Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | KITE REALTY GROUP TRUST | ||
Entity Central Index Key | 1,286,043 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 83,408,604 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,000,000,000 | ||
Kite Realty Group, LP | |||
Entity Information [Line Items] | |||
Entity Registrant Name | KITE REALTY GROUP, L.P. | ||
Entity Central Index Key | 1,636,315 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Investment properties, at cost | $ 3,933,140 | $ 3,732,748 |
Less: accumulated depreciation | (432,295) | (315,093) |
Real estate investment property, net | 3,500,845 | 3,417,655 |
Cash and cash equivalents | 33,880 | 43,826 |
Tenant and other receivables | 51,101 | 48,097 |
Restricted cash and escrow deposits | 13,476 | 16,171 |
Deferred costs and intangibles, net | 157,884 | 159,978 |
Prepaid and other assets | 8,852 | 8,847 |
Assets held for sale | 0 | 179,642 |
Total Assets | 3,766,038 | 3,874,216 |
Liabilities and Equity: | ||
Mortgage and other indebtedness | 1,734,059 | 1,554,263 |
Accounts payable and accrued expenses | 81,356 | 75,150 |
Deferred revenue and intangibles, net and other liabilities | 131,559 | 136,409 |
Liabilities held for sale | 0 | 81,164 |
Total Liabilities | 1,946,974 | 1,846,986 |
Commitments and contingencies | 0 | 0 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 92,315 | 125,082 |
Kite Realty Group Trust Shareholders’ Equity | ||
Preferred Shares | 0 | 102,500 |
Common Shares | 833 | 835 |
Additional paid in capital and other | 2,050,545 | 2,044,425 |
Accumulated other comprehensive loss | (2,145) | (1,175) |
Accumulated deficit | (323,257) | (247,801) |
Total Kite Realty Group Trust Shareholders’ Equity | 1,725,976 | 1,898,784 |
Noncontrolling Interests | 773 | 3,364 |
Total Equity | 1,726,749 | 1,902,148 |
Total Liabilities and Equity | 3,766,038 | 3,874,216 |
Kite Realty Group, LP | ||
Assets: | ||
Investment properties, at cost | 3,933,140 | 3,732,748 |
Less: accumulated depreciation | (432,295) | (315,093) |
Real estate investment property, net | 3,500,845 | 3,417,655 |
Cash and cash equivalents | 33,880 | 43,826 |
Tenant and other receivables | 51,101 | 48,097 |
Restricted cash and escrow deposits | 13,476 | 16,171 |
Deferred costs and intangibles, net | 157,884 | 159,978 |
Prepaid and other assets | 8,852 | 8,847 |
Assets held for sale | 0 | 179,642 |
Total Assets | 3,766,038 | 3,874,216 |
Liabilities and Equity: | ||
Mortgage and other indebtedness | 1,734,059 | 1,554,263 |
Accounts payable and accrued expenses | 81,356 | 75,150 |
Deferred revenue and intangibles, net and other liabilities | 131,559 | 136,409 |
Liabilities held for sale | 0 | 81,164 |
Total Liabilities | 1,946,974 | 1,846,986 |
Commitments and contingencies | 0 | 0 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 92,315 | 125,082 |
Kite Realty Group Trust Shareholders’ Equity | ||
Preferred Shares | 0 | 102,500 |
Common Shares | 1,728,121 | 1,797,459 |
Accumulated other comprehensive loss | (2,145) | (1,175) |
Total Kite Realty Group Trust Shareholders’ Equity | 1,725,976 | 1,898,784 |
Noncontrolling Interests | 773 | 3,364 |
Total Equity | 1,726,749 | 1,902,148 |
Total Liabilities and Equity | $ 3,766,038 | $ 3,874,216 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued straight-line rent (in Dollars) | $ 23,809 | $ 18,630 |
Preferred Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Shares, shares authorized | 40,000,000 | 40,000,000 |
Preferred Shares, shares issued | 0 | 4,100,000 |
Preferred Shares, shares outstanding (in shares) | 0 | 4,100,000 |
Common Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 225,000,000 | 450,000,000 |
Common Shares, shares issued | 83,334,865 | 83,490,663 |
Common shares outstanding (in shares) | 83,334,865 | 83,490,663 |
Kite Realty Group, LP | ||
Accrued straight-line rent (in Dollars) | $ 23,809 | $ 18,630 |
Preferred Shares, shares issued | 0 | 4,100,000 |
Preferred Shares, shares outstanding (in shares) | 0 | 4,100,000 |
Common Shares, shares issued | 83,334,865 | 83,490,663 |
Common shares outstanding (in shares) | 83,334,865 | 83,490,663 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Minimum rent | $ 263,794 | $ 199,455 | $ 93,637 |
Tenant reimbursements | 70,235 | 52,773 | 24,422 |
Other property related revenue | 12,976 | 7,300 | 11,429 |
Total revenue | 347,005 | 259,528 | 129,488 |
Expenses: | |||
Property operating | 49,973 | 38,703 | 21,729 |
Real estate taxes | 40,904 | 29,947 | 15,263 |
General, administrative, and other | 18,709 | 13,043 | 8,211 |
Merger and acquisition costs | 1,550 | 27,508 | 2,214 |
Non-cash gain from release of assumed earnout liability | (4,832) | 0 | 0 |
Impairment charge | 1,592 | 0 | 0 |
Depreciation and amortization | 167,312 | 120,998 | 54,479 |
Total expenses | 275,208 | 230,199 | 101,896 |
Operating income | 71,797 | 29,329 | 27,592 |
Interest expense | (56,432) | (45,513) | (27,994) |
Income tax expense of taxable REIT subsidiary | (186) | (24) | (262) |
Non-cash gain on debt extinguishment | 5,645 | 0 | 0 |
Gain on settlement | 4,520 | 0 | 0 |
Other expense, net | (95) | (244) | (62) |
Income (loss) from continuing operations | 25,249 | (16,452) | (726) |
Discontinued operations: | |||
Operating income from discontinued operations | 0 | 0 | 834 |
Impairment charge | 0 | 0 | (5,372) |
Non-cash gain on debt extinguishment | 0 | 0 | 1,242 |
Gain on sales of operating properties, net | 0 | 3,198 | 487 |
Income (loss) from discontinued operations | 0 | 3,198 | (2,809) |
Income (loss) before gain on sale of operating properties | 25,249 | (13,254) | (3,535) |
Gain on sale of operating properties, net | 4,066 | 8,578 | 0 |
Consolidated net income (loss) | 29,315 | (4,676) | (3,535) |
Net (income) loss attributable to noncontrolling interests | (2,198) | (1,025) | 685 |
Net income (loss) attributable to Kite Realty Group Trust | 27,117 | (5,701) | (2,850) |
Dividends on preferred shares | (7,877) | (8,456) | (8,456) |
Non-cash adjustment for redemption of preferred shares | (3,797) | 0 | 0 |
Net income (loss) attributable to common shareholders | $ 15,443 | $ (14,157) | $ (11,306) |
Net income (loss) per common share – basic: | |||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.19 | $ (0.29) | $ (0.37) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0 | 0.05 | (0.11) |
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0.19 | (0.24) | (0.48) |
Net income (loss) per common share – diluted: | |||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0.18 | (0.29) | (0.37) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0 | 0.05 | (0.11) |
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.18 | $ (0.24) | $ (0.48) |
Weighted average common shares outstanding - basic (in shares) | 83,421,904 | 58,353,448 | 23,535,434 |
Weighted average common shares outstanding - diluted (in shares) | 83,534,381 | 58,353,448 | 23,535,434 |
Dividends declared per common share (in dollars per share) | $ 1.09 | $ 1.02 | $ 0.96 |
Net income (loss) attributable to Kite Realty Group Trust common shareholders: | |||
Income (loss) from continuing operations | $ 15,443 | $ (17,268) | $ (8,686) |
Income (loss) from discontinued operations | 0 | 3,111 | (2,620) |
Change in fair value of derivatives | (995) | (2,621) | 7,136 |
Total comprehensive income (loss) | 28,320 | (7,297) | 3,601 |
Comprehensive (income) loss attributable to noncontrolling interests | (2,173) | (932) | 161 |
Comprehensive income (loss) attributable to Kite Realty Group Trust | 26,147 | (8,229) | 3,762 |
Kite Realty Group, LP | |||
Revenue: | |||
Minimum rent | 263,794 | 199,455 | 93,637 |
Tenant reimbursements | 70,235 | 52,773 | 24,422 |
Other property related revenue | 12,976 | 7,300 | 11,429 |
Total revenue | 347,005 | 259,528 | 129,488 |
Expenses: | |||
Property operating | 49,973 | 38,703 | 21,729 |
Real estate taxes | 40,904 | 29,947 | 15,263 |
General, administrative, and other | 18,709 | 13,043 | 8,211 |
Merger and acquisition costs | 1,550 | 27,508 | 2,214 |
Non-cash gain from release of assumed earnout liability | (4,832) | 0 | 0 |
Impairment charge | 1,592 | 0 | 0 |
Depreciation and amortization | 167,312 | 120,998 | 54,479 |
Total expenses | 275,208 | 230,199 | 101,896 |
Operating income | 71,797 | 29,329 | 27,592 |
Interest expense | (56,432) | (45,513) | (27,994) |
Income tax expense of taxable REIT subsidiary | (186) | (24) | (262) |
Non-cash gain on debt extinguishment | 5,645 | 0 | 0 |
Gain on settlement | 4,520 | 0 | 0 |
Other expense, net | (95) | (244) | (62) |
Income (loss) from continuing operations | 25,249 | (16,452) | (726) |
Discontinued operations: | |||
Operating income from discontinued operations | 0 | 0 | 834 |
Impairment charge | 0 | 0 | (5,372) |
Non-cash gain on debt extinguishment | 0 | 0 | 1,242 |
Gain on sales of operating properties, net | 0 | 3,198 | 487 |
Income (loss) from discontinued operations | 0 | 3,198 | (2,809) |
Income (loss) before gain on sale of operating properties | 25,249 | (13,254) | (3,535) |
Gain on sale of operating properties, net | 4,066 | 8,578 | 0 |
Consolidated net income (loss) | 29,315 | (4,676) | (3,535) |
Net (income) loss attributable to noncontrolling interests | (1,854) | (1,435) | (121) |
Net income (loss) attributable to Kite Realty Group Trust | 23,320 | (5,701) | (2,850) |
Dividends on preferred shares | (7,877) | (8,456) | (8,456) |
Non-cash adjustment for redemption of preferred shares | (3,797) | 0 | 0 |
Net income (loss) attributable to common shareholders | 15,787 | (14,567) | (12,112) |
Allocation of net income (loss): | |||
Limited Partners | 344 | (410) | (806) |
Parent Company | $ 15,443 | $ (14,157) | $ (11,306) |
Net income (loss) per common share – basic: | |||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.19 | $ (0.29) | $ (0.37) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0 | 0.05 | (0.11) |
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0.19 | (0.24) | (0.48) |
Net income (loss) per common share – diluted: | |||
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0.19 | (0.29) | (0.37) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders (in dollars per share) | 0 | 0.05 | (0.11) |
Net income (loss) attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.19 | $ (0.24) | $ (0.48) |
Weighted average common shares outstanding - basic (in shares) | 85,219,827 | 60,010,480 | 25,217,287 |
Weighted average common shares outstanding - diluted (in shares) | 85,332,303 | 60,250,900 | 25,278,273 |
Dividends declared per common share (in dollars per share) | $ 1.09 | $ 1.02 | $ 0.96 |
Net income (loss) attributable to Kite Realty Group Trust common shareholders: | |||
Income (loss) from continuing operations | $ 15,787 | $ (17,765) | $ (9,303) |
Income (loss) from discontinued operations | 0 | 3,198 | (2,809) |
Change in fair value of derivatives | (995) | (2,621) | 7,136 |
Total comprehensive income (loss) | 28,320 | (7,297) | 3,601 |
Comprehensive (income) loss attributable to noncontrolling interests | (1,854) | (1,435) | (121) |
Comprehensive income (loss) attributable to Kite Realty Group Trust | $ 26,466 | $ (8,732) | $ 3,480 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balances (in shares) at Dec. 31, 2012 | 4,100,000 | 19,432,174 | ||||
Beginning balances at Dec. 31, 2012 | $ 473,484 | $ 102,500 | $ 194 | $ 514,093 | $ (5,259) | $ (138,044) |
Issuance of common shares, net (in shares) | 13,081,250 | |||||
Issuance of common shares, net | 313,898 | $ 131 | 313,767 | |||
Common shares issued under employee share purchase plan (in shares) | 934 | |||||
Common shares issued under employee share purchase plan | 22 | 22 | ||||
Stock compensation activity (in shares) | 169,696 | |||||
Stock compensation activity | 2,510 | $ 2 | 2,508 | |||
Other comprehensive loss attributable to Kite Realty Group Trust | 6,612 | 6,612 | ||||
Distributions declared to common shareholders | (23,780) | (23,780) | ||||
Dividends on preferred shares | (8,456) | (8,456) | ||||
Net income attributable to Kite Realty Group Trust | (2,850) | (2,850) | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 22,500 | |||||
Exchange of redeemable noncontrolling interests for common shares | 582 | 582 | ||||
Adjustment to redeemable noncontrolling interests | (8,465) | (8,465) | ||||
Ending balances (in shares) at Dec. 31, 2013 | 4,100,000 | 32,706,554 | ||||
Ending balances at Dec. 31, 2013 | 753,557 | $ 102,500 | $ 327 | 822,507 | 1,353 | (173,130) |
Common shares issued under employee share purchase plan (in shares) | 1,812 | |||||
Common shares issued under employee share purchase plan | 46 | 46 | ||||
Common shares issued as part of Merger, net of offering costs (in shares) | 50,272,308 | |||||
Common shares issued as part of Merger, net of offering costs | 1,233,187 | $ 503 | 1,232,684 | |||
Common shares retired in connection with reverse share split (in shares) | (2,436) | |||||
Common shares retired in connection with reverse share split | (60) | (60) | ||||
Stock compensation activity (in shares) | 490,425 | |||||
Stock compensation activity | 3,299 | $ 5 | 3,294 | |||
Other comprehensive loss attributable to Kite Realty Group Trust | (2,528) | (2,528) | ||||
Distributions declared to common shareholders | (60,514) | (60,514) | ||||
Dividends on preferred shares | (8,456) | (8,456) | ||||
Net income attributable to Kite Realty Group Trust | (5,701) | (5,701) | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 22,000 | |||||
Exchange of redeemable noncontrolling interests for common shares | 567 | 567 | ||||
Adjustment to redeemable noncontrolling interests | (14,613) | (14,613) | ||||
Ending balances (in shares) at Dec. 31, 2014 | 4,100,000 | 83,490,663 | ||||
Ending balances at Dec. 31, 2014 | 1,898,784 | $ 102,500 | $ 835 | 2,044,425 | (1,175) | (247,801) |
Stock compensation activity (in shares) | 173,798 | |||||
Stock compensation activity | 3,742 | $ (2) | 3,744 | |||
Other comprehensive loss attributable to Kite Realty Group Trust | (970) | (970) | ||||
Distributions declared to common shareholders | (90,899) | (90,899) | ||||
Dividends on preferred shares | (7,877) | (7,877) | ||||
Redemption of preferred shares (in shares) | (4,100,000) | |||||
Redemption of preferred shares | (102,500) | $ (102,500) | 3,797 | (3,797) | ||
Net income attributable to Kite Realty Group Trust | 27,117 | 27,117 | ||||
Acquisition of partners' interests in consolidated joint ventures | 1,445 | 1,445 | ||||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 18,000 | |||||
Exchange of redeemable noncontrolling interests for common shares | 487 | 487 | ||||
Adjustment to redeemable noncontrolling interests | (3,353) | (3,353) | ||||
Ending balances (in shares) at Dec. 31, 2015 | 0 | 83,334,865 | ||||
Ending balances at Dec. 31, 2015 | $ 1,725,976 | $ 0 | $ 833 | $ 2,050,545 | $ (2,145) | $ (323,257) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow from operating activities: | |||
Consolidated net income (loss) | $ 29,315 | $ (4,676) | $ (3,535) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Gain on sale of operating properties, net of tax | (4,066) | (11,776) | (487) |
Impairment charge | 1,592 | 0 | 5,372 |
Gain on debt extinguishment | (5,645) | 0 | (1,242) |
Straight-line rent | (5,638) | (4,744) | (3,496) |
Depreciation and amortization | 170,521 | 123,862 | 57,757 |
Provision for credit losses, net of recoveries | 4,331 | 1,740 | 922 |
Compensation expense for equity awards | 4,580 | 2,914 | 1,932 |
Amortization of debt fair value adjustment | (5,834) | (3,468) | (127) |
Amortization of in-place lease liabilities | (3,347) | (4,521) | (2,674) |
Non-cash gain from release of assumed earnout liability | (4,832) | 0 | 0 |
Changes in assets and liabilities: | |||
Tenant receivables | (1,510) | (10,044) | (1,690) |
Deferred costs and other assets | (6,646) | (5,355) | (9,062) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (903) | (41,375) | 8,688 |
Payments on assumed earnout liability | (2,581) | 0 | 0 |
Net cash provided by operating activities | 169,337 | 42,557 | 52,358 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | (166,411) | (22,506) | (407,215) |
Capital expenditures, net | (92,564) | (94,553) | (112,581) |
Net proceeds from sales of operating properties | 170,016 | 191,126 | 7,293 |
Net proceeds from sales of marketable securities acquired from Merger | 0 | 18,601 | 0 |
Net cash received from Merger | 0 | 108,666 | 0 |
Change in construction payables | 4,562 | (14,950) | (2,396) |
Collection of note receivable | 0 | 542 | 0 |
Net cash (used in) provided by investing activities | (84,397) | 186,926 | (514,899) |
Cash flow from financing activities: | |||
Common share issuance proceeds, net of costs | 0 | 0 | 314,771 |
Payments for redemption of preferred shares | (102,500) | 0 | 0 |
Repurchases of common shares upon the vesting of restricted shares | (1,002) | (378) | (261) |
Offering costs | 0 | (1,966) | 0 |
Purchase of redeemable noncontrolling interests | (33,998) | 0 | 0 |
Loan proceeds | 984,303 | 146,495 | 528,590 |
Loan transaction costs | (4,913) | (4,270) | (2,138) |
Loan payments | (835,019) | (285,244) | (342,033) |
Distributions paid – common shareholders | (89,379) | (46,656) | (20,594) |
Distributions paid – preferred shareholders | (8,582) | (8,456) | (8,456) |
Net cash (used in) provided by financing activities | (94,886) | (203,791) | 468,192 |
(Decrease) increase in cash and cash equivalents | (9,946) | 25,692 | 5,651 |
Cash and cash equivalents, beginning of year | 43,826 | 18,134 | 12,483 |
Cash and cash equivalents, end of year | 33,880 | 43,826 | 18,134 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 61,306 | 48,526 | 31,577 |
Cash paid for taxes | 281 | 87 | 45 |
Redeemable Noncontrolling Interests | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | (3,681) | (2,992) | (1,579) |
Noncontrolling Interests in Properties | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | (115) | (324) | (108) |
Kite Realty Group, LP | |||
Cash flow from operating activities: | |||
Consolidated net income (loss) | 29,315 | (4,676) | (3,535) |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Gain on sale of operating properties, net of tax | (4,066) | (11,776) | (487) |
Impairment charge | 1,592 | 0 | 5,372 |
Gain on debt extinguishment | (5,645) | 0 | (1,242) |
Straight-line rent | (5,638) | (4,744) | (3,496) |
Depreciation and amortization | 170,521 | 123,862 | 57,757 |
Provision for credit losses, net of recoveries | 4,331 | 1,740 | 922 |
Compensation expense for equity awards | 4,580 | 2,914 | 1,932 |
Amortization of debt fair value adjustment | (5,834) | (3,468) | (127) |
Amortization of in-place lease liabilities | (3,347) | (4,521) | (2,674) |
Non-cash gain from release of assumed earnout liability | (4,832) | 0 | 0 |
Changes in assets and liabilities: | |||
Tenant receivables | (1,510) | (10,044) | (1,690) |
Deferred costs and other assets | (6,646) | (5,355) | (9,062) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (903) | (41,375) | 8,688 |
Payments on assumed earnout liability | (2,581) | 0 | 0 |
Net cash provided by operating activities | 169,337 | 42,557 | 52,358 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | (166,411) | (22,506) | (407,215) |
Capital expenditures, net | (92,564) | (94,553) | (112,581) |
Net proceeds from sales of operating properties | 170,016 | 191,126 | 7,293 |
Net proceeds from sales of marketable securities acquired from Merger | 0 | 18,601 | 0 |
Net cash received from Merger | 0 | 108,666 | 0 |
Change in construction payables | 4,562 | (14,950) | (2,396) |
Collection of note receivable | 0 | 542 | 0 |
Net cash (used in) provided by investing activities | (84,397) | 186,926 | (514,899) |
Cash flow from financing activities: | |||
Common share issuance proceeds, net of costs | 0 | 0 | 314,771 |
Payments for redemption of preferred shares | (102,500) | 0 | 0 |
Repurchases of common shares upon the vesting of restricted shares | (1,002) | (378) | (261) |
Offering costs | 0 | (1,966) | 0 |
Purchase of redeemable noncontrolling interests | (33,998) | 0 | 0 |
Loan proceeds | 984,303 | 146,495 | 528,590 |
Loan transaction costs | (4,913) | (4,270) | (2,138) |
Loan payments | (835,019) | (285,244) | (342,033) |
Distributions paid – common shareholders | (89,379) | (46,656) | (20,594) |
Distributions paid – preferred shareholders | (8,582) | (8,456) | (8,456) |
Net cash (used in) provided by financing activities | (94,886) | (203,791) | 468,192 |
(Decrease) increase in cash and cash equivalents | (9,946) | 25,692 | 5,651 |
Cash and cash equivalents, beginning of year | 43,826 | 18,134 | 12,483 |
Cash and cash equivalents, end of year | 33,880 | 43,826 | 18,134 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 61,306 | 48,526 | 31,577 |
Cash paid for taxes | 281 | 87 | 45 |
Kite Realty Group, LP | Redeemable Noncontrolling Interests | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | (3,681) | (2,992) | (1,579) |
Kite Realty Group, LP | Noncontrolling Interests in Properties | |||
Cash flow from financing activities: | |||
Distributions to noncontrolling interests | $ (115) | $ (324) | $ (108) |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity Statement - USD ($) $ in Thousands | Total | Kite Realty Group, LP | Kite Realty Group, LPGeneral PartnerCommon Stock | Kite Realty Group, LPGeneral PartnerPreferred Stock | Kite Realty Group, LPGeneral PartnerAccumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2012 | $ 473,484 | $ 376,243 | $ 102,500 | $ (5,259) | |
Stock compensation activity | 2,510 | 2,510 | |||
Capital contribution from Parent Company | 313,920 | 313,920 | |||
Other comprehensive income attributable to Parent Company | 6,612 | 6,612 | |||
Distributions declared to Parent Company | (23,780) | (23,780) | |||
Distributions to preferred unitholders | $ (8,456) | (8,456) | (8,456) | ||
Net income | (2,850) | (2,850) | (11,306) | 8,456 | |
Conversion of Limited Partner Units to shares of the Parent Company | 582 | 582 | |||
Adjustment to redeemable noncontrolling interests | (8,465) | (8,465) | |||
Ending balance at Dec. 31, 2013 | 753,557 | 649,704 | 102,500 | 1,353 | |
Stock compensation activity | 3,299 | 3,299 | |||
Common units retired in connection with reverse share split | (60) | (60) | |||
Other comprehensive income attributable to Parent Company | (2,528) | (2,528) | |||
Distributions declared to Parent Company | (60,514) | (60,514) | |||
Distributions to preferred unitholders | (8,456) | (8,456) | (8,456) | ||
Net income | (5,701) | (5,701) | (14,157) | 8,456 | |
Acquisition of partners' interests in consolidated joint ventures | 1,233,233 | 1,233,233 | |||
Conversion of Limited Partner Units to shares of the Parent Company | 567 | 567 | |||
Adjustment to redeemable noncontrolling interests | (14,613) | (14,613) | |||
Ending balance at Dec. 31, 2014 | 1,898,784 | 1,797,459 | 102,500 | (1,175) | |
Stock compensation activity | 3,742 | 3,742 | |||
Other comprehensive income attributable to Parent Company | (970) | (970) | |||
Distributions declared to Parent Company | (90,899) | (90,899) | |||
Distributions to preferred unitholders | (7,877) | (7,877) | (7,877) | ||
Redemption of preferred units | (102,500) | (98,703) | 3,797 | (102,500) | |
Net income | 27,117 | 23,320 | 15,443 | 7,877 | |
Acquisition of partners' interests in consolidated joint ventures | $ 1,445 | 1,445 | 1,445 | ||
Conversion of Limited Partner Units to shares of the Parent Company | 487 | 487 | |||
Adjustment to redeemable noncontrolling interests | (3,353) | (3,353) | |||
Ending balance at Dec. 31, 2015 | $ 1,725,976 | $ 1,728,121 | $ 0 | $ (2,145) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in selected markets in the United States. The terms "Company," "we," "us," and "our" refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership. The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (a “REIT”) under provisions of the Internal Revenue Code of 1986, as amended. The Parent Company is the sole general partner of the Operating Partnership, and as of December 31, 2015 owned approximately 97.8% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.2% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) are owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. On July 1, 2014, we completed a merger (the "Merger") with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”), in which Inland Diversified merged with and into a wholly-owned subsidiary of ours. Upon completion of the Merger with Inland Diversified, we acquired 60 operating properties. Subsequent to the Merger, we sold 15 of these properties in November and December 2014 and March 2015. At December 31, 2015 , we owned interests in 118 operating and redevelopment properties consisting of 110 retail properties, six retail redevelopment properties, one office operating property and an associated parking garage. We also owned three development properties under construction as of this date. At December 31, 2014 , we owned interests in 123 operating and redevelopment properties consisting of 118 retail properties, of which seven were classified as held for sale, three retail redevelopment properties, one office operating property and an associated parking garage. We also owned four development properties under construction as of this date. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. Components of Investment Properties The Company’s investment properties, excluding properties held for sale, as of December 31, 2015 and December 31, 2014 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land $ 805,646 $ 778,780 Buildings and improvements 2,946,976 2,785,780 Furniture, equipment and other 6,960 6,398 Land held for development 34,975 35,907 Construction in progress 138,583 125,883 $ 3,933,140 $ 3,732,748 Consolidation and Investments in Joint Ventures The accompanying financial statements of the Company are presented on a consolidated basis and include all accounts of the Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Company or the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. In general, a VIE is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: • our ability to refinance debt and sell the property without the consent of any other partner or owner; • the inability of any other partner or owner to replace the Company as manager of the property; or • being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. As of December 31, 2015 , we had an investment in one joint venture that is a VIE in which we are the primary beneficiary. As of this date, the VIE had total debt of $56.8 million which is secured by assets of the VIE totaling $107.2 million . The Operating Partnership guarantees the debt of the VIE. We consider all relationships between the Company and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIE’s performance. We also continuously reassess primary beneficiary status. During the twelve months ended December 31, 2015 , 2014 and 2013 there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. Beacon Hill In June 2015, we acquired our partner's interest in our Beacon Hill operating property. The transaction was accounted for as an equity transaction as we retained our controlling financial interest. Cornelius Gateway In December 2015, we sold our Cornelius Gateway operating property that was owned in a consolidated joint venture. The loss, which was not material and is included in "gain on sale of operating properties, net" in the accompanying consolidated statement of operations, was allocated 80% and 20% between us and our partner in accordance with the joint venture's operating agreement. Acquisition of Real Estate Properties Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; • above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; • the value of leases acquired. We utilize independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases; and • the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. We also consider whether there is any value to in-place leases that have a related customer relationship intangible value. Characteristics the Company considers in determining these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. We finalize the measurement period of our business combinations when all facts and circumstances are understood, but in no circumstances to exceed one year. Certain properties we acquired from the Merger included earnout components to the purchase price, meaning Inland Diversified did not pay a portion of the purchase price of the property at closing, although they owned the entire property. We are not obligated to pay the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the acquisition agreements. If at the end of the time limits certain space has not been leased, occupied and rent producing, we will have no further obligation to pay the additional purchase price consideration and we will retain ownership of that entire property. The liability for potential future earnout payments was determined using estimated fair value measurements at the end of the period which included the lease-up periods, market rents and probability of occupancy. As these earnouts were the original obligation of the previous owner, our assumption of these earnouts is similar to the assumption of a contingent obligation. The earnout payments are based on a predetermined formula applied to rental income received. The earnouts are recorded as an addition to the purchase price of the related properties and as a liability included in deferred revenue and intangibles, net and other liabilities on the accompanying consolidated balance sheets. Subsequent to the measurement period, any adjustment to the assumed earnout liability is reflected in the consolidated statements of operations. The Company determined that it was the acquirer for accounting purposes in the merger with Inland Diversified. We considered the continuation of the Company’s existing management and a majority of the existing board members as the most significant considerations in our analysis. Additionally, Inland Diversified had previously announced the transaction as a liquidation event and we believe this transaction was an acquisition of Inland Diversified by the Company. See Note 8 for additional discussion. Investment Properties Capitalization and Depreciation Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. Pre-development costs are incurred prior to vertical construction and for certain land held for development acquisitions during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. We also capitalize costs such as acquisition of land, construction of buildings, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. Impairment Management reviews operational properties, development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. Held for Sale and Discontinued Operations Operating properties classified as "held for sale" include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. In the first quarter of 2014, we adopted the provisions of ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which will result in fewer real estate sales being classified within discontinued operations as only disposals representing a strategic shift in operations will be presented as discontinued operations . All operating properties included in discontinued operations in 2014 were classified as such prior to the adoption of ASU 2014-08, and no properties that have been sold, or designated as held-for-sale, since the adoption of ASU 2014-08 have met the revised criteria for classification within discontinued operations. Escrow Deposits Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions and certain municipalities. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. As of December 31, 2014, cash and cash equivalents included $16.1 million of funds set aside by the Company to affect a tax deferred purchase of real estate. Such funds were not considered available for general corporate purposes. Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820 for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately considers counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. As discussed in Note 11, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 4 includes a discussion of fair values recorded in 2013 when we transferred the Kedron Village operating property to the loan servicer. Note 8 includes a discussion of the fair values recorded in purchase accounting. Note 9 includes a discussion of the fair values recorded when we recognized an impairment charge on our Shops at Otty operating property. Level 3 inputs to these transactions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. Derivative Financial Instruments The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2015 and 2014 , all of our derivative instruments qualify for hedge accounting. Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal source of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying statements of operations. As a result of generating this revenue, we will routinely have accounts receivable due from tenants. We are subject to tenant defaults and bankruptcies that may affect the collection of outstanding receivables. To address the collectability of these receivables, we analyze historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts and straight line rent reserve. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. Gains or losses from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the asset, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $5.6 million , $1.5 million , and $6.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. Tenant Receivables and Allowance for Doubtful Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. ($ in thousands) 2015 2014 2013 Balance, beginning of year $ 2,433 $ 1,328 $ 755 Provision for credit losses, net of recoveries 4,331 1,740 922 Accounts written off (2,439 ) (635 ) (349 ) Balance, end of year $ 4,325 $ 2,433 $ 1,328 For the years ended December 31, 2015 , 2014 and 2013 , allowance for doubtful accounts represented 1.2% , 0.9% and 1.0% of total revenues, respectively. Other Receivables Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. Concentration of Credit Risk We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. At December 31, 2015 , 50% , 11% and 6% of total billed receivables were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 40% , 11% , and 4% in 2014 . For the year ended December 31, 2015 , 25% , 14% and 12% of the Company’s revenue recognized was from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 26% , 18% , and 13% in 2014 and 30% , 36% , and 14% in 2013 . Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; units under our Outperformance Plan; potential settlement of redeemable noncontrolling interests in certain joint ventures; and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding for the years ended December 31, 2015 , 2014 and 2013 were 1.8 million , 1.7 million and 1.7 million , respectively. Due to our net loss attributable to common shareholders and Common Unit holders for the years ended December 31, 2014 and 2013 , there are no potentially dilutive securities for those periods. Approximately 0.1 million , 0.3 million and 0.4 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit because their impact was not dilutive for the twelve months ended December 31, 2015 , 2014 and 2013 respectively. On August 11, 2014, we completed a one-for- four reverse share split of our common shares. As a result of the reverse share split, the number of outstanding common shares of the Company was reduced from approximately 332.7 million to approximately 83.2 million at that date. Unless otherwise noted, all common share and per share information contained herein has been restated to reflect the reverse share split as if it had occurred as of the beginning of the first period presented. Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable it to maintain its qualification as a REIT for federal income tax purposes. As a result, it generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain federal, state and local taxes on our income and property and to federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary of the Operating Partnership, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our taxable REIT subsidiary, is included in the income tax returns of the Operating Partnership's partners. Accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with its taxable REIT subsidiary. Other state and local income taxes were not significant in any of the periods presented. Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the years ended December 31, 2015 , 2014 , and 2013 were as follows: ($ in thousands) 2015 2014 2013 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 $ 3,535 Net income allocable to noncontrolling interests, 111 140 121 Distributions to noncontrolling interests (115 ) (324 ) (108 ) Acquisition of partner's interest in Beacon Hill operating property (2,353 ) — — Partner's share of loss on sale of Cornelius Gateway operating property (234 ) — — Noncontrolling interests balance at December 31 $ 773 $ 3,364 $ 3,548 Redeemable Noncontrolling Interests – Operating Partnership Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. At December 31, 2015 and 2014 , the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after preferred dividends and noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. For the years ended December 31, 2015 , 2014 , and 2013 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2015 2014 2013 Parent Company’s weighted average interest in 97.9 % 97.2 % 93.3 % Limited partners' weighted average interests in 2.1 % 2.8 % 6.7 % At December 31, 2015 and December 31, 2014 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.8% and 2.2% and 98.1% and 1.9% , respectively. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners were granted the right to redeem Limited Partner Units on or after August 16, 2005 for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. For the years ended December 31, 2015 , 2014 and 2013 , respectively, 18,000 , 22,000 , and 23,250 Limited Partner Units were exchanged for the same number of common shares of the Parent Company. There were 1,901,278 and 1,639,443 Limited Partner Units outstanding as of December 31, 2015 and 2014 , respectively. The increase in Limited Partner Units outstanding from December 31, 2014 is due primarily to non-cash compensation awards previously made to our executive offi |
Gain on Settlement
Gain on Settlement | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Gain on Settlement | Gain on Settlement In June 2015, we received $4.75 million to settle a dispute related to eminent domain and related damages at one of our operating properties. The settlement agreement did not restrict our use of the proceeds from this settlement. These proceeds, net of certain costs, are included in gain on settlement in the accompanying statement of operations. In July 2015, we used the proceeds to pay down a portion of the loan secured by the operating property. |
Kedron Village
Kedron Village | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Kedron Village | Kedron Village In July 2013, foreclosure proceedings were completed by the mortgage lender on the indebtedness secured by the Company’s Kedron Village operating property and the mortgage lender took title to the property in satisfaction of principal and interest due on the loan. We reevaluated the Kedron Village property for impairment as of June 30, 2013 and determined that, based on the developments, the carrying value of the property was no longer fully recoverable considering the reduced holding period that considered the foreclosure proceedings. Accordingly, we recorded a non-cash impairment charge of $5.4 million for the three months ended June 30, 2013 based upon the estimated fair value of the asset of $25.5 million using level 3 inputs. During the year ended December 31, 2013, we recognized a non-cash gain of $1.2 million resulting from the transfer of the Kedron Village assets to the lender in satisfaction of the debt. Also, in the third quarter, we reversed an accrual of unpaid interest (primarily default interest) of approximately $1.1 million . The operations of Kedron Village were classified as discontinued operations in the consolidated statement of operations for the year ended December 31, 2013. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Overview The Company's 2013 Equity Incentive Plan (the "Plan") authorizes options and other share-based compensation awards to be granted to employees and trustees for up to an additional 1,500,000 common shares of the Company. The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided under Topic 718—“Stock Compensation” in the ASC. The total share-based compensation expense, net of amounts capitalized, included in general and administrative expenses for the years ended December 31, 2015 , 2014 , and 2013 was $4.4 million , $2.9 million , and $1.1 million , respectively. For the years ended December 31, 2015 , 2014 , and 2013 , total share-based compensation cost capitalized for development and leasing activities was $1.0 million , $0.8 million , and $0.5 million , respectively. As of December 31, 2015 , there were 1,239,022 shares available for grant under the Plan. Share Options Pursuant to the Plan, the Company may periodically grant options to purchase common shares at an exercise price equal to the grant date fair value of the Company's common shares. Granted options typically vest over a five year period and expire ten years from the grant date. The Company issues new common shares upon the exercise of options. A summary of option activity under the Plan as of December 31, 2015 , and changes during the year then ended, is presented below: Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2015 248,991 $ 33.88 Granted — — Exercised (1,250 ) 10.56 Expired (14,375 ) 60.68 Forfeited — — Outstanding at December 31, 2015 $ 1,282,272 2.95 233,366 $ 32.36 Exercisable at December 31, 2015 $ 1,272,738 2.94 231,875 $ 32.44 Exercisable at December 31, 2014 243,686 $ 34.16 There were no options granted in 2015, 2014 and 2013. The aggregate intrinsic value of the 1,250 and 3,313 options exercised during the years ended December 31, 2015 and 2014 was less than $0.1 million . The aggregate intrinsic value of the 40,639 options exercised during the year ended December 31, 2013 was $0.4 million . As of December 31, 2015 there was less than $0.1 million of total unrecognized compensation cost related to outstanding unvested share option awards. Restricted Shares In addition to share option grants, the Plan also authorizes the grant of share-based compensation awards in the form of restricted common shares. Under the terms of the Plan, these restricted shares, which are considered to be outstanding shares from the date of grant, typically vest over a period ranging from one to five years. The Company pays dividends on restricted shares and such dividends are charged directly to shareholders’ equity. The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2015 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2015 615,453 $ 22.87 Shares granted 121,075 28.10 Shares forfeited (358 ) 21.49 Shares canceled (274,835 ) 21.25 Shares vested (105,001 ) 23.86 Restricted shares outstanding at December 31, 2015 356,334 $ 25.61 During the years ended December 31, 2015 , 2014 , and 2013 , the Company granted 121,075 , 499,436 , and 103,685 restricted shares, respectively, to employees and non-employee members of the Board of Trustees with weighted average grant date fair values of $28.10 , $22.62 , and $25.80 , respectively. In June 2015, the Company canceled 274,835 shares of unvested restricted shares that would have vested in equal amounts on July 2, 2015, July 2, 2016, July 2, 2017, and July 2, 2018 in exchange for converting these awards into an equal number of Limited Partner Units, which had the same fair value. The total fair value of shares vested during the years ended December 31, 2015 , 2014 , and 2013 was $2.9 million , $1.6 million , and $1.1 million , respectively. As of December 31, 2015 , there was $6.9 million of total unrecognized compensation cost related to restricted shares and units granted under the Plan, which amount is expected to be recognized in the consolidated statements of operations over a weighted-average period of 1.76 years. We expect to incur $2.5 million of this expense in fiscal year 2016, $1.9 million in fiscal year 2017, $1.6 million in fiscal year 2018, $0.8 million in fiscal year 2019, and the remainder in fiscal year 2020. Outperformance Plan The Compensation Committee of the Board of Trustees has adopted the Kite Realty Group Trust 2014 Outperformance Plan in July 2014 for members of executive management and certain other employees, pursuant to which participants are eligible to earn units in the Operating Partnership based on the achievement of certain performance criteria related to the Company’s common shares. Participants in the 2014 Outperformance Plan were awarded the right to earn, in the aggregate, up to $7.5 million of share-settled awards (the “bonus pool”) if, and only to the extent of which, based on our total shareholder return (“TSR”) performance measures are achieved for the three -year period beginning July 1, 2014 and ending June 30, 2017. Awarded interests not earned based on the TSR measures are forfeited. At the end of the three -year performance period, participants will receive their percentage interest in the bonus pool as units in the Operating Partnership that vest over an additional two -year service period. The compensation cost of the 2014 Outperformance Plan is fixed as of the grant date and is recognized regardless of whether the units are ultimately earned if the required service is determined. The 2014 Outperformance Plan was valued at an aggregate value of $2.4 million utilizing a Monte Carlo simulation. The value of the awards will be amortized to expense through the final vesting date of June 30, 2019 based upon a graded vesting schedule. We expect to incur $0.7 million of this expense in fiscal year 2016, $0.6 million in fiscal year 2017, $0.3 million in fiscal year 2018 and $0.1 million in fiscal year 2019. Performance Awards The Compensation Committee of the Board of Trustees revised the structure for its annual incentive awards in 2015. The Compensation Committee established an overall target value of incentive compensation for each executive officer, with 50% of the target value being granted in the form of a time-based restricted shares award to be made on a discretionary basis in the spring of 2016, based on review of the prior year's performance, and the remaining 50% being granted in the form of a three -year performance share award. In March 2015, in connection with the setting of these overall target values, the Compensation Committee awarded each executive officer a three -year performance award of restricted shares units ("PSUs"). These PSUs may be earned over a three -year performance period from January 1, 2015 to December 31, 2017. The performance criteria will be based on the relative total shareholder return ("TSR") achieved by the Company measured against the SNL US REIT Retail Shopping Center index over the three -year measurement period. Any PSUs earned at the end of the three -year period will be fully vested. The PSUs were valued at an aggregate value of $1.1 million utilizing a Monte Carlo simulation. The value of the awards will be amortized to expense through the final vesting date of February 28, 2018 based upon a graded vesting schedule. We expect to incur $0.4 million of this expense in fiscal year 2016, $0.4 million in fiscal year 2017 and $0.1 million in fiscal year 2018. |
Deferred Costs and Intangibles,
Deferred Costs and Intangibles, Net | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Intangibles, net | Deferred Costs and Intangibles, net Deferred costs consist primarily of financing fees incurred to obtain long-term financing, acquired lease intangible assets, and broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred financing costs are amortized on a straight-line basis over the terms of the respective loan agreements. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At December 31, 2015 and 2014 , deferred costs consisted of the following: ($ in thousands) 2015 2014 Deferred financing costs $ 19,052 $ 14,575 Acquired lease intangible assets 138,796 142,823 Deferred leasing costs and other 54,902 48,149 212,750 205,547 Less—accumulated amortization (54,866 ) (36,583 ) Total 157,884 168,964 Deferred costs and intangibles, net – properties held for sale — (8,986 ) Total $ 157,884 $ 159,978 The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of deferred leasing costs Total 2016 $ 5,252 $ 16,737 $ 21,989 2017 4,293 13,866 18,159 2018 2,724 10,045 12,769 2019 1,475 7,507 8,982 2020 1,279 6,560 7,839 Thereafter 5,307 35,279 40,586 Total $ 20,330 $ 89,994 $ 110,324 The accompanying consolidated statements of operations include amortization expense as follows: ($ in thousands) For the year ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ 3,209 $ 2,864 $ 2,434 Amortization of deferred leasing costs, lease intangibles and other 25,187 17,291 5,605 Amortization of above market lease intangibles 6,860 4,787 534 Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense, except for the amortization of above market leases, while the amortization of deferred financing costs is included in interest expense. The amortization of above market lease intangibles is included as a reduction to revenue. |
Deferred Revenue, Intangibles,
Deferred Revenue, Intangibles, Net and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, Intangibles, Net and Other Liabilities | Deferred Revenue, Intangibles, Net and Other Liabilities Deferred revenue and other liabilities primarily consist of unamortized fair value of in-place lease liabilities recorded in connection with purchase accounting, an assumed obligation related to a pre-existing potential earnout payment related to the Merger, retainage payables for development and redevelopment projects, and tenant rent payments received in advance of their due date. The amortization of in-place lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options). Tenant rent payments received in advance are recognized as revenue in the period to which they apply, which is typically the month following their receipt. At December 31, 2015 and 2014 , deferred revenue and other liabilities consisted of the following: ($ in thousands) 2015 2014 Unamortized in-place lease liabilities $ 112,405 $ 125,336 Retainages payable and other 5,636 2,852 Assumed earnout liability (Note 15) 1,380 9,664 Tenant rents received in advance 12,138 10,841 Total 131,559 148,693 Deferred revenue, intangibles, net and other liabilities – liabilities held for sale — (12,284 ) Total $ 131,559 $ 136,409 The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2016 $ 8,198 2017 7,143 2018 6,414 2019 5,855 2020 5,442 Thereafter 79,353 Total $ 112,405 |
Merger and Acquisitions
Merger and Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger and Acquisitions | Merger and Acquisitions The results of operations for all acquired properties during the years ended December 31, 2015 , 2014 , and 2013 , respectively, have been included in continuing operations within our consolidated financial statements since their respective dates of acquisition. The fair value of the real estate and related assets acquired were primarily determined using the income approach. The income approach required us to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as previously defined. Merger and acquisition costs are expensed as incurred and include transaction costs for completed and prospective acquisitions. As part of the Merger with Inland Diversified, we incurred significant costs in 2014 related to investment banking, lender, due diligence, legal, and professional fees. Merger and acquisition costs for the years ended December 31, 2015 , 2014 , and 2013 were $1.6 million , $27.5 million and $2.2 million , respectively. A preliminary estimation of the fair value of acquired tangible and intangible assets and liabilities was made at the dates of each acquisition. 2015 Acquisitions In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center New York - Newark July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2015: ($ in thousands) Investment properties, net $ 176,223 Lease-related intangible assets, net 17,436 Other assets 435 Total acquired assets 194,094 Mortgage and other indebtedness 18,473 Accounts payable and accrued expenses 2,125 Deferred revenue and other liabilities 8,269 Total assumed liabilities 28,867 Fair value of acquired net assets $ 165,227 The leases at the acquired properties had a weighted average remaining life at acquisition of approximately 9.4 years. The operating properties acquired in 2015 generated revenues of $8.8 million and a loss from continuing operations of $1.3 million (inclusive of depreciation and amortization expense of $5.8 million ) since their respective dates of acquisition. As of December 31, 2015, we finalized the fair values of the assets and liabilities acquired in 2015. There were no material adjustments to the fair values of acquired assets and assumed liabilities of our 2015 acquisitions during the year ended December 31, 2015. 2014 Merger and Acquisitions In 2014, we acquired a total of 61 operating properties. Upon completion of the Merger with Inland Diversified in July, we acquired 60 operating properties and in December we acquired an operating property in Las Vegas, Nevada. The total purchase price of the assets acquired in the Merger was $2.1 billion . As part of the Merger, we assumed $860 million of debt, maturing in various years through March 2023. In addition, we assumed a $12.4 million mortgage with a fixed interest rate of 5.73% , maturing in June 2030, as part of the Las Vegas acquisition. The following is a summary of our 2014 operating property acquisitions. Property Name MSA Acquisition Date Purchase Price ($ in millions) Merger with Inland Diversified Various July 2014 $ 2,128.6 Rampart Commons Las Vegas, NV December 2014 32.3 The ranges of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets of each building acquired during the Merger are as follows: Low High Lease-up period (months) 6 18 Net rental rate per square foot – Anchors (greater than 10,000 square feet) $ 5.00 $ 30.00 Net rental rate per square foot – Small Shops $ 11.00 $ 53.00 Discount rate 5.75 % 9.25 % The following table summarizes the aggregate estimated fair values of the properties acquired in connection with the Merger with Inland Diversified on July 1, 2014: ($ in thousands) Assets: Investment properties, net $ 2,095,567 Deferred costs, net 143,210 Investments in marketable securities 18,602 Cash and cash equivalents 108,666 Accounts receivable, prepaid expenses, and other 20,157 Total assets $ 2,386,202 Liabilities: Mortgage and other indebtedness, including debt premium of $33,298 $ 892,909 Deferred revenue and other liabilities 129,935 Accounts payable and accrued expenses 59,314 Total Liabilities 1,082,158 Noncontrolling interests 69,356 Common stock issued 1,234,688 Total estimated fair value of acquired net assets $ 2,386,202 The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 5.8 years. The following table summarizes the revenues and expenses of the properties acquired in 2014 subsequent to the respective acquisition dates. These revenues and expenses are included in the consolidated statement of operations for the year ended December 31, 2014: ($ in thousands) Year ended December 31, 2014 Revenue $ 92,212 Expenses: Property operating 14,262 Real estate taxes and other 11,254 Depreciation and amortization 43,257 Interest expense 14,845 Total expenses 83,618 Gain on sale and other (1) 2,153 Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests 10,747 Income allocable to noncontrolling interests (1,284 ) Impact from 2014 acquisitions on income attributable to Kite Realty Trust $ 9,463 ____________________ 1 We sold eight properties that were acquired through the Merger in November and December 2014. The following table presents unaudited pro forma financial information for the years ended December 31, 2014 and 2013 as if the Merger and the 2013 and 2014 property acquisitions had been consummated on January 1, 2013. The pro forma results have been accounted for pursuant to our accounting policies and adjusted to reflect the results of Inland Diversified’s additional depreciation and amortization that would have been recorded assuming the allocation of the purchase price to investment properties, intangible assets and indebtedness had been applied on January 1, 2013. The pro forma results exclude Merger and acquisition costs and reflect the termination of management agreements with affiliates of Inland Diversified as neither are expected to have a continuing impact on the results of the operations following the Merger and the results also reflect the pay down of certain indebtedness. ($ in thousands) Twelve Months Ended December 31, (unaudited) 2014 2013 Total revenue $ 355,716 $ 357,506 Consolidated net income 26,911 2,219 As of June 30, 2015, we finalized the fair values of the assets and liabilities acquired in the Merger. There were no material adjustments made to the fair values of acquired assets and assumed liabilities during 2015, except as described in Note 15. 2013 Acquisition Activities In 2013, we acquired thirteen operating properties, which are summarized below: Property Name MSA Acquisition Date Purchase Price ($ in millions) Shoppes of Eastwood Orlando, FL January 2013 $ 11.6 Cool Springs Market Nashville, TN April 2013 37.6 Castleton Crossing Indianapolis, IN May 2013 39.0 Toringdon Market Charlotte, NC August 2013 15.9 Nine Property Portfolio Various November 2013 304.0 The following table summarizes our final aggregated estimated fair value of amounts recognized for each major class of asset and liability for these acquisitions: ($ in thousands) Allocation to opening balance sheet Investment properties, net $ 419,080 Lease-related intangible assets 19,537 Other assets 293 Total acquired assets 438,910 Accounts payable and accrued expenses 2,204 Deferred revenue and other liabilities 29,291 Total assumed liabilities 31,495 Fair value of acquired net assets $ 407,415 The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 4.6 years. There were no material adjustments to the fair value determination of acquired assets and assumed liabilities for our 2013 acquisitions during the year ended December 31, 2014. |
Disposals, Discontinued Operati
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge | Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge 2015 Activities During the fourth quarter of 2015, we sold our Four Corner operating property in Seattle, Washington, and our Cornelius Gateway operating property in Portland, Oregon, for aggregate proceeds of $44.9 million and a net gain of $0.6 million . In connection with the sale of these two properties, we evaluated the prospects of our remaining operating property in the Pacific Northwest, Shops at Otty. As part of this review and our limited presence in the Pacific Northwest market led to our intent to sell the property in the near term, which shortened the intended holding period. Based on this re-evaluation, the estimated undiscounted cash flows over the remaining holding period do not exceed the carrying value of the asset. Accordingly, we determined it was appropriate to write off the net book value of this property and record a non-cash impairment charge of $1.6 million for the year ended December 31, 2015, because our estimation is that the fair value of this property is nominal. As discussed below, in March 2015, we sold seven properties for aggregate net proceeds of $103.0 million and a net gain of $3.4 million . The results of these operating properties are not included in discontinued operations in the accompanying statements of operations as none of the operating properties individually, nor in the aggregate, represent a strategic shift that has had or will have a material effect on our operations or financial results (see Note 2). 2014 Activities During 2014, we sold our Red Bank Commons operating property in Evansville, Indiana, our Ridge Plaza operating property in Oak Ridge, New Jersey, Zionsville Walgreens operating property in Zionsville, Indiana, and our 50 th and 12 th operating property in Seattle, Washington, for aggregate proceeds of $42.5 million and a net gain of $9.6 million . The Red Bank Commons, Ridge Plaza and Zionsville Walgreens operating properties are not included in discontinued operations in the accompanying Statements of Operations for the years ended December 31, 2014 and 2013 , as the disposals individually, nor in the aggregate, represent a strategic shift that has or will have a major effect on our operations and financial results (see Note 2). The 50 th and 12 th operating property is included in discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2014 and 2013, as the property was classified as held for sale as of December 31, 2013, prior to our adoption of ASU 2014-8. In September 2014, we agreed to sell 15 of our operating properties. In late 2014, we completed the sale of eight of these operating properties for aggregate net proceeds of $150.8 million and a net gain of $1.4 million . In March 2015, we sold the remaining seven operating properties for aggregate net proceeds of $103.0 million and a net gain of $3.4 million . The operating properties sold in late 2014 and early 2015 are as follows: Property Name MSA Owned GLA Sold in late 2014 Copps Grocery Stevens Point, WI 69,911 Fox Point Neenah, WI 171,121 Harvest Square Harvest, AL 70,590 Landing at Ocean Isle Beach Ocean Isle Beach, NC 53,220 Branson Hills Plaza 1 Branson, MO 289,986 Shoppes at Branson Hills Branson, MO Shoppes at Prairie Ridge Pleasant Prairie, WI 128,431 Heritage Square Conyers, GA 22,385 Sold in early 2015 Eastside Junction Athens, AL 79,700 Fairgrounds Crossing Hot Springs, AR 151,927 Hawk Ridge Saint Louis, MO 75,951 Prattville Town Center Prattville, AL 168,842 Regal Court Shreveport, LA 151,719 Whispering Ridge Omaha, NE 69,676 Walgreens Plaza Jacksonville, NC 42,219 ____________________ 1 Owned GLA includes Branson Hills Plaza and Shoppes at Branson Hills. The results of the 15 operating properties sold are not included in discontinued operations in the accompanying Statements of Operations as the disposals neither individually, nor in the aggregate, represent a strategic shift that has had or will have a material effect on our operations or financial results. The seven properties sold in March 2015, met the requirements for presentation as held for sale as of December 31, 2014. Upon meeting the held-for-sale criteria, depreciation and amortization ceased for these operating properties. The assets and liabilities associated with the operating properties that were classified as held sale in 2014 are separately classified as held for sale in the consolidated balance sheets as of December 31, 2014. The following table presents the assets and liabilities associated with the held for sale properties: ($ in thousands) December 31, 2014 Assets: Investment properties, at cost $ 170,782 Less: accumulated depreciation (1,313 ) 169,469 Accounts receivable, prepaids and other assets 1,187 Deferred costs and intangibles, net 8,986 Total assets held for sale $ 179,642 Liabilities: Mortgage and other indebtedness, including net premium $ 67,452 Accounts payable and accrued expenses 1,428 Deferred revenue, intangibles and other liabilities 12,284 Total liabilities held for sale $ 81,164 2013 Activities In September 2013, we sold our Cedar Hill Village operating property in Dallas, Texas. In July 2013, foreclosure proceedings were completed on the Kedron Village operating property and the mortgage lender took title to the property in satisfaction of principal and interest due on the mortgage (see Note 4). The activities of these properties sold in 2013 are reflected as discontinued operations in the accompanying consolidated statements of operations. Discontinued Operations The results of the discontinued operations related to the properties that were classified as such prior to the adoption of ASU 2014-08 were comprised of the following for the years ended December 31, 2014 and 2013: ($ in thousands) Year ended December 31, 2014 2013 Revenue $ — $ 2,565 Expenses: Property operating — 117 Real estate taxes and other — 199 Depreciation and amortization — 844 Impairment charge — 5,372 Total expenses — 6,532 Operating loss — (3,967 ) Interest expense — (571 ) Loss from discontinued operations — (4,538 ) Gain on debt extinguishment — 1,242 Gain on sale of operating properties, net 3,198 487 Total income (loss) from discontinued operations $ 3,198 $ (2,809 ) Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders $ 3,111 $ (2,620 ) Income (loss) from discontinued operations attributable to noncontrolling interests 87 (189 ) Total income (loss) from discontinued operations $ 3,198 $ (2,809 ) |
Mortgage Loans and Other Indebt
Mortgage Loans and Other Indebtedness | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage Loans and Other Indebtedness | Mortgage Loans and Other Indebtedness Mortgage and other indebtedness, excluding mortgages related to assets held for sale (see Note 9), consist of the following at December 31, 2015 and 2014 : ($ in thousands) Balance at December 31, Description 2015 2014 Senior Unsecured Notes Maturing at various dates through September 2027; interest rates ranging from 4.23% to 4.57% at December 31, 2015 $ 250,000 $ — Unsecured Revolving Credit Facility Matures July 2018 1 ; borrowing level up to $339.5 million available at December 31, 2015 and $500 million at December 31, 2014; interest at LIBOR + 1.40% 2 or 1.83% at December 31, 2015 and interest at LIBOR + 1.40% 2 or 1.57% at December 31, 2014 20,000 160,000 Unsecured Term Loans $400 million matures July 2019 3 ; interest at LIBOR + 1.35% 2 or 1.78% at December 31, 2015 and interest at LIBOR + 1.35% 2 or 1.52% at December 31, 2014; $100 million matures October 2022; interest at LIBOR + 1.60% 2 or 2.03% at December 31, 2015 500,000 230,000 Construction Loans—Variable Rate Generally interest only; maturing at various dates through 2016; interest at LIBOR + 1.75%-2.10%, ranging from 2.18% to 2.53% at December 31, 2015 and interest at LIBOR+1.75%-2.10%, ranging from 1.92% to 2.27% at December 31, 2014 132,776 119,347 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2015 and interest rates ranging from 3.81% to 6.78% at December 31, 2014 756,494 810,959 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.70%-2.25%, ranging from 2.13% to 2.68% at December 31, 2015 and interest at LIBOR + 1.75%-2.75%, ranging from 1.92% to 2.92% at December 31, 2014 58,268 205,798 Net premium on acquired indebtedness 16,521 28,159 Total mortgage and other indebtedness $ 1,734,059 $ 1,554,263 ____________________ 1 The maturity date may be extended at the Company’s option for up to two additional periods of six months each, subject to certain conditions. 2 The interest rates on our unsecured revolving credit facility and unsecured term loans varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. 3 The maturity date may be extended for an additional six months at the Company’s option subject to certain conditions. The one month LIBOR interest rate was 0.43% and 0.17% as of December 31, 2015 and 2014 , respectively. Non-cash Gain on Extinguishment of Debt On December 10, 2015, we retired the $90 million loan secured by our City Center operating property, and we recognized a non-cash debt extinguishment gain of $5.6 million , primarily due to the premium related to this mortgage. Senior Unsecured Notes In August 2015, the Operating Partnership entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with various parties in connection with a private placement of senior unsecured notes. On September 10, 2015, the Operating Partnership issued $250 million of senior unsecured notes at a blended rate of 4.41% and an average maturity of 9.8 years . The net proceeds from the issuance of the notes were utilized to pay off the balance of $199.6 million on our unsecured revolving credit facility and the $33 million loan secured by our Crossing at Killingly operating property. The Note Purchase Agreement contains a number of customary financial and restrictive covenants. As of December 31, 2015 , we were in compliance with all such covenants. Seven-Year Unsecured Term Loan On October 26, 2015, we entered into a seven -year unsecured term loan ("7-Year Term Loan") for up to $200 million . On December 31, 2015, we drew $100 million on the 7-Year Term Loan and used the proceeds to pay down the unsecured revolving credit facility. The 7-Year Term Loan may be funded on a delayed draw basis at our discretion and has a scheduled maturity date of October 2022. The Operating Partnership has the ability to make a total of two additional draws each of which must be at least $25 million . The remaining $100 million may be drawn through June 30, 2016. Unsecured Revolving Credit Facility and Unsecured Term Loan On March 12, 2015, we amended the terms of the Fourth Amended and Restated Credit Agreement (the “Amended Facility”). The amendment provided for the release of the subsidiary guarantees relating to the Amended Facility upon the satisfaction of specified conditions (the “Release Conditions”). The amendment also changed the calculation of unsecured debt interest expense, which is used for purposes of calculating the unsecured debt interest coverage ratio, to be the actual interest expense incurred. Previously, unsecured debt interest expense was the greater of the actual interest expense incurred and an implied expense based on an assumed 6.0% interest rate. On March 17, 2015, upon satisfaction of the Release Conditions all of the subsidiary guarantees relating to the Amended Facility were released. As provided in the Amended Facility, if any subsidiary of the Operating Partnership becomes liable with respect to any unsecured indebtedness, that subsidiary is required to become a subsidiary guarantor under the Amended Facility. On June 29, 2015, we entered into an amendment to our Fourth Amended and Restated Credit Agreement (the “Credit Agreement”). The amendment increased the total unsecured term loan from $230 million to $400 million , and modified two financial covenants to permit, in each case only one time during the term of the Credit Agreement for up to four consecutive fiscal quarters following a material acquisition, an increase in the maximum leverage ratio from 60% to 65% , and an increase in the ratio of unsecured indebtedness to unencumbered asset pool value from .60 to 1.00 to .65 to 1.00 . The amendment also removed two financial covenants and eliminated certain reporting requirements triggered by the addition of new properties to the unencumbered asset pool. We used the proceeds from this transaction to pay down $140 million on the unsecured revolving credit facility and retire the $23.9 million loan secured by our Draper Peaks operating property and the $6.6 million loan secured by our Beacon Hill operating property. The amount that we may borrow under our unsecured revolving credit facility is based on the value of the assets in our unencumbered asset pool. The senior unsecured notes and the new unsecured term loan are included in the total borrowings outstanding for the purpose of determining the amount we may borrow under our unsecured revolving credit facility. Taking into account outstanding borrowings and letters of credit, we had $339.5 million available under our unsecured revolving credit facility for future borrowings as of December 31, 2015 . As of December 31, 2015 , $20 million was outstanding under the Credit Agreement and $500 million was outstanding under our unsecured term loans. Additionally, we had letters of credit outstanding which totaled $14.7 million , against which no amounts were advanced as of December 31, 2015 . Our ability to borrow under the Credit Agreement is subject to our compliance with various restrictive and financial covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. As of December 31, 2015 , we were in compliance with all such covenants. Mortgage and Construction Loans Mortgage and construction loans are secured by certain real estate and in some cases by guarantees from the Operating Partnership, and are generally due in monthly installments of interest and principal and mature over various terms through 2030. The following table presents maturities of mortgage debt, corporate debt, and construction loans as of December 31, 2015 : ($ in thousands) Annual Principal Payments Term Maturity 1 Total 2016 $ 5,666 $ 261,041 $ 266,707 2017 5,103 17,026 22,129 2018 5,335 62,584 67,919 2019 5,255 20,000 25,255 2020 5,200 442,339 447,539 Thereafter 12,196 875,793 887,989 $ 38,755 $ 1,678,783 $ 1,717,538 Unamortized Premiums 16,521 Total $ 1,734,059 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan. Other Debt Activity For the year ended December 31, 2015 , we had total new loan borrowings of $984.3 million and total loan repayments of $835.0 million . In addition to the $250 million senior unsecured notes and the $270 million from new and expanded term loans, the major components of this activity are as follows: • In 2015, we drew $102.6 million on the unsecured revolving credit facility to redeem all the outstanding shares of our Series A Cumulative Redeemable Perpetual Preferred Shares; $59 million to fund a portion of the acquisitions of Colleyville Downs, Belle Isle Station, Livingston Shopping Center and Chapel Hill Shopping Center; $30 million to fund the acquisition of our partner's interest in our City Center operating property; and $14.7 million on construction loans related to development projects; • In 2015, we retired the $12.2 million loan secured by our Indian River operating property, the $26.2 million loan secured by our Plaza Volente operating property and the $50.1 million loan secured by our Landstown Commons operating property; • In December 2015, we entered into a new $33 million loan secured by our Crossing at Killingly operating property and paid down $44.9 million on the unsecured revolving credit facility utilizing proceeds from our property sales; • In August 2015, in connection with the acquisition of Chapel Hill Shopping Center, we assumed a $18.3 million loan secured by the operating property. As part of the estimated fair value determination, a debt premium of $0.2 million was recorded; • In March 2015, we used a portion of the proceeds from the sale of seven operating properties to retire the $24 million loan secured by the Regal Court property and to pay down $27 million on the unsecured revolving credit facility; and • We made scheduled principal payments on indebtedness totaling $6.5 million . In connection with the sale of seven operating properties in March 2015, the buyer assumed $40.3 million of loans secured by our Prattville Town Center, Walgreens Plaza, Fairgrounds Crossing and Eastside Junction operating properties. The amount of interest capitalized in 2015, 2014, and 2013 was $4.6 million , $4.8 million , and $5.1 million , respectively. Fair Value of Fixed and Variable Rate Debt As of December 31, 2015 , the estimated fair value of our fixed rate debt, was $1.1 billion compared to the book value of $1.0 billion . The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 3.78% to 6.78% . As of December 31, 2015 , the fair value of variable rate debt was $734.5 million compared to the book value of $711.0 million . The fair value was estimated using Level 2 and 3 inputs with cash flows discounted at current borrowing rates for similar instruments which ranged from 1.78% to 2.68% . |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Hedging Activities and Other Comprehensive Income | Derivative Instruments, Hedging Activities and Other Comprehensive Income In order to manage potential future volatility relating to variable interest rate risk, we enter into interest rate hedging agreements from time to time. We do not use derivatives for trading or speculative purposes nor do we have any derivatives that are not designated as cash flow hedges. The agreements with each of our derivative counterparties provide that, in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations. As of December 31, 2015 , we were party to various cash flow hedge agreements with notional amounts totaling $498.3 million . These hedge agreements effectively fix the interest rate underlying certain variable rate debt instruments over terms ranging from 2016 through 2020. Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 2.75% . These interest rate hedge agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties. As a basis for considering market participant assumptions in fair value measurements, accounting guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Although we have determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and our counterparties. However, as of December 31, 2015 and 2014 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations are classified in Level 2 of the fair value hierarchy. As of December 31, 2015 , the estimated fair value of our interest rate hedges was a net liability of $4.8 million , including accrued interest of $0.4 million . As of December 31, 2015 , $0.2 million is reflected in prepaid and other assets and $5.0 million is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. At December 31, 2014 the estimated fair value of our interest rate hedges was a net liability of $4.4 million , including accrued interest of $0.5 million . As of December 31, 2014 , $0.7 million is reflected in prepaid and other assets and $5.1 million is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. During the years ended December 31, 2015 , 2014 and 2013 , $5.6 million , $5.1 million and $2.8 million , respectively, were reclassified as a reduction to earnings. As the interest payments on our hedges are made over the next 12 months, we estimate the impact to increased interest expense to be $2.6 million . |
Lease Information
Lease Information | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Information | Lease Information Tenant Leases The Company receives rental income from the leasing of retail and office space under operating leases. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses and may require tenants to pay contingent rentals to the extent their sales exceed a defined threshold. The weighted average remaining term of the lease agreements is approximately 5.1 years. During the periods ended December 31, 2015 , 2014 , and 2013 , the Company earned overage rent of $1.4 million , $1.1 million , and $0.6 million , respectively. As of December 31, 2015 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows: ($ in thousands) 2016 $ 255,764 2017 238,169 2018 203,888 2019 174,547 2020 150,735 Thereafter 743,848 Total $ 1,766,951 Lease Commitments As of December 31, 2015 , we are obligated under nine ground leases for approximately 43 acres of land with eight landowners. Most of these ground leases require fixed annual rent payments. The expiration dates of the remaining initial terms of these ground leases range from 2017 to 2083. These leases have five - to ten -year extension options ranging in total from 30 to 60 years. Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2015 , 2014 , and 2013 was $1.1 million , $0.7 million , and $0.7 million , respectively. We are obligated under a ground lease for one of our operating properties, Eddy Street Commons at the University of Notre Dame. The Company makes ground lease payments to the University of Notre Dame for the land beneath the initial phase of the development. This lease agreement is for a 75 -year term at a fixed payment for the first two years (June 2008-June 2010), after which payments are based on a percentage of certain gross revenues. Contingent amounts are not readily estimable and are not reflected in the table below for fiscal years 2016 and beyond. Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2016 $ 1,494 2017 1,494 2018 1,132 2019 1,103 2020 1,088 Thereafter 44,583 Total $ 50,894 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity Reverse Share Split On August 11, 2014, we completed a reverse share split of our common shares at a ratio of one new share for each four shares then outstanding. As a result of the reverse share split, the number of outstanding common shares was reduced from approximately 332.7 million shares to approximately 83.2 million shares. The reverse share split had the same impact on the number of outstanding operating partnership units. Authorized Common Shares In 2014, in preparation for our merger with Inland Diversified and upon approval from shareholders, we filed an amendment to our Articles of Amendment and Restatement of Declaration of Trust, as amended, with the State of Maryland State Department of Assessments and Taxation to increase the total number of authorized common shares of beneficial interest from 200,000,000 to 450,000,000 . In May 2015, upon approval from shareholders we filed an amendment to our Articles of Amendment and Restatement of Declaration of Trust, as amended, with the State of Maryland State Department of Assessments and Taxation to decrease the total number of authorized common shares of beneficial interest from 450,000,000 to 225,000,000 to reflect the decrease in the number of our common shares outstanding as a result of the one-for- four reverse share split in August 2014. Common Equity In November 2013, we completed an equity offering of 9.2 million common shares at an offering price of $24.64 per share for net offering proceeds of $217 million . We initially used the proceeds to repay borrowings under our unsecured revolving credit facility and subsequently redeployed the proceeds to fund a portion of the purchase price of the portfolio of nine unencumbered retail properties (see Note 8). In April and May of 2013, we completed an equity offering of 3.9 million common shares at an offering price of $26.20 per share for net offering proceeds of $97 million . We initially used the proceeds to repay borrowings under our unsecured revolving credit facility and subsequently redeployed the proceeds to acquire Cool Springs Market, Castleton Crossing, and Toringdon Market (see Note 8). Accrued but unpaid distributions on common shares and units were $23.7 million and $22.1 million as of December 31, 2015 and 2014 , respectively, and are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. These distributions were paid in January of the following year. Preferred Equity On December 7, 2015, we redeemed all 4,100,000 outstanding shares of our 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”). The Series A Preferred Shares were redeemed at a redemption price of $25.00 per share, plus $0.0287 per share, the amount equal to accrued and unpaid dividends since the previous payment date. The Series A Preferred Shares had a total redemption value of approximately $102.6 million . The carrying value of these preferred shares in equity, prior to the redemption, was net of the original issuance costs. Therefore, in conjunction with the redemption, approximately $3.8 million of initial issuance costs were written off as a non-cash charge against income attributable to common shareholders. Dividend Reinvestment and Share Purchase Plan We maintain a Dividend Reinvestment and Share Purchase Plan (the “Plan”) which offers investors the option to invest all or a portion of their common share dividends in additional common shares. In addition, a direct share purchase option permits Plan participants and new investors to purchase common shares by making optional cash investments with certain restrictions. Distribution Payments Our Board of Trustees declared a cash distribution of $0.2725 per common share and Common Unit for the fourth quarter of 2015 . This distribution was paid on January 13, 2016 to common shareholders and Common Unit holders of record as of January 6, 2016. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2015 and 2014 . ($ in thousands) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 86,828 $ 83,735 $ 87,147 89,295 Operating income 18,483 16,099 16,911 20,307 Income from continuing operations 4,499 7,235 2,961 10,402 Gain on sale of operating properties, net 3,363 — — 854 Consolidated net income 7,862 7,235 2,961 11,256 Net income from continuing operations attributable to Kite Realty Group Trust common shareholders 7,179 6,727 2,526 10,685 Net income attributable to Kite Realty Group Trust common shareholders 5,065 4,613 412 $ 5,353 Net income per common share – basic and diluted: Net income from continuing operations attributable to Kite Realty Group Trust common shareholders 0.06 0.06 0.00 0.06 Net income attributable to Kite Realty Group Trust common shareholders 0.06 0.06 0.00 0.06 Weighted average Common Shares outstanding - basic 83,532,092 83,506,078 83,325,074 83,327,664 Weighted average Common Shares outstanding - diluted 83,625,352 83,803,879 83,433,379 83,438,844 ($ in thousands) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 42,660 $ 40,843 $ 88,576 $ 87,448 Operating income 5,206 4,319 (1,316 ) 21,120 (Loss) income from continuing operations (2,217 ) (3,196 ) (16,729 ) 5,786 Income (loss) from discontinued operations 3,198 — — — Gain on sale of operating properties, net 3,490 — 2,749 2,243 Consolidated net income (loss) 4,471 (3,196 ) (13,980 ) 8,029 Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders 4,332 (2,976 ) (14,284 ) 7,227 Net income (loss) attributable to Kite Realty Group Trust common shareholders 2,218 (5,090 ) (16,398 ) 5,113 Net (loss) income per common share – basic and diluted: Net (loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders 0.00 (0.16 ) (0.20 ) 0.06 Net income (loss) attributable to Kite Realty Group Trust common shareholders 0.08 (0.16 ) (0.20 ) 0.06 Weighted average Common Shares outstanding - basic 32,755,898 32,884,467 83,455,900 83,478,680 Weighted average Common Shares outstanding - diluted 32,755,898 32,884,467 83,455,900 83,727,400 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Other Commitments and Contingencies We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us. We are parties to routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such routine litigation, claims, and administrative proceedings will not have a material adverse impact on our consolidated financial statements. We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of the development and redevelopment projects. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through existing construction loans. In addition, if necessary, we may make draws on our unsecured revolving credit facility. As of December 31, 2015 , we had outstanding letters of credit totaling $14.7 million . At that date, there were no amounts advanced against these instruments. Previously Assumed Earnout Liability Six of our properties, which were acquired from Inland Diversified, had earnout components as of the Merger date, whereby we are required to pay the original seller of those properties (not Inland Diversified) additional consideration based on whether those sellers were able to identify tenants and lease certain vacant space. The potential earnout liability was $1.4 million and $9.7 million at December 31, 2015 and 2014, respectively. While the remaining accrued amount at December 31, 2015 represents our best estimate of the ultimate settlement, any difference between the accrual and settlement would impact earnings and be reflected in the consolidated statements of operations. The table below presents the change in our earnout liability for the twelve months ended December 31, 2015 . ($ in thousands) Twelve Months Ended Earnout liability – beginning of period $ 9,664 Decreases: Settlement of earnout obligations (2,581 ) Adjustments to estimated fair value determination during the Merger measurement period (871 ) Non-cash gain from release of assumed earnout liability (4,832 ) Earnout liability – end of period $ 1,380 We recorded a non-cash gain from the release of assumed earnout liability of $4.8 million for the year ended December 31, 2015. The expiration date of the associated earnout liability was December 28, 2015 and the original sellers were unable to perform the necessary leasing activity that would have resulted in payment of the previously estimated obligation. As such, because the Merger measurement period had closed, the reduction of this assumed contingent obligation impacted earnings. |
Supplemental Schedule of Non-Ca
Supplemental Schedule of Non-Cash Investing/Financing Activities | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Schedule of Non-Cash Investing/Financing Activities | Supplemental Schedule of Non-Cash Investing/Financing Activities The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2015 , 2014 and 2013 : ($ in thousands) Year Ended December 31, 2015 2014 2013 Assumption of mortgages upon completion of Merger including debt premium of $33,298 $ — $ 892,909 $ — Properties and other assets acquired upon completion of Merger — 2,367,600 — Marketable securities acquired upon completion of Merger — 18,602 — Assumption of debt in connection with acquisition of Rampart Commons including debt premium of $2,221 — 14,586 — Accrued distribution to preferred shareholders — 705 705 Extinguishment of mortgages upon transfer of Tranche I operating properties — 75,800 — Assumption of mortgages by buyer upon sale of properties 40,303 — — Assumption of debt in connection with acquisition of Chapel Hill Shopping Center including debt premium of $212 18,462 — — Extinguishment of mortgage upon transfer of Kedron Village operating property — — 29,195 Net assets of Kedron Village transferred to lender (excluding non-recourse debt) — — 27,953 |
Related Parties and Related Par
Related Parties and Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties and Related Party Transactions | Related Parties and Related Party Transactions Subsidiaries of the Company provide certain management, construction management and other services to certain unconsolidated entities and entities owned by certain members of the Company’s management. During the years ended December 31, 2015 , 2014 and 2013 , we earned $0 from unconsolidated entities, and less than $0.1 million during each year presented, from entities owned by certain members of management. We reimburse an entity owned by certain members of our management for travel and related services. During the years ended December 31, 2015 , 2014 and 2013 , amounts paid by the Company to this related entity were $0.4 million , $0.4 million , and $0.3 million , respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration On February 4, 2016, the Board of Trustees declared a cash distribution of $0.2875 for the first quarter of 2016 to common shareholders and Common Unit holders of record as of April 6, 2016, which represents a 5.5% increase over our previous quarterly distribution. The distribution is expected to be paid on or about April 13, 2016. Retirement of Secured Debt On February 11, 2016, we retired the $16.3 million loan secured by our Cool Creek Commons operating property using a draw on our unsecured revolving credit facility. Forward-Starting Interest Rate Swap On January 6, 2016, we entered into two forward-starting interest rate swaps that will effectively fix the interest rate on $150 million of previously unhedged variable rate debt at 3.208% . The effective date of the swaps is June 30, 2016 and will expire on July 1, 2021. Outperformance Plan On January 28, 2016, the Compensation Committee of the Board of Trustees of Kite Realty Group Trust adopted the 2016 Outperformance Program for members of executive management and certain other employees, pursuant to which participants are eligible to earn units in the Operating Partnership based on the achievement of certain performance criteria related to the Company’s common shares. Participants in the 2016 Outperformance Plan were awarded the right to earn, in the aggregate, up to $6 million of share-settled awards (the “bonus pool”) if, and only to the extent of which, based on our total shareholder return (“TSR”) performance measures are achieved for the three -year period beginning January 4, 2016 and ending December 31, 2018. Awarded interests not earned based on the TSR measures are forfeited. At the end of the three -year performance period, participants will receive their percentage interest in the bonus pool as units in the Operating Partnership that vest over an additional two -year service period. The compensation cost of the 2016 Outperformance Plan is fixed as of the grant date and is recognized regardless of whether the units are ultimately earned if the required service is determined. Restricted Award Grants In February 2016, a total of 103,685 restricted awards were granted to members of executive management and certain other employees. The restricted awards will vest ratably over periods ranging from three to five years. Performance Awards In February 2016, the Compensation Committee awarded each executive officer a three -year performance award of restricted shares units ("PSUs"). These PSUs may be earned over a three -year performance period from January 1, 2016 to December 31, 2018. The performance criteria are based on the relative total shareholder return ("TSR") achieved by the Company measured against a peer group over the three -year measurement period. Any PSUs earned at the end of the three -year period will be fully vested. The total number of PSUs issued to the executive officers was based on a target value of $1.0 million . The number of PSUs that may be earned will range from 50% to 200% of the target value depending on our TSR of the measurement period in relation to the peer group. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Consolidated Real Estate and Accumulated Depreciation | Schedule III Consolidated Real Estate and Accumulated Depreciation ($ in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties 12th Street Plaza $ — $ 2,624 $ 13,432 $ — $ 190 $ 2,624 $ 13,622 $ 16,246 $ 2,103 1978/2003 2012 54th & College * — 2,672 — — — 2,672 — 2,672 — 2008 NA Bayonne Crossing 45,000 47,809 44,297 — 627 47,809 44,924 92,733 2,874 2011 2014 Bayport Commons 12,325 7,413 21,846 — 1,373 7,413 23,219 30,632 4,952 2008 NA Beacon Hill * — 3,293 13,528 — 798 3,293 14,326 17,619 3,215 2006 NA Bell Oaks Centre 6,548 1,230 12,742 — 97 1,230 12,839 14,069 1,007 2008 2014 Belle Isle * — 9,130 41,493 — — 9,130 41,493 50,623 1,437 2000 2015 Bolton Plaza * — 3,733 18,995 — 761 3,733 19,756 23,489 6,523 1986/2014 NA Boulevard Crossing 11,290 4,386 9,521 — 2,000 4,386 11,521 15,907 4,093 2004 NA Bridgewater Marketplace * — 3,407 8,694 — 81 3,407 8,775 12,182 2,103 2008 NA Burlington Coat Factory * — 29 2,773 — — 29 2,773 2,802 1,024 1992/2000 2000 Burnt Store Promenade * — 5,107 6,214 — 75 5,107 6,289 11,396 1,261 1989 2013 Cannery Corner — 6,267 10,559 — 78 6,267 10,637 16,904 802 2008 2014 Castleton Crossing * — 9,761 29,400 — 140 9,761 29,540 39,301 4,625 1975 2013 Chapel Hill Shopping Center 18,250 — 35,215 — — — 35,215 35,215 592 2001 2015 Centennial Center 70,455 58,960 73,080 — 436 58,960 73,516 132,476 8,306 2002 2014 Centennial Gateway 44,385 5,305 49,295 — 171 5,305 49,466 54,771 4,079 2005 2014 Centre Point Commons 14,410 2,918 22,813 — 243 2,918 23,056 25,974 1,632 2007 2014 Clay Marketplace * — 1,398 8,753 — 25 1,398 8,778 10,176 1,015 1966/2003 2013 Cobblestone Plaza * — 11,221 46,276 — 147 11,221 46,423 57,644 7,118 2011 NA Colonial Square 25,000 11,743 31,568 — 190 11,743 31,758 43,501 1,818 2010 2014 Colleyville Downs * — 5,446 38,696 — — 5,446 38,696 44,142 1,678 2014 2015 Cool Creek Commons * 16,330 6,062 13,971 — 1,430 6,062 15,401 21,463 4,875 2005 NA Cool Springs Market * — 12,684 23,082 — 2,026 12,684 25,108 37,792 4,394 1995 2013 Cove Center * — 2,036 18,603 — 489 2,036 19,092 21,128 5,531 1984/2008 2012 Crossing at Killingly Commons 33,000 21,999 35,242 — 141 21,999 35,383 57,382 2,537 2010 2014 Delray Marketplace 56,833 18,750 90,524 1,284 3,200 20,034 93,724 113,758 8,555 2013 NA DePauw University Bookstore & Café — 64 663 — 45 64 708 772 179 2012 NA Draper Crossing * — 9,054 28,540 — 159 9,054 28,699 37,753 2,591 2012 2014 Draper Peaks * — 11,498 48,877 522 557 12,020 49,434 61,454 3,634 2012 2014 Eastern Beltway 34,100 23,221 49,648 — 96 23,221 49,744 72,965 4,650 1998/2006 2014 Eastgate — 4,073 21,350 — 47 4,073 21,397 25,470 2,071 2002 2014 Eastgate Pavilion * — 8,122 19,807 — 858 8,122 20,665 28,787 7,711 1995 2004 Eddy Street Commons 23,946 1,900 37,858 — 556 1,900 38,414 40,314 7,604 2009 NA Estero Town Commons * — 8,973 9,968 — 85 8,973 10,053 19,026 2,352 2006 NA Fox Lake Crossing * — 5,685 9,324 — 240 5,685 9,564 15,249 3,204 2002 2005 Gainesville Plaza * — 5,437 18,237 — 776 5,437 19,013 24,450 3,770 2015 2004 Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Geist Pavilion 10,557 1,368 9,481 — 1,674 1,368 11,155 12,523 3,890 2006 NA Glendale Town Center * — 1,494 44,230 — 1,618 1,494 45,848 47,342 24,226 1958/2008 1999 Greyhound Commons * — 2,629 794 — 887 2,629 1,681 4,310 532 2005 NA Hamilton Crossing - Phase II & III * — 2,859 23,709 — 56 2,859 23,765 26,624 1,555 2008 2014 Hitchcock Plaza * — 4,260 22,076 — 36 4,260 22,112 26,372 1,252 2006 2014 Holly Springs Towne Center * — 12,319 46,897 — 2,524 12,319 49,421 61,740 4,114 2013 NA Hunters Creek Promenade * — 8,335 12,842 — 357 8,335 13,199 21,534 1,178 1994 2013 Indian River Square * — 5,100 6,359 — 545 5,100 6,904 12,004 2,099 1997/2004 2005 International Speedway Square * 19,694 7,769 18,057 — 9,288 7,769 27,345 35,114 12,673 1999 NA King's Lake Square * — 4,519 15,754 — 242 4,519 15,996 20,515 6,042 1986/2014 2003 Kingwood Commons * — 5,715 31,012 — 22 5,715 31,034 36,749 3,558 1999 2013 Lake City Commons * — 3,415 10,242 — 26 3,415 10,268 13,683 761 2008 2014 Lake City Commons- Phase II — 1,277 2,247 — 16 1,277 2,263 3,540 167 2011 2014 Lake Mary Plaza 5,080 1,413 8,726 — 34 1,413 8,760 10,173 503 2009 2014 Lakewood Promenade * — 1,783 25,604 — 546 1,783 26,150 27,933 3,407 1948/1998 2013 Landstown Commons * — 19,329 92,114 — 1,925 19,329 94,039 113,368 6,979 2007 2014 Lima Marketplace 8,383 4,703 15,732 — 548 4,703 16,280 20,983 1,217 2008 2014 Lithia Crossing * — 3,065 10,049 — 5,361 3,065 15,410 18,475 2,876 1993/2003 2011 Livingston Shopping Center * — 10,372 35,693 — — 10,372 35,693 46,065 618 1997 2015 Lowe's Plaza — 2,125 6,100 — 1 2,125 6,101 8,226 510 2007 2014 Market Street Village * — 9,764 17,123 — 2,025 9,764 19,148 28,912 6,033 1970/2004 2005 Memorial Commons * — 1,568 14,651 — 309 1,568 14,960 16,528 848 2008 2014 Merrimack Village Center 5,445 1,921 12,787 — — 1,921 12,787 14,708 976 2007 2014 Miramar Square 31,625 26,392 31,027 489 449 26,881 31,476 58,357 2,258 2008 2014 Mullins Crossing * 20,471 10,582 42,403 — 294 10,582 42,697 53,279 4,260 2005 2014 Naperville Marketplace 7,940 5,364 11,830 — — 5,364 11,830 17,194 2,977 2008 NA Northcrest Shopping Center 15,780 4,044 33,985 — 31 4,044 34,016 38,060 1,962 2008 2014 Northdale Promenade * — 1,718 23,123 — 367 1,718 23,490 25,208 3,707 1985/2002 2013 Oleander Place * — 863 6,159 — — 863 6,159 7,022 1,232 2012 2011 Palm Coast Landing 22,550 4,962 38,013 — 186 4,962 38,199 43,161 2,485 2010 2014 Parkside Town Commons- Phase I 18,804 2,568 39,720 540 850 3,108 40,570 43,678 2,185 2015 NA Perimeter Woods 33,330 35,793 27,277 — 41 35,793 27,318 63,111 1,655 2008 2014 Pine Ridge Crossing 16,646 5,640 17,088 — 1,044 5,640 18,132 23,772 4,876 1993 2006 Plaza at Cedar Hill * — 5,782 37,855 — 10,011 5,782 47,866 53,648 16,850 2000 2004 Plaza Volente * — 4,600 29,074 — 746 4,600 29,820 34,420 9,650 2004 2005 Pleasant Hill Commons 6,752 3,350 10,128 — 133 3,350 10,261 13,611 799 2008 2014 Portofino Shopping Center * — 4,754 75,761 — 1,478 4,754 77,239 81,993 8,986 1999 2013 Publix at Acworth 5,872 1,357 8,229 39 1,078 1,396 9,307 10,703 3,104 1996 2004 Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Publix at St. Cloud * — 2,735 11,820 — 35 2,735 11,855 14,590 1,131 2003 2014 Publix at Woodruff * — 1,783 7,344 — 155 1,783 7,499 9,282 2,322 1997 2012 Rampart Commons 11,855 1,136 29,097 — 831 1,136 29,928 31,064 1,810 1998 2014 Rangeline Crossing * — 2,043 18,490 — 58 2,043 18,548 20,591 4,467 1986/2013 NA Riverchase Plaza 9,987 3,889 11,422 — 1,197 3,889 12,619 16,508 3,522 1991/2001 2006 Rivers Edge * — 5,647 31,439 — 122 5,647 31,561 37,208 5,446 2011 2008 Saxon Crossing 11,400 3,764 16,822 — 4 3,764 16,826 20,590 1,206 2009 2014 Shoppes at Plaza Green * — 3,749 24,652 — 1,192 3,749 25,844 29,593 4,332 2000 2012 Shoppes of Eastwood * — 1,688 10,581 — 391 1,688 10,972 12,660 2,346 1997 2013 Shops at Eagle Creek * — 5,378 8,016 199 4,692 5,577 12,708 18,285 3,525 1998 2003 Shops at Julington Creek 4,785 2,372 8,011 — 46 2,372 8,057 10,429 640 2011 2014 Shops at Moore 21,300 8,030 33,535 — 73 8,030 33,608 41,638 3,138 2010 2014 Silver Springs Pointe 8,800 9,685 7,720 — 189 9,685 7,909 17,594 1,065 2001 2014 South Elgin Commons * — 3,916 22,140 — 25 3,916 22,165 26,081 1,554 2011 2014 Stoney Creek Commons * — 628 4,599 — 5,830 628 10,429 11,057 2,239 2000 NA Sunland Towne Centre * 23,610 14,773 22,587 — 4,958 14,773 27,545 42,318 8,836 1996 2004 Tarpon Springs Plaza * — 4,273 24,483 — 167 4,273 24,650 28,923 6,356 2007 NA Temple Terrace * — 2,245 9,321 — 50 2,245 9,371 11,616 556 2012 2014 The Centre at Panola * 2,271 1,986 8,191 — 330 1,986 8,521 10,507 3,118 2001 2004 The Corner 14,750 3,772 24,642 — 62 3,772 24,704 28,476 1,452 2008 2014 The Landing at Tradition * — 18,505 46,399 — 395 18,505 46,794 65,299 4,097 2007 2014 Toringdon Market * — 5,448 9,694 — 16 5,448 9,710 15,158 1,272 2004 2013 Traders Point 42,724 9,443 37,203 — 591 9,443 37,794 47,237 12,729 2005 NA Traders Point II * — 2,376 6,876 — 904 2,376 7,780 10,156 2,356 2005 NA Tradition Village Center * — 3,140 14,905 — 58 3,140 14,963 18,103 1,185 2006 2014 Trussville Promenade * — 9,123 45,433 — 481 9,123 45,914 55,037 5,769 1999 2013 University Town Center 18,690 4,125 31,759 — 112 4,125 31,871 35,996 2,202 2009 2014 University Town Center - Phase II 20,700 7,902 24,262 — 4 7,902 24,266 32,168 1,999 2012 2014 Village at Bay Park 9,183 8,248 11,050 — 7 8,248 11,057 19,305 1,300 2005 2014 Village Walk — 2,554 12,432 — 30 2,554 12,462 15,016 731 2009 2014 Waterford Lakes Village * — 2,317 7,420 — 278 2,317 7,698 10,015 3,071 1997 2004 Waxahachie Crossing 7,750 1,411 16,323 — 37 1,411 16,360 17,771 1,153 2010 2014 Westside Market * — 4,194 17,723 — 48 4,194 17,771 21,965 819 2013 2014 Wheatland Towne Crossing * — 6,622 31,122 — — 6,622 31,122 37,744 1,924 2012 2014 Whitehall Pike 5,732 3,695 6,112 — 236 3,695 6,348 10,043 4,127 1999 NA Total Operating Properties 854,338 750,876 2,532,460 3,073 86,489 753,949 2,618,949 3,372,898 382,710 Initial Cost C ost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Office Properties Thirty South 18,100 1,643 9,715 — 18,617 1,643 28,332 29,975 11,647 1905/2002 2001 Union Station Parking Garage * — 904 2,650 — 884 904 3,534 4,438 1,417 1986 2001 Total Office Properties 18,100 2,547 12,365 — 19,501 2,547 31,866 34,413 13,064 Development and Redevelopment Properties Beechwood Promenade * — 2,734 45,763 — — 2,734 45,763 48,497 4,939 NA NA City Center * — 20,565 162,307 — — 20,565 162,307 182,872 9,778 NA NA Courthouse Shadows * — 4,999 16,275 — — 4,999 16,275 21,274 4,064 NA NA Fishers Station 7,168 3,736 12,373 — — 3,736 12,373 16,109 6,018 NA NA Hamilton Crossing Centre 10,794 5,549 10,257 — — 5,549 10,257 15,806 3,424 NA NA Holly Springs Towne Center - Phase II * — 12,444 31,022 — — 12,444 31,022 43,466 — NA NA Parkside Town Commons - Phase II 57,138 18,992 59,325 — — 18,992 59,325 78,317 1,566 NA NA Tamiami Crossing * — 18,871 17,591 — — 18,871 17,591 36,462 — NA NA The Corner * — 304 5,466 — — 304 5,466 5,770 3,367 Total Development and Redevelopment Properties 75,100 88,194 360,379 — — 88,194 360,379 448,573 33,156 Other ** Beacon Hill * — 2,447 — — — 2,447 — 2,447 — NA NA Bridgewater Marketplace * — 2,105 — — — 2,105 — 2,105 — NA NA Deerwood Lake * — — 21,235 — — — 21,235 21,235 — NA NA Eddy Street Commons * — 3,425 — — — 3,425 — 3,425 — NA NA Fox Lake Crossing II — 3,459 — — — 3,459 — 3,459 — NA NA KRG Development — — 781 — — — 781 781 — NA NA KRG New Hill * — 5,641 — — — 5,641 — 5,641 — NA NA KR Peakway — 6,033 — — — 6,033 — 6,033 — NA NA KRG Peakway — 16,311 — — — 16,311 — 16,311 — NA NA Pan Am Plaza — 8,812 — — — 8,812 — 8,812 — NA NA Parkside Town Commons - Phase III — — 47 — — — 47 47 — NA NA Total Other — 48,233 22,063 — — 48,233 22,063 70,296 — Line of credit/Term Loan/Unsecured notes 770,000 — — — — — — — — NA NA Grand Total $ 1,717,538 $ 889,850 $ 2,927,267 $ 3,073 $ 105,990 $ 892,923 $ 3,033,257 $ 3,926,180 $ 428,930 ____________________ * This property or a portion of the property is included as an unencumbered pool property used in calculating our line of credit borrowing base. ** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table. Note 1. Reconciliation of Investment Properties The changes in investment properties of the Company for the years ended December 31, 2015 , 2014 , and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ 3,897,131 $ 1,872,088 $ 1,390,213 Merger and Acquisitions 176,068 2,128,278 419,080 Improvements 92,717 103,688 111,968 Impairment (2,293 ) — — Disposals (237,443 ) (206,923 ) (49,173 ) Balance, end of year $ 3,926,180 $ 3,897,131 $ 1,872,088 The unaudited aggregate cost of investment properties for federal tax purposes as of December 31, 2015 was $3.1 billion . Note 2. Reconciliation of Accumulated Depreciation The changes in accumulated depreciation of the Company for the years ended December 31, 2015 , 2014 , and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ 313,524 $ 229,286 $ 190,972 Depreciation expense 141,516 103,155 49,392 Impairment (833 ) — — Disposals (25,277 ) (18,917 ) (11,078 ) Balance, end of year $ 428,930 $ 313,524 $ 229,286 Depreciation of investment properties reflected in the statements of operations is calculated over the estimated original lives of the assets as follows: Buildings 20-35 years Building improvements 10-35 years Tenant improvements Term of related lease Furniture and Fixtures 5-10 years All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto. |
Basis of Presentation and Sum27
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation and Investments in Joint Ventures | Consolidation and Investments in Joint Ventures The accompanying financial statements of the Company are presented on a consolidated basis and include all accounts of the Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Company or the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Company is the primary beneficiary. In general, a VIE is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) has equity investors that do not provide sufficient financial resources for the entity to support its activities, (b) does not have equity investors with voting rights or (c) has equity investors whose votes are disproportionate from their economics and substantially all of the activities are conducted on behalf of the investor with disproportionately fewer voting rights. The Company consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: • our ability to refinance debt and sell the property without the consent of any other partner or owner; • the inability of any other partner or owner to replace the Company as manager of the property; or • being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. As of December 31, 2015 , we had an investment in one joint venture that is a VIE in which we are the primary beneficiary. As of this date, the VIE had total debt of $56.8 million which is secured by assets of the VIE totaling $107.2 million . The Operating Partnership guarantees the debt of the VIE. We consider all relationships between the Company and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIE’s performance. We also continuously reassess primary beneficiary status. During the twelve months ended December 31, 2015 , 2014 and 2013 there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. |
Acquisition of Real Estate Properties | Acquisition of Real Estate Properties Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; • above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; • the value of leases acquired. We utilize independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases; and • the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. We also consider whether there is any value to in-place leases that have a related customer relationship intangible value. Characteristics the Company considers in determining these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. We finalize the measurement period of our business combinations when all facts and circumstances are understood, but in no circumstances to exceed one year. Certain properties we acquired from the Merger included earnout components to the purchase price, meaning Inland Diversified did not pay a portion of the purchase price of the property at closing, although they owned the entire property. We are not obligated to pay the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the acquisition agreements. If at the end of the time limits certain space has not been leased, occupied and rent producing, we will have no further obligation to pay the additional purchase price consideration and we will retain ownership of that entire property. The liability for potential future earnout payments was determined using estimated fair value measurements at the end of the period which included the lease-up periods, market rents and probability of occupancy. As these earnouts were the original obligation of the previous owner, our assumption of these earnouts is similar to the assumption of a contingent obligation. The earnout payments are based on a predetermined formula applied to rental income received. The earnouts are recorded as an addition to the purchase price of the related properties and as a liability included in deferred revenue and intangibles, net and other liabilities on the accompanying consolidated balance sheets. Subsequent to the measurement period, any adjustment to the assumed earnout liability is reflected in the consolidated statements of operations. The Company determined that it was the acquirer for accounting purposes in the merger with Inland Diversified. We considered the continuation of the Company’s existing management and a majority of the existing board members as the most significant considerations in our analysis. Additionally, Inland Diversified had previously announced the transaction as a liquidation event and we believe this transaction was an acquisition of Inland Diversified by the Company. See Note 8 for additional discussion. |
Investment Properties | Investment Properties Capitalization and Depreciation Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. Pre-development costs are incurred prior to vertical construction and for certain land held for development acquisitions during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Once construction commences on the land, it is transferred to construction in progress. We also capitalize costs such as acquisition of land, construction of buildings, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. |
Impairment | Impairment Management reviews operational properties, development properties, land parcels and intangible assets for impairment on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review for possible impairment requires management to make certain assumptions and estimates and requires significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. If the Company decides to sell or otherwise dispose of an asset, its carrying value may differ from its sales price. |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations Operating properties classified as "held for sale" include only those properties available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year among other factors. Operating properties held for sale are carried at the lower of cost or fair value less costs to sell. Depreciation and amortization are suspended during the period during which the asset is held-for-sale. In the first quarter of 2014, we adopted the provisions of ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which will result in fewer real estate sales being classified within discontinued operations as only disposals representing a strategic shift in operations will be presented as discontinued operations . |
Escrow Deposits | Escrow Deposits Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions and certain municipalities. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. As of December 31, 2014, cash and cash equivalents included $16.1 million of funds set aside by the Company to affect a tax deferred purchase of real estate. Such funds were not considered available for general corporate purposes. |
Fair Value Measurements | Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820 for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination or upon determination of an impairment. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access. • Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately considers counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. As discussed in Note 11, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 4 includes a discussion of fair values recorded in 2013 when we transferred the Kedron Village operating property to the loan servicer. Note 8 includes a discussion of the fair values recorded in purchase accounting. Note 9 includes a discussion of the fair values recorded when we recognized an impairment charge on our Shops at Otty operating property. Level 3 inputs to these transactions include our estimations of market leasing rates, tenant-related costs, discount rates, and disposal values. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for its derivative financial instruments at fair value calculated in accordance with Topic 820—“Fair Value Measurements and Disclosures” in the ASC. Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Upon settlement of the hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2015 and 2014 , all of our derivative instruments qualify for hedge accounting. |
Revenue Recognition | Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal source of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements. Overage rent is included in other property related revenue in the accompanying statements of operations. As a result of generating this revenue, we will routinely have accounts receivable due from tenants. We are subject to tenant defaults and bankruptcies that may affect the collection of outstanding receivables. To address the collectability of these receivables, we analyze historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts and straight line rent reserve. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. Gains or losses from sales of real estate are recognized when a sale has been consummated, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the asset, the Company has transferred to the buyer the usual risks and rewards of ownership, and the Company does not have a substantial continuing financial involvement in the property. As part of the Company’s ongoing business strategy, it will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $5.6 million , $1.5 million , and $6.2 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. |
Tenant Receivables and Allowance for Doubtful Accounts | Tenant Receivables and Allowance for Doubtful Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral other than corporate or personal guarantees from its tenants. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. |
Other Receivables | Other Receivables Other receivables consist primarily of receivables due from municipalities and from tenants for non-rental revenue related activities. |
Concentration of Credit Risk | Concentration of Credit Risk We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. At December 31, 2015 , 50% , 11% and 6% of total billed receivables were due from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 40% , 11% , and 4% in 2014 . For the year ended December 31, 2015 , 25% , 14% and 12% of the Company’s revenue recognized was from tenants leasing space in the states of Florida, Indiana, and Texas, respectively, compared to 26% , 18% , and 13% in 2014 and 30% , 36% , and 14% in 2013 . |
Earnings Per Share | Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; units under our Outperformance Plan; potential settlement of redeemable noncontrolling interests in certain joint ventures; and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. |
Segment Reporting | Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. |
Income Taxes and REIT Compliance | Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable it to maintain its qualification as a REIT for federal income tax purposes. As a result, it generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain federal, state and local taxes on our income and property and to federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary of the Operating Partnership, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This election enables us to receive income and provide services that would otherwise be impermissible for a REIT. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss, other than the operations of our taxable REIT subsidiary, is included in the income tax returns of the Operating Partnership's partners. Accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with its taxable REIT subsidiary. Other state and local income taxes were not significant in any of the periods presented. |
Noncontrolling Interests | Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the years ended December 31, 2015 , 2014 , and 2013 were as follows: ($ in thousands) 2015 2014 2013 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 $ 3,535 Net income allocable to noncontrolling interests, 111 140 121 Distributions to noncontrolling interests (115 ) (324 ) (108 ) Acquisition of partner's interest in Beacon Hill operating property (2,353 ) — — Partner's share of loss on sale of Cornelius Gateway operating property (234 ) — — Noncontrolling interests balance at December 31 $ 773 $ 3,364 $ 3,548 Redeemable Noncontrolling Interests – Operating Partnership Limited Partner Units are redeemable noncontrolling interests in the Operating Partnership. We classify redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated balance sheets outside of permanent equity because we may be required to pay cash to holders of Limited Partner Units upon redemption of their interests in the Operating Partnership or deliver registered shares upon their conversion. The carrying amount of the redeemable noncontrolling interests in the Operating Partnership is reflected at the greater of historical book value or redemption value with a corresponding adjustment to additional paid-in capital. At December 31, 2015 and 2014 , the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after preferred dividends and noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. For the years ended December 31, 2015 , 2014 , and 2013 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2015 2014 2013 Parent Company’s weighted average interest in 97.9 % 97.2 % 93.3 % Limited partners' weighted average interests in 2.1 % 2.8 % 6.7 % At December 31, 2015 and December 31, 2014 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.8% and 2.2% and 98.1% and 1.9% , respectively. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Operating Partnership in exchange for their interests in certain properties. The limited partners were granted the right to redeem Limited Partner Units on or after August 16, 2005 for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the limited partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. For the years ended December 31, 2015 , 2014 and 2013 , respectively, 18,000 , 22,000 , and 23,250 Limited Partner Units were exchanged for the same number of common shares of the Parent Company. There were 1,901,278 and 1,639,443 Limited Partner Units outstanding as of December 31, 2015 and 2014 , respectively. The increase in Limited Partner Units outstanding from December 31, 2014 is due primarily to non-cash compensation awards previously made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests - Subsidiaries Prior to the Merger, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units related to two of these three joint ventures remain outstanding subsequent to the Merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. The Class B units will become redeemable at our applicable partner’s election at future dates generally beginning in March 2017 or October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in June 2018 and November 2022, with respect to the applicable joint venture, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable. On February 13, 2015, we acquired our partner’s redeemable interest in the City Center operating property for $34.0 million and other non-redeemable rights and interests held by our partner for $0.4 million . We funded this acquisition with a $30 million draw on our unsecured revolving credit facility and the remainder in Limited Partner Units in the Operating Partnership. As a result of this transaction, our guarantee of a $26.6 million loan on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC was terminated. We classify redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. |
Reclassifications | Reclassifications Certain amounts in the accompanying consolidated financial statements for 2014 and 2013 have been reclassified to conform to the 2015 consolidated financial statement presentation. The reclassifications had no impact on net loss previously reported. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (the “Update”). The Update changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity or assets that meet the criteria to be classified as held for sale and that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The Update also requires expanded disclosures for discontinued operations and requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting in the period in which it is disposed of or is classified as held for sale and for all prior periods that are presented in the statement where net income is reported. The Update is effective for annual periods beginning on or after December 15, 2014, with early adoption permitted for disposals of assets that were not held for sale as of December 31, 2013. We adopted the Update in the first quarter of 2014. In March 2014, the Company disposed of its 50 th and 12 th operating property which had been classified as held for sale at December 31, 2013. Accordingly, the revenues and expenses of this property and the associated gain on sale have been classified in discontinued operations in the 2014 consolidated statements of operations In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”). ASU 2014-9 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance. It will also affect the existing GAAP guidance governing the sale of nonfinancial assets. The new standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. Under the new standard, entities will now generally recognize the sale, and any associated gain or loss, of a real estate property when control of the property transfers, as long as collectability of the consideration is probable. The new standard also amends ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers. Under ASC 340-40, incremental costs of obtaining a contract are recognized as an asset if the entity expects to recover them. Other costs related to originating a revenue transaction, such as salary expense, that is based on other qualitative or quantitative metrics, likely do not meet the criteria for capitalization because they are not directly related to obtaining a contract. We expect this new guidance will increase total General, administrative, and other expense on our consolidated statement of operations and decrease amortization expense. ASU 2014-9 was to be effective for public entities for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted, but in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which delays the effective date of ASU 2014-9 for one year. ASU 2014-9 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) as a cumulative effect adjustment as of the date of initial application, with no restatement of comparative periods presented. We are currently evaluating the impact adopting the new accounting standard, and the transition method of such adoption, will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning on or after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements, but we do not currently believe it will result in material changes to our previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual and interim reporting periods beginning on or after December 15, 2015, with early adoption permitted. We expect this new guidance will reduce total assets and total debt on our consolidated balance sheet by amounts currently classified as deferred issuance costs, but we do not expect this update to have any other material effect on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, Interest- Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting ( "ASU 2015-15" ). ASU 2015-15 was issued as a result of ASU 2015-03 not addressing presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 provides the option to present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. As this is already the current practice of the Parent Company and the Operating Partnership, we do not expect this update to have any effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 will eliminate the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. ASU 2015-16 requires that an acquirer must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for annual and interim reporting periods beginning on or after December 15, 2016, with early adoption permitted. We are currently evaluating the effect, if any, on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective for annual and interim reporting periods beginning on or after December 15, 2018, with early adoption permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements. |
Basis of Presentation and Sum28
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | The Company’s investment properties, excluding properties held for sale, as of December 31, 2015 and December 31, 2014 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land $ 805,646 $ 778,780 Buildings and improvements 2,946,976 2,785,780 Furniture, equipment and other 6,960 6,398 Land held for development 34,975 35,907 Construction in progress 138,583 125,883 $ 3,933,140 $ 3,732,748 In 2013, we acquired thirteen operating properties, which are summarized below: Property Name MSA Acquisition Date Purchase Price ($ in millions) Shoppes of Eastwood Orlando, FL January 2013 $ 11.6 Cool Springs Market Nashville, TN April 2013 37.6 Castleton Crossing Indianapolis, IN May 2013 39.0 Toringdon Market Charlotte, NC August 2013 15.9 Nine Property Portfolio Various November 2013 304.0 In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center New York - Newark July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 The following is a summary of our 2014 operating property acquisitions. Property Name MSA Acquisition Date Purchase Price ($ in millions) Merger with Inland Diversified Various July 2014 $ 2,128.6 Rampart Commons Las Vegas, NV December 2014 32.3 |
Allowance for Credit Losses on Financing Receivables | Accounts are written off when, in the opinion of management, the balance is uncollectible. ($ in thousands) 2015 2014 2013 Balance, beginning of year $ 2,433 $ 1,328 $ 755 Provision for credit losses, net of recoveries 4,331 1,740 922 Accounts written off (2,439 ) (635 ) (349 ) Balance, end of year $ 4,325 $ 2,433 $ 1,328 |
Schedule of Stockholders Equity | The noncontrolling interests in consolidated properties for the years ended December 31, 2015 , 2014 , and 2013 were as follows: ($ in thousands) 2015 2014 2013 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 $ 3,535 Net income allocable to noncontrolling interests, 111 140 121 Distributions to noncontrolling interests (115 ) (324 ) (108 ) Acquisition of partner's interest in Beacon Hill operating property (2,353 ) — — Partner's share of loss on sale of Cornelius Gateway operating property (234 ) — — Noncontrolling interests balance at December 31 $ 773 $ 3,364 $ 3,548 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | For the years ended December 31, 2015 , 2014 , and 2013 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2015 2014 2013 Parent Company’s weighted average interest in 97.9 % 97.2 % 93.3 % Limited partners' weighted average interests in 2.1 % 2.8 % 6.7 % |
Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2015 , 2014 , and 2013 were as follows: ($ in thousands) 2015 2014 2013 Redeemable noncontrolling interests balance January 1 $ 125,082 $ 43,928 $ 37,670 Acquired redeemable noncontrolling interests from merger — 69,356 — Acquisition of partner's interest in City Center operating property (33,998 ) — — Net income (loss) allocable to redeemable noncontrolling interests 2,087 891 (806 ) Distributions declared to redeemable noncontrolling interests (3,773 ) (3,021 ) (1,587 ) Other, net 2,917 13,928 8,651 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 92,315 $ 125,082 $ 43,928 Limited partners' interests in Operating Partnership $ 50,085 $ 47,320 $ 43,928 Other redeemable noncontrolling interests in certain subsidiaries 42,230 77,762 — Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 92,315 $ 125,082 $ 43,928 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | A summary of option activity under the Plan as of December 31, 2015 , and changes during the year then ended, is presented below: Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2015 248,991 $ 33.88 Granted — — Exercised (1,250 ) 10.56 Expired (14,375 ) 60.68 Forfeited — — Outstanding at December 31, 2015 $ 1,282,272 2.95 233,366 $ 32.36 Exercisable at December 31, 2015 $ 1,272,738 2.94 231,875 $ 32.44 Exercisable at December 31, 2014 243,686 $ 34.16 |
Schedule of Restricted Stock Activity | The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2015 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2015 615,453 $ 22.87 Shares granted 121,075 28.10 Shares forfeited (358 ) 21.49 Shares canceled (274,835 ) 21.25 Shares vested (105,001 ) 23.86 Restricted shares outstanding at December 31, 2015 356,334 $ 25.61 |
Deferred Costs and Intangible30
Deferred Costs and Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | At December 31, 2015 and 2014 , deferred costs consisted of the following: ($ in thousands) 2015 2014 Deferred financing costs $ 19,052 $ 14,575 Acquired lease intangible assets 138,796 142,823 Deferred leasing costs and other 54,902 48,149 212,750 205,547 Less—accumulated amortization (54,866 ) (36,583 ) Total 157,884 168,964 Deferred costs and intangibles, net – properties held for sale — (8,986 ) Total $ 157,884 $ 159,978 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of deferred leasing costs Total 2016 $ 5,252 $ 16,737 $ 21,989 2017 4,293 13,866 18,159 2018 2,724 10,045 12,769 2019 1,475 7,507 8,982 2020 1,279 6,560 7,839 Thereafter 5,307 35,279 40,586 Total $ 20,330 $ 89,994 $ 110,324 |
Deferred Cost Amortization | The accompanying consolidated statements of operations include amortization expense as follows: ($ in thousands) For the year ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ 3,209 $ 2,864 $ 2,434 Amortization of deferred leasing costs, lease intangibles and other 25,187 17,291 5,605 Amortization of above market lease intangibles 6,860 4,787 534 |
Deferred Revenue, Intangibles31
Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Deferred Revenue and Other Liabilities | At December 31, 2015 and 2014 , deferred revenue and other liabilities consisted of the following: ($ in thousands) 2015 2014 Unamortized in-place lease liabilities $ 112,405 $ 125,336 Retainages payable and other 5,636 2,852 Assumed earnout liability (Note 15) 1,380 9,664 Tenant rents received in advance 12,138 10,841 Total 131,559 148,693 Deferred revenue, intangibles, net and other liabilities – liabilities held for sale — (12,284 ) Total $ 131,559 $ 136,409 |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of deferred leasing costs Total 2016 $ 5,252 $ 16,737 $ 21,989 2017 4,293 13,866 18,159 2018 2,724 10,045 12,769 2019 1,475 7,507 8,982 2020 1,279 6,560 7,839 Thereafter 5,307 35,279 40,586 Total $ 20,330 $ 89,994 $ 110,324 |
Leases, Acquired-in-Place | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2016 $ 8,198 2017 7,143 2018 6,414 2019 5,855 2020 5,442 Thereafter 79,353 Total $ 112,405 |
Merger and Acquisitions (Tables
Merger and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Real Estate Properties | The Company’s investment properties, excluding properties held for sale, as of December 31, 2015 and December 31, 2014 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land $ 805,646 $ 778,780 Buildings and improvements 2,946,976 2,785,780 Furniture, equipment and other 6,960 6,398 Land held for development 34,975 35,907 Construction in progress 138,583 125,883 $ 3,933,140 $ 3,732,748 In 2013, we acquired thirteen operating properties, which are summarized below: Property Name MSA Acquisition Date Purchase Price ($ in millions) Shoppes of Eastwood Orlando, FL January 2013 $ 11.6 Cool Springs Market Nashville, TN April 2013 37.6 Castleton Crossing Indianapolis, IN May 2013 39.0 Toringdon Market Charlotte, NC August 2013 15.9 Nine Property Portfolio Various November 2013 304.0 In 2015, we acquired four operating properties for total consideration of $185.8 million , including the assumption of an $18.3 million loan, which are summarized below: Property Name MSA Acquisition Date Colleyville Downs Dallas, TX April 2015 Belle Isle Station Oklahoma City, OK May 2015 Livingston Shopping Center New York - Newark July 2015 Chapel Hill Shopping Center Fort Worth, TX August 2015 The following is a summary of our 2014 operating property acquisitions. Property Name MSA Acquisition Date Purchase Price ($ in millions) Merger with Inland Diversified Various July 2014 $ 2,128.6 Rampart Commons Las Vegas, NV December 2014 32.3 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes our final aggregated estimated fair value of amounts recognized for each major class of asset and liability for these acquisitions: ($ in thousands) Allocation to opening balance sheet Investment properties, net $ 419,080 Lease-related intangible assets 19,537 Other assets 293 Total acquired assets 438,910 Accounts payable and accrued expenses 2,204 Deferred revenue and other liabilities 29,291 Total assumed liabilities 31,495 Fair value of acquired net assets $ 407,415 The following table summarizes the aggregate estimated fair values of the properties acquired in connection with the Merger with Inland Diversified on July 1, 2014: ($ in thousands) Assets: Investment properties, net $ 2,095,567 Deferred costs, net 143,210 Investments in marketable securities 18,602 Cash and cash equivalents 108,666 Accounts receivable, prepaid expenses, and other 20,157 Total assets $ 2,386,202 Liabilities: Mortgage and other indebtedness, including debt premium of $33,298 $ 892,909 Deferred revenue and other liabilities 129,935 Accounts payable and accrued expenses 59,314 Total Liabilities 1,082,158 Noncontrolling interests 69,356 Common stock issued 1,234,688 Total estimated fair value of acquired net assets $ 2,386,202 The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2015: ($ in thousands) Investment properties, net $ 176,223 Lease-related intangible assets, net 17,436 Other assets 435 Total acquired assets 194,094 Mortgage and other indebtedness 18,473 Accounts payable and accrued expenses 2,125 Deferred revenue and other liabilities 8,269 Total assumed liabilities 28,867 Fair value of acquired net assets $ 165,227 |
Fair Value, Option, Quantitative Disclosures | The ranges of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets of each building acquired during the Merger are as follows: Low High Lease-up period (months) 6 18 Net rental rate per square foot – Anchors (greater than 10,000 square feet) $ 5.00 $ 30.00 Net rental rate per square foot – Small Shops $ 11.00 $ 53.00 Discount rate 5.75 % 9.25 % |
Business Acquisition, Pro Forma Information | he results also reflect the pay down of certain indebtedness. ($ in thousands) Twelve Months Ended December 31, (unaudited) 2014 2013 Total revenue $ 355,716 $ 357,506 Consolidated net income 26,911 2,219 The following table summarizes the revenues and expenses of the properties acquired in 2014 subsequent to the respective acquisition dates. These revenues and expenses are included in the consolidated statement of operations for the year ended December 31, 2014: ($ in thousands) Year ended December 31, 2014 Revenue $ 92,212 Expenses: Property operating 14,262 Real estate taxes and other 11,254 Depreciation and amortization 43,257 Interest expense 14,845 Total expenses 83,618 Gain on sale and other (1) 2,153 Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests 10,747 Income allocable to noncontrolling interests (1,284 ) Impact from 2014 acquisitions on income attributable to Kite Realty Trust $ 9,463 ____________________ 1 We sold eight properties that were acquired through the Merger in November and December 2014. |
Disposals, Discontinued Opera33
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Properties Sold | The operating properties sold in late 2014 and early 2015 are as follows: Property Name MSA Owned GLA Sold in late 2014 Copps Grocery Stevens Point, WI 69,911 Fox Point Neenah, WI 171,121 Harvest Square Harvest, AL 70,590 Landing at Ocean Isle Beach Ocean Isle Beach, NC 53,220 Branson Hills Plaza 1 Branson, MO 289,986 Shoppes at Branson Hills Branson, MO Shoppes at Prairie Ridge Pleasant Prairie, WI 128,431 Heritage Square Conyers, GA 22,385 Sold in early 2015 Eastside Junction Athens, AL 79,700 Fairgrounds Crossing Hot Springs, AR 151,927 Hawk Ridge Saint Louis, MO 75,951 Prattville Town Center Prattville, AL 168,842 Regal Court Shreveport, LA 151,719 Whispering Ridge Omaha, NE 69,676 Walgreens Plaza Jacksonville, NC 42,219 |
Assets and Liabilities Associated with Held for Sale Properties, Table | The following table presents the assets and liabilities associated with the held for sale properties: ($ in thousands) December 31, 2014 Assets: Investment properties, at cost $ 170,782 Less: accumulated depreciation (1,313 ) 169,469 Accounts receivable, prepaids and other assets 1,187 Deferred costs and intangibles, net 8,986 Total assets held for sale $ 179,642 Liabilities: Mortgage and other indebtedness, including net premium $ 67,452 Accounts payable and accrued expenses 1,428 Deferred revenue, intangibles and other liabilities 12,284 Total liabilities held for sale $ 81,164 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The results of the discontinued operations related to the properties that were classified as such prior to the adoption of ASU 2014-08 were comprised of the following for the years ended December 31, 2014 and 2013: ($ in thousands) Year ended December 31, 2014 2013 Revenue $ — $ 2,565 Expenses: Property operating — 117 Real estate taxes and other — 199 Depreciation and amortization — 844 Impairment charge — 5,372 Total expenses — 6,532 Operating loss — (3,967 ) Interest expense — (571 ) Loss from discontinued operations — (4,538 ) Gain on debt extinguishment — 1,242 Gain on sale of operating properties, net 3,198 487 Total income (loss) from discontinued operations $ 3,198 $ (2,809 ) Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders $ 3,111 $ (2,620 ) Income (loss) from discontinued operations attributable to noncontrolling interests 87 (189 ) Total income (loss) from discontinued operations $ 3,198 $ (2,809 ) |
Mortgage Loans and Other Inde34
Mortgage Loans and Other Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Participating Mortgage Loans | Mortgage and other indebtedness, excluding mortgages related to assets held for sale (see Note 9), consist of the following at December 31, 2015 and 2014 : ($ in thousands) Balance at December 31, Description 2015 2014 Senior Unsecured Notes Maturing at various dates through September 2027; interest rates ranging from 4.23% to 4.57% at December 31, 2015 $ 250,000 $ — Unsecured Revolving Credit Facility Matures July 2018 1 ; borrowing level up to $339.5 million available at December 31, 2015 and $500 million at December 31, 2014; interest at LIBOR + 1.40% 2 or 1.83% at December 31, 2015 and interest at LIBOR + 1.40% 2 or 1.57% at December 31, 2014 20,000 160,000 Unsecured Term Loans $400 million matures July 2019 3 ; interest at LIBOR + 1.35% 2 or 1.78% at December 31, 2015 and interest at LIBOR + 1.35% 2 or 1.52% at December 31, 2014; $100 million matures October 2022; interest at LIBOR + 1.60% 2 or 2.03% at December 31, 2015 500,000 230,000 Construction Loans—Variable Rate Generally interest only; maturing at various dates through 2016; interest at LIBOR + 1.75%-2.10%, ranging from 2.18% to 2.53% at December 31, 2015 and interest at LIBOR+1.75%-2.10%, ranging from 1.92% to 2.27% at December 31, 2014 132,776 119,347 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates through 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2015 and interest rates ranging from 3.81% to 6.78% at December 31, 2014 756,494 810,959 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates through 2023; interest at LIBOR + 1.70%-2.25%, ranging from 2.13% to 2.68% at December 31, 2015 and interest at LIBOR + 1.75%-2.75%, ranging from 1.92% to 2.92% at December 31, 2014 58,268 205,798 Net premium on acquired indebtedness 16,521 28,159 Total mortgage and other indebtedness $ 1,734,059 $ 1,554,263 ____________________ 1 The maturity date may be extended at the Company’s option for up to two additional periods of six months each, subject to certain conditions. 2 The interest rates on our unsecured revolving credit facility and unsecured term loans varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. 3 The maturity date may be extended for an additional six months at the Company’s option subject to certain conditions. |
Schedule of Maturities of Long-term Debt | The following table presents maturities of mortgage debt, corporate debt, and construction loans as of December 31, 2015 : ($ in thousands) Annual Principal Payments Term Maturity 1 Total 2016 $ 5,666 $ 261,041 $ 266,707 2017 5,103 17,026 22,129 2018 5,335 62,584 67,919 2019 5,255 20,000 25,255 2020 5,200 442,339 447,539 Thereafter 12,196 875,793 887,989 $ 38,755 $ 1,678,783 $ 1,717,538 Unamortized Premiums 16,521 Total $ 1,734,059 ____________________ 1 This presentation reflects the Company's exercise of its options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan. |
Lease Information (Tables)
Lease Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received | As of December 31, 2015 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on sales volume, are as follows: ($ in thousands) 2016 $ 255,764 2017 238,169 2018 203,888 2019 174,547 2020 150,735 Thereafter 743,848 Total $ 1,766,951 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2016 $ 1,494 2017 1,494 2018 1,132 2019 1,103 2020 1,088 Thereafter 44,583 Total $ 50,894 |
Quarterly Financial Data (Una36
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2015 and 2014 . ($ in thousands) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 86,828 $ 83,735 $ 87,147 89,295 Operating income 18,483 16,099 16,911 20,307 Income from continuing operations 4,499 7,235 2,961 10,402 Gain on sale of operating properties, net 3,363 — — 854 Consolidated net income 7,862 7,235 2,961 11,256 Net income from continuing operations attributable to Kite Realty Group Trust common shareholders 7,179 6,727 2,526 10,685 Net income attributable to Kite Realty Group Trust common shareholders 5,065 4,613 412 $ 5,353 Net income per common share – basic and diluted: Net income from continuing operations attributable to Kite Realty Group Trust common shareholders 0.06 0.06 0.00 0.06 Net income attributable to Kite Realty Group Trust common shareholders 0.06 0.06 0.00 0.06 Weighted average Common Shares outstanding - basic 83,532,092 83,506,078 83,325,074 83,327,664 Weighted average Common Shares outstanding - diluted 83,625,352 83,803,879 83,433,379 83,438,844 ($ in thousands) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 42,660 $ 40,843 $ 88,576 $ 87,448 Operating income 5,206 4,319 (1,316 ) 21,120 (Loss) income from continuing operations (2,217 ) (3,196 ) (16,729 ) 5,786 Income (loss) from discontinued operations 3,198 — — — Gain on sale of operating properties, net 3,490 — 2,749 2,243 Consolidated net income (loss) 4,471 (3,196 ) (13,980 ) 8,029 Net income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders 4,332 (2,976 ) (14,284 ) 7,227 Net income (loss) attributable to Kite Realty Group Trust common shareholders 2,218 (5,090 ) (16,398 ) 5,113 Net (loss) income per common share – basic and diluted: Net (loss) income from continuing operations attributable to Kite Realty Group Trust common shareholders 0.00 (0.16 ) (0.20 ) 0.06 Net income (loss) attributable to Kite Realty Group Trust common shareholders 0.08 (0.16 ) (0.20 ) 0.06 Weighted average Common Shares outstanding - basic 32,755,898 32,884,467 83,455,900 83,478,680 Weighted average Common Shares outstanding - diluted 32,755,898 32,884,467 83,455,900 83,727,400 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Earnout Liability | The table below presents the change in our earnout liability for the twelve months ended December 31, 2015 . ($ in thousands) Twelve Months Ended Earnout liability – beginning of period $ 9,664 Decreases: Settlement of earnout obligations (2,581 ) Adjustments to estimated fair value determination during the Merger measurement period (871 ) Non-cash gain from release of assumed earnout liability (4,832 ) Earnout liability – end of period $ 1,380 |
Supplemental Schedule of Non-38
Supplemental Schedule of Non-Cash Investing/Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Non-Cash Investing and Financing Activities | The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2015 , 2014 and 2013 : ($ in thousands) Year Ended December 31, 2015 2014 2013 Assumption of mortgages upon completion of Merger including debt premium of $33,298 $ — $ 892,909 $ — Properties and other assets acquired upon completion of Merger — 2,367,600 — Marketable securities acquired upon completion of Merger — 18,602 — Assumption of debt in connection with acquisition of Rampart Commons including debt premium of $2,221 — 14,586 — Accrued distribution to preferred shareholders — 705 705 Extinguishment of mortgages upon transfer of Tranche I operating properties — 75,800 — Assumption of mortgages by buyer upon sale of properties 40,303 — — Assumption of debt in connection with acquisition of Chapel Hill Shopping Center including debt premium of $212 18,462 — — Extinguishment of mortgage upon transfer of Kedron Village operating property — — 29,195 Net assets of Kedron Village transferred to lender (excluding non-recourse debt) — — 27,953 |
Organization (Details)
Organization (Details) - property | 2 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 16, 2014 | Jul. 01, 2014 | Dec. 31, 2013 | |
Organization [Line Items] | |||||||
General partner, ownership interest | 97.80% | ||||||
Number of real estate properties (in properties) | 61 | 15 | 15 | 13 | |||
Number of properties sold (in properties) | 8 | ||||||
Operating and Redevelopment Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 123 | 118 | |||||
Retail Operating Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 118 | 110 | |||||
Held-for-Sale Operating Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 7 | ||||||
Redevelopment Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 3 | 6 | |||||
Office Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 1 | 1 | |||||
In-Process Retail Development Properties | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 4 | 3 | |||||
Inland Diversified Real Estate Trust | |||||||
Organization [Line Items] | |||||||
Number of real estate properties (in properties) | 60 | ||||||
Number of properties sold (in properties) | 15 | ||||||
Kite Realty Group, LP | |||||||
Organization [Line Items] | |||||||
Limited partner, ownership interest | 2.20% |
Basis of Presentation and Sum40
Basis of Presentation and Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment properties, at cost: | ||
Land | $ 805,646 | $ 778,780 |
Buildings and improvements | 2,946,976 | 2,785,780 |
Furniture, equipment and other | 6,960 | 6,398 |
Land held for development | 34,975 | 35,907 |
Construction in progress | 138,583 | 125,883 |
Investment properties, at cost | $ 3,933,140 | $ 3,732,748 |
Basis of Presentation and Sum41
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Feb. 13, 2015USD ($) | Aug. 11, 2014shares | Dec. 31, 2015USD ($)segmentjoint_ventureshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Aug. 10, 2014shares |
Investment [Line Items] | ||||||
Operating partnership units exchanged for common shares (in shares) | shares | 18,000 | 22,000 | 23,250 | |||
Limited partners' capital account, units outstanding (in shares) | shares | 1,901,278 | 1,639,443 | ||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 2,353 | $ 0 | $ 0 | |||
Special assessment bond termination | $ 26,600 | |||||
Restricted cash and escrow deposits | $ 13,476 | 16,171 | ||||
Number of VIE entities | joint_venture | 1 | |||||
VIE debt | $ 56,800 | |||||
VIE assets | 107,200 | |||||
Gain (loss) on sale of properties | $ 5,600 | $ 1,500 | $ 6,200 | |||
Percentage of accounts receivable | 1.20% | 0.90% | 1.00% | |||
Weighted average limited partnership units outstanding, basic (in shares) | shares | 1,800,000 | 1,700,000 | 1,700,000 | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 100,000 | 300,000 | 400,000 | |||
Common shares outstanding (in shares) | shares | 83,200,000 | 83,334,865 | 83,490,663 | 332,700,000 | ||
Number of operating segments | segment | 1 | |||||
Capital Unit, Class B | ||||||
Investment [Line Items] | ||||||
Number of joint ventures in which units are issued | joint_venture | 3 | |||||
Number of joint ventures in which units are issued, noncontrolling interest | joint_venture | 2 | |||||
City Center Operating Property | ||||||
Investment [Line Items] | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | 400 | |||||
Revolving Credit Facility | City Center Operating Property | ||||||
Investment [Line Items] | ||||||
Proceeds from lines of credit | 30,000 | |||||
Cash | ||||||
Investment [Line Items] | ||||||
Restricted cash and escrow deposits | $ 16,100 | |||||
Noncontrolling Interest | City Center Operating Property | ||||||
Investment [Line Items] | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 34,000 | |||||
Operating Partnership | ||||||
Investment [Line Items] | ||||||
Ownership percentage by parent | 97.80% | 98.10% | ||||
Ownership percentage by noncontrolling owners | 2.20% | 1.90% | ||||
Cornelius Gateway Operating Property | ||||||
Investment [Line Items] | ||||||
Loss allocated to parent | 80.00% | |||||
Loss allocated to partner | 20.00% | |||||
Building and Building Improvements | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, useful life (in years) | 10 years | |||||
Building and Building Improvements | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, useful life (in years) | 35 years | |||||
Furniture and Fixtures | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, useful life (in years) | 5 years | |||||
Furniture and Fixtures | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, useful life (in years) | 10 years | |||||
Reverse Stock Split | ||||||
Investment [Line Items] | ||||||
Stock split, conversion ratio | 4 | |||||
FLORIDA | Billed Receivables | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 50.00% | 40.00% | ||||
FLORIDA | Revenues Recognized | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 25.00% | 26.00% | 30.00% | |||
INDIANA | Billed Receivables | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 11.00% | 11.00% | ||||
INDIANA | Revenues Recognized | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 14.00% | 18.00% | 36.00% | |||
TEXAS | Billed Receivables | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 6.00% | 4.00% | ||||
TEXAS | Revenues Recognized | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk, percentage | 12.00% | 13.00% | 14.00% |
Basis of Presentation and Sum42
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $ 2,433 | $ 1,328 | $ 755 |
Provision for credit losses, net of recoveries | 4,331 | 1,740 | 922 |
Accounts written off | (2,439) | (635) | (349) |
Balance, end of year | $ 4,325 | $ 2,433 | $ 1,328 |
Basis of Presentation and Sum43
Basis of Presentation and Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests balance January 1 | $ 3,364 | $ 3,548 | $ 3,535 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 2,198 | 1,025 | (685) |
Distributions to noncontrolling interests | (115) | (324) | (108) |
Acquisition of partner's interest in City Center operating property | (2,353) | 0 | 0 |
Partner's share of loss on sale of Cornelius Gateway operating property | (234) | 0 | 0 |
Noncontrolling interests balance at December 31 | 773 | 3,364 | 3,548 |
Excluding Redeemable Non-Controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $ 111 | $ 140 | $ 121 |
Basis of Presentation and Sum44
Basis of Presentation and Summary of Significant Accounting Policies - Weighted Average Interests in Operating Partnership (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Company’s weighted average basic interest in Operating Partnership | 97.90% | 97.20% | 93.30% |
Limited partner’s redeemable noncontrolling weighted average basic interests in Operating Partnership | 2.10% | 2.80% | 6.70% |
Basis of Presentation and Sum45
Basis of Presentation and Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Acquisition of partner's interest in City Center operating property | $ (2,353) | $ 0 | $ 0 | |||
Net income (loss) allocable to redeemable noncontrolling interests | 2,198 | 1,025 | (685) | |||
Distributions declared to redeemable noncontrolling interests | (115) | (324) | (108) | |||
Redeemable Noncontrolling Interests | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 125,082 | 43,928 | 37,670 | |||
Acquired redeemable noncontrolling interests from merger | 0 | 69,356 | 0 | |||
Acquisition of partner's interest in City Center operating property | (33,998) | 0 | 0 | |||
Net income (loss) allocable to redeemable noncontrolling interests | 2,087 | 891 | (806) | |||
Distributions declared to redeemable noncontrolling interests | (3,773) | (3,021) | (1,587) | |||
Other, net | 2,917 | 13,928 | 8,651 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 92,315 | 125,082 | 43,928 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 125,082 | 43,928 | 37,670 | $ 92,315 | $ 125,082 | $ 43,928 |
Redeemable Noncontrolling Interests | Partnership Interest | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 125,082 | 43,928 | ||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 92,315 | 125,082 | 43,928 | |||
Limited partners' interests in Operating Partnership | 50,085 | 47,320 | 43,928 | |||
Other redeemable noncontrolling interests in certain subsidiaries | 42,230 | 77,762 | 0 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ 125,082 | $ 43,928 | $ 43,928 | $ 92,315 | $ 125,082 | $ 43,928 |
Gain on Settlement (Details)
Gain on Settlement (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2014property | Sep. 16, 2014property | |
Gain Contingencies [Line Items] | ||||||
Gain on settlement | $ | $ 4,520 | $ 0 | $ 0 | |||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | ||
Positive Outcome of Litigation | ||||||
Gain Contingencies [Line Items] | ||||||
Gain on settlement | $ | $ 4,750 | |||||
Number of real estate properties (in properties) | property | 1 |
Kedron Village (Details)
Kedron Village (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||
Impairment charge | $ 1,592 | $ 0 | $ 0 | ||
Non-cash gain on debt extinguishment | $ 5,645 | $ 0 | 0 | ||
Kedron Village | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Impairment charge | $ 5,400 | ||||
Property, plant, and equipment, fair value | $ 25,500 | ||||
Non-cash gain on debt extinguishment | $ 1,200 | ||||
Reversal of accrual of unpaid interest | $ 1,100 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocation of recognized period costs, capitalized amount | $ 1,000,000 | $ 800,000 | $ 500,000 | |||||||
Number of shares available for grant (in shares) | 1,239,022 | |||||||||
Granted (in shares) | 0 | 0 | 0 | |||||||
Exercised (in shares) | 1,250 | 3,313 | 40,639 | |||||||
Exercises in period, intrinsic value (less than $0.1 million) | $ 100,000 | $ 100,000 | $ 400,000 | |||||||
Compensation cost not yet recognized (less than) | $ 100,000 | |||||||||
Percent of compensation in time-based restricted shares | 50.00% | |||||||||
Percent of compensation in three-year performance shares | 50.00% | |||||||||
Net Of Capitalized Costs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share-based compensation expense | $ 4,400,000 | $ 2,900,000 | $ 1,100,000 | |||||||
Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 5 years | |||||||||
Expiration period (in years) | 10 years | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation cost not yet recognized (less than) | $ 6,900,000 | |||||||||
Shares granted (in shares) | 121,075 | 499,436 | 103,685 | |||||||
Shares granted (in dollars per share) | $ 28.10 | $ 22.62 | $ 25.80 | |||||||
Shares canceled (in shares) | 274,835 | 274,835 | ||||||||
Vested in period, fair value | $ 2,900,000 | $ 1,600,000 | $ 1,100,000 | |||||||
Period for recognition (in years) | 1 year 9 months 4 days | |||||||||
Restricted Stock | Scenario, Forecast | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share-based compensation expense | $ 800,000 | $ 1,600,000 | $ 1,900,000 | $ 2,500,000 | ||||||
Restricted Stock | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 1 year | |||||||||
Restricted Stock | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 5 years | |||||||||
Performance Shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period (in years) | 3 years | |||||||||
Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | |||||||||
Expiration period (in years) | 3 years | |||||||||
Award measurement period (in years) | 3 years | |||||||||
Award requisite service period (in years) | 3 years | |||||||||
Aggregate intrinsic value, nonvested | $ 1,100,000 | |||||||||
Restricted Stock Units (RSUs) | Scenario, Forecast | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share-based compensation expense | 100,000 | 400,000 | 400,000 | |||||||
The 2013 Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of additional shares authorized (in shares) | 1,500,000 | |||||||||
Outperformance Plan 2014 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 2 years | |||||||||
Award requisite service period (in years) | 3 years | |||||||||
Aggregate intrinsic value, nonvested | $ 2,400,000 | |||||||||
Outperformance Plan 2014 | Scenario, Forecast | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share-based compensation expense | $ 100,000 | $ 300,000 | $ 600,000 | $ 700,000 | ||||||
Outperformance Plan 2014 | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred compensation share-based arrangements, liability | $ 7,500,000 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding, aggregate intrinsic value | $ 1,282,272 | ||
Exercisable, aggregate intrinsic value | $ 1,272,738 | ||
Outstanding, remaining contractual term (in years) | 2 years 11 months 12 days | ||
Exercisable, remaining contractual term (in years) | 2 years 11 months 9 days | ||
Options | |||
Outstanding, beginning of period (in shares) | 248,991 | ||
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (1,250) | (3,313) | (40,639) |
Expired (in shares) | (14,375) | ||
Forfeited (in shares) | 0 | ||
Outstanding, end of period (in shares) | 233,366 | 248,991 | |
Exercisable (in shares) | 231,875 | 243,686 | |
Weighted-Average Exercise Price | |||
Outstanding, beginning of period (in dollars per share) | $ 33.88 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 10.56 | ||
Expired (in dollars per share) | 60.68 | ||
Forfeited (in dollars per share) | 0 | ||
Outstanding, end of period (in dollars per share) | 32.36 | $ 33.88 | |
Exercisable (in dollars per share) | $ 32.44 | $ 34.16 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Activity (Details) - Restricted Stock - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 615,453 | |||
Shares granted (in shares) | 121,075 | 499,436 | 103,685 | |
Shares forfeited (in shares) | (358) | |||
Shares canceled (in shares) | (274,835) | (274,835) | ||
Shares vested (in shares) | (105,001) | |||
Outstanding, ending balance (in shares) | 356,334 | 615,453 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning balance (in dollars per share) | $ 22.87 | |||
Shares granted (in dollars per share) | 28.10 | $ 22.62 | $ 25.80 | |
Shares forfeited (in dollars per share) | 21.49 | |||
Shares canceled (in dollars per share) | 21.25 | |||
Shares vested (in dollars per share) | 23.86 | |||
Outstanding, ending balance (in dollars per share) | $ 25.61 | $ 22.87 |
Deferred Costs and Intangible51
Deferred Costs and Intangibles, Net - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred financing costs | $ 19,052 | $ 14,575 |
Acquired lease intangible assets | 138,796 | 142,823 |
Deferred leasing costs and other | 54,902 | 48,149 |
Deferred costs, gross | 212,750 | 205,547 |
Less—accumulated amortization | (54,866) | (36,583) |
Total | 157,884 | 168,964 |
Deferred costs and intangibles, net – properties held for sale | 0 | (8,986) |
Total | $ 157,884 | $ 159,978 |
Deferred Costs and Intangible52
Deferred Costs and Intangibles, Net - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 21,989 |
2,017 | 18,159 |
2,018 | 12,769 |
2,019 | 8,982 |
2,020 | 7,839 |
Thereafter | 40,586 |
Total | 110,324 |
Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | 5,252 |
2,017 | 4,293 |
2,018 | 2,724 |
2,019 | 1,475 |
2,020 | 1,279 |
Thereafter | 5,307 |
Total | 20,330 |
Deferred Leasing Costs | |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | 16,737 |
2,017 | 13,866 |
2,018 | 10,045 |
2,019 | 7,507 |
2,020 | 6,560 |
Thereafter | 35,279 |
Total | $ 89,994 |
Deferred Costs and Intangible53
Deferred Costs and Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortization of deferred financing costs | $ 3,209 | $ 2,864 | $ 2,434 |
Amortization of deferred leasing costs, lease intangibles and other | 25,187 | 17,291 | 5,605 |
Amortization of above market lease intangibles | $ 6,860 | $ 4,787 | $ 534 |
- Deferred Revenue and Other Li
- Deferred Revenue and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 131,559 | $ 148,693 |
Deferred revenue, intangibles, net and other liabilities – liabilities held for sale | 0 | (12,284) |
Total | 131,559 | 136,409 |
Unamortized in-place lease liabilities | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 112,405 | 125,336 |
Retainages payable and other | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 5,636 | 2,852 |
Assumed earnout liability | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 1,380 | 9,664 |
Tenant rents received in advance | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 12,138 | $ 10,841 |
- Aggregate Amortization of Acq
- Aggregate Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 21,989 |
2,017 | 18,159 |
2,018 | 12,769 |
2,019 | 8,982 |
2,020 | 7,839 |
Thereafter | 40,586 |
Total | 110,324 |
Leases, Acquired-in-Place | |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | 8,198 |
2,017 | 7,143 |
2,018 | 6,414 |
2,019 | 5,855 |
2,020 | 5,442 |
Thereafter | 79,353 |
Total | $ 112,405 |
Merger and Acquisitions (Detail
Merger and Acquisitions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2014property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2014property | Sep. 16, 2014property | Jul. 01, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||
Acquisition related costs | $ 1,600 | $ 27,500 | $ 2,200 | ||||
Weighted average useful life (in years) | 4 years 219 days | ||||||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | |||
Inland Diversified Real Estate Trust, Inc | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties (in properties) | property | 60 | ||||||
Assumed liabilities | $ 1,082,158 | ||||||
Inland Diversified Real Estate Trust, Inc | Lease Agreements | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life (in years) | 5 years 292 days | ||||||
Rampart Commons | |||||||
Business Acquisition [Line Items] | |||||||
Assumed liabilities | $ 12,400 | ||||||
Interest rate, stated percentage | 5.73% | ||||||
The 2014 Operating Property Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 2,100,000 | ||||||
Assumed liabilities | $ 860,000 |
Merger and Acquisitions - Addit
Merger and Acquisitions - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2015USD ($) | Jul. 31, 2014USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2014property | Sep. 16, 2014property | Jul. 01, 2014USD ($) | |
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | $ 1,600 | $ 27,500 | $ 2,200 | |||||
Number of operating properties acquired (in properties) | property | 4 | |||||||
Loans assumed | $ 40,303 | |||||||
Weighted average useful life (in years) | 4 years 219 days | |||||||
Depreciation and amortization | 167,312 | $ 120,998 | $ 54,479 | |||||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | ||||
The 2015 Operating Property Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Pro forma revenue | 8,800 | |||||||
Pro forma earnings (loss) | (1,300) | |||||||
Depreciation and amortization | 5,800 | |||||||
Assumed liabilities | $ 28,867 | |||||||
Inland Diversified Real Estate Trust, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition costs | $ 2,128,600 | |||||||
Loans assumed | $ 892,909 | |||||||
Number of real estate properties (in properties) | property | 60 | |||||||
Assumed liabilities | $ 1,082,158 | |||||||
Rampart Commons | ||||||||
Business Acquisition [Line Items] | ||||||||
Assumed liabilities | $ 12,400 | |||||||
Interest rate, stated percentage | 5.73% | |||||||
The 2014 Operating Property Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Pro forma revenue | $ 92,212 | |||||||
Pro forma earnings (loss) | 9,463 | |||||||
Consideration transferred | 2,100,000 | |||||||
Assumed liabilities | $ 860,000 | |||||||
Lease Agreements | The 2015 Operating Property Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average useful life (in years) | 9 years 4 months 24 days | |||||||
Lease Agreements | Inland Diversified Real Estate Trust, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average useful life (in years) | 5 years 292 days | |||||||
Colleyville Downs, Belle Isle Station, Livingston Shopping Center and Chapel Hill Shopping Center | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition costs | $ 185,800 | |||||||
Chapel Hill Operating Property | ||||||||
Business Acquisition [Line Items] | ||||||||
Loans assumed | $ 18,300 | $ 18,300 |
Merger and Acquisitions - Prope
Merger and Acquisitions - Property Acquisitions (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||
Dec. 31, 2014 | Jul. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | May. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | |
Rampart Commons | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 32.3 | ||||||
Shoppes Of Eastwood | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 11.6 | ||||||
Cool Springs Market | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 37.6 | ||||||
Castleton Crossing | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 39 | ||||||
Toringdon Market | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 15.9 | ||||||
Nine Property Portfolio | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 304 | ||||||
Inland Diversified Real Estate Trust, Inc | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition costs | $ 2,128.6 |
Merger and Acquisitions - Purch
Merger and Acquisitions - Purchase Price Allocation for Properties Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | Dec. 31, 2013 |
The 2015 Operating Property Acquisitions | |||||
Assets: | |||||
Investment properties, net | $ 176,223 | ||||
Lease-related intangible assets, net | 17,436 | ||||
Other assets | 435 | ||||
Total acquired assets | 194,094 | ||||
Liabilities: | |||||
Mortgage and other indebtedness | 18,473 | ||||
Deferred revenue and other liabilities | 8,269 | ||||
Accounts payable and accrued expenses | 2,125 | ||||
Total assumed liabilities | 28,867 | ||||
Fair value of acquired net assets | $ 165,227 | ||||
Inland Diversified Real Estate Trust, Inc | |||||
Assets: | |||||
Investment properties, net | $ 2,095,567 | ||||
Deferred costs, net | 143,210 | ||||
Investments in marketable securities | 18,602 | ||||
Cash and cash equivalents | 108,666 | ||||
Accounts receivable, prepaid expenses, and other | 20,157 | ||||
Total acquired assets | 2,386,202 | ||||
Liabilities: | |||||
Mortgage and other indebtedness | 892,909 | ||||
Debt premium | $ 33,298 | $ 33,298 | |||
Deferred revenue and other liabilities | 129,935 | ||||
Accounts payable and accrued expenses | 59,314 | ||||
Total assumed liabilities | 1,082,158 | ||||
Noncontrolling interests | 69,356 | ||||
Common stock issued | 1,234,688 | ||||
Total estimated fair value of acquired net assets | $ 2,386,202 | ||||
The 2013 Operating Property Acquisitions | |||||
Assets: | |||||
Investment properties, net | $ 419,080 | ||||
Lease-related intangible assets, net | 19,537 | ||||
Other assets | 293 | ||||
Total acquired assets | 438,910 | ||||
Liabilities: | |||||
Deferred revenue and other liabilities | 29,291 | ||||
Accounts payable and accrued expenses | 2,204 | ||||
Total assumed liabilities | 31,495 | ||||
Fair value of acquired net assets | $ 407,415 |
Merger and Acquisitions - Level
Merger and Acquisitions - Level 3 Assumptions (Details) | 12 Months Ended |
Dec. 31, 2015ft² | |
Anchor | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Area of real estate property (in sqft) | 10,000 |
Income Approach Valuation Technique | Minimum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Lease-up period (months) | 6 months |
Discount rate | 5.75% |
Income Approach Valuation Technique | Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Lease-up period (months) | 18 months |
Discount rate | 9.25% |
Income Approach Valuation Technique | Anchor | Minimum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 5 |
Income Approach Valuation Technique | Anchor | Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 30 |
Income Approach Valuation Technique | Small Shops | Minimum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 11 |
Income Approach Valuation Technique | Small Shops | Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net rental rate per square foot | 53 |
Merger and Acquisitions - Reven
Merger and Acquisitions - Revenue and Earnings of Acquired Properties (Details) $ in Thousands | 2 Months Ended | 12 Months Ended |
Dec. 31, 2014property | Dec. 31, 2014USD ($) | |
Expenses: | ||
Number of properties sold (in properties) | property | 8 | |
The 2014 Operating Property Acquisitions | ||
Business Acquisition [Line Items] | ||
Pro forma revenue | $ 92,212 | |
Expenses: | ||
Property operating | 14,262 | |
Real estate taxes and other | 11,254 | |
Depreciation and amortization | 43,257 | |
Interest expense | 14,845 | |
Total expenses | 83,618 | |
Gain on sale and other | 2,153 | |
Net income impact from 2014 acquisitions prior to income allocable to noncontrolling interests | 10,747 | |
Income allocable to noncontrolling interests | (1,284) | |
Impact from 2014 acquisitions on income attributable to Kite Realty Trust | $ 9,463 |
Merger and Acquisitions - Pro F
Merger and Acquisitions - Pro Forma Information (Details) - Inland Diversified Real Estate Trust, Inc - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Total revenue | $ 355,716 | $ 357,506 |
Consolidated net income | $ 26,911 | $ 2,219 |
Disposals, Discontinued Opera63
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2014property | Sep. 16, 2014property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of real estate | $ 170,016 | $ 191,126 | $ 7,293 | ||||
Impairment charge | 1,592 | $ 0 | $ 0 | ||||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | |||
Gain (loss) on sale of properties | $ 5,600 | $ 1,500 | $ 6,200 | ||||
Seven Property Disposal | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties (in properties) | property | 7 | ||||||
Disposal group, including discontinued operation, assets | $ 103,000 | ||||||
Gain (loss) on sale of properties | $ 3,400 | ||||||
Eight Property Disposal | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties (in properties) | property | 8 | ||||||
Disposal group, including discontinued operation, assets | $ 150,800 | ||||||
Gain (loss) on sale of properties | 1,400 | ||||||
Shops at Otty | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment charge | $ 1,600 | ||||||
Four Corner and Cornelius Gateway | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of real estate | 44,900 | ||||||
Gain (loss) on disposal | $ 600 | ||||||
Red Bank Commons, Ridge Plaza, Zionsville Walgreens, 50th and 12th operating properties | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of real estate | 42,500 | ||||||
Gain (loss) on disposal | $ 9,600 |
Disposals, Discontinued Opera64
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge - Operating Properties Sold (Details) - ft² | Dec. 31, 2015 | Dec. 31, 2014 |
Copps Grocery | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 69,911 | |
Fox Point | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 171,121 | |
Harvest Square | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 70,590 | |
Landing at Ocean Isle Beach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 53,220 | |
Branson Hills Plaza | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 289,986 | |
Shoppes at Prairie Ridge | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 128,431 | |
Heritage Square | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 22,385 | |
Eastside Junction | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 79,700 | |
Fairgrounds Crossing | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 151,927 | |
Hawk Ridge | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 75,951 | |
Prattville Town Center | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 168,842 | |
Regal Court | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 151,719 | |
Whispering Ridge | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 69,676 | |
Walgreens Plaza | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net rentable area | 42,219 |
Disposals, Discontinued Opera65
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge - Assets and Liabilities Associated with the Held for Sale Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Deferred costs and intangibles, net | $ 0 | $ 8,986 |
Liabilities: | ||
Total liabilities held for sale | $ 0 | 81,164 |
Portfolio | ||
Assets: | ||
Investment properties, at cost | 170,782 | |
Less: accumulated depreciation | (1,313) | |
Investment properties, net | 169,469 | |
Accounts receivable, prepaids and other assets | 1,187 | |
Deferred costs and intangibles, net | 8,986 | |
Total assets held for sale | 179,642 | |
Liabilities: | ||
Mortgage and other indebtedness, including net premium | 67,452 | |
Accounts payable and accrued expenses | 1,428 | |
Deferred revenue, intangibles and other liabilities | 12,284 | |
Total liabilities held for sale | $ 81,164 |
Disposals, Discontinued Opera66
Disposals, Discontinued Operations, Investment Properties Held for Sale and Impairment Charge - Schedule of Disposal Groups (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses: | |||||||
Loss from discontinued operations | $ 0 | $ 0 | $ 834 | ||||
Gain on debt extinguishment | 5,645 | 0 | 0 | ||||
Gain on sale of operating properties, net | 0 | 3,198 | 487 | ||||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 3,198 | 0 | 3,198 | (2,809) |
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | $ 0 | 3,111 | (2,620) | ||||
Other Disposals | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue | 0 | 2,565 | |||||
Expenses: | |||||||
Expenses | 0 | 6,532 | |||||
Operating loss | 0 | (3,967) | |||||
Interest expense | 0 | (571) | |||||
Loss from discontinued operations | 0 | (4,538) | |||||
Gain on debt extinguishment | 0 | 1,242 | |||||
Gain on sale of operating properties, net | 3,198 | 487 | |||||
Income (loss) from discontinued operations | 3,198 | (2,809) | |||||
Income (loss) from discontinued operations attributable to Kite Realty Group Trust common shareholders | 3,111 | (2,620) | |||||
Income (loss) from discontinued operations attributable to noncontrolling interests | 87 | (189) | |||||
Other Disposals | Property operating | |||||||
Expenses: | |||||||
Expenses | 0 | 117 | |||||
Other Disposals | Real estate taxes and other | |||||||
Expenses: | |||||||
Expenses | 0 | 199 | |||||
Other Disposals | Depreciation and amortization | |||||||
Expenses: | |||||||
Expenses | 0 | 844 | |||||
Other Disposals | Impairment charge | |||||||
Expenses: | |||||||
Expenses | $ 0 | $ 5,372 |
- Consolidated Indebtedness by
- Consolidated Indebtedness by Type of Debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 29, 2015 | Jun. 28, 2015 | |
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 1,734,059,000 | $ 1,554,263,000 | ||
Revolving Credit Facility | ||||
Participating Mortgage Loans [Line Items] | ||||
Remaining borrowing capacity | $ 339,500,000 | |||
Maximum borrowing capacity | $ 500,000,000 | |||
Basis spread on variable rate | 1.40% | 1.40% | ||
Interest rate, effective percentage | 1.83% | 1.57% | ||
Long-term debt | $ 20,000,000 | $ 160,000,000 | ||
Senior Unsecured Notes | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 250,000,000 | |||
Senior Unsecured Notes | Fixed Rate Debt | Minimum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 4.23% | |||
Senior Unsecured Notes | Fixed Rate Debt | Maximum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 4.57% | |||
Unsecured Debt | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 500,000,000 | $ 230,000,000 | $ 400,000,000 | $ 230,000,000 |
Unsecured Debt | Unsecured Term Loans, Maturing July 2019 | ||||
Participating Mortgage Loans [Line Items] | ||||
Basis spread on variable rate | 1.35% | 1.35% | ||
Interest rate, effective percentage | 1.78% | 1.52% | ||
Face amount | $ 400,000,000 | $ 400,000,000 | ||
Unsecured Debt | Unsecured Term Loans, Maturing October 2022 | ||||
Participating Mortgage Loans [Line Items] | ||||
Basis spread on variable rate | 1.60% | |||
Interest rate, effective percentage | 2.03% | |||
Face amount | $ 100,000,000 | 100,000,000 | ||
Construction Loans | Variable Rate Debt | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 132,776,000 | $ 119,347,000 | ||
Construction Loans | Variable Rate Debt | Minimum | ||||
Participating Mortgage Loans [Line Items] | ||||
Basis spread on variable rate | 1.75% | 1.75% | ||
Interest rate, effective percentage | 2.18% | 1.92% | ||
Construction Loans | Variable Rate Debt | Maximum | ||||
Participating Mortgage Loans [Line Items] | ||||
Basis spread on variable rate | 2.10% | 2.10% | ||
Interest rate, effective percentage | 2.53% | 2.27% | ||
Mortgages | Variable Rate Debt | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 58,268,000 | $ 205,798,000 | ||
Mortgages | Variable Rate Debt | Minimum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 2.13% | 1.92% | ||
Basis spread on variable rate | 1.70% | 1.75% | ||
Mortgages | Variable Rate Debt | Maximum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 2.68% | 2.92% | ||
Basis spread on variable rate | 2.25% | 2.75% | ||
Mortgages | Fixed Rate Debt | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 756,494,000 | $ 810,959,000 | ||
Mortgages | Fixed Rate Debt | Minimum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 3.78% | 3.81% | ||
Mortgages | Fixed Rate Debt | Maximum | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest rate during period | 6.78% | 6.78% | ||
Net Premiums On Acquired Debt | ||||
Participating Mortgage Loans [Line Items] | ||||
Long-term debt | $ 16,521,000 | $ 28,159,000 |
Mortgage Loans and Other Inde68
Mortgage Loans and Other Indebtedness - Additional Information (Details) | Dec. 31, 2015USD ($) | Dec. 10, 2015USD ($) | Oct. 26, 2015USD ($)draw | Sep. 10, 2015USD ($) | Jun. 29, 2015USD ($) | Jun. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 12, 2015 |
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | $ 835,019,000 | $ 285,244,000 | $ 342,033,000 | ||||||||||||
Non-cash gain on debt extinguishment | 5,645,000 | 0 | 0 | ||||||||||||
Percentage bearing fixed interest, amount | $ 1,006,500,000 | $ 1,006,500,000 | 1,006,500,000 | ||||||||||||
Long-term debt | 1,734,059,000 | 1,734,059,000 | $ 1,554,263,000 | 1,734,059,000 | 1,554,263,000 | ||||||||||
Letters of credit outstanding | 14,700,000 | 14,700,000 | 14,700,000 | ||||||||||||
Loan proceeds | 984,303,000 | 146,495,000 | 528,590,000 | ||||||||||||
Repayments of debt | 835,000,000 | ||||||||||||||
Proceeds from unsecured lines of credit | 102,600,000 | ||||||||||||||
Proceeds from construction loans payable | 14,700,000 | ||||||||||||||
Loans assumed | 40,303,000 | ||||||||||||||
Number of properties sold (in properties) | property | 8 | ||||||||||||||
Interest costs capitalized | 4,600,000 | 4,800,000 | $ 5,100,000 | ||||||||||||
Percentage bearing variable interest, amount | 711,000,000 | 711,000,000 | 711,000,000 | ||||||||||||
Fixed Rate Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, fair value | $ 1,090,900,000 | $ 1,090,900,000 | $ 1,090,900,000 | ||||||||||||
Fixed Rate Debt | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing fixed interest, percentage | 3.78% | 3.78% | 3.78% | ||||||||||||
Fixed Rate Debt | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing fixed interest, percentage | 6.78% | 6.78% | 6.78% | ||||||||||||
Variable Rate Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, fair value | $ 734,500,000 | $ 734,500,000 | $ 734,500,000 | ||||||||||||
Variable Rate Debt | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing fixed interest, percentage | 1.78% | ||||||||||||||
Variable Rate Debt | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing fixed interest, percentage | 2.68% | ||||||||||||||
Seven Property Disposal | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of properties sold (in properties) | property | 7 | ||||||||||||||
Seven Property Disposal | Inland Diversified Real Estate Trust | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loans assumed | $ 40,300,000 | ||||||||||||||
Notes reduction | 24,000,000 | ||||||||||||||
Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of lines of credit | $ 199,600,000 | 44,900,000 | $ 140,000,000 | $ 27,000,000 | |||||||||||
Long-term debt | 20,000,000 | 20,000,000 | $ 160,000,000 | 20,000,000 | 160,000,000 | ||||||||||
Remaining borrowing capacity | 339,500,000 | 339,500,000 | 339,500,000 | ||||||||||||
Long-term line of credit | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Proceeds from unsecured lines of credit | 30,000,000 | ||||||||||||||
Rampart Commons, Colleyville Downs, Belle Isle Station, Livingston Shopping Center and Chapel Hill Shopping Center [Member] | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from unsecured lines of credit | 59,000,000 | ||||||||||||||
Chapel Hill Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt premium | $ 200,000 | ||||||||||||||
Senior Unsecured Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing fixed interest, amount | $ 250,000,000 | ||||||||||||||
Percentage bearing fixed interest, percentage | 4.41% | ||||||||||||||
Weighted average maturity (in years) | 9 years 9 months 18 days | ||||||||||||||
Long-term debt | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||||||
Unsecured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, term (in years) | 7 years | ||||||||||||||
Unused borrowing capacity, amount | 100,000,000 | $ 200,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Proceeds from issuance of unsecured debt | 100,000,000 | 270,000,000 | |||||||||||||
Number of additional draws | draw | 2 | ||||||||||||||
Minimum borrowing amount | $ 25,000,000 | ||||||||||||||
Interest rate, stated percentage | 6.00% | ||||||||||||||
Long-term debt | 500,000,000 | $ 400,000,000 | $ 230,000,000 | 500,000,000 | $ 230,000,000 | 500,000,000 | $ 230,000,000 | ||||||||
Maximum leverage ratio | 65.00% | 60.00% | |||||||||||||
Unsecured leverage ratio | 0.65 | 0.60 | |||||||||||||
Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||
Scheduled Principal Payments | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | 6,500,000 | ||||||||||||||
City Center Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | $ 90,000,000 | ||||||||||||||
Non-cash gain on debt extinguishment | $ 5,600,000 | ||||||||||||||
Crossing at Killingly Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | $ 33,000,000 | ||||||||||||||
Loan proceeds | $ 33,000,000 | ||||||||||||||
Draper Peaks Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | 23,900,000 | ||||||||||||||
Beacon Hill Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | $ 6,600,000 | ||||||||||||||
Indian River Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | 12,200,000 | ||||||||||||||
Plaza Volente Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | 26,200,000 | ||||||||||||||
Landstown Commons Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of long-term debt | 50,100,000 | ||||||||||||||
Chapel Hill Operating Property | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loans assumed | $ 18,300,000 | $ 18,300,000 | |||||||||||||
London Interbank Offered Rate (LIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage bearing variable interest, percentage rate | 0.43% | 0.43% | 0.17% | 0.43% | 0.17% |
Mortgage Loans and Other Inde69
Mortgage Loans and Other Indebtedness - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Annual Principal Payments | ||
2,016 | $ 5,666 | |
2,017 | 5,103 | |
2,018 | 5,335 | |
2,019 | 5,255 | |
2,020 | 5,200 | |
Thereafter | 12,196 | |
Long-term debt, annual principal payments, gross | 38,755 | |
Term Maturity | ||
2,016 | 261,041 | |
2,017 | 17,026 | |
2,018 | 62,584 | |
2,019 | 20,000 | |
2,020 | 442,339 | |
Thereafter | 875,793 | |
Long-term debt, term maturity, gross | 1,678,783 | |
Total | ||
2,016 | 266,707 | |
2,017 | 22,129 | |
2,018 | 67,919 | |
2,019 | 25,255 | |
2,020 | 447,539 | |
Thereafter | 887,989 | |
Long-term debt, gross | 1,717,538 | |
Unamortized Premiums | 16,521 | |
Long-term Debt | $ 1,734,059 | $ 1,554,263 |
Derivative Instruments, Hedgi70
Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Average cap interest rate | 2.75% | ||
Interest rate fair value hedge liability at fair value | $ 4,800 | $ 4,400 | |
Gain (loss) reclassified from AOCI into income, effective portion, net | (5,600) | (5,100) | $ (2,800) |
Interest expense | 56,432 | 45,513 | $ 27,994 |
Increase As Hedged Forecasted Interest Payments Occur | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense | 2,600 | ||
Prepaid Expenses and Other Current Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge asset at fair value | 200 | 700 | |
Accounts Payable and Accrued Liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 5,000 | 5,100 | |
Accrued Interest | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 400 | $ 500 | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 498,300 |
Lease Information - Additional
Lease Information - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)aownerlease | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating lease, term of contract (in years) | 5 years 1 month 6 days | ||
Operating leases, earned overage rent revenue | $ 1.4 | $ 1.1 | $ 0.6 |
Number of properties subject to lease | lease | 9 | ||
Area of land (in acres) | a | 43 | ||
Number of landowners | owner | 8 | ||
Rent expense | $ 1.1 | $ 0.7 | $ 0.7 |
Eddy Street Commons | |||
Operating Leased Assets [Line Items] | |||
Operating lease, term of contract (in years) | 75 years | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Extension option (in years) | 5 years | ||
Length of extension option (in years) | 30 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Extension option (in years) | 10 years | ||
Length of extension option (in years) | 60 years |
Lease Information - Future Mini
Lease Information - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 255,764 |
2,017 | 238,169 |
2,018 | 203,888 |
2,019 | 174,547 |
2,020 | 150,735 |
Thereafter | 743,848 |
Total | $ 1,766,951 |
Lease Information - Future Mi73
Lease Information - Future Minimum Lease Payments Due (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 1,494 |
2,017 | 1,494 |
2,018 | 1,132 |
2,019 | 1,103 |
2,020 | 1,088 |
Thereafter | 44,583 |
Total | $ 50,894 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) $ / shares in Units, $ in Thousands | Dec. 07, 2015USD ($)$ / sharesshares | Aug. 11, 2014shares | Nov. 30, 2013USD ($)property$ / sharesshares | May. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)property$ / sharesshares | Dec. 31, 2013USD ($)property$ / sharesshares | May. 31, 2015shares | Apr. 30, 2015shares | Sep. 30, 2014property | Sep. 16, 2014property | Aug. 10, 2014shares |
Class of Stock [Line Items] | |||||||||||||
Common shares outstanding (in shares) | shares | 83,200,000 | 83,334,865 | 83,334,865 | 83,490,663 | 332,700,000 | ||||||||
Common shares, shares authorized (in shares) | shares | 225,000,000 | 225,000,000 | 450,000,000 | 200,000,000 | 225,000,000 | 450,000,000 | |||||||
Common share issuance proceeds, net of costs | $ 0 | $ 0 | $ 314,771 | ||||||||||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | |||||||||
Dividends payable | $ 23,700 | $ 23,700 | $ 22,100 | ||||||||||
Preferred Shares, shares outstanding (in shares) | shares | 0 | 0 | 4,100,000 | ||||||||||
Other preferred stock dividends and adjustments | $ 3,797 | $ 0 | $ 0 | ||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.2725 | $ 1.09 | $ 1.02 | $ 0.96 | |||||||||
Unencumbered | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of real estate properties (in properties) | property | 9 | ||||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of common shares (in shares) | shares | 9,200,000 | 3,900,000 | |||||||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 24.64 | $ 26.20 | |||||||||||
Common share issuance proceeds, net of costs | $ 217,000 | $ 97,000 | |||||||||||
Series A Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Shares, shares outstanding (in shares) | shares | 4,100,000 | ||||||||||||
Preferred stock dividend rate | 8.25% | ||||||||||||
Redemption price per share (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Dividends payable (in dollars per share) | $ / shares | $ 0.0287 | ||||||||||||
Preferred stock, redemption amount | $ 102,600 | ||||||||||||
Other preferred stock dividends and adjustments | $ 3,800 | ||||||||||||
Reverse Stock Split | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock split, conversion ratio | 4 |
Quarterly Financial Data (Una75
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 89,295 | $ 87,147 | $ 83,735 | $ 86,828 | $ 87,448 | $ 88,576 | $ 40,843 | $ 42,660 | |||
Operating income | 20,307 | 16,911 | 16,099 | 18,483 | 21,120 | (1,316) | 4,319 | 5,206 | $ 71,797 | $ 29,329 | $ 27,592 |
Income from continuing operations | 10,402 | 2,961 | 7,235 | 4,499 | 5,786 | (16,729) | (3,196) | (2,217) | 15,443 | (17,268) | (8,686) |
Income (loss) from discontinued operations | 0 | 0 | 0 | 3,198 | 0 | 3,198 | (2,809) | ||||
Gain on sale of operating properties, net | 854 | 0 | 3,363 | 2,243 | 2,749 | 3,490 | 4,066 | 8,578 | 0 | ||
Consolidated net income | 11,256 | 2,961 | 7,235 | 7,862 | 8,029 | (13,980) | (3,196) | 4,471 | 29,315 | (4,676) | (3,535) |
Net income from continuing operations attributable to Kite Realty Group Trust common shareholders | 10,685 | 2,526 | 6,727 | 7,179 | 7,227 | (14,284) | (2,976) | 4,332 | $ 15,443 | $ (14,157) | $ (11,306) |
Net income attributable to Kite Realty Group Trust common shareholders | $ 5,353 | $ 412 | $ 4,613 | $ 5,065 | $ 5,113 | $ (16,398) | $ (5,090) | $ 2,218 | |||
Net income per common share – basic and diluted: | |||||||||||
Net income from continuing operations attributable to Kite Realty Group Trust common shareholders (in dollars per share)) | $ 0.06 | $ 0 | $ 0.06 | $ 0.06 | $ 0.06 | $ (0.20) | $ (0.16) | $ 0 | $ 0.19 | $ (0.24) | $ (0.48) |
Net income attributable to Kite Realty Group Trust common shareholders (in dollars per share) | $ 0.06 | $ 0 | $ 0.06 | $ 0.06 | $ 0.06 | $ (0.20) | $ (0.16) | $ 0.08 | $ 0.18 | $ (0.24) | $ (0.48) |
Weighted average Common Shares outstanding - basic (in shares) | 83,327,664 | 83,325,074 | 83,506,078 | 83,532,092 | 83,478,680 | 83,455,900 | 32,884,467 | 32,755,898 | 83,421,904 | 58,353,448 | 23,535,434 |
Weighted average Common Shares outstanding - diluted (in shares) | 83,438,844 | 83,433,379 | 83,803,879 | 83,625,352 | 83,727,400 | 83,455,900 | 32,884,467 | 32,755,898 | 83,534,381 | 58,353,448 | 23,535,434 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | |||||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2014property | Sep. 16, 2014property | Jul. 01, 2014property | |
Loss Contingencies [Line Items] | ||||||
Letters of credit outstanding | $ 14,700,000 | |||||
Amount Advanced | 0 | |||||
Number of real estate properties (in properties) | property | 61 | 13 | 15 | 15 | ||
Contingent consideration liability | 1,380,000 | $ 9,664,000 | ||||
Change in contingent consideration, liability | $ 4,832,000 | 0 | $ 0 | |||
Inland Diversified Real Estate Trust | ||||||
Loss Contingencies [Line Items] | ||||||
Number of real estate properties (in properties) | property | 60 | |||||
Earnout | Inland Diversified Real Estate Trust | ||||||
Loss Contingencies [Line Items] | ||||||
Number of real estate properties (in properties) | property | 6 | |||||
Contingent consideration liability | $ 1,400,000 | $ 9,700,000 |
Commitments and Contingencies77
Commitments and Contingencies - Earnout Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingency Accrual [Roll Forward] | |||
Earnout liability – beginning of period | $ 9,664 | ||
Decreases: | |||
Settlement of earnout obligations | (2,581) | $ 0 | $ 0 |
Adjustments to estimated fair value determination during the Merger measurement period | (871) | ||
Non-cash gain from release of assumed earnout liability | (4,832) | 0 | $ 0 |
Earnout liability – end of period | $ 1,380 | $ 9,664 |
Supplemental Schedule of Non-78
Supplemental Schedule of Non-Cash Investing/Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Jul. 01, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Loans assumed | $ 40,303 | ||||
Dividends payable | 23,700 | $ 22,100 | |||
Distributions to preferred shareholders | 7,877 | 8,456 | $ 8,456 | ||
Inland Diversified Real Estate Trust, Inc | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Loans assumed | 75,800 | ||||
Rampart Commons | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt premium | 2,221 | ||||
Assumption of debt | 14,586 | ||||
Chapel Hill Operating Property | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt premium | 212 | ||||
Assumption of debt | $ 18,462 | ||||
Kedron Village | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Loans assumed | 29,195 | ||||
Net assets of Kedron Village transferred to lender (excluding non-recourse debt) | 27,953 | ||||
Inland Diversified Real Estate Trust, Inc | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Debt premium | 33,298 | $ 33,298 | |||
Loans assumed | 892,909 | ||||
Properties and other assets acquired upon completion of Merger | 2,367,600 | ||||
Marketable securities acquired upon completion of Merger | 18,602 | ||||
Assumption of debt | $ 1,082,158 | ||||
Preferred Stock | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Dividends payable | $ 705 | $ 705 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | $ 400,000 | $ 400,000 | $ 300,000 |
Unconsolidated Entities | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties (less than .1 million) | 0 | 0 | 0 |
Entities Owned by Members of Management | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties (less than .1 million) | $ 100,000 | $ 100,000 | $ 100,000 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 11, 2016USD ($) | Feb. 04, 2016$ / shares | Jan. 28, 2016USD ($) | Feb. 26, 2016USD ($)shares | Mar. 31, 2015 | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Jan. 06, 2016USD ($)swap |
Subsequent Event [Line Items] | ||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.2725 | $ 1.09 | $ 1.02 | $ 0.96 | ||||||
Repayments of long-term debt | $ 835,019,000 | $ 285,244,000 | $ 342,033,000 | |||||||
Percent of compensation in three-year performance shares | 50.00% | |||||||||
Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares granted (in shares) | shares | 121,075 | 499,436 | 103,685 | |||||||
Restricted Stock Units (RSUs) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award requisite service period (in years) | 3 years | |||||||||
Award vesting period (in years) | 3 years | |||||||||
Expiration period (in years) | 3 years | |||||||||
Award measurement period (in years) | 3 years | |||||||||
Aggregate intrinsic value, nonvested | $ 1,100,000 | $ 1,100,000 | ||||||||
Minimum | Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award vesting period (in years) | 1 year | |||||||||
Maximum | Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award vesting period (in years) | 5 years | |||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.2875 | |||||||||
Dividend distribution increase percentage | 5.50% | |||||||||
Subsequent Event | Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares granted (in shares) | shares | 103,685 | |||||||||
Subsequent Event | Restricted Stock Units (RSUs) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award requisite service period (in years) | 3 years | |||||||||
Award vesting period (in years) | 3 years | |||||||||
Expiration period (in years) | 3 years | |||||||||
Award measurement period (in years) | 3 years | |||||||||
Aggregate intrinsic value, nonvested | $ 1,000,000 | |||||||||
Subsequent Event | Minimum | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percent of compensation in three-year performance shares | 50.00% | |||||||||
Subsequent Event | Minimum | Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | |||||||||
Subsequent Event | Maximum | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percent of compensation in three-year performance shares | 200.00% | |||||||||
Subsequent Event | Maximum | Restricted Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award vesting period (in years) | 5 years | |||||||||
Subsequent Event | Outperformance Plan 2016 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Award requisite service period (in years) | 3 years | |||||||||
Award vesting period (in years) | 2 years | |||||||||
Subsequent Event | Outperformance Plan 2016 | Maximum | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Deferred compensation share-based arrangements, liability | $ 6,000,000 | |||||||||
Subsequent Event | Interest Rate Swap | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of interest rate derivatives held | swap | 2 | |||||||||
Derivative, notional amount | $ 150,000,000 | |||||||||
Variable interest rate | 3.208% | |||||||||
Subsequent Event | Cool Creek Commons Operating Property | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of long-term debt | $ 16,300,000 |
Schedule III - Consolidated R81
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 1,717,538 | |||
Initial Cost, Land | 889,850 | |||
Initial Cost, Building & Improvements | 2,927,267 | |||
Costs Capitalized Subsequent to Acquisition, Land | 3,073 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 105,990 | |||
Gross Carry Amount Close of Period, Land | 892,923 | |||
Gross Carry Amount Close of Period, Building & Improvements | 3,033,257 | |||
Gross Carry Amount Close of Period, Total | 3,926,180 | $ 3,897,131 | $ 1,872,088 | $ 1,390,213 |
Accumulated Depreciation | 428,930 | $ 313,524 | $ 229,286 | $ 190,972 |
Operating Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 854,338 | |||
Initial Cost, Land | 750,876 | |||
Initial Cost, Building & Improvements | 2,532,460 | |||
Costs Capitalized Subsequent to Acquisition, Land | 3,073 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 86,489 | |||
Gross Carry Amount Close of Period, Land | 753,949 | |||
Gross Carry Amount Close of Period, Building & Improvements | 2,618,949 | |||
Gross Carry Amount Close of Period, Total | 3,372,898 | |||
Accumulated Depreciation | 382,710 | |||
Operating Properties | The 12th Street Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,624 | |||
Initial Cost, Building & Improvements | 13,432 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 190 | |||
Gross Carry Amount Close of Period, Land | 2,624 | |||
Gross Carry Amount Close of Period, Building & Improvements | 13,622 | |||
Gross Carry Amount Close of Period, Total | 16,246 | |||
Accumulated Depreciation | 2,103 | |||
Operating Properties | 54th & College | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,672 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 2,672 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 2,672 | |||
Accumulated Depreciation | 0 | |||
Operating Properties | Bayonne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 45,000 | |||
Initial Cost, Land | 47,809 | |||
Initial Cost, Building & Improvements | 44,297 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 627 | |||
Gross Carry Amount Close of Period, Land | 47,809 | |||
Gross Carry Amount Close of Period, Building & Improvements | 44,924 | |||
Gross Carry Amount Close of Period, Total | 92,733 | |||
Accumulated Depreciation | 2,874 | |||
Operating Properties | Bayport Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 12,325 | |||
Initial Cost, Land | 7,413 | |||
Initial Cost, Building & Improvements | 21,846 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,373 | |||
Gross Carry Amount Close of Period, Land | 7,413 | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,219 | |||
Gross Carry Amount Close of Period, Total | 30,632 | |||
Accumulated Depreciation | 4,952 | |||
Operating Properties | Beacon Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,293 | |||
Initial Cost, Building & Improvements | 13,528 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 798 | |||
Gross Carry Amount Close of Period, Land | 3,293 | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,326 | |||
Gross Carry Amount Close of Period, Total | 17,619 | |||
Accumulated Depreciation | 3,215 | |||
Operating Properties | Bell Oaks Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,548 | |||
Initial Cost, Land | 1,230 | |||
Initial Cost, Building & Improvements | 12,742 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 97 | |||
Gross Carry Amount Close of Period, Land | 1,230 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,839 | |||
Gross Carry Amount Close of Period, Total | 14,069 | |||
Accumulated Depreciation | 1,007 | |||
Operating Properties | Belle Isle Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,130 | |||
Initial Cost, Building & Improvements | 41,493 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 9,130 | |||
Gross Carry Amount Close of Period, Building & Improvements | 41,493 | |||
Gross Carry Amount Close of Period, Total | 50,623 | |||
Accumulated Depreciation | 1,437 | |||
Operating Properties | Bolton Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,733 | |||
Initial Cost, Building & Improvements | 18,995 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 761 | |||
Gross Carry Amount Close of Period, Land | 3,733 | |||
Gross Carry Amount Close of Period, Building & Improvements | 19,756 | |||
Gross Carry Amount Close of Period, Total | 23,489 | |||
Accumulated Depreciation | 6,523 | |||
Operating Properties | Boulevard Crossings | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,290 | |||
Initial Cost, Land | 4,386 | |||
Initial Cost, Building & Improvements | 9,521 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,000 | |||
Gross Carry Amount Close of Period, Land | 4,386 | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,521 | |||
Gross Carry Amount Close of Period, Total | 15,907 | |||
Accumulated Depreciation | 4,093 | |||
Operating Properties | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,407 | |||
Initial Cost, Building & Improvements | 8,694 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 81 | |||
Gross Carry Amount Close of Period, Land | 3,407 | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,775 | |||
Gross Carry Amount Close of Period, Total | 12,182 | |||
Accumulated Depreciation | 2,103 | |||
Operating Properties | Burlington Coat Factory | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 29 | |||
Initial Cost, Building & Improvements | 2,773 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 29 | |||
Gross Carry Amount Close of Period, Building & Improvements | 2,773 | |||
Gross Carry Amount Close of Period, Total | 2,802 | |||
Accumulated Depreciation | 1,024 | |||
Operating Properties | Burnt Store Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,107 | |||
Initial Cost, Building & Improvements | 6,214 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 75 | |||
Gross Carry Amount Close of Period, Land | 5,107 | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,289 | |||
Gross Carry Amount Close of Period, Total | 11,396 | |||
Accumulated Depreciation | 1,261 | |||
Operating Properties | Cannery Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,267 | |||
Initial Cost, Building & Improvements | 10,559 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 78 | |||
Gross Carry Amount Close of Period, Land | 6,267 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,637 | |||
Gross Carry Amount Close of Period, Total | 16,904 | |||
Accumulated Depreciation | 802 | |||
Operating Properties | Castleton Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,761 | |||
Initial Cost, Building & Improvements | 29,400 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 140 | |||
Gross Carry Amount Close of Period, Land | 9,761 | |||
Gross Carry Amount Close of Period, Building & Improvements | 29,540 | |||
Gross Carry Amount Close of Period, Total | 39,301 | |||
Accumulated Depreciation | 4,625 | |||
Operating Properties | Chapel Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,250 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building & Improvements | 35,215 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 0 | |||
Gross Carry Amount Close of Period, Building & Improvements | 35,215 | |||
Gross Carry Amount Close of Period, Total | 35,215 | |||
Accumulated Depreciation | 592 | |||
Operating Properties | Centennial Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 70,455 | |||
Initial Cost, Land | 58,960 | |||
Initial Cost, Building & Improvements | 73,080 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 436 | |||
Gross Carry Amount Close of Period, Land | 58,960 | |||
Gross Carry Amount Close of Period, Building & Improvements | 73,516 | |||
Gross Carry Amount Close of Period, Total | 132,476 | |||
Accumulated Depreciation | 8,306 | |||
Operating Properties | Centennial Gateway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 44,385 | |||
Initial Cost, Land | 5,305 | |||
Initial Cost, Building & Improvements | 49,295 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 171 | |||
Gross Carry Amount Close of Period, Land | 5,305 | |||
Gross Carry Amount Close of Period, Building & Improvements | 49,466 | |||
Gross Carry Amount Close of Period, Total | 54,771 | |||
Accumulated Depreciation | 4,079 | |||
Operating Properties | Centre Point Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,410 | |||
Initial Cost, Land | 2,918 | |||
Initial Cost, Building & Improvements | 22,813 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 243 | |||
Gross Carry Amount Close of Period, Land | 2,918 | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,056 | |||
Gross Carry Amount Close of Period, Total | 25,974 | |||
Accumulated Depreciation | 1,632 | |||
Operating Properties | Clay Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,398 | |||
Initial Cost, Building & Improvements | 8,753 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | |||
Gross Carry Amount Close of Period, Land | 1,398 | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,778 | |||
Gross Carry Amount Close of Period, Total | 10,176 | |||
Accumulated Depreciation | 1,015 | |||
Operating Properties | Cobblestone Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,221 | |||
Initial Cost, Building & Improvements | 46,276 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 147 | |||
Gross Carry Amount Close of Period, Land | 11,221 | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,423 | |||
Gross Carry Amount Close of Period, Total | 57,644 | |||
Accumulated Depreciation | 7,118 | |||
Operating Properties | Colonial Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 25,000 | |||
Initial Cost, Land | 11,743 | |||
Initial Cost, Building & Improvements | 31,568 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 190 | |||
Gross Carry Amount Close of Period, Land | 11,743 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,758 | |||
Gross Carry Amount Close of Period, Total | 43,501 | |||
Accumulated Depreciation | 1,818 | |||
Operating Properties | Colleyville Downs | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,446 | |||
Initial Cost, Building & Improvements | 38,696 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 5,446 | |||
Gross Carry Amount Close of Period, Building & Improvements | 38,696 | |||
Gross Carry Amount Close of Period, Total | 44,142 | |||
Accumulated Depreciation | 1,678 | |||
Operating Properties | Cool Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 16,330 | |||
Initial Cost, Land | 6,062 | |||
Initial Cost, Building & Improvements | 13,971 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,430 | |||
Gross Carry Amount Close of Period, Land | 6,062 | |||
Gross Carry Amount Close of Period, Building & Improvements | 15,401 | |||
Gross Carry Amount Close of Period, Total | 21,463 | |||
Accumulated Depreciation | 4,875 | |||
Operating Properties | Cool Springs Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 12,684 | |||
Initial Cost, Building & Improvements | 23,082 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,026 | |||
Gross Carry Amount Close of Period, Land | 12,684 | |||
Gross Carry Amount Close of Period, Building & Improvements | 25,108 | |||
Gross Carry Amount Close of Period, Total | 37,792 | |||
Accumulated Depreciation | 4,394 | |||
Operating Properties | Cove Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,036 | |||
Initial Cost, Building & Improvements | 18,603 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 489 | |||
Gross Carry Amount Close of Period, Land | 2,036 | |||
Gross Carry Amount Close of Period, Building & Improvements | 19,092 | |||
Gross Carry Amount Close of Period, Total | 21,128 | |||
Accumulated Depreciation | 5,531 | |||
Operating Properties | Crossing at Killingly Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 33,000 | |||
Initial Cost, Land | 21,999 | |||
Initial Cost, Building & Improvements | 35,242 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 141 | |||
Gross Carry Amount Close of Period, Land | 21,999 | |||
Gross Carry Amount Close of Period, Building & Improvements | 35,383 | |||
Gross Carry Amount Close of Period, Total | 57,382 | |||
Accumulated Depreciation | 2,537 | |||
Operating Properties | Delray Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 56,833 | |||
Initial Cost, Land | 18,750 | |||
Initial Cost, Building & Improvements | 90,524 | |||
Costs Capitalized Subsequent to Acquisition, Land | 1,284 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,200 | |||
Gross Carry Amount Close of Period, Land | 20,034 | |||
Gross Carry Amount Close of Period, Building & Improvements | 93,724 | |||
Gross Carry Amount Close of Period, Total | 113,758 | |||
Accumulated Depreciation | 8,555 | |||
Operating Properties | DePauw University Bookstore and Cafe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 64 | |||
Initial Cost, Building & Improvements | 663 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 45 | |||
Gross Carry Amount Close of Period, Land | 64 | |||
Gross Carry Amount Close of Period, Building & Improvements | 708 | |||
Gross Carry Amount Close of Period, Total | 772 | |||
Accumulated Depreciation | 179 | |||
Operating Properties | Draper Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,054 | |||
Initial Cost, Building & Improvements | 28,540 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 159 | |||
Gross Carry Amount Close of Period, Land | 9,054 | |||
Gross Carry Amount Close of Period, Building & Improvements | 28,699 | |||
Gross Carry Amount Close of Period, Total | 37,753 | |||
Accumulated Depreciation | 2,591 | |||
Operating Properties | Draper Peaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,498 | |||
Initial Cost, Building & Improvements | 48,877 | |||
Costs Capitalized Subsequent to Acquisition, Land | 522 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 557 | |||
Gross Carry Amount Close of Period, Land | 12,020 | |||
Gross Carry Amount Close of Period, Building & Improvements | 49,434 | |||
Gross Carry Amount Close of Period, Total | 61,454 | |||
Accumulated Depreciation | 3,634 | |||
Operating Properties | Eastern Beltway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 34,100 | |||
Initial Cost, Land | 23,221 | |||
Initial Cost, Building & Improvements | 49,648 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 96 | |||
Gross Carry Amount Close of Period, Land | 23,221 | |||
Gross Carry Amount Close of Period, Building & Improvements | 49,744 | |||
Gross Carry Amount Close of Period, Total | 72,965 | |||
Accumulated Depreciation | 4,650 | |||
Operating Properties | Eastgate | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,073 | |||
Initial Cost, Building & Improvements | 21,350 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 47 | |||
Gross Carry Amount Close of Period, Land | 4,073 | |||
Gross Carry Amount Close of Period, Building & Improvements | 21,397 | |||
Gross Carry Amount Close of Period, Total | 25,470 | |||
Accumulated Depreciation | 2,071 | |||
Operating Properties | Eastgate Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,122 | |||
Initial Cost, Building & Improvements | 19,807 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 858 | |||
Gross Carry Amount Close of Period, Land | 8,122 | |||
Gross Carry Amount Close of Period, Building & Improvements | 20,665 | |||
Gross Carry Amount Close of Period, Total | 28,787 | |||
Accumulated Depreciation | 7,711 | |||
Operating Properties | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 23,946 | |||
Initial Cost, Land | 1,900 | |||
Initial Cost, Building & Improvements | 37,858 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 556 | |||
Gross Carry Amount Close of Period, Land | 1,900 | |||
Gross Carry Amount Close of Period, Building & Improvements | 38,414 | |||
Gross Carry Amount Close of Period, Total | 40,314 | |||
Accumulated Depreciation | 7,604 | |||
Operating Properties | Estero Town Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,973 | |||
Initial Cost, Building & Improvements | 9,968 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 85 | |||
Gross Carry Amount Close of Period, Land | 8,973 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,053 | |||
Gross Carry Amount Close of Period, Total | 19,026 | |||
Accumulated Depreciation | 2,352 | |||
Operating Properties | Fox Lake Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,685 | |||
Initial Cost, Building & Improvements | 9,324 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 240 | |||
Gross Carry Amount Close of Period, Land | 5,685 | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,564 | |||
Gross Carry Amount Close of Period, Total | 15,249 | |||
Accumulated Depreciation | 3,204 | |||
Operating Properties | Gainesville Plaza | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost, Land | 5,437 | |||
Initial Cost, Building & Improvements | 18,237 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 776 | |||
Gross Carry Amount Close of Period, Land | 5,437 | |||
Gross Carry Amount Close of Period, Building & Improvements | 19,013 | |||
Gross Carry Amount Close of Period, Total | 24,450 | |||
Accumulated Depreciation | 3,770 | |||
Operating Properties | Geist Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,557 | |||
Initial Cost, Land | 1,368 | |||
Initial Cost, Building & Improvements | 9,481 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,674 | |||
Gross Carry Amount Close of Period, Land | 1,368 | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,155 | |||
Gross Carry Amount Close of Period, Total | 12,523 | |||
Accumulated Depreciation | 3,890 | |||
Operating Properties | Glendale Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,494 | |||
Initial Cost, Building & Improvements | 44,230 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,618 | |||
Gross Carry Amount Close of Period, Land | 1,494 | |||
Gross Carry Amount Close of Period, Building & Improvements | 45,848 | |||
Gross Carry Amount Close of Period, Total | 47,342 | |||
Accumulated Depreciation | 24,226 | |||
Operating Properties | Greyhound Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,629 | |||
Initial Cost, Building & Improvements | 794 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 887 | |||
Gross Carry Amount Close of Period, Land | 2,629 | |||
Gross Carry Amount Close of Period, Building & Improvements | 1,681 | |||
Gross Carry Amount Close of Period, Total | 4,310 | |||
Accumulated Depreciation | 532 | |||
Operating Properties | Hamilton Crossing - Phase II & III | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,859 | |||
Initial Cost, Building & Improvements | 23,709 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 56 | |||
Gross Carry Amount Close of Period, Land | 2,859 | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,765 | |||
Gross Carry Amount Close of Period, Total | 26,624 | |||
Accumulated Depreciation | 1,555 | |||
Operating Properties | Hitchcock Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,260 | |||
Initial Cost, Building & Improvements | 22,076 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 36 | |||
Gross Carry Amount Close of Period, Land | 4,260 | |||
Gross Carry Amount Close of Period, Building & Improvements | 22,112 | |||
Gross Carry Amount Close of Period, Total | 26,372 | |||
Accumulated Depreciation | 1,252 | |||
Operating Properties | Holly Springs Towne Center Phase I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 12,319 | |||
Initial Cost, Building & Improvements | 46,897 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,524 | |||
Gross Carry Amount Close of Period, Land | 12,319 | |||
Gross Carry Amount Close of Period, Building & Improvements | 49,421 | |||
Gross Carry Amount Close of Period, Total | 61,740 | |||
Accumulated Depreciation | 4,114 | |||
Operating Properties | Hunters Creak Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,335 | |||
Initial Cost, Building & Improvements | 12,842 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 357 | |||
Gross Carry Amount Close of Period, Land | 8,335 | |||
Gross Carry Amount Close of Period, Building & Improvements | 13,199 | |||
Gross Carry Amount Close of Period, Total | 21,534 | |||
Accumulated Depreciation | 1,178 | |||
Operating Properties | Indian River Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,100 | |||
Initial Cost, Building & Improvements | 6,359 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 545 | |||
Gross Carry Amount Close of Period, Land | 5,100 | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,904 | |||
Gross Carry Amount Close of Period, Total | 12,004 | |||
Accumulated Depreciation | 2,099 | |||
Operating Properties | International Speedway Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 19,694 | |||
Initial Cost, Land | 7,769 | |||
Initial Cost, Building & Improvements | 18,057 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,288 | |||
Gross Carry Amount Close of Period, Land | 7,769 | |||
Gross Carry Amount Close of Period, Building & Improvements | 27,345 | |||
Gross Carry Amount Close of Period, Total | 35,114 | |||
Accumulated Depreciation | 12,673 | |||
Operating Properties | Kings Lake Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,519 | |||
Initial Cost, Building & Improvements | 15,754 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 242 | |||
Gross Carry Amount Close of Period, Land | 4,519 | |||
Gross Carry Amount Close of Period, Building & Improvements | 15,996 | |||
Gross Carry Amount Close of Period, Total | 20,515 | |||
Accumulated Depreciation | 6,042 | |||
Operating Properties | Kingwood Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,715 | |||
Initial Cost, Building & Improvements | 31,012 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 22 | |||
Gross Carry Amount Close of Period, Land | 5,715 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,034 | |||
Gross Carry Amount Close of Period, Total | 36,749 | |||
Accumulated Depreciation | 3,558 | |||
Operating Properties | Lake City Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,415 | |||
Initial Cost, Building & Improvements | 10,242 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26 | |||
Gross Carry Amount Close of Period, Land | 3,415 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,268 | |||
Gross Carry Amount Close of Period, Total | 13,683 | |||
Accumulated Depreciation | 761 | |||
Operating Properties | Lake City Commons- Phase II | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost, Land | 1,277 | |||
Initial Cost, Building & Improvements | 2,247 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16 | |||
Gross Carry Amount Close of Period, Land | 1,277 | |||
Gross Carry Amount Close of Period, Building & Improvements | 2,263 | |||
Gross Carry Amount Close of Period, Total | 3,540 | |||
Accumulated Depreciation | 167 | |||
Operating Properties | Lake Mary Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,080 | |||
Initial Cost, Land | 1,413 | |||
Initial Cost, Building & Improvements | 8,726 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 34 | |||
Gross Carry Amount Close of Period, Land | 1,413 | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,760 | |||
Gross Carry Amount Close of Period, Total | 10,173 | |||
Accumulated Depreciation | 503 | |||
Operating Properties | Lakewood Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,783 | |||
Initial Cost, Building & Improvements | 25,604 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 546 | |||
Gross Carry Amount Close of Period, Land | 1,783 | |||
Gross Carry Amount Close of Period, Building & Improvements | 26,150 | |||
Gross Carry Amount Close of Period, Total | 27,933 | |||
Accumulated Depreciation | 3,407 | |||
Operating Properties | Landstown Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 19,329 | |||
Initial Cost, Building & Improvements | 92,114 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,925 | |||
Gross Carry Amount Close of Period, Land | 19,329 | |||
Gross Carry Amount Close of Period, Building & Improvements | 94,039 | |||
Gross Carry Amount Close of Period, Total | 113,368 | |||
Accumulated Depreciation | 6,979 | |||
Operating Properties | Lima Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,383 | |||
Initial Cost, Land | 4,703 | |||
Initial Cost, Building & Improvements | 15,732 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 548 | |||
Gross Carry Amount Close of Period, Land | 4,703 | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,280 | |||
Gross Carry Amount Close of Period, Total | 20,983 | |||
Accumulated Depreciation | 1,217 | |||
Operating Properties | Lithia Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,065 | |||
Initial Cost, Building & Improvements | 10,049 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,361 | |||
Gross Carry Amount Close of Period, Land | 3,065 | |||
Gross Carry Amount Close of Period, Building & Improvements | 15,410 | |||
Gross Carry Amount Close of Period, Total | 18,475 | |||
Accumulated Depreciation | 2,876 | |||
Operating Properties | Livingston Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost, Land | 10,372 | |||
Initial Cost, Building & Improvements | 35,693 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 10,372 | |||
Gross Carry Amount Close of Period, Building & Improvements | 35,693 | |||
Gross Carry Amount Close of Period, Total | 46,065 | |||
Accumulated Depreciation | 618 | |||
Operating Properties | Lowe's Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,125 | |||
Initial Cost, Building & Improvements | 6,100 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1 | |||
Gross Carry Amount Close of Period, Land | 2,125 | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,101 | |||
Gross Carry Amount Close of Period, Total | 8,226 | |||
Accumulated Depreciation | 510 | |||
Operating Properties | Market Street Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,764 | |||
Initial Cost, Building & Improvements | 17,123 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,025 | |||
Gross Carry Amount Close of Period, Land | 9,764 | |||
Gross Carry Amount Close of Period, Building & Improvements | 19,148 | |||
Gross Carry Amount Close of Period, Total | 28,912 | |||
Accumulated Depreciation | 6,033 | |||
Operating Properties | Memorial Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,568 | |||
Initial Cost, Building & Improvements | 14,651 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 309 | |||
Gross Carry Amount Close of Period, Land | 1,568 | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,960 | |||
Gross Carry Amount Close of Period, Total | 16,528 | |||
Accumulated Depreciation | 848 | |||
Operating Properties | Merrimack Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,445 | |||
Initial Cost, Land | 1,921 | |||
Initial Cost, Building & Improvements | 12,787 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 1,921 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,787 | |||
Gross Carry Amount Close of Period, Total | 14,708 | |||
Accumulated Depreciation | 976 | |||
Operating Properties | Miramar Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 31,625 | |||
Initial Cost, Land | 26,392 | |||
Initial Cost, Building & Improvements | 31,027 | |||
Costs Capitalized Subsequent to Acquisition, Land | 489 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 449 | |||
Gross Carry Amount Close of Period, Land | 26,881 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,476 | |||
Gross Carry Amount Close of Period, Total | 58,357 | |||
Accumulated Depreciation | 2,258 | |||
Operating Properties | Mullins Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 20,471 | |||
Initial Cost, Land | 10,582 | |||
Initial Cost, Building & Improvements | 42,403 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 294 | |||
Gross Carry Amount Close of Period, Land | 10,582 | |||
Gross Carry Amount Close of Period, Building & Improvements | 42,697 | |||
Gross Carry Amount Close of Period, Total | 53,279 | |||
Accumulated Depreciation | 4,260 | |||
Operating Properties | Naperville Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 7,940 | |||
Initial Cost, Land | 5,364 | |||
Initial Cost, Building & Improvements | 11,830 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 5,364 | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,830 | |||
Gross Carry Amount Close of Period, Total | 17,194 | |||
Accumulated Depreciation | 2,977 | |||
Operating Properties | Northcrest Shoping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 15,780 | |||
Initial Cost, Land | 4,044 | |||
Initial Cost, Building & Improvements | 33,985 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 31 | |||
Gross Carry Amount Close of Period, Land | 4,044 | |||
Gross Carry Amount Close of Period, Building & Improvements | 34,016 | |||
Gross Carry Amount Close of Period, Total | 38,060 | |||
Accumulated Depreciation | 1,962 | |||
Operating Properties | Northdale Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,718 | |||
Initial Cost, Building & Improvements | 23,123 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 367 | |||
Gross Carry Amount Close of Period, Land | 1,718 | |||
Gross Carry Amount Close of Period, Building & Improvements | 23,490 | |||
Gross Carry Amount Close of Period, Total | 25,208 | |||
Accumulated Depreciation | 3,707 | |||
Operating Properties | Oleander Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 863 | |||
Initial Cost, Building & Improvements | 6,159 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 863 | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,159 | |||
Gross Carry Amount Close of Period, Total | 7,022 | |||
Accumulated Depreciation | 1,232 | |||
Operating Properties | Palm Coast Landing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 22,550 | |||
Initial Cost, Land | 4,962 | |||
Initial Cost, Building & Improvements | 38,013 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 186 | |||
Gross Carry Amount Close of Period, Land | 4,962 | |||
Gross Carry Amount Close of Period, Building & Improvements | 38,199 | |||
Gross Carry Amount Close of Period, Total | 43,161 | |||
Accumulated Depreciation | 2,485 | |||
Operating Properties | Parkside Town Commons - Phase I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,804 | |||
Initial Cost, Land | 2,568 | |||
Initial Cost, Building & Improvements | 39,720 | |||
Costs Capitalized Subsequent to Acquisition, Land | 540 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 850 | |||
Gross Carry Amount Close of Period, Land | 3,108 | |||
Gross Carry Amount Close of Period, Building & Improvements | 40,570 | |||
Gross Carry Amount Close of Period, Total | 43,678 | |||
Accumulated Depreciation | 2,185 | |||
Operating Properties | Perimeter Woods | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 33,330 | |||
Initial Cost, Land | 35,793 | |||
Initial Cost, Building & Improvements | 27,277 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 41 | |||
Gross Carry Amount Close of Period, Land | 35,793 | |||
Gross Carry Amount Close of Period, Building & Improvements | 27,318 | |||
Gross Carry Amount Close of Period, Total | 63,111 | |||
Accumulated Depreciation | 1,655 | |||
Operating Properties | Pine Ridge Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 16,646 | |||
Initial Cost, Land | 5,640 | |||
Initial Cost, Building & Improvements | 17,088 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,044 | |||
Gross Carry Amount Close of Period, Land | 5,640 | |||
Gross Carry Amount Close of Period, Building & Improvements | 18,132 | |||
Gross Carry Amount Close of Period, Total | 23,772 | |||
Accumulated Depreciation | 4,876 | |||
Operating Properties | Plaza at Cedar Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,782 | |||
Initial Cost, Building & Improvements | 37,855 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,011 | |||
Gross Carry Amount Close of Period, Land | 5,782 | |||
Gross Carry Amount Close of Period, Building & Improvements | 47,866 | |||
Gross Carry Amount Close of Period, Total | 53,648 | |||
Accumulated Depreciation | 16,850 | |||
Operating Properties | Plaza Volente | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,600 | |||
Initial Cost, Building & Improvements | 29,074 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 746 | |||
Gross Carry Amount Close of Period, Land | 4,600 | |||
Gross Carry Amount Close of Period, Building & Improvements | 29,820 | |||
Gross Carry Amount Close of Period, Total | 34,420 | |||
Accumulated Depreciation | 9,650 | |||
Operating Properties | Pleasant Hill Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,752 | |||
Initial Cost, Land | 3,350 | |||
Initial Cost, Building & Improvements | 10,128 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 133 | |||
Gross Carry Amount Close of Period, Land | 3,350 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,261 | |||
Gross Carry Amount Close of Period, Total | 13,611 | |||
Accumulated Depreciation | 799 | |||
Operating Properties | Portofino Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,754 | |||
Initial Cost, Building & Improvements | 75,761 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,478 | |||
Gross Carry Amount Close of Period, Land | 4,754 | |||
Gross Carry Amount Close of Period, Building & Improvements | 77,239 | |||
Gross Carry Amount Close of Period, Total | 81,993 | |||
Accumulated Depreciation | 8,986 | |||
Operating Properties | Publix at Acworth | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,872 | |||
Initial Cost, Land | 1,357 | |||
Initial Cost, Building & Improvements | 8,229 | |||
Costs Capitalized Subsequent to Acquisition, Land | 39 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,078 | |||
Gross Carry Amount Close of Period, Land | 1,396 | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,307 | |||
Gross Carry Amount Close of Period, Total | 10,703 | |||
Accumulated Depreciation | 3,104 | |||
Operating Properties | Publix at St. Cloud | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,735 | |||
Initial Cost, Building & Improvements | 11,820 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 35 | |||
Gross Carry Amount Close of Period, Land | 2,735 | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,855 | |||
Gross Carry Amount Close of Period, Total | 14,590 | |||
Accumulated Depreciation | 1,131 | |||
Operating Properties | Publix at Woodruff | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,783 | |||
Initial Cost, Building & Improvements | 7,344 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 155 | |||
Gross Carry Amount Close of Period, Land | 1,783 | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,499 | |||
Gross Carry Amount Close of Period, Total | 9,282 | |||
Accumulated Depreciation | 2,322 | |||
Operating Properties | Rampart Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,855 | |||
Initial Cost, Land | 1,136 | |||
Initial Cost, Building & Improvements | 29,097 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 831 | |||
Gross Carry Amount Close of Period, Land | 1,136 | |||
Gross Carry Amount Close of Period, Building & Improvements | 29,928 | |||
Gross Carry Amount Close of Period, Total | 31,064 | |||
Accumulated Depreciation | 1,810 | |||
Operating Properties | Rangeline Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,043 | |||
Initial Cost, Building & Improvements | 18,490 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 58 | |||
Gross Carry Amount Close of Period, Land | 2,043 | |||
Gross Carry Amount Close of Period, Building & Improvements | 18,548 | |||
Gross Carry Amount Close of Period, Total | 20,591 | |||
Accumulated Depreciation | 4,467 | |||
Operating Properties | Riverchase Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 9,987 | |||
Initial Cost, Land | 3,889 | |||
Initial Cost, Building & Improvements | 11,422 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,197 | |||
Gross Carry Amount Close of Period, Land | 3,889 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,619 | |||
Gross Carry Amount Close of Period, Total | 16,508 | |||
Accumulated Depreciation | 3,522 | |||
Operating Properties | Rivers Edge | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,647 | |||
Initial Cost, Building & Improvements | 31,439 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 122 | |||
Gross Carry Amount Close of Period, Land | 5,647 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,561 | |||
Gross Carry Amount Close of Period, Total | 37,208 | |||
Accumulated Depreciation | 5,446 | |||
Operating Properties | Saxon Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,400 | |||
Initial Cost, Land | 3,764 | |||
Initial Cost, Building & Improvements | 16,822 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4 | |||
Gross Carry Amount Close of Period, Land | 3,764 | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,826 | |||
Gross Carry Amount Close of Period, Total | 20,590 | |||
Accumulated Depreciation | 1,206 | |||
Operating Properties | Shoppes at Plaza Green | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,749 | |||
Initial Cost, Building & Improvements | 24,652 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,192 | |||
Gross Carry Amount Close of Period, Land | 3,749 | |||
Gross Carry Amount Close of Period, Building & Improvements | 25,844 | |||
Gross Carry Amount Close of Period, Total | 29,593 | |||
Accumulated Depreciation | 4,332 | |||
Operating Properties | Shoppes Of Eastwood | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,688 | |||
Initial Cost, Building & Improvements | 10,581 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 391 | |||
Gross Carry Amount Close of Period, Land | 1,688 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,972 | |||
Gross Carry Amount Close of Period, Total | 12,660 | |||
Accumulated Depreciation | 2,346 | |||
Operating Properties | Shops at Eagle Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,378 | |||
Initial Cost, Building & Improvements | 8,016 | |||
Costs Capitalized Subsequent to Acquisition, Land | 199 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,692 | |||
Gross Carry Amount Close of Period, Land | 5,577 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,708 | |||
Gross Carry Amount Close of Period, Total | 18,285 | |||
Accumulated Depreciation | 3,525 | |||
Operating Properties | Shops at Julington Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 4,785 | |||
Initial Cost, Land | 2,372 | |||
Initial Cost, Building & Improvements | 8,011 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 46 | |||
Gross Carry Amount Close of Period, Land | 2,372 | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,057 | |||
Gross Carry Amount Close of Period, Total | 10,429 | |||
Accumulated Depreciation | 640 | |||
Operating Properties | Shops at Moore | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 21,300 | |||
Initial Cost, Land | 8,030 | |||
Initial Cost, Building & Improvements | 33,535 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 73 | |||
Gross Carry Amount Close of Period, Land | 8,030 | |||
Gross Carry Amount Close of Period, Building & Improvements | 33,608 | |||
Gross Carry Amount Close of Period, Total | 41,638 | |||
Accumulated Depreciation | 3,138 | |||
Operating Properties | Silver Springs Pointe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,800 | |||
Initial Cost, Land | 9,685 | |||
Initial Cost, Building & Improvements | 7,720 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 189 | |||
Gross Carry Amount Close of Period, Land | 9,685 | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,909 | |||
Gross Carry Amount Close of Period, Total | 17,594 | |||
Accumulated Depreciation | 1,065 | |||
Operating Properties | South Elgin Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,916 | |||
Initial Cost, Building & Improvements | 22,140 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | |||
Gross Carry Amount Close of Period, Land | 3,916 | |||
Gross Carry Amount Close of Period, Building & Improvements | 22,165 | |||
Gross Carry Amount Close of Period, Total | 26,081 | |||
Accumulated Depreciation | 1,554 | |||
Operating Properties | Stoney Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 628 | |||
Initial Cost, Building & Improvements | 4,599 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,830 | |||
Gross Carry Amount Close of Period, Land | 628 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,429 | |||
Gross Carry Amount Close of Period, Total | 11,057 | |||
Accumulated Depreciation | 2,239 | |||
Operating Properties | Sunland Towne Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 23,610 | |||
Initial Cost, Land | 14,773 | |||
Initial Cost, Building & Improvements | 22,587 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,958 | |||
Gross Carry Amount Close of Period, Land | 14,773 | |||
Gross Carry Amount Close of Period, Building & Improvements | 27,545 | |||
Gross Carry Amount Close of Period, Total | 42,318 | |||
Accumulated Depreciation | 8,836 | |||
Operating Properties | Tarpon Springs Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,273 | |||
Initial Cost, Building & Improvements | 24,483 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 167 | |||
Gross Carry Amount Close of Period, Land | 4,273 | |||
Gross Carry Amount Close of Period, Building & Improvements | 24,650 | |||
Gross Carry Amount Close of Period, Total | 28,923 | |||
Accumulated Depreciation | 6,356 | |||
Operating Properties | Temple Terrace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,245 | |||
Initial Cost, Building & Improvements | 9,321 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 50 | |||
Gross Carry Amount Close of Period, Land | 2,245 | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,371 | |||
Gross Carry Amount Close of Period, Total | 11,616 | |||
Accumulated Depreciation | 556 | |||
Operating Properties | The Centre at Panola | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 2,271 | |||
Initial Cost, Land | 1,986 | |||
Initial Cost, Building & Improvements | 8,191 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 330 | |||
Gross Carry Amount Close of Period, Land | 1,986 | |||
Gross Carry Amount Close of Period, Building & Improvements | 8,521 | |||
Gross Carry Amount Close of Period, Total | 10,507 | |||
Accumulated Depreciation | 3,118 | |||
Operating Properties | The Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,750 | |||
Initial Cost, Land | 3,772 | |||
Initial Cost, Building & Improvements | 24,642 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 62 | |||
Gross Carry Amount Close of Period, Land | 3,772 | |||
Gross Carry Amount Close of Period, Building & Improvements | 24,704 | |||
Gross Carry Amount Close of Period, Total | 28,476 | |||
Accumulated Depreciation | 1,452 | |||
Operating Properties | The Landing at Tradition | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 18,505 | |||
Initial Cost, Building & Improvements | 46,399 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 395 | |||
Gross Carry Amount Close of Period, Land | 18,505 | |||
Gross Carry Amount Close of Period, Building & Improvements | 46,794 | |||
Gross Carry Amount Close of Period, Total | 65,299 | |||
Accumulated Depreciation | 4,097 | |||
Operating Properties | Toringdon Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,448 | |||
Initial Cost, Building & Improvements | 9,694 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16 | |||
Gross Carry Amount Close of Period, Land | 5,448 | |||
Gross Carry Amount Close of Period, Building & Improvements | 9,710 | |||
Gross Carry Amount Close of Period, Total | 15,158 | |||
Accumulated Depreciation | 1,272 | |||
Operating Properties | Traders Point | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 42,724 | |||
Initial Cost, Land | 9,443 | |||
Initial Cost, Building & Improvements | 37,203 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 591 | |||
Gross Carry Amount Close of Period, Land | 9,443 | |||
Gross Carry Amount Close of Period, Building & Improvements | 37,794 | |||
Gross Carry Amount Close of Period, Total | 47,237 | |||
Accumulated Depreciation | 12,729 | |||
Operating Properties | Traders Point II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,376 | |||
Initial Cost, Building & Improvements | 6,876 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 904 | |||
Gross Carry Amount Close of Period, Land | 2,376 | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,780 | |||
Gross Carry Amount Close of Period, Total | 10,156 | |||
Accumulated Depreciation | 2,356 | |||
Operating Properties | Tradition Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,140 | |||
Initial Cost, Building & Improvements | 14,905 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 58 | |||
Gross Carry Amount Close of Period, Land | 3,140 | |||
Gross Carry Amount Close of Period, Building & Improvements | 14,963 | |||
Gross Carry Amount Close of Period, Total | 18,103 | |||
Accumulated Depreciation | 1,185 | |||
Operating Properties | Trussville Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,123 | |||
Initial Cost, Building & Improvements | 45,433 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 481 | |||
Gross Carry Amount Close of Period, Land | 9,123 | |||
Gross Carry Amount Close of Period, Building & Improvements | 45,914 | |||
Gross Carry Amount Close of Period, Total | 55,037 | |||
Accumulated Depreciation | 5,769 | |||
Operating Properties | University Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,690 | |||
Initial Cost, Land | 4,125 | |||
Initial Cost, Building & Improvements | 31,759 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 112 | |||
Gross Carry Amount Close of Period, Land | 4,125 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,871 | |||
Gross Carry Amount Close of Period, Total | 35,996 | |||
Accumulated Depreciation | 2,202 | |||
Operating Properties | University Town Center - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 20,700 | |||
Initial Cost, Land | 7,902 | |||
Initial Cost, Building & Improvements | 24,262 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4 | |||
Gross Carry Amount Close of Period, Land | 7,902 | |||
Gross Carry Amount Close of Period, Building & Improvements | 24,266 | |||
Gross Carry Amount Close of Period, Total | 32,168 | |||
Accumulated Depreciation | 1,999 | |||
Operating Properties | Village at Bay Park | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 9,183 | |||
Initial Cost, Land | 8,248 | |||
Initial Cost, Building & Improvements | 11,050 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7 | |||
Gross Carry Amount Close of Period, Land | 8,248 | |||
Gross Carry Amount Close of Period, Building & Improvements | 11,057 | |||
Gross Carry Amount Close of Period, Total | 19,305 | |||
Accumulated Depreciation | 1,300 | |||
Operating Properties | Village Walk | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,554 | |||
Initial Cost, Building & Improvements | 12,432 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 30 | |||
Gross Carry Amount Close of Period, Land | 2,554 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,462 | |||
Gross Carry Amount Close of Period, Total | 15,016 | |||
Accumulated Depreciation | 731 | |||
Operating Properties | Waterford Lakes Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,317 | |||
Initial Cost, Building & Improvements | 7,420 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 278 | |||
Gross Carry Amount Close of Period, Land | 2,317 | |||
Gross Carry Amount Close of Period, Building & Improvements | 7,698 | |||
Gross Carry Amount Close of Period, Total | 10,015 | |||
Accumulated Depreciation | 3,071 | |||
Operating Properties | Waxahachie Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 7,750 | |||
Initial Cost, Land | 1,411 | |||
Initial Cost, Building & Improvements | 16,323 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 37 | |||
Gross Carry Amount Close of Period, Land | 1,411 | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,360 | |||
Gross Carry Amount Close of Period, Total | 17,771 | |||
Accumulated Depreciation | 1,153 | |||
Operating Properties | Westside Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,194 | |||
Initial Cost, Building & Improvements | 17,723 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 48 | |||
Gross Carry Amount Close of Period, Land | 4,194 | |||
Gross Carry Amount Close of Period, Building & Improvements | 17,771 | |||
Gross Carry Amount Close of Period, Total | 21,965 | |||
Accumulated Depreciation | 819 | |||
Operating Properties | Wheatland Town Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,622 | |||
Initial Cost, Building & Improvements | 31,122 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 6,622 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,122 | |||
Gross Carry Amount Close of Period, Total | 37,744 | |||
Accumulated Depreciation | 1,924 | |||
Operating Properties | Whitehall Pike | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 5,732 | |||
Initial Cost, Land | 3,695 | |||
Initial Cost, Building & Improvements | 6,112 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 236 | |||
Gross Carry Amount Close of Period, Land | 3,695 | |||
Gross Carry Amount Close of Period, Building & Improvements | 6,348 | |||
Gross Carry Amount Close of Period, Total | 10,043 | |||
Accumulated Depreciation | 4,127 | |||
Office Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,100 | |||
Initial Cost, Land | 2,547 | |||
Initial Cost, Building & Improvements | 12,365 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19,501 | |||
Gross Carry Amount Close of Period, Land | 2,547 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,866 | |||
Gross Carry Amount Close of Period, Total | 34,413 | |||
Accumulated Depreciation | 13,064 | |||
Office Properties | Thirty South | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,100 | |||
Initial Cost, Land | 1,643 | |||
Initial Cost, Building & Improvements | 9,715 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,617 | |||
Gross Carry Amount Close of Period, Land | 1,643 | |||
Gross Carry Amount Close of Period, Building & Improvements | 28,332 | |||
Gross Carry Amount Close of Period, Total | 29,975 | |||
Accumulated Depreciation | 11,647 | |||
Office Properties | Union Station Parking Garage | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 904 | |||
Initial Cost, Building & Improvements | 2,650 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 884 | |||
Gross Carry Amount Close of Period, Land | 904 | |||
Gross Carry Amount Close of Period, Building & Improvements | 3,534 | |||
Gross Carry Amount Close of Period, Total | 4,438 | |||
Accumulated Depreciation | 1,417 | |||
Development And Redevelopment Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 75,100 | |||
Initial Cost, Land | 88,194 | |||
Initial Cost, Building & Improvements | 360,379 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 88,194 | |||
Gross Carry Amount Close of Period, Building & Improvements | 360,379 | |||
Gross Carry Amount Close of Period, Total | 448,573 | |||
Accumulated Depreciation | 33,156 | |||
Development And Redevelopment Properties | Hamilton Crossing - Phase II & III | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,794 | |||
Initial Cost, Land | 5,549 | |||
Initial Cost, Building & Improvements | 10,257 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 5,549 | |||
Gross Carry Amount Close of Period, Building & Improvements | 10,257 | |||
Gross Carry Amount Close of Period, Total | 15,806 | |||
Accumulated Depreciation | 3,424 | |||
Development And Redevelopment Properties | Beechwood Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,734 | |||
Initial Cost, Building & Improvements | 45,763 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 2,734 | |||
Gross Carry Amount Close of Period, Building & Improvements | 45,763 | |||
Gross Carry Amount Close of Period, Total | 48,497 | |||
Accumulated Depreciation | 4,939 | |||
Development And Redevelopment Properties | City Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 20,565 | |||
Initial Cost, Building & Improvements | 162,307 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 20,565 | |||
Gross Carry Amount Close of Period, Building & Improvements | 162,307 | |||
Gross Carry Amount Close of Period, Total | 182,872 | |||
Accumulated Depreciation | 9,778 | |||
Development And Redevelopment Properties | Courthouse Shadows | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,999 | |||
Initial Cost, Building & Improvements | 16,275 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 4,999 | |||
Gross Carry Amount Close of Period, Building & Improvements | 16,275 | |||
Gross Carry Amount Close of Period, Total | 21,274 | |||
Accumulated Depreciation | 4,064 | |||
Development And Redevelopment Properties | Fishers Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 7,168 | |||
Initial Cost, Land | 3,736 | |||
Initial Cost, Building & Improvements | 12,373 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 3,736 | |||
Gross Carry Amount Close of Period, Building & Improvements | 12,373 | |||
Gross Carry Amount Close of Period, Total | 16,109 | |||
Accumulated Depreciation | 6,018 | |||
Development And Redevelopment Properties | Holly Springs Towne Center - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 12,444 | |||
Initial Cost, Building & Improvements | 31,022 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 12,444 | |||
Gross Carry Amount Close of Period, Building & Improvements | 31,022 | |||
Gross Carry Amount Close of Period, Total | 43,466 | |||
Accumulated Depreciation | 0 | |||
Development And Redevelopment Properties | Parkside Town Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 57,138 | |||
Initial Cost, Land | 18,992 | |||
Initial Cost, Building & Improvements | 59,325 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 18,992 | |||
Gross Carry Amount Close of Period, Building & Improvements | 59,325 | |||
Gross Carry Amount Close of Period, Total | 78,317 | |||
Accumulated Depreciation | 1,566 | |||
Development And Redevelopment Properties | Tamiami Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 18,871 | |||
Initial Cost, Building & Improvements | 17,591 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 18,871 | |||
Gross Carry Amount Close of Period, Building & Improvements | 17,591 | |||
Gross Carry Amount Close of Period, Total | 36,462 | |||
Accumulated Depreciation | 0 | |||
Development And Redevelopment Properties | The Corner II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 304 | |||
Initial Cost, Building & Improvements | 5,466 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 304 | |||
Gross Carry Amount Close of Period, Building & Improvements | 5,466 | |||
Gross Carry Amount Close of Period, Total | 5,770 | |||
Accumulated Depreciation | 3,367 | |||
Other Property | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 48,233 | |||
Initial Cost, Building & Improvements | 22,063 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 48,233 | |||
Gross Carry Amount Close of Period, Building & Improvements | 22,063 | |||
Gross Carry Amount Close of Period, Total | 70,296 | |||
Accumulated Depreciation | 0 | |||
Other Property | Beacon Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,447 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 2,447 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 2,447 | |||
Accumulated Depreciation | 0 | |||
Other Property | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,105 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 2,105 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 2,105 | |||
Accumulated Depreciation | 0 | |||
Other Property | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,425 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 3,425 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 3,425 | |||
Accumulated Depreciation | 0 | |||
Other Property | Deerwood Lake | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building & Improvements | 21,235 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 0 | |||
Gross Carry Amount Close of Period, Building & Improvements | 21,235 | |||
Gross Carry Amount Close of Period, Total | 21,235 | |||
Accumulated Depreciation | 0 | |||
Other Property | Fox Lake Crossing II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,459 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 3,459 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 3,459 | |||
Accumulated Depreciation | 0 | |||
Other Property | KRG Development | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building & Improvements | 781 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 0 | |||
Gross Carry Amount Close of Period, Building & Improvements | 781 | |||
Gross Carry Amount Close of Period, Total | 781 | |||
Accumulated Depreciation | 0 | |||
Other Property | KRG New Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,641 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 5,641 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 5,641 | |||
Accumulated Depreciation | 0 | |||
Other Property | KR Peakway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,033 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 6,033 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 6,033 | |||
Accumulated Depreciation | 0 | |||
Other Property | KRG Peakway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,311 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 16,311 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 16,311 | |||
Accumulated Depreciation | 0 | |||
Other Property | Pan Am Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,812 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 8,812 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 8,812 | |||
Accumulated Depreciation | 0 | |||
Other Property | Parkside Town Commons - Phase III | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building & Improvements | 47 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 0 | |||
Gross Carry Amount Close of Period, Building & Improvements | 47 | |||
Gross Carry Amount Close of Period, Total | 47 | |||
Accumulated Depreciation | 0 | |||
Line of Credit/Term Loan | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 770,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||
Gross Carry Amount Close of Period, Land | 0 | |||
Gross Carry Amount Close of Period, Building & Improvements | 0 | |||
Gross Carry Amount Close of Period, Total | 0 | |||
Accumulated Depreciation | $ 0 |
Schedule III - Consolidated R82
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Changes in Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, start of year | $ 3,897,131 | $ 1,872,088 | $ 1,390,213 |
Merger and Acquisitions | 176,068 | 2,128,278 | 419,080 |
Improvements | 92,717 | 103,688 | 111,968 |
Impairment | (2,293) | 0 | 0 |
Disposals | (237,443) | (206,923) | (49,173) |
Balance, end of year | 3,926,180 | $ 3,897,131 | $ 1,872,088 |
Federal Income Tax Basis | $ 3,100,000 |
Schedule III - Consolidated R83
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 313,524 | $ 229,286 | $ 190,972 |
Depreciation expense | 141,516 | 103,155 | 49,392 |
Impairment | (833) | 0 | 0 |
Disposals | (25,277) | (18,917) | (11,078) |
Balance, end of year | $ 428,930 | $ 313,524 | $ 229,286 |
Building | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 20 years | ||
Building | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 35 years | ||
Building Improvements | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 10 years | ||
Building Improvements | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 35 years | ||
Furniture and Fixtures | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 5 years | ||
Furniture and Fixtures | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation (in years) | 10 years |