Retail Value (RVIC) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
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 Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,829,264
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Title of 12(b) Security	Common Shares, Par Value $0.10 Per Share
Security Exchange Name	NYSE
Entity File Number	1-38517
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	82-4182996
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
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Land	$ 464,876	$ 522,393
Buildings	1,205,401	1,380,984
Fixtures and tenant improvements	137,586	152,426
Total real estate rental property	1,807,863	2,055,803
Less: Accumulated depreciation	(622,100)	(670,509)
Real estate rental property, net	1,185,763	1,385,294
Construction in progress	6,962	2,017
Total real estate assets, net	1,192,725	1,387,311
Cash and cash equivalents	99,176	71,047
Restricted cash	93,172	112,246
Accounts receivable	31,884	25,195
Other assets, net	22,303	30,888
Total assets	1,439,260	1,626,687
Liabilities and Equity
Mortgage indebtedness, net	506,688	655,833
Payable to SITE Centers	280	105
Accounts payable and other liabilities	41,343	53,789
Dividends payable	0	39,057
Total liabilities	548,311	748,784
Commitments and contingencies (Note 5)
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; 19,816,476 and 19,052,592 shares issued at June 30, 2020 and December 31, 2019, respectively	1,982	1,905
Additional paid-in capital	720,893	692,871
Accumulated distributions in excess of net loss	(21,910)	(6,857)
Less: Common shares in treasury at cost: 454 shares at June 30, 2020 and December 31, 2019	(16)	(16)
Total equity	700,949	687,903
Total liabilities and equity	$ 1,439,260	$ 1,626,687

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	19,816,476	19,052,592
Treasury common shares	454	454

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from operations:
Rental income	$ 39,299	$ 58,875	$ 89,629	$ 120,445
Business interruption income	0	2,000	0	2,000
Other (expense) income	(7)	10	32	51
Total revenue from operations	39,292	60,885	89,661	122,496
Rental operation expenses:
Operating and maintenance	9,627	10,401	20,689	20,903
Real estate taxes	5,483	7,169	11,202	14,679
Property and asset management fees	4,890	5,819	9,766	11,635
Impairment charges	10,910	7,110	26,820	13,200
Hurricane property insurance income, net	0	(3,814)	0	(3,631)
General and administrative	924	1,058	2,001	1,943
Depreciation and amortization	14,211	18,378	30,681	37,733
Total rental operation expenses	46,045	46,121	101,159	96,462
Other (expense) income:
Interest expense, net	(5,660)	(10,846)	(12,952)	(24,820)
Debt extinguishment costs	(12)	(2,927)	(3,977)	(17,409)
Other income (expense), net			334	(868)
Gain on disposition of real estate, net	10,958	12,946	13,632	31,165
Total other income (expense)	5,286	(827)	(2,963)	(11,932)
(Loss) income before tax expense	(1,467)	13,937	(14,461)	14,102
Tax expense	(519)	(320)	(592)	(495)
Net (loss) income	(1,986)	13,617	(15,053)	13,607
Comprehensive (loss) income	$ (1,986)	$ 13,617	$ (15,053)	$ 13,607
Per share data:
Basic and diluted	$ (0.10)	$ 0.72	$ (0.76)	$ 0.72

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Shares	Common SharesRevision of Prior Period, Accounting Standards Update, Adjustment	Additional Paid-in Capital	Additional Paid-in CapitalRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Distributions in Excess of Net Loss	Accumulated Distributions in Excess of Net LossRevision of Prior Period, Accounting Standards Update, Adjustment	Treasury Stock at Cost	Treasury Stock at CostRevision of Prior Period, Accounting Standards Update, Adjustment
Beginning Balance at Dec. 31, 2018	$ 662,253		$ 1,846		$ 675,566		$ (15,153)		$ (6)
Issuance of common shares related to stock dividends	17,263		58		17,205		0		0
Repurchase of common shares	(3)		0		0		0		(3)
Net (loss) income	$ (10)	$ 700	0	$ 0	0	$ 0	(10)	$ 700	0	$ 0
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Dividends declared	$ (44)		0		0		(44)		0
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 (loss) income	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 related to stock dividend	(106)				(106)
Repurchase of common shares	(1)								(1)
Net (loss) income	13,617						13,617
Ending Balance at Jun. 30, 2019	693,669		1,904		692,665		(890)		(10)
Beginning Balance at Dec. 31, 2019	687,903		1,905		692,871		(6,857)		(16)
Issuance of common shares related to stock dividends	28,099		77		28,022		0		0
Net (loss) income	(13,067)		0		0		(13,067)		0
Ending Balance at Mar. 31, 2020	702,935		1,982		720,893		(19,924)		(16)
Beginning Balance at Dec. 31, 2019	687,903		1,905		692,871		(6,857)		(16)
Net (loss) income	$ (15,053)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Ending Balance at Jun. 30, 2020	$ 700,949		1,982		720,893		(21,910)		(16)
Beginning Balance at Mar. 31, 2020	702,935		1,982		720,893		(19,924)		(16)
Net (loss) income	(1,986)		0		0		(1,986)		0
Ending Balance at Jun. 30, 2020	$ 700,949		$ 1,982		$ 720,893		$ (21,910)		$ (16)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flow from operating activities:
Net (loss) income	$ (15,053)	$ 13,607
Adjustments to reconcile net (loss) income to net cash flow provided by operating activities:
Depreciation and amortization	30,681	37,733
Amortization and write-off of above- and below-market leases, net	(587)	(641)
Amortization and write-off of debt issuance costs and fair market value of debt adjustments	5,500	10,490
Gain on disposition of real estate, net	(13,632)	(31,165)
Property insurance proceeds in excess of receivable	0	(3,972)
Impairment charges	26,820	13,200
Loss on debt extinguishment	0	175
Interest rate hedging activities	0	1,152
Net change in accounts receivable	(8,721)	3,065
Net change in accounts payable and other liabilities	(7,881)	(6,823)
Net change in other operating assets	3,083	4,756
Total adjustments	35,263	27,970
Net cash flow provided by operating activities	20,210	41,577
Cash flow from investing activities:
Real estate improvements to operating real estate	(13,053)	(49,395)
Proceeds from disposition of real estate	167,452	247,297
Hurricane property insurance proceeds	0	33,750
Net cash flow provided by investing activities	154,399	231,652
Cash flow from financing activities:
Proceeds from mortgage debt	0	900,000
Repayment of mortgage debt, including repayment costs	(154,596)	(1,113,855)
Payment of debt issuance costs	0	(11,889)
Dividends paid	(10,958)	(6,847)
Net cash flow used for financing activities	(165,554)	(232,591)
Net increase in cash, cash equivalents and restricted cash	9,055	40,638
Cash, cash equivalents and restricted cash, beginning of period	183,293	111,199
Cash, cash equivalents and restricted cash, end of period	$ 192,348	$ 151,837

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Financial Statement Presentation	1. Nature of Business Retail Value Inc. and its related consolidated real estate subsidiaries (collectively, the “Company” or “RVI”) were formed in December 2017 and owned 48 properties, comprised of 36 continental U.S. assets and 12 Puerto Rico assets, at the time of their separation from SITE Centers Corp. (“SITE Centers”) on July 1, 2018. As of June 30, 2020, RVI owned 25 properties that included 13 continental U.S. assets and 12 Puerto Rico assets comprising 9.9 million square feet of gross leasable area (“GLA”) and located in 10 states and Puerto Rico. These properties serve as direct or indirect collateral for a mortgage loan which, as of June 30, 2020, had an aggregate principal balance of $519.7 million. In connection with RVI’s 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, 2020, 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. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. The Company considered impacts to its estimates related to the COVID-19 pandemic, as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2020 and 2019, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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, 2020 2019 Accounts payable related to construction in progress $ 4.1 $ 11.8 Stock dividends 28.1 17.2 New Accounting Standards 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 (Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses, “Topic 326”) Impact of the COVID-19 Pandemic on Revenue and Receivables In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the impact of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of the COVID-19 pandemic on lessees is a lease modification under Topic 842, Leases. Instead, an entity that elects not to evaluate whether a concession directly related to the impact of the COVID-19 pandemic is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected not to apply lease modification accounting to lease amendments in which the total amount of rent due under the lease is substantially the same and there has been no increase in the lease term. A majority of the Company’s concession amendments within this category provide for the deferral of rental payments to a later date within the remaining lease term. In addition, if abatements are granted as part of a lease amendment, the Company has elected to not treat the abatements as variable rent and instead will record the concession’s impact over the tenant’s remaining lease term on a straight-line basis. Modifications to leases that involve an increase in the lease term have been treated as a lease modification. Beginning in March 2020, the retail sector within the continental U.S. has been significantly impacted by the outbreak of COVID-19. Though the impact of the COVID-19 pandemic on tenant operations has varied by tenant category, local conditions and applicable government mandates, a significant number of the Company’s tenants have experienced a reduction in sales and foot traffic, and many tenants were forced to limit their operations or close their businesses for a period of time. As of July 31, 2020, approximately 93% of the Company’s tenants were open for business, up from a low of approximately 34% in early April 2020. The outbreak of COVID-19 had a relatively minimal impact on the Company’s collection of rents for the first quarter of 2020, but it had a significant impact on collection of second quarter rents. As of July 31, 2020, the Company’s tenants had paid approximately 63% of aggregate base rents for the second quarter. The Company has engaged in discussions with many tenants that failed to satisfy all or a portion of their rent obligations during the second quarter of 2020 and has agreed to terms on rent-deferral arrangements and other lease modifications with a number of tenants. The Company had net contractual tenant accounts receivable of $12.2 million at June 30, 2020, related to second quarter rental revenues. Such tenants with agreed upon modification arrangements represent approximately 14% of aggregate base rents for the second quarter. During the three months ended June 30, 2020, tenants on the cash basis of accounting and other related reserves, resulted in a reduction of rental income of $4.9 million. In addition, while the Company reported an additional reduction in contractual rental payments due from tenants of approximately $1.3 million, as compared to pre-modification payments due to the impact of lease modifications, an increase in straight-line rent largely offset the impact on net income. The aggregate amount of uncollectible revenue reported during the quarter primarily was due to the impact of the COVID-19 pandemic.

Other Assets, Net

Other Assets, Net	6 Months Ended
	Jun. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets, net	2 . Other Assets, net consists of the following (in thousands): June 30, 2020 December 31, 2019 Intangible assets: In-place leases, net $ 4,618 $ 5,882 Above-market leases, net 603 908 Lease origination costs, net 649 949 Tenant relationships, net 6,623 10,120 Total intangible assets, net (A) 12,493 17,859 Operating lease ROU assets 1,613 1,714 Other assets: Prepaid expenses 7,870 11,023 Other assets 327 292 Total other assets, net $ 22,303 $ 30,888 Below-market leases, net (other liabilities) $ 16,373 $ 20,042 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $0.7 million and $1.3 million for the three months ended June 30, 2020 and 2019, respectively and $1.6 million and $2.9 million for the six months ended June 30, 2020 and 2019, respectively.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Indebtedness	3 . Mortgage Indebtedness The Company has a mortgage loan, which had an outstanding aggregate principal amount of $519.7 million at June 30, 2020 and which is secured, directly and indirectly, by all of its properties. The loan facility will mature on March 9, 2021, subject to three one-year As of June 30, 2020, the Company was in compliance with all provisions of the loan agreements, and the Company believes that it would have qualified to exercise the loan’s initial extension option in the event the extension option had been exercisable at June 30, 2020. The Company expects to be in compliance with all provisions of the loan agreements on the initial extension date. As of the date of issuance of the interim consolidated financial statements, in the event that amounts remain outstanding on the loan’s maturity date, management’s intent is to exercise the initial extension option upon maturity. Credit Agreement 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% per annum 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% per annum 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. At June 30, 2020, there were no amounts outstanding under the Revolving Credit Agreement.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	4 . 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 $506.7 million and $655.8 million at June 30, 2020 and December 31, 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5 . Hurricane Loss In 2017, Hurricane Maria made landfall in Puerto Rico. At the time of the hurricane, the Company owned 12 assets in Puerto Rico, aggregating 4.4 million square feet of Company-owned GLA, which sustained varying degrees of damage. In August 2019, the Company reached a settlement with its insurer with respect to the Company’s claims relating to the hurricane damage. The Company continued to own these Puerto Rico assets at June 30, 2020. The property damage settlement proceeds are reflected in the Company’s consolidated balance sheet as Restricted Cash and will be disbursed to the Company in accordance with the terms of the Company’s mortgage financing upon the lender’s satisfaction that all necessary restoration work has been completed. The Company recorded revenue for covered business interruption in the period it determined it was probable it would be compensated and all the applicable contingencies with the insurance company had been resolved. The Company recorded insurance proceeds received as Business Interruption Income on the Company’s consolidated statements of operations. 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, 2020
Asset Impairment Charges [Abstract]
Impairment Charges	6 . 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 The valuation of impaired real estate assets is determined using widely accepted valuation techniques including actual sales negotiations and bona fide purchase offers received from third parties, an income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, as well as discounted cash flow analysis on the expected cash flows of each asset. 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 fair value of real estate that was impaired and therefore measured on a fair value basis, along with the related impairment charge, for the six months ended June 30, 2020. 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 June 30, 2020 Long-lived assets held and used $ — $ — $ 181.4 $ 181.4 $ 26.8 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, 2020 Valuation Technique Unobservable Inputs Range Long-lived assets held and used $ 93.8 Income Capitalization Approach Market Capitalization Rate 9.8%-12.3% 87.6 Indicative Bid (A) Indicative Bid (A) N/A (A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to SITE Centers’ corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated values.

Transactions with SITE Centers

Transactions with SITE Centers	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Transactions with SITE Centers	7 . The following table presents fees and other amounts charged by SITE Centers (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2020 2019 2020 2019 Property management fees (A) $ 2,566 $ 2,999 $ 5,118 $ 5,995 Asset management fees (B) 2,324 2,820 4,648 5,640 Leasing commissions (C) 473 673 1,704 1,445 Maintenance services and other (D) 341 377 682 755 Disposition fees (E) 210 1,515 1,766 2,614 Credit facility guaranty and debt refinancing fees (F) — — — 1,800 Legal fees (G) 92 200 185 357 $ 6,006 $ 8,584 $ 14,103 $ 18,606 (A) P roperty 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 (See discussion below) . (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 consolidated balance sheets. ( D ) 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 consolidated statements of operations. ( E ) 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. ( F ) 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 Revolving Credit Agreement (Note 3). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. In March 2019, the Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the mortgage refinancing. ( G ) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. In April 2020, the Company entered into an agreement (the “Agreement”) with an affiliate of SITE Centers in order to address the impact of the COVID-19 pandemic on the level of property management fees beginning on July 1, 2020 through December 31, 2020.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	8 . The following table provides the net (loss) 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, 2020 2019 2020 2019 Numerators – Basic and Diluted Net (loss) income attributable to common shareholders after allocation to participating securities $ (1,986 ) $ 13,617 $ (15,053 ) $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,816 19,043 19,782 18,963 (Loss) income Per Share: Basic and Diluted $ (0.10 ) $ 0.72 $ (0.76 ) $ 0.72 Dividends In November 2019, the Company declared a dividend on its common shares of $2.05 per share that was paid in January 2020 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 2019 dividend, in January 2020, the Company issued 763,884 common shares, based on the volume-weighted average trading price of $36.7839 per share, and paid $11.0 million in cash, which included the Puerto Rico withholding tax.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	9 . 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, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 19,051 $ 20,241 $ 39,292 Rental operation expenses (7,054 ) (8,056 ) (15,110 ) Net operating income 11,997 12,185 24,182 Property and asset management fees (2,417 ) (2,473 ) (4,890 ) Impairment charges (10,910 ) (10,910 ) Depreciation and amortization (6,961 ) (7,250 ) (14,211 ) Unallocated expenses (A) $ (6,596 ) (6,596 ) Gain on disposition of real estate, net 10,958 10,958 Loss before tax expense $ (1,467 ) Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total 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 Property and asset management fees (3,227 ) (2,592 ) (5,819 ) Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income, net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (14,831 ) (14,831 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Six Months Ended June 30, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 44,006 $ 45,655 $ 89,661 Rental operation expenses (15,331 ) (16,560 ) (31,891 ) Net operating income 28,675 29,095 57,770 Property and asset management fees (4,835 ) (4,931 ) (9,766 ) Impairment charges (26,820 ) (26,820 ) Depreciation and amortization (16,191 ) (14,490 ) (30,681 ) Unallocated expenses (A) $ (18,596 ) (18,596 ) Gain on disposition of real estate, net 13,632 13,632 Loss before tax expense $ (14,461 ) As of June 30, 2020: Total gross real estate assets $ 726,607 $ 1,088,218 $ 1,814,825 Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total 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 Property and asset management fees (6,450 ) (5,185 ) (11,635 ) Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (45,040 ) (45,040 ) 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 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense, Debt Extinguishment Costs and Other Expenses as listed in the Company’s consolidated statements of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	10 . Subsequent Events Asset Sales Restricted cash of $17.3 million generated from the asset sold in June 2020 (Big Oaks Crossing) was used to repay mortgage debt in July 2020. In July 2020, the Company sold the Lowe’s parcel of the Newnan Crossing shopping center for $15.6 million. Net proceeds were primarily used to repay mortgage debt outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. The Company considered impacts to its estimates related to the COVID-19 pandemic, as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic.
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2020 and 2019, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
New Accounting Standards	New Accounting Standards 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 (Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses, “Topic 326”) Impact of the COVID-19 Pandemic on Revenue and Receivables In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the impact of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of the COVID-19 pandemic on lessees is a lease modification under Topic 842, Leases. Instead, an entity that elects not to evaluate whether a concession directly related to the impact of the COVID-19 pandemic is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected not to apply lease modification accounting to lease amendments in which the total amount of rent due under the lease is substantially the same and there has been no increase in the lease term. A majority of the Company’s concession amendments within this category provide for the deferral of rental payments to a later date within the remaining lease term. In addition, if abatements are granted as part of a lease amendment, the Company has elected to not treat the abatements as variable rent and instead will record the concession’s impact over the tenant’s remaining lease term on a straight-line basis. Modifications to leases that involve an increase in the lease term have been treated as a lease modification. Beginning in March 2020, the retail sector within the continental U.S. has been significantly impacted by the outbreak of COVID-19. Though the impact of the COVID-19 pandemic on tenant operations has varied by tenant category, local conditions and applicable government mandates, a significant number of the Company’s tenants have experienced a reduction in sales and foot traffic, and many tenants were forced to limit their operations or close their businesses for a period of time. As of July 31, 2020, approximately 93% of the Company’s tenants were open for business, up from a low of approximately 34% in early April 2020. The outbreak of COVID-19 had a relatively minimal impact on the Company’s collection of rents for the first quarter of 2020, but it had a significant impact on collection of second quarter rents. As of July 31, 2020, the Company’s tenants had paid approximately 63% of aggregate base rents for the second quarter. The Company has engaged in discussions with many tenants that failed to satisfy all or a portion of their rent obligations during the second quarter of 2020 and has agreed to terms on rent-deferral arrangements and other lease modifications with a number of tenants. The Company had net contractual tenant accounts receivable of $12.2 million at June 30, 2020, related to second quarter rental revenues. Such tenants with agreed upon modification arrangements represent approximately 14% of aggregate base rents for the second quarter. During the three months ended June 30, 2020, tenants on the cash basis of accounting and other related reserves, resulted in a reduction of rental income of $4.9 million. In addition, while the Company reported an additional reduction in contractual rental payments due from tenants of approximately $1.3 million, as compared to pre-modification payments due to the impact of lease modifications, an increase in straight-line rent largely offset the impact on net income. The aggregate amount of uncollectible revenue reported during the quarter primarily was due to the impact of the COVID-19 pandemic.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 Accounts payable related to construction in progress $ 4.1 $ 11.8 Stock dividends 28.1 17.2

Other Assets, Net (Tables)

Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets, Net	Other Assets, net consists of the following (in thousands): June 30, 2020 December 31, 2019 Intangible assets: In-place leases, net $ 4,618 $ 5,882 Above-market leases, net 603 908 Lease origination costs, net 649 949 Tenant relationships, net 6,623 10,120 Total intangible assets, net (A) 12,493 17,859 Operating lease ROU assets 1,613 1,714 Other assets: Prepaid expenses 7,870 11,023 Other assets 327 292 Total other assets, net $ 22,303 $ 30,888 Below-market leases, net (other liabilities) $ 16,373 $ 20,042 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $0.7 million and $1.3 million for the three months ended June 30, 2020 and 2019, respectively and $1.6 million and $2.9 million for the six months ended June 30, 2020 and 2019, respectively.

Impairment Charges (Tables)

Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Asset Impairment Charges [Abstract]
Impairment Charges Measured at Fair Value	The following table presents information about the fair value of real estate that was impaired and therefore measured on a fair value basis, along with the related impairment charge, for the six months ended June 30, 2020. 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 June 30, 2020 Long-lived assets held and used $ — $ — $ 181.4 $ 181.4 $ 26.8
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, 2020 Valuation Technique Unobservable Inputs Range Long-lived assets held and used $ 93.8 Income Capitalization Approach Market Capitalization Rate 9.8%-12.3% 87.6 Indicative Bid (A) Indicative Bid (A) N/A (A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to SITE Centers’ corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated values.

Transactions with SITE Centers

Transactions with SITE Centers (Tables)	6 Months Ended
	Jun. 30, 2020
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): Three Months Six Months Ended June 30, Ended June 30, 2020 2019 2020 2019 Property management fees (A) $ 2,566 $ 2,999 $ 5,118 $ 5,995 Asset management fees (B) 2,324 2,820 4,648 5,640 Leasing commissions (C) 473 673 1,704 1,445 Maintenance services and other (D) 341 377 682 755 Disposition fees (E) 210 1,515 1,766 2,614 Credit facility guaranty and debt refinancing fees (F) — — — 1,800 Legal fees (G) 92 200 185 357 $ 6,006 $ 8,584 $ 14,103 $ 18,606 (A) P roperty 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 (See discussion below) . (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 consolidated balance sheets. ( D ) 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 consolidated statements of operations. ( E ) 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. ( F ) 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 Revolving Credit Agreement (Note 3). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. In March 2019, the Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the mortgage refinancing. ( G ) 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, 2020
Earnings Per Share [Abstract]
Reconciliation of Net Loss 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 (loss) 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, 2020 2019 2020 2019 Numerators – Basic and Diluted Net (loss) income attributable to common shareholders after allocation to participating securities $ (1,986 ) $ 13,617 $ (15,053 ) $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,816 19,043 19,782 18,963 (Loss) income Per Share: Basic and Diluted $ (0.10 ) $ 0.72 $ (0.76 ) $ 0.72

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 19,051 $ 20,241 $ 39,292 Rental operation expenses (7,054 ) (8,056 ) (15,110 ) Net operating income 11,997 12,185 24,182 Property and asset management fees (2,417 ) (2,473 ) (4,890 ) Impairment charges (10,910 ) (10,910 ) Depreciation and amortization (6,961 ) (7,250 ) (14,211 ) Unallocated expenses (A) $ (6,596 ) (6,596 ) Gain on disposition of real estate, net 10,958 10,958 Loss before tax expense $ (1,467 ) Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total 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 Property and asset management fees (3,227 ) (2,592 ) (5,819 ) Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income, net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (14,831 ) (14,831 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Six Months Ended June 30, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 44,006 $ 45,655 $ 89,661 Rental operation expenses (15,331 ) (16,560 ) (31,891 ) Net operating income 28,675 29,095 57,770 Property and asset management fees (4,835 ) (4,931 ) (9,766 ) Impairment charges (26,820 ) (26,820 ) Depreciation and amortization (16,191 ) (14,490 ) (30,681 ) Unallocated expenses (A) $ (18,596 ) (18,596 ) Gain on disposition of real estate, net 13,632 13,632 Loss before tax expense $ (14,461 ) As of June 30, 2020: Total gross real estate assets $ 726,607 $ 1,088,218 $ 1,814,825 Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total 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 Property and asset management fees (6,450 ) (5,185 ) (11,635 ) Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (45,040 ) (45,040 ) 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 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense, Debt Extinguishment Costs and Other Expenses as listed in the Company’s consolidated statements of operations.

Nature of Business and Financ_2

Nature of Business and Financial Statement Presentation - Additional Information (Details) ft² in Millions	Jul. 01, 2018USD ($)PortfolioAssetShoppingCentershares	Jun. 30, 2020USD ($)	Mar. 31, 2019	Jun. 30, 2020USD ($)ft²PortfolioAssetShoppingCenterState	Jul. 31, 2020	Apr. 01, 2020	Dec. 31, 2019USD ($)
Nature of Business [Line Items]
Square feet of gross leasable area of portfolio assets | ft²				9.9
Number of states | State				10
Number of portfolio assets | PortfolioAsset				25
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201613Member
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true		true
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true		true
Percentage of tenants open for business						34.00%
Accounts receivable		$ 31,884,000		$ 31,884,000			$ 25,195,000
Reduction in rental income		4,900,000
Additional reduction in contractual rental payments		1,300,000
Contractual Tenant Accounts Receivable
Nature of Business [Line Items]
Accounts receivable		$ 12,200,000		$ 12,200,000
Percentage of aggregate base rents with various modification arrangements		14.00%
Subsequent Event
Nature of Business [Line Items]
Percentage of tenants open for business					93.00%
Percentage of base rent paid by tenants					63.00%
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
Maximum increase in preferred stock amount	$ 10,000,000
U.S.
Nature of Business [Line Items]
Number of shopping centers | ShoppingCenter				13
Puerto Rico
Nature of Business [Line Items]
Number of shopping centers | ShoppingCenter				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 | ShoppingCenter	36
SITE Centers Corp | Puerto Rico
Nature of Business [Line Items]
Number of shopping centers subject to spin off | ShoppingCenter	12
Mortgage Loan
Nature of Business [Line Items]
Aggregate principal balance		$ 519,700,000		$ 519,700,000

Nature of Business and Financ_3

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Accounts payable related to construction in progress	$ 4.1	$ 11.8
Stock dividends	$ 28.1	$ 17.2

Other Assets, Net - Components

Other Assets, Net - Components of Other Assets and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets, net	$ 12,493	$ 17,859
Operating lease ROU assets	1,613	1,714
Other assets:
Prepaid expenses	7,870	11,023
Other assets	327	292
Total other assets, net	22,303	30,888
Below-market leases, net (other liabilities)	16,373	20,042
In-Place Leases, Net
Intangible assets:
Total intangible assets, net	4,618	5,882
Above-Market Leases, Net
Intangible assets:
Total intangible assets, net	603	908
Lease Origination Costs, Net
Intangible assets:
Total intangible assets, net	649	949
Tenant Relationships, net
Intangible assets:
Total intangible assets, net	$ 6,623	$ 10,120

Other Assets, Net - Component_2

Other Assets, Net - Components of Other Assets and Intangibles (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets excluding above and below market leases	$ 0.7	$ 1.3	$ 1.6	$ 2.9

Indebtedness - Mortgage Indebte

Indebtedness - Mortgage Indebtedness - Additional Information (Details) - Mortgage Loan $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)Option
Debt Instrument [Line Items]
Aggregate outstanding principal amount	$ 519.7
Promissory Notes
Debt Instrument [Line Items]
Aggregate outstanding principal amount	$ 519.7
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 3.14% per annum
Percentage of increase in debt instrument exercise of third extension option	0.25%
Debt instrument interest rate	3.30%
Promissory Notes | LIBOR
Debt Instrument [Line Items]
Specified spread line of credit facility	3.14%

Indebtedness - Credit Agreement

Indebtedness - Credit Agreement - Additional Information (Details) - Revolving Credit Agreement	6 Months Ended
	Jun. 30, 2020USD ($)
Line Of Credit Facility [Line Items]
Line of credit facility, outstanding amount	$ 0
PNC Bank National Association
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% per annum 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% per annum 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
Line Of Credit Facility [Line Items]
Facility fee on aggregate revolving commitments rate per annum	0.15%
Minimum | PNC Bank National Association | LIBOR
Line Of Credit Facility [Line Items]
Specified spread line of credit facility	1.05%
Minimum | PNC Bank National Association | Alternative Base Rate
Line Of Credit Facility [Line Items]
Specified spread line of credit facility	0.05%
Maximum | PNC Bank National Association
Line Of Credit Facility [Line Items]
Facility fee on aggregate revolving commitments rate per annum	0.30%
Maximum | PNC Bank National Association | LIBOR
Line Of Credit Facility [Line Items]
Specified spread line of credit facility	1.50%
Maximum | PNC Bank National Association | Alternative Base Rate
Line Of Credit Facility [Line Items]
Specified spread line of credit facility	0.50%

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage indebtedness, net	$ 506,688	$ 655,833
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage indebtedness, net	$ 517,600	$ 682,200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Puerto Rico ft² in Millions	Jun. 30, 2020ft²ShoppingCenter	Sep. 30, 2017ft²ShoppingCenter
Contingencies and Commitments [Line Items]
Number of properties owned | ShoppingCenter	12	12
Gross leasable area of properties owned | ft²	4.4	4.4

Impairment Charges - Impairment

Impairment Charges - Impairment Charges Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used, Total Impairment Charges	$ 10,910	$ 7,110	$ 26,820	$ 13,200
SITE Centers Corp | Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	181,400		181,400
Long-lived assets held and used, Total Impairment Charges			26,800
SITE Centers Corp | Fair Value Measurements | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	0		0
SITE Centers Corp | Fair Value Measurements | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	0		0
SITE Centers Corp | Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 181,400		$ 181,400

Impairment Charges - Summary of

Impairment Charges - Summary of Significant Unobservable Inputs (Details) - SITE Centers Corp - Fair Value Measurements $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 181.4
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	181.4
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	$ 93.8
Impairment of Assets | Level 3 | Income Capitalization Approach | Measurement Input Cap Rate | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unobservable Inputs	9.80%
Impairment of Assets | Level 3 | Income Capitalization Approach | Measurement Input Cap Rate | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unobservable Inputs	12.30%
Impairment of Assets | Level 3 | Indicative Bid
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 87.6

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Property management fees	$ 2,566	$ 2,999	$ 5,118	$ 5,995
Asset management fees	2,324	2,820	4,648	5,640
Leasing commissions	473	673	1,704	1,445
Maintenance services and other	341	377	682	755
Disposition fees	210	1,515	1,766	2,614
Credit facility guaranty and debt refinancing fees	0	0	0	1,800
Legal fees	92	200	185	357
Total fees and other amount charges	$ 6,006	$ 8,584	$ 14,103	$ 18,606

Transactions with SITE Center_3

Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details) - SITE Centers Corp	1 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2020
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%
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 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 Revolving Credit Agreement (Note 3).  Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations.  In March 2019, the Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the mortgage refinancing.

Transactions with SITE Center_4

Transactions with SITE Centers - Additional Information (Details) - SITE Centers Corp - USD ($)	Apr. 01, 2020	Jun. 30, 2020
Related Party Transaction [Line Items]
Average monthly property management fee paid during 2019	$ 789,126
Aggregate monthly management fees calculated in accordance with the existing property management agreements	435,702
Monthly supplemental management fee for remainder of 2020	$ 353,424
Monthly property management fee determined description		The Agreement provides that during the six-month period beginning on July 1, 2020, the Company will pay JDN Development Company (an affiliate of SITE Centers) a monthly supplemental fee of $353,424 thereby causing the sum of the monthly property management fees payable for the remaining six months of 2020 and the monthly supplemental fee to equal the amount of monthly fees paid during 2019 on account of the same properties owned by the Company and its subsidiaries as of April 1, 2020.

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Net Loss 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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to common shareholders after allocation to participating securities	$ (1,986)	$ 13,617	$ (15,053)	$ 13,607
Denominators – Number of Shares
Basic and Diluted—Average shares outstanding	19,816	19,043	19,782	18,963
(Loss) income Per Share:
Basic and diluted	$ (0.10)	$ 0.72	$ (0.76)	$ 0.72

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2020	Nov. 30, 2019
Earnings Per Share Basic [Line Items]
Common shares, dividend declared		$ 2.05
Common shares, withholding tax	10.00%
Common stock dividend shares issued	763,884
Volume-weighted average trading price per share	$ 36.7839
Common shares, dividend paid in cash	$ 11
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, 2020Segment
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	$ 39,292	$ 60,885	$ 89,661	$ 122,496
Rental operation expenses	(15,110)	(17,570)	(31,891)	(35,582)
Net operating income	24,182	43,315	57,770	86,914
Property and asset management fees	(4,890)	(5,819)	(9,766)	(11,635)
Impairment charges	(10,910)	(7,110)	(26,820)	(13,200)
Hurricane property insurance income, net	0	3,814	0	3,631
Depreciation and amortization	(14,211)	(18,378)	(30,681)	(37,733)
Unallocated expenses	(6,596)	(14,831)	(18,596)	(45,040)
Gain on disposition of real estate, net	10,958	12,946	13,632	31,165
(Loss) income before tax expense	(1,467)	13,937	(14,461)	14,102
Total gross real estate assets	1,814,825	2,188,564	1,814,825	2,188,564
Continental U.S.
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	19,051	35,071	44,006	72,063
Rental operation expenses	(7,054)	(10,114)	(15,331)	(20,967)
Net operating income	11,997	24,957	28,675	51,096
Property and asset management fees	(2,417)	(3,227)	(4,835)	(6,450)
Impairment charges	(10,910)	(7,110)	(26,820)	(13,200)
Depreciation and amortization	(6,961)	(11,794)	(16,191)	(24,395)
Gain on disposition of real estate, net	10,958	12,946	13,632	31,165
Total gross real estate assets	726,607	1,120,461	726,607	1,120,461
Puerto Rico
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	20,241	25,814	45,655	50,433
Rental operation expenses	(8,056)	(7,456)	(16,560)	(14,615)
Net operating income	12,185	18,358	29,095	35,818
Property and asset management fees	(2,473)	(2,592)	(4,931)	(5,185)
Hurricane property insurance income, net		3,814		3,631
Depreciation and amortization	(7,250)	(6,584)	(14,490)	(13,338)
Total gross real estate assets	1,088,218	1,068,103	1,088,218	1,068,103
Other
Segment Reporting Information [Line Items]
Unallocated expenses	$ (6,596)	$ (14,831)	$ (18,596)	$ (45,040)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020
Subsequent Event | Mortgage Debt
Subsequent Event [Line Items]
Restricted cash from asset sold used to repay debt	$ 17.3
Big Oaks Crossing
Subsequent Event [Line Items]
Restricted cash from asset sold		$ 17.3
Shopping Centers | Subsequent Event
Subsequent Event [Line Items]
Sales price of asset sold	$ 15.6