Kite Realty Group Trust 10-Q 4 Aug 15 2015 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2015	May. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	KITE REALTY GROUP, L.P.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		83,579,854
Amendment Flag	false
Entity Central Index Key	1,636,315
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Assets:
Investment properties, at cost	$ 3,753,406,000	$ 3,732,748,000
Less: accumulated depreciation	(347,764,000)	(315,093,000)
Real Estate Investment Property, Net	3,405,642,000	3,417,655,000
Cash and cash equivalents	126,744,000	43,826,000
Tenant receivables	42,421,000	48,097,000
Restricted cash and escrow deposits	17,598,000	16,171,000
Deferred costs, net	154,076,000	159,978,000
Prepaid and other assets	11,843,000	8,847,000
Assets held for sale	0	179,642,000
Total Assets	3,758,324,000	3,874,216,000
Liabilities and Equity:
Mortgage and other indebtedness	1,569,420,000	1,554,263,000
Accounts payable and accrued expenses	82,957,000	75,150,000
Deferred revenue and other liabilities	134,212,000	136,409,000
Liabilities held for sale	0	81,164,000
Total Liabilities	$ 1,786,589,000	$ 1,846,986,000
Commitments and contingencies
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests	$ 91,147,000	$ 125,082,000
Kite Realty Group Trust Shareholders' Equity:
Preferred Shares	102,500,000	102,500,000
Common Shares	836,000	835,000
Additional paid in capital and other	2,043,740,000	2,044,425,000
Accumulated other comprehensive loss	(4,339,000)	(1,175,000)
Accumulated deficit	(265,512,000)	(247,801,000)
Total Kite Realty Group Trust Shareholders' Equity	1,877,225,000	1,898,784,000
Noncontrolling Interests	3,363,000	3,364,000
Total Equity	1,880,588,000	1,902,148,000
Total Liabilities and Equity	3,758,324,000	3,874,216,000
KRG, LP [Member]
Assets:
Investment properties, at cost	3,753,406,000	3,732,748,000
Less: accumulated depreciation	(347,764,000)	(315,093,000)
Real Estate Investment Property, Net	3,405,642,000	3,417,655,000
Cash and cash equivalents	126,744,000	43,826,000
Tenant receivables	42,421,000	48,097,000
Restricted cash and escrow deposits	17,598,000	16,171,000
Deferred costs, net	154,076,000	159,978,000
Prepaid and other assets	11,843,000	8,847,000
Assets held for sale	0	179,642,000
Total Assets	3,758,324,000	3,874,216,000
Liabilities and Equity:
Mortgage and other indebtedness	1,569,420,000	1,554,263,000
Accounts payable and accrued expenses	82,957,000	75,150,000
Deferred revenue and other liabilities	134,212,000	136,409,000
Liabilities held for sale	0	81,164,000
Total Liabilities	1,786,589,000	1,846,986,000
Commitments and contingencies	0	0
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests	91,147,000	125,082,000
Kite Realty Group Trust Shareholders' Equity:
Preferred Shares	102,500,000	102,500,000
Common Shares	1,779,064,000	1,797,459,000
Accumulated other comprehensive loss	(4,339,000)	(1,175,000)
Total Kite Realty Group Trust Shareholders' Equity	1,877,225,000	1,898,784,000
Noncontrolling Interests	3,363,000	3,364,000
Total Equity	1,880,588,000	1,902,148,000
Total Liabilities and Equity	$ 3,758,324,000	$ 3,874,216,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Accrued straight-line rent (in Dollars)	$ 19,871	$ 18,630
Preferred Shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred Shares, shares authorized	40,000,000	40,000,000
Preferred Shares, shares issued	4,100,000	4,100,000
Preferred Shares, shares outstanding	4,100,000	4,100,000
Preferred Shares, liquidation value (in Dollars)	$ 102,500	$ 102,500
Common Shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Shares, shares issued	83,579,854	83,490,663
Common Shares, shares outstanding	83,579,854	83,490,663
KRG, LP [Member]
Accrued straight-line rent (in Dollars)	$ 19,871	$ 18,630
Preferred Shares, shares issued	4,100,000	4,100,000
Preferred Shares, shares outstanding	4,100,000	4,100,000
Preferred Shares, liquidation value (in Dollars)	$ 102,500	$ 102,500
Common Shares, shares issued	83,579,854	83,490,663
Common Shares, shares outstanding	83,579,854	83,490,663

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Minimum rent	$ 65,479	$ 31,260
Tenant reimbursements	18,615	9,163
Other property related revenue	2,734	2,237
Total revenue	86,828	42,660
Expenses:
Property operating	12,724	7,315
Real estate taxes	10,021	5,113
General, administrative, and other	5,006	3,106
Merger and acquisition costs	159	4,480
Depreciation and amortization	40,435	17,440
Total expenses	68,345	37,454
Operating income	18,483	5,206
Interest expense	(13,933)	(7,383)
Income tax (expense) benefit of taxable REIT subsidiary	(55)	53
Other income (expense), net	4	(93)
Income (loss) from continuing operations	4,499	(2,217)
Discontinued operations:
Gain on sale of operating property	0	3,199
Income from discontinued operations	0	3,199
Income before gain on sale of operating properties	4,499	982
Gain on sales of operating properties	3,363	3,489
Consolidated net income	7,862	4,471
Net income attributable to noncontrolling interests	(683)	(139)
Net income attributable to Kite Realty Group Trust	7,179	4,332
Dividends on preferred shares	(2,114)	(2,114)
Net income attributable to common shareholders	$ 5,065	$ 2,218
Net income per common share - basic & diluted:
Income (loss) from continuing operations attributable to Kite Realty Group Trust common shareholders	$ 0.06	$ (0.03)
Income from discontinued operations attributable to Kite Realty Group Trust common shareholders	0	0.10
Net income attributable to Kite Realty Group Trust common shareholders	$ 0.06	$ 0.07
Net income per unit - basic & diluted:
Weighted average common shares outstanding - basic	83,532,092	32,755,898
Weighted average common shares outstanding - diluted	83,625,352	32,755,898
Dividends declared per common share	$ 0.2725	$ 0.2600
Net income attributable to Kite Realty Group Trust common shareholders:
Income (loss) from continuing operations	$ 5,065	$ (827)
Income from discontinued operations	0	3,045
Change in fair value of derivatives	(3,226)	(702)
Total comprehensive income	4,636	3,769
Comprehensive income attributable to noncontrolling interests	(621)	(104)
Comprehensive income attributable to Kite Realty Group Trust	4,015	3,665
KRG, LP [Member]
Revenue:
Minimum rent	65,479	31,260
Tenant reimbursements	18,615	9,163
Other property related revenue	2,734	2,237
Total revenue	86,828	42,660
Expenses:
Property operating	12,724	7,315
Real estate taxes	10,021	5,113
General, administrative, and other	5,006	3,106
Merger and acquisition costs	159	4,480
Depreciation and amortization	40,435	17,440
Total expenses	68,345	37,454
Operating income	18,483	5,206
Interest expense	(13,933)	(7,383)
Income tax (expense) benefit of taxable REIT subsidiary	(55)	53
Other income (expense), net	4	(93)
Income (loss) from continuing operations	4,499	(2,217)
Discontinued operations:
Gain on sale of operating property	0	3,199
Income from discontinued operations	0	3,199
Income before gain on sale of operating properties	4,499	982
Gain on sales of operating properties	3,363	3,489
Consolidated net income	7,862	4,471
Net income attributable to noncontrolling interests	(587)	(27)
Net income attributable to Kite Realty Group Trust	7,179
Dividends on preferred shares	(2,114)	(2,114)
Net income attributable to common shareholders	5,161	2,330
Allocation of net income:
Limited Partners	96	112
Parent Company	$ 5,065	$ 2,218
Net income per unit - basic & diluted:
Income (loss) from continuing operations attributable to common unitholders	$ 0.06	$ (0.03)
Income from discontinued operations attributable to common unitholders	0	0.10
Net income attributable to common unitholders	$ 0.06	$ 0.07
Weighted average common shares outstanding - basic	85,172,613	34,416,602
Weighted average common shares outstanding - diluted	85,265,873	34,467,286
Dividends declared per common share	$ 0.2725	$ 0.2600
Net income attributable to Kite Realty Group Trust common shareholders:
Income (loss) from continuing operations	$ 5,161	$ (869)
Income from discontinued operations	0	3,199
Change in fair value of derivatives	(3,226)	(702)
Total comprehensive income	4,636	3,769
Comprehensive income attributable to noncontrolling interests	(587)	(27)
Comprehensive income attributable to Kite Realty Group Trust	$ 4,049	$ 3,742

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2014	$ 1,898,784	$ 102,500	$ 835	$ 2,044,425	$ (1,175)	$ (247,801)
Balances (in Shares) at Dec. 31, 2014		4,100,000	83,490,663
Stock compensation activity	203		$ 1	202
Stock compensation activity (in Shares)			86,191
Other comprehensive loss attributable to Kite Realty Group Trust	(3,164)				(3,164)
Distributions declared to common shareholders	(22,776)					(22,776)
Distributions to preferred shareholders	(2,114)					(2,114)
Net loss attributable to Kite Realty Group Trust	7,179					7,179
Exchange of redeemable noncontrolling interests for common shares	$ 88			88
Exchange of redeemable noncontrolling interests for common shares (in Shares)	3,000		3,000
Adjustment to redeemable noncontrolling interests - Operating Partnership	$ (975)			(975)
Balances at Mar. 31, 2015	$ 1,877,225	$ 102,500	$ 836	$ 2,043,740	$ (4,339)	$ (265,512)
Balances (in Shares) at Mar. 31, 2015		4,100,000	83,579,854

Consolidated Statements of Part

Consolidated Statements of Partners' Equity (Unaudited) - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands	Total	KRG, LP [Member]	KRG, LP [Member]General Partner [Member]Common Stock [Member]	KRG, LP [Member]General Partner [Member]Preferred Stock [Member]	KRG, LP [Member]General Partner [Member]Accumulated Other Comprehensive Income (Loss) [Member]
Partners' capital, beginning balance at Dec. 31, 2014		$ 1,898,784	$ 1,797,459	$ 102,500	$ (1,175)
Increase (Decrease) in Partners' Capital [Roll Forward]
Stock compensation activity		203	203
Other comprehensive loss attributable to Parent Company		(3,164)			(3,164)
Distributions declared to Parent Company		(22,776)	(22,776)
Distributions to preferred shareholders	$ (2,114)	(2,114)		(2,114)
Net income	$ 7,179	7,179	5,065	2,114
Conversion of Limited Partner Units to shares of the Parent Company		88	88
Adjustment to redeemable noncontrolling interests		(975)	(975)
Partners' capital, ending balance at Mar. 31, 2015		$ 1,877,225	$ 1,779,064	$ 102,500	$ (4,339)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ 7,862	$ 4,471
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Straight-line rent	(1,279)	(1,045)
Depreciation and amortization	41,336	17,961
Gain on sale of operating properties, net	(3,363)	(6,688)
Provision for credit losses	748	34
Compensation expense for equity awards	1,061	78
Amortization of debt fair value adjustment	(1,601)	(2)
Amortization of in-place lease liabilities, net	(797)	(1,006)
Changes in assets and liabilities:
Tenant receivables and other	6,730	(1,831)
Deferred costs and other assets	(5,354)	(5,893)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(260)	380
Net cash provided by operating activities	45,083	6,459
Cash flows from investing activities:
Deposits related to acquisition of Colleyville Downs	(2,000)	0
Capital expenditures, net	(22,569)	(20,314)
Net proceeds from sales of operating properties	126,460	33,423
Change in construction payables	3,314	(9,439)
Collection of note receivable	0	542
Payments to settle earnouts	(774)	0
Net cash provided by investing activities	104,431	4,212
Cash flows from financing activities:
Common share issuance proceeds, net of costs	(92)	(455)
Purchase of redeemable noncontrolling interests	(33,998)	0
Issuance of Limited Partner Units	145	0
Loan proceeds	83,577	41,329
Loan transaction costs	(465)	(277)
Loan payments	(90,927)	(27,137)
Distributions paid – common shareholders	(21,708)	(7,850)
Distributions paid - preferred shareholders	(2,114)	(2,114)
Net cash (used in) provided by financing activities	(66,596)	3,071
Net change in cash and cash equivalents	82,918	13,742
Cash and cash equivalents, beginning of period	43,826	18,134
Cash and cash equivalents, end of period	126,744	31,876
Redeemable Noncontrolling Interests [Member]
Cash flows from financing activities:
Distributions to noncontrolling interests	(985)	(399)
Noncontrolling Interests in Properties [Member]
Cash flows from financing activities:
Distributions to noncontrolling interests	(29)	(26)
KRG, LP [Member]
Cash flows from operating activities:
Net loss	7,862	4,471
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Straight-line rent	(1,279)	(1,045)
Depreciation and amortization	41,336	17,961
Gain on sale of operating properties, net	(3,363)	(6,688)
Provision for credit losses	748	34
Compensation expense for equity awards	1,061	78
Amortization of debt fair value adjustment	(1,601)	(2)
Amortization of in-place lease liabilities, net	(797)	(1,006)
Changes in assets and liabilities:
Tenant receivables and other	6,730	(1,831)
Deferred costs and other assets	(5,354)	(5,893)
Accounts payable, accrued expenses, deferred revenue and other liabilities	(260)	380
Net cash provided by operating activities	45,083	6,459
Cash flows from investing activities:
Deposits related to acquisition of Colleyville Downs	(2,000)	0
Capital expenditures, net	(22,569)	(20,314)
Net proceeds from sales of operating properties	126,460	33,423
Change in construction payables	3,314	(9,439)
Collection of note receivable	0	542
Payments to settle earnouts	(774)	0
Net cash provided by investing activities	104,431	4,212
Cash flows from financing activities:
Contributions from the Parent Company	(92)	(455)
Purchase of redeemable noncontrolling interests	(33,998)	0
Issuance of Limited Partner Units	145	0
Loan proceeds	83,577	41,329
Loan transaction costs	(465)	(277)
Loan payments	(90,927)	(27,137)
Distributions paid – common shareholders	(21,708)	(7,850)
Distributions paid - preferred shareholders	(2,114)	(2,114)
Net cash (used in) provided by financing activities	(66,596)	3,071
Net change in cash and cash equivalents	82,918	13,742
Cash and cash equivalents, beginning of period	43,826	18,134
Cash and cash equivalents, end of period	126,744	31,876
Assumption of mortgages upon sale of properties	40,303	0
KRG, LP [Member] | Redeemable Noncontrolling Interests [Member]
Cash flows from financing activities:
Distributions to noncontrolling interests	(985)	(399)
KRG, LP [Member] | Noncontrolling Interests in Properties [Member]
Cash flows from financing activities:
Distributions to noncontrolling interests	$ (29)	$ (26)

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), is engaged in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in selected markets in the United States. The terms "Company", "we", "us", and "our" refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership. The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (a “REIT”) under provisions of the Internal Revenue Code of 1986, as amended. The Parent Company is the sole general partner of the Operating Partnership, and as of March 31, 2015 owned approximately 98.1% of the common partnership interests in the Operating Partnership (“General Partner Units”). The remaining 1.9% of the common partnership interests (“Limited Partner Units” and, together with the General Partner Units, the “Common Units”) are owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are substantially the same. On July 1, 2014, we completed a merger with Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”), in which Inland Diversified merged with and into a wholly-owned subsidiary of ours in a stock-for-stock exchange with a transaction value of approximately $2.1 billion , including the assumption of approximately $0.9 billion of debt. Upon completion of the merger with Inland Diversified, we acquired 60 operating properties. Subsequent to the merger, we sold 15 of these properties in November and December 2014 and March 2015. At March 31, 2015 , we owned interests in 117 operating and redevelopment properties (consisting of 115 retail properties, one office operating property and an associated parking garage as well as the office components of the Eddy Street Commons and Traditions Village operating properties) and three development properties under construction.

Basis of Presentation, Consolid

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests	Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the presentation not misleading. The unaudited financial statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 include all adjustments, consisting of normal recurring adjustments, necessary in the opinion of management to present fairly the financial information set forth therein. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Parent Company’s 2014 Annual Report on Form 10-K and the Operating Partnership's audited consolidated financial statements and related notes thereto filed by the Parent Company on its Current Report on Form 8-K dated March 11, 2015. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates. The results of operations for the interim periods are not necessarily indicative of the results that may be expected on an annual basis. Components of Investment Properties The Company’s investment properties as of March 31, 2015 and December 31, 2014 consisted of the following components: Balance at March 31, December 31, Investment properties, at cost: Land $ 780,630 $ 778,780 Buildings and improvements 2,808,774 2,785,780 Furniture, equipment and other 6,431 6,398 Land held for development 35,907 35,907 Construction in progress 121,664 125,883 $ 3,753,406 $ 3,732,748 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 consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: • our ability to refinance debt and sell the property without the consent of any other partner or owner; • the inability of any other partner or owner to replace the Operating Partnership as manager of the property; or • being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. As of March 31, 2015 , we owned investments in two joint ventures that are VIEs in which we are the primary beneficiary. As of this date, these VIEs had total debt of $63.0 million which is secured by assets of the VIEs totaling $117.1 million . The Operating Partnership guarantees the debt of these VIEs. We consider all relationships between the Operating Partnership and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIEs' performance. We also periodically reassess primary beneficiary status of these VIEs. During the three months ended March 31, 2015 , there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. Income Taxes and REIT Compliance Parent Company The Parent Company, which is considered a corporation for federal income tax purposes, has been organized and intends to continue to operate in a manner that will enable it to maintain its qualification as a REIT for federal income tax purposes. As a result, it generally will not be subject to federal income tax on the earnings that it distributes to the extent it distributes its “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains) to shareholders of the Parent Company and meets certain other requirements on a recurring basis. To the extent that it satisfies this distribution requirement, but distributes less than 100% of its taxable income, it will be subject to federal corporate income tax on its undistributed REIT taxable income. REITs are subject to a number of organizational and operational requirements. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates for a period of four years following the year in which qualification is lost. We may also be subject to certain federal, state and local taxes on our income and property and to federal income and excise taxes on our undistributed taxable income even if the Parent Company does qualify as a REIT. The Operating Partnership intends to continue to make distributions to the Parent Company in amounts sufficient to assist the Parent Company in adhering to REIT requirements and maintaining its REIT status. We have elected to treat Kite Realty Holdings, LLC as a taxable REIT subsidiary of the Operating Partnership, and we may elect to treat other subsidiaries as taxable REIT subsidiaries in the future. This election enables us to receive income and provide services that would otherwise be impermissible for REITs. Deferred tax assets and liabilities are established for temporary differences between the financial reporting bases and the tax bases of assets and liabilities at the tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Operating Partnership The allocated share of income and loss other than the operations of our taxable REIT subsidiary is included in the income tax returns of the Operating Partnership's partners; accordingly the only federal income taxes included in the accompanying consolidated financial statements are in connection with its taxable REIT subsidiary. Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the three months ended March 31, 2015 and 2014 were as follows: 2015 2014 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 Net income allocable to noncontrolling interests, 28 33 Distributions to noncontrolling interests (29 ) (26 ) Noncontrolling interests balance at March 31 $ 3,363 $ 3,555 Redeemable Noncontrolling Interests - Limited Partners 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. As of both March 31, 2015 and December 31, 2014 , the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after preferred dividends and noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. The Parent Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three months ended March 31, 2015 and 2014 were as follows: Three Months Ended 2015 2014 Parent Company’s weighted average basic interest in 98.1 % 95.2 % Limited partners' weighted average basic interests in 1.9 % 4.8 % At December 31, 2014 , the Parent Company's interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 98.1% and 1.9% , respectively. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Partnership in exchange for their interests in certain properties. These Limited Partners were granted the right to redeem Limited Partner Units on or after August 16, 2005 for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the Limited Partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. For the three months ended March 31, 2015 and 2014 , respectively, 3,000 and 2,500 Limited Partner Units were exchanged for the same number of common shares of the Parent Company. In addition, during the three months ended March 31, 2015 we issued 5,000 Limited Partner Units related to the acquisition of our partner's interest in the City Center operating property. There were 1,641,443 and 1,639,443 Limited Partner Units outstanding as of March 31, 2015 and December 31, 2014 , respectively. Redeemable Noncontrolling Interests - Subsidiaries Prior to the merger, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. The Class B units will become redeemable at our applicable partner’s election at future dates generally beginning in March 2017 or October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in June 2018 and November 2022, with respect to our Territory Portfolio and Crossing at Killingly joint ventures, respectively, the applicable Class B units can be redeemed at either our applicable partner’s or our election for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable. On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property and other non-redeemable rights and interests held by our partner for $34.4 million that was paid in a combination of cash and Limited Partner Units in the Operating Partnership. We funded the majority of the cash portion with a $30 million draw on our unsecured revolving credit facility. As a result of this transaction, our guarantee of a $26.6 million loan on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC was terminated. We consolidate each of these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. We classify redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of March 31, 2015 , the redemption of these interests did not exceed the fair value of each interest. As of March 31, 2015 , the redemption value of the redeemable noncontrolling interests exceeded the initial book value. The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the three months ended March 31, 2015 and 2014 were as follows: 2015 2014 Redeemable noncontrolling interests balance January 1 $ 125,082 $ 43,928 Acquisition of partner's interest in City Center operating property (33,998 ) — Net income allocable to redeemable noncontrolling interests 655 112 Distributions declared to redeemable noncontrolling interests (1,006 ) (432 ) Other, net 414 (3,757 ) Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 91,147 $ 39,851 Limited partners' interests in Operating Partnership $ 46,564 $ 39,851 Other redeemable noncontrolling interests in certain subsidiaries 44,583 — Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 91,147 $ 39,851 The following sets forth accumulated other comprehensive (loss) income allocable to noncontrolling interests for the three months ended March 31, 2015 and 2014 : 2015 2014 Accumulated comprehensive (loss) income balance at January 1 $ (24 ) $ 69 Other comprehensive loss allocable to redeemable 1 (62 ) (35 ) Accumulated comprehensive (loss) income balance at March 31 $ (86 ) $ 34 ____________________ 1 Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5). Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”). ASU 2014-9 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance. It will also affect the existing GAAP guidance governing the sale of nonfinancial assets. The new standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-9 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. An exposure draft has been issued by the FASB which proposes delaying the effective date for one year. In addition to the deferral of the effective date, early adoption would be permitted under the exposure draft in periods ending after December 15, 2016. The changes to the effective date and early adoption are still subject to final approval. ASU 2014-9 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) at the date of initial application, with no restatement of comparative periods presented. We have not yet selected a transition method nor have we determined the effect of ASU 2014-9 on our ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual and interim reporting periods beginning on or after December 15, 2015, with early adoption permitted. We expect this new guidance will reduce total assets and total debt on our consolidated balance sheet by amounts classified as deferred issuance costs, but we do not expect this update to have any other effect on our consolidated financial statements.

Earnings Per Share or Unit

Earnings Per Share or Unit	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share or Unit	Earnings Per Share or Unit Basic earnings per share or unit is calculated based on the weighted average number of shares or units outstanding during the period. Diluted earnings per share or unit is determined based on the weighted average number of shares or units outstanding combined with the incremental average shares or units that would have been outstanding assuming the conversion of all potentially dilutive shares or units into common shares or units as of the earliest date possible. Potentially dilutive securities include outstanding options to acquire common shares; Limited Partner Units, which may be exchanged for either cash or common shares, at the Parent Company’s option and under certain circumstances; units under our Outperformance Plan; potential settlement of redeemable noncontrolling interests in certain joint ventures; and deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of the payment of cash compensation or the issuance of common shares to such trustees. Exchangeable 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 exchangeable Limited Partner Units outstanding for the three months ended March 31, 2015 and 2014 were 1.6 million and 1.7 million, respectively. Due to our net loss attributable to common shareholders and Common Unit holders for the three months ended March 31, 2014 , the potentially dilutive securities were not dilutive for that period and excluded from our net income per common share or unit calculations. Approximately 0.1 million and 0.4 million outstanding options to acquire common shares were excluded from the computations of diluted earnings per share or unit because their impact was not dilutive for the three months ended March 31, 2015 and 2014 , respectively. During the third quarter of 2014, we completed a one-for-four reverse share split of our common shares. Unless otherwise noted, all common share and per share information contained herein has been restated to reflect the reverse share split as if it had occurred as of the beginning of the first period presented.

Mortgage and Other Indebtedness

Mortgage and Other Indebtedness	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Mortgage and Other Indebtedness	Mortgage and Other Indebtedness Mortgage and other indebtedness consisted of the following at March 31, 2015 and December 31, 2014 : Balance at March 31, December 31, Unsecured revolving credit facility $ 206,600 $ 160,000 Unsecured term loan 230,000 230,000 Notes payable secured by properties under construction - variable rate 129,325 119,347 Mortgage notes payable - fixed rate 771,136 810,959 Mortgage notes payable - variable rate 205,592 205,798 Net premiums on acquired debt 26,767 28,159 Total mortgage and other indebtedness 1,569,420 1,554,263 Mortgage notes - properties held for sale — 67,452 Total $ 1,569,420 $ 1,621,715 Consolidated indebtedness (excluding properties held for sale), including weighted average maturities and weighted average interest rates at March 31, 2015 , is summarized below: Amount Weighted Average Maturity (Years) Weighted Average Interest Rate Percentage of Total Fixed rate debt $ 771,136 5.5 5.05 % 50 % Floating rate debt (hedged to fixed) 373,275 3.6 3.37 % 24 % Total fixed rate debt, considering hedges 1,144,411 4.9 4.50 % 74 % Notes payable secured by properties under construction - variable rate 129,325 1.6 2.12 % 9 % Other variable rate debt 205,592 4.6 2.44 % 13 % Corporate unsecured variable rate debt 436,600 4.5 1.55 % 28 % Floating rate debt (hedged to fixed) (373,275 ) -3.6 -1.88 % -24 % Total variable rate debt, considering hedges 398,242 4.5 1.88 % 26 % Net premiums on acquired debt 26,767 N/A N/A N/A Total debt $ 1,569,420 4.8 3.83 % 100 % Mortgage and construction loans are collateralized by certain real estate properties and leases. Mortgage loans are generally due in monthly installments of interest and principal and mature over various terms through 2030. Variable interest rates on mortgage and construction loans are based on LIBOR plus spreads ranging from 135 to 275 basis points. At March 31, 2015 , the one-month LIBOR interest rate was 0.18% . Fixed interest rates on mortgage loans range from 3.81% to 6.78% . Unsecured Revolving Credit Facility and Unsecured Term Loan On March 12, 2015, we amended the terms of the Fourth Amended and Restated Credit Agreement (the “Amended Facility”). The amendment provided for the release of the subsidiary guarantees relating to the amended facility upon the satisfaction of specified conditions (the “Release Conditions”). The amendment also changed the calculation of unsecured debt interest expense, which is used for purposes of calculating the unsecured debt interest coverage ratio, to be the actual interest expense incurred. Previously, unsecured debt interest expense was the greater of the actual interest expense incurred and an implied expense based on an assumed 6.0% interest rate. On March 17, 2015, upon satisfaction of the Release Conditions all of the subsidiary guarantees relating to the Amended Facility were released. As provided in the Amended Facility, if any subsidiary of the Operating Partnership becomes liable with respect to any unsecured indebtedness, that subsidiary is required to become a subsidiary guarantor under the Amended Facility. The amount that we may borrow under our Amended Facility is based on the value of the assets in our unencumbered property pool. As of March 31, 2015 , the full amount of our Amended Facility, or $500 million , was available for draw based on the unencumbered property pool allocated to the Amended Facility. Taking into account outstanding draws and letters of credit, as of March 31, 2015 , we had $282.4 million available for future borrowings under our Amended Facility. In addition, our unencumbered assets could provide approximately $147 million of additional borrowing capacity if the expansion feature of the Amended Facility was exercised. As of March 31, 2015 , $206.6 million was outstanding under the Amended Facility and $230 million was outstanding under the unsecured term loan ("Term Loan"). Additionally, we had letters of credit outstanding which totaled $11 million , against which no amounts were advanced as of March 31, 2015 . Our ability to borrow under the Amended Facility is subject to our compliance with various restrictive covenants, including with respect to liens, indebtedness, investments, dividends, mergers and asset sales. The Amended Facility and the Term Loan also require us to satisfy certain financial covenants. As of March 31, 2015 , we were in compliance with all such covenants of the Amended Facility and the Term Loan. Debt Activity For the three months ended March 31, 2015 , we had total loan borrowings of $83.6 million and total loan repayments of $90.9 million . The major components of this activity are as follows: • In March 2015, we retired the $12.2 million loan secured by our Indian River operating property and the $26.2 million loan secured by our Plaza Volente operating property using a draw on the unsecured revolving credit facility; • In March 2015, in connection with the sale of seven properties ("Tranche II") to Inland Real Estate Income Trust, Inc. ("IREIT"), IREIT assumed $40.3 million of loans secured by Prattville Town Center, Walgreens Plaza, Fairgrounds Crossing and Eastside Junction and retired the $24.0 million loan secured by the Regal Court property; • We paid down $27 million on the unsecured revolving credit facility during the first quarter utilizing a portion of proceeds from the sale of Tranche II; • In the first quarter of 2015, we drew $30.0 million on the unsecured revolving credit facility to fund the acquisition of our partner's interest in the City Center operating property; • We drew $10.0 million during the period on construction loans related to the Parkside – Phases I and II development projects and Delray Marketplace; and • We made scheduled principal payments on indebtedness totaling $1.6 million . Fair Value of Fixed and Variable Rate Debt As of March 31, 2015 , the fair value of fixed rate debt was $843.3 million compared to the book value of $771.1 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 3.81% to 6.78% . As of March 31, 2015 , the fair value of variable rate debt, was $809.2 million compared to the book value of $771.5 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 1.53% to 2.93% .

Derivative Instruments, Hedging

Derivative Instruments, Hedging Activities and Other Comprehensive Income	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Hedging Activities and Other Comprehensive Income	Derivative Instruments, Hedging Activities and Other Comprehensive Income In order to manage volatility relating to variable interest rate risk, we enter into interest rate hedging agreements from time to time. We do not use derivatives for trading or speculative purposes nor do we have any derivatives that are not designated as cash flow hedges. We have agreements with each of our derivative counterparties that contain a provision that in the event of default on any of our indebtedness, we could also be declared in default on our derivative obligations. As of March 31, 2015 , we were party to various cash flow hedge agreements with notional amounts totaling $373.3 million . These hedge agreements effectively fix the interest rate indices underlying certain variable rate debt instruments over terms ranging from 2017 through 2020. Utilizing a weighted average interest rate spread over LIBOR on all variable rate debt resulted in fixing the weighted average interest rate at 3.37% . These interest rate hedge agreements are the only assets or liabilities that we record at fair value on a recurring basis. The valuation of these assets and liabilities is determined using widely accepted techniques including discounted cash flow analysis. These techniques consider the contractual terms of the derivatives (including the period to maturity) and use observable market-based inputs such as interest rate curves and implied volatilities. We also incorporate credit valuation adjustments into the fair value measurements to reflect nonperformance risk on both our part and that of the respective counterparties. As a basis for considering market participant assumptions in fair value measurements, accounting guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs for identical instruments that are classified within Level 1 and observable inputs for similar instruments that are classified within Level 2) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, 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. However, as of March 31, 2015 and December 31, 2014 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations are classified in Level 2 of the fair value hierarchy. As of March 31, 2015 the fair value of our interest rate hedges was a net liability of $7.3 million , including accrued interest of $0.4 million . As of March 31, 2015 , $0.1 million is recorded in prepaid and other assets and $7.4 million is recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheets. At December 31, 2014 the net fair value of our interest rate hedges was a net liability of $4.4 million , including accrued interest of $0.5 million . As of December 31, 2014 , $0.7 million is recorded in prepaid and other assets and $5.1 million is recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheets. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to earnings over time as the hedged items are recognized in earnings. During the three months ended March 31, 2015 and 2014 , $1.4 million and $0.9 million , respectively, were reclassified as a reduction to earnings. We currently expect the impact to interest expense over the next 12 months as the hedged forecasted interest payments occur to be $4.4 million . Our share of net unrealized gains and losses on our interest rate hedge agreements are the only components of the change in accumulated other comprehensive loss.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Distribution Payments Our Board of Trustees declared a quarterly cash distribution of $0.515625 per Series A Preferred Share covering the period from December 2, 2014 to March 1, 2015. This distribution was paid on March 1, 2015 to shareholders of record as of February 17, 2015. Our Board of Trustees declared a cash distribution of $0.2725 per common share and Common Unit for the first quarter of 2015 . This distribution was paid on April 13, 2015 to common shareholders and Common Unit holders of record as of April 6, 2015.

Deferred Costs

Deferred Costs	3 Months Ended
	Mar. 31, 2015
Deferred Costs [Abstract]
Deferred Costs	Deferred Costs Deferred costs consist primarily of financing fees incurred to obtain long-term financing, acquired lease intangible assets, and broker fees and capitalized salaries and related benefits incurred in connection with lease originations. Deferred financing costs are amortized on a straight-line basis over the terms of the respective loan agreements. Deferred leasing costs, lease intangibles and similar costs are amortized on a straight-line basis over the terms of the related leases. At March 31, 2015 and December 31, 2014 , deferred costs consisted of the following: March 31, December 31, Deferred financing costs $ 14,340 $ 14,575 Acquired lease intangible assets 131,685 142,823 Deferred leasing costs and other 49,398 48,149 195,423 205,547 Less—accumulated amortization (41,347 ) (36,583 ) Total 154,076 168,964 Deferred costs – properties held for sale — (8,986 ) Total $ 154,076 $ 159,978 The accompanying consolidated statements of operations include amortization expense as follows: Three Months Ended 2015 2014 Amortization of deferred financing costs $ 900 $ 521 Amortization of deferred leasing costs, lease intangibles and other 5,889 2,461 Amortization of deferred leasing costs, leasing intangibles and other is included in depreciation and amortization expense, while the amortization of deferred financing costs is included in interest expense.

Deferred Revenue and Other Liab

Deferred Revenue and Other Liabilities	3 Months Ended
	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue and Other Liabilities	Deferred Revenue and Other Liabilities Deferred revenue and other liabilities consist of unamortized fair value of in-place lease liabilities recorded in connection with purchase accounting, earnout components related to property acquisitions, retainage payables for development and redevelopment projects, and tenant rents received in advance. The amortization of in-place lease liabilities is recognized as revenue over the remaining life of the leases (including option periods for leases with below market renewal options) through 2036. Tenant rents received in advance are recognized as revenue in the period to which they apply, usually the month following their receipt. At March 31, 2015 and December 31, 2014 , deferred revenue and other liabilities consisted of the following: March 31, December 31, Unamortized in-place lease liabilities $ 111,543 $ 125,336 Retainage payables and other 2,858 2,852 Seller earnout (Note 9) 8,890 9,664 Tenant rents received in advance 10,921 10,841 Total 134,212 148,693 Deferred revenue and other liabilities – liabilities held for sale — (12,284 ) Total $ 134,212 $ 136,409

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Other Commitments and Contingencies We are not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us other than routine litigation, claims, and administrative proceedings arising in the ordinary course of business. Management believes that such routine litigation, claims, and administrative proceedings will not have a material adverse impact on our consolidated financial statements. We are obligated under various completion guarantees with certain lenders and lease agreements with tenants to complete all or portions of the development and redevelopment projects. We believe we currently have sufficient financing in place to fund these projects and expect to do so primarily through existing construction loans. In addition, if necessary, we may make draws on our unsecured revolving credit facility. As of March 31, 2015 , we had outstanding letters of credit totaling $11 million . At that date, there were no amounts advanced against these instruments. Earnout Liability Six of the properties we acquired in the merger with Inland Diversified have earnout arrangements whereby the Company is required to pay the seller additional consideration based on leasing activity of vacant space. The maximum potential earnout payment was $8.9 million at March 31, 2015 . The table below presents the change in our earnout liability for the three months ended March 31, 2015 . Three Months Ended Earnout liability – beginning of period $ 9,664 Decreases: Payments to settle earnouts (774 ) Earnout liability – end of period $ 8,890 The expiration dates of the remaining earnouts range from November 2, 2015 through December 28, 2015.

Disposal of Operating Propertie

Disposal of Operating Properties and Investment Properties Held for Sale	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Operating Properties and Investment Properties Held for Sale	Disposals of Operating Properties and Investment Properties Held for Sale Sale of Properties to IREIT On September 16, 2014, we entered into a Purchase and Sale Agreement with IREIT, which provided for the sale of 15 of our operating properties (the “Portfolio”) to IREIT. The Purchase and Sale Agreement provided that the Portfolio will be sold to IREIT in two separate tranches. The sale of the first tranche (“Tranche I”) consisted of eight retail operating properties that were sold in November and December 2014 for aggregate net proceeds of $150.8 million and a net gain of $1.4 million . The sale of Tranche II consisted of seven retail operating properties that were sold on March 16, 2015 for aggregate net proceeds of $103.0 million and a net gain of $3.4 million . As of March 31, 2015 , we have $94.7 million classified as cash and cash equivalents that we received in connection with the sale of these properties which we intend to utilize for future acquisitions. The operating properties sold in Tranche II during the first quarter of 2015 are as follows: Property Name MSA Tranche II: Eastside Junction Athens, AL Fairgrounds Crossing Hot Springs, AR Hawk Ridge Saint Louis, MO Prattville Town Center Prattville, AL Regal Court Shreveport, LA Whispering Ridge Omaha, NE Walgreens Plaza Jacksonville, NC The operating properties listed above are not included in discontinued operations in the accompanying Statements of Operations as the disposals neither individually nor in the aggregate represent a strategic shift that has or will have a major effect on our operations or financial results. The properties in Tranche II of the Portfolio met the requirements to present as held for sale as of December 31, 2014. Upon meeting the held-for-sale criteria, depreciation and amortization ceased for these operating properties. The combined results of operations for the investment properties that were sold in the first quarter of 2015 are presented in the table below: March 31, 2015 Revenue: Minimum rent $ 2,403 Tenant reimbursements 539 Total revenue 2,942 Expenses: Property operating 495 Real estate taxes 276 Total expenses 771 Operating income 2,171 Interest expense (527 ) Income from continuing operations $ 1,644

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions During the three months ended March 31, 2015, we did not complete any acquisitions. In 2014, we acquired a total of 61 operating properties. Upon completion of the merger with Inland Diversified in July, we acquired 60 operating properties and in December we acquired an operating property in the Summerlin sub-market of Las Vegas, Nevada. The total merger purchase price was $2.1 billion . Preliminary purchase price allocations were made at the date of acquisition, primarily to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. The estimated purchase price allocations remain preliminary at March 31, 2015 and are subject to revision within the measurement period, not to exceed one year. There were no material adjustments to the purchase price allocations for our 2014 acquisitions during the three months ended March 31, 2015 . Following is a summary of our 2014 operating property acquisitions. Property Name MSA Acquisition Date Acquisition Cost (millions) Merger with Inland Diversified Various July 2014 $ 2,128.6 Rampart Commons Las Vegas, NV December 2014 32.3 The following table summarizes the aggregate purchase price allocation for the properties acquired as part of the merger with Inland Diversified as of July 1, 2014 (in thousands): Assets: Investment properties, net $ 2,095,567 Deferred costs, net 143,210 Investments in marketable securities 18,602 Cash and cash equivalents 108,666 Accounts receivable, prepaid expenses, and other 20,157 Total Assets $ 2,386,202 Liabilities: Mortgage and other indebtedness, including debt premium of $33,300 $ 892,909 Deferred revenue and other liabilities 129,935 Accounts payable and accrued expenses 59,314 Total Liabilities 1,082,158 Noncontrolling interests 69,356 Common shares issued 1,234,688 Total Allocated Purchase Price $ 2,386,202 The operating properties acquired through the merger with Inland Diversified generated total revenue of $44.6 million and consolidated net income of $7.6 million for the three months ended March 31, 2015 . This includes total revenue and consolidated net income from the seven operating properties we sold to IREIT in March 2015 and excludes total revenue and consolidated net income from the eight operating properties we sold to IREIT in November and December 2014 (see Note 10). Acquisition costs for the three months ended March 31, 2015 of $0.2 million related to our acquisitions of Rampart Commons and Colleyville Downs. Merger costs of $4.5 million for the three months ended March 31, 2014 related to our merger with Inland Diversified and were mainly comprised of investment banking, due diligence, legal, and other professional expenses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2015, we acquired Colleyville Downs, an operating property located in Dallas, Texas utilizing $25 million of proceeds from our 2014 and 2015 property sales and a draw on our unsecured revolving credit facility.

Basis of Presentation, Consol20

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Policies)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy	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 consolidates properties that are wholly owned as well as properties it controls but in which it owns less than a 100% interest. Control of a property is demonstrated by, among other factors: • our ability to refinance debt and sell the property without the consent of any other partner or owner; • the inability of any other partner or owner to replace the Operating Partnership as manager of the property; or • being the primary beneficiary of a VIE. The primary beneficiary is defined as the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. As of March 31, 2015 , we owned investments in two joint ventures that are VIEs in which we are the primary beneficiary. As of this date, these VIEs had total debt of $63.0 million which is secured by assets of the VIEs totaling $117.1 million . The Operating Partnership guarantees the debt of these VIEs. We consider all relationships between the Operating Partnership and the VIE, including development agreements, management agreements and other contractual arrangements, in determining whether we have the power to direct the activities of the VIE that most significantly affect the VIEs' performance. We also periodically reassess primary beneficiary status of these VIEs. During the three months ended March 31, 2015 , there were no changes to our conclusions regarding whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE.
Investment, Policy	Noncontrolling Interests We report the non-redeemable noncontrolling interests in subsidiaries as equity and the amount of consolidated net income attributable to these noncontrolling interests is set forth separately in the consolidated financial statements. The noncontrolling interests in consolidated properties for the three months ended March 31, 2015 and 2014 were as follows: 2015 2014 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 Net income allocable to noncontrolling interests, 28 33 Distributions to noncontrolling interests (29 ) (26 ) Noncontrolling interests balance at March 31 $ 3,363 $ 3,555 Redeemable Noncontrolling Interests - Limited Partners 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. As of both March 31, 2015 and December 31, 2014 , the redemption value of the redeemable noncontrolling interests exceeded the historical book value, and the balance was accordingly adjusted to redemption value. We allocate net operating results of the Operating Partnership after preferred dividends and noncontrolling interests in the consolidated properties based on the partners’ respective weighted average ownership interest. We adjust the redeemable noncontrolling interests in the Operating Partnership at the end of each reporting period to reflect their interests in the Operating Partnership or redemption value. This adjustment is reflected in our shareholders’ and Parent Company's equity. The Parent Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three months ended March 31, 2015 and 2014 were as follows: Three Months Ended 2015 2014 Parent Company’s weighted average basic interest in 98.1 % 95.2 % Limited partners' weighted average basic interests in 1.9 % 4.8 % At December 31, 2014 , the Parent Company's interest and the redeemable noncontrolling ownership interests in the Operating Partnership were 98.1% and 1.9% , respectively. Concurrent with the Parent Company’s initial public offering and related formation transactions, certain individuals received Limited Partner Units of the Partnership in exchange for their interests in certain properties. These Limited Partners were granted the right to redeem Limited Partner Units on or after August 16, 2005 for cash or, at the Parent Company's election, common shares of the Parent Company in an amount equal to the market value of an equivalent number of common shares of the Parent Company at the time of redemption. Such common shares must be registered, which is not fully in the Parent Company’s control. Therefore, the Limited Partners’ interest is not reflected in permanent equity. The Parent Company also has the right to redeem the Limited Partner Units directly from the limited partner in exchange for either cash in the amount specified above or a number of its common shares equal to the number of Limited Partner Units being redeemed. For the three months ended March 31, 2015 and 2014 , respectively, 3,000 and 2,500 Limited Partner Units were exchanged for the same number of common shares of the Parent Company. In addition, during the three months ended March 31, 2015 we issued 5,000 Limited Partner Units related to the acquisition of our partner's interest in the City Center operating property. There were 1,641,443 and 1,639,443 Limited Partner Units outstanding as of March 31, 2015 and December 31, 2014 , respectively. Redeemable Noncontrolling Interests - Subsidiaries Prior to the merger, Inland Diversified formed joint ventures with the previous owners of certain properties and issued Class B units in three joint ventures that indirectly own those properties. The Class B units remain outstanding subsequent to the merger with Inland Diversified and are accounted for as noncontrolling interests in these properties. The Class B units will become redeemable at our applicable partner’s election at future dates generally beginning in March 2017 or October 2022 based on the applicable joint venture and the fulfillment of certain redemption criteria. Beginning in June 2018 and November 2022, with respect to our Territory Portfolio and Crossing at Killingly joint ventures, respectively, the applicable Class B units can be redeemed at either our applicable partner’s or our election for cash or Limited Partner Units in the Operating Partnership. None of the issued Class B units have a maturity date and none are mandatorily redeemable. On February 13, 2015, we acquired our partner’s redeemable interests in the City Center operating property and other non-redeemable rights and interests held by our partner for $34.4 million that was paid in a combination of cash and Limited Partner Units in the Operating Partnership. We funded the majority of the cash portion with a $30 million draw on our unsecured revolving credit facility. As a result of this transaction, our guarantee of a $26.6 million loan on behalf of LC White Plains Retail, LLC and LC White Plains Recreation, LLC was terminated. We consolidate each of these joint ventures because we control the decision making of each of the joint ventures and our joint venture partners have limited protective rights. We classify redeemable noncontrolling interests in certain subsidiaries in the accompanying consolidated balance sheets outside of permanent equity because, under certain circumstances, we may be required to pay cash to Class B unitholders in specific subsidiaries upon redemption of their interests. The carrying amount of these redeemable noncontrolling interests is required to be reflected at the greater of initial book value or redemption value with a corresponding adjustment to additional paid-in capital. As of March 31, 2015 , the redemption of these interests did not exceed the fair value of each interest. As of March 31, 2015 , the redemption value of the redeemable noncontrolling interests exceeded the initial book value.
New Accounting Pronouncements, Policy	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”). ASU 2014-9 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance. It will also affect the existing GAAP guidance governing the sale of nonfinancial assets. The new standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-9 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. An exposure draft has been issued by the FASB which proposes delaying the effective date for one year. In addition to the deferral of the effective date, early adoption would be permitted under the exposure draft in periods ending after December 15, 2016. The changes to the effective date and early adoption are still subject to final approval. ASU 2014-9 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) at the date of initial application, with no restatement of comparative periods presented. We have not yet selected a transition method nor have we determined the effect of ASU 2014-9 on our ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Interest- Imputation of Interest ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual and interim reporting periods beginning on or after December 15, 2015, with early adoption permitted. We expect this new guidance will reduce total assets and total debt on our consolidated balance sheet by amounts classified as deferred issuance costs, but we do not expect this update to have any other effect on our consolidated financial statements.

Basis of Presentation, Consol21

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment Properties	The Company’s investment properties as of March 31, 2015 and December 31, 2014 consisted of the following components: Balance at March 31, December 31, Investment properties, at cost: Land $ 780,630 $ 778,780 Buildings and improvements 2,808,774 2,785,780 Furniture, equipment and other 6,431 6,398 Land held for development 35,907 35,907 Construction in progress 121,664 125,883 $ 3,753,406 $ 3,732,748
Schedule of Stockholders Equity	The noncontrolling interests in consolidated properties for the three months ended March 31, 2015 and 2014 were as follows: 2015 2014 Noncontrolling interests balance January 1 $ 3,364 $ 3,548 Net income allocable to noncontrolling interests, 28 33 Distributions to noncontrolling interests (29 ) (26 ) Noncontrolling interests balance at March 31 $ 3,363 $ 3,555
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The Parent Company’s and the limited partners’ weighted average interests in the Operating Partnership for the three months ended March 31, 2015 and 2014 were as follows: Three Months Ended 2015 2014 Parent Company’s weighted average basic interest in 98.1 % 95.2 % Limited partners' weighted average basic interests in 1.9 % 4.8 %
Redeemable Noncontrolling Interest	The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the three months ended March 31, 2015 and 2014 were as follows: 2015 2014 Redeemable noncontrolling interests balance January 1 $ 125,082 $ 43,928 Acquisition of partner's interest in City Center operating property (33,998 ) — Net income allocable to redeemable noncontrolling interests 655 112 Distributions declared to redeemable noncontrolling interests (1,006 ) (432 ) Other, net 414 (3,757 ) Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 91,147 $ 39,851 Limited partners' interests in Operating Partnership $ 46,564 $ 39,851 Other redeemable noncontrolling interests in certain subsidiaries 44,583 — Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31 $ 91,147 $ 39,851
Schedule of Accumulated Other Comprehensive Income (Loss)	The following sets forth accumulated other comprehensive (loss) income allocable to noncontrolling interests for the three months ended March 31, 2015 and 2014 : 2015 2014 Accumulated comprehensive (loss) income balance at January 1 $ (24 ) $ 69 Other comprehensive loss allocable to redeemable 1 (62 ) (35 ) Accumulated comprehensive (loss) income balance at March 31 $ (86 ) $ 34 ____________________ 1 Represents the noncontrolling interests’ share of the changes in the fair value of derivative instruments accounted for as cash flow hedges (see Note 5).

Mortgage and Other Indebtedne22

Mortgage and Other Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Participating Mortgage Loans	Mortgage and other indebtedness consisted of the following at March 31, 2015 and December 31, 2014 : Balance at March 31, December 31, Unsecured revolving credit facility $ 206,600 $ 160,000 Unsecured term loan 230,000 230,000 Notes payable secured by properties under construction - variable rate 129,325 119,347 Mortgage notes payable - fixed rate 771,136 810,959 Mortgage notes payable - variable rate 205,592 205,798 Net premiums on acquired debt 26,767 28,159 Total mortgage and other indebtedness 1,569,420 1,554,263 Mortgage notes - properties held for sale — 67,452 Total $ 1,569,420 $ 1,621,715
Schedule of Debt	Consolidated indebtedness (excluding properties held for sale), including weighted average maturities and weighted average interest rates at March 31, 2015 , is summarized below: Amount Weighted Average Maturity (Years) Weighted Average Interest Rate Percentage of Total Fixed rate debt $ 771,136 5.5 5.05 % 50 % Floating rate debt (hedged to fixed) 373,275 3.6 3.37 % 24 % Total fixed rate debt, considering hedges 1,144,411 4.9 4.50 % 74 % Notes payable secured by properties under construction - variable rate 129,325 1.6 2.12 % 9 % Other variable rate debt 205,592 4.6 2.44 % 13 % Corporate unsecured variable rate debt 436,600 4.5 1.55 % 28 % Floating rate debt (hedged to fixed) (373,275 ) -3.6 -1.88 % -24 % Total variable rate debt, considering hedges 398,242 4.5 1.88 % 26 % Net premiums on acquired debt 26,767 N/A N/A N/A Total debt $ 1,569,420 4.8 3.83 % 100 %

Deferred Costs (Tables)

Deferred Costs (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Costs [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	At March 31, 2015 and December 31, 2014 , deferred costs consisted of the following: March 31, December 31, Deferred financing costs $ 14,340 $ 14,575 Acquired lease intangible assets 131,685 142,823 Deferred leasing costs and other 49,398 48,149 195,423 205,547 Less—accumulated amortization (41,347 ) (36,583 ) Total 154,076 168,964 Deferred costs – properties held for sale — (8,986 ) Total $ 154,076 $ 159,978
Deferred Cost Amortization	The accompanying consolidated statements of operations include amortization expense as follows: Three Months Ended 2015 2014 Amortization of deferred financing costs $ 900 $ 521 Amortization of deferred leasing costs, lease intangibles and other 5,889 2,461

Deferred Revenue and Other Li24

Deferred Revenue and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue, by Arrangement, Disclosure	At March 31, 2015 and December 31, 2014 , deferred revenue and other liabilities consisted of the following: March 31, December 31, Unamortized in-place lease liabilities $ 111,543 $ 125,336 Retainage payables and other 2,858 2,852 Seller earnout (Note 9) 8,890 9,664 Tenant rents received in advance 10,921 10,841 Total 134,212 148,693 Deferred revenue and other liabilities – liabilities held for sale — (12,284 ) Total $ 134,212 $ 136,409

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	The table below presents the change in our earnout liability for the three months ended March 31, 2015 . Three Months Ended Earnout liability – beginning of period $ 9,664 Decreases: Payments to settle earnouts (774 ) Earnout liability – end of period $ 8,890

Disposal of Operating Propert26

Disposal of Operating Properties and Investment Properties Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Operating Properties Sold	The operating properties sold in Tranche II during the first quarter of 2015 are as follows: Property Name MSA Tranche II: Eastside Junction Athens, AL Fairgrounds Crossing Hot Springs, AR Hawk Ridge Saint Louis, MO Prattville Town Center Prattville, AL Regal Court Shreveport, LA Whispering Ridge Omaha, NE Walgreens Plaza Jacksonville, NC
Result of Operations for Disposal Group	The combined results of operations for the investment properties that were sold in the first quarter of 2015 are presented in the table below: March 31, 2015 Revenue: Minimum rent $ 2,403 Tenant reimbursements 539 Total revenue 2,942 Expenses: Property operating 495 Real estate taxes 276 Total expenses 771 Operating income 2,171 Interest expense (527 ) Income from continuing operations $ 1,644

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Schedule of Real Estate Properties	Following is a summary of our 2014 operating property acquisitions. Property Name MSA Acquisition Date Acquisition Cost (millions) Merger with Inland Diversified Various July 2014 $ 2,128.6 Rampart Commons Las Vegas, NV December 2014 32.3
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the aggregate purchase price allocation for the properties acquired as part of the merger with Inland Diversified as of July 1, 2014 (in thousands): Assets: Investment properties, net $ 2,095,567 Deferred costs, net 143,210 Investments in marketable securities 18,602 Cash and cash equivalents 108,666 Accounts receivable, prepaid expenses, and other 20,157 Total Assets $ 2,386,202 Liabilities: Mortgage and other indebtedness, including debt premium of $33,300 $ 892,909 Deferred revenue and other liabilities 129,935 Accounts payable and accrued expenses 59,314 Total Liabilities 1,082,158 Noncontrolling interests 69,356 Common shares issued 1,234,688 Total Allocated Purchase Price $ 2,386,202

Organization (Details)

Organization (Details) $ in Billions	Jul. 01, 2014USD ($)property	Jul. 31, 2014USD ($)property	Mar. 31, 2015property	Dec. 31, 2014property	Sep. 16, 2014property
Organization [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			98.10%
Number of Real Estate Properties			117	61	15
Retail Operating Properties [Member]
Organization [Line Items]
Number of Real Estate Properties			115
Office Properties [Member]
Organization [Line Items]
Number of Real Estate Properties			1
In-Process Retail Development Properties [Member]
Organization [Line Items]
Number of Real Estate Properties			3
KRG, LP [Member]
Organization [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest			1.90%
Inland Diversified Real Estate Trust [Member]
Organization [Line Items]
Business Combination, Consideration Transferred | $	$ 2.1	$ 2.1
Business Combination, Consideration Transferred, Liabilities Incurred | $	$ 0.9
Number of Real Estate Properties	60	60
Number of Properties Sold	15

Basis of Presentation, Consol29

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Investment Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Investment properties, at cost:
Land	$ 780,630	$ 778,780
Buildings and improvements	2,808,774	2,785,780
Furniture, equipment and other	6,431	6,398
Land held for development	35,907	35,907
Construction in progress	121,664	125,883
Real Estate Investment Property, at Cost	$ 3,753,406	$ 3,732,748

Basis of Presentation, Consol30

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Additional Information (Details) $ in Thousands	Feb. 13, 2015USD ($)	Mar. 31, 2015USD ($)joint_ventureshares	Mar. 31, 2014USD ($)shares	Dec. 31, 2014shares
Noncontrolling Interest [Line Items]
Variable Interest Entity, Number of Entities | joint_venture		2
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities (in Dollars)		$ 63,000
Variable Interest Entity, Consolidated, Carrying Amount, Assets (in Dollars)		117,100
Income Tax Expense (Benefit)		$ (55)	$ 53
Exchange of redeemable noncontrolling interests for common shares (in Shares) | shares		3,000	2,500
Limited Partners' Capital Account, Units Outstanding | shares		1,641,443		1,639,443
Special Assessment Bond	$ 26,600
City Center Operating Property [Member]
Noncontrolling Interest [Line Items]
Common shares issued as part of merger, net of offering costs (in Shares) | shares		5,000
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	34,400
Revolving Credit Facility [Member] | City Center Operating Property [Member]
Noncontrolling Interest [Line Items]
Proceeds from Lines of Credit	$ 30,000
Operating Partnership [Member]
Noncontrolling Interest [Line Items]
Parent Company’s weighted average basic interest in Operating Partnership		98.10%	95.20%
Limited partners' weighted average basic interests in Operating Partnership		1.90%	4.80%

Basis of Presentation, Consol31

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Noncontrolling Interests (Details) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 3,364	$ 3,548
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	683	139
Distributions to noncontrolling interests	(29)	(26)
Ending Balance	3,363	3,555
Excluding Redeemable Non-Controlling Interests [Member]
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests	$ 28	$ 33

Basis of Presentation, Consol32

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Weighted Average Interests in Operating Partnership (Details) - Operating Partnership [Member]	Mar. 31, 2015	Mar. 31, 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Parent Company’s weighted average basic interest in Operating Partnership	98.10%	95.20%
Limited partners' weighted average basic interests in Operating Partnership	1.90%	4.80%

Basis of Presentation, Consol33

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Net income allocable to redeemable noncontrolling interests	$ 683	$ 139
Distributions to noncontrolling interests	(29)	(26)
Redeemable Noncontrolling Interests [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Beginning Balance	125,082	43,928
Acquisition of partner's interest in City Center operating property	(33,998)	0
Net income allocable to redeemable noncontrolling interests	655	112
Distributions to noncontrolling interests	(1,006)	(432)
Other, net	414	(3,757)
Ending Balance	91,147	39,851
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31	125,082	43,928	$ 91,147	$ 39,851
Redeemable Noncontrolling Interests [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Ending Balance	91,147	39,851
Limited partners' interests in Operating Partnership			46,564	39,851
Other redeemable noncontrolling interests in certain subsidiaries			44,583	0
Total Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at March 31	$ 91,147	$ 39,851	$ 91,147	$ 39,851

Basis of Presentation, Consol34

Basis of Presentation, Consolidation, Investments in Joint Ventures, and Noncontrolling Interests - Accumulated Other Comprehensive Loss Allocable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ (1,175)
Other comprehensive loss allocable to redeemable noncontrolling interests1	(62)	$ (35)
Ending Balance	(4,339)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(24)	69
Ending Balance	$ (86)	$ 34

Earnings Per Share or Unit (Det

Earnings Per Share or Unit (Details) shares in Millions	3 Months Ended
	Mar. 31, 2015shares	Sep. 30, 2014	Mar. 31, 2014shares
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.1		0.4
Stockholders' Equity Note, Stock Split, Conversion Ratio		0.25

Mortgage and Other Indebtedne36

Mortgage and Other Indebtedness - Consolidated Indebtedness by Type of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	$ 1,569,420	$ 1,554,263
Mortgage notes - properties held for sale	0	67,452
Total	1,569,420	1,621,715
Fixed Rate Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	771,136
Unsecured Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	230,000	230,000
Construction Loans [Member] | Variable Rate Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	129,325	119,347
Mortgages [Member] | Variable Rate Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	205,592	205,798
Mortgages [Member] | Fixed Rate Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	771,136	810,959
Net Premiums On Acquired Debt [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	26,767	28,159
Revolving Credit Facility [Member]
Participating Mortgage Loans [Line Items]
Mortgage and other indebtedness	$ 206,600	$ 160,000

Mortgage and Other Indebtedne37

Mortgage and Other Indebtedness - Consolidated Indebtedness by Type of Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Amount	$ 1,569,420	$ 1,554,263
Weighted Average Maturity (Years)	4 years 9 months 18 days
Weighted Average Interest Rate	3.83%
Percentage of Total	100.00%
Variable Rate Debt Considering Hedges [Member]
Debt Instrument [Line Items]
Amount	$ 398,242
Weighted Average Maturity (Years)	4 years 6 months
Weighted Average Interest Rate	1.88%
Percentage of Total	26.00%
Net Premiums On Acquired Debt [Member]
Debt Instrument [Line Items]
Amount	$ 26,767	28,159
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Amount	$ 771,136
Weighted Average Maturity (Years)	5 years 6 months
Weighted Average Interest Rate	5.05%
Percentage of Total	50.00%
Fixed Rate Debt [Member] | Floating Rate Debt Hedged [Member]
Debt Instrument [Line Items]
Amount	$ 373,275
Weighted Average Maturity (Years)	3 years 7 months 6 days
Weighted Average Interest Rate	3.37%
Percentage of Total	24.00%
Fixed Rate Debt Considering Hedges [Member]
Debt Instrument [Line Items]
Amount	$ 1,144,411
Weighted Average Maturity (Years)	4 years 10 months 24 days
Weighted Average Interest Rate	4.50%
Percentage of Total	74.00%
Variable Rate Debt [Member] | Floating Rate Debt Hedged [Member]
Debt Instrument [Line Items]
Amount	$ (373,275)
Weighted Average Maturity (Years)	minus 3 years 7 months 6 days
Weighted Average Interest Rate	(1.88%)
Percentage of Total	(24.00%)
Variable Rate Debt [Member] | Construction Loans [Member]
Debt Instrument [Line Items]
Amount	$ 129,325	$ 119,347
Weighted Average Maturity (Years)	1 year 7 months 6 days
Weighted Average Interest Rate	2.12%
Percentage of Total	9.00%
Variable Rate Debt [Member] | Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Amount	$ 205,592
Weighted Average Maturity (Years)	4 years 7 months 6 days
Weighted Average Interest Rate	2.44%
Percentage of Total	13.00%
Variable Rate Debt [Member] | Corporate Debt Securities [Member]
Debt Instrument [Line Items]
Amount	$ 436,600
Weighted Average Maturity (Years)	4 years 6 months
Weighted Average Interest Rate	1.55%
Percentage of Total	28.00%

Mortgage and Other Indebtedne38

Mortgage and Other Indebtedness - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2015USD ($)property	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term Debt	$ 1,569,420	$ 1,569,420		$ 1,554,263
Letters of Credit Outstanding, Amount	11,000	11,000
Proceeds from Loans		83,577	$ 41,329
Repayments of Long-term Debt		90,927	$ 27,137
Proceeds from Construction Loans Payable		10,000
Long-term Debt, Percentage Bearing Fixed Interest, Amount	771,100	771,100
Long-term Debt, Percentage Bearing Variable Interest, Amount	771,500	771,500
Indian River Operating Property [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	12,200
Plaza Volente Operating Property [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	26,200
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt		1,600
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Long-term Debt	771,136	771,136
Long-term Debt, Fair Value	843,300	843,300
Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	809,200	809,200
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 230,000	$ 230,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%	6.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000	$ 500,000
Line of Credit Facility, Remaining Borrowing Capacity	282,400	282,400
Long-term Line of Credit	206,600	206,600
Long-term Debt	206,600	206,600		$ 160,000
Repayments of Lines of Credit	27,000
Proceeds from Unsecured Lines of Credit		30,000
Revolving Credit Facility [Member] | Unencumbered [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Additional Borrowing Capacity	$ 147,000	$ 147,000
Minimum [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.53%	1.53%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.81%	3.81%
Minimum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.81%	3.81%
Maximum [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.93%	2.93%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	6.78%	6.78%
Maximum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	6.78%	6.78%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	0.18%	0.18%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		135.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		275.00%
Disposal Tranche II [Member]
Debt Instrument [Line Items]
Number of Properties Sold | property	7
Disposal Tranche II [Member] | Inland Diversified Real Estate Trust [Member]
Debt Instrument [Line Items]
Loans Assumed	$ 40,300
Notes Reduction	$ 24,000

Derivative Instruments, Hedgi39

Derivative Instruments, Hedging Activities and Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Average Cap Interest Rate	3.37%
Interest Rate Fair Value Hedge Liability at Fair Value	$ 7,300,000
Interest Rate Fair Value Hedge Derivative at Fair Value, Net			$ 4,400,000
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1,400,000	$ 900,000
Interest Expense	13,933,000	$ 7,383,000
Increase As Hedged Forecasted Interest Payments Occur [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	4,400,000
Prepaid Expenses and Other Current Assets [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	100,000		700,000
Accounts Payable and Accrued Liabilities [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	7,400,000		5,100,000
Accrued Interest [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Derivative at Fair Value, Net	400,000		$ 500,000
Cash Flow Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 373,300,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2015	Aug. 31, 2014
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.2725
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.515625

Deferred Costs - Deferred Costs

Deferred Costs - Deferred Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Deferred Costs [Abstract]
Deferred financing costs	$ 14,340	$ 14,575
Acquired lease intangible assets	131,685	142,823
Deferred leasing costs and other	49,398	48,149
Deferred Costs Gross	195,423	205,547
Less—accumulated amortization	(41,347)	(36,583)
Total	154,076	168,964
Deferred costs – properties held for sale	0	(8,986)
Total	$ 154,076	$ 159,978

Deferred Costs - Amortization E

Deferred Costs - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Deferred Costs [Abstract]
Amortization of deferred financing costs	$ 900	$ 521
Amortization of deferred leasing costs, lease intangibles and other	$ 5,889	$ 2,461

Deferred Revenue and Other Li43

Deferred Revenue and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 134,212	$ 148,693
Deferred revenue and other liabilities – liabilities held for sale	0	(12,284)
Total	134,212	136,409
Leasing Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	111,543	125,336
Retainages Payable and Other [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	2,858	2,852
Seller Earnout [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	8,890	9,664
Up-front Payment Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 10,921	$ 10,841

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2015USD ($)property	Dec. 31, 2014property	Sep. 16, 2014property	Jul. 31, 2014property	Jul. 01, 2014property	Jun. 30, 2014USD ($)
Commitments and Contingencies [Line Items]
Letters of Credit Outstanding, Amount	$ 11,000,000
Letters of Credit Outstanding, Amount Advanced	$ 0
Number of Real Estate Properties | property	117	61	15
Business Combination, Contingent Consideration, Liability	$ 8,890,000					$ 9,664,000
Inland Diversified Real Estate Trust [Member]
Commitments and Contingencies [Line Items]
Number of Real Estate Properties | property				60	60
Earnout [Member] | Inland Diversified Real Estate Trust [Member]
Commitments and Contingencies [Line Items]
Number of Real Estate Properties | property	6
Business Combination, Contingent Consideration, Liability	$ 8,900,000

Commitments and Contingencies45

Commitments and Contingencies - Earnout Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Decreases:
Payments to settle earnouts	$ (774)	$ 0
Earnout liability – end of period	$ 8,890

Disposal of Operating Propert46

Disposal of Operating Properties and Investment Properties Held for Sale - Additional Information (Details) $ in Millions	2 Months Ended	3 Months Ended	5 Months Ended
	Dec. 31, 2014USD ($)property	Mar. 31, 2015USD ($)property	Mar. 16, 2015trancheproperty	Sep. 16, 2014property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties | property	61	117		15
Number of Disposal Tranches | tranche			2
Proceeds from Sale of Real Estate Held-for-investment		$ 94.7
Disposal Tranche I [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties | property	8
Disposal Group, Including Discontinued Operation, Assets	$ 150.8
Gain (Loss) on Sale of Properties	$ 1.4
Disposal Tranche II [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties | property			7
Disposal Group, Including Discontinued Operation, Assets		103
Gain (Loss) on Sale of Properties		$ 3.4

Disposal of Operating Propert47

Disposal of Operating Properties and Investment Properties Held for Sale - Results of Operations Held for Sale Investment Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Minimum rent	$ 65,479	$ 31,260
Tenant reimbursements	18,615	9,163
Total revenue	86,828	42,660
Expenses:
Property operating	12,724	7,315
Real estate taxes	10,021	5,113
Total expenses	68,345	37,454
Operating income	18,483	5,206
Interest expense	(13,933)	(7,383)
Income (loss) from continuing operations	4,499	$ (2,217)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Revenue:
Minimum rent	2,403
Tenant reimbursements	539
Total revenue	2,942
Expenses:
Property operating	495
Real estate taxes	276
Total expenses	771
Operating income	2,171
Interest expense	(527)
Income (loss) from continuing operations	$ 1,644

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Millions	Jul. 01, 2014USD ($)property	Jul. 31, 2014USD ($)property	Mar. 31, 2015USD ($)property	Mar. 31, 2014USD ($)	Mar. 16, 2015property	Dec. 31, 2014property	Sep. 16, 2014property
Business Acquisition [Line Items]
Number of Real Estate Properties | property			117			61	15
Inland Diversified Real Estate Trust [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties | property	60	60
Business Combination, Consideration Transferred	$ 2,100	$ 2,100
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual			$ 44.6
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			7.6
Business Combination, Acquisition Related Costs				$ 4.5
Rampart Commons and Colleyville Downs [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs			$ 0.2
Disposal Tranche II [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties | property					7
Disposal Tranche I [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties | property						8

Acquisitions - Property Acquisi

Acquisitions - Property Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2014	Jul. 31, 2014
Inland Diversified Real Estate Trust [Member]
Real Estate Properties [Line Items]
Acquisition Costs		$ 2,128.6
Rampart Commons [Member]
Real Estate Properties [Line Items]
Acquisition Costs	$ 32.3

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) - Inland Diversified Real Estate Trust Inc [Member]	Jul. 01, 2014USD ($)
Assets:
Investment properties, net	$ 2,095,567,000
Deferred costs, net	143,210,000
Investments in marketable securities	18,602,000
Cash and cash equivalents	108,666,000
Accounts receivable, prepaid expenses, and other	20,157,000
Total Assets	2,386,202,000
Liabilities:
Mortgage and other indebtedness, including debt premium of $33,300	892,909,000
Mortgage and other indebtedness, debt premium	33,300
Deferred revenue and other liabilities	129,935,000
Accounts payable and accrued expenses	59,314,000
Total Liabilities	1,082,158,000
Noncontrolling interests	69,356,000
Common shares issued	1,234,688,000
Total Allocated Purchase Price	$ 2,386,202,000

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) $ in Millions	Apr. 01, 2015USD ($)
Colleyville Downs [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 25