Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RVI | |
Entity Registrant Name | RETAIL VALUE INC. | |
Entity Central Index Key | 0001735184 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,052,144 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity File Number | 1-38517 | |
Entity Tax Identification Number | 824182996 | |
Entity Address, Address Line One | 3300 Enterprise Parkway | |
Entity Address, City or Town | Beachwood | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | 216 | |
Local Phone Number | 755-5500 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Land | $ 549,622 | $ 622,827 |
Buildings | 1,463,674 | 1,629,862 |
Fixtures and tenant improvements | 159,702 | 172,679 |
Total real estate rental property | 2,172,998 | 2,425,368 |
Less: Accumulated depreciation | (663,677) | (704,401) |
Real estate rental property, net | 1,509,321 | 1,720,967 |
Construction in progress | 15,566 | 26,070 |
Total real estate assets, net | 1,524,887 | 1,747,037 |
Cash and cash equivalents | 58,522 | 44,565 |
Restricted cash | 93,315 | 66,634 |
Accounts receivable | 25,355 | 31,426 |
Property insurance receivable | 0 | 29,422 |
Other assets, net | 27,853 | 43,560 |
Total assets | 1,729,932 | 1,962,644 |
Liabilities and Equity | ||
Mortgage indebtedness, net | 752,404 | 967,569 |
Payable to SITE Centers | 33,759 | 33,985 |
Accounts payable and other liabilities | 60,100 | 84,832 |
Dividends payable | 0 | 24,005 |
Total liabilities | 846,263 | 1,110,391 |
Commitments and contingencies (Note 9) | ||
Redeemable preferred equity | 190,000 | 190,000 |
Retail Value Inc. shareholders' equity | ||
Common shares, with par value, $0.10 stated value; 200,000,000 shares authorized; 19,043,403 and 18,465,165 shares issued at June 30, 2019 and December 31, 2018, respectively | 1,904 | 1,846 |
Additional paid-in capital | 692,665 | 675,566 |
Accumulated distributions in excess of net loss | (890) | (15,153) |
Less: Common shares in treasury at cost: 379 and 267 shares at June 30, 2019 and December 31, 2018, respectively | (10) | (6) |
Total equity | 693,669 | 662,253 |
Total liabilities and equity | $ 1,729,932 | $ 1,962,644 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 19,043,403 | 18,465,165 |
Treasury common shares | 379 | 267 |
COMBINED AND CONSOLIDATED STATE
COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from operations: | ||||
Rental income | $ 58,875 | $ 120,445 | ||
Business interruption income | 2,000 | 2,000 | ||
Other income | 10 | 51 | ||
Total revenue from operations | 60,885 | 122,496 | ||
Rental operation expenses: | ||||
Operating and maintenance | 10,401 | 20,903 | ||
Real estate taxes | 7,169 | 14,679 | ||
Property and asset management fees | 5,819 | 11,635 | ||
Impairment charges | 7,110 | 13,200 | ||
Hurricane property insurance (income) loss, net | (3,814) | (3,631) | ||
General and administrative | 1,058 | 1,943 | ||
Depreciation and amortization | 18,378 | 37,733 | ||
Total rental operation expenses | 46,121 | 96,462 | ||
Other income (expense): | ||||
Interest expense | (10,846) | (24,820) | ||
Debt extinguishment costs | (2,927) | (17,409) | ||
Transaction costs | (18) | |||
Other income (expense), net | (850) | |||
Gain on disposition of real estate, net | 12,946 | 31,165 | ||
Total other income (expense) | (827) | (11,932) | ||
Income (loss) before tax expense | 13,937 | 14,102 | ||
Tax expense | (320) | (495) | ||
Net income (loss) | 13,617 | 13,607 | ||
Comprehensive income (loss) | $ 13,617 | $ 13,607 | ||
Per share data: | ||||
Basic and diluted | $ 0.72 | $ 0.72 | ||
RVI Predecessor [Member] | ||||
Revenues from operations: | ||||
Rental income | $ 75,760 | $ 149,825 | ||
Business interruption income | 3,100 | 5,100 | ||
Other income | 114 | 309 | ||
Total revenue from operations | 78,974 | 155,234 | ||
Rental operation expenses: | ||||
Operating and maintenance | 12,531 | 24,608 | ||
Real estate taxes | 9,677 | 19,571 | ||
Property and asset management fees | 3,462 | 6,819 | ||
Impairment charges | 15,060 | 48,680 | ||
Hurricane property insurance (income) loss, net | 187 | 868 | ||
General and administrative | 4,484 | 7,638 | ||
Depreciation and amortization | 24,072 | 50,144 | ||
Total rental operation expenses | 69,473 | 158,328 | ||
Other income (expense): | ||||
Interest expense | (18,144) | (37,584) | ||
Debt extinguishment costs | (1,970) | (109,036) | ||
Transaction costs | (28,240) | (33,325) | ||
Other income (expense), net | (3) | |||
Gain on disposition of real estate, net | 13,096 | 13,096 | ||
Total other income (expense) | (35,258) | (166,852) | ||
Income (loss) before tax expense | (25,757) | (169,946) | ||
Tax expense | (4,082) | (4,210) | ||
Net income (loss) | (29,839) | (174,156) | ||
Comprehensive income (loss) | $ (29,839) | $ (174,156) |
COMBINED AND CONSOLIDATED STA_2
COMBINED AND CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Loss | Treasury Stock at Cost |
Beginning Balance (RVI Predecessor [Member]) at Dec. 31, 2017 | $ 1,090,464 | ||||
Net transactions with SITE Centers | RVI Predecessor [Member] | (27,031) | ||||
Net Income (loss) | RVI Predecessor [Member] | (144,317) | ||||
Ending Balance (RVI Predecessor [Member]) at Mar. 31, 2018 | 919,116 | ||||
Beginning Balance (RVI Predecessor [Member]) at Dec. 31, 2017 | 1,090,464 | ||||
Net Income (loss) | RVI Predecessor [Member] | (174,156) | ||||
Ending Balance (RVI Predecessor [Member]) at Jun. 30, 2018 | 689,308 | ||||
Beginning Balance (RVI Predecessor [Member]) at Mar. 31, 2018 | 919,116 | ||||
Net transactions with SITE Centers | RVI Predecessor [Member] | (199,969) | ||||
Net Income (loss) | RVI Predecessor [Member] | (29,839) | ||||
Ending Balance (RVI Predecessor [Member]) at Jun. 30, 2018 | 689,308 | ||||
Beginning Balance at Dec. 31, 2018 | 662,253 | $ 1,846 | $ 675,566 | $ (15,153) | $ (6) |
Issuance of common shares | 17,263 | 58 | 17,205 | ||
Repurchase of common shares | (3) | (3) | |||
Adoption of ASC Topic 842 (Leases) | ASU 2016-02 | 700 | 700 | |||
Dividends declared | (44) | (44) | |||
Net Income (loss) | (10) | (10) | |||
Ending Balance at Mar. 31, 2019 | 680,159 | 1,904 | 692,771 | (14,507) | (9) |
Beginning Balance at Dec. 31, 2018 | 662,253 | 1,846 | 675,566 | (15,153) | (6) |
Net Income (loss) | 13,607 | ||||
Ending Balance at Jun. 30, 2019 | 693,669 | 1,904 | 692,665 | (890) | (10) |
Beginning Balance at Mar. 31, 2019 | 680,159 | 1,904 | 692,771 | (14,507) | (9) |
Issuance of common shares | (106) | (106) | |||
Repurchase of common shares | (1) | (1) | |||
Net Income (loss) | 13,617 | 13,617 | |||
Ending Balance at Jun. 30, 2019 | $ 693,669 | $ 1,904 | $ 692,665 | $ (890) | $ (10) |
COMBINED AND CONSOLIDATED STA_3
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 13,607 | |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 37,733 | |
Amortization and write-off of above- and below- market leases, net | (641) | |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 10,490 | |
Gain on disposition of real estate, net | (31,165) | |
Property insurance proceeds in excess of receivable | (3,972) | |
Impairment charges | 13,200 | |
Loss on debt extinguishment | 175 | |
Interest rate hedging activities | 1,152 | |
Assumption of building due to ground lease terminations | 0 | |
Valuation allowance of prepaid taxes | 0 | |
Net change in accounts receivable | 3,065 | |
Net change in accounts payable and other liabilities | (6,823) | |
Net change in other operating assets | 4,756 | |
Total adjustments | 27,970 | |
Net cash flow provided by operating activities | 41,577 | |
Cash flow from investing activities: | ||
Real estate improvements to operating real estate | (49,395) | |
Proceeds from disposition of real estate | 247,297 | |
Hurricane property insurance advance proceeds | 33,750 | |
Net cash flow provided by investing activities | 231,652 | |
Cash flow from financing activities: | ||
Repayment of Parent Company unsecured debt | 0 | |
Proceeds from mortgage debt | 900,000 | |
Repayment of mortgage debt | (1,113,855) | |
Payment of debt issuance costs | (11,889) | |
Net transactions with SITE Centers | 0 | |
Dividends paid | (6,847) | |
Net cash flow used for financing activities | (232,591) | |
Net increase in cash, cash equivalents and restricted cash | 40,638 | |
Cash, cash equivalents and restricted cash, beginning of period | 111,199 | |
Cash, cash equivalents and restricted cash, end of period | $ 151,837 | |
RVI Predecessor [Member] | ||
Cash flow from operating activities: | ||
Net income (loss) | $ (174,156) | |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 50,144 | |
Amortization and write-off of above- and below- market leases, net | (928) | |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 14,556 | |
Gain on disposition of real estate, net | (13,096) | |
Impairment charges | 48,680 | |
Loss on debt extinguishment | 97,077 | |
Interest rate hedging activities | (4,538) | |
Assumption of building due to ground lease terminations | (2,150) | |
Valuation allowance of prepaid taxes | 3,991 | |
Net change in accounts receivable | (4,664) | |
Net change in accounts payable and other liabilities | 15,472 | |
Net change in other operating assets | (1,556) | |
Total adjustments | 202,988 | |
Net cash flow provided by operating activities | 28,832 | |
Cash flow from investing activities: | ||
Real estate improvements to operating real estate | (20,461) | |
Proceeds from disposition of real estate | 100,347 | |
Hurricane property insurance advance proceeds | 20,193 | |
Net cash flow provided by investing activities | 100,079 | |
Cash flow from financing activities: | ||
Repayment of Parent Company unsecured debt | (899,880) | |
Proceeds from mortgage debt | 1,350,000 | |
Repayment of mortgage debt | (421,344) | |
Payment of debt issuance costs | (32,755) | |
Net transactions with SITE Centers | (37,864) | |
Dividends paid | 0 | |
Net cash flow used for financing activities | (41,843) | |
Net increase in cash, cash equivalents and restricted cash | 87,068 | |
Cash, cash equivalents and restricted cash, beginning of period | 8,318 | |
Cash, cash equivalents and restricted cash, end of period | $ 95,386 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. On July 1, 2018, SITE Centers Corp., formerly known as DDR Corp. (“SITE Centers” or the “Manager”), completed the separation of Retail Value Inc., an Ohio corporation formed in December 2017 that owned and operated a portfolio of 48 real estate assets at the time of the separation that included 36 continental U.S. assets and 12 Puerto Rico assets (collectively, “RVI” the “RVI Predecessor” or the “Company”), into an independent public company. At June 30, 2019, RVI owned 31 properties that included 19 continental U.S. assets and 12 Puerto Rico assets comprising 12 million square feet of gross leasable area (“GLA”) and located in 12 states and Puerto Rico. In connection with the separation from SITE Centers, on July 1, 2018, the Company and SITE Centers entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) pursuant to which, among other things, SITE Centers agreed to transfer properties and certain related assets, liabilities and obligations to RVI, and to distribute 100% of the outstanding common shares of RVI to holders of record of SITE Centers’ common shares as of the close of business on June 26, 2018, the record date. On July 1, 2018, holders of SITE Centers’ common shares received one common share of RVI for every ten shares of SITE Centers’ common stock held on the record date. In connection with the separation from SITE Centers, SITE Centers retained 1,000 shares of RVI’s series A preferred stock having an aggregate dividend preference equal to $190 million, which amount may increase by up to an additional $10 million depending on the amount of aggregate gross proceeds generated by RVI asset sales. On July 1, 2018, the Company and SITE Centers also entered into an external management agreement (the “External Management Agreement”) which, together with various property management agreements, governs the fees, terms and conditions pursuant to which SITE Centers manages RVI and its properties. SITE Centers provides RVI with day-to-day management, subject to supervision and certain discretionary limits and authorities granted by the RVI Board of Directors. The Company does not have any employees. In general, either SITE Centers or RVI may terminate the management agreements on December 31, 2019, or at the end of any six-month renewal period thereafter. SITE Centers and RVI also entered into a tax matters agreement that governs the rights and responsibilities of the parties following RVI’s separation from SITE Centers with respect to various tax matters, and provides for the allocation of tax-related assets, liabilities and obligations. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Principles of Consolidation The Company For periods after July 1, 2018, the consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest. All significant inter-company balances and transactions have been eliminated in consolidation. RVI Predecessor For periods prior to July 1, 2018, the accompanying historical condensed combined financial statements and related notes of the Company do not represent the statement of operations and cash flows of a legal entity, but rather a combination of entities under common control that have been “carved-out” of SITE Centers’ consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All inter-company transactions and balances have been eliminated in combination. For periods prior to July 1, 2018, these combined financial statements reflect the revenues and direct expenses of the RVI Predecessor and include material assets and liabilities of SITE Centers that are specifically attributable to the Company. RVI Predecessor equity in these combined financial statements represents the excess of total assets over total liabilities. RVI Predecessor equity is impacted by contributions from and distributions to SITE Centers, which are the result of treasury activities and net funding provided by or distributed to SITE Centers prior to the separation from SITE Centers, as well as the allocated costs and expenses described below. The combined financial statements also include the consolidated results of certain of the Company’s wholly-owned subsidiaries, as applicable. All significant inter-company balances and transactions have been eliminated in consolidation. For periods prior to July 1, 2018, the combined financial statements include certain direct costs historically paid by the properties but contracted through SITE Centers, including but not limited to, management fees, insurance, compensation costs and out-of-pocket expenses directly related to the management of the properties (Note 11). Further, the combined financial statements include an allocation of indirect costs and expenses incurred by SITE Centers related to the Company, primarily consisting of compensation and other general and administrative costs that have been allocated using the relative percentage of property revenue of the Company and SITE Centers’ management’s knowledge of the Company. In addition, the combined financial statements include an allocation of interest expense on SITE Centers’ unsecured debt, excluding debt that is specifically attributable to the Company; interest expense was allocated by calculating the unencumbered net assets of each property held by the Company as a percentage of SITE Centers’ total consolidated unencumbered net assets and multiplying that percentage by the interest expense on SITE Centers unsecured debt. The amounts allocated in the accompanying combined financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the RVI Predecessor been a separate independent entity. SITE Centers believes the assumptions underlying SITE Centers’ allocation of indirect expenses are reasonable. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $5.0 million and $7.6 million of contractual lease payments from Other Income to Rental Income within total revenues on its combined statement of operations for the three and six months ended June 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02—Leases, as amended (“Topic 842”), as discussed below. Rental Income Rental Income on the combined and consolidated statements of operations includes contractual lease payments that generally include the following: • Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income and parking income, which are recognized in the period earned. Upon adoption of Topic 842, Rental Income for the periods beginning on or after January 1, 2019, has been reduced for amounts the Company believes are not probable of being collected. Rental income is recognized on a straight-line basis over the lease term. Rental income is not recognized when collection is not reasonably assured as the customer is placed on non-accrual status and rental income is recognized as cash payments are received. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2019 2018 The Company RVI Predecessor Accounts payable related to construction in progress $ 11.8 $ 10.1 Stock dividends 17.2 — Receivable and reduction of real estate assets, net - related to hurricane — 6.1 Assumption of building due to ground lease termination — 2.2 New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842 as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics, as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections as a lessor in connection with the adoption: • To include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • To exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). The adoption of the standard impacted the Company’s consolidated financial statements as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at two shopping centers (Note 5), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients The Company recorded ROU assets and lease liabilities of approximately $1.9 million and $3.0 million, respectively, as of January 1, 2019. The difference between the ROU asset and lease liability was due to the straight-line rent balance that existed as of the date of application of the standard. • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $0.6 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018. • The Company recorded an adjustment for the cumulative effect due to a change in accounting principal of $0.7 million in equity related to the change in its collectability assessment of operating lease receivables under Topic 842. • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income: Minimum Rents, Percentage and Overage R ents, Recoveries from Tenants, Ancillary Income and Lease Termina tion Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, b ad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses) |
Other Assets, Net
Other Assets, Net | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets, net | 4. Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 6,806 $ 11,926 Above-market leases, net 1,163 2,001 Lease origination costs, net 1,099 1,713 Tenant relations, net 11,302 16,242 Total intangible assets, net (A) 20,370 31,882 Operating lease ROU assets (B) 1,811 — Other assets: Prepaid expenses 5,390 10,011 Deposits 141 194 Deferred charges, net 93 179 Other assets (C) 48 1,294 Total other assets, net $ 27,853 $ 43,560 Accounts payable and other liabilities: Below-market leases, net (A) $ (20,893 ) $ (33,914 ) (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is adjusted to reflect the updated lease term. (B) Operating lease ROU assets are discussed further in Notes 1 and 5. (C) Included $1.2 million fair value of an interest rate cap at December 31, 2018, which was terminated in March 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 5 . Lessee The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2033. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the term of the lease. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBRs”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground leases; however, these options were not considered as part of the lease term when calculating the lease liability as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification June 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 1,811 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 2,943 Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and aggregated $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. Supplemental information related to leases was as follows: June 30, 2019 Weighted-Average Remaining Lease Term 11.7 years Weighted-Average Discount Rate 6.6 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 202 As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 169,109 $ 405 2020 143,736 414 2021 118,947 423 2022 92,495 433 2023 65,225 217 Thereafter 195,610 2,806 $ 785,122 $ 4,698 As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending June 30, (in thousands): Year June 30, 2020 $ 409 2021 419 2022 428 2023 325 2024 223 Thereafter 2,693 Total lease payments 4,497 Less imputed interest (1,554 ) Total $ 2,943 Lessor Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the 12-month periods ending June 30, were as follows (in thousands): Year Ending June 30, 2020 $ 152,278 2021 129,984 2022 106,832 2023 80,752 2024 56,708 Thereafter 201,418 Total $ 727,972 |
Credit Agreement
Credit Agreement | 6 Months Ended |
Jun. 30, 2019 | |
Line Of Credit Facility [Abstract] | |
Credit Agreement | 6 . The Company maintains a Credit Agreement (the “Revolving Credit Agreement”) with PNC Bank, National Association, as lender and administrative agent (“PNC”). The Revolving Credit Agreement provides for borrowings of up to $30.0 million. Borrowings under the Revolving Credit Agreement may be used by the Company for general corporate purposes and working capital. The Company’s borrowings under the Revolving Credit Agreement bear interest at variable rates at the Company’s election, based on either (i) LIBOR plus a specified spread ranging from 1.05% to 1.50% depending on the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the Alternate Base Rate (as defined in the Revolving Credit Agreement) plus a specified spread ranging from 0.05% to 0.50% depending on the Company’s Leverage Ratio. The Company is also required to pay a facility fee on the aggregate revolving commitments at a rate per annum that ranges from 0.15% to 0.30% depending on the Company’s Leverage Ratio. The Revolving Credit Agreement matures on the earliest to occur of (i) March 9, 2021, (ii) the date on which the External Management Agreement is terminated, (iii) the date on which DDR Asset Management, LLC or another wholly-owned subsidiary of SITE Centers ceases to be the “Service Provider” under the External Management Agreement as a result of assignment or operation of law or otherwise and (iv) the date on which the principal amount outstanding under the Company’s mortgage loan is repaid or refinanced (Note 7). The Company’s obligations under the Revolving Credit Agreement are guaranteed by SITE Centers in favor of PNC. In consideration thereof, on July 2, 2018, the Company entered into a guaranty fee and reimbursement letter agreement with SITE Centers pursuant to which the Company has agreed to pay to SITE Centers the following amounts: (i) an annual guaranty commitment fee of 0.20% of the aggregate commitments under the Revolving Credit Agreement, (ii) for all times other than those referenced in clause (iii) below, when any amounts are outstanding under the Revolving Credit Agreement, an amount equal to 5.00% per annum times the average aggregate outstanding daily principal amount of such loans plus the aggregate stated average daily amount of outstanding letters of credit and (iii) in the event SITE Centers pays any amounts to PNC pursuant to SITE Centers ’ guaranty (credit facility guaranty fee) and the Company fails to reimburse SITE Centers for such amount within three business days, an amount in cash equal to the amount of such paid obligations plus default interest which will accrue from the date of such payment by SITE Centers until repaid by the Company at a rate per annum equal to the sum of the LIBOR rate plus 8.50 %. At June 30, 2019, there were no amounts outstanding under the Revolving Credit Agreement. |
Mortgage Indebtedness
Mortgage Indebtedness | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Indebtedness | 7 . Mortgage Indebtedness On March 11, 2019, certain wholly-owned subsidiaries of the Company entered into a mortgage loan with an initial aggregate principal amount of $900 million. Substantially all proceeds from the mortgage loan were used to refinance and prepay all amounts outstanding under the Company’s February 2018 mortgage loan in the original aggregate principal amount of $1.35 billion. The outstanding aggregate principal amount of the mortgage loan was $774.9 million at June 30, 2019. The borrowers’ obligations are evidenced by promissory notes which are secured by, among other things: (i) mortgages encumbering the borrowers’ properties located in the continental U.S. (which comprise substantially all of the Company’s properties located in the continental U.S.) and Plaza Del Sol located in Bayamon, Puerto Rico (collectively, the “Mortgaged Properties”); (ii) a pledge of the equity of the Company’s subsidiaries that own each of the Company’s properties located in Puerto Rico (collectively, the “Pledged Properties”) and a pledge of related rents and other cash flows, insurance proceeds and condemnation awards; and (iii) a pledge of any reserves and accounts of any borrower. The loan facility will mature on March 9, 2021, subject to three one-year extensions at borrowers’ option based on certain conditions of the agreement. The initial weighted-average interest rate applicable to the notes is equal to one-month LIBOR plus a spread of 2.30% per annum, provided that such spread is subject to an increase of 0.25% per annum in connection with any exercise of the third extension option. Application of voluntary prepayments as described below will cause the weighted-average interest rate to increase over time. At June 30, 2019, the interest rate of the Company’s mortgage loan was 4.9%. The loan facility is structured as an interest only loan throughout the initial two-year term and any exercised extension options. As a result, so long as the borrowers maintain a minimum debt yield of 10% with respect to the Mortgaged Properties and no event of default exists, any property cash flows available following payment of debt service and funding of certain required reserve accounts (including reserves for payment of real estate taxes, insurance premiums, ground rents, tenant improvements and capital expenditures), will be available to the borrowers to pay operating expenses and for other general corporate purposes. The debt yield with respect to the Mortgages Properties was 13.6% as of June 30, 2019. Subject to certain conditions described in the mortgage loan agreement, the borrowers may prepay principal amounts outstanding under the loan facility in whole or in part by providing (i) advance notice of prepayment to the lenders and (ii) remitting the prepayment premium described in the mortgage loan agreement. No prepayment premium is required with respect to any prepayments made after April 9, 2020. Additionally, no prepayment premium will apply to prepayments made in connection with permitted property sales. Each Mortgaged Property has a portion of the original principal amount of the mortgage loan allocated to it. The amount of proceeds from the sale of an individual Mortgaged Property required to be applied towards prepayment of the notes (i.e., the property’s “release price”), will depend upon the principal amount of the mortgage loan allocated to it and the debt yield at the time of the sale. All proceeds for the sales of Pledged Properties other than Plaza Del Sol are required to be applied towards prepayment of the notes. Voluntary prepayments made by the borrowers will be applied to tranches of notes (i) absent an event of default, in descending order of seniority (i.e., such prepayments will first be applied to the most senior tranches of notes) and (ii) following any event of default, in such order as the loan servicer determines in its sole discretion. As a result, the Company expects that the weighted average interest rate of the notes will increase during the term of the loan facility. In the event of a default, the contract rate of interest on the notes will increase to the lesser of (i) the maximum rate allowed by law or (ii) the greater of (A) 4% above the interest rate otherwise applicable and (B) the Prime Rate (as defined in the mortgage loan) plus 1.0%. The notes contain other terms and provisions that are customary for instruments of this nature. The mortgage loan agreement also includes customary events of default, including among others, principal and interest payment defaults and breaches of affirmative or negative covenants, the mortgage loan agreement does not contain any financial maintenance covenants. In connection with the refinancing, the Company incurred $20.2 million of aggregate financing costs which included a $1.8 million debt financing fee paid to SITE Centers. This refinancing was treated as a loan modification versus a debt extinguishment pursuant to the applicable accounting guidance. As a result, only the portion of the financing costs incurred related to the new lender group was capitalized. The remaining financing costs not capitalized as a loan cost were recorded as debt extinguishment costs in the consolidated statement of operations along with the write - off of an allocation of the related unamortized deferred financing costs aggregating $ million . |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8 . Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. Debt The fair market value of debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value and is classified as Level 3 in the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The carrying amount of debt was $752.4 million and $967.6 million at June 30, 2019 and December 31, 2018, respectively. Interest Rate Cap In March 2018, the Company entered into an interest rate cap in connection with entering into the mortgage loan, which was terminated with the new mortgage financing (Note 7). At December 31, 2018, the notional amount of the interest rate cap was $1.0 billion. The fair value of the interest rate cap was $1.2 million at December 31, 2018, and was included in Other Assets. In March 2019, in connection with the mortgage refinancing, the Company received $0.3 million upon final settlement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Hurricane Loss In 2017, Hurricane Maria made landfall in Puerto Rico. At June 30, 2019, the Company owned 12 assets in Puerto Rico, aggregating 4.4 million square feet of Company-owned GLA. One of the 12 assets (Plaza Palma Real, consisting of approximately 0.4 million of Company-owned GLA) was severely damaged in Hurricane Maria. At June 30, 2019, three anchor tenants and a few other tenants totaling 0.3 million square feet were open for business approximating 58% of Plaza Palma Real’s Company-owned GLA. The other 11 assets sustained varying degrees of damage, consisting primarily of roof and HVAC system damage and water intrusion. Although some of the tenant spaces remain untenantable, a majority of the Company’s leased space that was open prior to the storm was open for business by mid 2018. The Company has engaged various consultants to assist with the damage scoping assessment. The Company continues to work with its consultants to finalize the scope and schedule of work to be performed. Restoration work is underway at all of the shopping centers, including Plaza Palma Real. The Company anticipates that the repair and restoration work will be substantially complete by early 2020 and all of the interior work will be complete by the end of 2020. The timing and schedule of additional repair work to be completed are highly dependent upon any changes in the scope of work, the availability of building materials, supplies and skilled labor and the timing and amount of proceeds recovered under the Company’s insurance claims. that the Company’s cost to repair the damages sustained may substantially exceed the amount the Company is ultimately able to recover from the insurer. As of June 30, 2019, the estimated net book value of the property written off for damage to the Company’s Puerto Rico assets was $78.8 million. However, the Company continues to assess the impact of the hurricane on its properties, and the final net book value write-offs could vary significantly from this estimate. Any changes to this estimate will be recorded in the periods in which they are determined. The Company’s Property Insurance Receivable was $29.4 million at December 31, 2018. The December 31, 2018 balance represented the estimated insurance recoveries related to the net book value of the property damage written off, as well as other expenses, as the Company believed it was probable that the insurance recovery, net of the deductible, would exceed the net book value of the damaged property. Hurricane Property Insurance Income on the Company’s Statement of Operations for the three and six months ended June 30, 2019 includes $4.0 million resulting from the excess payments made by the insurer over the $78.8 million of the estimated net book value written off. The Company received $33.8 million of the $83.9 million during the six months ended June 30, 2019, toward its property insurance claim. The Company’s business interruption insurance covers lost revenue through the period of property restoration and for up to 365 days following completion of restoration. For the three months ended June 30, 2019 and June 30, 2018, rental revenues of $1.2 million and $2.8 million, respectively, and for the six months ended June 30, 2019 and June 30, 2018, rental revenues of $2.8 million and $6.6 million, respectively, were not recorded because of lost tenant revenue attributable to Hurricane Maria that has been partially defrayed by insurance proceeds. The Company will record revenue for covered business interruption in the period it determines that it is probable it will be compensated and all the applicable contingencies with the insurance company have been resolved. This income recognition criteria will likely result in business interruption insurance proceeds being recorded in a period subsequent to the period that the Company experiences lost revenue from the damaged properties. For the three months ended June 30, 2019 and June 30, 2018, the Company received insurance proceeds of approximately $2.0 million and $3.1 million, respectively, and for the six months ended June 30, 2019 and June 30, 2018, the Company received insurance proceeds of approximately $2.0 million and $5.1 million, respectively, related to business interruption claims, which is recorded on the Company’s combined and consolidated statements of operations as Business Interruption Income. Pursuant to the terms of the Separation and Distribution Agreement in connection with the separation from SITE Centers, SITE Centers will be entitled to property damage insurance claim proceeds for unreimbursed restoration costs incurred through June 30, 2018, as well as business interruption losses for the same period. Business interruption proceeds will continue to be recorded to revenue in the period that it is determined to attribute them to post-separation claim activity and all applicable contingencies with the insurer have been resolved. Legal Matters The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. |
Impairment Charges
Impairment Charges | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 10 . Impairment charges were recorded on assets based on the difference between the carrying value of the assets and the estimated fair market value. These impairments primarily were triggered by indicative bids received and changes in market assumptions due to the disposition process. Items Measured at Fair Value on a Non-Recurring Basis The valuation of impaired real estate assets and investments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties. In general, the Company considers multiple valuation techniques when measuring fair value of real estate. However, in certain circumstances, a single valuation technique may be appropriate. For operational real estate assets, the significant assumptions included the capitalization rate used in the income capitalization valuation, as well as the projected property net operating income. These valuation adjustments were calculated based on market conditions and assumptions made by SITE Centers or the Company at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change. The following table presents information about the Company’s impairment charges on nonfinancial assets that were measured on a fair-value basis for the six months ended June 30, 2019. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Impairment Charges Long-lived assets held and used June 30, 2019 $ 47.1 $ 47.1 $ 13.2 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at June 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of assets $ 47.1 Income Capitalization Approach Market Capitalization Rate 8.1%-9.1% |
Transactions with SITE Centers
Transactions with SITE Centers | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with SITE Centers | 11 . The following table presents fees and other amounts charged by SITE Centers (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 The Company RVI Predecessor The Company RVI Predecessor Management fees (A) $ 2,999 $ 3,462 $ 5,995 $ 6,819 Asset management fees (B) 2,820 — 5,640 — Leasing commissions (C) 673 982 1,445 982 Insurance premiums (D) — 1,047 — 2,084 Maintenance services and other (E) 377 518 755 1,085 Disposition fees (F) 1,515 1,058 2,614 1,058 Credit facility guaranty and debt refinancing fees (G) — — 1,800 — Legal fees (H) 200 — 357 — $ 8,584 $ 7,067 $ 18,606 $ 12,028 (A) Beginning on July 1, 2018, property management fees are generally calculated based on a percentage of tenant cash receipts collected during the three months immediately preceding the most recent June 30 or December 31. Prior to the spin-off, calculated pursuant to the respective management agreements. (B) Asset management fees are generally calculated at 0.5% per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. (C) Leasing commissions represent fees charged for the execution of the leasing of retail space. Leasing commissions are included within Real Estate Assets on the combined and consolidated balance sheets. (D) For periods prior to July 1, 2018, SITE Centers contracted with authorized insurance companies for the liability and property insurance coverage for the continental U.S. properties. The Company remitted to SITE Centers insurance premiums associated with these insurance policies. Insurance premiums are included within Operating and Maintenance on the combined statements of operations. (E) Maintenance services represent amounts charged to the properties for the allocation of compensation and other benefits of personnel directly attributable to the management of the properties. Amounts are recorded in Operating and Maintenance Expense on the combined and consolidated statements of operations. (F) Disposition fees equal 1% of the gross sales price of each asset sold. Disposition fees are included within Gain on Disposition of Real Estate on the consolidated statements of operations. (G) The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7). For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per annum times the average aggregate daily principal amount of loans plus the aggregate stated average daily amount of letters of credit outstanding under the Re volving Credit Agreement (Note 6 ). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. (H) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. As of June 30, 2019 and December 31, 2018, the Company had amounts payable to SITE Centers of $33.8 million and $34.0 million, respectively. The amounts are included as Payables to SITE Centers on the consolidated balance sheets and primarily represent amounts owed to SITE Centers for restricted cash escrows held by the mortgage lender at the time of the Company’s separation from SITE Centers. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 2 . The following table provides the net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Three Months Six Months Ended June 30, Ended June 30, 2019 2019 Numerators – Basic and Diluted Net income attributable to common shareholders after allocation to participating securities $ 13,617 $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,043 18,963 Income Per Share: Basic and Diluted $ 0.72 $ 0.72 Dividends In December 2018, the Company declared a 2018 dividend on its common shares of $1.30 per share that was paid in a combination of cash and the Company’s common shares, subject to a Puerto Rico withholding tax of 10%. The aggregate amount of cash paid to shareholders was limited to 20% of the total dividend paid. In connection with the 2018 dividend, in January 2019, the Company issued 578,238 common shares, based on the volume-weighted average trading price of $29.8547 per share, and paid $6.7 million in cash, which included the Puerto Rico withholding tax. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 1 3 . Segment Information The Company has two reportable operating segments: continental U.S. and Puerto Rico. The table below presents information about the Company’s reportable operating segments (in thousands): Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 35,071 $ 25,814 $ 60,885 Rental operation expenses (10,114 ) (7,456 ) (17,570 ) Net operating income 24,957 18,358 43,315 Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income (loss), net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (20,650 ) (20,650 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Three Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 52,298 $ 26,676 $ 78,974 Rental operation expenses (15,115 ) (7,093 ) (22,208 ) Net operating income 37,183 19,583 56,766 Impairment charges (15,060 ) (15,060 ) Hurricane property insurance income (loss), net (187 ) (187 ) Depreciation and amortization (17,680 ) (6,392 ) (24,072 ) Unallocated expenses (A) $ (56,300 ) (56,300 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (25,757 ) Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 72,063 $ 50,433 $ 122,496 Rental operation expenses (20,967 ) (14,615 ) (35,582 ) Net operating income 51,096 35,818 86,914 Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income (loss), net 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (56,675 ) (56,675 ) Gain on disposition of real estate, net 31,165 31,165 Income before tax expense $ 14,102 As of June 30, 2019: Total gross real estate assets $ 1,120,461 $ 1,068,103 $ 2,188,564 Six Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 103,264 $ 51,970 155,234 Rental operation expenses (30,228 ) (13,951 ) (44,179 ) Net operating income 73,036 38,019 111,055 Impairment charges (48,680 ) (48,680 ) Hurricane property insurance income (loss), net (868 ) (868 ) Depreciation and amortization (37,339 ) (12,805 ) (50,144 ) Unallocated expenses (A) $ (194,405 ) (194,405 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (169,946 ) As of June 30, 2018: Total gross real estate assets $ 1,731,614 $ 988,430 $ 2,720,044 ( A ) Unallocated expenses consist of Property and Asset Management Fees, General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s combined and consolidated statements of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 4 . Restricted cash of $48.5 million generated from one asset sale in June 2019 was used to repay mortgage debt in July 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company For periods after July 1, 2018, the consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest. All significant inter-company balances and transactions have been eliminated in consolidation. RVI Predecessor For periods prior to July 1, 2018, the accompanying historical condensed combined financial statements and related notes of the Company do not represent the statement of operations and cash flows of a legal entity, but rather a combination of entities under common control that have been “carved-out” of SITE Centers’ consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All inter-company transactions and balances have been eliminated in combination. For periods prior to July 1, 2018, these combined financial statements reflect the revenues and direct expenses of the RVI Predecessor and include material assets and liabilities of SITE Centers that are specifically attributable to the Company. RVI Predecessor equity in these combined financial statements represents the excess of total assets over total liabilities. RVI Predecessor equity is impacted by contributions from and distributions to SITE Centers, which are the result of treasury activities and net funding provided by or distributed to SITE Centers prior to the separation from SITE Centers, as well as the allocated costs and expenses described below. The combined financial statements also include the consolidated results of certain of the Company’s wholly-owned subsidiaries, as applicable. All significant inter-company balances and transactions have been eliminated in consolidation. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $5.0 million and $7.6 million of contractual lease payments from Other Income to Rental Income within total revenues on its combined statement of operations for the three and six months ended June 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02—Leases, as amended (“Topic 842”), as discussed below. |
Rental Income | Rental Income Rental Income on the combined and consolidated statements of operations includes contractual lease payments that generally include the following: • Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income and parking income, which are recognized in the period earned. |
New Accounting Standards Adopted and to Be Adopted | New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842 as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics, as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections as a lessor in connection with the adoption: • To include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • To exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). The adoption of the standard impacted the Company’s consolidated financial statements as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at two shopping centers (Note 5), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients The Company recorded ROU assets and lease liabilities of approximately $1.9 million and $3.0 million, respectively, as of January 1, 2019. The difference between the ROU asset and lease liability was due to the straight-line rent balance that existed as of the date of application of the standard. • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $0.6 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018. • The Company recorded an adjustment for the cumulative effect due to a change in accounting principal of $0.7 million in equity related to the change in its collectability assessment of operating lease receivables under Topic 842. • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income: Minimum Rents, Percentage and Overage R ents, Recoveries from Tenants, Ancillary Income and Lease Termina tion Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, b ad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2019 2018 The Company RVI Predecessor Accounts payable related to construction in progress $ 11.8 $ 10.1 Stock dividends 17.2 — Receivable and reduction of real estate assets, net - related to hurricane — 6.1 Assumption of building due to ground lease termination — 2.2 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Net | Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 6,806 $ 11,926 Above-market leases, net 1,163 2,001 Lease origination costs, net 1,099 1,713 Tenant relations, net 11,302 16,242 Total intangible assets, net (A) 20,370 31,882 Operating lease ROU assets (B) 1,811 — Other assets: Prepaid expenses 5,390 10,011 Deposits 141 194 Deferred charges, net 93 179 Other assets (C) 48 1,294 Total other assets, net $ 27,853 $ 43,560 Accounts payable and other liabilities: Below-market leases, net (A) $ (20,893 ) $ (33,914 ) (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is adjusted to reflect the updated lease term. (B) Operating lease ROU assets are discussed further in Notes 1 and 5. (C) Included $1.2 million fair value of an interest rate cap at December 31, 2018, which was terminated in March 2019. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification June 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 1,811 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 2,943 |
Schedule of Supplemental Information Related to Leases | Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and aggregated $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. Supplemental information related to leases was as follows: June 30, 2019 Weighted-Average Remaining Lease Term 11.7 years Weighted-Average Discount Rate 6.6 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 202 |
Schedule of Future Minimum Rental Revenues and Future Minimum Rental Payments | As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 169,109 $ 405 2020 143,736 414 2021 118,947 423 2022 92,495 433 2023 65,225 217 Thereafter 195,610 2,806 $ 785,122 $ 4,698 |
Schedule of Maturities of Lease Liabilities under ASC 842 | As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending June 30, (in thousands): Year June 30, 2020 $ 409 2021 419 2022 428 2023 325 2024 223 Thereafter 2,693 Total lease payments 4,497 Less imputed interest (1,554 ) Total $ 2,943 |
Schedule of Future Minimum Rental Revenues from Rental Properties | The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the 12-month periods ending June 30, were as follows (in thousands): Year Ending June 30, 2020 $ 152,278 2021 129,984 2022 106,832 2023 80,752 2024 56,708 Thereafter 201,418 Total $ 727,972 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges Measured at Fair Value on Non-Recurring Basis | The following table presents information about the Company’s impairment charges on nonfinancial assets that were measured on a fair-value basis for the six months ended June 30, 2019. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Impairment Charges Long-lived assets held and used June 30, 2019 $ 47.1 $ 47.1 $ 13.2 |
Summary of Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at June 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of assets $ 47.1 Income Capitalization Approach Market Capitalization Rate 8.1%-9.1% |
Transactions with SITE Centers
Transactions with SITE Centers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Fees and Other Amounts Charged | The following table presents fees and other amounts charged by SITE Centers (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 The Company RVI Predecessor The Company RVI Predecessor Management fees (A) $ 2,999 $ 3,462 $ 5,995 $ 6,819 Asset management fees (B) 2,820 — 5,640 — Leasing commissions (C) 673 982 1,445 982 Insurance premiums (D) — 1,047 — 2,084 Maintenance services and other (E) 377 518 755 1,085 Disposition fees (F) 1,515 1,058 2,614 1,058 Credit facility guaranty and debt refinancing fees (G) — — 1,800 — Legal fees (H) 200 — 357 — $ 8,584 $ 7,067 $ 18,606 $ 12,028 (A) Beginning on July 1, 2018, property management fees are generally calculated based on a percentage of tenant cash receipts collected during the three months immediately preceding the most recent June 30 or December 31. Prior to the spin-off, calculated pursuant to the respective management agreements. (B) Asset management fees are generally calculated at 0.5% per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. (C) Leasing commissions represent fees charged for the execution of the leasing of retail space. Leasing commissions are included within Real Estate Assets on the combined and consolidated balance sheets. (D) For periods prior to July 1, 2018, SITE Centers contracted with authorized insurance companies for the liability and property insurance coverage for the continental U.S. properties. The Company remitted to SITE Centers insurance premiums associated with these insurance policies. Insurance premiums are included within Operating and Maintenance on the combined statements of operations. (E) Maintenance services represent amounts charged to the properties for the allocation of compensation and other benefits of personnel directly attributable to the management of the properties. Amounts are recorded in Operating and Maintenance Expense on the combined and consolidated statements of operations. (F) Disposition fees equal 1% of the gross sales price of each asset sold. Disposition fees are included within Gain on Disposition of Real Estate on the consolidated statements of operations. (G) The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7). For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per annum times the average aggregate daily principal amount of loans plus the aggregate stated average daily amount of letters of credit outstanding under the Re volving Credit Agreement (Note 6 ). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. (H) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income from Continuing Operations and the Number of Common Shares used in the Computations of “Basic” Earnings Per Share (“EPS”) | The following table provides the net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Three Months Six Months Ended June 30, Ended June 30, 2019 2019 Numerators – Basic and Diluted Net income attributable to common shareholders after allocation to participating securities $ 13,617 $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,043 18,963 Income Per Share: Basic and Diluted $ 0.72 $ 0.72 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Information about Company's Reportable Operating Segments | The table below presents information about the Company’s reportable operating segments (in thousands): Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 35,071 $ 25,814 $ 60,885 Rental operation expenses (10,114 ) (7,456 ) (17,570 ) Net operating income 24,957 18,358 43,315 Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income (loss), net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (20,650 ) (20,650 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Three Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 52,298 $ 26,676 $ 78,974 Rental operation expenses (15,115 ) (7,093 ) (22,208 ) Net operating income 37,183 19,583 56,766 Impairment charges (15,060 ) (15,060 ) Hurricane property insurance income (loss), net (187 ) (187 ) Depreciation and amortization (17,680 ) (6,392 ) (24,072 ) Unallocated expenses (A) $ (56,300 ) (56,300 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (25,757 ) Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 72,063 $ 50,433 $ 122,496 Rental operation expenses (20,967 ) (14,615 ) (35,582 ) Net operating income 51,096 35,818 86,914 Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income (loss), net 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (56,675 ) (56,675 ) Gain on disposition of real estate, net 31,165 31,165 Income before tax expense $ 14,102 As of June 30, 2019: Total gross real estate assets $ 1,120,461 $ 1,068,103 $ 2,188,564 Six Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 103,264 $ 51,970 155,234 Rental operation expenses (30,228 ) (13,951 ) (44,179 ) Net operating income 73,036 38,019 111,055 Impairment charges (48,680 ) (48,680 ) Hurricane property insurance income (loss), net (868 ) (868 ) Depreciation and amortization (37,339 ) (12,805 ) (50,144 ) Unallocated expenses (A) $ (194,405 ) (194,405 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (169,946 ) As of June 30, 2018: Total gross real estate assets $ 1,731,614 $ 988,430 $ 2,720,044 ( A ) Unallocated expenses consist of Property and Asset Management Fees, General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s combined and consolidated statements of operations. |
Nature of Business - Additional
Nature of Business - Additional Information (Details) ft² in Millions | Jun. 30, 2019USD ($)ft²State | Jul. 01, 2018PortfolioAssetShoppingCenter | Jun. 30, 2019USD ($)PortfolioAssetShoppingCentershares |
Nature of Business [Line Items] | |||
Square feet of gross leasable area of portfolio assets | ft² | 12 | ||
Number of states | State | 12 | ||
Number of portfolio assets | PortfolioAsset | 31 | ||
Separation and Distribution Agreement | |||
Nature of Business [Line Items] | |||
Percentage of distribution of outstanding common shares rights to holders | 100.00% | ||
Spin-off record date | June 26, 2018 | ||
Spin off distribution description | holders of SITE Centers’ common shares received one common share of RVI for every ten shares of SITE Centers’ common stock held on the record date. | ||
Separation and Distribution Agreement | Series A Preferred Stock | |||
Nature of Business [Line Items] | |||
Number of shares retained in connection with agreement | shares | 1,000 | ||
Preferred stock, value | $ | $ 190,000,000 | $ 190,000,000 | |
Maximum increase in preferred stock amount | $ | $ 10,000,000 | $ 10,000,000 | |
Separation and Distribution Agreement | Common Stock | |||
Nature of Business [Line Items] | |||
Share exchange ratio under agreement | 0.1 | ||
U.S. | |||
Nature of Business [Line Items] | |||
Number of shopping centers | 19 | ||
Puerto Rico | |||
Nature of Business [Line Items] | |||
Number of shopping centers | 12 | ||
SITE Centers Corp | |||
Nature of Business [Line Items] | |||
Number of portfolio assets in connection with spin off | PortfolioAsset | 48 | ||
SITE Centers Corp | U.S. | |||
Nature of Business [Line Items] | |||
Number of shopping centers subject to spin off | 36 | ||
SITE Centers Corp | Puerto Rico | |||
Nature of Business [Line Items] | |||
Number of shopping centers subject to spin off | 12 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Jan. 01, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)ShoppingCenter | Jun. 30, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 1,811 | |||
Lease liability | $ 2,943 | |||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease term of contract | 1 month | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease term of contract | 30 years | |||
ASU 2016-02 - Topic 842 Leases | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Contractual lease payments | $ 5,000 | $ 7,600 | ||
Number of shopping centers under ground lease agreements | ShoppingCenter | 2 | |||
Right-of-use assets | $ 1,900 | |||
Lease liability | 3,000 | |||
Cumulative effect of change in equity | 700 | |||
ASU 2016-02 - Topic 842 Leases | Accounts Receivable, Accounts Payable and Other Liabilities | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Real estate taxes paid | $ 600 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Accounts payable related to construction in progress | $ 11.8 | |
Stock dividends | 17.2 | |
Receivable and reduction of real estate assets, net - related to hurricane | 0 | |
Building | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Assumption of building due to ground lease termination | $ 0 | |
RVI Predecessor [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accounts payable related to construction in progress | $ 10.1 | |
Stock dividends | 0 | |
Receivable and reduction of real estate assets, net - related to hurricane | 6.1 | |
RVI Predecessor [Member] | Building | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Assumption of building due to ground lease termination | $ 2.2 |
Other Assets, Net - Components
Other Assets, Net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Intangible assets: | ||
Total intangible assets, net | $ 20,370 | $ 31,882 |
Operating lease ROU assets | 1,811 | |
Other assets: | ||
Prepaid expenses | 5,390 | 10,011 |
Deposits | 141 | 194 |
Deferred charges, net | 93 | 179 |
Other assets | 48 | 1,294 |
Total other assets, net | 27,853 | 43,560 |
Accounts payable and other liabilities: | ||
Below-market leases, net | (20,893) | (33,914) |
In-Place Leases, Net | ||
Intangible assets: | ||
Total intangible assets, net | 6,806 | 11,926 |
Above-Market Leases, Net | ||
Intangible assets: | ||
Total intangible assets, net | 1,163 | 2,001 |
Lease Origination Costs, Net | ||
Intangible assets: | ||
Total intangible assets, net | 1,099 | 1,713 |
Tenant Relations, net | ||
Intangible assets: | ||
Total intangible assets, net | $ 11,302 | $ 16,242 |
Other Assets, Net - Component_2
Other Assets, Net - Components of Other Assets and Intangibles (Parenthetical) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Interest Rate Cap | |
Other Assets [Line Items] | |
Fair value of interest rate cap | $ 1.2 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, option to extend | true | |
Operating lease, option to extend | The Company has options to extend certain of the ground leases; however, these options were not considered as part of the lease term when calculating the lease liability as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term | |
Operating lease expense | $ 0.1 | $ 0.2 |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Operating lease term of contract | 1 month | 1 month |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Operating lease term of contract | 30 years | 30 years |
Long-term Ground Leases | ||
Operating Leased Assets [Line Items] | ||
Lease expiration period | various dates through 2033 |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets and Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Lease ROU Assets | $ 1,811 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Operating Lease Liabilities | $ 2,943 |
Lease liabilities, accounts payable and other liabilities | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Weighted-Average Remaining Lease Term | 11 years 8 months 12 days |
Weighted-Average Discount Rate | 6.60% |
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) | $ 202 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues and Future Minimum Rental Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Year | |
2019 | $ 169,109 |
2020 | 143,736 |
2021 | 118,947 |
2022 | 92,495 |
2023 | 65,225 |
Thereafter | 195,610 |
Total | 785,122 |
Year | |
2019 | 405 |
2020 | 414 |
2021 | 423 |
2022 | 433 |
2023 | 217 |
Thereafter | 2,806 |
Total | $ 4,698 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities under ASC 842 (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 409 |
2021 | 419 |
2022 | 428 |
2023 | 325 |
2024 | 223 |
Thereafter | 2,693 |
Total lease payments | 4,497 |
Less imputed interest | (1,554) |
Total | $ 2,943 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Revenues from Rental Properties (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 152,278 |
2021 | 129,984 |
2022 | 106,832 |
2023 | 80,752 |
2024 | 56,708 |
Thereafter | 201,418 |
Total | $ 727,972 |
Credit Agreement - Additional I
Credit Agreement - Additional Information (Detail) - USD ($) | Jul. 02, 2018 | Jun. 30, 2019 |
Line Of Credit Facility [Line Items] | ||
Debt instrument variable rate description | when any amounts are outstanding under the Revolving Credit Agreement, an amount equal to 5.00% per annum times the average aggregate outstanding daily principal amount of such loans plus the aggregate stated average daily amount of outstanding letters of credit and (iii) in the event SITE Centers pays any amounts to PNC pursuant to SITE Centers’ guaranty (credit facility guaranty fee) and the Company fails to reimburse SITE Centers for such amount within three business days, an amount in cash equal to the amount of such paid obligations plus default interest which will accrue from the date of such payment by SITE Centers until repaid by the Company at a rate per annum equal to the sum of the LIBOR rate plus 8.50%. | |
Revolving Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, outstanding amount | $ 0 | |
Revolving Credit Agreement | SITE Centers Corp | Guaranty Fee and Reimbursement Letter Agreement | ||
Line Of Credit Facility [Line Items] | ||
Facility fee on aggregate revolving commitments rate per annum | 0.20% | |
Percent of outstanding loans required to be paid | 5.00% | |
Revolving Credit Agreement | LIBOR | SITE Centers Corp | Guaranty Default Interest Rate | ||
Line Of Credit Facility [Line Items] | ||
Specified spread line of credit facility | 8.50% | |
PNC Bank National Association | Revolving Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 30,000,000 | |
Debt instrument variable rate description | The Company’s borrowings under the Revolving Credit Agreement bear interest at variable rates at the Company’s election, based on either (i) LIBOR plus a specified spread ranging from 1.05% to 1.50% depending on the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the Alternate Base Rate (as defined in the Revolving Credit Agreement) plus a specified spread ranging from 0.05% to 0.50% depending on the Company’s Leverage Ratio. The Company is also required to pay a facility fee on the aggregate revolving commitments at a rate per annum that ranges from 0.15% to 0.30% depending on the Company’s Leverage Ratio | |
Minimum | PNC Bank National Association | Revolving Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Facility fee on aggregate revolving commitments rate per annum | 0.15% | |
Minimum | PNC Bank National Association | Revolving Credit Agreement | LIBOR | ||
Line Of Credit Facility [Line Items] | ||
Specified spread line of credit facility | 1.05% | |
Minimum | PNC Bank National Association | Revolving Credit Agreement | Alternative Base Rate | ||
Line Of Credit Facility [Line Items] | ||
Specified spread line of credit facility | 0.05% | |
Maximum | PNC Bank National Association | Revolving Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Facility fee on aggregate revolving commitments rate per annum | 0.30% | |
Maximum | PNC Bank National Association | Revolving Credit Agreement | LIBOR | ||
Line Of Credit Facility [Line Items] | ||
Specified spread line of credit facility | 1.50% | |
Maximum | PNC Bank National Association | Revolving Credit Agreement | Alternative Base Rate | ||
Line Of Credit Facility [Line Items] | ||
Specified spread line of credit facility | 0.50% |
Mortgage Indebtedness - Additio
Mortgage Indebtedness - Additional Information (Details) | Mar. 11, 2019USD ($) | Jun. 30, 2019USD ($)Option | Feb. 14, 2018USD ($) |
Debt Instrument [Line Items] | |||
Aggregate financing costs | $ 20,200,000 | ||
Debt financing fee paid to SITE centers | $ 1,800,000 | ||
Mortgage Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument initial maturity period | 2 years | ||
Debt yield ratio | 13.60% | ||
Prepayment premium amount expected to be paid in future | $ 0 | ||
Repayment of aggregate debt extinguishment costs incurred | $ 12,700,000 | ||
Mortgage Loan | Minimum | |||
Debt Instrument [Line Items] | |||
Debt yield ratio | 10.00% | ||
Mortgage Loan | Promissory Notes | |||
Debt Instrument [Line Items] | |||
Aggregate outstanding principal amount | $ 900,000,000 | $ 774,900,000 | $ 1,350,000,000 |
Debt instrument maturity date | Mar. 9, 2021 | ||
Debt instrument number of extension options | Option | 3 | ||
Debt instrument extension options maturity period | 1 year | ||
Interest rate description | one-month LIBOR plus a spread of 2.30% per annum | ||
Percentage of increase in debt instrument exercise of third extension option | 0.25% | ||
Debt instrument interest rate | 4.90% | ||
Description of event of default | In the event of a default, the contract rate of interest on the notes will increase to the lesser of (i) the maximum rate allowed by law or (ii) the greater of (A) 4% above the interest rate otherwise applicable and (B) the Prime Rate (as defined in the mortgage loan) plus 1.0%. The notes contain other terms and provisions that are customary for instruments of this nature. The mortgage loan agreement also includes customary events of default, including among others, principal and interest payment defaults and breaches of affirmative or negative covenants, the mortgage loan agreement does not contain any financial maintenance covenants. | ||
Rate of interest in event of default | 4.00% | ||
Additional interest percentage to prime rate in event of default | 1.00% | ||
Mortgage Loan | Promissory Notes | LIBOR | |||
Debt Instrument [Line Items] | |||
Specified spread line of credit facility | 2.30% |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total indebtedness | $ 752,404 | $ 967,569 | |
Interest Rate Cap | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of interest rate cap | 1,200 | ||
Notional Amount | 1,000,000 | ||
Mortgage refinancing cash received upon settlement | $ 300 | ||
Fair Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total indebtedness | $ 794,700 | $ 1,016,100 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 21 Months Ended | |||
Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant | Dec. 31, 2018USD ($) | |
Contingencies and Commitments [Line Items] | ||||||
Property insurance receivable | $ 0 | $ 0 | $ 0 | $ 29,422 | ||
Hurricane property insurance income | 3,814 | 3,631 | ||||
Insurance proceeds related to business interruption insurance claims | $ 2,000 | $ 2,000 | ||||
RVI Predecessor [Member] | ||||||
Contingencies and Commitments [Line Items] | ||||||
Hurricane property insurance income | $ (187) | $ (868) | ||||
Insurance proceeds related to business interruption insurance claims | 3,100 | 5,100 | ||||
Puerto Rico | ||||||
Contingencies and Commitments [Line Items] | ||||||
Number of properties owned | ShoppingCenter | 12 | 12 | 12 | |||
Gross leasable area of properties owned | ft² | 4,400,000 | 4,400,000 | 4,400,000 | |||
Insurance Policy Limit | $ 330,000 | |||||
Hurricane and impairment loss | 5,500 | |||||
Hurricane property insurance income | $ 4,000 | $ 4,000 | ||||
Puerto Rico | Loss from Catastrophes | ||||||
Contingencies and Commitments [Line Items] | ||||||
Number of assets that sustained varying degrees of damage | ShoppingCenter | 11 | 11 | 11 | |||
Estimated net book value of the property written off | $ 78,800 | $ 78,800 | $ 78,800 | |||
Property insurance receivable | $ 29,400 | |||||
Business interruption insurance coverage period after restoration | 365 days | |||||
Rental revenues lost and not recognized | 1,200 | $ 2,800 | ||||
Puerto Rico | Loss from Catastrophes | RVI Predecessor [Member] | ||||||
Contingencies and Commitments [Line Items] | ||||||
Rental revenues lost and not recognized | 2,800 | 6,600 | ||||
Puerto Rico | Loss from Catastrophes | Business Interruption Income | ||||||
Contingencies and Commitments [Line Items] | ||||||
Insurance proceeds related to business interruption insurance claims | $ 2,000 | $ 2,000 | ||||
Puerto Rico | Loss from Catastrophes | Business Interruption Income | RVI Predecessor [Member] | ||||||
Contingencies and Commitments [Line Items] | ||||||
Insurance proceeds related to business interruption insurance claims | $ 3,100 | $ 5,100 | ||||
Puerto Rico | Loss from Catastrophes | Plaza Palma Real | ||||||
Contingencies and Commitments [Line Items] | ||||||
Number of properties owned that was severely damaged | ShoppingCenter | 1 | 1 | 1 | |||
Gross leasable area of properties owned that was severely damaged | ft² | 400,000 | 400,000 | 400,000 | |||
Number of anchor tenants opened for business | AnchorTenant | 3 | 3 | 3 | |||
Gross leasable area of properties opened for business | ft² | 300,000 | 300,000 | 300,000 | |||
Percentage of anchor tenants opened for business | 58.00% | 58.00% | 58.00% | |||
Puerto Rico | Insurance Claims | ||||||
Contingencies and Commitments [Line Items] | ||||||
Property insurance claim received | $ 33,800 | $ 83,900 |
Impairment Charges - Impairment
Impairment Charges - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used, Total Impairment Charges | $ 7,110 | $ 13,200 |
Fair Value Measurements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | 47,100 | 47,100 |
Fair Value Measurements | SITE Centers Corp | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used, Total Impairment Charges | 13,200 | |
Fair Value Measurements | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | $ 47,100 | $ 47,100 |
Impairment Charges - Summary of
Impairment Charges - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | $ 47.1 |
Level 3 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | 47.1 |
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | $ 47.1 |
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach | Minimum | Measurement Input Cap Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 8.10% |
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach | Maximum | Measurement Input Cap Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 9.10% |
Transactions with SITE Center_2
Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Details) - SITE Centers Corp - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Management fees | $ 2,999 | $ 5,995 | ||
Asset management fees | 2,820 | 5,640 | ||
Leasing commissions | 673 | 1,445 | ||
Insurance premiums | 0 | 0 | ||
Maintenance services and other | 377 | 755 | ||
Disposition fees | 1,515 | 2,614 | ||
Credit facility guaranty and debt refinancing fees | 0 | 1,800 | ||
Legal fees | 200 | 357 | ||
Total fees and other amount charges | $ 8,584 | $ 18,606 | ||
RVI Predecessor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees | $ 3,462 | $ 6,819 | ||
Asset management fees | 0 | 0 | ||
Leasing commissions | 982 | 982 | ||
Insurance premiums | 1,047 | 2,084 | ||
Maintenance services and other | 518 | 1,085 | ||
Disposition fees | 1,058 | 1,058 | ||
Credit facility guaranty and debt refinancing fees | 0 | 0 | ||
Legal fees | 0 | 0 | ||
Total fees and other amount charges | $ 7,067 | $ 12,028 |
Transactions with SITE Center_3
Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
RVI Predecessor [Member] | |
Related Party Transaction [Line Items] | |
Percentage of gross sales price of asset sold | 1.00% |
SITE Centers Corp | |
Related Party Transaction [Line Items] | |
Percentage of gross asset value for calculation of asset management fees | 0.50% |
Percentage of gross sales price of asset sold | 1.00% |
SITE Centers Corp | Revolving Credit Agreement | |
Related Party Transaction [Line Items] | |
Percentage of debt financing fee equal to aggregate principal amount | 0.20% |
Percentage of facility fee on aggregate revolving commitments rate per annum | 0.20% |
Average percent of outstanding loans required to be paid | 5.00% |
Calculation of guaranty and refinancing fee | The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7). For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per |
Transactions with SITE Center_4
Transactions with SITE Centers - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Payable to SITE Centers | $ 33,759 | $ 33,985 |
SITE Centers Corp | ||
Related Party Transaction [Line Items] | ||
Payable to SITE Centers | $ 33,800 | |
SITE Centers Corp | RVI Predecessor [Member] | ||
Related Party Transaction [Line Items] | ||
Payable to SITE Centers | $ 34,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Net Income from Continuing Operations and the Number of Common Shares used in the Computations of "Basic" Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Net income attributable to common shareholders after allocation to participating securities | $ 13,617 | $ 13,607 |
Denominators – Number of Shares | ||
Basic and Diluted—Average shares outstanding | 19,043 | 18,963 |
Income Per Share: | ||
Basic and diluted | $ 0.72 | $ 0.72 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share Basic [Line Items] | ||
Common shares, dividend declared | $ 1.30 | |
Common shares, withholding tax | 10.00% | |
Common stock dividend shares issued | 578,238 | |
Common shares, weighted average price per share | $ 29.8547 | |
Common shares, dividend paid in cash | $ 6.7 | |
Maximum | ||
Earnings Per Share Basic [Line Items] | ||
Common stock aggregate percentage of dividend paid in cash | 20.00% |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Segment Information - Summary o
Segment Information - Summary of Information about Company's Reportable Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | $ 60,885 | $ 122,496 | ||
Rental operation expenses | (17,570) | (35,582) | ||
Net operating income | 43,315 | 86,914 | ||
Impairment charges | (7,110) | (13,200) | ||
Hurricane property insurance income (loss), net | 3,814 | 3,631 | ||
Depreciation and amortization | (18,378) | (37,733) | ||
Unallocated expenses | (20,650) | (56,675) | ||
Gain on disposition of real estate, net | 12,946 | 31,165 | ||
Income (loss) before tax expense | 13,937 | 14,102 | ||
Total gross real estate assets | 2,188,564 | 2,188,564 | ||
RVI Predecessor [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | $ 78,974 | $ 155,234 | ||
Rental operation expenses | (22,208) | (44,179) | ||
Net operating income | 56,766 | 111,055 | ||
Impairment charges | (15,060) | (48,680) | ||
Hurricane property insurance income (loss), net | (187) | (868) | ||
Depreciation and amortization | (24,072) | (50,144) | ||
Unallocated expenses | (56,300) | (194,405) | ||
Gain on disposition of real estate, net | 13,096 | 13,096 | ||
Income (loss) before tax expense | (25,757) | (169,946) | ||
Total gross real estate assets | 2,720,044 | 2,720,044 | ||
Continental U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | 35,071 | 72,063 | ||
Rental operation expenses | (10,114) | (20,967) | ||
Net operating income | 24,957 | 51,096 | ||
Impairment charges | (7,110) | (13,200) | ||
Depreciation and amortization | (11,794) | (24,395) | ||
Gain on disposition of real estate, net | 12,946 | 31,165 | ||
Total gross real estate assets | 1,120,461 | 1,120,461 | ||
Continental U.S. | RVI Predecessor [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | 52,298 | 103,264 | ||
Rental operation expenses | (15,115) | (30,228) | ||
Net operating income | 37,183 | 73,036 | ||
Impairment charges | (15,060) | (48,680) | ||
Depreciation and amortization | (17,680) | (37,339) | ||
Gain on disposition of real estate, net | 13,096 | 13,096 | ||
Total gross real estate assets | 1,731,614 | 1,731,614 | ||
Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | 25,814 | 50,433 | ||
Rental operation expenses | (7,456) | (14,615) | ||
Net operating income | 18,358 | 35,818 | ||
Hurricane property insurance income (loss), net | 3,814 | 3,631 | ||
Depreciation and amortization | (6,584) | (13,338) | ||
Total gross real estate assets | 1,068,103 | 1,068,103 | ||
Puerto Rico | RVI Predecessor [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue and other property revenue | 26,676 | 51,970 | ||
Rental operation expenses | (7,093) | (13,951) | ||
Net operating income | 19,583 | 38,019 | ||
Hurricane property insurance income (loss), net | (187) | (868) | ||
Depreciation and amortization | (6,392) | (12,805) | ||
Total gross real estate assets | 988,430 | 988,430 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated expenses | $ (20,650) | $ (56,675) | ||
Other | RVI Predecessor [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated expenses | $ (56,300) | $ (194,405) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | 1 Months Ended | |
Jul. 31, 2019USD ($) | Jun. 30, 2019Asset | |
Subsequent Event [Line Items] | ||
Number of assets sold | Asset | 1 | |
Restricted Cash | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Restricted cash from asset sale used to repay mortgage debt | $ | $ 48.5 |