Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 07, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-07533 | ||
Entity Registrant Name | FEDERAL REALTY INVESTMENT TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 87-3916363 | ||
Entity Address, Address Line One | 909 Rose Avenue, Suite 200 | ||
Entity Address, City or Town | North Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20852 | ||
City Area Code | 301) | ||
Local Phone Number | 998-8100 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9.1 | ||
Entity Common Stock, Shares Outstanding | 78,616,815 | ||
Entity Central Index Key | 0000034903 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Federal Realty OP LP | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 333-262016-01 | ||
Entity Registrant Name | FEDERAL REALTY OP LP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-0782497 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001901876 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
No Trading Symbol Flag | |||
New York Stock Exchange, Inc. | Common Shares Of Beneficial Interest | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest | ||
Trading Symbol | FRT | ||
Security Exchange Name | NYSE | ||
New York Stock Exchange, Inc. | Depositary Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing 1/1000 of a share | ||
Trading Symbol | FRT-C | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Operating (including $2,207,648 and $1,703,202 of consolidated variable interest entities, respectively) | $ 8,814,791 | $ 7,771,981 |
Construction-in-progress (including $18,752 and $44,896 of consolidated variable interest entities, respectively) | 607,271 | 810,889 |
Real estate, at cost, total | 9,422,062 | 8,582,870 |
Less accumulated depreciation and amortization (including $389,950 and $335,735 of consolidated variable interest entities, respectively) | (2,531,095) | (2,357,692) |
Net real estate | 6,890,967 | 6,225,178 |
Cash and cash equivalents | 162,132 | 798,329 |
Accounts and notes receivable | 169,007 | 159,780 |
Mortgage notes receivable, net | 9,543 | 39,892 |
Investment in partnerships | 13,027 | 22,128 |
Operating lease right of use assets | 90,743 | 92,248 |
Finance lease right of use assets | 49,832 | 51,116 |
Prepaid expenses and other assets | 237,069 | 218,953 |
TOTAL ASSETS | 7,622,320 | 7,607,624 |
Liabilities | ||
Mortgages payable, net (including $335,301 and $413,681 of consolidated variable interest entities, respectively) | 339,993 | 484,111 |
Notes payable, net | 301,466 | 402,776 |
Senior notes and debentures, net | 3,406,088 | 3,404,488 |
Accounts payable and accrued expenses | 235,168 | 228,641 |
Dividends payable | 86,538 | 83,839 |
Security deposits payable | 25,331 | 20,388 |
Operating lease liabilities | 72,661 | 72,441 |
Finance lease liabilities | 72,032 | 72,049 |
Other liabilities and deferred credits | 206,187 | 152,424 |
Total liabilities | 4,745,464 | 4,921,157 |
Commitments and contingencies (Note 7) | ||
Redeemable noncontrolling interests | 213,708 | 137,720 |
Shareholders’ equity | ||
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 78,603,305 and 76,727,394 shares issued and outstanding, respectively | 790 | 771 |
Additional paid-in capital | 3,488,794 | 3,297,305 |
Accumulated dividends in excess of net income | (1,066,932) | (988,272) |
Accumulated other comprehensive loss | (2,047) | (5,644) |
Total shareholders’ equity of the Trust | 2,580,602 | 2,464,157 |
Noncontrolling interests | 82,546 | 84,590 |
Total shareholders’ equity | 2,663,148 | 2,548,747 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 7,622,320 | 7,607,624 |
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | ||
Shareholders’ equity | ||
Preferred shares, authorized 15,000,000 shares, $.01 par: | 150,000 | 150,000 |
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding | ||
Shareholders’ equity | ||
Preferred shares, authorized 15,000,000 shares, $.01 par: | $ 9,997 | $ 9,997 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating real estate, consolidated variable interest entities | $ 2,207,648 | $ 1,703,202 |
Construction-in-progress, consolidated variable interest entities | 18,752 | 44,896 |
Accumulated depreciation and amortization, consolidated variable interest entities | 389,950 | 335,735 |
Mortgages payable, consolidated variable interest entities | $ 335,301 | $ 413,681 |
Preferred shares, authorized | 15,000,000 | 15,000,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, percentage | 5.00% | 5.00% |
Common shares of beneficial interest, par value | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 |
Common shares of beneficial interest, shares issued | 78,603,305 | 76,727,394 |
Common shares of beneficial interest, shares outstanding | 78,603,305 | 76,727,394 |
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, percentage | 5.417% | 5.417% |
Preferred Shares, liquidation preference per share | $ 25 | $ 25 |
Preferred shares, shares issued | 399,896 | 399,896 |
Preferred shares, shares outstanding | 399,896 | 399,896 |
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, percentage | 5.00% | 5.00% |
Preferred Shares, liquidation preference per share | $ 25,000 | $ 25,000 |
Preferred shares, shares issued | 6,000 | 6,000 |
Preferred shares, shares outstanding | 6,000 | 6,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
Rental Income | $ 948,842 | $ 832,171 | $ 932,738 |
Mortgage interest income | 2,382 | 3,323 | 3,050 |
Total revenue | 951,224 | 835,494 | 935,788 |
EXPENSES | |||
Rental expenses | 198,121 | 170,920 | 187,831 |
Real estate taxes | 118,496 | 119,242 | 110,927 |
General and administrative | 49,856 | 41,680 | 42,754 |
Depreciation and amortization | 279,976 | 255,027 | 239,758 |
Total operating expenses | 646,449 | 586,869 | 581,270 |
Impairment charge | 0 | (57,218) | 0 |
Gain on sale of real estate and change in control of interest, net of tax | 89,950 | 98,117 | 116,393 |
OPERATING INCOME | 394,725 | 289,524 | 470,911 |
Other interest income | 809 | 1,894 | 1,266 |
Interest expense | (127,698) | (136,289) | (109,623) |
Early extinguishment of debt | 0 | (11,179) | 0 |
Income (loss) from partnerships | 1,245 | (8,062) | (2,012) |
Net income | 269,081 | 135,888 | 360,542 |
Net income attributable to noncontrolling interests | (7,583) | (4,182) | (6,676) |
NET INCOME ATTRIBUTABLE TO THE TRUST | 261,498 | 131,706 | 353,866 |
Dividends on preferred shares | (8,042) | (8,042) | (8,042) |
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ 253,456 | $ 123,664 | $ 345,824 |
EARNINGS PER COMMON SHARE, BASIC | |||
Net income available for common shareholders | $ 3.26 | $ 1.62 | $ 4.61 |
Weighted average number of common shares | 77,336 | 75,515 | 74,766 |
EARNINGS PER COMMON SHARE, DILUTED | |||
Net income available for common shareholders | $ 3.26 | $ 1.62 | $ 4.61 |
Weighted average number of common shares | 77,368 | 75,515 | 74,766 |
COMPREHENSIVE INCOME | |||
Net income | $ 269,081 | $ 135,888 | $ 360,542 |
Other comprehensive income (loss) - change in value of interest rate swaps | 3,917 | (5,302) | (397) |
COMPREHENSIVE INCOME | 272,998 | 130,586 | 360,145 |
Comprehensive income attributable to noncontrolling interests | (7,903) | (3,711) | (6,676) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST | $ 265,095 | $ 126,875 | $ 353,469 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common shares | Additional Paid-in Capital | Accumulated Dividends in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2018 | 405,896 | 74,249,633 | |||||
Beginning balance at Dec. 31, 2018 | $ 2,467,330 | $ 159,997 | $ 745 | $ 3,004,442 | $ (818,877) | $ (416) | $ 121,439 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting standard | (7,098) | (7,098) | |||||
Net income, excluding amount attributable to redeemable noncontrolling interests | 357,112 | 353,866 | 3,246 | ||||
Other comprehensive income (loss) - change in value of interest rate swaps | (397) | (397) | |||||
Dividends declared to common shareholders | (310,973) | (310,973) | |||||
Dividends declared to preferred shareholders | (8,042) | (8,042) | |||||
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | (9,961) | (9,961) | |||||
Common shares issued, net (in shares) | 1,069,740 | ||||||
Common shares issued, net | $ 142,716 | $ 11 | 142,705 | ||||
Shares issued under dividend reinvestment plan (in shares) | 15,909 | 15,909 | |||||
Shares issued under dividend reinvestment plan | $ 2,095 | 2,095 | |||||
Share-based compensation expense, net of forfeitures (in shares) | 111,555 | ||||||
Share-based compensation expense, net of forfeitures | 13,330 | $ 1 | 13,329 | ||||
Shares withheld for employee taxes (in shares) | (34,320) | ||||||
Shares withheld for employee taxes | (4,626) | (4,626) | |||||
Conversion and redemption of OP units (in shares) | 128,287 | ||||||
Conversion and redemption of OP units | (72) | $ 2 | 14,102 | (14,176) | |||
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | 243 | 243 | |||||
Adjustment to redeemable noncontrolling interests | (5,525) | (5,525) | |||||
Ending balance (in shares) at Dec. 31, 2019 | 405,896 | 75,540,804 | |||||
Ending balance at Dec. 31, 2019 | 2,636,132 | $ 159,997 | $ 759 | 3,166,522 | (791,124) | (813) | 100,791 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting standard | (510) | (510) | |||||
Net income, excluding amount attributable to redeemable noncontrolling interests | 133,660 | 131,706 | 1,954 | ||||
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests | (4,831) | (4,831) | |||||
Other comprehensive income (loss) - change in value of interest rate swaps | (5,302) | ||||||
Dividends declared to common shareholders | (320,302) | (320,302) | |||||
Dividends declared to preferred shareholders | (8,042) | (8,042) | |||||
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | (8,874) | (8,874) | |||||
Common shares issued, net (in shares) | 1,080,882 | ||||||
Common shares issued, net | $ 98,839 | $ 11 | 98,828 | ||||
Shares issued under dividend reinvestment plan (in shares) | 24,491 | 24,491 | |||||
Shares issued under dividend reinvestment plan | $ 2,072 | 2,072 | |||||
Share-based compensation expense, net of forfeitures (in shares) | 114,251 | ||||||
Share-based compensation expense, net of forfeitures | 13,243 | $ 1 | 13,242 | ||||
Shares withheld for employee taxes (in shares) | (33,034) | ||||||
Shares withheld for employee taxes | (4,052) | (4,052) | |||||
Conversion and redemption of OP units (in shares) | 0 | ||||||
Conversion and redemption of OP units | (3,320) | $ 0 | (30) | (3,290) | |||
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | 120 | 120 | |||||
Purchase of noncontrolling interest | (7,321) | (1,210) | (6,111) | ||||
Adjustment to redeemable noncontrolling interests | 21,933 | 21,933 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 405,896 | 76,727,394 | |||||
Ending balance at Dec. 31, 2020 | 2,548,747 | $ 159,997 | $ 771 | 3,297,305 | (988,272) | (5,644) | 84,590 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income, excluding amount attributable to redeemable noncontrolling interests | 264,785 | 261,498 | 3,287 | ||||
Other comprehensive income (loss) - change in value of interest rate swaps, excluding amounts attributable to redeemable noncontrolling interests | 3,597 | 3,597 | |||||
Other comprehensive income (loss) - change in value of interest rate swaps | 3,917 | ||||||
Dividends declared to common shareholders | (332,116) | (332,116) | |||||
Dividends declared to preferred shareholders | (8,042) | (8,042) | |||||
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | (4,341) | (4,341) | |||||
Common shares issued, net (in shares) | 1,643,845 | ||||||
Common shares issued, net | $ 172,753 | $ 17 | 172,736 | ||||
Shares issued under dividend reinvestment plan (in shares) | 19,758 | 19,758 | |||||
Shares issued under dividend reinvestment plan | $ 1,955 | 1,955 | |||||
Share-based compensation expense, net of forfeitures (in shares) | 164,553 | ||||||
Share-based compensation expense, net of forfeitures | 14,434 | $ 2 | 14,432 | ||||
Shares withheld for employee taxes (in shares) | (29,031) | ||||||
Shares withheld for employee taxes | (2,998) | (2,998) | |||||
Conversion and redemption of OP units (in shares) | 76,786 | ||||||
Conversion and redemption of OP units | (99) | $ 0 | 7,474 | (7,573) | |||
Contributions from noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests | 6,583 | 6,583 | |||||
Adjustment to redeemable noncontrolling interests | (2,110) | (2,110) | |||||
Ending balance (in shares) at Dec. 31, 2021 | 405,896 | 78,603,305 | |||||
Ending balance at Dec. 31, 2021 | $ 2,663,148 | $ 159,997 | $ 790 | $ 3,488,794 | $ (1,066,932) | $ (2,047) | $ 82,546 |
Consolidated Statement Of Sha_2
Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | Nov. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||
Net income attributable to redeemable noncontrolling interests | $ 4,296 | $ 2,228 | $ 3,430 | |
Other comprehensive income (loss) attributable to redeemable noncontrolling interests | $ 320 | $ (471) | $ 0 | |
Dividends declared to common shareholders (in dollars per share) | $ 1.07 | $ 4.26 | $ 4.22 | $ 4.14 |
Distributions delcared to redeemable noncontrolling interests | $ (5,268) | $ (1,197) | $ (4,094) | |
Contributions from redeemable noncontrolling interests | $ 74,530 | $ 19,335 | $ 9,961 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 269,081 | $ 135,888 | $ 360,542 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 279,976 | 255,027 | 239,758 |
Impairment charge | 0 | 57,218 | 0 |
Gain on sale of real estate and change in control of interest, net of tax | (89,950) | (98,117) | (116,393) |
Early extinguishment of debt | 0 | 11,179 | 0 |
(Income) loss from partnerships | (1,245) | 8,062 | 2,012 |
Other, net | 389 | 6,142 | 169 |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Decrease (increase) in accounts receivable, net | 1,214 | (6,032) | (16,128) |
Increase in prepaid expenses and other assets | (5,607) | (3,260) | (10,253) |
Increase in accounts payable and accrued expenses | 6,782 | 5,621 | 2,327 |
Increase (decrease) in security deposits and other liabilities | 10,712 | (1,799) | (115) |
Net cash provided by operating activities | 471,352 | 369,929 | 461,919 |
INVESTING ACTIVITIES | |||
Acquisition of real estate | (366,466) | (9,589) | (204,516) |
Capital expenditures - development and redevelopment | (368,786) | (433,872) | (327,074) |
Capital expenditures - other | (71,728) | (68,064) | (82,836) |
Costs associated with property sold under threat of condemnation, net | 0 | (12,924) | 0 |
Proceeds from sale of real estate | 137,868 | 183,461 | 321,997 |
Investment in partnerships | (3,115) | (3,348) | (1,052) |
Distribution from partnerships in excess of earnings | 2,970 | 1,301 | 2,765 |
Leasing costs | (21,990) | (15,080) | (25,459) |
Repayment (issuance) of mortgage and other notes receivable, net | 31,129 | (10,268) | (357) |
Net cash used in investing activities | (660,118) | (368,383) | (316,532) |
FINANCING ACTIVITIES | |||
Costs to amend revolving credit facility | 0 | (638) | (4,012) |
Issuance of senior notes, net of costs | 0 | 1,094,283 | 399,913 |
Redemption and retirement of senior notes | 0 | (510,360) | 0 |
Issuance of notes payable, net of costs | 0 | 398,722 | 0 |
Repayment of mortgages, finance leases, and notes payable | (277,643) | (70,237) | (301,029) |
Issuance of common shares, net of costs | 172,981 | 99,177 | 143,027 |
Dividends paid to common and preferred shareholders | (335,656) | (324,596) | (313,649) |
Shares withheld for employee taxes | (2,998) | (4,052) | (4,626) |
Contributions from noncontrolling interests | 133 | 0 | 404 |
Distributions to and redemptions of noncontrolling interests | (9,784) | (20,563) | (20,133) |
Net cash (used in) provided by financing activities | (452,967) | 661,736 | (100,105) |
(Decrease) increase in cash, cash equivalents, and restricted cash | (641,733) | 663,282 | 45,282 |
Cash, cash equivalents, and restricted cash at beginning of year | 816,896 | 153,614 | 108,332 |
Cash, cash equivalents, and restricted cash at end of year | $ 175,163 | $ 816,896 | $ 153,614 |
Business And Organization
Business And Organization | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operations [Abstract] | |
BUSINESS AND ORGANIZATION | BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of December 31, 2021, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. See Note 15 for a discussion of the UPREIT reorganization we completed in January of 2022. Impacts of COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease ("COVID-19") as a pandemic. While we continue to expect the impact to our properties will be temporary in nature, the extent of the future effects of COVID-19 on our business, results of operations, cash flows, and growth prospects is highly uncertain and will ultimately depend on future developments, none of which can be predicted with any certainty. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2021, we executed rent deferral agreements related to the COVID-19 pandemic representing approximately $46 million of rent. We have subsequently collected approximately $27 million of those amounts previously deferred. As of December 31, 2021, we have entered into rent abatement agreements related to the COVID-19 pandemic totaling $26 million and $48 million of rents due in 2021 and 2020, respectively. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income. Since March 2020, federal, state, and local governments have taken various actions to mitigate the spread of COVID-19. These actions included the closure of nonessential businesses and ordering residents to generally stay at home at the onset of the pandemic, phased re-openings and capacity limitations, and now generally lifted restrictions. While the overall economy is showing signs of recovery from the initial impacts of COVID-19, workforce shortages, global supply chain bottlenecks and shortages, inflation, as well as COVID-19 variants are impacting the recovery. Closures and restrictions, along with the general concern over the spread of COVID-19, required a significant number of tenants to close their operations or to significantly limit the amount of business they were able to conduct, which impacted their ability to timely pay rent as required under our leases and also caused many tenants to close their business permanently. As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the years ended December 31, 2021 and 2020, we recognized collectibility related adjustments of $24.0 million and $106.6 million, respectively. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19, as well as the write-off of $0.7 million and $12.7 million, respectively of straight-line rent receivables related to tenants changed to a cash basis of revenue recognition during the years ended December 31, 2021 and 2020. As of December 31, 2021 and 2020, the revenue from approximately 34% and 35% of our tenants (based on total commercial leases), respectively, is being recognized on a cash basis. As of December 31, 2021 and 2020, our straight-line rent receivables balance was $110.7 million and $103.3 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Other revenue recognition policies Sales of real estate are recognized generally upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration requires us to make assumptions and apply significant judgment. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2021, 2020 and 2019, real estate depreciation expense was $245.1 million, $227.9 million and $215.4 million, respectively, including amounts from real estate sold. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as acquired leases, assumed debt, if any, and to current assets and liabilities acquired, if any. The value allocated to acquired leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of acquired lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any acquired lease value is written off to rental income. Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. Prior to the adoption of ASU 2016-02, "Leases," when applicable, as lessee, we classified our leases of land and building as operating or capital leases. We were required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease. Subsequently, capital leases are now considered "finance leases." We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2021, we had $167.3 million in excess of the FDIC insured limit. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three ten Debt Issuance Costs Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. Derivative Instruments We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected. At December 31, 2021, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken property at 3.67%. Both swaps were designated and qualify for cash flow hedge accounting. As of December 31, 2021, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on the joint venture's mortgage debt at 5.206%. Both swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2021, 2020 and 2019. Mortgage Notes Receivable We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Effective January 1, 2020, (upon the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," as amended and interpreted), we account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Prior to the implementation of ASC 326, we recognized impairment losses as incurred. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. As our loans are collateralized by mortgages, these loans have risk characteristics similar to the risks in owning commercial real estate. On May 11, 2021, two of our outstanding mortgage notes receivable were repaid. Including interest, the net proceeds were $33.8 million. As a result of the transaction, our mortgage notes receivable, net of valuation allowance, decreased $30.3 million. At December 31, 2021, we had three mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments of $9.5 million, and a weighted average interest rate of 10.9%. Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 for further discussion regarding our share based compensation plans and policies. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On January 4, 2021, we acquired our partner's interest in the Pike & Rose hotel joint venture, which was previously considered a variable interest in a VIE. See Note 3 for additional details of this transaction. Our equity method investments in the Assembly Row hotel joint venture and the La Alameda shopping center and our mortgage notes receivable are considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of the joint ventures related to the Assembly Row hotel, the La Alameda shopping center, or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2021 and 2020, our investment in the Assembly Row hotel and La Alameda shopping center joint ventures and maximum exposure to loss was $8.9 million and $9.9 million, respectively, and $8.8 million for our Pike & Rose hotel joint venture as of December 31, 2020. As of December 31, 2021 and 2020, our investment in mortgage notes receivable and maximum exposure to loss was $9.5 million and $39.9 million, respectively. In addition, we have 21 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $1.8 billion and $1.4 billion as of December 31, 2021 and 2020, respectively, and mortgages related to VIEs included in our consolidated balance sheets were approximately $335.3 million and $413.7 million, as of December 31, 2021 and 2020, respectively. Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2021 2020 (In thousands) Beginning balance $ 137,720 $ 139,758 Contributions 74,530 19,335 Net income 4,296 2,228 Other comprehensive income (loss) - change in value of interest rate swaps 320 (471) Distributions & redemptions (5,268) (1,197) Change in redemption value 2,110 (21,933) Ending balance $ 213,708 $ 137,720 Leases We adopted ASC 842 effective January 1, 2019 under the modified retrospective approach and elected the optional transition method to apply the provisions of ASC 842 as of the adoption date, rather than the earliest period presented. We elected to apply certain adoption related practical expedients for all leases that commenced prior to the election date. These practical expedients included not reassessing whether any expired or existing contracts were or contained leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We also elected the practical expedient for lessors to combine our lease and non-lease components (primarily impacts common area maintenance recoveries). Lessor We recorded a charge to the opening accumulated dividends in excess of net income of $7.1 million in 2019 as a result of the adoption of ASC 842. This charge was attributable to the write off certain direct leasing costs recorded under the previous lease accounting rules for leases which had not commenced as well as the write off of unreserved receivables (including straight-line receivables) for leases where we had determined the collection of substantially all the lease payments required for the term is not probable. Lessee We have ground leases at 12 properties which are accounted for as operating leases. The operating lease right of use ("ROU") assets and related liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we utilize our incremental borrowing rate that correspond to the remaining term of the lease, our credit spread, and and adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We elected to apply the short-term lease exemption within ASC 842, and as such we have not recorded an ROU asset or lease liability for leases with terms of less than 12 months. Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2017. As of December 31, 2021 and 2020, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense. Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, and mortgage interest income, less rental expenses and real estate taxes. No individual commercial or residential property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. Forward Equity Sales On February 24, 2021, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our 2021 forward sales transactions. Recent Accounting Pronouncements Issued in 2021: ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842) This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria, and sales-type or direct financing lease classification would result in a Day 1 loss. This guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard does not have an impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. ASU 2020-06, August 2020, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This ASU simplifies the accounting for convertible instruments by removing the requirements to separately present certain conversion features in equity, simplifying the settlement assessment that entities are required to perform to determine wh |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Disclosure | REAL ESTATE 2021 Property Acquisitions On January 4, 2021, we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel for $2.3 million, and repaid the $31.5 million mortgage loan encumbering the hotel. As a result of the transaction, we gained control of the hotel, and effective January 4, 2021, we have consolidated this asset. We also recognized a gain on acquisition of the controlling interest of $2.1 million related to the difference between the carrying value and fair value of the previously held equity interest. On February 22, 2021, we acquired the fee interest at our Mount Vernon Plaza property in Alexandria, Virginia for $5.6 million. As a result of this transaction, the "operating lease right of use assets" and "operating lease liabilities" on our consolidated balance sheet decreased by $9.8 million. We now own the entire fee interest on this property. During the year ended December 31, 2021, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Ownership % Gross Value (in square feet) (in millions) April 30, 2021 Chesterbrook (1) McLean, Virginia 90,000 80 % $ 32.1 (2) June 1, 2021 Grossmont Center (1) La Mesa, California 933,000 60 % $ 175.0 (3) June 14, 2021 Camelback Colonnade (1) Phoenix, Arizona 642,000 98 % $ 162.5 (4) June 14, 2021 Hilton Village (1) Scottsdale, Arizona 93,000 98 % $ 37.5 (5) September 2, 2021 Twinbrooke Shopping Centre Fairfax, Virginia 106,000 100 % $ 33.8 (6) (1) These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. (2) Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases." (4) Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases." (5) The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases." (6) Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases." 2021 Property Dispositions During the year ended December 31, 2021, we sold two properties and a portion of three properties for a total sales price of $141.6 million, which resulted in a net gain of $88.3 million. 2020 Property Acquisitions Date Acquired Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) January 10, 2020 Fairfax Junction Fairfax, Virginia 49,000 $ 22.3 (1) February 12, 2020 Hoboken (2 mixed-use buildings) Hoboken, New Jersey 12,000 $ 14.3 (2) (1) This property is adjacent to, and is operated as part of the property acquired in 2019. The purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. (2) The purchase price includes the assumption of $8.9 million of mortgage debt, and is in addition to the 37 buildings previously acquired in 2019, and was completed through the same joint venture. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. 2020 Impairment On September 1, 2020, the $60.6 million non-recourse mortgage loan on The Shops at Sunset Place matured. The mortgage was not repaid, and thus the lender declared the loan in default. We evaluated our long-term plans for the property, taking into account current market conditions and prospective development and redevelopment returns, as well as the impact of COVID-19 on the revenue prospects for the property, and concluded we did not expect to move forward with the planned redevelopment or repay the mortgage balance, and thus, did not expect to be long term holders of the asset. Given these expectations, we recorded an impairment charge of $57.2 million during the third quarter of 2020. The fair value estimate used to determine the impairment charge was determined by market comparable data and discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs which include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that we believe to be within a reasonable range of current market rates for the property. Based on these inputs, we have determined that the $57 million estimated valuation of the property is classified within Level 3 of the fair value hierarchy. On December 31, 2020, we sold The Shops at Sunset Place for $65.5 million and repaid the mortgage loan. The resulting gain of $9.2 million is included in the cumulative 2020 gain of $98.1 million noted in the 2020 Property Dispositions section below. 2020 Property Dispositions During the year ended December 31, 2020, we sold three properties (including The Shops at Sunset Place discussed above) and one building for a total sales price of $186.1 million, which resulted in a net gain of $98.1 million. During the year ended December 31, 2020, we closed on the sale of the remaining two condominium units at our Pike & Rose property, receiving proceeds net of closing costs of $2.1 million. |
Acquired In-Place Leases
Acquired In-Place Leases | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
ACQUIRED IN-PLACE LEASES | ACQUIRED LEASES Acquired lease assets comprise of above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities comprise of below market leases where we are the lessor and above market leases where we are the lessee. As a lessor, acquired above market leases are included in prepaid expenses and other assets, and acquired below market leases are included in other liabilities and deferred credits. In accordance with our adoption of ASC Topic 842, acquired below market leases and acquired above market leases where we are the lessee are included in right of use assets. The following is a summary of our acquired lease assets and liabilities: December 31, 2021 December 31, 2020 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 46,951 $ (33,617) $ 43,560 $ (31,661) Below market leases, lessee 34,604 (5,019) 34,604 (4,190) Total $ 81,555 $ (38,636) $ 78,164 $ (35,851) Below market leases, lessor $ (230,059) $ 78,327 $ (174,582) $ 68,286 Above market leases, lessee (10,347) 2,654 (9,084) 2,116 Total $ (240,406) $ 80,981 $ (183,666) $ 70,402 The value allocated to acquired leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of acquired leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization: Year Ended December 31, 2021 2020 2019 (in thousands) Amortization of above market leases, lessor $ (3,150) $ (4,060) $ (3,239) Amortization of below market leases, lessor 11,897 8,406 9,623 Net increase in rental income $ 8,747 $ 4,346 $ 6,384 Amortization of below market leases, lessee $ 828 $ 828 $ 828 Amortization of above market leases, lessee (538) (525) (525) Net increase in rental expense $ 290 $ 303 $ 303 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2021 Above market leases, lessor 3.2 years Below market leases, lessee 37.6 years Below market leases, lessor 18.1 years Above market leases, lessee 17.6 years The amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2022 $ 3,674 $ 13,541 2023 3,446 12,962 2024 3,139 12,450 2025 2,126 8,984 2026 1,931 8,622 Thereafter 28,603 102,866 $ 42,919 $ 159,425 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instruments [Abstract] | |
Debt Disclosure [Text Block] | DEBT The following is a summary of our total debt outstanding as of December 31, 2021 and 2020: Principal Balance as of December 31, Stated Interest Rate as of Stated Maturity Date as of Description of Debt 2021 2020 December 31, 2021 December 31, 2021 Mortgages payable (Dollars in thousands) Sylmar Towne Center $ — $ 16,236 5.39 % June 6, 2021 Plaza Del Sol — 8,041 5.23 % December 1, 2021 THE AVENUE at White Marsh — 52,705 3.35 % January 1, 2022 Montrose Crossing — 65,596 4.20 % January 10, 2022 Azalea 40,000 40,000 3.73 % November 1, 2025 Bell Gardens 12,127 12,408 4.06 % August 1, 2026 Plaza El Segundo 125,000 125,000 3.83 % June 5, 2027 The Grove at Shrewsbury (East) 43,600 43,600 3.77 % September 1, 2027 Brook 35 11,500 11,500 4.65 % July 1, 2029 Hoboken (24 Buildings) (1) 56,450 56,450 LIBOR + 1.95% December 15, 2029 Various Hoboken (14 Buildings) 31,817 32,705 Various (2) Various through 2029 Chelsea 4,851 5,234 5.36 % January 15, 2031 Hoboken (1 Building) (3) 16,234 16,560 3.75 % July 1, 2042 Subtotal 341,579 486,035 Net unamortized debt issuance costs and premium (1,586) (1,924) Total mortgages payable, net 339,993 484,111 Notes payable Revolving credit facility — — LIBOR + 0.775% January 19, 2024 Term loan 300,000 400,000 LIBOR + 0.80% April 16, 2024 Various 2,635 3,270 11.31 % Various through 2028 Subtotal 302,635 403,270 Net unamortized debt issuance costs (1,169) (494) Total notes payable, net 301,466 402,776 Senior notes and debentures 2.75% notes 275,000 275,000 2.75 % June 1, 2023 3.95% notes 600,000 600,000 3.95 % January 15, 2024 1.25% notes 400,000 400,000 1.25 % February 15, 2026 7.48% debentures 29,200 29,200 7.48 % August 15, 2026 3.25% notes 475,000 475,000 3.25 % July 15, 2027 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 3.20% notes 400,000 400,000 3.20 % June 15, 2029 3.50% notes 400,000 400,000 3.50 % June 1, 2030 4.50% notes 550,000 550,000 4.50 % December 1, 2044 3.625% notes 250,000 250,000 3.625 % August 1, 2046 Subtotal 3,419,200 3,419,200 Net unamortized debt issuance costs and premium (13,112) (14,712) Total senior notes and debentures 3,406,088 3,404,488 Total debt $ 4,047,547 $ 4,291,375 _____________________ 1) On November 26, 2019, we entered into two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%. 2) The interest rates on these mortgages range from 3.91% to 5.00%. 3) This mortgage loan has a fixed interest rate, however, the rate resets every five years until maturity. The current interest rate is fixed until July 1, 2022, and the loan is prepayable at par anytime after this date. On April 16, 2021, we repaid $100.0 million of our existing $400.0 million term loan, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the initial maturity date to April 16, 2024, along with two one-year extensions, at our option. In 2021, we repaid the following mortgage loans, at par, prior to their original maturity date: Property Repayment Date Principal (in millions) Sylmar Towne Center February 5, 2021 $ 16.2 Plaza Del Sol September 1, 2021 $ 7.9 Montrose Crossing October 12, 2021 $ 64.1 The AVENUE at White Marsh November 2, 2021 $ 52.7 During 2021, 2020 and 2019, the maximum amount of borrowings outstanding under our revolving credit facility was $150.0 million, $990.0 million and $116.5 million, respectively. The weighted average amount of borrowings outstanding was $19.6 million, $138.5 million and $26.8 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 0.9%, 1.5% and 3.2%, respectively. The revolving credit facility requires an annual facility fee of $1.0 million. At December 31, 2021 and December 31, 2020, our revolving credit facility had no balance outstanding. Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2021, we were in compliance with all default related debt covenants. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2021 are as follows: Mortgages Notes Senior Notes and Total (In thousands) Year ending December 31, 2022 $ 3,351 $ 744 $ — $ 4,095 2023 3,549 758 275,000 279,307 2024 3,688 300,659 (1)(2) 600,000 904,347 2025 48,033 383 — 48,416 2026 26,657 54 429,200 455,911 Thereafter 256,301 37 2,115,000 2,371,338 $ 341,579 $ 302,635 $ 3,419,200 $ 4,063,414 (3) _____________________ (1) Our $300.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option. (2) Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option. As of December 31, 2021, there was no balance outstanding under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2021. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 641,459 $ 655,864 $ 886,887 $ 879,390 Senior notes and debentures $ 3,406,088 $ 3,649,776 $ 3,404,488 $ 3,761,465 As of December 31, 2021, we have two interest rate swap agreements with notional amounts of $56.5 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $56.5 million of mortgage payables at 3.67% through December 15, 2029. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2021 was a liability of $1.5 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. During 2021, the value of our interest rate swaps increased $3.2 million (including $0.9 million reclassified from other comprehensive income to interest expense). A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (1,511) $ — $ (1,511) $ — $ (4,711) $ — $ (4,711) One of our equity method investees has two interest rate swaps which qualify as cash flow hedges. At December 31, 2021 and December 31, 2020, our share of the change in fair value of the related swaps included in "accumulated other comprehensive loss" was an increase of $0.7 million and a decrease of $0.5 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income. We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. On December 11, 2019, we received proceeds related to the sale under the threat of condemnation at San Antonio Center as discussed in our Annual Report on Form 10-K for the year ended December 31, 2019. We have indemnified the condemning authority for all costs incurred related to the condemnation proceedings including any payments required to tenants at the property and expect the process will take several years to complete. During 2021, we did not incur any payments, and consequently, at December 31, 2021, our liability remains $32.6 million to reflect our estimate of the remaining consideration. At December 31, 2021 and 2020, our reserves for general liability costs were $5.2 million and $4.6 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2021 and 2020, we made payments from these reserves of $1.5 million and $0.8 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses. At December 31, 2021, we had letters of credit outstanding of approximately $4.8 million. As of December 31, 2021 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $319.2 million. We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2021: (In thousands) Year ending December 31, 2022 $ 5,191 2023 5,278 2024 5,455 2025 5,326 2026 4,831 Thereafter 177,395 Total future minimum operating lease payments 203,476 Less amount representing interest (130,815) Operating lease liabilities $ 72,661 Future minimum lease payments and their present value for properties under finance leases as of December 31, 2021, are as follows: (In thousands) Year ending December 31, 2022 $ 5,810 2023 60,013 2024 1,013 2025 1,013 2026 1,013 Thereafter 79,824 Total future minimum finance lease payments 148,686 Less amount representing interest (76,654) Finance lease liabilities $ 72,032 A master lease for Mercer Mall includes a fixed purchase price option for $55 million in 2023. If we fail to exercise our purchase option, the owner of Mercer Mall has a put option which would require us to purchase Mercer Mall for $60 million in 2025. Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 26.63% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from approximately $67 million to $71 million. A master lease for Melville Mall, as amended on October 14, 2021, includes a fixed price put option at any time prior to June 30, 2025, requiring us to purchase Melville Mall for approximately $3.6 million. Additionally, we have the right to purchase Melville Mall in 2026 for approximately $3.6 million. The consideration is net of a contract amendment fee to be paid by the landlord. Two of the members in Plaza El Segundo have the right to require us to purchase their 10.0% and 11.8% ownership interests at the interests' then-current fair market value. If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from approximately $25 million to $28 million. The other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.1% interest in The Grove at Shrewsbury and approximately 6.5% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from $6 million to $7 million. Effective September 18, 2023, the other member in Hoboken has the right to require us to purchase all of its 10.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from $9 million to $10 million. Effective June 14, 2026, the other member in Cambelback Colonnade and Hilton Village has the right to require us to purchase all of its 2.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from $4 million to $5 million. Effective June 1, 2029, the other member in Grossmont Center has the right to require us to purchase all of its 40.0% ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2021, our estimated maximum liability upon exercise of the put option would range from $68 million to $73 million. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 666,831 downREIT operating partnership units are outstanding which have a total fair value of $90.9 million, based on our closing stock price on December 31, 2021. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2021, 2020 and 2019, 19,758 shares, 24,491 shares, and 15,909 shares, respectively, were issued under the Plan. As of December 31, 2021, 2020, and 2019, we had 6,000,000 Depositary Shares outstanding, each representing 1/1000th interest of 5.0% Series C Cumulative Redeemable Preferred Share, par value $0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $25.00 per depositary share (or $25,000 per Series C Preferred share). The Series C Preferred Shares accrue dividends at a rate of 5.0% of the $25,000 liquidation preference per year and are redeemable at our option on or after September 29, 2022. Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. As of December 31, 2021, 2020, and 2019, we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On February 24, 2021, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. On May 7, 2021, we amended this ATM equity program, which resets the limit to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. For the year ended December 31, 2021, we issued 847,471 common shares at a weighted average price per share of $104.19 for net cash proceeds of $87.0 million including paying $0.9 million in commissions and $0.4 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2020, we issued 1,080,804 common shares at a weighted average price per share of $92.51 for net cash proceeds of $98.8 million and paid $1.0 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. We also entered into forward sales contracts for the year ended December 31, 2021 for 2,999,955 common shares under our ATM equity program at a weighted average offering price of $120.22. During 2021, we settled a portion of the forward sales agreements entered into during the year by issuing 796,300 common shares for net proceeds of $85.7 million. The forward price that we will receive upon physical settlement of the remaining forward sale agreements is subject to the adjustment for (i) commissions, (ii) a floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) scheduled dividends during the term of the forward sale agreements. The remaining open forward shares may be settled at any time on or before multiple required settlement dates ranging from June 2022 to December 2022. As of December 31, 2021, we had the capacity to issue up to $175.0 million in common shares under our ATM equity program. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2021 | |
Dividends [Abstract] | |
DIVIDENDS | DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2021 2020 2019 Declared Paid Declared Paid Declared Paid Common shares $ 4.260 $ 4.250 $ 4.220 $ 4.210 $ 4.140 $ 4.110 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 (1) Amount represents dividends per depositary share, each representing 1/1000th of a share. A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2021 2020 2019 Common shares Ordinary dividend $ 3.358 $ 3.452 $ 4.110 Capital gain 0.680 — — Return of capital 0.212 0.758 — $ 4.250 $ 4.210 $ 4.110 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.124 $ 1.354 $ 1.354 Capital gain 0.230 — — $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares Ordinary dividend $ 1.038 $ 1.250 1.250 Capital gain 0.212 — — $ 1.250 $ 1.250 $ 1.250 On November 4, 2021, the Trustees declared a quarterly cash dividend of $1.07 per common share, payable January 18, 2022 to common shareholders of record on January 3, 2022. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
OPERATING LEASES | LEASES At December 31, 2021, our 104 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 3,100 commercial leases and 3,000 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2021, no one tenant or corporate group of tenants accounted for more than 2.7% of annualized base rent. Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less. As of December 31, 2021, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows: (In thousands) Year ending December 31, 2022 $ 634,134 2023 596,004 2024 531,652 2025 447,549 2026 376,692 Thereafter 1,675,278 $ 4,261,309 The following table provides additional information on our operating and finance leases where we are the lessee: Year Ended December 31, 2021 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 1,284 $ 1,284 $ 1,284 Interest on lease liabilities 5,828 5,826 5,824 Operating lease cost 5,687 5,946 6,063 Variable lease cost 246 353 487 Total lease cost $ 13,045 $ 13,409 $ 13,658 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 5,723 $ 5,736 $ 5,759 Operating cash flows for operating leases $ 5,288 $ 5,498 $ 5,561 Financing cash flows for finance leases $ 51 $ 46 $ 47 December 31, 2021 2020 Weighted-average remaining term - finance leases 16.3 years 17.3 years Weighted-average remaining term - operating leases 52.8 years 53.4 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.5 % 4.4 % ROU assets obtained in exchange for operating lease liabilities $ 10,341 $ 855 |
Components Of Rental Expense
Components Of Rental Expense | 12 Months Ended |
Dec. 31, 2021 | |
Components Of Rental Expense [Abstract] | |
COMPONENTS OF RENTAL EXPENSE | COMPONENTS OF RENTAL EXPENSES The principal components of rental expenses are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Repairs and maintenance $ 78,028 $ 66,845 $ 73,179 Utilities 27,808 25,065 27,729 Management fees and costs 24,919 23,752 24,930 Payroll 18,341 16,691 16,485 Insurance 14,406 12,439 9,036 Marketing 7,481 6,432 7,427 Ground rent 4,571 4,595 4,803 Other operating (1) 22,567 15,101 24,242 Total rental expenses $ 198,121 $ 170,920 $ 187,831 _____________________ (1) Other operating for the year ended December 31, 2019 includes an $11.9 million charge relating to the buyout of a lease at Assembly Square Marketplace. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION PLANS | SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Grants of common shares and options $ 14,434 $ 13,243 $ 13,330 Capitalized share-based compensation (1,425) (1,319) (1,054) Share-based compensation expense $ 13,009 $ 11,924 $ 12,276 As of December 31, 2021, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Option awards under the plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under the plan generally vest over three to seven years and option awards typically have a ten-year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon termination without cause. The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2020 and 2019. The following table provides a summary of the assumptions used to value options granted in 2021: Year Ended December 31, 2021 Volatility 29.3 % Expected dividend yield 4.1 % Expected term (in years) 7.5 Risk free interest rate 0.9 % The weighted-average grant-date fair value of options granted in 2021 was $16.40 per share. The following table provides a summary of option activity for 2021: Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding at December 31, 2020 682 $ 152.34 Granted 3,658 95.77 Exercised — — Forfeited or expired (682) 152.34 Outstanding at December 31, 2021 3,658 $ 95.77 9.1 $ 148 Exercisable at December 31, 2021 — $ — — $ — The following table provides a summary of restricted share activity for 2021: Shares Weighted-Average Unvested at December 31, 2020 233,178 $ 127.32 Granted 166,746 97.46 Vested (108,735) 121.77 Forfeited (2,193) 112.05 Unvested at December 31, 2021 288,996 $ 112.29 The weighted-average grant-date fair value of stock awarded in 2021, 2020 and 2019 was $97.46, $124.55 and $133.30, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2021, 2020 and 2019, was $11.0 million, $12.4 million and $13.0 million, respectively. On February 10, 2021, 10,441 restricted stock units were awarded to an officer that vest at the end of four years. The final awards earned are based on meeting certain market based performance criteria, and may vary from 0% to 200% of the original award. The weighted-average grant-date fair value of stock awarded in 2021 was $97.01. The following table provides a summary of restricted stock unit activity for 2021: Shares Weighted-Average Unvested at December 31, 2020 — $ — Granted 10,441 97.01 Vested — — Forfeited — — Unvested at December 31, 2021 10,441 $ 97.01 As of December 31, 2021, there was $20.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 4.6 years with a weighted-average period of 2.3 years. Subsequent to December 31, 2021, common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 3, 2022 5,135 Shares Immediate Trustees February 9, 2022 103,463 Restricted Shares 3-5 years Officers and key employees |
Savings and Retirement Plans
Savings and Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Savings and Retirement Plans [Abstract] | |
SAVINGS AND RETIREMENT PLANS | SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $19,500 for 2021 and 2020, and 19,000 for 2019. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2021, 2020 and 2019 was approximately $816,000, $813,000 and $764,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2021 and 2020, we are liable to participants for approximately $21.0 million and $18.0 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For 2021 we had 0.3 million, and for 2020 and 2019 we had 0.2 million weighted average unvested shares outstanding, respectively, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below. The following potentially issuable shares were excluded from the diluted EPS calculation because their impact is anti-dilutive: • exercise of 682 stock options in 2020 and 2019, respectively, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for 2021, 2020, and 2019, respectively, and • the issuance of 1.8 million shares issuable under forward sales agreements in 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS calculation as the market based performance criteria in the award has not yet been achieved. Year Ended December 31, 2021 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 269,081 $ 135,888 $ 360,542 Less: Preferred share dividends (8,042) (8,042) (8,042) Less: Income from operations attributable to noncontrolling interests (7,583) (4,182) (6,676) Less: Earnings allocated to unvested shares (1,211) (992) (1,007) Net income available for common shareholders, basic and diluted $ 252,245 $ 122,672 $ 344,817 DENOMINATOR Weighted average common shares outstanding—basic 77,336 75,515 74,766 Effect of dilutive securities: Open forward contracts for share issuances 32 — — Weighted average common shares outstanding—diluted 77,368 75,515 74,766 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 3.26 $ 1.62 $ 4.61 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 3.26 $ 1.62 $ 4.61 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Event | SUBSEQUENT EVENTSIn January of 2022, we completed the UPREIT reorganization described in the Explanatory Note at the beginning of this Annual Report. Prior to the UPREIT Reorganization, our business was conducted through the Predecessor. This Annual Report pertains to the business and results of operations of the Predecessor for its fiscal year ended December 31, 2021. As a result of the UPREIT reorganization, the Parent Company became the successor issuer to the Predecessor under the Exchange Act. The Parent Company and the Partnership have elected to co-file this Annual Report of the Predecessor to ensure continuity of information to investors. For additional information on our UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on January 3, 2022 and January 5, 2022. |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Summary of Real Estate and Accumulated Depreciation | FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total 29TH PLACE (Virginia) $ 10,211 $ 18,863 $ 11,035 $ 10,195 $ 29,914 $ 40,109 $ 15,312 1975 - 2001 5/30/2007 (1) ANDORRA (Pennsylvania) 2,432 12,346 18,458 2,432 30,804 33,236 22,053 1953 1/12/1988 (1) ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) 93,252 34,196 951,169 69,421 1,009,196 1,078,617 107,931 2005, 2012-2021 2005-2013 (1) AZALEA (California) 39,800 40,219 67,117 628 40,219 67,745 107,964 11,036 2014 8/2/2017 (1) BALA CYNWYD (Pennsylvania) 3,565 14,466 48,471 2,683 63,819 66,502 29,407 1955/2020 9/22/1993 (1) BARCROFT PLAZA (Virginia) 12,617 29,603 7,968 12,617 37,571 50,188 7,320 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 (1) BARRACKS ROAD (Virginia) 4,363 16,459 49,352 4,363 65,811 70,174 50,852 1958 12/31/1985 (1) BELL GARDENS (California) 11,861 24,406 85,947 1,929 24,406 87,876 112,282 18,619 1990, 2003, 2006 8/2/17 & 11/29/18 (1) BETHESDA ROW (Maryland) 46,579 35,406 168,421 43,904 206,502 250,406 99,202 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 (1) BIRCH & BROAD (formerly known as Falls Plaza) (Virginia) 1,798 1,270 20,876 1,819 22,125 23,944 9,741 1960/1962 9/30/67 & 10/05/72 (1) BRICK PLAZA (New Jersey) — 24,715 79,632 4,094 100,253 104,347 60,075 1958 12/28/1989 (1) BRISTOL PLAZA (Connecticut) 3,856 15,959 15,398 3,856 31,357 35,213 20,652 1959 9/22/1995 (1) BROOK 35 (New Jersey) 11,345 7,128 38,355 4,722 7,128 43,077 50,205 11,296 1986/2004 1/1/2014 (1) CAMELBACK COLONNADE (Arizona) 52,658 126,646 49 52,658 126,695 179,353 2,655 1977/2019 6/14/2021 (1) CAMPUS PLAZA (Massachusetts) 16,710 13,412 433 16,710 13,845 30,555 3,381 1970 1/13/2016 (1) CHELSEA COMMONS (Massachusetts) 4,692 8,689 19,466 2,439 8,669 21,925 30,594 9,596 1962/1969/ 8/25/06, 1/30/07, & 7/16/08 (1) CHESTERBROOK (Virginia) 13,042 24,725 509 13,042 25,234 38,276 594 1967/1991 4/30/21 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total COCOWALK (Florida) 32,513 71,536 87,188 48,944 142,293 191,237 16,485 1990/1994, 1922-1973, 2018-2021 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 (1) COLORADO BLVD (California) 2,415 3,964 7,109 2,415 11,073 13,488 9,715 1905-1988 8/14/98 (1) CONGRESSIONAL PLAZA (Maryland) 2,793 7,424 97,556 2,793 104,980 107,773 63,539 1965/2003/2016 4/1/1965 (1) COURTHOUSE CENTER (Maryland) 1,750 1,869 3,497 1,750 5,366 7,116 3,141 1975 12/17/1997 (1) CROSSROADS (Illinois) 4,635 11,611 19,769 4,635 31,380 36,015 21,669 1959 7/19/1993 (1) CROW CANYON COMMONS (California) 27,245 54,575 8,854 27,245 63,429 90,674 30,337 Late 1970's/ 12/29/05 & 2/28/07 (1) DARIEN COMMONS (Connecticut) 30,368 19,523 48,601 30,368 68,124 98,492 3,561 1920-2009 4/3/13 & 7/20/18 (1) DEDHAM PLAZA (Massachusetts) 16,658 13,964 17,152 16,658 31,116 47,774 19,358 1959 12/31/93, 12/14/16, 1/29/19, & 3/12/19 (1) DEL MAR VILLAGE (Florida) 15,624 41,712 16,886 15,587 58,635 74,222 28,150 1982/1994/ 2007 5/30/08, 7/11/08, & 10/14/14 (1) EAST BAY BRIDGE (California) 29,069 138,035 12,354 29,069 150,389 179,458 46,612 1994-2001, 2011/2012 12/21/2012 (1) ELLISBURG (New Jersey) 4,028 11,309 20,737 4,013 32,061 36,074 22,684 1959 10/16/1992 (1) ESCONDIDO PROMENADE (California) 19,117 15,829 19,823 19,117 35,652 54,769 22,092 1987 12/31/96 & 11/10/10 (1) FAIRFAX JUNCTION (Virgina) 16,768 23,825 1,216 16,768 25,041 41,809 2,724 1981/1986/ 2000 2/8/19 & 1/10/20 (1) FEDERAL PLAZA (Maryland) 10,216 17,895 43,788 10,216 61,683 71,899 50,473 1970 6/29/1989 (1) FINLEY SQUARE (Illinois) 9,252 9,544 22,953 9,252 32,497 41,749 24,386 1974 4/27/1995 (1) FLOURTOWN (Pennsylvania) 1,345 3,943 11,910 1,507 15,691 17,198 7,851 1957 4/25/1980 (1) FOURTH STREET (California) 13,978 9,909 3,345 13,978 13,254 27,232 2,627 1948,1975 5/19/2017 (1) FREEDOM PLAZA (California) — 3,255 40,620 — 43,875 43,875 1,820 2018-2020 6/15/2018 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total FRESH MEADOWS (New York) 24,625 25,255 44,201 24,633 69,448 94,081 48,793 1946-1949 12/5/1997 (1) FRIENDSHIP CENTER (District of Columbia) 12,696 20,803 2,966 12,696 23,769 36,465 14,158 1998 9/21/2001 (1) GAITHERSBURG SQUARE (Maryland) 7,701 5,271 23,999 5,973 30,998 36,971 19,397 1966 4/22/1993 (1) GARDEN MARKET (Illinois) 2,677 4,829 7,305 2,677 12,134 14,811 9,636 1958 7/28/1994 (1) GEORGETOWNE SHOPPING CENTER (New York) 32,202 49,586 2,728 32,202 52,314 84,516 3,841 1969/2006/ 2015 11/15/19 (1) GOVERNOR PLAZA (Maryland) 2,068 4,905 19,619 2,068 24,524 26,592 21,877 1963 10/1/1985 (1) GRAHAM PARK PLAZA (Virginia) 642 7,629 15,155 653 22,773 23,426 18,267 1971 7/21/1983 (1) GRATIOT PLAZA (Michigan) 525 1,601 18,168 525 19,769 20,294 18,232 1964 3/29/1973 (1) GREENLAWN PLAZA (New York) 10,590 20,869 1,278 10,730 22,007 32,737 5,089 1975/2004 1/13/2016 (1) GREENWICH AVENUE (Connecticut) 7,484 5,445 10,819 7,484 16,264 23,748 6,120 1968 4/12/1995 (1) GROSSMONT CENTER (California) 125,434 50,311 173 125,434 50,484 175,918 2,093 1961, 1963, 1982-1983, 2002 6/1/2021 (1) HASTINGS RANCH PLAZA (California) 2,257 22,393 1,055 2,257 23,448 25,705 3,812 1958, 1984, 2006, 2007 2/1/2017 (1) HAUPPAUGE (New York) 8,791 15,262 9,789 8,420 25,422 33,842 14,452 1963 8/6/1998 (1) HILTON VILLAGE (Arizona) — 40,079 28 — 40,107 40,107 772 1982/1989 6/14/21 (1) HOBOKEN (New Jersey) 104,704 47,460 167,835 1,075 47,462 168,908 216,370 11,389 1887-2006 9/18/19, 11/26/19, 12/19/19, & 2/12/20 (1) HOLLYWOOD BLVD (California) 8,300 16,920 36,635 8,370 53,485 61,855 20,813 1929/1991 3/22/99 & 6/18/99 (1) HUNTINGTON (New York) 12,194 16,008 23,585 12,294 39,493 51,787 17,564 1962 12/12/88, 10/26/07, & 11/24/15 (1) HUNTINGTON SQUARE (New York) — 10,075 3,621 506 13,190 13,696 5,281 1980/2004-2007 8/16/2010 (1) IDYLWOOD PLAZA (Virginia) 4,308 10,026 3,212 4,308 13,238 17,546 10,526 1991 4/15/1994 (1) KINGS COURT (California) — 10,714 896 — 11,610 11,610 10,410 1960 8/24/1998 (1) LANCASTER (Pennsylvania) — 2,103 6,291 432 7,962 8,394 6,230 1958 4/24/1980 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total LANGHORNE SQUARE (Pennsylvania) 720 2,974 20,100 720 23,074 23,794 17,855 1966 1/31/1985 (1) LAUREL (Maryland) 7,458 22,525 30,379 7,503 52,859 60,362 42,998 1956 8/15/1986 (1) LAWRENCE PARK (Pennsylvania) 6,150 8,491 36,084 6,161 44,564 50,725 24,724 1972 7/23/1980 & 4/3/17 (1) LINDEN SQUARE (Massachusetts) 79,382 19,247 52,762 79,346 72,045 151,391 31,683 1960-2008 8/24/2006 (1) MELVILLE MALL (New York) 35,622 32,882 36,295 35,622 69,177 104,799 22,365 1974 10/16/2006 (1) MERCER MALL (New Jersey) 5,917 18,358 49,175 5,869 67,581 73,450 37,855 1975 10/14/03 & 1/31/17 (1) MONTROSE CROSSING (Maryland) 48,624 91,819 27,521 48,624 119,340 167,964 39,706 1960s, 1970s, 1996 & 2011 12/27/11 & 12/19/13 (1) MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) 15,769 33,501 43,993 15,851 77,412 93,263 44,668 1966/1972/ 1987/2001 3/31/03, 3/21/03, & 1/27/06 (1) NORTH DARTMOUTH (Massachusetts) 9,366 — 3 9,366 3 9,369 2 2004 8/24/2006 (1) NORTHEAST (Pennsylvania) 938 8,779 24,719 939 33,497 34,436 21,263 1959 8/30/1983 (1) OLD KEENE MILL (Virginia) 638 998 11,550 638 12,548 13,186 7,002 1968 6/15/1976 (1) OLD TOWN CENTER (California) 3,420 2,765 32,909 3,420 35,674 39,094 24,723 1962, 1997-1998 10/22/1997 (1) OLIVO AT MISSION HILLS (California) 15,048 46,732 20,441 15,048 67,173 82,221 6,614 2017-2018 8/2/2017 (1) PAN AM (Virginia) 8,694 12,929 8,873 8,695 21,801 30,496 17,516 1979 2/5/1993 (1) PENTAGON ROW (Virginia) — 2,955 103,692 — 106,647 106,647 56,156 1999 - 2002 1998 & 11/22/10 (1) PERRING PLAZA (Maryland) 2,800 6,461 26,626 2,800 33,087 35,887 25,356 1963 10/1/1985 (1) PIKE & ROSE (Maryland) 31,471 10,335 682,962 33,716 691,052 724,768 83,746 1963, 2012-2021 5/18/82, 10/26/07, & 7/31/12 (1) PIKE 7 PLAZA (Virginia) 14,970 22,799 13,142 14,914 35,997 50,911 20,740 1968 3/31/97 & 7/8/15 (1) PLAZA DEL MERCADO (Maryland) 10,305 21,553 15,114 10,305 36,667 46,972 8,763 1969 1/13/2016 (1) PLAZA DEL SOL (California) 5,605 12,331 (55) 5,605 12,276 17,881 1,882 2009 8/2/2017 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total PLAZA EL SEGUNDO/THE POINT (California) 124,521 62,127 153,556 84,287 64,788 235,182 299,970 68,627 2006/2007/ 2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 (1) QUEEN ANNE PLAZA (Massachusetts) 3,319 8,457 6,827 3,319 15,284 18,603 11,427 1967 12/23/1994 (1) QUINCE ORCHARD (Maryland) 3,197 7,949 29,995 2,928 38,213 41,141 25,984 1975 4/22/1993 (1) RIVERPOINT CENTER (Illinois) 15,422 104,572 1,609 15,422 106,181 121,603 16,197 1989, 2012 3/31/2017 (1) ROCKVILLE TOWN SQUARE (Maryland) — 8,092 36,927 — 45,019 45,019 20,165 2005 - 2007 2006 - 2007 (1) ROLLINGWOOD APTS. (Maryland) 552 2,246 10,695 774 12,719 13,493 10,529 1960 1/15/1971 (1) SAN ANTONIO CENTER (California) 26,400 18,462 3,268 26,400 21,730 48,130 5,408 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015, 9/13/19 (1) SANTANA ROW (California) 66,682 7,502 1,172,412 57,592 1,189,004 1,246,596 268,804 1999-2006, 2009, 2011, 2014, 2016-2021 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 (1) SYLMAR TOWNE CENTER (California) 18,522 24,637 2,964 18,522 27,601 46,123 3,936 1973 8/2/2017 (1) THE AVENUE AT WHITE MARSH (Maryland) 20,682 72,432 30,635 20,685 103,064 123,749 45,759 1997 3/8/2007 (1) THE GROVE AT SHREWSBURY (New Jersey) 43,070 18,016 103,115 7,759 18,021 110,869 128,890 28,225 1988/1993/ 2007 1/1/2014 & 10/6/14 (1) THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) 4,441 12,849 1,446 4,441 14,295 18,736 6,961 2005 - 2006 3/8/2007 (1) THIRD STREET PROMENADE (California) 22,645 12,709 52,419 25,125 62,648 87,773 36,265 1888-2000 1996-2000 (1) TOWER SHOPPNG CENTER (Virginia) 7,170 10,518 5,210 7,280 15,618 22,898 11,009 1953-1960 8/24/1998 (1) TOWER SHOPS (Florida) 29,940 43,390 27,794 29,962 71,162 101,124 26,237 1989, 2017 1/19/11 & 6/13/14 (1) TOWN CENTER OF NEW BRITAIN (Pennsylvania) 1,282 12,285 3,358 1,693 15,232 16,925 7,047 1969 6/29/2006 (1) TOWSON RESIDENTIAL (FLATS 703) (Maryland) 2,328 — 20,092 2,328 20,092 22,420 2,703 2016-2017 3/8/2007 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total TROY HILLS (New Jersey) 3,126 5,193 32,847 5,865 35,301 41,166 25,111 1966 7/23/1980 (1) TWINBROOKE SHOPPING CENTRE (Virginia) 16,484 18,898 57 16,484 18,955 35,439 263 1977 9/2/2021 (1) TYSON'S STATION (Virginia) 388 453 5,241 493 5,589 6,082 4,238 1954 1/17/1978 (1) VILLAGE AT SHIRLINGTON (Virginia) 9,761 14,808 39,526 4,234 59,861 64,095 33,277 1940, 2006-2009 12/21/1995 (1) WESTGATE CENTER (California) 6,319 107,284 44,549 6,319 151,833 158,152 72,593 1960-1966 3/31/2004 (1) WHITE MARSH PLAZA (Maryland) 3,478 21,413 1,674 3,514 23,051 26,565 11,094 1987 3/8/2007 (1) WHITE MARSH OTHER (Maryland) 28,809 — 77 28,839 47 28,886 — 1985 3/8/2007 (1) WILDWOOD (Maryland) 9,111 1,061 17,219 9,111 18,280 27,391 10,298 1958 5/5/1969 (1) WILLOW GROVE (Pennsylvania) 1,499 6,643 23,943 1,499 30,586 32,085 22,653 1953 11/20/1984 (1) WILLOW LAWN (Virginia) 3,192 7,723 94,318 7,790 97,443 105,233 67,685 1957 12/5/1983 (1) WYNNEWOOD (Pennsylvania) 8,055 13,759 21,055 8,055 34,814 42,869 27,285 1948 10/29/1996 (1) TOTALS $ 339,993 $ 1,585,097 $ 2,725,032 $ 5,111,933 $ 1,578,280 $ 7,843,782 $ 9,422,062 $ 2,531,095 (1) Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years. Balance, December 31, 2018 $ 7,819,472 January 1, 2019 adoption of new accounting standard - See Note 2 (71,859) Additions during period Acquisitions 309,921 Improvements 441,703 Deduction during period—dispositions and retirements of property (201,105) Balance, December 31, 2019 8,298,132 Additions during period Acquisitions 39,440 Improvements 473,679 Deductions during period Impairment of property (68,484) Dispositions and retirements of property (159,897) Balance, December 31, 2020 8,582,870 Additions during period Acquisitions 519,350 Improvements 424,521 Deduction during period—dispositions and retirements of property (104,679) Balance, December 31, 2021 (1) $ 9,422,062 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $8.4 billion as of December 31, 2021. FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2021 Reconciliation of Accumulated Depreciation and Amortization (In thousands) Balance, December 31, 2018 $ 2,059,143 January 1, 2019 adoption of new accounting standard - See Note 2 (18,173) Additions during period—depreciation and amortization expense 215,382 Deductions during period—dispositions and retirements of property (40,939) Balance, December 31, 2019 2,215,413 Additions during period—depreciation and amortization expense 229,199 Deductions during period Impairment of property (11,631) Dispositions and retirements of property (75,289) Balance, December 31, 2020 2,357,692 Additions during period—depreciation and amortization expense 246,338 Deductions during period -dispositions and retirements of property (72,935) Balance, December 31, 2021 $ 2,531,095 |
Schedule III Part II - Summary
Schedule III Part II - Summary of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Summary of Real Estate and Accumulated Depreciation | FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total 29TH PLACE (Virginia) $ 10,211 $ 18,863 $ 11,035 $ 10,195 $ 29,914 $ 40,109 $ 15,312 1975 - 2001 5/30/2007 (1) ANDORRA (Pennsylvania) 2,432 12,346 18,458 2,432 30,804 33,236 22,053 1953 1/12/1988 (1) ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) 93,252 34,196 951,169 69,421 1,009,196 1,078,617 107,931 2005, 2012-2021 2005-2013 (1) AZALEA (California) 39,800 40,219 67,117 628 40,219 67,745 107,964 11,036 2014 8/2/2017 (1) BALA CYNWYD (Pennsylvania) 3,565 14,466 48,471 2,683 63,819 66,502 29,407 1955/2020 9/22/1993 (1) BARCROFT PLAZA (Virginia) 12,617 29,603 7,968 12,617 37,571 50,188 7,320 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 (1) BARRACKS ROAD (Virginia) 4,363 16,459 49,352 4,363 65,811 70,174 50,852 1958 12/31/1985 (1) BELL GARDENS (California) 11,861 24,406 85,947 1,929 24,406 87,876 112,282 18,619 1990, 2003, 2006 8/2/17 & 11/29/18 (1) BETHESDA ROW (Maryland) 46,579 35,406 168,421 43,904 206,502 250,406 99,202 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 (1) BIRCH & BROAD (formerly known as Falls Plaza) (Virginia) 1,798 1,270 20,876 1,819 22,125 23,944 9,741 1960/1962 9/30/67 & 10/05/72 (1) BRICK PLAZA (New Jersey) — 24,715 79,632 4,094 100,253 104,347 60,075 1958 12/28/1989 (1) BRISTOL PLAZA (Connecticut) 3,856 15,959 15,398 3,856 31,357 35,213 20,652 1959 9/22/1995 (1) BROOK 35 (New Jersey) 11,345 7,128 38,355 4,722 7,128 43,077 50,205 11,296 1986/2004 1/1/2014 (1) CAMELBACK COLONNADE (Arizona) 52,658 126,646 49 52,658 126,695 179,353 2,655 1977/2019 6/14/2021 (1) CAMPUS PLAZA (Massachusetts) 16,710 13,412 433 16,710 13,845 30,555 3,381 1970 1/13/2016 (1) CHELSEA COMMONS (Massachusetts) 4,692 8,689 19,466 2,439 8,669 21,925 30,594 9,596 1962/1969/ 8/25/06, 1/30/07, & 7/16/08 (1) CHESTERBROOK (Virginia) 13,042 24,725 509 13,042 25,234 38,276 594 1967/1991 4/30/21 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total COCOWALK (Florida) 32,513 71,536 87,188 48,944 142,293 191,237 16,485 1990/1994, 1922-1973, 2018-2021 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 (1) COLORADO BLVD (California) 2,415 3,964 7,109 2,415 11,073 13,488 9,715 1905-1988 8/14/98 (1) CONGRESSIONAL PLAZA (Maryland) 2,793 7,424 97,556 2,793 104,980 107,773 63,539 1965/2003/2016 4/1/1965 (1) COURTHOUSE CENTER (Maryland) 1,750 1,869 3,497 1,750 5,366 7,116 3,141 1975 12/17/1997 (1) CROSSROADS (Illinois) 4,635 11,611 19,769 4,635 31,380 36,015 21,669 1959 7/19/1993 (1) CROW CANYON COMMONS (California) 27,245 54,575 8,854 27,245 63,429 90,674 30,337 Late 1970's/ 12/29/05 & 2/28/07 (1) DARIEN COMMONS (Connecticut) 30,368 19,523 48,601 30,368 68,124 98,492 3,561 1920-2009 4/3/13 & 7/20/18 (1) DEDHAM PLAZA (Massachusetts) 16,658 13,964 17,152 16,658 31,116 47,774 19,358 1959 12/31/93, 12/14/16, 1/29/19, & 3/12/19 (1) DEL MAR VILLAGE (Florida) 15,624 41,712 16,886 15,587 58,635 74,222 28,150 1982/1994/ 2007 5/30/08, 7/11/08, & 10/14/14 (1) EAST BAY BRIDGE (California) 29,069 138,035 12,354 29,069 150,389 179,458 46,612 1994-2001, 2011/2012 12/21/2012 (1) ELLISBURG (New Jersey) 4,028 11,309 20,737 4,013 32,061 36,074 22,684 1959 10/16/1992 (1) ESCONDIDO PROMENADE (California) 19,117 15,829 19,823 19,117 35,652 54,769 22,092 1987 12/31/96 & 11/10/10 (1) FAIRFAX JUNCTION (Virgina) 16,768 23,825 1,216 16,768 25,041 41,809 2,724 1981/1986/ 2000 2/8/19 & 1/10/20 (1) FEDERAL PLAZA (Maryland) 10,216 17,895 43,788 10,216 61,683 71,899 50,473 1970 6/29/1989 (1) FINLEY SQUARE (Illinois) 9,252 9,544 22,953 9,252 32,497 41,749 24,386 1974 4/27/1995 (1) FLOURTOWN (Pennsylvania) 1,345 3,943 11,910 1,507 15,691 17,198 7,851 1957 4/25/1980 (1) FOURTH STREET (California) 13,978 9,909 3,345 13,978 13,254 27,232 2,627 1948,1975 5/19/2017 (1) FREEDOM PLAZA (California) — 3,255 40,620 — 43,875 43,875 1,820 2018-2020 6/15/2018 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total FRESH MEADOWS (New York) 24,625 25,255 44,201 24,633 69,448 94,081 48,793 1946-1949 12/5/1997 (1) FRIENDSHIP CENTER (District of Columbia) 12,696 20,803 2,966 12,696 23,769 36,465 14,158 1998 9/21/2001 (1) GAITHERSBURG SQUARE (Maryland) 7,701 5,271 23,999 5,973 30,998 36,971 19,397 1966 4/22/1993 (1) GARDEN MARKET (Illinois) 2,677 4,829 7,305 2,677 12,134 14,811 9,636 1958 7/28/1994 (1) GEORGETOWNE SHOPPING CENTER (New York) 32,202 49,586 2,728 32,202 52,314 84,516 3,841 1969/2006/ 2015 11/15/19 (1) GOVERNOR PLAZA (Maryland) 2,068 4,905 19,619 2,068 24,524 26,592 21,877 1963 10/1/1985 (1) GRAHAM PARK PLAZA (Virginia) 642 7,629 15,155 653 22,773 23,426 18,267 1971 7/21/1983 (1) GRATIOT PLAZA (Michigan) 525 1,601 18,168 525 19,769 20,294 18,232 1964 3/29/1973 (1) GREENLAWN PLAZA (New York) 10,590 20,869 1,278 10,730 22,007 32,737 5,089 1975/2004 1/13/2016 (1) GREENWICH AVENUE (Connecticut) 7,484 5,445 10,819 7,484 16,264 23,748 6,120 1968 4/12/1995 (1) GROSSMONT CENTER (California) 125,434 50,311 173 125,434 50,484 175,918 2,093 1961, 1963, 1982-1983, 2002 6/1/2021 (1) HASTINGS RANCH PLAZA (California) 2,257 22,393 1,055 2,257 23,448 25,705 3,812 1958, 1984, 2006, 2007 2/1/2017 (1) HAUPPAUGE (New York) 8,791 15,262 9,789 8,420 25,422 33,842 14,452 1963 8/6/1998 (1) HILTON VILLAGE (Arizona) — 40,079 28 — 40,107 40,107 772 1982/1989 6/14/21 (1) HOBOKEN (New Jersey) 104,704 47,460 167,835 1,075 47,462 168,908 216,370 11,389 1887-2006 9/18/19, 11/26/19, 12/19/19, & 2/12/20 (1) HOLLYWOOD BLVD (California) 8,300 16,920 36,635 8,370 53,485 61,855 20,813 1929/1991 3/22/99 & 6/18/99 (1) HUNTINGTON (New York) 12,194 16,008 23,585 12,294 39,493 51,787 17,564 1962 12/12/88, 10/26/07, & 11/24/15 (1) HUNTINGTON SQUARE (New York) — 10,075 3,621 506 13,190 13,696 5,281 1980/2004-2007 8/16/2010 (1) IDYLWOOD PLAZA (Virginia) 4,308 10,026 3,212 4,308 13,238 17,546 10,526 1991 4/15/1994 (1) KINGS COURT (California) — 10,714 896 — 11,610 11,610 10,410 1960 8/24/1998 (1) LANCASTER (Pennsylvania) — 2,103 6,291 432 7,962 8,394 6,230 1958 4/24/1980 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total LANGHORNE SQUARE (Pennsylvania) 720 2,974 20,100 720 23,074 23,794 17,855 1966 1/31/1985 (1) LAUREL (Maryland) 7,458 22,525 30,379 7,503 52,859 60,362 42,998 1956 8/15/1986 (1) LAWRENCE PARK (Pennsylvania) 6,150 8,491 36,084 6,161 44,564 50,725 24,724 1972 7/23/1980 & 4/3/17 (1) LINDEN SQUARE (Massachusetts) 79,382 19,247 52,762 79,346 72,045 151,391 31,683 1960-2008 8/24/2006 (1) MELVILLE MALL (New York) 35,622 32,882 36,295 35,622 69,177 104,799 22,365 1974 10/16/2006 (1) MERCER MALL (New Jersey) 5,917 18,358 49,175 5,869 67,581 73,450 37,855 1975 10/14/03 & 1/31/17 (1) MONTROSE CROSSING (Maryland) 48,624 91,819 27,521 48,624 119,340 167,964 39,706 1960s, 1970s, 1996 & 2011 12/27/11 & 12/19/13 (1) MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) 15,769 33,501 43,993 15,851 77,412 93,263 44,668 1966/1972/ 1987/2001 3/31/03, 3/21/03, & 1/27/06 (1) NORTH DARTMOUTH (Massachusetts) 9,366 — 3 9,366 3 9,369 2 2004 8/24/2006 (1) NORTHEAST (Pennsylvania) 938 8,779 24,719 939 33,497 34,436 21,263 1959 8/30/1983 (1) OLD KEENE MILL (Virginia) 638 998 11,550 638 12,548 13,186 7,002 1968 6/15/1976 (1) OLD TOWN CENTER (California) 3,420 2,765 32,909 3,420 35,674 39,094 24,723 1962, 1997-1998 10/22/1997 (1) OLIVO AT MISSION HILLS (California) 15,048 46,732 20,441 15,048 67,173 82,221 6,614 2017-2018 8/2/2017 (1) PAN AM (Virginia) 8,694 12,929 8,873 8,695 21,801 30,496 17,516 1979 2/5/1993 (1) PENTAGON ROW (Virginia) — 2,955 103,692 — 106,647 106,647 56,156 1999 - 2002 1998 & 11/22/10 (1) PERRING PLAZA (Maryland) 2,800 6,461 26,626 2,800 33,087 35,887 25,356 1963 10/1/1985 (1) PIKE & ROSE (Maryland) 31,471 10,335 682,962 33,716 691,052 724,768 83,746 1963, 2012-2021 5/18/82, 10/26/07, & 7/31/12 (1) PIKE 7 PLAZA (Virginia) 14,970 22,799 13,142 14,914 35,997 50,911 20,740 1968 3/31/97 & 7/8/15 (1) PLAZA DEL MERCADO (Maryland) 10,305 21,553 15,114 10,305 36,667 46,972 8,763 1969 1/13/2016 (1) PLAZA DEL SOL (California) 5,605 12,331 (55) 5,605 12,276 17,881 1,882 2009 8/2/2017 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total PLAZA EL SEGUNDO/THE POINT (California) 124,521 62,127 153,556 84,287 64,788 235,182 299,970 68,627 2006/2007/ 2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 (1) QUEEN ANNE PLAZA (Massachusetts) 3,319 8,457 6,827 3,319 15,284 18,603 11,427 1967 12/23/1994 (1) QUINCE ORCHARD (Maryland) 3,197 7,949 29,995 2,928 38,213 41,141 25,984 1975 4/22/1993 (1) RIVERPOINT CENTER (Illinois) 15,422 104,572 1,609 15,422 106,181 121,603 16,197 1989, 2012 3/31/2017 (1) ROCKVILLE TOWN SQUARE (Maryland) — 8,092 36,927 — 45,019 45,019 20,165 2005 - 2007 2006 - 2007 (1) ROLLINGWOOD APTS. (Maryland) 552 2,246 10,695 774 12,719 13,493 10,529 1960 1/15/1971 (1) SAN ANTONIO CENTER (California) 26,400 18,462 3,268 26,400 21,730 48,130 5,408 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015, 9/13/19 (1) SANTANA ROW (California) 66,682 7,502 1,172,412 57,592 1,189,004 1,246,596 268,804 1999-2006, 2009, 2011, 2014, 2016-2021 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 (1) SYLMAR TOWNE CENTER (California) 18,522 24,637 2,964 18,522 27,601 46,123 3,936 1973 8/2/2017 (1) THE AVENUE AT WHITE MARSH (Maryland) 20,682 72,432 30,635 20,685 103,064 123,749 45,759 1997 3/8/2007 (1) THE GROVE AT SHREWSBURY (New Jersey) 43,070 18,016 103,115 7,759 18,021 110,869 128,890 28,225 1988/1993/ 2007 1/1/2014 & 10/6/14 (1) THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) 4,441 12,849 1,446 4,441 14,295 18,736 6,961 2005 - 2006 3/8/2007 (1) THIRD STREET PROMENADE (California) 22,645 12,709 52,419 25,125 62,648 87,773 36,265 1888-2000 1996-2000 (1) TOWER SHOPPNG CENTER (Virginia) 7,170 10,518 5,210 7,280 15,618 22,898 11,009 1953-1960 8/24/1998 (1) TOWER SHOPS (Florida) 29,940 43,390 27,794 29,962 71,162 101,124 26,237 1989, 2017 1/19/11 & 6/13/14 (1) TOWN CENTER OF NEW BRITAIN (Pennsylvania) 1,282 12,285 3,358 1,693 15,232 16,925 7,047 1969 6/29/2006 (1) TOWSON RESIDENTIAL (FLATS 703) (Maryland) 2,328 — 20,092 2,328 20,092 22,420 2,703 2016-2017 3/8/2007 (1) FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Gross amount at which carried at Accumulated Date Date Life on which Land Building and Land Building and Total TROY HILLS (New Jersey) 3,126 5,193 32,847 5,865 35,301 41,166 25,111 1966 7/23/1980 (1) TWINBROOKE SHOPPING CENTRE (Virginia) 16,484 18,898 57 16,484 18,955 35,439 263 1977 9/2/2021 (1) TYSON'S STATION (Virginia) 388 453 5,241 493 5,589 6,082 4,238 1954 1/17/1978 (1) VILLAGE AT SHIRLINGTON (Virginia) 9,761 14,808 39,526 4,234 59,861 64,095 33,277 1940, 2006-2009 12/21/1995 (1) WESTGATE CENTER (California) 6,319 107,284 44,549 6,319 151,833 158,152 72,593 1960-1966 3/31/2004 (1) WHITE MARSH PLAZA (Maryland) 3,478 21,413 1,674 3,514 23,051 26,565 11,094 1987 3/8/2007 (1) WHITE MARSH OTHER (Maryland) 28,809 — 77 28,839 47 28,886 — 1985 3/8/2007 (1) WILDWOOD (Maryland) 9,111 1,061 17,219 9,111 18,280 27,391 10,298 1958 5/5/1969 (1) WILLOW GROVE (Pennsylvania) 1,499 6,643 23,943 1,499 30,586 32,085 22,653 1953 11/20/1984 (1) WILLOW LAWN (Virginia) 3,192 7,723 94,318 7,790 97,443 105,233 67,685 1957 12/5/1983 (1) WYNNEWOOD (Pennsylvania) 8,055 13,759 21,055 8,055 34,814 42,869 27,285 1948 10/29/1996 (1) TOTALS $ 339,993 $ 1,585,097 $ 2,725,032 $ 5,111,933 $ 1,578,280 $ 7,843,782 $ 9,422,062 $ 2,531,095 (1) Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years. Balance, December 31, 2018 $ 7,819,472 January 1, 2019 adoption of new accounting standard - See Note 2 (71,859) Additions during period Acquisitions 309,921 Improvements 441,703 Deduction during period—dispositions and retirements of property (201,105) Balance, December 31, 2019 8,298,132 Additions during period Acquisitions 39,440 Improvements 473,679 Deductions during period Impairment of property (68,484) Dispositions and retirements of property (159,897) Balance, December 31, 2020 8,582,870 Additions during period Acquisitions 519,350 Improvements 424,521 Deduction during period—dispositions and retirements of property (104,679) Balance, December 31, 2021 (1) $ 9,422,062 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $8.4 billion as of December 31, 2021. FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2021 Reconciliation of Accumulated Depreciation and Amortization (In thousands) Balance, December 31, 2018 $ 2,059,143 January 1, 2019 adoption of new accounting standard - See Note 2 (18,173) Additions during period—depreciation and amortization expense 215,382 Deductions during period—dispositions and retirements of property (40,939) Balance, December 31, 2019 2,215,413 Additions during period—depreciation and amortization expense 229,199 Deductions during period Impairment of property (11,631) Dispositions and retirements of property (75,289) Balance, December 31, 2020 2,357,692 Additions during period—depreciation and amortization expense 246,338 Deductions during period -dispositions and retirements of property (72,935) Balance, December 31, 2021 $ 2,531,095 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2021 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description of Lien Interest Rate Maturity Date Periodic Payment Prior Face Amount Carrying Principal Second mortgage on a retail shopping center in Rockville, MD 11.5% February 2026 Interest only monthly; $ 58,750 (2) $ 5,075 $ 5,075 $ — Second mortgage on a retail shopping center in Rockville, MD 10.75% February 2026 Interest only monthly; 58,750 (2) 4,500 4,433 — Second mortgage on a retail shopping center in Baltimore, MD 7.0% October 2031 Principal and interest monthly; balloon payment due at maturity 4,990 (3) 600 35 — $ 63,740 $ 10,175 $ 9,543 $ — _____________________ (1) The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.2 million as of December 31, 2021. (2) These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2021 is estimated. (3) This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2021 is estimated. FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2021 Reconciliation of Carrying Amount (In thousands) Balance, December 31, 2018 and 2019 $ 30,429 January 1, 2020 adoption of new accounting standard - See Note 2 (790) Additions during period: Acquisition of loans, net of valuation adjustments 9,560 Issuance of loans 693 Balance, December 31, 2020 39,892 Additions during period: Issuance of loans 600 Deductions during period: Collection and satisfaction of loans (30,339) Valuation adjustments (610) Balance, December 31, 2021 $ 9,543 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. In April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of December 31, 2021, we executed rent deferral agreements related to the COVID-19 pandemic representing approximately $46 million of rent. We have subsequently collected approximately $27 million of those amounts previously deferred. As of December 31, 2021, we have entered into rent abatement agreements related to the COVID-19 pandemic totaling $26 million and $48 million of rents due in 2021 and 2020, respectively. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income. Since March 2020, federal, state, and local governments have taken various actions to mitigate the spread of COVID-19. These actions included the closure of nonessential businesses and ordering residents to generally stay at home at the onset of the pandemic, phased re-openings and capacity limitations, and now generally lifted restrictions. While the overall economy is showing signs of recovery from the initial impacts of COVID-19, workforce shortages, global supply chain bottlenecks and shortages, inflation, as well as COVID-19 variants are impacting the recovery. Closures and restrictions, along with the general concern over the spread of COVID-19, required a significant number of tenants to close their operations or to significantly limit the amount of business they were able to conduct, which impacted their ability to timely pay rent as required under our leases and also caused many tenants to close their business permanently. As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the years ended December 31, 2021 and 2020, we recognized collectibility related adjustments of $24.0 million and $106.6 million, respectively. This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements directly related to COVID-19, as well as the write-off of $0.7 million and $12.7 million, respectively of straight-line rent receivables related to tenants changed to a cash basis of revenue recognition during the years ended December 31, 2021 and 2020. As of December 31, 2021 and 2020, the revenue from approximately 34% and 35% of our tenants (based on total commercial leases), respectively, is being recognized on a cash basis. As of December 31, 2021 and 2020, our straight-line rent receivables balance was $110.7 million and $103.3 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Other revenue recognition policies |
Real Estate | Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2021, 2020 and 2019, real estate depreciation expense was $245.1 million, $227.9 million and $215.4 million, respectively, including amounts from real estate sold. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as acquired leases, assumed debt, if any, and to current assets and liabilities acquired, if any. The value allocated to acquired leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of acquired lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any acquired lease value is written off to rental income. Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. Prior to the adoption of ASU 2016-02, "Leases," when applicable, as lessee, we classified our leases of land and building as operating or capital leases. We were required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease. Subsequently, capital leases are now considered "finance leases." We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. |
Long Lived Assets and Impairment | Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. |
Cash and Cash Equivalents | Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2021, we had $167.3 million in excess of the FDIC insured limit. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three ten |
Debt Issuance Costs | Debt Issuance Costs Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. |
Derivative Instruments | Derivative Instruments We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected. At December 31, 2021, we have two interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with our Hoboken property at 3.67%. Both swaps were designated and qualify for cash flow hedge accounting. As of December 31, 2021, our Assembly Row hotel joint venture is a party to two interest rate swap agreements that effectively fix the interest rate on the joint venture's mortgage debt at 5.206%. Both swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2021, 2020 and 2019. |
Mortgage Notes Receivable | Mortgage Notes Receivable We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Effective January 1, 2020, (upon the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," as amended and interpreted), we account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Prior to the implementation of ASC 326, we recognized impairment losses as incurred. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual |
Share Based Compensation | Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 for further discussion regarding our share based compensation plans and policies. |
Variable Interest Entities | Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On January 4, 2021, we acquired our partner's interest in the Pike & Rose hotel joint venture, which was previously considered a variable interest in a VIE. See Note 3 for additional details of this transaction. Our equity method investments in the Assembly Row hotel joint venture and the La Alameda shopping center and our mortgage notes receivable are considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of the joint ventures related to the Assembly Row hotel, the La Alameda shopping center, or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2021 and 2020, our investment in the Assembly Row hotel and La Alameda shopping center joint ventures and maximum exposure to loss was $8.9 million and $9.9 million, respectively, and $8.8 million for our Pike & Rose hotel joint venture as of December 31, 2020. As of December 31, 2021 and 2020, our investment in mortgage notes receivable and maximum exposure to loss was $9.5 million and $39.9 million, respectively. In addition, we have 21 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $1.8 billion and $1.4 billion as of December 31, 2021 and 2020, respectively, and mortgages related to VIEs included in our consolidated balance sheets were approximately $335.3 million and $413.7 million, as of December 31, 2021 and 2020, respectively. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2021 2020 (In thousands) Beginning balance $ 137,720 $ 139,758 Contributions 74,530 19,335 Net income 4,296 2,228 Other comprehensive income (loss) - change in value of interest rate swaps 320 (471) Distributions & redemptions (5,268) (1,197) Change in redemption value 2,110 (21,933) Ending balance $ 213,708 $ 137,720 |
Leases | Leases We adopted ASC 842 effective January 1, 2019 under the modified retrospective approach and elected the optional transition method to apply the provisions of ASC 842 as of the adoption date, rather than the earliest period presented. We elected to apply certain adoption related practical expedients for all leases that commenced prior to the election date. These practical expedients included not reassessing whether any expired or existing contracts were or contained leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We also elected the practical expedient for lessors to combine our lease and non-lease components (primarily impacts common area maintenance recoveries). Lessor We recorded a charge to the opening accumulated dividends in excess of net income of $7.1 million in 2019 as a result of the adoption of ASC 842. This charge was attributable to the write off certain direct leasing costs recorded under the previous lease accounting rules for leases which had not commenced as well as the write off of unreserved receivables (including straight-line receivables) for leases where we had determined the collection of substantially all the lease payments required for the term is not probable. Lessee |
Income Taxes | Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. |
Segment Information | Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, and mortgage interest income, less rental expenses and real estate taxes. No individual commercial or residential property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. |
Forward Equity Sales Policy | Forward Equity Sales On February 24, 2021, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The new ATM equity program also allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our 2021 forward sales transactions. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Issued in 2021: ASU 2021-05, July 2021, Lessors - Certain Leases with Variable Lease Payments (Topic 842) This ASU amends the lessor lease classification in ASC 842 for leases that include variable lease payments that are not based on an index or rate. Under the amended guidance, lessors will classify a lease with variable payments that do not depend on an index or rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease under the previous ASU 842 classification criteria, and sales-type or direct financing lease classification would result in a Day 1 loss. This guidance is effective for annual periods beginning after December 15, 2021, and interim periods therein. The adoption of this standard does not have an impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. ASU 2020-06, August 2020, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity This ASU simplifies the accounting for convertible instruments by removing the requirements to separately present certain conversion features in equity, simplifying the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, and generally requiring the use of the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive). The guidance is effective for annual period beginning after December 15, 2021, and interim periods therein. The adoption of this standard does not have an impact to our consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Rollforward table of the redeemable noncontrolling interest | The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2021 2020 (In thousands) Beginning balance $ 137,720 $ 139,758 Contributions 74,530 19,335 Net income 4,296 2,228 Other comprehensive income (loss) - change in value of interest rate swaps 320 (471) Distributions & redemptions (5,268) (1,197) Change in redemption value 2,110 (21,933) Ending balance $ 213,708 $ 137,720 |
Schedule of supplemental disclosures related to the Consolidated Statements Of Cash Flows | The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year Ended December 31, 2021 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 150,324 $ 159,718 $ 130,110 Interest capitalized (22,626) (23,429) (20,487) Interest expense $ 127,698 $ 136,289 $ 109,623 Cash paid for interest, net of amounts capitalized $ 123,585 $ 130,248 $ 106,180 Cash paid for income taxes $ 386 $ 580 $ 483 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ — $ 18,920 $ — Mortgage loans assumed with acquisition (1) $ — $ 8,903 $ 98,041 DownREIT operating partnership units redeemed for common shares $ 7,545 $ — $ 14,105 Settlement of partner loan receivable via dilution of partner interests $ — $ — $ 5,379 Shares issued under dividend reinvestment plan $ 1,727 $ 1,734 $ 1,784 (1) See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition. |
Reconcilition of cash, cash equivalents, and restricted cash | December 31, 2021 2020 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 162,132 $ 798,329 Restricted cash (1) 13,031 18,567 Total cash, cash equivalents, and restricted cash $ 175,163 $ 816,896 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
2021 Property Acquisitions | During the year ended December 31, 2021, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Ownership % Gross Value (in square feet) (in millions) April 30, 2021 Chesterbrook (1) McLean, Virginia 90,000 80 % $ 32.1 (2) June 1, 2021 Grossmont Center (1) La Mesa, California 933,000 60 % $ 175.0 (3) June 14, 2021 Camelback Colonnade (1) Phoenix, Arizona 642,000 98 % $ 162.5 (4) June 14, 2021 Hilton Village (1) Scottsdale, Arizona 93,000 98 % $ 37.5 (5) September 2, 2021 Twinbrooke Shopping Centre Fairfax, Virginia 106,000 100 % $ 33.8 (6) (1) These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. (2) Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases." (4) Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases." (5) The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases." (6) Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases." |
2020 Property Acquisitions | 2020 Property Acquisitions Date Acquired Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) January 10, 2020 Fairfax Junction Fairfax, Virginia 49,000 $ 22.3 (1) February 12, 2020 Hoboken (2 mixed-use buildings) Hoboken, New Jersey 12,000 $ 14.3 (2) (1) This property is adjacent to, and is operated as part of the property acquired in 2019. The purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. (2) The purchase price includes the assumption of $8.9 million of mortgage debt, and is in addition to the 37 buildings previously acquired in 2019, and was completed through the same joint venture. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. |
Acquired In-Place Leases (Table
Acquired In-Place Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following is a summary of our acquired lease assets and liabilities: December 31, 2021 December 31, 2020 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 46,951 $ (33,617) $ 43,560 $ (31,661) Below market leases, lessee 34,604 (5,019) 34,604 (4,190) Total $ 81,555 $ (38,636) $ 78,164 $ (35,851) Below market leases, lessor $ (230,059) $ 78,327 $ (174,582) $ 68,286 Above market leases, lessee (10,347) 2,654 (9,084) 2,116 Total $ (240,406) $ 80,981 $ (183,666) $ 70,402 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of acquired lease amortization: Year Ended December 31, 2021 2020 2019 (in thousands) Amortization of above market leases, lessor $ (3,150) $ (4,060) $ (3,239) Amortization of below market leases, lessor 11,897 8,406 9,623 Net increase in rental income $ 8,747 $ 4,346 $ 6,384 Amortization of below market leases, lessee $ 828 $ 828 $ 828 Amortization of above market leases, lessee (538) (525) (525) Net increase in rental expense $ 290 $ 303 $ 303 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2021 Above market leases, lessor 3.2 years Below market leases, lessee 37.6 years Below market leases, lessor 18.1 years Above market leases, lessee 17.6 years |
Amortization for acquired in-place leases during the next five years and thereafter | The amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2022 $ 3,674 $ 13,541 2023 3,446 12,962 2024 3,139 12,450 2025 2,126 8,984 2026 1,931 8,622 Thereafter 28,603 102,866 $ 42,919 $ 159,425 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instruments [Abstract] | |
Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures | Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2021 are as follows: Mortgages Notes Senior Notes and Total (In thousands) Year ending December 31, 2022 $ 3,351 $ 744 $ — $ 4,095 2023 3,549 758 275,000 279,307 2024 3,688 300,659 (1)(2) 600,000 904,347 2025 48,033 383 — 48,416 2026 26,657 54 429,200 455,911 Thereafter 256,301 37 2,115,000 2,371,338 $ 341,579 $ 302,635 $ 3,419,200 $ 4,063,414 (3) _____________________ (1) Our $300.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option. (2) Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option. As of December 31, 2021, there was no balance outstanding under this credit facility. (3) The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2021. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of carrying amount and fair value of financial instruments | A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (In thousands) Mortgages and notes payable $ 641,459 $ 655,864 $ 886,887 $ 879,390 Senior notes and debentures $ 3,406,088 $ 3,649,776 $ 3,404,488 $ 3,761,465 |
Summary of financial assets/(liabilities) measured at fair value on a recurring basis | A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (1,511) $ — $ (1,511) $ — $ (4,711) $ — $ (4,711) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum annual payments | We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2021: (In thousands) Year ending December 31, 2022 $ 5,191 2023 5,278 2024 5,455 2025 5,326 2026 4,831 Thereafter 177,395 Total future minimum operating lease payments 203,476 Less amount representing interest (130,815) Operating lease liabilities $ 72,661 |
Finance Lease, Liability, Fiscal Year Maturity | Future minimum lease payments and their present value for properties under finance leases as of December 31, 2021, are as follows: (In thousands) Year ending December 31, 2022 $ 5,810 2023 60,013 2024 1,013 2025 1,013 2026 1,013 Thereafter 79,824 Total future minimum finance lease payments 148,686 Less amount representing interest (76,654) Finance lease liabilities $ 72,032 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Dividends [Abstract] | |
Summary of dividends declared and paid per share | The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2021 2020 2019 Declared Paid Declared Paid Declared Paid Common shares $ 4.260 $ 4.250 $ 4.220 $ 4.210 $ 4.140 $ 4.110 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 (1) Amount represents dividends per depositary share, each representing 1/1000th of a share. |
Summary of income tax status of dividends per share paid | A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2021 2020 2019 Common shares Ordinary dividend $ 3.358 $ 3.452 $ 4.110 Capital gain 0.680 — — Return of capital 0.212 0.758 — $ 4.250 $ 4.210 $ 4.110 5.417% Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.124 $ 1.354 $ 1.354 Capital gain 0.230 — — $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares Ordinary dividend $ 1.038 $ 1.250 1.250 Capital gain 0.212 — — $ 1.250 $ 1.250 $ 1.250 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of minimum future commercial property rentals from noncancelable operating leases | As of December 31, 2021, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows: (In thousands) Year ending December 31, 2022 $ 634,134 2023 596,004 2024 531,652 2025 447,549 2026 376,692 Thereafter 1,675,278 $ 4,261,309 |
LEASE COST | The following table provides additional information on our operating and finance leases where we are the lessee: Year Ended December 31, 2021 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 1,284 $ 1,284 $ 1,284 Interest on lease liabilities 5,828 5,826 5,824 Operating lease cost 5,687 5,946 6,063 Variable lease cost 246 353 487 Total lease cost $ 13,045 $ 13,409 $ 13,658 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 5,723 $ 5,736 $ 5,759 Operating cash flows for operating leases $ 5,288 $ 5,498 $ 5,561 Financing cash flows for finance leases $ 51 $ 46 $ 47 December 31, 2021 2020 Weighted-average remaining term - finance leases 16.3 years 17.3 years Weighted-average remaining term - operating leases 52.8 years 53.4 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.5 % 4.4 % ROU assets obtained in exchange for operating lease liabilities $ 10,341 $ 855 |
Components of Rental Expense (T
Components of Rental Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Components Of Rental Expense [Abstract] | |
Schedule of principal components of rental expenses | The principal components of rental expenses are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Repairs and maintenance $ 78,028 $ 66,845 $ 73,179 Utilities 27,808 25,065 27,729 Management fees and costs 24,919 23,752 24,930 Payroll 18,341 16,691 16,485 Insurance 14,406 12,439 9,036 Marketing 7,481 6,432 7,427 Ground rent 4,571 4,595 4,803 Other operating (1) 22,567 15,101 24,242 Total rental expenses $ 198,121 $ 170,920 $ 187,831 _____________________ (1) Other operating for the year ended December 31, 2019 includes an $11.9 million charge relating to the buyout of a lease at Assembly Square Marketplace. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of share-based compensation expense | A summary of share-based compensation expense included in net income is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Grants of common shares and options $ 14,434 $ 13,243 $ 13,330 Capitalized share-based compensation (1,425) (1,319) (1,054) Share-based compensation expense $ 13,009 $ 11,924 $ 12,276 |
Summary of weighted average assumptions used to value options granted | The following table provides a summary of the assumptions used to value options granted in 2021: Year Ended December 31, 2021 Volatility 29.3 % Expected dividend yield 4.1 % Expected term (in years) 7.5 Risk free interest rate 0.9 % |
Summary of option activity | The following table provides a summary of option activity for 2021: Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding at December 31, 2020 682 $ 152.34 Granted 3,658 95.77 Exercised — — Forfeited or expired (682) 152.34 Outstanding at December 31, 2021 3,658 $ 95.77 9.1 $ 148 Exercisable at December 31, 2021 — $ — — $ — |
Summary of restricted share activity | The following table provides a summary of restricted share activity for 2021: Shares Weighted-Average Unvested at December 31, 2020 233,178 $ 127.32 Granted 166,746 97.46 Vested (108,735) 121.77 Forfeited (2,193) 112.05 Unvested at December 31, 2021 288,996 $ 112.29 |
Summary of restricted stock units activity | The following table provides a summary of restricted stock unit activity for 2021: Shares Weighted-Average Unvested at December 31, 2020 — $ — Granted 10,441 97.01 Vested — — Forfeited — — Unvested at December 31, 2021 10,441 $ 97.01 |
Schedule of common shares awarded under various compensation plans | Subsequent to December 31, 2021, common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 3, 2022 5,135 Shares Immediate Trustees February 9, 2022 103,463 Restricted Shares 3-5 years Officers and key employees |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following potentially issuable shares were excluded from the diluted EPS calculation because their impact is anti-dilutive: • exercise of 682 stock options in 2020 and 2019, respectively, • conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares for 2021, 2020, and 2019, respectively, and • the issuance of 1.8 million shares issuable under forward sales agreements in 2021. Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS calculation as the market based performance criteria in the award has not yet been achieved. Year Ended December 31, 2021 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 269,081 $ 135,888 $ 360,542 Less: Preferred share dividends (8,042) (8,042) (8,042) Less: Income from operations attributable to noncontrolling interests (7,583) (4,182) (6,676) Less: Earnings allocated to unvested shares (1,211) (992) (1,007) Net income available for common shareholders, basic and diluted $ 252,245 $ 122,672 $ 344,817 DENOMINATOR Weighted average common shares outstanding—basic 77,336 75,515 74,766 Effect of dilutive securities: Open forward contracts for share issuances 32 — — Weighted average common shares outstanding—diluted 77,368 75,515 74,766 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 3.26 $ 1.62 $ 4.61 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 3.26 $ 1.62 $ 4.61 |
Business And Organization (Deta
Business And Organization (Details) | 12 Months Ended |
Dec. 31, 2021project | |
Nature Of Operations [Abstract] | |
Number of real estate properties | 104 |
Minimum percentage of taxable income distributed to shareholders | 90.00% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Rent deferral agreements | $ 46,000 | |
Deferred Rent Receivables, Collected | 27,000 | |
Rent abatement agreements | 26,000 | $ 48,000 |
Collectibility Adjustment | 24,000 | 106,600 |
Straight Line Rent Adjustments | $ 700 | $ 12,700 |
Percentage of tenants with revenue recognized on a cash basis | 34.00% | 35.00% |
Straight line rent receivable | $ 110,700 | $ 103,300 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation Expense Real Estate | $ 245.1 | $ 227.9 | $ 215.4 |
Building and Building Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 35 years | ||
Building and Building Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 50 years | ||
Minor Improvements, Furniture and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minor Improvements, Furniture and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Cash in excess of the FDIC insured limit | $ 167.3 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Prepaid Expenses and Other Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Prepaid expenses and other assets | |
Capitalized lease costs amortization range | 3 years |
Maximum | |
Prepaid expenses and other assets | |
Capitalized lease costs amortization range | 10 years |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions | May 11, 2021USD ($) | Dec. 31, 2021USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of mortgage receivables | 3 | |
Mortgage receivable, net of valuation allowances | $ 9.5 | |
Weighted average interest rate on mortgage note receivables | 10.90% | |
Net proceeds from repayment of mortgage notes receivable | $ 33.8 | |
Decrease in mortgage notes receivable, net valuation allowance | $ 30.3 | |
Hoboken | ||
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements | 2 | |
Assembly Row Hotel | ||
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements | 2 | |
One of our equity method investees | Assembly Row Hotel | ||
Derivatives, Fair Value [Line Items] | ||
Fixed interest rate of derivative instrument | 5.206% | |
Hoboken | Mortgages Payable | ||
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements | 2 | |
Fixed interest rate of derivative instrument | 3.67% |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in variable interest entity | $ 9,500 | $ 39,900 |
Number of consolidated variable interest entities | 21 | |
Net real estate assets of consolidated VIEs | $ 1,800,000 | 1,400,000 |
Mortgage Payable From Consolidated Variable Interest Entities | 335,301 | 413,681 |
Unconsolidated variable interest entities | La Alameda & Assembly Row Hotel | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in variable interest entity | $ 8,900 | 9,900 |
Unconsolidated variable interest entities | Pike&Rose Hotel JV | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in variable interest entity | $ 8,800 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rollforward of Redeemable Noncontrolling Interests | |||
Beginning balance | $ 137,720 | $ 139,758 | |
Contributions | 74,530 | 19,335 | $ 9,961 |
Net income | 4,296 | 2,228 | 3,430 |
Other comprehensive income (loss) - change in value of interest rate swaps | 320 | (471) | 0 |
Distributions & redemptions | 5,268 | 1,197 | 4,094 |
Change in redemption value | 2,110 | (21,933) | |
Ending balance | $ 213,708 | $ 137,720 | $ 139,758 |
Summary Of Significant Accou_11
Summary Of Significant Accounting Policies Lease Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2021properties | |
Accounting Policies [Abstract] | ||
Number of properties subject to operating leases | properties | 12 | |
Accounting Standards Update 2016-02 | ||
Lessor, Lease, Description [Line Items] | ||
Cumulative Effect on Retained Earnings | $ | $ 7,100 |
Summary Of Significant Accou_12
Summary Of Significant Accounting Policies (Income Taxes, Segments, and Forward Equity Sales) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)propertysegment | May 07, 2021USD ($) | Feb. 24, 2021USD ($) | |
Accounting Policies [Abstract] | |||
Minimum percentage of taxable income distributed to shareholders | 90.00% | ||
Material unrecognized tax benefits | $ 0 | ||
Number of properties exceeding segment reporting threshold | property | 0 | ||
Segment Reporting, Factors Used to Identify Entity's Reportable Segments | 10% of our revenues or property operating income | ||
Number of segments | segment | 1 | ||
At The Market Equity Program | |||
Class of Stock [Line Items] | |||
Aggregate offering price of common shares | $ 500,000,000 | $ 500,000,000 |
Summary Of Significant Accou_13
Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Supplemental Cash Flow Information [Abstract] | ||||
Total interest costs incurred | $ 150,324 | $ 159,718 | $ 130,110 | |
Interest capitalized | 22,626 | 23,429 | 20,487 | |
Interest expense | 127,698 | 136,289 | 109,623 | |
Cash paid for interest, net of amounts capitalized | 123,585 | 130,248 | 106,180 | |
Cash paid for income taxes | 386 | 580 | 483 | |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||||
DownREIT operating partnership units issued with acquisition | 0 | 18,920 | 0 | |
Mortgage loans assumed with acquisition | [1] | 0 | 8,903 | 98,041 |
DownREIT operating partnership units redeemed for common shares | 7,545 | 0 | 14,105 | |
Settlement of partner loan via dilution | 0 | 0 | 5,379 | |
Shares issued under dividend reinvestment plan | $ 1,727 | $ 1,734 | $ 1,784 | |
[1] | See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition |
Summary Of Significant Accou_14
Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 162,132 | $ 798,329 | |||
Restricted cash | [1] | 13,031 | 18,567 | ||
Total cash, cash equivalents, and restricted cash | $ 175,163 | $ 816,896 | $ 153,614 | $ 108,332 | |
[1] | Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets. |
Real Estate (2021 Property Acqu
Real Estate (2021 Property Acquisitions and Dispositions) (Details) $ in Thousands | Sep. 02, 2021USD ($)ft² | Jun. 14, 2021USD ($)ft² | Jun. 01, 2021USD ($)ft² | Apr. 30, 2021USD ($)ft² | Feb. 22, 2021USD ($) | Jan. 04, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Business Acquisition and Disposition | ||||||||||
Operating lease right of use assets | $ 90,743 | $ 92,248 | ||||||||
Operating lease liabilities | 72,661 | 72,441 | ||||||||
Gain on sale of real estate | 89,950 | $ 98,117 | $ 116,393 | |||||||
Pike&Rose Hotel JV | ||||||||||
Business Acquisition and Disposition | ||||||||||
Ownership interest of partner in our joint venture | 20.00% | |||||||||
Purchase price of partners interest | $ 2,300 | |||||||||
Repayments of Secured Debt | 31,500 | |||||||||
Gain on acquisition of controlling interest | $ 2,100 | |||||||||
Mount Vernon/South Valley/7770 Richmond Hwy, | ||||||||||
Business Acquisition and Disposition | ||||||||||
Purchase price of real estate acquisition | $ 5,600 | |||||||||
Decrease in operating lease right of use assets | 9,800 | |||||||||
Decrease of operating lease liability | $ 9,800 | |||||||||
Chesterbrook | ||||||||||
Business Acquisition and Disposition | ||||||||||
Square footage of real estate property | ft² | [1] | 90,000 | ||||||||
Ownership % | [1] | 80.00% | ||||||||
Gross Value of Real Estate | [1],[2] | $ 32,100 | ||||||||
Chesterbrook | Other Assets | Leases, Acquired-in-Place | ||||||||||
Business Acquisition and Disposition | ||||||||||
Acquired lease costs | 1,900 | |||||||||
Chesterbrook | Other Assets | Above Market Leases | ||||||||||
Business Acquisition and Disposition | ||||||||||
Above market leases | 600 | |||||||||
Chesterbrook | Other Liabilities | ||||||||||
Business Acquisition and Disposition | ||||||||||
Below market leases | $ 8,000 | |||||||||
Grossmont Center | ||||||||||
Business Acquisition and Disposition | ||||||||||
Square footage of real estate property | ft² | [1] | 933,000 | ||||||||
Ownership % | [1] | 60.00% | ||||||||
Gross Value of Real Estate | [1],[3] | $ 175,000 | ||||||||
Grossmont Center | Other Assets | Leases, Acquired-in-Place | ||||||||||
Business Acquisition and Disposition | ||||||||||
Acquired lease costs | 12,300 | |||||||||
Grossmont Center | Other Assets | Above Market Leases | ||||||||||
Business Acquisition and Disposition | ||||||||||
Above market leases | 2,600 | |||||||||
Grossmont Center | Other Liabilities | ||||||||||
Business Acquisition and Disposition | ||||||||||
Below market leases | $ 14,700 | |||||||||
Camelback Colonnade | ||||||||||
Business Acquisition and Disposition | ||||||||||
Square footage of real estate property | ft² | [1] | 642,000 | ||||||||
Ownership % | [1] | 98.00% | ||||||||
Gross Value of Real Estate | [1],[4] | $ 162,500 | ||||||||
Camelback Colonnade | Other Assets | Leases, Acquired-in-Place | ||||||||||
Business Acquisition and Disposition | ||||||||||
Acquired lease costs | 11,600 | |||||||||
Camelback Colonnade | Other Liabilities | ||||||||||
Business Acquisition and Disposition | ||||||||||
Below market leases | $ 28,300 | |||||||||
Hilton Village | ||||||||||
Business Acquisition and Disposition | ||||||||||
Square footage of real estate property | ft² | [1] | 93,000 | ||||||||
Ownership % | [1] | 98.00% | ||||||||
Gross Value of Real Estate | [1],[5] | $ 37,500 | ||||||||
Operating lease right of use assets | 10,400 | |||||||||
Above Market Liability | 1,300 | |||||||||
Operating lease liabilities | 11,600 | |||||||||
Hilton Village | Other Assets | Leases, Acquired-in-Place | ||||||||||
Business Acquisition and Disposition | ||||||||||
Acquired lease costs | 2,700 | |||||||||
Hilton Village | Other Assets | Above Market Leases | ||||||||||
Business Acquisition and Disposition | ||||||||||
Above market leases | 1,100 | |||||||||
Hilton Village | Other Liabilities | ||||||||||
Business Acquisition and Disposition | ||||||||||
Below market leases | $ 3,600 | |||||||||
Twinbrooke Shopping Centre | ||||||||||
Business Acquisition and Disposition | ||||||||||
Square footage of real estate property | ft² | 106,000 | |||||||||
Ownership % | 100.00% | |||||||||
Gross Value of Real Estate | [6] | $ 33,800 | ||||||||
Twinbrooke Shopping Centre | Other Assets | Leases, Acquired-in-Place | ||||||||||
Business Acquisition and Disposition | ||||||||||
Acquired lease costs | 1,200 | |||||||||
Twinbrooke Shopping Centre | Other Assets | Above Market Leases | ||||||||||
Business Acquisition and Disposition | ||||||||||
Above market leases | 300 | |||||||||
Twinbrooke Shopping Centre | Other Liabilities | ||||||||||
Business Acquisition and Disposition | ||||||||||
Below market leases | $ 2,700 | |||||||||
Two properties 2021 | ||||||||||
Business Acquisition and Disposition | ||||||||||
Sales price of real estate | 141,600 | |||||||||
Gain on sale of real estate | $ 88,300 | |||||||||
[1] | These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. | |||||||||
[2] | Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases." | |||||||||
[3] | Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases." | |||||||||
[4] | Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases." | |||||||||
[5] | The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases." | |||||||||
[6] | Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases." |
Real Estate (2020 Property Acqu
Real Estate (2020 Property Acquisitions and Dispositions) (Details) | Sep. 02, 2021USD ($)ft² | Jun. 14, 2021USD ($)ft² | Jun. 01, 2021USD ($)ft² | Apr. 30, 2021USD ($)ft² | Dec. 31, 2020USD ($) | Feb. 12, 2020USD ($)ft² | Jan. 10, 2020USD ($)ft²shares | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 01, 2020USD ($) | |
Business Acquisition and Disposition | |||||||||||||
DownREIT Partnership Units, issued in acquisition | shares | 163,322 | ||||||||||||
Mortgage loans assumed with acquisition | [1] | $ 0 | $ 8,903,000 | $ 98,041,000 | |||||||||
Impairment charge | 0 | 57,218,000 | 0 | ||||||||||
Fair value of property | $ 57,000,000 | 57,000,000 | |||||||||||
Gain on sale of real estate | 89,950,000 | 98,117,000 | $ 116,393,000 | ||||||||||
Chesterbrook | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | [2] | 90,000 | |||||||||||
Grossmont Center | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | [2] | 933,000 | |||||||||||
Camelback Colonnade | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | [2] | 642,000 | |||||||||||
Hilton Village | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | [2] | 93,000 | |||||||||||
Twinbrooke Shopping Centre | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | 106,000 | ||||||||||||
Two properties 2021 | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Sales price of real estate | 141,600,000 | ||||||||||||
Gain on sale of real estate | $ 88,300,000 | ||||||||||||
Fairfax Junction | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | 49,000 | ||||||||||||
Purchase price of real estate acquisition | [3] | $ 22,300,000 | |||||||||||
Hoboken | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Square footage of real estate property | ft² | 12,000 | ||||||||||||
Purchase price of real estate acquisition | [4] | $ 14,300,000 | |||||||||||
The Shops at Sunset Place | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Impairment charge | $ 57,200,000 | ||||||||||||
Sales price of real estate | 65,500,000 | ||||||||||||
Gain on sale of real estate | $ 9,200,000 | ||||||||||||
The Shops at Sunset Place | Nonrecourse | Mortgages | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Debt Instrument, Face Amount | $ 60,600,000 | ||||||||||||
Hoboken2Buildings | Mortgages | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Mortgage loans assumed with acquisition | 8,900,000 | ||||||||||||
Three properties 2020 | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Sales price of real estate | 186,100,000 | ||||||||||||
Gain on sale of real estate | 98,100,000 | ||||||||||||
Other Assets | Above Market Leases | Chesterbrook | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | $ 600,000 | ||||||||||||
Other Assets | Above Market Leases | Grossmont Center | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | $ 2,600,000 | ||||||||||||
Other Assets | Above Market Leases | Hilton Village | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | $ 1,100,000 | ||||||||||||
Other Assets | Above Market Leases | Twinbrooke Shopping Centre | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | $ 300,000 | ||||||||||||
Other Assets | Above Market Leases | Fairfax Junction | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | 500,000 | ||||||||||||
Other Assets | Above Market Leases | Hoboken | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Above market leases | 100,000 | ||||||||||||
Other Liabilities | Chesterbrook | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 8,000,000 | ||||||||||||
Other Liabilities | Grossmont Center | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 14,700,000 | ||||||||||||
Other Liabilities | Camelback Colonnade | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | 28,300,000 | ||||||||||||
Other Liabilities | Hilton Village | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 3,600,000 | ||||||||||||
Other Liabilities | Twinbrooke Shopping Centre | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 2,700,000 | ||||||||||||
Other Liabilities | Fairfax Junction | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 400,000 | ||||||||||||
Other Liabilities | Hoboken | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Below market leases | $ 3,300,000 | ||||||||||||
Condominiums | Pike & Rose | |||||||||||||
Business Acquisition and Disposition | |||||||||||||
Sales price of real estate | $ 2,100,000 | ||||||||||||
Number of condominium units sold | 2 | ||||||||||||
[1] | See our Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures relating to the mortgages entered into and assumed as a result of the Hoboken acquisition | ||||||||||||
[2] | These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements. | ||||||||||||
[3] | ) This property is adjacent to, and is operated as part of the property acquired in 2019. The purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. | ||||||||||||
[4] | The purchase price includes the assumption of $8.9 million of mortgage debt, and is in addition to the 37 buildings previously acquired in 2019, and was completed through the same joint venture. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. |
Acquired In-Place Leases Acqure
Acquired In-Place Leases Acqured Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Total | $ 81,555 | $ 78,164 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (38,636) | (35,851) | |
Finite-Lived Intangible Liabilities, Total | (240,406) | (183,666) | |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 80,981 | 70,402 | |
Amortization of below market leases, lessor | 11,897 | 8,406 | $ 9,623 |
Net increase in rental income | 8,747 | 4,346 | 6,384 |
Amortization of Below Market Lease, Lessee | 828 | 828 | 828 |
Net increase in rental expense | 290 | 303 | 303 |
Acquired Lease Liabilities | |||
2022 | 13,541 | ||
2023 | 12,962 | ||
2024 | 12,450 | ||
2025 | 8,984 | ||
2026 | 8,622 | ||
Thereafter | 102,866 | ||
Total future amortization expense from acquired below market leases | 159,425 | ||
Above Market Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of above market leases, lessor | (3,150) | (4,060) | (3,239) |
Amortization of above market leases, lessee | $ (538) | (525) | $ (525) |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 2 months 12 days | ||
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life | 18 years 1 month 6 days | ||
Acquired Lease Assets | |||
2022 | $ 3,674 | ||
2023 | 3,446 | ||
2024 | 3,139 | ||
2025 | 2,126 | ||
2026 | 1,931 | ||
Thereafter | 28,603 | ||
Acquired Lease Liabilities | |||
Finite-Lived Intangible Assets, Net | 42,919 | ||
Above Market Leases, Lessor | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Total | 46,951 | 43,560 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (33,617) | (31,661) | |
Below Market Leases, Lessee | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Total | 34,604 | 34,604 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (5,019) | (4,190) | |
Below Market Lease | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 37 years 7 months 6 days | ||
Acquired Finite-Lived Intangible Liabilities, Weighted Average Useful Life | 17 years 7 months 6 days | ||
Below Market Leases, Lessor | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Liabilities, Total | $ (230,059) | (174,582) | |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 78,327 | 68,286 | |
Above Market Leases, Lessee | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Liabilities, Total | (10,347) | (9,084) | |
Finite-Lived Intangible Liabilities, Accumulated Amortization | $ 2,654 | $ 2,116 |
Debt (Summary Of Debt Outstandi
Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Mortgages payable | $ 339,993 | $ 484,111 | ||
Revolving credit facility | 0 | 0 | ||
Notes Payable | 301,466 | 402,776 | ||
Net unamortized discount and debt issuance costs | (1,169) | (494) | ||
Senior notes and debentures, net | 3,406,088 | 3,404,488 | ||
Total debt | 4,047,547 | 4,291,375 | ||
Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | 341,579 | 486,035 | ||
Net unamortized (discount) premium and debt issuance costs | (1,586) | (1,924) | ||
Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 302,635 | 403,270 | ||
Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | 3,419,200 | 3,419,200 | ||
Net unamortized (discount) premium and debt issuance costs | (13,112) | (14,712) | ||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Other Notes Payable | $ 400,000 | 300,000 | ||
Basis Spread on LIBOR Interest | 0.80% | 1.35% | ||
Sylmar Towne Center | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 0 | 16,236 | ||
Interest rate | 5.39% | |||
Plaza Del Sol | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 0 | 8,041 | ||
Interest rate | 5.23% | |||
THE AVENUE at White Marsh | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 0 | 52,705 | ||
Interest rate | 3.35% | |||
Montrose Crossing | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 0 | 65,596 | ||
Interest rate | 4.20% | |||
Azalea | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 40,000 | 40,000 | ||
Interest rate | 3.73% | |||
Bell Gardens | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 12,127 | 12,408 | ||
Interest rate | 4.06% | |||
Plaza El Segundo | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 125,000 | 125,000 | ||
Interest rate | 3.83% | |||
Brook 35 | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 11,500 | 11,500 | ||
Interest rate | 4.65% | |||
Hoboken (24 Buildings) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 56,450 | 56,450 | ||
Basis Spread on LIBOR Interest | 1.95% | |||
Grove at Shrewsbury (East) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 43,600 | 43,600 | ||
Interest rate | 3.77% | |||
Hoboken (14 Buildings) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 31,817 | 32,705 | ||
Chelsea | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 4,851 | 5,234 | ||
Interest rate | 5.36% | |||
Hoboken (1 Building) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 16,234 | 16,560 | ||
Interest rate | 3.75% | |||
Term Loan | Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Other Notes Payable | 400,000 | |||
Basis Spread on LIBOR Interest | 0.80% | |||
Various | Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 11.31% | |||
Other Notes Payable | $ 2,635 | 3,270 | ||
2.75% notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 275,000 | 275,000 | ||
Interest rate | 2.75% | |||
3.95% notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 600,000 | 600,000 | ||
Interest rate | 3.95% | |||
7.48% debentures | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 29,200 | 29,200 | ||
Interest rate | 7.48% | |||
3.25% Senior notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 475,000 | 475,000 | ||
Interest rate | 3.25% | |||
6.82% medium term notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 40,000 | 40,000 | ||
Interest rate | 6.82% | |||
3.2% Senior Note | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 400,000 | 400,000 | ||
Interest rate | 3.20% | |||
4.50% notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 550,000 | 550,000 | ||
Interest rate | 4.50% | |||
3.625% Senior notes | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 250,000 | 250,000 | ||
Interest rate | 3.625% | |||
1.25% Senior Note [Member] | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 400,000 | 400,000 | ||
Interest rate | 1.25% | |||
3.5% Senior Note [Member] | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 400,000 | $ 400,000 | ||
Interest rate | 3.50% | |||
Revolving credit facility | Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Basis Spread on LIBOR Interest | 0.775% | |||
Hoboken | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 56,500 | |||
Number of interest rate swap agreements | 2 | |||
Fixed interest rate of derivative instrument | 3.67% | |||
Minimum | Hoboken (14 Buildings) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.91% | |||
Maximum | Hoboken (14 Buildings) | Mortgages Payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | Nov. 02, 2021 | Oct. 12, 2021 | Sep. 01, 2021 | Apr. 16, 2021 | Feb. 05, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | $ 0 | $ 0 | |||||||
Maximum borrowing capacity under revolving credit facility | 1,000,000 | ||||||||
Maximum amount of borrowings outstanding | 150,000 | 990,000 | $ 116,500 | ||||||
Weighted average amount of borrowings outstanding | $ 19,600 | $ 138,500 | $ 26,800 | ||||||
Weighted average interest rate before amortization of debt fees | 0.90% | 1.50% | 3.20% | ||||||
Line of credit facility, annual facility fee | $ 1,000 | ||||||||
Sylmar Towne Center | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Secured Debt | $ 16,200 | ||||||||
Plaza Del Sol | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Secured Debt | $ 7,900 | ||||||||
Montrose Crossing | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Secured Debt | $ 64,100 | ||||||||
THE AVENUE at White Marsh | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Secured Debt | $ 52,700 | ||||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 100,000 | ||||||||
Other Notes Payable | $ 400,000 | $ 300,000 | |||||||
Basis Spread on LIBOR Interest | 0.80% | 1.35% | |||||||
Term Loan | Notes Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Other Notes Payable | $ 400,000 | ||||||||
Basis Spread on LIBOR Interest | 0.80% |
Debt (Principal Payments On Mor
Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
2022 | $ 4,095 | ||
2023 | 279,307 | ||
2024 | 904,347 | ||
2025 | 48,416 | ||
2026 | 455,911 | ||
Thereafter | 2,371,338 | ||
Long-term Debt | [1] | 4,063,414 | |
Maximum borrowing capacity under revolving credit facility | 1,000,000 | ||
Revolving credit facility | 0 | $ 0 | |
Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Principal balance | 341,579 | 486,035 | |
2022 | 3,351 | ||
2023 | 3,549 | ||
2024 | 3,688 | ||
2025 | 48,033 | ||
2026 | 26,657 | ||
Thereafter | 256,301 | ||
Long-term Debt | 341,579 | ||
Notes Payable | |||
Debt Instrument [Line Items] | |||
2022 | 744 | ||
2023 | 758 | ||
2024 | [2],[3] | 300,659 | |
2025 | 383 | ||
2026 | 54 | ||
Thereafter | 37 | ||
Long-term Debt | 302,635 | ||
Senior Notes and Debentures | |||
Debt Instrument [Line Items] | |||
Principal balance | 3,419,200 | $ 3,419,200 | |
2022 | 0 | ||
2023 | 275,000 | ||
2024 | 600,000 | ||
2025 | 0 | ||
2026 | 429,200 | ||
Thereafter | 2,115,000 | ||
Long-term Debt | $ 3,419,200 | ||
[1] | The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2021 | ||
[2] | Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option. As of December 31, 2021, there was no balance outstanding under this credit facility. | ||
[3] | Our $300.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option. |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgages payable and notes payable | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | $ 641,459 | $ 886,887 |
Mortgages payable and notes payable | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | 655,864 | 879,390 |
Senior notes and debentures | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | 3,406,088 | 3,404,488 |
Senior notes and debentures | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | $ 3,649,776 | $ 3,761,465 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)agreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Increase (Decrease) in Derivative Liabilities | $ 3,200 | ||
Amount reclassified from other comprehensive income to interest expense | 900 | ||
Other comprehensive loss - change in value of interest rate swaps | 3,917 | $ (5,302) | $ (397) |
Prepaid expenses and other assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Derivative Liability | 1,500 | ||
Fair Value, Measurements, Recurring | Interest Rate Swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Derivative Liability | (1,511) | (4,711) | |
Accumulated Other Comprehensive loss | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Other comprehensive loss - change in value of interest rate swaps | $ (397) | ||
Accumulated Other Comprehensive loss | One of our equity method investees | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Other comprehensive loss - change in value of interest rate swaps | 700 | 500 | |
Mortgage Payable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Mortgage payable | $ 341,579 | $ 486,035 | |
Hoboken | Mortgage Payable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number of interest rate swap agreements | 2 | ||
Notional amount of interest rate swap agreements | $ 56,500 | ||
Mortgage payable | $ 56,500 | ||
Fixed interest rate of derivative instrument | 3.67% | ||
Interest Rate Swap | Fair Value, Measurements, Recurring | One of our equity method investees | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number of interest rate swap agreements | agreement | 2 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative liability | $ (1,511) | $ (4,711) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative liability | (1,511) | (4,711) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative liability | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2026 | Sep. 30, 2025 | Sep. 30, 2023 | |
Loss Contingencies [Line Items] | ||||||
Reserves for warranties and general liability | $ 5,200 | $ 4,600 | ||||
Payments from reserves | 1,500 | 800 | ||||
Letters of credit outstanding, amount | $ 4,800 | |||||
DownREIT operating partnership units, outstanding | 666,831 | |||||
Operating partnership units outstanding, fair value | $ 90,900 | |||||
Costs associated with property sold under threat of condemnation, net | 0 | $ 12,924 | $ 0 | |||
San Antonio Center | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated Litigation Liability | $ 32,600 | |||||
Congressional Plaza | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 26.63% | |||||
Maximum partnership percentage required to purchase | 100.00% | |||||
Congressional Plaza | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 67,000 | |||||
Congressional Plaza | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 71,000 | |||||
Plaza El Segundo | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Number of members with purchase options | 2 | |||||
Plaza El Segundo | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 25,000 | |||||
Plaza El Segundo | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 28,000 | |||||
The Grove at Shrewsbury | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 4.10% | |||||
Brook 35 | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 6.50% | |||||
Grove at Shrewsbury and Brook 35 | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 6,000 | |||||
Grove at Shrewsbury and Brook 35 | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 7,000 | |||||
Hoboken | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 10.00% | |||||
Hoboken | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 9,000 | |||||
Hoboken | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 10,000 | |||||
Camelback Colonnade and Hilton Village | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 2.00% | |||||
Camelback Colonnade and Hilton Village | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 4,000 | |||||
Camelback Colonnade and Hilton Village | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 5,000 | |||||
Grossmont Center | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 40.00% | |||||
Grossmont Center | Put Option | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 68,000 | |||||
Grossmont Center | Put Option | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated maximum liability upon exercise of the put option | $ 73,000 | |||||
Scenario, Forecast | Mercer Mall | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase price under option | $ 55,000 | |||||
Scenario, Forecast | Mercer Mall | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase price under option | $ 60,000 | |||||
Scenario, Forecast | Melville Mall | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase price under option | $ 3,600 | |||||
Scenario, Forecast | Melville Mall | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase price under option | $ 3,600 | |||||
Member One In Plaza El Segundo | Plaza El Segundo | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 10.00% | |||||
Member Two In Plaza El Segundo | Plaza El Segundo | Put Option | ||||||
Loss Contingencies [Line Items] | ||||||
Indexed ownership interest percentage | 11.80% | |||||
Capital Improvement, Development, and Redevelopment Projects | ||||||
Loss Contingencies [Line Items] | ||||||
Contractual obligations | $ 319,200 |
Commitments and Contingencies F
Commitments and Contingencies Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2022 | $ 5,191 | |
2023 | 5,278 | |
2024 | 5,455 | |
2025 | 5,326 | |
2026 | 4,831 | |
Thereafter | 177,395 | |
Total future minimum operating lease payments | 203,476 | |
Less amount representing interest | (130,815) | |
Operating lease liabilities | $ 72,661 | $ 72,441 |
Commitments and Contingencies_3
Commitments and Contingencies Finance Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2022 | $ 5,810 | |
2023 | 60,013 | |
2024 | 1,013 | |
2025 | 1,013 | |
2026 | 1,013 | |
Thereafter | 79,824 | |
Total future minimum finance lease payments | 148,686 | |
Less amount representing interest | (76,654) | |
Finance lease liabilities | $ 72,032 | $ 72,049 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 29, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 07, 2021 | Feb. 24, 2021 |
Class of Stock [Line Items] | ||||||
Shares issued under dividend reinvestment plan (in shares) | 19,758 | 24,491 | 15,909 | |||
Preferred shares, percentage | 5.00% | 5.00% | 5.00% | |||
Preferred shares, par value | $ 0.01 | $ 0.01 | ||||
Net cash proceeds of common stock | $ 172,981 | $ 99,177 | $ 143,027 | |||
At The Market Equity Program | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 847,471 | 1,080,804 | ||||
Aggregate offering price of common shares | $ 500,000 | $ 500,000 | ||||
Net cash proceeds of common stock | $ 87,000 | $ 98,800 | ||||
Weighted average price per common share | $ 104.19 | $ 92.51 | ||||
Remaining capacity to issue | $ 175,000 | |||||
At The Market Equity Program | Commissions | ||||||
Class of Stock [Line Items] | ||||||
Commissions related to sales of common shares | 900 | $ 1,000 | ||||
At The Market Equity Program | Other Offering Costs | ||||||
Class of Stock [Line Items] | ||||||
Commissions related to sales of common shares | $ 400 | $ 100 | ||||
Forward Sales Contracts | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 796,300 | |||||
Net cash proceeds of common stock | $ 85,700 | |||||
Weighted average price per common share | $ 120.22 | |||||
Forward Contract Indexed to Issuer's Equity, Shares | 2,999,955 | |||||
5.0% Series C Cumulative Redeemable Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred shares, liquidation preference per share | 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | ||
Preferred shares, shares outstanding | 6,000 | 6,000 | ||||
5.417% Series 1 Cumulative Convertible Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, percentage | 5.417% | 5.417% | 5.417% | |||
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred shares, liquidation preference per share | $ 25 | $ 25 | $ 25 | |||
Preferred shares, shares outstanding | 399,896 | 399,896 | 399,896 | |||
Conversion price per share | $ 104.69 | |||||
Depositary Shares | 5.0% Series C Cumulative Redeemable Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, liquidation preference per share | $ 25 | $ 25 | $ 25 | $ 25 | ||
Preferred Shares | Depositary Shares | 5.0% Series C Cumulative Redeemable Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 6,000,000 | |||||
Preferred shares, shares outstanding | 6,000,000 | 6,000,000 | 6,000,000 |
Dividends (Details)
Dividends (Details) - $ / shares | Nov. 04, 2021 | Sep. 29, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||
Preferred shares, percentage | 5.00% | 5.00% | 5.00% | ||
Dividends declared to common shareholders | $ 1.07 | $ 4.26 | $ 4.22 | $ 4.14 | |
Common shares, paid | 4.250 | 4.210 | 4.110 | ||
Payments of ordinary dividends, common stock | 3.358 | 3.452 | 4.110 | ||
Common shares, capital gain | 0.680 | 0 | 0 | ||
Return of capital, common shares | $ 0.212 | $ 0.758 | $ 0 | ||
5.417% Series 1 Cumulative Convertible Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred shares, percentage | 5.417% | 5.417% | 5.417% | ||
Preferred shares, declared | $ 1.354 | $ 1.354 | $ 1.354 | ||
Preferred shares, paid | 1.354 | 1.354 | 1.354 | ||
Payment of ordinary dividends, preferred stock | 1.124 | 1.354 | 1.354 | ||
Preferred shares, capital gain | $ 0.230 | $ 0 | $ 0 | ||
5.0% Series C Cumulative Redeemable Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred shares, percentage | 5.00% | 5.00% | 5.00% | 5.00% | |
Preferred shares, declared | $ 1.250 | $ 1.250 | $ 1.250 | ||
Preferred shares, paid | 1.250 | 1.250 | 1.250 | ||
Payment of ordinary dividends, preferred stock | 1.038 | 1.250 | 1.250 | ||
Preferred shares, capital gain | $ 0.212 | $ 0 | $ 0 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)projectleasestate | |
Property Subject to or Available for Operating Lease [Line Items] | |
Number of real estate properties | project | 104 |
Number of states in which entity has properties | state | 12 |
Percent of annualized base rent | 2.70% |
Operating Leases, Future Minimum Payments | |
2022 | $ 634,134 |
2023 | 596,004 |
2024 | 531,652 |
2025 | 447,549 |
2026 | 376,692 |
Thereafter | 1,675,278 |
Total | $ 4,261,309 |
Retail and commercial | |
Property Subject to or Available for Operating Lease [Line Items] | |
Number of leases | lease | 3,100 |
Retail and commercial | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating lease, term | 3 years |
Retail and commercial | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating lease, term | 10 years |
Residential | |
Property Subject to or Available for Operating Lease [Line Items] | |
Number of leases | 3,000 |
Residential | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating lease, term | 1 year |
Lease Costs (Detail)
Lease Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Finance Lease, amortization of right-of-use assets | $ 1,284 | $ 1,284 | $ 1,284 |
Finance Lease, interest on lease liabilities | 5,828 | 5,826 | 5,824 |
Operating lease cost | 5,687 | 5,946 | 6,063 |
Variable lease cost | 246 | 353 | 487 |
Total Lease Cost | 13,045 | 13,409 | 13,658 |
Operating cash flows for finance leases | 5,723 | 5,736 | 5,759 |
Operating cash flows for operating leases | 5,288 | 5,498 | 5,561 |
Financing cash flows for finance leases | $ 51 | $ 46 | $ 47 |
Weighted-average remaining lease term - finance leases | 16 years 3 months 18 days | 17 years 3 months 18 days | |
Weighted-average remaining lease term - operating leases | 52 years 9 months 18 days | 53 years 4 months 24 days | |
Weighted-average discount rate - finance leases | 8.00% | 8.00% | |
Weighted-average discount rate - operating leases | 4.50% | 4.40% | |
ROU assets obtained in exchange for operating lease liabilities | $ 10,341 | $ 855 |
Components of Rental Expense (C
Components of Rental Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Repairs and maintenance | $ 78,028 | $ 66,845 | $ 73,179 | |
Utilities | 27,808 | 25,065 | 27,729 | |
Management fees and costs | 24,919 | 23,752 | 24,930 | |
Payroll | 18,341 | 16,691 | 16,485 | |
Insurance | 14,406 | 12,439 | 9,036 | |
Marketing | 7,481 | 6,432 | 7,427 | |
Ground rent | 4,571 | 4,595 | 4,803 | |
Other operating | [1] | 22,567 | 15,101 | 24,242 |
Total rental expenses | $ 198,121 | $ 170,920 | 187,831 | |
Assembly Square Marketplace | ||||
Charge related to the buyout of a lease | $ 11,900 | |||
[1] | Other operating for the year ended December 31, 2019 includes an $11.9 million charge relating to the buyout of a lease at Assembly Square Marketplace |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||
Grants of common shares and options | $ 14,434 | $ 13,243 | $ 13,330 |
Capitalized share-based compensation | (1,425) | (1,319) | (1,054) |
Share-based compensation expense | $ 13,009 | $ 11,924 | $ 12,276 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Volatility | 29.30% |
Expected dividend yield | 4.10% |
Expected term (in years) | 7 years 6 months |
Risk free interest rate | 0.90% |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at the beginning of year (in shares) | 682 | ||
Granted (in shares) | 3,658 | 0 | 0 |
Exercised (in shares) | 0 | ||
Forfeited or expired (in shares) | (682) | ||
Outstanding at the end of year (in shares) | 3,658 | 682 | |
Exercisable at the end of year (in shares) | 0 | ||
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share) | $ 152.34 | ||
Granted, Weighted-Average Exercise Price (in dollars per share) | 95.77 | ||
Exercised, Weighted-Average Exercise Price (in dollars per share) | 0 | ||
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share) | 152.34 | ||
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share) | 95.77 | $ 152.34 | |
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share) | $ 0 | ||
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years) | 9 years 1 month 6 days | ||
Outstanding at the end of year, Aggregate Intrinsic Value | $ 148 | ||
Exercisable at the end of year, Aggregate Intrinsic Value | $ 0 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested at the beginning of year (in shares) | 233,178 | ||
Granted (in shares) | 166,746 | ||
Vested (in shares) | (108,735) | ||
Forfeited (in shares) | (2,193) | ||
Unvested at the end of year (in shares) | 288,996 | 233,178 | |
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 127.32 | ||
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 97.46 | $ 124.55 | $ 133.30 |
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share) | 121.77 | ||
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share) | 112.05 | ||
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 112.29 | $ 127.32 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Restricted Stock Units Activity) (Details) - Restricted stock units - Officer - $ / shares | Feb. 10, 2021 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (in shares) | 0 | |
Granted (in shares) | 10,441 | 10,441 |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Unvested at the end of year (in shares) | 10,441 | |
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 0 | |
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 97.01 | |
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share) | 0 | |
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share) | 0 | |
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 97.01 |
Share-Based Compensation Plan_7
Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - shares | Feb. 09, 2022 | Jan. 03, 2022 | Dec. 31, 2021 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 166,746 | ||
Grants of common shares and options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term | 3 years | ||
Grants of common shares and options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term | 7 years | ||
Subsequent Event | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 103,463 | 5,135 | |
Subsequent Event | Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term | 3 years | ||
Subsequent Event | Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Term | 5 years |
Share-Based Compensation Plan_8
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 10, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted in period | 3,658 | 0 | 0 | |
Weighted average grant date fair value of options granted | $ 16.40 | |||
Total unrecognized compensation cost related to unvested share-based compensation arrangements | $ 20 | |||
Period for recognition (in years) | 4 years 7 months 6 days | |||
Weighted-average period for recognition | 2 years 3 months 18 days | |||
Performance Incentive Plan 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,750,000 | |||
Performance Incentive Plan 2010 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,450,000 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of stock awarded | $ 97.46 | $ 124.55 | $ 133.30 | |
Total vesting-date fair value of shares vested during the year | $ 11 | $ 12.4 | $ 13 | |
Granted (in shares) | 166,746 | |||
Grants of common shares and options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Term | 3 years | |||
Grants of common shares and options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Term | 7 years | |||
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term (in years) | 10 years | |||
Restricted stock units | Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Term | 4 years | |||
Weighted-average grant-date fair value of stock awarded | $ 97.01 | |||
Granted (in shares) | 10,441 | 10,441 | ||
Restricted stock units | Minimum | Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Final award earned percentage of original award | 0.00% | |||
Restricted stock units | Maximum | Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Final award earned percentage of original award | 200.00% |
Savings and Retirement Plans (D
Savings and Retirement Plans (Details) - 401(K) and Deferred Compensation Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
401(k) Maximum annual contribution per employee | $ 19,500 | $ 19,500 | $ 19,000 |
401(k) Employer match | 50.00% | 50.00% | 50.00% |
401(k) Employer contribution expense | $ 816,000 | $ 813,000 | $ 764,000 |
Deferred compensation liability to participants | $ 21,000,000 | $ 18,000,000 | |
Maximum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
401(k) Maximum of employer match as a percentage of employee eligible earnings | 5.00% | 5.00% | 5.00% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average unvested shares outstanding | 300,000 | 200,000 | 200,000 |
Preferred shares, percentage | 5.00% | 5.00% | 5.00% |
Stock options | |||
Anti-dilutive issuable shares | 682 | 682 | |
Forward Sales Contracts | |||
Anti-dilutive issuable shares | 1,800,000 | ||
Performance Based Unvested Shares | |||
Anti-dilutive issuable shares | 10,441 | ||
5.417% Series 1 Cumulative Convertible Preferred Shares | |||
Preferred shares, percentage | 5.417% | 5.417% | 5.417% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 269,081 | $ 135,888 | $ 360,542 |
Less: Preferred share dividends | (8,042) | (8,042) | (8,042) |
Less: Income from operations attributable to noncontrolling interests | (7,583) | (4,182) | (6,676) |
Less: Earnings allocated to unvested shares | (1,211) | (992) | (1,007) |
Net income available for common shareholders, basic and diluted | $ 252,245 | $ 122,672 | $ 344,817 |
Weighted average common shares outstanding—basic | 77,336 | 75,515 | 74,766 |
Open forward contracts for share issuances | 32 | 0 | 0 |
Weighted average common shares outstanding—diluted | 77,368 | 75,515 | 74,766 |
EARNINGS PER COMMON SHARE, BASIC | |||
Net income available for common shareholders | $ 3.26 | $ 1.62 | $ 4.61 |
EARNINGS PER COMMON SHARE, DILUTED | |||
Net income available for common shareholders | $ 3.26 | $ 1.62 | $ 4.61 |
Schedule III - Summary of Rea_2
Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 339,993 | ||||
Initial cost to company, Land | 1,585,097 | ||||
Initial cost to company, Buildings and Improvements | 2,725,032 | ||||
Cost Capitalized Subsequent to Acquisition | 5,111,933 | ||||
Gross amount at which carried at close of period, Land | 1,578,280 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 7,843,782 | ||||
Gross amount at which carried at close of period, Total | 9,422,062 | [1] | $ 8,582,870 | $ 8,298,132 | $ 7,819,472 |
Accumulated Depreciation and Amortization | $ 2,531,095 | $ 2,357,692 | $ 2,215,413 | $ 2,059,143 | |
Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on which depreciation in latest income statements is computed | 50 years | ||||
29th Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 10,211 | ||||
Initial cost to company, Buildings and Improvements | 18,863 | ||||
Cost Capitalized Subsequent to Acquisition | 11,035 | ||||
Gross amount at which carried at close of period, Land | 10,195 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 29,914 | ||||
Gross amount at which carried at close of period, Total | 40,109 | ||||
Accumulated Depreciation and Amortization | 15,312 | ||||
Andorra | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,432 | ||||
Initial cost to company, Buildings and Improvements | 12,346 | ||||
Cost Capitalized Subsequent to Acquisition | 18,458 | ||||
Gross amount at which carried at close of period, Land | 2,432 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 30,804 | ||||
Gross amount at which carried at close of period, Total | 33,236 | ||||
Accumulated Depreciation and Amortization | 22,053 | ||||
Assembly Row/Assembly Square Market Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 93,252 | ||||
Initial cost to company, Buildings and Improvements | 34,196 | ||||
Cost Capitalized Subsequent to Acquisition | 951,169 | ||||
Gross amount at which carried at close of period, Land | 69,421 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 1,009,196 | ||||
Gross amount at which carried at close of period, Total | 1,078,617 | ||||
Accumulated Depreciation and Amortization | 107,931 | ||||
Azalea | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 39,800 | ||||
Initial cost to company, Land | 40,219 | ||||
Initial cost to company, Buildings and Improvements | 67,117 | ||||
Cost Capitalized Subsequent to Acquisition | 628 | ||||
Gross amount at which carried at close of period, Land | 40,219 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 67,745 | ||||
Gross amount at which carried at close of period, Total | 107,964 | ||||
Accumulated Depreciation and Amortization | 11,036 | ||||
Bala Cynwyd | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,565 | ||||
Initial cost to company, Buildings and Improvements | 14,466 | ||||
Cost Capitalized Subsequent to Acquisition | 48,471 | ||||
Gross amount at which carried at close of period, Land | 2,683 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 63,819 | ||||
Gross amount at which carried at close of period, Total | 66,502 | ||||
Accumulated Depreciation and Amortization | 29,407 | ||||
Barcroft Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 12,617 | ||||
Initial cost to company, Buildings and Improvements | 29,603 | ||||
Cost Capitalized Subsequent to Acquisition | 7,968 | ||||
Gross amount at which carried at close of period, Land | 12,617 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 37,571 | ||||
Gross amount at which carried at close of period, Total | 50,188 | ||||
Accumulated Depreciation and Amortization | 7,320 | ||||
Barracks Road | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 4,363 | ||||
Initial cost to company, Buildings and Improvements | 16,459 | ||||
Cost Capitalized Subsequent to Acquisition | 49,352 | ||||
Gross amount at which carried at close of period, Land | 4,363 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 65,811 | ||||
Gross amount at which carried at close of period, Total | 70,174 | ||||
Accumulated Depreciation and Amortization | 50,852 | ||||
Bell Gardens | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,861 | ||||
Initial cost to company, Land | 24,406 | ||||
Initial cost to company, Buildings and Improvements | 85,947 | ||||
Cost Capitalized Subsequent to Acquisition | 1,929 | ||||
Gross amount at which carried at close of period, Land | 24,406 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 87,876 | ||||
Gross amount at which carried at close of period, Total | 112,282 | ||||
Accumulated Depreciation and Amortization | 18,619 | ||||
Bethesda Row | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 46,579 | ||||
Initial cost to company, Buildings and Improvements | 35,406 | ||||
Cost Capitalized Subsequent to Acquisition | 168,421 | ||||
Gross amount at which carried at close of period, Land | 43,904 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 206,502 | ||||
Gross amount at which carried at close of period, Total | 250,406 | ||||
Accumulated Depreciation and Amortization | 99,202 | ||||
Birch & Broad (formerly known as Falls Plaza) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 1,798 | ||||
Initial cost to company, Buildings and Improvements | 1,270 | ||||
Cost Capitalized Subsequent to Acquisition | 20,876 | ||||
Gross amount at which carried at close of period, Land | 1,819 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 22,125 | ||||
Gross amount at which carried at close of period, Total | 23,944 | ||||
Accumulated Depreciation and Amortization | 9,741 | ||||
Brick Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 24,715 | ||||
Cost Capitalized Subsequent to Acquisition | 79,632 | ||||
Gross amount at which carried at close of period, Land | 4,094 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 100,253 | ||||
Gross amount at which carried at close of period, Total | 104,347 | ||||
Accumulated Depreciation and Amortization | 60,075 | ||||
Bristol Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,856 | ||||
Initial cost to company, Buildings and Improvements | 15,959 | ||||
Cost Capitalized Subsequent to Acquisition | 15,398 | ||||
Gross amount at which carried at close of period, Land | 3,856 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 31,357 | ||||
Gross amount at which carried at close of period, Total | 35,213 | ||||
Accumulated Depreciation and Amortization | 20,652 | ||||
Brook 35 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11,345 | ||||
Initial cost to company, Land | 7,128 | ||||
Initial cost to company, Buildings and Improvements | 38,355 | ||||
Cost Capitalized Subsequent to Acquisition | 4,722 | ||||
Gross amount at which carried at close of period, Land | 7,128 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 43,077 | ||||
Gross amount at which carried at close of period, Total | 50,205 | ||||
Accumulated Depreciation and Amortization | 11,296 | ||||
Camelback Colonnade | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 52,658 | ||||
Initial cost to company, Buildings and Improvements | 126,646 | ||||
Cost Capitalized Subsequent to Acquisition | 49 | ||||
Gross amount at which carried at close of period, Land | 52,658 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 126,695 | ||||
Gross amount at which carried at close of period, Total | 179,353 | ||||
Accumulated Depreciation and Amortization | 2,655 | ||||
Campus Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 16,710 | ||||
Initial cost to company, Buildings and Improvements | 13,412 | ||||
Cost Capitalized Subsequent to Acquisition | 433 | ||||
Gross amount at which carried at close of period, Land | 16,710 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 13,845 | ||||
Gross amount at which carried at close of period, Total | 30,555 | ||||
Accumulated Depreciation and Amortization | 3,381 | ||||
Chelsea Commons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 4,692 | ||||
Initial cost to company, Land | 8,689 | ||||
Initial cost to company, Buildings and Improvements | 19,466 | ||||
Cost Capitalized Subsequent to Acquisition | 2,439 | ||||
Gross amount at which carried at close of period, Land | 8,669 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 21,925 | ||||
Gross amount at which carried at close of period, Total | 30,594 | ||||
Accumulated Depreciation and Amortization | 9,596 | ||||
Chesterbrook | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 13,042 | ||||
Initial cost to company, Buildings and Improvements | 24,725 | ||||
Cost Capitalized Subsequent to Acquisition | 509 | ||||
Gross amount at which carried at close of period, Land | 13,042 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 25,234 | ||||
Gross amount at which carried at close of period, Total | 38,276 | ||||
Accumulated Depreciation and Amortization | 594 | ||||
CocoWalk | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 32,513 | ||||
Initial cost to company, Buildings and Improvements | 71,536 | ||||
Cost Capitalized Subsequent to Acquisition | 87,188 | ||||
Gross amount at which carried at close of period, Land | 48,944 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 142,293 | ||||
Gross amount at which carried at close of period, Total | 191,237 | ||||
Accumulated Depreciation and Amortization | 16,485 | ||||
Colorado Blvd | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,415 | ||||
Initial cost to company, Buildings and Improvements | 3,964 | ||||
Cost Capitalized Subsequent to Acquisition | 7,109 | ||||
Gross amount at which carried at close of period, Land | 2,415 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 11,073 | ||||
Gross amount at which carried at close of period, Total | 13,488 | ||||
Accumulated Depreciation and Amortization | 9,715 | ||||
Congressional Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,793 | ||||
Initial cost to company, Buildings and Improvements | 7,424 | ||||
Cost Capitalized Subsequent to Acquisition | 97,556 | ||||
Gross amount at which carried at close of period, Land | 2,793 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 104,980 | ||||
Gross amount at which carried at close of period, Total | 107,773 | ||||
Accumulated Depreciation and Amortization | 63,539 | ||||
Courthouse Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 1,750 | ||||
Initial cost to company, Buildings and Improvements | 1,869 | ||||
Cost Capitalized Subsequent to Acquisition | 3,497 | ||||
Gross amount at which carried at close of period, Land | 1,750 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 5,366 | ||||
Gross amount at which carried at close of period, Total | 7,116 | ||||
Accumulated Depreciation and Amortization | 3,141 | ||||
Crossroads | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 4,635 | ||||
Initial cost to company, Buildings and Improvements | 11,611 | ||||
Cost Capitalized Subsequent to Acquisition | 19,769 | ||||
Gross amount at which carried at close of period, Land | 4,635 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 31,380 | ||||
Gross amount at which carried at close of period, Total | 36,015 | ||||
Accumulated Depreciation and Amortization | 21,669 | ||||
Crow Canyon Commons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 27,245 | ||||
Initial cost to company, Buildings and Improvements | 54,575 | ||||
Cost Capitalized Subsequent to Acquisition | 8,854 | ||||
Gross amount at which carried at close of period, Land | 27,245 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 63,429 | ||||
Gross amount at which carried at close of period, Total | 90,674 | ||||
Accumulated Depreciation and Amortization | 30,337 | ||||
Darien Commons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 30,368 | ||||
Initial cost to company, Buildings and Improvements | 19,523 | ||||
Cost Capitalized Subsequent to Acquisition | 48,601 | ||||
Gross amount at which carried at close of period, Land | 30,368 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 68,124 | ||||
Gross amount at which carried at close of period, Total | 98,492 | ||||
Accumulated Depreciation and Amortization | 3,561 | ||||
Dedham Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 16,658 | ||||
Initial cost to company, Buildings and Improvements | 13,964 | ||||
Cost Capitalized Subsequent to Acquisition | 17,152 | ||||
Gross amount at which carried at close of period, Land | 16,658 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 31,116 | ||||
Gross amount at which carried at close of period, Total | 47,774 | ||||
Accumulated Depreciation and Amortization | 19,358 | ||||
Del Mar Village | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 15,624 | ||||
Initial cost to company, Buildings and Improvements | 41,712 | ||||
Cost Capitalized Subsequent to Acquisition | 16,886 | ||||
Gross amount at which carried at close of period, Land | 15,587 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 58,635 | ||||
Gross amount at which carried at close of period, Total | 74,222 | ||||
Accumulated Depreciation and Amortization | 28,150 | ||||
East Bay Bridge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 29,069 | ||||
Initial cost to company, Buildings and Improvements | 138,035 | ||||
Cost Capitalized Subsequent to Acquisition | 12,354 | ||||
Gross amount at which carried at close of period, Land | 29,069 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 150,389 | ||||
Gross amount at which carried at close of period, Total | 179,458 | ||||
Accumulated Depreciation and Amortization | 46,612 | ||||
Elllisburg | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 4,028 | ||||
Initial cost to company, Buildings and Improvements | 11,309 | ||||
Cost Capitalized Subsequent to Acquisition | 20,737 | ||||
Gross amount at which carried at close of period, Land | 4,013 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 32,061 | ||||
Gross amount at which carried at close of period, Total | 36,074 | ||||
Accumulated Depreciation and Amortization | 22,684 | ||||
Escondido Promenade | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 19,117 | ||||
Initial cost to company, Buildings and Improvements | 15,829 | ||||
Cost Capitalized Subsequent to Acquisition | 19,823 | ||||
Gross amount at which carried at close of period, Land | 19,117 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 35,652 | ||||
Gross amount at which carried at close of period, Total | 54,769 | ||||
Accumulated Depreciation and Amortization | 22,092 | ||||
Fairfax Junction | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 16,768 | ||||
Initial cost to company, Buildings and Improvements | 23,825 | ||||
Cost Capitalized Subsequent to Acquisition | 1,216 | ||||
Gross amount at which carried at close of period, Land | 16,768 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 25,041 | ||||
Gross amount at which carried at close of period, Total | 41,809 | ||||
Accumulated Depreciation and Amortization | 2,724 | ||||
Federal Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 10,216 | ||||
Initial cost to company, Buildings and Improvements | 17,895 | ||||
Cost Capitalized Subsequent to Acquisition | 43,788 | ||||
Gross amount at which carried at close of period, Land | 10,216 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 61,683 | ||||
Gross amount at which carried at close of period, Total | 71,899 | ||||
Accumulated Depreciation and Amortization | 50,473 | ||||
Finley Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 9,252 | ||||
Initial cost to company, Buildings and Improvements | 9,544 | ||||
Cost Capitalized Subsequent to Acquisition | 22,953 | ||||
Gross amount at which carried at close of period, Land | 9,252 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 32,497 | ||||
Gross amount at which carried at close of period, Total | 41,749 | ||||
Accumulated Depreciation and Amortization | 24,386 | ||||
Flourtown | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 1,345 | ||||
Initial cost to company, Buildings and Improvements | 3,943 | ||||
Cost Capitalized Subsequent to Acquisition | 11,910 | ||||
Gross amount at which carried at close of period, Land | 1,507 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 15,691 | ||||
Gross amount at which carried at close of period, Total | 17,198 | ||||
Accumulated Depreciation and Amortization | 7,851 | ||||
Fourth Street | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 13,978 | ||||
Initial cost to company, Buildings and Improvements | 9,909 | ||||
Cost Capitalized Subsequent to Acquisition | 3,345 | ||||
Gross amount at which carried at close of period, Land | 13,978 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 13,254 | ||||
Gross amount at which carried at close of period, Total | 27,232 | ||||
Accumulated Depreciation and Amortization | 2,627 | ||||
Freedom Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 3,255 | ||||
Cost Capitalized Subsequent to Acquisition | 40,620 | ||||
Gross amount at which carried at close of period, Land | 0 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 43,875 | ||||
Gross amount at which carried at close of period, Total | 43,875 | ||||
Accumulated Depreciation and Amortization | 1,820 | ||||
Fresh Meadows | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 24,625 | ||||
Initial cost to company, Buildings and Improvements | 25,255 | ||||
Cost Capitalized Subsequent to Acquisition | 44,201 | ||||
Gross amount at which carried at close of period, Land | 24,633 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 69,448 | ||||
Gross amount at which carried at close of period, Total | 94,081 | ||||
Accumulated Depreciation and Amortization | 48,793 | ||||
Friendship Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 12,696 | ||||
Initial cost to company, Buildings and Improvements | 20,803 | ||||
Cost Capitalized Subsequent to Acquisition | 2,966 | ||||
Gross amount at which carried at close of period, Land | 12,696 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 23,769 | ||||
Gross amount at which carried at close of period, Total | 36,465 | ||||
Accumulated Depreciation and Amortization | 14,158 | ||||
Gaithersburg Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 7,701 | ||||
Initial cost to company, Buildings and Improvements | 5,271 | ||||
Cost Capitalized Subsequent to Acquisition | 23,999 | ||||
Gross amount at which carried at close of period, Land | 5,973 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 30,998 | ||||
Gross amount at which carried at close of period, Total | 36,971 | ||||
Accumulated Depreciation and Amortization | 19,397 | ||||
Garden Market | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,677 | ||||
Initial cost to company, Buildings and Improvements | 4,829 | ||||
Cost Capitalized Subsequent to Acquisition | 7,305 | ||||
Gross amount at which carried at close of period, Land | 2,677 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 12,134 | ||||
Gross amount at which carried at close of period, Total | 14,811 | ||||
Accumulated Depreciation and Amortization | 9,636 | ||||
Georgetowne Shopping Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 32,202 | ||||
Initial cost to company, Buildings and Improvements | 49,586 | ||||
Cost Capitalized Subsequent to Acquisition | 2,728 | ||||
Gross amount at which carried at close of period, Land | 32,202 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 52,314 | ||||
Gross amount at which carried at close of period, Total | 84,516 | ||||
Accumulated Depreciation and Amortization | 3,841 | ||||
Governor Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,068 | ||||
Initial cost to company, Buildings and Improvements | 4,905 | ||||
Cost Capitalized Subsequent to Acquisition | 19,619 | ||||
Gross amount at which carried at close of period, Land | 2,068 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 24,524 | ||||
Gross amount at which carried at close of period, Total | 26,592 | ||||
Accumulated Depreciation and Amortization | 21,877 | ||||
Graham Park Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 642 | ||||
Initial cost to company, Buildings and Improvements | 7,629 | ||||
Cost Capitalized Subsequent to Acquisition | 15,155 | ||||
Gross amount at which carried at close of period, Land | 653 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 22,773 | ||||
Gross amount at which carried at close of period, Total | 23,426 | ||||
Accumulated Depreciation and Amortization | 18,267 | ||||
Gratiot Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 525 | ||||
Initial cost to company, Buildings and Improvements | 1,601 | ||||
Cost Capitalized Subsequent to Acquisition | 18,168 | ||||
Gross amount at which carried at close of period, Land | 525 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 19,769 | ||||
Gross amount at which carried at close of period, Total | 20,294 | ||||
Accumulated Depreciation and Amortization | 18,232 | ||||
Greenlawn Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 10,590 | ||||
Initial cost to company, Buildings and Improvements | 20,869 | ||||
Cost Capitalized Subsequent to Acquisition | 1,278 | ||||
Gross amount at which carried at close of period, Land | 10,730 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 22,007 | ||||
Gross amount at which carried at close of period, Total | 32,737 | ||||
Accumulated Depreciation and Amortization | 5,089 | ||||
Greenwich Avenue | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 7,484 | ||||
Initial cost to company, Buildings and Improvements | 5,445 | ||||
Cost Capitalized Subsequent to Acquisition | 10,819 | ||||
Gross amount at which carried at close of period, Land | 7,484 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 16,264 | ||||
Gross amount at which carried at close of period, Total | 23,748 | ||||
Accumulated Depreciation and Amortization | 6,120 | ||||
Grossmont Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 125,434 | ||||
Initial cost to company, Buildings and Improvements | 50,311 | ||||
Cost Capitalized Subsequent to Acquisition | 173 | ||||
Gross amount at which carried at close of period, Land | 125,434 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 50,484 | ||||
Gross amount at which carried at close of period, Total | 175,918 | ||||
Accumulated Depreciation and Amortization | 2,093 | ||||
Hastings Ranch Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,257 | ||||
Initial cost to company, Buildings and Improvements | 22,393 | ||||
Cost Capitalized Subsequent to Acquisition | 1,055 | ||||
Gross amount at which carried at close of period, Land | 2,257 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 23,448 | ||||
Gross amount at which carried at close of period, Total | 25,705 | ||||
Accumulated Depreciation and Amortization | 3,812 | ||||
Hauppauge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 8,791 | ||||
Initial cost to company, Buildings and Improvements | 15,262 | ||||
Cost Capitalized Subsequent to Acquisition | 9,789 | ||||
Gross amount at which carried at close of period, Land | 8,420 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 25,422 | ||||
Gross amount at which carried at close of period, Total | 33,842 | ||||
Accumulated Depreciation and Amortization | 14,452 | ||||
Hilton Village | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 40,079 | ||||
Cost Capitalized Subsequent to Acquisition | 28 | ||||
Gross amount at which carried at close of period, Land | 0 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 40,107 | ||||
Gross amount at which carried at close of period, Total | 40,107 | ||||
Accumulated Depreciation and Amortization | 772 | ||||
Hoboken | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 104,704 | ||||
Initial cost to company, Land | 47,460 | ||||
Initial cost to company, Buildings and Improvements | 167,835 | ||||
Cost Capitalized Subsequent to Acquisition | 1,075 | ||||
Gross amount at which carried at close of period, Land | 47,462 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 168,908 | ||||
Gross amount at which carried at close of period, Total | 216,370 | ||||
Accumulated Depreciation and Amortization | 11,389 | ||||
Hollywood Blvd. | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 8,300 | ||||
Initial cost to company, Buildings and Improvements | 16,920 | ||||
Cost Capitalized Subsequent to Acquisition | 36,635 | ||||
Gross amount at which carried at close of period, Land | 8,370 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 53,485 | ||||
Gross amount at which carried at close of period, Total | 61,855 | ||||
Accumulated Depreciation and Amortization | 20,813 | ||||
Huntington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 12,194 | ||||
Initial cost to company, Buildings and Improvements | 16,008 | ||||
Cost Capitalized Subsequent to Acquisition | 23,585 | ||||
Gross amount at which carried at close of period, Land | 12,294 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 39,493 | ||||
Gross amount at which carried at close of period, Total | 51,787 | ||||
Accumulated Depreciation and Amortization | 17,564 | ||||
Huntington Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 10,075 | ||||
Cost Capitalized Subsequent to Acquisition | 3,621 | ||||
Gross amount at which carried at close of period, Land | 506 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 13,190 | ||||
Gross amount at which carried at close of period, Total | 13,696 | ||||
Accumulated Depreciation and Amortization | 5,281 | ||||
Idylwood Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 4,308 | ||||
Initial cost to company, Buildings and Improvements | 10,026 | ||||
Cost Capitalized Subsequent to Acquisition | 3,212 | ||||
Gross amount at which carried at close of period, Land | 4,308 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 13,238 | ||||
Gross amount at which carried at close of period, Total | 17,546 | ||||
Accumulated Depreciation and Amortization | 10,526 | ||||
Kings Court | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 10,714 | ||||
Cost Capitalized Subsequent to Acquisition | 896 | ||||
Gross amount at which carried at close of period, Land | 0 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 11,610 | ||||
Gross amount at which carried at close of period, Total | 11,610 | ||||
Accumulated Depreciation and Amortization | 10,410 | ||||
Lancaster | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 2,103 | ||||
Cost Capitalized Subsequent to Acquisition | 6,291 | ||||
Gross amount at which carried at close of period, Land | 432 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 7,962 | ||||
Gross amount at which carried at close of period, Total | 8,394 | ||||
Accumulated Depreciation and Amortization | 6,230 | ||||
Langhorne Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 720 | ||||
Initial cost to company, Buildings and Improvements | 2,974 | ||||
Cost Capitalized Subsequent to Acquisition | 20,100 | ||||
Gross amount at which carried at close of period, Land | 720 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 23,074 | ||||
Gross amount at which carried at close of period, Total | 23,794 | ||||
Accumulated Depreciation and Amortization | 17,855 | ||||
Laurel | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 7,458 | ||||
Initial cost to company, Buildings and Improvements | 22,525 | ||||
Cost Capitalized Subsequent to Acquisition | 30,379 | ||||
Gross amount at which carried at close of period, Land | 7,503 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 52,859 | ||||
Gross amount at which carried at close of period, Total | 60,362 | ||||
Accumulated Depreciation and Amortization | 42,998 | ||||
Lawrence Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 6,150 | ||||
Initial cost to company, Buildings and Improvements | 8,491 | ||||
Cost Capitalized Subsequent to Acquisition | 36,084 | ||||
Gross amount at which carried at close of period, Land | 6,161 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 44,564 | ||||
Gross amount at which carried at close of period, Total | 50,725 | ||||
Accumulated Depreciation and Amortization | 24,724 | ||||
Linden Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 79,382 | ||||
Initial cost to company, Buildings and Improvements | 19,247 | ||||
Cost Capitalized Subsequent to Acquisition | 52,762 | ||||
Gross amount at which carried at close of period, Land | 79,346 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 72,045 | ||||
Gross amount at which carried at close of period, Total | 151,391 | ||||
Accumulated Depreciation and Amortization | 31,683 | ||||
Melville Mall | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 35,622 | ||||
Initial cost to company, Buildings and Improvements | 32,882 | ||||
Cost Capitalized Subsequent to Acquisition | 36,295 | ||||
Gross amount at which carried at close of period, Land | 35,622 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 69,177 | ||||
Gross amount at which carried at close of period, Total | 104,799 | ||||
Accumulated Depreciation and Amortization | 22,365 | ||||
Mercer Mall | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 5,917 | ||||
Initial cost to company, Buildings and Improvements | 18,358 | ||||
Cost Capitalized Subsequent to Acquisition | 49,175 | ||||
Gross amount at which carried at close of period, Land | 5,869 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 67,581 | ||||
Gross amount at which carried at close of period, Total | 73,450 | ||||
Accumulated Depreciation and Amortization | 37,855 | ||||
Montrose Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 48,624 | ||||
Initial cost to company, Buildings and Improvements | 91,819 | ||||
Cost Capitalized Subsequent to Acquisition | 27,521 | ||||
Gross amount at which carried at close of period, Land | 48,624 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 119,340 | ||||
Gross amount at which carried at close of period, Total | 167,964 | ||||
Accumulated Depreciation and Amortization | 39,706 | ||||
Mount Vernon Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 15,769 | ||||
Initial cost to company, Buildings and Improvements | 33,501 | ||||
Cost Capitalized Subsequent to Acquisition | 43,993 | ||||
Gross amount at which carried at close of period, Land | 15,851 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 77,412 | ||||
Gross amount at which carried at close of period, Total | 93,263 | ||||
Accumulated Depreciation and Amortization | 44,668 | ||||
North Dartmouth | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 9,366 | ||||
Initial cost to company, Buildings and Improvements | 0 | ||||
Cost Capitalized Subsequent to Acquisition | 3 | ||||
Gross amount at which carried at close of period, Land | 9,366 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 3 | ||||
Gross amount at which carried at close of period, Total | 9,369 | ||||
Accumulated Depreciation and Amortization | 2 | ||||
Northeast | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 938 | ||||
Initial cost to company, Buildings and Improvements | 8,779 | ||||
Cost Capitalized Subsequent to Acquisition | 24,719 | ||||
Gross amount at which carried at close of period, Land | 939 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 33,497 | ||||
Gross amount at which carried at close of period, Total | 34,436 | ||||
Accumulated Depreciation and Amortization | 21,263 | ||||
Old Keene Mill | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 638 | ||||
Initial cost to company, Buildings and Improvements | 998 | ||||
Cost Capitalized Subsequent to Acquisition | 11,550 | ||||
Gross amount at which carried at close of period, Land | 638 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 12,548 | ||||
Gross amount at which carried at close of period, Total | 13,186 | ||||
Accumulated Depreciation and Amortization | 7,002 | ||||
Old Town Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,420 | ||||
Initial cost to company, Buildings and Improvements | 2,765 | ||||
Cost Capitalized Subsequent to Acquisition | 32,909 | ||||
Gross amount at which carried at close of period, Land | 3,420 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 35,674 | ||||
Gross amount at which carried at close of period, Total | 39,094 | ||||
Accumulated Depreciation and Amortization | 24,723 | ||||
Olivo at Mission Hills | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 15,048 | ||||
Initial cost to company, Buildings and Improvements | 46,732 | ||||
Cost Capitalized Subsequent to Acquisition | 20,441 | ||||
Gross amount at which carried at close of period, Land | 15,048 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 67,173 | ||||
Gross amount at which carried at close of period, Total | 82,221 | ||||
Accumulated Depreciation and Amortization | 6,614 | ||||
Pan Am Shopping Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 8,694 | ||||
Initial cost to company, Buildings and Improvements | 12,929 | ||||
Cost Capitalized Subsequent to Acquisition | 8,873 | ||||
Gross amount at which carried at close of period, Land | 8,695 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 21,801 | ||||
Gross amount at which carried at close of period, Total | 30,496 | ||||
Accumulated Depreciation and Amortization | 17,516 | ||||
Pentagon Row | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 2,955 | ||||
Cost Capitalized Subsequent to Acquisition | 103,692 | ||||
Gross amount at which carried at close of period, Land | 0 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 106,647 | ||||
Gross amount at which carried at close of period, Total | 106,647 | ||||
Accumulated Depreciation and Amortization | 56,156 | ||||
Perring Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,800 | ||||
Initial cost to company, Buildings and Improvements | 6,461 | ||||
Cost Capitalized Subsequent to Acquisition | 26,626 | ||||
Gross amount at which carried at close of period, Land | 2,800 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 33,087 | ||||
Gross amount at which carried at close of period, Total | 35,887 | ||||
Accumulated Depreciation and Amortization | 25,356 | ||||
Pike & Rose | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 31,471 | ||||
Initial cost to company, Buildings and Improvements | 10,335 | ||||
Cost Capitalized Subsequent to Acquisition | 682,962 | ||||
Gross amount at which carried at close of period, Land | 33,716 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 691,052 | ||||
Gross amount at which carried at close of period, Total | 724,768 | ||||
Accumulated Depreciation and Amortization | 83,746 | ||||
Pike 7 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 14,970 | ||||
Initial cost to company, Buildings and Improvements | 22,799 | ||||
Cost Capitalized Subsequent to Acquisition | 13,142 | ||||
Gross amount at which carried at close of period, Land | 14,914 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 35,997 | ||||
Gross amount at which carried at close of period, Total | 50,911 | ||||
Accumulated Depreciation and Amortization | 20,740 | ||||
Plaza Del Mercado | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 10,305 | ||||
Initial cost to company, Buildings and Improvements | 21,553 | ||||
Cost Capitalized Subsequent to Acquisition | 15,114 | ||||
Gross amount at which carried at close of period, Land | 10,305 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 36,667 | ||||
Gross amount at which carried at close of period, Total | 46,972 | ||||
Accumulated Depreciation and Amortization | 8,763 | ||||
Plaza Del Sol | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 5,605 | ||||
Initial cost to company, Buildings and Improvements | 12,331 | ||||
Cost Capitalized Subsequent to Acquisition | (55) | ||||
Gross amount at which carried at close of period, Land | 5,605 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 12,276 | ||||
Gross amount at which carried at close of period, Total | 17,881 | ||||
Accumulated Depreciation and Amortization | 1,882 | ||||
Plaza El Segundo/The Point | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 124,521 | ||||
Initial cost to company, Land | 62,127 | ||||
Initial cost to company, Buildings and Improvements | 153,556 | ||||
Cost Capitalized Subsequent to Acquisition | 84,287 | ||||
Gross amount at which carried at close of period, Land | 64,788 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 235,182 | ||||
Gross amount at which carried at close of period, Total | 299,970 | ||||
Accumulated Depreciation and Amortization | 68,627 | ||||
Queen Anne Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,319 | ||||
Initial cost to company, Buildings and Improvements | 8,457 | ||||
Cost Capitalized Subsequent to Acquisition | 6,827 | ||||
Gross amount at which carried at close of period, Land | 3,319 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 15,284 | ||||
Gross amount at which carried at close of period, Total | 18,603 | ||||
Accumulated Depreciation and Amortization | 11,427 | ||||
Quince Orchard | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,197 | ||||
Initial cost to company, Buildings and Improvements | 7,949 | ||||
Cost Capitalized Subsequent to Acquisition | 29,995 | ||||
Gross amount at which carried at close of period, Land | 2,928 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 38,213 | ||||
Gross amount at which carried at close of period, Total | 41,141 | ||||
Accumulated Depreciation and Amortization | 25,984 | ||||
Riverpoint Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 15,422 | ||||
Initial cost to company, Buildings and Improvements | 104,572 | ||||
Cost Capitalized Subsequent to Acquisition | 1,609 | ||||
Gross amount at which carried at close of period, Land | 15,422 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 106,181 | ||||
Gross amount at which carried at close of period, Total | 121,603 | ||||
Accumulated Depreciation and Amortization | 16,197 | ||||
Rockville Town Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 0 | ||||
Initial cost to company, Buildings and Improvements | 8,092 | ||||
Cost Capitalized Subsequent to Acquisition | 36,927 | ||||
Gross amount at which carried at close of period, Land | 0 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 45,019 | ||||
Gross amount at which carried at close of period, Total | 45,019 | ||||
Accumulated Depreciation and Amortization | 20,165 | ||||
Rollingwood Apts. | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 552 | ||||
Initial cost to company, Buildings and Improvements | 2,246 | ||||
Cost Capitalized Subsequent to Acquisition | 10,695 | ||||
Gross amount at which carried at close of period, Land | 774 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 12,719 | ||||
Gross amount at which carried at close of period, Total | 13,493 | ||||
Accumulated Depreciation and Amortization | 10,529 | ||||
San Antonio Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 26,400 | ||||
Initial cost to company, Buildings and Improvements | 18,462 | ||||
Cost Capitalized Subsequent to Acquisition | 3,268 | ||||
Gross amount at which carried at close of period, Land | 26,400 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 21,730 | ||||
Gross amount at which carried at close of period, Total | 48,130 | ||||
Accumulated Depreciation and Amortization | 5,408 | ||||
Santana Row | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 66,682 | ||||
Initial cost to company, Buildings and Improvements | 7,502 | ||||
Cost Capitalized Subsequent to Acquisition | 1,172,412 | ||||
Gross amount at which carried at close of period, Land | 57,592 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 1,189,004 | ||||
Gross amount at which carried at close of period, Total | 1,246,596 | ||||
Accumulated Depreciation and Amortization | 268,804 | ||||
Sylmar Towne Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 18,522 | ||||
Initial cost to company, Buildings and Improvements | 24,637 | ||||
Cost Capitalized Subsequent to Acquisition | 2,964 | ||||
Gross amount at which carried at close of period, Land | 18,522 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 27,601 | ||||
Gross amount at which carried at close of period, Total | 46,123 | ||||
Accumulated Depreciation and Amortization | 3,936 | ||||
THE AVENUE at White Marsh | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 20,682 | ||||
Initial cost to company, Buildings and Improvements | 72,432 | ||||
Cost Capitalized Subsequent to Acquisition | 30,635 | ||||
Gross amount at which carried at close of period, Land | 20,685 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 103,064 | ||||
Gross amount at which carried at close of period, Total | 123,749 | ||||
Accumulated Depreciation and Amortization | 45,759 | ||||
The Grove at Shrewsbury | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 43,070 | ||||
Initial cost to company, Land | 18,016 | ||||
Initial cost to company, Buildings and Improvements | 103,115 | ||||
Cost Capitalized Subsequent to Acquisition | 7,759 | ||||
Gross amount at which carried at close of period, Land | 18,021 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 110,869 | ||||
Gross amount at which carried at close of period, Total | 128,890 | ||||
Accumulated Depreciation and Amortization | 28,225 | ||||
The Shoppes At Nottingham Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 4,441 | ||||
Initial cost to company, Buildings and Improvements | 12,849 | ||||
Cost Capitalized Subsequent to Acquisition | 1,446 | ||||
Gross amount at which carried at close of period, Land | 4,441 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 14,295 | ||||
Gross amount at which carried at close of period, Total | 18,736 | ||||
Accumulated Depreciation and Amortization | 6,961 | ||||
Third Street Promenade | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 22,645 | ||||
Initial cost to company, Buildings and Improvements | 12,709 | ||||
Cost Capitalized Subsequent to Acquisition | 52,419 | ||||
Gross amount at which carried at close of period, Land | 25,125 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 62,648 | ||||
Gross amount at which carried at close of period, Total | 87,773 | ||||
Accumulated Depreciation and Amortization | 36,265 | ||||
Tower Shopping Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 7,170 | ||||
Initial cost to company, Buildings and Improvements | 10,518 | ||||
Cost Capitalized Subsequent to Acquisition | 5,210 | ||||
Gross amount at which carried at close of period, Land | 7,280 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 15,618 | ||||
Gross amount at which carried at close of period, Total | 22,898 | ||||
Accumulated Depreciation and Amortization | 11,009 | ||||
Tower Shops | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 29,940 | ||||
Initial cost to company, Buildings and Improvements | 43,390 | ||||
Cost Capitalized Subsequent to Acquisition | 27,794 | ||||
Gross amount at which carried at close of period, Land | 29,962 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 71,162 | ||||
Gross amount at which carried at close of period, Total | 101,124 | ||||
Accumulated Depreciation and Amortization | 26,237 | ||||
Town Center of New Britain | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 1,282 | ||||
Initial cost to company, Buildings and Improvements | 12,285 | ||||
Cost Capitalized Subsequent to Acquisition | 3,358 | ||||
Gross amount at which carried at close of period, Land | 1,693 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 15,232 | ||||
Gross amount at which carried at close of period, Total | 16,925 | ||||
Accumulated Depreciation and Amortization | 7,047 | ||||
Townson Residential | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 2,328 | ||||
Initial cost to company, Buildings and Improvements | 0 | ||||
Cost Capitalized Subsequent to Acquisition | 20,092 | ||||
Gross amount at which carried at close of period, Land | 2,328 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 20,092 | ||||
Gross amount at which carried at close of period, Total | 22,420 | ||||
Accumulated Depreciation and Amortization | 2,703 | ||||
Troy | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,126 | ||||
Initial cost to company, Buildings and Improvements | 5,193 | ||||
Cost Capitalized Subsequent to Acquisition | 32,847 | ||||
Gross amount at which carried at close of period, Land | 5,865 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 35,301 | ||||
Gross amount at which carried at close of period, Total | 41,166 | ||||
Accumulated Depreciation and Amortization | 25,111 | ||||
Twinbrooke Shopping Centre | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 16,484 | ||||
Initial cost to company, Buildings and Improvements | 18,898 | ||||
Cost Capitalized Subsequent to Acquisition | 57 | ||||
Gross amount at which carried at close of period, Land | 16,484 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 18,955 | ||||
Gross amount at which carried at close of period, Total | 35,439 | ||||
Accumulated Depreciation and Amortization | 263 | ||||
Tyson's Station | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 388 | ||||
Initial cost to company, Buildings and Improvements | 453 | ||||
Cost Capitalized Subsequent to Acquisition | 5,241 | ||||
Gross amount at which carried at close of period, Land | 493 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 5,589 | ||||
Gross amount at which carried at close of period, Total | 6,082 | ||||
Accumulated Depreciation and Amortization | 4,238 | ||||
Village at Shirlington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | |||||
Initial cost to company, Land | 9,761 | ||||
Initial cost to company, Buildings and Improvements | 14,808 | ||||
Cost Capitalized Subsequent to Acquisition | 39,526 | ||||
Gross amount at which carried at close of period, Land | 4,234 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 59,861 | ||||
Gross amount at which carried at close of period, Total | 64,095 | ||||
Accumulated Depreciation and Amortization | 33,277 | ||||
Westgate Center | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 6,319 | ||||
Initial cost to company, Buildings and Improvements | 107,284 | ||||
Cost Capitalized Subsequent to Acquisition | 44,549 | ||||
Gross amount at which carried at close of period, Land | 6,319 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 151,833 | ||||
Gross amount at which carried at close of period, Total | 158,152 | ||||
Accumulated Depreciation and Amortization | 72,593 | ||||
White Marsh Plaza | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,478 | ||||
Initial cost to company, Buildings and Improvements | 21,413 | ||||
Cost Capitalized Subsequent to Acquisition | 1,674 | ||||
Gross amount at which carried at close of period, Land | 3,514 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 23,051 | ||||
Gross amount at which carried at close of period, Total | 26,565 | ||||
Accumulated Depreciation and Amortization | 11,094 | ||||
White Marsh Other | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 28,809 | ||||
Initial cost to company, Buildings and Improvements | 0 | ||||
Cost Capitalized Subsequent to Acquisition | 77 | ||||
Gross amount at which carried at close of period, Land | 28,839 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 47 | ||||
Gross amount at which carried at close of period, Total | 28,886 | ||||
Accumulated Depreciation and Amortization | 0 | ||||
Wildwood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 9,111 | ||||
Initial cost to company, Buildings and Improvements | 1,061 | ||||
Cost Capitalized Subsequent to Acquisition | 17,219 | ||||
Gross amount at which carried at close of period, Land | 9,111 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 18,280 | ||||
Gross amount at which carried at close of period, Total | 27,391 | ||||
Accumulated Depreciation and Amortization | 10,298 | ||||
Willow Grove | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 1,499 | ||||
Initial cost to company, Buildings and Improvements | 6,643 | ||||
Cost Capitalized Subsequent to Acquisition | 23,943 | ||||
Gross amount at which carried at close of period, Land | 1,499 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 30,586 | ||||
Gross amount at which carried at close of period, Total | 32,085 | ||||
Accumulated Depreciation and Amortization | 22,653 | ||||
Willow Lawn | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 3,192 | ||||
Initial cost to company, Buildings and Improvements | 7,723 | ||||
Cost Capitalized Subsequent to Acquisition | 94,318 | ||||
Gross amount at which carried at close of period, Land | 7,790 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 97,443 | ||||
Gross amount at which carried at close of period, Total | 105,233 | ||||
Accumulated Depreciation and Amortization | 67,685 | ||||
Wynnewood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, Land | 8,055 | ||||
Initial cost to company, Buildings and Improvements | 13,759 | ||||
Cost Capitalized Subsequent to Acquisition | 21,055 | ||||
Gross amount at which carried at close of period, Land | 8,055 | ||||
Gross amount at which carried at close of period, Buildings and Improvements | 34,814 | ||||
Gross amount at which carried at close of period, Total | 42,869 | ||||
Accumulated Depreciation and Amortization | $ 27,285 | ||||
[1] | For Federal tax purposes, the aggregate cost basis is approximately $8.4 billion as of December 31, 2021. |
Schedule III Part II - Summar_2
Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
January 1, 2019 adoption of new accounting standard - See Note 2 | $ (71,859) | |||
January 1, 2019 adoption of new accounting standard - See Note 2 | (18,173) | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ||||
Balance at beginning of year | $ 8,582,870 | $ 8,298,132 | 7,819,472 | |
Acquisitions | 519,350 | 39,440 | 309,921 | |
Improvements | 424,521 | 473,679 | 441,703 | |
Impairment of property | (68,484) | |||
Deduction during period—dispositions and retirements of property | (104,679) | (159,897) | (201,105) | |
Balance at end of year | 9,422,062 | [1] | 8,582,870 | 8,298,132 |
Aggregate cost basis for Federal tax purposes | 8,400,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 2,357,692 | 2,215,413 | 2,059,143 | |
Additions during period—depreciation and amortization expense | 246,338 | 229,199 | 215,382 | |
Deductions during period—dispositions and retirements of property | (72,935) | (75,289) | (40,939) | |
Real estate accumulated depreciation impairment of property | (11,631) | |||
Balance at end of year | $ 2,531,095 | $ 2,357,692 | $ 2,215,413 | |
[1] | For Federal tax purposes, the aggregate cost basis is approximately $8.4 billion as of December 31, 2021. |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Prior Liens | $ 63,740 | ||||
Face Amount of Mortgages | 10,175 | ||||
Carrying Amount of Mortgages | 9,543 | [1] | $ 39,892 | $ 30,429 | |
Principal Amount of Loans Subject to delinquent Principal or Interest | 0 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Disclosure [Abstract] | |||||
Aggregate tax basis for Federal tax purposes | 10,200 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance at beginning of year | 39,892 | 30,429 | |||
January 1, 2020 adoption of new accounting standard | (790) | ||||
Acquisitions of loans, net of valuation adjustements | 9,560 | ||||
Issuance of loans | 600 | 693 | |||
Collection and satisfaction of loans | (30,339) | ||||
Valuation adjustments | (610) | ||||
Balance at end of year | 9,543 | [1] | $ 39,892 | ||
Second Mortgage on a retail shopping center in Rockville, MD One | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Prior Liens | [2] | 58,750 | |||
Face Amount of Mortgages | 5,075 | ||||
Carrying Amount of Mortgages | [1] | 5,075 | |||
Principal Amount of Loans Subject to delinquent Principal or Interest | 0 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance at end of year | [1] | 5,075 | |||
Second Mortgage on a retail shopping center in Rockville, MD Two | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Prior Liens | [2] | 58,750 | |||
Face Amount of Mortgages | 4,500 | ||||
Carrying Amount of Mortgages | [1] | 4,433 | |||
Principal Amount of Loans Subject to delinquent Principal or Interest | 0 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance at end of year | [1] | $ 4,433 | |||
Second mortgage on a retail shopping center in Baltimore, MD | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Interest Rate | 7.00% | ||||
Prior Liens | [3] | $ 4,990 | |||
Face Amount of Mortgages | 600 | ||||
Carrying Amount of Mortgages | [1] | 35 | |||
Principal Amount of Loans Subject to delinquent Principal or Interest | 0 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance at end of year | [1] | $ 35 | |||
Interest Rate One | Second Mortgage on a retail shopping center in Rockville, MD One | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Interest Rate | 11.50% | ||||
Interest Rate Two | Second Mortgage on a retail shopping center in Rockville, MD Two | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Interest Rate | 10.75% | ||||
[1] | The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $10.2 million as of December 31, 2021. | ||||
[2] | These mortgages are both subordinate to a first mortgage of $58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2021 is estimated. | ||||
[3] | This mortgage is subordinate to a first mortgage of $5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2021 is estimated. |