0 |
Equity in loss of unconsolidated entities | (9,226) | (4,712) | (17,994) |
Interest and other income | 9,285 | 3,394 | 6,824 |
Interest expense | (107,975) | (91,316) | (94,519) |
Loss before income taxes | (38,789) | (152,712) | (90,407) |
Provision for income taxes | (196) | (252) | (196) |
Net loss | (38,985) | (152,964) | (90,603) |
Net loss attributable to non-controlling interests | 10,836 | 47,938 | 31,206 |
Net loss attributable to Seritage | (28,149) | (105,026) | (59,397) |
Preferred dividends | (4,900) | (4,900) | (4,900) |
Net loss attributable to common shareholders | $ (33,049) | $ (109,926) | $ (64,297) |
Net loss per share attributable to Seritage Class A common shareholders - Basic | $ (0.78) | $ (2.87) | $ (1.77) |
Net loss per share attributable to Seritage Class A common shareholders - Diluted | $ (0.78) | $ (2.87) | $ (1.77) |
Weighted average Class A common shares outstanding - Basic | 42,393 | 38,298 | 36,413 |
Weighted average Class A common shares outstanding - Diluted | 42,393 | 38,298 | 36,413 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Class A Common Shares [Member] | Class B Common Shares [Member] | Common Stock [Member]Class A Common Shares [Member] | Common Stock [Member]Class B Common Shares [Member] | Preferred Stock [Member]Series A Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Non-Controlling Interest [Member] |
Beginning balance at Dec. 31, 2018 | $ 1,150,458 | $ 357 | $ 13 | $ 28 | $ 1,124,504 | $ (344,132) | $ 369,688 | ||||
Beginning balance, shares at Dec. 31, 2018 | 35,668,000 | 1,322,000 | 2,800,000 | ||||||||
Net (loss) | (90,603) | (59,397) | (31,206) | ||||||||
Cumulative effect of accounting change at Dec. 31, 2018 | $ (1,286) | $ (1,286) | |||||||||
Common dividends and distributions declared | (14,026) | (8,996) | (5,030) | ||||||||
Preferred dividends declared | (4,900) | (4,900) | |||||||||
Vesting of restricted share units | (3,523) | (3,523) | |||||||||
Vesting of restricted share units, shares | (15,000) | ||||||||||
Share-based compensation | 7,250 | 7,250 | |||||||||
Share class surrenders | $ (1) | 1 | |||||||||
Share class surrenders, shares | (79,000) | ||||||||||
OP Unit exchanges | $ 12 | 21,489 | (21,501) | ||||||||
OP Unit exchanges, shares | 1,214,000 | ||||||||||
Ending balance at Dec. 31, 2019 | 1,043,370 | $ 369 | $ 12 | $ 28 | 1,149,721 | (418,711) | 311,951 | ||||
Ending balance, shares at Dec. 31, 2019 | 36,897,000 | 1,243,000 | 2,800,000 | ||||||||
Net (loss) | (152,964) | (105,026) | (47,938) | ||||||||
Preferred dividends declared | (4,900) | (4,900) | |||||||||
Vesting of restricted share units | $ 1 | (1) | |||||||||
Vesting of restricted share units, shares | 97,000 | ||||||||||
Share-based compensation | (2,779) | (2,779) | |||||||||
Share class surrenders | $ (12) | 12 | |||||||||
Share class surrenders, shares | (1,243,000) | ||||||||||
OP Unit exchanges | $ 19 | 30,307 | (30,326) | ||||||||
OP Unit exchanges, shares | 1,902,000 | ||||||||||
Ending balance at Dec. 31, 2020 | 882,727 | $ 389 | $ 28 | 1,177,260 | (528,637) | 233,687 | |||||
Ending balance, shares at Dec. 31, 2020 | 38,896,428 | 0 | 38,896,000 | 2,800,000 | |||||||
Net (loss) | (38,985) | (28,149) | (10,836) | ||||||||
Cumulative effect of accounting change at Dec. 31, 2020 | (528,637) | ||||||||||
Preferred dividends declared | (4,900) | (4,900) | |||||||||
Vesting of restricted share units | $ 1 | (1) | |||||||||
Vesting of restricted share units, shares | 88,000 | ||||||||||
Share-based compensation | 2,000 | 2,000 | |||||||||
OP Unit exchanges | $ 46 | 61,789 | (61,835) | ||||||||
OP Unit exchanges, shares | 4,648,000 | ||||||||||
Contributions to consolidated variable interest entities | 3,958 | 7,915 | (3,957) | ||||||||
Ending balance at Dec. 31, 2021 | $ 844,800 | $ 436 | $ 28 | $ 1,241,048 | $ (553,771) | $ 157,059 | |||||
Ending balance, shares at Dec. 31, 2021 | 43,632,364 | 43,632,000 | 2,800,000 |
CONSOLIDATED STATEMENT OF EQU_2
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Common dividends and distributions declared, per share | $ 0.25 | |
Preferred dividends declared, per share | $ 1.75 | $ 1.75 |
Class A Common Shares [Member] | ||
OP Unit exchanges, shares | 1,901,739 | 1,214,577 |
Class B Common Shares [Member] | ||
Share class surrenders, shares | 1,242,536 | 79,829 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Net loss | $ (38,985) | $ (152,964) | $ (90,603) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Equity in loss of unconsolidated entities | 9,226 | 4,712 | 17,994 |
Distributions from unconsolidated entities | 1,623 | 213 | 877 |
Gain on sale of interest in unconsolidated entities | (1,758) | ||
Gain on sale of real estate | (221,681) | (88,555) | (71,104) |
Impairment of real estate assets | 95,826 | 64,108 | 0 |
Share-based compensation | 1,856 | (3,035) | 6,845 |
Depreciation and amortization | 51,199 | 95,997 | 104,581 |
Amortization of deferred financing costs | 422 | 421 | 434 |
Amortization of above and below market leases, net | 176 | (1,793) | (495) |
Straight-line rent adjustment | (2,269) | 4,983 | (15,590) |
Interest on sale-leaseback financing obligations | 202 | ||
Change in operating assets and liabilities | |||
Tenants and other receivables | 5,771 | 9,725 | 2,556 |
Prepaid expenses, deferred expenses and other assets | (3,588) | (179) | (5,149) |
Accounts payable, accrued expenses and other liabilities | (35,774) | 20,811 | (8,006) |
Net cash used in operating activities | (135,996) | (47,314) | (57,660) |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Investment in unconsolidated entities | (38,644) | (62,891) | (54,193) |
Net proceeds from disposition of interest in unconsolidated entities | 19,551 | ||
Distributions from unconsolidated entities | 12,584 | 1,150 | 1,884 |
Net proceeds from sale of real estate | 392,422 | 331,878 | 140,505 |
Development of real estate | (105,655) | (246,820) | (387,686) |
Net cash provided by (used in) investing activities | 260,707 | 42,868 | (299,490) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Repayment of Term Loan Facility | (160,000) | ||
Proceeds from sale-leaseback financing obligations | 20,425 | ||
Purchase of shares related to stock grant recipients' tax withholdings | (269) | (85) | (3,523) |
Preferred dividends paid | (4,900) | (4,900) | (4,900) |
Common dividends paid | (17,964) | ||
Non-controlling interests distributions paid | (10,060) | ||
Contributions from noncontrolling interests in other partnerships | 3,957 | ||
Net cash (used in) provided by financing activities | (161,212) | 15,440 | (36,447) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (36,501) | 10,994 | (393,597) |
Cash, cash equivalents, and restricted cash, beginning of period | 150,254 | 139,260 | 532,857 |
Cash, cash equivalents, and restricted cash, end of period | 113,753 | 150,254 | 139,260 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents at beginning of period | 143,728 | 139,260 | 532,857 |
Restricted cash at beginning of period | 6,526 | ||
Cash and cash equivalents at the end of period | 106,602 | 143,728 | 139,260 |
Restricted cash at the end of period | 7,151 | 6,526 | |
Cash and cash equivalents and restricted cash | 113,753 | 150,254 | 139,260 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest | 115,359 | 117,866 | 117,556 |
Capitalized interest | 12,464 | 27,130 | 28,497 |
Income taxes paid | 197 | 293 | 285 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Development of real estate financed with accounts payable | 27,198 | 20,586 | 17,006 |
Preferred dividends declared and unpaid | 1,225 | 1,225 | 1,225 |
Decrease in real estate, net resulting from deconsolidated properties | |||
Real estate, net | (6,650) | (26,977) | (17,237) |
Tenants and other receivables, net | (610) | (2) | |
Lease intangible assets, net | (567) | (26) | |
Prepaid expenses, deferred expenses and other assets, net | (761) | (528) | (84) |
Accounts payable, accrued expenses and other liabilities | 547 | 6 | |
Transfer to real estate assets held for sale | (1,864) | (3,411) | (5,275) |
Transfer of below market asset to right of use asset | (11,005) | ||
Recording (removal) of right of use assets | (983) | 1,598 | 19,373 |
Recording (removal) of lease liabilities | $ 983 | (1,598) | (8,368) |
Property delivered in exchange | (2,075) | ||
Property received in exchange | $ 11,326 | ||
Property received in JV distribution | 19,300 | ||
Non-cash property investment in JV distribution | $ (19,300) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 – Organization Seritage Growth Properties (“Seritage”) (NYSE: SRG), a Maryland real estate investment trust formed on June 3, 2015, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) as defined under Section 856(c) of the Internal Revenue Code (the “Code”). Seritage’s assets are held by and its operations are primarily conducted, directly or indirectly, through Seritage Growth Properties, L.P., a Delaware limited partnership (the “Operating Partnership”). Under the partnership agreement of the Operating Partnership, Seritage, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. Unless otherwise expressly stated or the context otherwise requires, the “Company” and “Seritage” refer to Seritage, the Operating Partnership and its owned and controlled subsidiaries. Seritage is principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States. As of December 31, 2021 , the Company’s portfolio consisted of interests in 162 properties comprised of approximately 19.2 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, approximately 600 acres held for or under development and approximately 9.4 million square feet or approximately 800 acres to be disposed of. The portfolio consists of approximately 15.4 million square feet of GLA held by 137 wholly owned properties (such properties, the “Consolidated Properties”) and 3.9 million square feet of GLA held by 25 unconsolidated entities (such properties, the “Unconsolidated Properties”). The Company commenced operations on July 7, 2015 following a rights offering to the shareholders of Sears Holdings Corporation (“Sears Holdings” or “Sears”) to purchase common shares of Seritage in order to fund, in part, the $ 2.7 billion acquisition of certain of Sears Holdings’ owned properties and its 50 % interests in three joint ventures which were simultaneously leased back to Sears Holdings under a master lease agreement (the “Original Master Lease” and the “Original JV Master Leases”, respectively). As of December 31, 2021 , the Company no longer had any remaining properties leased to Holdco or Sears Holdings after giving effect to the termination of the remaining five Consolidated Properties, which were completed March 15, 2021, as further described in Note 5. COVID-19 Pandemic The Coronavirus (“COVID-19”) pandemic has caused and continues to cause significant impacts on the real estate industry in the United States, including the Company's properties. As a result of the development, fluidity and uncertainty surrounding the situation, the Company expects that these conditions may change, potentially significantly, in future periods and results for the year ended December 31, 2021 may not be indicative of the impact of the COVID-19 pandemic on the Company's business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operation or cash flows over the foreseeable future. As of December 31, 2021 , the Company had collected 97 % of rental income for the year ended December 31, 2021, and agreed to defer an additional 1 %. While the Company intends to enforce its contractual rights under its leases, there can be no assurance that tenants will meet their future obligations or that additional rental modification agreements will not be necessary. Liquidity The Company’s primary uses of cash include the payment of property operating and other expenses, including general and administrative expenses and debt service (collectively, “Obligations”), and certain development expenditures. Property rental income, which is the Company’s primary source of operating cash flow, did not fully fund Obligations incurred during the year ended December 31, 2021 and the Company recorded net operating cash outflows of $ 136.0 million. Additionally, the Company generated investing cash inflows of $ 260.7 million during the year ended December 31, 2021, which were driven by asset sales and partially offset by development expenditures. Obligations are projected to continue to exceed property rental income and the Company expects to fund such costs with a combination of capital sources including, cash on hand, and sales of Consolidated Properties, subject to any approvals that may be required under the Company’s Term Loan Facility, as described in Note 6. As of March 11, 2022, the Company had 13 assets under contract to sell for total anticipated proceeds of $ 146.3 million, subject to customary due diligence and closing conditions. Management has determined that it is probable its plans will be effectively implemented within one year after the date the financial statements are issued and that these actions will provide the necessary cash flows to fund the Company’s obligations and development expenditures. With regard to the period beyond one year after the financial statements are issued, the Company’s Term Loan Facility, which had an outstanding balance at December 31, 2021 of $ 1.44 billion and matures in July of 2023, was amended in November 2021 whereby the maturity date may be extended for two years from July 31, 2023 to July 31, 2025 if its aggregate principal balance has been reduced to $ 800 million by July 31, 2023 . If the principal balance is not reduced to $ 800 million by July 31, 2023, the loan will be due and payable on that date. The Company currently anticipates it will continue to use sales of Consolidated Properties as the primary source of capital to repay principal on the Term Loan, its obligations and certain development expenditures. On March 1, 2022, the Company announced that its Board of Trustees had commenced a process to review a broad range of strategic alternatives. The Board has created a Special Committee (the “Special Committee”) of the Company’s Board of Trustees to oversee the process. The Special Committee has retained Barclays as its financial advisor. The Company is in the early stages of the strategic review process. There can be no assurance that the review process will result in any transaction or any strategic change at this time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their consolidated properties, and all other entities in which they have a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2021 , the Company consolidates two VIEs in which we are considered the primary beneficiary, as the Company has the power to direct the activities of the entities, specifically surrounding the development plan. As of December 31, 2021 and December 31, 2020, the Company has investments in several unconsolidated VIEs and does not consolidate these entities because the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. As of December 31, 2021 , the Company holds a 77.9 % interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership . As of March 15, 2022, the Company holds a 77.9 % interest in the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheets. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. Segment Reporting The Company currently operates in a single reportable segment which includes the ownership, development, redevelopment, management, sale and leasing of real estate properties. The Company’s chief operating decision maker, its principal executive officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process. Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives which generally range between: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects, including the effects of demand, competition, and other economic factors, such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. The Company recognized impairment losses of $ 95.8 million and $ 64.1 million during the years ended December 31, 2021 and 2020, respectively. The Company did no t recognize any impairment losses during the year ended December 31, 2019. Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities when the asset is contributed to a joint venture. Gains and losses from the disposition if real estate are recorded as gain (loss) on sale of real estate on the Company’s consolidated statements of operations. Refer to Note 4 for more information on the Company’s unconsolidated entity transactions. The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2021, 2020, and 2019 (in millions): Year Ended December 31, 2021 2020 2019 Contributions to unconsolidated entities Gross proceeds $ 30.0 $ 27.0 $ 21.7 Gain (loss) on sale of real estate, net 22.6 ( 1.5 ) 3.9 Dispositions to third parties Gross proceeds $ 395.4 $ 333.4 $ 144.3 Gain on sale of real estate, net (1)(2)(3) 197.0 120.1 63.7 Total gains on contributions and dispositions, net $ 219.6 $ 118.6 $ 67.6 (1) Excludes gain of $ 2.1 million for the year ended December 31, 2021, related to the revaluation of Cockeysville JV to adjust the gain from $ 12.5 million to $ 14.6 million as further described in Note 4 below. (2) Excludes loss of $ 30.0 million for the year ended December 31, 2020, related to the revaluation of Mark 302 JV to adjust the gain from $ 38.8 million to $ 8.8 million as further described in Note 4 below. (3) Includes gain of $ 6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019. Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of December 31, 2021 , no properties were classified as held for sale, and as of December 31, 2020 , one property was classified as held for sale with assets of $ 1.9 million and no liabilities. Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions which include macroeconomic conditions, that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. . No such impairment losses were recognized for the years ended December 31, 2021 , 2020 or 2019. Restricted Cash As of December 31, 2021, restricted cash represents cash collateral for a letter of credit. As of December 31, 2020 restricted cash represents cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written-off receivables. The Company recorded a reduction to rental income of $ 0.2 million and $ 5.6 million during the years ended December 31, 2021 and 2020, respectively, as a result of the Company’s evaluation of collectability. In addition, the Company recorded a reduction of income of previously recorded straight-line rent of $ 1.2 million and $ 5.0 million for the years ended December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, the Company recorded an increase to rental income of $ 0.8 million and a decrease to rental income of $ 1.8 million related to the allowance for deferral agreements, respectively. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within six to 12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. We recognize lease concessions related to the COVID-19 pandemic such as rent deferrals and abatements in accordance with the Lease Modification Q&A issued by the Financial Accounting Standards Board (“FASB”), in April 2020, which provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rent is repaid, the Company will relieve the accrual in tenant and other receivables. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Tenant and Other Receivables Tenant and other receivables includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent, as discussed above. Tenant and other receivables also includes management fees receivable for services performed for the benefit of certain unconsolidated entities. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100 % of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management services, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects within our unconsolidated entities based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be performance obligations, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the obligation has been satisfied. Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Management believes the Company’s portfolio is reasonably diversified and does not contain any significant concentrations of credit risk. As of December 31, 2021 , the Company has one tenant that comprises 10.2 % of annualized based rent, with no other tenants exceeding 10.0% of annualized based rent. The Company’s portfolio of 137 Consolidated Properties and 25 Unconsolidated Properties was diversified by location across 38 states and Puerto Rico. Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. Since August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. As of December 31, 2020, all outstanding Class B common shares had been surrendered and there are currently no Class B common shares outstanding. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. Recently Issued Accounting Pronouncements The Company has not adopted any Accounting Standards Updates (“ASUs”) issued by the FASB during the year ended December 31, 2021. Any other recently issued accounting standards or pronouncements not disclosed have been excluded as they either are not applicable to the Company, or they are not expected to have a material effect on the consolidated financial statements of the Company. The following presents ASUs issued by FASB which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. January 1, 2019 The Company adopted this standard by electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. 8.4 million of right-of-use assets and corresponding $ 8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the consolidated balance sheets. 1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. 11,005 of below-market lease assets pertaining to a ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the consolidated balance sheets ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018-19, Codification improvements to Topic 326, Financial Instruments – Credit Losses ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an “expected credit loss” model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases. January 1, 2020 The Company’s adoption of ASU 2016-13 and 2018-19 did not have a material impact on our consolidated financial statements. The Lease Modification Q&A In April 2020, the FASB staff issued the Lease Modification Q&A focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. April 10, 2020 The Company elected to avail itself of the relief provided in the Lease Modification Q&A for all leases which were modified during the second quarter of 2020. The Company entered into Rent Deferral Agreements on 66 leases during the year ended December 31, 2020 and one additional lease during the year ended December 31, 2021. The Company has determined that the deferral agreements are all substantially similar arrangements and has elected to bypass the lease by lease analysis. This election did not result in a material change to the Company’s financial statements. The impact of this election is dependent upon the circumstances and characteristics of future modifications and as such the impact of the Lease Modification Q&A may change. Refer to Note 2 for further information regarding the deferral agreements and their impact to the Company’s results of operations. |
Lease Intangible Assets and Lia
Lease Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Lease Intangible Assets and Liabilities | Note 3 – Lease Intangible Assets and Liabilities The following tables summarize the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases $ 30,071 $ ( 16,670 ) $ 13,401 Above-market leases 3,925 ( 2,509 ) 1,416 Total $ 33,996 $ ( 19,179 ) $ 14,817 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases $ 5,802 $ ( 2,146 ) $ 3,656 Total $ 5,802 $ ( 2,146 ) $ 3,656 December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases $ 73,169 $ ( 56,369 ) $ 16,800 Above-market leases 4,139 ( 2,344 ) 1,795 Total $ 77,308 $ ( 58,713 ) $ 18,595 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases $ 6,626 $ ( 2,440 ) $ 4,186 Total $ 6,626 $ ( 2,440 ) $ 4,186 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $ 0.1 million, $ 1.8 million and $ 0.5 million for the years ended December 31, 2021 , 2020 and 2019, respectively. Amortization of an acquired below-market ground lease resulted in additional property expense of $ 0.2 million for each of the years ended December 31, 2021 , 2020 and 2019. Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $ 3.1 million, $ 42.5 million and $ 40.5 million for the years ended December 31, 2021 , 2020 and 2019, respectively. Future amortization of these leases intangibles is set forth below (in thousands): (Above) / below market leases, net Below market ground leases In-place leases 2022 $ ( 48 ) $ 203 $ 2,771 2023 1 203 1,906 2024 22 203 1,369 2025 91 203 1,062 2026 185 203 709 Thereafter 1,989 9,433 5,584 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | Note 4 – Investments in Unconsolidated Entities The Company conducts a portion of its property rental activities through investments in unconsolidated entities. The Company’s partners in these unconsolidated entities are unrelated real estate entities or commercial enterprises. The Company and its partners in these unconsolidated entities make initial and/or ongoing capital contributions to these unconsolidated entities. The obligations to make capital contributions are governed by each unconsolidated entity’s respective operating agreement and related governing documents. As of December 31, 2021, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Joint Venture Joint Venture Partner Ownership Properties GLA GS Portfolio Holdings II LLC Brookfield Properties Retail 50.0 % 3 402,900 GS Portfolio Holdings (2017) LLC Brookfield Properties Retail 50.0 % 3 474,100 MS Portfolio LLC The Macerich Company 50.0 % 7 1,266,600 SPS Portfolio Holdings II LLC Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC An investment fund managed 50.0 % 1 103,000 SI UTC LLC A separate account advised by 50.0 % 1 226,200 SF WH Joint Venture LLC An affiliate of First Washington 50.0 % 1 163,700 GGCAL SRG HV LLC An affiliate of 50.0 % 1 160,200 Tech Ridge JV Holding LLC An affiliate of 50.0 % 1 — J&J Baldwin Park LLC An affiliate of 20.0 % 1 182,200 Landmark Land Holdings, LLC Landmark Land Holdings, LLC 31.3 % 1 — 25 3,851,100 The Company has contributed certain properties to unconsolidated entities in exchange for equity interests in those unconsolidated entities. The contribution of property to unconsolidated entities is accounted for as a sale of real estate and the Company recognizes the gain or loss on the sale (the “Gain (Loss)”) based upon the transaction price attributed to the property at the closing of the unconsolidated entities transaction (the “Contribution Value”). The Gain or (Loss) is included in gain on sale of real estate on the consolidated statements of operations. In certain circumstances, the Contribution Value is subject to revaluation as defined in the respective unconsolidated entity agreements, which may result in an adjustment to the gain or loss recognized. If the Contribution Value is subject to revaluation, the Company initially recognizes the gain or loss at the value that is the expected amount within the range of possible outcomes and will re-evaluate the expected amount on a quarterly basis through the final determination date. Upon revaluation, the primary inputs in determining the Contribution Value will be updated for actual results and may result in a cash settlement or capital account adjustment between the unconsolidated entity partners, as well as an adjustment to the initial gain or loss. Each reporting period, the Company re-analyzes the primary inputs that determine the Contribution Value and the gain or loss for those unconsolidated entities subject to a revaluation. The following table summarizes the properties contributed to the Company’s unconsolidated entities (in millions): December 31, 2021 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 2019 Cockeysville JV (2) March 29, 2019 $ 14.6 $ 5.9 Tech Ridge JV (3) September 27, 2019 $ 3.0 $ 0.1 (1) The Mark 302 JV was subject to a revaluation which resulted in the Company adjusting the Contribution Value down to $ 60.0 million and reduced the Gain (Loss) by $ 30.0 million. As of December 31, 2021, the amended determination date, there has been no change to the adjusted Contribution Value and the final Contribution Value is $ 60.0 million. (2) The Cockeysville JV is subject to revaluation upon our partner contributing an adjacent parcel of land (the “Additional Land Parcel”) to the joint venture which was conditioned on certain milestones being met with respect to entitling the Additional Land Parcel for residential use. As of December 31, 2021, the parcel has been entitled and, with our consent, the partner entered sales contract with a third party for the land. As a result, the Company will receive its share of the proceeds from the sale in lieu of the parcel being contributed to the venture and recorded an additional gain of $ 2.1 million during the year ended December 31, 2021. The Company has determined that the final contribution value is $ 14.6 million. (3) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. The Contribution Value cannot be less than $ 2.75 million. Alexandria Investment On November 17, 2021, the Company contributed its property located in Alexandria, VA to the Landmark JV and retained a 31.25 % interest in this property. As a result of this contribution, the Company recorded a gain of $ 22.6 million which is included in gain on sale of real estate on the consolidated statements of operations. Unconsolidated Entity Management and Related Fees The Company acts as the operating partner and day-to-day manager for Mark 302 JV, West Hartford JV, UTC JV and Tech Ridge JV. The Company is entitled to receive fees for providing management, leasing, and construction supervision services to certain of its unconsolidated entities. Refer to Note 2 for the Company’ s accounting policies. The Company also acted as the development manager for one of the properties in the GGP II JV which entitled the Company to receive certain development fees. The Company earned $ 1.0 million, $ 0.3 million and $ 1.6 million from these services for the years ended December 31, 2021, 2020 and 2019, respectively. The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2021 December 31, 2020 ASSETS Investment in real estate Land $ 410,323 $ 318,540 Buildings and improvements 528,854 492,973 Accumulated depreciation ( 96,856 ) ( 81,730 ) 842,321 729,783 Construction in progress 206,109 222,663 Net investment in real estate 1,048,430 952,446 Cash and cash equivalents 50,279 16,094 Investment in unconsolidated entities 53,215 24,686 Tenant and other receivables, net 7,914 4,104 Other assets, net 33,812 38,196 Total assets $ 1,193,650 $ 1,035,526 LIABILITIES AND MEMBERS’ INTERESTS Liabilities Mortgage loans payable, net $ 56,075 $ 34,672 Accounts payable, accrued expenses 56,398 48,405 Total liabilities 112,473 83,077 Members’ Interests Additional paid in capital 1,097,842 964,868 Retained earnings ( 16,665 ) ( 12,419 ) Total members’ interests 1,081,177 952,449 Total liabilities and members’ interests $ 1,193,650 $ 1,035,526 Year Ended December 31, 2021 2020 2019 EQUITY IN LOSS OF UNCONSOLIDATED ENTITIES Total revenue $ 26,052 $ 22,420 $ 31,470 Property operating expenses ( 10,968 ) ( 9,962 ) ( 11,385 ) Depreciation and amortization ( 28,143 ) ( 18,401 ) ( 60,745 ) Operating loss ( 13,059 ) ( 5,943 ) ( 40,660 ) Other expenses ( 4,364 ) ( 3,551 ) ( 2,049 ) Gains, losses and impairments ( 1,087 ) 166 6,721 Net (loss) $ ( 18,510 ) $ ( 9,328 ) $ ( 35,988 ) Equity in loss of unconsolidated entities $ ( 9,231 ) $ ( 4,712 ) $ ( 17,994 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 5 – Leases Lessor Disclosures Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2021 is approximately as follows: (in thousands) December 31, 2021 2022 $ 93,785 2023 86,452 2024 83,440 2025 82,767 2026 77,698 Thereafter 374,481 Total lease payments $ 798,623 The components of lease revenues for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Fixed rental income $ 91,494 $ 93,259 $ 104,956 Variable rental income 21,861 26,133 45,994 Total rental income $ 113,355 $ 119,392 $ 150,950 Lessee Disclosures The Company has one ground lease and one corporate office lease which are classified as operating leases. As of December 31, 2021 , and 2020, the outstanding amount of right of use assets were $ 17.0 million and $ 18.8 million, respectively. The Company recorded rent expense related to leased corporate office space of $ 1.2 million, $ 1.7 million, and $ 1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Such rent expense is classified within general and administrative expenses on the consolidated statements of operations. In addition, the Company recorded ground rent expense of approximately $ 0.1 million for each of the years ended December 31, 2021 , 2020 and 2019, respectively. Such ground rent expense is classified within property operating expenses on the consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised. The Company expects to make cash payments on operating leases of $ 1.0 million in 2022, $ 1.1 million in 2023, $ 1.2 million in 2024, $ 1.2 million in 2025, $ 1.2 million in 2026 and $ 4.1 million for the periods thereafter. The present value discount is ($ 3.3 ) million. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021: (dollar amounts in thousands) As of December 31, Weighted average remaining lease term (in years) 10.15 Weighted average discount rate 6.98 % Cash paid for operating leases $ 1,828 Sale-leaseback Financing Obligations During the year ended December 31, 2020, the Company completed a sale-leaseback transaction for its property in Hialeah, Florida for $ 21.0 million which is included in sales-leaseback financing obligations on the consolidated balance sheets. As part of the sale-leaseback transaction, the Company agreed to lease all land and improvements on the land for a fixed term of 25 years at an initial base rent of $ 1.5 million per annum which will increase by 1.5 % per year thereafter. For the initial periods of the sale-leaseback, cash payments are less than the interest expense recognized, which causes the obligation to increase during the initial years of the lease term. The implied interest rate is approximately 7.00 %. The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price . The Hialeah property continues to be reflected as a long lived asset and depreciated over its remaining useful life. Future sale-leaseback financing obligations as of December 31, 2021 are approximately as follows: (in thousands) December 31, 2021 2022 $ 1,464 2023 1,486 2024 1,508 2025 1,531 2026 1,554 Thereafter 34,022 Interest portion ( 20,938 ) Total lease payments $ 20,627 Original Master Lease and Holdco Master Lease On February 28, 2019, the Company and certain affiliates of Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc. (“ESL”) , executed the Holdco Master Lease (the “Holdco Master Lease”) which became effective on March 12, 2019 when the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued an order approving the rejection of the Original Master Lease. The Company analyzed this transaction under applicable accounting guidance and determined that the termination of the Original Master Lease and entering into the Holdco Master Lease should be accounted for as a modification. The Holdco Master Lease provided the Company with the right to recapture the space occupied by the tenant at all properties (other than five specified properties) and the right to recapture any automotive care centers which are free-standing or attached as “appendages” to the properties, all outparcels or outlots and certain portions of parking areas and common areas. Under the terms of the Holdco Master Lease, Holdco had the right, at any time, to terminate the Holdco Master Lease with respect to any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco exercised termination rights with respect to all remaining properties under the Holdco Master Lease during the year ended December 31, 2020, and the remaining five properties terminated in March 2021. Revenues from the Holdco Master Lease and the Original Master Lease for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Fixed rental income $ — $ 4,268 $ 27,628 Variable rental income 4,510 10,425 23,525 Total rental income $ 4,510 $ 14,693 $ 51,153 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Term Loan Facility On July 31, 2018 , the Operating Partnership, as borrower, and the Company, as guarantor, entered into a Senior Secured Term Loan Agreement (the “Term Loan Agreement”) providing for a $ 2.0 billion term loan facility (the “Term Loan Facility”) with Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”) as lender and Berkshire Hathaway as administrative agent. The Term Loan Facility provided for an initial funding of $ 1.6 billion at closing (the “Initial Funding”) and includes a $ 400 million incremental funding facility (the “Incremental Funding Facility”) subject to certain conditions described below. The Term Loan Facility matures on July 31, 2023 , with the ability to extend based on meeting certain criteria. Funded amounts under the Term Loan Facility bear interest at an annual rate of 7.0 % and unfunded amounts under the Incremental Funding Facility are subject to an annual fee of 1.0 % until drawn. The Company prepays the annual fee and amortizes the expense to interest expense on the consolidated statements of operations. On December 31, 2021, the Company paid down $ 160 million towards the Term Loan’s unpaid principal balance. As of December 31, 2021 , the aggregate principal amount outstanding under the Term Loan Facility was $ 1.44 billion. The Company’s ability to access the Incremental Funding Facility is subject to (i) the Company achieving rental income from non-Sears Holdings tenants, on an annualized basis (after giving effect to SNO Leases expected to commence rent payment within 12 months) for the fiscal quarter ending prior to the date of incurrence of the Incremental Funding Facility, of not less than $ 200 million, (ii) the Company’s good faith projection that rental income from non-Sears Holdings tenants (after giving effect to SNO Leases expected to commence rent payment within 12 months) for the succeeding four consecutive fiscal quarters (beginning with the fiscal quarter during which the incremental facility is accessed) will be not less than $ 200 million, and (iii) the repayment by the Operating Partnership of any deferred interest permitted under the amendment to the Term Loan Amendment as further described below. As of December 31, 2021, the Company has not yet achieved the requirements to access the Incremental Funding Facility. The Term Loan Facility is guaranteed by the Company and, subject to certain exceptions, is required to be guaranteed by all existing and future subsidiaries of the Operating Partnership. The Term Loan Facility is secured on a first lien basis by a pledge of the capital stock of the direct subsidiaries of the Operating Partnership and the guarantors, including its joint venture interests, except as prohibited by the organizational documents of such entities or any joint venture agreements applicable to such entities, and contains a requirement to provide mortgages and other customary collateral upon the breach of certain financial metrics described below, the occurrence and continuation of an event of default and certain other conditions set forth in the Term Loan Agreement. During 2019, mortgages were recorded on a majority of the Company’s portfolio and during the year ended December 31, 2021, mortgages were recorded on the remaining unmortgaged properties in all but three locations. The Term Loan Facility includes certain financial metrics to govern springing collateral requirements and certain covenant exceptions set forth in the Term Loan Agreement, including: (i) a total fixed charge coverage ratio of not less than 1.00 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending December 31, 2021, and not less than 1.20 to 1.00 for each fiscal quarter thereafter; (ii) an unencumbered fixed charge coverage ratio of not less than 1.05 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending December 31, 2021, and not less than 1.30 to 1.00 for each fiscal quarter thereafter; (iii) a total leverage ratio of not more than 65 %; (iv) an unencumbered ratio of not more than 60 %; and (v) a minimum net worth of at least $ 1.2 billion. Any failure to satisfy any of these financial metrics limits the Company’s ability to dispose of assets via sale or joint venture and triggers the springing mortgage and collateral requirements but will not result in an event of default. The Term Loan Facility also includes certain limitations relating to, among other activities, the Company’s ability to: sell assets or merge, consolidate or transfer all or substantially all of its assets; incur additional debt; incur certain liens; enter into, terminate or modify certain material leases and/or the material agreements for the Company’s properties; make certain investments (including limitations on joint ventures) and other restricted payments; pay distributions on or repurchase the Company’s capital stock; and enter into certain transactions with affiliates. The Term Loan Facility contains customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, material inaccuracy of representations or warranties, and bankruptcy or insolvency proceedings. If there is an event of default, the lenders may declare all or any portion of the outstanding indebtedness to be immediately due and payable, exercise any rights they might have under any of the Term Loan Facility documents, and require the Company to pay a default interest rate on overdue amounts equal to 2.0 % in excess of the then applicable interest rate. As of December 31, 2021, the Company was not in compliance with certain of the financial metrics described above. As a result, the Company must receive the consent of Berkshire Hathaway to dispose of assets via sale or contribution to another entity and, as of December 31, 2021, Berkshire Hathaway had provided such consent for all such transactions submitted for approval. There can be no assurance that the lender will consent to future dispositions of assets. The Company believes it is in compliance with all other terms and conditions of the Term Loan Agreement. The Company incurred $ 2.1 million of debt issuance costs related to the Term Loan Facility which are recorded as a direct deduction from the carrying amount of the Term Loan Facility and amortized over the term of the Term Loan Agreement. As of December 31, 2021 and 2020, the unamortized balance of the Company’s debt issuance costs were $ 0.7 million and $ 1.1 million, respectively. On May 5, 2020, the Operating Partnership and Berkshire Hathaway entered into an amendment (the “Term Loan Amendment”) to the Term Loan Agreement by and among the Operating Partnership and Berkshire Hathaway as initial lender and administrative agent that permits the deferral of payment of interest under the Term Loan Agreement if, as of the first day of each applicable month, (x) the amount of unrestricted and unencumbered (other than liens created under the Term Loan Agreement) cash on hand of the Operating Partnership and its subsidiaries, minus (y) the aggregate amount of anticipated necessary expenditures for such period (such sum, “Available Cash”) is equal to or less than $30.0 million. In such instances, for each interest period, the Operating Partnership is obligated to make payments of interest in an amount equal to the difference between (i) Available Cash and (ii) $20.0 million (provided that such payment shall not exceed the amount of current interest otherwise due under the Term Loan Agreement). Any deferred interest shall accrue interest at 2.0 % in excess of the then applicable interest rate and shall be due and payable on July 31, 2023; provided, that the Operating Partnership is required to pay any deferred interest from Available Cash in excess of $ 30.0 million (unless otherwise agreed to by the administrative agent under the Term Loan Agreement in its sole discretion). In addition, repayment of any outstanding deferred interest is a condition to any borrowings under the $ 400.0 million incremental funding facility under the Term Loan Agreement. The Company has paid all interest due under the Term Loan Agreement and has not deferred any interest as permitted under the Term Loan Amendment. Additionally, the Term Loan Amendment provides that the administrative agent and the lenders express their continued support for asset dispositions, subject to the administrative agent’s right to approve the terms of individual transactions due to the occurrence of a Financial Metric Trigger Event, as such term is defined under the Term Loan Agreement. On November 24, 2021, the Operating Partnership, the Company and Berkshire Hathaway entered into an amendment (the “Second Term Loan Amendment”) to the Term Loan Agreement by and among the Operating Partnership, the Company and Berkshire Hathaway to which the Operating Partnership, the Company and Berkshire Hathaway mutually agreed that (i) the “make whole” provision in the Senior Secured Term Loan Agreement shall not be applicable to prepayments of principal ; and (ii) the Senior Secured Term Loan Agreement, as amended for (i) above, may at the Operating Partnership's election be extended for two years from July 31, 2023 to July 31, 2025 (the “Maturity Date” ) if its principal has been reduced to $ 800 million by the Maturity Date. If it has not been reduced to this limit by the Maturity Date, the loan will be due and payable on that date. In all other respects, the Senior Secured Term Loan Agreement remains unchanged. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes The Company has elected to be taxed as a REIT as defined under Section 856 of the Code for U.S. federal income tax purposes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to currently distribute at least 90 % of its adjusted REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT or does not distribute 100% of its taxable income in any taxable year, it will be subject to U.S. federal income tax at regular corporate rates (including, for any taxable year ended on or before December 31, 2017, any applicable alternative minimum tax) and any applicable state and local income taxes. In addition, if the Company fails to qualify as a REIT, it may not be able to qualify as a REIT for four subsequent taxable years in some cases. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain U.S. state, local and Puerto Rico taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed REIT taxable income. The Company’s taxable REIT subsidiaries are subject to corporate income tax. As of December 31, 2020, the Company had $ 97.0 million of net operating loss carryforwards available to offset future income and gains. The Company evaluated whether any uncertain tax positions existed as of December 31, 2021 and 2020 and concluded that there are no uncertain tax positions. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements ASC 820, Fair Value Measurement , defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the “exit price”). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data Level 3 - unobservable inputs used when little or no market data is available The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist of real estate assets that have been written down to estimated fair value and are classified as Level 3 within the fair value hierarchy. For the years ended December 31, 2021, 2020 and 2019, in accordance with ASC 360-10, Property, Plant and Equipment , the Company recorded impairment losses of $ 95.8 million, $ 64.1 million and $ 0 million, respectively, on real estate assets which is included in impairment on real estate assets within the consolidated statements of operations. The fair value estimates used to determine the impairment charges were determined primarily by discounted cash flow analyses, market comparable data, and/or third-party appraisals, as applicable. The cash flows utilized in such analyses are comprised of unobservable inputs which include, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates based upon market conditions and future expectations. The capitalization rates and discount rates used in the analysis ranged from 6.0 % and 12.0 %. Comparable data utilizes comparable sales, listings, sales contracts and letters of intent which are subject to judgment as to comparability to the valued property. Because of these inputs, we have determined that the fair values of these properties are classified within Level 3 of the fair value hierarchy. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash equivalents and term loan facility. The fair value of term loan facility is classified as Level 2. Cash equivalents and restricted cash are carried at cost, which approximates fair value. The fair value of debt obligations is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings. As of December 31, 2021 and 2020, the estimated fair values of the Company’s debt obligations were $ 1.5 billion and $ 1.6 billion, respectively, which approximated the carrying value at such dates as the current risk-adjusted rate approximates the stated rates on the Company’s debt obligations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Insurance The Company maintains general liability insurance and all-risk property and rental value, with sub-limits for certain perils such as floods and earthquakes on each of the Company’s properties. The Company also maintains coverage for terrorism acts as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2027. Insurance premiums are charged directly to each of the properties. The Company will be responsible for deductibles and losses in excess of insurance coverage, which could be material. The Company continues to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, the Company cannot anticipate what coverage will be available on commercially reasonable terms in the future. Environmental Matters Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. Under the Original Master Lease and Holdco Master Lease, Holdco is required to indemnify the Company from certain environmental liabilities at the Consolidated Properties before or during the period in which any such Consolidated Property was leased to Holdco, including removal and remediation of all affected facilities and equipment constituting the automotive care center. In addition, an environmental reserve was funded at the closing of the transactions in connection with the Company commencing operations in the amount of approximately $ 12.0 million. As of December 31, 2021 and 2020, the balance of the environmental reserve was approximately $ 9.5 million, respectively, and is included in the accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. Litigation and Other Matters In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued or discloses the fact that such a range of loss cannot be estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. On April 18, 2019, at the direction of the Restructuring Sub-Committee of the Restructuring Committee of the Board of Directors of Sears Holdings, Sears Holdings, Sears, Roebuck & Co., Sears Development Co., Kmart Corporation, and Kmart of Washington, LLC filed a lawsuit (the “Litigation”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) against, among others, Edward S. Lampert, ESL and certain of its affiliates and investors, Fairholme Capital Management, L.L.C., certain members of the Sears Holdings board of directors, and the Company, the Operating Partnership, and certain of our affiliates and subsidiaries (the Company, the Operating Partnership, and certain of our affiliates and subsidiaries collectively, the “Seritage Defendants”). The Litigation is dual captioned as In re: Sears Holdings Corporation, et al., Case No. 18-23538 (RDD) and Sears Holdings Corporation et al., v. Lampert et al., Case No. 19-08250 (RDD). The Litigation alleges, among other things, that certain transactions undertaken by Sears Holdings since 2011 constituted actual and/or constructive fraudulent transfers and/or illegal dividends by Sears Holdings. The challenged transactions include the July 2015 transactions giving rise to Seritage, the execution of the Original Master Lease with Sears Holdings, and the acquisition of real estate from Sears Holdings. The Litigation alleges, among other things, that the real estate acquired by Seritage from Sears Holdings in July 2015 was worth at least $ 649 to $ 749 million more than the purchase price paid. The Litigation seeks as relief, among other things, declaratory relief, avoidance of the allegedly actual and/or constructive fraudulent transfers and either (i) rescission of the transfers of real estate from Sears Holdings to Seritage in 2015 and return of the proceeds of the transactions between Sears Holdings and Seritage, or, in the alternative, (ii) payment by Seritage to Sears Holdings of damages at least equal to the value of the transferred property. On October 15, 2019, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Modified Second Amended Joint Chapter 11 Plan of Sears Holdings and its affiliated debtors (the “Chapter 11 Plan”). Pursuant to the terms of the Confirmation Order, upon the effective date of the Chapter Plan, a liquidating trust will be formed, and the Litigation will vest in the liquidating trust. The Confirmation Order further provides that, prior to the effective date of the Chapter 11 Plan and the formation of the liquidating trust, the Litigation shall be controlled by five litigation designees selected by Sears Holdings and the Unsecured Creditors’ Committee (the “UCC”). For further information, refer to the Chapter 11 Plan, Confirmation Order and liquidating trust agreement, each of which has been publicly filed with the Bankruptcy Court. On February 21, 2020, the Seritage defendants filed a partial motion to dismiss seeking dismissal of the claims in the operative complaint in the Litigation relating to the release received in the Sears Holdings derivative litigation, unjust enrichment, and equitable subordination. Briefing and oral argument on the motions have been completed, and the parties are awaiting a decision. Briefing and oral argument on the motions were completed in August 2020, and the parties are awaiting a decision. The Company believes that the claims against the Seritage Defendants in the Litigation are without merit and intends to defend against them vigorously. On March 15, 2021, the Court consolidated the Litigation with a case captioned Sears Holding Corp. et al. v. Andrew H. Tisch, et al., Case No. 20-07007 (RDD) (the “Shareholder Litigation,” and, together with the Litigation, the “Consolidated Litigation”). The Shareholder Litigation was brought by the UCC, Sears Holdings Corporation, and Sears, Roebuck and Co., against certain shareholders of Sears Holdings or its related companies. Seritage was not named as a defendant in the Shareholder Litigation, which alleges, among other things, that certain transactions undertaken by Sears Holdings since 2014 (including the July 2015 transactions giving rise to Seritage, the execution of the Original Master Lease with Sears Holdings, and the acquisition of real estate from Sears Holdings) constituted actual and/or constructive fraudulent transfers and/or illegal dividends. The Company believes that the claims against the Seritage Defendants in the Consolidated Litigation are without merit and intends to defend against them vigorously. , and 2020, the Company did not record any amounts for litigation or other matters. |
Related Party Disclosure
Related Party Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Disclosure | Note 10 – Related Party Disclosure Edward S. Lampert Edward S. Lampert is the Chairman and Chief Executive Officer of ESL, which owns Holdco, and was Chairman of Sears Holdings. Mr. Lampert was also the Chairman of Seritage prior to his retirement effective March 1, 2022. As of December 31, 2021 , Mr. Lampert beneficially owned a 22.1 % interest in the Operating Partnership and approximately 9.3 % of the outstanding Class A common shares. Subsidiaries of Holdco, as lessees, and subsidiaries of the Company, as lessors, are parties to the Holdco Master Lease and subsidiaries of Sears Holdings, as lessees, and subsidiaries of the Company, as lessors, were parties to the Original Master Lease (see Note 5). Unconsolidated Entities Certain unconsolidated entities have engaged the Company to provide management, leasing, construction supervision and development services at the properties owned by the unconsolidated entities. Refer to Note 2 for the Company’s significant accounting policies. In addition, as of December 31, 2021 , the Company had incurred $ 0.2 million of development expenditures at properties owned by certain unconsolidated entities for which the Company will be repaid by the respective unconsolidated entities. These amounts are included in tenant and other receivables, net on the Company’s consolidated balance sheets. As of December 31, 2020 , the Company had incurred $ 5.0 million of these development expenditures. |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 11 – Non-Controlling Interests Partnership Agreement On July 7, 2015, Seritage and ESL entered into the agreement of limited partnership of the Operating Partnership which was amended and restated on December 14, 2017. Pursuant to this partnership agreement, as the sole general partner of the Operating Partnership, Seritage exercises exclusive and complete responsibility and discretion in its day-to-day management, authority to make decisions, and control of the Operating Partnership, and may not be removed as general partner by the limited partners. As of December 31, 2021 , the Company held a 77.9 % interest in the Operating Partnership and ESL held a 22.1 % interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the periods presented. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12 – Shareholders’ Equity Class A Common Shares As of December 31, 2021 , 43,632,364 Class A common shares were issued and outstanding. Class A shares have a par value of $ 0.01 per share. During the year ended December 31, 2021 , 4,647,943 OP Units were exchanged for an equal number of Class A shares. Class B Non-Economic Common Shares As of December 31, 2021 , there were no Class B non-economic common shares issued or outstanding. Series A Preferred Shares In December 2017, the Company issued 2,800,000 7.00 % Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) in a public offering at $ 25.00 per share. The Company received net proceeds from the offering of approximately $ 66.4 million, after deducting payment of the underwriting discount and offering expenses. The Company may not redeem the Series A Preferred Shares before December 14, 2022 except to preserve its status as a REIT or upon the occurrence of a Change of Control, as defined in the trust agreement addendum designating the Series A Preferred Shares. On and after December 14, 2022, the Company may redeem any or all of the Series A Preferred Shares at $ 25.00 per share plus any accrued and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may redeem any or all of the Series A Preferred Shares for cash within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they are converted. Dividends and Distributions The Company’s Board of Trustees has not declared dividends on the Company’s Class A common shares during 2021 or 2020. The last dividend on the Company’s Class A and C common shares that the Board of Trustees declared was on February 25, 2019, which was paid on April 11, 2019 to shareholders of record on March 29, 2019. Our Board of Trustees will continue to assess the Company’s investment opportunities and its expectations of taxable income in its determination of future distributions, if any. The Company declared total dividend of $ 0.25 per common share for the years ended December 31, 2019. The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2021 2020 2019 Ordinary income $ — $ — $ — Capital gain distributions — — — Return of capital — — 0.50 Dividends reallocation (1) — — ( 0.25 ) Total $ — $ — $ 0.25 (1) In 2018, the fourth quarter dividend of 2018 declared on October 23, 2018 was allocated to the 2019 tax year . The Company’s Board of Trustees also declared the following dividends on preferred shares during 2022, 2021 and 2020: Declaration Date Record Date Payment Date Preferred Share 2022 February 16 March 31 April 15 $ 0.43750 2021 October 26 December 31 January 14, 2022 $ 0.43750 July 27 September 30 October 15 0.43750 April 27 June 30 July 15 0.43750 February 23 March 31 April 15 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 13 – Earnings per Share The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in the Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. Year Ended December 31, (in thousands except per share amounts) 2021 2020 2019 Numerator - Basic and Diluted Net loss $ ( 38,985 ) $ ( 152,964 ) $ ( 90,603 ) Net loss attributable to non-controlling interests 10,836 47,938 31,206 Preferred dividends ( 4,900 ) ( 4,900 ) ( 4,900 ) Net loss attributable to common shareholders $ ( 33,049 ) $ ( 109,926 ) $ ( 64,297 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic $ ( 33,049 ) $ ( 109,926 ) $ ( 64,297 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 42,393 38,298 36,413 Weighted average Class A common shares outstanding 42,393 38,298 36,413 Net loss per share attributable to Class A and $ ( 0.78 ) $ ( 2.87 ) $ ( 1.77 ) No adjustments were made to the numerator for the years ended December 31, 2021, 2020 or 2019 because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses. No adjustments were made to the denominator for the years ended December 31, 2021, 2020 or 2019 because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share. As of December 31, 2021 , 2020 and 2019, there were 288,068 , 157,465 and 349,318 shares, respectively, of non-vested restricted shares outstanding. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | Note 14 – Share-Based Compensation On July 7, 2015, the Company adopted the Seritage Growth Properties 2015 Share Plan (the “Plan”). The number of shares of common stock reserved for issuance under the Plan is 3,250,000 . The Plan provides for grants of restricted shares, share units, other share-based awards, options, and share appreciation rights, each as defined in the Plan (collectively, the “Awards”). Directors, officers, other employees, and consultants of the Company and its subsidiaries and affiliates are eligible for Awards. Restricted Shares and Share Units Pursuant to the Plan, the Company has periodically made grants of restricted shares or share units. The vesting terms of these grants are specific to the individual grant and vary in that a portion of the restricted shares and share units vest in equal annual amounts over the subsequent three years (time-based vesting) and a portion of the restricted shares and share units vest on the third, and in some instances, the fourth anniversary of the grants subject to the achievement of certain performance criteria (performance-based and market-based vesting). In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). Restricted shares and share units that do not vest are forfeited. Dividends on restricted shares and share units with time-based vesting are paid to holders of such shares and share units and are not returnable, even if the underlying shares or share units do not ultimately vest. Dividends on restricted shares and share units with performance-based vesting are accrued when declared and paid to holders of such shares on the third, and in some instances, the fourth anniversary of the initial grant subject to the vesting of the underlying shares. See Note 2 for valuation information related to the grants of the awards that are subject to market-based vesting conditions. The following table summarizes restricted share and share unit activity for the grant periods ended December 31, 2021 and 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Weighted- Weighted- Shares and Average Grant Shares and Average Grant Share Units Date Fair Value Share Units Date Fair Value Unvested restricted shares and share units at beginning of period 157,465 $ 38.73 349,318 $ 44.88 Restricted shares and share units granted 345,262 19.25 106,327 31.06 Restricted shares and share units vested ( 156,146 ) 38.65 ( 55,308 ) 43.23 Restricted shares and share units forfeited ( 58,513 ) 27.77 ( 242,872 ) 43.19 Unvested restricted shares and share units at end of period 288,068 $ 17.65 157,465 $ 38.73 The Company recognized $ 1.9 million in share-based compensation expense related to the restricted shares for the year ended December 31, 2021 . The Company recognized share-based compensation of $ 4.0 million for the year ended December 31, 2020 offset by $ 7.0 million of forfeitures of unvested shares related to the resignation of certain executives. The Company recognized share-based compensation of $ 6.8 million for the year ended December 31, 2019. Compensation expenses related to the restricted shares are included in general and administrative expenses on the Company's consolidated statements of operations. As of December 31, 2021 , there were approximately $ 4.3 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 2.1 years. As of December 31, 2020 , there were $ 1.9 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 1.7 years. In light of the recent actions taken by the Board of Trustees to commence a process to review a broad range of strategic alternatives, on March 9, 2022, the Compensation Committee of the Board (the “Compensation Committee”) approved certain modifications to the Company’s existing performance-based compensation programs to reflect the Company’s current focus on this strategic process and approved retention incentives to employees whose efforts will be critical to the execution of the strategic review process in the coming months. These actions include: (i) amending the Company’s 2021 annual equity award program, pursuant to which grants are scheduled to be made in 2022 to be comprised entirely of time-based restricted stock units (rather than a mix of time-based and performance-based restricted stock units), which will vest ratably over a period of 3 years , subject to acceleration provisions in the event of certain termination of employment events; (ii) amending the Company’s annual cash bonus program to provide that annual cash bonuses for the 2022 performance year will be paid to employees who are eligible to receive a bonus in an amount equal to each individual’s target annual cash bonus incentive; and (iii) amending the Company’s 2022 and future annual equity award programs to provide for awards that would be scheduled to be granted in 2023 and subsequent years to be comprised of cash awards, in lieu of any further equity awards, with the cash awards to be in an amount equal to the eligible individual’s annual target equity award value and, unless otherwise determined by the Compensation Committee at the time of grant, subject to the vesting conditions applicable to the 2021 annual equity award program above. |
Revision of Quarterly Cash Flow
Revision of Quarterly Cash Flow Statements (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision of Quarterly Cash Flow Statements (unaudited) | Note 15 – Revision of Quarterly Cash Flow Statements (unaudited) 21 . The correction of the immaterial error resulted in an increase in cash used in operating activities and cash provided by investing activities of approximately $ 11 million from the previously reported amounts. The corrected (unaudited) cash used in operating activities for the periods ended March 31, 2021, June 30, 2021, and September 30, 2021 is $ 23,096 , $ 67,602 and $ 96,552 , respectively. The corrected (unaudited) cash provided from investing activities for the periods ended March 31, 2021, June 30, 2021, and September 30, 2021 is $ 18,514 , $ 67,085 and $ 106,806 , respectively. There was no other effect on previously reported amounts in our quarterly filings on Form 10-Q during the year ended December 31, 2021. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SERITAGE GROWTH PROPERTIES SCHEDULE III—REAL ESTATE AN D ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) Costs Capitalized Gross Amount at Which Carried Life Upon Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Anchorage(Sur) AK (3 ) $ 11,517 $ 11,729 $ ( 579 ) $ 19,906 $ 10,938 $ 31,635 $ 42,573 $ ( 4,441 ) July, 2015 (4) North Little Rock AR (3 ) 1,288 2,881 — 2,507 1,288 5,388 6,676 ( 687 ) July, 2015 (4) Mesa/East AZ (3 ) 2,661 2,559 — ( 642 ) 2,661 1,917 4,578 ( 377 ) July, 2015 (4) Park Mall AZ (3 ) 5,207 3,458 ( 2,221 ) 5,212 2,986 8,670 11,656 ( 997 ) July, 2015 (4) Phoenix-Desert Sky AZ (3 ) 2,605 2,448 — ( 669 ) 2,605 1,779 4,384 ( 373 ) July, 2015 (4) Sierra Vista AZ (3 ) 1,252 1,791 ( 243 ) ( 194 ) 1,009 1,597 2,606 ( 750 ) July, 2015 (4) Yuma AZ (3 ) 1,485 1,596 — ( 401 ) 1,485 1,195 2,680 ( 259 ) July, 2015 (4) Phoenix AZ (3 ) 568 1,088 — ( 624 ) 568 464 1,032 ( 85 ) July, 2015 (4) Glendale AZ (3 ) 19,040 - ( 12,041 ) 300 6,999 300 7,299 ( 100 ) December, 2020 (4) Ramona CA (3 ) 7,239 1,452 — ( 318 ) 7,239 1,134 8,373 ( 226 ) July, 2015 (4) Riverside CA (3 ) 2,670 2,489 — ( 767 ) 2,670 1,722 4,392 ( 368 ) July, 2015 (4) Big Bear Lake CA (3 ) 3,664 2,945 — ( 436 ) 3,664 2,509 6,173 ( 495 ) July, 2015 (4) Temecula CA (3 ) 6,098 2,214 — 8,539 6,098 10,753 16,851 ( 1,035 ) July, 2015 (4) Ventura CA (3 ) 5,578 6,172 ( 1,697 ) ( 1,863 ) 3,881 4,309 8,190 ( 1,165 ) July, 2015 (4) Roseville CA (3 ) 4,848 3,215 ( 1,909 ) 22,435 2,939 25,650 28,589 ( 922 ) July, 2015 (4) Fairfield CA (3 ) 3,679 1,366 ( 2,918 ) 7,750 761 9,116 9,877 ( 434 ) July, 2015 (4) West Covina CA (3 ) 2,754 244 — — 2,754 244 2,998 ( 55 ) July, 2015 (4) West Covina CA (3 ) 3,218 1,161 — — 3,218 1,161 4,379 ( 260 ) July, 2015 (4) Fresno CA (3 ) 1,370 2,000 ( 278 ) 6,369 1,092 8,369 9,461 ( 259 ) July, 2015 (4) Riverside CA (3 ) 1,054 494 — — 1,054 494 1,548 ( 111 ) July, 2015 (4) Riverside CA (3 ) 3,343 2,778 — — 3,343 2,778 6,121 ( 624 ) July, 2015 (4) San Bernardino CA (3 ) 4,131 2,066 — ( 780 ) 4,131 1,286 5,417 ( 279 ) July, 2015 (4) Florin CA (3 ) 1,022 1,366 — ( 191 ) 1,022 1,175 2,197 ( 253 ) July, 2015 (4) El Cajon CA (3 ) 10,573 2,883 — 24,778 10,573 27,661 38,234 ( 1,555 ) July, 2015 (4) San Jose-Eastridge CA (3 ) 1,531 2,356 — ( 805 ) 1,531 1,551 3,082 ( 336 ) July, 2015 (4) Citrus Hts-Sunrise CA (3 ) 3,778 2,088 — ( 775 ) 3,778 1,313 5,091 ( 284 ) July, 2015 (4) Westminster CA (3 ) 6,845 5,651 — ( 1,024 ) 6,845 4,627 11,472 ( 1,002 ) July, 2015 (4) Salinas CA (3 ) 2,644 4,394 ( 505 ) ( 1,435 ) 2,139 2,959 5,098 ( 774 ) July, 2015 (4) Palm Desert CA (3 ) 5,473 1,705 ( 542 ) ( 679 ) 4,931 1,026 5,957 ( 215 ) July, 2015 (4) El Centro CA (3 ) 3,877 3,977 ( 1,428 ) ( 2,032 ) 2,449 1,945 4,394 ( 543 ) July, 2015 (4) Santa Maria CA (3 ) 3,967 2,635 ( 1,489 ) ( 1,200 ) 2,478 1,435 3,913 ( 451 ) July, 2015 (4) Merced CA (3 ) 2,534 1,604 ( 2,534 ) 3,707 - 5,311 5,311 ( 99 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Life Upon Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Thousand Oaks CA (3 ) $ 9,853 $ 14,785 $ — $ 7,507 $ 9,853 $ 22,292 $ 32,145 $ ( 5,014 ) July, 2015 (4) Thornton CO (3 ) 1,881 1,300 — 3,050 1,881 4,350 6,231 ( 841 ) July, 2015 (4) Lakewood CO (3 ) 1,290 4,550 — ( 417 ) 1,290 4,133 5,423 ( 926 ) July, 2015 (4) Waterford CT (3 ) 1,371 2,534 — ( 680 ) 1,371 1,854 3,225 ( 389 ) July, 2015 (4) Rehoboth Beach DE (3 ) 714 4,523 ( 134 ) 6,262 580 10,785 11,365 ( 2,308 ) July, 2015 (4) Hialeah FL (3 ) 5,492 2,344 — 13,510 5,492 15,854 21,346 ( 1,564 ) July, 2015 (4) North Miami FL (3 ) 4,748 2,434 — 18,874 4,748 21,308 26,056 ( 1,015 ) July, 2015 (4) Ocala FL (3 ) 2,468 1,150 — ( 456 ) 2,468 694 3,162 ( 145 ) July, 2015 (4) Pensacola FL (3 ) 2,620 2,990 ( 1,606 ) ( 2,443 ) 1,014 547 1,561 ( 32 ) July, 2015 (4) Orlando Colonial FL (3 ) 4,403 3,626 ( 177 ) 17,189 4,226 20,815 25,041 ( 1,532 ) July, 2015 (4) St Petersburg FL (3 ) 2,381 2,420 ( 50 ) 23,116 2,331 25,536 27,867 ( 4,417 ) July, 2015 (4) Hialeah/Westland FL (3 ) 9,683 3,472 — 224 9,683 3,696 13,379 ( 710 ) July, 2015 (4) Miami/Cutler Rdg FL (3 ) 5,219 1,236 — ( 206 ) 5,219 1,030 6,249 ( 223 ) July, 2015 (4) Clearwater/Cntrysd FL (3 ) 5,852 17,777 — 182 5,852 17,959 23,811 ( 4,300 ) July, 2015 (4) Ft Myers FL (3 ) 3,168 2,853 — ( 418 ) 3,168 2,435 5,603 ( 546 ) July, 2015 (4) Plantation FL (3 ) 6,933 2,509 ( 3,361 ) ( 1,641 ) 3,572 868 4,440 ( 322 ) July, 2015 (4) Sarasota FL (3 ) 3,920 2,200 — ( 831 ) 3,920 1,369 5,289 ( 287 ) July, 2015 (4) Boca Raton FL (3 ) 16,089 7,480 — ( 515 ) 16,089 6,965 23,054 ( 1,460 ) July, 2015 (4) Miami FL (3 ) 13,264 61,577 — ( 61,577 ) 13,264 - 13,264 - July, 2015 (4) Doral(Miami) FL (3 ) 9,214 2,654 — ( 600 ) 9,214 2,054 11,268 ( 431 ) July, 2015 (4) Lakeland FL (3 ) 1,503 1,045 — ( 378 ) 1,503 667 2,170 ( 131 ) July, 2015 (4) Panama City FL (3 ) 3,227 1,614 — ( 461 ) 3,227 1,153 4,380 ( 242 ) July, 2015 (4) Charles City IA (3 ) 793 1,914 — — 793 1,914 2,707 ( 1,102 ) July, 2015 (4) Webster City IA (3 ) 392 896 ( 120 ) ( 133 ) 272 763 1,035 ( 435 ) July, 2015 (4) Cedar Rapids IA (3 ) 2,833 2,197 ( 582 ) 406 2,251 2,603 4,854 ( 411 ) July, 2015 (4) Springfield IL (3 ) 2,182 5,051 ( 213 ) 14,871 1,969 19,922 21,891 ( 3,300 ) July, 2015 (4) Chicago IL (3 ) 2,385 7,924 ( 1,728 ) ( 5,118 ) 657 2,806 3,463 ( 1,544 ) July, 2015 (4) Steger IL (3 ) 589 2,846 ( 214 ) ( 786 ) 375 2,060 2,435 ( 684 ) July, 2015 (4) N Riverside IL (3 ) 1,846 3,178 ( 101 ) 12,956 1,745 16,134 17,879 ( 1,912 ) July, 2015 (4) Joliet IL (3 ) 2,557 3,108 — ( 1,715 ) 2,557 1,393 3,950 ( 292 ) July, 2015 (4) Orland Park IL (3 ) 1,783 974 — ( 380 ) 1,783 594 2,377 ( 125 ) July, 2015 (4) Lombard IL (3 ) 2,685 8,281 — — 2,685 8,281 10,966 ( 1,992 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Life Upon Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Merrillville IN (3 ) $ 3,413 $ 3,224 $ — $ ( 699 ) $ 3,413 $ 2,525 $ 5,938 $ ( 586 ) July, 2015 (4) Elkhart IN (3 ) 1,349 869 — ( 335 ) 1,349 534 1,883 ( 105 ) July, 2015 (4) Ft Wayne IN (3 ) 3,247 5,476 ( 796 ) ( 3,382 ) 2,451 2,094 4,545 ( 111 ) July, 2015 (4) Hopkinsville KY (3 ) 553 2,815 ( 68 ) 1,314 485 4,129 4,614 ( 804 ) July, 2015 (4) Paducah KY (3 ) 1,022 2,868 ( 466 ) 5,798 556 8,666 9,222 ( 2,202 ) July, 2015 (4) Lafayette LA (3 ) 1,406 5,094 — ( 1,019 ) 1,406 4,075 5,481 ( 854 ) July, 2015 (4) Braintree MA (3 ) 6,585 5,614 — 9,947 6,585 15,561 22,146 ( 2,869 ) July, 2015 (4) Saugus MA (3 ) 1,656 2,835 — ( 1,087 ) 1,656 1,748 3,404 ( 392 ) July, 2015 (4) Edgewater MD (3 ) 5,534 2,116 ( 841 ) ( 856 ) 4,693 1,260 5,953 ( 286 ) July, 2015 (4) Bowie MD (3 ) 4,583 2,335 ( 1,168 ) ( 790 ) 3,415 1,545 4,960 ( 268 ) July, 2015 (4) Madawaska ME (3 ) 140 942 ( 56 ) ( 358 ) 84 584 668 ( 179 ) July, 2015 (4) Manistee MI (3 ) 508 3,045 ( 234 ) ( 1,483 ) 274 1,562 1,836 ( 468 ) July, 2015 (4) Sault Ste. Marie MI (3 ) 946 917 — ( 478 ) 946 439 1,385 ( 92 ) July, 2015 (4) Lincoln Park MI (3 ) 1,106 3,198 ( 262 ) ( 1,095 ) 844 2,103 2,947 ( 502 ) July, 2015 (4) Roseville MI (3 ) 3,286 4,778 ( 668 ) 9,108 2,618 13,886 16,504 ( 2,938 ) July, 2015 (4) Ypsilanti MI (3 ) 2,462 1,277 ( 403 ) ( 637 ) 2,059 640 2,699 ( 145 ) July, 2015 (4) St Paul MN (3 ) 1,866 1,028 — ( 309 ) 1,866 719 2,585 ( 161 ) July, 2015 (4) Maplewood MN (3 ) 3,605 1,162 — ( 521 ) 3,605 641 4,246 ( 139 ) July, 2015 (4) Burnsville MN (3 ) 3,513 1,281 — ( 505 ) 3,513 776 4,289 ( 163 ) July, 2015 (4) Florissant MO (3 ) 2,430 1,607 ( 24 ) ( 224 ) 2,406 1,383 3,789 ( 245 ) July, 2015 (4) Springfield MO (3 ) 922 2,050 — ( 354 ) 922 1,696 2,618 ( 327 ) July, 2015 (4) Columbus MS (3 ) 2,940 2,547 ( 802 ) ( 491 ) 2,138 2,056 4,194 ( 1,140 ) July, 2015 (4) Greensboro NC (3 ) 3,869 4,387 — 1,006 3,869 5,393 9,262 ( 1,287 ) July, 2015 (4) Kearney NE (3 ) 272 483 — 7,839 272 8,322 8,594 ( 1,536 ) July, 2015 (4) Salem NH (3 ) 3,321 12,198 ( 1,159 ) 5,777 2,162 17,975 20,137 ( 3,896 ) July, 2015 (4) Nashua NH (3 ) 1,794 7,255 ( 229 ) ( 927 ) 1,565 6,328 7,893 ( 1,529 ) July, 2015 (4) Manchester NH (3 ) 1,458 4,160 — 13,702 1,458 17,862 19,320 ( 1,449 ) July, 2015 (4) Portsmouth NH (3 ) 3,934 3,375 — ( 739 ) 3,934 2,636 6,570 ( 553 ) July, 2015 (4) Las Vegas(Meadows) NV (3 ) 3,354 1,879 ( 532 ) 5,565 2,822 7,444 10,266 ( 757 ) July, 2015 (4) Reno NV (3 ) 2,135 5,748 ( 545 ) 3,438 1,590 9,186 10,776 ( 1,441 ) July, 2015 (4) Sidney NY (3 ) 1,942 1,769 ( 910 ) ( 1,093 ) 1,032 676 1,708 ( 215 ) July, 2015 (4) Olean NY (3 ) 249 2,124 ( 130 ) 1,323 119 3,447 3,566 ( 750 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Life Upon Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Albany NY (3 ) $ 8,289 $ 6,523 $ — $ 6,566 $ 8,289 $ 13,089 $ 21,378 ( 2,333 ) July, 2015 (4) Rochester-Greece NY (3 ) 3,082 1,560 ( 410 ) ( 537 ) 2,672 1,023 3,695 ( 244 ) July, 2015 (4) Victor NY (3 ) 4,144 1,391 — 13,191 4,144 14,582 18,726 ( 1,053 ) July, 2015 (4) Clay NY (3 ) 787 4,134 ( 219 ) ( 1,559 ) 568 2,575 3,143 ( 667 ) July, 2015 (4) East Northport NY (3 ) 7,617 2,065 — 44,016 7,617 46,081 53,698 ( 2,640 ) July, 2015 (4) Yorktown Hts NY (3 ) 3,584 1,569 ( 2,668 ) 4,345 916 5,914 6,830 ( 553 ) July, 2015 (4) Hicksville NY (3 ) 38,629 19,061 ( 7,430 ) ( 4,383 ) 31,198 14,681 45,879 ( 3,999 ) July, 2015 (4) Watchung NJ (3 ) 6,704 4,110 — 32,654 6,704 36,764 43,468 ( 3,008 ) July, 2015 (4) Toledo OH (3 ) 1,664 1,289 ( 162 ) ( 663 ) 1,502 626 2,128 ( 152 ) July, 2015 (4) Canton OH (3 ) 1,650 5,854 — 20,811 1,650 26,665 28,315 ( 2,791 ) July, 2015 (4) Middleburg Hts OH (3 ) 698 1,547 — ( 322 ) 698 1,225 1,923 ( 277 ) July, 2015 (4) Dayton Mall OH (3 ) 2,650 1,223 — 2,398 2,650 3,621 6,271 ( 568 ) July, 2015 (4) Mentor OH (3 ) 1,092 1,776 — ( 726 ) 1,092 1,050 2,142 ( 224 ) July, 2015 (4) Okla City/Sequoyah OK (3 ) 1,542 2,210 ( 121 ) 4,814 1,421 7,024 8,445 ( 1,312 ) July, 2015 (4) Happy Valley OR (3 ) 6,659 1,271 ( 619 ) 8,619 6,040 9,890 15,930 ( 752 ) July, 2015 (4) Walnutport PA (3 ) 885 3,452 — ( 1,045 ) 885 2,407 3,292 ( 474 ) July, 2015 (4) King of Prussia PA (3 ) - 42,300 — 3,670 - 45,970 45,970 ( 10,605 ) July, 2015 (4) Caguas PR (3 ) 431 9,362 ( 118 ) ( 2,523 ) 313 6,839 7,152 ( 2,237 ) July, 2015 (4) Carolina PR (3 ) 611 8,640 — — 611 8,640 9,251 ( 2,494 ) July, 2015 (4) Warwick RI (3 ) 9,166 3,388 ( 2,848 ) 6,688 6,318 10,076 16,394 ( 1,492 ) July, 2015 (4) Anderson SC (3 ) 1,297 638 ( 5 ) 9,224 1,292 9,862 11,154 ( 2,975 ) July, 2015 (4) Chrlstn/Northwoods SC (3 ) 3,576 1,497 ( 2,149 ) 5,859 1,427 7,356 8,783 ( 1,004 ) July, 2015 (4) Cordova TN (3 ) 2,581 4,279 — — 2,581 4,279 6,860 ( 1,481 ) July, 2015 (4) Memphis/Poplar TN (3 ) 2,827 2,475 — 24,893 2,827 27,368 30,195 ( 4,570 ) July, 2015 (4) El Paso TX (3 ) 2,008 1,778 — 6,237 2,008 8,015 10,023 ( 641 ) July, 2015 (4) Valley View TX (3 ) 4,706 3,230 — ( 3,230 ) 4,706 - 4,706 - July, 2015 (4) Shepherd TX (3 ) 5,457 2,081 — ( 510 ) 5,457 1,571 7,028 ( 352 ) July, 2015 (4) Central Park TX (3 ) 5,468 1,457 ( 4,805 ) 15,701 663 17,158 17,821 ( 2,227 ) July, 2015 (4) Friendswd/Baybrk TX (3 ) 6,124 2,038 — ( 806 ) 6,124 1,232 7,356 ( 258 ) July, 2015 (4) Ingram TX (3 ) 4,651 2,560 ( 597 ) ( 924 ) 4,054 1,636 5,690 ( 389 ) July, 2015 (4) Austin TX (3 ) 3,164 2,858 ( 2,288 ) 7,192 876 10,050 10,926 ( 1,953 ) July, 2015 (4) Irving TX (3 ) 4,493 5,743 ( 1,147 ) ( 1,116 ) 3,346 4,627 7,973 ( 1,061 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Life Upon Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Houston TX (3 ) $ 6,110 $ 1,525 $ — $ ( 525 ) $ 6,110 $ 1,000 $ 7,110 $ ( 186 ) July, 2015 (4) Layton UT (3 ) 2,234 974 ( 824 ) 3,401 1,410 4,375 5,785 ( 1,251 ) July, 2015 (4) Virginia Beach VA (3 ) 10,413 4,760 ( 1,343 ) 11,343 9,070 16,103 25,173 ( 3,487 ) July, 2015 (4) Chspk/Greenbrier VA (3 ) 4,236 1,700 ( 492 ) ( 623 ) 3,744 1,077 4,821 ( 253 ) July, 2015 (4) Fairfax VA (3 ) 10,873 1,491 — 25,346 10,873 26,837 37,710 ( 2,718 ) July, 2015 (4) Warrenton VA (3 ) 1,956 2,480 — 8,986 1,956 11,466 13,422 ( 654 ) July, 2015 (4) Redmond-Overlake Pk WA (3 ) 5,133 4,133 10,513 ( 1,243 ) 15,646 2,890 18,536 ( 816 ) July, 2015 (4) Greendale WI (3 ) 3,208 2,340 — 15,340 3,208 17,680 20,888 ( 1,875 ) July, 2015 (4) Madison-West WI (3 ) 3,053 2,130 ( 340 ) 16,569 2,713 18,699 21,412 ( 2,110 ) July, 2015 (4) Various (3 ) - - — 381,194 - 381,194 381,194 - n/a (4) $ 539,703 $ 543,595 $ ( 64,035 ) $ 831,817 $ 475,667 $ 1,375,415 $ 1,851,082 $ ( 154,971 ) (1) Includes reductions related to partial site sales and impairment of long-lived assets. (2) The aggregate cost of land, building and improvements (which includes construction in process) for U.S. federal income tax purposes is approximately $ 1.9 billion. (3) The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6. (4) Depreciation is computed based on the following estimated useful lives: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease SERITAGE GROWTH PROPERTIES NOTES TO SCHEDULE III (Dollars in thousands) Reconciliation of Real Estate 2021 2020 2019 Balance at beginning of year $ 2,053,078 $ 2,118,329 $ 1,889,014 Additions 109,549 256,126 364,970 Impairments ( 95,826 ) ( 64,108 ) — Dispositions ( 208,413 ) ( 226,889 ) ( 95,270 ) Write-offs ( 7,306 ) ( 30,380 ) ( 40,385 ) Balance at end of year $ 1,851,082 $ 2,053,078 $ 2,118,329 Reconciliation of Accumulated Depreciation 2021 2020 2019 Balance at beginning of year $ 142,206 $ 147,696 $ 137,947 Depreciation expense 43,744 48,569 59,289 Dispositions ( 23,145 ) ( 23,679 ) ( 9,174 ) Write-offs ( 7,834 ) ( 30,380 ) ( 40,366 ) Balance at end of year $ 154,971 $ 142,206 $ 147,696 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their consolidated properties, and all other entities in which they have a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2021 , the Company consolidates two VIEs in which we are considered the primary beneficiary, as the Company has the power to direct the activities of the entities, specifically surrounding the development plan. As of December 31, 2021 and December 31, 2020, the Company has investments in several unconsolidated VIEs and does not consolidate these entities because the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. As of December 31, 2021 , the Company holds a 77.9 % interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership . As of March 15, 2022, the Company holds a 77.9 % interest in the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheets. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. |
Segment Reporting | Segment Reporting The Company currently operates in a single reportable segment which includes the ownership, development, redevelopment, management, sale and leasing of real estate properties. The Company’s chief operating decision maker, its principal executive officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process. |
Real Estate Investments | Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives which generally range between: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects, including the effects of demand, competition, and other economic factors, such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. The Company recognized impairment losses of $ 95.8 million and $ 64.1 million during the years ended December 31, 2021 and 2020, respectively. The Company did no t recognize any impairment losses during the year ended December 31, 2019. Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities when the asset is contributed to a joint venture. Gains and losses from the disposition if real estate are recorded as gain (loss) on sale of real estate on the Company’s consolidated statements of operations. Refer to Note 4 for more information on the Company’s unconsolidated entity transactions. The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2021, 2020, and 2019 (in millions): Year Ended December 31, 2021 2020 2019 Contributions to unconsolidated entities Gross proceeds $ 30.0 $ 27.0 $ 21.7 Gain (loss) on sale of real estate, net 22.6 ( 1.5 ) 3.9 Dispositions to third parties Gross proceeds $ 395.4 $ 333.4 $ 144.3 Gain on sale of real estate, net (1)(2)(3) 197.0 120.1 63.7 Total gains on contributions and dispositions, net $ 219.6 $ 118.6 $ 67.6 (1) Excludes gain of $ 2.1 million for the year ended December 31, 2021, related to the revaluation of Cockeysville JV to adjust the gain from $ 12.5 million to $ 14.6 million as further described in Note 4 below. (2) Excludes loss of $ 30.0 million for the year ended December 31, 2020, related to the revaluation of Mark 302 JV to adjust the gain from $ 38.8 million to $ 8.8 million as further described in Note 4 below. (3) Includes gain of $ 6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019. |
Real Estate Held for Sale | Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of December 31, 2021 , no properties were classified as held for sale, and as of December 31, 2020 , one property was classified as held for sale with assets of $ 1.9 million and no liabilities. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions which include macroeconomic conditions, that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. . No such impairment losses were recognized for the years ended December 31, 2021 , 2020 or 2019. |
Restricted Cash | Restricted Cash As of December 31, 2021, restricted cash represents cash collateral for a letter of credit. As of December 31, 2020 restricted cash represents cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. |
Rental Revenue Recognition and Tenant Receivables | Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written-off receivables. The Company recorded a reduction to rental income of $ 0.2 million and $ 5.6 million during the years ended December 31, 2021 and 2020, respectively, as a result of the Company’s evaluation of collectability. In addition, the Company recorded a reduction of income of previously recorded straight-line rent of $ 1.2 million and $ 5.0 million for the years ended December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, the Company recorded an increase to rental income of $ 0.8 million and a decrease to rental income of $ 1.8 million related to the allowance for deferral agreements, respectively. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within six to 12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. We recognize lease concessions related to the COVID-19 pandemic such as rent deferrals and abatements in accordance with the Lease Modification Q&A issued by the Financial Accounting Standards Board (“FASB”), in April 2020, which provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rent is repaid, the Company will relieve the accrual in tenant and other receivables. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. |
Tenant and Other Receivables | Tenant and Other Receivables Tenant and other receivables includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent, as discussed above. Tenant and other receivables also includes management fees receivable for services performed for the benefit of certain unconsolidated entities. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. |
Management and Other Fee Income | Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100 % of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management services, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects within our unconsolidated entities based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be performance obligations, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the obligation has been satisfied. |
Share-Based Compensation | Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis. |
Concentration of Credit Risk | Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Management believes the Company’s portfolio is reasonably diversified and does not contain any significant concentrations of credit risk. As of December 31, 2021 , the Company has one tenant that comprises 10.2 % of annualized based rent, with no other tenants exceeding 10.0% of annualized based rent. The Company’s portfolio of 137 Consolidated Properties and 25 Unconsolidated Properties was diversified by location across 38 states and Puerto Rico. |
Earnings per Share | Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. Since August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. As of December 31, 2020, all outstanding Class B common shares had been surrendered and there are currently no Class B common shares outstanding. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has not adopted any Accounting Standards Updates (“ASUs”) issued by the FASB during the year ended December 31, 2021. Any other recently issued accounting standards or pronouncements not disclosed have been excluded as they either are not applicable to the Company, or they are not expected to have a material effect on the consolidated financial statements of the Company. The following presents ASUs issued by FASB which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. January 1, 2019 The Company adopted this standard by electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. 8.4 million of right-of-use assets and corresponding $ 8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the consolidated balance sheets. 1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. 11,005 of below-market lease assets pertaining to a ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the consolidated balance sheets ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018-19, Codification improvements to Topic 326, Financial Instruments – Credit Losses ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an “expected credit loss” model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases. January 1, 2020 The Company’s adoption of ASU 2016-13 and 2018-19 did not have a material impact on our consolidated financial statements. The Lease Modification Q&A In April 2020, the FASB staff issued the Lease Modification Q&A focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. April 10, 2020 The Company elected to avail itself of the relief provided in the Lease Modification Q&A for all leases which were modified during the second quarter of 2020. The Company entered into Rent Deferral Agreements on 66 leases during the year ended December 31, 2020 and one additional lease during the year ended December 31, 2021. The Company has determined that the deferral agreements are all substantially similar arrangements and has elected to bypass the lease by lease analysis. This election did not result in a material change to the Company’s financial statements. The impact of this election is dependent upon the circumstances and characteristics of future modifications and as such the impact of the Lease Modification Q&A may change. Refer to Note 2 for further information regarding the deferral agreements and their impact to the Company’s results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives | Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives which generally range between: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease |
Schedule Of Gain On Sale Of Real Estate | The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2021, 2020, and 2019 (in millions): Year Ended December 31, 2021 2020 2019 Contributions to unconsolidated entities Gross proceeds $ 30.0 $ 27.0 $ 21.7 Gain (loss) on sale of real estate, net 22.6 ( 1.5 ) 3.9 Dispositions to third parties Gross proceeds $ 395.4 $ 333.4 $ 144.3 Gain on sale of real estate, net (1)(2)(3) 197.0 120.1 63.7 Total gains on contributions and dispositions, net $ 219.6 $ 118.6 $ 67.6 (1) Excludes gain of $ 2.1 million for the year ended December 31, 2021, related to the revaluation of Cockeysville JV to adjust the gain from $ 12.5 million to $ 14.6 million as further described in Note 4 below. (2) Excludes loss of $ 30.0 million for the year ended December 31, 2020, related to the revaluation of Mark 302 JV to adjust the gain from $ 38.8 million to $ 8.8 million as further described in Note 4 below. (3) Includes gain of $ 6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019. |
Lease Intangible Assets and L_2
Lease Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |
Summary of Lease Intangible Assets | The following tables summarize the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases $ 30,071 $ ( 16,670 ) $ 13,401 Above-market leases 3,925 ( 2,509 ) 1,416 Total $ 33,996 $ ( 19,179 ) $ 14,817 December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases $ 73,169 $ ( 56,369 ) $ 16,800 Above-market leases 4,139 ( 2,344 ) 1,795 Total $ 77,308 $ ( 58,713 ) $ 18,595 |
Summary of Lease Intangible Liabilities | Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases $ 5,802 $ ( 2,146 ) $ 3,656 Total $ 5,802 $ ( 2,146 ) $ 3,656 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases $ 6,626 $ ( 2,440 ) $ 4,186 Total $ 6,626 $ ( 2,440 ) $ 4,186 |
Schedule of Future Amortization of Acquired Leases | Future amortization of these leases intangibles is set forth below (in thousands): (Above) / below market leases, net Below market ground leases In-place leases 2022 $ ( 48 ) $ 203 $ 2,771 2023 1 203 1,906 2024 22 203 1,369 2025 91 203 1,062 2026 185 203 709 Thereafter 1,989 9,433 5,584 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Company's Investments in Unconsolidated Entities | As of December 31, 2021, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Joint Venture Joint Venture Partner Ownership Properties GLA GS Portfolio Holdings II LLC Brookfield Properties Retail 50.0 % 3 402,900 GS Portfolio Holdings (2017) LLC Brookfield Properties Retail 50.0 % 3 474,100 MS Portfolio LLC The Macerich Company 50.0 % 7 1,266,600 SPS Portfolio Holdings II LLC Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC An investment fund managed 50.0 % 1 103,000 SI UTC LLC A separate account advised by 50.0 % 1 226,200 SF WH Joint Venture LLC An affiliate of First Washington 50.0 % 1 163,700 GGCAL SRG HV LLC An affiliate of 50.0 % 1 160,200 Tech Ridge JV Holding LLC An affiliate of 50.0 % 1 — J&J Baldwin Park LLC An affiliate of 20.0 % 1 182,200 Landmark Land Holdings, LLC Landmark Land Holdings, LLC 31.3 % 1 — 25 3,851,100 |
Summary of Properties Contributed In Unconsolidated Entities | The following table summarizes the properties contributed to the Company’s unconsolidated entities (in millions): December 31, 2021 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 2019 Cockeysville JV (2) March 29, 2019 $ 14.6 $ 5.9 Tech Ridge JV (3) September 27, 2019 $ 3.0 $ 0.1 (1) The Mark 302 JV was subject to a revaluation which resulted in the Company adjusting the Contribution Value down to $ 60.0 million and reduced the Gain (Loss) by $ 30.0 million. As of December 31, 2021, the amended determination date, there has been no change to the adjusted Contribution Value and the final Contribution Value is $ 60.0 million. (2) The Cockeysville JV is subject to revaluation upon our partner contributing an adjacent parcel of land (the “Additional Land Parcel”) to the joint venture which was conditioned on certain milestones being met with respect to entitling the Additional Land Parcel for residential use. As of December 31, 2021, the parcel has been entitled and, with our consent, the partner entered sales contract with a third party for the land. As a result, the Company will receive its share of the proceeds from the sale in lieu of the parcel being contributed to the venture and recorded an additional gain of $ 2.1 million during the year ended December 31, 2021. The Company has determined that the final contribution value is $ 14.6 million. (3) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. The Contribution Value cannot be less than $ 2.75 million. |
Summary of Combined Financial Data of Unconsolidated Entities | The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2021 December 31, 2020 ASSETS Investment in real estate Land $ 410,323 $ 318,540 Buildings and improvements 528,854 492,973 Accumulated depreciation ( 96,856 ) ( 81,730 ) 842,321 729,783 Construction in progress 206,109 222,663 Net investment in real estate 1,048,430 952,446 Cash and cash equivalents 50,279 16,094 Investment in unconsolidated entities 53,215 24,686 Tenant and other receivables, net 7,914 4,104 Other assets, net 33,812 38,196 Total assets $ 1,193,650 $ 1,035,526 LIABILITIES AND MEMBERS’ INTERESTS Liabilities Mortgage loans payable, net $ 56,075 $ 34,672 Accounts payable, accrued expenses 56,398 48,405 Total liabilities 112,473 83,077 Members’ Interests Additional paid in capital 1,097,842 964,868 Retained earnings ( 16,665 ) ( 12,419 ) Total members’ interests 1,081,177 952,449 Total liabilities and members’ interests $ 1,193,650 $ 1,035,526 Year Ended December 31, 2021 2020 2019 EQUITY IN LOSS OF UNCONSOLIDATED ENTITIES Total revenue $ 26,052 $ 22,420 $ 31,470 Property operating expenses ( 10,968 ) ( 9,962 ) ( 11,385 ) Depreciation and amortization ( 28,143 ) ( 18,401 ) ( 60,745 ) Operating loss ( 13,059 ) ( 5,943 ) ( 40,660 ) Other expenses ( 4,364 ) ( 3,551 ) ( 2,049 ) Gains, losses and impairments ( 1,087 ) 166 6,721 Net (loss) $ ( 18,510 ) $ ( 9,328 ) $ ( 35,988 ) Equity in loss of unconsolidated entities $ ( 9,231 ) $ ( 4,712 ) $ ( 17,994 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases | Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2021 is approximately as follows: (in thousands) December 31, 2021 2022 $ 93,785 2023 86,452 2024 83,440 2025 82,767 2026 77,698 Thereafter 374,481 Total lease payments $ 798,623 |
Components of Lease Revenues | The components of lease revenues for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Fixed rental income $ 91,494 $ 93,259 $ 104,956 Variable rental income 21,861 26,133 45,994 Total rental income $ 113,355 $ 119,392 $ 150,950 |
Information Related to Measurement of Lease Liabilities | The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021: (dollar amounts in thousands) As of December 31, Weighted average remaining lease term (in years) 10.15 Weighted average discount rate 6.98 % Cash paid for operating leases $ 1,828 |
Schedule of Future Sale-Leaseback Financing Obligations | Future sale-leaseback financing obligations as of December 31, 2021 are approximately as follows: (in thousands) December 31, 2021 2022 $ 1,464 2023 1,486 2024 1,508 2025 1,531 2026 1,554 Thereafter 34,022 Interest portion ( 20,938 ) Total lease payments $ 20,627 |
Original and Holdco Master Lease [Member] | |
Components of Lease Revenues | Revenues from the Holdco Master Lease and the Original Master Lease for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Fixed rental income $ — $ 4,268 $ 27,628 Variable rental income 4,510 10,425 23,525 Total rental income $ 4,510 $ 14,693 $ 51,153 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Series A Preferred Shares [Member] | |
Class of Stock [Line Items] | |
Summary of Dividends and Distributions | The Company’s Board of Trustees also declared the following dividends on preferred shares during 2022, 2021 and 2020: Declaration Date Record Date Payment Date Preferred Share 2022 February 16 March 31 April 15 $ 0.43750 2021 October 26 December 31 January 14, 2022 $ 0.43750 July 27 September 30 October 15 0.43750 April 27 June 30 July 15 0.43750 February 23 March 31 April 15 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 |
Class A and Class C Common Share [Member] | |
Class of Stock [Line Items] | |
Summary of Dividends and Distributions | The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2021 2020 2019 Ordinary income $ — $ — $ — Capital gain distributions — — — Return of capital — — 0.50 Dividends reallocation (1) — — ( 0.25 ) Total $ — $ — $ 0.25 In 2018, the fourth quarter dividend of 2018 declared on October 23, 2018 was allocated to the 2019 tax year . |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share | Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. Year Ended December 31, (in thousands except per share amounts) 2021 2020 2019 Numerator - Basic and Diluted Net loss $ ( 38,985 ) $ ( 152,964 ) $ ( 90,603 ) Net loss attributable to non-controlling interests 10,836 47,938 31,206 Preferred dividends ( 4,900 ) ( 4,900 ) ( 4,900 ) Net loss attributable to common shareholders $ ( 33,049 ) $ ( 109,926 ) $ ( 64,297 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic $ ( 33,049 ) $ ( 109,926 ) $ ( 64,297 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 42,393 38,298 36,413 Weighted average Class A common shares outstanding 42,393 38,298 36,413 Net loss per share attributable to Class A and $ ( 0.78 ) $ ( 2.87 ) $ ( 1.77 ) |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Share and Share Unit Activity | The following table summarizes restricted share and share unit activity for the grant periods ended December 31, 2021 and 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Weighted- Weighted- Shares and Average Grant Shares and Average Grant Share Units Date Fair Value Share Units Date Fair Value Unvested restricted shares and share units at beginning of period 157,465 $ 38.73 349,318 $ 44.88 Restricted shares and share units granted 345,262 19.25 106,327 31.06 Restricted shares and share units vested ( 156,146 ) 38.65 ( 55,308 ) 43.23 Restricted shares and share units forfeited ( 58,513 ) 27.77 ( 242,872 ) 43.19 Unvested restricted shares and share units at end of period 288,068 $ 17.65 157,465 $ 38.73 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Thousands, ft² in Millions | Mar. 11, 2022USD ($)Property | Nov. 24, 2021USD ($) | Jul. 07, 2015USD ($)JointVenture | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)ft²aProperty | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2018USD ($) |
Organization And Basis Of Presentation [Line Items] | ||||||||||
Number of properties interested in the portfolio | Property | 162 | |||||||||
Net cash (used in) provided by operating activities | $ 23,096 | $ 67,602 | $ 96,552 | $ 135,996 | $ 47,314 | $ 57,660 | ||||
Net cash (used in) provided by investing activities | $ 18,514 | $ 67,085 | $ 106,806 | 260,707 | 42,868 | (299,490) | ||||
Gross proceeds from sale of assets | $ 392,422 | $ 331,878 | $ 140,505 | |||||||
Subsequent Event [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Properties Sold | Property | 13 | |||||||||
Gross proceeds from sale of assets | $ 146,300 | |||||||||
COVID-19 Pandemic [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Expected future rent, description | Company had collected 97% of | |||||||||
Net cash (used in) provided by operating activities | $ 136,000 | |||||||||
Net cash (used in) provided by investing activities | $ 260,700 | |||||||||
COVID-19 Pandemic [Member] | March 2021 [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Percent of contractual rental income collected | 97.00% | |||||||||
Percent of tenant contractual rental income collected | 1.00% | |||||||||
Sears Holdings Corporation [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Business acquisition fair value, purchase price | $ 2,700,000 | |||||||||
Interests in joint ventures acquired | 50.00% | |||||||||
Number of joint venture acquired | JointVenture | 3 | |||||||||
Consolidated Properties [Member] | Holdco Master Lease [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Number of consolidated properties | Property | 5 | |||||||||
Unconsolidated Properties [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Area of real estate property (in square feet) | ft² | 3.9 | |||||||||
Number of acres held under development | a | 600 | |||||||||
Real Estate Investment Trust [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Area of real estate property (in square feet) | ft² | 19.2 | |||||||||
Real Estate Investment Trust [Member] | Wholly Owned Properties [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Number of wholly owned properties | Property | 137 | |||||||||
Area of real estate property (in square feet) | ft² | 15.4 | |||||||||
Real Estate Investment Trust [Member] | Unconsolidated Properties [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Number of properties | Property | 25 | |||||||||
Area of real estate property (in square feet) | ft² | 9.4 | |||||||||
Number of acres | a | 800 | |||||||||
Term Loan Facility [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Principal amount outstanding | $ 1,440,000 | |||||||||
Berkshire Hathaway [Member] | Term Loan Facility [Member] | ||||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||||
Principal amount outstanding | $ 2,000,000 | |||||||||
Line of credit, maturity date | Jul. 31, 2023 | |||||||||
Debt instrument extended maturity term | 2 years | |||||||||
Debt instrument, expiration date | Jul. 31, 2023 | |||||||||
Debt instrument extended maturity date | Jul. 31, 2025 | |||||||||
Principal reduced by maturity date | $ 800,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)StateSegmentEntityLeasesTenantPropertyJointVentureshares | Dec. 31, 2020USD ($)LeasesPropertyshares | Dec. 31, 2019USD ($) | Mar. 15, 2022 | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of VIEs consolidated | Entity | 2 | ||||
Number of reportable segments | Segment | 1 | ||||
Impairment of real estate assets | $ 95,826,000 | $ 64,108,000 | $ 0 | ||
Number of properties classified | Property | 0 | 1 | |||
Real estate held for sale, assets | $ 1,864,000 | ||||
Real estate held for sale, liabilities | 0 | ||||
Impairment loss | $ 0 | 0 | $ 0 | ||
Reduction to rental revenue | 200,000 | 5,600,000 | |||
Reversal of straight line rent | $ 1,200,000 | 5,000,000 | |||
Revenue performance obligation satisfied over time method used description | Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. | ||||
Number of tenant | Tenant | 1 | ||||
Annualized based rent | 10.20% | ||||
Number of consolidated properties acquired | Property | 137 | ||||
Number of entities acquired | JointVenture | 25 | ||||
Number of states in properties located | State | 38 | ||||
Operating Lease, Right-of-Use Asset | $ 17,000,000 | $ 18,800,000 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets | Prepaid Expense and Other Assets | |||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Below Market Lease assets | $ 3,656,000 | $ 4,186,000 | |||
ASU 2016-02 [Member] | Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 8,400,000 | ||||
ASU 2016-02 [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease, liability | $ 8,400,000 | ||||
ASU 2016-02 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lease, Cost | 1,300,000 | ||||
Below Market Lease assets | $ 11,005 | ||||
Class C Common Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Common shares, outstanding | shares | 0 | ||||
Class B Common Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Common shares, outstanding | shares | 0 | ||||
Management and Other Fee Income [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of revenue earned from unconsolidated joint ventures | 100.00% | ||||
Rent Deferral Agreements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance to tenant | $ 800,000 | $ 1,800,000 | |||
Rent Deferral Agreements [Member] | ASU 2016-02 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of leases | Leases | 66 | ||||
Number of additional leases | Leases | 1 | ||||
Operating Partnership [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of operating partnership interest held by parent | 77.90% | ||||
Operating Partnership [Member] | Subsequent Event [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of operating partnership interest held by parent | 77.90% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Minimum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Contributions to unconsolidated entities | ||||
Gross proceeds | $ 30 | $ 27 | $ 21.7 | |
Gain (loss) on sale of real estate, net | 22.6 | (1.5) | 3.9 | |
Dispositions to third parties | ||||
Gross proceeds | 395.4 | 333.4 | 144.3 | |
Gain on sale of real estate, net | [1],[2],[3] | 197 | 120.1 | 63.7 |
Total gains on contributions and dispositions, net | $ 219.6 | $ 118.6 | $ 67.6 | |
[1] | Excludes gain of $ 2.1 million for the year ended December 31, 2021, related to the revaluation of Cockeysville JV to adjust the gain from $ 12.5 million to $ 14.6 million as further described in Note 4 below. | |||
[2] | Excludes loss of $ 30.0 million for the year ended December 31, 2020, related to the revaluation of Mark 302 JV to adjust the gain from $ 38.8 million to $ 8.8 million as further described in Note 4 below. | |||
[3] | Includes gain of $ 6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Gain related to exchange of land parcels | $ 6,900,000 | ||
Cockeysville JV [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss (gain) on revaluation | $ 2,100,000 | ||
Cockeysville JV [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Gain or loss on sale of real estate based on final contribution value | 14,600,000 | ||
Cockeysville JV [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Gain or loss on sale of real estate based on final contribution value | $ 12,500,000 | ||
Mark 302 JV [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss (gain) on revaluation | $ 30,000,000 | ||
Mark 302 JV [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Gain or loss on sale of real estate based on final contribution value | 38,800,000 | ||
Mark 302 JV [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Gain or loss on sale of real estate based on final contribution value | $ 8,800,000 |
Lease Intangible Assets and L_3
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | $ 33,996 | $ 77,308 |
Accumulated Amortization | (19,179) | (58,713) |
Balance | 14,817 | 18,595 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 30,071 | 73,169 |
Accumulated Amortization | (16,670) | (56,369) |
Balance | 13,401 | 16,800 |
(Above)-Market Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 3,925 | 4,139 |
Accumulated Amortization | (2,509) | (2,344) |
Balance | $ 1,416 | $ 1,795 |
Lease Intangible Assets and L_4
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Below Market Lease, Net [Abstract] | ||
Gross Liability | $ 5,802 | $ 6,626 |
Accumulated Amortization | (2,146) | (2,440) |
Balance | $ 3,656 | $ 4,186 |
Lease Intangible Assets and L_5
Lease Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of below-market leases, net of above-market leases | $ 0.1 | $ 1.8 | $ 0.5 |
Additional property expense | 0.2 | 0.2 | 0.2 |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 3.1 | $ 42.5 | $ 40.5 |
Lease Intangible Assets and L_6
Lease Intangible Assets and Liabilities - Schedule of Future Amortization of Intangibles (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
(Above)-Market Leases, Net [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | $ (48) |
2023 | 1 |
2024 | 22 |
2025 | 91 |
2026 | 185 |
Thereafter | 1,989 |
Below market ground lease [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | 203 |
2023 | 203 |
2024 | 203 |
2025 | 203 |
2026 | 203 |
Thereafter | 9,433 |
In-Place Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | 2,771 |
2023 | 1,906 |
2024 | 1,369 |
2025 | 1,062 |
2026 | 709 |
Thereafter | $ 5,584 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Company's Investments in Unconsolidated Entities (Detail) | 12 Months Ended |
Dec. 31, 2021ft²Property | |
Income Statement Equity Method Investments [Line Items] | |
Number of Properties | 25 |
Total GLA | ft² | 3,851,100 |
Brookfield Properties Retail I [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 3 |
Total GLA | ft² | 402,900 |
Brookfield Properties Retail II [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 3 |
Total GLA | ft² | 474,100 |
The Macerich Company [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 7 |
Total GLA | ft² | 1,266,600 |
Simon Property Group Inc [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 5 |
Total GLA | ft² | 872,200 |
Invesco Real Estate [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 103,000 |
Invesco Real Estate II [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 226,200 |
First Washington Realty [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 163,700 |
Greenberg Gibbons [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 160,200 |
RD Management [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
New Mark Merrilll Companies And Other Entities [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 20.00% |
Number of Properties | 1 |
Total GLA | ft² | 182,200 |
Landmark Land Holdings, LLC [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 31.30% |
Number of Properties | 1 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
Mark 302 JV [Member] | ||
Related Party Transaction [Line Items] | ||
Contribution Date | Mar. 20, 2018 | [1] |
Contribution Value | $ 60 | [1] |
Gain (Loss) | $ 8.8 | [1] |
Cockeysville JV [Member] | ||
Related Party Transaction [Line Items] | ||
Contribution Date | Mar. 29, 2019 | [2] |
Contribution Value | $ 14.6 | [2] |
Gain (Loss) | $ 5.9 | [2] |
Tech Ridge JV [Member] | ||
Related Party Transaction [Line Items] | ||
Contribution Date | Sep. 27, 2019 | [3] |
Contribution Value | $ 3 | [3] |
Gain (Loss) | $ 0.1 | [3] |
[1] | The Mark 302 JV was subject to a revaluation which resulted in the Company adjusting the Contribution Value down to $ 60.0 million and reduced the Gain (Loss) by $ 30.0 million. As of December 31, 2021, the amended determination date, there has been no change to the adjusted Contribution Value and the final Contribution Value is $ 60.0 million. | |
[2] | The Cockeysville JV is subject to revaluation upon our partner contributing an adjacent parcel of land (the “Additional Land Parcel”) to the joint venture which was conditioned on certain milestones being met with respect to entitling the Additional Land Parcel for residential use. As of December 31, 2021, the parcel has been entitled and, with our consent, the partner entered sales contract with a third party for the land. As a result, the Company will receive its share of the proceeds from the sale in lieu of the parcel being contributed to the venture and recorded an additional gain of $ 2.1 million during the year ended December 31, 2021. The Company has determined that the final contribution value is $ 14.6 million. | |
[3] | The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. The Contribution Value cannot be less than $ 2.75 million. |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 27, 2019 | Mar. 29, 2019 | Mar. 20, 2018 | |
Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Final contribution value | $ 2,750,000 | ||||
Mark 302 JV [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain or loss on sale of real estate based on final contribution value | $ 38,800,000 | ||||
Mark 302 JV [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain or loss on sale of real estate based on final contribution value | $ 8,800,000 | ||||
Cockeysville JV [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Final contribution value | $ 14,600,000 | ||||
Gain or loss on sale of real estate based on final contribution value | $ 14,600,000 | ||||
Cockeysville JV [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain or loss on sale of real estate based on final contribution value | 12,500,000 | ||||
Invesco Real Estate [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Final contribution value | 60,000,000 | ||||
Gain or loss on sale of real estate based on final contribution value | 30,000,000 | ||||
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Final contribution value | $ 60,000,000 | ||||
Landmark Land Holdings, LLC [Member] | Cockeysville JV [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain or loss on sale of real estate based on final contribution value | $ 2,100,000 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||||
Impairment of real estate assets | $ 95,826 | $ 64,108 | $ 0 | |
Gain on sale of real estate | 221,681 | 88,555 | 71,104 | |
Net proceeds from disposition of interest in unconsolidated entities | 19,551 | |||
Gain on sale of interest in unconsolidated joint venture | 1,758 | |||
West Hartford JV [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Income earned from servicing activities | $ 1,000 | $ 300 | $ 1,600 | |
Alexandria V A [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Seritage % Ownership | 31.25% | |||
Gain on sale of real estate | $ 22,600 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities - Summary of Combined Condensed Financial Data of Unconsolidated Entities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Investment in real estate | |||||
Land | $ 475,667 | $ 592,770 | |||
Accumulated depreciation | (154,971) | (142,206) | |||
Net investment in real estate | 1,696,111 | 1,910,872 | |||
Cash and cash equivalents | 106,602 | 143,728 | $ 139,260 | $ 532,857 | |
Investment in unconsolidated entities | 498,563 | 457,033 | |||
Total assets | [1] | 2,414,138 | 2,648,943 | ||
Liabilities | |||||
Total liabilities | 1,569,338 | 1,766,216 | |||
Member's Interests | |||||
Retained earnings | (553,771) | (528,637) | |||
Total equity | 844,800 | 882,727 | 1,043,370 | $ 1,150,458 | |
Total liabilities and equity | 2,414,138 | 2,648,943 | |||
Total revenue | 116,683 | 116,495 | 168,633 | ||
Net loss | (38,985) | (152,964) | (90,603) | ||
Unconsolidated Entities [Member] | |||||
Investment in real estate | |||||
Land | 410,323 | 318,540 | |||
Buildings and improvements | 528,854 | 492,973 | |||
Accumulated depreciation | (96,856) | (81,730) | |||
Investment in real estate, gross | 842,321 | 729,783 | |||
Construction in progress | 206,109 | 222,663 | |||
Net investment in real estate | 1,048,430 | 952,446 | |||
Cash and cash equivalents | 50,279 | 16,094 | |||
Investment in unconsolidated entities | 53,215 | 24,686 | |||
Tenant and other receivables, net | 7,914 | 4,104 | |||
Other assets, net | 33,812 | 38,196 | |||
Total assets | 1,193,650 | 1,035,526 | |||
Liabilities | |||||
Mortgage loans payable, net | 56,075 | 34,672 | |||
Accounts payable, accrued expenses and other liabilities | 56,398 | 48,405 | |||
Total liabilities | 112,473 | 83,077 | |||
Member's Interests | |||||
Additional paid in capital | 1,097,842 | 964,868 | |||
Retained earnings | (16,665) | (12,419) | |||
Total equity | 1,081,177 | 952,449 | |||
Total liabilities and equity | 1,193,650 | 1,035,526 | |||
Total revenue | 26,052 | 22,420 | 31,470 | ||
Property operating expenses | (10,968) | (9,962) | (11,385) | ||
Depreciation and amortization | (28,143) | (18,401) | (60,745) | ||
Operating loss | (13,059) | (5,943) | (40,660) | ||
Other expenses | (4,364) | (3,551) | (2,049) | ||
Gains, losses and impairments | (1,087) | 166 | 6,721 | ||
Net loss | (18,510) | (9,328) | (35,988) | ||
Equity in loss of unconsolidated entities | $ (9,231) | $ (4,712) | $ (17,994) | ||
[1] | The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of December 31, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.0 million of other assets included in other line items. No consolidated VIEs existed on the Company's consolidated balance sheets as of December 31, 2020. |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 93,785 |
2023 | 86,452 |
2024 | 83,440 |
2025 | 82,767 |
2026 | 77,698 |
Thereafter | 374,481 |
Total Lease Payments | $ 798,623 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Sale Leaseback Financing Obligations |
Leases - Components of Lease Re
Leases - Components of Lease Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor Disclosure [Abstract] | |||
Fixed rental income | $ 91,494 | $ 93,259 | $ 104,956 |
Variable rental income | 21,861 | 26,133 | 45,994 |
Total rental income | $ 113,355 | $ 119,392 | $ 150,950 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Number of properties subject to ground lease | Property | 1 | |||
Number of properties subject to corporate office lease | Property | 1 | |||
ROU assets | $ 18,800 | $ 17,000 | $ 18,800 | |
Expected cash payments on operating leases in 2022 | 1,000 | |||
Expected cash payments on operating leases in 2023 | 1,100 | |||
Expected cash payments on operating leases in 2024 | 1,200 | |||
Expected cash payments on operating leases in 2025 | 1,200 | |||
Expected cash payments on operating leases in 2026 | 1,200 | |||
Expected cash payments on operating leases, thereafter | 4,100 | |||
Present value discount | $ (3,300) | |||
Operating leases expiration year | 2073 | |||
Sales-leaseback financing obligations | 20,425 | $ 20,627 | 20,425 | |
Sears Holdings Corporation [Member] | ||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Number of real estate properties acquisition exercised | Property | 87 | |||
Hialeah [Member] | ||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Sales-leaseback financing obligations | $ 21,000 | 21,000 | ||
Sale leaseback term | 25 years | |||
Sale leaseback Interest rate | 7.00% | |||
Sale leaseback base rent | $ 1,500 | |||
Percentage of increase in annual rent | 1.50% | |||
Sale leaseback description | The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price | |||
Holdco Master Lease [Member] | Original and Holdco Master Lease [Member] | ||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Lease termination, description | Under the terms of the Holdco Master Lease, Holdco had the right, at any time, to terminate the Holdco Master Lease with respect to any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco exercised termination rights with respect to all remaining properties under the Holdco Master Lease during the year ended December 31, 2020, and the remaining five properties terminated in March 2021. | |||
General and Administrative Expenses [Member] | ||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Rent expense | $ 1,200 | 1,700 | $ 1,600 | |
Property Operating Expense [Member] | ||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||
Rent expense | $ 100 | $ 100 | $ 100 |
Leases - Information Related to
Leases - Information Related to Measurement of Lease Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee Disclosure [Abstract] | |
Weighted average remaining lease term (in years) | 10 years 1 month 24 days |
Weighted average discount rate | 6.98% |
Cash paid for operating leases | $ 1,828 |
Leases - Schedule of Future Sal
Leases - Schedule of Future Sale-Leaseback Financing Obligations (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 1,464 |
2023 | 1,486 |
2024 | 1,508 |
2025 | 1,531 |
2026 | 1,554 |
Thereafter | 34,022 |
Interest portion | (20,938) |
Total lease payments | $ 20,627 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Sale Leaseback Financing Obligations |
Leases - Summary of Revenue fro
Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Fixed rental income | $ 91,494 | $ 93,259 | $ 104,956 |
Variable rental income | 21,861 | 26,133 | 45,994 |
Total rental income | 113,355 | 119,392 | 150,950 |
Original and Holdco Master Lease [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Fixed rental income | 4,268 | 27,628 | |
Variable rental income | 4,510 | 10,425 | 23,525 |
Total rental income | $ 4,510 | $ 14,693 | $ 51,153 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Term Loan Facility [Member] - USD ($) | Dec. 31, 2021 | Nov. 24, 2021 | May 05, 2020 | Jul. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 1,440,000,000 | $ 1,440,000,000 | ||||
Repayments of unpaid principal balance | 160,000,000 | |||||
Berkshire Hathaway [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of senior secured term loan agreement | Jul. 31, 2018 | |||||
Principal amount outstanding | $ 2,000,000,000 | |||||
Line of credit, maturity date | Jul. 31, 2023 | |||||
Line of credit, extended maturity date | Jul. 31, 2025 | |||||
Minimum rental income to achieve from tenants on annual basis to access incremental funding facility | 200,000,000 | $ 200,000,000 | ||||
Minimum rental income to achieve from tenants for succeeding four consecutive fiscal quarters to access incremental funding facility | $ 200,000,000 | 200,000,000 | ||||
Minimum net worth required for loan documentation | $ 1,200,000,000 | |||||
Default interest rate on overdue amounts excess of base interest rate | 2.00% | 2.00% | 2.00% | |||
Debt issuance costs | $ 2,100,000 | $ 2,100,000 | ||||
Unamortized debt issuance costs | $ 700,000 | $ 700,000 | $ 1,100,000 | |||
'Deferred interest | $ 400,000,000 | |||||
Debt instrument extended maturity term | 2 years | |||||
Principal reduced by maturity date | $ 800,000,000 | |||||
Berkshire Hathaway [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio for each fiscal quarter till December 31, 2021 | 1.00% | |||||
Fixed charge coverage ratio for each fiscal quarter after December 31, 2021 | 1.20% | |||||
Unencumbered fixed charge coverage ratio for each fiscal quarter till December 31, 2021 | 1.05% | |||||
Unencumbered fixed charge coverage ratio to each fiscal quarter after December 31, 2021 | 1.30% | |||||
Berkshire Hathaway [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unencumbered fixed charge coverage ratio | 60.00% | |||||
Maximum leverage ratio | 65.00% | |||||
Berkshire Hathaway [Member] | Maximum [Member] | Unrestricted Cash [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available cash | $ 30,000,000 | |||||
Berkshire Hathaway [Member] | Initial Funding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | 1,600,000,000 | |||||
Debt instrument, base annual interest rate | 7.00% | 7.00% | ||||
Berkshire Hathaway [Member] | Incremental Funding Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 400,000,000 | |||||
Debt instrument, base annual interest rate | 1.00% | 1.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 97,000,000 | |
Uncertain tax positions | $ 0 | $ 0 |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Distribution of taxable income to qualify as REIT, percent | 90.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | $ 95,826 | $ 64,108 | $ 0 |
Minimum [Member] | |||
Asset Impairment Charges [Abstract] | |||
Fair value inputs capitalization rate | 6.00% | ||
Maximum [Member] | |||
Asset Impairment Charges [Abstract] | |||
Fair value inputs capitalization rate | 12.00% | ||
Fair Value, Inputs, Level 2 | |||
Asset Impairment Charges [Abstract] | |||
Debt obligations, fair value | $ 1,500,000 | 1,600,000 | |
Loss on Impairment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | $ 95,800 | $ 64,100 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Apr. 18, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 07, 2015 |
Loss Contingencies [Line Items] | ||||
Environmental reserve | $ 9.5 | $ 9.5 | $ 12 | |
Minimum [Member] | Sears Holdings Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Worth of real estate in excess of purchase price paid | $ 649 | |||
Maximum [Member] | Sears Holdings Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Worth of real estate in excess of purchase price paid | $ 749 |
Related Party Disclosure - Addi
Related Party Disclosure - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Other Related Party Transactions [Line Items] | ||
Property development expenditures receivable | $ 29,111 | $ 46,570 |
Unconsolidated Entities Ventures [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Property development expenditures receivable | $ 200 | $ 5,000 |
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Ownership interest percentage held by related party | 22.10% | |
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class A Common Shares [Member] | ESL [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Ownership interest percentage held by related party | 9.30% |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member] | Dec. 31, 2021 |
Noncontrolling Interest [Line Items] | |
Percentage of operating partnership interest held by parent | 77.90% |
ESL [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership interest percentage held by related party | 22.10% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 14, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jul. 07, 2015 |
Class of Stock [Line Items] | ||||||
Cash dividend declared | $ 0.25 | |||||
Class B Non Economic Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, issued | 0 | |||||
Common shares, outstanding | 0 | |||||
Class A Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common shares, issued | 43,632,364 | 38,896,428 | ||||
Common shares, outstanding | 43,632,364 | 38,896,428 | ||||
OP Unit exchanges, shares | 4,647,943 | 1,901,739 | 1,214,577 | |||
Series A Cumulative Redeemable Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, issued | 2,800,000 | |||||
Percentage of preferred dividend rate | 7.00% | |||||
Preferred shares public offering price per share | $ 25 | |||||
Net proceeds from public offering | $ 66.4 | |||||
Series A Cumulative Redeemable Preferred Shares [Member] | Scenario, Forecast [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares redemption price per share plus any accrued and unpaid dividends | $ 25 | |||||
Series A Cumulative Redeemable Preferred Shares [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares redemption threshold period | 120 days | |||||
Class A and Class C Common Share [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cash dividend declared | $ 0.25 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Reflected for U.S. Federal Income Tax Purposes (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Dividends Payable [Line Items] | |||
Total | $ 0.25 | ||
Class A and Class C Common Share [Member] | |||
Dividends Payable [Line Items] | |||
Total | 0.25 | ||
Class A and Class C Common Share [Member] | Domestic Country [Member] | Dividend Declared [Member] | |||
Dividends Payable [Line Items] | |||
Capital gain distributions | $ 0 | 0 | |
Return of capital | 0 | 0.50 | |
Dividends reallocation | $ 0 | (0.25) | [1] |
Total | $ 0.25 | ||
[1] | In 2018, the fourth quarter dividend of 2018 declared on October 23, 2018 was allocated to the 2019 tax year |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Preferred Stock Dividends and Distributions (Detail) - $ / shares | Feb. 16, 2022 | Oct. 26, 2021 | Jul. 27, 2021 | Apr. 27, 2021 | Feb. 23, 2021 | Dec. 17, 2020 | Sep. 17, 2020 | Jun. 09, 2020 | Feb. 18, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividends Payable [Line Items] | ||||||||||||
Preferred Share | $ 1.75 | $ 1.75 | $ 1.75 | |||||||||
Series A Preferred Shares [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Declaration Date | Oct. 26, 2021 | Jul. 27, 2021 | Apr. 27, 2021 | Feb. 23, 2021 | Dec. 17, 2020 | Sep. 17, 2020 | Jun. 9, 2020 | Feb. 18, 2020 | ||||
Record Date | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||
Payment Date | Jan. 14, 2022 | Oct. 15, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Jan. 15, 2021 | Oct. 15, 2020 | Jul. 15, 2020 | Apr. 15, 2020 | ||||
Preferred Share | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | ||||
Series A Preferred Shares [Member] | Subsequent Event [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Declaration Date | Feb. 16, 2022 | |||||||||||
Record Date | Mar. 31, 2022 | |||||||||||
Payment Date | Apr. 15, 2022 | |||||||||||
Preferred Share | $ 0.43750 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator - Basic and Diluted | |||
Net loss | $ (38,985) | $ (152,964) | $ (90,603) |
Net loss attributable to non-controlling interests | 10,836 | 47,938 | 31,206 |
Preferred dividends | (4,900) | (4,900) | (4,900) |
Net loss attributable to common shareholders | (33,049) | (109,926) | (64,297) |
Net loss available to common shareholders - Basic and diluted | $ (33,049) | $ (109,926) | $ (64,297) |
Denominator - Basic and Diluted | |||
Net loss per share attributable to Class A and common shareholders | $ (0.78) | $ (2.87) | $ (1.77) |
Class A Common Shares [Member] | |||
Denominator - Basic and Diluted | |||
Weighted average Class A common shares outstanding | 42,393 | 38,298 | 36,413 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Time Based Restricted Shares and Share Units [Member] | |||
Earning Per Share [Line Items] | |||
Non-vested restricted shares outstanding | 288,068 | 157,465 | 349,318 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 07, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Off set of forfeitures of unvested shares | $ 7 | |||
Time Based Restricted Shares and Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 4.3 | $ 1.9 | ||
Unrecognized compensation costs, weighted average expected recognition period | 2 years 1 month 6 days | 1 year 8 months 12 days | ||
Restricted Share [Member] | General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | $ 1.9 | $ 4 | $ 6.8 | |
Seritage Growth Properties 2015 Share Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance | 3,250,000 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Restricted Share and Share Unit Activity (Detail) - Restricted Share and Share Unit [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested restricted shares and shares units at beginning of period | 157,465 | 349,318 |
Restricted shares and shares units granted | 345,262 | 106,327 |
Restricted shares and shares units vested | (156,146) | (55,308) |
Restricted shares and shares units forfeited | (58,513) | (242,872) |
Unvested restricted shares and shares units at end of period | 288,068 | 157,465 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares and shares units at beginning of period | $ 38.73 | $ 44.88 |
Weighted-Average Grant Date Fair Value, Restricted shares and shares units granted | 19.25 | 31.06 |
Weighted-Average Grant Date Fair Value, Restricted shares and shares units vested | 38.65 | 43.23 |
Weighted-Average Grant Date Fair Value, Restricted shares and shares units forfeited | 27.77 | 43.19 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares and shares units at end of period | $ 17.65 | $ 38.73 |
Revision of Quarterly Cash Fl_2
Revision of Quarterly Cash Flow Statements (unaudited) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cash used in operating activities | $ (23,096) | $ (67,602) | $ (96,552) | $ (135,996) | $ (47,314) | $ (57,660) |
Cash provided from investing activities | 18,514 | 67,085 | 106,806 | $ 260,707 | $ 42,868 | $ (299,490) |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cash used in operating activities | (11,000) | (11,000) | (11,000) | |||
Cash provided from investing activities | $ 11,000 | $ 11,000 | $ 11,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 539,703 | |||
Acquisition Costs, Buildings and Improvements | 543,595 | |||
Costs Capitalized Subsequent to Acquisition, Land | (64,035) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 831,817 | |||
Gross Amount at Which Carried at Close of Period , Land | 475,667 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,375,415 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,851,082 | $ 2,053,078 | $ 2,118,329 | $ 1,889,014 |
Accumulated Depreciation | (154,971) | $ (142,206) | $ (147,696) | $ (137,947) |
Anchorage(Sur), AK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | 11,517 | |||
Acquisition Costs, Buildings and Improvements | 11,729 | |||
Costs Capitalized Subsequent to Acquisition, Land | (579) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19,906 | |||
Gross Amount at Which Carried at Close of Period , Land | 10,938 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,635 | |||
Gross Amount at Which Carried at Close of Period, Total | 42,573 | |||
Accumulated Depreciation | $ (4,441) | |||
Date Acquired | 2015-07 | |||
North Little Rock, AR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,288 | |||
Acquisition Costs, Buildings and Improvements | 2,881 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,507 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,288 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,388 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,676 | |||
Accumulated Depreciation | $ (687) | |||
Date Acquired | 2015-07 | |||
Mesa/East, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,661 | |||
Acquisition Costs, Buildings and Improvements | 2,559 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (642) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,661 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,917 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,578 | |||
Accumulated Depreciation | $ (377) | |||
Date Acquired | 2015-07 | |||
ParkMall, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,207 | |||
Acquisition Costs, Buildings and Improvements | 3,458 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,221) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,212 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,986 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,670 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,656 | |||
Accumulated Depreciation | $ (997) | |||
Date Acquired | 2015-07 | |||
Phoenix Desert Sky, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,605 | |||
Acquisition Costs, Buildings and Improvements | 2,448 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (669) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,605 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,779 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,384 | |||
Accumulated Depreciation | $ (373) | |||
Date Acquired | 2015-07 | |||
Sierra Vista,, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,252 | |||
Acquisition Costs, Buildings and Improvements | 1,791 | |||
Costs Capitalized Subsequent to Acquisition, Land | (243) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (194) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,009 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,597 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,606 | |||
Accumulated Depreciation | $ (750) | |||
Date Acquired | 2015-07 | |||
Yuma, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,485 | |||
Acquisition Costs, Buildings and Improvements | 1,596 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (401) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,485 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,195 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,680 | |||
Accumulated Depreciation | $ (259) | |||
Date Acquired | 2015-07 | |||
Phoenix, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 568 | |||
Acquisition Costs, Buildings and Improvements | 1,088 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (624) | |||
Gross Amount at Which Carried at Close of Period , Land | 568 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 464 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,032 | |||
Accumulated Depreciation | $ (85) | |||
Date Acquired | 2015-07 | |||
Glendale, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 19,040 | |||
Costs Capitalized Subsequent to Acquisition, Land | (12,041) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 300 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,999 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 300 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,299 | |||
Accumulated Depreciation | $ (100) | |||
Date Acquired | 2020-12 | |||
Ramona, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,239 | |||
Acquisition Costs, Buildings and Improvements | 1,452 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (318) | |||
Gross Amount at Which Carried at Close of Period , Land | 7,239 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,134 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,373 | |||
Accumulated Depreciation | $ (226) | |||
Date Acquired | 2015-07 | |||
Riverside, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,670 | |||
Acquisition Costs, Buildings and Improvements | 2,489 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (767) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,670 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,722 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,392 | |||
Accumulated Depreciation | $ (368) | |||
Date Acquired | 2015-07 | |||
Big Bear Lake, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,664 | |||
Acquisition Costs, Buildings and Improvements | 2,945 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (436) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,664 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,509 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,173 | |||
Accumulated Depreciation | $ (495) | |||
Date Acquired | 2015-07 | |||
Temecula, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,098 | |||
Acquisition Costs, Buildings and Improvements | 2,214 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,539 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,098 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,753 | |||
Gross Amount at Which Carried at Close of Period, Total | 16,851 | |||
Accumulated Depreciation | $ (1,035) | |||
Date Acquired | 2015-07 | |||
Ventura, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,578 | |||
Acquisition Costs, Buildings and Improvements | 6,172 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,697) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,863) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,881 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,309 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,190 | |||
Accumulated Depreciation | $ (1,165) | |||
Date Acquired | 2015-07 | |||
Roseville, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,848 | |||
Acquisition Costs, Buildings and Improvements | 3,215 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,909) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 22,435 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,939 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,650 | |||
Gross Amount at Which Carried at Close of Period, Total | 28,589 | |||
Accumulated Depreciation | $ (922) | |||
Date Acquired | 2015-07 | |||
Fairfield, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,679 | |||
Acquisition Costs, Buildings and Improvements | 1,366 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,918) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,750 | |||
Gross Amount at Which Carried at Close of Period , Land | 761 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,116 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,877 | |||
Accumulated Depreciation | $ (434) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location - West Covina, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,754 | |||
Acquisition Costs, Buildings and Improvements | 244 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,754 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 244 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,998 | |||
Accumulated Depreciation | $ (55) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location Two - West Covina, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,218 | |||
Acquisition Costs, Buildings and Improvements | 1,161 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,218 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,161 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,379 | |||
Accumulated Depreciation | $ (260) | |||
Date Acquired | 2015-07 | |||
Fresno, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,370 | |||
Acquisition Costs, Buildings and Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition, Land | (278) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,369 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,092 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,369 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,461 | |||
Accumulated Depreciation | $ (259) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location Two - Riverside, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,054 | |||
Acquisition Costs, Buildings and Improvements | 494 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,054 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 494 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,548 | |||
Accumulated Depreciation | $ (111) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location Three - Riverside, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,343 | |||
Acquisition Costs, Buildings and Improvements | 2,778 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,343 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,778 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,121 | |||
Accumulated Depreciation | $ (624) | |||
Date Acquired | 2015-07 | |||
San Bernardino, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,131 | |||
Acquisition Costs, Buildings and Improvements | 2,066 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (780) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,131 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,286 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,417 | |||
Accumulated Depreciation | $ (279) | |||
Date Acquired | 2015-07 | |||
Florin, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,022 | |||
Acquisition Costs, Buildings and Improvements | 1,366 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (191) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,022 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,175 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,197 | |||
Accumulated Depreciation | $ (253) | |||
Date Acquired | 2015-07 | |||
El Cajon, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,573 | |||
Acquisition Costs, Buildings and Improvements | 2,883 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 24,778 | |||
Gross Amount at Which Carried at Close of Period , Land | 10,573 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 27,661 | |||
Gross Amount at Which Carried at Close of Period, Total | 38,234 | |||
Accumulated Depreciation | $ (1,555) | |||
Date Acquired | 2015-07 | |||
San Jose- Eastridge, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,531 | |||
Acquisition Costs, Buildings and Improvements | 2,356 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (805) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,531 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,551 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,082 | |||
Accumulated Depreciation | $ (336) | |||
Date Acquired | 2015-07 | |||
Citrus Hts-Sunrise CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,778 | |||
Acquisition Costs, Buildings and Improvements | 2,088 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (775) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,778 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,313 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,091 | |||
Accumulated Depreciation | $ (284) | |||
Date Acquired | 2015-07 | |||
Westminster, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,845 | |||
Acquisition Costs, Buildings and Improvements | 5,651 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,024) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,845 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,627 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,472 | |||
Accumulated Depreciation | $ (1,002) | |||
Date Acquired | 2015-07 | |||
Salinas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,644 | |||
Acquisition Costs, Buildings and Improvements | 4,394 | |||
Costs Capitalized Subsequent to Acquisition, Land | (505) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,435) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,139 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,959 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,098 | |||
Accumulated Depreciation | $ (774) | |||
Date Acquired | 2015-07 | |||
Palm Desert, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,473 | |||
Acquisition Costs, Buildings and Improvements | 1,705 | |||
Costs Capitalized Subsequent to Acquisition, Land | (542) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (679) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,931 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,026 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,957 | |||
Accumulated Depreciation | $ (215) | |||
Date Acquired | 2015-07 | |||
El Centro, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,877 | |||
Acquisition Costs, Buildings and Improvements | 3,977 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,428) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,032) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,449 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,945 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,394 | |||
Accumulated Depreciation | $ (543) | |||
Date Acquired | 2015-07 | |||
Santa Maria, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,967 | |||
Acquisition Costs, Buildings and Improvements | 2,635 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,489) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,200) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,478 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,435 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,913 | |||
Accumulated Depreciation | $ (451) | |||
Date Acquired | 2015-07 | |||
Merced, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,534 | |||
Acquisition Costs, Buildings and Improvements | 1,604 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,534) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,707 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,311 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,311 | |||
Accumulated Depreciation | $ (99) | |||
Date Acquired | 2015-07 | |||
Thousand Oaks, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,853 | |||
Acquisition Costs, Buildings and Improvements | 14,785 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,507 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,853 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 22,292 | |||
Gross Amount at Which Carried at Close of Period, Total | 32,145 | |||
Accumulated Depreciation | $ (5,014) | |||
Date Acquired | 2015-07 | |||
Thornton, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,881 | |||
Acquisition Costs, Buildings and Improvements | 1,300 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,050 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,881 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,350 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,231 | |||
Accumulated Depreciation | $ (841) | |||
Date Acquired | 2015-07 | |||
Lakewood, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,290 | |||
Acquisition Costs, Buildings and Improvements | 4,550 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (417) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,290 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,133 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,423 | |||
Accumulated Depreciation | $ (926) | |||
Date Acquired | 2015-07 | |||
Waterford, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,371 | |||
Acquisition Costs, Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (680) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,371 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,854 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,225 | |||
Accumulated Depreciation | $ (389) | |||
Date Acquired | 2015-07 | |||
Rehoboth Beach, DE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 714 | |||
Acquisition Costs, Buildings and Improvements | 4,523 | |||
Costs Capitalized Subsequent to Acquisition, Land | (134) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,262 | |||
Gross Amount at Which Carried at Close of Period , Land | 580 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,785 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,365 | |||
Accumulated Depreciation | $ (2,308) | |||
Date Acquired | 2015-07 | |||
Hialeah, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,492 | |||
Acquisition Costs, Buildings and Improvements | 2,344 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,510 | |||
Gross Amount at Which Carried at Close of Period , Land | 5,492 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,854 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,346 | |||
Accumulated Depreciation | $ (1,564) | |||
Date Acquired | 2015-07 | |||
North Miami, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,748 | |||
Acquisition Costs, Buildings and Improvements | 2,434 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,874 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,748 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,308 | |||
Gross Amount at Which Carried at Close of Period, Total | 26,056 | |||
Accumulated Depreciation | $ (1,015) | |||
Date Acquired | 2015-07 | |||
Ocala, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,468 | |||
Acquisition Costs, Buildings and Improvements | 1,150 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (456) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,468 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 694 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,162 | |||
Accumulated Depreciation | $ (145) | |||
Date Acquired | 2015-07 | |||
Pensacola, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,620 | |||
Acquisition Costs, Buildings and Improvements | 2,990 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,606) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,443) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,014 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 547 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,561 | |||
Accumulated Depreciation | $ (32) | |||
Date Acquired | 2015-07 | |||
Orlando Colonial, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,403 | |||
Acquisition Costs, Buildings and Improvements | 3,626 | |||
Costs Capitalized Subsequent to Acquisition, Land | (177) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 17,189 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,226 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 20,815 | |||
Gross Amount at Which Carried at Close of Period, Total | 25,041 | |||
Accumulated Depreciation | $ (1,532) | |||
Date Acquired | 2015-07 | |||
St Petersburg, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,381 | |||
Acquisition Costs, Buildings and Improvements | 2,420 | |||
Costs Capitalized Subsequent to Acquisition, Land | (50) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 23,116 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,331 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,536 | |||
Gross Amount at Which Carried at Close of Period, Total | 27,867 | |||
Accumulated Depreciation | $ (4,417) | |||
Date Acquired | 2015-07 | |||
Hialeah Westland, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,683 | |||
Acquisition Costs, Buildings and Improvements | 3,472 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 224 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,683 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,696 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,379 | |||
Accumulated Depreciation | $ (710) | |||
Date Acquired | 2015-07 | |||
Miami/Cutler Rdg, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,219 | |||
Acquisition Costs, Buildings and Improvements | 1,236 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (206) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,219 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,030 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,249 | |||
Accumulated Depreciation | $ (223) | |||
Date Acquired | 2015-07 | |||
Clearwater/Cntrysd, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,852 | |||
Acquisition Costs, Buildings and Improvements | 17,777 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 182 | |||
Gross Amount at Which Carried at Close of Period , Land | 5,852 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,959 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,811 | |||
Accumulated Depreciation | $ (4,300) | |||
Date Acquired | 2015-07 | |||
FtMyers, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,168 | |||
Acquisition Costs, Buildings and Improvements | 2,853 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (418) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,168 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,435 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,603 | |||
Accumulated Depreciation | $ (546) | |||
Date Acquired | 2015-07 | |||
Plantation, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,933 | |||
Acquisition Costs, Buildings and Improvements | 2,509 | |||
Costs Capitalized Subsequent to Acquisition, Land | (3,361) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,641) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,572 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 868 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,440 | |||
Accumulated Depreciation | $ (322) | |||
Date Acquired | 2015-07 | |||
Sarasota, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,920 | |||
Acquisition Costs, Buildings and Improvements | 2,200 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (831) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,920 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,369 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,289 | |||
Accumulated Depreciation | $ (287) | |||
Date Acquired | 2015-07 | |||
BocaRaton, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 16,089 | |||
Acquisition Costs, Buildings and Improvements | 7,480 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (515) | |||
Gross Amount at Which Carried at Close of Period , Land | 16,089 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,965 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,054 | |||
Accumulated Depreciation | $ (1,460) | |||
Date Acquired | 2015-07 | |||
Miami, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 13,264 | |||
Acquisition Costs, Buildings and Improvements | 61,577 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (61,577) | |||
Gross Amount at Which Carried at Close of Period , Land | 13,264 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 13,264 | |||
Date Acquired | 2015-07 | |||
Doral(Miami), FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,214 | |||
Acquisition Costs, Buildings and Improvements | 2,654 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (600) | |||
Gross Amount at Which Carried at Close of Period , Land | 9,214 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,054 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,268 | |||
Accumulated Depreciation | $ (431) | |||
Date Acquired | 2015-07 | |||
Lakeland,FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,503 | |||
Acquisition Costs, Buildings and Improvements | 1,045 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (378) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,503 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 667 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,170 | |||
Accumulated Depreciation | $ (131) | |||
Date Acquired | 2015-07 | |||
Panama City, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,227 | |||
Acquisition Costs, Buildings and Improvements | 1,614 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (461) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,227 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,153 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,380 | |||
Accumulated Depreciation | $ (242) | |||
Date Acquired | 2015-07 | |||
Charles City, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 793 | |||
Acquisition Costs, Buildings and Improvements | 1,914 | |||
Gross Amount at Which Carried at Close of Period , Land | 793 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,914 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,707 | |||
Accumulated Depreciation | $ (1,102) | |||
Date Acquired | 2015-07 | |||
Webster City, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 392 | |||
Acquisition Costs, Buildings and Improvements | 896 | |||
Costs Capitalized Subsequent to Acquisition, Land | (120) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (133) | |||
Gross Amount at Which Carried at Close of Period , Land | 272 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 763 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,035 | |||
Accumulated Depreciation | $ (435) | |||
Date Acquired | 2015-07 | |||
Cedar Rapids, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,833 | |||
Acquisition Costs, Buildings and Improvements | 2,197 | |||
Costs Capitalized Subsequent to Acquisition, Land | (582) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 406 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,251 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,603 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,854 | |||
Accumulated Depreciation | $ (411) | |||
Date Acquired | 2015-07 | |||
Springfield, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,182 | |||
Acquisition Costs, Buildings and Improvements | 5,051 | |||
Costs Capitalized Subsequent to Acquisition, Land | (213) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14,871 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,969 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,922 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,891 | |||
Accumulated Depreciation | $ (3,300) | |||
Date Acquired | 2015-07 | |||
Chicago, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,385 | |||
Acquisition Costs, Buildings and Improvements | 7,924 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,728) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (5,118) | |||
Gross Amount at Which Carried at Close of Period , Land | 657 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,806 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,463 | |||
Accumulated Depreciation | $ (1,544) | |||
Date Acquired | 2015-07 | |||
Steger, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 589 | |||
Acquisition Costs, Buildings and Improvements | 2,846 | |||
Costs Capitalized Subsequent to Acquisition, Land | (214) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (786) | |||
Gross Amount at Which Carried at Close of Period , Land | 375 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,060 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,435 | |||
Accumulated Depreciation | $ (684) | |||
Date Acquired | 2015-07 | |||
N Riverside, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,846 | |||
Acquisition Costs, Buildings and Improvements | 3,178 | |||
Costs Capitalized Subsequent to Acquisition, Land | (101) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 12,956 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,745 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,134 | |||
Gross Amount at Which Carried at Close of Period, Total | 17,879 | |||
Accumulated Depreciation | $ (1,912) | |||
Date Acquired | 2015-07 | |||
Joilet, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,557 | |||
Acquisition Costs, Buildings and Improvements | 3,108 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,715) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,557 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,393 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,950 | |||
Accumulated Depreciation | $ (292) | |||
Date Acquired | 2015-07 | |||
Orland Park, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,783 | |||
Acquisition Costs, Buildings and Improvements | 974 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (380) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,783 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 594 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,377 | |||
Accumulated Depreciation | $ (125) | |||
Date Acquired | 2015-07 | |||
Lombard, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,685 | |||
Acquisition Costs, Buildings and Improvements | 8,281 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,685 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,281 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,966 | |||
Accumulated Depreciation | $ (1,992) | |||
Date Acquired | 2015-07 | |||
Merrillville, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,413 | |||
Acquisition Costs, Buildings and Improvements | 3,224 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (699) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,413 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,525 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,938 | |||
Accumulated Depreciation | $ (586) | |||
Date Acquired | 2015-07 | |||
Elkhart, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,349 | |||
Acquisition Costs, Buildings and Improvements | 869 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (335) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,349 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 534 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,883 | |||
Accumulated Depreciation | $ (105) | |||
Date Acquired | 2015-07 | |||
Ft Wayne, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,247 | |||
Acquisition Costs, Buildings and Improvements | 5,476 | |||
Costs Capitalized Subsequent to Acquisition, Land | (796) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (3,382) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,451 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,094 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,545 | |||
Accumulated Depreciation | $ (111) | |||
Date Acquired | 2015-07 | |||
Hopkinsville, KY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 553 | |||
Acquisition Costs, Buildings and Improvements | 2,815 | |||
Costs Capitalized Subsequent to Acquisition, Land | (68) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,314 | |||
Gross Amount at Which Carried at Close of Period , Land | 485 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,129 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,614 | |||
Accumulated Depreciation | $ (804) | |||
Date Acquired | 2015-07 | |||
Paducah, KY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,022 | |||
Acquisition Costs, Buildings and Improvements | 2,868 | |||
Costs Capitalized Subsequent to Acquisition, Land | (466) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,798 | |||
Gross Amount at Which Carried at Close of Period , Land | 556 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,666 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,222 | |||
Accumulated Depreciation | $ (2,202) | |||
Date Acquired | 2015-07 | |||
Lafayette, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,406 | |||
Acquisition Costs, Buildings and Improvements | 5,094 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,019) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,406 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,075 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,481 | |||
Accumulated Depreciation | $ (854) | |||
Date Acquired | 2015-07 | |||
Braintree, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,585 | |||
Acquisition Costs, Buildings and Improvements | 5,614 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,947 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,585 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,561 | |||
Gross Amount at Which Carried at Close of Period, Total | 22,146 | |||
Accumulated Depreciation | $ (2,869) | |||
Date Acquired | 2015-07 | |||
Saugus, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,656 | |||
Acquisition Costs, Buildings and Improvements | 2,835 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,087) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,656 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,748 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,404 | |||
Accumulated Depreciation | $ (392) | |||
Date Acquired | 2015-07 | |||
Edgewater, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,534 | |||
Acquisition Costs, Buildings and Improvements | 2,116 | |||
Costs Capitalized Subsequent to Acquisition, Land | (841) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (856) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,693 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,260 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,953 | |||
Accumulated Depreciation | $ (286) | |||
Date Acquired | 2015-07 | |||
Bowie, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,583 | |||
Acquisition Costs, Buildings and Improvements | 2,335 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,168) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (790) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,415 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,545 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,960 | |||
Accumulated Depreciation | $ (268) | |||
Date Acquired | 2015-07 | |||
Madawaska, ME [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 140 | |||
Acquisition Costs, Buildings and Improvements | 942 | |||
Costs Capitalized Subsequent to Acquisition, Land | (56) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (358) | |||
Gross Amount at Which Carried at Close of Period , Land | 84 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 584 | |||
Gross Amount at Which Carried at Close of Period, Total | 668 | |||
Accumulated Depreciation | $ (179) | |||
Date Acquired | 2015-07 | |||
Manistee, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 508 | |||
Acquisition Costs, Buildings and Improvements | 3,045 | |||
Costs Capitalized Subsequent to Acquisition, Land | (234) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,483) | |||
Gross Amount at Which Carried at Close of Period , Land | 274 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,562 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,836 | |||
Accumulated Depreciation | $ (468) | |||
Date Acquired | 2015-07 | |||
Sault Ste. Marie, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 946 | |||
Acquisition Costs, Buildings and Improvements | 917 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (478) | |||
Gross Amount at Which Carried at Close of Period , Land | 946 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 439 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,385 | |||
Accumulated Depreciation | $ (92) | |||
Date Acquired | 2015-07 | |||
Lincoln Park, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,106 | |||
Acquisition Costs, Buildings and Improvements | 3,198 | |||
Costs Capitalized Subsequent to Acquisition, Land | (262) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,095) | |||
Gross Amount at Which Carried at Close of Period , Land | 844 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,103 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,947 | |||
Accumulated Depreciation | $ (502) | |||
Date Acquired | 2015-07 | |||
Roseville, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,286 | |||
Acquisition Costs, Buildings and Improvements | 4,778 | |||
Costs Capitalized Subsequent to Acquisition, Land | (668) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,108 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,618 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 13,886 | |||
Gross Amount at Which Carried at Close of Period, Total | 16,504 | |||
Accumulated Depreciation | $ (2,938) | |||
Date Acquired | 2015-07 | |||
Ypsilanti, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,462 | |||
Acquisition Costs, Buildings and Improvements | 1,277 | |||
Costs Capitalized Subsequent to Acquisition, Land | (403) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (637) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,059 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 640 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,699 | |||
Accumulated Depreciation | $ (145) | |||
Date Acquired | 2015-07 | |||
St Paul, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,866 | |||
Acquisition Costs, Buildings and Improvements | 1,028 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (309) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,866 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 719 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,585 | |||
Accumulated Depreciation | $ (161) | |||
Date Acquired | 2015-07 | |||
Maplewood, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,605 | |||
Acquisition Costs, Buildings and Improvements | 1,162 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (521) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,605 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 641 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,246 | |||
Accumulated Depreciation | $ (139) | |||
Date Acquired | 2015-07 | |||
Burnsville, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,513 | |||
Acquisition Costs, Buildings and Improvements | 1,281 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (505) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,513 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 776 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,289 | |||
Accumulated Depreciation | $ (163) | |||
Date Acquired | 2015-07 | |||
Florissant, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,430 | |||
Acquisition Costs, Buildings and Improvements | 1,607 | |||
Costs Capitalized Subsequent to Acquisition, Land | (24) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (224) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,406 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,383 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,789 | |||
Accumulated Depreciation | $ (245) | |||
Date Acquired | 2015-07 | |||
Springfield, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 922 | |||
Acquisition Costs, Buildings and Improvements | 2,050 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (354) | |||
Gross Amount at Which Carried at Close of Period , Land | 922 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,696 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,618 | |||
Accumulated Depreciation | $ (327) | |||
Date Acquired | 2015-07 | |||
Columbus, MS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,940 | |||
Acquisition Costs, Buildings and Improvements | 2,547 | |||
Costs Capitalized Subsequent to Acquisition, Land | (802) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (491) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,138 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,056 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,194 | |||
Accumulated Depreciation | $ (1,140) | |||
Date Acquired | 2015-07 | |||
Greensboro, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,869 | |||
Acquisition Costs, Buildings and Improvements | 4,387 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,006 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,869 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,393 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,262 | |||
Accumulated Depreciation | $ (1,287) | |||
Date Acquired | 2015-07 | |||
Kearney, NE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 272 | |||
Acquisition Costs, Buildings and Improvements | 483 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,839 | |||
Gross Amount at Which Carried at Close of Period , Land | 272 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,322 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,594 | |||
Accumulated Depreciation | $ (1,536) | |||
Date Acquired | 2015-07 | |||
Salem, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,321 | |||
Acquisition Costs, Buildings and Improvements | 12,198 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,159) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,777 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,162 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,975 | |||
Gross Amount at Which Carried at Close of Period, Total | 20,137 | |||
Accumulated Depreciation | $ (3,896) | |||
Date Acquired | 2015-07 | |||
Nashua, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,794 | |||
Acquisition Costs, Buildings and Improvements | 7,255 | |||
Costs Capitalized Subsequent to Acquisition, Land | (229) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (927) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,565 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,328 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,893 | |||
Accumulated Depreciation | $ (1,529) | |||
Date Acquired | 2015-07 | |||
Manchester, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,458 | |||
Acquisition Costs, Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,702 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,458 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,862 | |||
Gross Amount at Which Carried at Close of Period, Total | 19,320 | |||
Accumulated Depreciation | $ (1,449) | |||
Date Acquired | 2015-07 | |||
Portsmouth, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,934 | |||
Acquisition Costs, Buildings and Improvements | 3,375 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (739) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,934 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,636 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,570 | |||
Accumulated Depreciation | $ (553) | |||
Date Acquired | 2015-07 | |||
Las Vegas (Meadows), NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,354 | |||
Acquisition Costs, Buildings and Improvements | 1,879 | |||
Costs Capitalized Subsequent to Acquisition, Land | (532) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,565 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,822 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,444 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,266 | |||
Accumulated Depreciation | $ (757) | |||
Date Acquired | 2015-07 | |||
Reno, NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,135 | |||
Acquisition Costs, Buildings and Improvements | 5,748 | |||
Costs Capitalized Subsequent to Acquisition, Land | (545) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,438 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,590 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,186 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,776 | |||
Accumulated Depreciation | $ (1,441) | |||
Date Acquired | 2015-07 | |||
Sidney, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,942 | |||
Acquisition Costs, Buildings and Improvements | 1,769 | |||
Costs Capitalized Subsequent to Acquisition, Land | (910) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,093) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,032 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 676 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,708 | |||
Accumulated Depreciation | $ (215) | |||
Date Acquired | 2015-07 | |||
Olean, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 249 | |||
Acquisition Costs, Buildings and Improvements | 2,124 | |||
Costs Capitalized Subsequent to Acquisition, Land | (130) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,323 | |||
Gross Amount at Which Carried at Close of Period , Land | 119 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,447 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,566 | |||
Accumulated Depreciation | $ (750) | |||
Date Acquired | 2015-07 | |||
Albany, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 8,289 | |||
Acquisition Costs, Buildings and Improvements | 6,523 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,566 | |||
Gross Amount at Which Carried at Close of Period , Land | 8,289 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 13,089 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,378 | |||
Accumulated Depreciation | $ (2,333) | |||
Date Acquired | 2015-07 | |||
Rochester Greece, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,082 | |||
Acquisition Costs, Buildings and Improvements | 1,560 | |||
Costs Capitalized Subsequent to Acquisition, Land | (410) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (537) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,672 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,023 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,695 | |||
Accumulated Depreciation | $ (244) | |||
Date Acquired | 2015-07 | |||
Victor, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,144 | |||
Acquisition Costs, Buildings and Improvements | 1,391 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,191 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,144 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 14,582 | |||
Gross Amount at Which Carried at Close of Period, Total | 18,726 | |||
Accumulated Depreciation | $ (1,053) | |||
Date Acquired | 2015-07 | |||
Clay, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 787 | |||
Acquisition Costs, Buildings and Improvements | 4,134 | |||
Costs Capitalized Subsequent to Acquisition, Land | (219) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,559) | |||
Gross Amount at Which Carried at Close of Period , Land | 568 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,575 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,143 | |||
Accumulated Depreciation | $ (667) | |||
Date Acquired | 2015-07 | |||
East Northport, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,617 | |||
Acquisition Costs, Buildings and Improvements | 2,065 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 44,016 | |||
Gross Amount at Which Carried at Close of Period , Land | 7,617 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 46,081 | |||
Gross Amount at Which Carried at Close of Period, Total | 53,698 | |||
Accumulated Depreciation | $ (2,640) | |||
Date Acquired | 2015-07 | |||
Yorktown Hts, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,584 | |||
Acquisition Costs, Buildings and Improvements | 1,569 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,668) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,345 | |||
Gross Amount at Which Carried at Close of Period , Land | 916 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,914 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,830 | |||
Accumulated Depreciation | $ (553) | |||
Date Acquired | 2015-07 | |||
Hicksville, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 38,629 | |||
Acquisition Costs, Buildings and Improvements | 19,061 | |||
Costs Capitalized Subsequent to Acquisition, Land | (7,430) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (4,383) | |||
Gross Amount at Which Carried at Close of Period , Land | 31,198 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 14,681 | |||
Gross Amount at Which Carried at Close of Period, Total | 45,879 | |||
Accumulated Depreciation | $ (3,999) | |||
Date Acquired | 2015-07 | |||
Watchung NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,704 | |||
Acquisition Costs, Buildings and Improvements | 4,110 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 32,654 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,704 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 36,764 | |||
Gross Amount at Which Carried at Close of Period, Total | 43,468 | |||
Accumulated Depreciation | $ (3,008) | |||
Date Acquired | 2015-07 | |||
Toledo, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,664 | |||
Acquisition Costs, Buildings and Improvements | 1,289 | |||
Costs Capitalized Subsequent to Acquisition, Land | (162) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (663) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,502 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 626 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,128 | |||
Accumulated Depreciation | $ (152) | |||
Date Acquired | 2015-07 | |||
Canton, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,650 | |||
Acquisition Costs, Buildings and Improvements | 5,854 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 20,811 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,650 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,665 | |||
Gross Amount at Which Carried at Close of Period, Total | 28,315 | |||
Accumulated Depreciation | $ (2,791) | |||
Date Acquired | 2015-07 | |||
Middleburg Hts, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 698 | |||
Acquisition Costs, Buildings and Improvements | 1,547 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (322) | |||
Gross Amount at Which Carried at Close of Period , Land | 698 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,225 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,923 | |||
Accumulated Depreciation | $ (277) | |||
Date Acquired | 2015-07 | |||
Dayton Mall, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,650 | |||
Acquisition Costs, Buildings and Improvements | 1,223 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,398 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,650 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,621 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,271 | |||
Accumulated Depreciation | $ (568) | |||
Date Acquired | 2015-07 | |||
Mentor, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,092 | |||
Acquisition Costs, Buildings and Improvements | 1,776 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (726) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,092 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,050 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,142 | |||
Accumulated Depreciation | $ (224) | |||
Date Acquired | 2015-07 | |||
Okla City Sequoyah, OK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,542 | |||
Acquisition Costs, Buildings and Improvements | 2,210 | |||
Costs Capitalized Subsequent to Acquisition, Land | (121) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,814 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,421 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,024 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,445 | |||
Accumulated Depreciation | $ (1,312) | |||
Date Acquired | 2015-07 | |||
Happy Valley, OR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,659 | |||
Acquisition Costs, Buildings and Improvements | 1,271 | |||
Costs Capitalized Subsequent to Acquisition, Land | (619) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,619 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,040 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,890 | |||
Gross Amount at Which Carried at Close of Period, Total | 15,930 | |||
Accumulated Depreciation | $ (752) | |||
Date Acquired | 2015-07 | |||
Walnutport, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 885 | |||
Acquisition Costs, Buildings and Improvements | 3,452 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,045) | |||
Gross Amount at Which Carried at Close of Period , Land | 885 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,407 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,292 | |||
Accumulated Depreciation | $ (474) | |||
Date Acquired | 2015-07 | |||
King of Prussia, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | ||||
Acquisition Costs, Buildings and Improvements | 42,300 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,670 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 45,970 | |||
Gross Amount at Which Carried at Close of Period, Total | 45,970 | |||
Accumulated Depreciation | $ (10,605) | |||
Date Acquired | 2015-07 | |||
Caguas, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 431 | |||
Acquisition Costs, Buildings and Improvements | 9,362 | |||
Costs Capitalized Subsequent to Acquisition, Land | (118) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,523) | |||
Gross Amount at Which Carried at Close of Period , Land | 313 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,839 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,152 | |||
Accumulated Depreciation | $ (2,237) | |||
Date Acquired | 2015-07 | |||
Carolina, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 611 | |||
Acquisition Costs, Buildings and Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period , Land | 611 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,251 | |||
Accumulated Depreciation | $ (2,494) | |||
Date Acquired | 2015-07 | |||
Warwick, RI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,166 | |||
Acquisition Costs, Buildings and Improvements | 3,388 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,848) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,688 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,318 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,076 | |||
Gross Amount at Which Carried at Close of Period, Total | 16,394 | |||
Accumulated Depreciation | $ (1,492) | |||
Date Acquired | 2015-07 | |||
Anderson, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,297 | |||
Acquisition Costs, Buildings and Improvements | 638 | |||
Costs Capitalized Subsequent to Acquisition, Land | (5) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,224 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,292 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,862 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,154 | |||
Accumulated Depreciation | $ (2,975) | |||
Date Acquired | 2015-07 | |||
Chrlstn/ Northwoods, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,576 | |||
Acquisition Costs, Buildings and Improvements | 1,497 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,149) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,859 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,427 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,356 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,783 | |||
Accumulated Depreciation | $ (1,004) | |||
Date Acquired | 2015-07 | |||
Cordova, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,581 | |||
Acquisition Costs, Buildings and Improvements | 4,279 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,581 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,279 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,860 | |||
Accumulated Depreciation | $ (1,481) | |||
Date Acquired | 2015-07 | |||
Memphis/ Poplar, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,827 | |||
Acquisition Costs, Buildings and Improvements | 2,475 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 24,893 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,827 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 27,368 | |||
Gross Amount at Which Carried at Close of Period, Total | 30,195 | |||
Accumulated Depreciation | $ (4,570) | |||
Date Acquired | 2015-07 | |||
El Paso, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,008 | |||
Acquisition Costs, Buildings and Improvements | 1,778 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,237 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,008 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,015 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,023 | |||
Accumulated Depreciation | $ (641) | |||
Date Acquired | 2015-07 | |||
Valley View, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,706 | |||
Acquisition Costs, Buildings and Improvements | 3,230 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (3,230) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,706 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 4,706 | |||
Date Acquired | 2015-07 | |||
Shepherd, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,457 | |||
Acquisition Costs, Buildings and Improvements | 2,081 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (510) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,457 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,571 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,028 | |||
Accumulated Depreciation | $ (352) | |||
Date Acquired | 2015-07 | |||
Central Park, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,468 | |||
Acquisition Costs, Buildings and Improvements | 1,457 | |||
Costs Capitalized Subsequent to Acquisition, Land | (4,805) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 15,701 | |||
Gross Amount at Which Carried at Close of Period , Land | 663 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,158 | |||
Gross Amount at Which Carried at Close of Period, Total | 17,821 | |||
Accumulated Depreciation | $ (2,227) | |||
Date Acquired | 2015-07 | |||
Friendswd/Baybrk, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,124 | |||
Acquisition Costs, Buildings and Improvements | 2,038 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (806) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,124 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,232 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,356 | |||
Accumulated Depreciation | $ (258) | |||
Date Acquired | 2015-07 | |||
Ingram, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,651 | |||
Acquisition Costs, Buildings and Improvements | 2,560 | |||
Costs Capitalized Subsequent to Acquisition, Land | (597) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (924) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,054 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,636 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,690 | |||
Accumulated Depreciation | $ (389) | |||
Date Acquired | 2015-07 | |||
Austin, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,164 | |||
Acquisition Costs, Buildings and Improvements | 2,858 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,288) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,192 | |||
Gross Amount at Which Carried at Close of Period , Land | 876 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,050 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,926 | |||
Accumulated Depreciation | $ (1,953) | |||
Date Acquired | 2015-07 | |||
Irving, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,493 | |||
Acquisition Costs, Buildings and Improvements | 5,743 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,147) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,116) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,346 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,627 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,973 | |||
Accumulated Depreciation | $ (1,061) | |||
Date Acquired | 2015-07 | |||
Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,110 | |||
Acquisition Costs, Buildings and Improvements | 1,525 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (525) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,110 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,000 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,110 | |||
Accumulated Depreciation | $ (186) | |||
Date Acquired | 2015-07 | |||
Layton, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,234 | |||
Acquisition Costs, Buildings and Improvements | 974 | |||
Costs Capitalized Subsequent to Acquisition, Land | (824) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,401 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,410 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,375 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,785 | |||
Accumulated Depreciation | $ (1,251) | |||
Date Acquired | 2015-07 | |||
Virginia Beach, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,413 | |||
Acquisition Costs, Buildings and Improvements | 4,760 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,343) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,343 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,070 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,103 | |||
Gross Amount at Which Carried at Close of Period, Total | 25,173 | |||
Accumulated Depreciation | $ (3,487) | |||
Date Acquired | 2015-07 | |||
Chspk/ Greenbrier, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,236 | |||
Acquisition Costs, Buildings and Improvements | 1,700 | |||
Costs Capitalized Subsequent to Acquisition, Land | (492) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (623) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,744 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,077 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,821 | |||
Accumulated Depreciation | $ (253) | |||
Date Acquired | 2015-07 | |||
Fairfax, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,873 | |||
Acquisition Costs, Buildings and Improvements | 1,491 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25,346 | |||
Gross Amount at Which Carried at Close of Period , Land | 10,873 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,837 | |||
Gross Amount at Which Carried at Close of Period, Total | 37,710 | |||
Accumulated Depreciation | $ (2,718) | |||
Date Acquired | 2015-07 | |||
Warrenton, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,956 | |||
Acquisition Costs, Buildings and Improvements | 2,480 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,986 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,956 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,466 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,422 | |||
Accumulated Depreciation | $ (654) | |||
Date Acquired | 2015-07 | |||
Redmond-Overlake Pk, WA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,133 | |||
Acquisition Costs, Buildings and Improvements | 4,133 | |||
Costs Capitalized Subsequent to Acquisition, Land | 10,513 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,243) | |||
Gross Amount at Which Carried at Close of Period , Land | 15,646 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,890 | |||
Gross Amount at Which Carried at Close of Period, Total | 18,536 | |||
Accumulated Depreciation | $ (816) | |||
Date Acquired | 2015-07 | |||
Greendale, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,208 | |||
Acquisition Costs, Buildings and Improvements | 2,340 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 15,340 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,208 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,680 | |||
Gross Amount at Which Carried at Close of Period, Total | 20,888 | |||
Accumulated Depreciation | $ (1,875) | |||
Date Acquired | 2015-07 | |||
Madison West, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,053 | |||
Acquisition Costs, Buildings and Improvements | 2,130 | |||
Costs Capitalized Subsequent to Acquisition, Land | (340) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16,569 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,713 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,699 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,412 | |||
Accumulated Depreciation | $ (2,110) | |||
Date Acquired | 2015-07 | |||
Various [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | $ 381,194 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 381,194 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 381,194 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Building [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 25 years |
Building [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 40 years |
Site Improvement [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 5 years |
Site Improvement [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 15 years |
Tenant Improvements [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon which depreciation is computed, description | shorter of the estimated useful life or non-cancelable term of lease |
U.S. [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land, building and improvements for federal income tax purpose | $ 1.9 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 2,053,078 | $ 2,118,329 | $ 1,889,014 |
Additions | 109,549 | 256,126 | 364,970 |
Impairments | (95,826) | (64,108) | 0 |
Dispositions | (208,413) | (226,889) | (95,270) |
Write-offs | (7,306) | (30,380) | (40,385) |
Balance at end of year | $ 1,851,082 | $ 2,053,078 | $ 2,118,329 |
Schedule III - Reconciliation_2
Schedule III - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 142,206 | $ 147,696 | $ 137,947 |
Depreciation expense | 43,744 | 48,569 | 59,289 |
Dispositions | (23,145) | (23,679) | (9,174) |
Write-offs | (7,834) | (30,380) | (40,366) |
Balance at end of year | $ 154,971 | $ 142,206 | $ 147,696 |