Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | KITE REALTY GROUP TRUST | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 83,673,660 | |
Amendment Flag | false | |
Entity Central Index Key | 1,286,043 | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
KRG, LP | ||
Entity Information [Line Items] | ||
Entity Registrant Name | KITE REALTY GROUP, L.P. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 0 | |
Amendment Flag | false | |
Entity Central Index Key | 1,636,315 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Investment properties, at cost | $ 3,865,567 | $ 3,957,884 |
Less: accumulated depreciation | (671,384) | (664,614) |
Investment properties, net | 3,194,183 | 3,293,270 |
Cash and cash equivalents | 28,753 | 24,082 |
Tenant and other receivables, including accrued straight-line rent, net of allowance for uncollectible accounts | 57,172 | 58,328 |
Restricted cash and escrow deposits | 9,795 | 8,094 |
Deferred costs and intangibles, net | 108,612 | 112,359 |
Prepaid and other assets | 20,342 | 16,365 |
Total Assets | 3,418,857 | 3,512,498 |
Liabilities and Equity: | ||
Mortgage and other indebtedness, net | 1,650,547 | 1,699,239 |
Accounts payable and accrued expenses | 102,851 | 78,482 |
Deferred revenue and intangibles, net and other liabilities | 90,940 | 96,564 |
Total Liabilities | 1,844,338 | 1,874,285 |
Commitments and contingencies | 0 | 0 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 48,834 | 72,104 |
Shareholders' Equity: | ||
Common shares | 837 | 836 |
Additional paid in capital | 2,073,316 | 2,071,418 |
Accumulated other comprehensive income | 5,147 | 2,990 |
Accumulated deficit | (554,313) | (509,833) |
Total Shareholders' Equity | 1,524,987 | 1,565,411 |
Noncontrolling Interest | 698 | 698 |
Total Equity | 1,525,685 | 1,566,109 |
Total Liabilities and Shareholders' Equity | 3,418,857 | 3,512,498 |
KRG, LP | ||
Assets: | ||
Investment properties, at cost | 3,865,567 | 3,957,884 |
Less: accumulated depreciation | (671,384) | (664,614) |
Investment properties, net | 3,194,183 | 3,293,270 |
Cash and cash equivalents | 28,753 | 24,082 |
Tenant and other receivables, including accrued straight-line rent, net of allowance for uncollectible accounts | 57,172 | 58,328 |
Restricted cash and escrow deposits | 9,795 | 8,094 |
Deferred costs and intangibles, net | 108,612 | 112,359 |
Prepaid and other assets | 20,342 | 16,365 |
Total Assets | 3,418,857 | 3,512,498 |
Liabilities and Equity: | ||
Mortgage and other indebtedness, net | 1,650,547 | 1,699,239 |
Accounts payable and accrued expenses | 102,851 | 78,482 |
Deferred revenue and intangibles, net and other liabilities | 90,940 | 96,564 |
Total Liabilities | 1,844,338 | 1,874,285 |
Commitments and contingencies | 0 | 0 |
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests | 48,834 | 72,104 |
Shareholders' Equity: | ||
Common shares | 1,519,840 | 1,562,421 |
Accumulated other comprehensive income | 5,147 | 2,990 |
Total Shareholders' Equity | 1,524,987 | 1,565,411 |
Noncontrolling Interest | 698 | 698 |
Total Equity | 1,525,685 | 1,566,109 |
Total Liabilities and Shareholders' Equity | $ 3,418,857 | $ 3,512,498 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued straight-line rent | $ 32,182 | $ 31,747 |
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 225,000,000 | 225,000,000 |
Common shares, shares issued (in shares) | 83,675,982 | 83,606,068 |
Common shares, shares outstanding (in shares) | 83,675,982 | 83,606,068 |
KRG, LP | ||
Accrued straight-line rent | $ 32,182 | $ 31,747 |
Common shares, shares issued (in shares) | 83,675,982 | 83,606,068 |
Common shares, shares outstanding (in shares) | 83,675,982 | 83,606,068 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Minimum rent | $ 68,965 | $ 68,946 |
Tenant reimbursements | 18,373 | 18,570 |
Other property related revenue | 1,063 | 2,596 |
Fee income | 1,362 | 0 |
Total revenue | 89,763 | 90,112 |
Expenses: | ||
Property operating | 12,470 | 12,953 |
Real estate taxes | 10,754 | 10,330 |
General, administrative, and other | 5,945 | 5,470 |
Depreciation and amortization | 38,556 | 45,830 |
Impairment charge | 24,070 | 7,411 |
Total expenses | 91,795 | 81,994 |
Operating (loss) income | (2,032) | 8,118 |
Interest expense | (16,337) | (16,445) |
Income tax benefit of taxable REIT subsidiary | 23 | 33 |
Other expense, net | (151) | (139) |
Loss from continuing operations | (18,497) | (8,433) |
Gains on sales of operating properties | 500 | 8,870 |
Net (loss) income | (17,997) | 437 |
Net loss (income) attributable to noncontrolling interests | 80 | (432) |
Net income (loss) attributable to common shareholders | $ (17,917) | $ 5 |
Allocation of net (loss) income: | ||
(Loss) income per common share - basic and diluted (in USD per share) | $ (0.21) | $ 0 |
Weighted average common shares outstanding - basic (in shares) | 83,629,669 | 83,565,325 |
Weighted average common shares outstanding - diluted (in shares) | 83,629,669 | 83,643,608 |
Cash dividends declared per common share (in USD per share) | $ 0.3175 | $ 0.3025 |
Change in fair value of derivatives | $ 2,214 | $ 1,496 |
Total comprehensive (loss) income | (15,783) | 1,933 |
Comprehensive loss (income) attributable to noncontrolling interests | 23 | (466) |
Comprehensive (loss) income | (15,760) | 1,467 |
KRG, LP | ||
Revenue: | ||
Minimum rent | 68,965 | 68,946 |
Tenant reimbursements | 18,373 | 18,570 |
Other property related revenue | 1,063 | 2,596 |
Fee income | 1,362 | 0 |
Total revenue | 89,763 | 90,112 |
Expenses: | ||
Property operating | 12,470 | 12,953 |
Real estate taxes | 10,754 | 10,330 |
General, administrative, and other | 5,945 | 5,470 |
Depreciation and amortization | 38,556 | 45,830 |
Impairment charge | 24,070 | 7,411 |
Total expenses | 91,795 | 81,994 |
Operating (loss) income | (2,032) | 8,118 |
Interest expense | (16,337) | (16,445) |
Income tax benefit of taxable REIT subsidiary | 23 | 33 |
Other expense, net | (151) | (139) |
Loss from continuing operations | (18,497) | (8,433) |
Gains on sales of operating properties | 500 | 8,870 |
Net (loss) income | (17,997) | 437 |
Net loss (income) attributable to noncontrolling interests | (351) | (432) |
Net income (loss) attributable to common shareholders | (18,348) | 5 |
Allocation of net (loss) income: | ||
Limited Partners | (431) | 0 |
Parent Company | $ (17,917) | $ 5 |
Net (loss) income per unit - basic & diluted (in USD per share) | $ (0.21) | $ 0 |
Weighted average common shares outstanding - basic (in shares) | 85,642,329 | 85,529,910 |
Weighted average common shares outstanding - diluted (in shares) | 85,642,329 | 85,608,193 |
Cash dividends declared per common share (in USD per share) | $ 0.3175 | $ 0.3025 |
Change in fair value of derivatives | $ 2,214 | $ 1,496 |
Total comprehensive (loss) income | (15,783) | 1,933 |
Comprehensive loss (income) attributable to noncontrolling interests | (351) | (432) |
Comprehensive (loss) income | $ (16,134) | $ 1,501 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 83,606,068 | ||||
Beginning balance at Dec. 31, 2017 | $ 1,565,411 | $ 836 | $ 2,071,418 | $ 2,990 | $ (509,833) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation activity (in shares) | 69,914 | ||||
Stock compensation activity | 1,447 | $ 1 | 1,446 | ||
Other comprehensive income attributable to Kite Realty Group Trust | 2,157 | 2,157 | |||
Distributions declared to common shareholders | (26,563) | (26,563) | |||
Net loss attributable to Kite Realty Group Trust | (17,917) | (17,917) | |||
Adjustment to redeemable noncontrolling interests | 452 | 452 | |||
Ending balance (in shares) at Mar. 31, 2018 | 83,675,982 | ||||
Ending balance at Mar. 31, 2018 | $ 1,524,987 | $ 837 | $ 2,073,316 | $ 5,147 | $ (554,313) |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity (Unaudited) - KRG, LP - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | General PartnerCommon Equity | General PartnerAccumulated Other Comprehensive Income |
Partners' capital, beginning balance at Dec. 31, 2017 | $ 1,565,411 | $ 1,562,421 | $ 2,990 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Stock compensation activity | 1,447 | 1,447 | |
Other comprehensive income attributable to Parent Company | 2,157 | 2,157 | |
Distributions declared to Parent Company | (26,563) | (26,563) | |
Net loss | (17,917) | (17,917) | |
Adjustment to redeemable noncontrolling interests | 452 | 452 | |
Partners' capital, ending balance at Mar. 31, 2018 | $ 1,524,987 | $ 1,519,840 | $ 5,147 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Consolidated net (loss) income | $ (17,997) | $ 437 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ||
Straight-line rent | (951) | (1,321) |
Depreciation and amortization | 39,216 | 46,372 |
Gains on sales of operating properties | (500) | (8,870) |
Impairment charge | 24,070 | 7,411 |
Provision for credit losses | 458 | 791 |
Compensation expense for equity awards | 1,639 | 1,552 |
Amortization of debt fair value adjustment | (990) | (773) |
Amortization of in-place lease liabilities, net | (2,576) | (850) |
Changes in assets and liabilities: | ||
Tenant receivables and other | 1,346 | (1,424) |
Deferred costs and other assets | (7,694) | (5,277) |
Accounts payable, accrued expenses, deferred revenue and other liabilities | 238 | (1,805) |
Net cash provided by operating activities | 36,259 | 36,243 |
Cash flows from investing activities: | ||
Capital expenditures, net | (18,070) | (23,869) |
Net proceeds from sales of operating properties | 61,637 | 22,754 |
Collection of note receivable | 0 | 0 |
Change in construction payables | 2,807 | 2,422 |
Net cash provided by investing activities | 46,374 | 1,307 |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 23 | 0 |
Repurchases of common shares upon the vesting of restricted shares | (319) | (200) |
Acquisition of partner's interest in Fishers Station operating property | 0 | (3,750) |
Loan proceeds | 52,922 | 33,200 |
Loan payments and related financing escrows | (101,363) | (37,170) |
Distributions paid – common shareholders/unitholders | (26,546) | (25,272) |
Distributions paid – redeemable noncontrolling interests | (978) | (1,020) |
Net cash used in financing activities | (76,261) | (34,212) |
Net change in cash, cash equivalents, and restricted cash | 6,372 | 3,338 |
Cash, cash equivalents, and restricted cash beginning of period | 32,176 | 28,912 |
Cash, cash equivalents, and restricted cash end of period | 38,548 | 32,250 |
KRG, LP | ||
Cash flows from operating activities: | ||
Consolidated net (loss) income | (17,997) | 437 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ||
Straight-line rent | (951) | (1,321) |
Depreciation and amortization | 39,216 | 46,372 |
Gains on sales of operating properties | (500) | (8,870) |
Impairment charge | 24,070 | 7,411 |
Provision for credit losses | 458 | 791 |
Compensation expense for equity awards | 1,639 | 1,552 |
Amortization of debt fair value adjustment | (990) | (773) |
Amortization of in-place lease liabilities, net | (2,576) | (850) |
Changes in assets and liabilities: | ||
Tenant receivables and other | 1,346 | (1,424) |
Deferred costs and other assets | (7,694) | (5,277) |
Accounts payable, accrued expenses, deferred revenue and other liabilities | 238 | (1,805) |
Net cash provided by operating activities | 36,259 | 36,243 |
Cash flows from investing activities: | ||
Capital expenditures, net | (18,070) | (23,869) |
Net proceeds from sales of operating properties | 61,637 | 22,754 |
Change in construction payables | 2,807 | 2,422 |
Net cash provided by investing activities | 46,374 | 1,307 |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 23 | 0 |
Repurchases of common shares upon the vesting of restricted shares | (319) | (200) |
Acquisition of partner's interest in Fishers Station operating property | 0 | (3,750) |
Loan proceeds | 52,922 | 33,200 |
Loan payments and related financing escrows | (101,363) | (37,170) |
Distributions paid – common shareholders/unitholders | (26,546) | (25,272) |
Distributions paid – redeemable noncontrolling interests | (978) | (1,020) |
Net cash used in financing activities | (76,261) | (34,212) |
Net change in cash, cash equivalents, and restricted cash | 6,372 | 3,338 |
Cash, cash equivalents, and restricted cash beginning of period | 32,176 | 28,912 |
Cash, cash equivalents, and restricted cash end of period | $ 38,548 | $ 32,250 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
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 select 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 March 31, 2018 owned approximately 97.6% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.4% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) were 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. At March 31, 2018 , we owned interests in 115 operating and redevelopment properties totaling approximately 22.5 million square feet. We also owned two development projects under construction as of this date. |
Basis of Presentation, Consolid
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests | Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the combined Annual Report on Form 10-K of the Parent Company and the Operating Partnership for the year ended December 31, 2017 . The preparation of financial statements in accordance with 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. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis. Components of Investment Properties The composition of the Company’s investment properties as of March 31, 2018 and December 31, 2017 was as follows: Balance at March 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,781,646 $ 3,873,149 Furniture, equipment and other 8,757 8,453 Land held for development 31,142 31,142 Construction in progress 44,022 45,140 $ 3,865,567 $ 3,957,884 Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership 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 Operating Partnership accounts for properties that are owned by joint ventures in accordance with the consolidation guidance. The Operating Partnership evaluates each joint venture and determines first whether to follow the VIE or the voting interest entity ("VOE") model. Once the appropriate consolidation model is identified, the Operating Partnership then evaluates whether it should consolidate the joint venture. Under the VIE model, the Operating Partnership consolidates an entity when it 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. Under the VOE model, the Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership. In determining whether to consolidate a VIE with the Operating Partnership, we consider all relationships between the Operating Partnership and the applicable 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. As of March 31, 2018 , we owned investments in three joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of this date, these VIEs had total debt of $238.8 million , which were secured by assets of the VIEs totaling $501.2 million . The Operating Partnership guarantees the debts of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary in accordance with the VIE model. 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 the Operating Partnership's taxable REIT subsidiary. 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 non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2018 and 2017 were as follows: 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 692 Net income allocable to noncontrolling interests, — 1 Noncontrolling interests balance at March 31 $ 698 $ 693 Redeemable Noncontrolling Interests - Limited Partners 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 March 31, 2018 , the redemption value of the redeemable noncontrolling interests did not exceed the historical book value, and the balance was accordingly adjusted to historical book value. At December 31, 2017, 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 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 three months ended March 31, 2018 and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended 2018 2017 Parent Company’s weighted average basic interest in 97.6 % 97.7 % Limited partners' weighted average basic interests in 2.4 % 2.3 % At March 31, 2018 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.6% and 2.4% . At December 31, 2017, the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.7% and 2.3% . 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 have the right to redeem Limited Partner Units 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. There were 2,066,849 and 1,974,830 Limited Partner Units outstanding as of March 31, 2018 and December 31, 2017 , respectively. The increase in Limited Partner Units outstanding from December 31, 2017 is due to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests - Subsidiaries Prior to the merger with Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") in 2014, 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 are accounted for as noncontrolling interests in these properties. A portion of the Class B units became redeemable at the respective partner’s election in March 2017, and the remaining Class B units will become redeemable at the respective partner's election in October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in December 2020 and November 2022, with respect to the applicable joint venture, the Class B units can be redeemed at the election of either of our partners 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 unless either party has elected for the units to be redeemed. We consolidate these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. In February 2018, we received notice from our partners in one of the joint ventures of their intent to exercise their right to redeem their remaining $22.0 million of Class B units for cash. The amount that will be redeemed was reclassified from Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests to Accounts payable and accrued expenses in the consolidated balance sheets. We are required to fund the redemption using cash prior to November 8, 2018. We classify the remainder of the 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. As of March 31, 2018 and December 31, 2017, the redemption amounts of these interests did not exceed their fair value, nor did they exceed the initial book value. The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the three months ended March 31, 2018 and 2017 were as follows: 2018 2017 Redeemable noncontrolling interests balance January 1 $ 72,104 $ 88,165 Net (loss) income allocable to redeemable noncontrolling interests (80 ) 432 Distributions declared to redeemable noncontrolling interests (1,008 ) (1,033 ) Liability reclassification due to exercise of redemption option by joint venture partner (22,461 ) (8,261 ) Other, net, including adjustments to redemption value 279 (2,048 ) Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 48,834 $ 77,255 Limited partners' interests in Operating Partnership $ 38,764 $ 44,530 Other redeemable noncontrolling interests in certain subsidiaries 10,070 32,725 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 48,834 $ 77,255 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 consider 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. Recently Issued Accounting Pronouncements Adoption of New Standards On January 1, 2018, we adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) using the modified retrospective approach. ASU 2014-09 revised GAAP by offering a single comprehensive revenue recognition standard that supersedes nearly all existing GAAP revenue recognition guidance. The impacted revenue streams primarily consist of fees earned from management, development services provided to third parties, and other ancillary income earned from our properties. No adjustments were required upon adoption of this standard. We evaluated our revenue streams and less than 1% of our annual revenue was impacted by this new standard upon its initial adoption. Additionally, we adopted the clarified scope guidance of ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" in conjunction with ASU 2014-09, using the modified retrospective approach. ASC 610-20 applies to the sale, transfer and derecognition of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales, and eliminates the guidance specific to real estate in ASC 360-20. With respect to full disposals, the recognition will generally be consistent with our current measurement and pattern of recognition. With respect to partial sales of real estate to joint ventures, the new guidance requires us to recognize a full gain where an equity investment is retained. These transactions could result in a basis difference as we will be required to measure our retained equity interest at fair value, whereas the joint venture may continue to measure the assets received at carryover basis. No adjustments were required upon adoption of this standard. During the three months ended March 31, 2018, we disposed of two operating properties in all cash transactions with no continuing future involvement. The gains recognized were approximately 1% of our total revenue for the three months ended March 31, 2018. As we do not have any continuing involvement in the operations of the operating properties, there was not a change in the accounting for the sales. On January 1, 2018 we adopted ASU 2016-15, Statement of Cash Flows (Topic 230), and ASU 2016-18, Restricted Cash , using a retrospective transition approach, which changed our statements of cash flows and related disclosures for all periods presented. ASU 2016-15 is intended to reduce diversity in practice with respect to how certain transactions are classified in the statement of cash flows and its adoption had no impact on our financial statements. ASU 2016-18 requires that a statement of cash flows explain the change during the period in total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Cash and cash equivalents 28,753 22,641 Restricted cash 9,795 9,609 Total cash, cash equivalents, and restricted cash 38,548 32,250 For the three months ended March 31, 2017, restricted cash related to cash flows provided by operating activities of $0.7 million and restricted cash related to cash flows provided by investing activities of $0.1 million were reclassified. Restricted cash primarily relates to cash held in escrows for payments of real estate taxes and property reserves for maintenance, insurance, or tenant improvements as required by our mortgage loans. New Standards Issued but Not Yet Adopted 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 certain changes to lessor accounting, including the accounting for sales-type and direct financing leases. 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 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. As a result of the adoption of ASU 2016-02, we expect common area maintenance reimbursements that are of a fixed nature to be recognized on a straight-line basis over the term of the lease as these tenant reimbursements will be considered a non-lease component and will be subject to ASU 2014-09. We also expect to recognize right of use assets on our balance sheet related to certain ground leases where we are the lessee. Upon adoption of the standard, we anticipate recognizing a right of use asset currently estimated to be between $35 million and $40 million . In addition to evaluating the impact of adopting the new accounting standard on our consolidated financial statements, we are evaluating our existing lease contracts and compensation structure, as well as our current and future information system capabilities. In March 2018, the FASB indicated it intended to approve a new transition method and lessor practical expedient for separating lease and non-lease components. This permits lessors to make an accounting policy election to not separate non-lease components, such as common area maintenance, of a contract from the leases to which they relate when specific criteria are met. The new leasing 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, which will reduce the leasing costs currently capitalized. Upon adoption of the new standard, we expect a reduction in certain capitalized costs and a corresponding increase in general, administrative, and other expense and a decrease in amortization expense on our consolidated statement of operations, but the magnitude of that change is dependent upon certain variables currently under evaluation, including compensation structure in place upon adoption. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . ASU 2017-02 better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 will be effective for annual and interim reporting periods beginning on or after December 15, 2018, with early adoption permitted using a modified retrospective transition method. This adoption method will require us to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While we continue to assess all potential impacts of the standard, we do not expect the adoption of ASU 2017-12 to have a material impact on our consolidated financial statements. |
Earnings Per Share or Unit
Earnings Per Share or Unit | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share or Unit | Earnings Per Share or Unit 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 granted under our Outperformance Incentive Compensation Plan ("Outperformance Plan"); 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 three months ended March 31, 2018 and 2017 were 2.0 million and 2.0 million , respectively. Approximately 0.1 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit for the three months ended March 31, 2018 and 2017, respectively because their impact was not dilutive. Due to the net loss allocable to common shareholders and Common Unit holders for each of the three months ended March 31, 2018, no securities had a dilutive impact for this period. |
Mortgage and Other Indebtedness
Mortgage and Other Indebtedness | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage and Other Indebtedness | Mortgage and Other Indebtedness Mortgage and other indebtedness consisted of the following as of March 31, 2018 and December 31, 2017 : As of March 31, 2018 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior unsecured notes - fixed rate $ 550,000 $ — $ (5,377 ) $ 544,623 Unsecured revolving credit facility 46,600 — (1,729 ) 44,871 Unsecured term loans 400,000 — (1,587 ) 398,413 Mortgage notes payable - fixed rate 542,266 8,207 (694 ) 549,779 Mortgage notes payable - variable rate 113,423 — (562 ) 112,861 Total mortgage and other indebtedness $ 1,652,289 $ 8,207 $ (9,949 ) $ 1,650,547 As of December 31, 2017 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior unsecured notes - fixed rate $ 550,000 $ — $ (5,599 ) $ 544,401 Unsecured revolving credit facility 60,100 — (1,895 ) 58,205 Unsecured term loans 400,000 — (1,759 ) 398,241 Mortgage notes payable - fixed rate 576,927 9,196 (755 ) 585,368 Mortgage notes payable - variable rate 113,623 — (599 ) 113,024 Total mortgage and other indebtedness $ 1,700,650 $ 9,196 $ (10,607 ) $ 1,699,239 Consolidated indebtedness, including weighted average maturities and weighted average interest rates as of March 31, 2018 , considering the impact of interest rate swaps, is summarized below: Outstanding Amount Ratio Weighted Average Weighted Average Fixed rate debt 1 $ 1,477,467 89 % 4.11 % 5.5 Variable rate debt 174,822 11 % 3.38 % 3.8 Net debt premiums and issuance costs, net (1,742 ) N/A N/A N/A Total $ 1,650,547 100 % 4.04 % 5.3 ____________________ 1 Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of March 31,2018, $385.2 million in variable rate debt is hedged for a weighted average 3.0 years. Mortgage indebtedness is collateralized by certain real estate properties and leases, and is generally due in monthly installments of interest and principal and matures over various terms through 2030. Variable interest rates on mortgage indebtedness are based on LIBOR plus spreads ranging from 160 to 225 basis points. At March 31, 2018 , the one-month LIBOR interest rate was 1.88% . Fixed interest rates on mortgage indebtedness range from 3.78% to 6.78% . Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis over the terms of the respective loan agreements. The accompanying consolidated statements of operations include amortization of debt issuance costs as a component of interest expense as follows: Three Months Ended 2018 2017 Amortization of debt issuance costs $ 660 $ 682 Unsecured Revolving Credit Facility and Unsecured Term Loans As of March 31, 2018, we had an unsecured revolving credit facility (the "Credit Facility") with a total commitment of $500 million that matures in July 2020 (inclusive of two six -month extension options), a $200 million unsecured term loan maturing in July 2021("Term Loan") and a $200 million seven -year unsecured term loan maturing in October 2022. The Operating Partnership has the option to increase the borrowing availability of the Credit Facility to $1 billion and the option to increase the Term Loan to provide for an additional $200 million , in each case subject to certain conditions, including obtaining commitments from one or more lenders. As of March 31, 2018 , $46.6 million was outstanding under the Credit Facility. Additionally, we had letters of credit outstanding which totaled $4.1 million , against which no amounts were advanced as of March 31, 2018 . The amount that we may borrow under our Credit Facility is limited by the value of the assets in our unencumbered asset pool. As of March 31, 2018 , the value of the assets in our unencumbered asset pool, calculated pursuant to the Credit Facility agreement, was $1.4 billion . Considering outstanding borrowings on the line of credit, term loans, unsecured notes and letters of credit, we had $393.2 million available under our Credit Facility for future borrowings as of March 31, 2018 . Our ability to borrow under the Credit Facility 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 March 31, 2018 , we were in compliance with all such covenants. Senior Unsecured Notes The Operating Partnership has $550 million of senior unsecured notes maturing at various dates through September 2027 (the "Notes"). The Notes contain a number of customary financial and restrictive covenants. As of March 31, 2018 , we were in compliance with all such covenants. Other Debt Activity For the three months ended March 31, 2018 , we had total new borrowings of $52.9 million and total repayments of $101.4 million . In addition to the items mentioned above, the remaining components of this activity were as follows: • We retired the $33.3 million loan secured by our Perimeter Woods operating property through a draw on our Credit Facility; • We borrowed $19.6 million on the Credit Facility to fund development activities, redevelopment activities, tenant improvement costs, and other working capital needs; • We used the $63.0 million net proceeds from the sale of two operating properties to pay down the Credit Facility; and • We made scheduled principal payments on indebtedness totaling $1.5 million . Fair Value of Fixed and Variable Rate Debt As of March 31, 2018 , the estimated fair value of our fixed rate debt was $1.1 billion compared to the book value of $1.1 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 3.87% to 4.57% . As of March 31, 2018 , the fair value of variable rate debt was $560.9 million compared to the book value of $560.0 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 3.73% to 4.55% . |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
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 variable interest rate risk, we enter into interest rate derivative agreements from time to time. All such agreements are designated as cash flow hedges. We do not use interest rate derivative agreements for trading or speculative purposes. 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 March 31, 2018 , we were party to various cash flow derivative agreements with notional amounts totaling $385.2 million . These derivative agreements effectively fix the interest rate underlying certain variable rate debt instruments over expiration dates through 2021 . Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.38% . These interest rate derivative 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. We determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. As of March 31, 2018 and December 31, 2017 , we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined our derivative valuations were classified within Level 2 of the fair value hierarchy. As of March 31, 2018 , the estimated fair value of our interest rate derivatives represented a net asset of $4.8 million , including accrued interest of $20,000 . As of March 31, 2018 , $5.1 million was reflected in prepaid and other assets and $0.3 million was reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheets. At December 31, 2017 , the estimated fair value of our interest rate hedges was a net asset of $2.4 million , including accrued interest of $0.1 million . As of December 31, 2017 , $3.1 million was reflected in prepaid and other assets and $0.7 million was reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheets. 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. Approximately $0.1 million was reclassified as an increase to earnings during the three months ended March 31, 2018, and $1.0 million was reclassified as a reduction to earnings during the three months ended March 31, 2017 . As the interest payments on our hedges are made over the next 12 months, we estimate the decrease to interest expense to be $1.9 million , assuming the current LIBOR curve. Unrealized gains and losses on our interest rate derivative agreements are the only components of the change in accumulated other comprehensive loss. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Distribution Payments Our Board of Trustees declared a cash distribution of $0.3175 for the first quarter of 2018 to common shareholders and Common Unit holders of record as of April 6, 2018. The distribution was paid on April 13, 2018. |
Deferred Costs and Intangibles,
Deferred Costs and Intangibles, net | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs [Abstract] | |
Deferred Costs and Intangibles, net | Deferred Costs and Intangibles, net Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At March 31, 2018 and December 31, 2017 , deferred costs consisted of the following: March 31, December 31, Acquired lease intangible assets $ 98,215 $ 107,668 Deferred leasing costs and other 69,617 68,335 167,832 176,003 Less—accumulated amortization (59,220 ) (63,644 ) Total $ 108,612 $ 112,359 Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense in the accompanying consolidated statements of operations. The amortization of above market lease intangibles is included as a reduction to revenue. The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Three Months Ended 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 4,710 $ 6,145 Amortization of above market lease intangibles 754 1,189 |
Deferred Revenue, Intangibles,
Deferred Revenue, Intangibles, Net and Other Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, Intangibles, Net and Other Liabilities | Deferred Revenue, Intangibles, Net and Other Liabilities Deferred revenue and other liabilities consist of the unamortized fair value of below market lease liabilities recorded in connection with purchase accounting, retainage payables for development and redevelopment projects, and tenant rent payments received in advance of the month in which they are due. The amortization of below market lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2046. 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 March 31, 2018 and December 31, 2017 , deferred revenue, intangibles, net and other liabilities consisted of the following: March 31, December 31, Unamortized below market lease liabilities $ 76,600 $ 83,117 Retainage payables and other 4,285 3,954 Tenant rent payments received in advance 10,055 9,493 Total $ 90,940 $ 96,564 The amortization of below market lease intangibles is included as a component of minimum rent in the accompanying consolidated statements and was $3.3 million and $2.0 million for the three months ended March 31, 2018 and 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 matters will not have a material adverse impact on our consolidated financial condition, results of operations or cash flows taken as a whole. 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 borrowings on the Credit Facility. In connection with the joint venture formed for the development of the Embassy Suites at the University of Notre Dame, we provided a repayment guaranty on a $33.8 million construction loan, of which our share is $11.8 million . The outstanding loan balance as of March 31, 2018 is $11.9 million and our share is $4.2 million . As of March 31, 2018 , we had outstanding letters of credit totaling $4.1 million . At that date, there were no amounts advanced against these instruments. |
Disposals of Operating Properti
Disposals of Operating Properties and Related Recording of Impairment Charge | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals of Operating Properties and Related Recording of Impairment Charge | Disposals of Operating Properties and Related Recording of Impairment Charge During the three months ended March 31, 2018, we sold our Trussville Promenade operating property in Birmingham, Alabama, and our Memorial Commons operating property in Goldsboro, North Carolina, for aggregate gross proceeds of $63.0 million and a net gain of $0.5 million . During the three months ended March 31, 2017, we sold our Cove Center operating property in Stuart, Florida, for gross proceeds of $23.1 million and a net gain of $8.9 million . As of March 31, 2018, in connection with the preparation and review of the financial statements required to be included in this Quarterly Report on Form 10-Q, we evaluated an operating property for impairment and recorded a $24.1 million impairment charge due to changes during the quarter in facts and circumstances underlying the Company’s expected future hold period of this property. A shortening of an expected future hold period is considered an impairment indicator under applicable accounting rules, and this indicator caused us to further evaluate the carrying value of this property. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of a certain asset, leading to the charge during the quarter. We estimated the fair value of the property to be $24.3 million using Level 3 inputs within the fair value hierarchy, primarily using the market approach. We compared the estimated fair value to the carrying value, which resulted in the recording of a non-cash impairment charge of $24.1 million for the three months ended March 31, 2018. In connection with the preparation and review of the March 31, 2017 financial statements, we evaluated an operating property for impairment due to the shortening of the intended holding period. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of the asset. The Company estimated the fair value of the property to be $26.0 million using Level 3 inputs within the fair value hierarchy, primarily using the market approach. We compared the fair value measurement to the carrying value, which resulted in the recording of a non-cash impairment charge of $7.4 million for the three months ended March 31, 2017. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 24, 2018, the Company and Operating Partnership entered into the First Amendment (the “Amendment”) to the Fifth Amended and Restated Credit Agreement (the “Existing Credit Agreement,” and as amended by the Amendment, the “Amended Credit Agreement”), dated as of July 28, 2016, by and among the Operating Partnership, as borrower, the Company, as guarantor (pursuant to a springing guaranty, dated as of July 28, 2016), KeyBank National Association, as administrative agent, and the other lenders party thereto. The Amendment increases (i) the aggregate principal amount available under the unsecured revolving credit facility (the “Revolving Facility”) from $500 million to $600 million , (ii) the amount of the letter of credit issuances the Operating Partnership may utilize under the Revolving Facility from $50 million to $60 million and (iii) swingline loan capacity from $50 million to $60 million in same day borrowings. Under the Amended Credit Agreement, the Operating Partnership has the option to increase the Revolving Facility to $1.2 billion (increased from $1 billion under the Existing Credit Agreement) upon the Operating Partnership’s request, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the Amended Credit Agreement, to provide such increased amounts. The Amendment extends the scheduled maturity date of the Revolving Facility from July 28, 2020 to April 22, 2022 (which maturity date may be extended for up to two additional periods of six months at the Operating Partnership’s option subject to certain conditions). Among other things, the Amendment also improves the Operating Partnership’s leverage ratio calculation by changing the definition of capitalization rate to six and one-half percent ( 6.5% ) from six and three-fourths percent ( 6.75% ), which increases the Operating Partnership’s total asset value as calculated under the Amended Credit Agreement. On April 24, 2018, the Operating Partnership and the Company entered into the Second Amendment (the “Term Loan Amendment”) to the Term Loan Agreement (the “7-Year Term Loan”), dated as of October 26, 2015, by and among the Operating Partnership, as borrower, the Company, as guarantor (pursuant to the springing guaranty), KeyBank National Association, as administrative agent, and the other lenders party thereto. The Term Loan Amendment improves the Operating Partnership’s leverage ratio calculation by changing the definition of capitalization rate to six and one-half percent ( 6.5% ) from six and three-fourths percent ( 6.75% ), which increases the Operating Partnership’s total asset value as calculated under the term loan agreement, as amended. The Term Loan Amendment also deletes the financial covenants related to minimum tangible net worth, secured recourse debt and permitted investments. |
Basis of Presentation, Consol19
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation and Investments in Joint Ventures | Consolidation and Investments in Joint Ventures The accompanying financial statements are presented on a consolidated basis and include all accounts of the Parent Company, the Operating Partnership, the taxable REIT subsidiary of the Operating Partnership, subsidiaries of the Operating Partnership that are controlled and any variable interest entities (“VIEs”) in which the Operating Partnership 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 Operating Partnership accounts for properties that are owned by joint ventures in accordance with the consolidation guidance. The Operating Partnership evaluates each joint venture and determines first whether to follow the VIE or the voting interest entity ("VOE") model. Once the appropriate consolidation model is identified, the Operating Partnership then evaluates whether it should consolidate the joint venture. Under the VIE model, the Operating Partnership consolidates an entity when it 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. Under the VOE model, the Operating Partnership consolidates an entity when (i) it controls the entity through ownership of a majority voting interest if the entity is not a limited partnership or (ii) it controls the entity through its ability to remove the other partners or owners in the entity, at its discretion, when the entity is a limited partnership. In determining whether to consolidate a VIE with the Operating Partnership, we consider all relationships between the Operating Partnership and the applicable 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. As of March 31, 2018 , we owned investments in three joint ventures that were VIEs in which the partners did not have substantive participating rights and we were the primary beneficiary. As of this date, these VIEs had total debt of $238.8 million , which were secured by assets of the VIEs totaling $501.2 million . The Operating Partnership guarantees the debts of these VIEs. The Operating Partnership is considered a VIE as the limited partners do not hold kick-out rights or substantive participating rights. The Parent Company consolidates the Operating Partnership as it is the primary beneficiary in accordance with the VIE model. |
Income Taxes | 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 the Operating Partnership's taxable REIT subsidiary. |
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 non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2018 and 2017 were as follows: 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 692 Net income allocable to noncontrolling interests, — 1 Noncontrolling interests balance at March 31 $ 698 $ 693 Redeemable Noncontrolling Interests - Limited Partners 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 March 31, 2018 , the redemption value of the redeemable noncontrolling interests did not exceed the historical book value, and the balance was accordingly adjusted to historical book value. At December 31, 2017, 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 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 three months ended March 31, 2018 and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended 2018 2017 Parent Company’s weighted average basic interest in 97.6 % 97.7 % Limited partners' weighted average basic interests in 2.4 % 2.3 % At March 31, 2018 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.6% and 2.4% . At December 31, 2017, the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.7% and 2.3% . 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 have the right to redeem Limited Partner Units 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. There were 2,066,849 and 1,974,830 Limited Partner Units outstanding as of March 31, 2018 and December 31, 2017 , respectively. The increase in Limited Partner Units outstanding from December 31, 2017 is due to non-cash compensation awards made to our executive officers in the form of Limited Partner Units. Redeemable Noncontrolling Interests - Subsidiaries Prior to the merger with Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") in 2014, 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 are accounted for as noncontrolling interests in these properties. A portion of the Class B units became redeemable at the respective partner’s election in March 2017, and the remaining Class B units will become redeemable at the respective partner's election in October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in December 2020 and November 2022, with respect to the applicable joint venture, the Class B units can be redeemed at the election of either of our partners 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 unless either party has elected for the units to be redeemed. We consolidate these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. In February 2018, we received notice from our partners in one of the joint ventures of their intent to exercise their right to redeem their remaining $22.0 million of Class B units for cash. The amount that will be redeemed was reclassified from Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests to Accounts payable and accrued expenses in the consolidated balance sheets. We are required to fund the redemption using cash prior to November 8, 2018. We classify the remainder of the 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. |
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 consider 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adoption of New Standards On January 1, 2018, we adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) using the modified retrospective approach. ASU 2014-09 revised GAAP by offering a single comprehensive revenue recognition standard that supersedes nearly all existing GAAP revenue recognition guidance. The impacted revenue streams primarily consist of fees earned from management, development services provided to third parties, and other ancillary income earned from our properties. No adjustments were required upon adoption of this standard. We evaluated our revenue streams and less than 1% of our annual revenue was impacted by this new standard upon its initial adoption. Additionally, we adopted the clarified scope guidance of ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" in conjunction with ASU 2014-09, using the modified retrospective approach. ASC 610-20 applies to the sale, transfer and derecognition of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales, and eliminates the guidance specific to real estate in ASC 360-20. With respect to full disposals, the recognition will generally be consistent with our current measurement and pattern of recognition. With respect to partial sales of real estate to joint ventures, the new guidance requires us to recognize a full gain where an equity investment is retained. These transactions could result in a basis difference as we will be required to measure our retained equity interest at fair value, whereas the joint venture may continue to measure the assets received at carryover basis. No adjustments were required upon adoption of this standard. During the three months ended March 31, 2018, we disposed of two operating properties in all cash transactions with no continuing future involvement. The gains recognized were approximately 1% of our total revenue for the three months ended March 31, 2018. As we do not have any continuing involvement in the operations of the operating properties, there was not a change in the accounting for the sales. On January 1, 2018 we adopted ASU 2016-15, Statement of Cash Flows (Topic 230), and ASU 2016-18, Restricted Cash , using a retrospective transition approach, which changed our statements of cash flows and related disclosures for all periods presented. ASU 2016-15 is intended to reduce diversity in practice with respect to how certain transactions are classified in the statement of cash flows and its adoption had no impact on our financial statements. ASU 2016-18 requires that a statement of cash flows explain the change during the period in total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Cash and cash equivalents 28,753 22,641 Restricted cash 9,795 9,609 Total cash, cash equivalents, and restricted cash 38,548 32,250 For the three months ended March 31, 2017, restricted cash related to cash flows provided by operating activities of $0.7 million and restricted cash related to cash flows provided by investing activities of $0.1 million were reclassified. Restricted cash primarily relates to cash held in escrows for payments of real estate taxes and property reserves for maintenance, insurance, or tenant improvements as required by our mortgage loans. New Standards Issued but Not Yet Adopted 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 certain changes to lessor accounting, including the accounting for sales-type and direct financing leases. 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 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. As a result of the adoption of ASU 2016-02, we expect common area maintenance reimbursements that are of a fixed nature to be recognized on a straight-line basis over the term of the lease as these tenant reimbursements will be considered a non-lease component and will be subject to ASU 2014-09. We also expect to recognize right of use assets on our balance sheet related to certain ground leases where we are the lessee. Upon adoption of the standard, we anticipate recognizing a right of use asset currently estimated to be between $35 million and $40 million . In addition to evaluating the impact of adopting the new accounting standard on our consolidated financial statements, we are evaluating our existing lease contracts and compensation structure, as well as our current and future information system capabilities. In March 2018, the FASB indicated it intended to approve a new transition method and lessor practical expedient for separating lease and non-lease components. This permits lessors to make an accounting policy election to not separate non-lease components, such as common area maintenance, of a contract from the leases to which they relate when specific criteria are met. The new leasing 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, which will reduce the leasing costs currently capitalized. Upon adoption of the new standard, we expect a reduction in certain capitalized costs and a corresponding increase in general, administrative, and other expense and a decrease in amortization expense on our consolidated statement of operations, but the magnitude of that change is dependent upon certain variables currently under evaluation, including compensation structure in place upon adoption. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . ASU 2017-02 better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 will be effective for annual and interim reporting periods beginning on or after December 15, 2018, with early adoption permitted using a modified retrospective transition method. This adoption method will require us to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. While we continue to assess all potential impacts of the standard, we do not expect the adoption of ASU 2017-12 to have a material impact on our consolidated financial statements. |
Basis of Presentation, Consol20
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | The composition of the Company’s investment properties as of March 31, 2018 and December 31, 2017 was as follows: Balance at March 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,781,646 $ 3,873,149 Furniture, equipment and other 8,757 8,453 Land held for development 31,142 31,142 Construction in progress 44,022 45,140 $ 3,865,567 $ 3,957,884 |
Schedule of Stockholders Equity | The non-redeemable noncontrolling interests in consolidated properties for the three months ended March 31, 2018 and 2017 were as follows: 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 692 Net income allocable to noncontrolling interests, — 1 Noncontrolling interests balance at March 31 $ 698 $ 693 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | For the three months ended March 31, 2018 and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Three Months Ended 2018 2017 Parent Company’s weighted average basic interest in 97.6 % 97.7 % Limited partners' weighted average basic interests in 2.4 % 2.3 % |
Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the three months ended March 31, 2018 and 2017 were as follows: 2018 2017 Redeemable noncontrolling interests balance January 1 $ 72,104 $ 88,165 Net (loss) income allocable to redeemable noncontrolling interests (80 ) 432 Distributions declared to redeemable noncontrolling interests (1,008 ) (1,033 ) Liability reclassification due to exercise of redemption option by joint venture partner (22,461 ) (8,261 ) Other, net, including adjustments to redemption value 279 (2,048 ) Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 48,834 $ 77,255 Limited partners' interests in Operating Partnership $ 38,764 $ 44,530 Other redeemable noncontrolling interests in certain subsidiaries 10,070 32,725 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 48,834 $ 77,255 |
Cash and Cash Equivalents | The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Cash and cash equivalents 28,753 22,641 Restricted cash 9,795 9,609 Total cash, cash equivalents, and restricted cash 38,548 32,250 |
Restricted Cash and Cash Equivalents | The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the three months ended March 31, 2018 and 2017: For the Three Months Ended March 31, 2018 2017 Cash and cash equivalents 28,753 22,641 Restricted cash 9,795 9,609 Total cash, cash equivalents, and restricted cash 38,548 32,250 |
Mortgage and Other Indebtedne21
Mortgage and Other Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Participating Mortgage Loans | Mortgage and other indebtedness consisted of the following as of March 31, 2018 and December 31, 2017 : As of March 31, 2018 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior unsecured notes - fixed rate $ 550,000 $ — $ (5,377 ) $ 544,623 Unsecured revolving credit facility 46,600 — (1,729 ) 44,871 Unsecured term loans 400,000 — (1,587 ) 398,413 Mortgage notes payable - fixed rate 542,266 8,207 (694 ) 549,779 Mortgage notes payable - variable rate 113,423 — (562 ) 112,861 Total mortgage and other indebtedness $ 1,652,289 $ 8,207 $ (9,949 ) $ 1,650,547 As of December 31, 2017 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior unsecured notes - fixed rate $ 550,000 $ — $ (5,599 ) $ 544,401 Unsecured revolving credit facility 60,100 — (1,895 ) 58,205 Unsecured term loans 400,000 — (1,759 ) 398,241 Mortgage notes payable - fixed rate 576,927 9,196 (755 ) 585,368 Mortgage notes payable - variable rate 113,623 — (599 ) 113,024 Total mortgage and other indebtedness $ 1,700,650 $ 9,196 $ (10,607 ) $ 1,699,239 |
Schedule of Debt | Consolidated indebtedness, including weighted average maturities and weighted average interest rates as of March 31, 2018 , considering the impact of interest rate swaps, is summarized below: Outstanding Amount Ratio Weighted Average Weighted Average Fixed rate debt 1 $ 1,477,467 89 % 4.11 % 5.5 Variable rate debt 174,822 11 % 3.38 % 3.8 Net debt premiums and issuance costs, net (1,742 ) N/A N/A N/A Total $ 1,650,547 100 % 4.04 % 5.3 ____________________ 1 Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of March 31,2018, $385.2 million in variable rate debt is hedged for a weighted average 3.0 years. |
Deferred Cost Amortization | The accompanying consolidated statements of operations include amortization of debt issuance costs as a component of interest expense as follows: Three Months Ended 2018 2017 Amortization of debt issuance costs $ 660 $ 682 The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Three Months Ended 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 4,710 $ 6,145 Amortization of above market lease intangibles 754 1,189 |
Deferred Costs and Intangible22
Deferred Costs and Intangibles, net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | At March 31, 2018 and December 31, 2017 , deferred costs consisted of the following: March 31, December 31, Acquired lease intangible assets $ 98,215 $ 107,668 Deferred leasing costs and other 69,617 68,335 167,832 176,003 Less—accumulated amortization (59,220 ) (63,644 ) Total $ 108,612 $ 112,359 |
Deferred Cost Amortization | The accompanying consolidated statements of operations include amortization of debt issuance costs as a component of interest expense as follows: Three Months Ended 2018 2017 Amortization of debt issuance costs $ 660 $ 682 The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: Three Months Ended 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 4,710 $ 6,145 Amortization of above market lease intangibles 754 1,189 |
Deferred Revenue, Intangibles23
Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure | At March 31, 2018 and December 31, 2017 , deferred revenue, intangibles, net and other liabilities consisted of the following: March 31, December 31, Unamortized below market lease liabilities $ 76,600 $ 83,117 Retainage payables and other 4,285 3,954 Tenant rent payments received in advance 10,055 9,493 Total $ 90,940 $ 96,564 |
Organization (Details)
Organization (Details) ft² in Millions | 3 Months Ended |
Mar. 31, 2018ft²property | |
Organization [Line Items] | |
Ownership interest of General Partner (as percent) | 97.60% |
Number of real estate properties | 2 |
Area of real estate property | ft² | 22.5 |
Operating and Redevelopment Properties | |
Organization [Line Items] | |
Number of real estate properties | 115 |
Under Construction Retail Development Project | |
Organization [Line Items] | |
Number of real estate properties | 2 |
KRG, LP | |
Organization [Line Items] | |
Ownership interest of Common Partner (as percent) | 2.40% |
Basis of Presentation, Consol25
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Investment Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Land, buildings and improvements | $ 3,781,646 | $ 3,873,149 |
Furniture, equipment and other | 8,757 | 8,453 |
Land held for development | 31,142 | 31,142 |
Construction in progress | 44,022 | 45,140 |
Investment properties, at cost | $ 3,865,567 | $ 3,957,884 |
Basis of Presentation, Consol26
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2018USD ($) | Mar. 31, 2018USD ($)joint_venturepropertyshares | Mar. 31, 2017USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017shares | |
Noncontrolling Interest [Line Items] | |||||
Variable interest entity, number of entities | joint_venture | 3 | ||||
Variable interest entity, consolidated, carrying amount, assets | $ 501,200 | ||||
Variable interest entity, consolidated, carrying amount, liabilities | $ 238,800 | ||||
Limited partners' capital account, units outstanding (in shares) | shares | 2,066,849 | 1,974,830 | |||
Number of disposals | property | 2 | ||||
Net cash provided by operating activities | $ 36,259 | $ 36,243 | |||
Net cash provided by investing activities | $ 46,374 | 1,307 | |||
Accounting Standards Update 2014-09 | |||||
Noncontrolling Interest [Line Items] | |||||
New accounting pronouncement or change in accounting principle, change in revenue (as percent) | 1.00% | ||||
New accounting pronouncement or change in accounting principle, recognized gains as a percent of revenue (as percent) | 1.00% | ||||
Accounting Standards Update 2016-18 | |||||
Noncontrolling Interest [Line Items] | |||||
Net cash provided by operating activities | 700 | ||||
Net cash provided by investing activities | 100 | ||||
Accounting Standards Update 2016-02 | Minimum | Forecast | |||||
Noncontrolling Interest [Line Items] | |||||
Right of use asset | $ 35,000 | ||||
Accounting Standards Update 2016-02 | Maximum | Forecast | |||||
Noncontrolling Interest [Line Items] | |||||
Right of use asset | $ 40,000 | ||||
Redeemable Noncontrolling Interests | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 22,000 | $ 22,461 | $ 8,261 | ||
Operating Partnership | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, ownership percentage by parent (as percent) | 97.60% | 97.70% | |||
Noncontrolling interest, ownership percentage by noncontrolling owners (as percent) | 2.40% | 2.30% |
Basis of Presentation, Consol27
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning Balance | $ 698 | $ 692 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | (80) | 432 |
Ending Balance | 698 | 693 |
Excluding Redeemable Non-Controlling Interests | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $ 0 | $ 1 |
Basis of Presentation, Consol28
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Parent Company’s weighted average basic interest in Operating Partnership | 97.60% | 97.70% |
Limited partners' weighted average basic interests in Operating Partnership | 2.40% | 2.30% |
Basis of Presentation, Consol29
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Redeemable Noncontrolling Interests (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2018USD ($) | Mar. 31, 2018USD ($)joint_venture | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward] | |||||
Net (loss) income allocable to redeemable noncontrolling interests | $ (80) | $ 432 | |||
Redeemable Noncontrolling Interests | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward] | |||||
Beginning Balance | 72,104 | 88,165 | |||
Net (loss) income allocable to redeemable noncontrolling interests | (80) | 432 | |||
Distributions declared to redeemable noncontrolling interests | (1,008) | (1,033) | |||
Liability reclassification due to exercise of redemption option by joint venture partner | $ (22,000) | (22,461) | (8,261) | ||
Other, net, including adjustments to redemption value | 279 | (2,048) | |||
Ending Balance | 48,834 | 77,255 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 | 72,104 | 88,165 | $ 48,834 | $ 77,255 | |
Redeemable Noncontrolling Interests | Partnership Interest | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward] | |||||
Ending Balance | 48,834 | 77,255 | |||
Limited partners' interests in Operating Partnership | 38,764 | 44,530 | |||
Other redeemable noncontrolling interests in certain subsidiaries | 10,070 | 32,725 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 | $ 48,834 | $ 77,255 | $ 48,834 | $ 77,255 | |
Capital Unit, Class B | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Number of joint ventures | joint_venture | 3 | ||||
Number of joint ventures accounted for as noncontrolling interest | joint_venture | 2 |
Basis of Presentation, Consol30
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 28,753 | $ 24,082 | $ 22,641 | |
Restricted cash | 9,795 | 8,094 | 9,609 | |
Total cash, cash equivalents, and restricted cash | $ 38,548 | $ 32,176 | $ 32,250 | $ 28,912 |
Earnings Per Share or Unit (Det
Earnings Per Share or Unit (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Weighted average limited partnership units outstanding, basic (in shares) | 2 | 2 |
Antidilutive securities excluded from computation of earnings per share, amount | 0.1 | 0.1 |
Mortgage and Other Indebtedne32
Mortgage and Other Indebtedness - Consolidated Indebtedness by Type of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Participating Mortgage Loans [Line Items] | ||
Principal | $ 1,652,289 | $ 1,700,650 |
Unamortized Net Premiums | 8,207 | 9,196 |
Unamortized Debt Issuance Costs | (9,949) | (10,607) |
Total | 1,650,547 | 1,699,239 |
Revolving credit facility | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 46,600 | 60,100 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (1,729) | (1,895) |
Total | 44,871 | 58,205 |
Senior unsecured notes | Fixed rate debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 550,000 | 550,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (5,377) | (5,599) |
Total | 544,623 | 544,401 |
Unsecured term loan | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 400,000 | 400,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (1,587) | (1,759) |
Total | 398,413 | 398,241 |
Mortgages notes payable | Fixed rate debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 542,266 | 576,927 |
Unamortized Net Premiums | 8,207 | 9,196 |
Unamortized Debt Issuance Costs | (694) | (755) |
Total | 549,779 | 585,368 |
Mortgages notes payable | Variable rate debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 113,423 | 113,623 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (562) | (599) |
Total | $ 112,861 | $ 113,024 |
Mortgage and Other Indebtedne33
Mortgage and Other Indebtedness - Consolidated Indebtedness by Type of Interest Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Amount | $ 1,650,547 | $ 1,699,239 |
Ratio (as percent) | 100.00% | |
Weighted Average Interest Rate (as percent) | 4.04% | |
Weighted Average Maturity (Years) | 5 years 3 months 12 days | |
Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 1,477,467 | |
Ratio (as percent) | 89.00% | |
Weighted Average Interest Rate (as percent) | 4.11% | |
Weighted Average Maturity (Years) | 5 years 6 months 18 days | |
Variable rate debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 174,822 | |
Ratio (as percent) | 11.00% | |
Weighted Average Interest Rate (as percent) | 3.38% | |
Weighted Average Maturity (Years) | 3 years 9 months 24 days | |
Net debt premiums and issuance costs, net | ||
Debt Instrument [Line Items] | ||
Amount | $ (1,742) | |
Floating Rate Debt Hedged | Variable rate debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 385,200 | |
Weighted Average Maturity (Years) | 3 years |
Mortgage and Other Indebtedne34
Mortgage and Other Indebtedness - Additional Information (Details) | Mar. 31, 2018USD ($)property | Mar. 31, 2018USD ($)extensionproperty | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 660,000 | $ 682,000 | ||
Long-term debt | $ 1,650,547,000 | 1,650,547,000 | $ 1,699,239,000 | |
Letters of credit outstanding, amount | 4,100,000 | 4,100,000 | ||
Letters of credit outstanding, amount advanced | 0 | 0 | ||
Value in unencumbered asset pool | $ 1,400,000,000 | 1,400,000,000 | ||
Loan proceeds | 52,922,000 | 33,200,000 | ||
Repayments of long-term debt | $ 101,363,000 | $ 37,170,000 | ||
Number of real estate properties | property | 2 | 2 | ||
Percentage bearing fixed interest, amount | $ 1,100,000,000 | $ 1,100,000,000 | ||
Percentage bearing variable interest, amount | 560,000,000 | 560,000,000 | ||
Scheduled principal payments | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | 1,500,000 | |||
Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | 1,100,000,000 | 1,100,000,000 | ||
Variable rate debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | 560,900,000 | 560,900,000 | ||
Perimeter Woods | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | 33,300,000 | |||
Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 200,000,000 | 200,000,000 | ||
Debt instrument, option to increase borrowings | 200,000,000 | 200,000,000 | ||
Term Loans | 7-year unsecured term loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 200,000,000 | $ 200,000,000 | ||
Debt instrument, term | 7 years | |||
Senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Percentage bearing fixed interest, amount | 550,000,000 | $ 550,000,000 | ||
Senior unsecured notes | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 544,623,000 | 544,623,000 | 544,401,000 | |
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 500,000,000 | $ 500,000,000 | ||
Debt instrument, maturity date, number of extensions | extension | 2 | |||
Debt instrument, maturity date, extension | 6 months | |||
Long-term debt | 44,871,000 | $ 44,871,000 | $ 58,205,000 | |
Line of credit facility, option to increase maximum borrowing capacity | 1,000,000,000 | 1,000,000,000 | ||
Long-term line of credit | 46,600,000 | 46,600,000 | ||
Line of credit facility, remaining borrowing capacity | $ 393,200,000 | 393,200,000 | ||
Loan proceeds | 19,600,000 | |||
Revolving credit facility | Proceeds from sale of operating properties | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 63,000,000 | |||
London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as percent) | 1.88% | |||
Minimum | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as percent) | 3.78% | 3.78% | ||
Percentage bearing fixed interest (as percent) | 3.87% | 3.87% | ||
Minimum | Variable rate debt | ||||
Debt Instrument [Line Items] | ||||
Percentage bearing variable interest (as percent) | 3.73% | 3.73% | ||
Minimum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as percent) | 160.00% | |||
Maximum | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as percent) | 6.78% | 6.78% | ||
Percentage bearing fixed interest (as percent) | 4.57% | 4.57% | ||
Maximum | Variable rate debt | ||||
Debt Instrument [Line Items] | ||||
Percentage bearing variable interest (as percent) | 4.55% | 4.55% | ||
Maximum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as percent) | 225.00% |
Derivative Instruments, Hedgi35
Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, average cap interest rate (as percent) | 3.38% | ||
Hedge derivative at fair value, net | $ 4,800 | $ 2,400 | |
Gain (loss) reclassified from accumulated OCI into income, effective portion, net | 100 | $ (1,000) | |
Interest expense | (16,337) | $ (16,445) | |
Decrease As Hedged Forecasted Interest Payments Occur | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense | 1,900 | ||
Prepaid and Other Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge asset at fair value | 5,100 | 3,100 | |
Accounts Payable and Accrued Expenses | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge liability at fair value | 300 | 700 | |
Accrued Interest | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge derivative at fair value, net | 20 | $ 100 | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 385,200 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | Apr. 13, 2018$ / shares |
Subsequent event | |
Subsequent Event [Line Items] | |
Common dividends, cash paid (USD per share) | $ 0.3175 |
Deferred Costs and Intangible37
Deferred Costs and Intangibles, net - Deferred Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Costs [Abstract] | ||
Acquired lease intangible assets | $ 98,215 | $ 107,668 |
Deferred leasing costs and other | 69,617 | 68,335 |
Deferred costs and intangibles, gross | 167,832 | 176,003 |
Less—accumulated amortization | (59,220) | (63,644) |
Total | $ 108,612 | $ 112,359 |
Deferred Costs and Intangible38
Deferred Costs and Intangibles, net - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Deferred Costs [Abstract] | ||
Amortization of deferred leasing costs, lease intangibles and other | $ 4,710 | $ 6,145 |
Amortization of above market lease intangibles | $ 754 | $ 1,189 |
Deferred Revenue, Intangibles39
Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | $ 90,940 | $ 96,564 | |
Amortization of below market lease intangibles | 3,300 | $ 2,000 | |
Unamortized below market lease liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 76,600 | 83,117 | |
Retainage payables and other | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 4,285 | 3,954 | |
Tenant rent payments received in advance | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | $ 10,055 | $ 9,493 |
Commitments and Contingencies
Commitments and Contingencies - Additional Information (Details) | Mar. 31, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Letters of credit outstanding, amount | $ 4,100,000 |
Amount advanced | 0 |
Construction Loan | Repayment Guarantee | |
Guarantor Obligations [Line Items] | |
Amount of exposure from obligation | 11,800,000 |
Amount of obligation remaining | 4,200,000 |
Co-venturer | |
Guarantor Obligations [Line Items] | |
Outstanding balance of construction loan | 11,900,000 |
Co-venturer | Construction Loan | |
Guarantor Obligations [Line Items] | |
Amount of debt issued | $ 33,800,000 |
Disposals of Operating Proper41
Disposals of Operating Properties and Related Recording of Impairment Charge - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sales of operating properties | $ 61,637 | $ 22,754 |
Impairment charge | 24,070 | 7,411 |
Trussville Promenade and Memorial Commons | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sales of operating properties | 63,000 | |
Disposal group, not discontinued operation, gain (loss) on disposal | 500 | |
Cove Center | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sales of operating properties | 23,100 | |
Disposal group, not discontinued operation, gain (loss) on disposal | 8,900 | |
Unnamed Property | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment charge | 24,100 | 7,400 |
Real estate property, fair value disclosure | $ 24,300 | $ 26,000 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 24, 2018USD ($)extension | Mar. 31, 2018USD ($)extension |
Subsequent Event [Line Items] | ||
Capitalization rate (as percent) | 6.75% | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Capitalization rate (as percent) | 6.50% | |
Revolving credit facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |
Line of credit facility, option to increase maximum borrowing capacity | $ 1,000,000,000 | |
Debt instrument, maturity date, number of extensions | extension | 2 | |
Debt instrument, maturity date, extension | 6 months | |
Revolving credit facility | Swing loan | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |
Revolving credit facility | Subsequent event | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |
Line of credit facility, option to increase maximum borrowing capacity | $ 1,200,000,000 | |
Debt instrument, maturity date, number of extensions | extension | 2 | |
Debt instrument, maturity date, extension | 6 months | |
Revolving credit facility | Subsequent event | Swing loan | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 | |
Letter of credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |
Letter of credit | Subsequent event | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 |