COVER PAGE
COVER PAGE - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-33268 | ||
Entity Registrant Name | Kite Realty Group Trust | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 11-3715772 | ||
Entity Address, Address Line One | 30 S. Meridian Street | ||
Entity Address, Address Line Two | Suite 1100 | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 577-5600 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per common share | ||
Trading Symbol | KRG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 83,984,719 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement relating to the Registrant’s Annual Meeting of Shareholders, scheduled to be held on May 14, 2020, to be filed with the Securities and Exchange Commission, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein. | ||
Entity Central Index Key | 0001286043 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Kite Realty Group, LP | |||
Entity Information [Line Items] | |||
Entity File Number | 333-202666-01 | ||
Entity Registrant Name | Kite Realty Group, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-1453863 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001636315 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Investment properties at cost: | $ 3,087,391 | $ 3,641,120 |
Less: accumulated depreciation | (666,952) | (699,927) |
Investment properties, net | 2,420,439 | 2,941,193 |
Cash and cash equivalents | 31,336 | 35,376 |
Tenant and other receivables, including accrued straight-line rent, net of allowance for uncollectible accounts | 55,286 | 58,059 |
Restricted cash and escrow deposits | 21,477 | 10,130 |
Deferred costs, net | 73,157 | 95,264 |
Prepaid and other assets | 34,548 | 12,764 |
Investments in unconsolidated subsidiaries | 12,644 | 13,496 |
Assets held for sale | 0 | 5,731 |
Total Assets | 2,648,887 | 3,172,013 |
Liabilities and Shareholders' Equity: | ||
Mortgage and other indebtedness, net | 1,146,580 | 1,543,301 |
Accounts payable and accrued expenses | 69,817 | 85,934 |
Deferred revenue and other liabilities | 90,180 | 83,632 |
Total Liabilities | 1,306,577 | 1,712,867 |
Commitments and contingencies | ||
Limited Partners' interests in Operating Partnership and other | 52,574 | 45,743 |
Shareholders' Equity | ||
Common Shares | 840 | 838 |
Additional paid in capital | 2,074,436 | 2,078,099 |
Accumulated other comprehensive loss | (16,283) | (3,497) |
Accumulated deficit | (769,955) | (662,735) |
Total Shareholders' Equity | 1,289,038 | 1,412,705 |
Noncontrolling Interest | 698 | 698 |
Total Equity | 1,289,736 | 1,413,403 |
Total Liabilities and Shareholders' Equity | 2,648,887 | 3,172,013 |
Kite Realty Group, LP | ||
Assets: | ||
Investment properties at cost: | 3,087,391 | 3,641,120 |
Less: accumulated depreciation | (666,952) | (699,927) |
Investment properties, net | 2,420,439 | 2,941,193 |
Cash and cash equivalents | 31,336 | 35,376 |
Tenant and other receivables, including accrued straight-line rent, net of allowance for uncollectible accounts | 55,286 | 58,059 |
Restricted cash and escrow deposits | 21,477 | 10,130 |
Deferred costs, net | 73,157 | 95,264 |
Prepaid and other assets | 34,548 | 12,764 |
Investments in unconsolidated subsidiaries | 12,644 | 13,496 |
Assets held for sale | 0 | 5,731 |
Total Assets | 2,648,887 | 3,172,013 |
Liabilities and Shareholders' Equity: | ||
Mortgage and other indebtedness, net | 1,146,580 | 1,543,301 |
Accounts payable and accrued expenses | 69,817 | 85,934 |
Deferred revenue and other liabilities | 90,180 | 83,632 |
Total Liabilities | 1,306,577 | 1,712,867 |
Commitments and contingencies | ||
Limited Partners' interests in Operating Partnership and other | 52,574 | 45,743 |
Shareholders' Equity | ||
Common Shares | 1,305,321 | 1,416,202 |
Accumulated other comprehensive loss | (16,283) | (3,497) |
Total Shareholders' Equity | 1,289,038 | 1,412,705 |
Noncontrolling Interest | 698 | 698 |
Total Equity | 1,289,736 | 1,413,403 |
Total Liabilities and Shareholders' Equity | $ 2,648,887 | $ 3,172,013 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued straight-line rent | $ 27,256 | $ 31,347 |
Common Shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 225,000,000 | 225,000,000 |
Common Shares, shares issued | 83,963,369 | 83,800,886 |
Common shares outstanding (in shares) | 83,963,369 | 83,800,886 |
Kite Realty Group, LP | ||
Accrued straight-line rent | $ 27,256 | $ 31,347 |
Common Shares, shares issued | 83,963,369 | 83,800,886 |
Common shares outstanding (in shares) | 83,963,369 | 83,800,886 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Rental income | $ 308,399 | $ 338,523 | $ 346,444 |
Total revenue | 315,173 | 354,184 | 358,819 |
Expenses: | |||
Property operating | 45,575 | ||
Property operating | 50,356 | 49,643 | |
Real estate taxes | 38,777 | 42,378 | 43,180 |
General, administrative, and other | 28,214 | 21,320 | 21,749 |
Depreciation and amortization | 132,098 | 152,163 | 172,091 |
Impairment charge | 37,723 | 70,360 | 7,411 |
Total expenses | 282,387 | 336,577 | 294,074 |
Gains on sale of operating properties, net | 38,971 | 3,424 | 15,160 |
Operating income | 71,757 | 21,031 | 79,905 |
Interest expense | (59,268) | (66,785) | (65,702) |
Income tax benefit of taxable REIT subsidiary | 282 | 227 | 100 |
Loss on debt extinguishment | (11,572) | 0 | 0 |
Equity in loss of unconsolidated subsidiaries | (628) | (278) | |
Other expense, net | (573) | (646) | (415) |
Consolidated net (loss) income | (2) | (46,451) | 13,888 |
Net income attributable to noncontrolling interests | (532) | (116) | (2,014) |
Net income attributable to parent | $ (534) | $ (46,567) | $ 11,874 |
Net income per common share – basic: | |||
Net income per common share – basic (in dollars per share) | $ (0.01) | $ (0.56) | $ 0.14 |
Net income per common share – diluted: | |||
Net income per common share – diluted (in dollars per share) | $ (0.01) | $ (0.56) | $ 0.14 |
Weighted average common shares outstanding - basic (in shares) | 83,926,296 | 83,693,385 | 83,585,333 |
Weighted average common shares outstanding - diluted (in shares) | 83,926,296 | 83,693,385 | 83,690,418 |
Dividends declared per common share (in dollars per share) | $ 1.270 | $ 1.270 | $ 1.225 |
Change in fair value of derivatives | $ (13,158) | ||
Change in fair value of derivatives | $ (6,647) | $ 3,384 | |
Total comprehensive (loss) income | (13,160) | (53,098) | 17,272 |
Comprehensive loss (income) attributable to noncontrolling interests | (160) | 44 | (2,092) |
Comprehensive income attributable to parent | (13,320) | (53,054) | 15,180 |
Other property related revenue | |||
Revenue: | |||
Total revenue | 6,326 | 13,138 | 11,998 |
Fee income | |||
Revenue: | |||
Total revenue | 448 | 2,523 | 377 |
Kite Realty Group, LP | |||
Revenue: | |||
Rental income | 308,399 | 338,523 | 346,444 |
Total revenue | 315,173 | 354,184 | 358,819 |
Expenses: | |||
Property operating | 45,575 | ||
Property operating | 50,356 | 49,643 | |
Real estate taxes | 38,777 | 42,378 | 43,180 |
General, administrative, and other | 28,214 | 21,320 | 21,749 |
Depreciation and amortization | 132,098 | 152,163 | 172,091 |
Impairment charge | 37,723 | 70,360 | 7,411 |
Total expenses | 282,387 | 336,577 | 294,074 |
Gains on sale of operating properties, net | 38,971 | 3,424 | 15,160 |
Operating income | 71,757 | 21,031 | 79,905 |
Interest expense | (59,268) | (66,785) | (65,702) |
Income tax benefit of taxable REIT subsidiary | 282 | 227 | 100 |
Loss on debt extinguishment | (11,572) | 0 | 0 |
Equity in loss of unconsolidated subsidiaries | (628) | (278) | 0 |
Other expense, net | (573) | (646) | (415) |
Consolidated net (loss) income | (2) | (46,451) | 13,888 |
Net income attributable to noncontrolling interests | (528) | (1,151) | (1,733) |
Net income attributable to parent | (534) | (46,567) | 11,874 |
Net income attributable to common shareholders | (530) | (47,602) | 12,155 |
Allocation of net (loss) income: | |||
Limited Partners | 4 | (1,035) | 281 |
Parent Company | $ (534) | $ (46,567) | $ 11,874 |
Net income per common share – basic: | |||
Net income per common share – basic (in dollars per share) | $ (0.01) | $ (0.56) | $ 0.14 |
Net income per common share – diluted: | |||
Net income per common share – diluted (in dollars per share) | $ (0.01) | $ (0.56) | $ 0.14 |
Weighted average common shares outstanding - basic (in shares) | 86,027,409 | 85,740,449 | 85,566,272 |
Weighted average common shares outstanding - diluted (in shares) | 86,027,409 | 85,740,449 | 85,671,358 |
Dividends declared per common share (in dollars per share) | $ 1.270 | $ 1.270 | $ 1.225 |
Change in fair value of derivatives | $ (13,158) | ||
Change in fair value of derivatives | $ (6,647) | $ 3,384 | |
Total comprehensive (loss) income | (13,160) | (53,098) | 17,272 |
Comprehensive loss (income) attributable to noncontrolling interests | (528) | (1,151) | (1,733) |
Comprehensive income attributable to parent | (13,688) | (54,249) | 15,539 |
Kite Realty Group, LP | Other property related revenue | |||
Revenue: | |||
Total revenue | 6,326 | 13,138 | 11,998 |
Kite Realty Group, LP | Fee income | |||
Revenue: | |||
Total revenue | $ 448 | $ 2,523 | $ 377 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balances (in shares) at Dec. 31, 2016 | 83,545,398 | ||||
Beginning balances at Dec. 31, 2016 | $ 1,643,574 | $ 835 | $ 2,062,360 | $ (316) | $ (419,305) |
Stock compensation activity (in shares) | 48,670 | ||||
Stock compensation activity | 5,916 | $ 1 | 5,915 | ||
Issuance of common shares under at-the-market plan, net (in shares) | 0 | ||||
Other comprehensive income attributable to Kite Realty Group Trust | 3,306 | 0 | 3,306 | ||
Distributions declared to common shareholders | (102,402) | 0 | (102,402) | ||
Net income (income) attributable to Kite Realty Group Trust | 11,874 | 11,874 | |||
Acquisition of partner's noncontrolling interest in Fishers Station operating property | (3,750) | (3,750) | 0 | ||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 12,000 | ||||
Exchange of redeemable noncontrolling interests for common shares | 236 | 236 | |||
Adjustment to redeemable noncontrolling interests | 6,657 | 6,657 | |||
Ending balances (in shares) at Dec. 31, 2017 | 83,606,068 | ||||
Ending balances at Dec. 31, 2017 | 1,565,411 | $ 836 | 2,071,418 | 2,990 | (509,833) |
Stock compensation activity (in shares) | 163,318 | ||||
Stock compensation activity | 5,697 | $ 2 | 5,695 | ||
Other comprehensive income attributable to Kite Realty Group Trust | (6,487) | (6,487) | |||
Distributions declared to common shareholders | (106,335) | (106,335) | |||
Net income (income) attributable to Kite Realty Group Trust | (46,567) | (46,567) | |||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 31,500 | ||||
Exchange of redeemable noncontrolling interests for common shares | 561 | 561 | |||
Adjustment to redeemable noncontrolling interests | 425 | 425 | |||
Ending balances (in shares) at Dec. 31, 2018 | 83,800,886 | ||||
Ending balances at Dec. 31, 2018 | 1,412,705 | $ 838 | 2,078,099 | (3,497) | (662,735) |
Stock compensation activity (in shares) | 152,184 | ||||
Stock compensation activity | 6,149 | $ 2 | 6,147 | ||
Other comprehensive income attributable to Kite Realty Group Trust | (12,786) | (12,786) | |||
Distributions declared to common shareholders | (106,686) | (106,686) | |||
Net income (income) attributable to Kite Realty Group Trust | (534) | (534) | |||
Exchange of redeemable noncontrolling interests for common shares (in shares) | 10,299 | ||||
Exchange of redeemable noncontrolling interests for common shares | 167 | 167 | |||
Adjustment to redeemable noncontrolling interests | (9,977) | (9,977) | |||
Ending balances (in shares) at Dec. 31, 2019 | 83,963,369 | ||||
Ending balances at Dec. 31, 2019 | $ 1,289,038 | $ 840 | $ 2,074,436 | $ (16,283) | $ (769,955) |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity - USD ($) $ in Thousands | Total | Kite Realty Group, LP | Kite Realty Group, LPGeneral PartnerCommon Equity | Kite Realty Group, LPGeneral PartnerAccumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2016 | $ 1,643,574 | $ 1,643,890 | $ (316) | |
Stock compensation activity | 5,916 | 5,916 | ||
Other comprehensive income (loss) attributable to Parent Company | 3,306 | 0 | 3,306 | |
Distributions declared to Parent Company | (102,402) | (102,402) | ||
Net income (loss) attributable to Parent Company | $ 11,874 | 11,874 | 11,874 | |
Acquisition of partner's interest in Fishers Station operating property | (3,750) | (3,750) | (3,750) | |
Conversion of Limited Partner Units to shares of the Parent Company | 236 | 236 | ||
Adjustment to redeemable noncontrolling interests | (6,657) | (6,657) | ||
Ending balance at Dec. 31, 2017 | 1,565,411 | 1,562,421 | 2,990 | |
Stock compensation activity | 5,697 | 5,697 | ||
Other comprehensive income (loss) attributable to Parent Company | (6,487) | (6,487) | ||
Distributions declared to Parent Company | (106,335) | (106,335) | ||
Net income (loss) attributable to Parent Company | (46,567) | (46,567) | (46,567) | |
Conversion of Limited Partner Units to shares of the Parent Company | 561 | 561 | ||
Adjustment to redeemable noncontrolling interests | (425) | (425) | ||
Ending balance at Dec. 31, 2018 | 1,412,705 | 1,416,202 | (3,497) | |
Stock compensation activity | 6,149 | 6,149 | ||
Other comprehensive income (loss) attributable to Parent Company | (12,786) | (12,786) | ||
Distributions declared to Parent Company | (106,686) | (106,686) | ||
Net income (loss) attributable to Parent Company | $ (534) | (534) | (534) | |
Conversion of Limited Partner Units to shares of the Parent Company | 167 | 167 | ||
Adjustment to redeemable noncontrolling interests | (9,977) | (9,977) | ||
Ending balance at Dec. 31, 2019 | $ 1,289,038 | $ 1,305,321 | $ (16,283) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow from operating activities: | |||
Consolidated net (loss) income | $ (2) | $ (46,451) | $ 13,888 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | |||
Gain on sale of operating properties | (38,971) | (3,424) | (15,160) |
Impairment charge | 37,723 | 70,360 | 7,411 |
Loss on debt extinguishment | 11,572 | 0 | 0 |
Straight-line rent | (2,158) | (3,060) | (4,696) |
Depreciation and amortization | 134,860 | 156,107 | 174,625 |
Compensation expense for equity awards | 5,375 | 4,869 | 5,988 |
Amortization of debt fair value adjustment | (1,467) | (2,630) | (2,913) |
Amortization of in-place lease liabilities | (3,776) | (6,360) | (3,677) |
Changes in assets and liabilities: | |||
Tenant receivables | 3,170 | (642) | (3,442) |
Deferred costs and other assets | (6,265) | (13,396) | (11,569) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (2,099) | (990) | (5,832) |
Net cash provided by operating activities | 137,962 | 154,383 | 154,623 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | (58,205) | 0 | 0 |
Capital expenditures, net | (53,278) | (59,304) | (72,433) |
Net proceeds from sales of operating properties | 529,417 | 218,387 | 76,075 |
Change in construction payables | (542) | (777) | (4,276) |
Capital contribution to unconsolidated joint venture | (798) | (9,973) | (1,400) |
Net cash provided by (used in) investing activities | 416,594 | 148,333 | (2,034) |
Cash flow from financing activities: | |||
Proceeds from issuance of common shares, net | 350 | 76 | 28 |
Repurchases of common shares upon the vesting of restricted shares | (533) | (350) | (835) |
Acquisition of partner's interest in Fishers Station operating property | 0 | 0 | (3,750) |
Loan proceeds | 75,000 | 399,500 | 97,700 |
Loan transaction costs | 0 | (5,208) | (357) |
Loan payments | (470,515) | (551,379) | (128,800) |
Debt extinguishment costs | (14,455) | 0 | 0 |
Distributions paid – common shareholders | (133,258) | (106,316) | (101,128) |
Distributions paid – redeemable noncontrolling interests | (3,838) | (3,716) | (3,922) |
Acquisition of partners' interests in Territory joint venture | 0 | (21,993) | (8,261) |
Net cash used in financing activities | (547,249) | (289,386) | (149,325) |
Increase in cash, cash equivalents, and restricted cash | 7,307 | 13,330 | 3,264 |
Cash, cash equivalents, and restricted cash beginning of year | 45,506 | 32,176 | 28,912 |
Cash, cash equivalents, and restricted cash end of year | 52,813 | 45,506 | 32,176 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | 60,534 | 67,998 | 68,819 |
Kite Realty Group, LP | |||
Cash flow from operating activities: | |||
Consolidated net (loss) income | (2) | (46,451) | 13,888 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | |||
Gain on sale of operating properties | (38,971) | (3,424) | (15,160) |
Impairment charge | 37,723 | 70,360 | 7,411 |
Loss on debt extinguishment | 11,572 | 0 | 0 |
Straight-line rent | (2,158) | (3,060) | (4,696) |
Depreciation and amortization | 134,860 | 156,107 | 174,625 |
Compensation expense for equity awards | 5,375 | 4,869 | 5,988 |
Amortization of debt fair value adjustment | (1,467) | (2,630) | (2,913) |
Amortization of in-place lease liabilities | (3,776) | (6,360) | (3,677) |
Changes in assets and liabilities: | |||
Tenant receivables | 3,170 | (642) | (3,442) |
Deferred costs and other assets | (6,265) | (13,396) | (11,569) |
Accounts payable, accrued expenses, deferred revenue, and other liabilities | (2,099) | (990) | (5,832) |
Net cash provided by operating activities | 137,962 | 154,383 | 154,623 |
Cash flow from investing activities: | |||
Acquisitions of interests in properties | (58,205) | 0 | 0 |
Capital expenditures, net | (53,278) | (59,304) | (72,433) |
Net proceeds from sales of operating properties | 529,417 | 218,387 | 76,075 |
Change in construction payables | (542) | (777) | (4,276) |
Capital contribution to unconsolidated joint venture | (798) | (9,973) | (1,400) |
Net cash provided by (used in) investing activities | 416,594 | 148,333 | (2,034) |
Cash flow from financing activities: | |||
Proceeds from issuance of common shares, net | 350 | 76 | 28 |
Repurchases of common shares upon the vesting of restricted shares | (533) | (350) | (835) |
Acquisition of partner's interest in Fishers Station operating property | 0 | 0 | (3,750) |
Loan proceeds | 75,000 | 399,500 | 97,700 |
Loan transaction costs | 0 | (5,208) | (357) |
Loan payments | (470,515) | (551,379) | (128,800) |
Debt extinguishment costs | (14,455) | 0 | 0 |
Distributions paid – common shareholders | (133,258) | (106,316) | (101,128) |
Distributions paid – redeemable noncontrolling interests | (3,838) | (3,716) | (3,922) |
Acquisition of partners' interests in Territory joint venture | 0 | (21,993) | (8,261) |
Net cash used in financing activities | (547,249) | (289,386) | (149,325) |
Increase in cash, cash equivalents, and restricted cash | 7,307 | 13,330 | 3,264 |
Cash, cash equivalents, and restricted cash beginning of year | 45,506 | 32,176 | 28,912 |
Cash, cash equivalents, and restricted cash end of year | 52,813 | 45,506 | 32,176 |
Supplemental disclosures | |||
Cash paid for interest, net of capitalized interest | $ 60,534 | $ 67,998 | $ 68,819 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 owned approximately 97.5% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 2.5% 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 December 31, 2019 , we owned interests in 90 operating and redevelopment properties totaling approximately 17.4 million square feet. We also owned one development project under construction as of this date. Of the 90 properties, 87 are consolidated in these financial statements, and the remaining three are accounted for under the equity method. At December 31, 2018 , we owned interests in 111 operating and redevelopment properties totaling approximately 21.9 million square feet. We also owned one development project under construction as of this date. Of the 111 properties, 108 are consolidated in these financial statements and the remaining three are accounted for under the equity method. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Actual results could differ from these estimates. Components of Investment Properties The Company’s investment properties as of December 31, 2019 and December 31, 2018 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,038,412 $ 3,600,743 Furniture, equipment and other 7,775 7,741 Construction in progress 41,204 32,636 $ 3,087,391 $ 3,641,120 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 December 31, 2019 , we owned investments in two 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 $55.8 million , which were secured by assets of the VIEs totaling $114.1 million . The Operating Partnership guarantees the debt 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. TH Real Estate Joint Venture On June 29, 2018, the Company formed a joint venture involving TH Real Estate (the "TH Real Estate joint venture"). The Company sold three properties to the joint venture valued in the aggregate at $99.8 million and, after considering third party debt obtained by the venture upon formation, the Company contributed $10.0 million for a 20% noncontrolling ownership interest in the venture. The Company serves as the operating member responsible for day-to-day management of the properties and receives property management and leasing fees. Both members have substantive participating rights over major decisions that impact the economics and operations of the joint venture. The Company is accounting for the joint venture on the equity method as it has the ability to exercise influence, but not control over operating and financial policies. Embassy Suites at the University of Notre Dame In December 2017, we formed a new joint venture with an unrelated third party to develop and own an Embassy Suites full-service hotel next to our Eddy Street Commons operating property at the University of Notre Dame. We contributed $1.4 million of cash to the joint venture in return for a 35% ownership interest in the venture. The joint venture has entered into a $33.8 million construction loan, against which $33.6 million was drawn as of December 31, 2019 . The joint venture is not considered a VIE. We are accounting for the joint venture under the equity method as both members have substantive participating rights and we do not control the activities of the venture. Acquisition of Real Estate Properties Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as defined below. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; • above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; • the value of having a lease in place at the acquisition date. We utilize independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases; and • the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. We also consider whether there is any value to in-place leases that have a related customer relationship intangible value. Characteristics we consider in determining these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. Investment Properties Capitalization and Depreciation Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. Pre-development costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Land is transferred to construction in progress once construction commences on the related project. We also capitalize costs such as land acquisition, building construction, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 years. Depreciation may be accelerated for a redevelopment project including partial demolition of existing structure after the asset is assessed for impairment. Impairment Management reviews operational and development projects, land parcels and intangible assets for impairment on a property-by-property basis on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. This review for possible impairment requires certain assumptions, estimates, and significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. The evaluation of impairment is subject to certain management assumptions including projected net operating income, anticipated hold period, expected capital expenditures and the capitalization rate used to estimate the property's residual value. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. Our impairment review for land and development properties assumes we have the intent and the ability to complete the developments or projected uses for the land parcels. If we determine those plans will not be completed or our assumptions with respect to operating assets are not realized, an impairment loss may be appropriate. Asset Held for Sale and Discontinued Operations Operating properties will be classified as held for sale only when those properties are available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year, among other factors. Operating properties classified as held for sale are carried at the lower of cost or fair value less estimated costs to sell. Depreciation and amortization are suspended during the held-for-sale period. Restricted Cash and Escrow Deposits Escrow deposits consist of cash held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions and certain municipalities. In addition, escrow deposits include $13.2 million of proceeds from the sale of an operating property to be utilized to acquire a potential asset in a tax-deferred exchange. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. From time to time, such investments may temporarily be held in accounts that are in excess of FDIC and SIPC insurance limits; however the Company attempts to limit its exposure at any one time. The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the years ended December 31, 2019, 2018, and 2017: 2019 2018 2017 Cash and cash equivalents 31,336 35,376 24,082 Restricted cash and escrow deposits 21,477 10,130 8,094 Total cash, cash equivalents, restricted cash, and escrow deposits $ 52,813 $ 45,506 $ 32,176 Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820, Fair Value Measurements and Disclosures, 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 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. As discussed in Note 8 to the Financial Statements, we have determined that derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 6 to the Financial Statements includes a discussion of the fair values recorded when we recognized impairment charges in 2019, 2018 and 2017. Level 3 inputs to these transactions include our estimations of disposal values. Derivative Financial Instruments The Company accounts for its derivative financial instruments at fair value calculated in accordance with ASC 820, Fair Value Measurements and Disclosures . Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2019 and 2018 , all of our derivative instruments qualify for hedge accounting. Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual minimum base rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal sources of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements. Overage rent is included in rental income in the accompanying consolidated statements of operations for the year ended December 31, 2019. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. We have accounts receivable due from tenants and are subject to the risk of tenant defaults and bankruptcies that may affect the collection of outstanding receivables. These receivables are reduced for credit loss that is recognized as a reduction to rental income. We regularly evaluate the collectibility of these lease-related receivables by analyzing past due account balances and consider such facts as the credit quality of our customer, historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the collectibility of rental income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. We recognize the sale of real estate when control transfers to the buyer. As part of our ongoing business strategy, we will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. Net gains realized on such sales were $0.2 million , $3.1 million , and $5.2 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and are classified as other property related revenue in the accompanying consolidated statements of operations. Tenant and Other Receivables and Allowance for Uncollectible Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral from its tenants other than corporate or personal guarantees. Other receivables consist primarily of amounts due from municipalities and from tenants for non-rental revenue related activities. An allowance for uncollectible accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. The provision for revenues deemed uncollectible, represented 1.1% , 1.0% , 0.8% of total revenues in each of the years ended December 31, 2019 , 2018 and 2017 . Concentration of Credit Risk We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. Total billed receivables due from tenants leasing space in the states of Florida, Indiana, and Texas, consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2019 2018 Florida 36 % 56 % Indiana 19 % 14 % Texas 7 % 3 % For the years ended December 31, 2019 , 2018 , and 2017 , the Company's revenue recognized from tenants leasing space in the states of Florida, Indiana, and Texas, were as follows: Year Ended December 31, 2019 2018 2017 Florida 25 % 25 % 24 % Indiana 16 % 15 % 14 % Texas 14 % 12 % 13 % Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; appreciation only LTIP units, and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding for the years ended December 31, 2019 , 2018 and 2017 were 2.1 million , 2.0 million and 2.0 million , respectively. Less than 0.1 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit because their impact was not dilutive for each of the twelve months ended December 31, 2019 , 2018 and 2017 . In addition, Limited Partner Units, appreciation only LTIP units, and deferred common share units are excluded from the computation of diluted earnings per share due to the net loss position in 2018 and 2019. Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring and evaluating financial performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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. Our tax return for the year ended December 31, 2019 has not been filed. The taxability information presented for our dividends paid in 2019 is based upon management's estimate. Consequently, the taxability of dividends is subject to change. A summary of the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2019 , 2018 , and 2017 is as follows: 2019 2018 2017 Ordinary income 29.7 % 56.0 % 65.2 % Return of capital 35.2 % 44.0 % 24.3 % Capital gains 35.1 % — % 10.5 % Balance, end of year 100.0 % 100.0 % 100.0 % 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 U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the 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 years ended December 31, 2019 , 2018 , and 2017 were as follows: ($ in thousands) 2019 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 698 $ 692 Net income allocable to noncontrolling interests, — — 6 Distributions to noncontrolling interests — — — Noncontrolling interests balance at December 31 $ 698 $ 698 $ 698 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 December 31, 2019 , the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balance was accordingly adjusted to redemption value. At December 31, 2018, the redemption value of the redeemable noncontrolling interests in the Operating Partnership did not exceed the historical book value, and the balance was accordingly adjusted to historical book 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 years ended December 31, 2019 , 2018 , and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2019 2018 2017 Parent Company’s weighted average interest in 97.6 % 97.6 % 97.7 % Limited partners' weighted average interests in 2.4 % 2.4 % 2.3 % At December 31, 2019 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.5% and 2.5% . At December 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% . 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 2,110,037 and 2,035,349 Limited Partner Units outstanding as of December 31, 2019 and 2018 , respectively. The increase in Limited Partner Units outstanding from December 31, 2018 is due primarily to non-cash compensation awards made to our executive officers. Redeemable Noncontrolling Interests - Subsidiaries Prior to our 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 one of these three joint ventures remain outstanding and are accounted for as noncontrolling interests in these properties. The remaining Class B units will become redeemable at our partner's election in October 2022 based on the joint venture agreement and the fulfillment of certain redemption criteria. Beginning in November 2022, with respect to the remaining joint venture, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate this joint venture because we control the decision making and our joint venture partner has limited protective rights. In March 2017, certain Class B unit holders exercised their right to redeem $8.3 million of their Class B units for cash. We funded the redemption in December 2017 usin |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Overview The Company's 2013 Equity Incentive Plan (the "Plan"), as amended and restated as of February 28, 2019, authorizes options to acquire common shares and other share-based compensation awards to be granted to employees and trustees for up to an additional 3,000,000 common share equivalents of the Company. The Company accounts for its share-based compensation in accordance with the fair value recognition provisions provided under Topic 718—“Stock Compensation” in the Accounting Standards Codification. The total share-based compensation expense, net of amounts capitalized, included in general and administrative expenses for the years ended December 31, 2019 , 2018 , and 2017 was $5.3 million , $4.9 million , and $5.8 million , respectively. For the years ended December 31, 2019 , 2018 , and 2017 , total share-based compensation cost capitalized for development activities was $1.1 million , $1.7 million , and $1.7 million , respectively. The Company recognizes forfeitures as they occur. As of December 31, 2019 , there were 2,665,383 shares and units available for grant under the Plan. Share Options Pursuant to the Plan, the Company may periodically grant options to purchase common shares at an exercise price equal to the grant date fair value of the Company's common shares. Granted options typically vest over a five year period and expire 10 years from the grant date. The Company issues new common shares upon the exercise of options. A summary of option activity under the Plan as of December 31, 2019 , and changes during the year then ended, is presented below: ($ in thousands, except share and per share data) Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2019 60,567 $ 17.08 Granted — — Exercised (33,375 ) 14.48 Expired — — Forfeited (3,125 ) 17.00 Outstanding at December 31, 2019 $ 12 1.13 24,067 $ 20.25 Exercisable at December 31, 2019 $ 12 1.13 24,067 $ 20.25 Exercisable at December 31, 2018 60,567 $ 17.08 There were no options granted in 2019 , 2018 or 2017 . The aggregate intrinsic value of the 33,375 and 3,125 options exercised during the years ended December 31, 2019 and 2018 was $86,000 and $23,000 , respectively. There were no options exercised in 2017. Restricted Shares In addition to share option grants, the Plan also authorizes the grant of share-based compensation awards in the form of restricted common shares. Under the terms of the Plan, these restricted shares, which are considered to be outstanding shares from the date of grant, typically vest over a period ranging from three to five years. The Company pays dividends on restricted shares and such dividends are charged directly to shareholders’ equity. The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2019 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2019 313,288 $ 18.99 Shares granted 154,440 15.84 Shares forfeited (8,457 ) 17.63 Shares vested (138,269 ) 19.74 Restricted shares outstanding at December 31, 2019 321,002 $ 17.19 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2019 , 2018 , and 2017 : ($ in thousands, except share and per share data) Number of Restricted Shares Granted Weighted Average Fair Value of Restricted Shares Vested 2019 154,440 $ 15.84 $ 2,270 2018 202,043 15.35 2,038 2017 85,150 22.15 2,529 As of December 31, 2019 , there was $3.9 million of total unrecognized compensation cost related to restricted shares granted under the Plan, which is expected to be recognized in the consolidated statements of operations over a weighted-average period of 1.26 years. We expect to incur $1.8 million of this expense in 2020 , $1.4 million in 2021 , $0.6 million in 2022 , and the remainder in 2023 . Performance Awards In 2016, the Compensation Committee established overall target values for incentive compensation for each executive officer, with 40% of the target value being granted in the form of time-based awards and the remaining 60% being granted in the form of performance awards. In 2017, the Compensation Committee awarded each of the four named executive officers a three -year performance award in the form of PSUs. The PSUs may be earned over a three -year performance period from January 1, 2017 to December 31, 2019. The performance criteria will be based 50% on the absolute TSR achieved by the Company over the three -year measurement period and 50% on the relative TSR achieved by the Company measured against a peer group over the three -year measurement period. The total number of PSUs issued to the executive officers was based on a target value of $2.0 million , but may be earned in a range from 0% to 200% of the target value depending on our absolute TSR over the measurement period and our relative TSR over the measurement period in relation to the peer group. Approximately 73,000 PSU's were earned based upon the Company's performance on the relative TSR measurement. In 2018, the Compensation Committee awarded each of the four named executive officers a three -year performance award in the form of PSUs. The PSUs may be earned over a three -year performance period from January 1, 2018 to December 31, 2020. The performance criteria will be based 60% on the relative TSR achieved by the Company measured against a peer group over the three -year measurement period and 40% on the achievement of a defined funds available for distribution ("FAD"). The total number of PSUs issued to the executive officers was based upon a target value of $2.4 million , but may be earned in a range of 0% to 200% of the target. Additionally, any PSUs earned based on the achievement of the pre-established FAD goals will be subject to adjustment (either up or down 25% ) based on the Company's absolute TSR over the three -year measurement period. The 2018 and 2017 PSUs were valued at an aggregate value of $2.2 million and $2.2 million , respectively, utilizing a Monte Carlo simulation. We expect to incur $0.7 million of this expense in 2020 and less than $0.1 million in 2021 . Restricted Units Time-based restricted unit awards were made on a discretionary basis in 2017 , 2018 , and 2019 based on review of each prior year's performance. The following table summarizes the activity for time-based restricted unit awards for the year ended December 31, 2019 : Number of Restricted Units Weighted Average Grant Date Fair Value per unit Restricted units outstanding at January 1, 2019 124,662 $ 17.60 Restricted units granted 84,987 14.11 Restricted units vested (45,633 ) 18.10 Restricted units outstanding at December 31, 2019 164,016 $ 15.65 The following table summarizes the time-based restricted unit grants and vestings during the years ended December 31, 2019 , 2018 , and 2017 : ($ in thousands, except unit and per unit data) Number of Restricted Units Granted Weighted Average Fair Value of Restricted Units Vested 2019 84,987 $ 14.11 $ 749 2018 92,019 13.16 1,924 2017 44,490 23.22 1,516 As of December 31, 2019 , there was $1.5 million of total unrecognized compensation cost related to restricted units granted under the Plan, which is expected to be recognized in the consolidated statements of operations over a weighted-average period of 0.98 years. We expect to incur $1.0 million of this expense in 2020 , $0.5 million in 2021 , and the remainder in 2022 . AO LTIP Units During 2019, in connection with its annual review of executive compensation and as described in the table below, the Compensation Committee of the Company's Board of Trustees approved an aggregate grant of AO LTIP Units (the “awards”) to the Company’s executive officers under the Plan. Executive Number of AO LTIP Units Participation Threshold per AO LTIP Unit John A. Kite 1,490,683 $ 15.79 Thomas A. McGowan 372,671 $ 15.79 Heath R. Fear 253,416 $ 15.79 Scott E. Murray 186,335 $ 15.79 The Company entered into an award agreement with each executive officer with respect to his awards, which provide terms of vesting, conversion, distribution, and other terms. AO LTIP Units are designed to have economics similar to stock options and allow the recipient, subject to vesting requirements, to realize value above a threshold level set as of the grant date of the award (the “Participation Threshold”). The value of vested AO LTIP Units is realized through conversion into a number of vested LTIP Units in the Operating Partnership determined on the basis of how much the value of a common share of the Company has increased over the Participation Threshold. The AO LTIP Units are only exercisable and convertible into vested LTIP Units of the Operating Partnership to the extent that they become vested AO LTIP Units. The awards of AO LTIP Units are subject to both time-based and stock price performance-based vesting requirements. Subject to the terms of the award agreement, the AO LTIP Units shall vest and become fully exercisable as of the date that both of the following requirements have been met: (i) the grantee remains in continuous service from the grant date through the third anniversary of the grant date; and (ii) at any time during the five -year period following the grant date, the reported closing price per common share of the Company appreciates at least 20% over the applicable Participation Threshold per AO LTIP Unit (as set forth in the table above) for a minimum of 20 consecutive trading days. Any AO LTIP Units that do not become vested will be forfeited and become null and void as of the fifth anniversary of the grant date, but AO LTIP Units may also be forfeited earlier in connection with a corporate transaction or with the holder’s termination of service. The AO LTIP Units were valued using a Monte Carlo simulation, and the resulting total compensation expense of $3.7 million is being amortized over three years . We recognized $1.0 million of compensation expense in 2019 . We expect to incur $1.2 million of this expense in 2020 , $1.2 million of this expense in 2021 |
Deferred Costs and Intangibles,
Deferred Costs and Intangibles, net | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Intangibles, net | Deferred Costs and Intangibles, net Deferred costs consist primarily of acquired lease intangible assets, broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At December 31, 2019 and 2018 , deferred costs consisted of the following: ($ in thousands) 2019 2018 Acquired lease intangible assets $ 60,862 $ 81,852 Deferred leasing costs and other 62,109 69,870 122,971 151,722 Less—accumulated amortization (49,814 ) (56,307 ) Subtotal $ 73,157 $ 95,415 Less - asset held for sale — (151 ) Total 73,157 95,264 The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2020 $ 926 $ 4,846 $ 5,772 2021 681 3,872 4,553 2022 446 3,184 3,630 2023 424 2,463 2,887 2024 401 1,912 2,313 Thereafter 1,343 15,207 16,550 Total $ 4,221 $ 31,484 $ 35,705 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: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 14,239 $ 18,648 $ 22,960 Amortization of above market lease intangibles 1,200 2,553 4,025 |
Deferred Revenue, Intangibles,
Deferred Revenue, Intangibles, Net and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities 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, tenant rent payments received in advance of the month in which they are due, and lease liabilities recorded upon adoption of ASU 2016-02. 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 December 31, 2019 and 2018 , deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) 2019 2018 Unamortized in-place lease liabilities $ 50,072 $ 69,501 Retainages payable and other 2,254 2,489 Tenant rents received in advance 10,839 11,642 Lease liabilities 27,015 — Total $ 90,180 $ 83,632 The amortization of below market lease intangibles is included as a component of minimum rent in the accompanying consolidated statements and was $5.0 million , $8.9 million and $7.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2020 $ 3,192 2021 2,973 2022 2,772 2023 2,584 2024 2,474 Thereafter 36,077 Total $ 50,072 |
Disposals of Operating Properti
Disposals of Operating Properties and Impairment Charges | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals of Operating Properties and Impairment Charges | Disposals of Operating Properties and Impairment Charges In February 2019, the Company announced a plan to market and sell up to $500 million in non-core assets as part of a program designed to improve the Company's portfolio quality, reduce its leverage, and focus operations on markets where the Company believes it can gain scale and generate attractive risk-adjusted returns. During the year ended December 31, 2019, we sold twenty-three operating properties for aggregate gross proceeds of $543.8 million . The following summarizes our 2019 operating property dispositions: Property Name MSA Disposition Date Whitehall Pike Bloomington, IN March 2019 Beechwood Promenade Athens, GA April 2019 Village at Bay Park Green Bay, WI May 2019 Lakewood Promenade Jacksonville, FL May 2019 Palm Coast Landing Palm Coast, FL May 2019 Lowe's - Perimeter Woods Charlotte, NC May 2019 Cannery Corner Las Vegas, NV June 2019 Temple Terrace Tampa, FL June 2019 University Town Center Oklahoma City, OK June 2019 Gainesville Plaza Gainesville, FL July 2019 Bolton Plaza Jacksonville, FL July 2019 Eastgate Plaza Las Vegas, NV July 2019 Burnt Store Punta Gorda, FL July 2019 Landstown Commons Virginia Beach, VA August 2019 Lima Marketplace Fort Wayne, IN September 2019 Hitchcock Plaza Aiken, SC September 2019 Merrimack Village Center Manchester, NH September 2019 Publix at Acworth Atlanta, GA October 2019 The Centre at Panola Atlanta, GA October 2019 Beacon Hill Crown Point, IN October 2019 Bell Oaks Centre Evansville, IN November 2019 South Elgin Commons Chicago, IL December 2019 Boulevard Crossing Kokomo, IN December 2019 The Company recorded a net gain of $39.0 million as a result of the 2019 disposal activity. During 2019, in connection with the preparation and review of the financial statements for the applicable periods, we evaluated a total of seven operating properties for impairment and recorded a cumulative $37.7 million impairment charge due to changes in facts and circumstances underlying the Company's expected future hold period of these properties. A shortening of the 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 these properties. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of these assets given the new holding period, leading to the charge. We estimated the fair value using the market approach by utilizing recent sales offers without adjustment. We compared the estimate aggregate fair value of $176 million to the carrying values, which resulted in the recording of the non-cash impairment charge of $37.7 million for the year ended December 31, 2019. During the year ended December 31, 2018, we sold six operating properties for aggregate gross proceeds of $122.2 million . The following summarizes our 2018 operating property dispositions: Property Name MSA Disposition Date Trussville Promenade Birmingham, AL February 2018 Memorial Commons Goldsboro, NC March 2018 Lake Lofts at Deerwood Jacksonville, FL November 2018 Hamilton Crossing Knoxville, TN November 2018 Fox Lake Crossing Chicago, IL December 2018 Lowe's Plaza Las Vegas, NV December 2018 In addition, we entered into a joint venture with TH Real Estate by selling an 80% interest in three operating assets for an agreed upon value of $99.8 million . The properties sold to the joint venture were the following: Property Name MSA Disposition Date Livingston Shopping Center New York/Northern New Jersey June 2018 Plaza Volente Austin, TX June 2018 Tamiami Crossing Naples, FL June 2018 The Company recorded a net gain of $3.4 million as a result of the 2018 disposal activity. During 2018, in connection with the preparation and review of the financial statements for the applicable periods, we evaluated a total of seven operating properties and land previously held for development for impairment and recorded a cumulative $70.4 million impairment charge due to changes in facts and circumstances underlying the Company's expected future hold period of these properties and decision to not move forward with development of the land. 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 these properties. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of these assets given the new holding period, leading to the charge. We estimated the fair value using the market approach by utilizing recent sales offers without adjustment. We compared the estimated aggregate fair value of $130.2 million to the carrying values, which resulted in the recording of the non-cash impairment charges totaling $70.4 million for the year ended December 31, 2018. As of December 31, 2018, the Company classified its Whitehall Pike operating property as held for sale. This asset was sold in March 2019. During the year ended December 31, 2017, we sold four operating properties for aggregate gross proceeds of $76.1 million and a net gain of $15.2 million . The following summarizes our 2017 operating property dispositions. Property Name MSA Disposition Date Cove Center Stuart, FL March 2017 Clay Marketplace Birmingham, AL June 2017 The Shops at Village Walk Fort Myers, FL June 2017 Wheatland Towne Crossing Dallas, TX June 2017 In connection with the preparation and review of the financial statements for the three months ended March 31, 2017, we evaluated an operating property for impairment including 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 $7.4 million . This property was sold during 2017. The results of all the operating properties sold in 2019 , 2018 , and 2017 are not included in discontinued operations in the accompanying statements of operations as none of the operating properties individually, nor in the aggregate, represent a strategic shift that has had or will have a material effect on our operations or financial results. |
Mortgage and Other Indebtedness
Mortgage and Other Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage and Other Indebtedness | Mortgage and Other Indebtedness Mortgage and other indebtedness consisted of the following as of December 31, 2019 and 2018 : ($ in thousands) As of December 31, 2019 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2019 $ 550,000 $ — $ (4,231 ) $ 545,769 Unsecured Revolving Credit Facility Matures April 2022 1 ; borrowing level up to $583.4 million available at December 31, 2019; interest at LIBOR + 1.15% or 2.91% at December 31, 2019 — — (2,625 ) (2,625 ) Unsecured Term Loans Matures October 2025; interest at LIBOR + 2.00% or 3.76% at December 31, 2019 250,000 — (1,859 ) 248,141 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates from April 2022 through June 2030; interest rates ranging from 3.78% to 5.73% at December 31, 2019 297,472 2,176 (40 ) 299,608 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing in February 2022; interest at LIBOR + 1.60% or 3.36% at December 31, 2019 55,830 — (143 ) 55,687 Total mortgage and other indebtedness $ 1,153,302 $ 2,176 $ (8,898 ) $ 1,146,580 ($ in thousands) As of December 31, 2018 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2018 $ 550,000 $ — $ (4,864 ) $ 545,136 Unsecured Revolving Credit Facility Matures April 2022 1 ; borrowing level up to $449.5 million available at December 31, 2018; interest at LIBOR + 1.15% 2 or 3.65% at December 31, 2018 45,600 — (3,796 ) 41,804 Unsecured Term Loans $95 million matures July 2021; interest at LIBOR + 1.30% 2 or 3.80% at December 31, 2018; $250 million matures October 2025; interest at LIBOR + 2.00% or 4.50% at December 31, 2018 345,000 — (2,470 ) 342,530 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates from September 2020 through June 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2018 534,679 6,566 (584 ) 540,661 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates February 2022 through June 2025; interest at LIBOR + 1.50%-1.60%, ranging from 4.00% to 4.10% at December 31, 2018 73,491 — (321 ) 73,170 Total mortgage and other indebtedness $ 1,548,770 $ 6,566 $ (12,035 ) $ 1,543,301 ____________________ 1 The Company can extend the maturity date for two additional periods of six months each, subject to certain conditions. 2 The interest rates on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. The one month LIBOR interest rate was 1.76% and 2.50% as of December 31, 2019 and 2018 , respectively. 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 the following amounts of amortization of debt issuance costs as a component of interest expense: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of debt issuance costs $ 2,762 $ 3,944 $ 2,534 Unsecured Revolving Credit Facility and Unsecured Term Loans 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 “Credit Facility”) from $500 million to $600 million , (ii) the amount of the letter of credit issuances the Operating Partnership may utilize under the Credit 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 Credit 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 Credit 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 October 25, 2018, the Operating Partnership entered into a Term Loan Agreement (the “Agreement”) with KeyBank National Association, as Administrative Agent (the “Agent”), and the other lenders party thereto, providing for an unsecured term loan facility of up to $250 million (the “Term Loan”). The Term Loan ranks pari passu with the Operating Partnership’s existing $600 million unsecured revolving credit facility documented in the Operating Partnership’s Fifth Amended and Restated Credit Agreement, dated as of July 28, 2016, as amended (the “Existing Credit Agreement”), and other unsecured indebtedness of the Operating Partnership. The Term Loan has a scheduled maturity date of October 24, 2025, which maturity date may be extended for up to three additional periods of one year at the Operating Partnership’s option subject to certain conditions. The Operating Partnership has the option to increase the Term Loan to $300 million , subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the Agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the Term Loan in whole or in part, at any time, subject to a prepayment fee if prepaid on or before October 25, 2023. As of December 31, 2019 , there was no balance outstanding under the Credit Facility. Additionally, we had letters of credit outstanding which totaled $1.2 million , against which no amounts were advanced as of December 31, 2019 . 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 December 31, 2019 , the value of the assets in our unencumbered asset pool, calculated pursuant to the Credit Facility agreement, was $1.4 billion . Taking into account outstanding borrowings on the line of credit, term loans, unsecured notes and letters of credit, we had $583.4 million available under our Credit Facility for future borrowings as of December 31, 2019 . 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 December 31, 2019 , we were in compliance with all such covenants. Senior Unsecured Notes The Operating Partnership has $550 million of senior unsecured notes maturing at various dates through September 2027 (the "Notes"). The Notes contain a number of customary financial and restrictive covenants. As of December 31, 2019 , we were in compliance with all such covenants. Mortgage Loans Mortgage loans are secured by certain real estate and in some cases by guarantees from the Operating Partnership, and are generally due in monthly installments of interest and principal and mature over various terms through 2030. Debt Maturities The following table presents maturities of mortgage debt and corporate debt as of December 31, 2019 : ($ in thousands) Scheduled Principal Payments Term Maturities Total 2020 $ 2,226 $ — $ 2,226 2021 2,303 — 2,303 2022 1,043 178,877 179,920 2023 806 256,517 257,323 2024 854 — 854 Thereafter 5,576 705,100 710,676 $ 12,808 $ 1,140,494 $ 1,153,302 Unamortized net debt premiums and issuance costs, net (6,722 ) Total $ 1,146,580 Other Debt Activity For the year ended December 31, 2019 , we had total new borrowings of $75.0 million and total repayments of $470.5 million . In addition to the items mentioned above, the components of this activity were as follows: • We retired sixteen fixed-rate secured loans and one variable-rate secured loan for $250.9 million in connection with the sale of operating properties; • We repaid $120.6 million on the Credit Facility using proceeds from the sale of operating properties; • We borrowed $30.0 million on the Credit Facility to fund the acquisition of the Pan Am Plaza Garage; • We borrowed $45.0 million on the Credit Facility to fund development activities, redevelopment activities, tenant improvement costs, and other working capital needs; and • We made scheduled principal payments on indebtedness during the year totaling $4.1 million . The amount of interest capitalized in 2019 , 2018 , and 2017 was $1.9 million , $1.8 million , and $3.1 million , respectively. Fair Value of Fixed and Variable Rate Debt As of December 31, 2019 , the estimated fair value of fixed rate debt was $864.0 million compared to the book value of $847.5 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 3.19% to 3.78% . As of December 31, 2019 , the estimated fair value of variable rate debt was $307.6 million compared to the book value of $305.8 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 3.39% to 3.47% . |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
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. We do not use such agreements for trading or speculative purposes nor do we have any that are not designated as cash flow hedges. The agreements with each of our derivative counterparties provide that, in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations. As of December 31, 2019 , we were party to various cash flow derivative agreements with notional amounts totaling $266.2 million . These derivative agreements effectively fix the interest rate underlying certain variable rate debt instruments over expiration dates through 2025 . Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.68% . 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 December 31, 2019 and December 31, 2018 , 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 December 31, 2019 , the estimated fair value of our interest rate derivatives represented a liability of $16.8 million , including accrued interest of $0.1 million . As of December 31, 2019 , this balance is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. At December 31, 2018 the estimated fair value of our interest rate derivatives was a net liability of $3.5 million , including accrued interest receivable of $0.1 million . As of December 31, 2018 , $3.6 million is reflected in prepaid and other assets and $7.1 million is reflected in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. Approximately $0.6 million was reclassified as an increase to earnings during the year ended December 31, 2019 . Approximately $0.8 million and $2.5 million was reclassified as a reduction to earnings during the years ended December 31, 2018 and 2017 , respectively. As the interest payments on our derivatives are made over the next 12 months, we estimate the increase to interest expense to be $1.5 million , assuming the current LIBOR curve. |
Lease Information
Lease Information | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Information | Lease Information Rental Income The Company receives rental income from the leasing of retail and office space. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses, and may require tenants to pay contingent rent to the extent their sales exceed a defined threshold. Certain tenants have the option in the lease agreement to extend their lease upon the expiration of their contractual term. Variable lease payments are based upon tenant sales information and are recognized once a tenant's sales volume exceeds a defined threshold. Variable lease payments for reimbursement of operating expenses are based upon the operating expense activity for the period. From a lessor perspective, the new accounting guidance adopted in 2019 remained mostly similar to legacy GAAP as the Company elected the practical expedient to not separate non-lease components from lease components. This election resulted in a change on the Company's consolidated statements of operations as the Company no longer presents minimum rents and tenant reimbursements as separate amounts because the Company now accounts for these amounts as a single combined lease component, rental income, on the basis of the lease component being the predominant component of the contract. As such, non-lease components, including common area maintenance reimbursements that are of a fixed nature are recognized on a straight-line basis over the term of the lease. Further, bad debt, which has previously been recorded in property operating expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019. The Company recognized the following lease rental income for the year ended December 31, 2019: ($ in thousands) Year Ended December 31, 2019 Fixed Contractual Lease Payments - Operating Leases $ 244,666 Variable Lease Payments - Operating Leases 57,748 Straight-Line Rent Adjustment 2,209 Amortization of In-Place Lease Liabilities, net 3,776 Total $ 308,399 The weighted average remaining term of the lease agreements is approximately 4.5 years. During the years ended December 31, 2019 , 2018 , and 2017 , the Company earned overage rent of $1.3 million , $1.2 million , and $1.1 million , respectively. As of December 31, 2019 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable lease payments, are as follows: ($ in thousands) 2020 $ 219,020 2021 203,858 2022 176,630 2023 144,709 2024 114,560 Thereafter 394,986 Total $ 1,253,763 Commitments under Ground Leases As of December 31, 2019 , we are obligated under nine ground leases for approximately 47 acres of land. Most of these ground leases require fixed annual rent payments. The expiration dates of the remaining initial terms of these ground leases range from 2023 to 2092 with a weighted-average remaining term of 52.2 years . Certain of these leases have five - to ten -year extension options ranging in total from 20 to 25 years. Upon adoption of the Leases standard, the Company did not recognize value during the option period for the right-of-use assets and lease liabilities as it was not probable the extension options will be exercised. Upon adoption, the Company recorded a right of use asset of $27.0 million and corresponding liability of $27.3 million . The right of use asset is included in prepaid and other assets and the lease liability is included in deferred revenue and other liabilities. This value was determined utilizing an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset. These rates ranged from 3.93% to 6.33% with a weighted-average incremental borrowing rate of 5.86% . Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2019 , 2018 , and 2017 was $1.8 million , $1.7 million , and $1.7 million , respectively. The Company made payments of $1.7 million for the year ended December 31, 2019, of which the majority was included in operating cash flows. Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2020 $ 1,777 2021 1,789 2022 1,815 2023 1,636 2024 1,600 Thereafter 70,554 Total $ 79,171 |
Lease Information | Lease Information Rental Income The Company receives rental income from the leasing of retail and office space. The leases generally provide for certain increases in base rent, reimbursement for certain operating expenses, and may require tenants to pay contingent rent to the extent their sales exceed a defined threshold. Certain tenants have the option in the lease agreement to extend their lease upon the expiration of their contractual term. Variable lease payments are based upon tenant sales information and are recognized once a tenant's sales volume exceeds a defined threshold. Variable lease payments for reimbursement of operating expenses are based upon the operating expense activity for the period. From a lessor perspective, the new accounting guidance adopted in 2019 remained mostly similar to legacy GAAP as the Company elected the practical expedient to not separate non-lease components from lease components. This election resulted in a change on the Company's consolidated statements of operations as the Company no longer presents minimum rents and tenant reimbursements as separate amounts because the Company now accounts for these amounts as a single combined lease component, rental income, on the basis of the lease component being the predominant component of the contract. As such, non-lease components, including common area maintenance reimbursements that are of a fixed nature are recognized on a straight-line basis over the term of the lease. Further, bad debt, which has previously been recorded in property operating expenses, has now been classified as a contra-revenue account in rental income in the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019. The Company recognized the following lease rental income for the year ended December 31, 2019: ($ in thousands) Year Ended December 31, 2019 Fixed Contractual Lease Payments - Operating Leases $ 244,666 Variable Lease Payments - Operating Leases 57,748 Straight-Line Rent Adjustment 2,209 Amortization of In-Place Lease Liabilities, net 3,776 Total $ 308,399 The weighted average remaining term of the lease agreements is approximately 4.5 years. During the years ended December 31, 2019 , 2018 , and 2017 , the Company earned overage rent of $1.3 million , $1.2 million , and $1.1 million , respectively. As of December 31, 2019 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable lease payments, are as follows: ($ in thousands) 2020 $ 219,020 2021 203,858 2022 176,630 2023 144,709 2024 114,560 Thereafter 394,986 Total $ 1,253,763 Commitments under Ground Leases As of December 31, 2019 , we are obligated under nine ground leases for approximately 47 acres of land. Most of these ground leases require fixed annual rent payments. The expiration dates of the remaining initial terms of these ground leases range from 2023 to 2092 with a weighted-average remaining term of 52.2 years . Certain of these leases have five - to ten -year extension options ranging in total from 20 to 25 years. Upon adoption of the Leases standard, the Company did not recognize value during the option period for the right-of-use assets and lease liabilities as it was not probable the extension options will be exercised. Upon adoption, the Company recorded a right of use asset of $27.0 million and corresponding liability of $27.3 million . The right of use asset is included in prepaid and other assets and the lease liability is included in deferred revenue and other liabilities. This value was determined utilizing an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset. These rates ranged from 3.93% to 6.33% with a weighted-average incremental borrowing rate of 5.86% . Ground lease expense incurred by the Company on these operating leases for the years ended December 31, 2019 , 2018 , and 2017 was $1.8 million , $1.7 million , and $1.7 million , respectively. The Company made payments of $1.7 million for the year ended December 31, 2019, of which the majority was included in operating cash flows. Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2020 $ 1,777 2021 1,789 2022 1,815 2023 1,636 2024 1,600 Thereafter 70,554 Total $ 79,171 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity Common Equity Our Board of Trustees declared a cash distribution of $0.3175 per common share and Common Unit for the fourth quarter of 2019. This distribution was paid on December 27, 2019 to common shareholders and Common Unit holders of record as of December 20, 2019. For the years ended December 31, 2019 , 2018 and 2017 , we declared cash distributions of $1.270 , $1.270 , and $1.225 respectively per common share and Common Units. Accrued but unpaid distributions on common shares and units was $27.3 million as of December 31, 2018 and is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. Dividend Reinvestment and Share Purchase Plan We maintain a Dividend Reinvestment and Share Purchase Plan, which offers investors the option to invest all or a portion of their common share dividends in additional common shares. Participants in this plan are also able to make optional cash investments with certain restrictions. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2019 and 2018 . ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 83,515 $ 81,480 $ 74,943 $ 75,265 Gain (loss) on sale of operating properties, net 6,587 24,092 (5,714 ) 14,005 Operating income (loss) 22,976 17,318 1,316 30,186 Consolidated net income (loss) 5,988 (1,697 ) (20,117 ) 15,855 Net income (loss) attributable to Kite Realty Group Trust common shareholders 5,715 (1,796 ) (19,735 ) 15,314 Net income (loss) per common share – basic and diluted 0.07 (0.02 ) (0.24 ) 0.18 Weighted average Common Shares outstanding - basic 83,843,681 83,938,961 83,960,841 83,960,045 Weighted average Common Shares outstanding - diluted 84,034,097 83,938,961 83,960,841 84,478,245 ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 89,763 $ 91,736 $ 85,747 $ 86,937 Gain (loss) on sale of operating properties, net 500 7,829 (177 ) (4,725 ) Operating income (loss) (1,532 ) 15,771 20,549 (13,757 ) Consolidated net income (loss) (17,997 ) (1,062 ) 4,317 (31,709 ) Net income (loss) attributable to Kite Realty Group Trust common shareholders (17,917 ) (1,366 ) 3,938 (31,221 ) Net income (loss) per common share – basic and diluted (0.21 ) (0.02 ) 0.05 (0.37 ) Weighted average Common Shares outstanding - basic 83,629,669 83,672,896 83,706,704 83,762,664 Weighted average Common Shares outstanding - diluted 83,629,669 83,672,896 83,767,655 83,762,664 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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 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 our investment in any existing or future projects through cash from operations and borrowings on our unsecured revolving credit facility. In 2017, we provided a repayment guaranty on a $33.8 million construction loan associated with the development of the Embassy Suites at the University of Notre Dame consistent with our 35% ownership interest. As of December 31, 2019, the current outstanding loan balance is $33.6 million , of which our share is $11.8 million . As of December 31, 2019 , we had outstanding letters of credit totaling $1.2 million . At that date, there were no |
Related Parties and Related Par
Related Parties and Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties and Related Party Transactions | Related Parties and Related Party Transactions Subsidiaries of the Company provide certain management, construction management and other services to certain entities owned by certain members of the Company’s management. During each of the years ended December 31, 2019 , 2018 and 2017 , we earned less than $0.1 million , from entities owned by certain members of management. We reimburse an entity owned by certain members of our management for certain travel and related services. During the years ended December 31, 2019 , 2018 and 2017 , we paid $0.8 million , $0.5 million and $0.3 million |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In 2019, we acquired one retail operating property for $29.0 million and one parking garage for $29.5 million . The fair value of the real estate and other assets acquired were primarily determined using the income approach. The income approach required us to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal values. The estimates of fair value primarily relied upon Level 2 and Level 3 inputs, as previously defined. The results of operations for each of the properties acquired during the year ended December 31, 2019 have been included in operations since their respective dates of acquisition. The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2019: ($ in thousands) Investment properties, net $ 56,393 Lease-related intangible assets, net 2,458 Other assets 320 Total acquired assets 59,171 Accounts payable and accrued expenses 595 Deferred revenue and other liabilities 371 Total assumed liabilities 966 Fair value of acquired net assets $ 58,205 The leases at the acquired properties had a weighted average remaining life at acquisition of approximately 5.6 years . The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired are as follows: Low High Net rental rate per square foot - Anchors $ 11.00 $ 12.96 Net rental rate per square foot - Small Shops $ 6.33 $ 32.00 Discount rate 9.0 % 9.0 % We did not acquire any properties in 2018 or 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration On February 12, 2020, our Board of Trustees declared a cash distribution of $0.3175 per common share and Common Unit for the first quarter of 2020. This distribution is expected to be paid on or about April 3, 2020 to common shareholders and Common Unit holders of record as of March 27, 2020. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Consolidated Real Estate and Accumulated Depreciation | Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries Schedule III Consolidated Real Estate and Accumulated Depreciation ($ in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties 12th Street Plaza * $ — $ 2,624 $ 13,293 $ — $ 749 $ 2,624 $ 14,042 $ 16,666 $ 4,224 1978/2003 2012 54th & College * — 2,672 — — — 2,672 — 2,672 — 2008 NA Bayonne Crossing 42,940 47,809 44,246 — 916 47,809 45,162 92,971 10,589 2011 2014 Bayport Commons * — 7,005 20,648 — 2,090 7,005 22,738 29,743 7,438 2008 NA Belle Isle * — 9,130 41,426 — 4,635 9,130 46,061 55,191 10,085 2000 2015 Bridgewater Marketplace * — 3,407 8,668 — 620 3,407 9,288 12,695 3,387 2008 NA Burlington Coat Factory * — 29 2,773 — 6 29 2,779 2,808 1,774 1992/2000 2000 Castleton Crossing * — 9,761 29,309 — 1,019 9,761 30,328 40,089 8,288 1975 2013 Chapel Hill Shopping Center 18,250 — 35,072 — 1,344 — 36,416 36,416 7,538 2001 2015 City Center * — 20,565 180,235 — 4,472 20,565 184,708 205,273 38,513 2018 2014 Centennial Center 70,455 58,960 72,704 — 1,243 58,960 73,947 132,907 21,115 2002 2014 Centennial Gateway 23,962 5,305 48,969 — 67 5,305 49,035 54,340 10,425 2005 2014 Centre Point Commons 14,410 2,918 22,372 — 113 2,918 22,485 25,403 4,952 2007 2014 Cobblestone Plaza * — 11,221 45,526 — 1,386 11,221 46,912 58,133 12,508 2011 NA Colonial Square * — 7,521 18,566 — 2,160 7,521 20,726 28,247 4,211 2010 2014 Colleyville Downs * — 5,446 38,534 — 1,755 5,446 40,289 45,735 10,594 2014 2015 Cool Creek Commons * — 6,062 13,374 — 2,704 6,062 16,078 22,140 6,520 2005 NA Cool Springs Market * — 12,644 22,870 40 6,414 12,684 29,285 41,969 8,464 1995 2013 Crossing at Killingly Commons * — 21,999 34,806 — 191 21,999 34,996 56,995 8,687 2010 2014 Delray Marketplace 55,830 18,750 87,353 1,284 5,801 20,034 93,155 113,189 21,103 2013 NA DePauw University Bookstore & Café — 64 663 — 45 64 708 772 369 2012 NA Draper Crossing * — 9,054 27,156 — 663 9,054 27,819 36,873 6,855 2012 2014 Draper Peaks * — 11,498 47,093 522 3,886 12,020 50,980 63,000 9,570 2012 2014 Eastern Beltway Center 34,100 23,221 45,659 — 3,993 23,221 49,652 72,873 9,644 1998/2006 2014 Eastgate Pavilion * — 8,026 18,067 — 1,235 8,026 19,302 27,328 8,449 1995 2004 Eddy Street Commons — 1,900 36,762 — 2,071 1,900 38,833 40,733 12,771 2009 NA Estero Town Commons * — 8,973 9,953 — 976 8,973 10,930 19,903 3,701 2006 NA Fishers Station * — 4,008 15,773 — 82 4,008 15,854 19,862 4,603 2018 NA Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Geist Pavilion * $ — $ 1,368 $ 8,449 $ — $ 2,355 $ 1,368 $ 10,804 $ 12,172 $ 4,594 2006 NA Greyhound Commons * — 2,629 794 — 861 2,629 1,655 4,284 860 2005 NA Holly Springs Towne Center * — 12,319 46,589 — 3,964 12,319 50,553 62,872 10,524 2013 NA Holly Springs Towne Center - Phase II * — 11,910 49,212 — 1,345 11,910 50,557 62,467 6,185 2016 NA Hunters Creek Promenade * — 8,335 12,674 179 1,137 8,514 13,810 22,324 3,211 1994 2013 Indian River Square * — 5,100 6,304 1,100 1,566 6,200 7,870 14,070 2,974 1997/2004 2005 International Speedway Square * — 7,769 15,362 — 9,424 7,769 24,786 32,555 15,352 1999 NA King's Lake Square * — 4,519 15,630 — 1,696 4,519 17,326 21,845 8,309 1986/2014 2003 Kingwood Commons * — 5,715 30,894 — 253 5,715 31,148 36,863 10,083 1999 2013 Lake City Commons — 3,415 10,242 — 365 3,415 10,608 14,023 2,941 2008 2014 Lake City Commons - Phase II * — 1,277 2,086 — 16 1,277 2,102 3,379 411 2011 2014 Lake Mary Plaza — 1,413 8,719 — 89 1,413 8,808 10,221 1,781 2009 2014 Lithia Crossing * — 3,065 9,983 — 6,061 3,065 16,044 19,109 5,846 1994/2003 2011 Market Street Village * — 9,764 16,323 — 2,947 9,764 19,270 29,034 7,871 1970/2004 2005 Miramar Square 31,625 26,492 30,820 389 6,728 26,880 37,548 64,428 8,205 2008 2014 Mullins Crossing * — 10,582 42,150 — 6,260 10,582 48,410 58,992 12,175 2005 2014 Naperville Marketplace — 5,364 11,396 — 233 5,364 11,629 16,993 3,973 2008 NA Nora Plaza 3,790 21,329 — 1,750 3,790 23,079 26,868 526 2004 2019 Northcrest Shopping Center — 4,044 33,704 — 1,109 4,044 34,812 38,856 6,913 2008 2014 Northdale Promenade * — 1,718 27,242 — 135 1,718 27,377 29,095 11,180 2017 NA Oleander Place * — 863 5,935 — 285 863 6,220 7,083 2,157 2012 2011 Parkside Town Commons - Phase I * — 3,108 42,194 (60 ) 788 3,047 42,982 46,029 9,496 2015 N/A Parkside Town Commons - Phase II * — 20,722 66,766 — 7,476 20,722 74,242 94,964 12,211 2017 N/A Perimeter Woods * — 8,993 26,879 — 821 8,993 27,700 36,693 5,729 2008 2014 Pine Ridge Crossing * — 5,640 17,024 — 3,963 5,640 20,988 26,628 7,659 1994 2006 Plaza at Cedar Hill * — 5,782 36,781 — 11,308 5,782 48,089 53,871 20,688 2000 2004 Pleasant Hill Commons — 3,350 10,094 — 375 3,350 10,469 13,819 2,850 2008 2014 Portofino Shopping Center * — 4,754 75,254 — 18,066 4,754 93,319 98,073 26,149 1999 2013 Publix at Woodruff * — 1,783 6,352 — 878 1,783 7,230 9,013 3,205 1997 2012 Rampart Commons 9,495 1,136 42,808 — 554 1,136 43,362 44,498 9,591 2018 2014 Rangeline Crossing * — 2,006 18,367 — 663 2,006 19,030 21,036 7,125 1986/2013 NA Initial Cost Cost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Operating Properties (continued) Riverchase Plaza * $ — $ 3,889 $ 11,404 $ — $ 1,123 $ 3,889 $ 12,527 $ 16,416 $ 4,956 1991/2001 2006 Rivers Edge * — 5,647 31,358 — 1,938 5,647 33,295 38,942 10,285 2011 2008 Saxon Crossing 11,400 3,764 16,782 — 597 3,764 17,380 21,144 4,393 2009 2014 Shoppes at Plaza Green * — 3,749 23,853 — 1,844 3,749 25,697 29,446 8,837 2000 2012 Shoppes of Eastwood * — 1,688 8,969 — 502 1,688 9,471 11,159 3,221 1997 2013 Shops at Eagle Creek * — 4,550 8,844 — 5,197 4,550 14,041 18,591 5,630 1998 2003 Shops at Julington Creek 4,785 2,372 7,189 — 347 2,372 7,536 9,908 1,289 2011 2014 Shops at Moore 21,300 6,284 23,375 — 1,606 6,284 24,981 31,265 4,743 2010 2014 Silver Springs Pointe — 7,580 3,602 — 1,712 7,580 5,313 12,893 1,352 2001 2014 Stoney Creek Commons * — 628 3,700 — 5,913 628 9,613 10,241 3,617 2000 NA Sunland Towne Centre * — 14,774 21,026 — 5,039 14,774 26,066 40,840 11,097 1996 2004 Tarpon Bay Plaza * — 4,273 23,096 — 5,056 4,273 28,152 32,425 8,259 2007 NA The Corner 14,750 3,772 24,642 — 22 3,772 24,663 28,435 5,206 2008 2014 The Landing at Tradition * — 18,505 46,226 — 536 18,505 46,762 65,267 9,080 2007 2014 Toringdon Market * — 5,448 9,523 — 542 5,448 10,065 15,513 3,019 2004 2013 Traders Point * — 9,443 36,433 — 2,838 9,443 39,271 48,714 16,843 2005 NA Traders Point II * — 2,376 6,107 — 1,164 2,376 7,271 9,647 3,086 2005 NA Tradition Village Center * — 3,140 14,842 — 566 3,140 15,408 18,548 3,273 2006 2014 Waterford Lakes Village * — 2,317 6,388 — 571 2,317 6,960 9,277 2,956 1997 2004 Waxahachie Crossing — 1,411 15,644 — 155 1,411 15,798 17,209 3,051 2010 2014 Westside Market * — 4,194 17,606 — 536 4,194 18,142 22,336 3,104 2013 2014 Total Operating Properties 353,302 619,105 2,090,834 3,452 181,911 622,557 2,272,745 2,895,302 604,449 Initial Cost C ost Capitalized Subsequent to Acquisition/Development Gross Carrying Amount Close of Period Building & Building & Building & Accumulated Year Built / Year Name Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Renovated Acquired Office Properties Thirty South * $ — $ 1,643 $ 9,600 $ — $ 21,860 $ 1,643 $ 31,461 $ 33,104 $ 12,752 1905/2002 2001 Pan Am Plaza Garage * — — 29,536 — 276 — 29,813 29,813 3,551 1986 2019 Union Station Parking Garage * — 904 2,650 — 1,832 904 4,482 5,386 1,903 1986 2001 Total Office Properties — 2,547 41,787 — 23,969 2,547 65,756 68,303 18,205 Development and Redevelopment Properties Courthouse Shadows * — 4,999 8,182 — — 4,999 8,182 13,181 2,339 NA NA Eddy Street Commons - Phase II 2,209 4,394 — — 2,209 4,394 6,603 40 NA NA Glendale Town Center* — 1,494 43,832 — 3,011 1,494 46,843 48,337 32,221 NA NA Hamilton Crossing Centre* — 5,549 10,326 — — 5,549 10,326 15,875 4,226 NA NA The Corner * — 304 3,681 — 155 304 3,836 4,140 — NA NA Total Development and Redevelopment Properties — 14,556 70,414 — 3,166 14,556 73,580 88,136 38,826 Other ** Bridgewater Marketplace * — 2,139 — — — 2,139 — 2,139 — NA NA Landstown - Fulton Bank Pad — 930 — — — 930 — 930 — 2007 2014 KRG Development — — 885 — — — 885 885 66 NA NA KRG New Hill * — 5,957 — — — 5,957 — 5,957 — NA NA KRG Peakway — 7,444 — — — 7,444 — 7,444 — NA NA Pan Am Plaza — 10,521 — — — 10,521 — 10,521 — NA NA Total Other — 26,990 885 — — 26,990 885 27,875 66 Line of credit/Term Loan/Unsecured notes 800,000 — — — — — — — — NA NA Grand Total $ 1,153,302 $ 663,198 $ 2,203,919 $ 3,452 $ 209,046 $ 666,650 $ 2,412,966 $ 3,079,616 $ 661,546 ____________________ * This property or a portion of the property is included as an unencumbered asset used in calculating our line of credit borrowing base. ** This category generally includes land held for development. We also have certain additional land parcels at our development and operating properties, which amounts are included elsewhere in this table. The changes in investment properties of the Company for the years ended December 31, 2019 , 2018 , and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 3,633,376 $ 3,949,431 $ 3,988,819 Acquisitions 57,494 — — Improvements 52,713 68,349 78,947 Impairment (56,948 ) (73,198 ) (10,897 ) Disposals (607,019 ) (311,206 ) (107,438 ) Balance, end of year $ 3,079,616 $ 3,633,376 $ 3,949,431 The unaudited aggregate cost of investment properties for U.S. federal tax purposes as of December 31, 2019 was $2.3 billion The changes in accumulated depreciation of the Company for the years ended December 31, 2019 , 2018 , and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 695,012 $ 660,276 $ 556,851 Depreciation expense 117,216 132,662 148,346 Impairment (19,226 ) (2,838 ) (3,494 ) Disposals (131,456 ) (95,088 ) (41,427 ) Balance, end of year $ 661,546 $ 695,012 $ 660,276 Depreciation of investment properties reflected in the statements of operations is calculated over the estimated original lives of the assets as follows: Buildings 20-35 years Building improvements 10-35 years Tenant improvements Term of related lease Furniture and Fixtures 5-10 years All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [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 December 31, 2019 , we owned investments in two 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 $55.8 million , which were secured by assets of the VIEs totaling $114.1 million . The Operating Partnership guarantees the debt 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. |
Acquisition of Real Estate Properties | Acquisition of Real Estate Properties Upon acquisition of real estate operating properties, we estimate the fair value of acquired identifiable tangible assets and identified intangible assets and liabilities, assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, we record the estimated fair value to the applicable assets and liabilities. In making estimates of fair values, a number of sources are utilized, including information obtained as a result of pre-acquisition due diligence, marketing and leasing activities. The estimates of fair value were determined to have primarily relied upon Level 2 and Level 3 inputs, as defined below. Fair value is determined for tangible assets and intangibles, including: • the fair value of the building on an as-if-vacant basis and the fair value of land determined either by comparable market data, real estate tax assessments, independent appraisals or other relevant data; • above-market and below-market in-place lease values for acquired properties, which are based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over the remaining non-cancelable term of the leases. Any below-market renewal options are also considered in the in-place lease values. The capitalized above-market and below-market lease values are amortized as a reduction of or addition to rental income over the term of the lease. Should a tenant vacate, terminate its lease, or otherwise notify us of its intent to do so, the unamortized portion of the lease intangibles would be charged or credited to income; • the value of having a lease in place at the acquisition date. We utilize independent and internal sources for our estimates to determine the respective in-place lease values. Our estimates of value are made using methods similar to those used by independent appraisers. Factors we consider in our analysis include an estimate of costs to execute similar leases including tenant improvements, leasing commissions and foregone costs and rent received during the estimated lease-up period as if the space was vacant. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases; and • the fair value of any assumed financing that is determined to be above or below market terms. We utilize third party and independent sources for our estimates to determine the respective fair value of each mortgage payable. The fair market value of each mortgage payable is amortized to interest expense over the remaining initial terms of the respective loan. We also consider whether there is any value to in-place leases that have a related customer relationship intangible value. Characteristics we consider in determining these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality, and expectations of lease renewals, among other factors. To date, a tenant relationship has not been developed that is considered to have a current intangible value. |
Investment Properties | Investment Properties Capitalization and Depreciation Investment properties are recorded at cost and include costs of land acquisition, development, pre-development, construction, certain allocated overhead, tenant allowances and improvements, and interest and real estate taxes incurred during construction. Significant renovations and improvements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. If a tenant vacates a space prior to the lease expiration, terminates its lease, or otherwise notifies the Company of its intent to do so, any related unamortized tenant allowances are expensed over the shortened lease period. Maintenance and repairs that do not extend the useful lives of the respective assets are reflected in property operating expense. Pre-development costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase and include contract deposits, legal, engineering, cost of internal resources and other professional fees related to evaluating the feasibility of developing or redeveloping a shopping center or other project. These pre-development costs are capitalized and included in construction in progress in the accompanying consolidated balance sheets. If we determine that the completion of a development project is no longer probable, all previously incurred pre-development costs are immediately expensed. Land is transferred to construction in progress once construction commences on the related project. We also capitalize costs such as land acquisition, building construction, interest, real estate taxes, and the costs of personnel directly involved with the development of our properties. As a portion of a development property becomes operational, we expense a pro rata amount of related costs. Depreciation on buildings and improvements is provided utilizing the straight-line method over estimated original useful lives ranging from 10 to 35 years. Depreciation on tenant allowances and tenant improvements are provided utilizing the straight-line method over the term of the related lease. Depreciation on equipment and fixtures is provided utilizing the straight-line method over 5 to 10 We recognize the sale of real estate when control transfers to the buyer. As part of our ongoing business strategy, we will, from time to time, sell land parcels and outlots, some of which are ground leased to tenants. |
Impairment | Impairment Management reviews operational and development projects, land parcels and intangible assets for impairment on a property-by-property basis on at least a quarterly basis or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. This review for possible impairment requires certain assumptions, estimates, and significant judgment. Impairment losses for investment properties and intangible assets are measured when the undiscounted cash flows estimated to be generated by the investment properties during the expected holding period are less than the carrying amounts of those assets. The evaluation of impairment is subject to certain management assumptions including projected net operating income, anticipated hold period, expected capital expenditures and the capitalization rate used to estimate the property's residual value. Impairment losses are recorded as the excess of the carrying value over the estimated fair value of the asset. Our impairment review for land and development properties assumes we have the intent and the ability to complete the developments or projected uses for the land parcels. If we determine those plans will not be completed or our assumptions with respect to operating assets are not realized, an impairment loss may be appropriate. |
Asset Held for Sale and Discontinued Operations | Asset Held for Sale and Discontinued Operations Operating properties will be classified as held for sale only when those properties are available for immediate sale in their present condition and for which management believes it is probable that a sale of the property will be completed within one year, among other factors. Operating properties classified as held for sale are carried at the lower of cost or fair value less estimated costs to sell. Depreciation and amortization are suspended during the held-for-sale period. |
Restricted Cash and Escrow Deposits | Restricted Cash and Escrow Deposits |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Fair Value Measurements | Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820, Fair Value Measurements and Disclosures, 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 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. As discussed in Note 8 to the Financial Statements, we have determined that derivative valuations are classified in Level 2 of the fair value hierarchy. Cash and cash equivalents, accounts receivable, escrows and deposits, and other working capital balances approximate fair value. Note 6 to the Financial Statements includes a discussion of the fair values recorded when we recognized impairment charges in 2019, 2018 and 2017. Level 3 inputs to these transactions include our estimations of disposal values. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for its derivative financial instruments at fair value calculated in accordance with ASC 820, Fair Value Measurements and Disclosures . Gains or losses resulting from changes in the fair values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. We use derivative instruments such as interest rate swaps or rate locks to mitigate interest rate risk on related financial instruments. Changes in the fair values of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while any ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. Gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedged transaction. As of December 31, 2019 and 2018 |
Revenue Recognition | Revenue Recognition As a lessor of real estate assets, the Company retains substantially all of the risks and benefits of ownership and accounts for its leases as operating leases. Contractual minimum base rent, percentage rent, and expense reimbursements from tenants for common area maintenance costs, insurance and real estate taxes are our principal sources of revenue. Base minimum rents are recognized on a straight-line basis over the terms of the respective leases. Certain lease agreements contain provisions that grant additional rents based on a tenant’s sales volume (contingent overage rent). Overage rent is recognized when tenants achieve the specified sales targets as defined in their lease agreements. Overage rent is included in rental income in the accompanying consolidated statements of operations for the year ended December 31, 2019. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. We have accounts receivable due from tenants and are subject to the risk of tenant defaults and bankruptcies that may affect the collection of outstanding receivables. These receivables are reduced for credit loss that is recognized as a reduction to rental income. We regularly evaluate the collectibility of these lease-related receivables by analyzing past due account balances and consider such facts as the credit quality of our customer, historical write-off experience, tenant credit-worthiness and current economic trends when evaluating the collectibility of rental income. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. |
Tenant and Other Receivables and Allowance for Uncollectible Accounts | Tenant and Other Receivables and Allowance for Uncollectible Accounts Tenant receivables consist primarily of billed minimum rent, accrued and billed tenant reimbursements, and accrued straight-line rent. The Company generally does not require specific collateral from its tenants other than corporate or personal guarantees. Other receivables consist primarily of amounts due from municipalities and from tenants for non-rental revenue related activities. An allowance for uncollectible accounts is maintained for estimated losses resulting from the inability of certain tenants or others to meet contractual obligations under their lease or other agreements. Accounts are written off when, in the opinion of management, the balance is uncollectible. |
Concentration of Credit Risk | Concentration of Credit Risk We may be subject to concentrations of credit risk with regards to our cash and cash equivalents. We place cash and temporary cash investments with high-credit-quality financial institutions. From time to time, such cash and investments may temporarily be in excess of insurance limits. In addition, our accounts receivable from and leases with tenants potentially subjects us to a concentration of credit risk related to our accounts receivable and revenue. |
Earnings Per Share | Earnings Per Share Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average common number of shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible. |
Segment Reporting | Segment Reporting Our primary business is the ownership and operation of neighborhood and community shopping centers. We do not distinguish or group our operations on a geographical basis, or any other basis, when measuring and evaluating financial performance. Accordingly, we have one operating segment, which also serves as our reportable segment for disclosure purposes in accordance with GAAP. |
Income Taxes and REIT Compliance | Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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. Our tax return for the year ended December 31, 2019 has not been filed. The taxability information presented for our dividends paid in 2019 is based upon management's estimate. Consequently, the taxability of dividends is subject to change. A summary of the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2019 , 2018 , and 2017 is as follows: 2019 2018 2017 Ordinary income 29.7 % 56.0 % 65.2 % Return of capital 35.2 % 44.0 % 24.3 % Capital gains 35.1 % — % 10.5 % Balance, end of year 100.0 % 100.0 % 100.0 % 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 U.S. federal income taxes included in the accompanying consolidated financial statements are in connection with the 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 years ended December 31, 2019 , 2018 , and 2017 were as follows: ($ in thousands) 2019 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 698 $ 692 Net income allocable to noncontrolling interests, — — 6 Distributions to noncontrolling interests — — — Noncontrolling interests balance at December 31 $ 698 $ 698 $ 698 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 December 31, 2019 , the redemption value of the redeemable noncontrolling interests in the Operating Partnership exceeded the historical book value, and the balance was accordingly adjusted to redemption value. At December 31, 2018, the redemption value of the redeemable noncontrolling interests in the Operating Partnership did not exceed the historical book value, and the balance was accordingly adjusted to historical book 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 years ended December 31, 2019 , 2018 , and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2019 2018 2017 Parent Company’s weighted average interest in 97.6 % 97.6 % 97.7 % Limited partners' weighted average interests in 2.4 % 2.4 % 2.3 % At December 31, 2019 , the Parent Company's interest and the limited partners' redeemable noncontrolling ownership interests in the Operating Partnership were 97.5% and 2.5% . At December 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% . 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 2,110,037 and 2,035,349 Limited Partner Units outstanding as of December 31, 2019 and 2018 , respectively. The increase in Limited Partner Units outstanding from December 31, 2018 is due primarily to non-cash compensation awards made to our executive officers. Redeemable Noncontrolling Interests - Subsidiaries Prior to our 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 one of these three joint ventures remain outstanding and are accounted for as noncontrolling interests in these properties. The remaining Class B units will become redeemable at our partner's election in October 2022 based on the joint venture agreement and the fulfillment of certain redemption criteria. Beginning in November 2022, with respect to the remaining joint venture, the Class B units can be redeemed at the election of either our partner or us for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable unless either party has elected for the units to be redeemed. We consolidate this joint venture because we control the decision making and our joint venture partner has limited protective rights. In March 2017, certain Class B unit holders exercised their right to redeem $8.3 million of their Class B units for cash. We funded the redemption in December 2017 using operating cash flows. In 2018, the same Class B unit holders exercised their right to redeem their remaining Class B units for cash. We funded $10.0 million of the redemption in August 2018 and the remaining $12.0 million in November 2018. |
Reclassifications | Reclassifications Certain amounts in the accompanying consolidated financial statements for 2017 and 2018 have been reclassified to conform to the 2019 consolidated financial statement presentation. The reclassifications had no impact on the net income previously reported. |
Effects of Accounting Pronouncements | Effects of Accounting Pronouncements Adoption of New Standards Leases On January 1, 2019. we adopted Accounting Standards Update ("ASU") ASU 2016-02, Leases, using the modified retrospective approach along with electing the package of practical expedients. 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. For leases with a term of one year or less, the Company made an accounting policy election by underlying asset to not recognize lease liabilities and right-of-use (ROU) assets, and expenses for these short-term leases is immaterial for all periods presented. The practical expedients include the following: • The Company did not reassess whether any expired or existing contracts are or contain leases; • The Company did not reassess the lease classification of any expired or existing leases; • The Company did not reassess initial direct costs for any existing leases; and • The Company elected 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 amended 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. Certain costs that were previously capitalized as a leasing cost no longer meet the requirements for capitalization under the new leasing standard. The Company capitalized $5.4 million less in leasing costs during the year ended December 31, 2019 as compared to the prior year. Note 9 to the Financial Statements includes a discussion of the lease rental income and expense for the year ended December 31, 2019 and future rental income and expense to be received or paid under non-cancelable operating leases. Derivatives and Hedging On January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. ASU 2017-02 better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. The adoption of ASU 2017-12 did not have a material impact on our consolidated financial statements. New Standards Issued but Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses." The ASU sets forth a "current expected credit loss" (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets. Receivables arising from operating leases are not within the scope of this standard, but rather, are accounted for in accordance with the Leases standard. The new standard is effective for the Company beginning with the first quarter of 2020 and will not have a material impact on the Company's consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | The Company’s investment properties as of December 31, 2019 and December 31, 2018 were as follows: ($ in thousands) Balance at December 31, December 31, Investment properties, at cost: Land, buildings and improvements $ 3,038,412 $ 3,600,743 Furniture, equipment and other 7,775 7,741 Construction in progress 41,204 32,636 $ 3,087,391 $ 3,641,120 |
Summary of Cash, Cash Equivalents, and Restricted Cash | The following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the years ended December 31, 2019, 2018, and 2017: 2019 2018 2017 Cash and cash equivalents 31,336 35,376 24,082 Restricted cash and escrow deposits 21,477 10,130 8,094 Total cash, cash equivalents, restricted cash, and escrow deposits $ 52,813 $ 45,506 $ 32,176 |
Schedule of Concentration by Risk Factor | Total billed receivables due from tenants leasing space in the states of Florida, Indiana, and Texas, consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2019 2018 Florida 36 % 56 % Indiana 19 % 14 % Texas 7 % 3 % For the years ended December 31, 2019 , 2018 , and 2017 , the Company's revenue recognized from tenants leasing space in the states of Florida, Indiana, and Texas, were as follows: Year Ended December 31, 2019 2018 2017 Florida 25 % 25 % 24 % Indiana 16 % 15 % 14 % Texas 14 % 12 % 13 % |
Schedule of Tax Characterization of Dividends Paid | A summary of the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2019 , 2018 , and 2017 is as follows: 2019 2018 2017 Ordinary income 29.7 % 56.0 % 65.2 % Return of capital 35.2 % 44.0 % 24.3 % Capital gains 35.1 % — % 10.5 % Balance, end of year 100.0 % 100.0 % 100.0 % |
Schedule of Stockholders Equity | The non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2019 , 2018 , and 2017 were as follows: ($ in thousands) 2019 2018 2017 Noncontrolling interests balance January 1 $ 698 $ 698 $ 692 Net income allocable to noncontrolling interests, — — 6 Distributions to noncontrolling interests — — — Noncontrolling interests balance at December 31 $ 698 $ 698 $ 698 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | For the years ended December 31, 2019 , 2018 , and 2017 , the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows: Year Ended December 31, 2019 2018 2017 Parent Company’s weighted average interest in 97.6 % 97.6 % 97.7 % Limited partners' weighted average interests in 2.4 % 2.4 % 2.3 % |
Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2019 , 2018 , and 2017 were as follows: ($ in thousands) 2019 2018 2017 Redeemable noncontrolling interests balance January 1 $ 45,743 $ 72,104 $ 88,165 Net income allocable to redeemable noncontrolling interests 532 116 2,009 Distributions declared to redeemable noncontrolling interests (3,191 ) (3,788 ) (4,155 ) Payment for partial redemption of redeemable noncontrolling interests — (22,461 ) (8,261 ) Other, net including adjustments to redemption value 9,490 (228 ) (5,654 ) Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 52,574 $ 45,743 $ 72,104 Limited partners' interests in Operating Partnership $ 42,504 $ 35,673 $ 39,573 Other redeemable noncontrolling interests in certain subsidiaries 10,070 10,070 32,531 Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 $ 52,574 $ 45,743 $ 72,104 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Activity | n connection with its annual review of executive compensation and as described in the table below, the Compensation Committee of the Company's Board of Trustees approved an aggregate grant of AO LTIP Units (the “awards”) to the Company’s executive officers under the Plan. Executive Number of AO LTIP Units Participation Threshold per AO LTIP Unit John A. Kite 1,490,683 $ 15.79 Thomas A. McGowan 372,671 $ 15.79 Heath R. Fear 253,416 $ 15.79 Scott E. Murray 186,335 $ 15.79 A summary of option activity under the Plan as of December 31, 2019 , and changes during the year then ended, is presented below: ($ in thousands, except share and per share data) Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (in years) Options Weighted-Average Exercise Price Outstanding at January 1, 2019 60,567 $ 17.08 Granted — — Exercised (33,375 ) 14.48 Expired — — Forfeited (3,125 ) 17.00 Outstanding at December 31, 2019 $ 12 1.13 24,067 $ 20.25 Exercisable at December 31, 2019 $ 12 1.13 24,067 $ 20.25 Exercisable at December 31, 2018 60,567 $ 17.08 |
Schedule of Restricted Stock Activity | The following table summarizes the activity for time-based restricted unit awards for the year ended December 31, 2019 : Number of Restricted Units Weighted Average Grant Date Fair Value per unit Restricted units outstanding at January 1, 2019 124,662 $ 17.60 Restricted units granted 84,987 14.11 Restricted units vested (45,633 ) 18.10 Restricted units outstanding at December 31, 2019 164,016 $ 15.65 The following table summarizes the time-based restricted unit grants and vestings during the years ended December 31, 2019 , 2018 , and 2017 : ($ in thousands, except unit and per unit data) Number of Restricted Units Granted Weighted Average Fair Value of Restricted Units Vested 2019 84,987 $ 14.11 $ 749 2018 92,019 13.16 1,924 2017 44,490 23.22 1,516 The following table summarizes all restricted share activity to employees and non-employee members of the Board of Trustees as of December 31, 2019 and changes during the year then ended: Number of Restricted Shares Weighted Average Grant Date Fair Value per share Restricted shares outstanding at January 1, 2019 313,288 $ 18.99 Shares granted 154,440 15.84 Shares forfeited (8,457 ) 17.63 Shares vested (138,269 ) 19.74 Restricted shares outstanding at December 31, 2019 321,002 $ 17.19 The following table summarizes the restricted share grants and vestings during the years ended December 31, 2019 , 2018 , and 2017 : ($ in thousands, except share and per share data) Number of Restricted Shares Granted Weighted Average Fair Value of Restricted Shares Vested 2019 154,440 $ 15.84 $ 2,270 2018 202,043 15.35 2,038 2017 85,150 22.15 2,529 |
Deferred Costs and Intangible_2
Deferred Costs and Intangibles, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | At December 31, 2019 and 2018 , deferred costs consisted of the following: ($ in thousands) 2019 2018 Acquired lease intangible assets $ 60,862 $ 81,852 Deferred leasing costs and other 62,109 69,870 122,971 151,722 Less—accumulated amortization (49,814 ) (56,307 ) Subtotal $ 73,157 $ 95,415 Less - asset held for sale — (151 ) Total 73,157 95,264 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2020 $ 926 $ 4,846 $ 5,772 2021 681 3,872 4,553 2022 446 3,184 3,630 2023 424 2,463 2,887 2024 401 1,912 2,313 Thereafter 1,343 15,207 16,550 Total $ 4,221 $ 31,484 $ 35,705 The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2020 $ 3,192 2021 2,973 2022 2,772 2023 2,584 2024 2,474 Thereafter 36,077 Total $ 50,072 |
Deferred Cost Amortization | The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 14,239 $ 18,648 $ 22,960 Amortization of above market lease intangibles 1,200 2,553 4,025 The accompanying consolidated statements of operations include the following amounts of amortization of debt issuance costs as a component of interest expense: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of debt issuance costs $ 2,762 $ 3,944 $ 2,534 |
Deferred Revenue, Intangibles_2
Deferred Revenue, Intangibles, Net and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Deferred Revenue and Other Liabilities | At December 31, 2019 and 2018 , deferred revenue, intangibles, net and other liabilities consisted of the following: ($ in thousands) 2019 2018 Unamortized in-place lease liabilities $ 50,072 $ 69,501 Retainages payable and other 2,254 2,489 Tenant rents received in advance 10,839 11,642 Lease liabilities 27,015 — Total $ 90,180 $ 83,632 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated net amounts of amortization from acquired lease intangible assets for each of the next five years and thereafter are as follows: ($ in thousands) Amortization of above market leases Amortization of acquired lease intangible assets Total 2020 $ 926 $ 4,846 $ 5,772 2021 681 3,872 4,553 2022 446 3,184 3,630 2023 424 2,463 2,887 2024 401 1,912 2,313 Thereafter 1,343 15,207 16,550 Total $ 4,221 $ 31,484 $ 35,705 The estimated net amounts of amortization of in-place lease liabilities and the increasing effect on minimum rent for each of the next five years and thereafter is as follows: ($ in thousands) 2020 $ 3,192 2021 2,973 2022 2,772 2023 2,584 2024 2,474 Thereafter 36,077 Total $ 50,072 |
Disposals of Operating Proper_2
Disposals of Operating Properties and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Operating Property Dispositions | The following summarizes our 2019 operating property dispositions: Property Name MSA Disposition Date Whitehall Pike Bloomington, IN March 2019 Beechwood Promenade Athens, GA April 2019 Village at Bay Park Green Bay, WI May 2019 Lakewood Promenade Jacksonville, FL May 2019 Palm Coast Landing Palm Coast, FL May 2019 Lowe's - Perimeter Woods Charlotte, NC May 2019 Cannery Corner Las Vegas, NV June 2019 Temple Terrace Tampa, FL June 2019 University Town Center Oklahoma City, OK June 2019 Gainesville Plaza Gainesville, FL July 2019 Bolton Plaza Jacksonville, FL July 2019 Eastgate Plaza Las Vegas, NV July 2019 Burnt Store Punta Gorda, FL July 2019 Landstown Commons Virginia Beach, VA August 2019 Lima Marketplace Fort Wayne, IN September 2019 Hitchcock Plaza Aiken, SC September 2019 Merrimack Village Center Manchester, NH September 2019 Publix at Acworth Atlanta, GA October 2019 The Centre at Panola Atlanta, GA October 2019 Beacon Hill Crown Point, IN October 2019 Bell Oaks Centre Evansville, IN November 2019 South Elgin Commons Chicago, IL December 2019 Boulevard Crossing Kokomo, IN December 2019 Property Name MSA Disposition Date Livingston Shopping Center New York/Northern New Jersey June 2018 Plaza Volente Austin, TX June 2018 Tamiami Crossing Naples, FL June 2018 Property Name MSA Disposition Date Cove Center Stuart, FL March 2017 Clay Marketplace Birmingham, AL June 2017 The Shops at Village Walk Fort Myers, FL June 2017 Wheatland Towne Crossing Dallas, TX June 2017 Property Name MSA Disposition Date Trussville Promenade Birmingham, AL February 2018 Memorial Commons Goldsboro, NC March 2018 Lake Lofts at Deerwood Jacksonville, FL November 2018 Hamilton Crossing Knoxville, TN November 2018 Fox Lake Crossing Chicago, IL December 2018 Lowe's Plaza Las Vegas, NV December 2018 |
Mortgage and Other Indebtedne_2
Mortgage and Other Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Participating Mortgage Loans | Mortgage and other indebtedness consisted of the following as of December 31, 2019 and 2018 : ($ in thousands) As of December 31, 2019 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2019 $ 550,000 $ — $ (4,231 ) $ 545,769 Unsecured Revolving Credit Facility Matures April 2022 1 ; borrowing level up to $583.4 million available at December 31, 2019; interest at LIBOR + 1.15% or 2.91% at December 31, 2019 — — (2,625 ) (2,625 ) Unsecured Term Loans Matures October 2025; interest at LIBOR + 2.00% or 3.76% at December 31, 2019 250,000 — (1,859 ) 248,141 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates from April 2022 through June 2030; interest rates ranging from 3.78% to 5.73% at December 31, 2019 297,472 2,176 (40 ) 299,608 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing in February 2022; interest at LIBOR + 1.60% or 3.36% at December 31, 2019 55,830 — (143 ) 55,687 Total mortgage and other indebtedness $ 1,153,302 $ 2,176 $ (8,898 ) $ 1,146,580 ($ in thousands) As of December 31, 2018 Principal Unamortized Net Premiums Unamortized Debt Issuance Costs Total Senior Unsecured Notes—Fixed Rate Maturing at various dates from September 2023 through September 2027; interest rates ranging from 4.00% to 4.57% at December 31, 2018 $ 550,000 $ — $ (4,864 ) $ 545,136 Unsecured Revolving Credit Facility Matures April 2022 1 ; borrowing level up to $449.5 million available at December 31, 2018; interest at LIBOR + 1.15% 2 or 3.65% at December 31, 2018 45,600 — (3,796 ) 41,804 Unsecured Term Loans $95 million matures July 2021; interest at LIBOR + 1.30% 2 or 3.80% at December 31, 2018; $250 million matures October 2025; interest at LIBOR + 2.00% or 4.50% at December 31, 2018 345,000 — (2,470 ) 342,530 Mortgage Notes Payable—Fixed Rate Generally due in monthly installments of principal and interest; maturing at various dates from September 2020 through June 2030; interest rates ranging from 3.78% to 6.78% at December 31, 2018 534,679 6,566 (584 ) 540,661 Mortgage Notes Payable—Variable Rate Due in monthly installments of principal and interest; maturing at various dates February 2022 through June 2025; interest at LIBOR + 1.50%-1.60%, ranging from 4.00% to 4.10% at December 31, 2018 73,491 — (321 ) 73,170 Total mortgage and other indebtedness $ 1,548,770 $ 6,566 $ (12,035 ) $ 1,543,301 ____________________ 1 The Company can extend the maturity date for two additional periods of six months each, subject to certain conditions. 2 The interest rates on our unsecured revolving credit facility and unsecured term loan varied at certain parts of the year due to provisions in the agreement and the amendment and restatement of the agreement. |
Deferred Cost Amortization | The amounts of such amortization included in the accompanying consolidated statements of operations are as follows: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of deferred leasing costs, lease intangibles and other $ 14,239 $ 18,648 $ 22,960 Amortization of above market lease intangibles 1,200 2,553 4,025 The accompanying consolidated statements of operations include the following amounts of amortization of debt issuance costs as a component of interest expense: ($ in thousands) For the year ended December 31, 2019 2018 2017 Amortization of debt issuance costs $ 2,762 $ 3,944 $ 2,534 |
Schedule of Maturities of Long-term Debt | The following table presents maturities of mortgage debt and corporate debt as of December 31, 2019 : ($ in thousands) Scheduled Principal Payments Term Maturities Total 2020 $ 2,226 $ — $ 2,226 2021 2,303 — 2,303 2022 1,043 178,877 179,920 2023 806 256,517 257,323 2024 854 — 854 Thereafter 5,576 705,100 710,676 $ 12,808 $ 1,140,494 $ 1,153,302 Unamortized net debt premiums and issuance costs, net (6,722 ) Total $ 1,146,580 |
Lease Information (Tables)
Lease Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Rental Income | The Company recognized the following lease rental income for the year ended December 31, 2019: ($ in thousands) Year Ended December 31, 2019 Fixed Contractual Lease Payments - Operating Leases $ 244,666 Variable Lease Payments - Operating Leases 57,748 Straight-Line Rent Adjustment 2,209 Amortization of In-Place Lease Liabilities, net 3,776 Total $ 308,399 |
Schedule of Future Minimum Lease Payments to be Received | As of December 31, 2019 , future minimum rentals to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable lease payments, are as follows: ($ in thousands) 2020 $ 219,020 2021 203,858 2022 176,630 2023 144,709 2024 114,560 Thereafter 394,986 Total $ 1,253,763 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments due under ground leases for the next five years ending December 31 and thereafter are as follows: ($ in thousands) 2020 $ 1,777 2021 1,789 2022 1,815 2023 1,636 2024 1,600 Thereafter 70,554 Total $ 79,171 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2019 and 2018 . ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 83,515 $ 81,480 $ 74,943 $ 75,265 Gain (loss) on sale of operating properties, net 6,587 24,092 (5,714 ) 14,005 Operating income (loss) 22,976 17,318 1,316 30,186 Consolidated net income (loss) 5,988 (1,697 ) (20,117 ) 15,855 Net income (loss) attributable to Kite Realty Group Trust common shareholders 5,715 (1,796 ) (19,735 ) 15,314 Net income (loss) per common share – basic and diluted 0.07 (0.02 ) (0.24 ) 0.18 Weighted average Common Shares outstanding - basic 83,843,681 83,938,961 83,960,841 83,960,045 Weighted average Common Shares outstanding - diluted 84,034,097 83,938,961 83,960,841 84,478,245 ($ in thousands, except per share data) Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total revenue $ 89,763 $ 91,736 $ 85,747 $ 86,937 Gain (loss) on sale of operating properties, net 500 7,829 (177 ) (4,725 ) Operating income (loss) (1,532 ) 15,771 20,549 (13,757 ) Consolidated net income (loss) (17,997 ) (1,062 ) 4,317 (31,709 ) Net income (loss) attributable to Kite Realty Group Trust common shareholders (17,917 ) (1,366 ) 3,938 (31,221 ) Net income (loss) per common share – basic and diluted (0.21 ) (0.02 ) 0.05 (0.37 ) Weighted average Common Shares outstanding - basic 83,629,669 83,672,896 83,706,704 83,762,664 Weighted average Common Shares outstanding - diluted 83,629,669 83,672,896 83,767,655 83,762,664 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2019: ($ in thousands) Investment properties, net $ 56,393 Lease-related intangible assets, net 2,458 Other assets 320 Total acquired assets 59,171 Accounts payable and accrued expenses 595 Deferred revenue and other liabilities 371 Total assumed liabilities 966 Fair value of acquired net assets $ 58,205 |
Level 3 Assumptions Utilized in Determining Value of Acquired Assets | The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired are as follows: Low High Net rental rate per square foot - Anchors $ 11.00 $ 12.96 Net rental rate per square foot - Small Shops $ 6.33 $ 32.00 Discount rate 9.0 % 9.0 % |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2019ft²property | Dec. 31, 2018ft²property | |
Organization [Line Items] | ||
General partner, ownership interest (as percent) | 97.50% | |
Area of real estate property (in square feet) | ft² | 17.4 | 21.9 |
Operating and Redevelopment Properties | ||
Organization [Line Items] | ||
Number of real estate properties | 90 | 111 |
Operating and Redevelopment Properties | Consolidated Entities | ||
Organization [Line Items] | ||
Number of real estate properties | 87 | 108 |
Operating and Redevelopment Properties | Equity Method Investee | ||
Organization [Line Items] | ||
Number of real estate properties | 3 | 3 |
Under Construction Development Properties | ||
Organization [Line Items] | ||
Number of real estate properties | 1 | 1 |
Kite Realty Group, LP | ||
Organization [Line Items] | ||
Limited partner, ownership interest (as percent) | 2.50% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment properties, at cost: | ||
Land, buildings and improvements | $ 3,038,412 | $ 3,600,743 |
Furniture, equipment and other | 7,775 | 7,741 |
Construction in progress | 41,204 | 32,636 |
Investment properties, at cost | $ 3,087,391 | $ 3,641,120 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)joint_venturesegmentshares | Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2017USD ($)shares | Jun. 29, 2018USD ($)property | |
Investment [Line Items] | ||||||||
Variable interest entity, number of entities | joint_venture | 2 | |||||||
Variable interest entity, consolidated, carrying amount, liabilities | $ 55,800,000 | |||||||
Variable interest entity, consolidated, carrying amount, assets | 114,100,000 | |||||||
Payments to acquire equity method investments | 798,000 | $ 9,973,000 | $ 1,400,000 | |||||
Escrow deposits from sale of an operating property | 13,200,000 | |||||||
Gains on sale of operating properties | $ 200,000 | $ 3,100,000 | $ 5,200,000 | |||||
Provision for credit losses, net of recoveries as percent of total revenues (as percent) | 1.10% | 1.00% | 0.80% | |||||
Weighted average limited partnership units outstanding, basic (in shares) | shares | 2,100,000 | 2,000,000 | 2,000,000 | |||||
Antidilutive securities excluded from computation of earnings per share (less than) (in shares) | shares | 100,000 | 100,000 | 100,000 | |||||
Number of operating segments | segment | 1 | |||||||
Limited partners' capital account, units outstanding (in shares) | shares | 2,110,037 | 2,035,349 | ||||||
Depreciation and amortization | $ 132,098,000 | $ 152,163,000 | $ 172,091,000 | |||||
Incremental expense related to leases | $ 1,800,000 | |||||||
Redeemable Noncontrolling Interests | ||||||||
Investment [Line Items] | ||||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 12,000,000 | $ 10,000,000 | $ 8,300,000 | |||||
Capital Unit, Class B | ||||||||
Investment [Line Items] | ||||||||
Number of joint ventures in which units are issued | joint_venture | 3 | |||||||
Number of joint ventures in which units are issued, noncontrolling interest | joint_venture | 1 | |||||||
Operating Partnership | ||||||||
Investment [Line Items] | ||||||||
Noncontrolling interest, ownership percentage by parent | 97.50% | 97.60% | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 2.50% | 2.40% | ||||||
Accounting Standards Update 2016-02 | ||||||||
Investment [Line Items] | ||||||||
Incremental expense related to leases | $ 5,400,000 | |||||||
Co-venturer | ||||||||
Investment [Line Items] | ||||||||
Construction loan payable | $ 33,600,000 | $ 33,600,000 | ||||||
Co-venturer | Construction Loan | ||||||||
Investment [Line Items] | ||||||||
Debt instrument, face amount | $ 33,800,000 | |||||||
TH Joint Venture | ||||||||
Investment [Line Items] | ||||||||
Ownership percentage in equity method investment (as percent) | 20.00% | |||||||
Embassy Suites Joint Venture | ||||||||
Investment [Line Items] | ||||||||
Ownership percentage in equity method investment (as percent) | 35.00% | 35.00% | 35.00% | |||||
Payments to acquire equity method investments | $ 1,400,000 | |||||||
Building and Improvements | Minimum | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, useful life (in years) | 10 years | |||||||
Building and Improvements | Maximum | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, useful life (in years) | 35 years | |||||||
Equipment and Fixtures | Minimum | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, useful life (in years) | 5 years | |||||||
Equipment and Fixtures | Maximum | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, useful life (in years) | 10 years | |||||||
Livingston Shopping Center, Plaza Volente, and Tamiami Crossing | TH Joint Venture | ||||||||
Investment [Line Items] | ||||||||
Number of real estate properties | property | 3 | 3 | ||||||
Consideration received | $ 99,800,000 | $ 99,800,000 | ||||||
Equity method investment | $ 10,000,000 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 31,336 | $ 35,376 | $ 24,082 | |
Restricted cash and escrow deposits | 21,477 | 10,130 | 8,094 | |
Total cash, cash equivalents, restricted cash, and escrow deposits | $ 52,813 | $ 45,506 | $ 32,176 | $ 28,912 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Concentration Risk by Risk Factor (Details) - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Billed Receivables | Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 36.00% | 56.00% | |
Billed Receivables | Indiana | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% | 14.00% | |
Billed Receivables | Texas | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 7.00% | 3.00% | |
Revenues Recognized | Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.00% | 25.00% | 24.00% |
Revenues Recognized | Indiana | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.00% | 15.00% | 14.00% |
Revenues Recognized | Texas | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | 12.00% | 13.00% |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Tax Characterizations of Dividends Paid (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 100.00% | 100.00% | 100.00% |
Ordinary income | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 29.70% | 56.00% | 65.20% |
Return of capital | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 35.20% | 44.00% | 24.30% |
Capital gains | |||
Income Tax Characterization [Line Items] | |||
Income tax characterization of dividends paid (as a percent) | 35.10% | 0.00% | 10.50% |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Noncontrolling interests balance January 1 | $ 698 | $ 698 | $ 692 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 532 | 116 | 2,014 |
Distributions to noncontrolling interests | 0 | 0 | 0 |
Noncontrolling interests balance at December 31 | 698 | 698 | 698 |
Excluding Redeemable Noncontrolling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | $ 0 | $ 0 | $ 6 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | |||
Parent Company’s weighted average interest in Operating Partnership | 97.60% | 97.60% | 97.70% |
Limited partners' weighted average interests in Operating Partnership | 2.40% | 2.40% | 2.30% |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Net income allocable to redeemable noncontrolling interests | $ 532 | $ 116 | $ 2,014 | |||
Distributions declared to redeemable noncontrolling interests | 0 | 0 | 0 | |||
Acquisition of partners' interests in Territory joint venture | 0 | (21,993) | (8,261) | |||
Redeemable Noncontrolling Interests | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 45,743 | 72,104 | 88,165 | |||
Net income allocable to redeemable noncontrolling interests | 532 | 116 | 2,009 | |||
Distributions declared to redeemable noncontrolling interests | (3,191) | (3,788) | (4,155) | |||
Acquisition of partners' interests in Territory joint venture | 0 | (22,461) | (8,261) | |||
Other, net including adjustments to redemption value | 9,490 | (228) | (5,654) | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 52,574 | 45,743 | 72,104 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 45,743 | 72,104 | 72,104 | $ 52,574 | $ 45,743 | $ 72,104 |
Redeemable Noncontrolling Interests | Partnership Interest | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Redeemable noncontrolling interests balance January 1 | 45,743 | 72,104 | ||||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | 52,574 | 45,743 | 72,104 | |||
Limited partners' interests in Operating Partnership | 42,504 | 35,673 | 39,573 | |||
Other redeemable noncontrolling interests in certain subsidiaries | 10,070 | 10,070 | 32,531 | |||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at December 31 | $ 45,743 | $ 72,104 | $ 72,104 | $ 52,574 | $ 45,743 | $ 72,104 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)officershares | Dec. 31, 2017USD ($)officershares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 5,300 | $ 4,900 | $ 5,800 | ||||
Allocation of recognized period costs, capitalized amount | $ 1,100 | $ 1,700 | $ 1,700 | ||||
Number of shares available for grant (in shares) | shares | 2,665,383 | ||||||
Granted (in shares) | shares | 0 | 0 | 0 | ||||
Exercised (in shares) | shares | 33,375 | 3,125 | 0 | ||||
Exercises in period, intrinsic value | $ 86 | $ 23 | |||||
Percent of compensation in time-based restricted shares (as percent) | 40.00% | ||||||
Percent of compensation in three-year performance shares (as percent) | 60.00% | ||||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 5 years | ||||||
Expiration period (in years) | 10 years | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized (less than) | $ 3,900 | ||||||
Period for recognition (in years) | 1 year 3 months 3 days | ||||||
Restricted Stock | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 100 | $ 600 | $ 1,400 | $ 1,800 | |||
Restricted Stock | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | ||||||
Restricted Stock | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 5 years | ||||||
Restricted Performance Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | 3 years | |||||
Expiration period (in years) | 3 years | 3 years | |||||
Number of executive officers | officer | 4 | 4 | |||||
Percent of compensation based on absolute total shareholder return (as percent) | 50.00% | ||||||
Award measurement period (in years) | 3 years | 3 years | |||||
Percent of compensation based on relative total shareholder return (as percent) | 60.00% | 50.00% | |||||
Percent of compensation on achievement of defined FAD (as percent) | 40.00% | ||||||
Share-based compensation arrangement by share-based payment award, target value of awards granted | $ 2,400 | $ 2,000 | |||||
PSUs earned (in shares) | shares | 73,000 | ||||||
Incremental adjustment amount (as percent) | 25.00% | ||||||
Aggregate intrinsic value, nonvested | $ 2,200 | $ 2,200 | |||||
Restricted Performance Stock Units | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | 100 | 700 | |||||
Restricted Performance Stock Units | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of compensation in three-year performance shares (as percent) | 0.00% | 0.00% | |||||
Restricted Performance Stock Units | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of compensation in three-year performance shares (as percent) | 200.00% | 200.00% | |||||
AO LTIP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 1,000 | ||||||
Compensation cost not yet recognized (less than) | $ 3,700 | ||||||
Period for recognition (in years) | 3 years | ||||||
Award measurement period (in years) | 5 years | ||||||
Minimum appreciation threshold for vesting (as a percent) | 20.00% | ||||||
Consecutive trading days for appreciation threshold (in days) | 20 days | ||||||
AO LTIP Units | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | 300 | 1,200 | 1,200 | ||||
Time-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized (less than) | $ 1,500 | ||||||
Period for recognition (in years) | 11 months 23 days | ||||||
Time-Based Restricted Stock Units | Scenario, Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 100 | $ 500 | $ 1,000 | ||||
The 2013 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of additional shares authorized (in shares) | shares | 3,000,000 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding, aggregate intrinsic value | $ 12 | ||
Exercisable, aggregate intrinsic value | $ 12 | ||
Outstanding, remaining contractual term | 1 year 1 month 17 days | ||
Exercisable, remaining contractual term | 1 year 1 month 17 days | ||
Exercisable (in shares) | 24,067 | 60,567 | |
Exercisable (in dollars per share) | $ 20.25 | $ 17.08 | |
Options | |||
Outstanding, beginning of period (in shares) | 60,567 | ||
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (33,375) | (3,125) | 0 |
Expired (in shares) | 0 | ||
Forfeited (in shares) | (3,125) | ||
Outstanding, end of period (in shares) | 24,067 | 60,567 | |
Weighted-Average Exercise Price | |||
Outstanding, beginning of period (in dollars per share) | $ 17.08 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 14.48 | ||
Expired (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 17 | ||
Outstanding, end of period (in dollars per share) | $ 20.25 | $ 17.08 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Restricted Shares | |||
Outstanding, beginning balance (in shares) | 313,288 | ||
Shares granted (in shares) | 154,440 | 202,043 | 85,150 |
Shares forfeited (in shares) | (8,457) | ||
Shares vested (in shares) | (138,269) | ||
Outstanding, ending balance (in shares) | 321,002 | 313,288 | |
Weighted Average Grant Date Fair Value per share | |||
Outstanding, beginning balance (in dollars per share) | $ 18.99 | ||
Shares granted (in dollars per share) | 15.84 | $ 15.35 | $ 22.15 |
Shares forfeited (in dollars per share) | 17.63 | ||
Shares vested (in dollars per share) | 19.74 | ||
Outstanding, ending balance (in dollars per share) | $ 17.19 | $ 18.99 | |
Fair value of restricted shares vested | $ 2,270 | $ 2,038 | $ 2,529 |
Share-Based Compensation - Re_2
Share-Based Compensation - Restricted Unit Activity (Details) - Time-Based Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Restricted Units | |||
Outstanding, beginning balance (in shares) | 124,662 | ||
Restricted units granted (in shares) | 84,987 | 92,019 | 44,490 |
Restricted units vested (in shares) | (45,633) | ||
Outstanding, ending balance (in shares) | 164,016 | 124,662 | |
Weighted Average Grant Date Fair Value per unit | |||
Outstanding, beginning balance (in dollars per share) | $ 17.60 | ||
Restricted units granted (in dollars per share) | 14.11 | $ 13.16 | $ 23.22 |
Restricted units vested (in dollars per share) | 18.10 | ||
Outstanding, ending balance (in dollars per share) | $ 15.65 | $ 17.60 | |
Vested in period, fair value | $ 749 | $ 1,924 | $ 1,516 |
Share-Based Compensation - AO L
Share-Based Compensation - AO LTIP Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of AO LTIP Units (in shares) | 24,067 | 60,567 |
John A. Kite | AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of AO LTIP Units (in shares) | 1,490,683 | |
Participation Threshold per AO LTIP Unit (in dollars per share) | $ 15.79 | |
Thomas A. McGowan | AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of AO LTIP Units (in shares) | 372,671 | |
Participation Threshold per AO LTIP Unit (in dollars per share) | $ 15.79 | |
Heath R. Fear | AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of AO LTIP Units (in shares) | 253,416 | |
Participation Threshold per AO LTIP Unit (in dollars per share) | $ 15.79 | |
Scott E. Murray | AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of AO LTIP Units (in shares) | 186,335 | |
Participation Threshold per AO LTIP Unit (in dollars per share) | $ 15.79 |
Deferred Costs and Intangible_3
Deferred Costs and Intangibles, net - Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired lease intangible assets | $ 60,862 | $ 81,852 |
Deferred leasing costs and other | 62,109 | 69,870 |
Deferred costs, gross | 122,971 | 151,722 |
Less—accumulated amortization | (49,814) | (56,307) |
Subtotal | 73,157 | 95,415 |
Less - asset held for sale | 0 | (151) |
Total | $ 73,157 | $ 95,264 |
Deferred Costs and Intangible_4
Deferred Costs and Intangibles, net - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 5,772 |
2021 | 4,553 |
2022 | 3,630 |
2023 | 2,887 |
2024 | 2,313 |
Thereafter | 16,550 |
Total | 35,705 |
Above Market Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 926 |
2021 | 681 |
2022 | 446 |
2023 | 424 |
2024 | 401 |
Thereafter | 1,343 |
Total | 4,221 |
Acquired Lease Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 4,846 |
2021 | 3,872 |
2022 | 3,184 |
2023 | 2,463 |
2024 | 1,912 |
Thereafter | 15,207 |
Total | $ 31,484 |
Deferred Costs and Intangible_5
Deferred Costs and Intangibles, net - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortization of deferred leasing costs, lease intangibles and other | $ 14,239 | $ 18,648 | $ 22,960 |
Amortization of above market lease intangibles | $ 1,200 | $ 2,553 | $ 4,025 |
Deferred Revenue, Intangibles_3
Deferred Revenue, Intangibles, Net and Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |||
Unamortized in-place lease liabilities | $ 50,072 | $ 69,501 | |
Retainages payable and other | 2,254 | 2,489 | |
Tenant rents received in advance | 10,839 | 11,642 | |
Lease liabilities | 27,015 | 0 | |
Total | 90,180 | 83,632 | |
Amortization of Below Market Lease | $ 5,000 | $ 8,900 | $ 7,700 |
Deferred Revenue, Intangibles_4
Deferred Revenue, Intangibles, Net and Other Liabilities - Aggregate Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 5,772 |
2021 | 4,553 |
2022 | 3,630 |
2023 | 2,887 |
2024 | 2,313 |
Thereafter | 16,550 |
Total | 35,705 |
Leases, Acquired-in-Place | |
Finite-Lived Intangible Assets [Line Items] | |
2020 | 3,192 |
2021 | 2,973 |
2022 | 2,772 |
2023 | 2,584 |
2024 | 2,474 |
Thereafter | 36,077 |
Total | $ 50,072 |
Disposals of Operating Proper_3
Disposals of Operating Properties and Impairment Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Feb. 27, 2019USD ($) | Jun. 29, 2018USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of real estate | $ 529,417 | $ 218,387 | $ 76,075 | |||
Depreciation and amortization | $ 37,723 | $ 70,360 | 7,411 | |||
Property, plant, and equipment, fair value disclosure | 26,000 | |||||
Seven unnamed impaired properties | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 7 | |||||
Depreciation and amortization | $ 37,700 | |||||
Property, plant, and equipment, fair value disclosure | 176,000 | |||||
Four unnamed impaired properties | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 7 | 7 | ||||
Depreciation and amortization | $ 70,400 | $ 70,400 | ||||
Property, plant, and equipment, fair value disclosure | $ 130,200 | 130,200 | ||||
Scenario, Plan | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Real estate held-for-sale | $ 500,000 | |||||
2019 Operating Properties Sold | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of real estate | 543,800 | |||||
Gain on disposal | $ 39,000 | |||||
Trussville Promenade, Memorial Commons, Lake Lofts at Deerwood, Hamilton Crossing, Fox Lake Crossing and Lowe's Plaza | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of real estate | 122,200 | |||||
Livingston Shopping Center, Plaza Volente, and Tamiami Crossing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on disposal | $ 3,400 | |||||
Cove Center, Clay Marketplace, Shops at Village Walk and Wheatland Towne Crossing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of real estate | 76,100 | |||||
Gain on disposal | $ 15,200 | |||||
TH Joint Venture | Livingston Shopping Center, Plaza Volente, and Tamiami Crossing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 3 | 3 | 3 | |||
Consideration received | $ 99,800 | $ 99,800 | $ 99,800 | |||
TH Joint Venture | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 80.00% | 80.00% | ||||
Disposed of by sale | 2019 Operating Properties Sold | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 23 | |||||
Disposed of by sale | Trussville Promenade, Memorial Commons, Lake Lofts at Deerwood, Hamilton Crossing, Fox Lake Crossing and Lowe's Plaza | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 6 | 6 | ||||
Disposed of by sale | Cove Center, Clay Marketplace, Shops at Village Walk and Wheatland Towne Crossing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 4 |
Mortgage and Other Indebtedne_3
Mortgage and Other Indebtedness - Consolidated Indebtedness by Type of Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Participating Mortgage Loans [Line Items] | ||
Principal | $ 1,153,302,000 | $ 1,548,770,000 |
Unamortized Net Premiums | 2,176,000 | 6,566,000 |
Unamortized Debt Issuance Costs | (8,898,000) | (12,035,000) |
Long-term debt | 1,146,580,000 | 1,543,301,000 |
Revolving Credit Facility | ||
Participating Mortgage Loans [Line Items] | ||
Principal | 0 | 45,600,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (2,625,000) | (3,796,000) |
Long-term debt | (2,625,000) | 41,804,000 |
Line of credit facility, remaining borrowing capacity | $ 583,400,000 | $ 449,500,000 |
Basis spread on variable rate (as percent) | 1.15% | 1.15% |
Interest rate, effective percentage (as percent) | 2.91% | 3.65% |
Senior Unsecured Notes | Fixed Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | $ 550,000,000 | $ 550,000,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (4,231,000) | (4,864,000) |
Long-term debt | $ 545,769,000 | $ 545,136,000 |
Senior Unsecured Notes | Fixed Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 4.00% | 4.00% |
Senior Unsecured Notes | Fixed Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 4.57% | 4.57% |
Unsecured Debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | $ 250,000,000 | $ 345,000,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (1,859,000) | (2,470,000) |
Long-term debt | $ 248,141,000 | $ 342,530,000 |
Unsecured Debt | Unsecured Term Loans, Maturing July 2021 | ||
Participating Mortgage Loans [Line Items] | ||
Basis spread on variable rate (as percent) | 2.00% | 1.30% |
Interest rate, effective percentage (as percent) | 3.76% | 3.80% |
Debt instrument, face amount | $ 95,000,000 | |
Unsecured Debt | Unsecured Term Loans, Maturing October 2022 | ||
Participating Mortgage Loans [Line Items] | ||
Basis spread on variable rate (as percent) | 2.00% | |
Interest rate, effective percentage (as percent) | 4.50% | |
Debt instrument, face amount | $ 250,000,000 | |
Mortgages | Fixed Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | $ 297,472,000 | 534,679,000 |
Unamortized Net Premiums | 2,176,000 | 6,566,000 |
Unamortized Debt Issuance Costs | (40,000) | (584,000) |
Long-term debt | $ 299,608,000 | $ 540,661,000 |
Mortgages | Fixed Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 3.78% | 3.78% |
Mortgages | Fixed Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 5.73% | 6.78% |
Mortgages | Variable Rate Debt | ||
Participating Mortgage Loans [Line Items] | ||
Principal | $ 55,830,000 | $ 73,491,000 |
Unamortized Net Premiums | 0 | 0 |
Unamortized Debt Issuance Costs | (143,000) | (321,000) |
Long-term debt | $ 55,687,000 | $ 73,170,000 |
Mortgages | Variable Rate Debt | Minimum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 4.00% | |
Basis spread on variable rate (as percent) | 1.60% | 1.50% |
Mortgages | Variable Rate Debt | Maximum | ||
Participating Mortgage Loans [Line Items] | ||
Interest rate during period (as percent) | 4.10% | |
Basis spread on variable rate (as percent) | 3.36% | 1.60% |
Mortgage and Other Indebtedne_4
Mortgage and Other Indebtedness - Additional Information (Details) | Oct. 25, 2018USD ($)extension | Apr. 24, 2018USD ($)extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 23, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 1,200,000 | |||||
Letters of credit outstanding, amount advanced | 0 | |||||
Value in unencumbered asset pool | 1,400,000,000 | |||||
Percentage bearing fixed interest, amount | 847,500,000 | |||||
Loan proceeds | 75,000,000 | $ 399,500,000 | $ 97,700,000 | |||
Repayments of debt | 470,500,000 | |||||
Repayments of long-term debt | 470,515,000 | 551,379,000 | 128,800,000 | |||
Interest costs capitalized | 1,900,000 | 1,800,000 | 3,100,000 | |||
Percentage bearing variable interest, amount | 305,800,000 | |||||
Perimeter Woods, Killingly Commons, Fishers Station, and Whitehall Pike | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | 250,900,000 | |||||
Kite Realty Group, LP | ||||||
Debt Instrument [Line Items] | ||||||
Loan proceeds | 75,000,000 | 399,500,000 | 97,700,000 | |||
Repayments of long-term debt | 470,515,000 | 551,379,000 | $ 128,800,000 | |||
Three Fixed-Rate Secured Loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, fair value | $ 864,000,000 | |||||
Fixed Rate Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing fixed interest (as percent) | 3.19% | |||||
Fixed Rate Debt | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing fixed interest (as percent) | 3.78% | |||||
Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, fair value | $ 307,600,000 | |||||
Variable Rate Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing fixed interest (as percent) | 3.39% | |||||
Variable Rate Debt | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing fixed interest (as percent) | 3.47% | |||||
Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing fixed interest, amount | $ 550,000,000 | |||||
Scheduled Principal Payments | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | 4,100,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | $ 500,000,000 | ||||
Line of credit, maximum amount available under option to increase | $ 1,000,000,000 | $ 1,200,000,000 | ||||
Number of additional extensions | extension | 2 | |||||
Extension period (in years) | 6 months | |||||
Capitalization rate (as percent) | 6.50% | 6.75% | ||||
Line of credit facility, remaining borrowing capacity | 583,400,000 | $ 449,500,000 | ||||
Loan proceeds | 75,000,000 | |||||
Repayments on credit facility | 120,600,000 | |||||
Borrowings to fund acquisition | 30,000,000 | |||||
Borrowings to fund development and other activities | $ 45,000,000 | |||||
Revolving Credit Facility | Kite Realty Group, LP | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |||||
Revolving Credit Facility | Swingline loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 60,000,000 | $ 50,000,000 | ||||
Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 | $ 50,000,000 | ||||
Unsecured Debt | Term Loan Due October 2025 | Kite Realty Group, LP | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | |||||
Line of credit, maximum amount available under option to increase | $ 300,000,000 | |||||
Number of additional extensions | extension | 3 | |||||
Extension period (in years) | 1 year | |||||
London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Percentage bearing variable interest (as percent) | 1.76% | 2.50% |
Mortgage and Other Indebtedne_5
Mortgage and Other Indebtedness - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Amortization of debt issuance costs | $ 2,762 | $ 3,944 | $ 2,534 |
Mortgage and Other Indebtedne_6
Mortgage and Other Indebtedness - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Scheduled Principal Payments | ||
2020 | $ 2,226 | |
2021 | 2,303 | |
2022 | 1,043 | |
2023 | 806 | |
2024 | 854 | |
Thereafter | 5,576 | |
Scheduled Principal Payments | 12,808 | |
Term Maturities | ||
2020 | 0 | |
2021 | 0 | |
2022 | 178,877 | |
2023 | 256,517 | |
2024 | 0 | |
Thereafter | 705,100 | |
Term Maturities | 1,140,494 | |
Total | ||
2020 | 2,226 | |
2021 | 2,303 | |
2022 | 179,920 | |
2023 | 257,323 | |
2024 | 854 | |
Thereafter | 710,676 | |
Total | 1,153,302 | |
Unamortized net debt premiums and issuance costs, net | (6,722) | |
Long-term debt | $ 1,146,580 | $ 1,543,301 |
Derivative Instruments, Hedgi_2
Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Average cap interest rate (as percent) | 3.68% | ||
Interest rate fair value hedge liability at fair value | $ 16,800 | $ 3,500 | |
Gain (loss) reclassified from AOCI into income, effective portion, net | 600 | ||
Gain (loss) reclassified from AOCI into income, effective portion, net | 800 | $ 2,500 | |
Interest expense | 59,268 | 66,785 | $ 65,702 |
Increase as Hedged Forecasted Interest Payments Occur | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense | 1,500 | ||
Prepaid Expenses and Other Current Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge asset at fair value | 3,600 | ||
Accounts Payable and Accrued Liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 7,100 | ||
Accrued Interest | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate fair value hedge liability at fair value | 100 | $ 100 | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 266,200 |
Lease Information Lease Informa
Lease Information Lease Information - Lease Rental Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Fixed Contractual Lease Payments - Operating Leases | $ 244,666 |
Variable Lease Payments - Operating Leases | 57,748 |
Straight-Line Rent Adjustment | 2,209 |
Amortization of In-Place Lease Liabilities, net | 3,776 |
Total | $ 308,399 |
Lease Information - Additional
Lease Information - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)alease | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Operating Leased Assets [Line Items] | ||||
Operating lease, term of contract (in years) | 4 years 6 months | |||
Operating leases, earned overage rent revenue | $ 1,300 | |||
Operating leases, earned overage rent revenue | $ 1,200 | $ 1,100 | ||
Number of properties subject to lease | lease | 9 | |||
Area of land (in acres) | a | 47 | |||
Weighted-average remaining term of ground leases (in years) | 52 years 2 months 12 days | |||
Rent expense | $ 1,800 | |||
Rent expense | 1,700 | $ 1,700 | ||
Operating lease payments | 1,700 | |||
Operating lease liability | $ 27,015 | $ 0 | ||
Incremental borrowing rate (as a percent) | 5.86% | |||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Extension option (in years) | 5 years | |||
Length of extension option (in years) | 20 years | |||
Incremental borrowing rate (as a percent) | 3.93% | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Extension option (in years) | 10 years | |||
Length of extension option (in years) | 25 years | |||
Incremental borrowing rate (as a percent) | 6.33% | |||
Accounting Standards Update 2016-02 | ||||
Operating Leased Assets [Line Items] | ||||
Rent expense | $ 5,400 | |||
Operating lease, right-of-use asset | $ 27,000 | |||
Operating lease liability | $ 27,300 |
Lease Information - Future Mini
Lease Information - Future Minimum Rentals (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 219,020 |
2021 | 203,858 |
2022 | 176,630 |
2023 | 144,709 |
2024 | 114,560 |
Thereafter | 394,986 |
Total | $ 1,253,763 |
Lease Information - Future Mi_2
Lease Information - Future Minimum Lease Payments Due (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 1,777 |
2021 | 1,789 |
2022 | 1,815 |
2023 | 1,636 |
2024 | 1,600 |
Thereafter | 70,554 |
Total | $ 79,171 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.3175 | $ 1.270 | $ 1.270 | $ 1.225 |
Dividends payable | $ 27.3 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 75,265 | $ 74,943 | $ 81,480 | $ 83,515 | $ 86,937 | $ 85,747 | $ 91,736 | $ 89,763 | $ 315,173 | $ 354,184 | $ 358,819 |
Gain (loss) on sale of operating properties, net | 14,005 | (5,714) | 24,092 | 6,587 | (4,725) | (177) | 7,829 | 500 | 38,971 | 3,424 | 15,160 |
Operating income (loss) | 30,186 | 1,316 | 17,318 | 22,976 | (13,757) | 20,549 | 15,771 | (1,532) | 71,757 | 21,031 | 79,905 |
Consolidated net income (loss) | 15,855 | (20,117) | (1,697) | 5,988 | (31,709) | 4,317 | (1,062) | (17,997) | $ (2) | $ (46,451) | $ 13,888 |
Net income (loss) attributable to Kite Realty Group Trust common shareholders | $ 15,314 | $ (19,735) | $ (1,796) | $ 5,715 | $ (31,221) | $ 3,938 | $ (1,366) | $ (17,917) | |||
Net income (loss) per common share – basic and diluted (in dollars per share) | $ 0.18 | $ (0.24) | $ (0.02) | $ 0.07 | $ (0.37) | $ 0.05 | $ (0.02) | $ (0.21) | |||
Weighted average Common Shares outstanding - basic (in shares) | 83,960,045 | 83,960,841 | 83,938,961 | 83,843,681 | 83,762,664 | 83,706,704 | 83,672,896 | 83,629,669 | 83,926,296 | 83,693,385 | 83,585,333 |
Weighted average Common Shares outstanding - diluted (in shares) | 84,478,245 | 83,960,841 | 83,938,961 | 84,034,097 | 83,762,664 | 83,767,655 | 83,672,896 | 83,629,669 | 83,926,296 | 83,693,385 | 83,690,418 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | |||
Letters of credit outstanding | $ 1,200,000 | ||
Letters of credit outstanding, amount advanced | 0 | ||
Payment Guarantee | Construction Contracts | |||
Loss Contingencies [Line Items] | |||
Current value of obligation | 11,800,000 | ||
Co-venturer | |||
Loss Contingencies [Line Items] | |||
Construction loan payable | $ 33,600,000 | $ 33,600,000 | |
Embassy Suites Joint Venture | |||
Loss Contingencies [Line Items] | |||
Ownership percentage in equity method investment (as percent) | 35.00% | 35.00% | |
Embassy Suites Joint Venture | Construction Loans | |||
Loss Contingencies [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 33,800,000 |
Related Parties and Related P_2
Related Parties and Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0.8 | $ 0.5 | $ 0.3 |
Entities Owned by Members of Management | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties (less than) | $ 0.1 | $ 0.1 | $ 0.1 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||
Payments to acquire real estate | $ 58,205 | $ 0 | $ 0 |
2019 Operating Property Acquisitions | |||
Business Acquisition [Line Items] | |||
Number of retail operating properties acquired | property | 1 | ||
Number of parking garages acquired | property | 1 | ||
2019 Operating Property Acquisitions | Retail Operating Property | |||
Business Acquisition [Line Items] | |||
Payments to acquire real estate | $ 29,000 | ||
2019 Operating Property Acquisitions | Parking Garage | |||
Business Acquisition [Line Items] | |||
Payments to acquire real estate | $ 29,500 | ||
Lease Agreements | 2019 Operating Property Acquisitions | |||
Business Acquisition [Line Items] | |||
Weighted average useful life (in years) | 5 years 7 months 6 days |
Acquisitions Acquisitions - Fai
Acquisitions Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - 2019 Operating Property Acquisitions $ in Thousands | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |
Investment properties, net | $ 56,393 |
Lease-related intangible assets, net | 2,458 |
Other assets | 320 |
Total acquired assets | 59,171 |
Accounts payable and accrued expenses | 595 |
Deferred revenue and other liabilities | 371 |
Total assumed liabilities | 966 |
Fair value of acquired net assets | $ 58,205 |
Acquisitions - Level 3 Assumpti
Acquisitions - Level 3 Assumptions Utilized in Determining Value of Acquired Assets (Details) - 2019 Operating Property Acquisitions - Valuation, Income Approach | 12 Months Ended |
Dec. 31, 2019$ / ft² | |
Net rental rate per square foot - Anchors | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 11 |
Net rental rate per square foot - Anchors | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 12.96 |
Net rental rate per square foot - Small Shops | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 6.33 |
Net rental rate per square foot - Small Shops | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 32 |
Discount rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 0.090 |
Discount rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Net rental rate per square foot (in dollars per share) | 0.090 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 12, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ 0.3175 | $ 1.270 | $ 1.270 | $ 1.225 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ 0.3175 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 1,153,302 | |||
Initial cost, land | 663,198 | |||
Initial cost, building & improvements | 2,203,919 | |||
Costs capitalized subsequent to acquisition/development, land | 3,452 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 209,046 | |||
Gross carry amount close of period, land | 666,650 | |||
Gross carry amount close of period, building and improvements | 2,412,966 | |||
Gross carry amount close of period, total | 3,079,616 | $ 3,633,376 | $ 3,949,431 | $ 3,988,819 |
Accumulated depreciation | 661,546 | $ 695,012 | $ 660,276 | $ 556,851 |
Operating Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 353,302 | |||
Initial cost, land | 619,105 | |||
Initial cost, building & improvements | 2,090,834 | |||
Costs capitalized subsequent to acquisition/development, land | 3,452 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 181,911 | |||
Gross carry amount close of period, land | 622,557 | |||
Gross carry amount close of period, building and improvements | 2,272,745 | |||
Gross carry amount close of period, total | 2,895,302 | |||
Accumulated depreciation | 604,449 | |||
Operating Properties | 12th Street Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,624 | |||
Initial cost, building & improvements | 13,293 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 749 | |||
Gross carry amount close of period, land | 2,624 | |||
Gross carry amount close of period, building and improvements | 14,042 | |||
Gross carry amount close of period, total | 16,666 | |||
Accumulated depreciation | 4,224 | |||
Operating Properties | 54th & College | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,672 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,672 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 2,672 | |||
Accumulated depreciation | 0 | |||
Operating Properties | Bayonne Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 42,940 | |||
Initial cost, land | 47,809 | |||
Initial cost, building & improvements | 44,246 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 916 | |||
Gross carry amount close of period, land | 47,809 | |||
Gross carry amount close of period, building and improvements | 45,162 | |||
Gross carry amount close of period, total | 92,971 | |||
Accumulated depreciation | 10,589 | |||
Operating Properties | Bayport Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,005 | |||
Initial cost, building & improvements | 20,648 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,090 | |||
Gross carry amount close of period, land | 7,005 | |||
Gross carry amount close of period, building and improvements | 22,738 | |||
Gross carry amount close of period, total | 29,743 | |||
Accumulated depreciation | 7,438 | |||
Operating Properties | Belle Isle | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,130 | |||
Initial cost, building & improvements | 41,426 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 4,635 | |||
Gross carry amount close of period, land | 9,130 | |||
Gross carry amount close of period, building and improvements | 46,061 | |||
Gross carry amount close of period, total | 55,191 | |||
Accumulated depreciation | 10,085 | |||
Operating Properties | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,407 | |||
Initial cost, building & improvements | 8,668 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 620 | |||
Gross carry amount close of period, land | 3,407 | |||
Gross carry amount close of period, building and improvements | 9,288 | |||
Gross carry amount close of period, total | 12,695 | |||
Accumulated depreciation | 3,387 | |||
Operating Properties | Burlington Coat Factory | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 29 | |||
Initial cost, building & improvements | 2,773 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 6 | |||
Gross carry amount close of period, land | 29 | |||
Gross carry amount close of period, building and improvements | 2,779 | |||
Gross carry amount close of period, total | 2,808 | |||
Accumulated depreciation | 1,774 | |||
Operating Properties | Castleton Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,761 | |||
Initial cost, building & improvements | 29,309 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,019 | |||
Gross carry amount close of period, land | 9,761 | |||
Gross carry amount close of period, building and improvements | 30,328 | |||
Gross carry amount close of period, total | 40,089 | |||
Accumulated depreciation | 8,288 | |||
Operating Properties | Chapel Hill Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,250 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 35,072 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,344 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 36,416 | |||
Gross carry amount close of period, total | 36,416 | |||
Accumulated depreciation | 7,538 | |||
Operating Properties | City Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,565 | |||
Initial cost, building & improvements | 180,235 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 4,472 | |||
Gross carry amount close of period, land | 20,565 | |||
Gross carry amount close of period, building and improvements | 184,708 | |||
Gross carry amount close of period, total | 205,273 | |||
Accumulated depreciation | 38,513 | |||
Operating Properties | Centennial Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 70,455 | |||
Initial cost, land | 58,960 | |||
Initial cost, building & improvements | 72,704 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,243 | |||
Gross carry amount close of period, land | 58,960 | |||
Gross carry amount close of period, building and improvements | 73,947 | |||
Gross carry amount close of period, total | 132,907 | |||
Accumulated depreciation | 21,115 | |||
Operating Properties | Centennial Gateway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 23,962 | |||
Initial cost, land | 5,305 | |||
Initial cost, building & improvements | 48,969 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 67 | |||
Gross carry amount close of period, land | 5,305 | |||
Gross carry amount close of period, building and improvements | 49,035 | |||
Gross carry amount close of period, total | 54,340 | |||
Accumulated depreciation | 10,425 | |||
Operating Properties | Centre Point Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,410 | |||
Initial cost, land | 2,918 | |||
Initial cost, building & improvements | 22,372 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 113 | |||
Gross carry amount close of period, land | 2,918 | |||
Gross carry amount close of period, building and improvements | 22,485 | |||
Gross carry amount close of period, total | 25,403 | |||
Accumulated depreciation | 4,952 | |||
Operating Properties | Cobblestone Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,221 | |||
Initial cost, building & improvements | 45,526 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,386 | |||
Gross carry amount close of period, land | 11,221 | |||
Gross carry amount close of period, building and improvements | 46,912 | |||
Gross carry amount close of period, total | 58,133 | |||
Accumulated depreciation | 12,508 | |||
Operating Properties | Colonial Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,521 | |||
Initial cost, building & improvements | 18,566 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,160 | |||
Gross carry amount close of period, land | 7,521 | |||
Gross carry amount close of period, building and improvements | 20,726 | |||
Gross carry amount close of period, total | 28,247 | |||
Accumulated depreciation | 4,211 | |||
Operating Properties | Colleyville Downs | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,446 | |||
Initial cost, building & improvements | 38,534 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,755 | |||
Gross carry amount close of period, land | 5,446 | |||
Gross carry amount close of period, building and improvements | 40,289 | |||
Gross carry amount close of period, total | 45,735 | |||
Accumulated depreciation | 10,594 | |||
Operating Properties | Cool Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,062 | |||
Initial cost, building & improvements | 13,374 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,704 | |||
Gross carry amount close of period, land | 6,062 | |||
Gross carry amount close of period, building and improvements | 16,078 | |||
Gross carry amount close of period, total | 22,140 | |||
Accumulated depreciation | 6,520 | |||
Operating Properties | Cool Springs Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,644 | |||
Initial cost, building & improvements | 22,870 | |||
Costs capitalized subsequent to acquisition/development, land | 40 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 6,414 | |||
Gross carry amount close of period, land | 12,684 | |||
Gross carry amount close of period, building and improvements | 29,285 | |||
Gross carry amount close of period, total | 41,969 | |||
Accumulated depreciation | 8,464 | |||
Operating Properties | Crossing at Killingly Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 21,999 | |||
Initial cost, building & improvements | 34,806 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 191 | |||
Gross carry amount close of period, land | 21,999 | |||
Gross carry amount close of period, building and improvements | 34,996 | |||
Gross carry amount close of period, total | 56,995 | |||
Accumulated depreciation | 8,687 | |||
Operating Properties | Delray Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 55,830 | |||
Initial cost, land | 18,750 | |||
Initial cost, building & improvements | 87,353 | |||
Costs capitalized subsequent to acquisition/development, land | 1,284 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 5,801 | |||
Gross carry amount close of period, land | 20,034 | |||
Gross carry amount close of period, building and improvements | 93,155 | |||
Gross carry amount close of period, total | 113,189 | |||
Accumulated depreciation | 21,103 | |||
Operating Properties | DePauw University Bookstore & Café | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 64 | |||
Initial cost, building & improvements | 663 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 45 | |||
Gross carry amount close of period, land | 64 | |||
Gross carry amount close of period, building and improvements | 708 | |||
Gross carry amount close of period, total | 772 | |||
Accumulated depreciation | 369 | |||
Operating Properties | Draper Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,054 | |||
Initial cost, building & improvements | 27,156 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 663 | |||
Gross carry amount close of period, land | 9,054 | |||
Gross carry amount close of period, building and improvements | 27,819 | |||
Gross carry amount close of period, total | 36,873 | |||
Accumulated depreciation | 6,855 | |||
Operating Properties | Draper Peaks | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,498 | |||
Initial cost, building & improvements | 47,093 | |||
Costs capitalized subsequent to acquisition/development, land | 522 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,886 | |||
Gross carry amount close of period, land | 12,020 | |||
Gross carry amount close of period, building and improvements | 50,980 | |||
Gross carry amount close of period, total | 63,000 | |||
Accumulated depreciation | 9,570 | |||
Operating Properties | Eastern Beltway Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 34,100 | |||
Initial cost, land | 23,221 | |||
Initial cost, building & improvements | 45,659 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,993 | |||
Gross carry amount close of period, land | 23,221 | |||
Gross carry amount close of period, building and improvements | 49,652 | |||
Gross carry amount close of period, total | 72,873 | |||
Accumulated depreciation | 9,644 | |||
Operating Properties | Eastgate Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,026 | |||
Initial cost, building & improvements | 18,067 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,235 | |||
Gross carry amount close of period, land | 8,026 | |||
Gross carry amount close of period, building and improvements | 19,302 | |||
Gross carry amount close of period, total | 27,328 | |||
Accumulated depreciation | 8,449 | |||
Operating Properties | Eddy Street Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,900 | |||
Initial cost, building & improvements | 36,762 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,071 | |||
Gross carry amount close of period, land | 1,900 | |||
Gross carry amount close of period, building and improvements | 38,833 | |||
Gross carry amount close of period, total | 40,733 | |||
Accumulated depreciation | 12,771 | |||
Operating Properties | Estero Town Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,973 | |||
Initial cost, building & improvements | 9,953 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 976 | |||
Gross carry amount close of period, land | 8,973 | |||
Gross carry amount close of period, building and improvements | 10,930 | |||
Gross carry amount close of period, total | 19,903 | |||
Accumulated depreciation | 3,701 | |||
Operating Properties | Fishers Station | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,008 | |||
Initial cost, building & improvements | 15,773 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 82 | |||
Gross carry amount close of period, land | 4,008 | |||
Gross carry amount close of period, building and improvements | 15,854 | |||
Gross carry amount close of period, total | 19,862 | |||
Accumulated depreciation | 4,603 | |||
Operating Properties | Geist Pavilion | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,368 | |||
Initial cost, building & improvements | 8,449 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,355 | |||
Gross carry amount close of period, land | 1,368 | |||
Gross carry amount close of period, building and improvements | 10,804 | |||
Gross carry amount close of period, total | 12,172 | |||
Accumulated depreciation | 4,594 | |||
Operating Properties | Greyhound Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,629 | |||
Initial cost, building & improvements | 794 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 861 | |||
Gross carry amount close of period, land | 2,629 | |||
Gross carry amount close of period, building and improvements | 1,655 | |||
Gross carry amount close of period, total | 4,284 | |||
Accumulated depreciation | 860 | |||
Operating Properties | Holly Springs Towne Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 12,319 | |||
Initial cost, building & improvements | 46,589 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,964 | |||
Gross carry amount close of period, land | 12,319 | |||
Gross carry amount close of period, building and improvements | 50,553 | |||
Gross carry amount close of period, total | 62,872 | |||
Accumulated depreciation | 10,524 | |||
Operating Properties | Holly Springs Towne Center - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 11,910 | |||
Initial cost, building & improvements | 49,212 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,345 | |||
Gross carry amount close of period, land | 11,910 | |||
Gross carry amount close of period, building and improvements | 50,557 | |||
Gross carry amount close of period, total | 62,467 | |||
Accumulated depreciation | 6,185 | |||
Operating Properties | Hunters Creek Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,335 | |||
Initial cost, building & improvements | 12,674 | |||
Costs capitalized subsequent to acquisition/development, land | 179 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,137 | |||
Gross carry amount close of period, land | 8,514 | |||
Gross carry amount close of period, building and improvements | 13,810 | |||
Gross carry amount close of period, total | 22,324 | |||
Accumulated depreciation | 3,211 | |||
Operating Properties | Indian River Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,100 | |||
Initial cost, building & improvements | 6,304 | |||
Costs capitalized subsequent to acquisition/development, land | 1,100 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,566 | |||
Gross carry amount close of period, land | 6,200 | |||
Gross carry amount close of period, building and improvements | 7,870 | |||
Gross carry amount close of period, total | 14,070 | |||
Accumulated depreciation | 2,974 | |||
Operating Properties | International Speedway Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,769 | |||
Initial cost, building & improvements | 15,362 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 9,424 | |||
Gross carry amount close of period, land | 7,769 | |||
Gross carry amount close of period, building and improvements | 24,786 | |||
Gross carry amount close of period, total | 32,555 | |||
Accumulated depreciation | 15,352 | |||
Operating Properties | King's Lake Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,519 | |||
Initial cost, building & improvements | 15,630 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,696 | |||
Gross carry amount close of period, land | 4,519 | |||
Gross carry amount close of period, building and improvements | 17,326 | |||
Gross carry amount close of period, total | 21,845 | |||
Accumulated depreciation | 8,309 | |||
Operating Properties | Kingwood Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,715 | |||
Initial cost, building & improvements | 30,894 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 253 | |||
Gross carry amount close of period, land | 5,715 | |||
Gross carry amount close of period, building and improvements | 31,148 | |||
Gross carry amount close of period, total | 36,863 | |||
Accumulated depreciation | 10,083 | |||
Operating Properties | Lake City Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,415 | |||
Initial cost, building & improvements | 10,242 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 365 | |||
Gross carry amount close of period, land | 3,415 | |||
Gross carry amount close of period, building and improvements | 10,608 | |||
Gross carry amount close of period, total | 14,023 | |||
Accumulated depreciation | 2,941 | |||
Operating Properties | Lake City Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,277 | |||
Initial cost, building & improvements | 2,086 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 16 | |||
Gross carry amount close of period, land | 1,277 | |||
Gross carry amount close of period, building and improvements | 2,102 | |||
Gross carry amount close of period, total | 3,379 | |||
Accumulated depreciation | 411 | |||
Operating Properties | Lake Mary Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,413 | |||
Initial cost, building & improvements | 8,719 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 89 | |||
Gross carry amount close of period, land | 1,413 | |||
Gross carry amount close of period, building and improvements | 8,808 | |||
Gross carry amount close of period, total | 10,221 | |||
Accumulated depreciation | 1,781 | |||
Operating Properties | Lithia Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,065 | |||
Initial cost, building & improvements | 9,983 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 6,061 | |||
Gross carry amount close of period, land | 3,065 | |||
Gross carry amount close of period, building and improvements | 16,044 | |||
Gross carry amount close of period, total | 19,109 | |||
Accumulated depreciation | 5,846 | |||
Operating Properties | Market Street Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,764 | |||
Initial cost, building & improvements | 16,323 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,947 | |||
Gross carry amount close of period, land | 9,764 | |||
Gross carry amount close of period, building and improvements | 19,270 | |||
Gross carry amount close of period, total | 29,034 | |||
Accumulated depreciation | 7,871 | |||
Operating Properties | Miramar Square | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 31,625 | |||
Initial cost, land | 26,492 | |||
Initial cost, building & improvements | 30,820 | |||
Costs capitalized subsequent to acquisition/development, land | 389 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 6,728 | |||
Gross carry amount close of period, land | 26,880 | |||
Gross carry amount close of period, building and improvements | 37,548 | |||
Gross carry amount close of period, total | 64,428 | |||
Accumulated depreciation | 8,205 | |||
Operating Properties | Mullins Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,582 | |||
Initial cost, building & improvements | 42,150 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 6,260 | |||
Gross carry amount close of period, land | 10,582 | |||
Gross carry amount close of period, building and improvements | 48,410 | |||
Gross carry amount close of period, total | 58,992 | |||
Accumulated depreciation | 12,175 | |||
Operating Properties | Naperville Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,364 | |||
Initial cost, building & improvements | 11,396 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 233 | |||
Gross carry amount close of period, land | 5,364 | |||
Gross carry amount close of period, building and improvements | 11,629 | |||
Gross carry amount close of period, total | 16,993 | |||
Accumulated depreciation | 3,973 | |||
Operating Properties | Nora Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | ||||
Initial cost, land | 3,790 | |||
Initial cost, building & improvements | 21,329 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,750 | |||
Gross carry amount close of period, land | 3,790 | |||
Gross carry amount close of period, building and improvements | 23,079 | |||
Gross carry amount close of period, total | 26,868 | |||
Accumulated depreciation | 526 | |||
Operating Properties | Northcrest Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,044 | |||
Initial cost, building & improvements | 33,704 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,109 | |||
Gross carry amount close of period, land | 4,044 | |||
Gross carry amount close of period, building and improvements | 34,812 | |||
Gross carry amount close of period, total | 38,856 | |||
Accumulated depreciation | 6,913 | |||
Operating Properties | Northdale Promenade | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,718 | |||
Initial cost, building & improvements | 27,242 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 135 | |||
Gross carry amount close of period, land | 1,718 | |||
Gross carry amount close of period, building and improvements | 27,377 | |||
Gross carry amount close of period, total | 29,095 | |||
Accumulated depreciation | 11,180 | |||
Operating Properties | Oleander Place | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 863 | |||
Initial cost, building & improvements | 5,935 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 285 | |||
Gross carry amount close of period, land | 863 | |||
Gross carry amount close of period, building and improvements | 6,220 | |||
Gross carry amount close of period, total | 7,083 | |||
Accumulated depreciation | 2,157 | |||
Operating Properties | Parkside Town Commons - Phase I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,108 | |||
Initial cost, building & improvements | 42,194 | |||
Costs capitalized subsequent to acquisition/development, land | (60) | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 788 | |||
Gross carry amount close of period, land | 3,047 | |||
Gross carry amount close of period, building and improvements | 42,982 | |||
Gross carry amount close of period, total | 46,029 | |||
Accumulated depreciation | 9,496 | |||
Operating Properties | Parkside Town Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 20,722 | |||
Initial cost, building & improvements | 66,766 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 7,476 | |||
Gross carry amount close of period, land | 20,722 | |||
Gross carry amount close of period, building and improvements | 74,242 | |||
Gross carry amount close of period, total | 94,964 | |||
Accumulated depreciation | 12,211 | |||
Operating Properties | Perimeter Woods | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 8,993 | |||
Initial cost, building & improvements | 26,879 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 821 | |||
Gross carry amount close of period, land | 8,993 | |||
Gross carry amount close of period, building and improvements | 27,700 | |||
Gross carry amount close of period, total | 36,693 | |||
Accumulated depreciation | 5,729 | |||
Operating Properties | Pine Ridge Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,640 | |||
Initial cost, building & improvements | 17,024 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,963 | |||
Gross carry amount close of period, land | 5,640 | |||
Gross carry amount close of period, building and improvements | 20,988 | |||
Gross carry amount close of period, total | 26,628 | |||
Accumulated depreciation | 7,659 | |||
Operating Properties | Plaza at Cedar Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,782 | |||
Initial cost, building & improvements | 36,781 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 11,308 | |||
Gross carry amount close of period, land | 5,782 | |||
Gross carry amount close of period, building and improvements | 48,089 | |||
Gross carry amount close of period, total | 53,871 | |||
Accumulated depreciation | 20,688 | |||
Operating Properties | Pleasant Hill Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,350 | |||
Initial cost, building & improvements | 10,094 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 375 | |||
Gross carry amount close of period, land | 3,350 | |||
Gross carry amount close of period, building and improvements | 10,469 | |||
Gross carry amount close of period, total | 13,819 | |||
Accumulated depreciation | 2,850 | |||
Operating Properties | Portofino Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,754 | |||
Initial cost, building & improvements | 75,254 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 18,066 | |||
Gross carry amount close of period, land | 4,754 | |||
Gross carry amount close of period, building and improvements | 93,319 | |||
Gross carry amount close of period, total | 98,073 | |||
Accumulated depreciation | 26,149 | |||
Operating Properties | Publix at Woodruff | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,783 | |||
Initial cost, building & improvements | 6,352 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 878 | |||
Gross carry amount close of period, land | 1,783 | |||
Gross carry amount close of period, building and improvements | 7,230 | |||
Gross carry amount close of period, total | 9,013 | |||
Accumulated depreciation | 3,205 | |||
Operating Properties | Rampart Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 9,495 | |||
Initial cost, land | 1,136 | |||
Initial cost, building & improvements | 42,808 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 554 | |||
Gross carry amount close of period, land | 1,136 | |||
Gross carry amount close of period, building and improvements | 43,362 | |||
Gross carry amount close of period, total | 44,498 | |||
Accumulated depreciation | 9,591 | |||
Operating Properties | Rangeline Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,006 | |||
Initial cost, building & improvements | 18,367 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 663 | |||
Gross carry amount close of period, land | 2,006 | |||
Gross carry amount close of period, building and improvements | 19,030 | |||
Gross carry amount close of period, total | 21,036 | |||
Accumulated depreciation | 7,125 | |||
Operating Properties | Riverchase Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,889 | |||
Initial cost, building & improvements | 11,404 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,123 | |||
Gross carry amount close of period, land | 3,889 | |||
Gross carry amount close of period, building and improvements | 12,527 | |||
Gross carry amount close of period, total | 16,416 | |||
Accumulated depreciation | 4,956 | |||
Operating Properties | Rivers Edge | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,647 | |||
Initial cost, building & improvements | 31,358 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,938 | |||
Gross carry amount close of period, land | 5,647 | |||
Gross carry amount close of period, building and improvements | 33,295 | |||
Gross carry amount close of period, total | 38,942 | |||
Accumulated depreciation | 10,285 | |||
Operating Properties | Saxon Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 11,400 | |||
Initial cost, land | 3,764 | |||
Initial cost, building & improvements | 16,782 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 597 | |||
Gross carry amount close of period, land | 3,764 | |||
Gross carry amount close of period, building and improvements | 17,380 | |||
Gross carry amount close of period, total | 21,144 | |||
Accumulated depreciation | 4,393 | |||
Operating Properties | Shoppes at Plaza Green | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,749 | |||
Initial cost, building & improvements | 23,853 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,844 | |||
Gross carry amount close of period, land | 3,749 | |||
Gross carry amount close of period, building and improvements | 25,697 | |||
Gross carry amount close of period, total | 29,446 | |||
Accumulated depreciation | 8,837 | |||
Operating Properties | Shoppes of Eastwood | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,688 | |||
Initial cost, building & improvements | 8,969 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 502 | |||
Gross carry amount close of period, land | 1,688 | |||
Gross carry amount close of period, building and improvements | 9,471 | |||
Gross carry amount close of period, total | 11,159 | |||
Accumulated depreciation | 3,221 | |||
Operating Properties | Shops at Eagle Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,550 | |||
Initial cost, building & improvements | 8,844 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 5,197 | |||
Gross carry amount close of period, land | 4,550 | |||
Gross carry amount close of period, building and improvements | 14,041 | |||
Gross carry amount close of period, total | 18,591 | |||
Accumulated depreciation | 5,630 | |||
Operating Properties | Shops at Julington Creek | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 4,785 | |||
Initial cost, land | 2,372 | |||
Initial cost, building & improvements | 7,189 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 347 | |||
Gross carry amount close of period, land | 2,372 | |||
Gross carry amount close of period, building and improvements | 7,536 | |||
Gross carry amount close of period, total | 9,908 | |||
Accumulated depreciation | 1,289 | |||
Operating Properties | Shops at Moore | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 21,300 | |||
Initial cost, land | 6,284 | |||
Initial cost, building & improvements | 23,375 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,606 | |||
Gross carry amount close of period, land | 6,284 | |||
Gross carry amount close of period, building and improvements | 24,981 | |||
Gross carry amount close of period, total | 31,265 | |||
Accumulated depreciation | 4,743 | |||
Operating Properties | Silver Springs Pointe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,580 | |||
Initial cost, building & improvements | 3,602 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,712 | |||
Gross carry amount close of period, land | 7,580 | |||
Gross carry amount close of period, building and improvements | 5,313 | |||
Gross carry amount close of period, total | 12,893 | |||
Accumulated depreciation | 1,352 | |||
Operating Properties | Stoney Creek Commons | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 628 | |||
Initial cost, building & improvements | 3,700 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 5,913 | |||
Gross carry amount close of period, land | 628 | |||
Gross carry amount close of period, building and improvements | 9,613 | |||
Gross carry amount close of period, total | 10,241 | |||
Accumulated depreciation | 3,617 | |||
Operating Properties | Sunland Towne Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,774 | |||
Initial cost, building & improvements | 21,026 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 5,039 | |||
Gross carry amount close of period, land | 14,774 | |||
Gross carry amount close of period, building and improvements | 26,066 | |||
Gross carry amount close of period, total | 40,840 | |||
Accumulated depreciation | 11,097 | |||
Operating Properties | Tarpon Bay Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,273 | |||
Initial cost, building & improvements | 23,096 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 5,056 | |||
Gross carry amount close of period, land | 4,273 | |||
Gross carry amount close of period, building and improvements | 28,152 | |||
Gross carry amount close of period, total | 32,425 | |||
Accumulated depreciation | 8,259 | |||
Operating Properties | The Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,750 | |||
Initial cost, land | 3,772 | |||
Initial cost, building & improvements | 24,642 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 22 | |||
Gross carry amount close of period, land | 3,772 | |||
Gross carry amount close of period, building and improvements | 24,663 | |||
Gross carry amount close of period, total | 28,435 | |||
Accumulated depreciation | 5,206 | |||
Operating Properties | The Landing at Tradition | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 18,505 | |||
Initial cost, building & improvements | 46,226 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 536 | |||
Gross carry amount close of period, land | 18,505 | |||
Gross carry amount close of period, building and improvements | 46,762 | |||
Gross carry amount close of period, total | 65,267 | |||
Accumulated depreciation | 9,080 | |||
Operating Properties | Toringdon Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,448 | |||
Initial cost, building & improvements | 9,523 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 542 | |||
Gross carry amount close of period, land | 5,448 | |||
Gross carry amount close of period, building and improvements | 10,065 | |||
Gross carry amount close of period, total | 15,513 | |||
Accumulated depreciation | 3,019 | |||
Operating Properties | Traders Point | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 9,443 | |||
Initial cost, building & improvements | 36,433 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 2,838 | |||
Gross carry amount close of period, land | 9,443 | |||
Gross carry amount close of period, building and improvements | 39,271 | |||
Gross carry amount close of period, total | 48,714 | |||
Accumulated depreciation | 16,843 | |||
Operating Properties | Traders Point II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,376 | |||
Initial cost, building & improvements | 6,107 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,164 | |||
Gross carry amount close of period, land | 2,376 | |||
Gross carry amount close of period, building and improvements | 7,271 | |||
Gross carry amount close of period, total | 9,647 | |||
Accumulated depreciation | 3,086 | |||
Operating Properties | Tradition Village Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,140 | |||
Initial cost, building & improvements | 14,842 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 566 | |||
Gross carry amount close of period, land | 3,140 | |||
Gross carry amount close of period, building and improvements | 15,408 | |||
Gross carry amount close of period, total | 18,548 | |||
Accumulated depreciation | 3,273 | |||
Operating Properties | Waterford Lakes Village | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,317 | |||
Initial cost, building & improvements | 6,388 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 571 | |||
Gross carry amount close of period, land | 2,317 | |||
Gross carry amount close of period, building and improvements | 6,960 | |||
Gross carry amount close of period, total | 9,277 | |||
Accumulated depreciation | 2,956 | |||
Operating Properties | Waxahachie Crossing | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,411 | |||
Initial cost, building & improvements | 15,644 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 155 | |||
Gross carry amount close of period, land | 1,411 | |||
Gross carry amount close of period, building and improvements | 15,798 | |||
Gross carry amount close of period, total | 17,209 | |||
Accumulated depreciation | 3,051 | |||
Operating Properties | Westside Market | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,194 | |||
Initial cost, building & improvements | 17,606 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 536 | |||
Gross carry amount close of period, land | 4,194 | |||
Gross carry amount close of period, building and improvements | 18,142 | |||
Gross carry amount close of period, total | 22,336 | |||
Accumulated depreciation | 3,104 | |||
Office Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,547 | |||
Initial cost, building & improvements | 41,787 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 23,969 | |||
Gross carry amount close of period, land | 2,547 | |||
Gross carry amount close of period, building and improvements | 65,756 | |||
Gross carry amount close of period, total | 68,303 | |||
Accumulated depreciation | 18,205 | |||
Office Properties | Thirty South | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,643 | |||
Initial cost, building & improvements | 9,600 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 21,860 | |||
Gross carry amount close of period, land | 1,643 | |||
Gross carry amount close of period, building and improvements | 31,461 | |||
Gross carry amount close of period, total | 33,104 | |||
Accumulated depreciation | 12,752 | |||
Office Properties | Pan Am Plaza Garage | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 29,536 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 276 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 29,813 | |||
Gross carry amount close of period, total | 29,813 | |||
Accumulated depreciation | 3,551 | |||
Office Properties | Union Station Parking Garage | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 904 | |||
Initial cost, building & improvements | 2,650 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 1,832 | |||
Gross carry amount close of period, land | 904 | |||
Gross carry amount close of period, building and improvements | 4,482 | |||
Gross carry amount close of period, total | 5,386 | |||
Accumulated depreciation | 1,903 | |||
Development And Redevelopment Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 14,556 | |||
Initial cost, building & improvements | 70,414 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,166 | |||
Gross carry amount close of period, land | 14,556 | |||
Gross carry amount close of period, building and improvements | 73,580 | |||
Gross carry amount close of period, total | 88,136 | |||
Accumulated depreciation | 38,826 | |||
Development And Redevelopment Properties | Courthouse Shadows | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,999 | |||
Initial cost, building & improvements | 8,182 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 4,999 | |||
Gross carry amount close of period, building and improvements | 8,182 | |||
Gross carry amount close of period, total | 13,181 | |||
Accumulated depreciation | 2,339 | |||
Development And Redevelopment Properties | Hamilton Crossing Centre | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,549 | |||
Initial cost, building & improvements | 10,326 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 5,549 | |||
Gross carry amount close of period, building and improvements | 10,326 | |||
Gross carry amount close of period, total | 15,875 | |||
Accumulated depreciation | 4,226 | |||
Development And Redevelopment Properties | The Corner | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 304 | |||
Initial cost, building & improvements | 3,681 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 155 | |||
Gross carry amount close of period, land | 304 | |||
Gross carry amount close of period, building and improvements | 3,836 | |||
Gross carry amount close of period, total | 4,140 | |||
Accumulated depreciation | 0 | |||
Development And Redevelopment Properties | Eddy Street Commons - Phase II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | ||||
Initial cost, land | 2,209 | |||
Initial cost, building & improvements | 4,394 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,209 | |||
Gross carry amount close of period, building and improvements | 4,394 | |||
Gross carry amount close of period, total | 6,603 | |||
Accumulated depreciation | 40 | |||
Development And Redevelopment Properties | Glendale Town Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,494 | |||
Initial cost, building & improvements | 43,832 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 3,011 | |||
Gross carry amount close of period, land | 1,494 | |||
Gross carry amount close of period, building and improvements | 46,843 | |||
Gross carry amount close of period, total | 48,337 | |||
Accumulated depreciation | 32,221 | |||
Other Property | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 26,990 | |||
Initial cost, building & improvements | 885 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 26,990 | |||
Gross carry amount close of period, building and improvements | 885 | |||
Gross carry amount close of period, total | 27,875 | |||
Accumulated depreciation | 66 | |||
Other Property | Bridgewater Marketplace | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,139 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 2,139 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 2,139 | |||
Accumulated depreciation | 0 | |||
Other Property | Landstown - Fulton Bank Pad | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 930 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 930 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 930 | |||
Accumulated depreciation | 0 | |||
Other Property | KRG Development | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 885 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 885 | |||
Gross carry amount close of period, total | 885 | |||
Accumulated depreciation | 66 | |||
Other Property | KRG New Hill | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,957 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 5,957 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 5,957 | |||
Accumulated depreciation | 0 | |||
Other Property | KRG Peakway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,444 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 7,444 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 7,444 | |||
Accumulated depreciation | 0 | |||
Other Property | Pan Am Plaza | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,521 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 10,521 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 10,521 | |||
Accumulated depreciation | 0 | |||
Line of Credit/Term Loans/Unsecured Notes | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 800,000 | |||
Initial cost, land | 0 | |||
Initial cost, building & improvements | 0 | |||
Costs capitalized subsequent to acquisition/development, land | 0 | |||
Costs capitalized subsequent to acquisition/development, buildings and improvements | 0 | |||
Gross carry amount close of period, land | 0 | |||
Gross carry amount close of period, building and improvements | 0 | |||
Gross carry amount close of period, total | 0 | |||
Accumulated depreciation | $ 0 |
Schedule III - Consolidated R_3
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Changes in Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance, beginning of year | $ 3,633,376 | $ 3,949,431 | $ 3,988,819 |
Acquisitions | 57,494 | 0 | 0 |
Improvements | 52,713 | 68,349 | 78,947 |
Impairment | (56,948) | (73,198) | (10,897) |
Disposals | (607,019) | (311,206) | (107,438) |
Balance, end of year | 3,079,616 | $ 3,633,376 | $ 3,949,431 |
Federal income tax basis | $ 2,300,000 |
Schedule III - Consolidated R_4
Schedule III - Consolidated Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 695,012 | $ 660,276 | $ 556,851 |
Depreciation expense | 117,216 | 132,662 | 148,346 |
Impairment | (19,226) | (2,838) | (3,494) |
Disposals | (131,456) | (95,088) | (41,427) |
Balance, end of year | $ 661,546 | $ 695,012 | $ 660,276 |
Building | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 20 years | ||
Building | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 35 years | ||
Building Improvements | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 10 years | ||
Building Improvements | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 35 years | ||
Furniture and Fixtures | Minimum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 5 years | ||
Furniture and Fixtures | Maximum | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Life used for depreciation | 10 years |