Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | 21,117,150 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | true | |
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, 2022 | Dec. 31, 2021 |
Assets | ||
Buildings | $ 51,261 | $ 51,261 |
Fixtures and tenant improvements | 8,305 | 8,260 |
Total real estate rental property | 59,566 | 59,521 |
Less: Accumulated depreciation | (36,802) | (36,195) |
Total real estate assets, net | 22,764 | 23,326 |
Cash and cash equivalents | 44,769 | 110,470 |
Restricted cash | 1,098 | 1,993 |
Accounts receivable | 2,364 | 3,891 |
Other assets, net | 4,498 | 4,718 |
Total assets | 75,493 | 144,398 |
Liabilities and Equity | ||
Accounts payable and other liabilities | 6,996 | 8,331 |
Dividends payable | 0 | 69,053 |
Total liabilities | 6,996 | 77,384 |
Commitments and contingencies (Note 1) | ||
Retail Value Inc. shareholders' equity | ||
Common shares, with par value, $0.10 stated value; 200,000,000 shares authorized; 21,117,748 shares issued at March 31, 2022 and December 31, 2021 | 2,112 | 2,112 |
Additional paid-in capital | 740,517 | 740,517 |
Accumulated distributions in excess of net loss | (674,119) | (675,602) |
Less: Common shares in treasury at cost: 598 shares at March 31, 2022 and December 31, 2021 | (13) | (13) |
Total equity | 68,497 | 67,014 |
Total liabilities and equity | $ 75,493 | $ 144,398 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 21,117,748 | 21,117,748 |
Treasury common shares | 598 | 598 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from operations: | ||
Rental income | $ 2,279 | $ 18,153 |
Other income | 2 | 17 |
Total revenue from operations | 2,281 | 18,170 |
Rental operation expenses: | ||
Operating and maintenance | 288 | 2,384 |
Real estate taxes | 42 | 3,134 |
Property and asset management fees | 191 | 1,548 |
General and administrative | 699 | 865 |
Depreciation and amortization | 607 | 6,988 |
Total rental operation expenses | 1,827 | 14,919 |
Other income (expense): | ||
Interest expense, net | 0 | (3,151) |
Debt extinguishment costs | 0 | (73) |
Gain on disposition of real estate, net | 295 | 148 |
Total other income (expense) | 295 | (3,076) |
Income before tax expense | 749 | 175 |
Tax expense | (38) | (66) |
Income from continuing operations | 711 | 109 |
Income from discontinued operations | 772 | 3,100 |
Net income | 1,483 | 3,209 |
Comprehensive income | $ 1,483 | $ 3,209 |
Basic and diluted earnings per share data: | ||
Income from continuing operations | $ 0.03 | $ 0 |
Income from discontinued operations | 0.04 | 0.15 |
Net income | $ 0.07 | $ 0.15 |
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, 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 | 3,209 | 3,209 | |||
Ending Balance at Mar. 31, 2021 | 622,016 | 2,108 | 740,130 | (120,219) | (3) |
Beginning Balance at Dec. 31, 2021 | 67,014 | 2,112 | 740,517 | (675,602) | (13) |
Net income | 1,483 | 1,483 | |||
Ending Balance at Mar. 31, 2022 | $ 68,497 | $ 2,112 | $ 740,517 | $ (674,119) | $ (13) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 1,483 | $ 3,209 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 607 | 13,358 |
Amortization and write-off of above- and below-market leases, net | 0 | (236) |
Amortization and write-off of debt issuance costs | 0 | 781 |
Gain on disposition of real estate, net | (289) | (121) |
Impairment charges | 0 | 2,010 |
Net change in accounts receivable | 779 | 3,298 |
Net change in accounts payable and other liabilities | (478) | (1,883) |
Net change in other operating assets | 1,126 | 2,035 |
Total adjustments | 1,745 | 19,242 |
Net cash flow provided by operating activities | 3,228 | 22,451 |
Cash flow from investing activities: | ||
Real estate improvements to operating real estate | (854) | (3,378) |
Proceeds from disposition of real estate | 83 | 61 |
Net cash flow used for investing activities | (771) | (3,317) |
Cash flow from financing activities: | ||
Repayment of mortgage debt, including repayment costs | 0 | (51,168) |
Payment of credit facility costs | 0 | (75) |
Dividends paid | (69,053) | (4,381) |
Net cash flow used for financing activities | (69,053) | (55,624) |
Net decrease in cash, cash equivalents and restricted cash | (66,596) | (36,490) |
Cash, cash equivalents and restricted cash, beginning of period | 112,463 | 172,788 |
Cash, cash equivalents and restricted cash, end of period | $ 45,867 | $ 136,298 |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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” or the “Manager”) on July 1, 2018. At March 31, 2022, RVI’s only The Company, its subsidiaries and the Manager have entered into a new External Management Agreement, effective January 1, 2022 (the “New Management Agreement”), which compensates the Manager for property management, leasing services and disposition efforts for Crossroads Center (prior to its sale) and for corporate services in connection with the anticipated wind-up of the Company’s business. 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. 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. 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. Actual results could differ from those estimates. 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, 2022 and 2021, 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, 2021. 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, 2022 2021 Accounts payable related to construction in progress (continuing operations) $ — $ 0.2 Accounts payable related to construction in progress (discontinued operations) — 1.0 Stock dividends — 18.6 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. 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. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 2 . Other Assets consists of the following (in thousands): March 31, 2022 December 31, 2021 Operating lease ROU assets $ 1,088 $ 1,098 Notes receivable (A) 3,000 3,000 Other assets: Prepaid expenses 282 511 Other assets 128 109 Total other assets $ 4,498 $ 4,718 (A) Maturity date is the earlier of September 24, 2022 (subject to buyer’s option to exercise a six-month |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations The Company previously sold all of its properties located in Puerto Rico, which represented a strategic shift in the Company’s geographic concentration and business and, as such, the Puerto Rico properties are reflected as discontinued operations for all periods presented. Only Interest Expense, which was specifically identifiable to the Puerto Rico assets, is included in the computation of interest expense attributable to discontinued operations. The operating results related to the Puerto Rico segment were as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues from operations: Rental income $ 847 $ 23,269 Other income — 20 847 23,289 Rental operation expenses: Operating and maintenance 57 7,223 Real estate taxes — 1,132 Property and asset management fees — 2,487 Impairment charges — 2,010 Depreciation and amortization — 6,370 57 19,222 Other income (expense): Interest expense, net — (840 ) Debt extinguishment costs — (57 ) Loss on disposition of real estate (6 ) (27 ) (6 ) (924 ) Income from discontinued operations before tax expense 784 3,143 Tax expense (12 ) (43 ) Income from discontinued operations $ 772 $ 3,100 The following table summarizes cash flow data relating to discontinued operations for the three months ended March 31, 2021 (in thousands): Three Months Ended March 31, 2021 Depreciation and amortization $ 6,370 Amortization and write-off of above- and below-market leases, net 79 Impairment charges 2,010 Real estate improvements to operating real estate 2,745 |
Transactions with SITE Centers
Transactions with SITE Centers | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with SITE Centers | 4 . The following table presents fees and other amounts charged by SITE Centers (in thousands): Three Months Ended March 31, 2022 2021 Property management fees (A) $ 66 $ 2,265 Asset management fees (B) 125 1,770 Leasing commissions (C) 7 778 Maintenance services and other (D) 6 344 Legal fees (E) 32 104 $ 236 $ 5,261 ( A ) In 2022, the Company paid a fixed property management fee to SITE Centers through April 2022. In 2021, property management fees were 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. (B) In 2022, the asset management fee was based on a fixed fee. In 2021, asset management fees were 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 ) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. On December 15, 2021, the Company and certain subsidiaries of SITE Centers entered into the New Management Agreement, which took effect on January 1, 2022 and compensates the Manager for property management and leasing services for Crossroads Center (prior to its sale on April 12, 2022) and for corporate services in connection with the anticipated wind-up of the Company’s business. Pursuant to the terms of the New Management Agreement, the Company will pay the Manager an asset management fee for services rendered in connection with corporate management of the Company in an aggregate amount of (i) $500,000 for calendar year 2022, (ii) $300,000 per annum commencing on January 1, 2023 until the end of the calendar quarter in which the Company’s shares are deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”) and/or the Company’s reporting obligations under the Exchange Act are suspended or terminated, and (iii) $100,000 per annum, commencing from the calendar quarter immediately following the calendar quarter in which the Company’s shares are deregistered under the Exchange Act and/or the Company’s reporting obligations under the Exchange Act are suspended or terminated until the expiry of the term of the New Management Agreement (i.e. five years from the date that the Company files a certificate of dissolution with the Secretary of State of the State of Ohio) or the earlier termination thereof. In addition, pursuant to the New Management Agreement, the Company paid the Manager a property management fee of $22,000 per month through April 2022 on account of Crossroads Center. In April 2022, in accordance with the terms of the New Management Agreement, the Company paid SITE a $385,000 disposition fee for the sale of Crossroads Center and a $500,000 incentive payment in recognition of the successful completion of the Company’s disposition program (including the sale of Crossroads Center). The New Management Agreement also obligates the Company to pay or reimburse the Manager for all commercially reasonable third-party costs and expenses incurred in the performance of its duties under the New Management Agreement, including, but not limited to, all fees and expenses paid to outside advisors (legal and accounting), consultants, architects, engineers and other professionals reasonably required for the performance of the Manager’s duties. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5 . The following table provides the net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerators – Basic and Diluted Net income attributable to common shareholders from continuing operations $ 711 $ 109 Net income attributable to common shareholders from discontinued operations 772 3,100 Total $ 1,483 $ 3,209 Denominators – Number of Shares Basic and Diluted — 21,117 20,916 Basic and Diluted Earnings Per Share: Income from continuing operations $ 0.03 $ — Income from discontinued operations 0.04 0.15 Total $ 0.07 $ 0.15 Dividends In December 2021, the Board of Directors of the Company declared a cash dividend of $3.27 per common share that was paid in January 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6 . Subsequent Events On April 12, 2022, the Company sold Crossroads Center in Gulfport, Mississippi for $38.5 million. In connection with the sale, in April 2022, the Board of Directors of the Company authorized an incentive payment of $0.5 million to the Manager in accordance with the terms of the New Management Agreement (Note 4). In addition, on April 12, 2022, the Board of Directors of the Company declared a cash dividend of $2.13 per common share, which the Company will pay on May 10, 2022. |
Nature of Business and Financ_2
Nature of Business and Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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. Actual results could differ from those estimates. |
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, 2022 and 2021, 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, 2021. |
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities | 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. |
Legal Matters | 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. |
Nature of Business and Financ_3
Nature of Business and Financial Statement Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Accounts payable related to construction in progress (continuing operations) $ — $ 0.2 Accounts payable related to construction in progress (discontinued operations) — 1.0 Stock dividends — 18.6 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other Assets consists of the following (in thousands): March 31, 2022 December 31, 2021 Operating lease ROU assets $ 1,088 $ 1,098 Notes receivable (A) 3,000 3,000 Other assets: Prepaid expenses 282 511 Other assets 128 109 Total other assets $ 4,498 $ 4,718 (A) Maturity date is the earlier of September 24, 2022 (subject to buyer’s option to exercise a six-month |
Discontinued Operations (Tables
Discontinued Operations (Tables) - Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Discontinued Operations | The following table summarizes cash flow data relating to discontinued operations for the three months ended March 31, 2021 (in thousands): Three Months Ended March 31, 2021 Depreciation and amortization $ 6,370 Amortization and write-off of above- and below-market leases, net 79 Impairment charges 2,010 Real estate improvements to operating real estate 2,745 |
Puerto Rico | |
Schedule of Discontinued Operations | The operating results related to the Puerto Rico segment were as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues from operations: Rental income $ 847 $ 23,269 Other income — 20 847 23,289 Rental operation expenses: Operating and maintenance 57 7,223 Real estate taxes — 1,132 Property and asset management fees — 2,487 Impairment charges — 2,010 Depreciation and amortization — 6,370 57 19,222 Other income (expense): Interest expense, net — (840 ) Debt extinguishment costs — (57 ) Loss on disposition of real estate (6 ) (27 ) (6 ) (924 ) Income from discontinued operations before tax expense 784 3,143 Tax expense (12 ) (43 ) Income from discontinued operations $ 772 $ 3,100 |
Transactions with SITE Centers
Transactions with SITE Centers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Property management fees (A) $ 66 $ 2,265 Asset management fees (B) 125 1,770 Leasing commissions (C) 7 778 Maintenance services and other (D) 6 344 Legal fees (E) 32 104 $ 236 $ 5,261 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income and the Number of Common Shares used in the Computations of "Basic" Earnings Per Share ("EPS") | The following table provides the net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerators – Basic and Diluted Net income attributable to common shareholders from continuing operations $ 711 $ 109 Net income attributable to common shareholders from discontinued operations 772 3,100 Total $ 1,483 $ 3,209 Denominators – Number of Shares Basic and Diluted — 21,117 20,916 Basic and Diluted Earnings Per Share: Income from continuing operations $ 0.03 $ — Income from discontinued operations 0.04 0.15 Total $ 0.07 $ 0.15 |
Nature of Business and Financ_4
Nature of Business and Financial Statement Presentation - Additional Information (Details) ft² in Millions | 3 Months Ended | |
Mar. 31, 2022ft²PortfolioAsset | Jul. 01, 2018PortfolioAssetShoppingCenter | |
Nature Of Business [Line Items] | ||
Number of portfolio assets | PortfolioAsset | 1 | |
Square feet of company-owned gross leasable area of portfolio assets | ft² | 0.6 | |
Percentage of gross leasable area occupied | 92.10% | |
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 |
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, 2022 | Mar. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Stock dividends | $ 0 | $ 18.6 |
Continuing Operations | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accounts payable related to construction in progress (continuing operations) | 0 | 0.2 |
Discontinued Operations | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accounts payable related to construction in progress (continuing operations) | $ 0 | $ 1 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Operating lease ROU assets | $ 1,088 | $ 1,098 |
Notes receivable | 3,000 | 3,000 |
Other assets: | ||
Prepaid expenses | 282 | 511 |
Other assets | 128 | 109 |
Total other assets | $ 4,498 | $ 4,718 |
Other Assets - Schedule of Ot_2
Other Assets - Schedule of Other Assets (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Notes receivable maturity date | Sep. 24, 2022 |
Notes receivable extension term | 6 months |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Operating Results Related to Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Rental operation expenses: | ||
Impairment charges | $ 2,010 | |
Other income (expense): | ||
Income from discontinued operations | $ 772 | 3,100 |
Puerto Rico | ||
Revenues from operations: | ||
Rental income | 847 | 23,269 |
Other income | 0 | 20 |
Total revenue from discontinued operations | 847 | 23,289 |
Rental operation expenses: | ||
Operating and maintenance | 57 | 7,223 |
Real estate taxes | 0 | 1,132 |
Property and asset management fees | 0 | 2,487 |
Impairment charges | 0 | 2,010 |
Depreciation and amortization | 0 | 6,370 |
Total rental operation expenses | 57 | 19,222 |
Other income (expense): | ||
Interest expense, net | 0 | (840) |
Debt extinguishment costs | 0 | (57) |
Loss on disposition of real estate | (6) | (27) |
Total other income (expense) | (6) | (924) |
Income from discontinued operations before tax expense | 784 | 3,143 |
Tax expense | (12) | (43) |
Income from discontinued operations | $ 772 | $ 3,100 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Cash Flow Data Related to Discontinued Operations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Depreciation and amortization | $ 6,370 |
Amortization and write-off of above- and below-market leases, net | 79 |
Impairment charges | 2,010 |
Real estate improvements to operating real estate | $ 2,745 |
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, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Property management fees | $ 66 | $ 2,265 |
Asset management fees | 125 | 1,770 |
Leasing commissions | 7 | 778 |
Maintenance services and other | 6 | 344 |
Legal fees | 32 | 104 |
Total fees and other amount charges | $ 236 | $ 5,261 |
Transactions with SITE Center_3
Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
SITE Centers Corp | |
Related Party Transaction [Line Items] | |
Percentage of gross asset value for calculation of asset management fees | 0.50% |
Transactions with SITE Center_4
Transactions with SITE Centers - Additional Information (Details) - New Management Agreement - USD ($) | Dec. 15, 2021 | Apr. 30, 2022 | Apr. 12, 2022 |
Related Party Transaction [Line Items] | |||
Term after dissolution | 5 years | ||
Crossroads Center | Subsequent Event | |||
Related Party Transaction [Line Items] | |||
Property management fee | $ 22,000 | ||
Disposition fee | $ 385,000 | ||
Incentive payment to manager | $ 500,000 | ||
For Calendar Year 2022 | |||
Related Party Transaction [Line Items] | |||
Annual asset management fee payable for services rendered in connection with corporate management | $ 500,000 | ||
Commencing on January 1, 2023 until the End of the Calendar Quarter in which the Company's Shares are Deregistered | |||
Related Party Transaction [Line Items] | |||
Annual asset management fee payable for services rendered in connection with corporate management | 300,000 | ||
Commencing from the Calendar Quarter Immediately Following the Calendar Quarter in which the Company's Shares are Deregistered | |||
Related Party Transaction [Line Items] | |||
Annual asset management fee payable for services rendered in connection with corporate management | $ 100,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Income 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, 2022 | Mar. 31, 2021 | |
Numerators – Basic and Diluted | ||
Net income attributable to common shareholders from continuing operations | $ 711 | $ 109 |
Net income attributable to common shareholders from discontinued operations | 772 | 3,100 |
Net income | $ 1,483 | $ 3,209 |
Denominators – Number of Shares | ||
Basic and Diluted—Average shares outstanding | 21,117 | 20,916 |
Basic and Diluted Earnings Per Share: | ||
Income from continuing operations | $ 0.03 | $ 0 |
Income from discontinued operations | 0.04 | 0.15 |
Net income | $ 0.07 | $ 0.15 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 1 Months Ended |
Jan. 31, 2022$ / shares | |
Earnings Per Share [Abstract] | |
Common shares, cash dividend paid | $ 3.27 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) | Apr. 12, 2022 | Apr. 30, 2022 |
Subsequent Event [Line Items] | ||
Common shares, cash dividend declared | $ 2.13 | |
Dividend payable date | May 10, 2022 | |
New Management Agreement | Crossroads Center | ||
Subsequent Event [Line Items] | ||
Gross sales price | $ 38,500,000 | |
Incentive payment to manager | $ 500,000 |