Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 21,083,252 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Land | $ 397,024 | $ 397,699 |
Buildings | 1,030,973 | 1,031,886 |
Fixtures and tenant improvements | 131,780 | 134,335 |
Total real estate rental property | 1,559,777 | 1,563,920 |
Less: Accumulated depreciation | (602,879) | (593,691) |
Real estate rental property, net | 956,898 | 970,229 |
Construction in progress | 1,887 | 1,515 |
Total real estate assets, net | 958,785 | 971,744 |
Cash and cash equivalents | 72,741 | 56,849 |
Restricted cash | 63,557 | 115,939 |
Accounts receivable | 22,053 | 25,302 |
Other assets, net | 23,188 | 26,042 |
Total assets | 1,140,324 | 1,195,876 |
Liabilities and Equity | ||
Mortgage indebtedness, net | 294,069 | 344,485 |
Accounts payable and other liabilities | 34,239 | 38,603 |
Dividends payable | 0 | 23,002 |
Total liabilities | 328,308 | 406,090 |
Commitments and contingencies (Note 6) | ||
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; 21,083,486 and 19,829,498 shares issued at March 31, 2021 and December 31, 2020, respectively | 2,108 | 1,983 |
Additional paid-in capital | 740,130 | 721,234 |
Accumulated distributions in excess of net loss | (120,219) | (123,428) |
Less: Common shares in treasury at cost: 234 shares at March 31, 2021 and December 31, 2020 | (3) | (3) |
Total equity | 622,016 | 599,786 |
Total liabilities and equity | $ 1,140,324 | $ 1,195,876 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 21,083,486 | 19,829,498 |
Treasury common shares | 234 | 234 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues from operations: | ||
Rental income | $ 41,422 | $ 50,330 |
Other income | 37 | 39 |
Total revenue from operations | 41,459 | 50,369 |
Rental operation expenses: | ||
Operating and maintenance | 9,607 | 11,062 |
Real estate taxes | 4,266 | 5,719 |
Property and asset management fees | 4,035 | 4,876 |
Impairment charges | 2,010 | 15,910 |
General and administrative | 865 | 1,077 |
Depreciation and amortization | 13,358 | 16,470 |
Total rental operation expenses | 34,141 | 55,114 |
Other income (expense): | ||
Interest expense, net | (3,991) | (7,292) |
Debt extinguishment costs | (130) | (3,965) |
Other income, net | 0 | 334 |
Gain on disposition of real estate, net | 121 | 2,674 |
Total other income (expense) | (4,000) | (8,249) |
Income (loss) before tax expense | 3,318 | (12,994) |
Tax expense | (109) | (73) |
Net income (loss) | 3,209 | (13,067) |
Comprehensive income (loss) | $ 3,209 | $ (13,067) |
Per share data: | ||
Basic and diluted | $ 0.15 | $ (0.66) |
CONSOLIDATED STATEMENTS OF EQUI
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 at Dec. 31, 2019 | $ 687,903 | $ 1,905 | $ 692,871 | $ (6,857) | $ (16) |
Issuance of common shares related to stock dividend | 28,099 | 77 | 28,022 | ||
Net income (loss) | (13,067) | (13,067) | |||
Ending Balance at Mar. 31, 2020 | 702,935 | 1,982 | 720,893 | (19,924) | (16) |
Beginning Balance at Dec. 31, 2020 | 599,786 | 1,983 | 721,234 | (123,428) | (3) |
Issuance of common shares related to stock dividend and stock plan | 19,021 | 125 | 18,896 | ||
Net income (loss) | 3,209 | 3,209 | |||
Ending Balance at Mar. 31, 2021 | $ 622,016 | $ 2,108 | $ 740,130 | $ (120,219) | $ (3) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 3,209 | $ (13,067) |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 13,358 | 16,470 |
Amortization and write-off of above- and below-market leases, net | (236) | (306) |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 781 | 4,586 |
Gain on disposition of real estate, net | (121) | (2,674) |
Impairment charges | 2,010 | 15,910 |
Net change in accounts receivable | 3,298 | 2,014 |
Net change in accounts payable and other liabilities | (1,883) | (7,118) |
Net change in other operating assets | 2,035 | (592) |
Total adjustments | 19,242 | 28,290 |
Net cash flow provided by operating activities | 22,451 | 15,223 |
Cash flow from investing activities: | ||
Real estate improvements to operating real estate | (3,378) | (6,152) |
Proceeds from disposition of real estate | 61 | 146,824 |
Net cash flow (used for) provided by investing activities | (3,317) | 140,672 |
Cash flow from financing activities: | ||
Repayment of mortgage debt, including repayment costs | (51,168) | (154,596) |
Payment of debt issuance costs | (75) | 0 |
Dividends paid | (4,381) | (10,958) |
Net cash flow used for financing activities | (55,624) | (165,554) |
Net decrease in cash, cash equivalents and restricted cash | (36,490) | (9,659) |
Cash, cash equivalents and restricted cash, beginning of period | 172,788 | 183,293 |
Cash, cash equivalents and restricted cash, end of period | $ 136,298 | $ 173,634 |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 and operated a portfolio of 48 retail shopping centers, 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. The Company focuses on realizing value in its business through operations and sales of its assets. At March 31, 2021, RVI owned 22 retail shopping centers that included 11 continental U.S. assets and 11 Puerto Rico assets (including five enclosed malls) comprising 8.5 million square feet of gross leasable area (“GLA”) located in nine states and Puerto Rico. These properties serve as direct or indirect collateral for a mortgage loan which, as of March 31, 2021, had an aggregate principal balance of $303.0 million. was made from net sale proceeds from an asset sold in early April 2021 along with unrestricted cash on hand (Note 11) 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 June 30, 2021, 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 (“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. 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 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 U.S. 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 U.S. 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 months ended March 31, 2021 and 2020, 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, 2020. 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): Three Months Ended March 31, 2021 2020 Accounts payable related to construction in progress $ 1.2 $ 4.7 Stock dividends 18.6 28.1 Impact of COVID-19 Pandemic on Revenue and Receivables Beginning in March 2020, the retail sector within the continental U.S. and Puerto Rico have been significantly impacted by the COVID-19 pandemic. 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. The COVID-19 pandemic had no impact on the Company’s collection of rents for the first quarter of 2020, but it had a significant impact on the collection of rents for April 2020 through March 31, 2021. The Company has engaged in discussions with most of its larger tenants that failed to satisfy all or a portion of their rent obligations during the 12 months ended March 31, 2021 and has agreed to terms on rent-deferral arrangements (and, in a small number of cases, rent abatements) and other lease modifications with a significant number of such tenants. The Company continues to evaluate its options with respect to tenants with which the Company has not reached satisfactory resolution of unpaid rents and has commenced collections actions against several tenants. For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless of whether the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received and all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income. The Company will remove the cash basis designation and resume recording rental income from such tenants on a straight-line basis at such time it believes collection from the tenants is probable based upon a demonstrated payment history or a recapitalization event. The Company had net billed contractual tenant accounts receivable of $5.8 million at March 31, 2021. During the three months ended March 31, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $0.2 million primarily due to rental income paid in 2021 related to outstanding receivables in 2020 from tenants on the cash basis of accounting. The aggregate amount of uncollectible revenue reported during the quarter primarily was due to the impact of the COVID-19 pandemic. |
Other Assets and Intangibles, N
Other Assets and Intangibles, Net | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets and Intangibles, net | 2 . Other Assets and Intangibles, net consists of the following (in thousands): March 31, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 2,965 $ 3,244 Above-market leases, net 346 410 Lease origination costs, net 454 487 Tenant relationships, net 3,308 3,802 Total intangible assets, net (A) 7,073 7,943 Operating lease ROU assets 1,456 1,509 Notes receivable (B) 3,000 3,000 Other assets: Prepaid expenses 11,317 13,314 Other assets 342 276 Total other assets, net $ 23,188 $ 26,042 Below-market leases, net (other liabilities) $ 13,529 $ 13,829 (A) The Company recorded amortization expense related to its intangibles, excluding (B) Maturity date is the earlier of September 2022 (subject to buyer’s option to exercise a six-month |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Assets Held for Sale | 3. Assets Held for Sale As of March 31, 2021, the Company had one asset, Marketplace of Brown Deer, classified as held for sale. There were no assets considered as held for sale at March 31, 2020 or December 31, 2020. The Company classifies properties as held for sale when executed contract contingencies have been satisfied, which signify that the sale is legally binding. This asset was sold in April 2021, for a gross sales price of $10.3 million, which was in excess of its book basis. The net sale proceeds were used along with unrestricted cash on hand to repay the mortgage loan by $23.6 million (Note 11). The following table presents the assets and liabilities associated with this asset (in thousands): March 31, 2021 Assets Land $ 1,967 Buildings 14,665 Fixtures and tenant improvements 5,442 22,074 Less: Accumulated depreciation (14,065 ) Total real estate assets, net 8,009 Intangible assets, net 484 Other assets 342 Assets associated with real estate assets held for sale $ 8,835 Liabilities Below-market leases, net $ 961 Other liabilities 524 Liabilities associated with real estate assets held for sale $ 1,485 There were no discontinued operations for the three months ended March 31, 2021, as this disposition does not represent a strategic shift in the Company’s business that would qualify as discontinued operations. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness | 4 . Mortgage Indebtedness The Company has a mortgage loan, which had an outstanding aggregate principal amount of $303.0 million at March 31, 2021, and is secured, directly and indirectly, by all of its properties. In April 2021, a $23.6 million repayment on the mortgage loan was made from net proceeds from an asset sale consummated in early April 2021 along with unrestricted cash on hand On March 9, 2021, the Company exercised its first one-year extension option under the loan agreement to extend the maturity date to March 9, 2022, subject to two remaining one-year As of March 31, 2021, the Company was in compliance with all provisions of the loan agreements. The Company expects to continue to use cash flow from operations and asset sales to repay the mortgage loan. As of May 4, 2021, the Company plans to exercise the second one-year As of March 31, 2021, the interest rate of the Company’s mortgage loan was 4.2% per annum. The interest rate on the mortgage loan is equal to the one-month LIBOR plus a weighted-average spread of 4.1% per annum as of March 31, 2021, 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 will cause the weighted-average interest rate spread to increase over time as senior tranches of the mortgage debt are repaid first. Credit Agreement The Company maintains a Credit Agreement (the “Revolving Credit Agreement”) with PNC Bank, National Association, as lender and administrative agent (“PNC”) that was amended and extended in February 2021. 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 1.30% to 1.75% 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 0.30% to 0.75% 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 of (i) February 9, 2022, (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 March 31, 2021, there were no amounts outstanding under the Revolving Credit Agreement. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 5 . 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, including deferred financing costs, was $294.1 million and $344.5 million at March 31, 2021 and December 31, 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6 . 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 11 of these Puerto Rico assets at March 31, 2021. The remaining unutilized property damage settlement proceeds of $30.7 million along with other related reserves required by the mortgage lender of $6.5 million are reflected in the Company’s consolidated balance sheets 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. 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 | 3 Months Ended |
Mar. 31, 2021 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 7 . The Company recorded impairment charges of $2.0 million and $15.9 million for the three months ended March 31, 2021 and 2020, respectively. Impairment charges were recorded on assets based on the difference between the carrying value of the assets and the estimated fair market value after the assets failed a step one analysis that compared the sum of estimated future undiscounted cash flows to the assets carrying value. These impairments primarily were triggered by indicative bids received and changes in market assumptions due to the disposition process, as well as changes in projected cash flows. 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 and 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 three months ended March 31, 2021. 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 March 31, 2021 Long-lived assets held and used $ — $ — $ 24.9 $ 24.9 $ 2.0 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the three-months ended March 31, 2021 (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at March 31, 2021 Valuation Technique Unobservable Inputs Range Weighted Average Long-lived assets held and used $ 24.9 Indicative Bid (A) Indicative Bid (A) N/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 | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with SITE Centers | 8 . The following table presents fees and other amounts charged by SITE Centers (in thousands): Three Months Ended March 31, 2021 2020 Property management fees (A) $ 2,265 $ 2,552 Asset management fees (B) 1,770 2,324 Leasing commissions (C) 778 1,231 Maintenance services and other (D) 344 341 Disposition fees (E) — 1,556 Legal fees (F) 104 93 $ 5,261 $ 8,097 (A) 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. For the three months ended March 31, 2021, includes the monthly supplemental fees discussed 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 ) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. In October 2020, the Company entered into an Amended and Restated Agreement (the “Agreement”) with an affiliate of SITE Centers in order to address the impact of the COVID-19 pandemic on the level of effort required to manage the portfolio and the property management fees for the six-month period ending June 30, 2021. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9 . The following table provides the net income (loss) 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 Ended March 31, 2021 2020 Numerators – Basic and Diluted Net income (loss) attributable to common shareholders after allocation to participating securities $ 3,209 $ (13,067 ) Denominators – Number of Shares Basic and Diluted — 20,916 19,749 Income (loss) Per Share: Basic and Diluted $ 0.15 $ (0.66 ) Dividends In November 2020, the Company declared a dividend on its common shares of $1.16 per share that was paid in January 2021 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 10% of the total dividend paid. In connection with the 2020 dividend, in January 2021, the Company issued 1,253,988 common shares, based on the volume-weighted average trading price of $14.8492 per share, and paid $4.4 million in cash, which included the Puerto Rico withholding tax. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 10 . 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 March 31, 2021 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 18,170 $ 23,289 $ 41,459 Rental operation expenses (5,518 ) (8,355 ) (13,873 ) Net operating income 12,652 14,934 27,586 Property and asset management fees (1,548 ) (2,487 ) (4,035 ) Impairment charges — (2,010 ) (2,010 ) Depreciation and amortization (6,988 ) (6,370 ) (13,358 ) Unallocated expenses (A) $ (4,986 ) (4,986 ) Gain (loss) on disposition of real estate, net 148 (27 ) 121 Income before tax expense $ 3,318 As of March 31, 2021: Total gross real estate assets $ 594,678 $ 966,986 $ 1,561,664 Three Months Ended March 31, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 24,955 $ 25,414 $ 50,369 Rental operation expenses (8,277 ) (8,504 ) (16,781 ) Net operating income 16,678 16,910 33,588 Property and asset management fees (2,418 ) (2,458 ) (4,876 ) Impairment charges (15,910 ) (15,910 ) Depreciation and amortization (9,230 ) (7,240 ) (16,470 ) Unallocated expenses (A) $ (12,000 ) (12,000 ) Gain on disposition of real estate, net 2,674 2,674 Loss before tax expense $ (12,994 ) As of March 31, 2020: Total gross real estate assets $ 760,385 $ 1,082,915 $ 1,843,300 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s consolidated statements of operations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 1 . Subsequent Events Assets Sales In April 2021, the Company sold four assets, in separate transactions, (Marketplace of Brown Deer, Noble Town Center, Plaza Vega Baja and Uptown Solon) for a gross sales price of $38.9 million. In April 2021, the Company utilized n et sale proceeds from the asset sold on April 9, 2021, along with unrestricted cash on hand to repay the mortgage loan by $23.6 million. A majority of the net sale proceeds from the three additional asset sales in April will be used to repay mortgage debt in May 2021. |
Nature of Business and Financ_2
Nature of Business and Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 (“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. 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 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 U.S. 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 U.S. 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 months ended March 31, 2021 and 2020, 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, 2020. |
Nature of Business and Financ_3
Nature of Business and Financial Statement Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): Three Months Ended March 31, 2021 2020 Accounts payable related to construction in progress $ 1.2 $ 4.7 Stock dividends 18.6 28.1 |
Other Assets and Intangibles,_2
Other Assets and Intangibles, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Components of Other Assets and Intangibles | Other Assets and Intangibles, net consists of the following (in thousands): March 31, 2021 December 31, 2020 Intangible assets: In-place leases, net $ 2,965 $ 3,244 Above-market leases, net 346 410 Lease origination costs, net 454 487 Tenant relationships, net 3,308 3,802 Total intangible assets, net (A) 7,073 7,943 Operating lease ROU assets 1,456 1,509 Notes receivable (B) 3,000 3,000 Other assets: Prepaid expenses 11,317 13,314 Other assets 342 276 Total other assets, net $ 23,188 $ 26,042 Below-market leases, net (other liabilities) $ 13,529 $ 13,829 (A) The Company recorded amortization expense related to its intangibles, excluding (B) Maturity date is the earlier of September 2022 (subject to buyer’s option to exercise a six-month |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Schedule of Assets Held for Sale | The following table presents the assets and liabilities associated with this asset (in thousands): March 31, 2021 Assets Land $ 1,967 Buildings 14,665 Fixtures and tenant improvements 5,442 22,074 Less: Accumulated depreciation (14,065 ) Total real estate assets, net 8,009 Intangible assets, net 484 Other assets 342 Assets associated with real estate assets held for sale $ 8,835 Liabilities Below-market leases, net $ 961 Other liabilities 524 Liabilities associated with real estate assets held for sale $ 1,485 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021. 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 March 31, 2021 Long-lived assets held and used $ — $ — $ 24.9 $ 24.9 $ 2.0 |
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 for the three-months ended March 31, 2021 (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at March 31, 2021 Valuation Technique Unobservable Inputs Range Weighted Average Long-lived assets held and used $ 24.9 Indicative Bid (A) Indicative Bid (A) N/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) | 3 Months Ended |
Mar. 31, 2021 | |
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 Ended March 31, 2021 2020 Property management fees (A) $ 2,265 $ 2,552 Asset management fees (B) 1,770 2,324 Leasing commissions (C) 778 1,231 Maintenance services and other (D) 344 341 Disposition fees (E) — 1,556 Legal fees (F) 104 93 $ 5,261 $ 8,097 (A) 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. For the three months ended March 31, 2021, includes the monthly supplemental fees discussed 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 ) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) and the Number of Common Shares used in the Computations of "Basic" Earnings Per Share ("EPS") | The following table provides the net income (loss) 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 Ended March 31, 2021 2020 Numerators – Basic and Diluted Net income (loss) attributable to common shareholders after allocation to participating securities $ 3,209 $ (13,067 ) Denominators – Number of Shares Basic and Diluted — 20,916 19,749 Income (loss) Per Share: Basic and Diluted $ 0.15 $ (0.66 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 18,170 $ 23,289 $ 41,459 Rental operation expenses (5,518 ) (8,355 ) (13,873 ) Net operating income 12,652 14,934 27,586 Property and asset management fees (1,548 ) (2,487 ) (4,035 ) Impairment charges — (2,010 ) (2,010 ) Depreciation and amortization (6,988 ) (6,370 ) (13,358 ) Unallocated expenses (A) $ (4,986 ) (4,986 ) Gain (loss) on disposition of real estate, net 148 (27 ) 121 Income before tax expense $ 3,318 As of March 31, 2021: Total gross real estate assets $ 594,678 $ 966,986 $ 1,561,664 Three Months Ended March 31, 2020 Continental U.S. Puerto Rico Other Total Lease revenue and other property revenue $ 24,955 $ 25,414 $ 50,369 Rental operation expenses (8,277 ) (8,504 ) (16,781 ) Net operating income 16,678 16,910 33,588 Property and asset management fees (2,418 ) (2,458 ) (4,876 ) Impairment charges (15,910 ) (15,910 ) Depreciation and amortization (9,230 ) (7,240 ) (16,470 ) Unallocated expenses (A) $ (12,000 ) (12,000 ) Gain on disposition of real estate, net 2,674 2,674 Loss before tax expense $ (12,994 ) As of March 31, 2020: Total gross real estate assets $ 760,385 $ 1,082,915 $ 1,843,300 (A) Unallocated expenses consist of General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s consolidated statements of operations. |
Nature of Business and Financ_4
Nature of Business and Financial Statement Presentation - Additional Information (Details) ft² in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($)ft²PortfolioAssetShoppingCenterStateshares | Dec. 31, 2020USD ($) | Jul. 01, 2018PortfolioAssetShoppingCenter | |
Nature of Business [Line Items] | ||||
Square feet of gross leasable area of portfolio assets | ft² | 8.5 | |||
Number of states | State | 9 | |||
Number of portfolio assets | PortfolioAsset | 22 | |||
Preferred stock, value | $ 190,000,000 | $ 190,000,000 | ||
Accounts receivable | 22,053,000 | $ 25,302,000 | ||
COVID-19 | ||||
Nature of Business [Line Items] | ||||
Rental income recorded due to payments related to outstanding receivables from tenants on cash basis of accounting | 200,000 | |||
Tenant Accounts Receivable | COVID-19 | ||||
Nature of Business [Line Items] | ||||
Accounts receivable | $ 5,800,000 | |||
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 | 11 | |||
Puerto Rico | ||||
Nature of Business [Line Items] | ||||
Number of shopping centers | ShoppingCenter | 11 | |||
Puerto Rico | Enclosed Shopping Center | ||||
Nature of Business [Line Items] | ||||
Number of shopping centers | ShoppingCenter | 5 | |||
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 | $ 303,000,000 | |||
Subsequent Event | Mortgage Loan | Marketplace of Brown Deer | ||||
Nature of Business [Line Items] | ||||
Repayment of mortgage debt | $ 23,600,000 |
Nature of Business and Financ_5
Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Accounts payable related to construction in progress | $ 1.2 | $ 4.7 |
Stock dividends | $ 18.6 | $ 28.1 |
Other Assets and Intangibles,_3
Other Assets and Intangibles, Net - Components of Other Assets and Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Intangible assets: | ||
Total intangible assets, net | $ 7,073 | $ 7,943 |
Operating lease ROU assets | 1,456 | 1,509 |
Notes receivable(B) | 3,000 | 3,000 |
Other assets: | ||
Prepaid expenses | 11,317 | 13,314 |
Other assets | 342 | 276 |
Total other assets, net | 23,188 | 26,042 |
Below-market leases, net (other liabilities) | 13,529 | 13,829 |
In-Place Leases, Net | ||
Intangible assets: | ||
Total intangible assets, net | 2,965 | 3,244 |
Above-Market Leases, Net | ||
Intangible assets: | ||
Total intangible assets, net | 346 | 410 |
Lease Origination Costs, Net | ||
Intangible assets: | ||
Total intangible assets, net | 454 | 487 |
Tenant Relationships, net | ||
Intangible assets: | ||
Total intangible assets, net | $ 3,308 | $ 3,802 |
Other Assets and Intangibles,_4
Other Assets and Intangibles, Net - Components of Other Assets and Intangibles (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense related to intangible assets excluding above and below market leases | $ 0.4 | $ 0.9 |
Notes receivable maturity date | 2022-09 | |
Notes receivable extension term | 6 months |
Assets Held for Sale- Additiona
Assets Held for Sale- Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Long Lived Assets Held For Sale [Line Items] | |||
Assets held-for-sale | $ 0 | $ 0 | |
Disposition of discontinued operations | $ 0 | ||
Subsequent Event | Marketplace of Brown Deer | |||
Long Lived Assets Held For Sale [Line Items] | |||
Real estate gross sales price | $ 10,300,000 | ||
Subsequent Event | Mortgage Loan | Marketplace of Brown Deer | |||
Long Lived Assets Held For Sale [Line Items] | |||
Unrestricted cash and sales proceeds used to repay debt | $ 23,600,000 |
Assets Held for Sale - Schedule
Assets Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total real estate rental property | $ 1,559,777 | $ 1,563,920 |
Asset Held for Sale | Marketplace of Brown Deer | ||
Assets | ||
Land | 1,967 | |
Buildings | 14,665 | |
Fixtures and tenant improvements | 5,442 | |
Total real estate rental property | 22,074 | |
Less: Accumulated depreciation | (14,065) | |
Total real estate assets, net | 8,009 | |
Intangible assets, net | 484 | |
Other assets | 342 | |
Assets associated with real estate assets held for sale | 8,835 | |
Liabilities | ||
Below-market leases, net | 961 | |
Other liabilities | 524 | |
Liabilities associated with real estate assets held for sale | $ 1,485 |
Indebtedness - Mortgage Indebte
Indebtedness - Mortgage Indebtedness - Additional Information (Details) - Mortgage Loan $ in Millions | Mar. 09, 2022 | Mar. 09, 2021Option | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||
Aggregate outstanding principal amount | $ 303 | |||
Debt yield ratio | 18.29% | |||
Required debt yield threshold percentage to extend loan | 13.00% | |||
Scenario Forecast | ||||
Debt Instrument [Line Items] | ||||
Debt instrument extension options maturity period | 1 year | |||
Promissory Notes | ||||
Debt Instrument [Line Items] | ||||
Aggregate outstanding principal amount | $ 303 | |||
Extended debt instrument maturity date | Mar. 9, 2022 | |||
Debt instrument number of remaining extension options | Option | 2 | |||
Debt instrument extension options maturity period | 1 year | |||
Interest rate description | one-month LIBOR plus a weighted-average spread of 4.1% per annum | |||
Percentage of increase in debt instrument exercise of third extension option | 0.25% | |||
Debt instrument interest rate | 4.20% | |||
Promissory Notes | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Weighted-average spread line of credit facility | 4.10% | |||
Promissory Notes | Second One-year Extension Option | ||||
Debt Instrument [Line Items] | ||||
Debt yield ratio | 13.00% | |||
Promissory Notes | Third One-year Extension Option | ||||
Debt Instrument [Line Items] | ||||
Additional debt yield ratio | 14.00% | |||
Subsequent Event | Marketplace of Brown Deer | ||||
Debt Instrument [Line Items] | ||||
Repayment of mortgage debt | $ 23.6 |
Indebtedness - Credit Agreement
Indebtedness - Credit Agreement - Additional Information (Details) - Revolving Credit Agreement | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Line Of Credit Facility [Line Items] | |
Revolving credit agreement maturity description | The Revolving Credit Agreement matures on the earliest of (i) February 9, 2022, (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. |
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 1.30% to 1.75% 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 0.30% to 0.75% 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 | 1.30% |
Minimum | PNC Bank National Association | Alternative Base Rate | |
Line Of Credit Facility [Line Items] | |
Specified spread line of credit facility | 0.30% |
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 | 1.75% |
Maximum | PNC Bank National Association | Alternative Base Rate | |
Line Of Credit Facility [Line Items] | |
Specified spread line of credit facility | 0.75% |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage indebtedness, net | $ 294,069 | $ 344,485 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage indebtedness, net | $ 312,200 | $ 362,700 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ft² in Millions, $ in Millions | Mar. 31, 2021USD ($)ShoppingCenter | Dec. 31, 2017ft²ShoppingCenter |
Contingencies And Commitments [Line Items] | ||
Restricted cash property damage settlement | $ 30.7 | |
Restricted cash other reserves | $ 6.5 | |
Puerto Rico | ||
Contingencies And Commitments [Line Items] | ||
Number of properties owned | ShoppingCenter | 11 | 12 |
Gross leasable area of properties owned | ft² | 4.4 |
Impairment Charges - Additional
Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Asset Impairment Charges [Abstract] | ||
Impairment charges | $ 2,010 | $ 15,910 |
Impairment Charges - Impairment
Impairment Charges - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used, Total Impairment Charges | $ 2,010 | $ 15,910 |
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 | 24,900 | |
Long-lived assets held and used, Total Impairment Charges | 2,000 | |
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 | |
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 | |
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 | $ 24,900 |
Impairment Charges - Summary of
Impairment Charges - Summary of Significant Unobservable Inputs (Details) - SITE Centers Corp - Fair Value Measurements $ in Millions | Mar. 31, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | $ 24.9 |
Level 3 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | 24.9 |
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 | $ 24.9 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Property management fees | $ 2,265 | $ 2,552 |
Asset management fees | 1,770 | 2,324 |
Leasing commissions | 778 | 1,231 |
Maintenance services and other | 344 | 341 |
Disposition fees | 0 | 1,556 |
Legal fees | 104 | 93 |
Total fees and other amount charges | $ 5,261 | $ 8,097 |
Transactions with SITE Center_3
Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details) - SITE Centers Corp | 3 Months Ended |
Mar. 31, 2021 | |
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% |
Transactions with SITE Center_4
Transactions with SITE Centers - Additional Information (Details) - SITE Centers Corp - USD ($) | Oct. 01, 2020 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||
Average monthly property management fee paid during 2019 | $ 737,377 | |
Monthly Property Management Fee Determined on January 1, 2021 for the First Six Months of 2021 | ||
Related Party Transaction [Line Items] | ||
Monthly property management fees | $ 634,848 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Income (Loss) 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common shareholders after allocation to participating securities | $ 3,209 | $ (13,067) |
Denominators – Number of Shares | ||
Basic and Diluted—Average shares outstanding | 20,916 | 19,749 |
Income (loss) Per Share: | ||
Basic and diluted | $ 0.15 | $ (0.66) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |
Jan. 31, 2021 | Nov. 30, 2020 | |
Earnings Per Share Basic [Line Items] | ||
Common shares, dividend declared | $ 1.16 | |
Common shares, withholding tax | 10.00% | |
Common stock dividend shares issued | 1,253,988 | |
Volume-weighted average trading price per share | $ 14.8492 | |
Common shares, dividend paid in cash | $ 4.4 | |
Maximum | ||
Earnings Per Share Basic [Line Items] | ||
Common stock aggregate percentage of dividend paid in cash | 10.00% |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021Segment | |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Lease revenue and other property revenue | $ 41,459 | $ 50,369 |
Rental operation expenses | (13,873) | (16,781) |
Net operating income | 27,586 | 33,588 |
Property and asset management fees | (4,035) | (4,876) |
Impairment charges | (2,010) | (15,910) |
Depreciation and amortization | (13,358) | (16,470) |
Unallocated expenses | (4,986) | (12,000) |
Gain (loss) on disposition of real estate, net | 121 | 2,674 |
Income (loss) before tax expense | 3,318 | (12,994) |
Total gross real estate assets | 1,561,664 | 1,843,300 |
Continental U.S. | ||
Segment Reporting Information [Line Items] | ||
Lease revenue and other property revenue | 18,170 | 24,955 |
Rental operation expenses | (5,518) | (8,277) |
Net operating income | 12,652 | 16,678 |
Property and asset management fees | (1,548) | (2,418) |
Impairment charges | 0 | (15,910) |
Depreciation and amortization | (6,988) | (9,230) |
Unallocated expenses | 0 | 0 |
Gain (loss) on disposition of real estate, net | 148 | 2,674 |
Income (loss) before tax expense | 0 | 0 |
Total gross real estate assets | 594,678 | 760,385 |
Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Lease revenue and other property revenue | 23,289 | 25,414 |
Rental operation expenses | (8,355) | (8,504) |
Net operating income | 14,934 | 16,910 |
Property and asset management fees | (2,487) | (2,458) |
Impairment charges | (2,010) | 0 |
Depreciation and amortization | (6,370) | (7,240) |
Unallocated expenses | 0 | 0 |
Gain (loss) on disposition of real estate, net | (27) | 0 |
Income (loss) before tax expense | 0 | 0 |
Total gross real estate assets | 966,986 | 1,082,915 |
Other | ||
Segment Reporting Information [Line Items] | ||
Lease revenue and other property revenue | 0 | 0 |
Rental operation expenses | 0 | 0 |
Net operating income | 0 | 0 |
Property and asset management fees | 0 | 0 |
Impairment charges | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Unallocated expenses | (4,986) | (12,000) |
Gain (loss) on disposition of real estate, net | 0 | 0 |
Income (loss) before tax expense | 0 | 0 |
Total gross real estate assets | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021USD ($)Asset | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Subsequent Event [Line Items] | |||
Proceeds from assets sold | $ 61 | $ 146,824 | |
Subsequent Event | Noble Town Center, Plaza Vega Baja and Uptown Solon | |||
Subsequent Event [Line Items] | |||
Repayment of mortgage debt maturity period | 2021-05 | ||
Subsequent Event | Mortgage Loan | Marketplace of Brown Deer | |||
Subsequent Event [Line Items] | |||
Unrestricted cash and sales proceeds used to repay debt | $ 23,600 | ||
Subsequent Event | Marketplace of Brown Deer, Noble Town Center, Plaza Vega Baja and Uptown Solon | |||
Subsequent Event [Line Items] | |||
Number of assets sold | Asset | 4 | ||
Proceeds from assets sold | $ 38,900 |