Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'CEDAR REALTY TRUST, INC. | ' |
Entity Central Index Key | '0000761648 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 72,286,478 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Land | $282,710,000 | $282,318,000 |
Buildings and improvements | 1,185,861,000 | 1,178,111,000 |
Real estate, gross | 1,468,571,000 | 1,460,429,000 |
Less accumulated depreciation | -268,309,000 | -237,751,000 |
Real estate, net | 1,200,262,000 | 1,222,678,000 |
Real estate held for sale/conveyance | 66,079,000 | 77,858,000 |
Cash and cash equivalents | 5,443,000 | 7,522,000 |
Restricted cash | 11,174,000 | 13,752,000 |
Receivables | 20,581,000 | 18,289,000 |
Other assets and deferred charges, net | 32,870,000 | 29,804,000 |
Total assets | 1,336,409,000 | 1,369,903,000 |
Liabilities and equity | ' | ' |
Mortgage loans payable | 543,279,000 | 605,216,000 |
Mortgage loans payable - real estate held for sale/conveyance | 18,327,000 | 23,258,000 |
Credit facility | 180,000,000 | 156,000,000 |
Accounts payable and accrued liabilities | 27,694,000 | 28,179,000 |
Unamortized intangible lease liabilities | 26,974,000 | 30,508,000 |
Unamortized intangible lease liabilities - real estate held for sale/conveyance | 4,115,000 | 4,992,000 |
Total liabilities | 800,389,000 | 848,153,000 |
Noncontrolling interest - limited partners' mezzanine OP Units | 465,000 | 623,000 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common stock ($.06 par value, 150,000,000 shares authorized, 72,289,000 and 71,817,000 shares, issued and outstanding, respectively) | 4,337,000 | 4,309,000 |
Treasury stock (3,522,000 and 3,822,000 shares, respectively, at cost) | -20,296,000 | -21,702,000 |
Additional paid-in capital | 748,130,000 | 748,194,000 |
Cumulative distributions in excess of net income | -392,487,000 | -378,254,000 |
Accumulated other comprehensive loss | -1,486,000 | -2,560,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 528,859,000 | 513,656,000 |
Noncontrolling interests: | ' | ' |
Minority interests in consolidated joint ventures | 5,345,000 | 6,081,000 |
Limited partners' OP Units | 1,351,000 | 1,390,000 |
Total noncontrolling interests | 6,696,000 | 7,471,000 |
Total equity | 535,555,000 | 521,127,000 |
Total liabilities and equity | 1,336,409,000 | 1,369,903,000 |
Series A [Member] | ' | ' |
Equity: | ' | ' |
Preferred stock | ' | 34,882,000 |
Series B [Member] | ' | ' |
Equity: | ' | ' |
Preferred stock | $190,661,000 | $128,787,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, shares par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares par value | $0.06 | $0.06 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 72,289,000 | 71,817,000 |
Common stock, shares outstanding | 72,289,000 | 71,817,000 |
Treasury stock, shares | 3,522,000 | 3,822,000 |
Series A [Member] | ' | ' |
Liquidation preference, per share | $25 | $25 |
Preferred stock, shares authorized | 0 | 1,410,000 |
Preferred stock, shares issued | 0 | 1,408,000 |
Preferred stock, shares outstanding | 0 | 1,408,000 |
Series B [Member] | ' | ' |
Liquidation preference, per share | $25 | $25 |
Preferred stock, shares authorized | 10,000,000 | 7,500,000 |
Preferred stock, shares issued | 7,950,000 | 5,429,000 |
Preferred stock, shares outstanding | 7,950,000 | 5,429,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues: | ' | ' | ' | ' |
Rents | $28,557,000 | $26,608,000 | $85,315,000 | $80,145,000 |
Expense recoveries | 6,770,000 | 5,973,000 | 21,704,000 | 19,257,000 |
Other | 111,000 | 908,000 | 499,000 | 5,369,000 |
Total revenues | 35,438,000 | 33,489,000 | 107,518,000 | 104,771,000 |
Expenses: | ' | ' | ' | ' |
Operating, maintenance and management | 5,740,000 | 5,295,000 | 18,324,000 | 17,162,000 |
Real estate and other property-related taxes | 4,571,000 | 4,389,000 | 13,673,000 | 13,015,000 |
General and administrative | 3,248,000 | 3,637,000 | 9,974,000 | 10,999,000 |
Employee termination costs | ' | 1,131,000 | 106,000 | 1,131,000 |
Impairment reversal | ' | ' | -1,100,000 | ' |
Depreciation and amortization | 13,494,000 | 9,254,000 | 33,079,000 | 34,721,000 |
Total expenses | 27,053,000 | 23,706,000 | 74,056,000 | 77,028,000 |
Operating income | 8,385,000 | 9,783,000 | 33,462,000 | 27,743,000 |
Non-operating income and expense: | ' | ' | ' | ' |
Interest expense | -8,810,000 | -9,603,000 | -27,055,000 | -29,479,000 |
Early extinguishment of debt costs | ' | ' | -106,000 | -2,607,000 |
Interest income | 1,000 | 63,000 | 3,000 | 187,000 |
Equity in income of unconsolidated joint venture | ' | 411,000 | ' | 1,432,000 |
Gain on sales | ' | 402,000 | 346,000 | 481,000 |
Total non-operating income and expense | -8,809,000 | -8,727,000 | -26,812,000 | -29,986,000 |
(Loss) income from continuing operations | -424,000 | 1,056,000 | 6,650,000 | -2,243,000 |
Discontinued operations: | ' | ' | ' | ' |
Income from operations | 486,000 | 1,242,000 | 452,000 | 3,680,000 |
Impairment reversals, net | ' | ' | ' | 1,138,000 |
Gain on extinguishment of debt | ' | ' | 1,298,000 | ' |
Gain on sales | ' | ' | ' | 750,000 |
Total discontinued operations | 486,000 | 1,242,000 | 1,750,000 | 5,568,000 |
Net income | 62,000 | 2,298,000 | 8,400,000 | 3,325,000 |
Less, net loss (income) attributable to noncontrolling interests: | ' | ' | ' | ' |
Minority interests in consolidated joint ventures | 49,000 | -2,564,000 | 152,000 | -4,272,000 |
Limited partners' interest in Operating Partnership | 12,000 | 17,000 | 11,000 | 114,000 |
Total net loss (income) attributable to noncontrolling interests | 61,000 | -2,547,000 | 163,000 | -4,158,000 |
Net income (loss) attributable to Cedar Realty Trust, Inc. | 123,000 | -249,000 | 8,563,000 | -833,000 |
Preferred stock dividends | -3,602,000 | -3,877,000 | -10,811,000 | -11,015,000 |
Preferred stock redemption costs | ' | -173,000 | -1,166,000 | -555,000 |
Net (loss) attributable to common shareholders | -3,479,000 | -4,299,000 | -3,414,000 | -12,403,000 |
Per common share attributable to common shareholders (basic and diluted): | ' | ' | ' | ' |
Continuing operations | ($0.06) | ($0.05) | ($0.09) | ($0.20) |
Discontinued operations | $0.01 | ($0.02) | $0.03 | $0.01 |
(Loss) earnings per common share, basic and fully diluted | ($0.05) | ($0.07) | ($0.06) | ($0.19) |
Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of noncontrolling interests: | ' | ' | ' | ' |
Loss from continuing operations | -3,963,000 | -2,867,000 | -5,157,000 | -13,389,000 |
Income (loss) from discontinued operations | 484,000 | -1,432,000 | 1,743,000 | 986,000 |
Net (loss) | $3,479,000 | $4,299,000 | $3,414,000 | $12,403,000 |
Weighted average number of common shares - basic and diluted | 68,365,000 | 68,232,000 | 68,350,000 | 67,932,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $62,000 | $2,298,000 | $8,400,000 | $3,325,000 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on change in fair value of cash flow hedges - Consolidated | 166,000 | 174,000 | 1,076,000 | 483,000 |
Unrealized gain on change in fair value of cash flow hedges - Unconsolidated | ' | 20,000 | ' | 78,000 |
Other comprehensive income | 166,000 | 194,000 | 1,076,000 | 561,000 |
Comprehensive income | 228,000 | 2,492,000 | 9,476,000 | 3,886,000 |
Comprehensive loss (income) attributable to noncontrolling interests | 61,000 | -2,547,000 | 161,000 | -4,158,000 |
Comprehensive income (loss) attributable to Cedar Realty Trust, Inc. | $289,000 | ($55,000) | $9,637,000 | ($272,000) |
Consolidated_Statement_Of_Equi
Consolidated Statement Of Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock, At Cost [Member] | Additional Paid-In Capital [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Accumulated Other Comprehensive (Loss) [Member] | Cedar Shopping Centers, Inc. [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Limited Partners' Mezzanine OP Units [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2012 | $163,669,000 | $4,309,000 | ($21,702,000) | $748,194,000 | ($378,254,000) | ($2,560,000) | $513,656,000 | $6,081,000 | $1,390,000 | $7,471,000 | $521,127,000 |
Balance, shares at Dec. 31, 2012 | 6,837,000 | 71,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | 8,563,000 | ' | 8,563,000 | -152,000 | -9,000 | -161,000 | 8,402,000 |
Unrealized gain on change in fair value of cash flow hedges | ' | ' | ' | ' | ' | 1,074,000 | 1,074,000 | ' | 2,000 | 2,000 | 1,076,000 |
Share-based compensation, net | ' | 28,000 | 1,406,000 | 981,000 | ' | ' | 2,415,000 | ' | ' | ' | 2,415,000 |
Share-based compensation, net, shares | ' | 467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sales of Series B shares | 61,874,000 | ' | ' | -2,025,000 | ' | ' | 59,849,000 | ' | ' | ' | 59,849,000 |
Net proceeds from sales of Series B shares, shares | 2,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Series A shares | -34,882,000 | ' | ' | 1,056,000 | -1,166,000 | ' | -34,992,000 | ' | ' | ' | -34,992,000 |
Redemption of Series A shares, shares | -1,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock sales and issuance expenses, net | ' | ' | ' | -65,000 | ' | ' | -65,000 | ' | ' | ' | -65,000 |
Common stock sales and issuance expenses, net, shares | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | -10,811,000 | ' | -10,811,000 | ' | ' | ' | -10,811,000 |
Distributions to common shareholders/ noncontrolling interests | ' | ' | ' | ' | -10,819,000 | ' | -10,819,000 | ' | -29,000 | -694,000 | -11,513,000 |
Conversions of OP Units into common stock | ' | ' | ' | 24,000 | ' | ' | 24,000 | ' | -24,000 | -24,000 | ' |
Conversions of OP Units into common stock, shares | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reallocation adjustment of limited partners' interest | ' | ' | ' | -35,000 | ' | ' | -35,000 | ' | 21,000 | 21,000 | -14,000 |
Disposition of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 81,000 | ' | 81,000 | 81,000 |
Balance at Sep. 30, 2013 | $190,661,000 | $4,337,000 | ($20,296,000) | $748,130,000 | ($392,487,000) | ($1,486,000) | $528,859,000 | $5,345,000 | $1,351,000 | $6,696,000 | $535,555,000 |
Balance, shares at Sep. 30, 2013 | 7,950,000 | 72,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flow from operating activities: | ' | ' |
Net income | $8,400,000 | $3,325,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in income of unconsolidated joint venture | ' | -1,432,000 |
Distributions from unconsolidated joint venture | ' | 1,432,000 |
Impairment reversals, net | -1,100,000 | -1,138,000 |
Gain on extinguishment of debt | -1,298,000 | ' |
Gain on sales | -346,000 | -1,231,000 |
Straight-line rents | -1,195,000 | -782,000 |
Provision for doubtful accounts | 1,188,000 | 2,053,000 |
Depreciation and amortization | 33,079,000 | 34,825,000 |
Amortization of intangible lease liabilities | -3,409,000 | -4,164,000 |
Expense and market price adjustments relating to share-based compensation, net | 2,692,000 | 2,614,000 |
Amortization (including accelerated write-off) of deferred financing costs | 1,870,000 | 4,246,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' |
Rents and other receivables, net | -2,901,000 | -1,335,000 |
Prepaid expenses and other | -4,454,000 | -2,025,000 |
Accounts payable and accrued liabilities | 1,450,000 | 294,000 |
Net cash provided by operating activities | 33,976,000 | 36,682,000 |
Cash flow from investing activities: | ' | ' |
Expenditures for real estate improvements | -14,912,000 | -22,069,000 |
Net proceeds from sales of real estate | 17,381,000 | 18,775,000 |
Repayment of note receivable | 1,100,000 | ' |
Distributions of capital from unconsolidated joint venture | ' | 2,895,000 |
Construction escrows and other | 1,707,000 | 2,589,000 |
Net cash provided by investing activities | 5,276,000 | 2,190,000 |
Cash flow from financing activities: | ' | ' |
Net advances/(repayments) under credit facility | 24,000,000 | -73,317,000 |
Mortgage repayments | -65,707,000 | -53,279,000 |
Payments of debt financing costs | -1,905,000 | -4,405,000 |
Noncontrolling interests: | ' | ' |
Distributions to consolidated joint venture minority interests | -665,000 | -3,608,000 |
Distributions to limited partners | -40,000 | -85,000 |
Redemptions of OP Units | -160,000 | ' |
Common stock sales and issuance expenses, net | -65,000 | -169,000 |
Net proceeds from sales of preferred stock | 59,849,000 | 124,370,000 |
Redemption of preferred stock | -34,992,000 | -12,141,000 |
Preferred stock dividends | -10,827,000 | -10,084,000 |
Distributions to common shareholders | -10,819,000 | -10,808,000 |
Net cash (used in) financing activities | -41,331,000 | -43,526,000 |
Net (decrease) in cash and cash equivalents | -2,079,000 | -4,654,000 |
Cash and cash equivalents at beginning of period | 7,522,000 | 12,070,000 |
Cash and cash equivalents at end of period | $5,443,000 | $7,416,000 |
Business_And_Organization
Business And Organization | 9 Months Ended |
Sep. 30, 2013 | |
Business And Organization [Abstract] | ' |
Business And Organization | ' |
Note 1. Business and Organization | |
Cedar Realty Trust, Inc. (the "Company") is a real estate investment trust ("REIT") that focuses primarily on ownership and operation of grocery-anchored shopping centers straddling the Washington, DC to Boston corridor. At September 30, 2013, the Company owned and managed a portfolio of 67 operating properties (excluding properties “held for sale/conveyance”). | |
Cedar Realty Trust Partnership, L.P. (the "Operating Partnership") is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2013, the Company owned a 99.7% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.3% at September 30, 2013) is represented by Operating Partnership Units (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The approximately 248,000 OP Units outstanding at September 30, 2013 are economically equivalent to the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash. | |
As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||
Summary Of Significant Accounting Policies | ' | |||||
Note 2. Summary of Significant Accounting Policies | ||||||
Principles of Consolidation/Basis of Preparation | ||||||
The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||
The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary. | ||||||
Supplemental Consolidated Statements of Cash Flows Information | ||||||
Nine months ended September 30, | ||||||
2013 | 2012 | |||||
Supplemental disclosure of cash activities: | ||||||
Cash paid for interest | $ 27,646,000 | $ 33,756,000 | ||||
Supplemental disclosure of non-cash activities: | ||||||
Capitalization of interest and deferred financing costs | 835,000 | 1,000,000 | ||||
Conversions of OP Units into common stock | 24,000 | 7,895,000 | ||||
Mortgage loans payable assumed by buyers | - | 4,148,000 | ||||
Recently-Issued Accounting Pronouncements | ||||||
In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance was effective beginning January 1, 2013 and applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | ||||||
Real_Estate
Real Estate | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate [Abstract] | ' |
Real Estate | ' |
Note 3. Real Estate | |
On August 16, 2013, the Company exercised the buy/sell option pursuant to the terms of the 60%-owned joint venture originally formed for the development of the Upland Square project, and the Company’s partner opted not to meet the offered purchase option. The Company acquired the remaining 40% interest in the property on October 31, 2013 for approximately $1.6 million, reflecting the Company’s preferred interest in the joint venture. The joint venture has historically been consolidated as it was deemed to be a variable interest entity and the Company was the primary beneficiary. Further, the Company has historically included 100% of the joint venture’s results of operations in net income (loss) attributable to common shareholders. Accordingly, the transaction will not have a significant effect on the Company’s consolidated financial statements. | |
On October 14, 2013, an agreement to acquire a grocery-anchored shopping center located in Fairfield County, Connecticut became non-cancelable. The purchase price for the property will be $34.5 million, plus closing costs, of which approximately $33 million will be initially funded from the Company’s credit facility and the balance by the issuance of OP Units (the number of OP Units to be determined at closing and based on the market price of the Company’s common stock). Closing of the transaction is expected in mid-November 2013. | |
At September 30, 2013, a number of the Company’s shopping center properties were pledged as collateral for mortgage loans payable. See Note 6 – “Debt” for information relating to the amendment, on an unsecured basis, of the Company’s credit facility. | |
Properties_Held_For_Sale_And_R
Properties Held For Sale And Related Transactions | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Properties Held For Sale And Related Transactions [Abstract] | ' | ||||||||||
Properties Held For Sale And Related Transactions | ' | ||||||||||
Note 4 – Properties Held For Sale and Related Transactions | |||||||||||
The Company conducts a continuing review of the values for all remaining properties “held for sale/conveyance” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices based on discounted cash flow analyses, if no contract amounts were as yet being negotiated, as discussed in more detail in Note 5 — “Fair Value Measurements”, (3) an “as is” appraisal with respect to the Philadelphia Redevelopment Property, or (4) with respect to land parcels, estimated sales prices, less cost to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s plan to dispose of properties reclassified to “held for sale/conveyance”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell. | |||||||||||
On June 5, 2013, the Company sold, through a short sale, Westlake Discount Drug Mart Plaza for net proceeds of $2.1 million. As of that date, the balance of the mortgage loan payable secured by the sold property, including accrued interest and real estate taxes, totaled $3.4 million. The lender accepted the net proceeds of $2.1 million in full satisfaction of the mortgage loan payable and related accrued interest. As a result, the Company recorded a gain on extinguishment of debt of $1.3 million during the second quarter of 2013, which is included in discontinuing operations in the accompanying consolidated statements of operations. | |||||||||||
As of September 30, 2013, the Company was in the process of negotiating with the respective lenders to three of its properties (Roosevelt II, Gahanna Discount Drug Mart Plaza, and McCormick Place) to convey the properties either through short sale, foreclosure, or deed-in-lieu of foreclosure processes (mortgage loans payable and accrued interest and real estate taxes aggregated $21.8 million at that date). In connection with these conveyances, each applicable subsidiary borrower has stopped paying monthly mortgage payments and is currently in default on these non-recourse mortgages. At the time of such conveyances, the Company would recognize gains (an aggregate of approximately $11.0 million as of September 30, 2013) based on the excess of the carrying amounts of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amounts of the properties. With respect to Roosevelt II, the lender has agreed to accept a deed in lieu of foreclosure, which is expected to be completed prior to December 31, 2013. | |||||||||||
The following is a summary of the components of income from discontinued operations: | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Revenues: | |||||||||||
Rents | $ 1,414,000 | $ 4,480,000 | $ 4,863,000 | $ 14,124,000 | |||||||
Expense recoveries and other | 558,000 | 1,108,000 | 1,603,000 | 3,704,000 | |||||||
Total revenues | 1,972,000 | 5,588,000 | 6,466,000 | 17,828,000 | |||||||
Expenses: | |||||||||||
Operating, maintenance and management | 505,000 | 1,533,000 | 2,619,000 | 5,332,000 | |||||||
Real estate and other property-related taxes | 592,000 | 986,000 | 1,660,000 | 3,020,000 | |||||||
Depreciation and amortization | - | 28,000 | - | 104,000 | |||||||
Interest | 389,000 | 1,799,000 | 1,298,000 | 5,692,000 | |||||||
Early extinguishment of debt costs | - | - | 437,000 | - | |||||||
Total expenses | 1,486,000 | 4,346,000 | 6,014,000 | 14,148,000 | |||||||
Income from discontinued operations | |||||||||||
before impairments | 486,000 | 1,242,000 | 452,000 | 3,680,000 | |||||||
Impairment reversals, net | - | - | - | 1,138,000 | |||||||
Income from discontinued operations | $ 486,000 | $ 1,242,000 | $ 452,000 | $ 4,818,000 | |||||||
Gain on extinguishment of debt | $ - | $ - | $ 1,298,000 | $ - | |||||||
Gain on sales of discontinued operations | $ - | $ - | $ - | $ 750,000 | |||||||
In April 2011, the Company made a two-year $4.1 million loan to the developers of a site located in Reynoldsburg, Ohio (the developers are members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan bore interest at 6.25% per annum and was collateralized by a first mortgage on the development parcel and personal guarantees from certain of the borrowers. During the fourth quarter of 2012, the borrowers failed to make a scheduled payment and, as of December 31, 2012, the Company concluded that the loan was unlikely to be paid given (1) the then ability of the developers to find an anchor tenant for the development site, (2) certain use restrictions on the land, and (3) numerous legal judgments against individuals that provided the personal guarantees. As a result, the Company wrote off the loan and accrued interest in the fourth quarter of 2012, resulting in an impairment charge of $4.4 million. Subsequently, on March 28, 2013, the borrowers sold the development land parcel for approximately $1.1 million and, simultaneously, the Company accepted $1.1 million in full satisfaction of the loan. As a result, the Company recorded an impairment reversal of $1.1 million during the first quarter of 2013, which is included in continuing operations in the accompanying consolidated statements of operations. | |||||||||||
During the nine months ended September 30, 2013, the Company completed the following transactions related to properties “held for sale/conveyance”: | |||||||||||
Percent | Date | Sales | Gain on | ||||||||
Property | Sold | Location | Sold | Price | Sale | ||||||
Discontinued operations: | |||||||||||
East Chestnut | 100% | Lancaster, PA | 1/2/13 | $ 3,100,000 | $ - | ||||||
Columbia Mall | 100% | Bloomsburg, PA | 4/17/13 | $ 2,775,000 | $ - | ||||||
Heritage Crossing | 100% | Limerick, PA | 5/9/13 | $ 9,400,000 | $ - | ||||||
Westlake Discount Drug Mart Plaza | 100% | Westlake, OH | 6/5/13 | $ 2,240,000 | $ - | ||||||
Continuing operations: | |||||||||||
Huntingdon Plaza land parcel | 100% | Huntingdon, PA | 3/29/13 | $ 390,000 | $ 291,000 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||
Fair Value Measurements | ' | |||||||||
Note 5. Fair Value Measurements | ||||||||||
The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, and accounts payable and accrued liabilities approximate fair value. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. | ||||||||||
The valuation of the liability for the Company’s interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of September 30, 2013, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. | ||||||||||
Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale/conveyance, which are measured on a nonrecurring basis, have been determined to be (1) a Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) a Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, direct capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and direct capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach was utilized for certain land values and include comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believed to be within a reasonable range of current market rates for the respective properties. | ||||||||||
The Company engaged third party valuation experts to assist with the preparation of certain of its valuations. Other valuations were prepared using internally-developed valuation models. In addition, these valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from acquisitions, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate. | ||||||||||
The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively: | ||||||||||
Assets/Liabilities Measured at Fair Value on a | ||||||||||
Recurring Basis | ||||||||||
30-Sep-13 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 412,000 | $ | - | $ | - | $ | 412,000 | ||
Share-based compensation liabilities (b) | $ | 404,000 | $ | - | $ | - | $ | 404,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 752,000 | $ | - | $ | 752,000 | ||
31-Dec-12 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 450,000 | $ | - | $ | - | $ | 450,000 | ||
Share-based compensation liabilities (b) | $ | 445,000 | $ | - | $ | - | $ | 445,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 1,577,000 | $ | - | $ | 1,577,000 | ||
(a) Included in other assets in the accompanying consolidated balance sheets. | ||||||||||
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. | ||||||||||
The fair value of the Company’s fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of September 30, 2013 and December 31, 2012, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be a Level 3 within the valuation hierarchy, were approximately $503.8 million and $565.4 million, respectively; the carrying values of such loans were $483.6 million and $544.8 million, respectively. | ||||||||||
The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2013 and December 31, 2012, respectively: | ||||||||||
Assets Measured at Fair Value on a | ||||||||||
Non-Recurring Basis | ||||||||||
30-Sep-13 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 544,000 | $ | 65,535,000 | $ | 66,079,000 | ||
31-Dec-12 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 15,574,000 | $ | 62,219,000 | $ | 77,793,000 | ||
The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2013: | ||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||
Fair value at | Valuation | Unobservable | Range | |||||||
30-Sep-13 | Technique | inputs | (weighted average) | |||||||
Real estate held for sale/conveyance: | ||||||||||
Operating retail real estate | ||||||||||
(six properties) | $ 53,473,000 | Discounted cash flow | Capitalization rates | 7.8% to 11.0% (8.8%) | ||||||
Discount rates | 9.2% to 12.8% (9.9%) | |||||||||
Land development property | 10,477,000 | Discounted cash flow | Capitalization rate | 7.30% | ||||||
Discount rate | 7.80% | |||||||||
Land (three parcels) | 1,585,000 | Sales comparison approach | Price per acre | $25,000 to $154,000 per acre | ||||||
($49,000 per acre) | ||||||||||
$ 65,535,000 | ||||||||||
Debt
Debt | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Debt [Abstract] | ' | |||||||||||||||||
Debt | ' | |||||||||||||||||
Note 6. Debt | ||||||||||||||||||
Credit facility | ||||||||||||||||||
On August 1, 2013, the Company amended and extended, on an unsecured basis, its credit facility. As amended, the $310 million credit facility is comprised of a three-year $260 million revolving credit facility, expiring on August 1, 2016, and a five-year $50 million term loan, expiring on August 1, 2018. Subject to customary conditions, the revolving credit facility may be extended, at the Company’s option, for two additional one-year periods. Under an accordion feature, the new facility can be increased to $500 million, subject to customary conditions, and lending commitments from participating banks. The new facility contains financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the new facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the new facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreement. The Company’s failure to comply with the covenants or the occurrence of an event of default under the new facility could result in the acceleration of the related debt. In connection with the transaction, the Company paid fees and legal expenses of approximately $1.7 million. | ||||||||||||||||||
Borrowings under the new facility are priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum at September 30, 2013), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. As of September 30, 2013, the Company had $130.0 million outstanding under the revolving credit facility and $50.0 million outstanding under the term loan, and had $106.8 million available for additional borrowings. | ||||||||||||||||||
Mortgage loans payable | ||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company paid off $13.7 million and $56.4 million of mortgage loans payable, respectively, of which $0 and $37.3 million, respectively, represented prepayments. In this connection, during the three and nine months ended September 30, 2013, the Company incurred charges relating to early extinguishment of debt (prepayment penalties and accelerated amortization of deferred financing costs) of approximately $0 and $543,000 (including $437,000 classified as discontinued operations), respectively. | ||||||||||||||||||
On November 1, 2013, the Company prepaid a $7.6 million mortgage loan payable, without penalty, that was due to mature in January 2014. | ||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||
At September 30, 2013, the Company had a mortgage loan payable of approximately $12.0 million subject to an interest rate swap. The interest rate swap converted the LIBOR-based variable rate to a fixed rate of 5.2% per annum. At that date, the Company had accrued liabilities of $0.8 million (included in accounts payable and accrued liabilities on the consolidated balance sheet) relating to the fair value of the interest rate swap applicable to the existing mortgage loan payable. Charges and/or credits relating to the changes in the fair value of the interest rate swap are made to accumulated other comprehensive income (loss), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as appropriate. | ||||||||||||||||||
The following is a summary of the derivative financial instruments held by the Company at September 30, 2013 and December 31, 2012: | ||||||||||||||||||
Notional values | Balance | Fair value | ||||||||||||||||
Designation/ | September 30, | December 31, | Maturity | sheet | September 30, | December 31, | ||||||||||||
Cash flow | Derivative | Count | 2013 | Count | 2012 | date | location | 2013 | 2012 | |||||||||
Interest | Accrued | |||||||||||||||||
rate swaps | liabilities | |||||||||||||||||
Qualifying | Consolidated | 1 | $ 11,965,000 | 3 | $ 31,417,000 | 2018 | Consolidated | $ 752,000 | $ 1,577,000 | |||||||||
The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2013 and 2012, respectively: | ||||||||||||||||||
Amount of gain recognized in other | ||||||||||||||||||
comprehensive income (loss) (effective portion) | ||||||||||||||||||
Designation/ | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Cash flow | Derivative | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Qualifying | Consolidated | $ 166,000 | (a) | $ 174,000 | $ 1,076,000 | (a) | $ 483,000 | |||||||||||
Cedar/RioCan | ||||||||||||||||||
Qualifying | Joint Venture | $ - | $ 20,000 | $ - | $ 78,000 | |||||||||||||
(a) For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. | ||||||||||||||||||
As of September 30, 2013, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of September 30, 2013, if a counterparty were to default, the Company would receive a net interest benefit. | ||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
Note 7. Commitments and Contingencies | |
The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company's consolidated financial statements. | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Shareholders' Equity [Abstract] | ' | |||||||
Shareholders' Equity | ' | |||||||
Note 8. Shareholders’ Equity | ||||||||
On February 12, 2013, the Company concluded a public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) at $24.58 per share, and realized net proceeds, after offering expenses, of approximately $47.6 million. On February 12, 2013, the underwriters exercised their over-allotment option to the extent of 300,000 additional shares of the Company’s Series B Preferred Stock, and the Company realized additional net proceeds of $7.1 million. | ||||||||
In addition, during the three months ended March 31, 2013, the Company sold approximately 221,000 shares of its Series B Preferred Stock under the at-the-market equity program at a weighted average price of $24.52 per share, and realized net proceeds, after offering expenses, of approximately $5.2 million. | ||||||||
On March 11, 2013, the Company redeemed the remaining 1,408,000 shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, for a total cash outlay of $35.4 million. | ||||||||
On August 6, 2013, the Company entered into an at-the-market continuous offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2013, no shares had been sold under this program. | ||||||||
The following table provides a summary of dividends declared and paid per share: | ||||||||
Three months ended Septemeber 30, | Nine months ended September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 | ||||
Cumulative Redeemable Preferred Stock: | ||||||||
8.875% Series A | $ - | $ 0.555 | $ 0.555 | $ 1.109 | ||||
7.250% Series B | $ 0.453 | $ 0.453 | $ 1.359 | $ 0.453 | ||||
On October 28, 2013, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on November 20, 2013 to shareholders of record on November 8, 2013. | ||||||||
Revenues
Revenues | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Revenues [Abstract] | ' | ||||||||
Revenues | ' | ||||||||
Note 9. Revenues | |||||||||
Rental revenues for the three and nine months ended September 30, 2013 and 2012, respectively, are comprised of the following: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Base rents | $ 26,824,000 | $ 24,905,000 | $ 80,059,000 | $ 74,429,000 | |||||
Percentage rent | 316,000 | 313,000 | 652,000 | 774,000 | |||||
Straight-line rents | 301,000 | 216,000 | 1,195,000 | 778,000 | |||||
Amortization of intangible lease liabilities | 1,116,000 | 1,174,000 | 3,409,000 | 4,164,000 | |||||
Total rents | $ 28,557,000 | $ 26,608,000 | $ 85,315,000 | $ 80,145,000 | |||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Compensation [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
Note 10. Share-Based Compensation | |||||||||
The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2013 and 2012, respectively: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 (a) | ||||||
Share-based compensation: | |||||||||
Expense relating to share grants | $ 1,242,000 | $ 1,149,000 | $ 3,018,000 | $ 2,885,000 | |||||
Adjustments to reflect changes in market price of | |||||||||
Company's common stock | - | - | - | 10,000 | |||||
Amounts capitalized | -98,000 | -89,000 | -326,000 | -281,000 | |||||
Total charged to operations | $ 1,144,000 | $ 1,060,000 | $ 2,692,000 | $ 2,614,000 | |||||
(a) Includes expense relating to grants previously recorded as equity and liability awards. | |||||||||
The Company’s 2012 Stock Incentive Plan (the “2012 Plan”) establishes the procedures for the granting of, among other things, restricted stock awards. During the nine months ended September 30, 2013, there were 584,000 time-based restricted shares issued, with a weighted average grant date fair value of $5.65 per share. At September 30, 2013, approximately 1.8 million shares remained available for grants pursuant to the 2012 Plan. | |||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Note 11. Earnings Per Share | |||||||||
Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended September 30, 2013 and 2012, the Company had 3.9 million and 3.6 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2013 and 2012, the Company had 3.8 million and 3.2 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2013 and 2012, respectively: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Numerator | |||||||||
(Loss) income from continuing operations | $ (424,000) | $ 1,056,000 | $ 6,650,000 | $ (2,243,000) | |||||
Preferred stock dividends | -3,602,000 | -3,877,000 | -10,811,000 | -11,015,000 | |||||
Preferred stock redemption costs | - | -173,000 | -1,166,000 | -555,000 | |||||
Net loss attributable to noncontrolling interests | 63,000 | 127,000 | 170,000 | 424,000 | |||||
Net earnings allocated to unvested shares | -196,000 | -178,000 | -567,000 | -626,000 | |||||
(Loss) from continuing operations attributable to common | |||||||||
shareholders | -4,159,000 | -3,045,000 | -5,724,000 | -14,015,000 | |||||
Results from discontinued operations, net of noncontrolling interests | 484,000 | -1,432,000 | 1,743,000 | 986,000 | |||||
Net (loss) attributable to common shareholders, basic and diluted | $ (3,675,000) | $ (4,477,000) | $ (3,981,000) | $ (13,029,000) | |||||
Denominator | |||||||||
Weighted average number of vested common shares outstanding | 68,365,000 | 68,232,000 | 68,350,000 | 67,932,000 | |||||
(Loss) earnings per common share, basic and fully diluted | |||||||||
Continuing operations | $ (0.06) | $ (0.05) | $ (0.09) | $ (0.20) | |||||
Discontinued operations | $ 0.01 | $ (0.02) | $ 0.03 | $ 0.01 | |||||
$ (0.05) | $ (0.07) | $ (0.06) | $ (0.19) | ||||||
Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 252,000 and 281,000 for the three months ended September 30, 2013 and 2012, respectively, and 271,000 and 518,000 for the nine months ended September 30, 2013 and 2012, respectively. In addition, warrants for the purchase of OP Units, which expired on May 31, 2012, have been excluded as they were anti-dilutive for all applicable periods. | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
In determining subsequent events, management reviewed all activity from October 1, 2013 through the date of filing this Quarterly Report on Form 10-Q. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Principles Of Consolidation/ Basis Of Preparation | ' |
Principles of Consolidation/Basis of Preparation | |
The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary. | |
Recently-Issued Accounting Pronouncements | ' |
Recently-Issued Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance was effective beginning January 1, 2013 and applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||
Supplemental Consolidated Statements Of Cash Flows Information | ' | |||||
Nine months ended September 30, | ||||||
2013 | 2012 | |||||
Supplemental disclosure of cash activities: | ||||||
Cash paid for interest | $ 27,646,000 | $ 33,756,000 | ||||
Supplemental disclosure of non-cash activities: | ||||||
Capitalization of interest and deferred financing costs | 835,000 | 1,000,000 | ||||
Conversions of OP Units into common stock | 24,000 | 7,895,000 | ||||
Mortgage loans payable assumed by buyers | - | 4,148,000 | ||||
Recovered_Sheet1
Properties Held For Sale and Related Transactions (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Properties Held For Sale And Related Transactions [Abstract] | ' | ||||||||||
Schedule Of The Components Of Income (Loss) From Discontinued Operations | ' | ||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Revenues: | |||||||||||
Rents | $ 1,414,000 | $ 4,480,000 | $ 4,863,000 | $ 14,124,000 | |||||||
Expense recoveries and other | 558,000 | 1,108,000 | 1,603,000 | 3,704,000 | |||||||
Total revenues | 1,972,000 | 5,588,000 | 6,466,000 | 17,828,000 | |||||||
Expenses: | |||||||||||
Operating, maintenance and management | 505,000 | 1,533,000 | 2,619,000 | 5,332,000 | |||||||
Real estate and other property-related taxes | 592,000 | 986,000 | 1,660,000 | 3,020,000 | |||||||
Depreciation and amortization | - | 28,000 | - | 104,000 | |||||||
Interest | 389,000 | 1,799,000 | 1,298,000 | 5,692,000 | |||||||
Early extinguishment of debt costs | - | - | 437,000 | - | |||||||
Total expenses | 1,486,000 | 4,346,000 | 6,014,000 | 14,148,000 | |||||||
Income from discontinued operations | |||||||||||
before impairments | 486,000 | 1,242,000 | 452,000 | 3,680,000 | |||||||
Impairment reversals, net | - | - | - | 1,138,000 | |||||||
Income from discontinued operations | $ 486,000 | $ 1,242,000 | $ 452,000 | $ 4,818,000 | |||||||
Gain on extinguishment of debt | $ - | $ - | $ 1,298,000 | $ - | |||||||
Gain on sales of discontinued operations | $ - | $ - | $ - | $ 750,000 | |||||||
Schedule Of Transactions Related To Properties Held For Sale/Conveyance | ' | ||||||||||
Percent | Date | Sales | Gain on | ||||||||
Property | Sold | Location | Sold | Price | Sale | ||||||
Discontinued operations: | |||||||||||
East Chestnut | 100% | Lancaster, PA | 1/2/13 | $ 3,100,000 | $ - | ||||||
Columbia Mall | 100% | Bloomsburg, PA | 4/17/13 | $ 2,775,000 | $ - | ||||||
Heritage Crossing | 100% | Limerick, PA | 5/9/13 | $ 9,400,000 | $ - | ||||||
Westlake Discount Drug Mart Plaza | 100% | Westlake, OH | 6/5/13 | $ 2,240,000 | $ - | ||||||
Continuing operations: | |||||||||||
Huntingdon Plaza land parcel | 100% | Huntingdon, PA | 3/29/13 | $ 390,000 | $ 291,000 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||
Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis | ' | |||||||||
Assets/Liabilities Measured at Fair Value on a | ||||||||||
Recurring Basis | ||||||||||
30-Sep-13 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 412,000 | $ | - | $ | - | $ | 412,000 | ||
Share-based compensation liabilities (b) | $ | 404,000 | $ | - | $ | - | $ | 404,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 752,000 | $ | - | $ | 752,000 | ||
31-Dec-12 | ||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Investments related to share- | ||||||||||
based compensation liabilities (a) | $ | 450,000 | $ | - | $ | - | $ | 450,000 | ||
Share-based compensation liabilities (b) | $ | 445,000 | $ | - | $ | - | $ | 445,000 | ||
Interest rate swaps liability (b) | $ | - | $ | 1,577,000 | $ | - | $ | 1,577,000 | ||
(a) Included in other assets in the accompanying consolidated balance sheets. | ||||||||||
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. | ||||||||||
Schedule Of Assets Measured At A Fair Value On Non-recurring Basis | ' | |||||||||
Assets Measured at Fair Value on a | ||||||||||
Non-Recurring Basis | ||||||||||
30-Sep-13 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 544,000 | $ | 65,535,000 | $ | 66,079,000 | ||
31-Dec-12 | ||||||||||
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||
Real estate held for sale/conveyance | $ | - | $ | 15,574,000 | $ | 62,219,000 | $ | 77,793,000 | ||
Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis | ' | |||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||
Fair value at | Valuation | Unobservable | Range | |||||||
30-Sep-13 | Technique | inputs | (weighted average) | |||||||
Real estate held for sale/conveyance: | ||||||||||
Operating retail real estate | ||||||||||
(six properties) | $ 53,473,000 | Discounted cash flow | Capitalization rates | 7.8% to 11.0% (8.8%) | ||||||
Discount rates | 9.2% to 12.8% (9.9%) | |||||||||
Land development property | 10,477,000 | Discounted cash flow | Capitalization rate | 7.30% | ||||||
Discount rate | 7.80% | |||||||||
Land (three parcels) | 1,585,000 | Sales comparison approach | Price per acre | $25,000 to $154,000 per acre | ||||||
($49,000 per acre) | ||||||||||
$ 65,535,000 | ||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Debt [Abstract] | ' | |||||||||||||||||
Summary Of The Derivative Financial Instruments Held | ' | |||||||||||||||||
Notional values | Balance | Fair value | ||||||||||||||||
Designation/ | September 30, | December 31, | Maturity | sheet | September 30, | December 31, | ||||||||||||
Cash flow | Derivative | Count | 2013 | Count | 2012 | date | location | 2013 | 2012 | |||||||||
Interest | Accrued | |||||||||||||||||
rate swaps | liabilities | |||||||||||||||||
Qualifying | Consolidated | 1 | $ 11,965,000 | 3 | $ 31,417,000 | 2018 | Consolidated | $ 752,000 | $ 1,577,000 | |||||||||
Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity | ' | |||||||||||||||||
Amount of gain recognized in other | ||||||||||||||||||
comprehensive income (loss) (effective portion) | ||||||||||||||||||
Designation/ | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Cash flow | Derivative | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Qualifying | Consolidated | $ 166,000 | (a) | $ 174,000 | $ 1,076,000 | (a) | $ 483,000 | |||||||||||
Cedar/RioCan | ||||||||||||||||||
Qualifying | Joint Venture | $ - | $ 20,000 | $ - | $ 78,000 | |||||||||||||
(a) For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. | ||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Shareholders' Equity [Abstract] | ' | |||||||
Schedule Of Dividends Declared And Paid | ' | |||||||
Three months ended Septemeber 30, | Nine months ended September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 | ||||
Cumulative Redeemable Preferred Stock: | ||||||||
8.875% Series A | $ - | $ 0.555 | $ 0.555 | $ 1.109 | ||||
7.250% Series B | $ 0.453 | $ 0.453 | $ 1.359 | $ 0.453 | ||||
Revenues_Tables
Revenues (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Revenues [Abstract] | ' | ||||||||
Schedule Of Revenues | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Base rents | $ 26,824,000 | $ 24,905,000 | $ 80,059,000 | $ 74,429,000 | |||||
Percentage rent | 316,000 | 313,000 | 652,000 | 774,000 | |||||
Straight-line rents | 301,000 | 216,000 | 1,195,000 | 778,000 | |||||
Amortization of intangible lease liabilities | 1,116,000 | 1,174,000 | 3,409,000 | 4,164,000 | |||||
Total rents | $ 28,557,000 | $ 26,608,000 | $ 85,315,000 | $ 80,145,000 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Share-Based Compensation [Abstract] | ' | ||||||||
Schedule Of Share-Based Compensation Information | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 (a) | ||||||
Share-based compensation: | |||||||||
Expense relating to share grants | $ 1,242,000 | $ 1,149,000 | $ 3,018,000 | $ 2,885,000 | |||||
Adjustments to reflect changes in market price of | |||||||||
Company's common stock | - | - | - | 10,000 | |||||
Amounts capitalized | -98,000 | -89,000 | -326,000 | -281,000 | |||||
Total charged to operations | $ 1,144,000 | $ 1,060,000 | $ 2,692,000 | $ 2,614,000 | |||||
(a) Includes expense relating to grants previously recorded as equity and liability awards. | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Numerator | |||||||||
(Loss) income from continuing operations | $ (424,000) | $ 1,056,000 | $ 6,650,000 | $ (2,243,000) | |||||
Preferred stock dividends | -3,602,000 | -3,877,000 | -10,811,000 | -11,015,000 | |||||
Preferred stock redemption costs | - | -173,000 | -1,166,000 | -555,000 | |||||
Net loss attributable to noncontrolling interests | 63,000 | 127,000 | 170,000 | 424,000 | |||||
Net earnings allocated to unvested shares | -196,000 | -178,000 | -567,000 | -626,000 | |||||
(Loss) from continuing operations attributable to common | |||||||||
shareholders | -4,159,000 | -3,045,000 | -5,724,000 | -14,015,000 | |||||
Results from discontinued operations, net of noncontrolling interests | 484,000 | -1,432,000 | 1,743,000 | 986,000 | |||||
Net (loss) attributable to common shareholders, basic and diluted | $ (3,675,000) | $ (4,477,000) | $ (3,981,000) | $ (13,029,000) | |||||
Denominator | |||||||||
Weighted average number of vested common shares outstanding | 68,365,000 | 68,232,000 | 68,350,000 | 67,932,000 | |||||
(Loss) earnings per common share, basic and fully diluted | |||||||||
Continuing operations | $ (0.06) | $ (0.05) | $ (0.09) | $ (0.20) | |||||
Discontinued operations | $ 0.01 | $ (0.02) | $ 0.03 | $ 0.01 | |||||
$ (0.05) | $ (0.07) | $ (0.06) | $ (0.19) | ||||||
Business_And_Organization_Deta
Business And Organization (Details) | 9 Months Ended |
Sep. 30, 2013 | |
property | |
Business And Organization [Abstract] | ' |
Number of properties | 67 |
OP units outstanding | 248,000 |
Company's interest in Operating Partnership | 99.70% |
Limited partners' interest in Operating Partnership | 0.30% |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Supplemental disclosure of cash activities: | ' | ' |
Cash paid for interest | $27,646,000 | $33,756,000 |
Supplemental disclosure of non-cash activities: | ' | ' |
Capitalization of interest and deferred financing costs | 835,000 | 1,000,000 |
Conversions of OP Units into common stock | 24,000 | 7,895,000 |
Mortgage loans payable assumed by buyers | ' | $4,148,000 |
Real_Estate_Details
Real Estate (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2013 | Aug. 16, 2013 | Sep. 30, 2013 | Oct. 14, 2013 |
Upland Square Project [Member] | Upland Square Project [Member] | Upland Square Project [Member] | Grocery-Anchored Shopping Center Fairfield County, Connecticut [Member] | |
Real Estate [Line Items] | ' | ' | ' | ' |
Interest in property | ' | 60.00% | ' | ' |
Acquired interest in property | 40.00% | ' | ' | ' |
Payments for interest in property | $1.60 | ' | ' | ' |
Percentage of results of operations included in company's net income (loss) | ' | ' | 100.00% | ' |
Payments to acquire real estate property | ' | ' | ' | 34.5 |
Amount funded by credit facilities | ' | ' | ' | $33 |
Properties_Held_For_Sale_and_R1
Properties Held For Sale and Related Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |
Apr. 30, 2011 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 05, 2013 | Jun. 30, 2013 | |
property | Westlake Discount Drug Mart Plaza [Member] | Westlake Discount Drug Mart Plaza [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from sale of property | ' | ' | ' | ' | $2,100,000 | ' |
Mortgage loans payable and accrued interest for properties under conveyance process | ' | ' | ' | 21,800,000 | 3,400,000 | ' |
Gain on extinguishment of debt | ' | ' | ' | 1,298,000 | ' | 1,300,000 |
Number of properties in process of conveying | ' | ' | ' | 3 | ' | ' |
Deferred gain on conveyance | ' | ' | ' | 11,000,000 | ' | ' |
Loan to developers | 4,100,000 | ' | ' | ' | ' | ' |
Interest rate on loan to developers | 6.25% | ' | ' | ' | ' | ' |
Impairment charge of mortgage loan receivable | ' | ' | 4,400,000 | ' | ' | ' |
Collection on developers loan | ' | 1,100,000 | ' | ' | ' | ' |
Impairment reversal | ' | ' | ' | ($1,100,000) | ' | ' |
Properties_Held_For_Sale_and_R2
Properties Held For Sale and Related Transactions (Schedule Of The Components Of Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues: | ' | ' | ' | ' |
Rents | $1,414,000 | $4,480,000 | $4,863,000 | $14,124,000 |
Expense recoveries and other | 558,000 | 1,108,000 | 1,603,000 | 3,704,000 |
Total revenues | 1,972,000 | 5,588,000 | 6,466,000 | 17,828,000 |
Expenses: | ' | ' | ' | ' |
Operating, maintenance and management | 505,000 | 1,533,000 | 2,619,000 | 5,332,000 |
Real estate and other property-related taxes | 592,000 | 986,000 | 1,660,000 | 3,020,000 |
Depreciation and amortization | ' | 28,000 | ' | 104,000 |
Interest | 389,000 | 1,799,000 | 1,298,000 | 5,692,000 |
Early extinguishment of debt costs | ' | ' | 437,000 | ' |
Total expenses | 1,486,000 | 4,346,000 | 6,014,000 | 14,148,000 |
Income from discontinued operations before impairments | 486,000 | 1,242,000 | 452,000 | 3,680,000 |
Impairment reversals, net | ' | ' | ' | 1,138,000 |
Income from discontinued operations | 486,000 | 1,242,000 | 452,000 | 4,818,000 |
Gain on extinguishment of debt | ' | ' | 1,298,000 | ' |
Gain on sales of discontinued operations | ' | ' | ' | $750,000 |
Properties_Held_For_Sale_and_R3
Properties Held For Sale and Related Transactions (Schedule Of Transactions Related To Properties Held For Sale/Conveyance) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gain on sales | $402,000 | $346,000 | $481,000 |
Discontinued Operations [Member] | East Chestnut [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Percent Owned | ' | 100.00% | ' |
Date Sold | ' | 2-Jan-13 | ' |
Sales price | ' | 3,100,000 | ' |
Discontinued Operations [Member] | Columbia Mall [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Percent Owned | ' | 100.00% | ' |
Date Sold | ' | 17-Apr-13 | ' |
Sales price | ' | 2,775,000 | ' |
Discontinued Operations [Member] | Heritage Crossing [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Percent Owned | ' | 100.00% | ' |
Date Sold | ' | 9-May-13 | ' |
Sales price | ' | 9,400,000 | ' |
Discontinued Operations [Member] | Westlake Discount Drug Mart Plaza [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Percent Owned | ' | 100.00% | ' |
Date Sold | ' | 5-Jun-13 | ' |
Sales price | ' | 2,240,000 | ' |
Continuing Operations [Member] | Huntingdon Plaza Land Parcel [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Percent Owned | ' | 100.00% | ' |
Date Sold | ' | 29-Mar-13 | ' |
Sales price | ' | 390,000 | ' |
Gain on sales | ' | $291,000 | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ' | ' |
Fair value of fixed rate mortgage loans payable | $503.80 | $565.40 |
Carrying value of fixed rate mortgage payable | $483.60 | $544.80 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments related to share-based compensation liabilities | $412,000 | [1] | $450,000 | [1] |
Share-based compensation liabilities | 404,000 | [2] | 445,000 | [2] |
Interest rate swaps liability | 752,000 | [2] | 1,577,000 | [2] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments related to share-based compensation liabilities | 412,000 | [1] | 450,000 | [1] |
Share-based compensation liabilities | 404,000 | [2] | 445,000 | [2] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps liability | 752,000 | [2] | 1,577,000 | [2] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments related to share-based compensation liabilities | ' | [1] | ' | [1] |
Share-based compensation liabilities | ' | [2] | ' | [2] |
Interest rate swaps liability | ' | [2] | ' | [2] |
[1] | Included in other assets in the accompanying consolidated balance sheets. | |||
[2] | Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Assets Measured At A Fair Value On Non-recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | $66,079,000 | $77,793,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | 544,000 | 15,574,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Real estate held for sale/conveyance | $65,535,000 | $62,219,000 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
property | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Operating Retail Real Estate [Member] | Operating Retail Real Estate [Member] | Operating Retail Real Estate [Member] | Operating Retail Real Estate [Member] | Land Development Property [Member] | Land Development Property [Member] | Land [Member] | ||
Sales Comparison Approach Valuation Technique [Member] | Sales Comparison Approach Valuation Technique [Member] | Sales Comparison Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | property | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | item | |||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate held for sale/conveyance | $66,079,000 | $77,793,000 | $65,535,000 | $62,219,000 | ' | ' | ' | $53,473,000 | ' | ' | ' | ' | $10,477,000 | $1,585,000 |
Capitalization rates | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | 11.00% | 8.80% | 7.30% | ' | ' |
Discount rates | ' | ' | ' | ' | ' | ' | ' | ' | 9.20% | 12.80% | 9.90% | 7.80% | ' | ' |
Price per acre | ' | ' | ' | ' | 25,000 | 154,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' |
Number of parcels of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Number of properties | 67 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' |
Debt_Credit_Facility_Details
Debt (Credit Facility) (Details) (USD $) | 0 Months Ended |
Aug. 01, 2013 | |
Line of Credit Facility [Line Items] | ' |
Credit facility borrowing capacity | $310,000,000 |
Term loan amount | 50,000,000 |
Debt term | '5 years |
Fees and legal expenses | 1,700,000 |
Basis spread on borrowings variable rate | 1.95% |
Weighted-average interest rate | 2.20% |
Additional borrowing capacity under accordion feature | 500,000,000 |
Term loan, amount outstanding | 50,000,000 |
Remaining borrowing capacity | 106,800,000 |
Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility borrowing capacity | 260,000,000 |
Debt term | '3 years |
Revolving credit facility, amount outstanding | $130,000,000 |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Basis spread on borrowings variable rate | 1.65% |
Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Basis spread on borrowings variable rate | 2.25% |
Debt_Mortgage_Loans_Payable_An
Debt (Mortgage Loans Payable And Derivative Financial Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 01, 2013 | |
Minimum [Member] | Discontinued Operations [Member] | Mortgage Loan Payable Due January 2014 [Member] | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Repayment of mortgage loans payable | $13,700,000 | $56,400,000 | ' | ' | ' | ' |
Prepayments of debt | 0 | 37,300,000 | ' | ' | ' | 7,600,000 |
Early extinguishment of debt charges | 0 | 543,000 | ' | ' | 437,000 | ' |
Mortgage loans payable subject to interest rate swaps | 11,965,000 | 11,965,000 | 31,417,000 | ' | ' | ' |
Liabilities related to the fair value of interest swaps of mortgage loans payable | $752,000 | $752,000 | $1,577,000 | ' | ' | ' |
Fixed annual interest rate | ' | ' | ' | 5.20% | ' | ' |
Debt_Summary_Of_The_Derivative
Debt (Summary Of The Derivative Financial Instruments Held) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
contract | contract | |
Debt [Abstract] | ' | ' |
Count | 1 | 3 |
Notional values | $11,965,000 | $31,417,000 |
Fair value | $752,000 | $1,577,000 |
Debt_Effect_Of_The_Derivative_
Debt (Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Amount of gain (loss) recognized in other comprehensive income (loss) (effective portion) | $166,000 | [1] | $174,000 | $1,076,000 | [1] | $483,000 |
Amount reclassified from other comprehensive income to interest expense | 258,000 | ' | 901,000 | ' | ||
Cedar/Rio Can Joint Venture [Member] | ' | ' | ' | ' | ||
Amount of gain (loss) recognized in other comprehensive income (loss) (effective portion) | ' | $20,000 | ' | $78,000 | ||
[1] | For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations. |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Oct. 28, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Feb. 12, 2013 | Mar. 11, 2013 | Sep. 30, 2013 |
Series B [Member] | Series B [Member] | Series B [Member] | Series B [Member] | Series A [Member] | Series A [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering, shares | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Dividend rate percentage | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | 8.88% |
Public offering, per share | ' | ' | ' | ' | ' | ' | ' | $24.58 | ' | ' |
Public offering, realized net proceeds, net offering expenses | ' | ' | ' | ' | ' | ' | ' | $47.60 | ' | ' |
Additional shares issued to underwriters | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Net proceeds realized from issuance of additional shares to underwriters | ' | ' | ' | ' | ' | ' | ' | 7.1 | ' | ' |
ATM equity program, shares issued | ' | ' | ' | ' | ' | 221,000 | ' | ' | ' | ' |
ATM equity program, weighted average price per share | ' | ' | ' | ' | ' | $24.52 | ' | ' | ' | ' |
ATM equity program, realized net proceeds, net offering expenses | ' | ' | ' | ' | ' | 5.2 | ' | ' | ' | ' |
At market continuous offering program, shares authorized | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
At market continuous offering program, shares sold | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of Redeemable Preferred Stock redeemed and purchased | ' | ' | ' | ' | ' | ' | ' | ' | 1,408,000 | ' |
Total cash outlay for Redeemable Preferred Stock shares redeemed and purchased | ' | ' | ' | ' | ' | ' | ' | ' | $35.40 | ' |
Common stock, dividends declared | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividends declared | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' |
Dividends payable, date declared | ' | ' | 28-Oct-13 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, date of record | ' | ' | 8-Nov-13 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, date to be paid | ' | ' | 20-Nov-13 | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Dividends Declared And Paid) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock | $0.05 | $0.05 | $0.15 | $0.15 |
Series A [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Cumulative Redeemable Preferred Stock | ' | $0.56 | $0.56 | $1.11 |
Series B [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Cumulative Redeemable Preferred Stock | $0.45 | $0.45 | $1.36 | $0.45 |
Revenues_Schedule_Of_Revenues_
Revenues (Schedule Of Revenues) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues [Abstract] | ' | ' | ' | ' |
Base rents | $26,824,000 | $24,905,000 | $80,059,000 | $74,429,000 |
Percentage rent | 316,000 | 313,000 | 652,000 | 774,000 |
Straight-line rents | 301,000 | 216,000 | 1,195,000 | 778,000 |
Amortization of intangible lease liabilities | 1,116,000 | 1,174,000 | 3,409,000 | 4,164,000 |
Total rents | $28,557,000 | $26,608,000 | $85,315,000 | $80,145,000 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-Based Compensation [Abstract] | ' |
Time-based restricted shares issued | 584,000 |
Weighted-average grant date fair value per share | $5.65 |
Shares available for grant under a Stock Incentive Plan | 1,800,000 |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-Based Compensation [Abstract] | ' | ' | ' | ' |
Expense relating to share grants | $1,242,000 | $1,149,000 | $3,018,000 | $2,885,000 |
Adjustments to reflect changes in market price of Company's common stock | ' | ' | ' | 10,000 |
Amounts capitalized | -98,000 | -89,000 | -326,000 | -281,000 |
Total charged to operations | $1,144,000 | $1,060,000 | $2,692,000 | $2,614,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average nonvested restricted shares outstanding | 3,900,000 | 3,600,000 | 3,800,000 | 3,200,000 |
Weighted average number of OP units outstanding | 252,000 | 281,000 | 271,000 | 518,000 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
(Loss) income from continuing operations | ($424,000) | $1,056,000 | $6,650,000 | ($2,243,000) |
Preferred stock dividends | -3,602,000 | -3,877,000 | -10,811,000 | -11,015,000 |
Preferred stock redemption costs | ' | -173,000 | -1,166,000 | -555,000 |
Net loss attributable to noncontrolling interests | 63,000 | 127,000 | 170,000 | 424,000 |
Net earnings allocated to unvested shares | -196,000 | -178,000 | -567,000 | -626,000 |
(Loss) income from continuing operations attribtuable to common shareholders | -4,159,000 | -3,045,000 | -5,724,000 | -14,015,000 |
Results from discontinued operations, net of noncontrolling interests | 484,000 | -1,432,000 | 1,743,000 | 986,000 |
Net (loss) attributable to common shareholders, basic and diluted | ($3,675,000) | ($4,477,000) | ($3,981,000) | ($13,029,000) |
Weighted average number of vested common shares outstanding | 68,365,000 | 68,232,000 | 68,350,000 | 67,932,000 |
(Loss) earnings per common share, basic and fully diluted | ' | ' | ' | ' |
Continuing operations | ($0.06) | ($0.05) | ($0.09) | ($0.20) |
Discontinued operations | $0.01 | ($0.02) | $0.03 | $0.01 |
(Loss) earnings per common share, basic and fully diluted | ($0.05) | ($0.07) | ($0.06) | ($0.19) |