Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SRG | ||
Entity Registrant Name | SERITAGE GROWTH PROPERTIES | ||
Entity Central Index Key | 1,628,063 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,379,900,000 | ||
Class A Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 34,042,416 | ||
Class B Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,328,866 | ||
Class C Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,524,449 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment in real estate | ||
Land | $ 799,971 | $ 840,021 |
Buildings and improvements | 829,168 | 839,663 |
Accumulated depreciation | (139,483) | (89,940) |
Real Estate Investment Property, at Cost, Total | 1,489,656 | 1,589,744 |
Construction in progress | 224,904 | 55,208 |
Net investment in real estate | 1,714,560 | 1,644,952 |
Investment in unconsolidated joint ventures | 282,990 | 425,020 |
Cash and cash equivalents | 241,569 | 52,026 |
Restricted cash | 175,665 | 87,616 |
Tenant and other receivables, net | 30,787 | 23,172 |
Lease intangible assets, net | 310,098 | 464,399 |
Prepaid expenses, deferred expenses and other assets, net | 20,148 | 15,052 |
Total assets | 2,775,817 | 2,712,237 |
Liabilities | ||
Mortgage loans payable, net | 1,202,314 | 1,166,871 |
Unsecured term loan, net | 143,210 | |
Accounts payable, accrued expenses and other liabilities | 109,433 | 121,055 |
Total liabilities | 1,454,957 | 1,287,926 |
Commitments and contingencies (Note 9) | ||
Shareholders' Equity | ||
Additional paid-in capital | 1,116,060 | 925,563 |
Accumulated deficit | (229,760) | (121,338) |
Total shareholders' equity | 886,696 | 804,557 |
Non-controlling interests | 434,164 | 619,754 |
Total equity | 1,320,860 | 1,424,311 |
Total liabilities and equity | 2,775,817 | 2,712,237 |
Class A Common Shares [Member] | ||
Shareholders' Equity | ||
Common shares | 324 | 258 |
Total equity | 324 | 258 |
Class B Common Shares [Member] | ||
Shareholders' Equity | ||
Common shares | 13 | 16 |
Total equity | 13 | 16 |
Class C Common Shares [Member] | ||
Shareholders' Equity | ||
Common shares | 31 | 58 |
Total equity | 31 | $ 58 |
Series A Preferred Shares [Member] | ||
Shareholders' Equity | ||
Preferred shares | 28 | |
Total equity | $ 28 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 32,415,734 | 25,843,251 |
Common shares, issued | 32,415,734 | 25,843,251 |
Class B Common Shares [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 5,000,000 | 5,000,000 |
Common shares, outstanding | 1,328,866 | 1,589,020 |
Common shares, issued | 1,328,866 | 1,589,020 |
Class C Common Shares [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 50,000,000 | 50,000,000 |
Common shares, outstanding | 3,151,131 | 5,754,685 |
Common shares, issued | 3,151,131 | 5,754,685 |
Series A Preferred Shares [Member] | ||
Common shares, outstanding | 2,800,000 | |
Preferred shares, par value | $ 0.01 | |
Preferred shares, authorized | 10,000,000 | |
Preferred shares, outstanding | 2,800,000 | |
Preferred shares, issued | 2,800,000 | |
Preferred shares, liquidation preference | $ 70,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUE | |||
Rental income | $ 86,645 | $ 178,492 | $ 186,421 |
Tenant reimbursements | 26,926 | 62,525 | 62,253 |
Total revenue | 113,571 | 241,017 | 248,674 |
EXPENSES | |||
Property operating | 6,329 | 19,700 | 21,510 |
Real estate taxes | 22,355 | 45,653 | 43,681 |
Depreciation and amortization | 65,907 | 262,171 | 177,119 |
General and administrative | 9,956 | 27,902 | 17,469 |
Litigation charge | 19,000 | ||
Provision for doubtful accounts | 158 | 269 | |
Acquisition-related expenses | 18,397 | 73 | |
Total expenses | 122,944 | 355,584 | 279,121 |
Operating loss | (9,373) | (114,567) | (30,447) |
Equity in (loss) income of unconsolidated joint ventures | 4,772 | (7,788) | 4,646 |
Gain on sale of interests in unconsolidated joint ventures | 60,302 | ||
Gain on sale of real estate | 11,447 | ||
Interest and other income | 136 | 877 | 266 |
Interest expense | (30,461) | (70,112) | (63,591) |
Unrealized (loss) gain on interest rate cap | (2,933) | (701) | (1,378) |
Loss before income taxes | (37,859) | (120,542) | (90,504) |
Provision for income taxes | (944) | (271) | (505) |
Net loss | (38,803) | (120,813) | (91,009) |
Net loss attributable to non-controlling interests | 16,465 | 47,059 | 39,451 |
Net loss attributable to Seritage | (22,338) | (73,754) | (51,558) |
Preferred dividends | (245) | ||
Net loss attributable to Seritage common shareholders | $ (22,338) | $ (73,999) | $ (51,558) |
Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted | $ (0.71) | $ (2.19) | $ (1.64) |
Weighted average Class A and Class C common shares outstanding - Basic and diluted | 31,386 | 33,804 | 31,416 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Class A Common Shares [Member] | Class B Common Shares [Member] | Class C Common Shares [Member] | Series A Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Non-Controlling Interest [Member] |
Beginning balance at Jul. 07, 2015 | $ 1,635,957 | $ 246 | $ 16 | $ 68 | $ 923,636 | $ 711,991 | ||
Beginning balance, shares at Jul. 07, 2015 | 24,584,000 | 1,589,000 | 6,790,000 | |||||
Net loss | (38,803) | $ (22,338) | (16,465) | |||||
Offering related costs | (126) | (70) | (56) | |||||
Dividends and distributions declared | (27,895) | (15,807) | (12,088) | |||||
Vesting of restricted share units, shares | 217,000 | |||||||
Vesting of restricted share units | $ 2 | (2) | ||||||
Stock-based compensation | 944 | 944 | ||||||
Stock issued in conversion of securities | $ 0 | |||||||
Stock issued in conversion securities, shares | 17,450 | |||||||
Stock sold in conversion of securities, shares | (17,000) | |||||||
Stock sold in conversion of securities | $ 0 | |||||||
Ending balance at Dec. 31, 2015 | 1,570,077 | $ 248 | $ 16 | $ 68 | 924,508 | (38,145) | 683,382 | |
Ending balance, shares at Dec. 31, 2015 | 24,818,000 | 1,589,000 | 6,773,000 | |||||
Net loss | (91,009) | (51,558) | (39,451) | |||||
Dividends and distributions declared | (55,812) | (31,635) | (24,177) | |||||
Vesting of restricted share units, shares | 7,000 | |||||||
Vesting of restricted share units | (13) | $ 0 | (13) | |||||
Stock-based compensation | 1,068 | 1,068 | ||||||
Stock issued in conversion of securities | $ 10 | |||||||
Stock issued in conversion securities, shares | 1,018,500 | |||||||
Stock sold in conversion of securities, shares | (1,018,000) | |||||||
Stock sold in conversion of securities | $ (10) | |||||||
Ending balance at Dec. 31, 2016 | 1,424,311 | $ 258 | $ 16 | $ 58 | 925,563 | (121,338) | 619,754 | |
Ending balance, shares at Dec. 31, 2016 | 25,843,251 | 1,589,020 | 5,754,685 | |||||
Net loss | (120,813) | (73,754) | (47,059) | |||||
Dividends and distributions declared | (56,117) | (34,668) | (21,449) | |||||
Vesting of restricted share units, shares | 11,000 | |||||||
Vesting of restricted share units | (13) | (13) | ||||||
Stock-based compensation | 7,018 | 7,018 | ||||||
Issuance of restricted shares | 66,474 | $ 28 | 66,446 | |||||
Issuance of restricted shares, shares | 2,800,000 | |||||||
Stock issued in conversion of securities | $ 27 | |||||||
Stock issued in conversion securities, shares | 2,603,554 | |||||||
Stock sold in conversion of securities, shares | (2,604,000) | |||||||
Stock sold in conversion of securities | $ (27) | |||||||
Share class surrenders | $ (3) | 3 | ||||||
Share class surrenders, shares | (260,000) | |||||||
OP Unit exchanges | $ 39 | 117,043 | (117,082) | |||||
OP Unit exchanges, shares | 3,958,182 | |||||||
Ending balance at Dec. 31, 2017 | $ 1,320,860 | $ 324 | $ 13 | $ 31 | $ 28 | $ 1,116,060 | $ (229,760) | $ 434,164 |
Ending balance, shares at Dec. 31, 2017 | 32,415,734 | 1,328,866 | 3,151,131 | 2,800,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Dividends and distributions declared, per share | $ / shares | $ 1 |
Class A Common Shares [Member] | |
Dividends and distributions declared, per share | $ / shares | $ 1 |
Share class exchanges, common shares | 2,603,554 |
OP Unit exchanges, shares | 3,958,182 |
Class B Common Shares [Member] | |
Share class surrenders, shares | 260,154 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Net loss | $ (38,803) | $ (120,813) | $ (91,009) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Equity in loss (income) of unconsolidated joint ventures | (4,772) | 7,788 | (4,646) |
Distributions from unconsolidated joint ventures | 6,733 | 14,344 | 15,677 |
Gain on sale of interest in unconsolidated joint venture | (60,302) | ||
Gain on sale of real estate | (11,447) | ||
Unrealized loss on interest rate cap | 2,933 | 701 | 1,378 |
Stock-based compensation | 944 | 7,018 | 1,068 |
Depreciation and amortization | 65,907 | 262,171 | 177,119 |
Amortization of deferred financing costs | 2,657 | 8,719 | 5,361 |
Amortization of above and below market leases, net | (388) | (720) | (680) |
Straight-line rent adjustment | (8,299) | (3,719) | (12,862) |
Change in operating assets and liabilities | |||
Tenants and other receivables | (1,473) | (4,753) | 350 |
Prepaid expenses, deferred expenses and other assets | (25,596) | (7,877) | 6,080 |
Accounts payable, accrued expenses and other liabilities | 21,589 | (21,462) | 12,143 |
Net cash provided by operating activities | 21,432 | 69,648 | 109,979 |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Acquisition of real estate and unconsolidated joint ventures | (2,630,412) | ||
Investment in unconsolidated joint ventures | (37,993) | (9,000) | |
Net proceeds from sale of real estate | 50,875 | ||
Net proceeds from disposition of interest in unconsolidated joint venture | 257,373 | ||
Development of real estate | (11,273) | (243,105) | (66,193) |
Net cash provided by (used in) investing activities | (2,641,685) | 27,150 | (75,193) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of mortgage loans payable | 1,161,196 | ||
Repayment of mortgage loans payable | (50,634) | ||
Proceeds from Future Funding Facility | 79,998 | 20,002 | |
Proceeds from Unsecured Term Loan | 230,000 | ||
Repayment of Unsecured Delayed Draw Term Loan | (85,000) | ||
Payment of deferred financing costs | (21,431) | (4,348) | (914) |
Proceeds from issuance of common stock and non-controlling interest | 1,644,042 | ||
Proceeds from issuance of preferred stock | 70,000 | ||
Offering related costs | (8,212) | (3,526) | |
Common dividends paid | (34,248) | (39,354) | |
Non-controlling interests distributions paid | (21,448) | (30,220) | |
Net cash provided by (used in) financing activities | 2,775,595 | 180,794 | (50,486) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 155,342 | 277,592 | (15,700) |
Cash, cash equivalents, and restricted cash, beginning of period | 139,642 | 155,342 | |
Cash, cash equivalents, and restricted cash, end of period | 155,342 | 417,234 | 139,642 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest | 25,325 | 73,870 | 61,051 |
Capitalized interest | 226 | 13,142 | 3,077 |
Income taxes paid | 944 | 271 | 505 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Development of real estate financed with accounts payable | 2,856 | 21,449 | 6,369 |
Dividends and distribution declared and unpaid | $ 27,894 | 13,968 | $ 13,954 |
Decrease in assets and liabilities resulting from deconsolidated properties | |||
Real estate, net | (67,616) | ||
Tenant and other receivables, net | (814) | ||
Lease intangible assets, net | (13,480) | ||
Prepaid expenses, deferred expenses and other assets, net | (8) | ||
Accounts payable, accrued expenses and other liabilities | $ 3,612 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1 – Organization Seritage Growth Properties was organized in Maryland on June 3, 2015 and initially capitalized with 100 shares of Class A common shares. The Company conducts its operations through Seritage Growth Properties, L.P. (the “Operating Partnership”), a Delaware limited partnership that was formed on April 22, 2015. Unless the context otherwise requires, “Seritage” and the “Company” refer to Seritage Growth Properties, the Operating Partnership and its subsidiaries. On June 11, 2015 Sears Holdings Corporation (“Sears Holdings”) effected a rights offering (the “Rights Offering”) to Sears Holdings stockholders to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of 234 of Sears Holdings’ owned properties and one of its ground leased properties (the “Wholly Owned Properties”), and its 50% interests in three joint ventures (such joint ventures, the “JVs,” and such 50% joint venture interests the “JV Interests”) that collectively own 28 properties, ground lease one property and lease two properties (collectively, the “Original JV Properties”) (collectively, the “Transaction”). The Rights Offering ended on July 2, 2015 and the Company’s Class A common shares were listed on the New York Stock Exchange (“NYSE”) on July 6, 2015. On July 7, 2015, the Company completed the Transaction with Sears Holdings and commenced operations. The Company did not have any operations prior to the completion of the Rights Offering and Transaction. During the year ended December 31, 2017, the Company completed transactions whereby it (i) sold its 50% JV Interests in 13 Original JV Properties and (ii) sold a 50% interest in five Wholly Owned Properties and retained a 50% interest in five new joint venture properties (the “New JV Properties” and, together with the Original JV Properties, the “JV Properties”). Seritage is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) primarily engaged in the real property business through the Company’s investment in the Operating Partnership. As of December 31, 2017, our portfolio consisted of approximately 39.4 million square feet of gross leasable area (“GLA”), including 230 wholly owned properties totaling approximately 35.2 million square feet of GLA across 49 states and Puerto Rico, and interests in 23 joint venture properties totaling over 4.2 million square feet of GLA across 13 states. As of December 31, 2017, we leased space at 148 Wholly Owned Properties to Sears Holdings under the Master Lease, including 76 properties leased only to Sears Holdings and 72 properties leased to both Sears Holdings and one or more third-party tenants. The remaining 92 Wholly Owned Properties include 51 properties that are leased solely to third-party tenants and do not have any space leased to Sears Holdings, and 31 vacant properties. As of December 31, 2017, space at 22 JV Properties is also leased to Sears Holdings by, as applicable, the GGP JVs, the Simon JV or the Macerich JV, in each case under a separate JV Master Lease. Sears Holdings is the sole tenant at nine JV properties and 13 JV properties are leased to both Sears Holdings and one or more third-party tenants. One JV Property was vacant as of December 31, 2017. The Master Lease and the JV Master Leases provide the Company and the JVs with the right to recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the 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. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. 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. The Company holds a 63.8% 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. Through consideration of new consolidation guidance effective for the Company as of January 1, 2016, it has been concluded 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 its interest in the Operating Partnership. However, as the Company holds what is deemed a majority voting interest in the Operating Partnership, it qualifies for the exemption from providing certain of the disclosure requirements associated with investments in VIEs. The portions of consolidated entities not owned by the Company and the Operating Partnership are presented as non-controlling interests as of and during the periods presented. 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 fair values of acquired assets and liabilities assumed for purposes of applying the acquisition method of accounting, the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivables. 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 acquisition, ownership, development, redevelopment, management and leasing of real estate properties. The Company’s chief operating decision maker, its Chief 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. Accounting for Real Estate Acquisitions Upon the acquisition of real estate, the Company assesses the fair value of acquired assets and liabilities assumed, including land, buildings, improvements and identified intangibles such as above-market and below-market leases, in-place leases and other items, as applicable, and allocates the purchase price based on these assessments. In making estimates of fair values, the Company may use a number of sources, including data provided by third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. The fair values of tangible assets are determined on an "if vacant" basis. The "if vacant" fair value allocated to land is generally estimated via a market or sales comparison approach with the subject site being compared to similar properties that have sold or are currently listed for sale. The comparable properties are adjusted for dissimilar characteristics such as market conditions, location, access/frontage, size, shape/topography, or intended use, including the impact of any encumbrances on such use. The "if vacant" value allocated to buildings and site improvements is generally estimated using an income approach and a cost approach that utilizes published guidelines for current replacement cost or actual construction costs for similar, recently developed properties. Assumptions used in the income approach include capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. The estimated fair value of in-place tenant leases includes lease origination costs (the costs the Company would have incurred to lease the property to the current occupancy level) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, the Company evaluates the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in lease intangible assets on the consolidated balance sheets and amortized over the remaining lease term for each tenant. Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where the Company is either the lessor or the lessee. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. Above-market tenant leases and below-market ground leases are included in lease intangible assets on the consolidated balance sheets; below-market tenant leases and above-market ground leases are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The values assigned to above-market and below-market tenant leases are amortized as reductions and increases, respectively, to base rental revenue over the remaining term of the respective leases. The values assigned to below-market and above-market ground leases are amortized as increases and reductions, respectively, to property operating expenses over the remaining term of the respective leases. The Company expenses transaction costs associated with business combinations in the period incurred. These costs are included in acquisition-related expenses within the consolidated statements of operations. 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 as follows: Building: 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. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No such impairment losses were recognized for the years ended December 31, 2017 or December 31, 2016, or for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. 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, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. No such impairment losses were recognized for the years ended December 31, 2017 or December 31, 2016, or for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. Restricted Cash Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of December 31, 2017, the Company had approximately $175.7 million of restricted cash, consisting of $151.3 million reserved for redevelopment costs, tenant allowances and leasing commissions, deferred maintenance, environmental remediation and other capital expenditures, $21.7 million related to basic property carrying costs such as real estate taxes, insurance and ground rent; and $2.7 million of other restricted cash which consists primarily of prepaid rental income. As of December 31, 2016, the Company had approximately $87.6 million of restricted cash, including $65.5 million reserved for redevelopment costs, deferred maintenance, environmental remediation and other capital expenditures; $19.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent and $2.9 million of other restricted cash which consists primarily of prepaid rental income. Tenant and Other Receivables Accounts receivable 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. 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. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. Revenue Recognition Rental income is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. 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 to be a lease incentive and is recognized over the lease term as reduction of rental revenue on straight-line basis. The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Tenant reimbursement income 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 related expenses are incurred. Accounting for Recapture and Termination Activity Pursuant to the Master Lease Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage 50% Recapture Rights. The Company generally treats the delivery of a 50% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the Master Lease. • The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Sears Holdings Termination Rights. The Master Lease provides Sears Holdings with certain rights to terminate the Master Lease with respect to properties that cease to be profitable for operation by Sears Holdings. Such a termination would generally result in the following accounting adjustments for the terminated property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. • Termination fees required to be paid by Sears Holdings are recognized as follows: − For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. − For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s Mortgage Loans and Future Funding Facility, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million and a strike rate of 3.5%. The interest rate cap is measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheets. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap on the consolidated statements of operations. For the years ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015, the Company recorded unrealized losses $0.7 million, $1.4 million and $2.9 million, respectively. As of December 31, 2017, the interest rate cap had a fair value of less than $0.1 million as compared to approximately $0.7 million at December 31, 2016. Stock-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 generally based on the fair value of the common shares at the date of the grant and is recognized (i) ratably over the vesting period for awards with time-based vesting and (ii) for awards with performance-based vesting, at the date the achievement of performance criteria is deemed probable, an amount equal to that 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. 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. As of December 31, 2017, a majority of the Company's real estate properties were leased to Sears Holdings, and the majority of Company’s rental revenues were derived from the Master Lease (see Note 5). Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Sears Holdings’ business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. Sears Holdings is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the SEC. Refer to www.sec.gov for Sears Holdings publicly-available financial information. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2017, the Company's portfolio of 230 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico. Earnings (Loss) 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. Class B non-economic common shares are excluded from earnings (loss) per share computations as they do not have economic rights. 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 In February 2017, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Update (“ASU”) 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets” to provide guidance for recognizing gains and losses from the transfer of nonfinancial assets. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial assets to noncustomers. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a non-controlling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. ASU 2017-15 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The effective date of this guidance coincides with revenue recognition guidance. The Company will implement this guidance for reporting periods starting January 1, 2018. In January 2017, the FASB issued ASU 2017-01 which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the Company expects that the largest impact will be the capitalization of transaction costs for asset acquisitions which are expensed for business combinations. ASU 2017-01 is effective, on a prospective basis, for interim and annual periods beginning after January 1, 2019. The Company adopted the guidance on the issuance date effective January 5, 2017 on a prospective basis and it did not have an impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. ASU 2016-18 is effective, on a retroactive basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company early adopted this guidance on March 31, 2017, which changes our statements of cash flows and related disclosure for all periods presented and accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the year ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2016 (in thousands): December 31, 2017 2016 2015 Cash and cash equivalents $ 241,569 $ 52,026 $ 62,867 Restricted cash 175,665 87,616 92,475 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 417,234 $ 139,642 $ 155,342 In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-15 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company will retrospectively On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “Leases” which replaces the existing guidance in ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (ROU) asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense and amortization of the ROU asset and for operating leases, the lessee will recognize a straight-line total lease expense. Under ASC 842, there will be modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. We have considered the effect of ASC 842, and believe the lease standard will impact our revenue recognition applied to executory costs and other components of revenue due under leases that are deemed to be non-lease components, which could affect our recognition pattern for such revenue. The guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Tenant reimbursement and common area maintenance will be considered an additional service to the lessee and therefore will be required to be presented as a non-lease component. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations”, and requires the recognition of purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminates the requirement to retrospectively account for these adjustments. ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. The Company early adopted ASU 2015-16 on the issuance date effective September 2015 on a prospective basis and it did not have an impact on the consolidated financial statements. In May 2014, with subsequent updates issued in August 2015 and March, April, May and December 2016, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it does not apply to contracts within the scope of ASC 840 |
Lease Intangible Assets and Lia
Lease Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Lease Intangible Assets and Liabilities | Note 3 – Lease Intangible Assets and Liabilities Lease intangible assets (acquired in-place leases, above-market leases and below-market ground leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $310.1 million and $14.5 million, respectively, as of December 31, 2017, and $464.4 million and $16.8 million, respectively, as of December 31, 2016. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2017 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 542,655 $ (249,569 ) $ 293,086 Below-market ground leases, net 11,766 (508 ) 11,258 Above-market leases, net 8,925 (3,171 ) 5,754 Total $ 563,346 $ (253,248 ) $ 310,098 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 19,658 $ (5,182 ) $ 14,476 Total $ 19,658 $ (5,182 ) $ 14,476 December 31, 2016 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 592,871 $ (146,964 ) $ 445,907 Below-market ground leases, net 11,766 (305 ) 11,461 Above-market leases, net 8,964 (1,933 ) 7,031 Total $ 613,601 $ (149,202 ) $ 464,399 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 20,011 $ (3,184 ) $ 16,827 Total $ 20,011 $ (3,184 ) $ 16,827 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $1.2 million, $0.9 million and $0.5 million for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ (949 ) 2019 (922 ) 2020 (788 ) 2021 (775 ) 2022 (485 ) Amortization of acquired below-market ground leases resulted in additional rent expense of $0.2 , $0.2 million and $0.1 million for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015, respectively. Estimated annual amortization of acquired below-market ground leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ 203 2019 203 2020 203 2021 203 2022 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $139.5 million, $110.2 million and $36.8 million for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015, respectively. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ 61,997 2019 37,357 2020 36,911 2021 36,127 2022 35,151 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Note 4 – Investments in Unconsolidated Joint Ventures The Company conducts a portion of its property rental activities through investments in unconsolidated joint ventures for which the Company holds less than a controlling interest. The Company’s partners in these unconsolidated joint ventures are unrelated real estate entities or commercial enterprises. The Company and its unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures. The obligations to make capital contributions are governed by each unconsolidated joint venture’s respective operating agreement and related governing documents. The Company currently has investments in four unconsolidated entities: (i) GS Portfolio Holdings II LLC (the “GGP I JV”), a joint venture between Seritage and a subsidiary of GGP Inc. (together with its subsidiaries, “GGP”); (ii) GS Portfolio Holdings (2017) LLC (the “GGP II JV” and, together with GGP I JV, the “GGP JVs”), a joint venture between Seritage and a subsidiary of GGP; (iii) SPS Portfolio Holdings II LLC (the “Simon JV”), a joint venture between Seritage and a subsidiary of Simon Property Group, Inc. (together with its subsidiaries, “Simon”); and (iv) MS Portfolio LLC (the “Macerich JV”), a joint venture between Seritage and a subsidiary of The Macerich Company (together with its subsidiaries, “Macerich”). A substantial majority of the space at the JV Properties is leased to Sears Holdings under the JV Master Leases which include recapture rights and termination rights with similar terms as those described under the Master Lease. GGP Transactions On July 12, 2017, the Company completed two transactions with GGP for gross consideration of $247.6 million whereby the Company (i) sold to GGP the Company’s 50% JV Interests in eight of the 12 assets in the GGP I JV for $190.1 million and recorded a gain of $43.7 million which is included in gain on sale of interest in unconsolidated joint venture within the consolidated statements of operations; and (ii) contributed five Wholly Owned Properties to the GGP II JV and sold a 50% interest in the new JV Properties to GGP for $57.5 million and recorded a gain of $11.5 million which is included in gain on sale of real estate within the consolidated statements of operations. As a result of the transactions, the Company reduced amounts outstanding under its Mortgage Loans and Future Funding Facility by $50.6 million and received approximately $171.6 million of additional cash proceeds before closing costs, which it has used to fund the Company’s redevelopment pipeline and for general corporate purposes. Simon Transaction On November 3, 2017, the Company sold to Simon the its 50% JV Interests in five of the ten assets in the Simon JV for $68.0 million and recorded a gain of $16.6 million which is included in gain on sale of interest in unconsolidated joint venture within the consolidated statements of operations. Net proceeds from the sale have been used to fund the Company’s redevelopment pipeline and for general corporate purposes. The Company’s investments in unconsolidated joint ventures at December 31, 2017, consisted of (in thousands, except number of properties): Seritage % # of Total Contribution Joint Venture Ownership Properties GLA Value (1) GGP I JV 50 % 4 598 $ 37,570 GGP II JV 50 % 5 1,187 57,500 Macerich JV 50 % 9 1,576 150,000 Simon JV 50 % 5 872 52,590 Total 23 4,233 $ 297,660 (1) Represents contribution value at formation of each JV. Each unconsolidated joint venture is obligated to prepare financial statements in accordance with GAAP. The Company generally shares in the profits and losses of these unconsolidated joint ventures in accordance with the Company’s respective equity interests. In some instances, the Company may recognize profits and losses related to investment in an unconsolidated joint venture that differ from the Company’s equity interest in the unconsolidated joint venture. This may arise from impairments that the Company recognizes related to its investment that differ from the impairments the unconsolidated joint venture recognizes with respect to its assets; differences between the Company’s basis in assets it has transferred to the unconsolidated joint venture and the unconsolidated joint venture’s basis in those assets; the Company’s deferral of the unconsolidated joint venture’s profits from land sales to the Company; or other items. There were no joint venture impairment charges during the years ended December 31, 2017 or December 31, 2016, or the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. The following tables presents combined condensed financial data for all of the Company’s unconsolidated joint ventures as of December 31, 2017 and December 31, 2016, and for the years ended December 31, 2017 and December 31, 2016, and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015: December 31, 2017 December 31, 2016 ASSETS Investment in real estate Land $ 191,853 $ 214,109 Buildings and improvements 388,363 598,978 Accumulated depreciation (48,306 ) (56,324 ) 531,910 756,763 Construction in progress 21,000 48,885 Net investment in real estate 552,910 805,648 Cash and cash equivalents 4,549 3,434 Tenant and other receivables, net 3,843 6,133 Other assets, net 45,605 38,646 Total assets $ 606,907 $ 853,861 LIABILITIES AND MEMBERS INTERESTS Liabilities Mortgage loans payable, net $ 122,875 $ — Accounts payable, accrued expenses and other liabilities 28,201 14,177 Total liabilities 151,076 14,177 Members Interest Additional paid in capital 473,098 830,389 Retained earnings (17,267 ) 9,295 Total members interest 455,831 839,684 Total liabilities and members interest $ 606,907 $ 853,861 July 7, 2015 Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 58,264 $ 66,417 $ 35,150 Property operating expenses (11,358 ) (12,787 ) (7,339 ) Depreciation and amortization (47,948 ) (42,233 ) (17,975 ) Operating income (1,042 ) 11,397 9,836 Other expenses (14,533 ) (2,105 ) (292 ) Net (loss) income $ (15,575 ) $ 9,292 $ 9,544 Equity in (loss) income of unconsolidated joint ventures $ (7,788 ) $ 4,646 $ 4,772 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Note 5 – Leases Master Lease On July 7, 2015, subsidiaries of Seritage and subsidiaries of Sears Holdings entered into the Master Lease. The Master Lease generally is a triple net lease with respect to all space which is leased thereunder to Sears Holdings, subject to proportional sharing by Sears Holdings for repair and maintenance charges, real property taxes, insurance and other costs and expenses which are common to both the space leased by Sears Holdings and other space occupied by unrelated third-party tenants in the same or other buildings pursuant to third-party leases, space which is recaptured pursuant to the Company recapture rights described below and all other space which is constructed on the properties. Under the Master Lease, Sears Holdings and/or one or more of its subsidiaries will be required to make all expenditures reasonably necessary to maintain the premises in good appearance, repair and condition for as long as they lease the space. The Master Lease has an initial term of 10 years and contains three options for five-year renewals of the term and a final option for a four-year renewal. As of December 31, 2017 and December 31, 2016, the annual base rent paid directly by Sears Holdings and its subsidiaries under the Master Lease was approximately $93.3 million and $134.0 million, respectively. In each of the initial and first two renewal terms, annual base rent will be increased by 2.0% per annum for each lease year over the rent for the immediately preceding lease year. For subsequent renewal terms, rent will be set at the commencement of the renewal term at a fair market rent based on a customary third-party appraisal process, taking into account all the terms of the Master Lease and other relevant factors, but in no event will the renewal rent be less than the rent payable in the immediately preceding lease year. Revenues from the Master Lease for the years ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 are as follows (in thousands and excluding straight-line rent of $0.8 million, $9.9 million and $5.6 million, respectively): July 7, 2015 Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 Rental income $ 112,881 $ 133,237 $ 64,838 Termination fee income 19,315 — — Tenant reimbursements 51,672 55,823 25,204 Total revenue $ 183,868 $ 189,060 $ 90,042 The Master Lease provides the Company with the right to recapture up to approximately 50% of the space occupied by Sears Holdings at the 224 Wholly Owned Properties initially included in the Master Lease (subject to certain exceptions). While the Company will be permitted to exercise its recapture rights all at once or in stages as to any particular property, it will not be permitted to recapture all or substantially all of the space subject to the recapture right at more than 50 Wholly Owned Properties during any lease year. In addition, Seritage has 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 the parking areas and common areas. Upon exercise of these recapture rights, the Company will generally incur certain costs and expenses for the separation of the recaptured space from the remaining Sears Holdings space and can reconfigure and rent the recaptured space to third-party tenants. The Company also has the right to recapture 100% of the space occupied by Sears Holdings at each of 21 identified Wholly Owned Properties by making a specified lease termination payment to Sears Holdings, after which the Company can reposition and re-lease those stores. The lease termination payment is calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holdings and an amount equal to 10 times the adjusted EBITDA attributable to such space within the Sears Holdings main store which is not attributable to the space subject to the separate 50% recapture right discussed above for the 12-month period ending at the end of the fiscal quarter ending immediately prior to recapturing such space. As of December 31, 2017, the Company had exercised certain recapture rights with respect to 56 properties as follows: Property Recapture Type Notice Date(s) Anchorage, AK 100% December 2017 Boca Raton, FL 100% December 2017 Westminster, CA 100% December 2017 Hicksville, NY 100% December 2017 Orland Park, IL 100% (1) December 2017 Florissant, MO Out parcel December 2017 Salem, NH Out parcel December 2017 Fairfield, CA Partial December 2017 Las Vegas, NV Partial December 2017 Plantation, FL Partial December 2017 Yorktown Heights Partial December 2017 Austin, TX 100% (1) December 2017 / September2017 North Little Rock, AR Auto Center September 2017 Ft. Wayne, IN Out parcel September 2017 St. Clair Shores, MI 100% September 2017 Redmond, WA Auto Center September 2017 Temecula, CA Partial June 2017 Roseville, CA Auto center June 2017 North Riverside, IL Partial June 2017 Watchung, NJ 100% June 2017 Canton, OH Partial June 2017 Dayton, OH Auto center June 2017 Carson, CA 100% (1) April 2017 / December 2016 San Diego, CA 100% (1) April 2017 Aventura, FL 100% April 2017 Hialeah, FL 100% (1) April 2017 Anderson, SC 100% (1) April 2017 / July 2016 Charleston, SC 100% (1) April 2017 / October 2016 Valley View, TX 100% April 2017 North Miami, FL 100% March 2017 Cockeysville, MD Partial March 2017 Olean, NY Partial March 2017 Santa Cruz, CA Partial December 2016 Santa Monica, CA 100% December 2016 Saugus, MA Partial December 2016 Guaynabo, PR Partial December 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 West Hartford, CT 100% October 2016 Rehoboth Beach, DE Partial October 2016 St. Petersburg, FL 100% October 2016 Warwick, RI Auto center October 2016 North Hollywood, CA Partial July 2016 Orlando, FL 100% July 2016 Ft. Wayne, IN Out parcel July 2016 West Jordan, UT Partial July 2016 Madison, WI Partial July 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Wayne, NJ (2) Partial + auto center May 2016 Albany, NY Auto center May 2016 Fairfax, VA Partial + auto May 2016 San Antonio, TX Auto center March 2016 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 Braintree, MA 100% November 2015 (1) In 2017, the Company converted partial recapture rights to 100% recapture rights and exercised such recapture rights. (2) In 2017, the Company contributed this asset to the GGP II JV and retained a 50% ownership interest. The Master Lease also provides for certain rights to Sears Holdings to terminate the Master Lease with respect to Wholly Owned Properties that cease to be profitable for operation by Sears Holdings. In order to terminate the Master Lease with respect to a certain property, Sears Holdings must make a payment to the Company of an amount equal to one year of rent (together with taxes and other expenses) with respect to such property. Sears Holdings must provide notice of not less than 90 days of their intent to exercise such termination right and such termination right will be limited so that it will not have the effect of reducing the fixed rent under the Master Lease by more than 20% per annum. As of December 31, 2017, Sears Holdings had terminated the Master Lease with respect to 56 stores totaling 7.4 million square feet of gross leasable area. The aggregate annual base rent at these stores was approximately $23.6 million. Sears Holdings continued to pay the Company rent until it vacated the stores and also paid aggregate termination fees of approximately $45.1 million, an amount equal to one year of aggregate annual base rent plus one year of estimated real estate taxes and operating expenses. As of December 31, 2017, the Company had announced redevelopment projects at 18 of the terminated properties and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears Holdings. Announced Property Square Feet Notice Termination Redevelopment Cullman, AL 98,500 September 2016 January 2017 Q2 2017 Sierra Vista, AZ 86,100 September 2016 January 2017 Thornton, CO 190,200 September 2016 January 2017 Q1 2017 Chicago, IL 118,800 September 2016 January 2017 Springfield, IL 84,200 September 2016 January 2017 Q3 2016 Elkhart, IN 86,500 September 2016 January 2017 Q4 2016 Merrillville, IN 108,300 September 2016 January 2017 Q4 2016 Houma, LA 96,700 September 2016 January 2017 New Iberia, LA 91,700 September 2016 January 2017 Q2 2017 Alpena, MI 118,200 September 2016 January 2017 Manistee, MI 87,800 September 2016 January 2017 Sault Sainte Marie, MI 92,700 September 2016 January 2017 Kearney, NE 86,500 September 2016 January 2017 Q3 2016 Deming, NM 96,600 September 2016 January 2017 Harlingen, TX 91,700 September 2016 January 2017 Yakima, WA 97,300 September 2016 January 2017 Riverton, WY 94,800 September 2016 January 2017 Riverside, CA 94,500 January 2017 April 2017 Kissimmee, FL 112,505 January 2017 April 2017 Leavenworth, KS 76,853 January 2017 April 2017 Hopkinsville, KY 70,326 January 2017 April 2017 Paducah, KY 108,244 January 2017 April 2017 Q3 2017 Owensboro, KY 68,334 January 2017 April 2017 Detroit Lakes, MN 79,102 January 2017 April 2017 Jefferson City, MO 92,016 January 2017 April 2017 Q2 2017 Henderson, NV 122,823 January 2017 April 2017 Q1 2017 Concord, NC 137,499 January 2017 April 2017 Chapel Hill, OH 187,179 January 2017 April 2017 Kenton, OH 96,066 January 2017 April 2017 Muskogee, OK 87,500 January 2017 April 2017 Mount Pleasant, PA 83,536 January 2017 April 2017 Sioux Falls, SD 72,511 January 2017 April 2017 El Paso, TX 103,657 January 2017 April 2017 Layton, UT 90,010 January 2017 April 2017 Elkins, WV 94,885 January 2017 April 2017 Platteville, WI 94,841 January 2017 April 2017 Sarasota, FL 204,500 June 2017 October 2017 Chicago, IL 293,700 June 2017 October 2017 Overland Park, KS 215,000 June 2017 October 2017 Lafayette, LA 194,900 June 2017 October 2017 Cockeysville, MD 83,900 June 2017 October 2017 Q1 2017 Hagerstown, MD 107,300 June 2017 October 2017 Q1 2016 Roseville, MI 277,000 June 2017 October 2017 Q3 2016 Burnsville, MN 161,700 June 2017 October 2017 Albany, NY 216,200 June 2017 October 2017 Q1 2016 East Northport, NY 187,000 June 2017 October 2017 Q2 2017 Johnson City, NY 155,100 June 2017 October 2017 Olean, NY 75,100 June 2017 October 2017 Q1 2017 Mentor, OH 208,700 June 2017 October 2017 Middleburg Heights, OH 351,600 June 2017 October 2017 Toledo, OH 209,900 June 2017 October 2017 York, PA 82,000 June 2017 October 2017 Warwick, RI 169,200 June 2017 October 2017 Q3 2016 / Q3 2017 Greendale, WI 238,400 June 2017 October 2017 Q4 2017 Friendswood, TX (1) 166,000 June 2017 November 2017 Westwood, TX (1) 215,000 June 2017 January 2018 Total square feet 7,411,187 (1) The Company and Sears Holdings agreed to extend occupancy beyond October 2017 under the existing Master Lease terms. Lessor The Company generally leases space to tenants under non-cancelable operating leases. The leases typically provide for the payment of fixed base rents, as well as reimbursements of real estate taxes, insurance, maintenance and other costs. Certain leases also provide for the payment by the lessee of additional rents based on a percentage of their sales. As of December 31, 2017, future base rental revenue under non-cancelable operating leases, excluding extension options and signed leases for which rental payments have not yet commenced, is as follows (in thousands): Year ending December 31, 2018 $ 138,488 2019 141,216 2020 139,516 2021 140,120 2022 140,086 Thereafter 465,736 $ 1,165,162 These future minimum amounts do not include tenant reimbursement income or additional rents based on a percentage of tenants’ sales. For the year ended December 31, 2017, the Company recognized $62.5 million of tenant reimbursement income, as well as approximately $0.5 million of additional rent based on a percentage of tenants’ sales which was included in rental income. For the year ended December 31, 2016, the Company recognized $62.3 million of tenant reimbursement income, as well as approximately $0.1 million of additional rent based on a percentage of tenants’ sales which was included in rental income. As Lessee The Company recorded rent expense related to leased corporate office space of $0.7 million, $0.6 million and $0.6 million for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. Such rent expense is classified within general and administrative expenses on the consolidated statements of operations. In addition, in connection with the Transaction, the Company acquired a ground lease for one property. The Company recorded ground rent expense of approximately $50 thousand, $50 thousand and $25 thousand for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Mortgage Loans Payable On July 7, 2015, pursuant to the Transaction, the Company entered into a mortgage loan agreement (the “Mortgage Loan Agreement”) and mezzanine loan agreement (collectively, the “Loan Agreements”), providing for term loans in an initial principal amount of approximately $1,161 million (collectively, the “Mortgage Loans”) and a $100 million future funding facility (the “Future Funding Facility”). Pursuant to the terms of the Loan Agreements, amounts available under the Future Funding Facility were fully drawn by the Company on June 30, 2017. Such amounts were deposited into a redevelopment reserve and used to fund redevelopment activity at the Company’s properties. On July 12, 2017, as a result of the transaction whereby the Company contributed five Wholly Owned Properties to the GGP II JV and sold a 50% interest in the new JV Properties to GGP for $57.5 million, the Company reduced amounts outstanding under its Mortgage Loans and Future Funding Facility by $50.6 million. As of December 31, 2017, the aggregate principal amount outstanding under the Mortgage Loans and the Future Funding Facility was $1,211 million. Interest under the Mortgage Loans and Future Funding Facility is due and payable on the payment dates, and all outstanding principal amounts are due when the loan matures on the payment date in July 2019, pursuant to the Loan Agreements. The Company has two one-year extension options subject to the payment of an extension fee and satisfaction of certain other conditions. Borrowings under the Mortgage Loans and Future Funding Facility bear interest at the London Interbank Offered Rates (“LIBOR”) plus, as of December 31, 2017, a weighted-average spread of 470 basis points; payments are made monthly on an interest-only basis. The weighted-average interest rates for the Mortgage Loans and Future Funding Facility for the years ended December 31, 2017 and December 31, 2016 were 6.03% and 5.24%, respectively. The Loan Agreements contain a yield maintenance provision for the early extinguishment of the debt before March 9, 2018. The Mortgage Loans and Future Funding Facility are secured by all of the Company’s Wholly Owned Properties and a pledge of its equity in the JVs. The Loan Agreements contain customary covenants for a real estate financing, including restrictions that limit the Company’s ability to grant liens on its assets, incur additional indebtedness, or transfer or sell assets, as well as those that may require the Company to obtain lender approval for certain major tenant leases or significant redevelopment projects. Such restrictions also include cash flow sweep provisions based upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds. In November 2016, the Company and the servicer for its Mortgage Loans entered into amendments to the Loan Agreements to resolve a disagreement regarding one of the cash flow sweep provisions in the Loan Agreements. The principal terms of these amendments are that the Company (i) posted $30.0 million, and will post $3.3 million on a monthly basis, to a redevelopment project reserve account, which amounts may be used by the Company to fund redevelopment activity and (ii) extended the spread maintenance provision for prepayment of the loan by two months through March 9, 2018 (with the spread maintenance premium for the second month at a reduced amount). As a result of this agreement and the resolution of the related disagreement, no cash flow sweep was imposed. All obligations under the Loan Agreements are non-recourse to the borrowers and the pledgors of the JV Interests and the guarantors thereunder, except that (i) the borrowers and the guarantors will be liable, on a joint and several basis, for losses incurred by the lenders in respect of certain matters customary for commercial real estate loans, including misappropriation of funds and certain environmental liabilities and (ii) the indebtedness under the Loan Agreements will be fully recourse to the borrowers and guarantors upon the occurrence of certain events customary for commercial real estate loans, including without limitation prohibited transfers, prohibited voluntary liens, and bankruptcy. Additionally, the guarantors delivered a limited completion guaranty with respect to future redevelopments undertaken by the borrowers at the properties, and the Company must maintain (i) a net worth of not less than $1.0 billion and (ii) a minimum liquidity of not less than $50.0 million, throughout the term of the Loan Agreements. The Company believes it is currently in compliance with all material terms and conditions of the Loan Agreements. The Company incurred $22.3 million of debt issuance costs related to the Mortgage Loans and Future Funding Facility which are recorded as a direct deduction from the carrying amount of the Mortgage Loans and Future Funding Facility and amortized over the term of the Loan Agreements. As of December 31, 2017, the unamortized balance of the Company’s debt issuance costs was $8.5 million as compared to $14.3 million as December 31, 2016. Unsecured Term Loan On February 23, 2017, the Operating Partnership, as borrower, and the Company, as guarantor, entered into a $200 million senior unsecured delayed draw term loan facility (the “Unsecured Delayed Draw Term Loan”) with JPP, LLC and JPP II, LLC as lenders (collectively, the “Original Lenders”) and JPP, LLC as administrative agent. The total commitment of the Lenders under the Unsecured Delayed Draw Term Loan was $200 million and the maturity date was December 31, 2017. The principal amount of loans outstanding under the Unsecured Delayed Draw Term Loan bore a base annual interest rate of 6.50%. If a cash flow sweep period were to have occurred and been continuing under the Company’s Mortgage Loan Agreement (i) the interest rate on any outstanding advances would have increased from and after such date by 1.5% per annum above the base interest rate and (ii) the interest rate on any advances made after such date would have increased by 3.5% per annum above the base interest rate. Accrued and unpaid interest was payable in cash, except that during the continuance of a cash flow sweep period under the Company’s Mortgage Loan Agreement, the Operating Partnership could elect to defer the payment of interest which deferred amount would be added to the outstanding principal balance of the loans. On February 23, 2017, the Operating Partnership paid to the Original Lenders an upfront commitment fee equal to $1.0 million. On May 24, 2017, the Operating Partnership paid to the Original Lenders an additional, and final, commitment fee of $1.0 million. The Unsecured Delayed Draw Term Loan required that the Company at all times maintain (i) a net worth of not less than $1.0 billion, and (ii) a leverage ratio not to exceed 60.0%. The Unsecured Delayed Draw Term Loan included customary representations and warranties, covenants and indemnities. The Unsecured Delayed Draw Term Loan also had customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of representation or warranty, and bankruptcy or insolvency proceedings. If there was an event of default, the Lenders could 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 Unsecured Delayed Draw Term Loan documents, and require the Operating Partnership to pay a default interest rate on overdue amounts equal to 1.50% in excess of the applicable base interest rate. Mr. Edward S. Lampert, the Company’s Chairman, is the Chairman and Chief Executive Officer of ESL, which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Delayed Draw Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Edward S. Lampert recusing himself). On December 27, 2017, the Operating Partnership, as borrower, and the Company, as guarantor, refinanced the Unsecured Delayed Draw Term Loan with a new $200 million unsecured term loan facility (the “Unsecured Term Loan”). The principal amount outstanding under the Unsecured Delayed Draw Term Loan at termination was $85 million. No prepayment penalties were triggered and the Unsecured Delayed Draw Term Loan terminated in accordance with its terms. The lenders under the Unsecured Delayed Draw Term Loan, JPP, LLC and JPP II, LLC, maintained their funding of $85 million in the Unsecured Term Loan, with JPP, LLC appointed as administrative agent under the Unsecured Term Loan. An affiliate of Empyrean Capital Partners, L.P., a Delaware limited partnership (and together with JPP, LLC and JPP II LLC, each an “Initial Lender” and collectively, the “Initial Lenders”), funded $60 million under the Unsecured Term Loan, resulting in a total of $145 million committed and funded under the Unsecured Term Loan at closing. Under an accordion feature, the Company has the right to increase the total commitments up to $200 million and place an additional $55 million of incremental loans with the Initial Lenders or new lenders. The Initial Lenders under the Unsecured Term Loan are not obligated to make all or any portion of the incremental loans. The Company used the proceeds of the Unsecured Term Loan, among other things, to refinance the Unsecured Delayed Draw Term Loan, to fund redevelopment projects and for other general corporate purposes. Loans under the Unsecured Term Loan are guaranteed by the Company. The Unsecured Term Loan matures on the earlier of (i) December 31, 2018 and (ii) the date on which the outstanding indebtedness under the Company’s existing mortgage and mezzanine facilities are repaid in full. The Unsecured Term Loan may be prepaid at any time in whole or in part, without any penalty or premium. Amounts drawn under the Unsecured Term Loan and repaid may not be redrawn. The principal amount of loans outstanding under the Unsecured Term Loan bears a base annual interest rate of 6.75%. Accrued and unpaid interest is payable in cash. On December 27, 2017, the Borrower paid to each Initial Lender an upfront fee in an aggregate amount equal to 1.00% of the principal amount of the loan made by such Initial Lender. The Unsecured Term Loan requires that the Company at all times maintain (i) a net worth of not less than $1.0 billion, and (ii) a leverage ratio not to exceed 60.0%. The Unsecured Term Loan includes customary representations and warranties, covenants and indemnities. The Unsecured Term Loan also has customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, 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 Unsecured Term Loan documents, and require the Borrower to pay a default interest rate on overdue amounts equal to 1.50% in excess of the then applicable interest rate. The Company believes it is currently in compliance with all material terms and conditions of the Unsecured Term Loan. The Company incurred $1.5 million of debt issuance costs related to the Unsecured Term Loan which are recorded as a direct deduction from the carrying amount of the Unsecured Term Loan and amortized over the term of the loan. As of December 31, 2017, the unamortized balance of the Company’s debt issuance costs was $1.5 million. Mr. Edward S. Lampert, the Company’s Chairman, is the sole stockholder, chief executive officer and director of ESL Investments, Inc., which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Edward S. Lampert recusing himself). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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(c) of the Code for U.S. federal income tax purposes and expects to continue to operate to qualify as a REIT. 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 federal taxes at regular corporate rates (including for any taxable year ended on or before December 31, 2017, any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state, local and Puerto Rico taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company evaluated whether any uncertain tax provisions exist as of December 31, 2017 and December 31, 2016 and concluded that there are no uncertain tax positions. On December 22, 2017, H.R. 1, known as the Tax Cuts and Jobs Act (the “TCJA”) was signed into law and included wide-scale changes to individual, pass-through and corporation tax laws, including those that impact the real estate industry, the ownership of real estate and real estate investments, and REITs. We have reviewed the provisions of the law that pertain to the Company and have determined them to have no material income tax effect for financial statement purposes for the year ended December 31, 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements ASC 820, Fair Value Measurement 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 as well as consider counterparty credit risk in its assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis All derivative instruments are carried at fair value and are valued using Level 2 inputs. The Company’s derivative instruments as of December 31, 2017 and December 31, 2016 included an interest rate cap. The Company utilizes an independent third party and interest rate market pricing models to assist management in determining the fair value of this instrument. The fair value of the Company’s interest rate cap at December 31, 2017 and December 31, 2016 was less than $0.1 million and approximately $0.7 million, respectively, and is included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheets. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap in the consolidated statements of operations. For the year ended December 31, 2017, the Company recorded an unrealized loss of $0.7 million related to the change in fair value of the interest rate cap as compared to an unrealized loss of $1.4 million for the year ended December 31, 2016. 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 mortgage loans payable. The fair value of cash equivalents is classified as Level 1 and the fair value of mortgage loans payable is classified as Level 2. Cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable 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, 2017 and December 31, 2016, the estimated fair value of the Company’s debt was $1.36 billion and $1.15 billion, respectively, which approximated the carrying value at such dates as the current risk-adjusted rate approximates the stated rates on the Company’s mortgage debt. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 2020. Insurance premiums are charged directly to each of the retail 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. The Company does not believe that any resulting liability from such matters will have a material effect on the consolidated financial position, results of operations or liquidity of the Company. Under the Master Lease, Sears Holdings has indemnified the Company from certain environmental liabilities at the Wholly Owned Properties existing before, or caused by Sears Holdings during, the period in which each Wholly Owned Property is leased to Sears Holdings, including removal and remediation of all affected facilities and equipment constituting the automotive care center facilities (and each JV Master Lease includes a similar requirement of Sears Holdings). As of December 31, 2017 and December 31, 2016, the Company had approximately $10.8 million and $11.8 million, respectively, of restricted cash in a lender reserve account to fund potential environmental costs that were identified during due diligence related to the Transaction. 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 disclose 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. In such cases, the Company discloses the nature of the contingency, and an estimate of the possible loss, range of loss, or disclose the fact that an estimate cannot be made. The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the consolidated financial position, results of operations, cash flows or liquidity of the Company. In May and June of 2015, four purported Sears Holdings shareholders filed lawsuits in the Delaware Court of Chancery challenging the Transaction, which lawsuits were subsequently consolidated into a single action captioned In re Sears Holdings Corporation Stockholder and Derivative Litigation |
Related Party Disclosure
Related Party Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Disclosure | Note 10 – Related Party Disclosure Edward S. Lampert Edward S. Lampert is Chairman and Chief Executive Officer of Sears Holdings and is the Chairman and Chief Executive Officer of ESL. ESL beneficially owned approximately 54.0% and 53.2% of Sears Holdings’ outstanding common stock at December 31, 2017 and December 31, 2016, respectively. Mr. Lampert is also the Chairman of Seritage. As of December 31, 2017, ESL held an approximately 36.2% interest in Operating Partnership and approximately 2.9% and 100% of the outstanding Class A common shares and Class B non-economic common shares, respectively. As of December 31, 2016, ESL held an approximately 43.3% interest in Operating Partnership and approximately 3.7% and 100% of the outstanding Class A common shares and Class B non-economic common shares, respectively Unsecured Term Loan On December 27, 2017, the Operating Partnership, as borrower, and the Company The lenders under the Unsecured Delayed Draw Term Loan, JPP, LLC and JPP II, LLC, each a Delaware limited liability company, which are controlled by ESL Investments, Inc. have maintained their funding of $85 million in the Unsecured Term Loan, with JPP, LLC appointed as administrative agent under the Unsecured Term Loan. Mr. Edward S. Lampert, the Company’s Chairman, is the Chairman and Chief Executive Officer of ESL, which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Edward S. Lampert recusing himself). Transition Services Agreement On July 7, 2015, the Operating Partnership and Sears Holdings Management Corporation (“SHMC”), a wholly owned subsidiary of Sears Holdings, entered into a transition services agreement (the “Transition Services Agreement”, or “TSA”). Pursuant to the TSA, SHMC was to provide certain limited services to the Operating Partnership during the period from the closing of the Transaction through the 18-month anniversary of the closing. On January 7, 2017, the TSA expired by its terms. |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2017 | |
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 (the “Partnership Agreement”). Pursuant to the Partnership Agreement, as the sole general partner of Operating Partnership, Seritage exercises exclusive and complete responsibility and discretion in its day-to-day management, authority to make decisions and control of Operating Partnership, and may not be removed as general partner by the limited partners. As of December 31, 2017, the Company held a 63.8% interest in the Operating Partnership and ESL held a 36.2% interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the period presented. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12 – Shareholders’ Equity Class A Common Shares On July 7, 2015, the Company issued 22,332,037 Class A common shares at a price of $29.58 per share, for aggregate proceeds of $660.6 million, pursuant to the Rights Offering. The Company incurred costs of approximately $8.2 million related to the Rights Offering. In addition, the Company issued and sold to subsidiaries of each of GGP and Simon 1,125,760 Class A common shares at a price of $29.58 per share, or an aggregate purchase price of $33.3 million, in transactions exempt from registration under the Securities Act. The subsidiary of GGP liquidated its position during the year ended December 31, 2016 and the subsidiary of Simon liquidated its position during the year ended December 31, 2017. During the year ended December 31, 2017, 3,958,182 Operating Partnership units were converted to Class A common shares and 2,603,554 net Class C non-voting common shares were converted to Class A common shares. As of December 31, 2017, 32,415,734 Class A common shares were issued and outstanding. Subsequent to December 31, 2017, 1,626,682 net Class C non-voting common shares were converted to Class A common shares. Class A shares have a par value of $0.01 per share. Class B Non-Economic Common Shares On July 7, 2015, the Company issued and sold to ESL 1,589,020 Class B non-economic common shares of beneficial interest in connection with an exchange of cash and subscription rights for Class B non-economic common shares in a transaction exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof. The aggregate purchase price for the Class B non-economic common shares purchased by ESL was $0.9 million. The Class B non-economic common shares have voting rights, but do not have economic rights and, as such, do not receive dividends and are not included in earnings per share computations. During the year ended December 31, 2017, 260,154 Class B non-economic common shares were surrendered to the Company. As of December 31, 2017, 1,328,866 Class B non-economic common shares were issued and outstanding. Class B non-economic common shares have a par value of $0.01 per share. Class C Non-Voting Common Shares On July 7, 2015, the Company issued 6,790,635 Class C non-voting common shares at a price of $29.58 per share, for aggregate proceeds of $200.9 million, pursuant to the Rights Offering. The Class C non-voting common shares have economic rights, but do not have voting rights. Upon any transfer of a Class C non-voting common share to any person other than an affiliate of the holder of such share, such share shall automatically convert into one Class A common share. During the year ended December 31, 2017, 2,603,554 net shares of Class C non-voting common shares were converted to Class A common shares. Subsequent to December 31, 2017, 1,626,682 net Class C non-voting common shares were converted to Class A common shares. As of December 31, 2017, 3,151,131 shares of Class C non-voting common shares were issued and outstanding. Class C non-voting shares have a par value of $0.01 per share. Series A Preferred Shares In December 2017, we 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. We received net proceeds from the offering of approximately $66.7 million after deducting payment of the underwriting discount and offering expenses. We intend to use the proceeds to fund our redevelopment pipeline and for general corporate purposes We may not redeem the Series A Preferred Shares before December 14, 2022 except to preserve our 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, we 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, we 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 we redeem or otherwise repurchase them or they are converted. Dividends and Distributions The Company’s Board of Trustees declared the following common stock dividends during 2017 and 2016, with holders of Operating Partnership units entitled to an equal distribution per Operating Partnership unit held on the record date: Dividends per Class A and Class C Declaration Date Record Date Payment Date Common Share 2017 October 24 December 29 January 11, 2018 $ 0.25 July 25 September 29 October 12 0.25 April 25 June 30 July 13 0.25 February 28 March 31 April 13 0.25 2016 November 1 December 31 January 12, 2017 $ 0.25 August 2 September 30 October 13 0.25 May 3 June 30 July 14 0.25 March 8 March 31 April 14 0.25 The Company declared total dividends of $1.00 per Class A and Class C common share during the years ended December 31, 2017 and December 31, 2016, and $0.50 per Class A and Class C common share during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. The dividends have been reflected as follows for U.S. federal income tax purposes: July 7, 2015 (Date Operations Year Ended Year Ended Commenced) to December 31, 2017 December 31, 2016 December 31, 2015 Ordinary income $ 0.53 $ 1.00 $ 0.50 Capital gain distributions $ 0.47 — — Return of capital — — — Total $ 1.00 $ 1.00 $ 0.50 On February 20, 2018, the Company’s Board of Trustees declared a cash dividend of $0.25 per Class A and Class C common share for the three months ending March 31, 2018. The holders of Operating Partnership units are entitled to an equal distribution per Operating Partnership unit held on March 30, 2018. These amounts will be paid on April 12, 2018. On February 20, 2018, the Company’s Board of Trustees also declared a preferred stock dividend of $0.593056 per each Series A Preferred Share. The dividend covers the period from, and including, December 14, 2017 to, but excluding, April 15, 2018. The dividend will be paid on April 16, 2018 to holders of record on March 30, 2018. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
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 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. July 7, 2015 (in thousands except per share amounts) Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 Numerator - Basic and Diluted Net loss $ (120,813 ) $ (91,009 ) $ (38,803 ) Net loss attributable to non-controlling interests 47,059 39,451 16,465 Preferred dividends (245 ) — — Net loss attributable to common shareholders $ (73,999 ) $ (51,558 ) $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 28,249 25,497 24,707 Weighted average Class C common shares outstanding 5,555 5,919 6,679 Weighted average Class A and Class C common shares outstanding 33,804 31,416 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (2.19 ) $ (1.64 ) $ (0.71 ) No adjustments were made to the numerator for the years ended December 31, 2017 or December 31, 2016, or the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, 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, 2017 or December 31, 2016, or the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, 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, 2017 and December 31, 2016, there were 245,570 and 216,348 shares, respectively, of non-vested restricted stock outstanding. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 14 – Stock 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 shares have been registered with the SEC. 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 Pursuant to the Plan, the Company made grants of restricted shares and share units during the years ended December 31, 2017 and December 31, 2016, and the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. 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 either immediately or in equal annual amounts over the next three years (time-based vesting) and a portion of the restricted shares vest on the third anniversary of the grants subject to the achievement of certain performance criteria (performance-based vesting). In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). Restricted shares 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 with performance-based vesting are accrued when declared and paid to holders of such shares on the third anniversary of the initial grant subject to the vesting of the underlying shares. The following table summarizes restricted share activity for the grant periods ended December 31, 2017 and December 31, 2016: Year Ended December 31, 2017 Year Ended December 31, 2016 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 216,348 $ 38.98 221,484 $ 37.18 Restricted shares granted 62,135 45.23 23,324 46.48 Restricted shares vested (32,345 ) 33.02 (28,460 ) 31.18 Restricted shares forfeited (568 ) 45.23 — 45.23 Unvested restricted shares at end of period 245,570 $ 41.33 216,348 $ 38.98 The Company recognized $7.0 million, $1.1 million and $0.9 million for the year ended December 31, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. 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, 2017, there were $5.1 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 1.6 years. As of December 31, 2016 there were $8.2 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 2.7 years. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | Note 15 – Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities (in thousands): December 31, 2017 December 31, 2016 Accrued development expenditures $ 21,449 $ 6,369 Accrued real estate taxes 17,091 23,942 Dividends payable 14,559 14,132 Below-market leases 14,476 16,827 Environmental reserve 11,322 11,584 Unearned tenant reimbursements 10,522 4,039 Accounts payable and accrued expenses 9,588 16,055 Prepaid rental income 4,156 1,979 Accrued interest 3,689 3,004 Deferred maintenance 2,581 4,124 Litigation charge — 19,000 Total accounts payable, accrued expenses and other liabilities $ 109,433 $ 121,055 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note 16 – Quarterly Financial Information (unaudited) The following table sets forth the selected quarterly financial data for the Company (in thousands, except per share amounts): 2017 2016 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Total revenue $ 65,398 $ 57,893 $ 64,048 $ 53,678 $ 63,004 $ 61,867 $ 57,607 $ 66,196 Operating (loss) income (16,742 ) (14,665 ) (17,997 ) (65,163 ) 396 2,765 (22,771 ) (10,837 ) Net (loss) income (32,844 ) (34,867 ) 17,276 (70,378 ) (14,714 ) (12,565 ) (37,247 ) (26,483 ) Net (loss) income attributable to common shareholders (19,838 ) (21,219 ) 10,514 (43,456 ) (8,335 ) (7,117 ) (21,102 ) (15,004 ) Net (loss) income per share attributable to Class A and Class C common shareholders - Basic (0.59 ) (0.63 ) 0.31 (1.27 ) (0.27 ) (0.23 ) (0.67 ) (0.48 ) Net (loss) income per share attributable to Class A and Class C common shareholders - Diluted (0.59 ) (0.63 ) 0.31 (1.27 ) (0.27 ) (0.23 ) (0.67 ) (0.48 ) Weighted average Class A and Class C common shares outstanding - Basic 33,510 33,766 33,841 34,094 31,391 31,391 31,419 31,418 Weighted average Class A and Class C common shares outstanding - Diluted 33,510 33,766 33,841 34,094 31,391 31,391 31,419 31,418 Certain of the above selected quarterly financial data includes significant depreciation and amortization expense related to the demolition of certain buildings for redevelopment and the accelerated amortization of certain lease intangibles as a result of the recapture of space from, or the termination of space by, Sears Holdings. These depreciation and amortization amounts were $26.0 million, $19.4 million, $39.5 million and $63.9 million for the quarters ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, and $11.4 million and $22.8 million for the quarters ended September 30, 2016 and December 31, 2016, respectively. Certain of the above selected quarterly financial data also includes gains on the on the sale of interests in unconsolidated joint ventures and gains on the sale of real estate. These gains totaled $56.7 million and $15.0 million for the quarters ended September 30, 2017 and December 31, 2017, respectively. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SERITAGE GROWTH PROPERTIES SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (Dollars in thousands) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed The Mall at Sears Anchorage(Sur), AK (2) $ 11,517 $ 11,729 $ — $ 884 $ 11,517 $ 12,613 $ 24,130 $ (2,209 ) July, 2015 (3) Stand-Alone Location Cullman, AL (2) 947 846 — 1,616 947 2,462 3,409 (200 ) July, 2015 (3) McCain Mall North Little Rock, AR (2) 1,288 2,881 — — 1,288 2,881 4,169 (656 ) July, 2015 (3) Stand-Alone Location Russellville, AR (2) 318 1,270 — — 318 1,270 1,588 (253 ) July, 2015 (3) Flagstaff Mall Flagstaff, AZ (2) 932 2,179 — — 932 2,179 3,111 (372 ) July, 2015 (3) Superstition Springs Center Mesa/East, AZ (2) 2,661 2,559 — — 2,661 2,559 5,220 (582 ) July, 2015 (3) Shopping Center Peoria, AZ (2) 1,204 509 — — 1,204 509 1,713 (245 ) July, 2015 (3) Desert Sky Mall Phoenix-Desert Sky, AZ (2) 2,605 2,448 — — 2,605 2,448 5,053 (501 ) July, 2015 (3) Stand-Alone Location Phoenix , AZ (2) 568 1,088 — 13 568 1,101 1,669 (322 ) July, 2015 (3) Prescott Gateway Prescott, AZ (2) 1,071 835 — — 1,071 835 1,906 (314 ) July, 2015 (3) Mall at Sierra Vista Sierra Vista, AZ (2) 1,252 1,791 — — 1,252 1,791 3,043 (305 ) July, 2015 (3) Stand-Alone Location Sierra Vista, AZ (2) 938 1,736 — — 938 1,736 2,674 (470 ) July, 2015 (3) Park Place Park Mall, AZ (2) 5,207 3,458 — — 5,207 3,458 8,665 (683 ) July, 2015 (3) Southgate Mall Yuma, AZ (2) 1,485 1,596 — — 1,485 1,596 3,081 (468 ) July, 2015 (3) Kmart Center Antioch, CA (2) 1,594 2,525 — — 1,594 2,525 4,119 (428 ) July, 2015 (3) Big Bear Lake Shopping Center Big Bear Lake, CA (2) 3,664 2,945 — 66 3,664 3,011 6,675 (426 ) July, 2015 (3) Southbay Pavilion Carson, CA (2) 11,476 5,223 — 64 11,476 5,287 16,763 (958 ) July, 2015 (3) Chula Vista Center Chula Vista, CA (2) 7,315 6,834 — — 7,315 6,834 14,149 (1,044 ) July, 2015 (3) Sunrise Mall Citrus Hts-Sunrise, CA (2) 3,778 2,088 — — 3,778 2,088 5,866 (994 ) July, 2015 (3) Stand-Alone Location Delano, CA (2) 1,905 2,208 — — 1,905 2,208 4,113 (404 ) July, 2015 (3) Westfield Parkway El Cajon, CA (2) 10,573 2,883 — — 10,573 2,883 13,456 (1,111 ) July, 2015 (3) Imperial Valley Mall El Centro, CA (2) 3,877 3,977 — — 3,877 3,977 7,854 (700 ) July, 2015 (3) Westfield Solano Fairfield, CA (2) 3,679 1,366 — — 3,679 1,366 5,045 (310 ) July, 2015 (3) Florin Mall Florin, CA (2) 1,022 1,366 — — 1,022 1,366 2,388 (418 ) July, 2015 (3) Manchester Center Fresno, CA (2) 1,370 2,000 — — 1,370 2,000 3,370 (877 ) July, 2015 (3) Mill Creek Marketplace McKinleyville, CA (2) 1,354 1,655 — — 1,354 1,655 3,009 (394 ) July, 2015 (3) Merced Mall Merced, CA (2) 2,534 1,604 — — 2,534 1,604 4,138 (557 ) July, 2015 (3) Montclair Plaza Montclair, CA (2) 2,498 2,119 — — 2,498 2,119 4,617 (223 ) July, 2015 (3) Moreno Valley Mall at Towngate Moreno Vly, CA (2) 3,898 3,407 — — 3,898 3,407 7,305 (690 ) July, 2015 (3) Newpark Mall Newark, CA (2) 4,312 3,268 — — 4,312 3,268 7,580 (818 ) July, 2015 (3) Valley Plaza No Hollywood, CA (2) 8,049 3,172 — — 8,049 3,172 11,221 (314 ) July, 2015 (3) Westfield Palm Desert Palm Desert, CA (2) 5,473 1,705 (542 ) (169 ) 4,931 1,536 6,467 (383 ) July, 2015 (3) Ramona Station Ramona, CA (2) 7,239 1,452 — 16 7,239 1,468 8,707 (434 ) July, 2015 (3) Stand-Alone Location Riverside, CA (2) 4,397 4,407 — — 4,397 4,407 8,804 (1,062 ) July, 2015 (3) Stand-Alone Location Riverside, CA (2) 2,670 2,489 — 54 2,670 2,543 5,213 (567 ) July, 2015 (3) Westfield Galleria at Roseville Roseville, CA (2) 4,848 3,215 — — 4,848 3,215 8,063 (553 ) July, 2015 (3) Northridge Center Salinas, CA (2) 2,644 4,394 — — 2,644 4,394 7,038 (844 ) July, 2015 (3) Inland Center San Bernardino, CA (2) 4,131 2,066 — — 4,131 2,066 6,197 (639 ) July, 2015 (3) Shops at Tanforan San Bruno, CA (2) 7,854 4,642 — — 7,854 4,642 12,496 (932 ) July, 2015 (3) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Westfield UTC San Diego-North, CA (2) $ 22,445 $ 14,094 $ — $ 2,605 $ 22,445 $ 16,699 $ 39,144 $ (1,529 ) July, 2015 (3) Eastridge Mall San Jose-Eastridge, CA (2) 1,531 2,356 — — 1,531 2,356 3,887 (1,042 ) July, 2015 (3) Capitola Mall Santa Cruz, CA (2) 4,338 4,803 — — 4,338 4,803 9,141 (684 ) July, 2015 (3) Town Center Mall 81 Santa Maria, CA (2) 3,967 2,635 — — 3,967 2,635 6,602 (371 ) July, 2015 (3) Stand-Alone Location Santa Monica, CA (2) 43,916 3,973 — — 43,916 3,973 47,889 (395 ) July, 2015 (3) Stand-Alone Location Santa Paula, CA (2) 2,002 1,147 — — 2,002 1,147 3,149 (426 ) July, 2015 (3) Promenade in Temecula Temecula, CA (2) 6,098 2,214 — — 6,098 2,214 8,312 (676 ) July, 2015 (3) Janss Marketplace Thousand Oaks, CA (2) 9,853 14,785 — 2,804 9,853 17,589 27,442 (1,637 ) July, 2015 (3) Pacific View Mall Ventura, CA (2) 5,578 6,172 — — 5,578 6,172 11,750 (385 ) July, 2015 (3) Sequoia Mall Visalia, CA (2) 2,967 2,243 — — 2,967 2,243 5,210 (408 ) July, 2015 (3) Westfield West Covina West Covina, CA (2) 5,972 2,053 — — 5,972 2,053 8,025 (762 ) July, 2015 (3) Westminster Mall Westminster, CA (2) 6,845 5,651 — — 6,845 5,651 12,496 (884 ) July, 2015 (3) Westland Shopping Center Lakewood, CO (2) 1,290 4,550 — — 1,290 4,550 5,840 (571 ) July, 2015 (3) Thornton Place Thornton, CO (2) 1,881 1,300 — — 1,881 1,300 3,181 (839 ) July, 2015 (3) Crystal Mall Waterford, CT (2) 1,371 2,534 — — 1,371 2,534 3,905 (503 ) July, 2015 (3) Corbin's Corner West Hartford, CT (2) 6,434 10,466 — — 6,434 10,466 16,900 (999 ) July, 2015 (3) Stand-Alone Location Rehoboth Beach, DE (2) 714 4,523 — 5,373 714 9,896 10,610 (713 ) July, 2015 (3) Town Center at Boca Raton Boca Raton, FL (2) 16,090 7,479 — — 16,090 7,479 23,569 (1,080 ) July, 2015 (3) Desoto Square Bradenton, FL (2) 958 900 — 7 958 907 1,865 (447 ) July, 2015 (3) Beachway Plaza Bradenton, FL (2) 1,420 1,479 — — 1,420 1,479 2,899 (362 ) July, 2015 (3) Westfield Countryside Clearwater/Cntrysd, FL (2) 5,852 17,777 — 834 5,852 18,611 24,463 (1,726 ) July, 2015 (3) Miami International Mall Doral(Miami), FL (2) 9,214 2,654 — — 9,214 2,654 11,868 (782 ) July, 2015 (3) Edison Mall Ft Myers, FL (2) 3,168 2,853 — — 3,168 2,853 6,021 (484 ) July, 2015 (3) The Oaks Mall Gainesville, FL (2) 2,439 1,205 — — 2,439 1,205 3,644 (277 ) July, 2015 (3) Westfield Hialeah Hialeah/Westland, FL (2) 9,683 3,472 — 1,438 9,683 4,910 14,593 (700 ) July, 2015 (3) Stand-Alone Location Hialeah, FL (2) 5,492 2,344 — 681 5,492 3,025 8,517 (374 ) July, 2015 (3) Center of Osceola Kissimmee, FL (2) 2,107 2,556 — 7 2,107 2,563 4,670 (533 ) July, 2015 (3) Lakeland Square Lakeland, FL (2) 1,503 1,045 — — 1,503 1,045 2,548 (324 ) July, 2015 (3) Stand-Alone Location Melbourne, FL (2) 2,441 1,981 — — 2,441 1,981 4,422 (561 ) July, 2015 (3) Aventura Mall Miami, FL (2) 13,265 61,576 — (61,577 ) 13,265 — 13,265 — July, 2015 (3) Southland Mall Miami/Cutler Rdg, FL (2) 5,219 1,236 — — 5,219 1,236 6,455 (409 ) July, 2015 (3) Stand-Alone Location North Miami, FL (2) 4,748 2,434 — — 4,748 2,434 7,182 (473 ) July, 2015 (3) Paddock Mall Ocala, FL (2) 2,468 1,150 — — 2,468 1,150 3,618 (370 ) July, 2015 (3) Kmart Shopping Center Orange Park, FL (2) 1,477 1,701 — 443 1,477 2,144 3,621 (431 ) July, 2015 (3) Orlando Fashion Square Orlando Colonial, FL (2) 4,403 3,626 — (3,626 ) 4,403 — 4,403 — July, 2015 (3) Panama City Mall Panama City, FL (2) 3,227 1,614 — — 3,227 1,614 4,841 (1,320 ) July, 2015 (3) University Mall Pensacola, FL (2) 2,620 2,990 — — 2,620 2,990 5,610 (621 ) July, 2015 (3) Westfield Broward Plantation, FL (2) 6,933 2,509 — — 6,933 2,509 9,442 (713 ) July, 2015 (3) Westfield Sarasota Sarasota, FL (2) 3,920 2,200 — — 3,920 2,200 6,120 (545 ) July, 2015 (3) Stand-Alone Location St. Petersburg, FL (2) 1,653 777 — — 1,653 777 2,430 (361 ) July, 2015 (3) Tyrone Square Mall St Petersburg, FL (2) 2,381 2,420 — (2,420 ) 2,381 — 2,381 — July, 2015 (3) Oglethorpe Mall Savannah, GA (2) 5,285 3,012 — — 5,285 3,012 8,297 (479 ) July, 2015 (3) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Stand-Alone Location Honolulu, HI (2) $ 6,824 $ 2,195 $ — $ 19,207 $ 6,824 $ 21,402 $ 28,226 $ (579 ) July, 2015 (3) Stand-Alone Location Algona, IA (2) 644 2,796 — — 644 2,796 3,440 (395 ) July, 2015 (3) Lindale Mall Cedar Rapids, IA (2) 2,833 2,197 — — 2,833 2,197 5,030 (446 ) July, 2015 (3) Stand-Alone Location Charles City, IA (2) 793 1,914 — — 793 1,914 2,707 (453 ) July, 2015 (3) Webster City Plaza Webster City, IA (2) 392 896 — — 392 896 1,288 (177 ) July, 2015 (3) Boise Towne Center Boise, ID (2) 1,828 1,848 — — 1,828 1,848 3,676 (372 ) July, 2015 (3) Stand-Alone Location Chicago, IL (2) 3,665 3,504 — — 3,665 3,504 7,169 (279 ) July, 2015 (3) Stand-Alone Location Chicago, IL (2) 905 804 — — 905 804 1,709 (254 ) July, 2015 (3) Kedzie Square Chicago, IL (2) 2,385 7,924 — — 2,385 7,924 10,309 (855 ) July, 2015 (3) Homewood Square Homewood, IL (2) 3,954 4,766 — 36 3,954 4,802 8,756 (868 ) July, 2015 (3) Louis Joliet Mall Joliet, IL (2) 2,557 3,108 — — 2,557 3,108 5,665 (886 ) July, 2015 (3) Stand-Alone Location Lombard, IL (2) 2,685 8,281 — — 2,685 8,281 10,966 (742 ) July, 2015 (3) Stand-Alone Location Moline, IL (2) 2,010 751 — 17 2,010 768 2,778 (367 ) July, 2015 (3) North Riverside Park Mall N Riverside, IL (2) 1,846 3,178 — — 1,846 3,178 5,024 (665 ) July, 2015 (3) Orland Square Orland Park, IL (2) 1,783 974 — — 1,783 974 2,757 (372 ) July, 2015 (3) Sherwood Plaza Springfield, IL (2) 2,182 5,051 — — 2,182 5,051 7,233 (856 ) July, 2015 (3) Stand-Alone Location Steger, IL (2) 589 2,846 — — 589 2,846 3,435 (260 ) July, 2015 (3) North Pointe Plaza Elkhart, IN (2) 1,349 869 — 34 1,349 903 2,252 (213 ) July, 2015 (3) Glenbrook Square Ft Wayne, IN (2) 3,247 5,476 — 1,024 3,247 6,500 9,747 (863 ) July, 2015 (3) Broadway Center Merrillville, IN (2) 3,413 3,224 — 280 3,413 3,504 6,917 (847 ) July, 2015 (3) Stand-Alone Location Leavenworth, KS (2) 397 705 — — 397 705 1,102 (273 ) July, 2015 (3) Metcalf South Shopping Center Overland Pk, KS (2) 2,775 1,766 — — 2,775 1,766 4,541 (686 ) July, 2015 (3) Pennyrile Marketplace Hopkinsville, KY (2) 553 2,815 — — 553 2,815 3,368 (556 ) July, 2015 (3) Audubon Plaza Owensboro, KY (2) 411 1,083 — — 411 1,083 1,494 (180 ) July, 2015 (3) Kentucky Oaks Mall Paducah, KY (2) 1,022 2,868 — — 1,022 2,868 3,890 (509 ) July, 2015 (3) Stand-Alone Location Houma, LA (2) 590 2,030 — — 590 2,030 2,620 (411 ) July, 2015 (3) Mall of Acadiana Lafayette, LA (2) 1,406 5,094 — — 1,406 5,094 6,500 (875 ) July, 2015 (3) Stand-Alone Location New Iberia, LA (2) 450 1,819 — — 450 1,819 2,269 (504 ) July, 2015 (3) Braintree Marketplace Braintree, MA (2) 6,585 5,614 — 11,607 6,585 17,221 23,806 (1,165 ) July, 2015 (3) Square One Mall Saugus, MA (2) 1,656 2,835 — — 1,656 2,835 4,491 (716 ) July, 2015 (3) Bowie Town Center Bowie, MD (2) 4,583 2,335 — 492 4,583 2,827 7,410 (490 ) July, 2015 (3) Hunt Valley Mall Cockeysville, MD (2) 5,768 2,319 — — 5,768 2,319 8,087 (495 ) July, 2015 (3) South River Colony Edgewater, MD (2) 5,534 2,116 — — 5,534 2,116 7,650 (549 ) July, 2015 (3) Valley Mall Hagerstown, MD (2) 2,877 1,378 — 33 2,877 1,411 4,288 (516 ) July, 2015 (3) Midtown Shopping Center Madawaska, ME (2) 140 942 — — 140 942 1,082 (104 ) July, 2015 (3) Stand-Alone Location Alpena, MI (2) 782 1,427 — — 782 1,427 2,209 (395 ) July, 2015 (3) Jackson Crossing Jackson, MI (2) 2,720 1,184 — 7 2,720 1,191 3,911 (406 ) July, 2015 (3) Lincoln Park Shopping Center Lincoln Park, MI (2) 1,106 3,198 — — 1,106 3,198 4,304 (644 ) July, 2015 (3) Hillside Plaza Manistee, MI (2) 508 3,045 — — 508 3,045 3,553 (608 ) July, 2015 (3) Macomb Mall Roseville, MI (2) 3,286 4,778 — 740 3,286 5,518 8,804 (894 ) July, 2015 (3) Stand-Alone Location Sault Ste. Marie, MI (2) 946 917 — — 946 917 1,863 (344 ) July, 2015 (3) Stand-Alone Location St. Clair Shores, MI (2) 2,399 1,797 — 15 2,399 1,812 4,211 (373 ) July, 2015 (3) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Oakland Mall Troy, MI (2) $ 7,954 $ 2,651 $ — $ 4,426 $ 7,954 $ 7,077 $ 15,031 $ (1,060 ) July, 2015 (3) Stand-Alone Location Ypsilanti, MI (2) 2,462 1,277 — — 2,462 1,277 3,739 (531 ) July, 2015 (3) Burnsville Center Burnsville, MN (2) 3,513 1,281 — — 3,513 1,281 4,794 (639 ) July, 2015 (3) Detroit Lakes K Mart Plaza Detroit Lakes, MN (2) 1,130 1,220 — — 1,130 1,220 2,350 (501 ) July, 2015 (3) Maplewood Mall Maplewood, MN (2) 3,605 1,162 — — 3,605 1,162 4,767 (504 ) July, 2015 (3) Stand-Alone Location St Paul, MN (2) 1,866 1,028 — — 1,866 1,028 2,894 (458 ) July, 2015 (3) Stand-Alone Location Cape Girardeau, MO (2) 609 908 — — 609 908 1,517 (167 ) July, 2015 (3) Flower Valley Shopping Center Florissant, MO (2) 2,430 1,607 — — 2,430 1,607 4,037 (489 ) July, 2015 (3) Stand-Alone Location Jefferson City, MO (2) 957 2,224 — — 957 2,224 3,181 (406 ) July, 2015 (3) Kickapoo Corners Springfield, MO (2) 922 2,050 — 31 922 2,081 3,003 (330 ) July, 2015 (3) Columbus Centre Columbus, MS (2) 2,940 2,547 — 1,064 2,940 3,611 6,551 (710 ) July, 2015 (3) Stand-Alone Location Havre, MT (2) 600 790 — — 600 790 1,390 (241 ) July, 2015 (3) Asheville Mall Asheville, NC (2) 4,141 2,036 — — 4,141 2,036 6,177 (584 ) July, 2015 (3) Concord Plaza Concord, NC (2) 2,325 1,275 — — 2,325 1,275 3,600 (578 ) July, 2015 (3) Landmark Center Greensboro, NC (2) 3,869 4,387 — 749 3,869 5,136 9,005 (806 ) July, 2015 (3) Kmart Shopping Center Minot, ND (2) 1,724 2,925 — — 1,724 2,925 4,649 (534 ) July, 2015 (3) Stand-Alone Location Kearney, NE (2) 272 483 — — 272 483 755 (164 ) July, 2015 (3) The Mall of New Hampshire Manchester, NH (2) 1,458 4,160 — — 1,458 4,160 5,618 (592 ) July, 2015 (3) Pheasant Lane Mall Nashua, NH (2) 1,794 7,255 — — 1,794 7,255 9,049 (566 ) July, 2015 (3) Fox Run Mall Portsmouth, NH (2) 3,934 3,375 — — 3,934 3,375 7,309 (717 ) July, 2015 (3) The Mall at Rockingham Park Salem, NH (2) 3,321 12,198 — — 3,321 12,198 15,519 (1,285 ) July, 2015 (3) Stand-Alone Location Middletown, NJ (2) 5,647 2,941 — 233 5,647 3,174 8,821 (1,323 ) July, 2015 (3) Stand-Alone Location Watchung, NYC (2) 6,704 4,110 — — 6,704 4,110 10,814 (910 ) July, 2015 (3) Stand-Alone Location Deming, NM (2) 1,085 1,194 — — 1,085 1,194 2,279 (338 ) July, 2015 (3) Stand-Alone Location Farmington, NM (2) 1,480 1,845 — — 1,480 1,845 3,325 (417 ) July, 2015 (3) Kmart Shopping Center Hobbs, NM (2) 1,386 2,557 — — 1,386 2,557 3,943 (438 ) July, 2015 (3) Eastern Commons Shopping Center Henderson, NV (2) 3,124 1,362 — 2,150 3,124 3,512 6,636 (522 ) July, 2015 (3) Meadows Mall Las Vegas(Meadows), NV (2) 3,354 1,879 — — 3,354 1,879 5,233 (554 ) July, 2015 (3) Meadowood Mall Reno, NV (2) 2,135 5,748 — — 2,135 5,748 7,883 (481 ) July, 2015 (3) Colonie Center Albany, NY (2) 8,289 6,523 — — 8,289 6,523 14,812 (1,191 ) July, 2015 (3) Great Northern Mall Clay, NY (2) 787 4,134 — — 787 4,134 4,921 (619 ) July, 2015 (3) Huntington Square Mall East Northport, NY (2) 7,617 2,065 — — 7,617 2,065 9,682 (632 ) July, 2015 (3) Stand-Alone Location Hicksville, NYC (2) 38,626 19,065 — 9 38,626 19,074 57,700 (2,596 ) July, 2015 (3) Oakdale Mall Johnson City, NY (2) 2,169 934 — — 2,169 934 3,103 (307 ) July, 2015 (3) Stand-Alone Location Olean, NY (2) 249 2,124 — — 249 2,124 2,373 (407 ) July, 2015 (3) Greece Ridge Center Rochester-Greece, NY (2) 3,082 1,560 — — 3,082 1,560 4,642 (515 ) July, 2015 (3) Sidney Plaza Sidney, NY (2) 1,942 1,769 — — 1,942 1,769 3,711 (836 ) July, 2015 (3) Eastview Mal Victor, NY (2) 4,144 1,391 — — 4,144 1,391 5,535 (538 ) July, 2015 (3) Jefferson Valley Mall Yorktown Hts, NY (2) 3,584 1,569 — — 3,584 1,569 5,153 (573 ) July, 2015 (3) Westfield Belden Village Canton, OH (2) 1,650 5,854 — — 1,650 5,854 7,504 (1,075 ) July, 2015 (3) Chapel Hill Mall Chapel Hill, OH (2) 444 1,460 — — 444 1,460 1,904 (777 ) July, 2015 (3) Dayton Mall Dayton Mall, OH (2) 2,650 1,223 — — 2,650 1,223 3,873 (528 ) July, 2015 (3) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Stand-Alone Location Kenton, OH (2) $ 340 $ 417 $ — $ — $ 340 $ 417 $ 757 $ (273 ) July, 2015 (3) Stand-Alone Location Marietta, OH (2) 598 706 — — 598 706 1,304 (225 ) July, 2015 (3) Great Lakes Mall Mentor, OH (2) 1,092 1,776 — — 1,092 1,776 2,868 (572 ) July, 2015 (3) Southland Shopping Center Middleburg Hts, OH (2) 698 1,547 — — 698 1,547 2,245 (374 ) July, 2015 (3) Kmart Plaza North Canton, OH (2) 1,044 1,126 — — 1,044 1,126 2,170 (324 ) July, 2015 (3) Stand-Alone Location Tallmadge, OH (2) 870 682 — — 870 682 1,552 (296 ) July, 2015 (3) Westgate Village Shopping Center Toledo, OH (2) 1,664 1,289 — — 1,664 1,289 2,953 (378 ) July, 2015 (3) Stand-Alone Location Muskogee, OK (2) 647 966 — — 647 966 1,613 (361 ) July, 2015 (3) Stand-Alone Location Okla City/Sequoyah, OK (2) 1,542 2,210 — — 1,542 2,210 3,752 (1,017 ) July, 2015 (3) Stand-Alone Location Tulsa, OK (2) 2,048 5,386 — 1,711 2,048 7,097 9,145 (921 ) July, 2015 (3) Clackamas Town Center Happy Valley, OR (2) 6,659 1,271 — — 6,659 1,271 7,930 (270 ) July, 2015 (3) Stand-Alone Location The Dalles, OR (2) 616 775 — — 616 775 1,391 (256 ) July, 2015 (3) Walnut Bottom Towne Centre Carlisle, PA (2) 1,103 1,725 — — 1,103 1,725 2,828 (130 ) July, 2015 (3) Shops at Prospect Columbia, PA (2) 897 2,202 — 6 897 2,208 3,105 (342 ) July, 2015 (3) King of Prussia King of Prussia, PA (2) — 42,300 — 2,705 - 45,005 45,005 (3,264 ) July, 2015 (3) Kmart & Lowes Shopping Center Lebanon, PA (2) 1,333 2,085 — — 1,333 2,085 3,418 (743 ) July, 2015 (3) Countryside Shopping Center Mount Pleasant, PA (2) 970 1,520 — — 970 1,520 2,490 (474 ) July, 2015 (3) Stand-Alone Location Walnutport, PA (2) 885 3,452 — — 885 3,452 4,337 (756 ) July, 2015 (3) Haines Acres Shopping Center York, PA (2) 1,096 1,414 — 3 1,096 1,417 2,513 (302 ) July, 2015 (3) Rexville (Bayamon) Towne Center Bayamon, PR (2) 656 7,173 — 1 656 7,174 7,830 (731 ) July, 2015 (3) Caguas Mall Caguas, PR (2) 431 9,362 — — 431 9,362 9,793 (902 ) July, 2015 (3) Plaza Carolina Mall Carolina, PR (2) 611 8,640 — — 611 8,640 9,251 (981 ) July, 2015 (3) Plaza Guaynabo Guaynabo, PR (2) 1,603 26,695 — 123 1,603 26,818 28,421 (2,362 ) July, 2015 (3) Western Plaza Mayaguez, PR (2) 564 4,555 — — 564 4,555 5,119 (647 ) July, 2015 (3) Ponce Towne Center Ponce, PR (2) 473 3,965 — — 473 3,965 4,438 (533 ) July, 2015 (3) Rhode Island Mall Warwick, RI (2) 9,166 3,388 — — 9,166 3,388 12,554 (927 ) July, 2015 (3) Boulevard Market Fair Anderson, SC (2) 1,297 638 — 5,357 1,297 5,995 7,292 (289 ) July, 2015 (3) Northwoods Mall Chrlstn/Northwoods, SC (2) 3,576 1,497 — — 3,576 1,497 5,073 (479 ) July, 2015 (3) Kmart Plaza Rock Hill, SC (2) 1,432 1,079 — — 1,432 1,079 2,511 (391 ) July, 2015 (3) Stand-Alone Location Sioux Falls, SD (2) 1,025 1,783 — — 1,025 1,783 2,808 (260 ) July, 2015 (3) Wolfchase Galleria Cordova, TN (2) 2,581 4,279 — — 2,581 4,279 6,860 (578 ) July, 2015 (3) Stand-Alone Location Memphis/Poplar, TN (2) 2,827 2,475 — 15,581 2,827 18,056 20,883 (45 ) July, 2015 (3) Tech Ridge Austin, TX (2) 3,164 2,858 — — 3,164 2,858 6,022 (778 ) July, 2015 (3) Southwest Center Mall Southwest Ctr, TX (2) 1,154 1,314 — — 1,154 1,314 2,468 (475 ) July, 2015 (3) Stand-Alone Location El Paso, TX (2) 2,008 1,778 — — 2,008 1,778 3,786 (415 ) July, 2015 (3) Baybrook Mall Friendswd/Baybrk, TX (2) 6,124 2,038 — — 6,124 2,038 8,162 (530 ) July, 2015 (3) Kmart Plaza Harlingen, TX (2) 1,795 1,183 — — 1,795 1,183 2,978 (207 ) July, 2015 (3) Memorial City SC Memorial, TX (2) 7,967 4,625 — — 7,967 4,625 12,592 (1,062 ) July, 2015 (3) Stand-Alone Location Houston, TX (2) 6,110 1,525 — — 6,110 1,525 7,635 (415 ) July, 2015 (3) Ingram Park Mall Ingram, TX (2) 4,651 2,560 — — 4,651 2,560 7,211 (513 ) July, 2015 (3) Irving Mall Irving, TX (2) 4,493 5,743 — — 4,493 5,743 10,236 (942 ) July, 2015 (3) Stand-Alone Location Central Park, TX (2) 5,468 1,457 — 2,840 5,468 4,297 9,765 (458 ) July, 2015 (3) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition at Close of Period (1) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Stand-Alone Location Shepherd, TX (2) $ 5,457 $ 2,081 $ — $ — $ 5,457 $ 2,081 $ 7,538 $ (468 ) July, 2015 (3) Valley View Center Valley View, TX (2) 4,706 3,230 — — 4,706 3,230 7,936 (984 ) July, 2015 (3) Stand-Alone Location Westwood, TX (2) 2,899 1,748 — — 2,899 1,748 4,647 (598 ) July, 2015 (3) Antelope Square Layton, UT (2) 2,234 974 — 3,477 2,234 4,451 6,685 (590 ) July, 2015 (3) Jordan Landing Shopping Center West Jordan, UT (2) 3,190 2,305 — 6,014 3,190 8,319 11,509 (520 ) July, 2015 (3) Landmark Mall Alexandria, VA (2) 3,728 3,294 — — 3,728 3,294 7,022 (870 ) July, 2015 (3) Greenbrier Mall Chspk/Greenbrier, VA (2) 4,236 1,700 — — 4,236 1,700 5,936 (527 ) July, 2015 (3) Fair Oaks Mall Fairfax, VA (2) 10,873 1,491 — — 10,873 1,491 12,364 (440 ) July, 2015 (3) Newmarket Fair Mall Hampton, VA (2) 771 1,011 — — 771 1,011 1,782 (470 ) July, 2015 (3) Pembroke Mall Virginia Beach, VA (2) 10,414 4,760 — 13,034 10,414 17,794 28,208 (1,581 ) July, 2015 (3) Warrenton Village Warrenton, VA (2) 1,956 2,480 — — 1,956 2,480 4,436 (396 ) July, 2015 (3) Overlake Plaza Redmond-Overlake Pk, WA (2) 5,133 4,133 — — 5,133 4,133 9,266 (849 ) July, 2015 (3) Westfield Vancouver Vancouver, WA (2) 3,378 1,136 — — 3,378 1,136 4,514 (433 ) July, 2015 (3) Stand-Alone Location Yakima, WA (2) 1,863 2,856 — — 1,863 2,856 4,719 (743 ) July, 2015 (3) Southridge Mall Greendale, WI (2) 3,208 2,340 — — 3,208 2,340 5,548 (981 ) July, 2015 (3) West Towne Mall Madison-West, WI (2) 3,053 2,130 — — 3,053 2,130 5,183 (909 ) July, 2015 (3) Stand-Alone Location Platteville, WI (2) 748 1,195 — 35 748 1,230 1,978 (346 ) July, 2015 (3) Stand-Alone Location Charleston, WV (2) 2,030 797 — — 2,030 797 2,827 (371 ) July, 2015 (3) Valley Point Elkins, WV (2) 788 1,147 — — 788 1,147 1,935 (319 ) July, 2015 (3) Stand-Alone Location Scott Depot, WV (2) 987 484 — — 987 484 1,471 (199 ) July, 2015 (3) Mountain Plaza Casper, WY (2) 509 1,303 — — 509 1,303 1,812 (307 ) July, 2015 (3) Stand-Alone Location Gillette, WY (2) 846 876 — — 846 876 1,722 (337 ) July, 2015 (3) Stand-Alone Location Riverton, WY (2) 561 847 — — 561 847 1,408 (310 ) July, 2015 (3) Construction in Progress Various (2) — — — 224,904 — 224,904 224,904 — n/a n/a $ 800,513 $ 787,014 $ (542 ) $ 267,058 $ 799,971 $ 1,054,072 $ 1,854,043 $ (139,483 ) (1) The aggregate cost of land, building and improvements (which includes construction in process) for U.S. federal income tax purposes is approximately $2.2 billion. (2) All properties are encumbered by our Mortgage Loans and Future Funding Facility. See Note 6. (3) 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 2017 2016 Balance at beginning of period $ 1,734,892 $ 1,668,351 Additions 257,933 69,726 Impairments — — Dispositions (71,117 ) — Write-offs (67,665 ) (3,185 ) Balance at end of period $ 1,854,043 $ 1,734,892 Reconciliation of Accumulated Depreciation 2017 2016 Balance at beginning of period $ 89,940 $ 29,076 Depreciation expense 120,709 60,972 Dispositions (3,501 ) — Write-offs (67,665 ) (108 ) Balance at end of period $ 139,483 $ 89,940 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the 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. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. 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. The Company holds a 63.8% 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. Through consideration of new consolidation guidance effective for the Company as of January 1, 2016, it has been concluded 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 its interest in the Operating Partnership. However, as the Company holds what is deemed a majority voting interest in the Operating Partnership, it qualifies for the exemption from providing certain of the disclosure requirements associated with investments in VIEs. The portions of consolidated entities not owned by the Company and the Operating Partnership are presented as non-controlling interests as of and during the periods presented. |
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 fair values of acquired assets and liabilities assumed for purposes of applying the acquisition method of accounting, the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivables. 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 acquisition, ownership, development, redevelopment, management and leasing of real estate properties. The Company’s chief operating decision maker, its Chief 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. |
Accounting for Real Estate Acquisitions | Accounting for Real Estate Acquisitions Upon the acquisition of real estate, the Company assesses the fair value of acquired assets and liabilities assumed, including land, buildings, improvements and identified intangibles such as above-market and below-market leases, in-place leases and other items, as applicable, and allocates the purchase price based on these assessments. In making estimates of fair values, the Company may use a number of sources, including data provided by third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. The fair values of tangible assets are determined on an "if vacant" basis. The "if vacant" fair value allocated to land is generally estimated via a market or sales comparison approach with the subject site being compared to similar properties that have sold or are currently listed for sale. The comparable properties are adjusted for dissimilar characteristics such as market conditions, location, access/frontage, size, shape/topography, or intended use, including the impact of any encumbrances on such use. The "if vacant" value allocated to buildings and site improvements is generally estimated using an income approach and a cost approach that utilizes published guidelines for current replacement cost or actual construction costs for similar, recently developed properties. Assumptions used in the income approach include capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. The estimated fair value of in-place tenant leases includes lease origination costs (the costs the Company would have incurred to lease the property to the current occupancy level) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, the Company evaluates the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in lease intangible assets on the consolidated balance sheets and amortized over the remaining lease term for each tenant. Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where the Company is either the lessor or the lessee. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. Above-market tenant leases and below-market ground leases are included in lease intangible assets on the consolidated balance sheets; below-market tenant leases and above-market ground leases are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The values assigned to above-market and below-market tenant leases are amortized as reductions and increases, respectively, to base rental revenue over the remaining term of the respective leases. The values assigned to below-market and above-market ground leases are amortized as increases and reductions, respectively, to property operating expenses over the remaining term of the respective leases. The Company expenses transaction costs associated with business combinations in the period incurred. These costs are included in acquisition-related expenses within the consolidated statements of operations. |
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 as follows: Building: 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. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No such impairment losses were recognized for the years ended December 31, 2017 or December 31, 2016, or for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. 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, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. No such impairment losses were recognized for the years ended December 31, 2017 or December 31, 2016, or for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. |
Restricted Cash | Restricted Cash Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of December 31, 2017, the Company had approximately $175.7 million of restricted cash, consisting of $151.3 million reserved for redevelopment costs, tenant allowances and leasing commissions, deferred maintenance, environmental remediation and other capital expenditures, $21.7 million related to basic property carrying costs such as real estate taxes, insurance and ground rent; and $2.7 million of other restricted cash which consists primarily of prepaid rental income. As of December 31, 2016, the Company had approximately $87.6 million of restricted cash, including $65.5 million reserved for redevelopment costs, deferred maintenance, environmental remediation and other capital expenditures; $19.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent and $2.9 million of other restricted cash which consists primarily of prepaid rental income. |
Tenant and Other Receivables | Tenant and Other Receivables Accounts receivable 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. 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. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. |
Revenue Recognition | Revenue Recognition Rental income is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. 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 to be a lease incentive and is recognized over the lease term as reduction of rental revenue on straight-line basis. The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Tenant reimbursement income 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 related expenses are incurred. |
Accounting for Recapture and Termination Activity Pursuant to the Master Lease | Accounting for Recapture and Termination Activity Pursuant to the Master Lease Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage 50% Recapture Rights. The Company generally treats the delivery of a 50% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the Master Lease. • The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Sears Holdings Termination Rights. The Master Lease provides Sears Holdings with certain rights to terminate the Master Lease with respect to properties that cease to be profitable for operation by Sears Holdings. Such a termination would generally result in the following accounting adjustments for the terminated property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. • Termination fees required to be paid by Sears Holdings are recognized as follows: − For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. − For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. |
Derivatives | Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s Mortgage Loans and Future Funding Facility, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million and a strike rate of 3.5%. The interest rate cap is measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheets. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap on the consolidated statements of operations. For the years ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015, the Company recorded unrealized losses $0.7 million, $1.4 million and $2.9 million, respectively. As of December 31, 2017, the interest rate cap had a fair value of less than $0.1 million as compared to approximately $0.7 million at December 31, 2016. |
Stock-Based Compensation | Stock-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 generally based on the fair value of the common shares at the date of the grant and is recognized (i) ratably over the vesting period for awards with time-based vesting and (ii) for awards with performance-based vesting, at the date the achievement of performance criteria is deemed probable, an amount equal to that 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. |
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. As of December 31, 2017, a majority of the Company's real estate properties were leased to Sears Holdings, and the majority of Company’s rental revenues were derived from the Master Lease (see Note 5). Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Sears Holdings’ business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. Sears Holdings is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the SEC. Refer to www.sec.gov for Sears Holdings publicly-available financial information. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2017, the Company's portfolio of 230 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico. |
Earnings (Loss) per Share | Earnings (Loss) 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. Class B non-economic common shares are excluded from earnings (loss) per share computations as they do not have economic rights. 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 In February 2017, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Update (“ASU”) 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets” to provide guidance for recognizing gains and losses from the transfer of nonfinancial assets. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial assets to noncustomers. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a non-controlling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. ASU 2017-15 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The effective date of this guidance coincides with revenue recognition guidance. The Company will implement this guidance for reporting periods starting January 1, 2018. In January 2017, the FASB issued ASU 2017-01 which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the Company expects that the largest impact will be the capitalization of transaction costs for asset acquisitions which are expensed for business combinations. ASU 2017-01 is effective, on a prospective basis, for interim and annual periods beginning after January 1, 2019. The Company adopted the guidance on the issuance date effective January 5, 2017 on a prospective basis and it did not have an impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. ASU 2016-18 is effective, on a retroactive basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company early adopted this guidance on March 31, 2017, which changes our statements of cash flows and related disclosure for all periods presented and accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the year ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2016 (in thousands): December 31, 2017 2016 2015 Cash and cash equivalents $ 241,569 $ 52,026 $ 62,867 Restricted cash 175,665 87,616 92,475 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 417,234 $ 139,642 $ 155,342 In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-15 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company will retrospectively On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “Leases” which replaces the existing guidance in ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (ROU) asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense and amortization of the ROU asset and for operating leases, the lessee will recognize a straight-line total lease expense. Under ASC 842, there will be modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. We have considered the effect of ASC 842, and believe the lease standard will impact our revenue recognition applied to executory costs and other components of revenue due under leases that are deemed to be non-lease components, which could affect our recognition pattern for such revenue. The guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Tenant reimbursement and common area maintenance will be considered an additional service to the lessee and therefore will be required to be presented as a non-lease component. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations”, and requires the recognition of purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminates the requirement to retrospectively account for these adjustments. ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. The Company early adopted ASU 2015-16 on the issuance date effective September 2015 on a prospective basis and it did not have an impact on the consolidated financial statements. In May 2014, with subsequent updates issued in August 2015 and March, April, May and December 2016, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it does not apply to contracts within the scope of ASC 840 and ASC 842 (leases) and it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The standard can be applied either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment recognized as of the date of initial application. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. We have considered the sources of revenue that will be affected by ASU 2014-09, and do not believe our revenue recognition will be impacted by the new standard, as leases (the source of the majority of the Company's revenues) are excluded from ASU 2014-09. However, once the new lease guidance goes into effect on January 1, 2019 which sets forth principles for the recognition, measurement, presentation and disclosure of leases, we believe that the new revenue standard will apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (such as common area maintenance), which could affect our recognition pattern for such revenue. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease |
Summary of Cash, Cash Equivalents and Restricted Cash | the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the year ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2016 (in thousands): December 31, 2017 2016 2015 Cash and cash equivalents $ 241,569 $ 52,026 $ 62,867 Restricted cash 175,665 87,616 92,475 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 417,234 $ 139,642 $ 155,342 |
Lease Intangible Assets and L27
Lease Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Lease Intangible Assets | The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2017 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 542,655 $ (249,569 ) $ 293,086 Below-market ground leases, net 11,766 (508 ) 11,258 Above-market leases, net 8,925 (3,171 ) 5,754 Total $ 563,346 $ (253,248 ) $ 310,098 December 31, 2016 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 592,871 $ (146,964 ) $ 445,907 Below-market ground leases, net 11,766 (305 ) 11,461 Above-market leases, net 8,964 (1,933 ) 7,031 Total $ 613,601 $ (149,202 ) $ 464,399 |
Summary of Lease Intangible Liabilities | The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 19,658 $ (5,182 ) $ 14,476 Total $ 19,658 $ (5,182 ) $ 14,476 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 20,011 $ (3,184 ) $ 16,827 Total $ 20,011 $ (3,184 ) $ 16,827 |
Schedule of Estimated Amortization for Below-Market Ground Leases | Estimated annual amortization of acquired below-market ground leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ 203 2019 203 2020 203 2021 203 2022 203 |
Above-Market Leases, Net [Member] | |
Schedule of Estimated Annual Amortization of Acquired In Place Leases | Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ (949 ) 2019 (922 ) 2020 (788 ) 2021 (775 ) 2022 (485 ) |
In-Place Leases, Net [Member] | |
Schedule of Estimated Annual Amortization of Acquired In Place Leases | Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands): 2018 $ 61,997 2019 37,357 2020 36,911 2021 36,127 2022 35,151 |
Investments in Unconsolidated28
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Company's Investments in Unconsolidated Joint Ventures | The Company’s investments in unconsolidated joint ventures at December 31, 2017, consisted of (in thousands, except number of properties): Seritage % # of Total Contribution Joint Venture Ownership Properties GLA Value (1) GGP I JV 50 % 4 598 $ 37,570 GGP II JV 50 % 5 1,187 57,500 Macerich JV 50 % 9 1,576 150,000 Simon JV 50 % 5 872 52,590 Total 23 4,233 $ 297,660 |
Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures | The following tables presents combined condensed financial data for all of the Company’s unconsolidated joint ventures as of December 31, 2017 and December 31, 2016, and for the years ended December 31, 2017 and December 31, 2016, and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015: December 31, 2017 December 31, 2016 ASSETS Investment in real estate Land $ 191,853 $ 214,109 Buildings and improvements 388,363 598,978 Accumulated depreciation (48,306 ) (56,324 ) 531,910 756,763 Construction in progress 21,000 48,885 Net investment in real estate 552,910 805,648 Cash and cash equivalents 4,549 3,434 Tenant and other receivables, net 3,843 6,133 Other assets, net 45,605 38,646 Total assets $ 606,907 $ 853,861 LIABILITIES AND MEMBERS INTERESTS Liabilities Mortgage loans payable, net $ 122,875 $ — Accounts payable, accrued expenses and other liabilities 28,201 14,177 Total liabilities 151,076 14,177 Members Interest Additional paid in capital 473,098 830,389 Retained earnings (17,267 ) 9,295 Total members interest 455,831 839,684 Total liabilities and members interest $ 606,907 $ 853,861 July 7, 2015 Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 58,264 $ 66,417 $ 35,150 Property operating expenses (11,358 ) (12,787 ) (7,339 ) Depreciation and amortization (47,948 ) (42,233 ) (17,975 ) Operating income (1,042 ) 11,397 9,836 Other expenses (14,533 ) (2,105 ) (292 ) Net (loss) income $ (15,575 ) $ 9,292 $ 9,544 Equity in (loss) income of unconsolidated joint ventures $ (7,788 ) $ 4,646 $ 4,772 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Summary of Revenue from Master Lease | Revenues from the Master Lease for the years ended December 31, 2017 and December 31, 2016, and for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 are as follows (in thousands and excluding straight-line rent of $0.8 million, $9.9 million and $5.6 million, respectively): July 7, 2015 Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 Rental income $ 112,881 $ 133,237 $ 64,838 Termination fee income 19,315 — — Tenant reimbursements 51,672 55,823 25,204 Total revenue $ 183,868 $ 189,060 $ 90,042 |
Summary of Recapture Rights Exercised by the Company | As of December 31, 2017, the Company had exercised certain recapture rights with respect to 56 properties as follows: Property Recapture Type Notice Date(s) Anchorage, AK 100% December 2017 Boca Raton, FL 100% December 2017 Westminster, CA 100% December 2017 Hicksville, NY 100% December 2017 Orland Park, IL 100% (1) December 2017 Florissant, MO Out parcel December 2017 Salem, NH Out parcel December 2017 Fairfield, CA Partial December 2017 Las Vegas, NV Partial December 2017 Plantation, FL Partial December 2017 Yorktown Heights Partial December 2017 Austin, TX 100% (1) December 2017 / September2017 North Little Rock, AR Auto Center September 2017 Ft. Wayne, IN Out parcel September 2017 St. Clair Shores, MI 100% September 2017 Redmond, WA Auto Center September 2017 Temecula, CA Partial June 2017 Roseville, CA Auto center June 2017 North Riverside, IL Partial June 2017 Watchung, NJ 100% June 2017 Canton, OH Partial June 2017 Dayton, OH Auto center June 2017 Carson, CA 100% (1) April 2017 / December 2016 San Diego, CA 100% (1) April 2017 Aventura, FL 100% April 2017 Hialeah, FL 100% (1) April 2017 Anderson, SC 100% (1) April 2017 / July 2016 Charleston, SC 100% (1) April 2017 / October 2016 Valley View, TX 100% April 2017 North Miami, FL 100% March 2017 Cockeysville, MD Partial March 2017 Olean, NY Partial March 2017 Santa Cruz, CA Partial December 2016 Santa Monica, CA 100% December 2016 Saugus, MA Partial December 2016 Guaynabo, PR Partial December 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 West Hartford, CT 100% October 2016 Rehoboth Beach, DE Partial October 2016 St. Petersburg, FL 100% October 2016 Warwick, RI Auto center October 2016 North Hollywood, CA Partial July 2016 Orlando, FL 100% July 2016 Ft. Wayne, IN Out parcel July 2016 West Jordan, UT Partial July 2016 Madison, WI Partial July 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Wayne, NJ (2) Partial + auto center May 2016 Albany, NY Auto center May 2016 Fairfax, VA Partial + auto May 2016 San Antonio, TX Auto center March 2016 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 Braintree, MA 100% November 2015 (1) In 2017, the Company converted partial recapture rights to 100% recapture rights and exercised such recapture rights. (2) In 2017, the Company contributed this asset to the GGP II JV and retained a 50% ownership interest. |
Summary of Redevelopement Properties | As of December 31, 2017, the Company had announced redevelopment projects at 18 of the terminated properties and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears Holdings. Announced Property Square Feet Notice Termination Redevelopment Cullman, AL 98,500 September 2016 January 2017 Q2 2017 Sierra Vista, AZ 86,100 September 2016 January 2017 Thornton, CO 190,200 September 2016 January 2017 Q1 2017 Chicago, IL 118,800 September 2016 January 2017 Springfield, IL 84,200 September 2016 January 2017 Q3 2016 Elkhart, IN 86,500 September 2016 January 2017 Q4 2016 Merrillville, IN 108,300 September 2016 January 2017 Q4 2016 Houma, LA 96,700 September 2016 January 2017 New Iberia, LA 91,700 September 2016 January 2017 Q2 2017 Alpena, MI 118,200 September 2016 January 2017 Manistee, MI 87,800 September 2016 January 2017 Sault Sainte Marie, MI 92,700 September 2016 January 2017 Kearney, NE 86,500 September 2016 January 2017 Q3 2016 Deming, NM 96,600 September 2016 January 2017 Harlingen, TX 91,700 September 2016 January 2017 Yakima, WA 97,300 September 2016 January 2017 Riverton, WY 94,800 September 2016 January 2017 Riverside, CA 94,500 January 2017 April 2017 Kissimmee, FL 112,505 January 2017 April 2017 Leavenworth, KS 76,853 January 2017 April 2017 Hopkinsville, KY 70,326 January 2017 April 2017 Paducah, KY 108,244 January 2017 April 2017 Q3 2017 Owensboro, KY 68,334 January 2017 April 2017 Detroit Lakes, MN 79,102 January 2017 April 2017 Jefferson City, MO 92,016 January 2017 April 2017 Q2 2017 Henderson, NV 122,823 January 2017 April 2017 Q1 2017 Concord, NC 137,499 January 2017 April 2017 Chapel Hill, OH 187,179 January 2017 April 2017 Kenton, OH 96,066 January 2017 April 2017 Muskogee, OK 87,500 January 2017 April 2017 Mount Pleasant, PA 83,536 January 2017 April 2017 Sioux Falls, SD 72,511 January 2017 April 2017 El Paso, TX 103,657 January 2017 April 2017 Layton, UT 90,010 January 2017 April 2017 Elkins, WV 94,885 January 2017 April 2017 Platteville, WI 94,841 January 2017 April 2017 Sarasota, FL 204,500 June 2017 October 2017 Chicago, IL 293,700 June 2017 October 2017 Overland Park, KS 215,000 June 2017 October 2017 Lafayette, LA 194,900 June 2017 October 2017 Cockeysville, MD 83,900 June 2017 October 2017 Q1 2017 Hagerstown, MD 107,300 June 2017 October 2017 Q1 2016 Roseville, MI 277,000 June 2017 October 2017 Q3 2016 Burnsville, MN 161,700 June 2017 October 2017 Albany, NY 216,200 June 2017 October 2017 Q1 2016 East Northport, NY 187,000 June 2017 October 2017 Q2 2017 Johnson City, NY 155,100 June 2017 October 2017 Olean, NY 75,100 June 2017 October 2017 Q1 2017 Mentor, OH 208,700 June 2017 October 2017 Middleburg Heights, OH 351,600 June 2017 October 2017 Toledo, OH 209,900 June 2017 October 2017 York, PA 82,000 June 2017 October 2017 Warwick, RI 169,200 June 2017 October 2017 Q3 2016 / Q3 2017 Greendale, WI 238,400 June 2017 October 2017 Q4 2017 Friendswood, TX (1) 166,000 June 2017 November 2017 Westwood, TX (1) 215,000 June 2017 January 2018 Total square feet 7,411,187 (1) The Company and Sears Holdings agreed to extend occupancy beyond October 2017 under the existing Master Lease terms. |
Schedule of Future Rental Revenue Under Non-cancelable Operating Leases | As of December 31, 2017, future base rental revenue under non-cancelable operating leases, excluding extension options and signed leases for which rental payments have not yet commenced, is as follows (in thousands): Year ending December 31, 2018 $ 138,488 2019 141,216 2020 139,516 2021 140,120 2022 140,086 Thereafter 465,736 $ 1,165,162 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Dividends and Distributions | The Company’s Board of Trustees declared the following common stock dividends during 2017 and 2016, with holders of Operating Partnership units entitled to an equal distribution per Operating Partnership unit held on the record date: Dividends per Class A and Class C Declaration Date Record Date Payment Date Common Share 2017 October 24 December 29 January 11, 2018 $ 0.25 July 25 September 29 October 12 0.25 April 25 June 30 July 13 0.25 February 28 March 31 April 13 0.25 2016 November 1 December 31 January 12, 2017 $ 0.25 August 2 September 30 October 13 0.25 May 3 June 30 July 14 0.25 March 8 March 31 April 14 0.25 The dividends have been reflected as follows for U.S. federal income tax purposes: July 7, 2015 (Date Operations Year Ended Year Ended Commenced) to December 31, 2017 December 31, 2016 December 31, 2015 Ordinary income $ 0.53 $ 1.00 $ 0.50 Capital gain distributions $ 0.47 — — Return of capital — — — Total $ 1.00 $ 1.00 $ 0.50 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Loss and Number of Common Shares Used in Computations of Basic 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 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. July 7, 2015 (in thousands except per share amounts) Year Ended December 31, (date operations commenced) to 2017 2016 December 31, 2015 Numerator - Basic and Diluted Net loss $ (120,813 ) $ (91,009 ) $ (38,803 ) Net loss attributable to non-controlling interests 47,059 39,451 16,465 Preferred dividends (245 ) — — Net loss attributable to common shareholders $ (73,999 ) $ (51,558 ) $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 28,249 25,497 24,707 Weighted average Class C common shares outstanding 5,555 5,919 6,679 Weighted average Class A and Class C common shares outstanding 33,804 31,416 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (2.19 ) $ (1.64 ) $ (0.71 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Share | The following table summarizes restricted share activity for the grant periods ended December 31, 2017 and December 31, 2016: Year Ended December 31, 2017 Year Ended December 31, 2016 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 216,348 $ 38.98 221,484 $ 37.18 Restricted shares granted 62,135 45.23 23,324 46.48 Restricted shares vested (32,345 ) 33.02 (28,460 ) 31.18 Restricted shares forfeited (568 ) 45.23 — 45.23 Unvested restricted shares at end of period 245,570 $ 41.33 216,348 $ 38.98 |
Accounts Payable, Accrued Exp33
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Components of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities (in thousands): December 31, 2017 December 31, 2016 Accrued development expenditures $ 21,449 $ 6,369 Accrued real estate taxes 17,091 23,942 Dividends payable 14,559 14,132 Below-market leases 14,476 16,827 Environmental reserve 11,322 11,584 Unearned tenant reimbursements 10,522 4,039 Accounts payable and accrued expenses 9,588 16,055 Prepaid rental income 4,156 1,979 Accrued interest 3,689 3,004 Deferred maintenance 2,581 4,124 Litigation charge — 19,000 Total accounts payable, accrued expenses and other liabilities $ 109,433 $ 121,055 |
Quarterly Financial Informati34
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following table sets forth the selected quarterly financial data for the Company (in thousands, except per share amounts): 2017 2016 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Total revenue $ 65,398 $ 57,893 $ 64,048 $ 53,678 $ 63,004 $ 61,867 $ 57,607 $ 66,196 Operating (loss) income (16,742 ) (14,665 ) (17,997 ) (65,163 ) 396 2,765 (22,771 ) (10,837 ) Net (loss) income (32,844 ) (34,867 ) 17,276 (70,378 ) (14,714 ) (12,565 ) (37,247 ) (26,483 ) Net (loss) income attributable to common shareholders (19,838 ) (21,219 ) 10,514 (43,456 ) (8,335 ) (7,117 ) (21,102 ) (15,004 ) Net (loss) income per share attributable to Class A and Class C common shareholders - Basic (0.59 ) (0.63 ) 0.31 (1.27 ) (0.27 ) (0.23 ) (0.67 ) (0.48 ) Net (loss) income per share attributable to Class A and Class C common shareholders - Diluted (0.59 ) (0.63 ) 0.31 (1.27 ) (0.27 ) (0.23 ) (0.67 ) (0.48 ) Weighted average Class A and Class C common shares outstanding - Basic 33,510 33,766 33,841 34,094 31,391 31,391 31,419 31,418 Weighted average Class A and Class C common shares outstanding - Diluted 33,510 33,766 33,841 34,094 31,391 31,391 31,419 31,418 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Billions | Jun. 11, 2015USD ($)PropertyJointVentureRetailFacility | Jun. 03, 2015shares | Dec. 31, 2017ft²PropertyState |
Organization And Basis Of Presentation [Line Items] | |||
Operations Commenced Date | Jul. 7, 2015 | ||
Number of properties | 23 | ||
Area of real estate property (in square feet) | ft² | 7,411,187 | ||
Number of states in properties located | State | 49 | ||
Real Estate Investment Trust [member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Area of real estate property (in square feet) | ft² | 39,400,000 | ||
Real Estate Investment Trust [member] | Wholly Owned Properties [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Area of real estate property (in square feet) | ft² | 35,200,000 | ||
Number of wholly owned properties | 230 | ||
Number of states in properties located | State | 49 | ||
Real Estate Investment Trust [member] | Joint Venture Properties [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of properties | 23 | ||
Area of real estate property (in square feet) | ft² | 4,200,000 | ||
Number of states in properties located | State | 13 | ||
Thirteen Assets [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of interest sold | 50.00% | ||
Number of joint venture properties sold | 13 | ||
Five Assets [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of interest sold | 50.00% | ||
Number of wholly owned properties contributed | 5 | ||
New Joint Venture Properties [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Percentage of joint ventures ownership interest retained | 50.00% | ||
Number of properties | 5 | ||
Third Party Tenants [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of properties leased to third party tenants | 51 | ||
Third Party Tenants [Member] | Wholly Owned Properties [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Remaining wholly owned properties | 92 | ||
Sears Holdings Corporation [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Business acquisition fair value, purchase price | $ | $ 2.7 | ||
Number of real estate properties acquired | 234 | ||
Number of ground leased properties acquired | 1 | ||
Interests in joint ventures acquired | 50.00% | ||
Number of joint venture acquired | JointVenture | 3 | ||
Number of properties leased | 76 | ||
Number of vacant properties | 31 | ||
Number of properties leased to under master leases | 22 | ||
Primary tenant JV properties leased | 9 | ||
Primary tenant JV properties vacant | 1 | ||
Sears Holdings Corporation [Member] | Wholly Owned Properties [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of wholly owned properties | 148 | ||
Sears Holdings Corporation [Member] | Joint Venture [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of retail facilities | RetailFacility | 28 | ||
Number of retail facilities subject to ground lease | RetailFacility | 1 | ||
Number of retail facilities subject to lease | RetailFacility | 2 | ||
Sears Holdings Corporation [Member] | Third Party Tenants [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of properties leased | 72 | ||
Primary tenant JV properties leased | 13 | ||
Class A Common Shares [Member] | |||
Organization And Basis Of Presentation [Line Items] | |||
Number of shares initially capitalized | shares | 100 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)PropertyStateSegment | Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Impairment loss on real estate assets | $ 0 | $ 0 | $ 0 |
Impairment loss | 0 | 0 | 0 |
Restricted cash | 92,475,000 | 175,665,000 | 87,616,000 |
Prepaid rental income | 2,700,000 | 2,900,000 | |
Unrealized loss on interest rate cap | 2,933,000 | $ 701,000 | 1,378,000 |
Number of wholly owned properties acquired | Property | 230 | ||
Number of states in properties located | State | 49 | ||
Interest Rate Cap [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Interest rate caps purchased | $ 5,000,000 | ||
Derivative, term of contract | 4 years | ||
Notional amount | $ 1,261,000,000 | ||
Derivative strike rate | 3.50% | ||
Unrealized loss on interest rate cap | $ 2,900,000 | $ 700,000 | 1,400,000 |
Derivative assets, fair value | 700,000 | ||
Maximum [Member] | Interest Rate Cap [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative assets, fair value | $ 100,000 | ||
Master Lease [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right to recapture property space | 50.00% | ||
Sears Holdings Corporation [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right to recapture property space | 100.00% | ||
Sears Holdings Corporation [Member] | Master Lease [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right to recapture property space | 100.00% | ||
Restricted Cash Reserves [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 151,300,000 | 65,500,000 | |
Basic Property Carrying Costs [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 21,700,000 | $ 19,200,000 | |
Operating Partnership [Member] | ESL [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of operating partnership interest held by parent | 63.80% |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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 Accoun38
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 241,569 | $ 52,026 | $ 62,867 |
Restricted cash | 175,665 | 87,616 | 92,475 |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 417,234 | $ 139,642 | $ 155,342 |
Lease Intangible Assets and L39
Lease Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net of accumulated amortization | $ 310,098 | $ 464,399 | |
Identified intangible liability, net of accumulated amortization | 14,476 | 16,827 | |
Amortization of below-market leases, net of above-market leases | $ 500 | 1,200 | 900 |
Additional property expense | 100 | 200 | 200 |
In-Place Leases, Net [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net of accumulated amortization | 293,086 | 445,907 | |
Amortization expense of intangible assets | $ 36,800 | $ 139,500 | $ 110,200 |
Lease Intangible Assets and L40
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | $ 563,346 | $ 613,601 |
Accumulated Amortization | (253,248) | (149,202) |
Balance | 310,098 | 464,399 |
In-Place Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 542,655 | 592,871 |
Accumulated Amortization | (249,569) | (146,964) |
Balance | 293,086 | 445,907 |
Below-Market Ground Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 11,766 | 11,766 |
Accumulated Amortization | (508) | (305) |
Balance | 11,258 | 11,461 |
Above-Market Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 8,925 | 8,964 |
Accumulated Amortization | (3,171) | (1,933) |
Balance | $ 5,754 | $ 7,031 |
Lease Intangible Assets and L41
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Below Market Lease Net [Abstract] | ||
Gross Liability | $ 19,658 | $ 20,011 |
Accumulated Amortization | (5,182) | (3,184) |
Balance | $ 14,476 | $ 16,827 |
Lease Intangible Assets and L42
Lease Intangible Assets and Liabilities - Schedule of Estimated Annual Amortization of Below Market Leases (Detail) - Above-Market Leases, Net [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ (949) |
2,019 | (922) |
2,020 | (788) |
2,021 | (775) |
2,022 | $ (485) |
Lease Intangible Assets and L43
Lease Intangible Assets and Liabilities - Schedule of Estimated Amortization for Below-Market Ground Leases (Detail) - Leases Acquired In-Place Market Adjustment [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 203 |
2,019 | 203 |
2,020 | 203 |
2,021 | 203 |
2,022 | $ 203 |
Lease Intangible Assets and L44
Lease Intangible Assets and Liabilities - Schedule of Estimated Annual Amortization of Acquired In Place Leases (Detail) - In-Place Leases, Net [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 61,997 |
2,019 | 37,357 |
2,020 | 36,911 |
2,021 | 36,127 |
2,022 | $ 35,151 |
Investments in Unconsolidated45
Investments in Unconsolidated Joint Ventures - Additional Information (Detail) | Nov. 03, 2017USD ($)Property | Jul. 12, 2017USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) |
Schedule Of Equity Method Investments [Line Items] | |||||
Net proceeds from disposition of interest in unconsolidated joint venture | $ 247,600,000 | $ 257,373,000 | |||
Number of properties | Property | 23 | ||||
Gain on sale of interest in unconsolidated joint venture | $ 60,302,000 | ||||
Gain on sale of real estate | 11,447,000 | ||||
Cash proceeds from closing costs, to used redevelopment pipelines | 171,600,000 | ||||
Joint venture impairment charges | $ 0 | $ 0 | $ 0 | ||
Mortgage Loans [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Reduction of amounts outstanding under mortgage loan | (50,600,000) | ||||
General Growth Properties, Inc. I [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Net proceeds from disposition of interest in unconsolidated joint venture | $ 190,100,000 | ||||
Percentage of interest sold | 50.00% | ||||
Number of joint venture properties sold | Property | 8 | ||||
Number of properties | Property | 12 | 4 | |||
Gain on sale of interest in unconsolidated joint venture | $ 43,700,000 | ||||
General Growth Properties, Inc. II [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties | Property | 5 | ||||
Number of wholly owned properties contributed | Property | 5 | ||||
New JV Properties [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Net proceeds from disposition of interest in unconsolidated joint venture | $ 57,500,000 | ||||
Percentage of interest sold | 50.00% | ||||
Gain on sale of real estate | $ 11,500,000 | ||||
Simon Property Group Inc [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Net proceeds from disposition of interest in unconsolidated joint venture | $ 68,000,000 | ||||
Percentage of interest sold | 50.00% | ||||
Number of joint venture properties sold | Property | 5 | ||||
Number of properties | Property | 10 | 5 | |||
Gain on sale of interest in unconsolidated joint venture | $ 16,600,000 |
Investments in Unconsolidated46
Investments in Unconsolidated Joint Ventures - Summary of Company's Investments in Unconsolidated Joint Ventures (Detail) $ in Thousands | Nov. 03, 2017Property | Jul. 12, 2017Property | Dec. 31, 2017USD ($)ft²Property |
Income Statement Equity Method Investments [Line Items] | |||
Number of properties | Property | 23 | ||
Total GLA | ft² | 4,233 | ||
Initial Value | $ | $ 297,660 | ||
General Growth Properties, Inc. I [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Seritage % Ownership | 50.00% | ||
Number of properties | Property | 12 | 4 | |
Total GLA | ft² | 598 | ||
Initial Value | $ | $ 37,570 | ||
General Growth Properties, Inc. II [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Seritage % Ownership | 50.00% | ||
Number of properties | Property | 5 | ||
Total GLA | ft² | 1,187 | ||
Initial Value | $ | $ 57,500 | ||
The Macerich Company [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Seritage % Ownership | 50.00% | ||
Number of properties | Property | 9 | ||
Total GLA | ft² | 1,576 | ||
Initial Value | $ | $ 150,000 | ||
Simon Property Group Inc [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Seritage % Ownership | 50.00% | ||
Number of properties | Property | 10 | 5 | |
Total GLA | ft² | 872 | ||
Initial Value | $ | $ 52,590 |
Investments in Unconsolidated47
Investments in Unconsolidated Joint Ventures - Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Land | $ 191,853 | $ 214,109 | |
Buildings and improvements | 388,363 | 598,978 | |
Accumulated depreciation | (48,306) | (56,324) | |
Investment in real estate, gross | 531,910 | 756,763 | |
Construction in progress | 21,000 | 48,885 | |
Net investment in real estate | 552,910 | 805,648 | |
Cash and cash equivalents | 4,549 | 3,434 | |
Tenant and other receivables, net | 3,843 | 6,133 | |
Other assets, net | 45,605 | 38,646 | |
Total assets | 606,907 | 853,861 | |
LIABILITIES AND MEMBERS INTERESTS | |||
Mortgage loans payable, net | 122,875 | ||
Accounts payable, accrued expenses and other liabilities | 28,201 | 14,177 | |
Total liabilities | 151,076 | 14,177 | |
Members Interest | |||
Additional paid in capital | 473,098 | 830,389 | |
Retained earnings | (17,267) | 9,295 | |
Total members interest | 455,831 | 839,684 | |
Total liabilities and members interest | 606,907 | 853,861 | |
Total revenue | $ 35,150 | 58,264 | 66,417 |
Property operating expenses | (7,339) | (11,358) | (12,787) |
Depreciation and amortization | (17,975) | (47,948) | (42,233) |
Operating income | 9,836 | (1,042) | 11,397 |
Other expenses | (292) | (14,533) | (2,105) |
Net (loss) income | 9,544 | (15,575) | 9,292 |
Equity in (loss) income of unconsolidated joint ventures | $ 4,772 | $ (7,788) | $ 4,646 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Jul. 06, 2015LeaseOption | Jun. 11, 2015Property | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)ft²Property | Dec. 31, 2016USD ($) | Jul. 07, 2015 |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Base rent paid by Sears Holdings and subsidiaries under master lease | $ 100 | $ 200 | $ 200 | |||
Straight-line rent | 5,600 | $ 800 | 9,900 | |||
Number of real estate properties acquisition exercised | Property | 56 | |||||
Gross leasable area | ft² | 7,411,187 | |||||
Number of terminated properties announced for redevelopment | Property | 18 | |||||
Tenant reimbursements | 26,926 | $ 62,525 | 62,253 | |||
Additional rent based on percentage of tenants' sales | $ 500 | 100 | ||||
Number of properties subject to ground lease | Property | 1 | |||||
Operating leases expiration year | 2,073 | |||||
General and Administrative Expenses [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Rent expense | 600 | $ 700 | 600 | |||
Property operating expense [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Rent expense | 25 | $ 50 | 50 | |||
Sears Holdings Corporation [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Right to recapture property space | 100.00% | |||||
Number of real estate properties wholly-owned | Property | 234 | |||||
Master Lease [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Lease term | 10 years | |||||
Number of options for renewal of lease | Option | 3 | |||||
Renewal period of leases | 5 years | |||||
Final option renewal period | 4 years | |||||
Base rent paid by Sears Holdings and subsidiaries under master lease | $ 93,300 | 134,000 | ||||
Number of renewal term that will be increased | Lease | 2 | |||||
Percentage of increase annual lease rent | 2.00% | |||||
Right to recapture property space | 50.00% | |||||
Number of real estate properties wholly-owned | Property | 224 | |||||
Lease termination, description | While the Company will be permitted to exercise its recapture rights all at once or in stages as to any particular property, it will not be permitted to recapture all or substantially all of the space subject to the recapture right at more than 50 Wholly Owned Properties during any lease year. | |||||
Number of real estate properties wholly-owned | Property | 50 | |||||
Tenant reimbursements | $ 25,204 | $ 51,672 | $ 55,823 | |||
Master Lease [Member] | Sears Holdings Corporation [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of options for renewal of lease | Option | 1 | |||||
Right to recapture property space | 100.00% | |||||
Number of real estate properties wholly-owned | Property | 21 | |||||
Lease termination, description | The lease termination payment is calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holdings and an amount equal to 10 times the adjusted EBITDA attributable to such space within the Sears Holdings main store which is not attributable to the space subject to the separate 50% recapture right discussed above for the 12-month period ending at the end of the fiscal quarter ending immediately prior to recapturing such space. | |||||
Percentage of reduction of fixed rent under master lease | 20.00% | |||||
Lease termination notice period | 90 days | |||||
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Base rent paid by Sears Holdings and subsidiaries under master lease | $ 23,600 | |||||
Number of unprofitable stores to terminate | Property | 56 | |||||
Gross leasable area | ft² | 7,400,000 | |||||
Lease termination fees paid | $ 45,100 |
Leases - Summary of Revenue fro
Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Subject to or Available for Operating Lease [Line Items] | |||||||||||
Rental income | $ 86,645 | $ 178,492 | $ 186,421 | ||||||||
Tenant reimbursements | 26,926 | 62,525 | 62,253 | ||||||||
Total revenue | $ 53,678 | $ 64,048 | $ 57,893 | $ 65,398 | $ 66,196 | $ 57,607 | $ 61,867 | $ 63,004 | 113,571 | 241,017 | 248,674 |
Master Lease [Member] | |||||||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||||||
Rental income | 64,838 | 112,881 | 133,237 | ||||||||
Termination fee income | 19,315 | ||||||||||
Tenant reimbursements | 25,204 | 51,672 | 55,823 | ||||||||
Total revenue | $ 90,042 | $ 183,868 | $ 189,060 |
Leases - Summary of Recapture R
Leases - Summary of Recapture Rights Exercised by the Company (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Anchorage, AK [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-12 |
Braintree, MA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2015-11 |
Boca Raton, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-12 |
Honolulu, HI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2015-12 |
Westminster, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-12 |
Memphis, TN [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2015-12 |
Hicksville, NY [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-12 |
San Antonio, TX [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2016-03 |
Orland Park, IL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-12 |
Bowie, MD [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2016-05 |
Florissant, MO [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Out parcel |
Notice Date(s) | 2017-12 |
Hagerstown, MD [member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2016-05 |
Salem, NH [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Out parcel |
Notice Date(s) | 2017-12 |
Albany, NY [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2016-05 |
Fairfield, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-12 |
Fairfax, VA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial + auto center |
Notice Date(s) | 2016-05 |
Las Vegas N V | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-12 |
Wayne, NJ [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial + auto center |
Notice Date(s) | 2016-05 |
Plantation, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-12 |
Ft. Wayne, IN Property 1 [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Out parcel |
Notice Date(s) | 2017-09 |
Yorktown Heights [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-12 |
Orlando, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2016-07 |
Austin, TX [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date (s) | December 2017 / September2017 |
Anderson, SC [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date (s) | April 2017 / July 2016 |
North Little Rock, AR [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto Center |
Notice Date(s) | 2017-09 |
West Jordan, UT [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial + auto center |
Notice Date(s) | 2016-07 |
Madison, WI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-07 |
St. Clair Shores, MI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-09 |
North Hollywood, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-07 |
Redmond WA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto Center |
Notice Date(s) | 2017-09 |
Warwick, RI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2016-10 |
Temecula, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-06 |
Rehoboth Beach, DE [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-10 |
Roseville, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2017-06 |
Charleston, SC [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date (s) | April 2017 / October 2016 |
North Riverside, IL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-06 |
West Hartford, CT [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2016-10 |
Watchung, NJ [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-06 |
St. Petersburg, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2016-10 |
Canton, OH [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-06 |
Roseville, MI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-11 |
Dayton, OH [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Auto center |
Notice Date(s) | 2017-06 |
Troy, MI [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-11 |
Santa Monica, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2016-12 |
San Diego C A | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-04 |
Santa Cruz, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-12 |
Aventura, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-04 |
Guaynabo, PR [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-12 |
Hialeah, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-04 |
Saugus, MA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2016-12 |
Carson, CA [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date (s) | April 2017 / December 2016 |
Valley View, TX [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-04 |
North Miami, FL [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Notice Date(s) | 2017-03 |
Cockeysville, MD [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-03 |
Olean, NY [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Partial |
Notice Date(s) | 2017-03 |
Ft. Wayne, IN Property 2 [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type | Out parcel |
Notice Date(s) | 2016-07 |
Leases - Summary of Recapture51
Leases - Summary of Recapture Rights Exercised by the Company (Parenthetical) (Detail) | Dec. 31, 2017 |
Property Subject to or Available for Operating Lease [Line Items] | |
Recapture Type, Percentage | 100.00% |
Wayne, NJ [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Percentage of joint ventures ownership interest retained | 50.00% |
Leases - Summary of Redevelopem
Leases - Summary of Redevelopement Properties (Detail) | 12 Months Ended |
Dec. 31, 2017ft² | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 7,411,187 |
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 7,400,000 |
Cullman, AL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 98,500 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q2 2017 |
Sierra Vista, AZ [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 86,100 |
Notice | 2016-09 |
Termination | 2017-01 |
Thornton, CO [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 190,200 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q1 2017 |
Chicago, IL [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 293,700 |
Notice | 2017-06 |
Termination | 2017-10 |
Chicago, IL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 118,800 |
Notice | 2016-09 |
Termination | 2017-01 |
Springfield, IL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 84,200 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q3 2016 |
Elkhart, IN [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 86,500 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q4 2016 |
Merrillville, IN [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 108,300 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q4 2016 |
Houma, LA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 96,700 |
Notice | 2016-09 |
Termination | 2017-01 |
New Iberia, LA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 91,700 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q2 2017 |
Alpena, MI [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 118,200 |
Notice | 2016-09 |
Termination | 2017-01 |
Manistee, MI [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 87,800 |
Notice | 2016-09 |
Termination | 2017-01 |
Sault Sainte Marie, MI [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 92,700 |
Notice | 2016-09 |
Termination | 2017-01 |
Kearney, NE [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 86,500 |
Notice | 2016-09 |
Termination | 2017-01 |
Announced Redevelopment | Q3 2016 |
Deming, NM [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 96,600 |
Notice | 2016-09 |
Termination | 2017-01 |
Harlingen, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 91,700 |
Notice | 2016-09 |
Termination | 2017-01 |
Yakima, WA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 97,300 |
Notice | 2016-09 |
Termination | 2017-01 |
Riverton, WY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 94,800 |
Notice | 2016-09 |
Termination | 2017-01 |
Riverside, CA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 94,500 |
Notice | 2017-01 |
Termination | 2017-04 |
Kissimmee, FL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 112,505 |
Notice | 2017-01 |
Termination | 2017-04 |
Leavenworth, KS [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 76,853 |
Notice | 2017-01 |
Termination | 2017-04 |
Hopkinsville, KY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 70,326 |
Notice | 2017-01 |
Termination | 2017-04 |
Paducah, KY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 108,244 |
Notice | 2017-01 |
Termination | 2017-04 |
Announced Redevelopment | Q3 2017 |
Owensboro KY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 68,334 |
Notice | 2017-01 |
Termination | 2017-04 |
Detroit Lakes, MN [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 79,102 |
Notice | 2017-01 |
Termination | 2017-04 |
Jefferson City, MO [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 92,016 |
Notice | 2017-01 |
Termination | 2017-04 |
Announced Redevelopment | Q2 2017 |
Henderson, NV [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 122,823 |
Notice | 2017-01 |
Termination | 2017-04 |
Announced Redevelopment | Q1 2017 |
Concord, NC [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 137,499 |
Notice | 2017-01 |
Termination | 2017-04 |
Chapel Hill, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 187,179 |
Notice | 2017-01 |
Termination | 2017-04 |
Kenton, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 96,066 |
Notice | 2017-01 |
Termination | 2017-04 |
Muskogee, OK [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 87,500 |
Notice | 2017-01 |
Termination | 2017-04 |
Mount Pleasant, PA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 83,536 |
Notice | 2017-01 |
Termination | 2017-04 |
Sioux Falls, SD [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 72,511 |
Notice | 2017-01 |
Termination | 2017-04 |
El Paso, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 103,657 |
Notice | 2017-01 |
Termination | 2017-04 |
Layton, UT [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 90,010 |
Notice | 2017-01 |
Termination | 2017-04 |
Elkins, WV [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 94,885 |
Notice | 2017-01 |
Termination | 2017-04 |
Platteville, WI [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 94,841 |
Notice | 2017-01 |
Termination | 2017-04 |
Sarasota, FL [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 204,500 |
Notice | 2017-06 |
Termination | 2017-10 |
Overland Park, KS [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 215,000 |
Notice | 2017-06 |
Termination | 2017-10 |
Lafayette, LA [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 194,900 |
Notice | 2017-06 |
Termination | 2017-10 |
Cockeysville, MD [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 83,900 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q1 2017 |
Hagerstown, MD [member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 107,300 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q1 2016 |
Roseville, MI [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 277,000 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q3 2016 |
Burnsville, MN [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 161,700 |
Notice | 2017-06 |
Termination | 2017-10 |
Albany, NY [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 216,200 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q1 2016 |
East Northport, NY [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 187,000 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q2 2017 |
Johnson City, NY [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 155,100 |
Notice | 2017-06 |
Termination | 2017-10 |
Olean, NY [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 75,100 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q1 2017 |
Mentor, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 208,700 |
Notice | 2017-06 |
Termination | 2017-10 |
Middleburg Heights, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 351,600 |
Notice | 2017-06 |
Termination | 2017-10 |
Toledo, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 209,900 |
Notice | 2017-06 |
Termination | 2017-10 |
York, PA [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 82,000 |
Notice | 2017-06 |
Termination | 2017-10 |
Warwick, RI [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 169,200 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q3 2016 / Q3 2017 |
Greendale, WI [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 238,400 |
Notice | 2017-06 |
Termination | 2017-10 |
Announced Redevelopment | Q4 2017 |
Friendswood, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 166,000 |
Notice | 2017-06 |
Termination | 2017-11 |
Westwood, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Gross leasable area | 215,000 |
Notice | 2017-06 |
Termination | 2018-01 |
Leases - Schedule of Future Ren
Leases - Schedule of Future Rental Revenue Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 138,488 |
2,019 | 141,216 |
2,020 | 139,516 |
2,021 | 140,120 |
2,022 | 140,086 |
Thereafter | 465,736 |
Total operating leases | $ 1,165,162 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 27, 2017USD ($) | Jul. 12, 2017USD ($)Property | May 24, 2017USD ($) | Feb. 23, 2017USD ($) | Nov. 30, 2016USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Jul. 07, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||
Gross consideration | $ 247,600,000 | $ 257,373,000 | ||||||
Principal amount outstanding | $ 143,210,000 | |||||||
Amount transferred to redevelopment project reserve | $ 30,000,000 | |||||||
Amount to be transferred to redevelopment project reserve on monthly basis | $ 3,300,000 | |||||||
Principal terms of amendments | Company (i) posted $30.0 million, and will post $3.3 million on a monthly basis, to a redevelopment project reserve account, which amounts may be used by the Company to fund redevelopment activity and (ii) extended the spread maintenance provision for prepayment of the loan by two months through March 9, 2018 (with the spread maintenance premium for the second month at a reduced amount). As a result of this agreement and the resolution of the related disagreement, no cash flow sweep was imposed. | |||||||
Minimum net worth | $ 1,000,000,000 | |||||||
Minimum liquidity | $ 50,000,000 | |||||||
Debt instrument, base annual interest rate | 6.50% | |||||||
Debt instrument, base interest rate period one | 1.50% | |||||||
Debt instrument, base interest rate period two | 3.50% | |||||||
Debt instrument, interest rate terms | The principal amount of loans outstanding under the Unsecured Delayed Draw Term Loan bore a base annual interest rate of 6.50%. If a cash flow sweep period were to have occurred and been continuing under the Company’s Mortgage Loan Agreement (i) the interest rate on any outstanding advances would have increased from and after such date by 1.5% per annum above the base interest rate and (ii) the interest rate on any advances made after such date would have increased by 3.5% per annum above the base interest rate. | |||||||
Five Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of wholly owned properties contributed | Property | 5 | |||||||
Percentage of interest sold | 50.00% | |||||||
General Growth Properties, Inc. II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of wholly owned properties contributed | Property | 5 | |||||||
General Growth Properties, Inc. II [Member] | Five Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of wholly owned properties contributed | Property | 5 | |||||||
General Growth Properties, Inc. [Member] | Five Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of interest sold | 50.00% | |||||||
Gross consideration | $ 57,500,000 | |||||||
Mortgage Loans and Future Funding Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount outstanding | $ 1,211,000,000 | |||||||
Mortgage Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Reduction of amounts outstanding under mortgage loan | $ (50,600,000) | |||||||
Mortgage loan agreement, description | The Loan Agreements contain customary covenants for a real estate financing, including restrictions that limit the Company’s ability to grant liens on its assets, incur additional indebtedness, or transfer or sell assets, as well as those that may require the Company to obtain lender approval for certain major tenant leases or significant redevelopment projects. Such restrictions also include cash flow sweep provisions based upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds. | |||||||
Maximum debt yield percentage | 11.00% | |||||||
Unamortized balance of company's debt issuance costs | $ 8,500,000 | $ 14,300,000 | ||||||
Mortgage Loans [Member] | Future Funding Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance and other costs | 22,300,000 | |||||||
Unsecured Delayed Draw Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum | $ 200,000,000 | |||||||
Line of credit, maturity date | Dec. 31, 2017 | |||||||
Maximum net worth required for loan documentation | 1,000,000,000 | |||||||
Amount outstanding at termination | $ 85,000,000 | |||||||
Unsecured Delayed Draw Term Loan [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 60.00% | |||||||
Unsecured Delayed Draw Term Loan [Member] | Operating Partnership [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount outstanding | $ 200,000,000 | |||||||
Line of credit, maturity date | Dec. 31, 2017 | |||||||
Upfront commitment fee | $ 1,000,000 | |||||||
Additional and final commitment fee paid | $ 1,000,000 | |||||||
Default interest rate on overdue amounts excess of base interest rate | 1.50% | |||||||
Unsecured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount outstanding | $ 200,000,000 | |||||||
Unamortized balance of company's debt issuance costs | $ 1,500,000 | $ 1,500,000 | ||||||
Line of credit facility, maximum | $ 200,000 | |||||||
Line of credit, maturity date | Dec. 31, 2018 | |||||||
Debt instrument, base annual interest rate | 6.75% | |||||||
Debt instrument, interest rate terms | The principal amount of loans outstanding under the Unsecured Term Loan bears a base annual interest rate of 6.75%. | |||||||
Maximum net worth required for loan documentation | $ 1,000,000,000 | |||||||
Line of credit facility, current funding | 85,000 | |||||||
Additional Incremental loans | $ 55,000 | |||||||
Line of credit facility, fee percentage | 1.00% | |||||||
Unsecured Term Loan [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 60.00% | |||||||
Unsecured Term Loan [Member] | Operating Partnership [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Default interest rate on overdue amounts excess of base interest rate | 1.50% | |||||||
Unsecured Term Loan [Member] | Empyrean Capital Partners, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum | $ 145,000 | |||||||
Line of credit facility, current funding | $ 60,000 | |||||||
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Expiration date | Jul. 31, 2019 | |||||||
Interest rate description | Borrowings under the Mortgage Loans and Future Funding Facility bear interest at the London Interbank Offered Rates (“LIBOR”) plus, as of December 31, 2017, a weighted-average spread of 470 basis points; payments are made monthly on an interest-only basis. | |||||||
Basis spread on variable rate | 4.70% | |||||||
Frequency of interest payment | monthly | |||||||
Early extinguishment of debt | Mar. 9, 2018 | |||||||
Maturity description | The Loan Agreements contain customary covenants for a real estate financing, including restrictions that limit the Company’s ability to grant liens on its assets, incur additional indebtedness, or transfer or sell assets, as well as those that may require the Company to obtain lender approval for certain major tenant leases or significant redevelopment projects. Such restrictions also include cash flow sweep provisions based upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds. The Loan Agreements contain a yield maintenance provision for the early extinguishment of the debt before March 9, 2018. | |||||||
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan, face amount | $ 1,161,000,000 | |||||||
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | Future Funding Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan, face amount | $ 100,000,000 | |||||||
Weighted average interest rates | 6.03% | 5.24% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||
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 | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized loss related to change in fair value | $ 2,933 | $ 701 | $ 1,378 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgages payable, fair value | 1,360,000 | 1,150,000 | |
Interest Rate Cap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 700 | ||
Unrealized loss related to change in fair value | $ 2,900 | 700 | 1,400 |
Interest Rate Cap [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 100 | ||
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | $ 700 | ||
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | $ 100 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | May 09, 2017USD ($) | Jun. 30, 2015Lawsuit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |||||
Restricted cash | $ 175,665 | $ 87,616 | $ 92,475 | ||
Number of filed lawsuits by Sears Holdings shareholders | Lawsuit | 4 | ||||
Litigation settlement, amount | $ 19,000 | ||||
Sears Holdings Corporation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement, amount | $ 40,000 | ||||
Environmental Expenses Reserve [Member] | |||||
Loss Contingencies [Line Items] | |||||
Restricted cash | $ 10,800 | $ 11,800 |
Related Party Disclosure - Addi
Related Party Disclosure - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 27, 2017 | Feb. 23, 2017 | Jul. 07, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Other Related Party Transactions [Line Items] | |||||
Line of credit, current funding | $ 230,000 | ||||
Transaction Services Agreement [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Transition service agreement period | 18 months | ||||
Transition service agreement expiration date Date | Jan. 7, 2017 | ||||
Unsecured Delayed Draw Term Loan [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Line of credit, maturity date | Dec. 31, 2017 | ||||
Operating Partnership [Member] | Unsecured Delayed Draw Term Loan [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Principal amount outstanding at termination | $ 85,000 | ||||
Line of credit, maturity date | Dec. 31, 2017 | ||||
Line of credit, current funding | $ 85,000 | ||||
Operating Partnership [Member] | ESL [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Ownership interest percentage held by related party | 36.20% | ||||
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Beneficiary Ownership interest percentage held by related party | 54.00% | 53.20% | |||
Ownership interest percentage held by related party | 36.20% | 43.30% | |||
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | Class A Common Shares [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Ownership interest percentage held by related party | 2.90% | 3.70% | |||
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | Class B Non-Economic Common Shares [Member] | |||||
Schedule of Other Related Party Transactions [Line Items] | |||||
Ownership interest percentage held by related party | 100.00% | 100.00% |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member] - ESL [Member] | Dec. 31, 2017 |
Noncontrolling Interest [Line Items] | |
Percentage of operating partnership interest held by parent | 63.80% |
Ownership interest percentage held by related party | 36.20% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2022 | Feb. 28, 2018 | Feb. 20, 2018 | Oct. 24, 2017 | Jul. 25, 2017 | Apr. 25, 2017 | Feb. 28, 2017 | Nov. 01, 2016 | Aug. 02, 2016 | May 03, 2016 | Mar. 08, 2016 | Jul. 07, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||||||||||||
Stock issuance cost | $ 8,212 | $ 3,526 | |||||||||||||
Conversion of common shares | 2,603,554 | ||||||||||||||
Cash dividend declared | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 1 | $ 1 | ||||
Date dividends to be paid | Jan. 11, 2018 | Oct. 12, 2017 | Jul. 13, 2017 | Apr. 13, 2017 | Jan. 12, 2017 | Oct. 13, 2016 | Jul. 14, 2016 | Apr. 14, 2016 | |||||||
Dividends payable, date of record | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||||||
Declaration Date | Oct. 24, 2017 | Jul. 25, 2017 | Apr. 25, 2017 | Feb. 28, 2017 | Nov. 1, 2016 | Aug. 2, 2016 | May 3, 2016 | Mar. 8, 2016 | |||||||
Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Date dividends to be paid | Apr. 12, 2018 | ||||||||||||||
Dividends payable, date of record | Mar. 31, 2018 | ||||||||||||||
Operating Partnership [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Conversion of units into class A shares | 3,958,182 | ||||||||||||||
Operating Partnership [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Conversion of units into class A shares | 1,626,682 | ||||||||||||||
Class A Common Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 32,415,734 | 25,843,251 | |||||||||||||
Common shares, outstanding | 24,584,000 | 24,818,000 | 32,415,734 | 25,843,251 | |||||||||||
Conversion of units into class A shares | 3,958,182 | ||||||||||||||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Cash dividend declared | $ 0.50 | $ 1 | $ 1 | ||||||||||||
Class A Common Shares [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Cash dividend declared | $ 0.25 | ||||||||||||||
Class A Common Shares [Member] | Rights Offering [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 22,332,037 | ||||||||||||||
Common shares price per share | $ 29.58 | ||||||||||||||
Aggregate proceeds from issuance of common shares | $ 660,600 | ||||||||||||||
Stock issuance cost | $ 8,200 | ||||||||||||||
Class A Common Shares [Member] | General Growth Properties, Inc. [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 1,125,760 | ||||||||||||||
Common shares price per share | $ 29.58 | ||||||||||||||
Aggregate proceeds from issuance of common shares | $ 33,300 | ||||||||||||||
Class A Common Shares [Member] | Simon Property Group Inc [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 1,125,760 | ||||||||||||||
Common shares price per share | $ 29.58 | ||||||||||||||
Aggregate proceeds from issuance of common shares | $ 33,300 | ||||||||||||||
Class B Non-Economic Common Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, par value | $ 0.01 | ||||||||||||||
Class B Non-Economic Common Shares [Member] | ESL [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 1,589,020 | 1,328,866 | |||||||||||||
Aggregate proceeds from issuance of common shares | $ 900 | ||||||||||||||
Common shares, outstanding | 1,328,866 | ||||||||||||||
Common shares surrendered | 260,154 | ||||||||||||||
Class C Non Voting Common Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 6,790,635 | 3,151,131 | |||||||||||||
Common shares price per share | $ 29.58 | ||||||||||||||
Aggregate proceeds from issuance of common shares | $ 200,900 | ||||||||||||||
Common shares, outstanding | 3,151,131 | ||||||||||||||
Conversion of common shares | 3,151,131 | 2,603,554 | |||||||||||||
Common shares, par value | $ 0.01 | ||||||||||||||
Class C Non Voting Common Shares [Member] | Operating Partnership [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Conversion of units into class A shares | 1,626,682 | ||||||||||||||
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 | $ 66,700 | ||||||||||||||
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 C Common Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued | 3,151,131 | 5,754,685 | |||||||||||||
Common shares, outstanding | 6,790,000 | 6,773,000 | 3,151,131 | 5,754,685 | |||||||||||
Common shares, par value | $ 0.01 | $ 0.01 | |||||||||||||
Cash dividend declared | $ 0.50 | $ 1 | $ 1 | ||||||||||||
Class C Common Shares [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Cash dividend declared | $ 0.25 | ||||||||||||||
Series A Preferred Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, outstanding | 2,800,000 | ||||||||||||||
Preferred shares, issued | 2,800,000 | ||||||||||||||
Date dividends to be paid | Apr. 16, 2018 | ||||||||||||||
Dividends payable, date of record | Mar. 30, 2018 | ||||||||||||||
Declaration Date | Feb. 20, 2018 | ||||||||||||||
Preferred stock dividend per share | $ 0.593056 | ||||||||||||||
Dividend covers terms | The dividend covers the period from, and including, December 14, 2017 to, but excluding, April 15, 2018. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends and Distributions(Detail) - $ / shares | Oct. 24, 2017 | Jul. 25, 2017 | Apr. 25, 2017 | Feb. 28, 2017 | Nov. 01, 2016 | Aug. 02, 2016 | May 03, 2016 | Mar. 08, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | |||||||||||
Declaration Date | Oct. 24, 2017 | Jul. 25, 2017 | Apr. 25, 2017 | Feb. 28, 2017 | Nov. 1, 2016 | Aug. 2, 2016 | May 3, 2016 | Mar. 8, 2016 | |||
Record Date | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||
Payment Date | Jan. 11, 2018 | Oct. 12, 2017 | Jul. 13, 2017 | Apr. 13, 2017 | Jan. 12, 2017 | Oct. 13, 2016 | Jul. 14, 2016 | Apr. 14, 2016 | |||
Dividends per Class A and Class C Common Share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 1 | $ 1 |
Shareholders' Equity - Summar62
Shareholders' Equity - Summary of Dividends Reflected for U.S. Federal Income Tax Purposes (Detail) - $ / shares | Oct. 24, 2017 | Jul. 25, 2017 | Apr. 25, 2017 | Feb. 28, 2017 | Nov. 01, 2016 | Aug. 02, 2016 | May 03, 2016 | Mar. 08, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Dividends Payable [Line Items] | |||||||||||
Total | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 1 | $ 1 |
Federal Income Tax [Member] | Dividend Declared [Member] | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Ordinary income | 0.50 | 0.53 | 1 | ||||||||
Capital gain distributions | 0 | 0.47 | 0 | ||||||||
Return of capital | 0 | 0 | 0 | ||||||||
Total | $ 0.50 | $ 1 | $ 1 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Net Loss and Number of Common Shares Used in Computations of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator - Basic and Diluted | |||||||||||
Net loss | $ (70,378) | $ 17,276 | $ (34,867) | $ (32,844) | $ (26,483) | $ (37,247) | $ (12,565) | $ (14,714) | $ (38,803) | $ (120,813) | $ (91,009) |
Net loss attributable to non-controlling interests | 16,465 | 47,059 | 39,451 | ||||||||
Preferred dividends | (245) | ||||||||||
Net loss attributable to Seritage common shareholders | $ (43,456) | $ 10,514 | $ (21,219) | $ (19,838) | $ (15,004) | $ (21,102) | $ (7,117) | $ (8,335) | $ (22,338) | $ (73,999) | $ (51,558) |
Denominator - Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 31,386 | 33,804 | 31,416 | ||||||||
Net loss per share attributable to Class A and Class C common shareholders | $ (0.71) | $ (2.19) | $ (1.64) | ||||||||
Class A Common Shares [Member] | |||||||||||
Denominator - Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 24,707 | 28,249 | 25,497 | ||||||||
Class C Common Shares [Member] | |||||||||||
Denominator - Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 6,679 | 5,555 | 5,919 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Time Based Restricted Shares and Share Units [Member] | ||
Earning Per Share [Line Items] | ||
Non-vested restricted stock outstanding | 245,570 | 216,348 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 07, 2015 | |
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 | $ 5.1 | $ 8.2 | ||
Unrecognized compensation costs, weighted average expected recognition period | 1 year 7 months 6 days | 2 years 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 | $ 0.9 | $ 7 | $ 1.1 | |
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 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Restricted Share (Detail) - Restricted Share [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested restricted shares at beginning of period | 216,348 | 221,484 |
Restricted shares granted | 62,135 | 23,324 |
Restricted shares vested | (32,345) | (28,460) |
Restricted shares forfeited | (568) | 0 |
Unvested restricted shares at end of period | 245,570 | 216,348 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period | $ 38.98 | $ 37.18 |
Weighted-Average Grant Date Fair Value, Restricted shares granted | 45.23 | 46.48 |
Weighted-Average Grant Date Fair Value, Restricted shares vested | 33.02 | 31.18 |
Weighted-Average Grant Date Fair Value, Restricted shares forfeited | 45.23 | 45.23 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period | $ 41.33 | $ 38.98 |
Accounts Payable, Accrued Exp67
Accounts Payable, Accrued Expenses and Other Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Accrued development expenditures | $ 21,449 | $ 6,369 |
Accrued real estate taxes | 17,091 | 23,942 |
Dividends payable | 14,559 | 14,132 |
Below-market leases | 14,476 | 16,827 |
Environmental reserve | 11,322 | 11,584 |
Unearned tenant reimbursements | 10,522 | 4,039 |
Accounts payable and accrued expenses | 9,588 | 16,055 |
Prepaid rental income | 4,156 | 1,979 |
Accrued interest | 3,689 | 3,004 |
Deferred maintenance | 2,581 | 4,124 |
Litigation charge | 19,000 | |
Total accounts payable, accrued expenses and other liabilities | $ 109,433 | $ 121,055 |
Quarterly Financial Informati68
Quarterly Financial Information (unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 53,678 | $ 64,048 | $ 57,893 | $ 65,398 | $ 66,196 | $ 57,607 | $ 61,867 | $ 63,004 | $ 113,571 | $ 241,017 | $ 248,674 |
Operating (loss) income | (65,163) | (17,997) | (14,665) | (16,742) | (10,837) | (22,771) | 2,765 | 396 | (9,373) | (114,567) | (30,447) |
Net (loss) income | (70,378) | 17,276 | (34,867) | (32,844) | (26,483) | (37,247) | (12,565) | (14,714) | (38,803) | (120,813) | (91,009) |
Net (loss) income attributable to common shareholders | $ (43,456) | $ 10,514 | $ (21,219) | $ (19,838) | $ (15,004) | $ (21,102) | $ (7,117) | $ (8,335) | $ (22,338) | $ (73,999) | $ (51,558) |
Net (loss) income per share attributable to Class A and Class C common shareholders - Basic | $ (1.27) | $ 0.31 | $ (0.63) | $ (0.59) | $ (0.48) | $ (0.67) | $ (0.23) | $ (0.27) | |||
Net (loss) income per share attributable to Class A and Class C common shareholders - Diluted | $ (1.27) | $ 0.31 | $ (0.63) | $ (0.59) | $ (0.48) | $ (0.67) | $ (0.23) | $ (0.27) | |||
Weighted average Class A and Class C common shares outstanding - Basic | 34,094 | 33,841 | 33,766 | 33,510 | 31,418 | 31,419 | 31,391 | 31,391 | |||
Weighted average Class A and Class C common shares outstanding - Diluted | 34,094 | 33,841 | 33,766 | 33,510 | 31,418 | 31,419 | 31,391 | 31,391 |
Quarterly Financial Informati69
Quarterly Financial Information (unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||||
Depreciation and amortization | $ 65,907 | $ 262,171 | $ 177,119 | ||||||
Gains on sale of interests in unconsolidated joint ventures and real estate | $ 56,700 | $ 56,700 | |||||||
Sears Holdings | |||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||
Depreciation and amortization | $ 63,900 | $ 39,500 | $ 19,400 | $ 26,000 | $ 22,800 | $ 11,400 |
Schedule III - Real Estate an70
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 800,513 | ||
Acquisition Costs, Buildings and Improvements | 787,014 | ||
Costs Capitalized Subsequent to Acquisition, Land | (542) | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 267,058 | ||
Gross Amount at Which Carried at Close of Period , Land | 799,971 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,054,072 | ||
Total | 1,854,043 | $ 1,734,892 | $ 1,668,351 |
Accumulated Depreciation | (139,483) | $ (89,940) | $ (29,076) |
Construction in Process [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 224,904 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 224,904 | ||
Total | 224,904 | ||
The Mall at Sears - Anchorage, 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 884 | ||
Gross Amount at Which Carried at Close of Period , Land | 11,517 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 12,613 | ||
Total | 24,130 | ||
Accumulated Depreciation | $ (2,209) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Cullman, AL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 947 | ||
Acquisition Costs, Buildings and Improvements | 846 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,616 | ||
Gross Amount at Which Carried at Close of Period , Land | 947 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,462 | ||
Total | 3,409 | ||
Accumulated Depreciation | $ (200) | ||
Date Acquired | 2015-07 | ||
McCain Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,288 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,881 | ||
Total | 4,169 | ||
Accumulated Depreciation | $ (656) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Russellville, AR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 318 | ||
Acquisition Costs, Buildings and Improvements | 1,270 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 318 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,270 | ||
Total | 1,588 | ||
Accumulated Depreciation | $ (253) | ||
Date Acquired | 2015-07 | ||
Flagstaff Mall - Flagstaff, AZ [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 932 | ||
Acquisition Costs, Buildings and Improvements | 2,179 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 932 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,179 | ||
Total | 3,111 | ||
Accumulated Depreciation | $ (372) | ||
Date Acquired | 2015-07 | ||
Superstition Springs Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,661 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,559 | ||
Total | 5,220 | ||
Accumulated Depreciation | $ (582) | ||
Date Acquired | 2015-07 | ||
Shopping Center - Peoria, AZ [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,204 | ||
Acquisition Costs, Buildings and Improvements | 509 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,204 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 509 | ||
Total | 1,713 | ||
Accumulated Depreciation | $ (245) | ||
Date Acquired | 2015-07 | ||
Desert Sky Mall - Phoenix, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,605 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,448 | ||
Total | 5,053 | ||
Accumulated Depreciation | $ (501) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13 | ||
Gross Amount at Which Carried at Close of Period , Land | 568 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,101 | ||
Total | 1,669 | ||
Accumulated Depreciation | $ (322) | ||
Date Acquired | 2015-07 | ||
Prescott Gateway - Prescott, AZ [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,071 | ||
Acquisition Costs, Buildings and Improvements | 835 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,071 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 835 | ||
Total | 1,906 | ||
Accumulated Depreciation | $ (314) | ||
Date Acquired | 2015-07 | ||
Mall at Sierra Vista - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,252 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,791 | ||
Total | 3,043 | ||
Accumulated Depreciation | $ (305) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Sierra Vista, AZ [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 938 | ||
Acquisition Costs, Buildings and Improvements | 1,736 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 938 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,736 | ||
Total | 2,674 | ||
Accumulated Depreciation | $ (470) | ||
Date Acquired | 2015-07 | ||
Park Place - Tucson, 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,207 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,458 | ||
Total | 8,665 | ||
Accumulated Depreciation | $ (683) | ||
Date Acquired | 2015-07 | ||
Southgate Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,485 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,596 | ||
Total | 3,081 | ||
Accumulated Depreciation | $ (468) | ||
Date Acquired | 2015-07 | ||
Kmart Center - Antioch, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,594 | ||
Acquisition Costs, Buildings and Improvements | 2,525 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,594 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,525 | ||
Total | 4,119 | ||
Accumulated Depreciation | $ (428) | ||
Date Acquired | 2015-07 | ||
Big Bear Lake Shopping Center - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 66 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,664 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,011 | ||
Total | 6,675 | ||
Accumulated Depreciation | $ (426) | ||
Date Acquired | 2015-07 | ||
Southbay Pavilion - Carson, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 11,476 | ||
Acquisition Costs, Buildings and Improvements | 5,223 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 64 | ||
Gross Amount at Which Carried at Close of Period , Land | 11,476 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,287 | ||
Total | 16,763 | ||
Accumulated Depreciation | $ (958) | ||
Date Acquired | 2015-07 | ||
Chula Vista Center - Chula Vista, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 7,315 | ||
Acquisition Costs, Buildings and Improvements | 6,834 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,315 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,834 | ||
Total | 14,149 | ||
Accumulated Depreciation | $ (1,044) | ||
Date Acquired | 2015-07 | ||
Sunrise Mall - Citrus Heights, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,778 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,088 | ||
Total | 5,866 | ||
Accumulated Depreciation | $ (994) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Delano, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,905 | ||
Acquisition Costs, Buildings and Improvements | 2,208 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,905 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,208 | ||
Total | 4,113 | ||
Accumulated Depreciation | $ (404) | ||
Date Acquired | 2015-07 | ||
Westfield Parkway - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 10,573 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,883 | ||
Total | 13,456 | ||
Accumulated Depreciation | $ (1,111) | ||
Date Acquired | 2015-07 | ||
Imperial Valley Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,877 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,977 | ||
Total | 7,854 | ||
Accumulated Depreciation | $ (700) | ||
Date Acquired | 2015-07 | ||
Westfield Solano - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,679 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,366 | ||
Total | 5,045 | ||
Accumulated Depreciation | $ (310) | ||
Date Acquired | 2015-07 | ||
Florin Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,022 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,366 | ||
Total | 2,388 | ||
Accumulated Depreciation | $ (418) | ||
Date Acquired | 2015-07 | ||
Manchester Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,370 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,000 | ||
Total | 3,370 | ||
Accumulated Depreciation | $ (877) | ||
Date Acquired | 2015-07 | ||
Mill Creek Marketplace - McKinleyville, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,354 | ||
Acquisition Costs, Buildings and Improvements | 1,655 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,354 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,655 | ||
Total | 3,009 | ||
Accumulated Depreciation | $ (394) | ||
Date Acquired | 2015-07 | ||
Merced Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,534 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,604 | ||
Total | 4,138 | ||
Accumulated Depreciation | $ (557) | ||
Date Acquired | 2015-07 | ||
Montclair Plaza - Montclair, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,498 | ||
Acquisition Costs, Buildings and Improvements | 2,119 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,498 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,119 | ||
Total | 4,617 | ||
Accumulated Depreciation | $ (223) | ||
Date Acquired | 2015-07 | ||
Moreno Valley Mall at Towngate - Moreno Vly, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,898 | ||
Acquisition Costs, Buildings and Improvements | 3,407 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,898 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,407 | ||
Total | 7,305 | ||
Accumulated Depreciation | $ (690) | ||
Date Acquired | 2015-07 | ||
New Park Mall - Newark, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 4,312 | ||
Acquisition Costs, Buildings and Improvements | 3,268 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,312 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,268 | ||
Total | 7,580 | ||
Accumulated Depreciation | $ (818) | ||
Date Acquired | 2015-07 | ||
Valley Plaza - North Hollywood, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 8,049 | ||
Acquisition Costs, Buildings and Improvements | 3,172 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 8,049 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,172 | ||
Total | 11,221 | ||
Accumulated Depreciation | $ (314) | ||
Date Acquired | 2015-07 | ||
Westfield Palm Desert - 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 | (169) | ||
Gross Amount at Which Carried at Close of Period , Land | 4,931 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,536 | ||
Total | 6,467 | ||
Accumulated Depreciation | $ (383) | ||
Date Acquired | 2015-07 | ||
Ramona Station 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,239 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,468 | ||
Total | 8,707 | ||
Accumulated Depreciation | $ (434) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location One - Riverside, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 4,397 | ||
Acquisition Costs, Buildings and Improvements | 4,407 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,397 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,407 | ||
Total | 8,804 | ||
Accumulated Depreciation | $ (1,062) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location Two - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 54 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,670 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,543 | ||
Total | 5,213 | ||
Accumulated Depreciation | $ (567) | ||
Date Acquired | 2015-07 | ||
Westfield Galleria at Roseville - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,848 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,215 | ||
Total | 8,063 | ||
Accumulated Depreciation | $ (553) | ||
Date Acquired | 2015-07 | ||
Northridge Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,644 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,394 | ||
Total | 7,038 | ||
Accumulated Depreciation | $ (844) | ||
Date Acquired | 2015-07 | ||
Inland Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,131 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,066 | ||
Total | 6,197 | ||
Accumulated Depreciation | $ (639) | ||
Date Acquired | 2015-07 | ||
Shops at Tanforan - San Bruno, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 7,854 | ||
Acquisition Costs, Buildings and Improvements | 4,642 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,854 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,642 | ||
Total | 12,496 | ||
Accumulated Depreciation | $ (932) | ||
Date Acquired | 2015-07 | ||
Westfield UTC - San Diego-North, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 22,445 | ||
Acquisition Costs, Buildings and Improvements | 14,094 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,605 | ||
Gross Amount at Which Carried at Close of Period , Land | 22,445 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,699 | ||
Total | 39,144 | ||
Accumulated Depreciation | $ (1,529) | ||
Date Acquired | 2015-07 | ||
Eastridge Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,531 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,356 | ||
Total | 3,887 | ||
Accumulated Depreciation | $ (1,042) | ||
Date Acquired | 2015-07 | ||
Capitola Mall - Santa Cruz, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 4,338 | ||
Acquisition Costs, Buildings and Improvements | 4,803 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,338 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,803 | ||
Total | 9,141 | ||
Accumulated Depreciation | $ (684) | ||
Date Acquired | 2015-07 | ||
Town Center Mall 81 - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,967 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,635 | ||
Total | 6,602 | ||
Accumulated Depreciation | $ (371) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Santa Monica, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 43,916 | ||
Acquisition Costs, Buildings and Improvements | 3,973 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 43,916 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,973 | ||
Total | 47,889 | ||
Accumulated Depreciation | $ (395) | ||
Date Acquired | 2015-07 | ||
Stand Alone Location - Santa Paula, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,002 | ||
Acquisition Costs, Buildings and Improvements | 1,147 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,002 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,147 | ||
Total | 3,149 | ||
Accumulated Depreciation | $ (426) | ||
Date Acquired | 2015-07 | ||
Promenade in Temecula - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,098 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,214 | ||
Total | 8,312 | ||
Accumulated Depreciation | $ (676) | ||
Date Acquired | 2015-07 | ||
Janss Marketplace - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,804 | ||
Gross Amount at Which Carried at Close of Period , Land | 9,853 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,589 | ||
Total | 27,442 | ||
Accumulated Depreciation | $ (1,637) | ||
Date Acquired | 2015-07 | ||
Pacific View Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,578 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,172 | ||
Total | 11,750 | ||
Accumulated Depreciation | $ (385) | ||
Date Acquired | 2015-07 | ||
Sequoia Mall - Visalia, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,967 | ||
Acquisition Costs, Buildings and Improvements | 2,243 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,967 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,243 | ||
Total | 5,210 | ||
Accumulated Depreciation | $ (408) | ||
Date Acquired | 2015-07 | ||
Westfield West Covina -West Covina, CA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 5,972 | ||
Acquisition Costs, Buildings and Improvements | 2,053 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,972 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,053 | ||
Total | 8,025 | ||
Accumulated Depreciation | $ (762) | ||
Date Acquired | 2015-07 | ||
Westminster Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,845 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,651 | ||
Total | 12,496 | ||
Accumulated Depreciation | $ (884) | ||
Date Acquired | 2015-07 | ||
Westland Shopping Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,290 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,550 | ||
Total | 5,840 | ||
Accumulated Depreciation | $ (571) | ||
Date Acquired | 2015-07 | ||
Thornton Place - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,881 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,300 | ||
Total | 3,181 | ||
Accumulated Depreciation | $ (839) | ||
Date Acquired | 2015-07 | ||
Crystal Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,371 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,534 | ||
Total | 3,905 | ||
Accumulated Depreciation | $ (503) | ||
Date Acquired | 2015-07 | ||
Corbin's Corner - West Hartford, CT [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 6,434 | ||
Acquisition Costs, Buildings and Improvements | 10,466 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,434 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,466 | ||
Total | 16,900 | ||
Accumulated Depreciation | $ (999) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,373 | ||
Gross Amount at Which Carried at Close of Period , Land | 714 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,896 | ||
Total | 10,610 | ||
Accumulated Depreciation | $ (713) | ||
Date Acquired | 2015-07 | ||
Town Center at Boca - Raton Boca Raton, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 16,090 | ||
Acquisition Costs, Buildings and Improvements | 7,479 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 16,090 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,479 | ||
Total | 23,569 | ||
Accumulated Depreciation | $ (1,080) | ||
Date Acquired | 2015-07 | ||
DeSoto Square - Bradenton, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 958 | ||
Acquisition Costs, Buildings and Improvements | 900 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7 | ||
Gross Amount at Which Carried at Close of Period , Land | 958 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 907 | ||
Total | 1,865 | ||
Accumulated Depreciation | $ (447) | ||
Date Acquired | 2015-07 | ||
Westfield Countryside - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 834 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,852 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,611 | ||
Total | 24,463 | ||
Accumulated Depreciation | $ (1,726) | ||
Date Acquired | 2015-07 | ||
Beachway Plaza - Bradenton, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,420 | ||
Acquisition Costs, Buildings and Improvements | 1,479 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,420 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,479 | ||
Total | 2,899 | ||
Accumulated Depreciation | $ (362) | ||
Date Acquired | 2015-07 | ||
Miami International Mall - Doral, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 9,214 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,654 | ||
Total | 11,868 | ||
Accumulated Depreciation | $ (782) | ||
Date Acquired | 2015-07 | ||
Edison Mall - Ft. Myers, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,168 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,853 | ||
Total | 6,021 | ||
Accumulated Depreciation | $ (484) | ||
Date Acquired | 2015-07 | ||
Westfield Hialeah - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,438 | ||
Gross Amount at Which Carried at Close of Period , Land | 9,683 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,910 | ||
Total | 14,593 | ||
Accumulated Depreciation | $ (700) | ||
Date Acquired | 2015-07 | ||
The Oaks Mall - Gainesville, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,439 | ||
Acquisition Costs, Buildings and Improvements | 1,205 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,439 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,205 | ||
Total | 3,644 | ||
Accumulated Depreciation | $ (277) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 681 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,492 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,025 | ||
Total | 8,517 | ||
Accumulated Depreciation | $ (374) | ||
Date Acquired | 2015-07 | ||
Center of Osceola - Kissimmee, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,107 | ||
Acquisition Costs, Buildings and Improvements | 2,556 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,107 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,563 | ||
Total | 4,670 | ||
Accumulated Depreciation | $ (533) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Melbourne, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,441 | ||
Acquisition Costs, Buildings and Improvements | 1,981 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,441 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,981 | ||
Total | 4,422 | ||
Accumulated Depreciation | $ (561) | ||
Date Acquired | 2015-07 | ||
Lakeland Square - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,503 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,045 | ||
Total | 2,548 | ||
Accumulated Depreciation | $ (324) | ||
Date Acquired | 2015-07 | ||
Southland Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,219 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,236 | ||
Total | 6,455 | ||
Accumulated Depreciation | $ (409) | ||
Date Acquired | 2015-07 | ||
Aventura Mall - Miami, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 13,265 | ||
Acquisition Costs, Buildings and Improvements | 61,576 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (61,577) | ||
Gross Amount at Which Carried at Close of Period , Land | 13,265 | ||
Total | $ 13,265 | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,748 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,434 | ||
Total | 7,182 | ||
Accumulated Depreciation | $ (473) | ||
Date Acquired | 2015-07 | ||
Paddock Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,468 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,150 | ||
Total | 3,618 | ||
Accumulated Depreciation | $ (370) | ||
Date Acquired | 2015-07 | ||
Kmart Shopping Center - Orange Park, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,477 | ||
Acquisition Costs, Buildings and Improvements | 1,701 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 443 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,477 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,144 | ||
Total | 3,621 | ||
Accumulated Depreciation | $ (431) | ||
Date Acquired | 2015-07 | ||
University Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,620 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,990 | ||
Total | 5,610 | ||
Accumulated Depreciation | $ (621) | ||
Date Acquired | 2015-07 | ||
Orlando Fashion Square - Orlando, 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (3,626) | ||
Gross Amount at Which Carried at Close of Period , Land | 4,403 | ||
Total | $ 4,403 | ||
Date Acquired | 2015-07 | ||
Panama City Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,227 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,614 | ||
Total | 4,841 | ||
Accumulated Depreciation | $ (1,320) | ||
Date Acquired | 2015-07 | ||
Westfield Sarasota - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,920 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,200 | ||
Total | 6,120 | ||
Accumulated Depreciation | $ (545) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location St. Petersburg, FL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,653 | ||
Acquisition Costs, Buildings and Improvements | 777 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,653 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 777 | ||
Total | 2,430 | ||
Accumulated Depreciation | $ (361) | ||
Date Acquired | 2015-07 | ||
Westfield Broward - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,933 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,509 | ||
Total | 9,442 | ||
Accumulated Depreciation | $ (713) | ||
Date Acquired | 2015-07 | ||
Tyrone Square Mall - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,420) | ||
Gross Amount at Which Carried at Close of Period , Land | 2,381 | ||
Total | $ 2,381 | ||
Date Acquired | 2015-07 | ||
Oglethorpe Mall - Savannah, Ga [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 5,285 | ||
Acquisition Costs, Buildings and Improvements | 3,012 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,285 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,012 | ||
Total | 8,297 | ||
Accumulated Depreciation | $ (479) | ||
Date Acquired | 2015-07 | ||
Stand Alone Location - Honolulu, HI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 6,824 | ||
Acquisition Costs, Buildings and Improvements | 2,195 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19,207 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,824 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,402 | ||
Total | 28,226 | ||
Accumulated Depreciation | $ (579) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Algona, IA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 644 | ||
Acquisition Costs, Buildings and Improvements | 2,796 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 644 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,796 | ||
Total | 3,440 | ||
Accumulated Depreciation | $ (395) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
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 | ||
Total | 2,707 | ||
Accumulated Depreciation | $ (453) | ||
Date Acquired | 2015-07 | ||
Boise Towne Center - Boise, ID [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,828 | ||
Acquisition Costs, Buildings and Improvements | 1,848 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,828 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,848 | ||
Total | 3,676 | ||
Accumulated Depreciation | $ (372) | ||
Date Acquired | 2015-07 | ||
Lindale Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,833 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,197 | ||
Total | 5,030 | ||
Accumulated Depreciation | $ (446) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location One - Chicago IL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,665 | ||
Acquisition Costs, Buildings and Improvements | 3,504 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,665 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,504 | ||
Total | 7,169 | ||
Accumulated Depreciation | $ (279) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location Two - Chicago IL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 905 | ||
Acquisition Costs, Buildings and Improvements | 804 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 905 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 804 | ||
Total | 1,709 | ||
Accumulated Depreciation | $ (254) | ||
Date Acquired | 2015-07 | ||
Webster City Plaza - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 392 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 896 | ||
Total | 1,288 | ||
Accumulated Depreciation | $ (177) | ||
Date Acquired | 2015-07 | ||
Louis Joliet Mall - Joliet, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,557 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,108 | ||
Total | 5,665 | ||
Accumulated Depreciation | $ (886) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
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 | ||
Total | 10,966 | ||
Accumulated Depreciation | $ (742) | ||
Date Acquired | 2015-07 | ||
Kedzie Square - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,385 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,924 | ||
Total | 10,309 | ||
Accumulated Depreciation | $ (855) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Moline, IL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,010 | ||
Acquisition Costs, Buildings and Improvements | 751 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 17 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,010 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 768 | ||
Total | 2,778 | ||
Accumulated Depreciation | $ (367) | ||
Date Acquired | 2015-07 | ||
Homewood Square - Homewood, IL [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,954 | ||
Acquisition Costs, Buildings and Improvements | 4,766 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 36 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,954 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,802 | ||
Total | 8,756 | ||
Accumulated Depreciation | $ (868) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 589 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,846 | ||
Total | 3,435 | ||
Accumulated Depreciation | $ (260) | ||
Date Acquired | 2015-07 | ||
North Riverside Park Mall - North 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,846 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,178 | ||
Total | 5,024 | ||
Accumulated Depreciation | $ (665) | ||
Date Acquired | 2015-07 | ||
Orland Square - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,783 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 974 | ||
Total | 2,757 | ||
Accumulated Depreciation | $ (372) | ||
Date Acquired | 2015-07 | ||
Sherwood Plaza - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,182 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,051 | ||
Total | 7,233 | ||
Accumulated Depreciation | $ (856) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Leavenworth, KS [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 397 | ||
Acquisition Costs, Buildings and Improvements | 705 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 397 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 705 | ||
Total | 1,102 | ||
Accumulated Depreciation | $ (273) | ||
Date Acquired | 2015-07 | ||
North Pointe Plaza - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 34 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,349 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 903 | ||
Total | 2,252 | ||
Accumulated Depreciation | $ (213) | ||
Date Acquired | 2015-07 | ||
Metcalf South Shopping Center - Overland Pk, KS [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,775 | ||
Acquisition Costs, Buildings and Improvements | 1,766 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,775 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,766 | ||
Total | 4,541 | ||
Accumulated Depreciation | $ (686) | ||
Date Acquired | 2015-07 | ||
Glenbrook Square - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,024 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,247 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,500 | ||
Total | 9,747 | ||
Accumulated Depreciation | $ (863) | ||
Date Acquired | 2015-07 | ||
Broadway Center - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 280 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,413 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,504 | ||
Total | 6,917 | ||
Accumulated Depreciation | $ (847) | ||
Date Acquired | 2015-07 | ||
Kentucky Oaks Mall 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,022 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,868 | ||
Total | 3,890 | ||
Accumulated Depreciation | $ (509) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Houma, LA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 590 | ||
Acquisition Costs, Buildings and Improvements | 2,030 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 590 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,030 | ||
Total | 2,620 | ||
Accumulated Depreciation | $ (411) | ||
Date Acquired | 2015-07 | ||
Pennyrile Marketplace - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 553 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,815 | ||
Total | 3,368 | ||
Accumulated Depreciation | $ (556) | ||
Date Acquired | 2015-07 | ||
Mall of Acadiana - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,406 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,094 | ||
Total | 6,500 | ||
Accumulated Depreciation | $ (875) | ||
Date Acquired | 2015-07 | ||
Audubon Plaza - Owensboro, KY [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 411 | ||
Acquisition Costs, Buildings and Improvements | 1,083 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 411 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,083 | ||
Total | 1,494 | ||
Accumulated Depreciation | $ (180) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - New Iberia, LA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 450 | ||
Acquisition Costs, Buildings and Improvements | 1,819 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 450 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,819 | ||
Total | 2,269 | ||
Accumulated Depreciation | $ (504) | ||
Date Acquired | 2015-07 | ||
Hunt Valley Mall - Cockeysville, MD [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 5,768 | ||
Acquisition Costs, Buildings and Improvements | 2,319 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,768 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,319 | ||
Total | 8,087 | ||
Accumulated Depreciation | $ (495) | ||
Date Acquired | 2015-07 | ||
Braintree Marketplace - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,607 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,585 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,221 | ||
Total | 23,806 | ||
Accumulated Depreciation | $ (1,165) | ||
Date Acquired | 2015-07 | ||
Square One Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,656 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,835 | ||
Total | 4,491 | ||
Accumulated Depreciation | $ (716) | ||
Date Acquired | 2015-07 | ||
Valley Mall - Hagerstown, MD [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,877 | ||
Acquisition Costs, Buildings and Improvements | 1,378 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 33 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,877 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,411 | ||
Total | 4,288 | ||
Accumulated Depreciation | $ (516) | ||
Date Acquired | 2015-07 | ||
Bowie Town Center - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 492 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,583 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,827 | ||
Total | 7,410 | ||
Accumulated Depreciation | $ (490) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Alpena, MI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 782 | ||
Acquisition Costs, Buildings and Improvements | 1,427 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 782 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,427 | ||
Total | 2,209 | ||
Accumulated Depreciation | $ (395) | ||
Date Acquired | 2015-07 | ||
South River Colony - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,534 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,116 | ||
Total | 7,650 | ||
Accumulated Depreciation | $ (549) | ||
Date Acquired | 2015-07 | ||
Midtown Shopping Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 140 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 942 | ||
Total | 1,082 | ||
Accumulated Depreciation | $ (104) | ||
Date Acquired | 2015-07 | ||
Macomb Mall - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 740 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,286 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,518 | ||
Total | 8,804 | ||
Accumulated Depreciation | $ (894) | ||
Date Acquired | 2015-07 | ||
Jackson Crossing - Jackson, MI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,720 | ||
Acquisition Costs, Buildings and Improvements | 1,184 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,720 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,191 | ||
Total | 3,911 | ||
Accumulated Depreciation | $ (406) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 946 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 917 | ||
Total | 1,863 | ||
Accumulated Depreciation | $ (344) | ||
Date Acquired | 2015-07 | ||
Lincoln Park Shopping Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,106 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,198 | ||
Total | 4,304 | ||
Accumulated Depreciation | $ (644) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - St. Clair Shores, MI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,399 | ||
Acquisition Costs, Buildings and Improvements | 1,797 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 15 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,399 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,812 | ||
Total | 4,211 | ||
Accumulated Depreciation | $ (373) | ||
Date Acquired | 2015-07 | ||
Hillside Plaza - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 508 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,045 | ||
Total | 3,553 | ||
Accumulated Depreciation | $ (608) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,462 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,277 | ||
Total | 3,739 | ||
Accumulated Depreciation | $ (531) | ||
Date Acquired | 2015-07 | ||
Oakland Mall - Troy, MI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 7,954 | ||
Acquisition Costs, Buildings and Improvements | 2,651 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,426 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,954 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,077 | ||
Total | 15,031 | ||
Accumulated Depreciation | $ (1,060) | ||
Date Acquired | 2015-07 | ||
Burnsville Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,513 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,281 | ||
Total | 4,794 | ||
Accumulated Depreciation | $ (639) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,866 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,028 | ||
Total | 2,894 | ||
Accumulated Depreciation | $ (458) | ||
Date Acquired | 2015-07 | ||
Detroit Lakes K Mart Plaza - Detroit Lakes, MN [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,130 | ||
Acquisition Costs, Buildings and Improvements | 1,220 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,130 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,220 | ||
Total | 2,350 | ||
Accumulated Depreciation | $ (501) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Cape Girardeau, MO [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 609 | ||
Acquisition Costs, Buildings and Improvements | 908 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 609 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 908 | ||
Total | 1,517 | ||
Accumulated Depreciation | $ (167) | ||
Date Acquired | 2015-07 | ||
Maplewood Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,605 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,162 | ||
Total | 4,767 | ||
Accumulated Depreciation | $ (504) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Jefferson City, MO [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 957 | ||
Acquisition Costs, Buildings and Improvements | 2,224 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 957 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,224 | ||
Total | 3,181 | ||
Accumulated Depreciation | $ (406) | ||
Date Acquired | 2015-07 | ||
Flower Valley Shopping Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,430 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,607 | ||
Total | 4,037 | ||
Accumulated Depreciation | $ (489) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Havre, MT [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 600 | ||
Acquisition Costs, Buildings and Improvements | 790 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 600 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 790 | ||
Total | 1,390 | ||
Accumulated Depreciation | $ (241) | ||
Date Acquired | 2015-07 | ||
Kickapoo Corners - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 31 | ||
Gross Amount at Which Carried at Close of Period , Land | 922 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,081 | ||
Total | 3,003 | ||
Accumulated Depreciation | $ (330) | ||
Date Acquired | 2015-07 | ||
Columbus Centre - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,064 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,940 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,611 | ||
Total | 6,551 | ||
Accumulated Depreciation | $ (710) | ||
Date Acquired | 2015-07 | ||
Asheville Mall - Asheville, NC [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 4,141 | ||
Acquisition Costs, Buildings and Improvements | 2,036 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,141 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,036 | ||
Total | 6,177 | ||
Accumulated Depreciation | $ (584) | ||
Date Acquired | 2015-07 | ||
Concord Plaza - Concord, NC [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,325 | ||
Acquisition Costs, Buildings and Improvements | 1,275 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,325 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,275 | ||
Total | 3,600 | ||
Accumulated Depreciation | $ (578) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 272 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 483 | ||
Total | 755 | ||
Accumulated Depreciation | $ (164) | ||
Date Acquired | 2015-07 | ||
Landmark Center - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 749 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,869 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,136 | ||
Total | 9,005 | ||
Accumulated Depreciation | $ (806) | ||
Date Acquired | 2015-07 | ||
The Mall of New Hampshire - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,458 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,160 | ||
Total | 5,618 | ||
Accumulated Depreciation | $ (592) | ||
Date Acquired | 2015-07 | ||
Kmart Shopping Center - Minot, ND [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,724 | ||
Acquisition Costs, Buildings and Improvements | 2,925 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,724 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,925 | ||
Total | 4,649 | ||
Accumulated Depreciation | $ (534) | ||
Date Acquired | 2015-07 | ||
The Mall at Rockingham Park - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,321 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 12,198 | ||
Total | 15,519 | ||
Accumulated Depreciation | $ (1,285) | ||
Date Acquired | 2015-07 | ||
Pheasant Lane Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,794 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,255 | ||
Total | 9,049 | ||
Accumulated Depreciation | $ (566) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Middletown, NJ [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 5,647 | ||
Acquisition Costs, Buildings and Improvements | 2,941 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 233 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,647 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,174 | ||
Total | 8,821 | ||
Accumulated Depreciation | $ (1,323) | ||
Date Acquired | 2015-07 | ||
Fox Run Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,934 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,375 | ||
Total | 7,309 | ||
Accumulated Depreciation | $ (717) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Watchung, NYC [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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,704 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,110 | ||
Total | 10,814 | ||
Accumulated Depreciation | $ (910) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Deming, NM [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,085 | ||
Acquisition Costs, Buildings and Improvements | 1,194 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,085 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,194 | ||
Total | 2,279 | ||
Accumulated Depreciation | $ (338) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Farmington, NM [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,480 | ||
Acquisition Costs, Buildings and Improvements | 1,845 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,480 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,845 | ||
Total | 3,325 | ||
Accumulated Depreciation | $ (417) | ||
Date Acquired | 2015-07 | ||
Kmart Shopping Center - Hobbs, NM [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,386 | ||
Acquisition Costs, Buildings and Improvements | 2,557 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,386 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,557 | ||
Total | 3,943 | ||
Accumulated Depreciation | $ (438) | ||
Date Acquired | 2015-07 | ||
Eastern Commons Shopping Center - Henderson, NV [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,124 | ||
Acquisition Costs, Buildings and Improvements | 1,362 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,150 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,124 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,512 | ||
Total | 6,636 | ||
Accumulated Depreciation | $ (522) | ||
Date Acquired | 2015-07 | ||
Meadows Mall - Las Vegas, 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,354 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,879 | ||
Total | 5,233 | ||
Accumulated Depreciation | $ (554) | ||
Date Acquired | 2015-07 | ||
Meadowood Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,135 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,748 | ||
Total | 7,883 | ||
Accumulated Depreciation | $ (481) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Hicksville, NYC [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 38,626 | ||
Acquisition Costs, Buildings and Improvements | 19,065 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9 | ||
Gross Amount at Which Carried at Close of Period , Land | 38,626 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,074 | ||
Total | 57,700 | ||
Accumulated Depreciation | $ (2,596) | ||
Date Acquired | 2015-07 | ||
Colonie Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 8,289 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,523 | ||
Total | 14,812 | ||
Accumulated Depreciation | $ (1,191) | ||
Date Acquired | 2015-07 | ||
Great Northern Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 787 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,134 | ||
Total | 4,921 | ||
Accumulated Depreciation | $ (619) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 249 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,124 | ||
Total | 2,373 | ||
Accumulated Depreciation | $ (407) | ||
Date Acquired | 2015-07 | ||
Huntington Square Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,617 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,065 | ||
Total | 9,682 | ||
Accumulated Depreciation | $ (632) | ||
Date Acquired | 2015-07 | ||
Greece Ridge Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,082 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,560 | ||
Total | 4,642 | ||
Accumulated Depreciation | $ (515) | ||
Date Acquired | 2015-07 | ||
Oakdale Mall - Johnson City, NY [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,169 | ||
Acquisition Costs, Buildings and Improvements | 934 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,169 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 934 | ||
Total | 3,103 | ||
Accumulated Depreciation | $ (307) | ||
Date Acquired | 2015-07 | ||
Eastview Mal - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,144 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,391 | ||
Total | 5,535 | ||
Accumulated Depreciation | $ (538) | ||
Date Acquired | 2015-07 | ||
Jefferson Valley Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,584 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,569 | ||
Total | 5,153 | ||
Accumulated Depreciation | $ (573) | ||
Date Acquired | 2015-07 | ||
Westfield Belden Village - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,650 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,854 | ||
Total | 7,504 | ||
Accumulated Depreciation | $ (1,075) | ||
Date Acquired | 2015-07 | ||
Sidney Plaza - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,942 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,769 | ||
Total | 3,711 | ||
Accumulated Depreciation | $ (836) | ||
Date Acquired | 2015-07 | ||
Chapel Hill Mall - Chapel Hill, OH [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 444 | ||
Acquisition Costs, Buildings and Improvements | 1,460 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 444 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,460 | ||
Total | 1,904 | ||
Accumulated Depreciation | $ (777) | ||
Date Acquired | 2015-07 | ||
Dayton Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,650 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,223 | ||
Total | 3,873 | ||
Accumulated Depreciation | $ (528) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Kenton, OH [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 340 | ||
Acquisition Costs, Buildings and Improvements | 417 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 340 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 417 | ||
Total | 757 | ||
Accumulated Depreciation | $ (273) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Marietta, OH [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 598 | ||
Acquisition Costs, Buildings and Improvements | 706 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 598 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 706 | ||
Total | 1,304 | ||
Accumulated Depreciation | $ (225) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Tallmadge, OH [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 870 | ||
Acquisition Costs, Buildings and Improvements | 682 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 870 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 682 | ||
Total | 1,552 | ||
Accumulated Depreciation | $ (296) | ||
Date Acquired | 2015-07 | ||
Great Lakes Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,092 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,776 | ||
Total | 2,868 | ||
Accumulated Depreciation | $ (572) | ||
Date Acquired | 2015-07 | ||
Southland Shopping Center - Middleburg Heights, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 698 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,547 | ||
Total | 2,245 | ||
Accumulated Depreciation | $ (374) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Muskogee, OK [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 647 | ||
Acquisition Costs, Buildings and Improvements | 966 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 647 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 966 | ||
Total | 1,613 | ||
Accumulated Depreciation | $ (361) | ||
Date Acquired | 2015-07 | ||
Kmart Plaza - North Canton, OH [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,044 | ||
Acquisition Costs, Buildings and Improvements | 1,126 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,044 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,126 | ||
Total | 2,170 | ||
Accumulated Depreciation | $ (324) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,542 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,210 | ||
Total | 3,752 | ||
Accumulated Depreciation | $ (1,017) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Tulsa, OK [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,048 | ||
Acquisition Costs, Buildings and Improvements | 5,386 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,711 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,048 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,097 | ||
Total | 9,145 | ||
Accumulated Depreciation | $ (921) | ||
Date Acquired | 2015-07 | ||
Westgate Village Shopping Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,664 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,289 | ||
Total | 2,953 | ||
Accumulated Depreciation | $ (378) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - The Dalles, OR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 616 | ||
Acquisition Costs, Buildings and Improvements | 775 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 616 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 775 | ||
Total | 1,391 | ||
Accumulated Depreciation | $ (256) | ||
Date Acquired | 2015-07 | ||
Clackamas Town Center - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,659 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,271 | ||
Total | 7,930 | ||
Accumulated Depreciation | $ (270) | ||
Date Acquired | 2015-07 | ||
Walnut Bottom Towne Centre - Carlisle, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,103 | ||
Acquisition Costs, Buildings and Improvements | 1,725 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,103 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,725 | ||
Total | 2,828 | ||
Accumulated Depreciation | $ (130) | ||
Date Acquired | 2015-07 | ||
Shops at Prospect - Columbia, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 897 | ||
Acquisition Costs, Buildings and Improvements | 2,202 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | ||
Gross Amount at Which Carried at Close of Period , Land | 897 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,208 | ||
Total | 3,105 | ||
Accumulated Depreciation | $ (342) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 885 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,452 | ||
Total | 4,337 | ||
Accumulated Depreciation | $ (756) | ||
Date Acquired | 2015-07 | ||
King of Prussia - King Of Prussia, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Buildings and Improvements | $ 42,300 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,705 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 45,005 | ||
Total | 45,005 | ||
Accumulated Depreciation | $ (3,264) | ||
Date Acquired | 2015-07 | ||
Kmart And Lowes Shopping Center - Lebanon, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,333 | ||
Acquisition Costs, Buildings and Improvements | 2,085 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,333 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,085 | ||
Total | 3,418 | ||
Accumulated Depreciation | $ (743) | ||
Date Acquired | 2015-07 | ||
Countryside Shopping Center - Mount Pleasant, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 970 | ||
Acquisition Costs, Buildings and Improvements | 1,520 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 970 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,520 | ||
Total | 2,490 | ||
Accumulated Depreciation | $ (474) | ||
Date Acquired | 2015-07 | ||
Caguas Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 431 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,362 | ||
Total | 9,793 | ||
Accumulated Depreciation | $ (902) | ||
Date Acquired | 2015-07 | ||
Plaza Carolina Mall - Carolina, PR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 611 | ||
Acquisition Costs, Buildings and Improvements | 8,640 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
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 | ||
Total | 9,251 | ||
Accumulated Depreciation | $ (981) | ||
Date Acquired | 2015-07 | ||
Haines Acres Shopping Center -York, PA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,096 | ||
Acquisition Costs, Buildings and Improvements | 1,414 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,096 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,417 | ||
Total | 2,513 | ||
Accumulated Depreciation | $ (302) | ||
Date Acquired | 2015-07 | ||
Rexville Bayamon Towne Center - Bayamon, PR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 656 | ||
Acquisition Costs, Buildings and Improvements | 7,173 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1 | ||
Gross Amount at Which Carried at Close of Period , Land | 656 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,174 | ||
Total | 7,830 | ||
Accumulated Depreciation | $ (731) | ||
Date Acquired | 2015-07 | ||
Plaza Guaynabo Guaynabo PR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,603 | ||
Acquisition Costs, Buildings and Improvements | 26,695 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 123 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,603 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,818 | ||
Total | 28,421 | ||
Accumulated Depreciation | $ (2,362) | ||
Date Acquired | 2015-07 | ||
Western Plaza - Mayaguez, PR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 564 | ||
Acquisition Costs, Buildings and Improvements | 4,555 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 564 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,555 | ||
Total | 5,119 | ||
Accumulated Depreciation | $ (647) | ||
Date Acquired | 2015-07 | ||
Ponce Towne Center - Ponce, PR [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 473 | ||
Acquisition Costs, Buildings and Improvements | 3,965 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 473 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,965 | ||
Total | 4,438 | ||
Accumulated Depreciation | $ (533) | ||
Date Acquired | 2015-07 | ||
Rhode Island Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 9,166 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,388 | ||
Total | 12,554 | ||
Accumulated Depreciation | $ (927) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Sioux Falls, SD [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,025 | ||
Acquisition Costs, Buildings and Improvements | 1,783 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,025 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,783 | ||
Total | 2,808 | ||
Accumulated Depreciation | $ (260) | ||
Date Acquired | 2015-07 | ||
Boulevard Market Fair - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,357 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,297 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,995 | ||
Total | 7,292 | ||
Accumulated Depreciation | $ (289) | ||
Date Acquired | 2015-07 | ||
Northwoods Mall - Charleston, 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,576 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,497 | ||
Total | 5,073 | ||
Accumulated Depreciation | $ (479) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 15,581 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,827 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,056 | ||
Total | 20,883 | ||
Accumulated Depreciation | $ (45) | ||
Date Acquired | 2015-07 | ||
Kmart Plaza - Rock Hill, SC [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,432 | ||
Acquisition Costs, Buildings and Improvements | 1,079 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,432 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,079 | ||
Total | 2,511 | ||
Accumulated Depreciation | $ (391) | ||
Date Acquired | 2015-07 | ||
Wolfchase Galleria - 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 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
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 | ||
Total | 6,860 | ||
Accumulated Depreciation | $ (578) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,008 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,778 | ||
Total | 3,786 | ||
Accumulated Depreciation | $ (415) | ||
Date Acquired | 2015-07 | ||
Tech Ridge - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,164 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,858 | ||
Total | 6,022 | ||
Accumulated Depreciation | $ (778) | ||
Date Acquired | 2015-07 | ||
Southwest Center Mall - Dallas, TX [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,154 | ||
Acquisition Costs, Buildings and Improvements | 1,314 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,154 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,314 | ||
Total | 2,468 | ||
Accumulated Depreciation | $ (475) | ||
Date Acquired | 2015-07 | ||
Memorial City SC - Memorial, TX [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 7,967 | ||
Acquisition Costs, Buildings and Improvements | 4,625 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 7,967 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,625 | ||
Total | 12,592 | ||
Accumulated Depreciation | $ (1,062) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,110 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,525 | ||
Total | 7,635 | ||
Accumulated Depreciation | $ (415) | ||
Date Acquired | 2015-07 | ||
Baybrook Mall - Friendswood, 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 6,124 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,038 | ||
Total | 8,162 | ||
Accumulated Depreciation | $ (530) | ||
Date Acquired | 2015-07 | ||
Ingram Park Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,651 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,560 | ||
Total | 7,211 | ||
Accumulated Depreciation | $ (513) | ||
Date Acquired | 2015-07 | ||
Kmart Plaza - Harlingen, TX [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,795 | ||
Acquisition Costs, Buildings and Improvements | 1,183 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,795 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,183 | ||
Total | 2,978 | ||
Accumulated Depreciation | $ (207) | ||
Date Acquired | 2015-07 | ||
Irving Mall - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,493 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,743 | ||
Total | 10,236 | ||
Accumulated Depreciation | $ (942) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,840 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,468 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,297 | ||
Total | 9,765 | ||
Accumulated Depreciation | $ (458) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,457 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,081 | ||
Total | 7,538 | ||
Accumulated Depreciation | $ (468) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Westwood, TX [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,899 | ||
Acquisition Costs, Buildings and Improvements | 1,748 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,899 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,748 | ||
Total | 4,647 | ||
Accumulated Depreciation | $ (598) | ||
Date Acquired | 2015-07 | ||
Valley View Center - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,706 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,230 | ||
Total | 7,936 | ||
Accumulated Depreciation | $ (984) | ||
Date Acquired | 2015-07 | ||
Antelope Square - 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 | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,477 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,234 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,451 | ||
Total | 6,685 | ||
Accumulated Depreciation | $ (590) | ||
Date Acquired | 2015-07 | ||
Jordan Landing Shopping Center - West Jordan, UT [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,190 | ||
Acquisition Costs, Buildings and Improvements | 2,305 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,014 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,190 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,319 | ||
Total | 11,509 | ||
Accumulated Depreciation | $ (520) | ||
Date Acquired | 2015-07 | ||
Landmark Mall - Alexandria, VA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,728 | ||
Acquisition Costs, Buildings and Improvements | 3,294 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,728 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,294 | ||
Total | 7,022 | ||
Accumulated Depreciation | $ (870) | ||
Date Acquired | 2015-07 | ||
Greenbrier Mall - Chesapeake, 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 4,236 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,700 | ||
Total | 5,936 | ||
Accumulated Depreciation | $ (527) | ||
Date Acquired | 2015-07 | ||
Fair Oaks Mall - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 10,873 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,491 | ||
Total | 12,364 | ||
Accumulated Depreciation | $ (440) | ||
Date Acquired | 2015-07 | ||
Newmarket Fair Mall - Hampton, VA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 771 | ||
Acquisition Costs, Buildings and Improvements | 1,011 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 771 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,011 | ||
Total | 1,782 | ||
Accumulated Depreciation | $ (470) | ||
Date Acquired | 2015-07 | ||
Overlake Plaza - 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 5,133 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,133 | ||
Total | 9,266 | ||
Accumulated Depreciation | $ (849) | ||
Date Acquired | 2015-07 | ||
Pembroke Mall - Virginia Beach, VA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 10,414 | ||
Acquisition Costs, Buildings and Improvements | 4,760 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,034 | ||
Gross Amount at Which Carried at Close of Period , Land | 10,414 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,794 | ||
Total | 28,208 | ||
Accumulated Depreciation | $ (1,581) | ||
Date Acquired | 2015-07 | ||
Warrenton Village - 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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,956 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,480 | ||
Total | 4,436 | ||
Accumulated Depreciation | $ (396) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Yakima, WA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 1,863 | ||
Acquisition Costs, Buildings and Improvements | 2,856 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 1,863 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,856 | ||
Total | 4,719 | ||
Accumulated Depreciation | $ (743) | ||
Date Acquired | 2015-07 | ||
Westfield Vancouver - Vancouver, WA [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 3,378 | ||
Acquisition Costs, Buildings and Improvements | 1,136 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,378 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,136 | ||
Total | 4,514 | ||
Accumulated Depreciation | $ (433) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Platteville, WI [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 748 | ||
Acquisition Costs, Buildings and Improvements | 1,195 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 35 | ||
Gross Amount at Which Carried at Close of Period , Land | 748 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,230 | ||
Total | 1,978 | ||
Accumulated Depreciation | $ (346) | ||
Date Acquired | 2015-07 | ||
Southridge Mall [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, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,208 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,340 | ||
Total | 5,548 | ||
Accumulated Depreciation | $ (981) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Charleston, WV [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 2,030 | ||
Acquisition Costs, Buildings and Improvements | 797 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 2,030 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 797 | ||
Total | 2,827 | ||
Accumulated Depreciation | $ (371) | ||
Date Acquired | 2015-07 | ||
West Towne Mall - Madison, 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 | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 3,053 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,130 | ||
Total | 5,183 | ||
Accumulated Depreciation | $ (909) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Scott Depot, WV [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 987 | ||
Acquisition Costs, Buildings and Improvements | 484 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 987 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 484 | ||
Total | 1,471 | ||
Accumulated Depreciation | $ (199) | ||
Date Acquired | 2015-07 | ||
Valley Point - Elkins, WV [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 788 | ||
Acquisition Costs, Buildings and Improvements | 1,147 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 788 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,147 | ||
Total | 1,935 | ||
Accumulated Depreciation | $ (319) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Gillette, WY [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 846 | ||
Acquisition Costs, Buildings and Improvements | 876 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 846 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 876 | ||
Total | 1,722 | ||
Accumulated Depreciation | $ (337) | ||
Date Acquired | 2015-07 | ||
Stand-Alone Location - Riverton, WY [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 561 | ||
Acquisition Costs, Buildings and Improvements | 847 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 561 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 847 | ||
Total | 1,408 | ||
Accumulated Depreciation | $ (310) | ||
Date Acquired | 2015-07 | ||
Mountain Plaza - Casper, WY [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition Costs, Land | $ 509 | ||
Acquisition Costs, Buildings and Improvements | 1,303 | ||
Costs Capitalized Subsequent to Acquisition, Land | 0 | ||
Gross Amount at Which Carried at Close of Period , Land | 509 | ||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,303 | ||
Total | 1,812 | ||
Accumulated Depreciation | $ (307) | ||
Date Acquired | 2015-07 |
Schedule III - Real Estate an71
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land, building and improvements for federal income tax purpose | $ 2.2 |
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 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | |||
Balance at beginning of period | $ 1,734,892,000 | $ 1,668,351,000 | |
Additions | 257,933,000 | 69,726,000 | |
Impairments | $ 0 | 0 | 0 |
Dispositions | (71,117,000) | 0 | |
Write-offs | (67,665,000) | (3,185,000) | |
Balance at end of period | $ 1,668,351,000 | $ 1,854,043,000 | $ 1,734,892,000 |
Schedule III - Reconciliation73
Schedule III - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Real Estate Accumulated Depreciation Roll Forward | ||
Balance at beginning of period | $ 89,940 | $ 29,076 |
Depreciation expense | 120,709 | 60,972 |
Dispositions | (3,501) | |
Write-offs | (67,665) | (108) |
Balance at end of period | $ 139,483 | $ 89,940 |